Top Ten Issuers as of August 31, 2021
|Company Name||% of Net Assets|
|ABN AMRO Bank NV||1.20%|
|Cooperatieve Rabobank UA||1.10%|
|Muzinich High Income Floating Rate Fund||1.00%|
|Intesa Sanpaolo SPA||1.00%|
|Virgin Money UK PLC||1.00%|
|Assystem New T/L B TL||1.00%|
|Volksbank Wien AG||1.00%|
Click here to view the complete Holdings List.
Top 10 Industries % as of August 31, 2021
|Industry Name||% of Net Assets|
|Diversified Financial Services||17.77%|
|Automotive & Auto Parts||5.25%|
|Transportation Excluding Air/Rail||3.71%|
Click here to view the complete Industries List.
|Portfolio Characteristics as of August 31, 2021|
|Yield to Worst (%)**||2.00%|
|30-Day SEC Yield with waiver||1.44%|
|30-Day SEC Yield w/o waiver||1.37%|
|Average Duration (yrs)||1.89 yrs|
|Spread to Worst||212 bps|
Click here to view standardized performance for the fund.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Fund performance current to the most recent month-end may be obtained by calling 1-855-Muzinich (689-4642) and pressing “0” to speak to a customer service representative.
|Quality Distribution as of August 31, 2021|
|BBB+ or above||11.90%|
|CCC+ or below||1.50%|
|Other Fixed Income||1.00%|
The fund itself has not been rated by an independent rating agency. Credit quality ratings exclude cash and are based on the underlying securities of the fund. Credit quality ratings may differ materially from the ratings outlined in accordance with the fund’s Prospectus for official fund guideline calculations. Credit quality ratings reflect the first publicly-available rating from surveying, in order, Moody’s, Standard & Poor’s, and Fitch, converted to the equivalent Moody’s major rating category. If none of these agencies rate an asset, “Non-Rated” is assigned. Non-Rated securities do not necessarily indicate low quality. “Other Fixed Income” includes investment vehicles such as fixed-income closed-end funds, exchange traded funds, and mutual funds. “Other Fixed Income” and “Not Rated” represent assets that have not been rated by a Nationally Recognized Rating Agency.
Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security.
Duration is a commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration.
Spread to worst is the difference in overall returns between two different classes of securities, or returns from the same class, but different representative securities. The spread to worst measures the difference from the worst performing security to the best, and can be seen as a measure of dispersion of returns with a given market or between markets.
Basis points (bps): Basis points is one hundredth of one percent.
**Yield to worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting.