UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number (811-05037)
Professionally Managed Portfolios
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Jason Hadler
Professionally Managed Portfolios
c/o U.S. Bank Global Fund Services
777 E. Wisconsin Avenue
Milwaukee, WI 53202
(Name and address of agent for service)
414-516-1523
Registrant’s telephone number, including area code
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Item 1. Report to Stockholders.
| | |
| Muzinich Credit Opportunities Fund | |
| Institutional Class | MZCIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Muzinich Credit Opportunities Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.muzinichusfunds.com/literature. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $34 | 0.67% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $244,730,599 |
Number of Holdings | 345 |
Portfolio Turnover | 86% |
SEC Yield (Subsidized) | 4.71% |
SEC Yield (Unsubsidized) | 4.48% |
Visit https://www.muzinichusfunds.com/literature for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
| |
Top 10 Issuers | (%) |
Ford Motor Credit Co LLC | 1.5% |
T-Mobile USA Inc | 1.4% |
General Motors Financial Co Inc | 1.4% |
Hyundai Capital America | 1.1% |
United States Treasury Note/Bond | 1.1% |
United Kingdom Gilt | 1.1% |
HCA Inc | 1.0% |
Nasdaq Inc | 1.0% |
Barclays PLC | 0.8% |
CaixaBank SA | 0.8% |
Security Type Breakdown (%)
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.muzinichusfunds.com/literature
| Muzinich Credit Opportunities Fund | PAGE 1 | TSR_SAR_74316J573 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Muzinich & Co., Inc. documents not be householded, please contact Muzinich & Co., Inc. at 1-855-MUZINICH (1-855-689-4642), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Muzinich & Co., Inc. or your financial intermediary.
| Muzinich Credit Opportunities Fund | PAGE 2 | TSR_SAR_74316J573 |
85.27.62.41.10.20.13.413.711.29.29.05.75.55.43.93.532.9
| | |
| Muzinich Credit Opportunities Fund | |
| Supra Institutional Class | MZCSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Muzinich Credit Opportunities Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.muzinichusfunds.com/literature. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Supra Institutional Class | $30 | 0.60% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $244,730,599 |
Number of Holdings | 345 |
Portfolio Turnover | 86% |
SEC Yield (Subsidized) | 4.80% |
SEC Yield (Unsubsidized) | 4.57% |
Visit https://www.muzinichusfunds.com/literature for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
| |
Top 10 Issuers | (%) |
Ford Motor Credit Co LLC | 1.5% |
T-Mobile USA Inc | 1.4% |
General Motors Financial Co Inc | 1.4% |
Hyundai Capital America | 1.1% |
United States Treasury Note/Bond | 1.1% |
United Kingdom Gilt | 1.1% |
HCA Inc | 1.0% |
Nasdaq Inc | 1.0% |
Barclays PLC | 0.8% |
CaixaBank SA | 0.8% |
Security Type Breakdown (%)
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.muzinichusfunds.com/literature
| Muzinich Credit Opportunities Fund | PAGE 1 | TSR_SAR_74316J573 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Muzinich & Co., Inc. documents not be householded, please contact Muzinich & Co., Inc. at 1-855-MUZINICH (1-855-689-4642), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Muzinich & Co., Inc. or your financial intermediary.
| Muzinich Credit Opportunities Fund | PAGE 2 | TSR_SAR_74316J573 |
85.27.62.41.10.20.13.413.711.29.29.05.75.55.43.93.532.9
| | |
| Muzinich Flexible U.S. High Yield income Fund | |
| Institutional Class | MZHIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Muzinich Flexible U.S. High Yield income Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.muzinichusfunds.com/literature. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $29 | 0.58% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $47,684,837 |
Number of Holdings | 279 |
Portfolio Turnover | 46% |
SEC Yield (Subsidized) | 7.16% |
SEC Yield (Unsubsidized) | 6.59% |
Visit https://www.muzinichusfunds.com/literature for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
| |
Top 10 Issuers | (%) |
First American Treasury Obligations Fund | 2.4% |
CCO Holdings LLC / CCO Holdings Capital Corp | 1.7% |
Venture Global LNG Inc | 1.6% |
Cloud Software Group Inc | 1.5% |
Crescent Energy Finance LLC | 1.3% |
Carnival Holdings Bermuda Ltd | 1.2% |
Burford Capital Global Finance LLC | 1.1% |
Harvest Midstream I LP | 1.1% |
Mauser Packaging Solutions Holding Co | 1.0% |
Icahn Enterprises LP / Icahn Enterprises Finance Corp | 1.1% |
Security Type Breakdown (%)
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.muzinichusfunds.com/literature
| Muzinich Flexible U.S. High Yield income Fund | PAGE 1 | TSR_SAR_74316J573 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Muzinich & Co., Inc. documents not be householded, please contact Muzinich & Co., Inc. at 1-855-MUZINICH (1-855-689-4642), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Muzinich & Co., Inc. or your financial intermediary.
| Muzinich Flexible U.S. High Yield income Fund | PAGE 2 | TSR_SAR_74316J573 |
73.519.62.44.511.27.16.65.65.44.94.54.34.146.3
| | |
| Muzinich Flexible U.S. High Yield income Fund | |
| Supra Institutional Class | MZHSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Muzinich Flexible U.S. High Yield income Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.muzinichusfunds.com/literature. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Supra Institutional Class | $29 | 0.58% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $47,684,837 |
Number of Holdings | 279 |
Portfolio Turnover | 46% |
SEC Yield (Subsidized) | 7.16% |
SEC Yield (Unsubsidized) | 6.59% |
Visit https://www.muzinichusfunds.com/literature for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
| |
Top 10 Issuers | (%) |
First American Treasury Obligations Fund | 2.4% |
CCO Holdings LLC / CCO Holdings Capital Corp | 1.7% |
Venture Global LNG Inc | 1.6% |
Cloud Software Group Inc | 1.5% |
Crescent Energy Finance LLC | 1.3% |
Carnival Holdings Bermuda Ltd | 1.2% |
Burford Capital Global Finance LLC | 1.1% |
Harvest Midstream I LP | 1.1% |
Mauser Packaging Solutions Holding Co | 1.0% |
Icahn Enterprises LP / Icahn Enterprises Finance Corp | 1.1% |
Security Type Breakdown (%)
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.muzinichusfunds.com/literature
| Muzinich Flexible U.S. High Yield income Fund | PAGE 1 | TSR_SAR_74316J565 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Muzinich & Co., Inc. documents not be householded, please contact Muzinich & Co., Inc. at 1-855-MUZINICH (1-855-689-4642), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Muzinich & Co., Inc. or your financial intermediary.
| Muzinich Flexible U.S. High Yield income Fund | PAGE 2 | TSR_SAR_74316J565 |
73.519.62.44.511.27.16.65.65.44.94.54.34.146.3
| | |
| Muzinich Low Duration Fund | |
| Supra Institutional Class | MZLSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Muzinich Low Duration Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.muzinichusfunds.com/literature. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Supra Institutional Class | $25 | 0.50% |
KEY FUND STATISTICS (as of June 30, 2024)
| |
Net Assets | $1,077,471,166 |
Number of Holdings | 485 |
Portfolio Turnover | 34% |
SEC Yield (Subsidized) | 4.73% |
SEC Yield (Unsubsidized) | 4.65% |
Visit https://www.muzinichusfunds.com/literature for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
| |
Top 10 Issuers | (%) |
First American Treasury Obligations Fund | 2.0% |
Ford Motor Credit Co LLC | 1.6% |
AIB Group PLC | 1.4% |
RCI Banque SA | 1.1% |
CaixaBank SA | 1.0% |
BPCE SA | 1.0% |
Hyatt Hotels Corp | 1.0% |
Bank of Ireland Group PLC | 1.0% |
Leasys SPA | 0.9% |
General Motors Financial Co Inc | 1.0% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.muzinichusfunds.com/literature
| Muzinich Low Duration Fund | PAGE 1 | TSR_SAR_74316J573 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Muzinich & Co., Inc. documents not be householded, please contact Muzinich & Co., Inc. at 1-855-MUZINICH (1-855-689-4642), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Muzinich & Co., Inc. or your financial intermediary.
| Muzinich Low Duration Fund | PAGE 2 | TSR_SAR_74316J573 |
23.111.69.87.75.64.54.43.43.126.8
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
Muzinich Credit Opportunities Fund
Muzinich Flexible U.S. High Yield Income Fund
Muzinich Low Duration Fund
Core Financial Statements
June 30, 2024
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited)
| | | | | | | |
CORPORATE BONDS - 85.2%
|
Aerospace/Defense - 0.6%
|
TransDigm Inc, 6.63%, 03/01/2032(a) | | | | | | $1,350,000 | | | $ 1,365,323 |
Agency - 0.4%
|
Indian Railway Finance Corp Ltd, 3.57%, 01/21/2032 | | | | | | 1,050,000 | | | 935,639 |
Airlines - 1.6%
|
Air France-KLM, 7.25%, 05/31/2026 | | | EUR | | | 900,000 | | | 1,013,414 |
American Airlines Inc/AAdvantage Loyalty IP Ltd
|
5.50%, 04/20/2026(a) | | | | | | 366,667 | | | 363,675 |
5.75%, 04/20/2029(a) | | | | | | 1,075,000 | | | 1,047,579 |
Emirates Airline, 4.50%, 02/06/2025 | | | | | | 215,197 | | | 214,166 |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.50%, 06/20/2027(a) | | | | | | 540,000 | | | 541,417 |
Wizz Air Finance Co BV, 1.00%, 01/19/2026 | | | EUR | | | 650,000 | | | 660,818 |
| | | 3,841,069 |
Automotive & Auto Parts - 8.9%
|
Ford Motor Credit Co LLC
|
7.35%, 11/04/2027 | | | | | | 1,300,000 | | | 1,355,410 |
6.05%, 03/05/2031 | | | | | | 900,000 | | | 902,400 |
7.12%, 11/07/2033 | | | | | | 1,500,000 | | | 1,589,658 |
Ford Otomotiv Sanayi AS, 7.13%, 04/25/2029 | | | | | | 250,000 | | | 252,816 |
Forvia SE, 2.75%, 02/15/2027 | | | EUR | | | 700,000 | | | 717,014 |
General Motors Financial Co Inc
|
2.35%, 01/08/2031 | | | | | | 1,425,000 | | | 1,171,446 |
6.10%, 01/07/2034 | | | | | | 1,200,000 | | | 1,215,815 |
5.95%, 04/04/2034 | | | | | | 1,000,000 | | | 1,003,089 |
Hyundai Capital America
|
1.65%, 09/17/2026(a) | | | | | | 1,698,000 | | | 1,564,084 |
5.40%, 01/08/2031(a) | | | | | | 1,300,000 | | | 1,293,174 |
IHO Verwaltungs GmbH, 3.75% (includes 4.50% PIK), 09/15/2026 | | | EUR | | | 400,000 | | | 422,747 |
Kia Corp, 3.25%, 04/21/2026 | | | | | | 470,000 | | | 452,766 |
Magna International Inc, 4.38%, 03/17/2032 | | | EUR | | | 500,000 | | | 558,972 |
Nissan Motor Acceptance Co LLC, 7.05%, 09/15/2028 | | | | | | 400,000 | | | 416,684 |
Nissan Motor Co Ltd, 4.81%, 09/17/2030(a) | | | | | | 850,000 | | | 790,665 |
Phinia Inc, 6.75%, 04/15/2029(a) | | | | | | 650,000 | | | 660,468 |
Porsche Automobil Holding SE, 4.13%, 09/27/2032 | | | EUR | | | 925,000 | | | 986,557 |
RCI Banque SA, 4.13%, 04/04/2031 | | | EUR | | | 800,000 | | | 852,811 |
Schaeffler AG, 2.88%, 03/26/2027 | | | EUR | | | 900,000 | | | 937,538 |
Stellantis NV
|
4.25%, 06/16/2031 | | | EUR | | | 975,000 | | | 1,063,908 |
2.75%, 04/01/2032 | | | EUR | | | 500,000 | | | 492,972 |
Valeo SE, 5.88%, 04/12/2029 | | | EUR | | | 800,000 | | | 899,938 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Automotive & Auto Parts - (Continued)
|
Volkswagen International Finance NV
|
4.63% to 1.000000000 then 10 yr. Swap Rate EUR + 3.98%, Perpetual | | | EUR | | | 200,000 | | | $210,309 |
7.50% to 1.000000000 then 5 yr. Swap Rate EUR + 4.29%, Perpetual | | | EUR | | | 200,000 | | | 231,879 |
Volvo Car AB, 4.75%, 05/08/2030 | | | EUR | | | 600,000 | | | 644,538 |
ZF Europe Finance BV, 6.13%, 03/13/2029 | | | EUR | | | 1,000,000 | | | 1,134,231 |
| | | 21,821,889 |
Banking - 11.4%
|
AIB Group PLC, 2.88% to 1.000000000 then 5 yr. Swap Rate EUR + 3.30%, 05/30/2031 | | | EUR | | | 1,200,000 | | | 1,246,821 |
Banco BPM SPA, 4.88% to 01/17/2029 then 3 mo. EURIBOR + 2.35%, 01/17/2030 | | | EUR | | | 225,000 | | | 246,622 |
Banco Santander SA, 9.63% to 1.000000000 then 5 yr. CMT Rate + 5.30%, Perpetual | | | | | | 800,000 | | | 888,911 |
Bancolombia SA, 6.91% to 1.000000000 then 5 yr. CMT Rate + 2.93%, 10/18/2027 | | | | | | 500,000 | | | 494,120 |
Bank of America Corp, 1.90% to 1.000000000 then SOFR + 1.53%, 07/23/2031 | | | | | | 1,275,000 | | | 1,051,577 |
Barclays PLC
|
6.49% to 1.000000000 then SOFR + 2.22%, 09/13/2029 | | | | | | 1,300,000 | | | 1,346,686 |
9.63% to 1.000000000 then USISSO05 + 5.78%, Perpetual | | | | | | 800,000 | | | 869,542 |
BBVA Bancomer SA, 8.13% to 1.000000000 then 5 yr. CMT Rate + 4.21%, 01/08/2039 | | | | | | 650,000 | | | 659,797 |
BPCE SA
|
1.65% to 1.000000000 then SOFR + 1.52%, 10/06/2026(a) | | | | | | 700,000 | | | 662,507 |
1.50% to 1.000000000 then 5 yr. Swap Rate EUR + 1.75%, 01/13/2042 | | | EUR | | | 600,000 | | | 592,542 |
CaixaBank SA
|
2.25% to 1.000000000 then 5 yr. Swap Rate EUR + 1.68%, 04/17/2030 | | | EUR | | | 1,200,000 | | | 1,258,258 |
6.88% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.70%, 10/25/2033 | | | GBP | | | 600,000 | | | 774,610 |
Citigroup Inc, 4.70% to 1.000000000 then SOFR + 3.23%, Perpetual | | | | | | 750,000 | | | 734,865 |
Commerzbank AG
|
4.00% to 1.000000000 then 5 yr. Swap Rate EUR + 4.35%, 12/05/2030 | | | EUR | | | 700,000 | | | 743,435 |
1.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.73%, 12/29/2031 | | | EUR | | | 600,000 | | | 594,213 |
4.88% to 1.000000000 then 5 yr. Swap Rate EUR + 2.15%, 10/16/2034 | | | EUR | | | 400,000 | | | 427,367 |
Danske Bank AS, 1.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.70%, 02/12/2030 | | | EUR | | | 1,200,000 | | | 1,261,199 |
First Abu Dhabi Bank PJSC, 6.32% to 1.000000000 then 5 yr. CMT Rate + 1.70%, 04/04/2034 | | | | | | 1,350,000 | | | 1,378,269 |
ING Groep NV, 7.50% to 1.000000000 then 5 yr. CMT Rate + 3.71%, Perpetual | | | | | | 450,000 | | | 450,035 |
JPMorgan Chase & Co, 3.11% to 1.000000000 then SOFR + 2.44%, 04/22/2051 | | | | | | 950,000 | | | 650,973 |
KBC Group NV, 0.63% to 1.000000000 then 5 yr. Swap Rate EUR + 0.95%, 12/07/2031 | | | EUR | | | 600,000 | | | 592,337 |
Lloyds Banking Group PLC, 4.38% to 1.000000000 then 5 yr. Swap Rate
EUR + 2.05%, 04/05/2034 | | | EUR | | | 900,000 | | | 957,720 |
Mizuho Financial Group Inc, 5.58% to 1.000000000 then 1 yr. CMT Rate + 1.30%, 05/26/2035 | | | | | | 1,300,000 | | | 1,302,277 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Banking - (Continued)
|
Permanent TSB Group Holdings PLC, 6.63% to 1.000000000 then EURIBOR ICE Swap Rate + 3.50%, 04/25/2028 | | | EUR | | | 800,000 | | | $903,379 |
Powszechna Kasa Oszczednosci Bank Polski SA, 4.50% to 1.000000000 then
3 mo. EURIBOR + 1.60%, 03/27/2028 | | | EUR | | | 750,000 | | | 804,650 |
QNB Finance Ltd, 6.55% (SOFR + 1.20%), 04/02/2029 | | | | | | 1,200,000 | | | 1,209,049 |
Societe Generale SA, 1.13% to 1.000000000 then 5 yr. Swap Rate EUR + 1.60%, 06/30/2031 | | | EUR | | | 700,000 | | | 700,692 |
Standard Chartered PLC
|
7.28% (SOFR + 1.93%), 07/06/2027 | | | | | | 270,000 | | | 274,963 |
6.54% (SOFR + 1.17%), 05/14/2028 | | | | | | 500,000 | | | 502,178 |
1.20% to 1.000000000 then 5 yr. Swap Rate EUR + 1.55%, 09/23/2031 | | | EUR | | | 800,000 | | | 792,997 |
Swedbank AB, 7.63% to 1.000000000 then 5 yr. CMT Rate + 3.59%,
Perpetual | | | | | | 400,000 | | | 399,250 |
UniCredit SPA, 2.00% to 1.000000000 then 5 yr. Swap Rate EUR + 2.40%, 09/23/2029 | | | EUR | | | 600,000 | | | 638,135 |
United Overseas Bank Ltd, 3.86% to 1.000000000 then 5 yr. CMT Rate + 1.45%, 10/07/2032 | | | | | | 900,000 | | | 857,219 |
Virgin Money UK PLC, 5.13% to 1.000000000 then UK Government Bonds
5 Year Note Generic Bid Yield + 5.25%, 12/11/2030 | | | GBP | | | 900,000 | | | 1,120,475 |
Volksbank Wien AG, 5.75% to 1.000000000 then 5 yr. Swap Rate EUR + 3.10%, 06/21/2034 | | | EUR | | | 500,000 | | | 531,898 |
| | | 27,919,568 |
Broadcasting - 0.6%
|
TEGNA Inc
|
4.75%, 03/15/2026(a) | | | | | | 875,000 | | | 856,327 |
4.63%, 03/15/2028 | | | | | | 550,000 | | | 497,517 |
| | | 1,353,844 |
Building Materials - 0.7%
|
Builders FirstSource Inc
|
4.25%, 02/01/2032(a) | | | | | | 500,000 | | | 442,481 |
6.38%, 03/01/2034(a) | | | | | | 425,000 | | | 421,541 |
Standard Industries Inc, 5.00%, 02/15/2027(a) | | | | | | 900,000 | | | 875,936 |
| | | 1,739,958 |
Cable/Satellite TV - 0.7%
|
CCO Holdings LLC / CCO Holdings Capital Corp, 5.13%, 05/01/2027(a) | | | | | | 700,000 | | | 672,676 |
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.55%, 06/01/2034 | | | | | | 750,000 | | | 752,789 |
Grupo Televisa SAB, 6.63%, 01/15/2040 | | | | | | 400,000 | | | 397,394 |
| | | 1,822,859 |
Capital Goods - 1.1%
|
EMRLD Borrower LP / Emerald Co-Issuer Inc, 6.75%, 07/15/2031(a) | | | | | | 250,000 | | | 253,659 |
Hillenbrand Inc, 6.25%, 02/15/2029 | | | | | | 500,000 | | | 503,129 |
Ingersoll Rand Inc, 5.45%, 06/15/2034 | | | | | | 300,000 | | | 303,347 |
Regal Rexnord Corp, 6.05%, 04/15/2028 | | | | | | 1,350,000 | | | 1,367,297 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Capital Goods - (Continued)
|
Trane Technologies Financing Ltd, 5.10%, 06/13/2034 | | | | | | $ 375,000 | | | $ 374,593 |
| | | 2,802,025 |
Chemicals - 2.5%
|
Alpek SAB de CV, 4.25%, 09/18/2029 | | | | | | 868,000 | | | 799,419 |
Celanese US Holdings LLC, 6.55%, 11/15/2030 | | | | | | 1,025,000 | | | 1,072,440 |
DuPont de Nemours Inc, 5.42%, 11/15/2048 | | | | | | 500,000 | | | 520,626 |
International Flavors & Fragrances Inc, 2.30%, 11/01/2030(a) | | | | | | 1,225,000 | | | 1,022,768 |
Orbia Advance Corp SAB de CV, 4.00%, 10/04/2027 | | | | | | 1,400,000 | | | 1,326,352 |
Sherwin-Williams Co, 2.95%, 08/15/2029 | | | | | | 1,450,000 | | | 1,308,453 |
| | | 6,050,058 |
Consumer-Products - 0.2%
|
Hasbro Inc, 6.05%, 05/14/2034 | | | | | | 600,000 | | | 600,173 |
Containers - 0.2%
|
Berry Global Inc, 5.65%, 01/15/2034(a) | | | | | | 525,000 | | | 514,226 |
Diversified Financial Services - 8.1%
|
AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
6.15%, 09/30/2030 | | | | | | 900,000 | | | 931,455 |
Block Inc, 6.50%, 05/15/2032(a) | | | | | | 475,000 | | | 481,222 |
CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund, 4.75%, 03/27/2034 | | | EUR | | | 600,000 | | | 651,754 |
DAE Funding LLC, 3.38%, 03/20/2028 | | | | | | 1,400,000 | | | 1,287,918 |
Esic Sukuk Ltd, 5.83%, 02/14/2029 | | | | | | 1,060,000 | | | 1,061,199 |
Fortress Transportation and Infrastructure Investors LLC,
7.00%, 06/15/2032(a) | | | | | | 1,075,000 | | | 1,091,341 |
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/2026 | | | | | | 1,500,000 | | | 1,478,258 |
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031(a) | | | | | | 400,000 | | | 417,438 |
Hyundai Card Co Ltd, 5.75%, 04/24/2029 | | | | | | 210,000 | | | 211,629 |
ICD Funding Ltd, 3.22%, 04/28/2026 | | | | | | 1,900,000 | | | 1,819,914 |
India Vehicle Finance, 5.85%, 03/25/2029 | | | | | | 410,000 | | | 401,341 |
JAB Holdings BV, 4.38%, 04/25/2034 | | | EUR | | | 200,000 | | | 215,324 |
Macquarie Airfinance Holdings Ltd, 8.38%, 05/01/2028(a) | | | | | | 725,000 | | | 764,866 |
MDGH GMTN RSC Ltd
|
2.88%, 11/07/2029 | | | | | | 880,000 | | | 793,025 |
3.70%, 11/07/2049 | | | | | | 790,000 | | | 600,268 |
Morgan Stanley
|
5.17% to 1.000000000 then SOFR + 1.45%, 01/16/2030 | | | | | | 775,000 | | | 773,661 |
5.25% to 1.000000000 then SOFR + 1.87%, 04/21/2034 | | | | | | 450,000 | | | 444,038 |
5.47% to 1.000000000 then SOFR + 1.73%, 01/18/2035 | | | | | | 675,000 | | | 674,796 |
Motability Operations Group PLC, 3.88%, 01/24/2034 | | | EUR | | | 700,000 | | | 742,362 |
Nasdaq Inc
|
5.55%, 02/15/2034 | | | | | | 1,125,000 | | | 1,128,847 |
6.10%, 06/28/2063 | | | | | | 1,250,000 | | | 1,281,516 |
SoftBank Group Corp, 6.75%, 07/08/2029 | | | | | | 800,000 | | | 795,952 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Diversified Financial Services - (Continued)
|
UBS Group AG, 9.25% to 1.000000000 then 5 yr. CMT Rate + 4.76%, Perpetual(a) | | | | | | $1,500,000 | | | $1,683,618 |
| | | 19,731,742 |
Energy - 11.2%
|
Aker BP ASA, 4.00%, 05/29/2032 | | | EUR | | | 1,000,000 | | | 1,065,835 |
BP Capital Markets BV, 4.32%, 05/12/2035 | | | EUR | | | 350,000 | | | 388,038 |
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 | | | | | | 1,275,000 | | | 1,273,827 |
Cheniere Energy Partners LP
|
4.50%, 10/01/2029 | | | | | | 1,000,000 | | | 953,297 |
5.95%, 06/30/2033 | | | | | | 500,000 | | | 507,267 |
Chesapeake Energy Corp, 5.50%, 02/01/2026(a) | | | | | | 600,000 | | | 595,102 |
Ecopetrol SA, 8.88%, 01/13/2033 | | | | | | 670,000 | | | 692,555 |
Energy Transfer LP, 5.55%, 05/15/2034 | | | | | | 750,000 | | | 742,811 |
Galaxy Pipeline Assets Bidco Ltd, 2.63%, 03/31/2036 | | | | | | 1,400,000 | | | 1,141,751 |
Kinder Morgan Inc
|
4.30%, 03/01/2028 | | | | | | 675,000 | | | 656,048 |
5.20%, 06/01/2033 | | | | | | 1,300,000 | | | 1,265,465 |
Lion/Polaris Lux 4 SA, 3.25%, 09/30/2040 | | | | | | 959,000 | | | 730,996 |
Occidental Petroleum Corp, 7.88%, 09/15/2031 | | | | | | 875,000 | | | 982,325 |
Oleoducto Central SA, 4.00%, 07/14/2027 | | | | | | 924,000 | | | 857,281 |
ONEOK Inc
|
6.05%, 09/01/2033 | | | | | | 700,000 | | | 722,412 |
6.63%, 09/01/2053 | | | | | | 600,000 | | | 644,037 |
Ovintiv Inc, 7.10%, 07/15/2053 | | | | | | 525,000 | | | 579,391 |
Pertamina Persero PT
|
3.65%, 07/30/2029 | | | | | | 700,000 | | | 651,413 |
4.15%, 02/25/2060 | | | | | | 850,000 | | | 628,404 |
Plains All American Pipeline LP / PAA Finance Corp, 3.55%, 12/15/2029 | | | | | | 1,950,000 | | | 1,782,528 |
QatarEnergy, 2.25%, 07/12/2031 | | | | | | 1,700,000 | | | 1,422,271 |
Repsol International Finance BV
|
3.75% to 1.000000000 then 5 yr. Swap Rate EUR + 4.00%, Perpetual | | | EUR | | | 200,000 | | | 211,612 |
2.50% to 1.000000000 then 5 yr. Swap Rate EUR + 2.77%, Perpetual | | | EUR | | | 875,000 | | | 892,389 |
Rockies Express Pipeline LLC, 3.60%, 05/15/2025(a) | | | | | | 1,375,000 | | | 1,344,282 |
Shell International Finance BV, 1.88%, 04/07/2032 | | | EUR | | | 600,000 | | | 572,749 |
Targa Resources Corp, 6.50%, 03/30/2034 | | | | | | 700,000 | | | 742,515 |
TotalEnergies SE, 2.63% to 1.000000000 then 5 yr. Swap Rate EUR + 2.15%, Perpetual | | | EUR | | | 1,475,000 | | | 1,559,009 |
Venture Global LNG Inc, 8.13%, 06/01/2028(a) | | | | | | 1,400,000 | | | 1,444,632 |
Williams Cos Inc, 5.30%, 08/15/2028 | | | | | | 775,000 | | | 778,010 |
Wintershall Dea Finance 2 BV, 2.50% to 1.000000000 then 5 yr. Swap Rate EUR + 2.92%, Perpetual | | | EUR | | | 1,500,000 | | | 1,505,317 |
| | | 27,333,569 |
Food & Drug Retail - 1.1%
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 6.50%, 02/15/2028(a) | | | | | | 750,000 | | | 755,141 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Food & Drug Retail - (Continued)
|
Cencosud SA, 5.95%, 05/28/2031 | | | | | | $ 820,000 | | | $ 823,969 |
Roadster Finance DAC, 1.63%, 12/09/2024 | | | EUR | | | 525,000 | | | 555,278 |
Tesco Corporate Treasury Services PLC, 5.13%, 05/22/2034 | | | GBP | | | 450,000 | | | 550,481 |
| | | 2,684,869 |
Food/Beverage/Tobacco - 3.7%
|
Anheuser-Busch InBev Worldwide Inc, 5.45%, 01/23/2039 | | | | | | 650,000 | | | 661,309 |
Bacardi Ltd / Bacardi-Martini BV
|
5.25%, 01/15/2029(a) | | | | | | 750,000 | | | 740,918 |
5.40%, 06/15/2033(a) | | | | | | 1,125,000 | | | 1,100,660 |
Bimbo Bakeries USA Inc, 6.40%, 01/15/2034 | | | | | | 1,500,000 | | | 1,589,297 |
Constellation Brands Inc, 4.90%, 05/01/2033 | | | | | | 1,550,000 | | | 1,500,390 |
Indofood BCP Sukses, 3.40%, 06/09/2031 | | | | | | 1,510,000 | | | 1,317,523 |
Keurig Dr Pepper Inc
|
3.95%, 04/15/2029 | | | | | | 700,000 | | | 666,589 |
5.20%, 03/15/2031 | | | | | | 1,150,000 | | | 1,148,922 |
Tereos Finance Groupe I SA, 5.88%, 04/30/2030 | | | EUR | | | 300,000 | | | 321,860 |
| | | 9,047,468 |
Healthcare - 5.4%
|
AbbVie Inc, 5.50%, 03/15/2064 | | | | | | 1,450,000 | | | 1,441,311 |
Amgen Inc, 5.65%, 03/02/2053 | | | | | | 975,000 | | | 966,104 |
Bayer AG
|
4.50% to 1.000000000 then 5 yr. Swap Rate EUR + 3.75%, 03/25/2082 | | | EUR | | | 400,000 | | | 413,142 |
6.63% to 1.000000000 then 5 yr. Swap Rate EUR + 3.43%, 09/25/2083 | | | EUR | | | 800,000 | | | 868,163 |
Bristol-Myers Squibb Co, 5.55%, 02/22/2054 | | | | | | 1,325,000 | | | 1,314,293 |
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/2028 | | | EUR | | | 800,000 | | | 815,237 |
Elevance Health Inc
|
5.38%, 06/15/2034 | | | | | | 650,000 | | | 654,680 |
5.65%, 06/15/2054 | | | | | | 625,000 | | | 622,096 |
Eli Lilly & Co, 5.00%, 02/09/2054 | | | | | | 1,200,000 | | | 1,153,326 |
Fortrea Holdings Inc, 7.50%, 07/01/2030(a) | | | | | | 600,000 | | | 597,404 |
GN Store Nord AS, 0.88%, 11/25/2024 | | | EUR | | | 500,000 | | | 525,823 |
HCA Inc
|
5.50%, 06/01/2033 | | | | | | 1,050,000 | | | 1,043,756 |
5.25%, 06/15/2049 | | | | | | 1,525,000 | | | 1,367,242 |
Medline Borrower LP/Medline Co-Issuer Inc, 6.25%, 04/01/2029(a) | | | | | | 350,000 | | | 354,580 |
Medtronic Inc, 4.15%, 10/15/2053 | | | EUR | | | 500,000 | | | 543,210 |
Werfen SA, 4.25%, 05/03/2030 | | | EUR | | | 600,000 | | | 647,043 |
| | | 13,327,410 |
Homebuilders/Real Estate - 5.2%
|
Aldar Investment Properties Sukuk Ltd, 4.88%, 05/24/2033 | | | | | | 200,000 | | | 192,940 |
American Tower Corp
|
5.25%, 07/15/2028 | | | | | | 1,025,000 | | | 1,023,787 |
5.45%, 02/15/2034 | | | | | | 1,000,000 | | | 993,773 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Homebuilders/Real Estate - (Continued)
|
Aroundtown SA
|
0.63%, 07/09/2025 | | | EUR | | | 700,000 | | | $719,512 |
0.38%, 04/15/2027 | | | EUR | | | 300,000 | | | 279,017 |
Balder Finland Oyj, 1.00%, 01/18/2027 | | | EUR | | | 975,000 | | | 949,969 |
Blackstone Property Partners Europe Holdings SARL, 1.00%, 10/20/2026 | | | EUR | | | 900,000 | | | 895,118 |
Castellum Helsinki Finance Holding Abp, 2.00%, 03/24/2025 | | | EUR | | | 800,000 | | | 841,543 |
CTP NV, 0.63%, 09/27/2026 | | | EUR | | | 1,025,000 | | | 1,022,111 |
Fastighets AB Balder, 1.88%, 03/14/2025 | | | EUR | | | 400,000 | | | 421,228 |
Hammerson PLC, 3.50%, 10/27/2025 | | | GBP | | | 500,000 | | | 612,183 |
Heimstaden Bostad Treasury BV
|
0.25%, 10/13/2024 | | | EUR | | | 400,000 | | | 420,014 |
1.00%, 04/13/2028 | | | EUR | | | 600,000 | | | 525,512 |
Logicor Financing SARL, 1.50%, 07/13/2026 | | | EUR | | | 200,000 | | | 202,147 |
MasTec Inc, 4.50%, 08/15/2028(a) | | | | | | 925,000 | | | 883,009 |
P3 Group SARL, 4.63%, 02/13/2030 | | | EUR | | | 350,000 | | | 376,239 |
RHP Hotel Properties LP / RHP Finance Corp, 6.50%, 04/01/2032(a) | | | | | | 1,325,000 | | | 1,328,093 |
VIA Outlets BV, 1.75%, 11/15/2028 | | | EUR | | | 675,000 | | | 646,693 |
Vonovia SE, 5.00%, 11/23/2030 | | | EUR | | | 300,000 | | | 336,336 |
| | | 12,669,224 |
Hotels - 0.8%
|
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 6.63%, 01/15/2032(a) | | | | | | 625,000 | | | 628,362 |
IHG Finance LLC, 4.38%, 11/28/2029 | | | EUR | | | 400,000 | | | 438,929 |
Whitbread Group PLC, 3.38%, 10/16/2025 | | | GBP | | | 700,000 | | | 859,039 |
| | | 1,926,330 |
Insurance - 0.6%
|
Allianz SE, 2.63% to 1.000000000 then 5 yr. Swap Rate EUR + 2.77%, Perpetual | | | EUR | | | 800,000 | | | 667,956 |
Cathaylife Singapore Pte Ltd, 5.95%, 07/05/2034 | | | | | | 300,000 | | | 300,786 |
FWD Group Holdings Ltd, 7.64%, 07/02/2031 | | | | | | 600,000 | | | 611,028 |
| | | 1,579,770 |
Leisure - 0.1%
|
Royal Caribbean Cruises Ltd, 6.25%, 03/15/2032(a) | | | | | | 325,000 | | | 327,939 |
Metals/Mining - 0.9%
|
Corp Nacional del Cobre de Chile
|
5.95%, 01/08/2034 | | | | | | 700,000 | | | 701,637 |
6.44%, 01/26/2036 | | | | | | 200,000 | | | 207,094 |
Gold Fields Orogen Holdings BVI Ltd, 6.13%, 05/15/2029 | | | | | | 1,185,000 | | | 1,201,201 |
| | | 2,109,932 |
Paper - 1.0%
|
Inversiones CMPC SA, 6.13%, 06/23/2033 | | | | | | 1,500,000 | | | 1,528,461 |
Suzano Austria GmbH, 3.75%, 01/15/2031 | | | | | | 1,200,000 | | | 1,046,217 |
| | | 2,574,678 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Services - 1.2%
|
Bureau Veritas SA, 3.50%, 05/22/2036 | | | EUR | | | 500,000 | | | $ 521,513 |
RAC Bond Co PLC, 4.87%, 05/06/2026 | | | GBP | | | 600,000 | | | 745,230 |
United Rentals North America Inc, 5.25%, 01/15/2030 | | | | | | 775,000 | | | 751,726 |
Verisure Holding AB, 3.88%, 07/15/2026 | | | EUR | | | 950,000 | | | 1,006,542 |
| | | 3,025,011 |
Sovereign - 1.1%
|
United Kingdom Gilt, 4.50%, 09/07/2034 | | | GBP | | | 2,000,000 | | | 2,588,651 |
Steel - 0.8%
|
ABJA Investment Co Pte Ltd, 5.45%, 01/24/2028 | | | | | | 812,000 | | | 806,454 |
GUSAP III LP, 4.25%, 01/21/2030 | | | | | | 1,200,000 | | | 1,128,006 |
| | | 1,934,460 |
Super Retail - 1.3%
|
El Corte Ingles SA, 4.25%, 06/26/2031 | | | EUR | | | 400,000 | | | 428,601 |
Home Depot Inc, 5.40%, 06/25/2064 | | | | | | 925,000 | | | 907,704 |
Lowe’s Cos Inc
|
5.15%, 07/01/2033 | | | | | | 650,000 | | | 648,315 |
5.85%, 04/01/2063 | | | | | | 400,000 | | | 392,059 |
REWE International Finance BV, 4.88%, 09/13/2030 | | | EUR | | | 700,000 | | | 779,713 |
| | | 3,156,392 |
Technology - 2.7%
|
Broadcom Inc, 3.47%, 04/15/2034(a) | | | | | | 750,000 | | | 641,097 |
Fortress Intermediate 3 Inc, 7.50%, 06/01/2031(a) | | | | | | 950,000 | | | 974,510 |
Insight Enterprises Inc, 6.63%, 05/15/2032(a) | | | | | | 350,000 | | | 355,782 |
LG Energy Solution Ltd, 5.75%, 09/25/2028 | | | | | | 870,000 | | | 881,278 |
SK Hynix Inc
|
6.38%, 01/17/2028 | | | | | | 200,000 | | | 205,966 |
6.50%, 01/17/2033 | | | | | | 600,000 | | | 633,845 |
SK On Co Ltd, 5.38%, 05/11/2026 | | | | | | 1,250,000 | | | 1,248,919 |
TDF Infrastructure SASU, 5.63%, 07/21/2028 | | | EUR | | | 700,000 | | | 783,688 |
Teleperformance SE
|
5.25%, 11/22/2028 | | | EUR | | | 500,000 | | | 548,680 |
5.75%, 11/22/2031 | | | EUR | | | 200,000 | | | 220,518 |
| | | 6,494,283 |
Telecommunications - 4.9%
|
America Movil SAB de CV, 4.38%, 04/22/2049 | | | | | | 1,140,000 | | | 953,844 |
AT&T Inc, 3.50%, 09/15/2053 | | | | | | 1,150,000 | | | 785,614 |
Bharti Airtel Ltd, 3.25%, 06/03/2031 | | | | | | 1,500,000 | | | 1,322,856 |
iliad SA, 5.38%, 02/15/2029 | | | EUR | | | 400,000 | | | 436,318 |
PPF Telecom Group BV, 3.25%, 09/29/2027 | | | EUR | | | 195,000 | | | 203,223 |
SES SA, 3.50%, 01/14/2029 | | | EUR | | | 650,000 | | | 673,644 |
TDC Net AS, 5.19%, 08/02/2029 | | | EUR | | | 250,000 | | | 272,099 |
Telefonica Europe BV, 3.88% to 1.000000000 then 8 yr. Swap Rate EUR + 2.97%, Perpetual | | | EUR | | | 1,200,000 | | | 1,270,193 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Telecommunications - (Continued)
|
T-Mobile USA Inc
|
3.88%, 04/15/2030 | | | | | | $1,025,000 | | | $ 959,049 |
2.55%, 02/15/2031 | | | | | | 1,800,000 | | | 1,530,905 |
5.05%, 07/15/2033 | | | | | | 1,100,000 | | | 1,078,703 |
Vmed O2 UK Financing I PLC, 4.00%, 01/31/2029 | | | GBP | | | 800,000 | | | 876,061 |
Vodafone Group PLC, 2.63% to 1.000000000 then 5 yr. Swap Rate EUR + 3.00%, 08/27/2080 | | | EUR | | | 700,000 | | | 722,514 |
Ziggo BV, 2.88%, 01/15/2030 | | | EUR | | | 900,000 | | | 846,108 |
| | | 11,931,131 |
Transportation Excluding Air/Rail - 3.3%
|
Australia Pacific Airports Melbourne Pty Ltd, 4.38%, 05/24/2033 | | | EUR | | | 1,000,000 | | | 1,107,930 |
Autostrade per l’Italia SPA, 5.13%, 06/14/2033 | | | EUR | | | 875,000 | | | 974,479 |
DP World Ltd, 6.85%, 07/02/2037 | | | | | | 1,730,000 | | | 1,876,653 |
Gatwick Funding Ltd, 5.50%, 04/04/2040 | | | GBP | | | 600,000 | | | 732,648 |
Heathrow Finance PLC, 3.88%, 03/01/2027(b) | | | GBP | | | 250,000 | | | 297,852 |
Heathrow Funding Ltd, 4.50%, 07/11/2033 | | | EUR | | | 900,000 | | | 990,898 |
International Distributions Services PLC, 5.25%, 09/14/2028 | | | EUR | | | 575,000 | | | 633,352 |
Stagecoach Group Ltd, 4.00%, 09/29/2025 | | | GBP | | | 505,000 | | | 620,992 |
United Parcel Service Inc, 5.50%, 05/22/2054 | | | | | | 925,000 | | | 920,970 |
| | | 8,155,774 |
Utilities - 2.9%
|
Acquirente Unico SPA, 2.80%, 02/20/2026 | | | EUR | | | 850,000 | | | 889,637 |
Elia Transmission Belgium SA, 3.63%, 01/18/2033 | | | EUR | | | 600,000 | | | 641,844 |
FLUVIUS System Operator CV, 3.88%, 05/02/2034 | | | EUR | | | 400,000 | | | 428,217 |
Italgas SPA, 4.13%, 06/08/2032 | | | EUR | | | 600,000 | | | 646,577 |
National Central Cooling Co PJSC, 2.50%, 10/21/2027 | | | | | | 1,600,000 | | | 1,447,344 |
Pacific Gas and Electric Co, 5.80%, 05/15/2034 | | | | | | 825,000 | | | 821,718 |
Redexis SAU, 4.38%, 05/30/2031 | | | EUR | | | 600,000 | | | 637,651 |
Veolia Environnement SA, 1.25%, 05/14/2035 | | | EUR | | | 800,000 | | | 678,158 |
Vistra Operations Co LLC, 6.88%, 04/15/2032(a) | | | | | | 875,000 | | | 888,935 |
| | | 7,080,081 |
TOTAL CORPORATE BONDS
(Cost $208,166,354) | | | | | | | | | 208,445,345 |
BANK LOANS - 7.6%
| | | | | | |
Aerospace/Defense - 0.2%
|
KBR Inc TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 01/17/2031 | | | | | | 349,125 | | | 351,176 |
Science Applications International Corp TL, Senior Secured First Lien, 7.22%
(1 mo. SOFR US + 1.88%), 02/10/2031 | | | | | | 146,766 | | | 147,752 |
TransDigm Inc TL, Senior Secured First Lien, 7.84% (3 mo. SOFR US + 2.50%), 02/28/2031 | | | | | | 92,269 | | | 92,569 |
| | | 591,497 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
BANK LOANS - (Continued)
|
Broadcasting - 0.0%(c)
|
WMG Acquisition Corp TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 01/24/2031 | | | | | | $ 50,000 | | | $ 50,149 |
Building Materials - 0.2%
|
MIWD Holdco II LLC TL, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 03/28/2031 | | | | | | 400,000 | | | 402,918 |
Cable/Satellite TV - 0.2%
|
Charter Communications Operating LLC TL, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 1.75%), 02/01/2027 | | | | | | 272,852 | | | 272,826 |
Directv Financing LLC TL, Senior Secured First Lien, 10.71% (1 mo. SOFR US + 5.25%), 08/02/2029 | | | | | | 232,199 | | | 231,473 |
| | | 504,299 |
Capital Goods - 0.5%
|
Ali Group North America Corp TL, Senior Secured First Lien, 7.46%
(1 mo. SOFR US + 2.00%), 07/23/2029 | | | | | | 474,930 | | | 477,348 |
Chart Industries Inc TL, Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 03/18/2030 | | | | | | 400,000 | | | 402,000 |
Emrld Borrower LP TL, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 05/31/2030 | | | | | | 374,060 | | | 374,488 |
| | | 1,253,836 |
Chemicals - 0.2%
|
Axalta Coating Systems US Holdings Inc TL, Senior Secured First Lien, 7.33% (3 mo. SOFR US + 2.00%), 12/20/2029 | | | | | | 463,608 | | | 465,001 |
Commercial Services - 0.1%
|
NAB Holdings LLC TL First Lien, 8.21% (3 mo. Term SOFR + 2.75%), 11/24/2028 | | | | | | 200,000 | | | 200,403 |
Containers - 0.1%
|
Pactiv Evergreen Group Holdings Inc TL, Senior Secured First Lien
|
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028 | | | | | | 169,173 | | | 169,568 |
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028 | | | | | | 43,233 | | | 43,334 |
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028 | | | | | | 37,594 | | | 37,682 |
| | | 250,584 |
Diversified Financial Services - 1.1%
|
Castlelake Aviation One DAC TL, Senior Secured First Lien, 8.09%
(3 mo. SOFR US + 2.75%), 10/22/2027 | | | | | | 243,081 | | | 243,841 |
Citadel Securities LP TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 07/29/2030 | | | | | | 497,550 | | | 499,540 |
DRW Holdings TL (2/21) TL First Lien, 9.18% (1 mo. Term SOFR + 3.75%), 03/01/2028 | | | | | | 346,429 | | | 346,971 |
Focus Financial Partners LLC TL, Senior Secured First Lien, 8.09%
(1 mo. SOFR US + 2.75%), 06/30/2028 | | | | | | 99,749 | | | 99,764 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
BANK LOANS - (Continued)
|
Diversified Financial Services - (Continued)
|
GTCR W Merger Sub LLC TL, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 3.00%), 01/31/2031 | | | | | | $ 250,000 | | | $ 250,660 |
Jane Street Group LLC TL, Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 01/26/2028 | | | | | | 398,452 | | | 398,554 |
NAB Holdings LLC TL First Lien, 8.08% (1 mo. Term SOFR + 2.75%), 11/24/2028 | | | | | | 250,000 | | | 250,521 |
Nuvei Technologies Corp TL, Senior Secured First Lien
|
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030 | | | | | | 145,579 | | | 145,929 |
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030 | | | | | | 97,787 | | | 98,022 |
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030 | | | | | | 25,285 | | | 25,346 |
Trans Union LLC TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 12/01/2028 | | | | | | 212,009 | | | 212,331 |
Wec US Holdings Ltd TL, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 01/27/2031 | | | | | | 225,000 | | | 225,471 |
| | | 2,796,950 |
Environmental - 0.2%
|
Clean Harbors Inc TL, Senior Secured First Lien, 7.21% (1 mo. SOFR US + 1.75%), 10/10/2028 | | | | | | 348,214 | | | 350,390 |
Covanta Holding Corp TL, Senior Secured First Lien
|
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028 | | | | | | 76,932 | | | 77,032 |
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028 | | | | | | 4,208 | | | 4,214 |
| | | 431,636 |
Food/Beverage/Tobacco - 0.2%
|
B&G Foods 6/24 B TL, 8.84%, 10/10/2029(b) | | | | | | 500,000 | | | 496,250 |
Gaming - 0.1%
|
Flutter Financing BV TL, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 11/29/2030 | | | | | | 149,250 | | | 149,515 |
Station Casinos LLC TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 03/14/2031 | | | | | | 49,875 | | | 49,913 |
| | | 199,428 |
Healthcare - 0.3%
|
Jazz Financing Lux SARL TL, Senior Secured First Lien, 8.46% (1 mo. SOFR US + 3.00%), 05/05/2028 | | | | | | 135,935 | | | 136,190 |
Phoenix Guarantor Inc TL First Lien, 8.58% (1 mo. Term SOFR + 3.25%), 02/21/2031 | | | | | | 550,000 | | | 549,247 |
| | | 685,437 |
Homebuilders/Real Estate - 0.4%
|
Iron Mountain Inc TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 01/31/2031 | | | | | | 497,500 | | | 496,047 |
SBA Senior Finance II LLC TL, Senior Secured First Lien, 7.35% (1 mo. SOFR US + 2.00%), 01/27/2031 | | | | | | 409,973 | | | 410,903 |
| | | 906,950 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
BANK LOANS - (Continued)
|
Hotels - 0.4%
|
Hilton Grand Vacations Borrower LLC TL, Senior Secured First Lien, 7.84%
(1 mo. SOFR US + 2.50%), 08/02/2028 | | | | | | $ 496,173 | | | $ 496,749 |
Hilton Hotels (10/23) TL B4 TL, Senior Secured First Lien, 7.10% (1 mo. SOFR US + 1.75%), 11/08/2030 | | | | | | 113,650 | | | 113,894 |
Travel + Leisure Co TL, Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 12/14/2029 | | | | | | 99,750 | | | 100,174 |
Wyndham Hotels & Resorts Inc TL, Senior Secured First Lien, 7.09%
(1 mo. SOFR US + 1.75%), 05/28/2030 | | | | | | 374,058 | | | 374,967 |
| | | 1,085,784 |
Leisure - 0.2%
|
Delta 2 Lux SARL TL, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 01/15/2030 | | | | | | 500,000 | | | 501,875 |
Metals/Mining - 0.0%(c)
|
Arsenal AIC Parent LLC TL, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 08/19/2030 | | | | | | 24,875 | | | 25,055 |
Publishing/Printing - 0.1%
|
Cimpress USA Inc TL, Senior Secured First Lien
|
8.33% (1 mo. SOFR US + 3.00%), 05/17/2028 | | | | | | 135,904 | | | 136,328 |
8.34% (1 mo. SOFR US + 3.00%), 05/17/2028 | | | | | | 113,471 | | | 113,826 |
| | | 250,154 |
Railroads - 0.2%
|
Genesee & Wyoming Inc TL, Senior Secured First Lien, 7.33% (3 mo. SOFR US + 2.00%), 04/10/2031 | | | | | | 450,000 | | | 450,043 |
Restaurants - 0.4%
|
1011778 BC ULC TL, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 09/23/2030 | | | | | | 498,750 | | | 498,119 |
KFC Holding Co TL, Senior Secured First Lien, 7.20% (1 mo. SOFR US + 1.75%), 03/15/2028 | | | | | | 496,154 | | | 496,685 |
| | | 994,804 |
Services - 0.5%
|
APi Group DE Inc TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 01/03/2029 | | | | | | 300,000 | | | 300,215 |
Camelot US Acquisition LLC TL, Senior Secured First Lien
|
8.08% (1 mo. SOFR US + 2.75%), 01/31/2031 | | | | | | 46,395 | | | 46,535 |
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031 | | | | | | 199,036 | | | 199,633 |
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031 | | | | | | 3,944 | | | 3,955 |
Core & Main LP TL, Senior Secured First Lien, 7.59% (3 mo. SOFR US + 2.25%), 02/10/2031 | | | | | | 273,315 | | | 274,171 |
PG Investment Co 59 SARL TL, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/24/2031 | | | | | | 75,000 | | | 75,594 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
BANK LOANS - (Continued)
|
Services - (Continued)
|
Thevelia US LLC TL, Senior Secured First Lien, 9.08% (3 mo. SOFR US + 3.75%), 06/18/2029 | | | | | | $74,625 | | | $75,138 |
United Rentals North America Inc TL, Senior Secured First Lien, 7.09%
(1 mo. SOFR US + 1.75%), 02/14/2031 | | | | | | 374,063 | | | 377,745 |
| | | 1,352,986 |
Super Retail - 0.2%
|
Hanesbrands Inc TL, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 03/08/2030 | | | | | | 248,116 | | | 249,201 |
Leslie’s Poolmart Inc TL First Lien, 8.19% (1 mo. Term SOFR + 2.75%), 03/09/2028 | | | | | | 200,000 | | | 198,413 |
| | | 447,614 |
Technology - 0.7%
|
AppLovin Corp TL, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 10/25/2028 | | | | | | 374,062 | | | 375,325 |
Cloud Software Group Inc TL First Lien, 9.93% (1 mo. Term SOFR + 4.50%), 03/24/2031 | | | | | | 500,000 | | | 501,992 |
Coherent Corp TL, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 07/02/2029 | | | | | | 349,348 | | | 350,047 |
Constant Contact TL First Lien, 9.56% (1 mo. Term SOFR + 4.00%), 02/10/2028 | | | | | | 12 | | | 12 |
Go Daddy Operating Co LLC TL, Senior Secured First Lien, 7.34%
(1 mo. SOFR US + 2.00%), 11/13/2029 | | | | | | 209,696 | | | 210,249 |
Open Text TL B (08/23) TARGET TL, Senior Secured First Lien, 7.59%
(1 mo. SOFR US + 2.25%), 01/31/2030 | | | | | | 312,135 | | | 313,849 |
| | | 1,751,474 |
Telecommunications - 0.5%
|
Crown Subsea Communications Holding Inc TL, Senior Secured First Lien, 10.08% (3 mo. SOFR US + 4.75%), 01/30/2031 | | | | | | 290,000 | | | 291,147 |
Iridium Satellite LLC TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 09/20/2030 | | | | | | 498,747 | | | 498,782 |
Lorca Finco (04/24) TL, 8.82% (1 mo. Term SOFR + 3.50%), 04/17/2031 | | | | | | 140,000 | | | 140,525 |
Virgin Media Bristol LLC TL, Senior Secured First Lien, 8.66% (6 mo. SOFR US + 3.25%), 03/31/2031 | | | | | | 200,000 | | | 189,321 |
| | | 1,119,775 |
Transportation Excluding Air/Rail - 0.2%
|
XPO Inc TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 05/24/2028 | | | | | | 250,000 | | | 251,023 |
XPO TL B (12/23) TL, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 02/28/2031 | | | | | | 250,000 | | | 250,964 |
| | | 501,987 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
BANK LOANS - (Continued)
|
Utilities - 0.4%
|
Edgewater (Spade Facilities) TL First Lien, 9.19% (1 mo. Term SOFR + 3.75%), 12/15/2025 | | | | | | $500,000 | | | $499,725 |
Exgen Renewables/ Exelon (12/20) TL First Lien, 8.10% (3 mo. Term SOFR + 2.50%), 12/15/2027 | | | | | | 250,000 | | | 250,815 |
Vistra Zero Operating Co LLC TL, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 04/30/2031 | | | | | | 124,688 | | | 125,420 |
| | | 875,960 |
TOTAL BANK LOANS
(Cost $18,560,353) | | | | | | | | | 18,592,849 |
CONVERTIBLE BONDS - 2.4%
| | | | | | |
Banking - 2.4%
|
Australia & New Zealand Banking Group Ltd, 1.81% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.45%, 09/16/2031 | | | GBP | | | 600,000 | | | 694,622 |
Banco Bilbao Vizcaya Argentaria SA, 4.88% to 1.000000000 then 5 yr. Swap Rate EUR + 2.40%, 02/08/2036 | | | EUR | | | 300,000 | | | 323,973 |
Banco Santander SA, 5.00% to 1.000000000 then 5 yr. Swap Rate EUR + 2.50%, 04/22/2034 | | | EUR | | | 700,000 | | | 763,000 |
Bank of Ireland Group PLC, 4.75% to 1.000000000 then 5 yr. Swap Rate EUR + 1.85%, 08/10/2034 | | | EUR | | | 450,000 | | | 481,771 |
Deutsche Bank AG, 5.63% to 1.000000000 then 5 yr. Swap Rate EUR + 6.00%, 05/19/2031 | | | EUR | | | 300,000 | | | 326,181 |
ING Groep NV, 1.00% to 1.000000000 then 5 yr. Swap Rate EUR + 1.15%, 11/16/2032 | | | EUR | | | 1,300,000 | | | 1,254,046 |
Jyske Bank AS, 5.13% to 1.000000000 then 5 yr. Swap Rate EUR + 2.50%, 05/01/2035 | | | EUR | | | 325,000 | | | 355,721 |
Nationwide Building Society, 4.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.65%, 04/16/2034 | | | EUR | | | 750,000 | | | 802,062 |
Swedbank AB, 7.27% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.80%, 11/15/2032 | | | GBP | | | 600,000 | | | 784,693 |
| | | 5,786,069 |
TOTAL CONVERTIBLE BONDS
(Cost $5,771,753) | | | | | | | | | 5,786,069 |
U.S. TREASURY SECURITIES - 1.1%
|
United States Treasury Note/Bond, 4.63%, 05/15/2054 | | | | | | 2,750,000 | | | 2,805,215 |
TOTAL U.S. TREASURY SECURITIES
(Cost $2,810,032) | | | | | | | | | 2,805,215 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
SHORT-TERM INVESTMENTS - 0.1%
| |
Money Market Funds - 0.1%
| |
First American Treasury Obligations Fund - Class X, 5.20% (d) | | | | | | 198,937 | | | $198,937 | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $198,937) | | | | | | | | | 198,937 | |
TOTAL INVESTMENTS - 96.4%
(Cost $235,507,429) | | | | | | | | | $235,828,415 | |
Other Assets in Excess of Liabilities - 3.6% | | | | | | | | | 8,902,184 | |
TOTAL NET ASSETS - 100.0% | | | | | | | | | $244,730,599 | |
| | | | | | | | | | | |
Percentages are stated as a percent of net assets.
Par amount is in USD unless otherwise indicated.
AG - Aktiengesellschaft
ASA - Advanced Subscription Agreement
CMT - Constant Maturity Treasury Rate
GMTN Global Medium Term Note
NV - Naamloze Vennootschap
PIK - Payment in Kind
PJSC - Public Joint Stock Company
PLC - Public Limited Company
SA - Sociedad Anónima
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
SOFR - Secured Overnight Financing Rate
USISSO05 - 5 Year US Dollar SOFR Swap Rate
EUR - Euro
GBP - British Pound
(a)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $30,747,437 or 12.6% of the Fund’s net assets. |
(b)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024. |
(c)
| Represents less than 0.05% of net assets. |
(d)
| The rate shown represents the 7-day annualized effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Schedule of Forward Currency Contracts
June 30, 2024 (Unaudited)
| | | | | | | | | | | | | |
U.S. Bancorp Investments, Inc. | | | 09/17/2024 | | | EUR | | | 7,500,000 | | | USD | | | 8,083,811 | | | $(19,668) |
U.S. Bancorp Investments, Inc. | | | 09/17/2024 | | | GBP | | | 2,300,000 | | | USD | | | 2,921,871 | | | (12,668) |
U.S. Bancorp Investments, Inc. | | | 09/17/2024 | | | USD | | | 81,093,372 | | | EUR | | | 75,100,000 | | | 344,418 |
U.S. Bancorp Investments, Inc. | | | 09/17/2024 | | | USD | | | 14,393,929 | | | GBP | | | 11,300,000 | | | 100,887 |
Total Unrealized Appreciation (Depreciation) | | | $412,969 |
| | | | |
EUR - Euro
GBP - British Pound
USD - United States Dollar
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited)
| | | | | | | |
CORPORATE BONDS - 73.5%
|
Aerospace/Defense - 1.8%
|
Bombardier Inc
|
7.88%, 04/15/2027(a) | | | $ 140,000 | | | $ 140,445 |
7.25%, 07/01/2031(a) | | | 150,000 | | | 154,256 |
7.00%, 06/01/2032(a) | | | 50,000 | | | 50,747 |
PM General Purchaser LLC, 9.50%, 10/01/2028(a) | | | 125,000 | | | 127,849 |
Spirit AeroSystems Inc, 9.38%, 11/30/2029(a) | | | 125,000 | | | 134,712 |
TransDigm Inc
|
6.38%, 03/01/2029(a) | | | 125,000 | | | 125,786 |
6.63%, 03/01/2032(a) | | | 125,000 | | | 126,419 |
| | | 860,214 |
Airlines - 1.7%
|
American Airlines Inc/AAdvantage Loyalty IP Ltd, 5.75%, 04/20/2029(a) | | | 375,000 | | | 365,434 |
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd,
5.75%, 01/20/2026(a) | | | 225,000 | | | 214,608 |
VistaJet Malta Finance PLC / Vista Management Holding Inc
|
7.88%, 05/01/2027(a) | | | 125,000 | | | 110,624 |
9.50%, 06/01/2028(a) | | | 125,000 | | | 109,768 |
| | | 800,434 |
Automotive & Auto Parts - 2.6%
|
American Axle & Manufacturing Inc, 6.88%, 07/01/2028 | | | 150,000 | | | 149,847 |
Benteler International AG, 10.50%, 05/15/2028(a) | | | 200,000 | | | 215,004 |
Champions Financing Inc, 8.75%, 02/15/2029(a) | | | 125,000 | | | 128,297 |
Dana Inc, 4.50%, 02/15/2032 | | | 100,000 | | | 85,976 |
Goodyear Tire & Rubber Co, 5.25%, 07/15/2031 | | | 250,000 | | | 227,824 |
Jaguar Land Rover Automotive PLC, 5.50%, 07/15/2029(a) | | | 250,000 | | | 239,872 |
Phinia Inc, 6.75%, 04/15/2029(a) | | | 75,000 | | | 76,208 |
Tenneco Inc, 8.00%, 11/17/2028(a) | | | 125,000 | | | 113,875 |
| | | 1,236,903 |
Broadcasting - 1.3%
|
Belo Corp, 7.75%, 06/01/2027 | | | 75,000 | | | 77,045 |
Gray Escrow II Inc, 5.38%, 11/15/2031(a) | | | 75,000 | | | 42,601 |
Sirius XM Radio Inc, 4.00%, 07/15/2028(a) | | | 150,000 | | | 135,634 |
TEGNA Inc, 4.63%, 03/15/2028 | | | 118,000 | | | 106,740 |
Univision Communications Inc
|
8.00%, 08/15/2028(a) | | | 175,000 | | | 170,824 |
4.50%, 05/01/2029(a) | | | 125,000 | | | 105,212 |
| | | 638,056 |
Building Materials - 3.0%
|
Builders FirstSource Inc, 6.38%, 03/01/2034(a) | | | 175,000 | | | 173,576 |
Camelot Return Merger Sub Inc, 8.75%, 08/01/2028(a) | | | 350,000 | | | 343,266 |
Cornerstone Building Brands Inc, 6.13%, 01/15/2029(a) | | | 50,000 | | | 41,184 |
MIWD Holdco II LLC / MIWD Finance Corp, 5.50%, 02/01/2030(a) | | | 500,000 | | | 462,686 |
New Enterprise Stone & Lime Co Inc, 5.25%, 07/15/2028(a) | | | 250,000 | | | 236,337 |
Standard Industries Inc, 3.38%, 01/15/2031(a) | | | 175,000 | | | 147,637 |
| | | 1,404,686 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Cable/Satellite TV - 2.7%
|
CCO Holdings LLC / CCO Holdings Capital Corp
|
5.00%, 02/01/2028(a) | | | $ 250,000 | | | $ 233,923 |
5.38%, 06/01/2029(a) | | | 400,000 | | | 364,329 |
4.75%, 03/01/2030(a) | | | 250,000 | | | 216,687 |
DISH Network Corp, 11.75%, 11/15/2027(a) | | | 250,000 | | | 245,359 |
Midcontinent Communications / Midcontinent Finance Corp, 5.38%, 08/15/2027(a) | | | 250,000 | | | 240,191 |
| | | 1,300,489 |
Capital Goods - 0.6%
|
EMRLD Borrower LP / Emerald Co-Issuer Inc, 6.75%, 07/15/2031(a) | | | 50,000 | | | 50,732 |
Esab Corp, 6.25%, 04/15/2029(a) | | | 150,000 | | | 151,103 |
Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC, 9.00%, 02/15/2029(a) | | | 100,000 | | | 103,685 |
| | | 305,520 |
Chemicals - 1.7%
|
NOVA Chemicals Corp
|
5.00%, 05/01/2025(a) | | | 200,000 | | | 198,283 |
5.25%, 06/01/2027(a) | | | 150,000 | | | 143,609 |
Olympus Water US Holding Corp, 9.75%, 11/15/2028(a) | | | 200,000 | | | 212,262 |
Rain Carbon Inc, 12.25%, 09/01/2029(a) | | | 250,000 | | | 269,351 |
| | | 823,505 |
Consumer-Products - 1.0%
|
Central Garden & Pet Co
|
4.13%, 10/15/2030 | | | 50,000 | | | 44,623 |
4.13%, 04/30/2031(a) | | | 75,000 | | | 66,228 |
Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC, 6.63%, 07/15/2030(a) | | | 75,000 | | | 76,178 |
Kronos Acquisition Holdings Inc, 8.25%, 06/30/2031(a) | | | 175,000 | | | 175,394 |
Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 5.00%, 12/31/2026(a) | | | 100,000 | | | 102,416 |
| | | 464,839 |
Containers - 2.3%
|
Ball Corp, 6.00%, 06/15/2029 | | | 125,000 | | | 125,878 |
Canpack SA / Canpack US LLC, 3.88%, 11/15/2029(a) | | | 200,000 | | | 179,542 |
Mauser Packaging Solutions Holding Co
|
7.88%, 04/15/2027(a) | | | 250,000 | | | 255,437 |
9.25%, 04/15/2027(a) | | | 250,000 | | | 250,460 |
Owens-Brockway Glass Container Inc, 7.25%, 05/15/2031(a) | | | 250,000 | | | 249,799 |
Verde Purchaser LLC, 10.50%, 11/30/2030(a) | | | 25,000 | | | 26,456 |
| | | 1,087,572 |
Diversified Financial Services - 4.8%
|
Block Inc, 6.50%, 05/15/2032(a) | | | 100,000 | | | 101,310 |
Bread Financial Holdings Inc
|
7.00%, 01/15/2026(a) | | | 48,000 | | | 47,985 |
9.75%, 03/15/2029(a) | | | 175,000 | | | 184,042 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Diversified Financial Services - (Continued)
|
Burford Capital Global Finance LLC
|
6.25%, 04/15/2028(a) | | | $ 200,000 | | | $ 193,600 |
9.25%, 07/01/2031(a) | | | 300,000 | | | 316,106 |
Fortress Transportation and Infrastructure Investors LLC
|
7.00%, 05/01/2031(a) | | | 75,000 | | | 76,739 |
7.00%, 06/15/2032(a) | | | 75,000 | | | 76,140 |
Icahn Enterprises LP / Icahn Enterprises Finance Corp
|
6.25%, 05/15/2026 | | | 125,000 | | | 124,126 |
9.75%, 01/15/2029(a) | | | 125,000 | | | 129,657 |
9.00%, 06/15/2030(a) | | | 250,000 | | | 249,012 |
Macquarie Airfinance Holdings Ltd
|
8.38%, 05/01/2028(a) | | | 150,000 | | | 158,248 |
6.50%, 03/26/2031(a) | | | 25,000 | | | 25,738 |
OneMain Finance Corp
|
3.88%, 09/15/2028 | | | 125,000 | | | 112,199 |
7.88%, 03/15/2030 | | | 125,000 | | | 128,951 |
PennyMac Financial Services Inc, 7.88%, 12/15/2029(a) | | | 125,000 | | | 128,987 |
PRA Group Inc, 8.38%, 02/01/2028(a) | | | 125,000 | | | 124,669 |
United Wholesale Mortgage LLC, 5.75%, 06/15/2027(a) | | | 125,000 | | | 122,144 |
| | | 2,299,653 |
Diversified Media - 1.2%
|
Clear Channel Outdoor Holdings Inc
|
5.13%, 08/15/2027(a) | | | 225,000 | | | 215,082 |
9.00%, 09/15/2028(a) | | | 175,000 | | | 183,392 |
7.88%, 04/01/2030(a) | | | 75,000 | | | 75,522 |
Match Group Holdings II LLC, 5.63%, 02/15/2029(a) | | | 100,000 | | | 96,221 |
| | | 570,217 |
Energy - 11.2%
|
Ascent Resources Utica Holdings LLC / ARU Finance Corp
|
7.00%, 11/01/2026(a) | | | 125,000 | | | 125,205 |
5.88%, 06/30/2029(a) | | | 125,000 | | | 122,247 |
Baytex Energy Corp
|
8.50%, 04/30/2030(a) | | | 250,000 | | | 261,639 |
7.38%, 03/15/2032(a) | | | 75,000 | | | 76,274 |
Blue Racer Midstream LLC / Blue Racer Finance Corp, 7.25%, 07/15/2032(a) | | | 75,000 | | | 77,060 |
Civitas Resources Inc, 8.63%, 11/01/2030(a) | | | 375,000 | | | 402,716 |
Crescent Energy Finance LLC
|
9.25%, 02/15/2028(a) | | | 250,000 | | | 264,820 |
7.63%, 04/01/2032(a) | | | 200,000 | | | 203,975 |
7.38%, 01/15/2033(a) | | | 175,000 | | | 175,622 |
Delek Logistics Partners LP / Delek Logistics Finance Corp, 8.63%, 03/15/2029(a) | | | 125,000 | | | 128,748 |
EQM Midstream Partners LP
|
7.50%, 06/01/2027(a) | | | 50,000 | | | 51,093 |
6.50%, 07/01/2027(a) | | | 50,000 | | | 50,565 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Energy - (Continued)
|
7.50%, 06/01/2030(a) | | | $ 50,000 | | | $ 53,392 |
4.75%, 01/15/2031(a) | | | 50,000 | | | 46,788 |
Gulfport Energy Corp, 8.00%, 05/17/2026(a) | | | 125,000 | | | 126,521 |
Harvest Midstream I LP, 7.50%, 09/01/2028(a) | | | 500,000 | | | 508,430 |
Hilcorp Energy I LP / Hilcorp Finance Co, 6.00%, 02/01/2031(a) | | | 375,000 | | | 359,322 |
Northern Oil and Gas Inc
|
8.13%, 03/01/2028(a) | | | 125,000 | | | 126,560 |
8.75%, 06/15/2031(a) | | | 250,000 | | | 262,609 |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp,
6.00%, 12/31/2030(a) | | | 375,000 | | | 350,386 |
USA Compression Partners LP / USA Compression Finance Corp,
7.13%, 03/15/2029(a) | | | 150,000 | | | 151,266 |
Venture Global Calcasieu Pass LLC
|
3.88%, 08/15/2029(a) | | | 50,000 | | | 45,571 |
6.25%, 01/15/2030(a) | | | 75,000 | | | 76,167 |
4.13%, 08/15/2031(a) | | | 50,000 | | | 44,902 |
Venture Global LNG Inc
|
8.13%, 06/01/2028(a) | | | 250,000 | | | 257,970 |
9.50%, 02/01/2029(a) | | | 250,000 | | | 274,164 |
8.38%, 06/01/2031(a) | | | 250,000 | | | 259,470 |
Vital Energy Inc
|
9.75%, 10/15/2030 | | | 250,000 | | | 273,209 |
7.88%, 04/15/2032(a) | | | 200,000 | | | 203,457 |
| | | 5,360,148 |
Food & Drug Retail - 0.6%
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
|
6.50%, 02/15/2028(a) | | | 125,000 | | | 125,857 |
3.50%, 03/15/2029(a) | | | 175,000 | | | 157,538 |
| | | 283,395 |
Food/Beverage/Tobacco - 0.9%
|
Post Holdings Inc
|
4.63%, 04/15/2030(a) | | | 125,000 | | | 114,938 |
6.25%, 02/15/2032(a) | | | 75,000 | | | 75,193 |
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 4.63%, 03/01/2029(a) | | | 250,000 | | | 220,051 |
| | | 410,182 |
Gaming - 2.5%
|
Caesars Entertainment Inc
|
8.13%, 07/01/2027(a) | | | 125,000 | | | 127,625 |
7.00%, 02/15/2030(a) | | | 125,000 | | | 127,787 |
Churchill Downs Inc
|
5.50%, 04/01/2027(a) | | | 125,000 | | | 123,039 |
4.75%, 01/15/2028(a) | | | 125,000 | | | 119,502 |
Light & Wonder International Inc, 7.50%, 09/01/2031(a) | | | 100,000 | | | 103,384 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Gaming - (Continued)
|
MGM Resorts International, 6.50%, 04/15/2032 | | | $ 75,000 | | | $ 74,708 |
Ontario Gaming GTA LP, 8.00%, 08/01/2030(a) | | | 125,000 | | | 128,378 |
Penn Entertainment Inc, 5.63%, 01/15/2027(a) | | | 375,000 | | | 362,285 |
| | | 1,166,708 |
Healthcare - 4.3%
|
AdaptHealth LLC, 6.13%, 08/01/2028(a) | | | 250,000 | | | 238,953 |
AMN Healthcare Inc, 4.63%, 10/01/2027(a) | | | 125,000 | | | 119,226 |
Catalent Pharma Solutions Inc, 3.13%, 02/15/2029(a) | | | 75,000 | | | 71,840 |
CHS/Community Health Systems Inc
|
5.63%, 03/15/2027(a) | | | 125,000 | | | 116,522 |
8.00%, 12/15/2027(a) | | | 125,000 | | | 124,073 |
5.25%, 05/15/2030(a) | | | 125,000 | | | 103,066 |
DaVita Inc
|
4.63%, 06/01/2030(a) | | | 50,000 | | | 45,221 |
3.75%, 02/15/2031(a) | | | 125,000 | | | 106,864 |
Endo Finance Holdings Inc, 8.50%, 04/15/2031(a) | | | 50,000 | | | 51,656 |
Legacy LifePoint Health LLC, 4.38%, 02/15/2027(a) | | | 125,000 | | | 119,577 |
Medline Borrower LP, 3.88%, 04/01/2029(a) | | | 125,000 | | | 115,196 |
MPT Operating Partnership LP / MPT Finance Corp, 4.63%, 08/01/2029 | | | 175,000 | | | 127,196 |
Prestige Brands Inc, 3.75%, 04/01/2031(a) | | | 125,000 | | | 108,907 |
Prime Healthcare Services Inc, 7.25%, 11/01/2025(a) | | | 375,000 | | | 374,749 |
Tenet Healthcare Corp
|
5.13%, 11/01/2027 | | | 125,000 | | | 122,440 |
4.25%, 06/01/2029 | | | 125,000 | | | 116,653 |
| | | 2,062,139 |
Homebuilders/Real Estate - 4.6%
|
Brookfield Residential Properties Inc / Brookfield Residential US LLC, 6.25%, 09/15/2027(a) | | | 125,000 | | | 123,149 |
Global Infrastructure Solutions Inc, 5.63%, 06/01/2029(a) | | | 187,000 | | | 176,679 |
Iron Mountain Inc, 5.25%, 07/15/2030(a) | | | 125,000 | | | 118,884 |
Kennedy-Wilson Inc, 5.00%, 03/01/2031 | | | 175,000 | | | 143,182 |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp
|
5.25%, 10/01/2025(a) | | | 125,000 | | | 124,020 |
4.75%, 06/15/2029(a) | | | 125,000 | | | 115,705 |
7.00%, 07/15/2031(a) | | | 75,000 | | | 75,659 |
MasTec Inc, 6.63%, 08/15/2029(a) | | | 75,000 | | | 74,011 |
RHP Hotel Properties LP / RHP Finance Corp, 6.50%, 04/01/2032(a) | | | 125,000 | | | 125,292 |
Service Properties Trust
|
5.25%, 02/15/2026 | | | 250,000 | | | 242,261 |
4.95%, 02/15/2027 | | | 225,000 | | | 204,682 |
5.50%, 12/15/2027 | | | 25,000 | | | 23,213 |
Starwood Property Trust Inc
|
3.75%, 12/31/2024(a) | | | 50,000 | | | 49,385 |
3.63%, 07/15/2026(a) | | | 125,000 | | | 117,698 |
7.25%, 04/01/2029(a) | | | 125,000 | | | 126,326 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Homebuilders/Real Estate - (Continued)
|
Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC
|
10.50%, 02/15/2028(a) | | | $ 250,000 | | | $ 245,084 |
6.50%, 02/15/2029(a) | | | 175,000 | | | 111,755 |
| | | 2,196,985 |
Hotels - 0.9%
|
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.88%, 07/01/2031(a) | | | 500,000 | | | 443,026 |
Insurance - 1.3%
|
Acrisure LLC / Acrisure Finance Inc, 4.25%, 02/15/2029(a) | | | 150,000 | | | 136,430 |
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
|
6.75%, 04/15/2028(a) | | | 125,000 | | | 125,363 |
7.00%, 01/15/2031(a) | | | 250,000 | | | 253,100 |
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031(a) | | | 125,000 | | | 126,619 |
| | | 641,512 |
Leisure - 3.2%
|
Carnival Corp, 5.75%, 03/01/2027(a) | | | 375,000 | | | 370,719 |
Carnival Holdings Bermuda Ltd, 10.38%, 05/01/2028(a) | | | 500,000 | | | 541,572 |
Royal Caribbean Cruises Ltd
|
9.25%, 01/15/2029(a) | | | 100,000 | | | 106,834 |
6.25%, 03/15/2032(a) | | | 250,000 | | | 252,261 |
Six Flags Entertainment Corp, 7.25%, 05/15/2031(a) | | | 250,000 | | | 254,714 |
| | | 1,526,100 |
Metals/Mining - 1.6%
|
ERO Copper Corp, 6.50%, 02/15/2030(a) | | | 250,000 | | | 243,309 |
Kaiser Aluminum Corp, 4.50%, 06/01/2031(a) | | | 250,000 | | | 221,632 |
Mineral Resources Ltd, 9.25%, 10/01/2028(a) | | | 125,000 | | | 131,339 |
Perenti Finance Pty Ltd, 6.50%, 10/07/2025(a) | | | 187,457 | | | 187,137 |
| | | 783,417 |
Publishing/Printing - 0.3%
|
Cimpress PLC, 7.00%, 06/15/2026 | | | 150,000 | | | 150,037 |
Restaurants - 1.4%
|
Brinker International Inc, 8.25%, 07/15/2030(a) | | | 150,000 | | | 157,702 |
IRB Holding Corp, 7.00%, 06/15/2025(a) | | | 125,000 | | | 125,141 |
Raising Cane's Restaurants LLC, 9.38%, 05/01/2029(a) | | | 250,000 | | | 270,386 |
Yum! Brands Inc, 5.38%, 04/01/2032 | | | 125,000 | | | 120,275 |
| | | 673,504 |
Services - 3.5%
|
Allied Universal Holdco LLC, 7.88%, 02/15/2031(a) | | | 100,000 | | | 100,360 |
Brink's Co, 6.75%, 06/15/2032(a) | | | 200,000 | | | 201,764 |
EquipmentSharecom Inc, 9.00%, 05/15/2028(a) | | | 125,000 | | | 129,176 |
Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028(a) | | | 125,000 | | | 128,666 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Services - (Continued)
|
Ritchie Bros Holdings Inc, 6.75%, 03/15/2028(a) | | | $ 100,000 | | | $ 101,935 |
Summer BC Bidco B LLC, 5.50%, 10/31/2026(a) | | | 250,000 | | | 244,321 |
TriNet Group Inc, 7.13%, 08/15/2031(a) | | | 125,000 | | | 127,082 |
United Rentals North America Inc, 3.75%, 01/15/2032 | | | 250,000 | | | 217,824 |
WESCO Distribution Inc
|
7.25%, 06/15/2028(a) | | | 125,000 | | | 127,500 |
6.38%, 03/15/2029(a) | | | 50,000 | | | 50,246 |
6.63%, 03/15/2032(a) | | | 150,000 | | | 151,803 |
Williams Scotsman Inc, 6.63%, 06/15/2029(a) | | | 75,000 | | | 75,743 |
| | | 1,656,420 |
Super Retail - 3.7%
|
Bath & Body Works Inc
|
6.88%, 11/01/2035 | | | 124,000 | | | 125,176 |
6.75%, 07/01/2036 | | | 125,000 | | | 124,539 |
Evergreen Acqco 1 LP / TVI Inc, 9.75%, 04/26/2028(a) | | | 226,000 | | | 241,701 |
Hanesbrands Inc, 9.00%, 02/15/2031(a) | | | 225,000 | | | 235,906 |
LCM Investments Holdings II LLC
|
4.88%, 05/01/2029(a) | | | 125,000 | | | 117,047 |
8.25%, 08/01/2031(a) | | | 250,000 | | | 261,385 |
Macy’s Retail Holdings LLC, 5.88%, 04/01/2029(a) | | | 250,000 | | | 242,879 |
Michaels Cos Inc, 7.88%, 05/01/2029(a) | | | 125,000 | | | 80,923 |
PetSmart Inc / PetSmart Finance Corp, 7.75%, 02/15/2029(a) | | | 250,000 | | | 243,716 |
Tapestry Inc, 7.85%, 11/27/2033 | | | 75,000 | | | 79,108 |
| | | 1,752,380 |
Technology - 4.4%
|
Cloud Software Group Inc
|
6.50%, 03/31/2029(a) | | | 250,000 | | | 239,931 |
9.00%, 09/30/2029(a) | | | 175,000 | | | 169,922 |
8.25%, 06/30/2032(a) | | | 300,000 | | | 305,964 |
Dye & Durham Ltd, 8.63%, 04/15/2029(a) | | | 175,000 | | | 177,715 |
Fortress Intermediate 3 Inc, 7.50%, 06/01/2031(a) | | | 225,000 | | | 230,805 |
Insight Enterprises Inc, 6.63%, 05/15/2032(a) | | | 50,000 | | | 50,826 |
NCR Corp, 5.13%, 04/15/2029(a) | | | 325,000 | | | 306,503 |
Rocket Software Inc
|
9.00%, 11/28/2028(a) | | | 200,000 | | | 203,446 |
6.50%, 02/15/2029(a) | | | 275,000 | | | 240,038 |
Seagate HDD Cayman
|
8.25%, 12/15/2029 | | | 75,000 | | | 80,498 |
8.50%, 07/15/2031 | | | 75,000 | | | 80,839 |
| | | 2,086,487 |
Telecommunications - 3.3%
|
Cogent Communications Group Inc / Cogent Communications Finance Inc, 7.00%, 06/15/2027(a) | | | 275,000 | | | 272,819 |
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/01/2026(a) | | | 200,000 | | | 193,207 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Telecommunications - (Continued)
|
Frontier Communications Holdings LLC
|
8.75%, 05/15/2030(a) | | | $ 250,000 | | | $ 260,204 |
8.63%, 03/15/2031(a) | | | 100,000 | | | 103,458 |
GCI LLC, 4.75%, 10/15/2028(a) | | | 200,000 | | | 182,830 |
Intelsat Jackson Holdings SA, 6.50%, 03/15/2030(a) | | | 200,000 | | | 186,907 |
Level 3 Financing Inc, 3.40%, 03/01/2027(a) | | | 125,000 | | | 65,360 |
Qwest Corp, 7.25%, 09/15/2025 | | | 125,000 | | | 122,062 |
Viasat Inc, 5.63%, 09/15/2025(a) | | | 175,000 | | | 169,913 |
| | | 1,556,760 |
Transportation Excluding Air/Rail - 0.1%
|
GN Bondco LLC, 9.50%, 10/15/2031(a) | | | 50,000 | | | 46,657 |
Utilities - 1.0%
|
Clearway Energy Operating LLC, 3.75%, 02/15/2031(a) | | | 250,000 | | | 218,350 |
Sunnova Energy Corp, 5.88%, 09/01/2026(a) | | | 25,000 | | | 19,460 |
Vistra Operations Co LLC, 6.88%, 04/15/2032(a) | | | 250,000 | | | 253,982 |
| | | 491,792 |
TOTAL CORPORATE BONDS
(Cost $34,861,731) | | | | | | 35,079,737 |
BANK LOANS - 19.6%
| | | | | | |
Aerospace/Defense - 0.5%
|
TransDigm Inc TL, Senior Secured First Lien
|
8.08% (3 mo. SOFR US + 2.75%), 03/22/2030 | | | 99,750 | | | 100,052 |
7.84% (3 mo. SOFR US + 2.50%), 02/28/2031 | | | 149,625 | | | 150,111 |
| | | 250,163 |
Automotive & Auto Parts - 0.3%
|
American Axle & Manufacturing Inc TL, Senior Secured First Lien, 8.33% (1 mo. SOFR US + 3.00%), 12/13/2029 | | | 144,000 | | | 144,765 |
Cable/Satellite TV - 1.4%
|
Cogeco Communications USA II LP TL, Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 09/30/2030 | | | 249,375 | | | 237,789 |
Directv Financing LLC TL, Senior Secured First Lien, 10.71% (1 mo. SOFR US + 5.25%), 08/02/2029 | | | 232,199 | | | 231,473 |
Telenet Financing USD LLC TL, Senior Secured First Lien, 7.44% (1 mo. SOFR US + 2.00%), 04/28/2028 | | | 200,000 | | | 190,792 |
| | | 660,054 |
Capital Goods - 0.4%
|
Arcline FM Holdings LLC TL, Senior Secured First Lien, 10.35% (3 mo. SOFR US + 4.75%), 06/23/2028 | | | 57,703 | | | 57,942 |
Chart Industries Inc TL, Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 03/18/2030 | | | 136,680 | | | 137,364 |
| | | 195,306 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
BANK LOANS - (Continued)
|
Chemicals - 0.3%
|
Koppers Inc TL, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 04/10/2030 | | | $ 149,625 | | | $ 150,327 |
Consumer-Products - 0.4%
|
Recess Holdings Inc TL, Senior Secured First Lien, 9.84% (1 mo. SOFR US + 4.50%), 02/20/2030 | | | 200,000 | | | 201,500 |
Containers - 0.3%
|
Pactiv Evergreen Group Holdings Inc TL, Senior Secured First Lien
|
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028 | | | 99,966 | | | 100,199 |
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028 | | | 25,547 | | | 25,606 |
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028 | | | 22,215 | | | 22,267 |
| | | 148,072 |
Diversified Financial Services - 2.3%
|
DRW Holdings TL (2/21) TL First Lien, 9.18% (1 mo. Term SOFR + 3.75%),
03/01/2028 | | | 197,959 | | | 198,269 |
Global Business Travel Holdings Ltd TL, Senior Secured First Lien, 8.07%
(3 mo. LIBOR US + 2.50%), 08/13/2025(b) | | | 248,684 | | | 248,684 |
GTCR W Merger Sub LLC TL, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 3.00%), 01/31/2031 | | | 100,000 | | | 100,264 |
Jane Street Group LLC TL, Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 01/26/2028 | | | 197,949 | | | 197,999 |
Nuvei Technologies Corp TL, Senior Secured First Lien
|
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030 | | | 134,795 | | | 135,120 |
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030 | | | 90,543 | | | 90,762 |
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030 | | | 23,412 | | | 23,468 |
Trans Union LLC TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 12/01/2028 | | | 99,750 | | | 99,901 |
| | | 1,094,467 |
Environmental - 0.4%
|
Covanta Holding Corp TL, Senior Secured First Lien
|
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028 | | | 185,581 | | | 185,823 |
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028 | | | 13,953 | | | 13,971 |
| | | 199,794 |
Food/Beverage/Tobacco - 0.6%
|
Upfield USA Corp TL First Lien, 10.24% (1 mo. Term SOFR + 4.75%), 01/03/2028 | | | 300,000 | | | 300,913 |
Gaming - 1.6%
|
Caesars Entertainment Inc TL, Senior Secured First Lien, 8.10% (3 mo. SOFR US + 2.75%), 02/06/2031 | | | 124,688 | | | 124,940 |
Flutter Financing BV TL, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 11/29/2030 | | | 298,500 | | | 299,030 |
Station Casinos LLC TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 03/14/2031 | | | 324,188 | | | 324,434 |
| | | 748,404 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
BANK LOANS - (Continued)
|
Homebuilders/Real Estate - 1.0%
|
Cushman & Wakefield US Borrower LLC TL, Senior Secured First Lien, 9.09%
(1 mo. SOFR US + 3.75%), 01/31/2030 | | | $ 249,375 | | | $ 251,245 |
Iron Mountain Inc TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 01/31/2031 | | | 199,000 | | | 198,419 |
| | | 449,664 |
Hotels - 0.9%
|
Hilton Grand Vacations Borrower LLC TL, Senior Secured First Lien, 7.84%
(1 mo. SOFR US + 2.50%), 08/02/2028 | | | 197,964 | | | 198,194 |
Travel + Leisure Co TL, Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 12/14/2029 | | | 249,375 | | | 250,435 |
| | | 448,629 |
Leisure - 0.4%
|
Delta 2 Lux SARL TL, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 01/15/2030 | | | 200,000 | | | 200,750 |
Publishing/Printing - 0.3%
|
Cimpress USA Inc TL, Senior Secured First Lien
|
8.33% (1 mo. SOFR US + 3.00%), 05/17/2028 | | | 81,125 | | | 81,379 |
8.34% (1 mo. SOFR US + 3.00%), 05/17/2028 | | | 67,734 | | | 67,946 |
| | | 149,325 |
Restaurants - 0.3%
|
1011778 BC ULC TL, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 09/23/2030 | | | 149,625 | | | 149,436 |
Services - 1.9%
|
Camelot US Acquisition LLC TL, Senior Secured First Lien
|
8.08% (1 mo. SOFR US + 2.75%), 01/31/2031 | | | 9,279 | | | 9,307 |
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031 | | | 39,807 | | | 39,927 |
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031 | | | 789 | | | 791 |
DXP Enterprises Inc TL, Senior Secured First Lien, 10.16% (6 mo. SOFR US + 4.75%), 10/07/2030 | | | 99,250 | | | 100,009 |
Foundever Worldwide Corp TL, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 08/28/2028 | | | 248,087 | | | 192,199 |
Garda World Security Corp TL, Senior Secured First Lien, 9.59% (3 mo. SOFR US + 4.25%), 02/01/2029 | | | 49,873 | | | 50,247 |
Neptune BidCo US B TL, Senior Secured First Lien, 10.41% (3 mo. SOFR US + 5.00%), 04/11/2029 | | | 99,000 | | | 93,431 |
Peraton Corp TL, Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 02/01/2028 | | | 247,218 | | | 247,546 |
PG Investment Co 59 SARL TL, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/24/2031 | | | 100,000 | | | 100,792 |
Windsor Holdings III LLC TL, Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 08/01/2030 | | | 49,750 | | | 50,135 |
| | | 884,384 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
BANK LOANS - (Continued)
|
Super Retail - 1.2%
|
Birkenstock US BidCo Inc TL, Senior Secured First Lien, 8.84% (3 mo. SOFR US + 3.25%), 04/28/2028 | | | $ 84,175 | | | $ 84,455 |
Leslie’s Poolmart Inc TL, Senior Secured First Lien, 8.21% (1 mo. SOFR US + 2.75%), 03/09/2028 | | | 248,077 | | | 246,109 |
Upbound Group Inc TL, Senior Secured First Lien, 8.08% (1 mo. SOFR US + 2.75%), 02/17/2028 | | | 247,983 | | | 249,172 |
| | | 579,736 |
Technology - 2.2%
|
Adeia Inc TL, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%),
06/08/2028 | | | 176,443 | | | 176,719 |
Ahead B TL, Senior Secured First Lien, 9.58% (3 mo. SOFR US + 4.25%),
02/03/2031 | | | 25,000 | | | 25,113 |
DTI Holdco Inc TL, Senior Secured First Lien, 10.09% (1 mo. SOFR US + 4.75%), 04/26/2029 | | | 198,485 | | | 199,547 |
Indy US Holdco LLC TL, 4.75% (1 mo. Term SOFR + 4.75%), 03/06/2028 | | | 200,000 | | | 200,500 |
Indy US Holdco LLC TL, Senior Secured First Lien
|
11.58% (1 mo. SOFR US + 6.25%), 03/06/2028 | | | 115,005 | | | 115,292 |
11.58% (1 mo. SOFR US + 6.25%), 03/06/2028 | | | 83,491 | | | 83,700 |
MeridianLink Inc TL, Senior Secured First Lien, 8.08% (3 mo. SOFR US + 2.75%), 11/10/2028 | | | 248,109 | | | 248,923 |
| | | 1,049,794 |
Telecommunications - 1.2%
|
Crown Subsea Communications Holding Inc TL, Senior Secured First Lien, 10.08%
(3 mo. SOFR US + 4.75%), 01/30/2031 | | | 250,000 | | | 250,989 |
Iridium Satellite LLC TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 09/20/2030 | | | 0 | | | 0 |
Voyage TL B (Vocus Group) (USD) TL, Senior Secured First Lien, 9.09% (3 mo. SOFR US + 3.50%), 07/20/2028 | | | 148,473 | | | 149,031 |
Ziggo Financing Partnership TL, Senior Secured First Lien, 7.94% (1 mo. SOFR US + 2.50%), 04/28/2028 | | | 150,000 | | | 145,323 |
| | | 545,343 |
Transportation Excluding Air/Rail - 0.5%
|
First Student Bidco B TL, 8.43% (3 mo. Term SOFR + 4.00%), 07/21/2028 | | | 237,964 | | | 238,447 |
Utilities - 1.2%
|
Constellation Renewables LLC TL, Senior Secured First Lien, 8.11% (3 mo. SOFR US + 2.50%), 12/15/2027 | | | 144,870 | | | 145,343 |
Discovery Energy Holding Corp TL, Senior Secured First Lien, 10.08% (3 mo. SOFR US + 4.75%), 05/01/2031 | | | 175,000 | | | 175,957 |
Edgewater Generation LLC TL, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 12/15/2025 | | | 239,046 | | | 238,914 |
| | | 560,214 |
TOTAL BANK LOANS
(Cost $9,319,817) | | | | | | 9,349,487 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
SHORT-TERM INVESTMENTS - 2.4%
| | | | | | |
Money Market Funds - 2.4%
|
First American Treasury Obligations Fund - Class X, 5.20%(c) | | | 1,127,867 | | | $1,127,867 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,127,867) | | | | | | 1,127,867 |
TOTAL INVESTMENTS - 95.5%
(Cost $45,309,415) | | | | | | $45,557,091 |
Other Assets in Excess of Liabilities - 4.5% | | | | | | 2,127,746 |
TOTAL NET ASSETS - 100.0% | | | | | | $47,684,837 |
| | | | | | | |
Percentages are stated as a percent of net assets.
Par amount is in USD unless otherwise indicated.
AG - Aktiengesellschaft
LIBOR - London Interbank Offered Rate
PLC - Public Limited Company
SA - Sociedad Anónima
SOFR - Secured Overnight Financing Rate
(a)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $31,468,626 or 66.0% of the Fund’s net assets. |
(b)
| Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
(c)
| The rate shown represents the 7-day annualized effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited)
| | | | | | | | | | |
CORPORATE BONDS - 89.7%
|
Aerospace/Defense - 0.3%
|
TransDigm Inc, 6.38%, 03/01/2029(a) | | | | | | $3,200,000 | | | $ 3,220,129 |
Agency - 0.5%
|
Airport Authority, 4.88%, 01/12/2026 | | | | | | 2,000,000 | | | 1,995,314 |
Istituto per il Credito Sportivo, 5.25%, 10/31/2025 | | | EUR | | | 2,800,000 | | | 3,036,004 |
| | | 5,031,318 |
Airlines - 1.7%
|
Air France-KLM
|
7.25%, 05/31/2026 | | | EUR | | | 2,000,000 | | | 2,252,032 |
4.63%, 05/23/2029 | | | EUR | | | 2,000,000 | | | 2,112,246 |
American Airlines Inc/AAdvantage Loyalty IP Ltd,
5.50%, 04/20/2026(a) | | | | | | 2,096,667 | | | 2,079,562 |
Cathay Pacific MTN Financing HK Ltd, 4.88%, 08/17/2026 | | | | | | 2,440,000 | | | 2,398,398 |
Delta Air Lines Inc, 7.00%, 05/01/2025(a) | | | | | | 1,110,000 | | | 1,118,629 |
Delta Air Lines Inc / SkyMiles IP Ltd, 4.50%, 10/20/2025(a) | | | | | | 1,179,671 | | | 1,165,585 |
Finnair Oyj, 4.75%, 05/24/2029 | | | EUR | | | 1,500,000 | | | 1,583,599 |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.50%, 06/20/2027(a) | | | | | | 795,000 | | | 797,086 |
Singapore Airlines Ltd, 3.00%, 07/20/2026 | | | | | | 1,100,000 | | | 1,051,822 |
Wizz Air Finance Co BV, 1.00%, 01/19/2026 | | | EUR | | | 3,725,000 | | | 3,786,998 |
| | | 18,345,957 |
Automotive & Auto Parts - 9.7%
|
Aptiv PLC / Aptiv Corp, 2.40%, 02/18/2025 | | | | | | 3,000,000 | | | 2,935,864 |
Benteler International AG, 9.38%, 05/15/2028 | | | EUR | | | 1,400,000 | | | 1,611,192 |
Cie Plastic Omnium SE, 4.88%, 03/13/2029 | | | EUR | | | 1,700,000 | | | 1,803,572 |
Ford Motor Credit Co LLC
|
3.25%, 09/15/2025 | | | EUR | | | 850,000 | | | 903,021 |
3.38%, 11/13/2025 | | | | | | 5,351,000 | | | 5,180,593 |
6.95%, 06/10/2026 | | | | | | 1,000,000 | | | 1,019,685 |
5.80%, 03/05/2027 | | | | | | 2,000,000 | | | 2,001,139 |
4.87%, 08/03/2027 | | | EUR | | | 2,500,000 | | | 2,747,709 |
5.80%, 03/08/2029 | | | | | | 2,000,000 | | | 1,994,401 |
4.45%, 02/14/2030 | | | EUR | | | 3,000,000 | | | 3,237,407 |
Forvia SE
|
7.25%, 06/15/2026 | | | EUR | | | 379,000 | | | 422,684 |
2.75%, 02/15/2027 | | | EUR | | | 1,100,000 | | | 1,126,737 |
5.13%, 06/15/2029 | | | EUR | | | 750,000 | | | 805,578 |
5.50%, 06/15/2031 | | | EUR | | | 2,325,000 | | | 2,514,859 |
General Motors Financial Co Inc
|
2.25%, 09/06/2024 | | | GBP | | | 600,000 | | | 754,265 |
4.35%, 04/09/2025 | | | | | | 1,170,000 | | | 1,157,683 |
5.80%, 06/23/2028 | | | | | | 2,000,000 | | | 2,026,250 |
5.80%, 01/07/2029 | | | | | | 3,000,000 | | | 3,029,436 |
4.30%, 04/06/2029 | | | | | | 3,000,000 | | | 2,852,951 |
Genuine Parts Co, 1.75%, 02/01/2025 | | | | | | 200,000 | | | 195,099 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Automotive & Auto Parts - (Continued)
|
Harley-Davidson Financial Services Inc, 6.50%, 03/10/2028(a) | | | | | | $1,500,000 | | | $ 1,533,993 |
Hyundai Capital America
|
5.80%, 06/26/2025 | | | | | | 3,000,000 | | | 3,004,203 |
6.00%, 07/11/2025(a) | | | | | | 3,500,000 | | | 3,513,133 |
5.30%, 03/19/2027(a) | | | | | | 1,000,000 | | | 997,963 |
5.30%, 01/08/2029(a) | | | | | | 1,825,000 | | | 1,819,831 |
IHO Verwaltungs GmbH
|
3.75% (includes 4.50% PIK), 09/15/2026 | | | EUR | | | 1,600,000 | | | 1,690,988 |
8.75% (includes 9.50% PIK), 05/15/2028 | | | EUR | | | 2,250,000 | | | 2,580,643 |
Jaguar Land Rover Automotive PLC
|
5.88%, 11/15/2024 | | | EUR | | | 2,200,000 | | | 2,361,086 |
7.75%, 10/15/2025(a) | | | | | | 1,100,000 | | | 1,106,817 |
4.50%, 07/15/2028 | | | EUR | | | 4,125,000 | | | 4,419,327 |
Kia Corp
|
2.38%, 02/14/2025 | | | | | | 1,990,000 | | | 1,950,487 |
3.25%, 04/21/2026 | | | | | | 1,200,000 | | | 1,155,998 |
1.75%, 10/16/2026 | | | | | | 3,000,000 | | | 2,766,977 |
LKQ Corp, 5.75%, 06/15/2028 | | | | | | 460,000 | | | 464,850 |
Mahle GmbH, 6.50%, 05/02/2031 | | | EUR | | | 1,550,000 | | | 1,693,380 |
Mercedes-Benz Finance North America LLC, 4.95%, 03/30/2025(a) | | | | | | 550,000 | | | 547,555 |
Nissan Motor Acceptance Co LLC
|
1.13%, 09/16/2024(a) | | | | | | 3,000,000 | | | 2,968,077 |
6.95%, 09/15/2026 | | | | | | 1,000,000 | | | 1,024,345 |
Nissan Motor Co Ltd
|
3.52%, 09/17/2025(a) | | | | | | 4,784,000 | | | 4,643,743 |
2.65%, 03/17/2026 | | | EUR | | | 700,000 | | | 733,932 |
Porsche Automobil Holding SE, 3.75%, 09/27/2029 | | | EUR | | | 2,575,000 | | | 2,722,227 |
RCI Banque SA
|
4.63%, 07/13/2026 | | | EUR | | | 4,500,000 | | | 4,883,851 |
3.75%, 10/04/2027 | | | EUR | | | 5,575,000 | | | 5,956,272 |
TI Automotive Finance PLC, 3.75%, 04/15/2029 | | | EUR | | | 2,500,000 | | | 2,486,426 |
Toyota Motor Credit Corp, 3.00%, 04/01/2025 | | | | | | 3,000,000 | | | 2,947,641 |
Valeo SE, 5.38%, 05/28/2027 | | | EUR | | | 3,600,000 | | | 3,974,901 |
ZF Europe Finance BV
|
2.50%, 10/23/2027 | | | EUR | | | 800,000 | | | 805,018 |
4.75%, 01/31/2029 | | | EUR | | | 1,000,000 | | | 1,076,071 |
| | | 104,149,860 |
Banking - 20.3%
|
Abanca Corp Bancaria SA
|
5.50% to 1.000000000 then 1 yr. Swap Rate EUR + 2.25%,
05/18/2026 | | | EUR | | | 2,500,000 | | | 2,711,206 |
8.38% to 1.000000000 then 5 yr. Swap Rate EUR + 5.25%,
09/23/2033 | | | EUR | | | 3,600,000 | | | 4,280,667 |
AIB Group PLC, 2.88% to 1.000000000 then 5 yr. Swap Rate EUR + 3.30%, 05/30/2031 | | | EUR | | | 7,100,000 | | | 7,377,024 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Banking - (Continued)
|
Australia & New Zealand Banking Group Ltd, 2.95% to 1.000000000 then 5 yr. CMT Rate + 1.29%, 07/22/2030(a) | | | | | | $2,700,000 | | | $ 2,616,143 |
Banco BPM SPA, 4.88% to 01/17/2029 then 3 mo. EURIBOR + 2.35%, 01/17/2030 | | | EUR | | | 3,350,000 | | | 3,671,923 |
Banco Comercial Portugues SA, 3.87% to 1.000000000 then 5 yr. Swap Rate EUR + 4.23%, 03/27/2030 | | | EUR | | | 600,000 | | | 634,114 |
Banco de Credito Social Cooperativo SA, 7.50% to 1.000000000 then EURIBOR ICE Swap Rate + 4.27%, 09/14/2029 | | | EUR | | | 4,100,000 | | | 4,869,243 |
Banco de Sabadell SA, 2.50% to 1.000000000 then 5 yr. Swap Rate EUR + 2.95%, 04/15/2031 | | | EUR | | | 900,000 | | | 927,524 |
Banco Santander SA
|
1.72% to 1.000000000 then 1 yr. CMT Rate + 0.90%, 09/14/2027 | | | | | | 800,000 | | | 733,823 |
2.25% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.65%, 10/04/2032 | | | GBP | | | 2,100,000 | | | 2,356,851 |
Bank of America Corp
|
4.00%, 01/22/2025 | | | | | | 1,100,000 | | | 1,089,743 |
4.83% to 1.000000000 then SOFR + 1.75%, 07/22/2026 | | | | | | 1,945,000 | | | 1,926,644 |
4.38% to 1.000000000 then SOFR + 1.58%, 04/27/2028 | | | | | | 900,000 | | | 878,709 |
5.82% to 1.000000000 then SOFR + 1.57%, 09/15/2029 | | | | | | 5,000,000 | | | 5,107,933 |
Bank of Ireland Group PLC
|
4.88% to 1.000000000 then 1 yr. Swap Rate EUR + 2.05%,
07/16/2028 | | | EUR | | | 1,650,000 | | | 1,825,221 |
1.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.65%,
08/11/2031 | | | EUR | | | 4,960,000 | | | 5,022,137 |
7.59% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 4.70%, 12/06/2032 | | | GBP | | | 1,100,000 | | | 1,437,005 |
Barclays PLC
|
7.33% to 1.000000000 then 1 yr. CMT Rate + 3.05%, 11/02/2026 | | | | | | 3,500,000 | | | 3,562,345 |
5.83% to 1.000000000 then SOFR + 2.21%, 05/09/2027 | | | | | | 1,400,000 | | | 1,402,906 |
5.69% to 1.000000000 then SOFR + 1.74%, 03/12/2030 | | | | | | 1,500,000 | | | 1,505,326 |
1.13% to 1.000000000 then 5 yr. Swap Rate EUR + 1.55%,
03/22/2031 | | | EUR | | | 1,100,000 | | | 1,111,285 |
BNP Paribas SA
|
2.59% to 1.000000000 then SOFR + 1.23%, 01/20/2028 | | | | | | 3,000,000 | | | 2,790,224 |
2.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.85%,
11/20/2030 | | | EUR | | | 1,600,000 | | | 1,668,614 |
BPCE SA
|
5.15%, 07/21/2024(a) | | | | | | 2,510,000 | | | 2,507,716 |
4.50%, 03/15/2025(a) | | | | | | 6,200,000 | | | 6,117,962 |
1.50% to 1.000000000 then 5 yr. Swap Rate EUR + 1.75%,
01/13/2042 | | | EUR | | | 2,200,000 | | | 2,172,655 |
CaixaBank SA
|
6.68% to 1.000000000 then SOFR + 2.08%, 09/13/2027(a) | | | | | | 2,375,000 | | | 2,421,199 |
5.67% to 1.000000000 then SOFR + 1.78%, 03/15/2030(a) | | | | | | 2,875,000 | | | 2,867,664 |
2.25% to 1.000000000 then 5 yr. Swap Rate EUR + 1.68%,
04/17/2030 | | | EUR | | | 1,500,000 | | | 1,572,823 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Banking - (Continued)
|
6.25% to 1.000000000 then 5 yr. Swap Rate EUR + 3.55%,
02/23/2033 | | | EUR | | | 1,800,000 | | | $ 2,029,994 |
6.88% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.70%, 10/25/2033 | | | GBP | | | 1,500,000 | | | 1,936,525 |
Ceska sporitelna AS
|
6.69% to 1.000000000 then 3 mo. EURIBOR + 3.70%, 11/14/2025 | | | EUR | | | 1,200,000 | | | 1,296,148 |
5.94% to 1.000000000 then 3 mo. EURIBOR + 2.40%, 06/29/2027 | | | EUR | | | 1,700,000 | | | 1,876,679 |
Commerzbank AG
|
4.00% to 1.000000000 then 5 yr. Swap Rate EUR + 4.35%,
12/05/2030 | | | EUR | | | 5,600,000 | | | 5,947,477 |
1.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.73%,
12/29/2031 | | | EUR | | | 2,100,000 | | | 2,079,747 |
4.88% to 1.000000000 then 5 yr. Swap Rate EUR + 2.15%,
10/16/2034 | | | EUR | | | 1,600,000 | | | 1,709,468 |
Commonwealth Bank of Australia, 1.94% to 1.000000000 then 5 yr. Swap Rate EUR + 1.45%, 10/03/2029 | | | EUR | | | 2,500,000 | | | 2,660,380 |
Credit Agricole SA, 1.91% to 1.000000000 then SOFR + 1.68%, 06/16/2026(a) | | | | | | 5,500,000 | | | 5,294,982 |
Danske Bank AS
|
1.62% to 1.000000000 then 1 yr. CMT Rate + 1.35%, 09/11/2026(a) | | | | | | 850,000 | | | 808,096 |
1.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.70%,
02/12/2030 | | | EUR | | | 1,500,000 | | | 1,576,498 |
1.50% to 1.000000000 then 5 yr. Swap Rate EUR + 1.90%,
09/02/2030 | | | EUR | | | 3,200,000 | | | 3,316,777 |
1.00% to 1.000000000 then 5 yr. Swap Rate EUR + 1.40%,
05/15/2031 | | | EUR | | | 2,000,000 | | | 2,028,733 |
Deutsche Bank AG
|
1.00% to 1.000000000 then 3 mo. EURIBOR + 1.60%, 11/19/2025 | | | EUR | | | 200,000 | | | 211,819 |
6.12% to 1.000000000 then SOFR + 3.19%, 07/14/2026 | | | | | | 2,500,000 | | | 2,502,757 |
7.15% to 1.000000000 then SOFR + 2.52%, 07/13/2027 | | | | | | 2,700,000 | | | 2,766,127 |
Hamburg Commercial Bank AG
|
6.25%, 11/18/2024 | | | EUR | | | 4,600,000 | | | 4,960,251 |
0.50% to 1.000000000 then 3 mo. EURIBOR + 0.90%, 09/22/2026 | | | EUR | | | 2,300,000 | | | 2,321,074 |
HSBC Holdings PLC, 4.60% to 1.000000000 then 5 yr. Swap Rate EUR + 1.85%, 03/22/2035 | | | EUR | | | 1,420,000 | | | 1,525,348 |
HSBC USA Inc, 5.63%, 03/17/2025 | | | | | | 3,325,000 | | | 3,326,569 |
Ibercaja Banco SA, 2.75% to 1.000000000 then 5 yr. Swap Rate EUR + 2.88%, 07/23/2030 | | | EUR | | | 2,500,000 | | | 2,613,320 |
ING Groep NV, 1.63% to 1.000000000 then 5 yr. Swap Rate EUR + 1.25%, 09/26/2029 | | | EUR | | | 900,000 | | | 957,212 |
Intesa Sanpaolo SPA, 3.25%, 09/23/2024(a) | | | | | | 1,600,000 | | | 1,589,959 |
KBC Group NV
|
5.80% to 1.000000000 then 1 yr. CMT Rate + 2.10%, 01/19/2029(a) | | | | | | 2,800,000 | | | 2,822,585 |
1.63% to 1.000000000 then 5 yr. Swap Rate EUR + 1.25%,
09/18/2029 | | | EUR | | | 1,600,000 | | | 1,702,493 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Banking - (Continued)
|
La Banque Postale SA, 0.88% to 1.000000000 then 5 yr. Swap Rate EUR + 1.38%, 01/26/2031 | | | EUR | | | 3,100,000 | | | $ 3,156,378 |
Landsbankinn HF, 0.38%, 05/23/2025 | | | EUR | | | 138,000 | | | 142,803 |
Lloyds Banking Group PLC, 5.99% to 1.000000000 then 1 yr. CMT Rate + 1.48%, 08/07/2027 | | | | | | 5,500,000 | | | 5,533,984 |
Mitsubishi UFJ Financial Group Inc, 5.06% to 1.000000000 then 1 yr. CMT Rate + 1.55%, 09/12/2025 | | | | | | 3,000,000 | | | 2,994,799 |
Nationwide Building Society, 2.00% to 1.000000000 then 5 yr. Swap Rate EUR + 1.50%, 07/25/2029 | | | EUR | | | 3,550,000 | | | 3,796,552 |
NatWest Group PLC
|
5.85% to 1.000000000 then 1 yr. CMT Rate + 1.35%, 03/02/2027 | | | | | | 200,000 | | | 200,561 |
3.75% to 1.000000000 then 5 yr. CMT Rate + 2.10%, 11/01/2029 | | | | | | 2,325,000 | | | 2,301,723 |
1.04% to 1.000000000 then 5 yr. Swap Rate EUR + 1.27%,
09/14/2032 | | | EUR | | | 2,200,000 | | | 2,123,528 |
NBK SPC Ltd, 1.63% to 1.000000000 then SOFR + 1.05%, 09/15/2027 | | | | | | 750,000 | | | 690,469 |
Nova Ljubljanska Banka dd
|
6.00% to 1.000000000 then 1 yr. Swap Rate EUR + 4.84%,
07/19/2025 | | | EUR | | | 2,100,000 | | | 2,251,615 |
7.13% to 1.000000000 then 1 yr. Swap Rate EUR + 3.61%,
06/27/2027 | | | EUR | | | 1,100,000 | | | 1,237,089 |
Novo Banco SA, 4.25% to 1.000000000 then 3 mo. EURIBOR + 1.30%, 03/08/2028 | | | EUR | | | 2,900,000 | | | 3,110,269 |
Permanent TSB Group Holdings PLC, 6.63% to 1.000000000 then EURIBOR ICE Swap Rate + 3.50%, 04/25/2028 | | | EUR | | | 4,425,000 | | | 4,996,814 |
QNB Finance Ltd, 6.55% (SOFR + 1.20%), 04/02/2029 | | | | | | 4,300,000 | | | 4,332,426 |
SNB Funding Ltd, 2.75%, 10/02/2024 | | | | | | 2,000,000 | | | 1,985,075 |
Societe Generale SA
|
1.49% to 1.000000000 then 1 yr. CMT Rate + 1.10%,
12/14/2026(a) | | | | | | 1,000,000 | | | 935,113 |
1.00% to 1.000000000 then 5 yr. Swap Rate EUR + 1.55%,
11/24/2030 | | | EUR | | | 6,200,000 | | | 6,331,716 |
1.13% to 1.000000000 then 5 yr. Swap Rate EUR + 1.60%,
06/30/2031 | | | EUR | | | 2,200,000 | | | 2,202,175 |
Standard Chartered PLC
|
6.17% to 1.000000000 then 1 yr. CMT Rate + 2.05%, 01/09/2027 | | | | | | 4,690,000 | | | 4,722,969 |
7.39% (SOFR + 2.03%), 02/08/2028 | | | | | | 1,600,000 | | | 1,640,365 |
6.54% (SOFR + 1.17%), 05/14/2028 | | | | | | 900,000 | | | 903,921 |
3.52% to 1.000000000 then 5 yr. CMT Rate + 1.85%, 02/12/2030 | | | | | | 1,400,000 | | | 1,375,408 |
2.50% to 1.000000000 then 5 yr. Swap Rate EUR + 2.80%,
09/09/2030 | | | EUR | | | 705,000 | | | 740,575 |
Tatra Banka as, 4.97% to 1.000000000 then 3 mo. EURIBOR + 2.10%, 04/29/2030 | | | EUR | | | 1,000,000 | | | 1,083,282 |
Tatra Banka AS, 5.95% to 1.000000000 then 3 mo. EURIBOR + 2.65%, 02/17/2026 | | | EUR | | | 900,000 | | | 971,831 |
Unicaja Banco SA, 6.50% to 1.000000000 then 1 yr. Swap Rate EUR + 3.25%, 09/11/2028 | | | EUR | | | 1,100,000 | | | 1,243,285 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Banking - (Continued)
|
UniCredit SPA
|
2.00% to 1.000000000 then 5 yr. Swap Rate EUR + 2.40%,
09/23/2029 | | | EUR | | | 450,000 | | | $ 478,601 |
2.73% to 1.000000000 then 5 yr. Swap Rate EUR + 2.80%,
01/15/2032 | | | EUR | | | 1,600,000 | | | 1,634,234 |
5.86% to 1.000000000 then 5 yr. Mid Swap Rate USD + 3.70%, 06/19/2032(a) | | | | | | 3,600,000 | | | 3,516,056 |
Virgin Money UK PLC, 5.13% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 5.25%, 12/11/2030 | | | GBP | | | 4,350,000 | | | 5,415,631 |
Volksbank Wien AG
|
5.19% to 1.000000000 then 5 yr. Swap Rate EUR + 2.55%,
10/06/2027 | | | EUR | | | 2,800,000 | | | 3,025,732 |
5.75% to 1.000000000 then 5 yr. Swap Rate EUR + 3.10%,
06/21/2034 | | | EUR | | | 1,400,000 | | | 1,489,316 |
Westpac Banking Corp, 2.89% to 1.000000000 then 5 yr. CMT Rate + 1.35%, 02/04/2030 | | | | | | 5,245,000 | | | 5,142,729 |
| | | 218,734,671 |
Broadcasting - 1.2%
|
Netflix Inc
|
4.88%, 04/15/2028 | | | | | | 4,000,000 | | | 3,982,849 |
4.88%, 06/15/2030(a) | | | | | | 700,000 | | | 689,629 |
Pinewood Finance Co Ltd, 3.25%, 09/30/2025 | | | GBP | | | 500,000 | | | 616,099 |
Pinewood Finco PLC, 6.00%, 03/27/2030 | | | GBP | | | 2,075,000 | | | 2,582,012 |
Warnermedia Holdings Inc, 3.64%, 03/15/2025 | | | | | | 4,968,000 | | | 4,891,998 |
| | | 12,762,587 |
Building Materials - 0.7%
|
HT Troplast GmbH, 9.38%, 07/15/2028 | | | EUR | | | 1,800,000 | | | 1,894,903 |
James Hardie International Finance DAC
|
3.63%, 10/01/2026 | | | EUR | | | 2,655,000 | | | 2,807,263 |
5.00%, 01/15/2028(a) | | | | | | 922,000 | | | 892,892 |
Standard Industries Inc, 2.25%, 11/21/2026 | | | EUR | | | 2,000,000 | | | 2,028,730 |
| | | 7,623,788 |
Cable/Satellite TV - 0.3%
|
CCO Holdings LLC / CCO Holdings Capital Corp, 5.50%, 05/01/2026(a) | | | | | | 3,250,000 | | | 3,220,706 |
Capital Goods - 2.0%
|
CK Hutchison International 24 Ltd, 5.38%, 04/26/2029 | | | | | | 8,000,000 | | | 8,080,824 |
Daimler Truck Finance North America LLC, 1.63%, 12/13/2024(a) | | | | | | 2,475,000 | | | 2,431,565 |
Esab Corp, 6.25%, 04/15/2029(a) | | | | | | 800,000 | | | 805,884 |
Ingersoll Rand Inc, 5.40%, 08/14/2028 | | | | | | 1,475,000 | | | 1,489,931 |
Regal Rexnord Corp, 6.05%, 02/15/2026 | | | | | | 4,640,000 | | | 4,653,740 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Capital Goods - (Continued)
|
Traton Finance Luxembourg SA
|
4.13%, 11/22/2025 | | | EUR | | | 800,000 | | | $ 858,981 |
5.63%, 01/16/2029 | | | GBP | | | 2,800,000 | | | 3,527,477 |
| | | 21,848,402 |
Chemicals - 2.2%
|
Celanese US Holdings LLC
|
6.17%, 07/15/2027 | | | | | | 2,000,000 | | | 2,031,090 |
6.35%, 11/15/2028 | | | | | | 1,950,000 | | | 2,005,475 |
INEOS Finance PLC
|
2.88%, 05/01/2026 | | | EUR | | | 3,900,000 | | | 4,072,302 |
6.63%, 05/15/2028 | | | EUR | | | 1,775,000 | | | 1,967,137 |
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/2026 | | | EUR | | | 2,400,000 | | | 2,496,321 |
International Flavors & Fragrances Inc
|
1.23%, 10/01/2025(a) | | | | | | 1,600,000 | | | 1,513,818 |
1.83%, 10/15/2027(a) | | | | | | 505,000 | | | 451,328 |
2.30%, 11/01/2030(a) | | | | | | 1,600,000 | | | 1,335,860 |
Nutrien Ltd, 5.90%, 11/07/2024 | | | | | | 2,000,000 | | | 2,000,741 |
Orbia Advance Corp SAB de CV, 4.00%, 10/04/2027 | | | | | | 1,020,000 | | | 966,343 |
Sinochem Offshore Capital Co Ltd, 1.50%, 11/24/2024 | | | | | | 4,500,000 | | | 4,425,919 |
| | | 23,266,334 |
Consumer-Products - 0.7%
|
Coty Inc, 4.50%, 05/15/2027 | | | EUR | | | 1,150,000 | | | 1,242,677 |
Haleon UK Capital PLC, 3.13%, 03/24/2025 | | | | | | 4,370,000 | | | 4,291,934 |
Haleon US Capital LLC, 3.38%, 03/24/2027 | | | | | | 381,000 | | | 363,696 |
Kimberly-Clark de Mexico SAB de CV, 3.25%, 03/12/2025 | | | | | | 1,791,000 | | | 1,759,845 |
| | | 7,658,152 |
Containers - 0.4%
|
Amcor Flexibles North America Inc, 4.00%, 05/17/2025 | | | | | | 850,000 | | | 837,948 |
Berry Global Inc, 5.50%, 04/15/2028 | | | | | | 350,000 | | | 349,610 |
OI European Group BV, 5.25%, 06/01/2029 | | | EUR | | | 1,725,000 | | | 1,857,354 |
ProGroup AG, 5.13%, 04/15/2029 | | | EUR | | | 1,200,000 | | | 1,290,932 |
| | | 4,335,844 |
Diversified Financial Services - 11.0%
|
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
|
1.65%, 10/29/2024 | | | | | | 857,000 | | | 845,504 |
2.45%, 10/29/2026 | | | | | | 2,039,000 | | | 1,902,906 |
6.10%, 01/15/2027 | | | | | | 800,000 | | | 812,234 |
6.45%, 04/15/2027 | | | | | | 2,181,000 | | | 2,231,878 |
Air Lease Corp
|
2.88%, 01/15/2026 | | | | | | 4,364,000 | | | 4,188,644 |
2.20%, 01/15/2027 | | | | | | 2,560,000 | | | 2,364,602 |
AIR Lease Corp Sukuk Ltd, 5.85%, 04/01/2028 | | | | | | 1,025,000 | | | 1,023,789 |
Aircastle Ltd, 5.25%, 08/11/2025(a) | | | | | | 4,430,000 | | | 4,397,241 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Diversified Financial Services - (Continued)
|
Ares Capital Corp
|
4.25%, 03/01/2025 | | | | | | $1,525,000 | | | $ 1,506,364 |
3.25%, 07/15/2025 | | | | | | 200,000 | | | 194,371 |
7.00%, 01/15/2027 | | | | | | 3,875,000 | | | 3,941,840 |
Aviation Capital Group LLC
|
5.50%, 12/15/2024(a) | | | | | | 1,500,000 | | | 1,496,150 |
4.13%, 08/01/2025(a) | | | | | | 1,000,000 | | | 981,261 |
3.50%, 11/01/2027(a) | | | | | | 4,500,000 | | | 4,215,604 |
Avolon Holdings Funding Ltd
|
5.50%, 01/15/2026(a) | | | | | | 2,130,000 | | | 2,113,893 |
4.25%, 04/15/2026(a) | | | | | | 1,425,000 | | | 1,384,858 |
AXA Logistics Europe Master SCA, 0.38%, 11/15/2026 | | | EUR | | | 575,000 | | | 566,505 |
Blackstone Private Credit Fund
|
1.75%, 09/15/2024 | | | | | | 2,500,000 | | | 2,476,891 |
7.05%, 09/29/2025 | | | | | | 500,000 | | | 504,989 |
3.25%, 03/15/2027 | | | | | | 1,500,000 | | | 1,385,346 |
Blue Owl Capital Corp
|
4.00%, 03/30/2025 | | | | | | 2,705,000 | | | 2,661,364 |
3.75%, 07/22/2025 | | | | | | 1,115,000 | | | 1,087,311 |
3.40%, 07/15/2026 | | | | | | 2,000,000 | | | 1,885,057 |
Blue Owl Credit Income Corp, 7.75%, 09/16/2027 | | | | | | 475,000 | | | 488,354 |
BOC Aviation Ltd, 6.89% (3 mo. LIBOR US + 1.30%), 05/21/2025(b) | | | | | | 3,000,000 | | | 3,022,600 |
CA Auto Bank SPA, 6.00%, 12/06/2026 | | | GBP | | | 4,250,000 | | | 5,410,403 |
DAE Funding LLC
|
1.55%, 08/01/2024 | | | | | | 3,850,000 | | | 3,834,394 |
2.63%, 03/20/2025 | | | | | | 3,700,000 | | | 3,605,291 |
2.63%, 03/20/2025(a) | | | | | | 1,492,000 | | | 1,453,809 |
DAE Sukuk Difc Ltd, 3.75%, 02/15/2026 | | | | | | 280,000 | | | 270,191 |
Encore Capital Group Inc
|
4.88%, 10/15/2025 | | | EUR | | | 1,750,000 | | | 1,866,479 |
5.38%, 02/15/2026 | | | GBP | | | 775,000 | | | 970,597 |
Fiserv Inc, 5.38%, 08/21/2028 | | | | | | 800,000 | | | 806,250 |
Goldman Sachs Bank USA, 5.41% to 1.000000000 then SOFR + 0.75%, 05/21/2027 | | | | | | 2,150,000 | | | 2,147,225 |
Goldman Sachs Group Inc, 5.80% to 1.000000000 then SOFR + 1.08%, 08/10/2026 | | | | | | 2,500,000 | | | 2,501,675 |
GTCR W-2 Merger Sub LLC / GTCR W Dutch Finance Sub BV, 8.50%, 01/15/2031 | | | GBP | | | 625,000 | | | 848,445 |
Hyundai Card Co Ltd, 5.75%, 04/24/2029 | | | | | | 860,000 | | | 866,671 |
India Vehicle Finance, 5.85%, 03/25/2029 | | | | | | 2,630,000 | | | 2,574,458 |
Jerrold Finco PLC, 5.25%, 01/15/2027 | | | GBP | | | 1,900,000 | | | 2,335,731 |
Macquarie Bank Ltd, 4.88%, 06/10/2025(a) | | | | | | 2,100,000 | | | 2,079,339 |
Macquarie Group Ltd, 6.21%, 11/22/2024(a) | | | | | | 5,000,000 | | | 5,007,431 |
Mirae Asset Securities Co Ltd, 2.63%, 07/30/2025 | | | | | | 4,780,000 | | | 4,619,102 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Diversified Financial Services - (Continued)
|
Mitsubishi HC Capital UK PLC
|
0.00%, 10/29/2024 | | | EUR | | | 425,000 | | | $ 449,445 |
0.00%, 04/30/2026(c) | | | EUR | | | 1,400,000 | | | 1,501,865 |
Morgan Stanley
|
4.68% to 1.000000000 then SOFR + 1.67%, 07/17/2026 | | | | | | 600,000 | | | 594,233 |
6.14% to 1.000000000 then SOFR + 1.77%, 10/16/2026 | | | | | | 2,500,000 | | | 2,517,117 |
Nasdaq Inc, 5.35%, 06/28/2028 | | | | | | 850,000 | | | 858,458 |
Power Finance Corp Ltd, 3.25%, 09/16/2024 | | | | | | 2,000,000 | | | 1,990,150 |
REC Ltd
|
3.38%, 07/25/2024 | | | | | | 2,300,000 | | | 2,295,975 |
2.25%, 09/01/2026 | | | | | | 200,000 | | | 186,250 |
2.75%, 01/13/2027 | | | | | | 2,840,000 | | | 2,650,543 |
Shriram Finance Ltd, 4.15%, 07/18/2025 | | | | | | 900,000 | | | 878,103 |
SoftBank Group Corp
|
3.13%, 01/06/2025 | | | | | | 750,000 | | | 735,948 |
4.00%, 07/06/2026 | | | | | | 1,475,000 | | | 1,413,234 |
5.00%, 04/15/2028 | | | EUR | | | 3,000,000 | | | 3,190,252 |
Synchrony Financial
|
4.25%, 08/15/2024 | | | | | | 3,000,000 | | | 2,992,913 |
4.88%, 06/13/2025 | | | | | | 3,750,000 | | | 3,713,245 |
UBS Group AG, 2.19% to 1.000000000 then SOFR + 2.04%, 06/05/2026(a) | | | | | | 4,250,000 | | | 4,107,565 |
| | | 118,952,343 |
Diversified Media - 0.3%
|
Prosus NV, 3.26%, 01/19/2027 | | | | | | 3,600,000 | | | 3,370,548 |
Energy - 1.0%
|
CrownRock LP / CrownRock Finance Inc, 5.63%, 10/15/2025(a) | | | | | | 2,170,000 | | | 2,166,312 |
MPLX LP, 4.88%, 12/01/2024 | | | | | | 2,308,000 | | | 2,298,466 |
ONEOK Inc, 5.55%, 11/01/2026 | | | | | | 775,000 | | | 778,375 |
Plains All American Pipeline LP / PAA Finance Corp, 4.65%, 10/15/2025 | | | | | | 2,176,000 | | | 2,147,550 |
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025 | | | | | | 1,194,000 | | | 1,191,752 |
Targa Resources Partners LP / Targa Resources Partners Finance Corp, 6.88%, 01/15/2029 | | | | | | 1,000,000 | | | 1,026,148 |
USA Compression Partners LP / USA Compression Finance Corp, 6.88%, 09/01/2027 | | | | | | 1,180,000 | | | 1,183,966 |
| | | 10,792,569 |
Food & Drug Retail - 0.3%
|
Picard Groupe SAS, 6.38%, 07/01/2029 | | | EUR | | | 1,975,000 | | | 2,114,926 |
Roadster Finance DAC, 1.63%, 12/09/2024 | | | EUR | | | 800,000 | | | 846,138 |
| | | 2,961,064 |
Food/Beverage/Tobacco - 3.1%
|
Bacardi Ltd / Bacardi-Martini BV, 5.25%, 01/15/2029(a) | | | | | | 500,000 | | | 493,945 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Food/Beverage/Tobacco - (Continued)
|
Bright Food Singapore Holdings Pte Ltd, 1.75%, 07/22/2025 | | | EUR | | | 4,150,000 | | | $ 4,327,633 |
Campbell Soup Co
|
3.95%, 03/15/2025 | | | | | | 3,500,000 | | | 3,458,107 |
5.20%, 03/21/2029 | | | | | | 2,825,000 | | | 2,830,267 |
Coca-Cola Europacific Partners PLC, 1.50%, 01/15/2027(a) | | | | | | 1,600,000 | | | 1,460,699 |
Coca-Cola Icecek AS, 4.22%, 09/19/2024 | | | | | | 900,000 | | | 895,355 |
Conagra Brands Inc, 5.30%, 10/01/2026 | | | | | | 3,675,000 | | | 3,672,145 |
Constellation Brands Inc, 4.35%, 05/09/2027 | | | | | | 175,000 | | | 170,786 |
Keurig Dr Pepper Inc, 5.05%, 03/15/2029 | | | | | | 4,450,000 | | | 4,447,457 |
Mondelez International Holdings Netherlands BV, 0.75%, 09/24/2024(a) | | | | | | 1,500,000 | | | 1,482,587 |
Sysco Corp, 3.30%, 07/15/2026 | | | | | | 2,700,000 | | | 2,597,437 |
Tereos Finance Groupe I SA, 5.88%, 04/30/2030 | | | EUR | | | 1,175,000 | | | 1,260,616 |
Upfield BV, 6.88%, 07/02/2029 | | | EUR | | | 2,125,000 | | | 2,267,706 |
Viterra Finance BV, 0.38%, 09/24/2025 | | | EUR | | | 4,075,000 | | | 4,178,624 |
| | | 33,543,364 |
Gaming - 0.5%
|
Cirsa Finance International SARL, 6.50%, 03/15/2029 | | | EUR | | | 1,050,000 | | | 1,161,241 |
Flutter Treasury Designated Activity Co
|
5.00%, 04/29/2029 | | | EUR | | | 825,000 | | | 898,060 |
6.38%, 04/29/2029(a) | | | | | | 950,000 | | | 957,508 |
International Game Technology PLC, 3.50%, 06/15/2026 | | | EUR | | | 2,400,000 | | | 2,540,080 |
| | | 5,556,889 |
Healthcare - 3.7%
|
Amgen Inc
|
1.90%, 02/21/2025 | | | | | | 800,000 | | | 781,602 |
5.25%, 03/02/2025 | | | | | | 500,000 | | | 499,087 |
5.51%, 03/02/2026 | | | | | | 500,000 | | | 500,060 |
Baxter International Inc, 1.32%, 11/29/2024 | | | | | | 1,250,000 | | | 1,227,476 |
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/2028 | | | EUR | | | 2,000,000 | | | 2,038,094 |
CVS Health Corp, 5.00%, 01/30/2029 | | | | | | 1,250,000 | | | 1,238,271 |
Ephios Subco 3 SARL, 7.88%, 01/31/2031 | | | EUR | | | 1,075,000 | | | 1,227,133 |
GE HealthCare Technologies Inc, 5.55%, 11/15/2024 | | | | | | 2,500,000 | | | 2,497,497 |
GN Store Nord AS, 0.88%, 11/25/2024 | | | EUR | | | 2,070,000 | | | 2,176,908 |
Grifols SA, 1.63%, 02/15/2025 | | | EUR | | | 2,000,000 | | | 2,125,435 |
Gruenenthal GmbH, 3.63%, 11/15/2026 | | | EUR | | | 2,900,000 | | | 3,045,807 |
HCA Inc
|
5.38%, 02/01/2025 | | | | | | 1,900,000 | | | 1,893,869 |
5.88%, 02/15/2026 | | | | | | 2,980,000 | | | 2,985,156 |
5.63%, 09/01/2028 | | | | | | 3,704,000 | | | 3,740,837 |
IQVIA Inc
|
5.70%, 05/15/2028 | | | | | | 1,675,000 | | | 1,695,150 |
6.25%, 02/01/2029 | | | | | | 5,000,000 | | | 5,142,595 |
Medline Borrower LP/Medline Co-Issuer Inc, 6.25%, 04/01/2029(a) | | | | | | 1,425,000 | | | 1,443,646 |
Pfizer Investment Enterprises Pte Ltd, 4.45%, 05/19/2026 | | | | | | 350,000 | | | 345,631 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Healthcare - (Continued)
|
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/2025 | | | EUR | | | 400,000 | | | $ 418,694 |
UCB SA, 4.25%, 03/20/2030 | | | EUR | | | 1,400,000 | | | 1,498,374 |
Werfen SA, 4.63%, 06/06/2028 | | | EUR | | | 3,500,000 | | | 3,832,037 |
| | | 40,353,359 |
Homebuilders/Real Estate - 7.7%
|
American Tower Corp
|
5.25%, 07/15/2028 | | | | | | 2,200,000 | | | 2,197,397 |
5.20%, 02/15/2029 | | | | | | 700,000 | | | 697,508 |
ARGAN SA, 1.01%, 11/17/2026 | | | EUR | | | 1,000,000 | | | 988,617 |
Aroundtown SA, 0.63%, 07/09/2025 | | | EUR | | | 1,400,000 | | | 1,439,024 |
Assemblin Caverion Group AB, 6.25%, 07/01/2030 | | | EUR | | | 575,000 | | | 619,322 |
Assemblin Group AB, 8.86% (3 mo. EURIBOR + 5.00%), 07/05/2029 | | | EUR | | | 1,900,000 | | | 2,037,838 |
Balder Finland Oyj, 1.00%, 01/18/2027 | | | EUR | | | 3,380,000 | | | 3,293,226 |
Blackstone Property Partners Europe Holdings SARL
|
1.00%, 10/20/2026 | | | EUR | | | 1,000,000 | | | 994,575 |
3.63%, 10/29/2029 | | | EUR | | | 2,000,000 | | | 2,047,924 |
CTP NV
|
0.50%, 06/21/2025 | | | EUR | | | 2,700,000 | | | 2,793,098 |
4.75%, 02/05/2030 | | | EUR | | | 1,800,000 | | | 1,956,708 |
Digital Dutch Finco BV, 0.63%, 07/15/2025 | | | EUR | | | 2,100,000 | | | 2,175,815 |
Fastighets AB Balder
|
1.88%, 03/14/2025 | | | EUR | | | 1,350,000 | | | 1,421,646 |
1.88%, 01/23/2026 | | | EUR | | | 1,100,000 | | | 1,131,463 |
GLP Capital LP / GLP Financing II Inc
|
3.35%, 09/01/2024 | | | | | | 1,410,000 | | | 1,405,890 |
5.25%, 06/01/2025 | | | | | | 5,500,000 | | | 5,462,811 |
Hammerson PLC
|
3.50%, 10/27/2025 | | | GBP | | | 1,434,000 | | | 1,755,739 |
6.00%, 02/23/2026 | | | GBP | | | 2,100,000 | | | 2,656,408 |
Heimstaden Bostad Treasury BV, 0.25%, 10/13/2024 | | | EUR | | | 2,800,000 | | | 2,940,094 |
HOWOGE Wohnungsbaugesellschaft mbH, 0.00%, 11/01/2024 | | | EUR | | | 4,500,000 | | | 4,754,024 |
Immobiliare Grande Distribuzione SIIQ SPA, 6.25%, 05/17/2027 | | | EUR | | | 780,651 | | | 848,998 |
Kojamo Oyj, 2.00%, 03/31/2026 | | | EUR | | | 3,056,000 | | | 3,162,063 |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 5.25%, 10/01/2025(a) | | | | | | 3,130,000 | | | 3,105,455 |
Logicor Financing SARL
|
0.75%, 07/15/2024 | | | EUR | | | 4,500,000 | | | 4,812,954 |
4.63%, 07/25/2028 | | | EUR | | | 1,700,000 | | | 1,833,328 |
MasTec Inc, 4.50%, 08/15/2028(a) | | | | | | 1,180,000 | | | 1,126,433 |
NE Property BV
|
1.75%, 11/23/2024 | | | EUR | | | 2,700,000 | | | 2,857,813 |
1.88%, 10/09/2026 | | | EUR | | | 1,400,000 | | | 1,413,903 |
P3 Group SARL, 4.63%, 02/13/2030 | | | EUR | | | 1,425,000 | | | 1,531,831 |
Tritax EuroBox PLC, 0.95%, 06/02/2026 | | | EUR | | | 600,000 | | | 607,725 |
Trust Fibra Uno, 5.25%, 01/30/2026 | | | | | | 4,550,000 | | | 4,453,680 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Homebuilders/Real Estate - (Continued)
|
VICI Properties LP / VICI Note Co Inc
|
4.63%, 06/15/2025(a) | | | | | | $2,000,000 | | | $ 1,976,062 |
4.50%, 09/01/2026(a) | | | | | | 2,800,000 | | | 2,729,108 |
4.25%, 12/01/2026(a) | | | | | | 3,210,000 | | | 3,102,517 |
WEA Finance LLC / Westfield UK & Europe Finance PLC, 3.75%, 09/17/2024(a) | | | | | | 1,300,000 | | | 1,290,384 |
Webuild SPA
|
3.88%, 07/28/2026 | | | EUR | | | 200,000 | | | 211,420 |
7.00%, 09/27/2028 | | | EUR | | | 1,300,000 | | | 1,477,527 |
Weyerhaeuser Co, 4.75%, 05/15/2026 | | | | | | 3,825,000 | | | 3,782,754 |
| | | 83,093,082 |
Hotels - 1.8%
|
Hyatt Hotels Corp
|
1.80%, 10/01/2024 | | | | | | 3,985,000 | | | 3,943,262 |
5.38%, 04/23/2025 | | | | | | 2,550,000 | | | 2,540,357 |
5.75%, 01/30/2027 | | | | | | 1,750,000 | | | 1,767,740 |
5.25%, 06/30/2029 | | | | | | 2,500,000 | | | 2,481,793 |
Marriott International Inc
|
5.45%, 09/15/2026 | | | | | | 900,000 | | | 903,955 |
4.90%, 04/15/2029 | | | | | | 2,725,000 | | | 2,698,397 |
Pterosaur Capital Co Ltd, 1.00%, 09/25/2024 | | | EUR | | | 2,000,000 | | | 2,131,986 |
Whitbread Group PLC, 3.38%, 10/16/2025 | | | GBP | | | 2,000,000 | | | 2,454,399 |
| | | 18,921,889 |
Insurance - 0.4%
|
Athora Holding Ltd, 6.63%, 06/16/2028 | | | EUR | | | 1,900,000 | | | 2,151,507 |
Galaxy Bidco Ltd, 6.50%, 07/31/2026 | | | GBP | | | 900,000 | | | 1,126,178 |
Rothesay Life PLC, 8.00%, 10/30/2025 | | | GBP | | | 450,000 | | | 579,954 |
| | | 3,857,639 |
Leisure - 1.0%
|
Carnival Holdings Bermuda Ltd, 10.38%, 05/01/2028(a) | | | | | | 4,500,000 | | | 4,874,148 |
CPUK Finance Ltd
|
3.59%, 08/28/2025 | | | GBP | | | 375,000 | | | 462,770 |
6.50%, 08/28/2026 | | | GBP | | | 510,000 | | | 640,556 |
Expedia Group Inc, 6.25%, 05/01/2025(a) | | | | | | 2,350,000 | | | 2,355,580 |
Royal Caribbean Cruises Ltd, 9.25%, 01/15/2029(a) | | | | | | 2,500,000 | | | 2,670,862 |
| | | 11,003,916 |
Metals/Mining - 0.3%
|
Novelis Corp, 3.25%, 11/15/2026(a) | | | | | | 3,000,000 | | | 2,825,569 |
Paper - 0.7%
|
Suzano Austria GmbH, 6.00%, 01/15/2029 | | | | | | 2,100,000 | | | 2,095,577 |
Suzano International Finance BV, 5.50%, 01/17/2027 | | | | | | 4,500,000 | | | 4,474,140 |
WEPA Hygieneprodukte GmbH, 5.63%, 01/15/2031 | | | EUR | | | 1,250,000 | | | 1,353,949 |
| | | 7,923,666 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Publishing/Printing - 0.2%
|
Informa PLC, 3.13%, 07/05/2026 | | | GBP | | | 1,600,000 | | | $ 1,933,782 |
Railroads - 0.4%
|
Canadian Pacific Railway Co, 1.35%, 12/02/2024 | | | | | | 2,000,000 | | | 1,963,972 |
Getlink SE, 3.50%, 10/30/2025 | | | EUR | | | 2,725,000 | | | 2,894,811 |
| | | 4,858,783 |
Restaurants - 0.1%
|
Bertrand Franchise Finance SAS, 7.49% (3 mo. EURIBOR + 3.75%), 07/18/2030 | | | EUR | | | 1,075,000 | | | 1,158,122 |
Services - 3.0%
|
Arena Luxembourg Finance SARL, 1.88%, 02/01/2028 | | | EUR | | | 2,000,000 | | | 1,970,013 |
Boels Topholding BV, 5.75%, 05/15/2030 | | | EUR | | | 1,950,000 | | | 2,125,944 |
Brink’s Co, 5.50%, 07/15/2025(a) | | | | | | 3,200,000 | | | 3,199,092 |
Kapla Holding SAS, 7.22% (3 mo. EURIBOR + 3.50%), 07/31/2030 | | | EUR | | | 1,975,000 | | | 2,121,473 |
Leasys SPA
|
4.38%, 12/07/2024 | | | EUR | | | 5,925,000 | | | 6,353,377 |
4.63%, 02/16/2027 | | | EUR | | | 3,330,000 | | | 3,639,787 |
Loxam SAS
|
4.50%, 02/15/2027 | | | EUR | | | 425,000 | | | 453,310 |
6.38%, 05/31/2029 | | | EUR | | | 1,050,000 | | | 1,160,895 |
Pachelbel Bidco SPA, 7.13%, 05/17/2031 | | | EUR | | | 1,500,000 | | | 1,661,016 |
PeopleCert Wisdom Issuer PLC, 5.75%, 09/15/2026 | | | EUR | | | 1,500,000 | | | 1,610,202 |
Q-Park Holding I BV, 5.13%, 03/01/2029 | | | EUR | | | 1,000,000 | | | 1,075,839 |
RAC Bond Co PLC, 4.87%, 05/06/2026 | | | GBP | | | 3,300,000 | | | 4,098,765 |
WESCO Distribution Inc, 6.38%, 03/15/2029(a) | | | | | | 2,250,000 | | | 2,261,086 |
Zenith Finco PLC, 6.50%, 06/30/2027 | | | GBP | | | 450,000 | | | 375,230 |
| | | 32,106,029 |
Steel - 0.6%
|
ABJA Investment Co Pte Ltd, 5.45%, 01/24/2028 | | | | | | 3,500,000 | | | 3,476,095 |
ArcelorMittal SA, 4.88%, 09/26/2026 | | | EUR | | | 2,550,000 | | | 2,793,004 |
| | | 6,269,099 |
Super Retail - 1.7%
|
AA Bond Co Ltd, 8.45%, 01/31/2028 | | | GBP | | | 4,000,000 | | | 5,329,410 |
Alibaba Group Holding Ltd, 3.60%, 11/28/2024 | | | | | | 3,000,000 | | | 2,975,824 |
B&M European Value Retail SA, 8.13%, 11/15/2030 | | | GBP | | | 850,000 | | | 1,137,794 |
Dufry One BV, 2.00%, 02/15/2027 | | | EUR | | | 3,000,000 | | | 3,025,012 |
Home Depot Inc, 5.15%, 06/25/2026 | | | | | | 1,400,000 | | | 1,401,701 |
John Lewis PLC, 6.13%, 01/21/2025 | | | GBP | | | 1,550,000 | | | 1,962,381 |
Tapestry Inc
|
5.35%, 11/27/2025 | | | EUR | | | 1,700,000 | | | 1,850,664 |
7.05%, 11/27/2025 | | | | | | 1,000,000 | | | 1,017,012 |
| | | 18,699,798 |
Supranational - 0.2%
| | | | | | | | | |
Africa Finance Corp, 4.38%, 04/17/2026 | | | | | | 2,200,000 | | | 2,131,442 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Technology - 5.1%
|
Almaviva-The Italian Innovation Co SPA, 4.88%, 10/30/2026 | | | EUR | | | 2,400,000 | | | $ 2,573,497 |
ams-OSRAM AG, 10.50%, 03/30/2029 | | | EUR | | | 2,575,000 | | | 2,892,135 |
Broadcom Corp / Broadcom Cayman Finance Ltd,
3.88%, 01/15/2027 | | | | | | 1,943,000 | | | 1,881,046 |
Broadcom Inc
|
3.15%, 11/15/2025 | | | | | | 800,000 | | | 775,273 |
4.75%, 04/15/2029 | | | | | | 2,000,000 | | | 1,974,441 |
Cellnex Finance Co SA, 2.25%, 04/12/2026 | | | EUR | | | 3,800,000 | | | 3,973,060 |
Clarios Global LP / Clarios US Finance Co, 4.38%, 05/15/2026 | | | EUR | | | 1,500,000 | | | 1,602,209 |
Gen Digital Inc, 5.00%, 04/15/2025(a) | | | | | | 1,625,000 | | | 1,616,721 |
Hewlett Packard Enterprise Co, 5.90%, 10/01/2024 | | | | | | 5,440,000 | | | 5,439,674 |
HP Inc, 4.00%, 04/15/2029 | | | | | | 5,000,000 | | | 4,767,288 |
IPD 3 BV, 8.00%, 06/15/2028 | | | EUR | | | 1,100,000 | | | 1,240,426 |
LG Energy Solution Ltd, 5.75%, 09/25/2028 | | | | | | 1,830,000 | | | 1,853,722 |
NCR Corp, 5.13%, 04/15/2029(a) | | | | | | 5,275,000 | | | 4,974,785 |
Oracle Corp, 2.95%, 05/15/2025 | | | | | | 2,000,000 | | | 1,954,939 |
Qorvo Inc, 1.75%, 12/15/2024 | | | | | | 1,450,000 | | | 1,421,759 |
SK Battery America Inc, 4.88%, 01/23/2027 | | | | | | 2,000,000 | | | 1,974,019 |
SK Hynix Inc
|
6.25%, 01/17/2026 | | | | | | 2,000,000 | | | 2,022,210 |
6.38%, 01/17/2028 | | | | | | 2,000,000 | | | 2,059,659 |
Teleperformance SE, 5.25%, 11/22/2028 | | | EUR | | | 1,600,000 | | | 1,755,777 |
Ubisoft Entertainment SA, 0.88%, 11/24/2027 | | | EUR | | | 2,800,000 | | | 2,591,758 |
VMware Inc
|
1.00%, 08/15/2024 | | | | | | 450,000 | | | 447,274 |
4.50%, 05/15/2025 | | | | | | 1,800,000 | | | 1,783,134 |
3.90%, 08/21/2027 | | | | | | 3,500,000 | | | 3,359,604 |
| | | 54,934,410 |
Telecommunications - 4.1%
|
AT&T Inc, 5.54%, 02/20/2026 | | | | | | 1,780,000 | | | 1,779,971 |
Bharti Airtel Ltd, 4.38%, 06/10/2025 | | | | | | 4,100,000 | | | 4,057,090 |
eircom Finance DAC, 2.63%, 02/15/2027 | | | EUR | | | 1,600,000 | | | 1,618,600 |
Eutelsat SA, 9.75%, 04/13/2029 | | | EUR | | | 1,100,000 | | | 1,232,236 |
iliad SA
|
2.38%, 06/17/2026 | | | EUR | | | 1,000,000 | | | 1,035,684 |
5.38%, 06/14/2027 | | | EUR | | | 2,200,000 | | | 2,400,562 |
5.38%, 02/15/2029 | | | EUR | | | 1,200,000 | | | 1,308,954 |
5.38%, 05/02/2031 | | | EUR | | | 1,900,000 | | | 2,052,336 |
Matterhorn Telecom SA, 3.13%, 09/15/2026 | | | EUR | | | 1,600,000 | | | 1,671,142 |
PLT VII Finance SARL
|
4.63%, 01/05/2026 | | | EUR | | | 475,000 | | | 508,860 |
7.24% (3 mo. EURIBOR + 3.50%), 06/15/2031 | | | EUR | | | 1,350,000 | | | 1,446,687 |
PPF Telecom Group BV, 2.13%, 01/31/2025 | | | EUR | | | 5,100,000 | | | 5,399,907 |
RCS & RDS SA, 3.25%, 02/05/2028 | | | EUR | | | 2,400,000 | | | 2,406,787 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CORPORATE BONDS - (Continued)
|
Telecommunications - (Continued)
|
Rogers Communications Inc
|
2.95%, 03/15/2025 | | | | | | $844,000 | | | $ 827,696 |
5.00%, 02/15/2029 | | | | | | 2,000,000 | | | 1,976,666 |
SES SA, 3.50%, 01/14/2029 | | | EUR | | | 2,000,000 | | | 2,072,750 |
Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC, 4.74%, 03/20/2025(a) | | | | | | 107,813 | | | 107,155 |
TDC Net AS
|
5.06%, 05/31/2028 | | | EUR | | | 1,500,000 | | | 1,638,824 |
5.19%, 08/02/2029 | | | EUR | | | 975,000 | | | 1,061,187 |
T-Mobile USA Inc
|
3.50%, 04/15/2025 | | | | | | 3,000,000 | | | 2,950,396 |
3.75%, 04/15/2027 | | | | | | 2,000,000 | | | 1,922,873 |
4.75%, 02/01/2028 | | | | | | 2,000,000 | | | 1,971,403 |
United Group BV
|
3.13%, 02/15/2026 | | | EUR | | | 1,400,000 | | | 1,461,248 |
6.75%, 02/15/2031 | | | EUR | | | 675,000 | | | 743,964 |
| | | 43,652,978 |
Transportation Excluding Air/Rail - 1.6%
|
DP World Ltd, 2.38%, 09/25/2026 | | | EUR | | | 5,200,000 | | | 5,372,428 |
Firstgroup PLC, 6.88%, 09/18/2024 | | | GBP | | | 1,375,000 | | | 1,741,398 |
Gatwick Funding Ltd, 6.13%, 03/02/2026 | | | GBP | | | 200,000 | | | 256,245 |
GXO Logistics Inc, 1.65%, 07/15/2026 | | | | | | 1,675,000 | | | 1,545,340 |
Pelabuhan Indonesia Persero PT
|
4.88%, 10/01/2024 | | | | | | 5,100,000 | | | 5,094,756 |
4.25%, 05/05/2025 | | | | | | 200,000 | | | 197,554 |
Penske Truck Leasing Co Lp / PTL Finance Corp,
5.55%, 05/01/2028(a) | | | | | | 775,000 | | | 781,083 |
Q-Park Holding I BV, 2.00%, 03/01/2027 | | | EUR | | | 1,800,000 | | | 1,818,371 |
Stagecoach Group Ltd, 4.00%, 09/29/2025 | | | GBP | | | 650,000 | | | 799,297 |
| | | 17,606,472 |
Utilities - 0.9%
|
EEW Energy from Waste GmbH, 0.36%, 06/30/2026 | | | EUR | | | 1,100,000 | | | 1,093,496 |
ENN Clean Energy International Investment Ltd, 3.38%, 05/12/2026 | | | | | | 3,000,000 | | | 2,860,659 |
National Central Cooling Co PJSC, 2.50%, 10/21/2027 | | | | | | 2,230,000 | | | 2,017,236 |
Vena Energy Capital Pte Ltd, 3.13%, 02/26/2025 | | | | | | 3,300,000 | | | 3,240,957 |
| | | 9,212,348 |
TOTAL CORPORATE BONDS
(Cost $959,682,639) | | | | | | | | | $965,916,908 |
BANK LOANS - 4.5%
|
Capital Goods - 0.1%
|
Emrld Borrower LP TL, 7.84% (1 mo. Term SOFR + 2.50%),
06/18/2031 | | | | | | 890,000 | | | 891,113 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
BANK LOANS - (Continued)
|
Commercial Services - 0.3%
|
NAB Holdings LLC TL First Lien, 8.21% (3 mo. Term SOFR + 2.75%), 11/24/2028 | | | | | | $3,000,000 | | | $ 3,006,045 |
Diversified Financial Services - 0.6%
| | | | | | | | | |
Citadel Securities LP TL, Senior Secured First Lien, 7.59%
(1 mo. SOFR US + 2.25%), 07/29/2030 | | | | | | 2,487,749 | | | 2,497,700 |
Jane Street Group LLC TL, Senior Secured First Lien, 7.96%
(1 mo. SOFR US + 2.50%), 01/26/2028 | | | | | | 3,489,157 | | | 3,490,046 |
| | | 5,987,746 |
Diversified Media - 0.2%
|
Advantage Sales & Marketing Inc TL, Senior Secured First Lien, 9.82%
(3 mo. SOFR US + 4.25%), 10/28/2027 | | | | | | 2,286,739 | | | 2,233,149 |
Healthcare - 0.3%
|
Ceva Sante Animale 05/24 (EUR) TLB TL, Senior Secured First Lien, 7.22% (3 mo. EURIBOR + 3.50%), 11/08/2030 | | | EUR | | | 1,000,000 | | | 1,070,115 |
Phoenix Guarantor Inc TL, Senior Secured First Lien, 8.59%
(1 mo. SOFR US + 3.25%), 02/21/2031 | | | | | | 2,493,750 | | | 2,490,334 |
| | | 3,560,449 |
Railroads - 0.3%
|
Genesee & Wyoming Inc TL, Senior Secured First Lien, 7.33%
(3 mo. SOFR US + 2.00%), 04/10/2031 | | | | | | 3,500,000 | | | 3,500,332 |
Restaurants - 0.2%
|
1011778 BC ULC TL First Lien, 7.08% (1 mo. Term SOFR + 1.75%), 09/23/2030 | | | | | | 2,000,000 | | | 1,997,470 |
Services - 0.4%
|
Camelot US Acquisition LLC TL, Senior Secured First Lien
|
8.08% (1 mo. SOFR US + 2.75%), 01/31/2031 | | | | | | 463,953 | | | 465,345 |
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031 | | | | | | 1,990,360 | | | 1,996,332 |
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031 | | | | | | 39,436 | | | 39,554 |
Circet Europe SASU TL, Senior Secured First Lien, 6.97%
(3 mo. EURIBOR + 3.25%), 10/16/2028 | | | EUR | | | 1,000,000 | | | 1,056,225 |
PG Investment Co 59 SARL TL, Senior Secured First Lien, 8.83%
(3 mo. SOFR US + 3.50%), 03/24/2031 | | | | | | 640,000 | | | 645,069 |
| | | 4,202,525 |
Super Retail - 0.3%
|
Action (Peer Holding III) Cov-Lite B5 (6/24) TL,
8.33%, 06/20/2031(c) | | | | | | 880,000 | | | 882,020 |
Leslie’s Poolmart Inc TL First Lien, 8.19% (1 mo. Term SOFR + 2.75%), 03/09/2028 | | | | | | 1,500,000 | | | 1,488,097 |
Peer Holding III BV TL, Senior Secured First Lien, 7.40%
(1 mo. EURIBOR + 3.75%), 09/26/2028 | | | EUR | | | 1,000,000 | | | 1,072,959 |
| | | 3,443,076 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
BANK LOANS - (Continued)
|
Technology - 0.5%
|
AppLovin Corp TL, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 08/19/2030 | | | | | | $1,625,925 | | | $ 1,629,559 |
Coherent Corp TL First Lien, 7.83% (1 mo. Term SOFR + 2.50%), 07/02/2029 | | | | | | 1,200,000 | | | 1,202,400 |
Gen Digital Inc TL, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 09/12/2029 | | | | | | 2,459,874 | | | 2,454,376 |
| | | | | | | | | 5,286,335 |
Telecommunications - 0.5%
|
Iridium Satellite LLC TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 09/20/2030 | | | | | | 2,487,500 | | | 2,487,674 |
Lorca Finco PLC TL, 7.40% (3 mo. EURIBOR + 3.50%),
04/18/2031 | | | EUR | | | 1,000,000 | | | 1,072,289 |
TMNL Holding BV TL, Senior Secured First Lien, 7.62%
(3 mo. EURIBOR + 3.90%), 03/29/2029 | | | EUR | | | 1,000,000 | | | 1,072,814 |
Ziggo BV TL, Senior Secured First Lien, 6.60% (1 mo. EURIBOR + 3.00%), 01/31/2029 | | | EUR | | | 1,000,000 | | | 1,053,114 |
| | | 5,685,891 |
Transportation Excluding Air/Rail - 0.2%
|
First Student Bidco Inc TL, Senior Secured First Lien
|
8.56% (3 mo. SOFR US + 3.00%), 07/21/2028 | | | | | | 1,196,070 | | | 1,197,978 |
8.56% (3 mo. SOFR US + 3.00%), 07/21/2028 | | | | | | 350,642 | | | 351,201 |
| | | 1,549,179 |
Utilities - 0.6%
|
Calpine Construction Finance Co LP TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 07/31/2030 | | | | | | 3,491,206 | | | 3,484,451 |
Constellation Renewables LLC TL, Senior Secured First Lien, 8.11%
(3 mo. SOFR US + 2.50%), 12/15/2027 | | | | | | 989,946 | | | 993,173 |
Edgewater Generation LLC TL, Senior Secured First Lien, 9.21%
(1 mo. SOFR US + 3.75%), 12/15/2025 | | | | | | 1,464,674 | | | 1,463,868 |
Vistra Zero Operating Co LLC TL, Senior Secured First Lien, 8.09%
(1 mo. SOFR US + 2.75%), 04/30/2031 | | | | | | 807,975 | | | 812,722 |
| | | 6,754,214 |
TOTAL BANK LOANS
(Cost $48,202,549) | | | | | | | | | 48,097,524 |
CONVERTIBLE BONDS - 3.2%
|
Banking - 2.8%
|
ABN AMRO Bank NV, 4.75%, 07/28/2025 | | | | | | 500,000 | | | 493,276 |
AIB Group PLC, 4.63% to 1.000000000 then 5 yr. Swap Rate EUR + 1.90%, 05/20/2035 | | | EUR | | | 7,000,000 | | | 7,446,604 |
Australia & New Zealand Banking Group Ltd, 1.13% to 1.000000000 then 5 yr. Swap Rate EUR + 1.40%, 11/21/2029 | | | EUR | | | 800,000 | | | 845,545 |
Banco Bilbao Vizcaya Argentaria SA
|
5.75% to 1.000000000 then 5 yr. Swap Rate EUR + 2.80%,
09/15/2033 | | | EUR | | | 3,000,000 | | | 3,353,848 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
CONVERTIBLE BONDS - (Continued)
|
Banking - (Continued)
|
8.25% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.60%, 11/30/2033 | | | GBP | | | 2,000,000 | | | $2,695,467 |
4.88% to 1.000000000 then 5 yr. Swap Rate EUR + 2.40%,
02/08/2036 | | | EUR | | | 1,100,000 | | | 1,187,901 |
Banco Santander SA, 5.00% to 1.000000000 then 5 yr. Swap Rate EUR + 2.50%, 04/22/2034 | | | EUR | | | 2,800,000 | | | 3,052,000 |
Bank of Ireland Group PLC, 4.75% to 1.000000000 then 5 yr. Swap Rate EUR + 1.85%, 08/10/2034 | | | EUR | | | 2,225,000 | | | 2,382,090 |
ING Groep NV, 2.13% to 1.000000000 then 5 yr. Swap Rate EUR + 2.40%, 05/26/2031 | | | EUR | | | 700,000 | | | 721,440 |
Landsbankinn HF, 5.00%, 05/13/2028 | | | EUR | | | 5,025,000 | | | 5,511,420 |
National Australia Bank Ltd, 1.70% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.40%, 09/15/2031 | | | GBP | | | 500,000 | | | 577,128 |
Swedbank AB, 7.27% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.80%, 11/15/2032 | | | GBP | | | 1,800,000 | | | 2,354,078 |
| | | 30,620,797 |
Healthcare - 0.4%
|
Organon & Co / Organon Foreign Debt Co-Issuer BV, 2.88%, 04/30/2028 | | | EUR | | | 4,000,000 | | | 4,038,479 |
TOTAL CONVERTIBLE BONDS
(Cost $34,828,915) | | | | | | | | | 34,659,276 |
| | | | | | Shares | | | |
SHORT-TERM INVESTMENTS - 2.0%
|
Money Market Funds - 2.0%
|
First American Treasury Obligations Fund - Class X, 5.20%(d) | | | | | | 21,986,296 | | | 21,986,296 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,986,296) | | | | | | | | | 21,986,296 |
TOTAL INVESTMENTS - 99.4%
(Cost $1,064,700,399) | | | | | | | | | $1,070,660,004 |
Other Assets in Excess of Liabilities - 0.6% | | | | | | | | | 6,811,162 |
TOTAL NET ASSETS - 100.0% | | | | | | | | | $1,077,471,166 |
| | | | | | | | | | |
Percentages are stated as a percent of net assets.
Par amount is in USD unless otherwise indicated.
AG - Aktiengesellschaft
CMT - Constant Maturity Treasury Rate
LIBOR - London Interbank Offered Rate
NV - Naamloze Vennootschap
PIK - Payment in Kind
PJSC - Public Joint Stock Company
PLC - Public Limited Company
SA - Sociedad Anónima
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Investments
June 30, 2024 (Unaudited) (Continued)
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
SOFR - Secured Overnight Financing Rate
- Currency Needs to be mapped
EUR - Euro
GBP - British Pound
(a)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $142,589,148 or 13.2% of the Fund’s net assets. |
(b)
| Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
(c)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024. |
(d)
| The rate shown represents the 7-day annualized effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Schedule of Forward Currency Contracts
June 30, 2024 (Unaudited)
| | | | | | | | | | | | | |
U.S. Bancorp Investments, Inc. | | | 07/17/2024 | | | USD | | | 211,105,269 | | | EUR | | | 197,500,000 | | | $(600,856) |
U.S. Bancorp Investments, Inc. | | | 09/18/2024 | | | USD | | | 215,631,400 | | | EUR | | | 200,000,000 | | | 577,482 |
U.S. Bancorp Investments, Inc. | | | 07/17/2024 | | | USD | | | 61,165,957 | | | GBP | | | 49,100,000 | | | (908,732) |
Total Unrealized Appreciation (Depreciation) | | | $(932,106) |
| | | | |
EUR - Euro
GBP - British Pound
USD - United States Dollar
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Assets and Liabilities
June 30, 2024 (Unaudited)
| | | | | | | | | | |
ASSETS:
| | | | | | | | | |
Investments, at value | | | $ 235,828,415 | | | $ 45,557,091 | | | $ 1,070,660,004 |
Receivable for investments sold | | | 12,994,268 | | | 2,276,347 | | | 248,125 |
Dividends and interest receivable | | | 3,020,635 | | | 794,813 | | | 14,217,129 |
Receivable for open forward currency contacts | | | 445,305 | | | — | | | 577,482 |
Foreign currency, at value | | | 403,136 | | | — | | | 14,806,325 |
Deposit at broker for swap contracts | | | 318,365 | | | — | | | 191,097 |
Deposit at broker for future contracts | | | 119,537 | | | — | | | 80,098 |
Receivable for fund shares sold | | | 59,690 | | | — | | | 1,086,907 |
Prepaid expenses and other assets | | | 19,610 | | | 29,166 | | | 32,740 |
Total assets | | | 253,208,961 | | | 48,657,417 | | | 1,101,899,907 |
LIABILITIES:
| | | | | | | | | |
Payable for investments purchased | | | 6,847,534 | | | 809,516 | | | 19,933,622 |
Payable for capital shares redeemed | | | 820,105 | | | 457 | | | 2,506,059 |
Distributions payable | | | 581,630 | | | 127,395 | | | 7,662 |
Payable to adviser | | | 116,178 | | | 1,012 | | | 334,711 |
Payable for open forward currency contacts | | | 32,336 | | | — | | | 1,509,588 |
Payable to custodian | | | 15,640 | | | 5,418 | | | 48,494 |
Payable for printing and mailing | | | 13,495 | | | 4,143 | | | 13,694 |
Payable for audit fees | | | 12,833 | | | 12,046 | | | 12,045 |
Payable for custodian fees | | | 12,511 | | | 1,315 | | | 30,530 |
Payable for fund administration and accounting fees | | | 8,935 | | | 2,442 | | | 20,650 |
Payable for distribution and shareholder servicing fees | | | 8,307 | | | 389 | | | — |
Payable for compliance fees | | | 5,367 | | | 5,368 | | | 5,031 |
Payable for transfer agent fees and expenses | | | 2,837 | | | 163 | | | 6,405 |
Interest payable | | | — | | | 4 | | | — |
Payable for expenses and other liabilities | | | 654 | | | 2,912 | | | 250 |
Total liabilities | | | 8,478,362 | | | 972,580 | | | 24,428,741 |
NET ASSETS | | | $244,730,599 | | | $47,684,837 | | | $1,077,471,166 |
Net Assets Consists of:
| | | | | | | | | |
Paid-in capital | | | $272,190,944 | | | $50,932,097 | | | $1,089,731,634 |
Total accumulated losses | | | (27,460,345) | | | (3,247,260) | | | (12,260,468) |
Total net assets | | | $244,730,599 | | | $47,684,837 | | | $1,077,471,166 |
Institutional Class
| | | | | | | | | |
Net asset | | | $91,807,715 | | | $2,737,467 | | | |
Shares issued and outstanding(a) | | | 9,454,664 | | | 347,257 | | | |
Net asset per share | | | $9.71 | | | $7.88 | | | |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Assets and Liabilities
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | |
Supra Institutional Class
| | | | | | | | | |
Net asset | | | $152,922,883 | | | $44,947,370 | | | $1,077,471,166 |
Shares issued and outstanding(a) | | | $15,740,320 | | | $5,701,067 | | | $114,363,966 |
Net asset per share | | | $9.72 | | | $7.88 | | | $9.42 |
Cost:
| | | | | | | | | |
Investments, at cost | | | $235,507,429 | | | $45,309,415 | | | $1,064,700,399 |
Foreign currency, at cost | | | $402,695 | | | $— | | | $14,799,495 |
| | | | | | | | | | |
(a)
| Unlimited shares authorized without par value. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Operations
For the Period Ended June 30, 2024 (Unaudited)
| | | | | | | | | | |
INVESTMENT INCOME:
| | | | | | | | | |
Interest income | | | $6,648,276 | | | $1,885,394 | | | $26,037,798 |
Less: Interest withholding taxes | | | — | | | — | | | (186,508) |
Swap accretion and amortization | | | 1,103 | | | — | | | — |
Other income | | | 10,460 | | | 628 | | | 1,276 |
Total investment income | | | 6,659,839 | | | 1,886,022 | | | 25,852,566 |
EXPENSES:
| | | | | | | | | |
Investment advisory fee | | | 780,894 | | | 130,113 | | | 2,286,901 |
Fund administration and accounting fees | | | 131,954 | | | 64,093 | | | 378,394 |
Shareholder service costs | | | 34,968 | | | — | | | — |
Custodian fees | | | 31,538 | | | 4,189 | | | 82,487 |
Transfer agent fees | | | 26,785 | | | 4,982 | | | 86,052 |
Federal and state registration fees | | | 20,541 | | | 17,241 | | | 28,066 |
Audit fees | | | 13,344 | | | 12,536 | | | 12,536 |
Trustees' fees | | | 11,135 | | | 9,656 | | | 17,251 |
Reports to shareholders | | | 7,069 | | | 777 | | | 11,878 |
Legal fees | | | 6,530 | | | 8,273 | | | 6,739 |
Compliance fees | | | 6,066 | | | 6,066 | | | 5,729 |
Interest expense | | | — | | | 761 | | | 713 |
Other expenses and fees | | | 22,309 | | | 5,457 | | | 55,477 |
Total expenses | | | 1,093,133 | | | 264,144 | | | 2,972,223 |
Expense reimbursement by Adviser | | | (277,271) | | | (126,173) | | | (431,940) |
Net expenses | | | 815,862 | | | 137,971 | | | 2,540,283 |
Net Investment Income | | | 5,843,977 | | | 1,748,051 | | | 23,312,283 |
REALIZED AND UNREALIZED GAIN/(LOSS)
| | | | | | | | | |
Net realized gain/(loss) from:
| | | | | | | | | |
Investments | | | (711,339) | | | (136,983) | | | 442,601 |
Securities sold short | | | 2,191 | | | — | | | (47,985) |
Forward currency contracts | | | 742,333 | | | — | | | 121,569 |
Swap contracts | | | (7,020) | | | — | | | — |
Foreign currency translation | | | (16,478 ) | | | 18 | | | 17,162 |
Net realized gain/(loss) | | | 9,687 | | | (136,965 ) | | | 533,347 |
Net change in unrealized appreciation/(depreciation) on:
| | | | | | | | | |
Investments | | | (5,609,829 ) | | | (59,802 ) | | | (13,655,872 ) |
Future contracts | | | — | | | — | | | (1,253 ) |
Forward currency contracts | | | 1,926,886 | | | — | | | 15,656,808 |
Swap contracts | | | — | | | — | | | 361 |
Foreign currency translation | | | (20,282 ) | | | (65 ) | | | (272,669 ) |
Net change in unrealized appreciation/(depreciation) | | | (3,703,225 ) | | | (59,867 ) | | | 1,727,375 |
Net realized and unrealized gain/(loss) | | | (3,693,538 ) | | | (196,832 ) | | | 2,260,722 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | $2,150,439 | | | $ 1,551,219 | | | $25,573,005 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Fund
Statements of Changes in Net Assets
| | | | | | | |
OPERATIONS:
| | | | | | | | | | | | |
Net investment income | | | $5,843,977 | | | $ 11,020,926 | | | $1,748,051 | | | $2,398,872 |
Net realized gain/(loss) | | | 9,687 | | | (12,633,081 ) | | | (136,965) | | | (1,834,248) |
Net change in unrealized appreciation/(depreciation) | | | (3,703,225) | | | 21,427,685 | | | (59,867 ) | | | 3,144,688 |
Net increase in net assets from operations | | | 2,150,439 | | | 19,815,530 | | | 1,551,219 | | | 3,709,312 |
DISTRIBUTIONS TO SHAREHOLDERS:
| | | | | | | | | | | | |
Distributions to shareholders - Institutional Class | | | (1,626,304 ) | | | (3,734,658 ) | | | (98,825 ) | | | (162,200 ) |
Distributions to shareholders - Supra Institutional Class | | | (2,853,214 ) | | | (7,416,404 ) | | | (1,639,561 ) | | | (2,238,150 ) |
Total distributions to shareholders | | | (4,479,518 ) | | | (11,151,062 ) | | | (1,738,386 ) | | | (2,400,350 ) |
CAPITAL TRANSACTIONS:
| | | | | | | | | | | | |
Subscriptions - Institutional Class | | | 9,177,889 | | | 26,606,552 | | | 74,591 | | | 1,200,000 |
Reinvestments - Institutional Class | | | 1,510,768 | | | 3,248,634 | | | 92,447 | | | 151,482 |
Redemptions - Institutional Class | | | (11,735,173 ) | | | (28,077,505 ) | | | (74,308 ) | | | (1,656,362 ) |
Redemption fees - Institutional Class | | | 6,208 | | | 12,085 | | | 42 | | | — |
Withdrawals from feeder funds - Institutional Class | | | (17,267 ) | | | — | | | — | | | — |
Subscriptions - Supra Institutional Class | | | 2,369,088 | | | 22,150,163 | | | 11,928 | | | 18,286,607 |
Reinvestments - Supra Institutional Class | | | 1,918,264 | | | 4,927,786 | | | 804,532 | | | 1,068,424 |
Redemptions - Supra Institutional Class | | | (21,912,320 ) | | | (70,392,783 ) | | | (583,995 ) | | | (5,963,331 ) |
Redemption fees - Supra Institutional Class | | | 11,230 | | | 24,052 | | | 701 | | | — |
Withdrawals from feeder funds - Supra Institutional Class | | | 17,267 | | | — | | | — | | | — |
Net increase (decrease) in net assets from capital transactions | | | (18,654,046 ) | | | (41,501,016 ) | | | 325,938 | | | 13,086,820 |
NET INCREASE (DECREASE) IN NET ASSETS | | | (20,983,125 ) | | | (32,836,548 ) | | | 138,771 | | | 14,395,782 |
NET ASSETS:
| | | | | | | | | | | | |
Beginning of the period | | | 265,713,724 | | | 298,550,272 | | | 47,546,066 | | | 33,154,284 |
End of the period | | | $ 244,730,599 | | | $265,713,724 | | | $ 47,684,837 | | | $47,546,066 |
SHARES TRANSACTIONS
| | | | | | | | | | | | |
Subscriptions - Institutional Class | | | 291,619 | | | 2,751,721 | | | — | | | 154,839 |
Reinvested - Institutional Class | | | 90,075 | | | 334,533 | | | 6,012 | | | 19,506 |
Redemptions - Institutional Class | | | (647,499 ) | | | (2,914,677 ) | | | (9,430 ) | | | (208,209 ) |
Subscriptions - Supra Institutional Class | | | 185,951 | | | 2,292,038 | | | 446 | | | 2,352,575 |
Reinvested - Supra Institutional Class | | | 106,328 | | | 507,585 | | | 52,256 | | | 137,516 |
Redemptions - Supra Institutional Class | | | (2,010,449 ) | | | (7,290,502 ) | | | (43,322 ) | | | (766,999 ) |
Total increase/(decrease) in shares outstanding | | | (1,983,975 ) | | | (4,319,302 ) | | | 5,962 | | | 1,689,228 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Fund
Statements of Changes in Net Assets (Continued)
| | | | |
OPERATIONS:
| | | | | | |
Net investment income | | | $23,312,283 | | | $43,335,086 |
Net realized gain/(loss) | | | 533,347 | | | (18,034,100 ) |
Net change in unrealized appreciation | | | 1,727,375 | | | 49,307,196 |
Net increase in net assets from operations | | | 25,573,005 | | | 74,608,182 |
DISTRIBUTIONS TO SHAREHOLDERS:
| | | | | | |
Distributions to shareholders - Supra Institutional Class | | | (9,605,812 ) | | | (48,879,002 ) |
Total distributions to shareholders | | | (9,605,812 ) | | | (48,879,002 ) |
CAPITAL TRANSACTIONS:
| | | | | | |
Subscriptions - Supra Institutional Class | | | 209,751,312 | | | 322,905,124 |
Reinvestments - Supra Institutional Class | | | 9,581,261 | | | 48,801,266 |
Redemptions - Supra Institutional Class | | | (140,683,282 ) | | | (355,831,922 ) |
Redemption fees - Supra Institutional Class | | | 1 | | | 249 |
Net increase in net assets from capital transactions | | | 78,649,292 | | | 15,874,717 |
NET INCREASE IN NET ASSETS | | | 94,616,485 | | | 41,603,897 |
NET ASSETS:
| | | | | | |
Beginning of the period | | | 982,854,681 | | | 941,250,784 |
End of the period | | | $ 1,077,471,166 | | | $982,854,681 |
SHARES TRANSACTIONS
| | | | | | |
Subscriptions - Supra Institutional Class | | | 15,859,606 | | | 35,068,403 |
Reinvested - Supra Institutional Class | | | 637,742 | | | 5,257,472 |
Redemptions - Supra Institutional Class | | | (7,570,636 ) | | | (38,374,770 ) |
Total increase in shares outstanding | | | 8,926,712 | | | 1,951,105 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Financial Highlights
Institutional Class
| | | | | | | |
PER SHARE DATA:
| | | | | | | | | | | | | | | | | | |
Net asset, beginning of year | | | $9.80 | | | $9.50 | | | $10.50 | | | $11.22 | | | $10.89 | | | $10.49 |
INVESTMENTS OPERATIONS:
| | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.22 | | | 0.37 | | | 0.26 | | | 0.31 | | | 0.30 | | | 0.34 |
Net realized and unrealized gain
(loss) on investments | | | (0.14) | | | 0.32 | | | (1.14) | | | (0.20) | | | 0.36 | | | 0.76 |
Total from investment operations | | | 0.08 | | | 0.69 | | | (0.88) | | | (0.11) | | | 0.66 | | | 1.10 |
LESS DISTRIBUTIONS FROM:
| | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.17) | | | (0.39) | | | (0.05) | | | (0.41) | | | (0.26) | | | (0.30) |
From net realized gains | | | — | | | — | | | (0.07) | | | (0.42) | | | (0.07) | | | (0.40) |
Total distributions | | | (0.17) | | | (0.39) | | | (0.12) | | | (0.83) | | | (0.33) | | | (0.70) |
Redemption fee per share | | | 0.00(b) | | | 0.00(b) | | | 0.00(b) | | | 0.00(b) | | | 0.00(b) | | | 0.00(b) |
Net asset, end of year | | | $9.71 | | | $9.80 | | | $9.50 | | | $10.50 | | | $11.22 | | | $10.89 |
Total return(c) | | | 0.82% | | | 7.40% | | | −8.39% | | | 1.02% | | | 6.24% | | | 10.60% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | $91,808 | | | $93,668 | | | $89,146 | | | $127,005 | | | $219,841 | | | $155,467 |
Ratio of expenses to average
net assets:
| | | | | | | | | | | | | | | | | | |
Before expense reimbursement/
recoupment(d) | | | 0.89% | | | 0.85% | | | 0.87% | | | 0.84% | | | 0.81% | | | 0.82% |
After expense reimbursement/
recoupment(d) | | | 0.67% | | | 0.68% | | | 0.67% | | | 0.66% | | | 0.65% | | | 0.65% |
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(d) | | | 0.00%(e) | | | —% | | | —% | | | —% | | | —% | | | —% |
Ratio of net investment income to average net assets(d) | | | 4.45% | | | 3.81% | | | 2.65% | | | 2.81% | | | 2.71% | | | 3.12% |
Portfolio turnover rate(c) | | | 86% | | | 135% | | | 168% | | | 139% | | | 174% | | | 293% |
| | | | | | | | | | | | | | | | | | | |
(a)
| Net investment income per share has been calculated based on average shares outstanding during the year.
|
(b)
| Amount represents less than $0.005 per share.
|
(c)
| Not annualized for periods less than one year.
|
(d)
| Annualized for periods less than one year.
|
(e)
| Amount represents less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Credit Opportunities Fund
Financial Highlights
Supra Institutional Class
| | | | | | | |
PER SHARE DATA:
| | | | | | | | | | | | | | | | | | |
Net asset, beginning of year | | | $9.80 | | | $9.50 | | | $10.51 | | | $11.23 | | | $10.90 | | | $10.49 |
INVESTMENTS OPERATIONS:
| | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.22 | | | 0.37 | | | 0.27 | | | 0.32 | | | 0.30 | | | 0.35 |
Net realized and unrealized gain
(loss) on investments | | | (0.13) | | | 0.33 | | | (1.15) | | | (0.20) | | | 0.37 | | | 0.77 |
Total from investment operations | | | 0.09 | | | 0.70 | | | (0.88) | | | 0.12 | | | 0.67 | | | 1.12 |
LESS DISTRIBUTIONS FROM:
| | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.17) | | | (0.40) | | | (0.06) | | | (0.42) | | | (0.27) | | | (0.31) |
From net realized gains | | | — | | | — | | | (0.07) | | | (0.42) | | | (0.07) | | | (0.40) |
Total distributions | | | (0.17) | | | (0.40) | | | (0.13) | | | (0.84) | | | (0.34) | | | (0.71) |
Redemption fee per share | | | 0.00(b) | | | 0.00(b) | | | 0.00(b) | | | — | | | 0.00(b) | | | 0.00(b) |
Net asset, end of year | | | $9.72 | | | $9.80 | | | $9.50 | | | $10.51 | | | $11.23 | | | $10.90 |
Total return(c) | | | 0.96% | | | 7.48% | | | −8.41% | | | 1.11% | | | 6.30% | | | 10.77% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | $152,923 | | | $172,046 | | | $209,404 | | | $252,118 | | | $321,285 | | | $261,858 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | | | | |
Before expense reimbursement/
recoupment(d) | | | 0.81% | | | 0.77% | | | 0.80% | | | 0.76% | | | 0.75% | | | 0.76% |
After expense reimbursement/
recoupment(d) | | | 0.60% | | | 0.60% | | | 0.60% | | | 0.59% | | | 0.59% | | | 0.59% |
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(d) | | | 0.00%(e) | | | —% | | | —% | | | —% | | | —% | | | —% |
Ratio of net investment income to average net assets(d) | | | 4.51% | | | 3.87% | | | 2.74% | | | 2.90% | | | 2.77% | | | 3.18% |
Portfolio turnover rate(c) | | | 86% | | | 135% | | | 168% | | | 139% | | | 174% | | | 293% |
| | | | | | | | | | | | | | | | | | | |
(a)
| Net investment income per share has been calculated based on average shares outstanding during the year.
|
(b)
| Amount represents less than $0.005 per share.
|
(c)
| Not annualized for periods less than one year.
|
(d)
| Annualized for periods less than one year.
|
(e)
| Amount represents less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Financial Highlights
Institutional Class
| | | | | | | |
PER SHARE DATA:
| | | | | | | | | | | | | | | | | | |
Net asset, beginning of year | | | $7.91 | | | $7.68 | | | $9.19 | | | $9.97 | | | $9.84 | | | $9.12 |
INVESTMENTS OPERATIONS:
| | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.29 | | | 0.51 | | | 0.44 | | | 0.50 | | | 0.52 | | | 0.51 |
Net realized and unrealized gain (loss) on investments | | | (0.03) | | | 0.23 | | | (1.50) | | | (0.07) | | | 0.11 | | | 0.72 |
Total from investment operations | | | 0.26 | | | 0.74 | | | (1.06) | | | 0.43 | | | 0.63 | | | 1.23 |
LESS DISTRIBUTIONS FROM:
| | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.29) | | | (0.51) | | | (0.44) | | | (0.53) | | | 0.50 | | | (0.51) |
From net realized gains | | | — | | | — | | | (0.01) | | | (0.68) | | | — | | | — |
Total distributions | | | (0.29) | | | (0.51) | | | (0.45) | | | (1.21) | | | (0.50) | | | (0.51) |
Redemption fee per share | | | 0.00(b) | | | — | | | — | | | — | | | — | | | — |
Net asset, end of year | | | $7.88 | | | $7.91 | | | $7.68 | | | $9.19 | | | $9.97 | | | $9.84 |
Total return(c) | | | 3.33% | | | 9.98% | | | −11.17% | | | 4.42% | | | 6.81% | | | 13.68% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | $2,737 | | | $2,655 | | | $2,838 | | | $4,247 | | | $5,905 | | | $1,642 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | | | | |
Before expense reimbursement/
recoupment(d) | | | 1.12% | | | 1.26% | | | 1.37% | | | 1.25% | | | 0.97% | | | 1.17% |
After expense reimbursement/
recoupment(d) | | | 0.58% | | | 0.58% | | | 0.58% | | | 0.59% | | | 0.58% | | | 0.59% |
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(d) | | | 0.00%(e) | | | —% | | | —% | | | —% | | | —% | | | —% |
Ratio of net investment income to average net assets(d) | | | 7.39% | | | 6.59% | | | 5.34% | | | 5.06% | | | 5.36% | | | 5.32% |
Portfolio turnover rate(c) | | | 46% | | | 76% | | | 59% | | | 96% | | | 113% | | | 89% |
| | | | | | | | | | | | | | | | | | | |
(a)
| Net investment income per share has been calculated based on average shares outstanding during the year.
|
(b)
| Amount represents less than $0.005 per share.
|
(c)
| Not annualized for periods less than one year.
|
(d)
| Annualized for periods less than one year.
|
(e)
| Amount represents less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Flexible U.S. High Yield Income Fund
Financial Highlights
Supra Institutional Class
| | | | | | | |
PER SHARE DATA:
| | | | | | | | | | | | | | | | | | |
Net asset, beginning of year | | | $7.91 | | | $7.68 | | | $9.18 | | | $9.96 | | | $9.83 | | | $9.11 |
INVESTMENTS OPERATIONS:
| | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.29 | | | 0.52 | | | 0.44 | | | 0.51 | | | 0.51 | | | 0.51 |
Net realized and unrealized gain (loss) on investments | | | (0.03) | | | 0.22 | | | (1.49) | | | (0.08) | | | 0.12 | | | 0.72 |
Total from investment operations | | | 0.26 | | | 0.74 | | | (1.05) | | | 0.43 | | | 0.63 | | | 1.23 |
LESS DISTRIBUTIONS FROM:
| | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.29) | | | (0.51) | | | (0.44) | | | (0.53) | | | (0.50) | | | (0.51) |
From net realized gains | | | — | | | — | | | (0.01) | | | (0.68) | | | — | | | — |
Total distributions | | | (0.29) | | | (0.51) | | | (0.45) | | | (1.21) | | | (0.50) | | | (0.51) |
Redemption fee per share | | | 0.00(b) | | | 0.00(b) | | | 0.00(b) | | | — | | | — | | | — |
Net asset, end of year | | | $7.88 | | | $7.91 | | | $7.68 | | | $9.18 | | | $9.96 | | | $9.83 |
Total return(c) | | | 3.33% | | | 9.98% | | | −11.61% | | | 4.43% | | | 6.60% | | | 13.71% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | $44,947 | | | $44,891 | | | $30,312 | | | $25,222 | | | $62,860 | | | $43,464 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | | | | |
Before expense reimbursement/
recoupment(d) | | | 1.12% | | | 1.27% | | | 1.37% | | | 1.19% | | | 0.98% | | | 1.21% |
After expense reimbursement/
recoupment(d) | | | 0.58% | | | 0.58% | | | 0.58% | | | 0.58% | | | 0.58% | | | 0.58% |
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(d) | | | 0.00%(e) | | | —% | | | —% | | | —% | | | —% | | | —% |
Ratio of net investment income to average
net assets(d) | | | 7.39% | | | 6.65% | | | 5.46% | | | 5.11% | | | 5.37% | | | 5.30% |
Portfolio turnover rate(c) | | | 46% | | | 76% | | | 59% | | | 96% | | | 113% | | | 89% |
| | | | | | | | | | | | | | | | | | | |
(a)
| Net investment income per share has been calculated based on average shares outstanding during the year.
|
(b)
| Amount represents less than $0.005 per share.
|
(c)
| Not annualized for periods less than one year.
|
(d)
| Annualized for periods less than one year.
|
(e)
| Amount represents less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Low Duration Fund
Financial Highlights
Supra Institutional Class
| | | | | | | |
PER SHARE DATA:
| | | | | | | | | | | | | | | | | | |
Net asset, beginning of year | | | $9.28 | | | $9.05 | | | $9.73 | | | $10.10 | | | $10.05 | | | $9.53 |
INVESTMENTS OPERATIONS:
| | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.21 | | | 0.39 | | | 0.26 | | | 0.25 | | | 0.27 | | | 0.26 |
Net realized and unrealized gain (loss) on investments | | | 0.02 | | | 0.29 | | | (0.59) | | | — | | | (0.01) | | | 0.48 |
Total from investment operations | | | 0.23 | | | 0.68 | | | (0.33) | | | 0.25 | | | 0.26 | | | 0.74 |
LESS DISTRIBUTIONS FROM:
| | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.09) | | | (0.45) | | | (0.10) | | | (0.62) | | | (0.21) | | | (0.13) |
From net realized gains | | | — | | | — | | | (0.25) | | | — | | | — | | | (0.09) |
Total distributions | | | (0.09) | | | (0.45) | | | (0.35) | | | (0.62) | | | (0.21) | | | (0.22) |
Redemption fee per share | | | 0.00(b) | | | 0.00(b) | | | 0.00(b) | | | — | | | — | | | — |
Net asset, end of year | | | $9.42 | | | $9.28 | | | $9.05 | | | $9.73 | | | $10.10 | | | $10.05 |
Total return(c) | | | 2.45% | | | 7.63% | | | −3.41% | | | 2.50% | | | 2.64% | | | 7.86% |
SUPPLEMENTAL DATA AND RATIOS:
|
Net assets, end of year (in thousands) | | | $1,077,471 | | | $982,855 | | | $941,251 | | | $369,539 | | | $592,519 | | | $732,002 |
Ratio of expenses to average net assets:
|
Before expense reimbursement/
recoupment(d) | | | 0.58% | | | 0.58% | | | 0.61% | | | 0.62% | | | 0.62% | | | 0.59% |
After expense reimbursement/
recoupment(d) | | | 0.50% | | | 0.50% | | | 0.50% | | | 0.49% | | | 0.49% | | | 0.49% |
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(d) | | | 0.00%(e) | | | —% | | | —% | | | —% | | | —% | | | —% |
Ratio of net investment income to average net assets(d) | | | 4.59% | | | 4.19% | | | 2.83% | | | 2.46% | | | 2.77% | | | 2.60% |
Portfolio turnover rate(c) | | | 34% | | | 49% | | | 26% | | | 69% | | | 75% | | | 47% |
| | | | | | | | | | | | | | | | | | | |
(a)
| Net investment income per share has been calculated based on average shares outstanding during the year.
|
(b)
| Amount represents less than $0.005 per share.
|
(c)
| Not annualized for periods less than one year.
|
(d)
| Annualized for periods less than one year.
|
(e)
| Amount represents less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited)
NOTE 1 – ORGANIZATION
The Muzinich Credit Opportunities Fund (“Credit Opportunities Fund”), Muzinich Flexible U.S. High Yield Income Fund (“U.S. High Yield Fund”), and Muzinich Low Duration Fund (“Low Duration Fund”) (each a “Fund,” collectively the “Funds”) are diversified series of shares of beneficial interest of Professionally Managed Portfolios (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The performance history of the Funds commenced on January 3, 2013, March 27, 2017, and June 30, 2016, respectively.
The Funds offer two classes of shares: Institutional shares and Supra Institutional shares. Each class of shares has equal rights as to earnings and assets except that each class bears different distribution and shareholder servicing expenses. Each class of shares has exclusive voting rights with respect to matters that affect just that class. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on its relative net assets. Currently, the Credit Opportunities Fund offers Supra Institutional and Institutional Class shares, the U.S. High Yield Fund offers Supra Institutional and Institutional Class shares, and the Low Duration Fund offers Supra Institutional Class shares.
The investment objective of the Credit Opportunities Fund is primarily to provide a high level of income and capital appreciation. The investment objective of the U.S. High Yield Fund is to provide a high level of income on a risk-adjusted basis over a full market cycle. The investment objective of the Low Duration Fund is to protect capital and generate positive returns under most market conditions.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
A.
| Security Valuation. All equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies (“BDCs”) and Master Limited Partnerships (“MLPs”), that are traded on U.S. national or foreign securities exchanges are valued either at the last reported sale price on the exchange on which the security is principally traded or the exchange’s official closing price. If, on a particular day, an exchange-traded security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities, which may include REITs, BDCs and MLPs that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. |
Debt securities are valued by using an evaluated mean of the bid and asked prices provided by an independent pricing service. The independent pricing service may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions.
Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded.
Forward foreign currency exchange contracts are presented at fair value measured by the difference between the forward exchange rates (“forward rates”) at the dates of entry into the contracts and the forward rates at the reporting date, and such differences are included in the Statements of Assets and Liabilities.
TABLE OF CONTENTS
Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
Swap contracts, such as credit default swaps, total return swaps, interest rate swaps and currency swaps, are priced by an approved independent pricing service. The independent pricing service includes observable market data inputs in an evaluated valuation methodology.
Futures contracts are priced by an approved independent pricing service. Futures contracts are valued at the settlement price on the exchange on which they are principally traded.
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board”) has adopted a Valuation Policy designating Muzinich & Co., Inc. (the “Advisor”) as the Funds’ Valuation Designee. Under Rule 2a-5, the Valuation Designee shall determine the fair value of securities for which readily available market quotes are not available in accordance with procedures approved by the Board. As described above, the Funds utilize various methods to measure the fair value of their 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 Funds have 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 speeds, 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 Funds’ 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2024. See the Schedules of Investments for industry breakouts.
Credit Opportunities Fund
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Corporate Bonds | | | $ — | | | $208,445,345 | | | $ — | | | $208,445,345 |
Bank Loans | | | — | | | 18,592,849 | | | — | | | 18,592,849 |
Convertible Bonds | | | — | | | 5,786,069 | | | — | | | 5,786,069 |
U.S. Treasury Securities | | | — | | | 2,805,215 | | | — | | | 2,805,215 |
Money Market Funds | | | 198,937 | | | — | | | — | | | 198,937 |
Total Assets | | | $198,937 | | | $235,629,478 | | | $— | | | $235,828,415 |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
Other Financial Instruments1:
| | | | | | | | | | | | | |
Forwards | | | $ — | | | $ 445,305 | | | $ — | | | $ 445,305 |
Total Other Financial Instruments | | | $— | | | $445,305 | | | $— | | | $445,305 |
| | | | | | | | | | | | | |
Liabilities:
Other Financial Instruments1:
| | | | | | | | | | | | | |
Forwards | | | $ — | | | $ (32,336) | | | $ — | | | $ (32,336) |
Total Other Financial Instruments | | | $— | | | $(32,336) | | | $— | | | $(32,336) |
| | | | | | | | | | | | | |
1
| Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and are presented at the net unrealized appreciation/(depreciation) on the instruments. |
Flexible U.S. High Yield Income Fund
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Corporate Bonds | | | $ — | | | $ 35,079,737 | | | $ — | | | $ 35,079,737 |
Bank Loans | | | — | | | 9,349,487 | | | — | | | 9,349,487 |
Money Market Funds | | | 1,127,867 | | | — | | | — | | | 1,127,867 |
Total Assets | | | $1,127,867 | | | $44,429,224 | | | $— | | | $45,557,091 |
| | | | | | | | | | | | | |
Low Duration Fund
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Corporate Bonds | | | $ — | | | $965,916,908 | | | $ — | | | $965,916,908 |
Bank Loans | | | — | | | 48,097,524 | | | — | | | 48,097,524 |
Convertible Bonds | | | — | | | 34,659,276 | | | — | | | 34,659,276 |
Money Market Funds | | | 21,986,296 | | | — | | | — | | | 21,986,296 |
Total Assets | | | $21,986,296 | | | $1,048,673,708 | | | $— | | | $1,070,660,004 |
| | | | | | | | | | | | | |
Other Financial Instruments1:
| | | | | | | | | | | | | |
Forwards | | | $ — | | | $ 577,482 | | | $ — | | | $ 577,482 |
Total Other Financial Instruments | | | $— | | | $577,482 | | | $— | | | $577,482 |
Liabilities:
| | | | | | | | | | | | |
Other Financial Instruments1:
| | | | | | | | | | | | |
Forwards | | | $— | | | $(1,509,588) | | | $— | | | $(1,509,588) |
Total Other Financial Instruments | | | $— | | | $(1,509,588) | | | $— | | | $(1,509,588) |
| | | | | | | | | | | | | |
1
| Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and are presented at the net unrealized appreciation/(depreciation) on the instruments. |
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Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price.
The Advisor, as the Funds’ Valuation Designee, oversees valuation techniques.
The Funds have provided additional disclosures below regarding derivatives and hedging activity intending to improve financial reporting by enabling investors to understand how and why the Funds use forward contracts and swap contracts (types of derivatives), how they are accounted for, and how they affect an entity’s results of operations and financial position. The Funds may use derivatives in various ways. The Funds may, but are not required to, use derivatives for risk management purposes or as part of its investment strategies. Derivatives are financial contracts whose values depend on, or are derived from, the value of an underlying asset, reference rate or index. The Funds may use derivatives to earn income and enhance returns, to hedge or adjust the risk profile of its portfolio, to replace more traditional direct investments and to obtain exposure to otherwise inaccessible markets.
The average notional value of forward foreign currency exchange contracts outstanding during the six months ended June 30, 2024 for the Credit Opportunities Fund and Low Duration Fund was $90,896,198 and $516,046,135, respectively. Forward foreign currency exchange contracts entered into during the six months ended June 30, 2024, were with the Bank of New York for the Credit Opportunities Fund and Low Duration Fund. The Low Duration Fund entered into swap contract transactions with Barclays Investment Bank and Bank of America Securities, Inc. during the six months ended June 30, 2024, at an average transaction notional value of $3,500,000 and $5,250,000, respectively. The Credit Opportunities Fund did not enter into any swap contracts during the six months ended June 30, 2024. The Credit Opportunities Fund and Low Duration Fund did not enter into any futures contracts during the six months ended June 30, 2024.
The notional amount for forward foreign currency exchange contracts is calculated based on the currency being sold converted to U.S. dollars. The average notional amount for forward foreign currency exchange contracts is calculated by the dollar value of open contracts at the end of the previous fiscal year and at each quarter end in the current fiscal year. The notional amount for futures contracts represents the U.S. dollar value of the contract as of the day of opening the transaction or latest contract reset date. The notional amount for swap contracts is the principal value. The average notional amounts are based on the notional amounts at each month end during the period for futures and the daily notional amounts for swaps.
The following tables show the effects of derivative instruments on the financial statements.
Statements of Assets and Liabilities
Fair values of derivative instruments as of June 30, 2024:
Credit Opportunities Fund
| | | | | | | |
Forward Foreign Currency Exchange Contracts | | | Unrealized Appreciation on
Forward Foreign Currency
Exchange Contracts | | | $445,305 | | | Unrealized Depreciation on
Forward Foreign Currency
Exchange Contracts | | | |
| | | | | | $445,305 | | | | | | $ — |
| | | | | | | | | | | | | |
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Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
Low Duration Fund
| | | | | | | |
Forward Foreign Currency Exchange Contracts | | | Unrealized Appreciation on
Forward Foreign Currency
Exchange Contracts | | | | | | Unrealized Depreciation on
Forward Foreign Currency
Exchange Contracts | | | $32,336 |
| | | | | | $ — | | | | | | $32,336 |
| | | | | | | | | | | | | |
Statements of Operations
The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2024:
Credit Opportunities Fund
| | |
Forward Foreign Currency Exchange Contracts | | | Net realized and unrealized gain
(loss) on forward foreign
currency exchange contracts | | | $ 742,333 | | | $ 1,926,886 |
Credit Default - Swap Contracts | | | Net realized and unrealized gain
(loss) on swap contracts | | | (7,020) | | | — |
| | | | | | $735,313 | | | $ 1,926,886 |
| | | | | | | | | | |
Low Duration Fund
| | |
Forward Foreign Currency Exchange Contracts | | | Net realized and unrealized gain
(loss) on forward foreign
currency exchange contracts | | | $ 121,569 | | | $ 15,656,808 |
Futures Contracts | | | Net realized and unrealized gain
(loss) on futures contracts | | | — | | | (1,253) |
| | | | | | $121,569 | | | $ 15,655,555 |
| | | | | | | | | | |
The U.S. High Yield Fund did not have derivatives activity during the six months ended June 30, 2024.
B.
| Swap Contracts. A swap, which may be a customized and privately negotiated agreement or a standardized and exchange-traded contract, obligates two parties to exchange a series of cash flows at specified intervals (payment dates) based upon, or calculated by, reference to changes in specified prices or rates for a specified amount of an underlying asset (the “notional” principal amount). Swaps are entered into on a net basis (i.e., the two payment streams are netted out, with a fund receiving or paying, as applicable, only the net amount of the two payments). Examples of such swaps may include, but are not limited to, currency swaps, interest rate swaps, total return swaps, and credit default swaps. Payments received by the Funds from swap agreements will result in taxable income, either as ordinary income or capital gains. Except for currency swaps, the notional principal amount is used solely to calculate the payment streams but is not exchanged. With respect to currency swaps, actual principal amounts of currencies may be exchanged by the counterparties at the initiation, and again upon the termination, of the transaction. The swap market has grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become |
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Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
well-established and relatively liquid. The Credit Opportunities Fund had swap contracts activity during the six months ended June 30, 2024. Realized and unrealized gains and losses are included in the Statements of Operations. The U.S. High Yield Fund and Low Duration Fund did not have swap contracts activity during the six months ended June 30, 2024.
C.
| Futures Contracts. Each Fund may purchase or sell futures contracts and options thereon to hedge against changes in interest rates, securities (through index futures or options) or currencies. The purchase of futures contracts may be more efficient or cost effective than actually buying the underlying securities or assets. A futures contract is an agreement that obligates the buyer to buy and the seller to sell a specified quantity of an underlying asset (or settle for cash the value of a contract based on an underlying asset, rate or index) at a specific price on the contract maturity date. Upon entering into a futures contract, each Fund is required to pledge to the counterparty an amount of cash, U.S. Government securities or other high quality debt securities equal to the minimum “initial margin” requirements of the exchange or the broker. Pursuant to a contract entered into with a futures commission merchant, each Fund agrees to receive from or pay to the firm an amount of cash equal to the cumulative daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized gains or losses. When the contract is closed, the Funds record a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Each Fund will cover its current obligations under futures contracts by the segregation of liquid assets or by entering into offsetting transactions or owning positions covering its obligations. The Funds’ use of futures contracts may involve risks that are different from, or possibly greater than, the risks associated with investing directly in securities or other more traditional instruments. These risks include the risk that the value of the futures contracts may not correlate perfectly, or at all, with the value of the assets, reference rates, or indexes that they are designed to track. Other risks include: an illiquid secondary market for a particular instrument and possible exchange- imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; the risk that adverse price movements in an instrument can result in a loss substantially greater than the Funds’ initial investment in that instrument (in some cases, the potential loss is unlimited); and the risk that a counterparty will not perform its obligations. The Credit Opportunities Fund and Low Duration Fund had futures contracts activity during the six months ended June 30, 2024. Realized and unrealized gains and losses are included in the Statements of Operations. The U.S. High Yield Fund did not have futures contracts activity during the six months ended June 30, 2024. |
D.
| Forward Foreign Currency Exchange Contracts. During the six months ended June 30, 2024, the Credit Opportunities Fund and Low Duration Fund entered into transactions to purchase or sell foreign currencies to protect the U.S. dollar value of the underlying non-U.S. portfolio securities against the effect of possible adverse movements in foreign exchange rates. When entering into a forward foreign currency exchange contract, the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. The unrealized gain or loss on the contracts and the forward rates at the reporting date is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. The U.S. High Yield Fund did not have forward foreign currency exchange contract activity during the six months ended June 30, 2024. |
E.
| Foreign Currency. Foreign currency amounts, other than the cost of investments, are translated into U.S. dollar values based upon the spot exchange rate prior to the close of regular trading. The cost of investments is translated at the rates of exchange prevailing on the dates the portfolio securities were acquired. The Funds include foreign exchange gains and losses from interest receivable and other foreign currency denominated payables and receivables in “Change in net unrealized appreciation/depreciation on foreign currency translation” and “Net realized gain (loss) on foreign currency.” The Funds do not isolate that portion of realized and unrealized gain (loss) on investments resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the market price of securities for financial reporting purposes. Fluctuations in foreign exchange rates on investments are thus included in “Change in net unrealized appreciation/depreciation on investments” and “Net realized gain (loss) on investments” as shown in the Statements of Operations. |
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Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
F.
| Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made. |
In order to avoid imposition of the excise tax applicable to regulated investment companies, each Fund intends to declare each year as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.
Net capital losses incurred after October 31, and within the taxable year, are deemed to arise on the first business day of each Fund’s next taxable year.
As of the most recent fiscal year ended December 31, 2023, the Credit Opportunities Fund, U.S. High Yield Fund, and Low Duration Fund did not defer any post-October losses.
As of the most recent fiscal year ended December 31, 2023, the Funds had the following capital loss carryovers, which do not expire and retain their original character.
| | | | | | | | | | |
Short-Term Capital Loss Carryovers | | | $ 23,526,074 | | | $ 1,140,618 | | | $ 18,172,752 |
Long-Term Capital Loss Carryovers | | | 9,549,093 | | | 2,238,817 | | | 31,125,044 |
Total | | | $33,075,167 | | | $3,379,435 | | | $49,297,796 |
| | | | | | | | | | |
As of June 30, 2024, the Funds did not have any tax positions that did not meet the “more likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdictions as U.S. Federal and the Commonwealth of Massachusetts; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.
G.
| Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends and interest have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. |
H.
| Distributions to Shareholders. Distributions to shareholders from net investment income for the Credit Opportunities Fund normally are declared and paid on a quarterly basis. Distributions to shareholders from net investment income for the U.S. High Yield Fund and Low Duration Fund normally are declared and paid on a monthly basis. Distributions are recorded on the ex-dividend date. Distributions to shareholders from net realized gains for the Funds normally are declared and paid on an annual basis, if applicable. |
I.
| Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
J.
| Share Valuation. The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. The offering and |
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Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
redemption price per share for each Fund is equal to each Fund’s net asset value per share. The Funds charge a 1% redemption fee on shares held less than 90 days. The fee is deducted from the redemption proceeds otherwise payable to the shareholder. The Funds will retain the fee charged as paid-in capital and such fees become part of that Funds’ daily NAV calculation.
K.
| Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote. |
L.
| Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board approved liquidity risk management program that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any investment that each Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
M.
| Variable and Floating Rate Securities. The Funds may invest in variable and floating rate securities. Fixed income securities that have variable or floating rates of interest may, under certain limited circumstances, have varying principal amounts. These securities pay interest at rates that are adjusted periodically according to a specified formula, usually with reference to one or more interest rate indices or market interest rates (the “underlying index”). The interest paid on these securities is a function primarily of the underlying index upon which the interest rate adjustments are based. These adjustments minimize changes in the market value of the obligation. Similar to fixed rate debt instruments, variable and floating rate instruments are subject to changes in value based on changes in market interest rates or changes in the issuer’s creditworthiness. The rate of interest on securities may be tied to U.S. Government Securities or indices on those securities as well as any other rate of interest or index. |
Variable and floating rate demand notes of corporations are redeemable upon a specified period of notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying interest rates under direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days’ notice.
Certain securities may have an initial principal amount that varies over time based on an interest rate index, and, accordingly, a Fund might be entitled to less than the initial principal amount of the security upon the security’s maturity. A Fund intends to purchase these securities only when the Advisor believes the interest income from the instrument justifies any principal risks associated with the instrument. The Advisor may attempt to limit any potential loss of principal by purchasing similar instruments that are intended to provide an offsetting increase in principal. There can be no assurance that the Advisor will be able to limit the effects of principal fluctuations and, accordingly, a Fund may incur losses on those securities even if held to maturity without issuer default.
N.
| When-Issued Securities and Forward Commitments. The Funds may purchase securities offered on a “when-issued” and “forward commitment” basis (including a delayed delivery basis). Securities purchased on a “when-issued” or “forward commitment basis” are securities not available for immediate delivery despite the fact that a market exists for those securities. A purchase is made on a “delayed delivery” basis when the transaction is structured to occur sometime in the future. |
When these transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. Normally, the settlement date occurs within two months after the transaction, but delayed settlements beyond two months may be negotiated. During the period between a commitment and settlement, no payment is made for the securities purchased by the purchaser and, thus, no interest accrues to the purchaser from the transaction. At the time a Fund makes the commitment to purchase securities on a when-issued basis or forward
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Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
commitment, the Fund will record the transaction as a purchase and thereafter reflect the value each day of such securities in determining its NAV. No when-issued or forward commitments will be made by a Fund if, as a result, more than 5% of the Fund’s total assets would be committed to such transactions.
O.
| Deposits at Broker. Deposits at broker represents amounts that are held by third parties under certain of the Funds’ derivative transactions. Such deposits are excluded from cash and equivalents in the Statements of Assets and Liabilities. Interest income earned on such deposits is recorded in “Other income” on the Statements of Operations, if applicable. |
P.
| Offsetting Agreements. The Funds may be subject to netting arrangements, which govern the terms of certain transactions with counterparties. The arrangements allow the Funds to close out and net its total exposure to a counterparty in the event of a default with respect to all transactions governed under a single agreement with a counterparty. |
The following table presents derivative financial instruments that are subject to enforceable netting arrangements, collateral arrangements or other similar agreements as of June 30, 2024:
Credit Opportunities Fund
| | |
Assets
| | | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts | | | $ 445,305 | | | $ — | | | $ 445,305 | | | $ (32,336) | | | $ — | | | $ 412,969 |
Liabilities
| | | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts | | | 32,336 | | | — | | | 32,336 | | | (32,336) | | | — | | | — |
| | | | | | | | | | | | | | | | | | | |
Low Duration Fund
| | |
Assets
| | | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts | | | $ 577,482 | | | $ — | | | $ 577,482 | | | $ (577,482) | | | $ — | | | $— |
Credit Default - Swap Contracts | | | | | | | | | | | | | | | | | | |
Liabilities
| | | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts | | | 1,509,589 | | | — | | | 1,509,589 | | | (577,482) | | | — | | | 932,107 |
Credit Default - Swap Contracts | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
The above forward foreign currency exchange contracts had Bank of New York as their counterparty.
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Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
Q.
| Recently Issued Accounting Pronouncements. In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. The Financial Accounting Standards Board (“FASB”) approved an (optional) 2-year extension, until December 31, 2024, for temporary relief of transitioning away from the LIBOR. LIBOR is set to expire June 30, 2023. Companies were initially provided temporary relief through December 31, 2022 to update contracts moving away from LIBOR. |
In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
R.
| Subsequent Events. In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds have determined that there were no subsequent events that would need to be disclosed in the Funds’ financial statements. |
NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
Muzinich & Co., Inc. (the “Advisor”) provides the Funds with investment management services under an Investment Advisory Agreement (the “Advisory Agreement”). Under the Advisory Agreement, the Advisor furnishes all investment advice, office space, facilities, and most of the personnel needed by each Fund. As compensation for its services, the Advisor is entitled to receive a monthly fee. For the Credit Opportunities Fund, the Advisor is entitled to a monthly fee at the annual rate of 0.60% based upon the average daily net assets of the Fund. For the U.S. High Yield Fund, the Advisor is entitled to a monthly fee at the annual rate of 0.55% based upon the average daily net assets of the Fund. For the Low Duration Fund, the Advisor is entitled to a monthly fee at the annual rate of 0.45% based upon the average daily net assets of the Fund. The investment advisory fees incurred by the Funds for the six months ended June 30, 2024, are disclosed in the Statements of Operations. The investment advisory fees incurred are paid monthly to the Advisor, net of any monthly waiver or reimbursement discussed below.
The Advisor has contractually agreed to waive its fees and reimburse certain expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) to limit total expenses to 0.60%, 0.58%, and 0.50% of the Credit Opportunities Fund’s, U.S. High Yield Fund’s, and Low Duration Fund’s average daily net assets, respectively. The Operating Expenses Limitation Agreements have an indefinite term and may be terminated at any time, and without payment of any penalty, by the Board, on behalf of the Funds, upon sixty (60) days’ written notice to the Advisor. Any fees waived and/or Fund expenses absorbed by the Advisor pursuant to an agreed-upon expense cap shall be reimbursed by the Funds to the Advisor, if so requested by the Advisor, any time before the end of the third year following the fee waiver and/or expense absorption, provided the aggregate amount of the Funds’ current operating expenses for such year does not exceed the lesser expense cap in place at the time of waiver or at the time of reimbursement. The Funds must pay their current ordinary operating expenses before the Advisor is
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Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
entitled to any reimbursement of fees and/or expenses. Any such reimbursement is also contingent upon the Board’s review and approval. The amounts of fees waived and expenses absorbed by the Advisor during the six months ended June 30, 2024, are disclosed in the Statements of Operations. Any amount due from the Advisor is paid monthly to the Funds, if applicable.
As of June 30, 2024, the remaining cumulative amounts that may be recouped by the Advisor on behalf of the Funds are shown in the following tables. The Advisor may recapture a portion of the unreimbursed amounts no later than the dates as stated.
| | |
December 31, 2024 | | | $523,682 | | | $107,629 | | | $144,824 |
December 31, 2025 | | | 666,995 | | | 233,047 | | | 596,208 |
December 31, 2026 | | | 486,807 | | | 247,658 | | | 838,624 |
June 30, 2027 | | | 277,271 | | | 126,173 | | | 431,940 |
Total | | | $1,954,755 | | | $714,507 | | | $2,011,596 |
| | | | | | | | | | |
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), acts as the Funds’ administrator, fund accountant and transfer agent. In those capacities Fund Services maintains the Funds’ books and records, calculates the Funds’ NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Funds to Fund Services for these services for the six months ended June 30, 2024, are disclosed in the Statements of Operations.
The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. U.S. Bank N.A. serves as custodian to the Funds. U.S. Bank N.A. is an affiliate of Fund Services.
Pursuant to a Shareholder Service Plan adopted by the Trust and established by the Funds with respect to the Institutional Class shares of the Funds, the Advisor is authorized to provide, or arrange for others to provide, personal shareholder services relating to the servicing and maintenance of shareholder accounts not otherwise provided to the Funds (“Shareholder Servicing Activities”). Under the Shareholder Service Plan, the Advisor may enter into shareholder service agreements with securities broker- dealers and other securities professionals who provide Shareholder Servicing Activities for their clients invested in the Funds. The shareholder servicing fees incurred by the Funds for the six months ended June 30, 2024, are disclosed in the Statements of Operations.
NOTE 4 – PURCHASES AND SALES OF SECURITIES
For the six months ended June 30, 2024, the cost of purchases and proceeds from the sales and maturities of securities, excluding short-term investments, were as follows:
| | |
Credit Opportunities Fund | | | $215,275,389 | | | $236,631,758$ |
U.S. High Yield Fund | | | 21,397,690 | | | 23,433,624 |
Low Duration Fund | | | 417,861,098 | | | 327,123,906 |
| | | | | | | |
For the six months ended June 30, 2024, the cost of purchases and proceeds from the sales and maturities of long-term U.S. Government obligations included in the above, were as follows:
| | |
Credit Opportunities Fund | | | $42,259,132$ | | | $ 76,501,755 |
| | | | | | | |
There were no purchases or sales/maturities of long-term U.S. Government securities for the U.S. High Yield Fund or Low Duration Fund during the six months ended June 30, 2024.
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Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid during the six months ended June 30, 2024, and the year ended December 31, 2023, was as follows:
| | | | |
Credit Opportunities Fund | | | $4,478,518 | | | $ 11,151,062 |
U.S. High Yield Fund | | | 1,738,386 | | | 2,400,350 |
Low Duration Fund | | | 9,605,812 | | | 48,879,002 |
| | | | | | | |
| | | | |
Credit Opportunities Fund | | | $ — | | | $ — |
U.S. High Yield Fund | | | — | | | — |
Low Duration Fund | | | — | | | — |
| | | | | | | |
1
| Designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3). |
The Funds also designate as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.
The cost basis of investments for federal income tax purposes as of the most recent fiscal year ended December 31, 2023, was as follows:
| | | | | | | | | | |
Cost of Investments | | | $ 260,285,114 | | | $ 49,387,231 | | | $ 971,842,289 |
Gross tax unrealized appreciation | | | 9,904,838 | | | 982,072 | | | 33,637,648 |
Gross tax unrealized depreciation | | | (3,975,109) | | | (681,741) | | | (14,093,908) |
Net tax unrealized appreciation (depreciation) | | | 5,929,729 | | | 300,331 | | | 19,543,740 |
Undistributed ordinary income (loss) | | | 1,989,759 | | | 18,946 | | | 1,105,814 |
Undistributed long-term capital gains (losses) | | | — | | | — | | | — |
Total distributable earnings | | | 1,989,759 | | | 18,946 | | | 1,105,814 |
Other distributable (accumulated) gains (losses) | | | (33,050,754) | | | (3,379,370) | | | (48,877,215) |
Total distributable (accumulated) earningst (losses) | | | $(25,131,266) | | | $(3,060,093) | | | $(28,227,661) |
| | | | | | | | | | |
NOTE 6 – CREDIT FACILITY
U.S. Bank N.A. has made available to the Credit Opportunities Fund, U.S. High Yield Fund and Low Duration Fund credit facilities pursuant to a separate Loan and Security Agreement for temporary or extraordinary purposes. Credit facility details for the six months ended June 30, 2024, are as follows:
| | |
Maximum available credit | | | $15,000,000 |
Largest amount outstanding on an individual day | | | — |
Average daily loan outstanding when in use | | | — |
Credit facility outstanding as of June 30, 2024 | | | — |
Average interest rate when in use | | | 0.00% |
| | | | |
TABLE OF CONTENTS
Muzinich Funds
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)
| | | | |
Maximum available credit | | | $4,000,000 |
Largest amount outstanding on an individual day | | | — |
Average daily loan outstanding when in use | | | — |
Credit facility outstanding as of June 30, 2024 | | | — |
Average interest rate when in use | | | 0.00% |
| | | | |
| | | | |
Maximum available credit | | | $80,000,000 |
Largest amount outstanding on an individual day | | | 10,657,000 |
Average daily loan outstanding when in use | | | 3,795,333 |
Credit facility outstanding as of June 30, 2024 | | | — |
Average interest rate when in use | | | 7.67% |
| | | | |
Interest expense for the six months ended June 30, 2024, is disclosed in the Statements of Operations, if applicable.
NOTE 7 – RISKS ASSOCIATED WITH THE DISCONTINUATION OF THE LONDON INTERBANK OFFERED RATE (“LIBOR”)
Several of the Funds invest in corporate bonds that have interest rate provisions linked to LIBOR. LIBOR is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for such loans. It is expected that a number of private-sector banks currently reporting information used to set LIBOR will stop doing so after 2021 when their current reporting commitment ends, which could either cause LIBOR to stop publication immediately or cause LIBOR’s regulator to determine that its quality has degraded to the degree that it is no longer representative of its underlying market. The expected discontinuation of LIBOR may impact the functioning, liquidity, and value of these.
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable to open-end investment companies.
Item 19. Exhibits.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed.
Not applicable.
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | (Registrant) | Professionally Managed Portfolios | |
| | By (Signature and Title) | /s/ Jason Hadler | |
| | | Jason Hadler, President/Principal Executive Officer | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | By (Signature and Title) | /s/ Jason Hadler | |
| | | Jason Hadler, President/Principal Executive Officer | |
| | By (Signature and Title) | /s/ Craig Benton | |
| | | Craig Benton, Treasurer/Principal Financial Officer | |
* Print the name and title of each signing officer under his or her signature.
