# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001133228-25-009495
**Filing Date:** 2025-9
**Character Count:** 265616
**Document Hash:** 44712ca56d81986f3332266a3af87fe3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009495.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001133228-25-009495

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROFESSIONALLY MANAGED PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000811030

**ORGANIZATION NAME:**
- **EIN:** 566415270
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 251296061

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-218-3770

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AVONDALE INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19910529

## Series and Classes Contracts Data

### Muzinich Flexible U.S. High Yield Income Fund (Series ID: S000036429)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000111439 | Institutional Shares       | MZHIX           |
| C000111440 | Supra Institutional Shares | MZHSX           |

### Muzinich Dynamic Income Fund (Series ID: S000036430)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000111442 | Institutional Shares       | MZCIX           |
| C000111443 | Supra Institutional Shares | MZCSX           |

### Muzinich Low Duration Fund (Series ID: S000054438)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000170964 | Supra Institutional Shares | MZLSX           |

?xml version='1.0' encoding='ASCII'? 2025-07-03195393_MuzinichDynamicIncomeFund_InstitutionalClass_TSRSemiAnnual

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 **<u>(811-05037)</u>**

**<u>Professionally Managed Portfolios</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(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)

**<u>(414) 516-1523</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Report to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img62496_202407101757127.jpg) | **Muzinich Dynamic Income Fund**  | ![image](img62237_202501131928476.jpg) |
| ![image](img62496_202407101757127.jpg) | Institutional Class \| MZCIX  | ![image](img62237_202501131928476.jpg) |
| ![image](img62496_202407101757127.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62237_202501131928476.jpg) |

---

This semi-annual shareholder report contains important information about the Muzinich Dynamic Income Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.muzinichusfunds.com/strategies/dynamic-income-fund. 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% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $161859273 |
| **Number of Holdings** | 324 |
| **Portfolio Turnover** | 81% |
| **SEC Yield (Subsidized)** | 4.37% |
| **SEC Yield (Unsubsidized)** | 4.10% |
| **Net Advisory Fee** | $267404 |

---

Visit https://www.muzinichusfunds.com/strategies/dynamic-income-fund for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  First American Treasury Obligations Fund  | 2.2% |
|  Hewlett Packard Enterprise Co.  | 1.4% |
|  Blackrock European Clo XIII DAC  | 1.2% |
|  Foundry JV Holdco LLC  | 1.0% |
|  Morgan Stanley  | 1.0% |
|  Goldman Sachs Group, Inc.  | 0.9% |
|  Ford Motor Credit Co. LLC  | 0.9% |
|  International Distribution Services PLC  | 0.9% |
|  T-Mobile USA, Inc.  | 0.9% |
|  Mars, Inc.  | 0.9% |

---

**Security Type Breakdown (% of Net** **Assets)** **\***

![image](ts4976img003.jpg)

**Industry Breakdown (% of Net** **Assets)**

![image](ts4976img004.jpg)

\* Percentages that show 0.0% represent less than 0.05% of net assets.

Muzinich Dynamic Income Fund PAGE 1 TSR-SAR-74316P553

------

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/strategies/dynamic-income-fund.

**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 Dynamic Income Fund PAGE 2 TSR-SAR-74316P553

88.34.03.72.20.10.01.12.814.410.48.97.95.85.25.14.03.734.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img62496_202407101757127.jpg) | **Muzinich Dynamic Income Fund**  | ![image](img62237_202501131928476.jpg) |
| ![image](img62496_202407101757127.jpg) | Supra Institutional Class \| MZCSX  | ![image](img62237_202501131928476.jpg) |
| ![image](img62496_202407101757127.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62237_202501131928476.jpg) |

---

This semi-annual shareholder report contains important information about the Muzinich Dynamic Income Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.muzinichusfunds.com/strategies/dynamic-income-fund. 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 | $31 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $161859273 |
| **Number of Holdings** | 324 |
| **Portfolio Turnover** | 81% |
| **SEC Yield (Subsidized)** | 4.46% |
| **SEC Yield (Unsubsidized)** | 4.18% |
| **Net Advisory Fee** | $267404 |

---

Visit https://www.muzinichusfunds.com/strategies/dynamic-income-fund for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  First American Treasury Obligations Fund  | 2.2% |
|  Hewlett Packard Enterprise Co.  | 1.4% |
|  Blackrock European Clo XIII DAC  | 1.2% |
|  Foundry JV Holdco LLC  | 1.0% |
|  Morgan Stanley  | 1.0% |
|  Goldman Sachs Group, Inc.  | 0.9% |
|  Ford Motor Credit Co. LLC  | 0.9% |
|  International Distribution Services PLC  | 0.9% |
|  T-Mobile USA, Inc.  | 0.9% |
|  Mars, Inc.  | 0.9% |

---

**Security Type Breakdown (% of Net** **Assets)** **\***

![image](ts4977img003.jpg)

**Industry Breakdown (% of Net** **Assets)**

![image](ts4977img004.jpg)

\* Percentages that show 0.0% represent less than 0.05% of net assets.

Muzinich Dynamic Income Fund PAGE 1 TSR-SAR-74316P561

------

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/strategies/dynamic-income-fund.

**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 Dynamic Income Fund PAGE 2 TSR-SAR-74316P561

88.34.03.72.20.10.01.12.814.410.48.97.95.85.25.14.03.734.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img62496_202407101757127.jpg) | **Muzinich Flexible U.S. High Yield income** **Fund**  | ![image](img62237_202501131928476.jpg) |
| ![image](img62496_202407101757127.jpg) | Institutional Class \| MZHIX  | ![image](img62237_202501131928476.jpg) |
| ![image](img62496_202407101757127.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62237_202501131928476.jpg) |

---

This semi-annual shareholder report contains important information about the Muzinich Flexible U.S. High Yield income Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.muzinichusfunds.com/strategies/us-high-yield-credit-fund. 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% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $62385242 |
| **Number of Holdings** | 317 |
| **Portfolio Turnover** | 26% |
| **SEC Yield (Subsidized)** | 6.23% |
| **SEC Yield (Unsubsidized)** | 5.79% |
| **Net Advisory Fee** | $46891 |

---

Visit https://www.muzinichusfunds.com/strategies/us-high-yield-credit-fund for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.2% |
|  First American Treasury Obligations Fund  | 2.1% |
|  Service Properties Trust  | 1.9% |
|  TransDigm, Inc.  | 1.5% |
|  Venture Global LNG, Inc.  | 1.3% |
|  Rocket Software, Inc.  | 1.2% |
|  Cloud Software Group, Inc.  | 1.2% |
|  Iron Mountain, Inc.  | 0.9% |
|  Garda World Security Corp.  | 0.9% |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc.  | 0.9% |

---

**Security Type Breakdown (% of Net** **Assets)**

![image](ts4973img003.jpg)

**Industry Breakdown (% of Net** **Assets)**

![image](ts4973img004.jpg)

Muzinich Flexible U.S. High Yield income Fund PAGE 1 TSR-SAR-74316J573

------

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/strategies/us-high-yield-credit-fund.

**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

91.95.62.10.410.19.36.86.76.56.15.34.93.440.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img62496_202407101757127.jpg) | **Muzinich Flexible U.S. High Yield income** **Fund**  | ![image](img62237_202501131928476.jpg) |
| ![image](img62496_202407101757127.jpg) | Supra Institutional Class \| MZHSX  | ![image](img62237_202501131928476.jpg) |
| ![image](img62496_202407101757127.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62237_202501131928476.jpg) |

---

This semi-annual shareholder report contains important information about the Muzinich Flexible U.S. High Yield income Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.muzinichusfunds.com/strategies/us-high-yield-credit-fund. 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% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $62385242 |
| **Number of Holdings** | 317 |
| **Portfolio Turnover** | 26% |
| **SEC Yield (Subsidized)** | 6.23% |
| **SEC Yield (Unsubsidized)** | 5.79% |
| **Net Advisory Fee** | $46891 |

---

Visit https://www.muzinichusfunds.com/strategies/us-high-yield-credit-fund for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.2% |
|  First American Treasury Obligations Fund  | 2.1% |
|  Service Properties Trust  | 1.9% |
|  TransDigm, Inc.  | 1.5% |
|  Venture Global LNG, Inc.  | 1.3% |
|  Rocket Software, Inc.  | 1.2% |
|  Cloud Software Group, Inc.  | 1.2% |
|  Iron Mountain, Inc.  | 0.9% |
|  Garda World Security Corp.  | 0.9% |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc.  | 0.9% |

---

**Security Type Breakdown (% of Net** **Assets)**

![image](ts4974img003.jpg)

**Industry Breakdown (% of Net** **Assets)**

![image](ts4974img004.jpg)

Muzinich Flexible U.S. High Yield income Fund PAGE 1 TSR-SAR-74316J565

------

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/strategies/us-high-yield-credit-fund.

**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

91.95.62.10.410.19.36.86.76.56.15.34.93.440.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img62496_202407101757127.jpg) | **Muzinich Low Duration Fund**  | ![image](img62237_202501131928476.jpg) |
| ![image](img62496_202407101757127.jpg) | Supra Institutional Class \| MZLSX  | ![image](img62237_202501131928476.jpg) |
| ![image](img62496_202407101757127.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62237_202501131928476.jpg) |

---

This semi-annual shareholder report contains important information about the Muzinich Low Duration Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.muzinichusfunds.com/strategies/low-duration-fund. 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% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1221408515 |
| **Number of Holdings** | 536 |
| **Portfolio Turnover** | 36% |
| **SEC Yield (Subsidized)** | 3.94% |
| **SEC Yield (Unsubsidized)** | 3.85% |
| **Net Advisory Fee** | $2240816 |

---

Visit https://www.muzinichusfunds.com/strategies/low-duration-fund for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Ford Motor Credit Co. LLC  | 2.3% |
|  First American Treasury Obligations Fund  | 1.3% |
|  BNP Paribas SA  | 1.1% |
|  Bank of Ireland Group PLC  | 1.1% |
|  ING Groep NV  | 1.1% |
|  General Motors Financial Co., Inc.  | 1.0% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.0% |
|  Commerzbank AG  | 1.0% |
|  Societe Generale SA  | 0.9% |
|  CaixaBank SA  | 0.8% |

---

**Security Type Breakdown (% of Net** **Assets)**

![image](ts4975img003.jpg)

**Industry Breakdown (% of Net** **Assets)**

![image](ts4975img004.jpg)

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/strategies/low-duration-fund.

Muzinich Low Duration Fund PAGE 1 TSR-SAR-74316P132

------

**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-74316P132

85.75.63.53.21.31.52.222.911.310.95.74.84.13.63.33.230.2 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](mun.jpg)

**Muzinich Dynamic Income Fund** 

**Muzinich Flexible U.S. High Yield Income Fund** 

**Muzinich Low Duration Fund**

Core Financial Statements

June 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#soi1) |  |
| &nbsp;&nbsp;&nbsp; [Muzinich Dynamic Income Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Muzinich Flexible U.S. High Yield Income Fund](#soi2) | [15](#soi2) |
| &nbsp;&nbsp;&nbsp; [Muzinich Low Duration Fund](#soi3) | [27](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [47](#sal) |
| [Statements of Operations](#sop) | [49](#sop) |
| [Statements of Changes in Net Assets](#scna) | [50](#scna) |
| [Financial Highlights](#fihi) | [52](#fihi) |
| [Notes to Financial Statements](#notes) | [57](#notes) |
| [Additional Information](#ai1) | [70](#ai1) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - 88.3%**<br>|  |  |  |
| **Aerospace/Defense - 0.8%**<br>|  |  |  |
| Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(a)</sup> |  | $150000 | $154939  |
| Czechoslovak Group AS, 5.25%, 01/10/2031 | EUR | 175000 | 209749  |
| Embraer Netherlands Finance BV, 5.98%, 02/11/2035 |  | 470000 | 484770  |
| TransDigm, Inc., 6.63%, 03/01/2032<sup>(a)</sup> |  | 500000 | 518442  |
|  |  |  | 1367900  |
| **Agency - 0.5%**<br>|  |  |  |
| Indian Railway Finance Corp. Ltd., 3.57%, 01/21/2032 |  | 850000 | 782957  |
| **Airlines - 1.1%**<br>|  |  |  |
| AS Mileage Plan IP Ltd., 5.31%, 10/20/2031<sup>(a)</sup> |  | 75000 | 73830  |
| Delta Air Lines, Inc., 5.25%, 07/10/2030 |  | 650000 | 654783  |
| OneSky Flight LLC, 8.88%, 12/15/2029<sup>(a)</sup> |  | 350000 | 364751  |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC / Vista Management Holding, Inc., <br>7.88%, 05/01/2027<sup>(a)</sup> |  | 775000 | 780449  |
|  |  |  | 1873813  |
| **Automotive & Auto Parts - 3.5%**<br>|  |  |  |
| Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(a)</sup> |  | 275000 | 281456  |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/2030<sup>(a)</sup> |  | 150000 | 155746  |
| Ford Motor Credit Co. LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 |  | 550000 | 501949  |
| &nbsp;&nbsp;&nbsp; 6.05%, 11/05/2031 |  | 300000 | 298382  |
| &nbsp;&nbsp;&nbsp; 7.12%, 11/07/2033 |  | 650000 | 675008  |
| General Motors Financial Co., Inc., 5.60%, 06/18/2031 |  | 410000 | 418152  |
| Harley-Davidson Financial Services, Inc., 4.00%, 03/12/2030 | EUR | 175000 | 207915  |
| Jaguar Land Rover Automotive PLC, 4.50%, 07/15/2028 | EUR | 300000 | 357738  |
| LKQ Dutch Bond BV, 4.13%, 03/13/2031 | EUR | 275000 | 329722  |
| Phinia, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029<sup>(a)</sup> |  | 650000 | 671608  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(a)</sup> |  | 400000 | 406320  |
| RCI Banque SA, 4.13%, 04/04/2031 | EUR | 275000 | 330816  |
| Stellantis NV, 2.75%, 04/01/2032 | EUR | 325000 | 355188  |
| Volkswagen International Finance NV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% to 06/14/2027 then 10 yr. Swap Rate EUR + 3.37%, Perpetual | EUR | 200000 | 234417  |
| &nbsp;&nbsp;&nbsp; 4.63% to 06/27/2028 then 10 yr. Swap Rate EUR + 3.98%, Perpetual | EUR | 100000 | 118201  |
| ZF North America Capital, Inc., 7.13%, 04/14/2030<sup>(a)</sup> |  | 325000 | 318088  |
|  |  |  | 5660706  |
| **Banking - 10.4%**<br>|  |  |  |
|  ABN AMRO Bank NV, 4.75% to 09/22/2027 then 5 yr. Swap Rate EUR + 3.90%, Perpetual | EUR | 500000 | 587946  |
|  AIB Group PLC, 2.88% to 05/30/2026 then 5 yr. Swap Rate EUR + 3.30%, 05/30/2031 | EUR | 730000 | 858548  |
|  Banco BPM SpA, 3.88% to 09/09/2029 then 3 mo. EURIBOR + 1.47%, 09/09/2030 | EUR | 690000 | 831793  |
|  Banco de Sabadell SA, 5.00% to 11/19/2027 then 5 yr. Swap Rate EUR + 5.17%, Perpetual | EUR | 600000 | 708981  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Banking - (Continued)**  | **Banking - (Continued)**  | **Banking - (Continued)**  | **Banking - (Continued)**  |
|  Bancolombia SA, 6.91% to 10/18/2027 then 5 yr. CMT Rate + 2.93%, 10/18/2027 |  | $500000 | $514614  |
|  Banque Federative du Credit Mutuel SA, 4.00% to 01/15/2030 then 5 yr. Swap Rate EUR + 1.75%, 01/15/2035 | EUR | 600000 | 716542  |
| Barclays PLC, 5.37% to 02/25/2030 then SOFR + 1.23%, 02/25/2031 |  | 825000 | 842573  |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX, 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039 |  | 650000 | 672307  |
|  BPCE SA, 1.50% to 01/13/2027 then 5 yr. Swap Rate EUR + 1.75%, 01/13/2042 | EUR | 400000 | 459496  |
| Commerzbank AG<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% to 12/05/2025 then 5 yr. Swap Rate EUR + 4.35%, 12/05/2030 | EUR | 200000 | 236220  |
| &nbsp;&nbsp;&nbsp; 1.38% to 12/29/2026 then 5 yr. Swap Rate EUR + 1.73%, 12/29/2031 | EUR | 600000 | 690049  |
| &nbsp;&nbsp;&nbsp; 4.88% to 10/16/2029 then 5 yr. Swap Rate EUR + 2.15%, 10/16/2034 | EUR | 100000 | 122974  |
|  Deutsche Bank AG, 3.38% to 02/13/2030 then 3 mo. EURIBOR + 1.25%, 02/13/2031 | EUR | 200000 | 236183  |
|  Erste Group Bank AG, 3.38% to 04/15/2027 then 5 yr. Swap Rate EUR + 3.43%, Perpetual | EUR | 600000 | 687657  |
|  Eurobank SA, 4.00% to 09/24/2029 then 1 yr. Swap Rate EUR + 1.80%, 09/24/2030 | EUR | 200000 | 241973  |
|  First Abu Dhabi Bank PJSC, 6.32% to 04/04/2029 then 5 yr. CMT Rate + 1.70%, 04/04/2034 |  | 750000 | 773707  |
| Hamburg Commercial Bank AG, 4.50%, 07/24/2028 | EUR | 300000 | 365563  |
| HSBC Holdings PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.36% to 11/16/2027 then 5 yr. Swap Rate EUR + 3.30%, 11/16/2032 | EUR | 345000 | 436411  |
| &nbsp;&nbsp;&nbsp; 4.60% to 03/22/2030 then 5 yr. Swap Rate EUR + 1.85%, 03/22/2035 | EUR | 150000 | 183459  |
|  Ibercaja Banco SA, 4.13% to 08/18/2031 then 5 yr. Swap Rate EUR + 1.90%, 08/18/2036 | EUR | 600000 | 702738  |
|  ING Groep NV, 1.00% to 11/16/2027 then 5 yr. Swap Rate EUR + 1.15%, 11/16/2032 | EUR | 600000 | 675639  |
| JPMorgan Chase & Co., 4.60% to 10/22/2029 then SOFR + 1.04%, 10/22/2030 |  | 650000 | 652041  |
|  KBC Group NV, 0.63% to 12/07/2026 then 5 yr. Swap Rate EUR + 0.95%, 12/07/2031 | EUR | 400000 | 457583  |
|  Mizuho Financial Group, Inc., 5.58% to 05/26/2034 then 1 yr. CMT Rate + 1.30%, 05/26/2035 |  | 1100000 | 1129740  |
|  Nationwide Building Society, 4.38% to 04/16/2029 then 5 yr. Swap Rate EUR + 1.65%, 04/16/2034 | EUR | 550000 | 668882  |
|  Piraeus Bank SA, 4.63% to 07/17/2028 then EURIBOR ICE Swap Rate + 1.72%, 07/17/2029 | EUR | 225000 | 276269  |
| &nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski SA, 4.50% to 03/27/2027 then <br>3 mo. EURIBOR + 1.60%, 03/27/2028 | EUR | 550000 | 663459  |
|  Standard Chartered PLC, 1.20% to 09/23/2026 then 5 yr. Swap Rate EUR + 1.55%, 09/23/2031 | EUR | 580000 | 667452  |
| &nbsp;&nbsp;&nbsp; UniCredit SpA, 3.88% to 06/03/2027 then 5 yr. Swap Rate EUR + 4.08%, <br>Perpetual | EUR | 500000 | 579038  |
|  Volksbank Wien AG, 5.75% to 06/21/2029 then 5 yr. Swap Rate EUR + 3.10%, 06/21/2034 | EUR | 200000 | 244441  |
|  |  |  | 16884278  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Broadcasting - 0.8%**<br>|  |  |  |
| Pinewood Finco PLC, 6.00%, 03/27/2030 | GBP | 300000 | $408114  |
| Sinclair Television Group, Inc., 8.13%, 02/15/2033<sup>(a)</sup> |  | 125000 | 126621  |
| TEGNA, Inc., 4.63%, 03/15/2028 |  | 550000 | 536566  |
| Warnermedia Holdings, Inc., 4.05%, 03/15/2029 |  | 200000 | 163000  |
|  |  |  | 1234301  |
| **Building Materials - 0.8%**<br>|  |  |  |
| Quikrete Holdings, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2032<sup>(a)</sup> |  | 175000 | 180329  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2033<sup>(a)</sup> |  | 325000 | 335555  |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> |  | 775000 | 794634  |
|  |  |  | 1310518  |
| **Cable/Satellite TV - 1.3%**<br>|  |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 5.50%, 05/01/2026<sup>(a)</sup> |  | 400000 | 400103  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.55%, 06/01/2034 |  | 475000 | 507141  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 |  | 400000 | 420321  |
| Comcast Corp., 5.65%, 06/01/2054 |  | 325000 | 316657  |
| Cox Communications, Inc., 5.95%, 09/01/2054<sup>(a)</sup> |  | 525000 | 488442  |
|  |  |  | 2132664  |
| **Capital Goods - 2.3%**<br>|  |  |  |
| Amsted Industries, Inc., 6.38%, 03/15/2033<sup>(a)</sup> |  | 250000 | 254333  |
| Ingersoll Rand, Inc., 5.45%, 06/15/2034 |  | 300000 | 308454  |
| KION Group AG, 4.00%, 11/20/2029 | EUR | 510000 | 608638  |
| Pentair Finance Sarl, 5.90%, 07/15/2032 |  | 375000 | 392105  |
| Regal Rexnord Corp., 6.05%, 04/15/2028 |  | 1025000 | 1056567  |
| Terex Corp., 6.25%, 10/15/2032<sup>(a)</sup> |  | 350000 | 350940  |
| Trane Technologies Financing Ltd., 5.10%, 06/13/2034 |  | 300000 | 304563  |
| Westinghouse Air Brake Technologies Corp., 4.90%, 05/29/2030 |  | 450000 | 456382  |
|  |  |  | 3731982  |
| **Chemicals - 0.6%**<br>|  |  |  |
| IMCD NV, 4.88%, 09/18/2028 | EUR | 500000 | 621399  |
| Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> |  | 300000 | 295257  |
|  |  |  | 916656  |
| **Consumer-Products - 0.3%**<br>|  |  |  |
| Whirlpool Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/2030 |  | 225000 | 226920  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/2033 |  | 300000 | 301102  |
|  |  |  | 528022  |
| **Containers - 0.4%**<br>|  |  |  |
| Berry Global, Inc., 5.65%, 01/15/2034 |  | 675000 | 696858  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Diversified Financial Services - 10.4%**<br>|  |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 09/30/2030 |  | $575000 | $613708  |
| &nbsp;&nbsp;&nbsp; 6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056 |  | 250000 | 249412  |
| Ally Financial, Inc., 5.74% (SOFR + 1.96%), 05/15/2029 |  | 325000 | 330805  |
| Azorra Finance Ltd., 7.25%, 01/15/2031<sup>(a)</sup> |  | 250000 | 255720  |
| Boost Newco Borrower LLC, 7.50%, 01/15/2031<sup>(a)</sup> |  | 925000 | 982587  |
| Bread Financial Holdings, Inc., 9.75%, 03/15/2029<sup>(a)</sup> |  | 50000 | 53882  |
|  California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/2032<sup>(a)</sup> |  | 475000 | 476114  |
| DAE Funding LLC, 3.38%, 03/20/2028 |  | 900000 | 866551  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> |  | 475000 | 481709  |
| Esic Sukuk Ltd., 5.83%, 02/14/2029 |  | 810000 | 823398  |
| Fortress Transportation and Infrastructure Investors LLC, 7.00%, 06/15/2032<sup>(a)</sup> |  | 775000 | 801102  |
| Freedom Mortgage Holdings LLC, 8.38%, 04/01/2032<sup>(a)</sup> |  | 125000 | 125735  |
| Goldman Sachs Group, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032 |  | 825000 | 720535  |
| &nbsp;&nbsp;&nbsp; 5.73% to 01/28/2055 then SOFR + 1.70%, 01/28/2056 |  | 775000 | 776742  |
| HLD Europe SCA, 4.13%, 04/02/2030 | EUR | 250000 | 300969  |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/2027 |  | 800000 | 775725  |
| JAB Holdings BV, 4.38%, 04/25/2034 | EUR | 600000 | 720114  |
| MDGH GMTN RSC Ltd., 2.88%, 11/07/2029 |  | 880000 | 826861  |
| Morgan Stanley<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.17% to 01/16/2029 then SOFR + 1.45%, 01/16/2030 |  | 500000 | 510570  |
| &nbsp;&nbsp;&nbsp; 5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 |  | 300000 | 305118  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/18/2034 then SOFR + 1.73%, 01/18/2035 |  | 450000 | 460153  |
| &nbsp;&nbsp;&nbsp; 4.10% to 05/22/2035 then 3 mo. EURIBOR + 1.55%, 05/22/2036 | EUR | 300000 | 361872  |
| Motability Operations Group PLC, 3.88%, 01/24/2034 | EUR | 510000 | 610421  |
| Nasdaq, Inc., 5.55%, 02/15/2034 |  | 725000 | 756557  |
| PennyMac Financial Services, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/2029<sup>(a)</sup> |  | 150000 | 159394  |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/2030<sup>(a)</sup> |  | 550000 | 570259  |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/2033<sup>(a)</sup> |  | 400000 | 410500  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)</sup> |  | 350000 | 362855  |
| Rocket Cos., Inc., 6.38%, 08/01/2033<sup>(a)</sup> |  | 300000 | 307061  |
| SoftBank Group Corp., 6.75%, 07/08/2029 |  | 800000 | 817609  |
| Tikehau Capital SCA, 4.25%, 04/08/2031 | EUR | 900000 | 1074609  |
|  |  |  | 16888647  |
| **Diversified Media - 0.2%**<br>|  |  |  |
| RAI-Radiotelevisione Italiana SpA, 4.38%, 07/10/2029 | EUR | 200000 | 244797  |
| Snap, Inc., 6.88%, 03/01/2033<sup>(a)</sup> |  | 75000 | 76972  |
|  |  |  | 321769  |
| **Energy - 7.9%**<br>|  |  |  |
| Aker BP ASA, 4.00%, 05/29/2032 | EUR | 730000 | 867118  |
| BP Capital Markets BV, 4.32%, 05/12/2035 | EUR | 510000 | 629227  |
| Buckeye Partners LP, 6.75%, 02/01/2030<sup>(a)</sup> |  | 175000 | 181787  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Energy - (Continued)**  | **Energy - (Continued)**  | **Energy - (Continued)**  | **Energy - (Continued)**  |
| Cheniere Energy Partners LP<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/30/2033 |  | $325000 | $339473  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/30/2035<sup>(a)</sup> |  | 425000 | 428692  |
| Civitas Resources, Inc., 5.00%, 10/15/2026<sup>(a)</sup> |  | 400000 | 395172  |
| DT Midstream, Inc., 4.13%, 06/15/2029<sup>(a)</sup> |  | 475000 | 459062  |
| Empresa Nacional del Petroleo, 5.95%, 07/30/2034 |  | 325000 | 329219  |
| Energy Transfer LP, 6.20%, 04/01/2055 |  | 325000 | 320253  |
| Enterprise Products Operating LLC, 5.55%, 02/16/2055 |  | 575000 | 555628  |
| EQT Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029<sup>(a)</sup> |  | 900000 | 889047  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031<sup>(a)</sup> |  | 372000 | 366476  |
| Galaxy Pipeline Assets Bidco Ltd., 2.63%, 03/31/2036 |  | 1400000 | 1191963  |
| Hess Corp., 5.60%, 02/15/2041 |  | 250000 | 248837  |
| Hess Midstream Operations LP, 5.88%, 03/01/2028<sup>(a)</sup> |  | 300000 | 304669  |
| Rockies Express Pipeline LLC, 6.75%, 03/15/2033<sup>(a)</sup> |  | 100000 | 104451  |
| Shell International Finance BV, 1.75%, 09/10/2052 | GBP | 800000 | 494230  |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028<sup>(a)</sup> |  | 250000 | 248680  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030<sup>(a)</sup> |  | 325000 | 319207  |
| Targa Resources Corp., 6.50%, 03/30/2034 |  | 450000 | 483891  |
|  TotalEnergies SE, 4.12% to 02/19/2030 then 5 yr. Swap Rate EUR + 1.86%, Perpetual | EUR | 575000 | 685198  |
| Var Energi ASA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/22/2030<sup>(a)</sup> |  | 340000 | 348488  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/12/2031 | EUR | 275000 | 325525  |
| &nbsp;&nbsp;&nbsp; 7.86% to 02/15/2029 then 5 yr. Swap Rate EUR + 4.77%, 11/15/2083 | EUR | 250000 | 323937  |
| Venture Global LNG, Inc., 8.13%, 06/01/2028<sup>(a)</sup> |  | 1000000 | 1034369  |
| Venture Global Plaquemines LNG LLC, 6.75%, 01/15/2036<sup>(a)</sup> |  | 200000 | 200000  |
| Vivo Energy Investments BV, 5.13%, 09/24/2027 |  | 400000 | 392781  |
| &nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV, 3.00% to 01/20/2029 then 5 yr. Swap Rate <br>EUR + 3.32%, Perpetual | EUR | 300000 | 332433  |
|  |  |  | 12799813  |
| **Environmental - 0.7%**<br>|  |  |  |
| Currenta Group Holdings Sarl, 5.50%, 05/15/2030 | EUR | 425000 | 512268  |
| GFL Environmental, Inc., 3.50%, 09/01/2028<sup>(a)</sup> |  | 500000 | 482591  |
| Waste Pro USA, Inc., 7.00%, 02/01/2033<sup>(a)</sup> |  | 75000 | 78027  |
|  |  |  | 1072886  |
| **Food & Drug Retail - 0.4%**<br>|  |  |  |
| Cencosud SA, 5.95%, 05/28/2031 |  | 620000 | 640286  |
| **Food/Beverage/Tobacco - 5.2%**<br>|  |  |  |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/2036 |  | 350000 | 341761  |
| Bacardi Ltd. / Bacardi-Martini BV, 5.25%, 01/15/2029<sup>(a)</sup> |  | 475000 | 481895  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Food/Beverage/Tobacco - (Continued)**  | **Food/Beverage/Tobacco - (Continued)**  | **Food/Beverage/Tobacco - (Continued)**  | **Food/Beverage/Tobacco - (Continued)**  |
| Barry Callebaut Services NV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/19/2028 | EUR | 200000 | $237889  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/19/2031 | EUR | 100000 | 118592  |
| Constellation Brands, Inc., 4.80%, 05/01/2030 |  | 600000 | 605156  |
| Flora Food Management BV, 6.88%, 07/02/2029 | EUR | 900000 | 1077913  |
| HLF Financing Sarl LLC / Herbalife International, Inc., 12.25%, 04/15/2029<sup>(a)</sup> |  | 500000 | 546705  |
|  INDOFOOD CBP SUKSE 3.398% SNR 09/06/31 USD1000, 3.40%, 06/09/2031 |  | 860000 | 789742  |
|  JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2036<sup>(a)</sup> |  | 225000 | 225913  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2056<sup>(a)</sup> |  | 850000 | 854114  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/2066<sup>(a)</sup> |  | 250000 | 251462  |
| Mars, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035<sup>(a)</sup> |  | 925000 | 935960  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055<sup>(a)</sup> |  | 475000 | 474820  |
| NBM US Holdings, Inc., 6.63%, 08/06/2029 |  | 600000 | 604652  |
| Roquette Freres SA, 3.77%, 11/25/2031 | EUR | 700000 | 820967  |
|  |  |  | 8367541  |
| **Gaming - 0.3%**<br>|  |  |  |
| FDJ UNITED, 3.63%, 11/21/2036 | EUR | 400000 | 463745  |
| **Healthcare - 5.1%**<br>|  |  |  |
|  Bayer AG, 7.00% to 12/25/2031 then 5 yr. Swap Rate EUR + 3.90%, 09/25/2083 | EUR | 500000 | 634701  |
| Cardinal Health, Inc., 5.35%, 11/15/2034 |  | 575000 | 586622  |
| CVS Health Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 06/01/2034 |  | 425000 | 437993  |
| &nbsp;&nbsp;&nbsp; 6.75% to 12/10/2034 then 5 yr. CMT Rate + 2.52%, 12/10/2054 |  | 550000 | 551401  |
| GE HealthCare Technologies, Inc., 5.50%, 06/15/2035 |  | 450000 | 461192  |
| GlaxoSmithKline Capital PLC, 4.25%, 12/18/2045 | GBP | 425000 | 479169  |
| Grifols SA, 7.13%, 05/01/2030 | EUR | 550000 | 674326  |
| HCA, Inc., 5.25%, 06/15/2049 |  | 625000 | 556860  |
| LifePoint Health, Inc., 8.38%, 02/15/2032<sup>(a)</sup> |  | 450000 | 479998  |
| Nidda Healthcare Holding GmbH, 5.63%, 02/21/2030 | EUR | 675000 | 812118  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 |  | 575000 | 581057  |
| Pfizer, Inc., 2.74%, 06/15/2043 | GBP | 575000 | 527574  |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031<sup>(a)</sup> |  | 400000 | 400539  |
| UnitedHealth Group, Inc., 5.30%, 06/15/2035 |  | 200000 | 203968  |
| US Acute Care Solutions LLC, 9.75%, 05/15/2029<sup>(a)</sup> |  | 375000 | 387226  |
| Werfen SA/Spain, 4.25%, 05/03/2030 | EUR | 400000 | 492039  |
|  |  |  | 8266783  |
| **Homebuilders/Real Estate - 3.1%**<br>|  |  |  |
| American Tower Corp., 5.45%, 02/15/2034 |  | 650000 | 669662  |
| CTP NV, 4.75%, 02/05/2030 | EUR | 500000 | 618028  |
| Goodman US Finance Six LLC, 5.13%, 10/07/2034 |  | 425000 | 423971  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Homebuilders/Real Estate - (Continued)**  | **Homebuilders/Real Estate - (Continued)**  | **Homebuilders/Real Estate - (Continued)**  | **Homebuilders/Real Estate - (Continued)**  |
| Hammerson PLC, 5.88%, 10/08/2036 | GBP | 400000 | $542378  |
| Heimstaden Bostad AB, 1.13%, 01/21/2026 | EUR | 150000 | 174686  |
| Heimstaden Bostad Treasury BV, 1.00%, 04/13/2028 | EUR | 440000 | 489110  |
| MasTec, Inc., 4.50%, 08/15/2028<sup>(a)</sup> |  | 190000 | 187477  |
| P3 Group Sarl, 4.63%, 02/13/2030 | EUR | 250000 | 306992  |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032<sup>(a)</sup> |  | 200000 | 205635  |
| Service Properties Trust, 5.50%, 12/15/2027 |  | 500000 | 495712  |
| TAG Immobilien AG, 4.25%, 03/04/2030 | EUR | 300000 | 362890  |
| VIA Outlets BV, 1.75%, 11/15/2028 | EUR | 495000 | 558108  |
|  |  |  | 5034649  |
| **Insurance - 2.0%**<br>|  |  |  |
|  Athora Netherlands NV, 5.38% to 08/31/2027 then 5 yr. Swap Rate EUR + 4.01%, 08/31/2032 | EUR | 475000 | 577730  |
| Brown & Brown, Inc., 5.55%, 06/23/2035 |  | 675000 | 688367  |
| Cathaylife Singapore Pte Ltd., 5.95%, 07/05/2034 |  | 850000 | 874734  |
|  Dai-ichi Life Insurance Co. Ltd., 6.20% to 01/16/2035 then 5 yr. CMT Rate + 2.52%, Perpetual |  | 200000 | 202315  |
| Rothesay Life PLC, 7.02%, 12/10/2034 | GBP | 310000 | 445176  |
|  Zurich Finance Ireland Designated Activity Co., 5.13% to 11/23/2032 then UK Government Bonds 5 Year Note Generic Bid Yield + 4.10%, 11/23/2052 | GBP | 300000 | 404341  |
|  |  |  | 3192663  |
| **Leisure - 1.4%**<br>|  |  |  |
| Carnival Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/2029<sup>(a)</sup> |  | 500000 | 505527  |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/2033<sup>(a)</sup> |  | 300000 | 307138  |
| NCL Corp. Ltd., 6.75%, 02/01/2032<sup>(a)</sup> |  | 350000 | 358522  |
| Royal Caribbean Cruises Ltd., 6.00%, 02/01/2033<sup>(a)</sup> |  | 471000 | 480227  |
| Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(a)</sup> |  | 250000 | 251250  |
| VOC Escrow Ltd., 5.00%, 02/15/2028<sup>(a)</sup> |  | 400000 | 398159  |
|  |  |  | 2300823  |
| **Metals/Mining - 1.8%**<br>|  |  |  |
| AngloGold Ashanti Holdings PLC, 6.50%, 04/15/2040 |  | 400000 | 412153  |
| Capstone Copper Corp., 6.75%, 03/31/2033<sup>(a)</sup> |  | 75000 | 76845  |
| Corp. Nacional del Cobre de Chile<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/08/2034 |  | 500000 | 510767  |
| &nbsp;&nbsp;&nbsp; 6.44%, 01/26/2036 |  | 300000 | 314484  |
| Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/2029 |  | 985000 | 1024765  |
| Navoi Mining & Metallurgical Combinat, 6.95%, 10/17/2031 |  | 400000 | 409806  |
| Novelis Corp., 6.88%, 01/30/2030<sup>(a)</sup> |  | 150000 | 155422  |
|  |  |  | 2904242  |
| **Paper - 0.7%**<br>|  |  |  |
| Inversiones CMPC SA, 6.13%, 06/23/2033 |  | 600000 | 617977  |
| Suzano Austria GmbH, 3.75%, 01/15/2031 |  | 500000 | 468633  |
|  |  |  | 1086610  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Railroads - 0.1%**<br>|  |  |  |
| Rumo Luxembourg Sarl, 5.25%, 01/10/2028 |  | $200000 | $197826  |
| **Restaurants - 0.5%**<br>|  |  |  |
| Arcos Dorados BV, 6.38%, 01/29/2032 |  | 400000 | 415100 |
| McDonald's Corp., 4.95%, 03/03/2035  |  | 400000 | 399434  |
|  |  |  | 814534  |
| **Services - 2.4%**<br>|  |  |  |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(a)</sup> |  | 550000 | 575333 |
| Amber Finco PLC, 6.63%, 07/15/2029 | EUR | 225000 | 277801  |
| Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(a)</sup> |  | 275000 | 280896  |
| Herc Holdings, Inc., 7.00%, 06/15/2030<sup>(a)</sup> |  | 100000 | 104457  |
| IPSOS SA, 3.75%, 01/22/2030 | EUR | 200000 | 239347  |
| Paychex, Inc., 5.10%, 04/15/2030 |  | 475000 | 486578  |
| Rentokil Terminix Funding LLC, 5.00%, 04/28/2030<sup>(a)</sup> |  | 575000 | 579152  |
| TriNet Group, Inc., 7.13%, 08/15/2031<sup>(a)</sup> |  | 400000 | 415802  |
| United Rentals North America, Inc., 6.00%, 12/15/2029<sup>(a)</sup> |  | 550000 | 563669  |
| WESCO Distribution, Inc., 6.38%, 03/15/2033<sup>(a)</sup> |  | 75000 | 77598  |
| Williams Scotsman, Inc., 6.63%, 04/15/2030<sup>(a)</sup> |  | 225000 | 233899  |
|  |  |  | 3834532  |
| **Steel - 0.7%**<br>|  |  |  |
| ABJA Investment Co. Pte Ltd., 5.45%, 01/24/2028 |  | 612000 | 619751  |
| Gerdau Trade, Inc., 5.75%, 06/09/2035 |  | 500000 | 500975  |
|  |  |  | 1120726  |
| **Super Retail - 2.2%**<br>|  |  |  |
| AA Bond Co. Ltd., 6.85%, 07/31/2031 | GBP | 250000 | 356070  |
| Beach Acquisition Bidco LLC, 5.25%, 07/15/2032 | EUR | 125000 | 148591  |
| Home Depot, Inc., 4.95%, 06/25/2034 |  | 325000 | 329129  |
| ITM Entreprises SASU, 4.13%, 01/29/2030 | EUR | 500000 | 598673  |
| Lowe's Cos., Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 07/01/2033 |  | 425000 | 433996  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/2053 |  | 525000 | 505992  |
| Magnera Corp., 7.25%, 11/15/2031<sup>(a)</sup> |  | 625000 | 588828  |
| REWE International Finance BV, 4.88%, 09/13/2030 | EUR | 500000 | 631652  |
|  |  |  | 3592931  |
| **Technology - 8.9%**<br>|  |  |  |
| Apple, Inc., 3.60%, 07/31/2042 | GBP | 375000 | 419383  |
| Broadcom, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.47%, 04/15/2034<sup>(a)</sup> |  | 375000 | 335223  |
| &nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035<sup>(a)</sup> |  | 525000 | 443227  |
| Cloud Software Group, Inc., 6.50%, 03/31/2029<sup>(a)</sup> |  | 375000 | 378741  |
| CoreWeave, Inc., 9.25%, 06/01/2030<sup>(a)</sup> |  | 175000 | 179010  |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/2031<sup>(a)</sup> |  | 950000 | 996304  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
| Foundry JV Holdco LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/25/2031<sup>(a)</sup> |  | $650000 | $667010  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/25/2032<sup>(a)</sup> |  | 525000 | 552790  |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/25/2036<sup>(a)</sup> |  | 425000 | 440149  |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(a)</sup> |  | 150000 | 154422  |
| Hewlett Packard Enterprise Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/15/2029 |  | 775000 | 770834  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2034 |  | 575000 | 558338  |
| &nbsp;&nbsp;&nbsp; 5.60%, 10/15/2054 |  | 953000 | 883560  |
| Insight Enterprises, Inc., 6.63%, 05/15/2032<sup>(a)</sup> |  | 350000 | 360868  |
| Intel Corp., 5.13%, 02/10/2030 |  | 725000 | 741476  |
| LG Energy Solution Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/25/2028 |  | 670000 | 685174  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/02/2035 |  | 200000 | 199697  |
| Micron Technology, Inc., 5.65%, 11/01/2032 |  | 400000 | 415860  |
| Oracle Corp., 4.38%, 05/15/2055 |  | 750000 | 587989  |
| Prysmian SpA, 3.63%, 11/28/2028 | EUR | 290000 | 348336  |
| Rocket Software, Inc., 9.00%, 11/28/2028<sup>(a)</sup> |  | 750000 | 773533  |
| SK Hynix, Inc., 6.50%, 01/17/2033 |  | 1100000 | 1189735  |
| TDF Infrastructure SASU<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/21/2028 | EUR | 500000 | 628109  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/23/2031 | EUR | 400000 | 477483  |
| Techem Verwaltungsgesellschaft 675 mbH, 4.63%, 07/15/2032 | EUR | 250000 | 291584  |
| Teleperformance SE, 5.75%, 11/22/2031 | EUR | 700000 | 888643  |
|  |  |  | 14367478  |
| **Telecommunications - 4.0%**<br>|  |  |  |
| Bharti Airtel Ltd., 3.25%, 06/03/2031 |  | 900000 | 835011  |
| Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029<sup>(a)</sup> |  | 450000 | 452875  |
| eircom Finance DAC, 2.63%, 02/15/2027 | EUR | 400000 | 465026  |
| Level 3 Financing, Inc., 6.88%, 06/30/2033<sup>(a)</sup> |  | 325000 | 330863  |
| Matterhorn Telecom SA, 5.25%, 07/31/2028 | CHF | 400000 | 521429  |
| Sitios Latinoamerica SAB de CV, 6.00%, 11/25/2029 |  | 500000 | 510370  |
| TDC Net AS, 5.19%, 08/02/2029 | EUR | 250000 | 308387  |
| T-Mobile USA, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/15/2033 |  | 700000 | 705099  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2054 |  | 725000 | 711939  |
| Verizon Communications, Inc., 5.05%, 05/09/2033 |  | 400000 | 405822  |
| Vmed O2 UK Financing I PLC, 4.00%, 01/31/2029 | GBP | 650000 | 831478  |
| Vodafone Group PLC, 5.13%, 12/02/2052 | GBP | 300000 | 346611  |
|  |  |  | 6424910  |
| **Transportation Excluding Air/Rail - 1.7%**<br>|  |  |  |
|  Abertis Infraestructuras Finance BV, 4.87% to 02/28/2030 then 5 yr. Swap Rate EUR + 2.62%, Perpetual | EUR | 200000 | 241333  |
| Heathrow Finance PLC, 3.88%, 03/01/2027<sup>(b)</sup> | GBP | 550000 | 732967  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Transportation Excluding Air/Rail - (Continued)**  | **Transportation Excluding Air/Rail - (Continued)**  | **Transportation Excluding Air/Rail - (Continued)**  | **Transportation Excluding Air/Rail - (Continued)**  |
| International Distribution Services PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/14/2028 | EUR | 415000 | $519345  |
| &nbsp;&nbsp;&nbsp; 7.38%, 09/14/2030 | GBP | 660000 | 952850  |
| United Parcel Service, Inc., 5.50%, 05/22/2054 |  | 400000 | 389128  |
|  |  |  | 2835623  |
| **Utilities - 5.8%**<br>|  |  |  |
| Alpha Generation LLC, 6.75%, 10/15/2032<sup>(a)</sup> |  | 550000 | 567065  |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, <br>5.63%, 02/15/2032 | EUR | 475000 | 576529  |
| Calpine Corp., 5.13%, 03/15/2028<sup>(a)</sup> |  | 850000 | 849456  |
| Chile Electricity Lux Mpc II Sarl, 5.58%, 10/20/2035 |  | 488753 | 490952  |
| Consolidated Edison Co. of New York, Inc., 5.50%, 03/15/2055 |  | 650000 | 631796  |
| ContourGlobal Power Holdings SA, 5.00%, 02/28/2030 | EUR | 500000 | 595173  |
|  Electricite de France SA, 2.88% to 03/15/2027 then 5 yr. Swap Rate EUR + 3.37%, Perpetual | EUR | 600000 | 696749  |
| Iren SpA, 3.63%, 09/23/2033 | EUR | 440000 | 520203  |
| Lightning Power LLC, 7.25%, 08/15/2032<sup>(a)</sup> |  | 775000 | 815519  |
| National Central Cooling Co. PJSC, 2.50%, 10/21/2027 |  | 650000 | 618881  |
| Niagara Energy SAC, 5.75%, 10/03/2034 |  | 500000 | 495672  |
| PSEG Power LLC, 5.75%, 05/15/2035<sup>(a)</sup> |  | 750000 | 772825  |
| Redexis SA, 4.38%, 05/30/2031 | EUR | 400000 | 484146  |
| Stedin Holding NV, 3.38%, 02/12/2037 | EUR | 250000 | 289118  |
| Terega SA, 4.00%, 09/17/2034 | EUR | 300000 | 357950  |
| Vistra Operations Co. LLC, 6.95%, 10/15/2033<sup>(a)</sup> |  | 500000 | 549369  |
| XPLR Infrastructure Operating Partners LP, 8.38%, 01/15/2031<sup>(a)</sup> |  | 50000 | 53366  |
|  |  |  | 9364769  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $136,625,331)** |  |  | 143014441  |
| **CONVERTIBLE BONDS - 4.0%**<br>|  |  |  |
| **Banking - 4.0%**<br>|  |  |  |
|  ABN AMRO Bank NV, 5.13% to 02/22/2028 then 5 yr. Swap Rate EUR + 2.45%, 02/22/2033 | EUR | 500000 | 615837  |
|  Arbejdernes Landsbank AS, 3.63% to 03/05/2029 then 3 mo. EURIBOR + 1.45%, 03/05/2030 | EUR | 400000 | 474476  |
|  Bank of Ireland Group PLC, 4.75% to 08/10/2029 then 5 yr. Swap Rate EUR + 1.85%, 08/10/2034 | EUR | 330000 | 404480  |
|  Bayerische Landesbank, 1.00% to 09/23/2026 then 5 yr. Swap Rate EUR + 1.35%, 09/23/2031 | EUR | 600000 | 689828  |
|  CaixaBank SA, 6.13% to 05/30/2029 then 5 yr. Swap Rate EUR + 3.00%, 05/30/2034 | EUR | 800000 | 1027316  |
|  Lloyds Banking Group PLC, 1.99% to 12/15/2026 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.60%, 12/15/2031 | GBP | 730000 | 964604  |
| Nationwide Building Society<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% to 07/30/2030 then 5 yr. Swap Rate EUR + 1.85%, 07/30/2035 | EUR | 200000 | 238227  |
| &nbsp;&nbsp;&nbsp; 3.77% to 01/27/2035 then 3 mo. EURIBOR + 1.23%, 01/27/2036 | EUR | 300000 | 356594  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CONVERTIBLE BONDS - (Continued)**  | **CONVERTIBLE BONDS - (Continued)**  | **CONVERTIBLE BONDS - (Continued)**  | **CONVERTIBLE BONDS - (Continued)**  |
| **Banking - (Continued)**  | **Banking - (Continued)**  | **Banking - (Continued)**  | **Banking - (Continued)**  |
|  NatWest Group PLC, 3.72% to 02/25/2030 then 5 yr. Swap Rate EUR + 1.40%, 02/25/2035 | EUR | 150000 | $176432  |
|  UniCredit SpA, 5.86% to 06/19/2027 then 5 yr. Mid Swap Rate USD + 3.70%, 06/19/2032 |  | 600000 | 604870  |
| &nbsp;&nbsp;&nbsp; Virgin Money UK PLC, 5.13% to 12/11/2025 then UK Government Bonds <br>5 Year Note Generic Bid Yield + 5.25%, 12/11/2030 | GBP | 660000 | 905568  |
|  |  |  | 6458232  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $5,974,341)** |  |  | 6458232  |
| **COLLATERALIZED LOAN OBLIGATIONS - 3.7%**<br>|  |  |  |
|  Aqueduct European CLO, Series 2024-10X, Class A, 4.03% (3 mo. EURIBOR + 1.28%), 01/18/2039 | EUR | 1000000 | 1177369  |
|  Ares European CLO, Series 21X, Class A, 3.67% (3 mo. EURIBOR + 1.22%), 04/15/2038 | EUR | 700000 | 824567  |
|  Avoca CLO, Series 32X, Class A1, 3.33% (3 mo. EURIBOR + 1.17%), 04/15/2039 | EUR | 700000 | 822246  |
|  Blackrock European Clo XIII DAC, Series 15X, Class A, 3.87% (3 mo. EURIBOR + 1.29%), 01/28/2038 | EUR | 1700000 | 2005226  |
|  Ravensdale Park CLO, Series 1X, Class A, 3.45% (3 mo. EURIBOR + 1.17%), 04/25/2038 | EUR | 300000 | 352679  |
|  RRE Loan Management, Series 24X, Class A1, 3.53% (3 mo. EURIBOR + 1.16%), 04/15/2040 | EUR | 700000 | 821377  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $5,382,371)** |  |  | 6003464  |
| **BANK LOANS - 0.0%<sup>(c)</sup>**<br>|  |  |  |
| **Technology - 0.0%<sup>(c)</sup>**<br>|  |  |  |
|  Constant Contact, Inc., First Lien, 8.56% (3 mo. Term SOFR + 4.00%), 02/10/2028 |  | 12 | 11  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $12)** |  |  | 11  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 2.2%**<br>|  |  |  |
| **Money Market Funds - 2.2%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(d)</sup> |  | 3524714 | 3524714  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,524,714)** |  |  | 3524714  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.2%** <br>**(Cost $151,506,769)** |  |  | $159000862  |
| Other Assets in Excess of Liabilities - 1.8% |  |  | 2858411  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $161859273 |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury

EURIBOR - Euro Interbank Offered Rate

GMTN - Global Medium-Term Note

LLC - Limited Liability Company

LP - Limited Partnership

PJSC - Public Joint Stock Company

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

CHF - Swiss Franc

EUR - Euro

GBP - British Pound

<sup>(a)</sup> 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, 2025, the value of these securities total $38,913,534 or 24.0% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of June 30, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Futures Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/**<br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 130 | 09/19/2025 | $14576250 | &nbsp;&nbsp; $153663  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $153663 |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Schedule of Forward Currency Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)**  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 09/17/2025 | &nbsp;&nbsp; EUR | 1400000 | &nbsp;&nbsp; USD | 1625442 | $32504  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 09/17/2025 | &nbsp;&nbsp; GBP | 1500000 | &nbsp;&nbsp; USD | 2053322 | 6717  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 09/17/2025 | &nbsp;&nbsp; USD | 492231 | &nbsp;&nbsp; CHF | 400000 | (17008)  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 09/17/2025 | &nbsp;&nbsp; USD | 51968946 | &nbsp;&nbsp; EUR | 45200000 | (1559036)  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 09/17/2025 | &nbsp;&nbsp; USD | 10816448 | &nbsp;&nbsp; GBP | 8000000 | (170422)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $(1707245) |

---

CHF - Swiss Franc

EUR - Euro

GBP - British Pound

USD - United States Dollar

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 91.9%**<br>|  |  |
| **Aerospace/Defense - 2.6%**<br>|  |  |
| Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(a)</sup> | $100000 | $103293  |
| Bombardier, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/2031<sup>(a)</sup> | 150000 | 157738  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/01/2032<sup>(a)</sup> | 125000 | 130361  |
| Spirit AeroSystems, Inc., 9.38%, 11/30/2029<sup>(a)</sup> | 250000 | 265536  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(a)</sup> | 125000 | 128267  |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/2031<sup>(a)</sup> | 125000 | 131098  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032<sup>(a)</sup> | 125000 | 129610  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(a)</sup> | 375000 | 376870  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(a)</sup> | 200000 | 200967  |
|  |  | 1623740  |
| **Airlines - 2.2%**<br>|  |  |
| Air Canada, 3.88%, 08/15/2026<sup>(a)</sup> | 300000 | 297171  |
| American Airlines, Inc., 8.50%, 05/15/2029<sup>(a)</sup> | 175000 | 183554  |
| OneSky Flight LLC, 8.88%, 12/15/2029<sup>(a)</sup> | 300000 | 312644  |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/01/2027<sup>(a)</sup> | 300000 | 302109  |
| &nbsp;&nbsp;&nbsp; 9.50%, 06/01/2028<sup>(a)</sup> | 150000 | 154286  |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/01/2030<sup>(a)</sup> | 100000 | 92840  |
|  |  | 1342604  |
| **Automotive & Auto Parts - 2.8%**<br>|  |  |
| Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(a)</sup> | 150000 | 153522  |
| Dana, Inc., 4.50%, 02/15/2032 | 125000 | 122251  |
| Ford Motor Credit Co. LLC, 5.92%, 03/20/2028 | 400000 | 404097  |
| Goodyear Tire & Rubber Co., 5.25%, 07/15/2031 | 425000 | 407487  |
| Jaguar Land Rover Automotive PLC, 5.50%, 07/15/2029<sup>(a)</sup> | 250000 | 249020  |
| Phinia, Inc., 6.63%, 10/15/2032<sup>(a)</sup> | 150000 | 152370  |
| Tenneco, Inc., 8.00%, 11/17/2028<sup>(a)</sup> | 275000 | 272234  |
|  |  | 1760981  |
| **Broadcasting - 2.8%**<br>|  |  |
| Gray Media, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/2029<sup>(a)</sup> | 125000 | 134312  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031<sup>(a)</sup> | 125000 | 93267  |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(a)</sup> | 325000 | 324449  |
| Sinclair Television Group, Inc., 8.13%, 02/15/2033<sup>(a)</sup> | 275000 | 278567  |
| Sirius XM Radio LLC, 4.00%, 07/15/2028<sup>(a)</sup> | 275000 | 264316  |
| TEGNA, Inc., 4.63%, 03/15/2028 | 193000 | 188286  |
| Univision Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028<sup>(a)</sup> | 250000 | 253894  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2029<sup>(a)</sup> | 150000 | 136472  |
| Warnermedia Holdings, Inc., 4.05%, 03/15/2029 | 125000 | 101875  |
|  |  | 1775438  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Building Materials - 1.3%**<br>|  |  |
| Builders FirstSource, Inc., 6.38%, 03/01/2034<sup>(a)</sup> | $175000 | $178540  |
| MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030<sup>(a)</sup> | 75000 | 71476  |
| New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(a)</sup> | 375000 | 376155  |
| Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(a)</sup> | 50000 | 51624  |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> | 125000 | 128167  |
|  |  | 805962  |
| **Cable/Satellite TV - 4.2%**<br>|  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(a)</sup> | 500000 | 499016  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(a)</sup> | 250000 | 242357  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031<sup>(a)</sup> | 500000 | 467336  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034<sup>(a)</sup> | 175000 | 155899  |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027<sup>(a)</sup> | 475000 | 473402  |
| DISH Network Corp., 11.75%, 11/15/2027<sup>(a)</sup> | 350000 | 361039  |
| Midcontinent Communications, 8.00%, 08/15/2032<sup>(a)</sup> | 375000 | 397338  |
|  |  | 2596387  |
| **Capital Goods - 2.5%**<br>|  |  |
| Amsted Industries, Inc., 6.38%, 03/15/2033<sup>(a)</sup> | 75000 | 76300  |
| Calderys Financing LLC, 11.25%, 06/01/2028<sup>(a)</sup> | 250000 | 265565  |
| Chart Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2030<sup>(a)</sup> | 125000 | 131022  |
| &nbsp;&nbsp;&nbsp; 9.50%, 01/01/2031<sup>(a)</sup> | 125000 | 133531  |
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/15/2030<sup>(a)</sup> | 100000 | 102370  |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/2031<sup>(a)</sup> | 50000 | 51767  |
| Hillenbrand, Inc., 6.25%, 02/15/2029 | 250000 | 255032  |
| JB Poindexter & Co., Inc., 8.75%, 12/15/2031<sup>(a)</sup> | 75000 | 76256  |
| Patrick Industries, Inc., 6.38%, 11/01/2032<sup>(a)</sup> | 175000 | 175554  |
| Terex Corp., 6.25%, 10/15/2032<sup>(a)</sup> | 300000 | 300806  |
|  |  | 1568203  |
| **Chemicals - 1.1%**<br>|  |  |
| Compass Minerals International, Inc., 8.00%, 07/01/2030<sup>(a)</sup> | 100000 | 103318  |
| NOVA Chemicals Corp., 4.25%, 05/15/2029<sup>(a)</sup> | 25000 | 24060  |
| Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | 150000 | 147629  |
| Olympus Water US Holding Corp., 9.75%, 11/15/2028<sup>(a)</sup> | 200000 | 210859  |
| WR Grace Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/2027<sup>(a)</sup> | 25000 | 24874  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/2029<sup>(a)</sup> | 175000 | 158432  |
|  |  | 669172  |
| **Consumer-Products - 0.8%**<br>|  |  |
| Central Garden & Pet Co., 4.13%, 10/15/2030 | 125000 | 118105  |
| Energizer Holdings, Inc., 4.75%, 06/15/2028<sup>(a)</sup> | 200000 | 194932  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Consumer-Products - (Continued)** | **Consumer-Products - (Continued)** | **Consumer-Products - (Continued)** |
| Newell Brands, Inc., 6.63%, 05/15/2032 | $225000 | $214317  |
|  |  | 527354  |
| **Containers - 2.2%**<br>|  |  |
| Ball Corp., 6.00%, 06/15/2029 | 150000 | 153782  |
| Canpack SA / Canpack US LLC, 3.88%, 11/15/2029<sup>(a)</sup> | 500000 | 467845  |
| Mauser Packaging Solutions Holding Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027<sup>(a)</sup> | 50000 | 50891  |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/2027<sup>(a)</sup> | 250000 | 248431  |
| OI European Group BV, 4.75%, 02/15/2030<sup>(a)</sup> | 50000 | 48039  |
| Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031<sup>(a)</sup> | 150000 | 153900  |
| Veritiv Operating Co., 10.50%, 11/30/2030<sup>(a)</sup> | 250000 | 271049  |
|  |  | 1393937  |
| **Diversified Financial Services - 8.6%**<br>|  |  |
|  APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves, 7.88%, 11/01/2029<sup>(a)</sup> | 450000 | 460787  |
| Azorra Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/2030<sup>(a)</sup> | 225000 | 234877  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031<sup>(a)</sup> | 75000 | 76716  |
| Block, Inc., 6.50%, 05/15/2032 | 125000 | 129057  |
| Bread Financial Holdings, Inc., 9.75%, 03/15/2029<sup>(a)</sup> | 225000 | 242469  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028<sup>(a)</sup> | 200000 | 198284  |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/2031<sup>(a)</sup> | 300000 | 316038  |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, <br>6.38%, 02/15/2032<sup>(a)</sup> | 275000 | 275645  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 100000 | 101413  |
| Fortress Transportation and Infrastructure Investors LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/01/2030<sup>(a)</sup> | 100000 | 106142  |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/2031<sup>(a)</sup> | 75000 | 77706  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/2032<sup>(a)</sup> | 75000 | 77526  |
| Freedom Mortgage Corp., 6.63%, 01/15/2027<sup>(a)</sup> | 150000 | 150503  |
| Freedom Mortgage Holdings LLC, 8.38%, 04/01/2032<sup>(a)</sup> | 75000 | 75441  |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 9.00%, 06/15/2030 | 250000 | 234437  |
| Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/2031<sup>(a)</sup> | 125000 | 132371  |
| Nationstar Mortgage Holdings, Inc., 5.00%, 02/01/2026<sup>(a)</sup> | 475000 | 473451  |
| OneMain Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/2027 | 125000 | 122399  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/15/2028 | 250000 | 239692  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/2030 | 150000 | 159357  |
| PennyMac Financial Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/2029<sup>(a)</sup> | 75000 | 79697  |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/2033<sup>(a)</sup> | 225000 | 230906  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)</sup> | 150000 | 155509  |
| PRA Group, Inc., 8.38%, 02/01/2028<sup>(a)</sup> | 225000 | 231047  |
| Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029<sup>(a)</sup> | 150000 | 157848  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** |
| Rocket Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/2030<sup>(a)</sup> | $50000 | $50957  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/2033<sup>(a)</sup> | 100000 | 102354  |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032<sup>(a)</sup> | 200000 | 207906  |
| Star Leasing Co. LLC, 7.63%, 02/15/2030<sup>(a)</sup> | 125000 | 124061  |
| United Wholesale Mortgage LLC, 5.75%, 06/15/2027<sup>(a)</sup> | 125000 | 124760  |
|  |  | 5349356  |
| **Diversified Media - 1.3%**<br>|  |  |
| Arches Buyer, Inc., 4.25%, 06/01/2028<sup>(a)</sup> | 175000 | 167623  |
| Clear Channel Outdoor Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 08/15/2027<sup>(a)</sup> | 225000 | 222606  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/2030<sup>(a)</sup> | 150000 | 154975  |
| Match Group Holdings II LLC, 5.00%, 12/15/2027<sup>(a)</sup> | 200000 | 198874  |
| Snap, Inc., 6.88%, 03/01/2033<sup>(a)</sup> | 50000 | 51315  |
|  |  | 795393  |
| **Energy - 6.8%**<br>|  |  |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029<sup>(a)</sup> | 125000 | 125295  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(a)</sup> | 175000 | 178205  |
| Buckeye Partners LP, 6.75%, 02/01/2030<sup>(a)</sup> | 75000 | 77909  |
| Civitas Resources, Inc., 8.63%, 11/01/2030<sup>(a)</sup> | 150000 | 152405  |
| Crescent Energy Finance LLC, 9.25%, 02/15/2028<sup>(a)</sup> | 250000 | 260386  |
| Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 03/15/2029<sup>(a)</sup> | 125000 | 129811  |
| EQT Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/2027<sup>(a)</sup> | 50000 | 50920  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/2030<sup>(a)</sup> | 75000 | 82464  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031<sup>(a)</sup> | 75000 | 73886  |
| Gulfport Energy Operating Corp., 6.75%, 09/01/2029<sup>(a)</sup> | 75000 | 76904  |
| Harvest Midstream I LP, 7.50%, 09/01/2028<sup>(a)</sup> | 500000 | 508914  |
| Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/2031<sup>(a)</sup> | 225000 | 217862  |
| Northern Oil & Gas, Inc., 8.13%, 03/01/2028<sup>(a)</sup> | 75000 | 75717  |
| Rockies Express Pipeline LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2033<sup>(a)</sup> | 50000 | 52226  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2040<sup>(a)</sup> | 300000 | 300740  |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(a)</sup> | 500000 | 491087  |
| Venture Global Calcasieu Pass LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029<sup>(a)</sup> | 125000 | 117931  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030<sup>(a)</sup> | 125000 | 128919  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031<sup>(a)</sup> | 125000 | 115778  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/2028<sup>(a)</sup> | 250000 | 258592  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029<sup>(a)</sup> | 250000 | 272514  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031<sup>(a)</sup> | 250000 | 259871  |
| Vital Energy, Inc., 9.75%, 10/15/2030 | 250000 | 226483  |
|  |  | 4234819  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Entertainment - 0.1%**<br>|  |  |
| Caesars Entertainment, Inc., 4.63%, 10/15/2029<sup>(a)</sup> | $75000 | $71655  |
| **Environmental - 0.1%**<br>|  |  |
| Waste Pro USA, Inc., 7.00%, 02/01/2033<sup>(a)</sup> | 50000 | 52018  |
| **Food & Drug Retail - 0.9%**<br>|  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028<sup>(a)</sup> | 150000 | 153724  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029<sup>(a)</sup> | 250000 | 237213  |
| Walgreens Boots Alliance, Inc., 8.13%, 08/15/2029 | 175000 | 185669  |
|  |  | 576606  |
| **Food/Beverage/Tobacco - 2.1%**<br>|  |  |
| Chobani Holdco II LLC, 8.75% (or 9.50% PIK), 10/01/2029<sup>(a)</sup> | 104195 | 111840  |
| HLF Financing Sarl LLC / Herbalife International, Inc., 12.25%, 04/15/2029<sup>(a)</sup> | 250000 | 273353  |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., <br>9.00%, 02/15/2029<sup>(a)</sup> | 275000 | 285102  |
| Performance Food Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/2029<sup>(a)</sup> | 150000 | 144779  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/2032<sup>(a)</sup> | 75000 | 76796  |
| Post Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/2030<sup>(a)</sup> | 125000 | 120292  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/2034<sup>(a)</sup> | 100000 | 100806  |
| US Foods, Inc., 5.75%, 04/15/2033<sup>(a)</sup> | 125000 | 125541  |
| Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031<sup>(a)</sup> | 75000 | 73554  |
|  |  | 1312063  |
| **Gaming - 3.0%**<br>|  |  |
| Boyd Gaming Corp., 4.75%, 06/15/2031<sup>(a)</sup> | 250000 | 239768  |
| Caesars Entertainment, Inc., 6.50%, 02/15/2032<sup>(a)</sup> | 175000 | 179623  |
| Churchill Downs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2027<sup>(a)</sup> | 150000 | 149666  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028<sup>(a)</sup> | 125000 | 123413  |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/2029<sup>(a)</sup> | 250000 | 245059  |
| Light & Wonder International, Inc., 7.50%, 09/01/2031<sup>(a)</sup> | 150000 | 157057  |
| Ontario Gaming GTA LP/OTG Co.-Issuer, Inc., 8.00%, 08/01/2030<sup>(a)</sup> | 250000 | 250837  |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., <br>6.63%, 02/01/2033<sup>(a)</sup> | 300000 | 300430  |
| Station Casinos LLC, 4.63%, 12/01/2031<sup>(a)</sup> | 250000 | 234327  |
|  |  | 1880180  |
| **Healthcare - 6.7%**<br>|  |  |
| AdaptHealth LLC, 6.13%, 08/01/2028<sup>(a)</sup> | 375000 | 375957  |
| Bausch + Lomb Corp., 8.38%, 10/01/2028<sup>(a)</sup> | 200000 | 209000  |
| CHS/Community Health Systems, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2027<sup>(a)</sup> | 125000 | 123201  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030<sup>(a)</sup> | 125000 | 111033  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Healthcare - (Continued)**  | **Healthcare - (Continued)**  | **Healthcare - (Continued)**  |
| DaVita, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031<sup>(a)</sup> | $125000 | $113769  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/2032<sup>(a)</sup> | 150000 | 155526  |
| Embecta Corp., 5.00%, 02/15/2030<sup>(a)</sup> | 175000 | 158293  |
| Endo Finance Holdings, Inc., 8.50%, 04/15/2031<sup>(a)</sup> | 50000 | 53008  |
| Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028<sup>(a)</sup> | 275000 | 290719  |
| Medline Borrower LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029<sup>(a)</sup> | 250000 | 239974  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(a)</sup> | 150000 | 148923  |
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/2028<sup>(a)</sup> | 200000 | 192482  |
| Owens & Minor, Inc., 4.50%, 03/31/2029<sup>(a)</sup> | 175000 | 156396  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 400000 | 404213  |
| Prestige Brands, Inc., 3.75%, 04/01/2031<sup>(a)</sup> | 175000 | 161342  |
| Prime Healthcare Services, Inc., 9.38%, 09/01/2029<sup>(a)</sup> | 325000 | 320369  |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031<sup>(a)</sup> | 175000 | 175236  |
| Tenet Healthcare Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/01/2027 | 250000 | 249837  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 | 250000 | 242588  |
| US Acute Care Solutions LLC, 9.75%, 05/15/2029<sup>(a)</sup> | 275000 | 283966  |
|  |  | 4165832  |
| **Homebuilders/Real Estate - 10.1%**<br>|  |  |
| Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029<sup>(a)</sup> | 250000 | 237736  |
| Ashton Woods USA LLC / Ashton Woods Finance Co., 6.63%, 01/15/2028<sup>(a)</sup> | 250000 | 251172  |
| Blackstone Mortgage Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/2027<sup>(a)</sup> | 150000 | 146006  |
| &nbsp;&nbsp;&nbsp; 7.75%, 12/01/2029<sup>(a)</sup> | 50000 | 53119  |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 6.25%, 09/15/2027<sup>(a)</sup> | 250000 | 249073  |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(a)</sup> | 50000 | 49595  |
| Cushman & Wakefield US Borrower LLC, 8.88%, 09/01/2031<sup>(a)</sup> | 250000 | 269591  |
| Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029<sup>(a)</sup> | 400000 | 398761  |
| Iron Mountain, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2030<sup>(a)</sup> | 250000 | 246770  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031<sup>(a)</sup> | 250000 | 238466  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2033<sup>(a)</sup> | 75000 | 77167  |
| Kennedy-Wilson, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2030 | 100000 | 91680  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 375000 | 338323  |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2025<sup>(a)</sup> | 125000 | 125041  |
| &nbsp;&nbsp;&nbsp; 7.00%, 07/15/2031<sup>(a)</sup> | 250000 | 261816  |
| MasTec, Inc., 6.63%, 08/15/2029<sup>(a)</sup> | 75000 | 75405  |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance <br>Co.-Issuer, 5.88%, 10/01/2028<sup>(a)</sup> | 200000 | 199871  |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032<sup>(a)</sup> | 175000 | 179930  |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Homebuilders/Real Estate - (Continued)** | **Homebuilders/Real Estate - (Continued)** | **Homebuilders/Real Estate - (Continued)** |
| RLJ Lodging Trust LP, 3.75%, 07/01/2026<sup>(a)</sup> | $300000 | $297185  |
| Service Properties Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2026 | 250000 | 249025  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/2027 | 250000 | 246951  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/2027 | 125000 | 123928  |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/01/2029 | 375000 | 327516  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030 | 250000 | 210507  |
| Star Holding LLC, 8.75%, 08/01/2031<sup>(a)</sup> | 250000 | 235904  |
| Starwood Property Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 07/15/2026<sup>(a)</sup> | 125000 | 123247  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2027<sup>(a)</sup> | 125000 | 123983  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/2029<sup>(a)</sup> | 125000 | 131592  |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 02/15/2028<sup>(a)</sup> | 219000 | 232473  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2029<sup>(a)</sup> | 250000 | 241898  |
| XHR LP, 6.63%, 05/15/2030<sup>(a)</sup> | 275000 | 280527  |
|  |  | 6314258  |
| **Hotels - 0.3%**<br>|  |  |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 4.88%, 07/01/2031<sup>(a)</sup> | 175000 | 161379  |
| **Insurance - 2.0%**<br>|  |  |
| Acrisure LLC / Acrisure Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029<sup>(a)</sup> | 250000 | 240132  |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/06/2030<sup>(a)</sup> | 225000 | 232573  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2028<sup>(a)</sup> | 250000 | 254101  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2031<sup>(a)</sup> | 250000 | 258766  |
|  Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031<sup>(a)</sup> | 250000 | 260046  |
|  |  | 1245618  |
| **Leisure - 1.2%**<br>|  |  |
| Carnival Corp., 6.13%, 02/15/2033<sup>(a)</sup> | 225000 | 230353  |
| NCL Corp. Ltd., 6.75%, 02/01/2032<sup>(a)</sup> | 125000 | 128044  |
| Royal Caribbean Cruises Ltd., 6.00%, 02/01/2033<sup>(a)</sup> | 107000 | 109096  |
| Sabre GLBL, Inc., 11.13%, 07/15/2030<sup>(a)</sup> | 75000 | 78376  |
| Six Flags Entertainment Corp., 7.25%, 05/15/2031<sup>(a)</sup> | 150000 | 154398  |
| Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(a)</sup> | 50000 | 50250  |
|  |  | 750517  |
| **Metals/Mining - 3.4%**<br>|  |  |
| Alcoa Nederland Holding BV, 7.13%, 03/15/2031<sup>(a)</sup> | 250000 | 262461  |
| Capstone Copper Corp., 6.75%, 03/31/2033<sup>(a)</sup> | 300000 | 307380  |
| Constellium SE, 5.63%, 06/15/2028<sup>(a)</sup> | 275000 | 273554  |
| ERO Copper Corp., 6.50%, 02/15/2030<sup>(a)</sup> | 300000 | 298783  |
| First Quantum Minerals Ltd., 6.88%, 10/15/2027<sup>(a)</sup> | 200000 | 200421  |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Metals/Mining - (Continued)** | **Metals/Mining - (Continued)** | **Metals/Mining - (Continued)** |
| Kaiser Aluminum Corp., 4.63%, 03/01/2028<sup>(a)</sup> | $300000 | $293870  |
| Mineral Resources Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/2028<sup>(a)</sup> | 250000 | 256138  |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/01/2030<sup>(a)</sup> | 150000 | 149337  |
| Perenti Finance Pty Ltd., 6.50%, 10/07/2025<sup>(a)</sup> | 95047 | 95046  |
|  |  | 2136990  |
| **Publishing/Printing - 0.5%**<br>|  |  |
| Cimpress PLC, 7.38%, 09/15/2032<sup>(a)</sup> | 275000 | 262911  |
| McGraw-Hill Education, Inc., 7.38%, 09/01/2031<sup>(a)</sup> | 50000 | 52051  |
|  |  | 314962  |
| **Restaurants - 0.5%**<br>|  |  |
| 1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/2030<sup>(a)</sup> | 175000 | 163247  |
| Yum! Brands, Inc., 5.38%, 04/01/2032 | 150000 | 150258  |
|  |  | 313505  |
| **Services - 6.1%**<br>|  |  |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(a)</sup> | 375000 | 392272  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/2028<sup>(a)</sup> | 200000 | 194285  |
| Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(a)</sup> | 200000 | 204288  |
| Brink's Co., 6.75%, 06/15/2032<sup>(a)</sup> | 250000 | 260252  |
| Garda World Security Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2027<sup>(a)</sup> | 275000 | 273458  |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032<sup>(a)</sup> | 275000 | 282418  |
| Herc Holdings, Inc., 7.25%, 06/15/2033<sup>(a)</sup> | 100000 | 104838  |
| Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028<sup>(a)</sup> | 250000 | 265037  |
| Neptune Bidco US, Inc., 9.29%, 04/15/2029<sup>(a)</sup> | 175000 | 169522  |
| Prime Security Services Borrower LLC / Prime Finance, Inc., 3.38%, 08/31/2027<sup>(a)</sup> | 200000 | 193660  |
| RB Global Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2028<sup>(a)</sup> | 150000 | 154063  |
| &nbsp;&nbsp;&nbsp; 7.75%, 03/15/2031<sup>(a)</sup> | 125000 | 131633  |
| TriNet Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2029<sup>(a)</sup> | 250000 | 235026  |
| &nbsp;&nbsp;&nbsp; 7.13%, 08/15/2031<sup>(a)</sup> | 125000 | 129938  |
| United Rentals North America, Inc., 3.75%, 01/15/2032 | 225000 | 206834  |
| WESCO Distribution, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/2028<sup>(a)</sup> | 125000 | 126661  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/2029<sup>(a)</sup> | 125000 | 128771  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/2032<sup>(a)</sup> | 150000 | 155433  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/2033<sup>(a)</sup> | 50000 | 51732  |
| Williams Scotsman, Inc., 6.63%, 06/15/2029<sup>(a)</sup> | 150000 | 154076  |
|  |  | 3814197  |

---

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Steel - 0.4%**<br>|  |  |
| Cleveland-Cliffs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2027 | $150000 | $149978  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029<sup>(a)</sup> | 125000 | 123142  |
|  |  | 273120  |
| **Super Retail - 2.8%**<br>|  |  |
| Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(a)</sup> | 50000 | 53251  |
| Evergreen Acqco 1 LP / TVI, Inc., 9.75%, 04/26/2028<sup>(a)</sup> | 337000 | 352598  |
| Magnera Corp., 7.25%, 11/15/2031<sup>(a)</sup> | 250000 | 235531  |
| PetSmart, Inc. / PetSmart Finance Corp., 7.75%, 02/15/2029<sup>(a)</sup> | 250000 | 243085  |
| Rakuten Group, Inc., 9.75%, 04/15/2029<sup>(a)</sup> | 300000 | 329723  |
| Upbound Group, Inc., 6.38%, 02/15/2029<sup>(a)</sup> | 175000 | 172312  |
| Victra Holdings LLC / Victra Finance Corp., 8.75%, 09/15/2029<sup>(a)</sup> | 300000 | 315337  |
| William Carter Co., 5.63%, 03/15/2027<sup>(a)</sup> | 50000 | 49818  |
|  |  | 1751655  |
| **Technology - 5.7%**<br>|  |  |
| Cloud Software Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/2029<sup>(a)</sup> | 25000 | 25249  |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(a)</sup> | 300000 | 310899  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/2032<sup>(a)</sup> | 375000 | 399299  |
| CoreWeave, Inc., 9.25%, 06/01/2030<sup>(a)</sup> | 125000 | 127865  |
| Dye & Durham Ltd., 8.63%, 04/15/2029<sup>(a)</sup> | 225000 | 235699  |
| Entegris, Inc., 5.95%, 06/15/2030<sup>(a)</sup> | 50000 | 50832  |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/2031<sup>(a)</sup> | 225000 | 235967  |
| Gen Digital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/30/2027<sup>(a)</sup> | 250000 | 254601  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/2033<sup>(a)</sup> | 50000 | 51474  |
| Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/01/2027<sup>(a)</sup> | 100000 | 99969  |
| Open Text Corp., 3.88%, 02/15/2028<sup>(a)</sup> | 300000 | 290939  |
| Open Text Holdings, Inc., 4.13%, 12/01/2031<sup>(a)</sup> | 125000 | 115208  |
| Rocket Software, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/28/2028<sup>(a)</sup> | 250000 | 257844  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2029<sup>(a)</sup> | 500000 | 485701  |
| Seagate HDD Cayman<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029 | 200000 | 213500  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/2031 | 125000 | 134367  |
| Xerox Holdings Corp., 5.50%, 08/15/2028<sup>(a)</sup> | 150000 | 115054  |
| Ziff Davis, Inc., 4.63%, 10/15/2030<sup>(a)</sup> | 150000 | 140173  |
|  |  | 3544640  |
| **Telecommunications - 4.5%**<br>|  |  |
| Cogent Communications Group LLC, 7.00%, 06/15/2027<sup>(a)</sup> | 125000 | 125677  |
| Cogent Communications Group LLC / Cogent Finance, Inc., 7.00%, 06/15/2027<sup>(a)</sup> | 275000 | 275753  |
| Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029<sup>(a)</sup> | 225000 | 226437  |

---

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Telecommunications - (Continued)**  | **Telecommunications - (Continued)**  | **Telecommunications - (Continued)**  |
| EchoStar Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 | $150000 | $154417  |
| &nbsp;&nbsp;&nbsp; 6.75% (or 6.75% PIK), 11/30/2030 | 181497 | 165756  |
| Frontier Communications Holdings LLC, 8.63%, 03/15/2031<sup>(a)</sup> | 100000 | 106332  |
| GCI LLC, 4.75%, 10/15/2028<sup>(a)</sup> | 500000 | 483744  |
| Iliad Holding SASU, 7.00%, 04/15/2032<sup>(a)</sup> | 275000 | 282104  |
| Intelsat Jackson Holdings SA, 6.50%, 03/15/2030<sup>(a)</sup> | 150000 | 152811  |
| Qwest Corp., 7.25%, 09/15/2025 | 125000 | 125739  |
| Virgin Media Secured Finance PLC, 5.50%, 05/15/2029<sup>(a)</sup> | 200000 | 197035  |
| Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031<sup>(a)</sup> | 300000 | 314310  |
| Zayo Group Holdings, Inc., 4.00%, 03/01/2027<sup>(a)</sup> | 200000 | 187738  |
|  |  | 2797853  |
| **Utilities - 2.3%**<br>|  |  |
| Alpha Generation LLC, 6.75%, 10/15/2032<sup>(a)</sup> | 175000 | 180430  |
| Calpine Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/01/2029<sup>(a)</sup> | 150000 | 148229  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031<sup>(a)</sup> | 125000 | 123742  |
| Clearway Energy Operating LLC, 3.75%, 02/15/2031<sup>(a)</sup> | 250000 | 229718  |
| Lightning Power LLC, 7.25%, 08/15/2032<sup>(a)</sup> | 150000 | 157842  |
| Long Ridge Energy LLC, 8.75%, 02/15/2032<sup>(a)</sup> | 125000 | 129776  |
| Vistra Operations Co. LLC, 6.88%, 04/15/2032<sup>(a)</sup> | 250000 | 261531  |
| XPLR Infrastructure Operating Partners LP, 8.38%, 01/15/2031<sup>(a)</sup> | 200000 | 213466  |
|  |  | 1444734  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $56,104,327)** |  | 57365128  |
| **BANK LOANS - 5.6%**<br>|  |  |
| **Cable/Satellite TV - 1.1%**<br>|  |  |
|  Cogeco Communications USA II LP, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 09/30/2030 | 232359 | 232238  |
|  DTI Holdco, Inc., Senior Secured First Lien, 8.33% (1 mo. SOFR US + 4.00%), 04/26/2029 | 196981 | 194993  |
|  DXP Enterprises, Inc./TX, Senior Secured First Lien, 8.08% (1 mo. SOFR US + 3.75%), 10/07/2030 | 98258 | 99041  |
|  Telenet Financing USD LLC, Senior Secured First Lien, 6.54% (1 mo. SOFR US + 2.00%), 04/28/2028 | 200000 | 195834  |
|  |  | 722106  |
| **Capital Goods - 0.3%**<br>|  |  |
|  Recess Holdings, Inc., Senior Secured First Lien, 8.03% (3 mo. SOFR US + 3.75%), 02/20/2030 | 197508 | 198249  |
| **Consumer-Products - 0.2%**<br>|  |  |
|  Indy US Holdco LLC, Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 03/06/2028 | 99186 | 99403  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Diversified Financial Services - 0.7%**<br>|  |  |
|  Flora Food Management US Corp., Senior Secured First Lien, 8.30% (SOFR + 3.75%), 01/03/2028 | $218223 | $218688  |
|  Neon Maple US Debt Mergersub, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 11/17/2031 | 217151 | 217761  |
|  |  | 436449  |
| **Food/Beverage/Tobacco - 0.6%**<br>|  |  |
|  Flora Food Management US Corp., Senior Secured First Lien, 8.30% (SOFR + 3.75%), 01/03/2028 | 80279 | 80450  |
|  Long Ridge Energy T/L B (2/25), Senior Secured First Lien, 8.83% (3 mo. SOFR US + 4.50%), 02/09/2032 | 199500 | 197338  |
| Sazerac Co., Inc., 6.82% (1 mo. Term SOFR + 2.50%), 06/25/2032 | 75000 | 75094  |
|  |  | 352882  |
| **Hotels - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Crown Subsea Communications Holding, Inc., Senior Secured First Lien, 8.33% <br>(3 mo. SOFR US + 4.00%), 01/30/2031 | 247500 | 249408  |
| **Restaurants - 0.2%**<br>|  |  |
|  1011778 BC ULC, Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 09/23/2030 | 148129 | 147682  |
| **Technology - 0.8%**<br>|  |  |
|  Indy US Holdco LLC, Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 03/06/2028 | 99565 | 99783  |
|  Neon Maple US Debt Mergersub, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 11/17/2031 | 14822 | 14864  |
|  Travel + Leisure Co., Senior Secured First Lien, 13.75% (1 mo. SOFR US + 2.50%), 12/14/2029 | 246884 | 247440  |
| Viavi Solutions, Inc., 7.07% (1 mo. Term SOFR + 2.50%), 06/11/2032 | 125000 | 125196  |
|  |  | 487283  |
| **Telecommunications - 0.4%**<br>|  |  |
|  Arcline FM Holdings LLC, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 3.50%), 06/24/2030 | 57415 | 57746  |
|  Voyage Australia Pty Ltd., Senior Secured First Lien, 8.30% (3 mo. SOFR US + 3.50%), 07/20/2028 | 146947 | 147743  |
|  Ziggo Financing Partnership, Senior Secured First Lien, 7.04% (1 mo. SOFR US + 2.50%), 04/28/2028 | 50000 | 48960  |
|  |  | 254449  |
| **Transportation Excluding Air/Rail - 0.7%**<br>|  |  |
| Beacon Mobility Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25% (1 mo. Term SOFR + 3.25%), 06/17/2030 | 197892 | 197892  |
| &nbsp;&nbsp;&nbsp; 3.75% (1 mo. Term SOFR + 3.25%), 06/17/2030 | 27108 | 27108  |
|  First Student Bidco, Inc., Senior Secured First Lien, 6.80% (3 mo. SOFR US + 2.50%), 07/21/2028 | 236756 | 237126  |
|  |  | 462126  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Utilities - 0.2%**<br>|  |  |
|  Hanesbrands, Inc., Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 03/08/2032 | $99750 | $100135  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $3,478,104)** |  | 3510172  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 2.1%**<br>|  |  |
| **Money Market Funds - 2.1%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(b)</sup> | 1285209 | 1285209  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,285,209)** |  | 1285209  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%** <br>**(Cost $60,867,640)** |  | $62160509  |
| Other Assets in Excess of Liabilities - 0.4% |  | 224733  |
| **TOTAL NET ASSETS - 100.0%** |  | $62385242 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> 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, 2025, the value of these securities total $50,317,385 or 80.7% of the Fund's net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - 85.7%**<br>|  |  |  |
| **Aerospace/Defense - 0.4%**<br>|  |  |  |
| Czechoslovak Group AS, 5.25%, 01/10/2031 | EUR | 1225000 | $1468245  |
| TransDigm, Inc., 6.38%, 03/01/2029<sup>(a)</sup> |  | 3200000 | 3283645  |
|  |  |  | 4751890  |
| **Agency - 0.3%**<br>|  |  |  |
| Istituto Per Il Credito Sportivo E Culturale SPA, 5.25%, 10/31/2025 | EUR | 2800000 | 3330168  |
| **Airlines - 2.2%**<br>|  |  |  |
| Air Canada, 3.88%, 08/15/2026<sup>(a)</sup> |  | 1595000 | 1579959  |
| Air France-KLM<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/31/2026 | EUR | 4200000 | 5126946  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/23/2029 | EUR | 2000000 | 2435686  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(a)</sup> |  | 1048333 | 1046598  |
| Delta Air Lines, Inc., 4.95%, 07/10/2028 |  | 1950000 | 1962728  |
| Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/2025<sup>(a)</sup> |  | 393224 | 392322  |
| Finnair Oyj, 4.75%, 05/24/2029 | EUR | 1500000 | 1816625  |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027<sup>(a)</sup> |  | 1826000 | 1829558  |
| Transportes Aereos Portugueses SA, 5.13%, 11/15/2029 | EUR | 3000000 | 3555524  |
| United Airlines, Inc., 4.38%, 04/15/2026<sup>(a)</sup> |  | 3150000 | 3131179  |
| Wizz Air Finance Co. BV, 1.00%, 01/19/2026 | EUR | 3725000 | 4328285  |
|  |  |  | 27205410  |
| **Automotive & Auto Parts - 10.9%**<br>|  |  |  |
| American Honda Finance Corp., 4.55%, 03/03/2028 |  | 1500000 | 1507844  |
| Benteler International AG<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 05/15/2028 | EUR | 1400000 | 1730045  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/2031 | EUR | 950000 | 1154329  |
| Clarios Global LP / Clarios US Finance Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030<sup>(a)</sup> |  | 1150000 | 1194056  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2031 | EUR | 1400000 | 1658485  |
| Ford Motor Credit Co. LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/04/2025 |  | 1250000 | 1248718  |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 |  | 5351000 | 5315766  |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/10/2026 |  | 3000000 | 3041757  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/05/2027 |  | 3000000 | 3024838  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/17/2027 |  | 1250000 | 1222077  |
| &nbsp;&nbsp;&nbsp; 5.92%, 03/20/2028 |  | 2175000 | 2197277  |
| &nbsp;&nbsp;&nbsp; 3.62%, 07/27/2028 | EUR | 4050000 | 4776954  |
| &nbsp;&nbsp;&nbsp; 4.17%, 11/21/2028 | EUR | 2500000 | 2995349  |
| &nbsp;&nbsp;&nbsp; 4.45%, 02/14/2030 | EUR | 3000000 | 3592359  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 |  | 600000 | 547581  |
| Forvia SE<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/15/2027 | EUR | 1100000 | 1277884  |
| &nbsp;&nbsp;&nbsp; 2.38%, 06/15/2027 | EUR | 2500000 | 2868545  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/15/2029 | EUR | 750000 | 892339  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2031 | EUR | 2325000 | 2706531  |

---

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Automotive & Auto Parts - (Continued)** | **Automotive & Auto Parts - (Continued)** | **Automotive & Auto Parts - (Continued)** | **Automotive & Auto Parts - (Continued)** |
| General Motors Financial Co., Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/06/2026 |  | $1000000 | $1004668  |
| &nbsp;&nbsp;&nbsp; 2.35%, 02/26/2027 |  | 2200000 | 2120730  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/08/2027 |  | 2840000 | 2882054  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 |  | 975000 | 981087  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/23/2028 |  | 3550000 | 3655284  |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/07/2029 |  | 1500000 | 1545168  |
| Harley-Davidson Financial Services, Inc., 6.50%, 03/10/2028<sup>(a)</sup> |  | 1500000 | 1548588  |
| Hyundai Capital America<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/11/2025<sup>(a)</sup> |  | 3000000 | 3000944  |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/26/2028 | EUR | 1150000 | 1359451  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/08/2029<sup>(a)</sup> |  | 3325000 | 3379375  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/08/2030<sup>(a)</sup> |  | 1375000 | 1404798  |
| IHO Verwaltungs GmbH<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75% (or 9.50% PIK), 05/15/2028 | EUR | 2250000 | 2777082  |
| &nbsp;&nbsp;&nbsp; 6.75% (or 7.50% PIK), 11/15/2029 | EUR | 2050000 | 2529202  |
| Jaguar Land Rover Automotive PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2025<sup>(a)</sup> |  | 1100000 | 1101516  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2028 | EUR | 6625000 | 7900059  |
| Kia Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/21/2026 |  | 1200000 | 1188236  |
| &nbsp;&nbsp;&nbsp; 1.75%, 10/16/2026 |  | 3000000 | 2898582  |
| LKQ Corp., 5.75%, 06/15/2028 |  | 460000 | 474049  |
| Mahle GmbH, 6.50%, 05/02/2031 | EUR | 1550000 | 1859539  |
| Nissan Motor Acceptance Co. LLC, 6.95%, 09/15/2026 |  | 2000000 | 2024436  |
| Nissan Motor Co. Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.52%, 09/17/2025<sup>(a)</sup> |  | 4784000 | 4757398  |
| &nbsp;&nbsp;&nbsp; 2.65%, 03/17/2026 | EUR | 700000 | 818057  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/17/2027<sup>(a)</sup> |  | 2500000 | 2400107  |
| Opmobility, 4.88%, 03/13/2029 | EUR | 700000 | 849098  |
| RCI Banque SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/04/2027 | EUR | 5575000 | 6699451  |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/06/2030 | EUR | 1800000 | 2118920  |
| Schaeffler AG, 4.75%, 08/14/2029 | EUR | 3000000 | 3586537  |
| Stellantis NV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/19/2028 | EUR | 4625000 | 5502072  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/14/2030 | EUR | 175000 | 213993  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/19/2030 | EUR | 2025000 | 2371170  |
| Volkswagen Financial Services AG, 3.63%, 05/19/2029 | EUR | 5000000 | 5969314  |
| Volkswagen Leasing GmbH, 3.88%, 10/11/2028 | EUR | 2300000 | 2785647  |
| ZF Europe Finance BV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/23/2026 | EUR | 2300000 | 2670901  |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/23/2027 | EUR | 1500000 | 1667315  |

---

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Automotive & Auto Parts - (Continued)** | **Automotive & Auto Parts - (Continued)** | **Automotive & Auto Parts - (Continued)** | **Automotive & Auto Parts - (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/31/2029 | EUR | 1000000 | $1110259  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/13/2029 | EUR | 700000 | 810647  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/12/2030 | EUR | 600000 | 708861  |
|  |  |  | 133627329  |
| **Banking - 17.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Abanca Corp. Bancaria SA, 8.38% to 09/23/2028 then 5 yr. Swap Rate <br>EUR + 5.25%, 09/23/2033 | EUR | 3600000 | 4807914  |
|  AIB Group PLC, 2.88% to 05/30/2026 then 5 yr. Swap Rate EUR + 3.30%, 05/30/2031 | EUR | 7100000 | 8350261  |
|  Alpha Services and Holdings SA, 6.00% to 09/13/2029 then 5 yr. Swap Rate EUR + 3.27%, 09/13/2034 | EUR | 1650000 | 2079228  |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 2.95% to 07/22/2025 then <br>5 yr. CMT Rate + 1.29%, 07/22/2030<sup>(a)</sup> |  | 2700000 | 2697080  |
|  Banco de Sabadell SA, 2.50% to 04/15/2026 then 5 yr. Swap Rate EUR + 2.95%, 04/15/2031 | EUR | 900000 | 1057486  |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, 2.25% to 10/04/2027 then UK Government Bonds <br>5 Year Note Generic Bid Yield + 1.65%, 10/04/2032 | GBP | 2100000 | 2727528  |
| Bank of America Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.83% to 07/22/2025 then SOFR + 1.75%, 07/22/2026 |  | 1945000 | 1945042  |
| &nbsp;&nbsp;&nbsp; 4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 |  | 900000 | 900031 |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 |  | 1500000 | 1466286  |
| &nbsp;&nbsp;&nbsp; 5.82% to 09/15/2028 then SOFR + 1.57%, 09/15/2029 |  | 2000000 | 2083575  |
| &nbsp;&nbsp;&nbsp; 5.16% to 01/24/2030 then SOFR + 1.00%, 01/24/2031 |  | 1150000 | 1178586  |
| Bank of Ireland Group PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% to 07/16/2027 then 1 yr. Swap Rate EUR + 2.05%, 07/16/2028 | EUR | 1650000 | 2037490  |
| &nbsp;&nbsp;&nbsp; 7.59% to 12/06/2027 then UK Government Bonds 5 Year Note Generic Bid Yield + 4.70%, 12/06/2032 | GBP | 575000 | 828648  |
|  Bank Polska Kasa Opieki SA, 3.75% to 06/04/2030 then 3 mo. EURIBOR + 1.65%, 06/04/2031 | EUR | 2300000 | 2703664  |
|  Bankinter SA, 5.00% to 06/25/2029 then 5 yr. Swap Rate EUR + 2.35%, 06/25/2034 | EUR | 2000000 | 2468343  |
| Banque Federative du Credit Mutuel SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% to 06/16/2027 then 5 yr. Swap Rate EUR + 2.20%, 06/16/2032 | EUR | 2300000 | 2754493  |
| &nbsp;&nbsp;&nbsp; 4.00% to 01/15/2030 then 5 yr. Swap Rate EUR + 1.75%, 01/15/2035 | EUR | 4500000 | 5374064  |
| Barclays PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.33% to 11/02/2025 then 1 yr. CMT Rate + 3.05%, 11/02/2026 |  | 3500000 | 3529302  |
| &nbsp;&nbsp;&nbsp; 5.83% to 05/09/2026 then SOFR + 2.21%, 05/09/2027 |  | 1400000 | 1414419  |
| BNP Paribas SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.59% to 01/20/2027 then SOFR + 1.23%, 01/20/2028 |  | 3000000 | 2912390  |
| &nbsp;&nbsp;&nbsp; 4.79% to 05/09/2028 then SOFR + 1.45%, 05/09/2029<sup>(a)</sup> |  | 1445000 | 1452369  |
| &nbsp;&nbsp;&nbsp; 2.38% to 11/20/2025 then 5 yr. Swap Rate EUR + 1.85%, 11/20/2030 | EUR | 1600000 | 1883025  |
| &nbsp;&nbsp;&nbsp; 2.00% to 05/24/2026 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.65%, 05/24/2031 | GBP | 2500000 | 3342921  |
| &nbsp;&nbsp;&nbsp; 4.16% to 08/28/2029 then 5 yr. Swap Rate EUR + 1.70%, 08/28/2034 | EUR | 3100000 | 3740661  |

---

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Banking - (Continued)** | **Banking - (Continued)** | **Banking - (Continued)** | **Banking - (Continued)** |
| BPCE SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50% to 11/30/2027 then BPISDS05 + 1.83%, 11/30/2032 | GBP | 3100000 | $4002791  |
| &nbsp;&nbsp;&nbsp; 1.50% to 01/13/2027 then 5 yr. Swap Rate EUR + 1.75%, 01/13/2042 | EUR | 2200000 | 2527226  |
| CaixaBank SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.68% to 09/13/2026 then SOFR + 2.08%, 09/13/2027<sup>(a)</sup> |  | 1150000 | 1177996  |
| &nbsp;&nbsp;&nbsp; 5.67% to 03/15/2029 then SOFR + 1.78%, 03/15/2030<sup>(a)</sup> |  | 2575000 | 2663722  |
| &nbsp;&nbsp;&nbsp; 4.89% to 07/03/2030 then SOFR + 1.36%, 07/03/2031<sup>(a)</sup> |  | 2150000 | 2158486  |
| &nbsp;&nbsp;&nbsp; 6.25% to 02/23/2028 then 5 yr. Swap Rate EUR + 3.55%, 02/23/2033 | EUR | 1800000 | 2273939  |
| Ceska sporitelna AS<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.94% to 06/29/2026 then 3 mo. EURIBOR + 2.40%, 06/29/2027 | EUR | 1700000 | 2059481  |
| &nbsp;&nbsp;&nbsp; 5.74% to 03/08/2027 then 3 mo. EURIBOR + 2.35%, 03/08/2028 | EUR | 1600000 | 1969388  |
| Citigroup, Inc., 4.79% to 03/04/2028 then SOFR + 0.87%, 03/04/2029 |  | 1180000 | 1188503  |
| Commerzbank AG<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% to 12/05/2025 then 5 yr. Swap Rate EUR + 4.35%, 12/05/2030 | EUR | 1000000 | 1181099  |
| &nbsp;&nbsp;&nbsp; 1.38% to 12/29/2026 then 5 yr. Swap Rate EUR + 1.73%, 12/29/2031 | EUR | 6900000 | 7935561  |
| &nbsp;&nbsp;&nbsp; 4.88% to 10/16/2029 then 5 yr. Swap Rate EUR + 2.15%, 10/16/2034 | EUR | 2200000 | 2705439  |
| Credit Agricole SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% to 09/11/2027 then SOFR + 1.21%, 09/11/2028<sup>(a)</sup> |  | 1100000 | 1101509  |
| &nbsp;&nbsp;&nbsp; 4.00% to 01/10/2028 then 5 yr. Swap Rate USD + 1.64%, 01/10/2033<sup>(a)</sup> |  | 680000 | 660715  |
| &nbsp;&nbsp;&nbsp; 5.50% to 08/28/2028 then 5 yr. Swap Rate EUR + 2.25%, 08/28/2033 | EUR | 4400000 | 5521434  |
| Danske Bank AS<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.62% to 09/11/2025 then 1 yr. CMT Rate + 1.35%, 09/11/2026<sup>(a)</sup> |  | 850000 | 844800  |
| &nbsp;&nbsp;&nbsp; 1.50% to 09/02/2025 then 5 yr. Swap Rate EUR + 1.90%, 09/02/2030 | EUR | 3200000 | 3759251  |
| &nbsp;&nbsp;&nbsp; 1.00% to 05/15/2026 then 5 yr. Swap Rate EUR + 1.40%, 05/15/2031 | EUR | 2000000 | 2326591  |
|  Deutsche Bank AG, 4.00% to 06/24/2027 then 5 yr. Swap Rate EUR + 3.30%, 06/24/2032 | EUR | 3100000 | 3702479  |
| Deutsche Bank AG/New York NY<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.12% to 07/14/2025 then SOFR + 3.19%, 07/14/2026 |  | 2500000 | 2501104  |
| &nbsp;&nbsp;&nbsp; 7.15% to 07/13/2026 then SOFR + 2.52%, 07/13/2027 |  | 2700000 | 2768629  |
|  Erste Group Bank AG, 0.88% to 11/15/2027 then 5 yr. Swap Rate EUR + 1.10%, 11/15/2032 | EUR | 2500000 | 2813958  |
|  First Abu Dhabi Bank PJSC, 6.32% to 04/04/2029 then 5 yr. CMT Rate + 1.70%, 04/04/2034 |  | 2300000 | 2372703  |
| Hamburg Commercial Bank AG, 4.50%, 07/24/2028 | EUR | 2100000 | 2558940  |
| HSBC Holdings PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.58% to 06/19/2028 then 3 mo. Term SOFR + 1.80%, 06/19/2029 |  | 1280000 | 1281846  |
| &nbsp;&nbsp;&nbsp; 6.36% to 11/16/2027 then 5 yr. Swap Rate EUR + 3.30%, 11/16/2032 | EUR | 3000000 | 3794875  |
| ING Groep NV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.13% to 05/26/2026 then 5 yr. Swap Rate EUR + 2.40%, 05/26/2031 | EUR | 3000000 | 3513484  |
| &nbsp;&nbsp;&nbsp; 1.00% to 11/16/2027 then 5 yr. Swap Rate EUR + 1.15%, 11/16/2032 | EUR | 3000000 | 3378194  |
| &nbsp;&nbsp;&nbsp; 4.38% to 08/15/2029 then 5 yr. Swap Rate EUR + 1.65%, 08/15/2034 | EUR | 2700000 | 3279673  |
| &nbsp;&nbsp;&nbsp; 4.25% to 08/26/2030 then 5 yr. Swap Rate EUR + 1.78%, 08/26/2035 | EUR | 600000 | 725147  |
|  Jyske Bank AS, 1.25% to 01/28/2026 then 5 yr. Swap Rate EUR + 1.45%, 01/28/2031 | EUR | 3668000 | 4274039  |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Banking - (Continued)** | **Banking - (Continued)** | **Banking - (Continued)** | **Banking - (Continued)** |
| KBC Group NV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.80% to 01/19/2028 then 1 yr. CMT Rate + 2.10%, 01/19/2029<sup>(a)</sup> |  | $1500000 | $1549146  |
| &nbsp;&nbsp;&nbsp; 4.75% to 04/17/2030 then 5 yr. Swap Rate EUR + 2.25%, 04/17/2035 | EUR | 1000000 | 1233867  |
|  La Banque Postale SA, 0.88% to 01/26/2026 then 5 yr. Swap Rate EUR + 1.38%, 01/26/2031 | EUR | 3100000 | 3627833  |
| Landsbankinn HF, 5.00%, 05/13/2028 | EUR | 5025000 | 6240787  |
|  Lloyds Banking Group PLC, 5.99% to 08/07/2026 then 1 yr. CMT Rate + 1.48%, 08/07/2027 |  | 4000000 | 4061163  |
| NatWest Group PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.85% to 03/02/2026 then 1 yr. CMT Rate + 1.35%, 03/02/2027 |  | 200000 | 201784  |
| &nbsp;&nbsp;&nbsp; 4.89% to 05/18/2028 then 3 mo. LIBOR US + 1.75%, 05/18/2029<sup>(b)</sup> |  | 1783000 | 1800992  |
| NBK SPC Ltd., 1.63% to 09/15/2026 then SOFR + 1.05%, 09/15/2027 |  | 750000 | 722608  |
|  Nykredit Realkredit AS, 0.88% to 07/28/2026 then 5 yr. Swap Rate EUR + 1.18%, 07/28/2031 | EUR | 1500000 | 1734627  |
|  OTP Banka dd, 3.50% to 05/20/2027 then 3 mo. EURIBOR + 1.55%, 05/20/2028 | EUR | 1000000 | 1182481  |
|  Permanent TSB Group Holdings PLC, 6.63% to 04/25/2027 then EURIBOR ICE Swap Rate + 3.50%, 04/25/2028 | EUR | 4425000 | 5570343  |
|  Piraeus Bank SA, 4.63% to 07/17/2028 then EURIBOR ICE Swap Rate + 1.72%, 07/17/2029 | EUR | 2350000 | 2885482  |
| QNB Finance Ltd., 5.67% (SOFR + 1.20%), 04/02/2029 |  | 4300000 | 4361528  |
| Santander UK Group Holdings PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.67% to 06/14/2026 then SOFR + 0.99%, 06/14/2027 |  | 800000 | 777409  |
| &nbsp;&nbsp;&nbsp; 7.10% to 11/16/2026 then BPSWS1 + 2.87%, 11/16/2027 | GBP | 1000000 | 1412784  |
| &nbsp;&nbsp;&nbsp; 6.53% to 01/10/2028 then SOFR + 2.60%, 01/10/2029 |  | 3500000 | 3654012  |
| Societe Generale SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.49% to 12/14/2025 then 1 yr. CMT Rate + 1.10%, 12/14/2026<sup>(a)</sup> |  | 1000000 | 985458  |
| &nbsp;&nbsp;&nbsp; 1.00% to 11/24/2025 then 5 yr. Swap Rate EUR + 1.55%, 11/24/2030 | EUR | 6200000 | 7249008  |
| &nbsp;&nbsp;&nbsp; 1.13% to 06/30/2026 then 5 yr. Swap Rate EUR + 1.60%, 06/30/2031 | EUR | 2200000 | 2546534  |
| Standard Chartered PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.42% (SOFR + 2.03%), 02/08/2028 |  | 1600000 | 1626575  |
| &nbsp;&nbsp;&nbsp; 5.57% (SOFR + 1.17%), 05/14/2028 |  | 900000 | 903829  |
| &nbsp;&nbsp;&nbsp; 5.55% to 01/21/2028 then 1 yr. CMT Rate + 1.05%, 01/21/2029<sup>(a)</sup> |  | 1500000 | 1532409  |
|  Tatra Banka as, 4.97% to 04/29/2029 then 3 mo. EURIBOR + 2.10%, 04/29/2030 | EUR | 1000000 | 1228070  |
| UniCredit SpA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.73% to 01/15/2027 then 5 yr. Swap Rate EUR + 2.80%, 01/15/2032 | EUR | 1600000 | 1870305  |
| &nbsp;&nbsp;&nbsp; 5.86% to 06/19/2027 then 5 yr. Mid Swap Rate USD + 3.70%, 06/19/2032<sup>(a)</sup> |  | 3600000 | 3629218  |
|  Volksbank Wien AG, 5.75% to 06/21/2029 then 5 yr. Swap Rate EUR + 3.10%, 06/21/2034 | EUR | 1400000 | 1711087  |
|  |  |  | 211057147  |
| **Broadcasting - 1.8%**<br>|  |  |  |
| Arqiva Broadcast Finance PLC, 8.63%, 07/01/2030 | GBP | 1225000 | 1704980  |
| Asmodee Group AB, 5.75%, 12/15/2029 | EUR | 986667 | 1218907  |
| Lagardere SA, 4.75%, 06/12/2030 | EUR | 2000000 | 2384743  |

---

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Broadcasting - (Continued)** | **Broadcasting - (Continued)** | **Broadcasting - (Continued)** | **Broadcasting - (Continued)** |
| Netflix, Inc., 4.88%, 06/15/2030<sup>(a)</sup> |  | $700000 | $716677  |
| Nexstar Media, Inc., 4.75%, 11/01/2028<sup>(a)</sup> |  | 2975000 | 2898833  |
| Pinewood Finco PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/30/2025 | GBP | 500000 | 682530  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/27/2030 | GBP | 2075000 | 2822790  |
| TEGNA, Inc., 4.63%, 03/15/2028 |  | 3025000 | 2951112  |
| Univision Communications, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/01/2027<sup>(a)</sup> |  | 1275000 | 1272882  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028<sup>(a)</sup> |  | 2800000 | 2843619  |
| Warnermedia Holdings, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.76%, 03/15/2027 |  | 1622000 | 1519165  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/2029 |  | 1630000 | 1328450  |
|  |  |  | 22344688  |
| **Building Materials - 0.7%**<br>|  |  |  |
| HT Troplast GmbH, 9.38%, 07/15/2028 | EUR | 1800000 | 2242114  |
| James Hardie International Finance DAC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/2026 | EUR | 2655000 | 3130985  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028<sup>(a)</sup> |  | 922000 | 918275  |
| Project Grand UK PLC, 9.00%, 06/01/2029 | EUR | 250000 | 314156  |
| Standard Industries, Inc./NY, 2.25%, 11/21/2026 | EUR | 2000000 | 2334603  |
|  |  |  | 8940133  |
| **Cable/Satellite TV - 1.3%**<br>|  |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2026<sup>(a)</sup> |  | 3250000 | 3250835  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(a)</sup> |  | 8800000 | 8782675  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 3.75%, 02/15/2028 |  | 1200000 | 1177258  |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC / Directv Financing Co.-Obligor, Inc., <br>5.88%, 08/15/2027<sup>(a)</sup> |  | 2650000 | 2641085  |
|  |  |  | 15851853  |
| **Capital Goods - 1.3%**<br>|  |  |  |
| CK Hutchison International 24 Ltd., 5.38%, 04/26/2029 |  | 8000000 | 8258151  |
| Ingersoll Rand, Inc., 5.40%, 08/14/2028 |  | 475000 | 489726  |
| Regal Rexnord Corp., 6.05%, 02/15/2026 |  | 4640000 | 4667333  |
| Traton Finance Luxembourg SA, 3.38%, 01/14/2028 | EUR | 2100000 | 2506448  |
| Weir Group PLC, 6.88%, 06/14/2028 | GBP | 356000 | 512308  |
|  |  |  | 16433966  |
| **Chemicals - 1.0%**<br>|  |  |  |
| Azelis Finance NV, 4.75%, 09/25/2029 | EUR | 2025000 | 2453360  |
| Celanese US Holdings LLC, 6.42%, 07/15/2027 |  | 1861000 | 1928069  |
| INEOS Finance PLC, 6.63%, 05/15/2028 | EUR | 1775000 | 2155185  |
| INEOS Quattro Finance 2 PLC, 6.75%, 04/15/2030 | EUR | 1825000 | 1992881  |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Chemicals - (Continued)** | **Chemicals - (Continued)** | **Chemicals - (Continued)** | **Chemicals - (Continued)** |
| International Flavors & Fragrances, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.23%, 10/01/2025<sup>(a)</sup> |  | $658000 | $651653  |
| &nbsp;&nbsp;&nbsp; 1.83%, 10/15/2027<sup>(a)</sup> |  | 2000000 | 1884995  |
| &nbsp;&nbsp;&nbsp; 2.30%, 11/01/2030<sup>(a)</sup> |  | 900000 | 795254  |
| Orbia Advance Corp. SAB de CV, 4.00%, 10/04/2027 |  | 1020000 | 1004459  |
|  |  |  | 12865856  |
| **Consumer-Products - 0.4%**<br>|  |  |  |
| Coty, Inc., 4.50%, 05/15/2027 | EUR | 1150000 | 1378196  |
| Whirlpool Corp., 6.13%, 06/15/2030 |  | 2950000 | 2975171  |
|  |  |  | 4353367  |
| **Containers - 0.8%**<br>|  |  |  |
| Amcor Flexibles North America, Inc., 5.10%, 03/17/2030<sup>(a)</sup> |  | 1500000 | 1525745  |
| Berry Global, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026<sup>(a)</sup> |  | 435000 | 434831  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2028 |  | 3850000 | 3951907  |
| OI European Group BV, 5.25%, 06/01/2029 | EUR | 1725000 | 2096167  |
| ProGroup AG, 5.13%, 04/15/2029 | EUR | 1200000 | 1433864  |
|  |  |  | 9442514  |
| **Diversified Financial Services - 10.6%**<br>|  |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 |  | 2039000 | 1987384  |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/15/2027 |  | 800000 | 817941  |
| &nbsp;&nbsp;&nbsp; 6.45%, 04/15/2027 |  | 1681000 | 1736296  |
| Air Lease Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 01/15/2026 |  | 4364000 | 4321047  |
| &nbsp;&nbsp;&nbsp; 2.20%, 01/15/2027 |  | 810000 | 784240  |
| AIR Lease Corp. Sukuk Ltd., 5.85%, 04/01/2028 |  | 1025000 | 1048487  |
| Aircastle Ltd., 5.25%, 08/11/2025<sup>(a)</sup> |  | 4430000 | 4429765  |
| Aircastle Ltd. / Aircastle Ireland DAC, 5.25%, 03/15/2030<sup>(a)</sup> |  | 600000 | 604970  |
| Ares Capital Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/15/2025 |  | 200000 | 199875  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2027 |  | 4210000 | 4344973  |
| Aviation Capital Group LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/2025<sup>(a)</sup> |  | 1000000 | 999126  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027<sup>(a)</sup> |  | 3500000 | 3411875  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028<sup>(a)</sup> |  | 200000 | 208446  |
| Avolon Holdings Funding Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026<sup>(a)</sup> |  | 2130000 | 2133329  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/15/2026<sup>(a)</sup> |  | 1425000 | 1417203  |
| AXA Logistics Europe Master SCA, 0.38%, 11/15/2026 | EUR | 575000 | 656002  |
| Blackstone Private Credit Fund<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.05%, 09/29/2025 |  | 500000 | 502795  |
| &nbsp;&nbsp;&nbsp; 1.75%, 11/30/2026 | EUR | 3700000 | 4280547  |

---

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** |
| &nbsp;&nbsp;&nbsp; 2.63%, 12/15/2026 |  | $4000000 | $3865722  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/15/2027 |  | 1500000 | 1458881  |
| Blackstone Secured Lending Fund, 3.63%, 01/15/2026 |  | 965000 | 959031  |
| Blue Owl Capital Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/22/2025 |  | 1115000 | 1114148  |
| &nbsp;&nbsp;&nbsp; 3.40%, 07/15/2026 |  | 500000 | 492027  |
| Blue Owl Credit Income Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/23/2026 |  | 400000 | 389170  |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/16/2027 |  | 2475000 | 2596522  |
| &nbsp;&nbsp;&nbsp; 7.95%, 06/13/2028 |  | 1300000 | 1390390  |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, <br>8.50%, 01/15/2031 | GBP | 625000 | 922455  |
| Burford Capital Global Finance LLC, 6.25%, 04/15/2028<sup>(a)</sup> |  | 2825000 | 2800767  |
| CA Auto Bank SPA/Ireland, 6.00%, 12/06/2026 | GBP | 4250000 | 5930084  |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, <br>6.38%, 02/15/2032<sup>(a)</sup> |  | 2350000 | 2355511  |
| DAE Sukuk Difc Ltd., 3.75%, 02/15/2026 |  | 280000 | 278183  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> |  | 2300000 | 2332487  |
| Deutsche Pfandbriefbank AG, 7.63%, 12/08/2025 | GBP | 2900000 | 4008503  |
| Esic Sukuk Ltd., 5.83%, 02/14/2029 |  | 1000000 | 1016541  |
| Fiserv Funding ULC, 2.88%, 06/15/2028 | EUR | 1000000 | 1182500  |
| Fiserv, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/21/2028 |  | 800000 | 822775  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2029 |  | 2900000 | 2793694  |
| Fortune Star BVI Ltd., 3.95%, 10/02/2026 | EUR | 700000 | 799812  |
| Goldman Sachs Group, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.80% to 08/10/2025 then SOFR + 1.08%, 08/10/2026 |  | 2500000 | 2503518  |
| &nbsp;&nbsp;&nbsp; 4.94% to 04/23/2027 then SOFR + 1.32%, 04/23/2028 |  | 1900000 | 1915402  |
| HPS Corporate Lending Fund, 5.30%, 06/05/2027<sup>(a)</sup> |  | 475000 | 475917  |
| Hyundai Card Co. Ltd., 5.75%, 04/24/2029 |  | 860000 | 888805  |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/2027 |  | 5900000 | 5720974  |
| India Vehicle Finance, 5.85%, 03/25/2029 |  | 2472200 | 2450668  |
| Jerrold Finco PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/2030 | GBP | 900000 | 1274608  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/15/2031 | GBP | 2625000 | 3653499  |
| Mirae Asset Securities Co. Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 07/30/2025 |  | 4780000 | 4772327  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/31/2027 |  | 2275000 | 2310848  |
|  Mitsubishi HC Capital UK PLC, 2.89% (3 mo. EURIBOR + 0.70%), 04/30/2026 | EUR | 1400000 | 1652111  |
| Morgan Stanley<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.68% to 07/17/2025 then SOFR + 1.67%, 07/17/2026 |  | 600000 | 599899  |
| &nbsp;&nbsp;&nbsp; 6.14% to 10/16/2025 then SOFR + 1.77%, 10/16/2026 |  | 2500000 | 2510867  |
| &nbsp;&nbsp;&nbsp; 5.23% to 01/15/2030 then SOFR + 1.11%, 01/15/2031 |  | 1500000 | 1538196  |

---

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** |
|  Morgan Stanley Bank NA, 5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028 |  | $1250000 | $1276479  |
| NIBC Bank NV, 3.50%, 06/05/2030 | EUR | 3900000 | 4599600  |
| REC Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 09/01/2026 |  | 200000 | 194463  |
| &nbsp;&nbsp;&nbsp; 2.75%, 01/13/2027 |  | 2840000 | 2756791  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/27/2029 |  | 1500000 | 1494421  |
| Shriram Finance Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 07/18/2025 |  | 900000 | 899958  |
| &nbsp;&nbsp;&nbsp; 6.15%, 04/03/2028 |  | 5375000 | 5393872  |
| Sofina SA, 1.00%, 09/23/2028 | EUR | 3100000 | 3391882  |
| SoftBank Group Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/06/2026 |  | 1475000 | 1453888  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2028 | EUR | 3000000 | 3602329  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/08/2029 | EUR | 1015000 | 1217000  |
|  |  |  | 129941826  |
| **Diversified Media - 0.4%**<br>|  |  |  |
| News Corp., 3.88%, 05/15/2029<sup>(a)</sup> |  | 1080000 | 1034831  |
| Prosus NV, 3.26%, 01/19/2027 |  | 3600000 | 3525521  |
|  |  |  | 4560352  |
| **Energy - 2.3%**<br>|  |  |  |
| Devon Energy Corp., 5.88%, 06/15/2028 |  | 1280000 | 1280588  |
| DT Midstream, Inc., 4.13%, 06/15/2029<sup>(a)</sup> |  | 3175000 | 3068469  |
| Enbridge, Inc., 6.00%, 11/15/2028 |  | 1460000 | 1533088  |
| Energy Transfer LP, 3.75%, 05/15/2030 |  | 1100000 | 1054850  |
| Expand Energy Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/01/2029 |  | 2000000 | 2003792  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/15/2030 |  | 463000 | 464655  |
| ONEOK, Inc., 4.40%, 10/15/2029 |  | 1125000 | 1116514  |
| Plains All American Pipeline LP / PAA Finance Corp., 4.65%, 10/15/2025 |  | 2176000 | 2175762  |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., <br>5.50%, 01/15/2028<sup>(a)</sup> |  | 5875000 | 5843974  |
| Targa Resources Corp., 6.15%, 03/01/2029 |  | 1030000 | 1083219  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.88%, 01/15/2029 |  | 1000000 | 1020902  |
| Tengizchevroil Finance Co. International Ltd., 4.00%, 08/15/2026 |  | 1800000 | 1777612  |
| Wintershall Dea Finance BV, 1.33%, 09/25/2028 | EUR | 4800000 | 5339691  |
|  |  |  | 27763116  |
| **Environmental - 0.3%**<br>|  |  |  |
| Currenta Group Holdings Sarl, 5.50%, 05/15/2030 | EUR | 2950000 | 3555743  |
| **Food & Drug Retail - 0.5%**<br>|  |  |  |
| Market Bidco Finco PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/04/2027 | EUR | 1000000 | 1175258  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/04/2027 | GBP | 1800000 | 2430650  |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Food & Drug Retail - (Continued)** | **Food & Drug Retail - (Continued)** | **Food & Drug Retail - (Continued)** | **Food & Drug Retail - (Continued)** |
| Phoenix PIB Dutch Finance BV, 2.38%, 08/05/2025 | EUR | 400000 | $470889  |
| Picard Groupe SAS, 6.38%, 07/01/2029 | EUR | 1975000 | 2431446  |
|  |  |  | 6508243  |
| **Food/Beverage/Tobacco - 2.5%**<br>|  |  |  |
| Bacardi Ltd. / Bacardi-Martini BV, 5.25%, 01/15/2029<sup>(a)</sup> |  | 500000 | 507258  |
| Barry Callebaut Services NV, 3.75%, 02/19/2028 | EUR | 2100000 | 2497833  |
| Bright Food Singapore Holdings Pte Ltd., 1.75%, 07/22/2025 | EUR | 4150000 | 4887144  |
| Coca-Cola Europacific Partners PLC, 1.50%, 01/15/2027<sup>(a)</sup> |  | 1600000 | 1532113  |
| Flora Food Management BV, 6.88%, 07/02/2029 | EUR | 2125000 | 2545073  |
| Keurig Dr Pepper, Inc., 5.05%, 03/15/2029 |  | 3000000 | 3067752  |
| Mars, Inc., 4.80%, 03/01/2030<sup>(a)</sup> |  | 3250000 | 3292919  |
| Performance Food Group, Inc., 6.13%, 09/15/2032<sup>(a)</sup> |  | 1300000 | 1331127  |
| Post Holdings, Inc., 4.63%, 04/15/2030<sup>(a)</sup> |  | 325000 | 312759  |
| Premier Foods Finance PLC, 3.50%, 10/15/2026 | GBP | 750000 | 1022211  |
| Tereos Finance Groupe I SA, 5.88%, 04/30/2030 | EUR | 1925000 | 2286611  |
| The Campbell's Co., 5.20%, 03/21/2029 |  | 2825000 | 2893339  |
| Viterra Finance BV, 0.38%, 09/24/2025 | EUR | 4075000 | 4777372  |
|  |  |  | 30953511  |
| **Gaming - 1.0%**<br>|  |  |  |
| Cirsa Finance International Sarl, 6.50%, 03/15/2029 | EUR | 1050000 | 1297262  |
| Flutter Treasury DAC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/29/2029 | EUR | 825000 | 1009579  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/29/2029<sup>(a)</sup> |  | 1200000 | 1237160  |
| International Game Technology PLC, 3.50%, 06/15/2026 | EUR | 2400000 | 2830339  |
| Lottomatica Group SpA, 4.88%, 01/31/2031 | EUR | 1600000 | 1934839  |
| Sands China Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/08/2027<sup>(c)</sup> |  | 800000 | 768969  |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/08/2028<sup>(c)</sup> |  | 3500000 | 3528287  |
|  |  |  | 12606435  |
| **Healthcare - 3.3%**<br>|  |  |  |
| Bausch + Lomb Corp., 5.87% (3 mo. EURIBOR + 3.88%), 01/15/2031 | EUR | 850000 | 1009419  |
| Centene Corp., 4.63%, 12/15/2029 |  | 625000 | 608219  |
| CVS Health Corp., 5.00%, 01/30/2029 |  | 4350000 | 4416186  |
| Ephios Subco 3 Sarl, 7.88%, 01/31/2031 | EUR | 1075000 | 1367736  |
| Grifols SA, 7.13%, 05/01/2030 | EUR | 2500000 | 3065120  |
| Gruenenthal GmbH, 4.63%, 11/15/2031 | EUR | 2275000 | 2699327  |
| HCA, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 |  | 2230000 | 2232492 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 |  | 1050000 | 1065781  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/2028 |  | 3704000 | 3812157  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 |  | 500000 | 491263  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030 |  | 750000 | 709512  |
| IQVIA, Inc., 5.70%, 05/15/2028 |  | 1675000 | 1717880  |
| Medline Borrower LP, 5.25%, 10/01/2029<sup>(a)</sup> |  | 1075000 | 1067281  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Healthcare - (Continued)** | **Healthcare - (Continued)** | **Healthcare - (Continued)** | **Healthcare - (Continued)** |
| Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029<sup>(a)</sup> |  | $1425000 | $1465530  |
| Nidda Healthcare Holding GmbH, 7.00%, 02/21/2030 | EUR | 1500000 | 1849808  |
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 2.88%, 04/30/2028 | EUR | 4000000 | 4603265  |
| Quest Diagnostics, Inc., 4.63%, 12/15/2029 |  | 1130000 | 1141273  |
| Stryker Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/11/2029 |  | 575000 | 574147  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/10/2030 |  | 750000 | 765150  |
| UCB SA, 4.25%, 03/20/2030 | EUR | 1400000 | 1692269  |
| Werfen SA/Spain, 4.63%, 06/06/2028 | EUR | 3500000 | 4315911  |
|  |  |  | 40669726  |
| **Homebuilders/Real Estate - 5.7%**<br>|  |  |  |
| Altrad Investment Authority SAS, 3.70%, 06/23/2029 | EUR | 4100000 | 4837037  |
| American Tower Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 |  | 800000 | 820240  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029 |  | 700000 | 716488  |
| ARGAN SA, 1.01%, 11/17/2026 | EUR | 1000000 | 1147732  |
| Aroundtown SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 01/31/2028 | EUR | 1700000 | 1934438  |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/16/2029 | EUR | 1500000 | 1843465  |
| Assemblin Caverion Group AB, 6.25%, 07/01/2030 | EUR | 575000 | 698796  |
| Balder Finland Oyj, 1.00%, 01/18/2027 | EUR | 1690000 | 1937511  |
| Blackstone Property Partners Europe Holdings Sarl, 1.00%, 05/04/2028 | EUR | 3200000 | 3558376  |
| Digital Dutch Finco BV, 0.63%, 07/15/2025 | EUR | 2100000 | 2472008  |
| Essendi SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/15/2029 | EUR | 600000 | 742254  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/2030 | EUR | 2900000 | 3488976  |
| Fastighets AB Balder, 1.88%, 01/23/2026 | EUR | 1100000 | 1291599  |
| Hammerson PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/27/2025 | GBP | 1434000 | 1958843  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/23/2026 | GBP | 2100000 | 2902277  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/21/2028 | GBP | 1900000 | 2752186  |
| Heimstaden Bostad AB<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/21/2026 | EUR | 1150000 | 1339261  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/05/2029 | EUR | 2125000 | 2519331  |
| Heimstaden Bostad Treasury BV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.38%, 03/03/2027 | EUR | 2225000 | 2554668  |
| &nbsp;&nbsp;&nbsp; 1.00%, 04/13/2028 | EUR | 2000000 | 2223227  |
| Kennedy-Wilson, Inc., 4.75%, 03/01/2029 |  | 2700000 | 2528998  |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/01/2025<sup>(a)</sup> |  | 3130000 | 3131036  |
| Lennar Corp., 5.20%, 07/30/2030 |  | 1625000 | 1656156  |
| Logicor Financing Sarl, 4.63%, 07/25/2028 | EUR | 1700000 | 2083782  |
| MasTec, Inc., 4.50%, 08/15/2028<sup>(a)</sup> |  | 1180000 | 1164328  |
| NE Property BV, 1.88%, 10/09/2026 | EUR | 1400000 | 1632176  |
| Toll Brothers Finance Corp., 4.88%, 03/15/2027 |  | 1500000 | 1505374  |

---

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Homebuilders/Real Estate - (Continued)** | **Homebuilders/Real Estate - (Continued)** | **Homebuilders/Real Estate - (Continued)** | **Homebuilders/Real Estate - (Continued)** |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/2028<sup>(a)</sup> |  | $1279000 | $1357684  |
| VIA Outlets BV, 1.75%, 11/15/2028 | EUR | 2300000 | 2593231  |
| VICI Properties LP, 4.75%, 04/01/2028 |  | 550000 | 554543  |
| VICI Properties LP / VICI Note Co., Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2026<sup>(a)</sup> |  | 2800000 | 2792818  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2026<sup>(a)</sup> |  | 3210000 | 3191131  |
| Webuild SpA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/28/2026 | EUR | 100000 | 118715  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/20/2029 | EUR | 1300000 | 1610267  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2030 | EUR | 1700000 | 2079102  |
|  |  |  | 69738054  |
| **Hotels - 0.7%**<br>|  |  |  |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029<sup>(a)</sup> |  | 2675000 | 2574156  |
| Hyatt Hotels Corp., 5.25%, 06/30/2029 |  | 2500000 | 2544836  |
| Marriott International, Inc./MD, 4.90%, 04/15/2029 |  | 350000 | 356277  |
| Whitbread Group PLC, 3.38%, 10/16/2025 | GBP | 2000000 | 2732097  |
|  |  |  | 8207366  |
| **Insurance - 1.1%**<br>|  |  |  |
| Athora Holding Ltd., 6.63%, 06/16/2028 | EUR | 2400000 | 3050641  |
|  Athora Netherlands NV, 5.38% to 08/31/2027 then 5 yr. Swap Rate EUR + 4.01%, 08/31/2032 | EUR | 3775000 | 4591437  |
|  Fidelidade - Co. De Seguros SA/Portugal, 4.25% to 09/04/2026 then 5 yr. Swap Rate EUR + 4.49%, 09/04/2031 | EUR | 4000000 | 4737510  |
| Rothesay Life PLC, 8.00%, 10/30/2025 | GBP | 450000 | 623353  |
|  |  |  | 13002941  |
| **Leisure - 0.8%**<br>|  |  |  |
| Carnival Corp., 6.00%, 05/01/2029<sup>(a)</sup> |  | 2950000 | 2982607  |
| CPUK Finance Ltd., 6.50%, 08/28/2026 | GBP | 510000 | 696993  |
| eDreams ODIGEO SA, 4.88%, 12/30/2030 | EUR | 950000 | 1119414  |
| Royal Caribbean Cruises Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> |  | 648000 | 650679  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(a)</sup> |  | 4000000 | 4052335  |
|  |  |  | 9502028  |
| **Metals/Mining - 0.5%**<br>|  |  |  |
| AngloGold Ashanti Holdings PLC, 3.38%, 11/01/2028 |  | 225000 | 214883  |
| Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/2029 |  | 1200000 | 1248444  |
| Navoi Mining & Metallurgical Combinat, 6.70%, 10/17/2028 |  | 1800000 | 1842162  |
| Novelis Corp., 3.25%, 11/15/2026<sup>(a)</sup> |  | 3000000 | 2954087  |
|  |  |  | 6259576  |
| **Paper - 0.7%**<br>|  |  |  |
| Suzano Austria GmbH, 6.00%, 01/15/2029 |  | 2100000 | 2159380  |
| Suzano International Finance BV, 5.50%, 01/17/2027 |  | 4500000 | 4552938  |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Paper - (Continued)** | **Paper - (Continued)** | **Paper - (Continued)** | **Paper - (Continued)** |
| WEPA Hygieneprodukte GmbH, 5.63%, 01/15/2031 | EUR | 1250000 | $1539112  |
|  |  |  | 8251430  |
| **Publishing/Printing - 0.2%**<br>|  |  |  |
| Informa PLC, 3.13%, 07/05/2026 | GBP | 1600000 | 2163424  |
| **Restaurants - 0.3%**<br>|  |  |  |
|  Bertrand Franchise Finance SAS, 5.99% (3 mo. EURIBOR + 3.75%), 07/18/2030 | EUR | 1075000 | 1245821  |
| Punch Finance PLC, 7.88%, 12/30/2030 | GBP | 1825000 | 2553729  |
|  |  |  | 3799550  |
| **Services - 3.7%**<br>|  |  |  |
| Albion Financing 1 SARL / Aggreko Holdings, Inc., 5.38%, 05/21/2030 | EUR | 2650000 | 3196197  |
| Arena Luxembourg Finance Sarl<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/01/2028 | EUR | 2000000 | 2259811  |
| &nbsp;&nbsp;&nbsp; 4.82% (3 mo. EURIBOR + 2.50%), 05/01/2030 | EUR | 1975000 | 2349922  |
| Boels Topholding BV, 5.75%, 05/15/2030 | EUR | 1950000 | 2387275  |
| Euronet Worldwide, Inc., 1.38%, 05/22/2026 | EUR | 2000000 | 2327218  |
| Kapla Holding SAS, 5.48% (3 mo. EURIBOR + 3.50%), 07/31/2030 | EUR | 1975000 | 2340847  |
| Leasys SpA, 4.63%, 02/16/2027 | EUR | 3330000 | 4043266  |
| Loxam SAS<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2027 | EUR | 425000 | 506522  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2029 | EUR | 525000 | 646321  |
| Pachelbel Bidco SpA, 7.13%, 05/17/2031 | EUR | 1500000 | 1908784  |
| PeopleCert Wisdom Issuer PLC, 5.75%, 09/15/2026 | EUR | 1500000 | 1772010  |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC / Prime Finance, Inc., <br>6.25%, 01/15/2028<sup>(a)</sup> |  | 5675000 | 5689329  |
| Q-Park Holding I BV, 5.13%, 03/01/2029 | EUR | 1000000 | 1216979  |
| RAC Bond Co. PLC, 5.75%, 11/06/2029 | GBP | 1450000 | 2025021  |
| Rekeep SpA, 9.00%, 09/15/2029 | EUR | 1950000 | 2289861  |
| Rentokil Terminix Funding LLC, 5.00%, 04/28/2030<sup>(a)</sup> |  | 975000 | 982040  |
| Summer BC Holdco B SARL, 5.88%, 02/15/2030 | EUR | 1675000 | 1962292  |
| Uber Technologies, Inc., 4.50%, 08/15/2029<sup>(a)</sup> |  | 4500000 | 4475432  |
| Verisure Holding AB, 7.13%, 02/01/2028 | EUR | 850000 | 1043849  |
| WESCO Distribution, Inc., 6.38%, 03/15/2029<sup>(a)</sup> |  | 2250000 | 2317880  |
|  |  |  | 45740856  |
| **Steel - 0.7%**<br>|  |  |  |
| ABJA Investment Co. Pte Ltd., 5.45%, 01/24/2028 |  | 4850000 | 4911428  |
| ArcelorMittal SA, 4.88%, 09/26/2026 | EUR | 2550000 | 3079707  |
|  |  |  | 7991135  |
| **Super Retail - 1.2%**<br>|  |  |  |
| AA Bond Co. Ltd., 8.45%, 01/31/2028 | GBP | 4000000 | 5850121  |
| B&M European Value Retail SA, 8.13%, 11/15/2030 | GBP | 850000 | 1246671  |
| ITM Entreprises SASU, 5.75%, 07/22/2029 | EUR | 3100000 | 3916132  |
| Meituan, 4.50%, 04/02/2028 |  | 3400000 | 3399620  |
|  |  |  | 14412544  |

---

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Supranational - 0.2%**<br>|  |  |  |
| Africa Finance Corp., 4.38%, 04/17/2026 |  | $2200000 | $2188038  |
| **Technology - 4.5%**<br>|  |  |  |
| Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/2030 | EUR | 3575000 | 4234922  |
| ams-OSRAM AG, 10.50%, 03/30/2029 | EUR | 2250000 | 2780248  |
| Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 |  | 500000 | 496691  |
| Broadcom, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 11/15/2025 |  | 800000 | 795859  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/2029 |  | 2000000 | 2024439  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029 |  | 600000 | 614875  |
| Cloud Software Group, Inc., 6.50%, 03/31/2029<sup>(a)</sup> |  | 3250000 | 3282420  |
| Concentrix Corp., 6.65%, 08/02/2026 |  | 975000 | 992962  |
| Dell International LLC / EMC Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 |  | 350000 | 353439  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/2028 |  | 1175000 | 1188851  |
| Foundry JV Holdco LLC, 5.90%, 01/25/2030<sup>(a)</sup> |  | 1280000 | 1338181  |
| Hewlett Packard Enterprise Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/25/2026 |  | 840000 | 841539  |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/15/2029 |  | 3660000 | 3640325  |
| HP, Inc., 4.00%, 04/15/2029 |  | 4000000 | 3914973  |
| Intel Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 05/11/2027 |  | 540000 | 529276  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/05/2027 |  | 500000 | 493456  |
| LG Energy Solution Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/02/2027<sup>(a)</sup> |  | 950000 | 959566  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2028 |  | 2600000 | 2610757  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/25/2028 |  | 1830000 | 1871445  |
| Oracle Corp., 2.95%, 04/01/2030 |  | 1200000 | 1119749  |
| Rocket Software, Inc., 9.00%, 11/28/2028<sup>(a)</sup> |  | 2675000 | 2758934  |
| Roper Technologies, Inc., 4.50%, 10/15/2029 |  | 1140000 | 1142393  |
| SK Battery America, Inc., 4.88%, 01/23/2027 |  | 2000000 | 2010414  |
| SK Hynix, Inc., 6.38%, 01/17/2028 |  | 2000000 | 2086510  |
| Teleperformance SE<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/22/2028 | EUR | 2900000 | 3623934  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/21/2030 | EUR | 4800000 | 5759754  |
| Ubisoft Entertainment SA, 0.88%, 11/24/2027 | EUR | 2800000 | 2976688  |
|  |  |  | 54442600  |
| **Telecommunications - 2.8%**<br>|  |  |  |
| Digi Romania SA, 3.25%, 02/05/2028 | EUR | 2400000 | 2776350  |
| e& PPF Telecom Group BV, 3.25%, 09/29/2027 | EUR | 1075000 | 1278957  |
| eircom Finance DAC, 2.63%, 02/15/2027 | EUR | 1600000 | 1860106  |
| Eutelsat SA, 9.75%, 04/13/2029 | EUR | 1100000 | 1402940  |
| Fibercop SpA, 4.99% (3 mo. EURIBOR + 3.00%), 06/30/2031 | EUR | 3050000 | 3596234  |
| iliad SA, 2.38%, 06/17/2026 | EUR | 500000 | 588476  |

---

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Telecommunications - (Continued)** | **Telecommunications - (Continued)** | **Telecommunications - (Continued)** | **Telecommunications - (Continued)** |
| Matterhorn Telecom SA, 3.13%, 09/15/2026 | EUR | 875245 | $1031622  |
| PLT VII Finance Sarl, 5.48% (3 mo. EURIBOR + 3.50%), 06/15/2031 | EUR | 1350000 | 1594213  |
| Rogers Communications, Inc., 5.00%, 02/15/2029 |  | 2000000 | 2027949  |
| SES SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/04/2027 | EUR | 1100000 | 1237198  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/14/2029 | EUR | 2400000 | 2824366  |
| TDC Net AS<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.06%, 05/31/2028 | EUR | 1500000 | 1844205  |
| &nbsp;&nbsp;&nbsp; 5.19%, 08/02/2029 | EUR | 975000 | 1202708  |
| Telecommunications co Telekom Srbija AD Belgrade, 7.00%, 10/28/2029 |  | 750000 | 751308  |
| T-Mobile USA, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2028 |  | 2000000 | 2000334  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/15/2029 |  | 1500000 | 1521004  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 |  | 2000000 | 1925695  |
| United Group BV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2031 | EUR | 675000 | 816728  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/31/2031 | EUR | 3775000 | 4508751  |
|  |  |  | 34789144  |
| **Transportation Excluding Air/Rail - 1.9%**<br>|  |  |  |
| Abertis Infraestructuras SA, 3.38%, 11/27/2026 | GBP | 2000000 | 2690381  |
| CMA CGM SA, 5.00%, 01/15/2031 | EUR | 1375000 | 1620613  |
| DP World Ltd./United Arab Emirates, 2.38%, 09/25/2026 | EUR | 5200000 | 6102664  |
| GXO Logistics, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 07/15/2026 |  | 1675000 | 1620158  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/06/2029 |  | 1090000 | 1138650  |
| International Distribution Services PLC, 7.38%, 09/14/2030 | GBP | 2800000 | 4042393  |
| Mersin Uluslararasi Liman Isletmeciligi AS, 8.25%, 11/15/2028 |  | 800000 | 832200 |
| Penske Truck Leasing Co. Lp / PTL Finance Corp., 5.55%, 05/01/2028<sup>(a)</sup> |  | 2775000 | 2850859  |
| Q-Park Holding I BV, 2.00%, 03/01/2027 | EUR | 1800000 | 2081858  |
|  |  |  | 22979776  |
| **Utilities - 1.4%**<br>|  |  |  |
| Boston Gas Co., 3.00%, 08/01/2029<sup>(a)</sup> |  | 3000000 | 2824121  |
| Calpine Corp., 4.50%, 02/15/2028<sup>(a)</sup> |  | 980000 | 972976  |
| Capital Power US Holdings, Inc., 5.26%, 06/01/2028<sup>(a)</sup> |  | 1150000 | 1165336  |
| EEW Energy from Waste GmbH, 0.36%, 06/30/2026 | EUR | 1100000 | 1266959  |
| ENN Clean Energy International Investment Ltd., 3.38%, 05/12/2026 |  | 3000000 | 2957806  |
| Essential Utilities, Inc., 4.80%, 08/15/2027 |  | 663000 | 670129  |
| National Central Cooling Co. PJSC, 2.50%, 10/21/2027 |  | 2230000 | 2123239  |
| NextEra Energy Capital Holdings, Inc., 5.05%, 03/15/2030 |  | 1875000 | 1918897  |
| Vistra Operations Co. LLC, 5.05%, 12/30/2026<sup>(a)</sup> |  | 525000 | 527845  |
| Yorkshire Water Finance PLC, 1.75%, 11/26/2026 | GBP | 1950000 | 2556110  |
|  |  |  | 16983418  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $987,422,855)** |  |  | 1047215153  |

---

The accompanying notes are an integral part of these financial statements.

41<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CONVERTIBLE BONDS - 5.6%**<br>|  |  |  |
| **Banking - 5.6%**<br>|  |  |  |
| ABN AMRO Bank NV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/28/2025 |  | $500000 | $500103  |
| &nbsp;&nbsp;&nbsp; 5.13% to 02/22/2028 then 5 yr. Swap Rate EUR + 2.45%, 02/22/2033 | EUR | 1800000 | 2217013  |
| &nbsp;&nbsp;&nbsp; 5.50% to 09/21/2028 then 5 yr. Swap Rate EUR + 2.45%, 09/21/2033 | EUR | 3500000 | 4386668  |
|  Banco Santander SA, 5.00% to 04/22/2029 then 5 yr. Swap Rate EUR + 2.50%, 04/22/2034 | EUR | 2800000 | 3468037  |
| Bank of Ireland Group PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% to 03/01/2028 then 5 yr. Swap Rate EUR + 4.15%, 03/01/2033 | EUR | 5075000 | 6450740  |
| &nbsp;&nbsp;&nbsp; 4.75% to 08/10/2029 then 5 yr. Swap Rate EUR + 1.85%, 08/10/2034 | EUR | 3200000 | 3922232  |
|  Barclays PLC, 1.13% to 03/22/2026 then 5 yr. Swap Rate EUR + 1.55%, 03/22/2031 | EUR | 1700000 | 1976407  |
| Bayerische Landesbank<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.00% to 09/23/2026 then 5 yr. Swap Rate EUR + 1.35%, 09/23/2031 | EUR | 4600000 | 5288681  |
| &nbsp;&nbsp;&nbsp; 1.38% to 11/22/2027 then 5 yr. Swap Rate EUR + 1.40%, 11/22/2032 | EUR | 3800000 | 4263177  |
|  CaixaBank SA, 6.13% to 05/30/2029 then 5 yr. Swap Rate EUR + 3.00%, 05/30/2034 | EUR | 1500000 | 1926217  |
|  de Volksbank NV, 1.75% to 10/22/2025 then 5 yr. Swap Rate EUR + 2.10%, 10/22/2030 | EUR | 8600000 | 10117220  |
|  ING Groep NV, 1.00% to 11/13/2025 then 5 yr. Swap Rate EUR + 1.20%, 11/13/2030 | EUR | 2000000 | 2340537  |
|  Jyske Bank AS, 5.13% to 05/01/2030 then 5 yr. Swap Rate EUR + 2.50%, 05/01/2035 | EUR | 2000000 | 2490518  |
|  Lloyds Banking Group PLC, 1.99% to 12/15/2026 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.60%, 12/15/2031 | GBP | 2500000 | 3303438  |
|  National Australia Bank Ltd., 1.70% to 09/15/2026 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.40%, 09/15/2031 | GBP | 500000 | 657675  |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, 2.11% to 11/28/2026 then UK Government Bonds <br>5 Year Note Generic Bid Yield + 1.75%, 11/28/2031 | GBP | 4800000 | 6360810  |
|  Permanent TSB Group Holdings PLC, 3.00% to 08/19/2026 then 5 yr. Swap Rate EUR + 3.22%, 08/19/2031 | EUR | 2600000 | 3049670  |
| &nbsp;&nbsp;&nbsp; Virgin Money UK PLC, 5.13% to 12/11/2025 then UK Government Bonds <br>5 Year Note Generic Bid Yield + 5.25%, 12/11/2030 | GBP | 4350000 | 5968515  |
|  |  |  | 68687658  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $63,272,398)** |  |  | 68687658  |
| **BANK LOANS - 3.5%**<br>|  |  |  |
| **Capital Goods - 0.1%**<br>|  |  |  |
|  Emrld Borrower LP, Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 08/04/2031 |  | 883325 | 883011  |
| **Diversified Financial Services - 0.7%**<br>|  |  |  |
|  Citadel Securities Global Holdings LLC, Senior Secured First Lien, 11.04% (1 mo. SOFR US + 2.00%), 10/31/2031 |  | 2468844 | 2481657 |
|  Jane Street Group LLC, Senior Secured First Lien, 12.73% (3 mo. SOFR US + 2.00%), 12/15/2031 |  | 3453000 | 3452637  |

---

The accompanying notes are an integral part of these financial statements.

42<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** |
| &nbsp;&nbsp;&nbsp; NorthAB LLC, Senior Secured First Lien, 13.61% (3 mo. SOFR US + 2.50%), <br>11/24/2028  |  | $2962613 | $2932053  |
|  |  |  | 8866347  |
| **Diversified Media - 0.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Advantage Sales & Marketing, Inc., Senior Secured First Lien, 9.05% <br>(3 mo. SOFR US + 4.25%), 10/28/2027 |  | 1884565 | 1582714  |
| **Healthcare - 0.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Financiere Mendel SASU, Senior Secured First Lien, 10.66% <br>(3 mo. EURIBOR + 3.00%), 11/13/2030 | EUR | 1000000 | 1175350  |
|  Phoenix Guarantor, Inc., Senior Secured First Lien, 13.78% (1 mo. SOFR US + 2.50%), 02/21/2031 |  | 2468844 | 2479781  |
|  |  |  | 3655131  |
| **Railroads - 0.3%**<br>|  |  |  |
|  Genesee & Wyoming, Inc., Senior Secured First Lien, 6.05% (3 mo. SOFR US + 1.75%), 04/10/2031 |  | 3473750 | 3459716  |
| **Restaurants - 0.1%**<br>|  |  |  |
|  1011778 BC ULC, Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 09/23/2030 |  | 1980000 | 1974020  |
| **Services - 0.4%**<br>|  |  |  |
|  Camelot US Acquisition LLC, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 01/31/2031 |  | 2324709 | 2303648  |
|  Circet Europe SASU, Senior Secured First Lien, 8.98% (3 mo. EURIBOR + 3.25%), 10/16/2028 | EUR | 1000000 | 1173831  |
|  PG Polaris BidCo Sarl, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 03/24/2031 |  | 1195393 | 1200174  |
|  |  |  | 4677653  |
| **Super Retail - 0.2%**<br>|  |  |  |
| Peer Holding III BV, Senior Secured First Lien<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.80% (3 mo. SOFR US + 2.50%), 07/01/2031 |  | 875600 | 881401  |
| &nbsp;&nbsp;&nbsp; 11.83% (3 wk. EURIBOR + 3.25%), 11/24/2031 | EUR | 1000000 | 1182229  |
|  |  |  | 2063630  |
| **Technology - 0.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Coherent Corp., Senior Secured First Lien, 6.33% (1 mo. SOFR US + 2.00%), <br>07/02/2029 |  | 1035804 | 1038611  |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc., Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), <br>09/12/2029 |  | 2422127 | 2421533  |
|  |  |  | 3460144  |
| **Telecommunications - 0.5%**<br>|  |  |  |
|  Iridium Satellite LLC, Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 09/20/2030 |  | 2429787 | 2436299  |

---

The accompanying notes are an integral part of these financial statements.

43<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Telecommunications - (Continued)**  | **Telecommunications - (Continued)**  | **Telecommunications - (Continued)**  | **Telecommunications - (Continued)**  |
|  Masorange Finco PLC, Senior Secured First Lien, 10.03% (6 mo. EURIBOR + 2.75%), 03/25/2031 | EUR | 1000000 | $1172617  |
|  Odido Holding BV, Senior Secured First Lien, 10.96% (3 mo. EURIBOR + 3.15%), 03/30/2029 | EUR | 1000000 | 1177465  |
|  Ziggo BV, Senior Secured First Lien, 7.89% (1 mo. EURIBOR + 3.00%), 01/31/2029 | EUR | 1000000 | 1130835  |
|  |  |  | 5917216  |
| **Transportation Excluding Air/Rail - 0.1%**<br>|  |  |  |
| First Student Bidco, Inc., Senior Secured First Lien<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 13.69% (3 mo. SOFR US + 2.50%), 07/21/2028 |  | 350642 | 351245  |
| &nbsp;&nbsp;&nbsp; 6.80% (3 mo. SOFR US + 2.50%), 07/21/2028 |  | 1186520 | 1188561  |
|  |  |  | 1539806  |
| **Utilities - 0.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Calpine Construction Finance Co. LP, Senior Secured First Lien, 6.33% <br>(1 mo. SOFR US + 2.00%), 07/31/2030 |  | 3500000 | 3504375  |
| &nbsp;&nbsp;&nbsp; Constellation Renewables LLC, Senior Secured First Lien, 6.84% <br>(3 mo. SOFR US + 2.25%), 12/15/2027 |  | 937394 | 940909  |
|  |  |  | 4445284  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $42,306,200)** |  |  | 42524672  |
| **COLLATERALIZED LOAN OBLIGATIONS - 3.2%**<br>|  |  |  |
|  Ares European CLO, Series 21X, Class A, 3.67% (3 mo. EURIBOR + 1.22%), 04/15/2038 | EUR | 2300000 | 2709293  |
|  Avoca CLO, Series 32X, Class A1, 3.33% (3 mo. EURIBOR + 1.17%), 04/15/2039 | EUR | 2300000 | 2701664  |
|  Bain Capital Credit CLO, Series 2024-6A, Class A1, 5.65% (3 mo. Term SOFR + 1.33%), 01/21/2038<sup>(a)</sup> |  | 2000000 | 2004304  |
|  Bain Capital Euro CLO, Series 2024-3X, Class A1, 3.91% (3 mo. EURIBOR + 1.30%), 01/18/2038 | EUR | 2000000 | 2354889  |
|  Ballyrock CLO Ltd., Series 2024-28A, Class A1A, 5.65% (3 mo. Term SOFR + 1.32%), 01/20/2038<sup>(a)</sup> |  | 1375000 | 1376815  |
| &nbsp;&nbsp;&nbsp; Blackrock European Clo XIII DAC, Series 15X, Class A, 3.87% <br>(3 mo. EURIBOR + 1.29%), 01/28/2038 | EUR | 1700000 | 2005226  |
|  Cairn CLO, Series 2024-19X, Class A, 3.89% (3 mo. EURIBOR + 1.30%), 04/15/2039 | EUR | 2000000 | 2354729  |
|  Capital Four CLO, Series 8X, Class A, 3.45% (3 mo. EURIBOR + 1.29%), 10/25/2037 | EUR | 1750000 | 2060410  |
|  CVC Cordatus Loan Fund, Series 33X, Class A1, 3.32% (3 mo. EURIBOR + 1.29%), 03/24/2038 | EUR | 2000000 | 2358472  |
|  Henley CLO, Series 12X, Class A1, 4.06% (3 mo. EURIBOR + 1.28%), 01/15/2038 | EUR | 1800000 | 2122995  |
|  Jubilee CLO, Series 2024-29X, Class A, 3.58% (3 mo. EURIBOR + 1.30%), 01/15/2039 | EUR | 2000000 | 2357945  |
|  Neuberger Berman CLO Ltd., Series 2024-58A, Class A, 5.61% (3 mo. Term SOFR + 1.34%), 10/18/2038<sup>(a)</sup> |  | 1100000 | 1103224  |

---

The accompanying notes are an integral part of these financial statements.

44<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
|  Penta CLO, Series 2024-18X, Class A, 4.14% (3 mo. EURIBOR + 1.28%), 01/15/2038 | EUR | 2000000 | $2357693  |
|  Providus CLO, Series 11X, Class A, 3.99% (3 mo. EURIBOR + 1.29%), 01/20/2038 | EUR | 2000000 | 2358487  |
|  Ravensdale Park CLO, Series 1X, Class A, 3.45% (3 mo. EURIBOR + 1.17%), 04/25/2038 | EUR | 950000 | 1116818  |
|  RRE Loan Management, Series 24X, Class A1, 3.53% (3 mo. EURIBOR + 1.16%), 04/15/2040 | EUR | 2300000 | 2698811  |
|  Trinitas Euro CLO, Series 8X, Class A, 3.93% (3 mo. EURIBOR + 1.30%), 01/15/2038 | EUR | 2000000 | 2354921  |
|  Voya Euro CLO, Series 8X, Class A, 4.07% (3 mo. EURIBOR + 1.28%), 01/15/2039 | EUR | 2000000 | 2355671  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $35,560,798)** |  |  | 38752367  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 1.3%**<br>|  |  |  |
| **Money Market Funds - 1.3%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(d)</sup> |  | 16116816 | 16116816  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $16,116,816)** |  |  | 16116816  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%** <br>**(Cost $1,144,679,067)** |  |  | $1213296666  |
| Other Assets in Excess of Liabilities - 0.7% |  |  | 8111849  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1221408515 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

CMT - Constant Maturity Treasury

EURIBOR - Euro Interbank Offered Rate

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PJSC - Public Joint Stock Company

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

EUR - Euro

GBP - British Pound

<sup>(a)</sup> 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, 2025, the value of these securities total $181,475,468 or 14.9% of the Fund's net assets.

<sup>(b)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of June 30, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

45<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MUZINICH LOW DURATION FUND** 

**SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation) |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 07/17/2025 | &nbsp;&nbsp; GBP | 24400000 | &nbsp;&nbsp; USD | 32672451 | $822958  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 07/17/2025 | &nbsp;&nbsp; USD  | 299248186 | &nbsp;&nbsp; EUR  | 261500000 | (9157109)  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 09/18/2025 | &nbsp;&nbsp; USD  | 283847714 | &nbsp;&nbsp; EUR  | 243500000 | (4535249)  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 07/17/2025 | &nbsp;&nbsp; USD  | 122302229 | &nbsp;&nbsp; GBP | 93000000 | (5364698)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $(18234098) |

---

EUR - Euro

GBP - British Pound

USD - United States Dollar

The accompanying notes are an integral part of these financial statements.

46<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Muzinich Dynamic** <br>**Income Fund** | **Muzinich Flexible** <br>**U.S. High Yield** <br>**Income Fund** | **Muzinich Low** <br>**Duration Fund**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | &nbsp;&nbsp; $159000862 | &nbsp;&nbsp; $62160509 | $1213296666  |
| Cash | &nbsp;&nbsp; 37573 | &nbsp;&nbsp; 25795 | 3709040  |
| Foreign currency, at value | &nbsp;&nbsp; 3248181 | &nbsp;&nbsp; — | 11891837  |
| Interest receivable | &nbsp;&nbsp; 2397579 | &nbsp;&nbsp; 1026159 | 17106032  |
| Receivable for investments sold | &nbsp;&nbsp; 2233410 | &nbsp;&nbsp; 210766 | 315000  |
| Receivable for fund shares sold | &nbsp;&nbsp; 802548 | &nbsp;&nbsp; 58 | 1729115  |
| Deposit at broker for future contracts | &nbsp;&nbsp; 519023 | &nbsp;&nbsp; — | 83248  |
| Deposit at broker for swap contracts | &nbsp;&nbsp; 243124 | &nbsp;&nbsp; — | —  |
| Receivable for open forward currency contracts | &nbsp;&nbsp; 39221 | &nbsp;&nbsp; — | 822958  |
| Prepaid expenses and other assets | &nbsp;&nbsp; 22990 | &nbsp;&nbsp; 32777 | 64472  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 168544511 | &nbsp;&nbsp; 63456064 | 1249018368  |
| **LIABILITIES:**<br>|  |  |  |
| Payable for investments purchased | &nbsp;&nbsp; 4451559 | &nbsp;&nbsp; 865595 | 6393540  |
| Payable for open forward currency contracts | &nbsp;&nbsp; 1746466 | &nbsp;&nbsp; — | 19057056  |
| Distributions payable | &nbsp;&nbsp; 194824 | &nbsp;&nbsp; 179448 | 994910  |
| Payable for capital shares redeemed | &nbsp;&nbsp; 159446 | &nbsp;&nbsp; — | 695998  |
| Payable to adviser | &nbsp;&nbsp; 78580 | &nbsp;&nbsp; 7007 | 362045  |
| Payable for accounting fees | &nbsp;&nbsp; 15151 | &nbsp;&nbsp; 4432 | 17204  |
| Payable for fund administration | &nbsp;&nbsp; 12504 | &nbsp;&nbsp; 1594 | 19840  |
| Payable for audit fees | &nbsp;&nbsp; 9364 | &nbsp;&nbsp; 8800 | 8806  |
| Payable for transfer agent fees and expenses | &nbsp;&nbsp; 5830 | &nbsp;&nbsp; 372 | 7109  |
| Payable for printing and mailing | &nbsp;&nbsp; 5704 | &nbsp;&nbsp; 437 | 19582  |
| Payable for custodian fees | &nbsp;&nbsp; 5077 | &nbsp;&nbsp; 627 | 20748  |
| Payable for compliance fees | &nbsp;&nbsp; 733 | &nbsp;&nbsp; 732 | 733  |
| Interest payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 1472 | 270  |
| Payable for distribution and shareholder servicing fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 306 | —  |
| Payable for other expenses and liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 12012  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 6685238 | &nbsp;&nbsp; 1070822 | 27609853  |
| **NET ASSETS** | &nbsp;&nbsp; $161859273 | &nbsp;&nbsp; $62385242 | $1221408515  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | &nbsp;&nbsp; $185697201 | &nbsp;&nbsp; $64813467 | $1205228472  |
| Total distributable earnings/(accumulated losses) | &nbsp;&nbsp; (23837928) | &nbsp;&nbsp; (2428225) | 16180043  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $161859273 | &nbsp;&nbsp; $62385242 | $1221408515  |
| **Institutional Class**<br>|  |  |  |
| Net assets | &nbsp;&nbsp; $94042506 | &nbsp;&nbsp; $2959778 | $—  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 9602851 | &nbsp;&nbsp; 369833 | —  |
| Net asset value per share | &nbsp;&nbsp; $9.79 | &nbsp;&nbsp; $8.00 | $—  |

---

The accompanying notes are an integral part of these financial statements.

47<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Muzinich Dynamic** <br>**Income Fund** | **Muzinich Flexible** <br>**U.S. High Yield** <br>**Income Fund** | **Muzinich Low** <br>**Duration Fund**  |
| **Supra Institutional Class**<br>|  |  |  |
| Net assets | &nbsp;&nbsp; $67816767 | &nbsp;&nbsp; $59425464 | $1221408515  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 6917682 | &nbsp;&nbsp; 7424794 | 126348890  |
| Net asset value per share | &nbsp;&nbsp; $9.80 | &nbsp;&nbsp; $8.00 | $9.67  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $151506769 | &nbsp;&nbsp; $60867640 | $1144679067  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | &nbsp;&nbsp; $3234265 | &nbsp;&nbsp; $— | $11764520 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

48<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Muzinich Dynamic** <br>**Income Fund** | **Muzinich Flexible** <br>**U.S. High Yield** <br>**Income Fund** | **Muzinich Low** <br>**Duration Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp; $4117281 | &nbsp;&nbsp;&nbsp; $2157506 | $29949465  |
| Dividend income | &nbsp;&nbsp;&nbsp; 63550 | &nbsp;&nbsp;&nbsp; 18266 | 377262  |
| Other income | &nbsp;&nbsp;&nbsp; 5192 | &nbsp;&nbsp;&nbsp; 3387 | 1313  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp; (11349) | &nbsp;&nbsp;&nbsp; — | (90685)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 4174674 | &nbsp;&nbsp;&nbsp; 2179159 | 30237355  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 473589 | &nbsp;&nbsp;&nbsp; 164007 | 2686258  |
| Fund administration and accounting fees | &nbsp;&nbsp;&nbsp; 90247 | &nbsp;&nbsp;&nbsp; 55868 | 399517  |
| Shareholder service costs - Institutional Class | &nbsp;&nbsp;&nbsp; 30529 | &nbsp;&nbsp;&nbsp; — | —  |
| Custodian fees | &nbsp;&nbsp;&nbsp; 22706 | &nbsp;&nbsp;&nbsp; 3794 | 84336  |
| Federal and state registration fees | &nbsp;&nbsp;&nbsp; 18002 | &nbsp;&nbsp;&nbsp; 19609 | 48687  |
| Transfer agent fees | &nbsp;&nbsp;&nbsp; 17231 | &nbsp;&nbsp;&nbsp; 5745 | 89414  |
| Trustees' fees | &nbsp;&nbsp;&nbsp; 11997 | &nbsp;&nbsp;&nbsp; 10189 | 22378  |
| Audit fees | &nbsp;&nbsp;&nbsp; 9363 | &nbsp;&nbsp;&nbsp; 8800 | 8806  |
| Compliance fees | &nbsp;&nbsp;&nbsp; 6682 | &nbsp;&nbsp;&nbsp; 6682 | 6682  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 6510 | &nbsp;&nbsp;&nbsp; 1285 | 25356  |
| Legal fees | &nbsp;&nbsp;&nbsp; 4868 | &nbsp;&nbsp;&nbsp; 4251 | 5074  |
| Interest expense | &nbsp;&nbsp;&nbsp; 3411 | &nbsp;&nbsp;&nbsp; 249 | 5514  |
| Other expenses and fees | &nbsp;&nbsp;&nbsp; 19944 | &nbsp;&nbsp;&nbsp; 9838 | 53664  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 715079 | &nbsp;&nbsp;&nbsp; 290317 | 3435686  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp;&nbsp; (206185) | &nbsp;&nbsp;&nbsp; (117116) | (445442)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp; 508894 | &nbsp;&nbsp;&nbsp; 173201 | 2990244  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp; 3665780 | &nbsp;&nbsp;&nbsp; 2005958 | 27247111  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 391007 | &nbsp;&nbsp;&nbsp; (321619) | 8261377  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp; (221551) | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp;&nbsp; (4789063) | &nbsp;&nbsp;&nbsp; — | (31711805)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp;&nbsp; 13079 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; 996793 | &nbsp;&nbsp;&nbsp; — | 1323720  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (3609735) | &nbsp;&nbsp;&nbsp; (321619) | (22126708)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 8054024 | &nbsp;&nbsp;&nbsp; 876175 | 72500655  |
| &nbsp;&nbsp;&nbsp; Future contracts | &nbsp;&nbsp;&nbsp; 153663 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp;&nbsp; (3002509) | &nbsp;&nbsp;&nbsp; — | (40356889)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; (35179) | &nbsp;&nbsp;&nbsp; — | 667083  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 5169999 | &nbsp;&nbsp;&nbsp; 876175 | 32810849  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 1560264 | &nbsp;&nbsp;&nbsp; 554556 | 10684141  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $5226044 | &nbsp;&nbsp;&nbsp; $2560514 | $37931252 |

---

The accompanying notes are an integral part of these financial statements.

49<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Muzinich Dynamic** <br>**Income Fund** | **Muzinich Dynamic** <br>**Income Fund** | **Muzinich Flexible U.S. High Yield** <br>**Income Fund**  | **Muzinich Flexible U.S. High Yield** <br>**Income Fund**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3665780 | $11081455 | $2005958 | &nbsp;&nbsp; $3642656  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3609735) | 2813467 | (321619) | &nbsp;&nbsp; (48529)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5169999 | (3655839) | 876175 | &nbsp;&nbsp; 109151  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5226044 | 10239083 | 2560514 | &nbsp;&nbsp; 3703278  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders - Institutional Class | (2184028) | (4696215) | (96488) | &nbsp;&nbsp; (192830)  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders - Supra Institutional Class | (1573135) | (5718411) | (1925558) | &nbsp;&nbsp; (3417049)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3757163) | (10414626) | (2022046) | &nbsp;&nbsp; (3609879)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Institutional Class | 8161996 | 14052459 |  | &nbsp;&nbsp; 74591  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Institutional Class | 2125770 | 4463800 | 91050 | &nbsp;&nbsp; 180984  |
| &nbsp;&nbsp;&nbsp; Redemptions - Institutional Class | (10090991) | (18294013) |  | &nbsp;&nbsp; (74308)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Institutional Class | 895 | 17121 |  | &nbsp;&nbsp; 743  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Supra Institutional Class | 6956155 | 5384554 | 2754613 | &nbsp;&nbsp; 10342040  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Supra Institutional Class | 871490 | 3565761 | 740175 | &nbsp;&nbsp; 1763908  |
| &nbsp;&nbsp;&nbsp; Redemptions - Supra Institutional Class | (7377360) | (114986938) | (801849) | &nbsp;&nbsp; (864638)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Supra Institutional Class | 641 | 871 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 648596 | (105796385) | 2783989 | &nbsp;&nbsp; 11423320  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 2117477 | (105971928) | 3322457 | &nbsp;&nbsp; 11516719  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 159741796 | 265713724 | 59062785 | &nbsp;&nbsp; 47546066  |
| &nbsp;&nbsp;&nbsp; End of the period | $161859273 | $159741796 | $62385242 | &nbsp;&nbsp; $59062785  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Institutional Class | 837721 | 1432379 |  | &nbsp;&nbsp; 9430  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Institutional Class | 219276 | 456749 | 11484 | &nbsp;&nbsp; 22825  |
| &nbsp;&nbsp;&nbsp; Redemptions - Institutional Class | (1037721) | (1864456) |  | &nbsp;&nbsp; (9430)  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Supra Institutional Class | 712220 | 546065 | 348533 | &nbsp;&nbsp; 1299711  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Supra Institutional Class | 89868 | 363727 | 93291 | &nbsp;&nbsp; 222235  |
| &nbsp;&nbsp;&nbsp; Redemptions - Supra Institutional Class | (753643) | (11589180) | (101384) | &nbsp;&nbsp; (109234)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 67721 | (10654716) | 351924 | &nbsp;&nbsp; 1435537 |

---

The accompanying notes are an integral part of these financial statements.

50<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Muzinich Low Duration Fund**  | **Muzinich Low Duration Fund**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $27247111 | $50079001  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (22126708) | 2095805  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 32810849 | 14598106  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 37931252 | 66772912  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders - Supra Institutional Class | (6000000) | (54296460)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (6000000) | (54296460)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Supra Institutional Class | 212086075 | 425440008  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Supra Institutional Class | 24462 | 54095876  |
| &nbsp;&nbsp;&nbsp; Redemptions - Supra Institutional Class | (205734672) | (291766908)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Supra Institutional Class | 1288 | 1  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 6377153 | 187768977  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 38308405 | 200245429  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1183100110 | 982854681  |
| &nbsp;&nbsp;&nbsp; End of the period | $1221408515 | $1183100110  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Supra Institutional Class | 22279058 | 44963545  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Supra Institutional Class | 2558 | 5724118  |
| &nbsp;&nbsp;&nbsp; Redemptions - Supra Institutional Class | (21682024) | (30881898)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 599592 | 19805765 |

---

The accompanying notes are an integral part of these financial statements.

51<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.71 | $9.80 | $9.50 | $10.50 | $11.22 | $10.89  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.44 | 0.37 | 0.26 | 0.31 | 0.30  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | (0.03) | 0.32 | (1.14) | (0.20) | 0.36  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | 0.41 | 0.69 | (0.88) | (0.11) | 0.66  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.23) | (0.50) | (0.39) | (0.05) | (0.41) | (0.26)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  | (0.07) | (0.42) | (0.07)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.23) | (0.50) | (0.39) | (0.12) | (0.83) | (0.33)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.79 | $9.71 | $9.80 | $9.50 | $10.50 | $11.22  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.26% | 4.20% | 7.40% | -8.39% | 1.02% | 6.24%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $94043 | $93026 | $93668 | $89146 | $127005 | $219841  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.93% | 0.89% | 0.85% | 0.87% | 0.84% | 0.81%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.67% | 0.67% | 0.68% | 0.67% | 0.66% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.62% | 4.44% | 3.81% | 2.65% | 2.81% | 2.71%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 81% | 164% | 135% | 168% | 139% | 174% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

52<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Dynamic Income Fund** 

**Financial Highlights** 

**Supra Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.71 | $9.80 | $9.50 | $10.51 | $11.23 | $10.90  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.44 | 0.37 | 0.27 | 0.32 | 0.30  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | (0.03) | 0.33 | (1.15) | (0.20) | 0.37  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 0.41 | 0.70 | (0.88) | 0.12 | 0.67  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.23) | (0.50) | (0.40) | (0.06) | (0.42) | (0.27)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  | (0.07) | (0.42) | (0.07)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.23) | (0.50) | (0.40) | (0.13) | (0.84) | (0.34)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.80 | $9.71 | $9.80 | $9.50 | $10.51 | $11.23  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.26% | 4.28% | 7.48% | -8.41% | 1.11% | 6.30%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $67817 | $66716 | $172046 | $209404 | $252118 | $321285  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.86% | 0.82% | 0.77% | 0.80% | 0.76% | 0.75%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.59% | 0.59%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.68% | 4.51% | 3.87% | 2.74% | 2.90% | 2.77%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 81% | 164% | 135% | 168% | 139% | 174% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

53<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $7.94 | $7.91 | $7.68 | $9.19 | $9.97 | $9.84  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.56 | 0.51 | 0.44 | 0.50 | 0.52  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.03 | 0.23 | (1.50) | (0.07) | 0.11  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | 0.59 | 0.74 | (1.06) | 0.43 | 0.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | (0.56) | (0.51) | (0.44) | (0.53) | 0.50  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.01) | (0.68) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | (0.56) | (0.51) | (0.45) | (1.21) | (0.50)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $8.00 | $7.94 | $7.91 | $7.68 | $9.19 | $9.97  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.34% | 7.65% | 9.98% | -11.17% | 4.42% | 6.81%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $2960 | $2844 | $2655 | $2838 | $4247 | $5905  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | 1.07% | 1.26% | 1.37% | 1.25% | 0.97%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | 0.58% | 0.58% | 0.58% | 0.59% | 0.58%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.73% | 7.05% | 6.59% | 5.34% | 5.06% | 5.36%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26% | 91% | 76% | 59% | 96% | 113% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

54<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Flexible U.S. High Yield Income Fund** 

**Financial Highlights** 

**Supra Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $7.94 | $7.91 | $7.68 | $9.18 | $9.96 | $9.83  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.56 | 0.52 | 0.44 | 0.51 | 0.51  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.03 | 0.22 | (1.49) | (0.08) | 0.12  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | 0.59 | 0.74 | (1.05) | 0.43 | 0.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.27) | (0.56) | (0.51) | (0.44) | (0.53) | (0.50)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  | (0.01) | (0.68) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.27) | (0.56) | (0.51) | (0.45) | (1.21) | (0.50)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $8.00 | $7.94 | $7.91 | $7.68 | $9.18 | $9.96  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 4.34% | 7.65% | 9.98% | -11.61% | 4.43% | 6.60%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $59425 | $56219 | $44891 | $30312 | $25222 | $62860  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.97% | 1.07% | 1.27% | 1.37% | 1.19% | 0.98%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.58% | 0.58% | 0.58% | 0.58% | 0.58% | 0.58%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 6.73% | 7.05% | 6.65% | 5.46% | 5.11% | 5.37%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 26% | 91% | 76% | 59% | 96% | 113% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

55<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Low Duration Fund** 

**Financial Highlights** 

**Supra Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $9.41 | $9.28 | $9.05 | $9.73 | $10.10 | $10.05  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.22 | 0.44 | 0.39 | 0.26 | 0.25 | 0.27  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.09 | 0.14 | 0.29 | (0.59) |  | (0.01)  |
| **Total from investment operations** | 0.31 | 0.58 | 0.68 | (0.33) | 0.25 | 0.26  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | (0.05) | (0.45) | (0.45) | (0.10) | (0.62) | (0.21)  |
| Net realized gains |  |  |  | (0.25) |  | —  |
| **Total distributions** | (0.05) | (0.45) | (0.45) | (0.35) | (0.62) | (0.21)  |
| Redemption fee per share | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  | —  |
| **Net asset value, end of period** | $9.67 | $9.41 | $9.28 | $9.05 | $9.73 | $10.10  |
| TOTAL RETURN<sup>(d)</sup> | 3.28% | 6.30% | 7.63% | -3.41% | 2.50% | 2.64%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1221409 | $1183100 | $982855 | $941251 | $369539 | $592519  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | 0.58% | 0.58% | 0.58% | 0.61% | 0.62% | 0.62%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.49% | 0.49%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 4.56% | 4.63% | 4.19% | 2.83% | 2.46% | 2.77%  |
| Portfolio turnover rate<sup>(d)</sup> | 36% | 57% | 49% | 26% | 69% | 75% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The Muzinich Dynamic Income Fund ("Dynamic Income Fund", formerly the Muzinich Credit Opportunities Fund), Muzinich Flexible U.S. High Yield Income Fund ("Flexible U.S. High Yield Income 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 Funds commenced operations on January 3, 2013, March 31, 2016, and June 29, 2018, 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 Dynamic Income Fund offers Supra Institutional and Institutional Class shares, the Flexible U.S. High Yield Income Fund offers Supra Institutional and Institutional Class shares, and the Low Duration Fund offers Supra Institutional shares.

The investment objective of the Dynamic Income Fund is primarily to provide a high level of income and capital appreciation. The investment objective of the Flexible U.S. High Yield Income 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").

&nbsp;&nbsp;&nbsp;&nbsp;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. In the absence of a price from a pricing service, securities are valued at their respective fair values as determined in good faith by the Valuation Committee.

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.

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (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 has adopted a Valuation Policy designating Muzinich & Co., Inc. (the "Adviser") 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 –<br>| 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 –<br>| 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.

**Dynamic Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $148592 | $142865849 | $— | $143014441  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds |  | 6458232 |  | 6458232  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 6003464 |  | 6003464  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 11 |  | 11  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3524714 |  |  | 3524714  |
| **Total Investments** | $3673306 | $155327556 | $— | $159000862  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Other Financial Instruments<sup>1</sup>:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $153663 | $— | $— | $153663  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $— | $39221 | $— | $39221  |
| **Total Other Financial Instruments** | $153663 | $39221 | $— | $192884  |
| **Liabilities:**<br>|  |  |  |  |
| **Other Financial Instruments<sup>1</sup>:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $— | $(1746466) | $— | $(1746466)  |
| **Total Other Financial Instruments** | $— | $(1746466) | $— | $(1746466) |

---

<sup>1</sup> The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Flexible U.S. High Yield Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $57365128 | $— | $57365128  |
| &nbsp;&nbsp;&nbsp; Bank Loans | $— | $3510172 | $— | $3510172  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1285209 |  |  | 1285209  |
| **Total Assets** | $1285209 | $60875300 | $— | $62160509 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The following is a reconciliation of the Flexible High Yield's Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | |
|:---|:---|:---|
|  | **Corporate Bond** | **Total**  |
| **Balanced as of December 31, 2024** | &nbsp;&nbsp; $266063 | $266063  |
| Acquisitions | &nbsp;&nbsp; — | —  |
| Dispositions | &nbsp;&nbsp; (167148) | (167148)  |
| Accrued discounts/premiums | &nbsp;&nbsp; — |  |
| Realized gain (loss) | &nbsp;&nbsp; (107853) | (107853)  |
| Change in unrealized appreciation/depreciation | &nbsp;&nbsp; 8938 | 8938  |
| Transfer in and/or out of Level 3 | &nbsp;&nbsp; — | —  |
| **Balanced as of June 30, 2025** | &nbsp;&nbsp; $— | $—  |
|  Change in unrealized appreciation/depreciation for Level 3 investments held at June 30, 2025 | &nbsp;&nbsp; $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Security** | **Fair Value of** <br>**6/30/2025** | **Valuation Techniques** | **Unobservable Input** | **Input** <br>**Value(s)** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase** <br>**in Input**  |
| Corporate Bond | $— | Broker Quote Method | Single broker quote | 96.75 | Increase |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**Low Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $1154330 | $1046060823 | $— | $1047215153  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds |  | 68687658 |  | 68687658  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 42524672 |  | 42524672  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 38752367 |  | 38752367  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 16116816 |  |  | 16116816  |
| **Total Assets** | $17271146 | $1196025520 | $— | $1213296666  |
| **Other Financial Instruments<sup>1</sup>:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $— | $822958 | $— | $822958  |
| **Total Other Financial Instruments** | $— | $822958 | $— | $822958  |
| **Liabilities:**<br>|  |  |  |  |
| **Other Financial Instruments<sup>1</sup>:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $— | $(19057056) | $— | $(19057056)  |
| **Total Other Financial Instruments** | $— | $(19057056) | $— | $(19057056) |

---

<sup>1</sup> The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The following is a reconciliation of the Low Duration Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | |
|:---|:---|:---|
|  | **Collateralized Loan** <br>**Obligation CLO** | **Total**  |
| **Balanced as of December 31, 2024** | &nbsp;&nbsp;&nbsp; $2071702 | $2071702  |
| Acquisitions | &nbsp;&nbsp;&nbsp; — |  |
| Dispositions | &nbsp;&nbsp;&nbsp; — | —  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — |  |
| Realized gain (loss) | &nbsp;&nbsp;&nbsp; — | —  |
| Change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 283970 | 283970  |
| Transfer in and/or out of Level 3 | &nbsp;&nbsp;&nbsp; (2355672) | (2355672)  |
| **Balanced as of June 30, 2025** | &nbsp;&nbsp;&nbsp; $— | $—  |
|  Change in unrealized appreciation/depreciation for Level 3 investments held at June 30, 2025 | &nbsp;&nbsp;&nbsp; $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Security** | **Fair Value of** <br>**6/30/2025** | **Valuation Techniques** | **Unobservable Input** | **Input** <br>**Value(s)** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase** <br>**in Input**  |
|  Collateralized Loan Obligation CLO | $— | Market Transaction <br>Method | Recent Transaction | 103.59 | Increase |

---

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.

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

The Trust's valuation procedures have been adopted by the Trust's Board, which has established a Valuation Committee to oversee valuation techniques. The Board ratifies valuation techniques quarterly.

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, 2025, for the Dynamic Income Fund and Low Duration Fund was $72,100,778, and $635,754,224, respectively. Forward foreign currency exchange contracts entered during the six months ended June 30, 2025, were with U.S. Bancorp Investments, Inc. for the Dynamic Income Fund, and the Low Duration Fund. The Dynamic Income Fund's average notional value when in use of exchange traded futures contracts outstanding during the six months ended June 30, 2025, was $4,890,067 and were entered into with Morgan Stanley. The Dynamic Income Fund entered into swap contract transactions with Barclays Investment Bank, Bank of America, Goldman Sachs & Co., Jefferies, and BNP Paribas, Inc. during the six months ended June 30, 2025, at an average transaction notional value of $246,242, $68,155, $64,144, $154,454, and $230,424, respectively.

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, 2025:

**Dynamic Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives as of June 30, 2025** | **Asset Derivatives as of June 30, 2025** | **Liability Derivatives as of June 30, 2025** | **Liability Derivatives as of June 30, 2025** |
| <br>**Instrument** | **Balance Sheet Location** | **Fair Value** | **Balance Sheet Location** | **Fair Value**  |
|  Forward Foreign Currency Exchange Contracts | Unrealized Appreciation on <br>Forward Foreign Currency <br>Exchange Contracts | $39221 | Unrealized Depreciation on <br>Forward Foreign Currency <br>Exchange Contracts | $(1746466)  |
|  |  | $39221 |  | $(1746466) |

---

**Low Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives as of June 30, 2025** | **Asset Derivatives as of June 30, 2025** | **Liability Derivatives as of June 30, 2025** | **Liability Derivatives as of June 30, 2025** |
| <br>**Instrument** | **Balance Sheet Location** | **Fair Value** | **Balance Sheet Location** | **Fair Value**  |
|  Forward Foreign Currency Exchange Contracts | Unrealized Appreciation on <br>Forward Foreign <br>Currency Exchange Contracts | $822958 | Unrealized Depreciation on <br>Forward Foreign Currency <br>Exchange Contracts | $(19057056)  |
|  |  | $822958 |  | $(19057056) |

---

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**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**Statements of Operations** 

The effect of derivative instruments on the Statements of Operations for the year ended June 30, 2025:

**Dynamic Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Instrument** | **Location of Gain (Loss) on** <br>**Derivatives Recognized in** <br>**Income** | **Realized Gain (Loss) on** <br>**Derivatives Recognized in** <br>**Income** | **Change in Unrealized** <br>**Appreciation/Depreciation on** <br>**Derivatives Recognized in** <br>**Income**  |
|  Forward Foreign Currency Exchange Contracts | Net realized and unrealized gain <br>(loss) on forward foreign <br>currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4789063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3002509)  |
|  Credit Default - Swap Contracts | Net realized and unrealized gain <br>(loss) on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Futures Contracts | Net realized and unrealized gain <br>(loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (221551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153663  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4997535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2848846) |

---

**Low Duration Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Instrument** | **Location of Gain (Loss) on** <br>**Derivatives Recognized in** <br>**Income** | **Realized Gain (Loss) on** <br>**Derivatives Recognized in** <br>**Income** | **Change in Unrealized** <br>**Appreciation/Depreciation on** <br>**Derivatives Recognized in** <br>**Income**  |
|  Forward Foreign Currency Exchange Contracts | Net realized and unrealized gain <br>(loss) on forward foreign <br>currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(31711805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(40356889) |

---

The Flexible U.S. High Yield Income Fund did not have derivatives activity during the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;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 well-established and relatively liquid. The Dynamic Income Fund had swap contracts activity during the six months
 ended June 30, 2025. Realized and unrealized gains and losses are included in the Statements of Operations. The Flexible U.S. High
 Yield Income Fund, and Low Duration Fund did not have swap contracts activity during the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;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

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**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

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 Dynamic Income Fund had futures contracts activity during the six months ended June 30, 2025. Realized and unrealized gains and losses are included in the Statements of Operations. The Flexible U.S. High Yield Income Fund, and Low Duration Fund did not have futures contracts activity during the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Forward Foreign Currency Exchange Contracts.* During the six months ended June 30, 2025, the Dynamic Income 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 Flexible U.S. High Yield Income Fund did not have forward
 foreign currency exchange contract activity during the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

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. Net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Fund's next taxable year.

As of the most recent fiscal year ended December 31, 2024, the Dynamic Income Fund, the Flexible U.S. High Yield Income Fund, and Low Duration Fund, did not defer any post-October losses. The Low Duration Fund deferred, on a tax basis, late-year losses of $1,175,477. The Dynamic Income Fund and the Flexible U.S. High Yield Income Fund did not defer any late-year losses as of December 31, 2024.

As of the most recent fiscal year ended December 31, 2024, the Funds had the following capital loss carryovers, which do not expire and retain their original character.

---

| | | | |
|:---|:---|:---|:---|
|  | **Dynamic Income** <br>**Fund** | **Flexible U.S. High** <br>**Yield Income Fund** | **Low Duration** <br>**Fund**  |
| Short-Term Capital Loss Carryovers | $19283663 | &nbsp;&nbsp;&nbsp; $997486 | $1084686  |
| Long-Term Capital Loss Carryovers | 7252101 | &nbsp;&nbsp;&nbsp; 2428291 | 9338808  |
| Total | $26535764 | &nbsp;&nbsp;&nbsp; $3425777 | $10423494 |

---

As of June 30, 2025, 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Distributions to Shareholders.* Distributions to shareholders from net investment income for the Dynamic Income Fund normally are declared and
 paid on a quarterly basis. Distributions to shareholders from net investment income for the Flexible U.S. High Yield Income 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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 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.

64<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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 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.

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**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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, 2025:

**Dynamic Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**Amounts** | **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Cash** <br>**Collateral** <br>**Pledged** <br>(Received) | **Net Amount**  |
| **Assets**<br>|  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | $39221 | $— | $39221 | &nbsp;&nbsp; $39221 | $— | $—  |
| **Liabilities**<br>|  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | (1746466) |  | (1746466) | &nbsp;&nbsp; 39221 |  | (1707245) |

---

**Low Duration Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**Amounts** | **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Cash** <br>**Collateral** <br>**Pledged** <br>(Received) | **Net Amount**  |
| **Assets**<br>|  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | $822958 | $— | $822958 | $822958 | $— | $—  |
| **Liabilities**<br>|  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | (19057056) |  | (19057056) | 822958 |  | (18234098) |

---

The above forward foreign currency exchange contracts had U.S. Bank N.A. as their counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;Q. *New Accounting Pronouncement*. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
 Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund(s).
 Each / The Fund operates as a single segment entity. Each / The Fund's income, expenses, assets, and performance are regularly monitored
 and assessed by the Advisor, who serves as the chief operating decision maker, using the information presented in the financial statements
 and financial highlights.

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;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 Dynamic Income 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 Flexible U.S. High Yield Income 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, 2025, 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 Dynamic Income Fund's, Flexible U.S. High Yield Income 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 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, 2025, 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, 2025, 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.

---

| | | | |
|:---|:---|:---|:---|
| **Expiration** | **Dynamic Income** <br>**Fund** | **Flexible U.S. High** <br>**Yield Income Fund** | **Low Duration** <br>**Fund**  |
| December 31, 2025 | &nbsp;&nbsp; $358632 | &nbsp;&nbsp;&nbsp;&nbsp; $116800 | $368187  |
| December 31, 2026 | &nbsp;&nbsp; 486807 | &nbsp;&nbsp;&nbsp;&nbsp; 247658 | 838624  |
| December 31, 2027 | &nbsp;&nbsp; 534929 | &nbsp;&nbsp;&nbsp;&nbsp; 250780 | 896013  |
| June 30, 2028 | &nbsp;&nbsp; 206185 | &nbsp;&nbsp;&nbsp;&nbsp; 117116 | 445442  |
| Total | &nbsp;&nbsp; $1586553 | &nbsp;&nbsp;&nbsp;&nbsp; $732354 | $2548266 |

---

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, 2025, are disclosed in the Statements of Operations.

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

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 Class A shares and 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, 2025, are disclosed in the Statements of Operations.

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

For the six months ended June 30, 2025, the cost of purchases and proceeds from the sales and maturities of securities, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales/Maturities**  |
| Dynamic Income Fund | $125704017 | $122397304  |
| Flexible U.S. High Yield Income Fund | 18363007 | 15508482  |
| Low Duration Fund | 415455264 | 434200085 |

---

For the six months ended June 30, 2025, 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:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales/Maturities**  |
| Dynamic Income Fund | $17799192 | $35460057 |

---

There were no purchases or sales/maturities of long-term U.S. Government securities for the Flexible U.S. High Yield Income Fund, and Low Duration Fund during the six months ended June 30, 2025.

**NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid during the six months ended June 30, 2025, and the year ended December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income**  | **Ordinary Income**  |
|  | **June 30, 2025** | **December 31, 2024**  |
| Dynamic Income Fund | $3757163 | &nbsp;&nbsp; $10414626  |
| Flexible U.S. High Yield Income Fund | 2022046 | &nbsp;&nbsp; 3609879  |
| Low Duration Fund | 6000000 | &nbsp;&nbsp; 54296460 |

---

---

| | | |
|:---|:---|:---|
|  | **Long-Term Capital Gains<sup>1</sup>**  | **Long-Term Capital Gains<sup>1</sup>**  |
|  | **June 30, 2025** | **December 31, 2024**  |
| Dynamic Income Fund | $— | &nbsp;&nbsp; $—  |
| Flexible U.S. High Yield Income Fund |  | &nbsp;&nbsp; —  |
| Low Duration Fund |  | &nbsp;&nbsp; — |

---

<sup>1</sup> 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.

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

The cost basis of investments for federal income tax purposes as of the most recent fiscal year ended December 31, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Dynamic Income** <br>**Fund** | **U.S. High Yield** <br>**Fund** | **Low Duration** <br>**Fund**  |
| Cost of Investments | $152204733 | $58198388 | $1159800980  |
| Gross tax unrealized appreciation | 1391043 | 943325 | 9897098  |
| Gross tax unrealized depreciation | (1968304) | (535982) | (13783114)  |
| Net tax unrealized appreciation (depreciation) | (577261) | 407343 | (3886016)  |
| Undistributed ordinary income (loss) | 1757163 | 51740 | —  |
| Undistributed long-term capital gains (losses) |  |  | —  |
| Total distributable earnings | 1757163 | 51740 | —  |
| Other distributable (accumulated) gains (losses) | (26486711) | (3425777) | (11865193)  |
| Total distributable (accumulated) earningst (losses) | $(25306809) | $(2966694) | $(15751209) |

---

**NOTE 6 – CREDIT FACILITY** 

U.S. Bank N.A. has made available to the Dynamic Income Fund, Flexible U.S. High Yield Income 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, 2025, are as follows:

---

| | |
|:---|:---|
| **Dynamic Income Fund** <br>|  |
| Maximum available credit | $18000000  |
| Largest amount outstanding on an individual day | 1377000  |
| Average daily loan outstanding when in use | 850429  |
| Credit facility outstanding as of June 30, 2025 | —  |
| Average interest rate when in use | 7.50%  |
| **Flexible U.S. High Yield Income Fund**<br>|  |
| Maximum available credit | $7000000  |
| Largest amount outstanding on an individual day | —  |
| Average daily loan outstanding when in use | —  |
| Credit facility outstanding as of June 30, 2025 | —  |
| Average interest rate when in use | 0.00%  |
| **Low Duration Fund**<br>|  |
| Maximum available credit | $80000000  |
| Largest amount outstanding on an individual day | —  |
| Average daily loan outstanding when in use | —  |
| Credit facility outstanding as of June 30, 2025 | —  |
| Average interest rate when in use | 0.00% |

---

Interest expense for the six months ended June 30, 2025, is disclosed in the Statements of Operations, if applicable.

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**Additional Information (Unaudited)** 

**INFORMATION ABOUT PROXY VOTING** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-855-MUZINICH (1-855-689-4642). Furthermore, you can obtain the description on the SEC's website at www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent period ended June 30 is available without charge, upon request, by calling 1-855-MUZINICH (1-855-689-4642). Furthermore, you can obtain the Funds' proxy voting records on the SEC's website at www.sec.gov., and the Funds' website at www.muzinichusfunds.com/literature.

**INFORMATION ABOUT THE PORTFOLIO HOLDINGS** 

The Funds' quarterly holdings for the most recent fiscal year can be obtained by accessing Funds' website at www.muzinichusfunds.com/literature. The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Part F of Form N-PORT. The Funds' Form N-PORT is available on the SEC's website at www.sec.gov. The Funds' Form N-PORT may also be obtained by calling toll-free 1-855-MUZINICH (1-855-689-4642).

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**[**TABLE OF CONTENTS**](#TOC)**

**Muzinich Funds** 

**Additional Information (Unaudited)(Continued)** 

**The below information is required disclosure from Form N-CSR** 

**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.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

N/A

71<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to previous Form N-CSR filing.*](https://www.sec.gov/Archives/edgar/data/811030/000113322825002234/mff-efp14583_ec99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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.*](mf-efp17251_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 to open-end investment companies.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 to open-end investment companies.*

 

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](mf-efp17251_ex99906cert.htm)

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Professionally Managed Portfolios

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jason Hadler |
|  | Jason Hadler, President/Principal Executive Officer |

---

Date <u>9/5/2025</u>

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 |

---

Date <u>9/5/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Craig Benton |
|  | Craig Benton, Treasurer/Principal Financial Officer |

---

Date <u>9/5/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jason Hadler, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Professionally Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the fiscal
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/5/2025 | /s/ Jason Hadler |
|  |  | Jason Hadler |
|  |  | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Craig Benton, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Professionally Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the fiscal
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/5/2025 | /s/ Craig Benton |
|  |  | Craig Benton |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Professionally Managed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Professionally Managed Portfolios for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Professionally Managed Portfolios for the stated period.

---

| | |
|:---|:---|
| /s/ Jason Hadler | /s/ Craig Benton |
| Jason Hadler | Craig Benton |
| President/Principal Executive Officer Professionally Managed Portfolios | Treasurer/Principal Financial Officer Professionally Managed Portfolios |

---

Dated: <u>9/5/2025</u> Dated: <u>9/5/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Professionally Managed Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934.