MZFIX — Muzinich High Income Floating Rate Fund

MZFIX Fund Overview

MZFIX — Muzinich High Income Floating Rate Fund is a US mutual fund managed by Professionally Managed Portfolios, categorised as Bank Loans / Floating Rate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Professionally Managed Portfolios
• Category: Bank Loans / Floating Rate Bond
• Assets under management: $29.47M
• 1-year return: 4.5%
• Ticker: MZFIX
• SEC CIK: 0000811030
• SEC series ID: S000036428
• Share class ID: C000111436

MZFIX Investment Objective and Strategy

Muzinich High Income Floating Rate Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Professionally Managed Portfolios.

Investment objective

"The Muzinich High Income Floating Rate Fund (the ""Floating Rate Fund"" or the ""Fund"") seeks to provide a high level of income with a focus on principal preservation and reduced exposure to changes in interest rates."

Principal investment strategy

"The Floating Rate Fund normally invests at least 80% of its net assets in floating rate bonds or loans. The Fund's portfolio is typically well-diversified with short duration ( i.e., bonds or loans for which the portfolio's risk from a rising interest rate environment is low because the interest rates of the holdings ""float"" or reset periodically) below investment grade floating rate bank loans and notes that the Advisor believes have attractive risk/reward characteristics and which are issued by U.S. and foreign corporations. The Fund typically purchases securities rated from BB+ to B- by Standard & Poor's, Ba 1 through B 3 by Moody's, or which are deemed equivalent by the Advisor. Instruments that fall in this rating category are also known as high yield bonds (or loans) or ""junk bonds."" The Fund will not be required to sell holdings that fall to a rating below this ratings parameter.

Floating rate instruments in which the Fund invests may be unsecured or backed by receivables or other assets. The Fund may invest in foreign securities, of which 10% may include securities in emerging market countries. The Fund may invest in mutual funds or exchange-traded funds (""ETFs"") which invest in any of the previously mentioned types of fixed income securities and such investments in bond ETFs will be included in the Fund's 80% test. Although the Advisor will consider ratings assigned by ratings agencies in selecting high yield floating rate instruments, it relies principally on its own research and investment analysis. The Advisor selects floating rate bonds and loans based on a rigorous bottom-up evaluation of each company and each security in the Fund's portfolio. The Advisor considers both company-specific quantitative and qualitative factors such as: a company's managerial strength and commitment to debt repayment, anticipated cash flow, debt maturity schedules, borrowing requirements, use of borrowing proceeds, asset coverage, earnings prospects, impacting legislation, regulation, or litigation, and the strength and depth of the protections afforded the lender through the documentation governing the bond or bank loan issuance.

The Advisor seeks to reduce the risk to the Fund from rising interest rates, which will typically result in falling bond prices, by investing principally in securities with interest rates that reset periodically. The Advisor believes that this floating rate approach reduces the risk to the portfolio from rising interest rates. The Fund may use derivatives in various ways. The Fund may use derivatives as a substitute for taking a long or short position in the reference asset or to gain exposure to certain asset classes; under such circumstances, the derivatives may have economic characteristics similar to those of the reference asset, and the Fund's investment in the derivatives may be applied toward meeting a requirement to invest a certain percentage of its net assets in instruments with such characteristics.

The Fund may use derivatives to hedge (or reduce) its exposure to a portfolio asset or risk. The Fund may also use derivatives to manage cash. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security. The portfolio is actively managed and the Fund may sell a holding when it meets the portfolio managers' expectations, no longer offers compelling relative value, shows deteriorating fundamentals, or if it falls short of the portfolio managers' expectations. Tax consequences are not a primary consideration in the Fund's investment decisions. Although the Fund will not invest in bonds or loans that are already in default, the portfolio managers may decide to continue to hold a bond or loan (or related securities) after a default.

There is no limit on the amount of defaulted securities the Fund may hold."

MZFIX Performance

Total returns for MZFIX (as of 2026-10-01), from SEC filings.

MZFIX Risk Information

Risk metrics for MZFIX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 1.4%

MZFIX Costs and Fees

MZFIX costs about $65 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.65%
• Gross expense ratio: 1.81%
• Portfolio turnover: 73%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

MZFIX Cashflows

Over the 12 months to 2021-12, Muzinich High Income Floating Rate Fund had net inflows of $44.38M, from monthly SEC N-PORT filings.

MZFIX Debt Constituents

No individual debt constituents are reported in Muzinich High Income Floating Rate Fund's latest SEC N-PORT filing.

MZFIX Prospectus and SEC Filings

Official Muzinich High Income Floating Rate Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2021-04-30
• Prospectus (485BPOS) — filed 2020-05-13
• Prospectus (485BPOS) — filed 2019-05-21
• Portfolio holdings (N-PORT) — filed 2022-03-01
• Portfolio holdings (N-PORT) — filed 2021-11-29
• Portfolio holdings (N-PORT) — filed 2021-08-27
• Annual census (N-CEN) — filed 2022-03-14
• Annual census (N-CEN) — filed 2021-03-15

Related Funds

Related funds tracked on ABC INVEST:

• Akre Focus Fund (AKREX)
• Osterweis Strategic Income Fund (OSTIX)
• Akre Focus ETF (AKRE)
• Congress Small Cap Growth Fund (CSMVX)
• Muzinich Low Duration Fund (MZLRX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.