|
MUZINICH U.S. HIGH YIELD CREDIT FUND
|
||||||||
|
SCHEDULE OF INVESTMENTS at March 31, 2023 (Unaudited)
|
||||||||
|
Principal Amount
|
Value
|
|||||||
|
CORPORATE BONDS: 83.2%
|
||||||||
|
Aerospace/Defense: 2.2%
|
||||||||
|
Bombardier Inc
|
||||||||
|
125,000
|
7.875%, 4/15/27
|
$
|
126,730
|
|||||
|
50,000
|
7.500%, 2/1/29
|
50,975
|
||||||
|
Spirit AeroSystems Inc
|
||||||||
|
250,000
|
9.375%, 11/30/29
|
273,125
|
||||||
|
TransDigm Inc
|
||||||||
|
300,000
|
6.250%, 3/15/26
|
301,020
|
||||||
|
751,850
|
||||||||
|
Airlines: 2.0%
|
||||||||
|
American Airlines Inc
|
||||||||
|
50,000
|
11.750%, 7/15/25
|
54,759
|
||||||
|
American Airlines Inc/AAdvantage Loyalty IP Ltd
|
||||||||
|
175,000
|
5.500%, 4/20/26
|
172,447
|
||||||
|
175,000
|
5.750%, 4/20/29
|
168,083
|
||||||
|
Delta Air Lines Inc
|
||||||||
|
150,000
|
7.375%, 1/15/26
|
156,231
|
||||||
|
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd
|
||||||||
|
125,000
|
8.000%, 9/20/25
|
125,899
|
||||||
|
677,419
|
||||||||
|
Automotive & Auto Parts: 1.3%
|
||||||||
|
American Axle & Manufacturing Inc
|
||||||||
|
125,000
|
6.500%, 4/1/27
|
115,179
|
||||||
|
Dana Inc
|
||||||||
|
75,000
|
4.500%, 2/15/32
|
59,281
|
||||||
|
Ford Motor Co
|
||||||||
|
175,000
|
3.250%, 2/12/32
|
137,828
|
||||||
|
150,000
|
4.750%, 1/15/43
|
115,233
|
||||||
|
427,521
|
||||||||
|
Broadcasting: 1.6%
|
||||||||
|
Belo Corp
|
||||||||
|
75,000
|
7.750%, 6/1/27
|
71,929
|
||||||
|
Gray Television Inc
|
||||||||
|
50,000
|
7.000%, 5/15/27
|
41,909
|
||||||
|
Nexstar Media Inc
|
||||||||
|
100,000
|
5.625%, 7/15/27
|
92,920
|
||||||
|
Scripps Escrow Inc
|
||||||||
|
100,000
|
5.875%, 7/15/27
|
73,750
|
||||||
|
Sirius XM Radio Inc
|
||||||||
|
150,000
|
4.000%, 7/15/28
|
129,000
|
||||||
|
TEGNA Inc
|
||||||||
|
125,000
|
4.625%, 3/15/28
|
110,156
|
||||||
|
519,664
|
||||||||
|
Building Materials: 1.2%
|
||||||||
|
Cornerstone Building Brands Inc
|
||||||||
|
75,000
|
6.125%, 1/15/29
|
53,612
|
||||||
|
JELD-WEN Inc
|
||||||||
|
100,000
|
4.625%, 12/15/25
|
92,878
|
||||||
|
Masonite International Corp
|
||||||||
|
75,000
|
3.500%, 2/15/30
|
62,282
|
||||||
|
New Enterprise Stone & Lime Co Inc
|
||||||||
|
82,000
|
5.250%, 7/15/28
|
72,588
|
||||||
|
Smyrna Ready Mix Concrete LLC
|
||||||||
|
125,000
|
6.000%, 11/1/28
|
117,524
|
||||||
|
398,884
|
||||||||
|
Cable/Satellite TV: 3.4%
|
||||||||
|
CCO Holdings LLC / CCO Holdings Capital Corp
|
||||||||
|
275,000
|
5.000%, 2/1/28
|
254,022
|
||||||
|
25,000
|
5.375%, 6/1/29
|
22,983
|
||||||
|
175,000
|
4.750%, 3/1/30
|
151,812
|
||||||
|
DISH DBS Corp
|
||||||||
|
50,000
|
5.250%, 12/1/26
|
39,719
|
||||||
|
100,000
|
5.750%, 12/1/28
|
74,812
|
||||||
|
DISH Network Corp
|
||||||||
|
175,000
|
11.750%, 11/15/27
|
168,622
|
||||||
|
Midcontinent Communications / Midcontinent Finance Corp
|
||||||||
|
300,000
|
5.375%, 8/15/27
|
271,821
|
||||||
|
Videotron Ltd.
|
||||||||
|
150,000
|
5.125%, 4/15/27
|
144,920
|
||||||
|
1,128,711
|
||||||||
|
Capital Goods: 1.1%
|
||||||||
|
Dornoch Debt Merger Sub Inc
|
||||||||
|
125,000
|
6.625%, 10/15/29
|
84,361
|
||||||
|
GrafTech Finance Inc
|
||||||||
|
125,000
|
4.625%, 12/15/28
|
104,387
|
||||||
|
JB Poindexter & Co Inc
|
||||||||
|
125,000
|
7.125%, 4/15/26
|
117,328
|
||||||
|
Manitowoc Co Inc
|
||||||||
|
50,000
|
9.000%, 4/1/26
|
50,128
|
||||||
|
356,204
|
||||||||
|
Chemicals: 2.4%
|
||||||||
|
CVR Partners LP / CVR Nitrogen Finance Corp
|
||||||||
|
125,000
|
6.125%, 6/15/28
|
111,081
|
||||||
|
NOVA Chemicals Corp
|
||||||||
|
250,000
|
5.250%, 6/1/27
|
228,316
|
||||||
|
SCIH Salt Holdings Inc
|
||||||||
|
125,000
|
4.875%, 5/1/28
|
111,590
|
||||||
|
Tronox Inc
|
||||||||
|
175,000
|
4.625%, 3/15/29
|
146,469
|
||||||
|
WR Grace Holdings LLC
|
||||||||
|
250,000
|
5.625%, 8/15/29
|
212,500
|
||||||
|
809,956
|
||||||||
|
Consumer-Products: 1.3%
|
||||||||
|
Central Garden & Pet Co
|
||||||||
|
50,000
|
4.125%, 10/15/30
|
44,225
|
||||||
|
75,000
|
4.125%, 4/30/31
|
64,835
|
||||||
|
Kronos Acquisition Holdings Inc / KIK Custom Products Inc
|
||||||||
|
25,000
|
5.000%, 12/31/26
|
22,891
|
||||||
|
Scotts Miracle-Gro Co
|
||||||||
|
200,000
|
4.375%, 2/1/32
|
160,954
|
||||||
|
Spectrum Brands Inc
|
||||||||
|
175,000
|
3.875%, 3/15/31
|
143,286
|
||||||
|
436,191
|
||||||||
|
Containers: 2.9%
|
||||||||
|
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc
|
||||||||
|
200,000
|
5.250%, 4/30/25
|
197,189
|
||||||
|
Canpack SA / Canpack US LLC
|
||||||||
|
200,000
|
3.875%, 11/15/29
|
162,107
|
||||||
|
Graphic Packaging International LLC
|
||||||||
|
250,000
|
3.750%, 2/1/30
|
217,305
|
||||||
|
Mauser Packaging Solutions Holding Co
|
||||||||
|
50,000
|
7.875%, 8/15/26
|
50,045
|
||||||
|
Trident TPI Holdings Inc
|
||||||||
|
150,000
|
9.250%, 8/1/24
|
148,775
|
||||||
|
Trivium Packaging Finance BV
|
||||||||
|
200,000
|
5.500%, 8/15/26
|
191,842
|
||||||
|
967,263
|
||||||||
|
Diversified Financial Services: 4.9%
|
||||||||
|
Bread Financial Holdings Inc
|
||||||||
|
325,000
|
7.000%, 1/15/26
|
286,958
|
||||||
|
Castlelake Aviation Finance DAC
|
||||||||
|
175,000
|
5.000%, 4/15/27
|
155,357
|
||||||
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp
|
||||||||
|
175,000
|
6.375%, 12/15/25
|
172,004
|
||||||
|
150,000
|
6.250%, 5/15/26
|
147,750
|
||||||
|
Midcap Financial Issuer Trust
|
||||||||
|
200,000
|
6.500%, 5/1/28
|
170,318
|
||||||
|
Nationstar Mortgage Holdings Inc
|
||||||||
|
150,000
|
6.000%, 1/15/27
|
136,267
|
||||||
|
75,000
|
5.750%, 11/15/31
|
58,188
|
||||||
|
Navient Corp
|
||||||||
|
150,000
|
7.250%, 9/25/23
|
149,597
|
||||||
|
75,000
|
6.125%, 3/25/24
|
74,316
|
||||||
|
PRA Group Inc
|
||||||||
|
150,000
|
5.000%, 10/1/29
|
125,531
|
||||||
|
Williams Scotsman International Inc
|
||||||||
|
175,000
|
4.625%, 8/15/28
|
159,408
|
||||||
|
1,635,694
|
||||||||
|
Diversified Media: 1.5%
|
||||||||
|
Advantage Sales & Marketing Inc
|
||||||||
|
150,000
|
6.500%, 11/15/28
|
113,486
|
||||||
|
Clear Channel Outdoor Holdings Inc
|
||||||||
|
125,000
|
5.125%, 8/15/27
|
112,317
|
||||||
|
Match Group Holdings II LLC
|
||||||||
|
175,000
|
5.000%, 12/15/27
|
165,929
|
||||||
|
100,000
|
5.625%, 2/15/29
|
94,140
|
||||||
|
485,872
|
||||||||
|
Energy: 11.8%
|
||||||||
|
Antero Resources Corp
|
||||||||
|
100,000
|
7.625%, 2/1/29
|
102,402
|
||||||
|
Ascent Resources Utica Holdings LLC / ARU Finance Corp
|
||||||||
|
75,000
|
7.000%, 11/1/26
|
72,569
|
||||||
|
75,000
|
5.875%, 6/30/29
|
66,262
|
||||||
|
Blue Racer Midstream LLC / Blue Racer Finance Corp
|
||||||||
|
250,000
|
7.625%, 12/15/25
|
247,725
|
||||||
|
131,000
|
6.625%, 7/15/26
|
127,237
|
||||||
|
CITGO Petroleum Corp
|
||||||||
|
125,000
|
7.000%, 6/15/25
|
123,447
|
||||||
|
Crescent Energy Finance LLC
|
||||||||
|
150,000
|
9.250%, 2/15/28
|
143,963
|
||||||
|
CrownRock LP / CrownRock Finance Inc
|
||||||||
|
225,000
|
5.625%, 10/15/25
|
220,216
|
||||||
|
EQM Midstream Partners LP
|
||||||||
|
75,000
|
7.500%, 6/1/27
|
75,373
|
||||||
|
75,000
|
6.500%, 7/1/27
|
72,774
|
||||||
|
125,000
|
4.500%, 1/15/29
|
106,412
|
||||||
|
150,000
|
7.500%, 6/1/30
|
145,490
|
||||||
|
125,000
|
4.750%, 1/15/31
|
103,924
|
||||||
|
Gulfport Energy Corp
|
||||||||
|
125,000
|
8.000%, 5/17/26
|
123,900
|
||||||
|
Harvest Midstream I LP
|
||||||||
|
250,000
|
7.500%, 9/1/28
|
249,635
|
||||||
|
Hilcorp Energy I LP / Hilcorp Finance Co
|
||||||||
|
275,000
|
6.000%, 2/1/31
|
254,224
|
||||||
|
Northern Oil and Gas Inc
|
||||||||
|
250,000
|
8.125%, 3/1/28
|
245,225
|
||||||
|
Occidental Petroleum Corp
|
||||||||
|
75,000
|
8.875%, 7/15/30
|
86,507
|
||||||
|
125,000
|
6.450%, 9/15/36
|
131,250
|
||||||
|
75,000
|
4.300%, 8/15/39
|
60,202
|
||||||
|
75,000
|
4.400%, 4/15/46
|
59,553
|
||||||
|
25,000
|
4.100%, 2/15/47
|
19,084
|
||||||
|
PBF Holding Co LLC / PBF Finance Corp
|
||||||||
|
25,000
|
7.250%, 6/15/25
|
24,845
|
||||||
|
Range Resources Corp
|
||||||||
|
250,000
|
8.250%, 1/15/29
|
260,204
|
||||||
|
Rockies Express Pipeline LLC
|
||||||||
|
175,000
|
4.950%, 7/15/29
|
156,126
|
||||||
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
|
||||||||
|
258,000
|
7.500%, 10/1/25
|
258,147
|
||||||
|
100,000
|
6.000%, 12/31/30
|
89,501
|
||||||
|
USA Compression Partners LP / USA Compression Finance Corp
|
||||||||
|
150,000
|
6.875%, 4/1/26
|
145,908
|
||||||
|
Venture Global Calcasieu Pass LLC
|
||||||||
|
50,000
|
3.875%, 8/15/29
|
45,145
|
||||||
|
75,000
|
6.250%, 1/15/30
|
75,636
|
||||||
|
50,000
|
4.125%, 8/15/31
|
43,979
|
||||||
|
3,936,865
|
||||||||
|
Entertainment/Film: 0.2%
|
||||||||
|
Live Nation Entertainment Inc
|
||||||||
|
75,000
|
6.500%, 5/15/27
|
75,932
|
||||||
|
Food & Drug Retail: 0.7%
|
||||||||
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
|
||||||||
|
25,000
|
7.500%, 3/15/26
|
25,896
|
||||||
|
150,000
|
4.625%, 1/15/27
|
145,639
|
||||||
|
75,000
|
6.500%, 2/15/28
|
75,266
|
||||||
|
246,801
|
||||||||
|
Food/Beverage/Tobacco: 1.4%
|
||||||||
|
BellRing Brands Inc
|
||||||||
|
225,000
|
7.000%, 3/15/30
|
228,121
|
||||||
|
Post Holdings Inc
|
||||||||
|
250,000
|
4.625%, 4/15/30
|
224,287
|
||||||
|
452,408
|
||||||||
|
Gaming: 2.9%
|
||||||||
|
Boyd Gaming Corp
|
||||||||
|
125,000
|
4.750%, 6/15/31
|
113,750
|
||||||
|
Caesars Entertainment Inc
|
||||||||
|
250,000
|
6.250%, 7/1/25
|
250,224
|
||||||
|
200,000
|
8.125%, 7/1/27
|
204,180
|
||||||
|
200,000
|
4.625%, 10/15/29
|
175,107
|
||||||
|
CDI Escrow Issuer Inc
|
||||||||
|
125,000
|
5.750%, 4/1/30
|
120,843
|
||||||
|
Churchill Downs Inc
|
||||||||
|
125,000
|
4.750%, 1/15/28
|
117,175
|
||||||
|
981,279
|
||||||||
|
Healthcare: 7.3%
|
||||||||
|
AdaptHealth LLC
|
||||||||
|
125,000
|
6.125%, 8/1/28
|
114,881
|
||||||
|
AMN Healthcare Inc
|
||||||||
|
225,000
|
4.625%, 10/1/27
|
208,895
|
||||||
|
CHS/Community Health Systems Inc
|
||||||||
|
100,000
|
8.000%, 3/15/26
|
96,149
|
||||||
|
150,000
|
5.625%, 3/15/27
|
131,841
|
||||||
|
75,000
|
8.000%, 12/15/27
|
71,748
|
||||||
|
50,000
|
5.250%, 5/15/30
|
39,000
|
||||||
|
DaVita Inc
|
||||||||
|
100,000
|
4.625%, 6/1/30
|
85,450
|
||||||
|
100,000
|
3.750%, 2/15/31
|
78,972
|
||||||
|
Embecta Corp
|
||||||||
|
100,000
|
5.000%, 2/15/30
|
86,153
|
||||||
|
Legacy LifePoint Health LLC
|
||||||||
|
175,000
|
6.750%, 4/15/25
|
166,250
|
||||||
|
200,000
|
4.375%, 2/15/27
|
163,947
|
||||||
|
MPH Acquisition Holdings LLC
|
||||||||
|
150,000
|
5.500%, 9/1/28
|
120,450
|
||||||
|
MPT Operating Partnership LP / MPT Finance Corp
|
||||||||
|
125,000
|
5.250%, 8/1/26
|
112,646
|
||||||
|
175,000
|
4.625%, 8/1/29
|
129,937
|
||||||
|
Prestige Brands Inc
|
||||||||
|
150,000
|
3.750%, 4/1/31
|
129,183
|
||||||
|
Prime Healthcare Services Inc
|
||||||||
|
250,000
|
7.250%, 11/1/25
|
221,402
|
||||||
|
Select Medical Corp
|
||||||||
|
100,000
|
6.250%, 8/15/26
|
97,101
|
||||||
|
Tenet Healthcare Corp
|
||||||||
|
400,000
|
4.875%, 1/1/26
|
392,582
|
||||||
|
2,446,587
|
||||||||
|
Homebuilders/Real Estate: 5.5%
|
||||||||
|
Ashton Woods USA LLC / Ashton Woods Finance Co
|
||||||||
|
75,000
|
6.625%, 1/15/28
|
68,086
|
||||||
|
Brookfield Residential Properties Inc / Brookfield Residential US LLC
|
||||||||
|
125,000
|
6.250%, 9/15/27
|
109,933
|
||||||
|
Century Communities Inc
|
||||||||
|
125,000
|
6.750%, 6/1/27
|
124,885
|
||||||
|
Global Infrastructure Solutions Inc
|
||||||||
|
187,000
|
5.625%, 6/1/29
|
154,479
|
||||||
|
HAT Holdings I LLC / HAT Holdings II LLC
|
||||||||
|
175,000
|
6.000%, 4/15/25
|
168,209
|
||||||
|
100,000
|
3.375%, 6/15/26
|
86,868
|
||||||
|
Iron Mountain Inc
|
||||||||
|
200,000
|
5.250%, 7/15/30
|
179,447
|
||||||
|
Kennedy-Wilson Inc
|
||||||||
|
75,000
|
4.750%, 3/1/29
|
59,714
|
||||||
|
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp
|
||||||||
|
75,000
|
5.250%, 10/1/25
|
66,064
|
||||||
|
125,000
|
4.750%, 6/15/29
|
91,073
|
||||||
|
M/I Homes Inc
|
||||||||
|
100,000
|
3.950%, 2/15/30
|
85,433
|
||||||
|
MasTec Inc
|
||||||||
|
75,000
|
6.625%, 8/15/29
|
67,240
|
||||||
|
SBA Communications Corp
|
||||||||
|
175,000
|
3.875%, 2/15/27
|
164,541
|
||||||
|
Service Properties Trust
|
||||||||
|
175,000
|
4.350%, 10/1/24
|
167,629
|
||||||
|
Starwood Property Trust Inc
|
||||||||
|
50,000
|
3.750%, 12/31/24
|
46,130
|
||||||
|
125,000
|
3.625%, 7/15/26
|
103,986
|
||||||
|
VICI Properties LP / VICI Note Co Inc
|
||||||||
|
125,000
|
4.125%, 8/15/30
|
110,523
|
||||||
|
1,854,240
|
||||||||
|
Hotels: 0.3%
|
||||||||
|
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
|
||||||||
|
125,000
|
4.875%, 7/1/31
|
106,864
|
||||||
|
Insurance: 0.2%
|
||||||||
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
|
||||||||
|
75,000
|
6.750%, 4/15/28
|
74,234
|
||||||
|
Leisure: 4.7%
|
||||||||
|
Carnival Holdings Bermuda Ltd
|
||||||||
|
375,000
|
10.375%, 5/1/28
|
403,990
|
||||||
|
Life Time Inc
|
||||||||
|
150,000
|
5.750%, 1/15/26
|
145,875
|
||||||
|
NCL Corp Ltd
|
||||||||
|
125,000
|
5.875%, 2/15/27
|
117,609
|
||||||
|
125,000
|
8.375%, 2/1/28
|
125,541
|
||||||
|
Royal Caribbean Cruises Ltd
|
||||||||
|
250,000
|
5.500%, 8/31/26
|
234,176
|
||||||
|
375,000
|
11.625%, 8/15/27
|
402,938
|
||||||
|
125,000
|
8.250%, 1/15/29
|
130,717
|
||||||
|
1,560,846
|
||||||||
|
Metals/Mining: 1.4%
|
||||||||
|
ERO Copper Corp
|
||||||||
|
100,000
|
6.500%, 2/15/30
|
87,636
|
||||||
|
Hudbay Minerals Inc
|
||||||||
|
100,000
|
4.500%, 4/1/26
|
93,102
|
||||||
|
100,000
|
6.125%, 4/1/29
|
94,597
|
||||||
|
Kaiser Aluminum Corp
|
||||||||
|
250,000
|
4.500%, 6/1/31
|
205,625
|
||||||
|
480,960
|
||||||||
|
Paper: 0.4%
|
||||||||
|
Enviva Partners LP / Enviva Partners Finance Corp
|
||||||||
|
150,000
|
6.500%, 1/15/26
|
136,655
|
||||||
|
Publishing/Printing: 0.4%
|
||||||||
|
Cimpress PLC
|
||||||||
|
150,000
|
7.000%, 6/15/26
|
122,710
|
||||||
|
Restaurants: 1.5%
|
||||||||
|
1011778 BC ULC / New Red Finance Inc
|
||||||||
|
25,000
|
3.875%, 1/15/28
|
23,275
|
||||||
|
125,000
|
4.375%, 1/15/28
|
115,520
|
||||||
|
IRB Holding Corp
|
||||||||
|
250,000
|
7.000%, 6/15/25
|
251,005
|
||||||
|
Yum! Brands Inc
|
||||||||
|
125,000
|
5.375%, 4/1/32
|
121,116
|
||||||
|
510,916
|
||||||||
|
Services: 3.5%
|
||||||||
|
Clarivate Science Holdings Corp
|
||||||||
|
150,000
|
3.875%, 7/1/28
|
134,033
|
||||||
|
Garda World Security Corp
|
||||||||
|
100,000
|
4.625%, 2/15/27
|
89,886
|
||||||
|
75,000
|
7.750%, 2/15/28
|
73,988
|
||||||
|
Graham Holdings Co
|
||||||||
|
200,000
|
5.750%, 6/1/26
|
196,213
|
||||||
|
Herc Holdings Inc
|
||||||||
|
100,000
|
5.500%, 7/15/27
|
96,632
|
||||||
|
Neptune Bidco US Inc
|
||||||||
|
125,000
|
9.290%, 4/15/29
|
116,013
|
||||||
|
Ritchie Bros Holdings Inc
|
||||||||
|
25,000
|
6.750%, 3/15/28
|
25,777
|
||||||
|
25,000
|
7.750%, 3/15/31
|
26,232
|
||||||
|
TriNet Group Inc
|
||||||||
|
125,000
|
3.500%, 3/1/29
|
107,037
|
||||||
|
United Rentals North America Inc
|
||||||||
|
150,000
|
3.750%, 1/15/32
|
129,347
|
||||||
|
WESCO Distribution Inc
|
||||||||
|
25,000
|
7.125%, 6/15/25
|
25,438
|
||||||
|
150,000
|
7.250%, 6/15/28
|
154,167
|
||||||
|
1,174,763
|
||||||||
|
Steel: 0.5%
|
||||||||
|
Cleveland-Cliffs Inc
|
||||||||
|
100,000
|
6.750%, 3/15/26
|
101,900
|
||||||
|
TMS International Corp
|
||||||||
|
75,000
|
6.250%, 4/15/29
|
57,910
|
||||||
|
159,810
|
||||||||
|
Super Retail: 3.1%
|
||||||||
|
At Home Group Inc
|
||||||||
|
50,000
|
7.125%, 7/15/29
|
28,690
|
||||||
|
Bath & Body Works Inc
|
||||||||
|
125,000
|
6.625%, 10/1/30
|
121,973
|
||||||
|
125,000
|
6.750%, 7/1/36
|
110,737
|
||||||
|
Evergreen Acqco 1 LP / TVI Inc
|
||||||||
|
125,000
|
9.750%, 4/26/28
|
118,878
|
||||||
|
Hanesbrands Inc
|
||||||||
|
125,000
|
9.000%, 2/15/31
|
128,088
|
||||||
|
LCM Investments Holdings II LLC
|
||||||||
|
125,000
|
4.875%, 5/1/29
|
104,718
|
||||||
|
LSF9 Atlantis Holdings LLC / Victra Finance Corp
|
||||||||
|
125,000
|
7.750%, 2/15/26
|
113,296
|
||||||
|
Macy's Retail Holdings LLC
|
||||||||
|
125,000
|
5.875%, 4/1/29
|
115,770
|
||||||
|
Michaels Cos Inc
|
||||||||
|
125,000
|
7.875%, 5/1/29
|
88,047
|
||||||
|
Wolverine World Wide Inc
|
||||||||
|
125,000
|
4.000%, 8/15/29
|
101,717
|
||||||
|
1,031,914
|
||||||||
|
Technology: 1.0%
|
||||||||
|
CommScope Inc
|
||||||||
|
75,000
|
4.750%, 9/1/29
|
62,588
|
||||||
|
NCR Corp
|
||||||||
|
125,000
|
5.125%, 4/15/29
|
108,289
|
||||||
|
Open Text Corp
|
||||||||
|
175,000
|
3.875%, 2/15/28
|
156,406
|
||||||
|
327,283
|
||||||||
|
Telecommunications: 7.5%
|
||||||||
|
Altice Financing SA
|
||||||||
|
200,000
|
5.000%, 1/15/28
|
165,000
|
||||||
|
Altice France SA
|
||||||||
|
200,000
|
5.500%, 1/15/28
|
161,680
|
||||||
|
Cogent Communications Group Inc
|
||||||||
|
175,000
|
7.000%, 6/15/27
|
173,705
|
||||||
|
Connect Finco SARL / Connect US Finco LLC
|
||||||||
|
200,000
|
6.750%, 10/1/26
|
188,180
|
||||||
|
Frontier Communications Holdings LLC
|
||||||||
|
125,000
|
5.875%, 10/15/27
|
113,750
|
||||||
|
125,000
|
8.750%, 5/15/30
|
124,635
|
||||||
|
150,000
|
8.625%, 3/15/31
|
147,043
|
||||||
|
GCI LLC
|
||||||||
|
250,000
|
4.750%, 10/15/28
|
215,966
|
||||||
|
Hughes Satellite Systems Corp
|
||||||||
|
75,000
|
5.250%, 8/1/26
|
71,230
|
||||||
|
175,000
|
6.625%, 8/1/26
|
165,479
|
||||||
|
Intelsat Jackson Holdings SA
|
||||||||
|
100,000
|
6.500%, 3/15/30
|
91,923
|
||||||
|
LCPR Senior Secured Financing DAC
|
||||||||
|
200,000
|
6.750%, 10/15/27
|
186,549
|
||||||
|
Level 3 Financing Inc
|
||||||||
|
125,000
|
3.400%, 3/1/27
|
99,057
|
||||||
|
Lumen Technologies Inc
|
||||||||
|
125,000
|
4.000%, 2/15/27
|
82,615
|
||||||
|
Sprint Capital Corp
|
||||||||
|
175,000
|
6.875%, 11/15/28
|
188,557
|
||||||
|
150,000
|
8.750%, 3/15/32
|
183,009
|
||||||
|
Viasat Inc
|
||||||||
|
150,000
|
5.625%, 9/15/25
|
142,355
|
||||||
|
2,500,733
|
||||||||
|
Utilities: 3.1%
|
||||||||
|
Calpine Corp
|
||||||||
|
125,000
|
5.250%, 6/1/26
|
122,018
|
||||||
|
125,000
|
5.125%, 3/15/28
|
114,611
|
||||||
|
125,000
|
4.625%, 2/1/29
|
108,095
|
||||||
|
125,000
|
5.000%, 2/1/31
|
106,016
|
||||||
|
125,000
|
3.750%, 3/1/31
|
105,557
|
||||||
|
Clearway Energy Operating LLC
|
||||||||
|
200,000
|
3.750%, 2/15/31
|
171,900
|
||||||
|
Sunnova Energy Corp
|
||||||||
|
375,000
|
5.875%, 9/1/26
|
318,275
|
||||||
|
1,046,472
|
||||||||
|
TOTAL CORPORATE BONDS
|
||||||||
|
(Cost $29,464,540)
|
27,823,501
|
|||||||
|
BANK LOANS: 8.1%
|
||||||||
|
Aerospace/Defense: 0.5%
|
||||||||
|
Spirit AeroSystems TL (11/22)
|
||||||||
|
149,250
|
9.176% (3 Months SOFR + 4.500%), 1/15/27 1,2
|
149,325
|
||||||
|
Automotive & Auto Parts: 1.0%
|
||||||||
|
American Axle & Manufacturing TL B (12/22)
|
||||||||
|
149,625
|
8.447% (1 Month SOFR + 3.500%), 12/13/29 1,2
|
148,970
|
||||||
|
First Brands 1st Lien TL (Trico) (3/21)
|
||||||||
|
103,849
|
10.252% (3 Months SOFR + 5.000%), 3/30/27 1,2
|
100,280
|
||||||
|
Wheel Pros TL (4/21)
|
||||||||
|
123,125
|
9.316% (3 Months LIBOR + 4.500%), 5/11/28 1,2
|
87,975
|
||||||
|
337,225
|
||||||||
|
Capital Goods: 0.5%
|
||||||||
|
Chart Industries TL B (12/22)
|
||||||||
|
150,000
|
8.593% (1 Month SOFR + 3.750%), 12/8/29 1,2
|
149,812
|
||||||
|
Chemicals: 0.4%
|
||||||||
|
Pearls (Netherlands) BidCo TL (USD) (Caldic) (02/22)
|
||||||||
|
149,246
|
8.426% (3 Months SOFR + 3.750%), 3/1/29 1,2
|
146,634
|
||||||
|
Containers: 0.5%
|
||||||||
|
Pactiv Evergreen Group TL B (Pactiv/Evergreen Packaging/Reynolds Group)
|
||||||||
|
149,242
|
8.090% (1 Month LIBOR + 3.250%), 9/24/28 1,2
|
147,439
|
||||||
|
Food/Beverage/Tobacco: 0.4%
|
||||||||
|
Sigma Holdco TL B2 (Flora)
|
||||||||
|
149,607
|
7.460% (6 Months SOFR + 3.000%), 7/2/25 1,2
|
143,665
|
||||||
|
Healthcare: 1.4%
|
||||||||
|
Athenahealth DD TL (02/22)
|
||||||||
|
16,304
|
8.259%, 2/15/29 1,2,3,4
|
15,306
|
||||||
|
Athenahealth TL B (02/22)
|
||||||||
|
132,720
|
8.259% (1 Month SOFR + 3.500%), 2/15/29 1,2
|
124,591
|
||||||
|
Elanco Animal Health TL B
|
||||||||
|
149,176
|
6.653% (1 Month LIBOR + 1.750%), 8/1/27 1,2
|
146,180
|
||||||
|
EyeCare Partners TL (08/22)
|
||||||||
|
199,500
|
9.407% (1 Month SOFR + 4.500%),11/15/28 1,2
|
164,837
|
||||||
|
US Outpatient/ US Radiology(12/20) TL
|
||||||||
|
24,502
|
9.885% (1 Month LIBOR + 5.250%), 12/15/27 1,2
|
23,081
|
||||||
|
473,995
|
||||||||
|
Services: 0.3%
|
||||||||
|
Neptune BidCo US TL B
|
||||||||
|
100,000
|
9.735% (3 Months SOFR + 5.000%), 4/11/23 1,2
|
90,250
|
||||||
|
Super Retail: 0.3%
|
||||||||
|
S&S Holdings TL
|
||||||||
|
98,864
|
9.830% (3 Months LIBOR + 5.000%), 3/11/28 1,2
|
93,488
|
||||||
|
Technology: 1.2%
|
||||||||
|
Ahead DB Holdings TL (04/21)
|
||||||||
|
98,250
|
8.909% (3 Months LIBOR + 3.750%), 10/16/27 1,2
|
96,653
|
||||||
|
CT Technologies TL (6/21) (HealthPort/Ciox Health/Smart)
|
||||||||
|
73,500
|
9.090% (1 Month LIBOR + 4.250%), 12/16/25 1,2
|
70,267
|
||||||
|
Dawn Acquisition TL
|
||||||||
|
146,556
|
8.909% (3 Months LIBOR + 3.750%),12/31/25 1,2
|
85,882
|
||||||
|
Open Text TL B
|
||||||||
|
150,000
|
8.157% (1 Month SOFR + 3.250%), 1/31/30 1,2
|
149,797
|
||||||
|
402,599
|
||||||||
|
Telecommunications: 1.2%
|
||||||||
|
Altice Financing TL (12/22)
|
||||||||
|
150,000
|
9.566% (6 Months SOFR + 5.000%), 10/31/27 1,2
|
149,063
|
||||||
|
Crown Subsea TL (4/21) (SubCom)
|
||||||||
|
100,547
|
9.668%(1 Month SOFR + 4.750%), 4/27/27 1,2
|
99,385
|
||||||
|
Intelsat Jackson Holdings Exit TL B
|
||||||||
|
72,130
|
9.082% (3 Months SOFR + 4.250%), 2/1/29 1,2
|
71,529
|
||||||
|
Numericable TL B14
|
||||||||
|
100,000
|
10.170% (3 Months SOFR + 5.500%), 8/31/28 1,2
|
95,250
|
||||||
|
415,227
|
||||||||
|
Transportation Excluding Air/Rail: 0.4%
|
||||||||
|
First Student Bidco TL B
|
||||||||
|
139,909
|
8.998% (3 Months SOFR + 4.000%), 7/21/28 1,2
|
137,068
|
||||||
|
First Student Bidco TL C
|
||||||||
|
9,740
|
8.998% (3 Months SOFR + 4.000%), 7/21/28 1,2
|
9,542
|
||||||
|
146,610
|
||||||||
|
TOTAL BANK LOANS
|
||||||||
|
(Cost $2,790,095)
|
2,696,269
|
|||||||
|
TOTAL INVESTMENTS IN SECURITIES: 91.3%
|
||||||||
|
(Cost $32,254,635)
|
30,519,770
|
|||||||
|
Other Assets in Excess of Liabilities: 8.7%
|
2,908,513
|
|||||||
|
TOTAL NET ASSETS: 100.0%
|
$
|
33,428,283
|
||||||
|
LIBOR - London Interbank Offered Rate
|
||||||||
|
SOFR - Secured Overnight Financing Rate
|
||||||||
|
1
|
Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All
loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank
Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often
require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.
|
|||||||
|
2
|
Variable rate security; rate shown is the rate in effect on March 31, 2023. An index may have a negative rate. Interest rate may
also be subject to a cap or floor.
|
|||||||
|
3
|
All or a portion of the loan may be unfunded.
|
|||||||
|
4
|
Denotes investments purchased on a when-issued or delayed delivery basis.
|
|||||||
|
Summary of Fair Value Exposure at March 31, 2023 (Unaudited)
|
||||||||||||||||
|
The Muzinich U.S. High Yield Credit Fund (the "Fund") utilizes various methods to measure the fair value of its investments on a
recurring basis.
|
||||||||||||||||
|
U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
|
||||||||||||||||
|
• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
||||||||||||||||
|
• Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar
data.
|
||||||||||||||||
|
• Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing
the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available
|
||||||||||||||||
|
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023. See the Schedule of Investments
for the industry breakout.
|
||||||||||||||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets:
|
||||||||||||||||
|
Corporate Bonds
|
$
|
–
|
$
|
27,823,501
|
$
|
–
|
$
|
27,823,501
|
||||||||
|
Bank Loans
|
–
|
2,696,269
|
–
|
2,696,269
|
||||||||||||
|
Total Assets
|
$
|
–
|
$
|
30,519,770
|
$
|
–
|
$
|
30,519,770
|
||||||||