# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001133228-26-003108
**Filing Date:** 2026-3
**Character Count:** 310974
**Document Hash:** c24ddeda6f639a67e4b0fb545cb1154f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003108.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001133228-26-003108

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 26727555

**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'? 2025-10-03195393_MuzinichDynamicIncomeFund_InstitutionalClass_TSRAnnual

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>December 31, 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) | Annual Shareholder Report \| December 31, 2025  | ![image](img62237_202501131928476.jpg) |

---

This annual shareholder report contains important information about the Muzinich Dynamic Income Fund for the period of January 1, 2025, to December 31, 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).

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $71 | 0.69% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Muzinich Dynamic Income Fund institutional shares produced a positive return, outperforming the ICE BofA Global Corporate and High Yield (GI00) USD hedged on a gross basis, but underperforming on a fully net of fees basis. Over the reporting period, strong credit selection and an overweight in Emerging Market (EM) investment grade notably contributed to Fund performance, as did an overweight in US high yield assets. Fund performance benefitted from an overweight in the 1-5 years duration range, while a relative underweight in the 10+ years duration segment detracted from relative returns as long duration assets were assisted by spread tightening during the first half of the year. On a sector basis, an overweight and strong security selection in metals/mining benefitted returns, as well as superior credit selection in transportation and diversified financial services. On the flipside, a relative underweight in the healthcare sector acted as a drag on relative performance. From a ratings perspective, an overweight and strong credit selection of BBB- and BB+ rated credit bolstered Fund returns.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted over the 10-year period ended December 31, 2025. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts6353img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | 6.59 | 2.00 | 3.75 |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30 | -0.36 | 2.01 |
| **ICE BofA Global Corporate & High Yield Index USD** **Hedged**  | 7.19 | 1.20 | 3.90 |

---

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

\* The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Transaction costs are not calculated in the returns for the ICE BofA Global Corporate & High Yield Index (USD 100% Hedged).

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $165961313 |
| **Number of Holdings** | 352 |
| **Net Advisory Fee** | $545492 |
| **Portfolio Turnover** | 127% |
| **30-Day SEC Yield** | 4.21% |
| **30-Day SEC Yield Unsubsidized** | 3.92% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  First American Treasury Obligations Fund  | 3.1% |
|  United States Treasury Bill  | 2.3% |
|  Blackrock European Clo XIII DAC  | 1.2% |
|  Foundry JV Holdco LLC  | 0.9% |
|  Ford Motor Credit Co. LLC  | 0.9% |
|  Morgan Stanley  | 0.8% |
|  SoftBank Group Corp.  | 0.7% |
|  UniCredit SpA  | 0.7% |
|  Amphenol Corp.  | 0.7% |
|  Galaxy Pipeline Assets Bidco Ltd.  | 0.7% |

---

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

![image](ts6353img004.jpg)

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

![image](ts6353img005.jpg)

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

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-AR-74316P553

10011571015253107818511292111131432125141413295081343052123041913214661377016146773599895210044461031039106755610676781160744124787712286341068787112787811419801225355999203993775107195711381421126583127112613726951370717118407212976711359060145679189.23.63.12.30.20.00.00.21.812.211.18.17.04.94.74.64.03.939.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img62237_202501131928476.jpg) |

---

This annual shareholder report contains important information about the Muzinich Dynamic Income Fund for the period of January 1, 2025, to December 31, 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).

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $62 | 0.60% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Muzinich Dynamic Income Fund supra institutional shares produced a positive return, outperforming the ICE BofA Global Corporate and High Yield (GI00) USD hedged on a gross basis, but underperforming on a fully net of fees basis. Over the reporting period, strong credit selection and an overweight in Emerging Market (EM) investment grade notably contributed to positive Fund performance, as did an overweight in US high yield assets. Fund performance benefitted from an overweight across the 1-5 years duration range, while a relative underweight in the 10+ years duration segment detracted from relative returns as long duration assets were assisted by spread tightening during the first half of the year. On a sector basis, an overweight in metals/mining and superior credit selection in transportation and diversified financial services bonds bolstered returns. On the flipside, a relative underweight in the healthcare sector acted as a drag on relative performance. From a ratings perspective, the Fund's overweight and strong credit selection of BBB- and BB+ rated credit benefitted Fund returns.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $5,000,000 chart reflects a hypothetical $5,000,000 investment in the class of shares noted over the 10-year period ended December 31, 2025. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $5,000,000)

![image](ts6354img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Supra Institutional Class (without sales charge)**  | 6.74 | 2.07 | 3.82 |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30 | -0.36 | 2.01 |
| **ICE BofA Global Corporate & High Yield Index USD** **Hedged**  | 7.19 | 1.20 | 3.90 |

---

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

\* The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Transaction costs are not calculated in the returns for the ICE BofA Global Corporate & High Yield Index (USD 100% Hedged).

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $165961313 |
| **Number of Holdings** | 352 |
| **Net Advisory Fee** | $545492 |
| **Portfolio Turnover** | 127% |
| **30-Day SEC Yield** | 4.29% |
| **30-Day SEC Yield Unsubsidized** | 4.01% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  First American Treasury Obligations Fund  | 3.1% |
|  United States Treasury Bill  | 2.3% |
|  Blackrock European Clo XIII DAC  | 1.2% |
|  Foundry JV Holdco LLC  | 0.9% |
|  Ford Motor Credit Co. LLC  | 0.9% |
|  Morgan Stanley  | 0.8% |
|  SoftBank Group Corp.  | 0.7% |
|  UniCredit SpA  | 0.7% |
|  Amphenol Corp.  | 0.7% |
|  Galaxy Pipeline Assets Bidco Ltd.  | 0.7% |

---

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

![image](ts6354img004.jpg)

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

![image](ts6354img005.jpg)

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

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-AR-74316P561

50000005317027556717655791846180053656930766421796083509653852768181587277606500000051323745314154531475857780306211765611597753202815614430568462460996545000000539335857263565668202639544069064686896518595744665290006837867732958489.23.63.12.30.20.00.00.21.812.211.18.17.04.94.74.64.03.939.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img62237_202501131928476.jpg) |

---

This annual shareholder report contains important information about the Muzinich Flexible U.S. High Yield income Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.muzinichusfunds.com/strategies/flexible-us-high-yield-income-fund. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $60 | 0.58% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Muzinich Flexible U.S. High Yield Income Fund's institutional shares produced a positive return for the year, comfortably outperforming the ICE BofA 1-5 Year BB-B US Cash Pay High Yield Constrained Index (JVC4). During the reporting period, the Fund benefitted from strong security selection as well as loss avoidance across various sectors. Fund performance was driven by disciplined sector allocation and active security selection, particularly across real estate, retail, utilities, and metals/mining. Issuer detractors were limited and largely idiosyncratic within consumer products and building materials, with active management enabling timely exits as market fundamentals weakened. We remained focused on risk management, keeping overall Fund duration short and portfolio credit quality improved through a meaningful increase in BB exposure during the second half of the year. In our view, historically tight spreads and weaker metrics for lower rated credits (relative to higher quality credits), have bolstered the argument for conservative positioning. We closed the year underweight most cyclical sectors, lower rated credits, and the riskiest cohort of the market. We reduced risk in the portfolio after taking gains on positions we had tactically added earlier in the chemicals, technology, publishing, and gaming sectors. As of December 31, 2025, the five largest sectors in the Fund by weighting were real estate, diversified financial services, energy, healthcare, and technology.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted over the 7-year period ended December 31, 2025. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts6351img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/27/2017)** |
| **Institutional Class (without sales charge)**  | 8.27 | 3.40 | 4.52 |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30 | -0.36 | 1.89 |
| **ICE BofA 1-5 Year BB-B US Cash Pay High Yield** **Constrained Total Return Index**  | 7.82 | 5.02 | 5.05 |
| **ICE BofA BB-B U.S.Cash Pay High Yield Constrained** **Index (USD)**  | 8.76 | 4.15 | 5.14 |

---

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

\* The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Transaction costs are not calculated in the returns for the ICE BofA 1-5 Year BB-B Cash Pay High Yield Constrained Total Return Index and the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $70795116 |
| **Number of Holdings** | 338 |
| **Net Advisory Fee** | $88538 |
| **Portfolio Turnover** | 66% |
| **30-Day SEC Yield** | 5.39% |
| **30-Day SEC Yield Unsubsidized** | 4.97% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **net** **assets)**  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.1% |
|  EchoStar Corp.  | 1.4% |
|  Rocket Software, Inc.  | 1.3% |
|  Service Properties Trust  | 1.3% |
|  Blackstone Mortgage Trust, Inc.  | 1.2% |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.  | 1.1% |
|  Minerals Technologies, Inc.  | 1.1% |
|  Cloud Software Group, Inc.  | 1.0% |
|  TransDigm, Inc.  | 0.9% |
|  Owens-Brockway Glass Container, Inc.  | 0.9% |

---

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

![image](ts6351img004.jpg)

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

![image](ts6351img005.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/flexible-us-high-yield-income-fund.

Muzinich Flexible U.S. High Yield income Fund PAGE 2 TSR-AR-74316J573

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Muzinich & Co., Inc. documents not be householded, please contact Muzinich & Co., Inc. at 1-855-MUZINICH (1-855-689-4642), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Muzinich & Co., Inc. or your financial intermediary.

Muzinich Flexible U.S. High Yield income Fund PAGE 3 TSR-AR-74316J573

100000010547201026552116702312464761301534114907912637111360395147296610000001026332102644911159211199689118119010275151084325109788211780371000000104212910491431164378120582212646981195822133411014286001540271100000010561921034669119075212659581323885118432313339231426080155105993.34.70.81.29.77.67.07.06.96.34.74.13.743.0 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img62237_202501131928476.jpg) |

---

This annual shareholder report contains important information about the Muzinich Flexible U.S. High Yield income Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.muzinichusfunds.com/strategies/flexible-us-high-yield-income-fund. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $60 | 0.58% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Muzinich Flexible U.S. High Yield Income Fund's supra institutional shares produced a positive return for the year, comfortably outperforming the ICE BofA 1-5 Year BB-B US Cash Pay High Yield Constrained Index (JVC4). During the reporting period, the Fund benefitted from strong security selection as well as loss avoidance across various sectors. Fund performance was driven by disciplined sector allocation and active security selection, particularly across real estate, retail, utilities, and metals/mining. Issuer detractors were limited and largely idiosyncratic within consumer products and building materials, with active management enabling timely exits as market fundamentals weakened. We remained focused on risk management, keeping overall Fund duration short and portfolio credit quality improved through a meaningful increase in BB exposure during the second half of the year. In our view, historically tight spreads and weaker metrics for lower rated credits (relative to higher quality credits), have bolstered the argument for conservative positioning. We closed the year underweight most cyclical sectors, lower rated credits, and the riskiest cohort of the market. We reduced risk in the portfolio after taking gains on positions we had tactically added earlier in the chemicals, technology, publishing, and gaming sectors. As of December 31, 2025, the five largest sectors in the Fund by weighting were real estate, diversified financial services, energy, healthcare, and technology.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $5,000,000 chart reflects a hypothetical $5,000,000 investment in the class of shares noted over the 7-year period ended December 31, 2025. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $5,000,000)

![image](ts6350img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/31/2016)** |
| **Supra Institutional Class (without sales charge)**  | 8.27 | 3.42 | 4.96 |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30 | -0.36 | 1.75 |
| **ICE BofA 1-5 Year BB-B US Cash Pay High Yield** **Constrained Total Return Index**  | 7.82 | 5.02 | 5.68 |
| **ICE BofA BB-B U.S.Cash Pay High Yield Constrained** **Index (USD)**  | 8.76 | 4.15 | 5.89 |

---

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

\* The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Transaction costs are not calculated in the returns for the ICE BofA 1-5 Year BB-B Cash Pay High Yield Constrained Total Return Index and the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $70795116 |
| **Number of Holdings** | 338 |
| **Net Advisory Fee** | $88538 |
| **Portfolio Turnover** | 66% |
| **30-Day SEC Yield** | 5.39% |
| **30-Day SEC Yield Unsubsidized** | 4.97% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **net** **assets)**  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.1% |
|  EchoStar Corp.  | 1.4% |
|  Rocket Software, Inc.  | 1.3% |
|  Service Properties Trust  | 1.3% |
|  Blackstone Mortgage Trust, Inc.  | 1.2% |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.  | 1.1% |
|  Minerals Technologies, Inc.  | 1.1% |
|  Cloud Software Group, Inc.  | 1.0% |
|  TransDigm, Inc.  | 0.9% |
|  Owens-Brockway Glass Container, Inc.  | 0.9% |

---

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

![image](ts6350img004.jpg)

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

![image](ts6350img005.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/flexible-us-high-yield-income-fund.

Muzinich Flexible U.S. High Yield income Fund PAGE 2 TSR-AR-74316J565

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Muzinich & Co., Inc. documents not be householded, please contact Muzinich & Co., Inc. at 1-855-MUZINICH (1-855-689-4642), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Muzinich & Co., Inc. or your financial intermediary.

Muzinich Flexible U.S. High Yield income Fund PAGE 3 TSR-AR-74316J565

5000000538721057267785578459634300067752787075302625352068773727403487801611450000004981340515777151583575607996602896859359985163717544921155173395920155500000055041175799978583901464803576711015703869266553607425004795088685723925000000556197759501305828875670818171318577458196667196575147468033915873799793.34.70.81.29.77.67.07.06.96.34.74.13.743.0 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img62237_202501131928476.jpg) |

---

This annual shareholder report contains important information about the Muzinich Low Duration Fund for the period of January 1, 2025, to December 31, 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).

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $52 | 0.50% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Muzinich Low Duration Fund produced a positive return for the year, comfortably outperforming the ICE BofA 1-3 Year US Corporate & Government Index (B1A0). Over the reporting period, Fund performance was supported by what we believe to be a healthy level of yield in the portfolio maintained through increased high yield allocation. USD, EUR, and GBP bonds all contributed positively to performance, benefitting from the effects of tighter spreads on EUR assets and lower rates on USD and GBP holdings. Nearly every sector provided positive contributions, particularly higher beta sectors that experienced notable spread compression. These included banking, automotives & auto parts, and diversified financial services—which were among the fund's largest sector allocations. At the same time, a very small position in diversified media was the only detractor from absolute returns. Both the investment grade and high yield portions of the portfolio delivered positive performance. The strongest performance overall was seen in longer-dated USD credit (driven by lower US rates), and high yield (driven by tighter spreads and higher starting yields). By rating, the BBB rated cohort led positive contributions.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $5,000,000 chart reflects a hypothetical $5,000,000 investment in the class of shares noted over the 8-year period ended December 31, 2025. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $5,000,000)

![image](ts6352img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/30/2016)** |
| **Supra Institutional Class (without sales charge)**  | 6.38 | 3.80 | 3.75 |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30 | -0.36 | 1.56 |
| **ICE BofA U.S. Corporate & Government 1-3 Yrs**  | 5.34 | 2.00 | 2.05 |

---

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

\* The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Transaction costs are not calculated in the returns for the ICE BofA U.S. Corporate & Government 1-3 Yrs Index.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1056000990 |
| **Number of Holdings** | 530 |
| **Net Advisory Fee** | $4246740 |
| **Portfolio Turnover** | 69% |
| **30-Day SEC Yield** | 3.91% |
| **30-Day SEC Yield Unsubsidized** | 3.76% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  First American Treasury Obligations Fund  | 2.7% |
|  Ford Motor Credit Co. LLC  | 2.1% |
|  BNP Paribas SA  | 1.4% |
|  Commerzbank AG  | 1.1% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.1% |
|  ING Groep NV  | 1.0% |
|  Blackstone Private Credit Fund  | 0.9% |
|  General Motors Financial Co., Inc.  | 0.8% |
|  CK Hutchison International 24 Ltd.  | 0.8% |
|  NatWest Group PLC  | 0.8% |

---

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

![image](ts6352img004.jpg)

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

![image](ts6352img005.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.

**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-AR-74316P132

50000005059680527513953170395735141588673160338545827945627256966677897093105500000048734555046065504663854865385898393580743750518825331192539784557919375000000498210250248005106743531452454922945469727526369555092225755572606283391.04.33.12.70.40.720.311.110.25.75.54.34.14.03.531.3 ------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Ms. Kathleen T. Barr, Ms. Cynthia M. Fornelli, Messrs. Eric W. Falkeis, Steven J. Paggioli and Ashi S. Parikh are each an "audit committee financial expert" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

Muzinich Dynamic Income Fund

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit Fees | $24750 | $24500 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2900 | $2900 |
| All Other Fees | N/A | N/A |

---

Muzinich Low Duration Fund

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit Fees | $23100 | $22850 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2900 | $2900 |
| All Other Fees | N/A | N/A |

---

Muzinich Flexible U.S. High Yield Income Fund

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit Fees | $23100 | $22850 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2900 | $2900 |
| All Other Fees | N/A | N/A |

---

(e)(1)The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2)The percentage of fees billed by Tait Weller & Baker LLP. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

 

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2025</u> <u>FYE 12/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Advisor</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

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

Not applicable.

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

(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

(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

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Muzinich Dynamic Income Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Muzinich Flexible U.S. High Yield Income Fund](#soi2) | [17](#soi2) |
| &nbsp;&nbsp;&nbsp; [Muzinich Low Duration Fund](#soi3) | [30](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [49](#sal) |
| [Statements of Operations](#sop) | [51](#sop) |
| [Statements of Changes in Net Assets](#scna) | [52](#scna) |
| [Financial Highlights](#fihi) | [54](#fihi) |
| [Notes to Financial Statements](#notes) | [59](#notes) |
| [Report of Independent Registered Public Accounting Firm](#treport) | [73](#treport) |
| [Additional Information](#add) | [74](#add) |
| [Approval of Investment Advisory Agreement (Unaudited)](#appr) | [76](#appr) |

---

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - 89.2%** | **CORPORATE BONDS - 89.2%** | **CORPORATE BONDS - 89.2%** | **CORPORATE BONDS - 89.2%** |
| **Aerospace/Defense - 0.9%**<br>|  |  |  |
| Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(a)</sup> |  | $150000 | $156674  |
| Czechoslovak Group AS, 5.25%, 01/10/2031 | EUR | 675000 | 822988  |
| TransDigm, Inc., 6.63%, 03/01/2032<sup>(a)</sup> |  | 500000 | 520863  |
|  |  |  | 1500525  |
| **Agency - 0.5%**<br>|  |  |  |
| Indian Railway Finance Corp. Ltd., 3.57%, 01/21/2032 |  | 850000 | 806099  |
| **Airlines - 0.6%**<br>|  |  |  |
| OneSky Flight LLC, 8.88%, 12/15/2029<sup>(a)</sup> |  | 350000 | 374746  |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc., 7.88%, 05/01/2027<sup>(a)</sup> |  | 650000 | 655217  |
|  |  |  | 1029963  |
| **Automotive & Auto Parts - 4.9%**<br>|  |  |  |
| Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(a)</sup> |  | 275000 | 284022  |
| American Axle & Manufacturing, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/15/2032<sup>(a)</sup> |  | 200000 | 204377  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2033<sup>(a)</sup> |  | 225000 | 229404  |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/2030<sup>(a)</sup> |  | 150000 | 156984  |
| Ford Motor Credit Co. LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.92%, 03/20/2028 |  | 300000 | 307226  |
| &nbsp;&nbsp;&nbsp; 3.78%, 09/16/2029 | EUR | 400000 | 472289  |
| &nbsp;&nbsp;&nbsp; 5.73%, 09/05/2030 |  | 200000 | 203382  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 |  | 550000 | 520063  |
| General Motors Financial Co., Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/18/2031 |  | 410000 | 428317  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/04/2032 |  | 175000 | 182554  |
| Harley-Davidson Financial Services, Inc., 4.00%, 03/12/2030 | EUR | 175000 | 209371  |
| Hyundai Capital America, 4.50%, 09/18/2030<sup>(a)</sup> |  | 225000 | 225303  |
| Jaguar Land Rover Automotive PLC, 4.50%, 07/15/2028 | EUR | 300000 | 355669  |
| LKQ Dutch Bond BV, 4.13%, 03/13/2031 | EUR | 275000 | 330013  |
| Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/2030<sup>(a)</sup> |  | 300000 | 300262  |
| Phinia, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029<sup>(a)</sup> |  | 650000 | 673861  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(a)</sup> |  | 400000 | 415684  |
| RCI Banque SA, 4.13%, 04/04/2031 | EUR | 275000 | 331536  |
| Stellantis Financial Services US Corp., 4.95%, 09/15/2028<sup>(a)</sup> |  | 575000 | 583231  |
| Stellantis NV, 4.00%, 03/19/2034 | EUR | 350000 | 401870  |
|  Volkswagen International Finance NV, 3.88% to 06/17/2029 then EUSA9 + 3.96%, Perpetual | EUR | 500000 | 579556  |
| ZF North America Capital, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/14/2030<sup>(a)</sup> |  | 325000 | 328039  |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/24/2031<sup>(a)</sup> |  | 400000 | 404540  |
|  |  |  | 8127553  |

---

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

1<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Banking - 12.2%** | **Banking - 12.2%** | **Banking - 12.2%** | **Banking - 12.2%** |
|  ABN AMRO Bank NV, 4.75% to 09/22/2027 then 5 yr. Swap Rate EUR + 3.90%, Perpetual | EUR | $500000 | $593421  |
|  Arbejdernes Landsbank AS, 3.63% to 03/05/2029 then 3 mo. EURIBOR + 1.45%, 03/05/2030 | EUR | 400000 | 475634  |
|  Banco BPM SpA, 3.88% to 09/09/2029 then 3 mo. EURIBOR + 1.47%, 09/09/2030 | EUR | 690000 | 829208  |
|  Banco de Sabadell SA, 5.00% to 11/19/2027 then 5 yr. Swap Rate EUR + 5.17%, Perpetual | EUR | 600000 | 713841  |
|  Bancolombia SA, 6.91% to 10/18/2027 then 5 yr. CMT Rate + 2.93%, 10/18/2027 |  | 500000 | 516395  |
| Bank of America Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 |  | 250000 | 247236  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/23/2034 then SOFR + 1.65%, 01/23/2035 |  | 175000 | 182747  |
|  Bank of Ireland Group PLC, 4.75% to 08/10/2029 then 5 yr. Swap Rate EUR + 1.85%, 08/10/2034 | EUR | 330000 | 402373  |
|  Bankinter SA, 3.63% to 02/04/2032 then EURIBOR ICE Swap Rate + 1.20%, 02/04/2033 | EUR | 400000 | 470583  |
|  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 | 711584  |
|  Bayerische Landesbank, 1.00% to 09/23/2026 then 5 yr. Swap Rate EUR + 1.35%, 09/23/2031 | EUR | 600000 | 699008  |
|  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 | 703617  |
| BNP Paribas SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 08/14/2028<sup>(a)</sup> |  | 350000 | 350901  |
| &nbsp;&nbsp;&nbsp; 3.13% to 01/20/2032 then SOFR + 1.56%, 01/20/2033<sup>(a)</sup> |  | 200000 | 182759  |
|  BPCE SA, 1.50% to 01/13/2027 then 5 yr. Swap Rate EUR + 1.75%, 01/13/2042 | EUR | 400000 | 464380  |
|  CaixaBank SA, 4.13% to 02/09/2031 then 3 mo. EURIBOR + 1.50%, 02/09/2032 | EUR | 700000 | 852651  |
| Citigroup, Inc., 4.50% to 09/11/2030 then SOFR + 1.17%, 09/11/2031 |  | 375000 | 376728  |
|  Commerzbank AG, 3.13% to 11/26/2029 then 3 mo. EURIBOR + 0.80%, 11/26/2030 | EUR | 600000 | 701946  |
|  Deutsche Bank AG, 3.38% to 02/13/2030 then 3 mo. EURIBOR + 1.25%, 02/13/2031 | EUR | 200000 | 235221  |
|  Deutsche Bank AG/New York NY, 4.95% to 08/04/2030 then SOFR + 1.30%, 08/04/2031 |  | 600000 | 606717  |
|  Erste Group Bank AG, 3.38% to 04/15/2027 then 5 yr. Swap Rate EUR + 3.43%, Perpetual | EUR | 600000 | 693098  |
|  Eurobank SA, 4.00% to 09/24/2029 then 1 yr. Swap Rate EUR + 1.80%, 09/24/2030 | EUR | 200000 | 241637  |
|  First Abu Dhabi Bank PJSC, 6.32% to 04/04/2029 then 5 yr. CMT Rate + 1.70%, 04/04/2034 |  | 750000 | 780274  |
| 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 | 429831  |
| &nbsp;&nbsp;&nbsp; 4.60% to 03/22/2030 then 5 yr. Swap Rate EUR + 1.85%, 03/22/2035 | EUR | 150000 | 182826  |

---

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

2<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Banking - (Continued)** | **Banking - (Continued)** | **Banking - (Continued)** | **Banking - (Continued)** |
|  ING Groep NV, 1.00% to 11/16/2027 then 5 yr. Swap Rate EUR + 1.15%, 11/16/2032 | EUR | $300000 | $341238  |
| Islandsbanki HF, 3.75%, 11/11/2032 | EUR | 600000 | 698331  |
| JPMorgan Chase & Co., 4.60% to 10/22/2029 then SOFR + 1.04%, 10/22/2030 |  | 650000 | 659798  |
|  KBC Group NV, 0.63% to 12/07/2026 then 5 yr. Swap Rate EUR + 0.95%, 12/07/2031 | EUR | 400000 | 462949  |
|  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 | 966566  |
|  Nationwide Building Society, 4.38% to 04/16/2029 then 5 yr. Swap Rate EUR + 1.65%, 04/16/2034 | EUR | 550000 | 665797  |
|  NatWest Group PLC, 3.72% to 02/25/2030 then 5 yr. Swap Rate EUR + 1.40%, 02/25/2035 | EUR | 150000 | 176960  |
|  Powszechna Kasa Oszczednosci Bank Polski SA, 4.50% to 03/27/2027 then 3 mo. EURIBOR + 1.60%, 03/27/2028 | EUR | 550000 | 660142  |
|  Santander UK Group Holdings PLC, 5.14% to 09/22/2035 then SOFR + 1.58%, 09/22/2036 |  | 225000 | 224314  |
|  Societe Generale SA, 3.75% to 09/02/2032 then 3 mo. EURIBOR + 1.40%, 09/02/2033 | EUR | 300000 | 350943  |
|  Standard Chartered PLC, 1.20% to 09/23/2026 then 5 yr. Swap Rate EUR + 1.55%, 09/23/2031 | EUR | 580000 | 672891  |
|  Triodos Bank NV, 4.88% to 09/12/2028 then 3 mo. EURIBOR + 2.50%, 09/12/2029 | EUR | 400000 | 486108  |
| UniCredit SpA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% to 06/03/2027 then 5 yr. Swap Rate EUR + 4.08%, Perpetual | EUR | 500000 | 583657  |
| &nbsp;&nbsp;&nbsp; 5.86% to 06/19/2027 then 5 yr. Mid Swap Rate USD + 3.70%, 06/19/2032 |  | 600000 | 610290  |
|  |  |  | 20204600  |
| **Broadcasting - 1.3%**<br>|  |  |  |
| Canal+ SA, 4.63%, 12/03/2030 | EUR | 400000 | 474474  |
| Pinewood Finco PLC, 6.00%, 03/27/2030 | GBP | 300000 | 407620  |
| Sinclair Television Group, Inc., 8.13%, 02/15/2033<sup>(a)</sup> |  | 125000 | 130640  |
| TEGNA, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2028 |  | 550000 | 544783  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2029 |  | 325000 | 322393  |
| Warnermedia Holdings, Inc., 4.05%, 03/15/2029 |  | 200000 | 194518  |
|  |  |  | 2074428  |
| **Building Materials - 1.3%**<br>|  |  |  |
| CRH SMW Finance DAC, 5.13%, 01/09/2030 |  | 250000 | 258009  |
| Eagle Materials, Inc., 5.00%, 03/15/2036 |  | 425000 | 417481  |
| Park River Holdings, Inc., 8.00%, 03/15/2031<sup>(a)</sup> |  | 175000 | 181228  |
| Quikrete Holdings, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2032<sup>(a)</sup> |  | 175000 | 182272  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2033<sup>(a)</sup> |  | 325000 | 339619  |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> |  | 775000 | 798396  |
|  |  |  | 2177005  |

---

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

3<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Cable/Satellite TV - 0.2%**<br>|  |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 5.50%, 05/01/2026<sup>(a)</sup> |  | $400000 | $400862  |
| **Capital Goods - 1.8%**<br>|  |  |  |
| Amsted Industries, Inc., 6.38%, 03/15/2033<sup>(a)</sup> |  | 250000 | 258481  |
| Deere & Co., 5.45%, 01/16/2035 |  | 300000 | 317228  |
| KION Group AG, 4.00%, 11/20/2029 | EUR | 510000 | 616609  |
| Regal Rexnord Corp., 6.05%, 04/15/2028 |  | 725000 | 750541  |
| Solventum Corp., 5.45%, 03/13/2031 |  | 330000 | 344832  |
| Terex Corp., 6.25%, 10/15/2032<sup>(a)</sup> |  | 350000 | 359346  |
| Westinghouse Air Brake Technologies Corp., 4.90%, 05/29/2030 |  | 260000 | 266363  |
|  |  |  | 2913400  |
| **Chemicals - 0.2%**<br>|  |  |  |
| Linde PLC, 3.13%, 11/20/2032 | EUR | 300000 | 348495  |
| **Consumer-Products - 1.2%**<br>|  |  |  |
| Acushnet Co., 5.63%, 12/01/2033<sup>(a)</sup> |  | 175000 | 177404  |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 5.60%, 01/15/2031<sup>(a)</sup> |  | 225000 | 227259  |
| Edgewell Personal Care Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2028<sup>(a)</sup> |  | 400000 | 401204  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/01/2029<sup>(a)</sup> |  | 500000 | 478444  |
| Mattel, Inc., 5.00%, 11/17/2030 |  | 150000 | 151219  |
| Polaris, Inc., 5.60%, 03/01/2031 |  | 275000 | 278184  |
| Whirlpool Corp., 6.13%, 06/15/2030 |  | 225000 | 224630  |
|  |  |  | 1938344  |
| **Diversified Financial Services - 11.1%** | **Diversified Financial Services - 11.1%** | **Diversified Financial Services - 11.1%** | **Diversified Financial Services - 11.1%** |
|  Aareal Bank AG, 5.63% to 12/12/2029 then 5 yr. Swap Rate EUR + 3.25%, 12/12/2034 | EUR | 400000 | 489772  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 09/30/2030 |  | 575000 | 615679  |
| &nbsp;&nbsp;&nbsp; 6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056 |  | 250000 | 258901  |
| Ally Financial, Inc., 5.74% (SOFR + 1.96%), 05/15/2029 |  | 325000 | 333455  |
| American Express Co., 4.80% to 10/24/2035 then SOFR + 1.24%, 10/24/2036 |  | 375000 | 371151  |
| Avolon Holdings Funding Ltd., 4.90%, 10/10/2030<sup>(a)</sup> |  | 525000 | 528463  |
| Azorra Finance Ltd., 7.25%, 01/15/2031<sup>(a)</sup> |  | 200000 | 210358  |
| Block, Inc., 6.00%, 08/15/2033<sup>(a)</sup> |  | 125000 | 128400  |
| Boost Newco Borrower LLC, 7.50%, 01/15/2031<sup>(a)</sup> |  | 925000 | 983580  |
|  California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/2032<sup>(a)</sup> |  | 625000 | 627384  |
|  Capital One Financial Corp., 7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031 |  | 465000 | 526093  |
| CrossCountry Intermediate HoldCo LLC, 6.50%, 10/01/2030<sup>(a)</sup> |  | 225000 | 229771  |
| DAE Funding LLC, 3.38%, 03/20/2028 |  | 900000 | 877474  |
| Esic Sukuk Ltd., 5.83%, 02/14/2029 |  | 810000 | 836903  |
| FTAI Aviation Investors LLC, 7.00%, 06/15/2032<sup>(a)</sup> |  | 775000 | 815364  |

---

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

4<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(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)** |
| Goldman Sachs Group, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032 |  | $825000 | $740112  |
| &nbsp;&nbsp;&nbsp; 5.33% to 07/23/2034 then SOFR + 1.55%, 07/23/2035 |  | 300000 | 308881  |
| HLD Europe SCA, 4.13%, 04/02/2030 | EUR | 250000 | 298650  |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/2027 |  | 800000 | 789617  |
| MDGH GMTN RSC Ltd., 2.88%, 11/07/2029 |  | 880000 | 839410  |
| Morgan Stanley<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.17% to 01/16/2029 then SOFR + 1.45%, 01/16/2030 |  | 500000 | 513912  |
| &nbsp;&nbsp;&nbsp; 5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 |  | 300000 | 309511  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/18/2034 then SOFR + 1.73%, 01/18/2035 |  | 450000 | 468900  |
| Motability Operations Group PLC, 3.88%, 01/24/2034 | EUR | 510000 | 601962  |
| Nasdaq, Inc., 5.55%, 02/15/2034 |  | 500000 | 526075  |
| OneMain Finance Corp., 3.50%, 01/15/2027 |  | 400000 | 396368  |
| PennyMac Financial Services, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/2029<sup>(a)</sup> |  | 150000 | 159702  |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/2030<sup>(a)</sup> |  | 550000 | 580284  |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/2033<sup>(a)</sup> |  | 400000 | 417861  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)</sup> |  | 350000 | 373163  |
| Rocket Cos., Inc., 6.38%, 08/01/2033<sup>(a)</sup> |  | 300000 | 313162  |
| SMBC Aviation Capital Finance DAC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/03/2034 |  | 400000 | 413929  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/26/2035 |  | 325000 | 325624  |
| Sofina SA, 3.71%, 11/13/2033 | EUR | 600000 | 697828  |
| SoftBank Group Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/08/2029 |  | 800000 | 811023  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/08/2032 | EUR | 350000 | 418967  |
| Tikehau Capital SCA, 4.25%, 04/08/2031 | EUR | 300000 | 357248  |
|  |  |  | 18494937  |
| **Diversified Media - 0.6%**<br>|  |  |  |
| Clear Channel Outdoor Holdings, Inc., 7.13%, 02/15/2031<sup>(a)</sup> |  | 225000 | 236509  |
| Paramount Global, 6.88%, 04/30/2036 |  | 175000 | 172818  |
| RAI-Radiotelevisione Italiana SpA, 4.38%, 07/10/2029 | EUR | 200000 | 243857  |
| Snap, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/2033<sup>(a)</sup> |  | 75000 | 77778  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/15/2034<sup>(a)</sup> |  | 200000 | 206083  |
|  |  |  | 937045  |
| **Energy - 7.0%** | **Energy - 7.0%** | **Energy - 7.0%** | **Energy - 7.0%** |
| Aker BP ASA, 4.00%, 05/29/2032 | EUR | 730000 | 867409  |
| BP Capital Markets BV, 4.32%, 05/12/2035 | EUR | 510000 | 627189  |
| Buckeye Partners LP, 6.75%, 02/01/2030<sup>(a)</sup> |  | 175000 | 183805  |
| Cheniere Energy Partners LP, 5.95%, 06/30/2033 |  | 325000 | 345273  |
| Civitas Resources, Inc., 5.00%, 10/15/2026<sup>(a)</sup> |  | 400000 | 400377  |
| DT Midstream, Inc., 4.13%, 06/15/2029<sup>(a)</sup> |  | 475000 | 469224  |
| Empresa Nacional del Petroleo, 5.95%, 07/30/2034 |  | 325000 | 340469  |
| Enterprise Products Operating LLC, 4.95%, 02/15/2035 |  | 475000 | 481703  |

---

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

5<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Energy - (Continued)** | **Energy - (Continued)** | **Energy - (Continued)** | **Energy - (Continued)** |
| EQT Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029 |  | $175000 | $175530  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031 |  | 322000 | 324520  |
| Expand Energy Corp., 4.75%, 02/01/2032 |  | 100000 | 98823  |
| Galaxy Pipeline Assets Bidco Ltd., 2.63%, 03/31/2036 |  | 1400000 | 1238329  |
| Hess Corp., 5.60%, 02/15/2041 |  | 250000 | 259725  |
| Hess Midstream Operations LP, 5.88%, 03/01/2028<sup>(a)</sup> |  | 300000 | 306385  |
| ONEOK, Inc., 5.40%, 10/15/2035 |  | 375000 | 379842  |
| Repsol E&P Capital Markets US LLC, 5.20%, 09/16/2030<sup>(a)</sup> |  | 250000 | 253843  |
| Rockies Express Pipeline LLC, 6.75%, 03/15/2033<sup>(a)</sup> |  | 100000 | 105657  |
| Shell International Finance BV, 1.75%, 09/10/2052 | GBP | 200000 | 124728  |
| Societatea Nationala de Gaze Naturale ROMGAZ SA, 4.63%, 11/04/2031 | EUR | 300000 | 352590  |
| Sunoco LP<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2031<sup>(a)</sup> |  | 400000 | 403155  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(a)</sup> |  | 275000 | 275104  |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028<sup>(a)</sup> |  | 250000 | 251133  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030<sup>(a)</sup> |  | 325000 | 327815  |
| Targa Resources Corp., 6.50%, 03/30/2034 |  | 205000 | 224169  |
|  TotalEnergies SE, 4.12% to 02/19/2030 then 5 yr. Swap Rate EUR + 1.86%, Perpetual | EUR | 575000 | 690429  |
| Var Energi ASA, 5.88%, 05/22/2030<sup>(a)</sup> |  | 340000 | 354239  |
| Venture Global Plaquemines LNG LLC, 6.75%, 01/15/2036<sup>(a)</sup> |  | 475000 | 486761  |
| Viper Energy Partners LLC, 4.90%, 08/01/2030 |  | 250000 | 253091  |
| Vivo Energy Investments BV, 5.13%, 09/24/2027 |  | 400000 | 399281  |
| &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 | 339127  |
| Wintershall Dea Finance BV, 4.36%, 10/03/2032 | EUR | 300000 | 353254  |
|  |  |  | 11692979  |
| **Environmental - 0.6%**<br>|  |  |  |
| Currenta Group Holdings Sarl, 5.50%, 05/15/2030 | EUR | 425000 | 505642  |
| GFL Environmental, Inc., 3.50%, 09/01/2028<sup>(a)</sup> |  | 500000 | 492017  |
| Waste Pro USA, Inc., 7.00%, 02/01/2033<sup>(a)</sup> |  | 75000 | 77418  |
|  |  |  | 1075077  |
| **Food & Drug Retail - 1.0%**<br>|  |  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 03/31/2034<sup>(a)</sup> |  | 300000 | 301588  |
| Cencosud SA, 5.95%, 05/28/2031 |  | 820000 | 861261  |
| Market Bidco Finco PLC, 6.75%, 01/31/2031 | EUR | 475000 | 553436  |
|  |  |  | 1716285  |
| **Food/Beverage/Tobacco - 2.7%** | **Food/Beverage/Tobacco - 2.7%** | **Food/Beverage/Tobacco - 2.7%** | **Food/Beverage/Tobacco - 2.7%** |
| Bacardi Ltd. / Bacardi-Martini BV, 5.25%, 01/15/2029<sup>(a)</sup> |  | 475000 | 484856  |
| Barry Callebaut Services NV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/19/2028 | EUR | 200000 | 239020  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/19/2031 | EUR | 100000 | 120550  |

---

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

6<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(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)** |
| Coca-Cola Co., 0.80%, 03/15/2040 | EUR | $300000 | $236040  |
|  INDOFOOD CBP SUKSE 3.398% SNR 09/06/31 USD1000, 3.40%, 06/09/2031 |  | 860000 | 808675  |
|  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> |  | 425000 | 432408  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2056<sup>(a)</sup> |  | 390000 | 389132  |
| Mars, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2030<sup>(a)</sup> |  | 600000 | 613675  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035<sup>(a)</sup> |  | 225000 | 231816  |
| NBM US Holdings, Inc., 6.63%, 08/06/2029 |  | 600000 | 607779  |
| Roquette Freres SA, 3.77%, 11/25/2031 | EUR | 300000 | 354028  |
|  |  |  | 4517979  |
| **Gaming - 0.8%**<br>|  |  |  |
| FDJ UNITED, 3.63%, 11/21/2036 | EUR | 400000 | 459942  |
|  Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/2030<sup>(a)</sup> |  | 100000 | 102120  |
| Studio City Co. Ltd., 7.00%, 02/15/2027 |  | 750000 | 752924  |
|  |  |  | 1314986  |
| **Healthcare - 4.0%**<br>|  |  |  |
| 180 Medical, Inc., 5.30%, 10/08/2035<sup>(a)</sup> |  | 300000 | 299705  |
|  Bayer AG, 7.00% to 12/25/2031 then 5 yr. Swap Rate EUR + 3.90%, 09/25/2083 | EUR | 500000 | 646988  |
| Cardinal Health, Inc., 5.35%, 11/15/2034 |  | 575000 | 595190  |
| Cigna Group, 5.25%, 01/15/2036 |  | 600000 | 612613  |
| GE HealthCare Technologies, Inc., 5.50%, 06/15/2035 |  | 450000 | 468770  |
| GlaxoSmithKline Capital PLC, 4.25%, 12/18/2045 | GBP | 275000 | 306993  |
| Grifols SA, 7.13%, 05/01/2030 | EUR | 550000 | 680066  |
| HCA, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032 |  | 325000 | 339315  |
| &nbsp;&nbsp;&nbsp; 4.90%, 11/15/2035 |  | 500000 | 494294  |
| LifePoint Health, Inc., 8.38%, 02/15/2032<sup>(a)</sup> |  | 450000 | 488827  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 |  | 575000 | 560617  |
| Pfizer, Inc., 2.74%, 06/15/2043 | GBP | 575000 | 523031  |
| US Acute Care Solutions LLC, 9.75%, 05/15/2029<sup>(a)</sup> |  | 375000 | 378249  |
| VSP Optical Group, Inc., 5.45%, 12/01/2035<sup>(a)</sup> |  | 275000 | 277503  |
|  |  |  | 6672161  |
| **Homebuilders/Real Estate - 3.9%** | **Homebuilders/Real Estate - 3.9%** | **Homebuilders/Real Estate - 3.9%** | **Homebuilders/Real Estate - 3.9%** |
| Altrad Investment Authority SAS, 4.43%, 06/23/2032 | EUR | 400000 | 474807  |
| American Tower Corp., 4.70%, 12/15/2032 |  | 350000 | 350895  |
| CPI Property Group SA, 6.00%, 01/27/2032 | EUR | 350000 | 413954  |
| Fastighets AB Balder, 4.00%, 03/04/2033 | EUR | 350000 | 405384  |
| Heimstaden Bostad Treasury BV, 1.00%, 04/13/2028 | EUR | 440000 | 494498  |
| Immobiliare Grande Distribuzione SIIQ SpA, 4.45%, 11/04/2030 | EUR | 325000 | 383393  |
| MasTec, Inc., 4.50%, 08/15/2028<sup>(a)</sup> |  | 190000 | 189117  |

---

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

7<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(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)** |
| P3 Group Sarl, 4.63%, 02/13/2030 | EUR | $250000 | $307415  |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 4.88%, 05/15/2029<sup>(a)</sup> |  | 500000 | 488633  |
| Quanta Services, Inc., 5.10%, 08/09/2035 |  | 300000 | 301383  |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032<sup>(a)</sup> |  | 200000 | 207554  |
| Service Properties Trust, 5.50%, 12/15/2027 |  | 500000 | 494076  |
| Stoneweg Ereit Lux Finco Sarl, 4.13%, 02/22/2033 | EUR | 525000 | 604121  |
| TopBuild Corp., 5.63%, 01/31/2034<sup>(a)</sup> |  | 250000 | 253030  |
| Trust 2401, 4.87%, 01/15/2030<sup>(a)</sup> |  | 200000 | 197132  |
| VIA Outlets BV, 1.75%, 11/15/2028 | EUR | 229000 | 259651  |
| Windstream Services LLC, 7.50%, 10/15/2033<sup>(a)</sup> |  | 600000 | 615575  |
|  |  |  | 6440618  |
| **Hotels - 0.4%**<br>|  |  |  |
| Hyatt Hotels Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/30/2032 |  | 275000 | 288808  |
| &nbsp;&nbsp;&nbsp; 5.40%, 12/15/2035 |  | 150000 | 150732  |
| Marriott International, Inc./MD, 5.25%, 10/15/2035 |  | 230000 | 233597  |
|  |  |  | 673137  |
| **Insurance - 1.8%**<br>|  |  |  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031<sup>(a)</sup> |  | 400000 | 415266  |
|  Athora Netherlands NV, 5.38% to 08/31/2027 then 5 yr. Swap Rate EUR + 4.01%, 08/31/2032 | EUR | 475000 | 572871  |
| Cathaylife Singapore Pte Ltd., 5.95%, 07/05/2034 |  | 850000 | 904038  |
|  Dai-ichi Life Insurance Co. Ltd., 6.20% to 01/16/2035 then 5 yr. CMT Rate + 2.52%, Perpetual |  | 200000 | 209761  |
| Rothesay Life PLC, 7.02%, 12/10/2034 | GBP | 310000 | 447949  |
|  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 | 403078  |
|  |  |  | 2952963  |
| **Leisure - 1.0%**<br>|  |  |  |
| Carnival Corp., 6.13%, 02/15/2033<sup>(a)</sup> |  | 300000 | 309934  |
| NCL Corp. Ltd., 6.75%, 02/01/2032<sup>(a)</sup> |  | 725000 | 742790  |
| Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(a)</sup> |  | 250000 | 254939  |
| VOC Escrow Ltd., 5.00%, 02/15/2028<sup>(a)</sup> |  | 400000 | 400136  |
|  |  |  | 1707799  |
| **Metals/Mining - 2.6%** | **Metals/Mining - 2.6%** | **Metals/Mining - 2.6%** | **Metals/Mining - 2.6%** |
| AngloGold Ashanti Holdings PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/01/2030 |  | 400000 | 383613  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/2040 |  | 400000 | 426920  |
| Capstone Copper Corp., 6.75%, 03/31/2033<sup>(a)</sup> |  | 75000 | 77895  |
| Corp. Nacional del Cobre de Chile<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/08/2034 |  | 500000 | 523319  |
| &nbsp;&nbsp;&nbsp; 6.44%, 01/26/2036 |  | 300000 | 325614  |
| Endeavour Mining PLC, 7.00%, 05/28/2030 |  | 500000 | 517274  |

---

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

8<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Metals/Mining - (Continued)** | **Metals/Mining - (Continued)** | **Metals/Mining - (Continued)** | **Metals/Mining - (Continued)** |
| Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/2029 |  | $985000 | $1036631  |
| Kaiser Aluminum Corp., 5.88%, 03/01/2034<sup>(a)</sup> |  | 400000 | 401676  |
| Navoi Mining & Metallurgical Combinat, 6.95%, 10/17/2031 |  | 400000 | 427856  |
| Novelis Corp., 6.88%, 01/30/2030<sup>(a)</sup> |  | 150000 | 155812  |
|  |  |  | 4276610  |
| **Paper - 1.1%**<br>|  |  |  |
| Inversiones CMPC SA, 6.13%, 06/23/2033 |  | 900000 | 924997  |
| Suzano Austria GmbH, 3.75%, 01/15/2031 |  | 900000 | 850356  |
|  |  |  | 1775353  |
| **Restaurants - 0.8%**<br>|  |  |  |
| Arcos Dorados BV, 6.38%, 01/29/2032 |  | 800000 | 848704  |
| McDonald's Corp., 4.95%, 03/03/2035 |  | 400000 | 406264  |
|  |  |  | 1254968  |
| **Services - 2.4%**<br>|  |  |  |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(a)</sup> |  | 400000 | 421790  |
| Amber Finco PLC, 6.63%, 07/15/2029 | EUR | 225000 | 278658  |
| Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(a)</sup> |  | 275000 | 287782  |
| Garda World Security Corp., 6.50%, 01/15/2031<sup>(a)</sup> |  | 100000 | 102387  |
| Graham Holdings Co., 5.63%, 12/01/2033<sup>(a)</sup> |  | 475000 | 480730  |
| Herc Holdings, Inc., 7.00%, 06/15/2030<sup>(a)</sup> |  | 100000 | 105299  |
| Rentokil Terminix Funding LLC, 5.00%, 04/28/2030<sup>(a)</sup> |  | 575000 | 585663  |
| TriNet Group, Inc., 7.13%, 08/15/2031<sup>(a)</sup> |  | 400000 | 413930  |
| Uber Technologies, Inc., 4.80%, 09/15/2035 |  | 475000 | 472816  |
| United Rentals North America, Inc., 6.00%, 12/15/2029<sup>(a)</sup> |  | 550000 | 565437  |
| WESCO Distribution, Inc., 6.38%, 03/15/2033<sup>(a)</sup> |  | 75000 | 78353  |
| Williams Scotsman, Inc., 6.63%, 04/15/2030<sup>(a)</sup> |  | 225000 | 233357  |
|  |  |  | 4026202  |
| **Steel - 1.0%**<br>|  |  |  |
| ABJA Investment Co. Pte Ltd., 5.45%, 01/24/2028 |  | 612000 | 624684  |
| Commercial Metals Co., 5.75%, 11/15/2033<sup>(a)</sup> |  | 150000 | 153467  |
| Gerdau Trade, Inc., 5.75%, 06/09/2035 |  | 800000 | 829400  |
|  |  |  | 1607551  |
| **Super Retail - 2.6%**<br>|  |  |  |
| AA Bond Co. Ltd., 7.38%, 07/31/2029 | GBP | 350000 | 502033  |
| Advance Auto Parts, Inc., 7.00%, 08/01/2030<sup>(a)</sup> |  | 375000 | 378486  |
| Amazon.com, Inc., 4.65%, 11/20/2035 |  | 480000 | 479040  |
| Dick's Sporting Goods, Inc., 4.00%, 10/01/2029<sup>(a)</sup> |  | 425000 | 417315  |
| Home Depot, Inc., 4.95%, 06/25/2034 |  | 200000 | 205040  |
| ITM Entreprises SASU, 4.13%, 01/29/2030 | EUR | 500000 | 601215  |
| Lowe's Cos., Inc., 5.15%, 07/01/2033 |  | 425000 | 440129  |
| PVH Corp., 5.50%, 06/13/2030 |  | 200000 | 203553  |
| Rakuten Group, Inc., 9.75%, 04/15/2029<sup>(a)</sup> |  | 350000 | 391571  |
| REWE International Finance BV, 4.88%, 09/13/2030 | EUR | 500000 | 626268  |
|  |  |  | 4244650  |

---

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

9<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Technology - 8.1%**<br>|  |  |  |
| Amphenol Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 09/15/2031 |  | $425000 | $380202  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2036 |  | 875000 | 859477  |
| Broadcom, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/15/2031 |  | 250000 | 228969  |
| &nbsp;&nbsp;&nbsp; 3.47%, 04/15/2034 |  | 375000 | 342819  |
| &nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035<sup>(a)</sup> |  | 325000 | 280667  |
| Cloud Software Group, Inc., 6.50%, 03/31/2029<sup>(a)</sup> |  | 775000 | 785655  |
| CoreWeave, Inc., 9.00%, 02/01/2031<sup>(a)</sup> |  | 275000 | 252387  |
| Dell International LLC / EMC Corp., 4.75%, 10/06/2032 |  | 300000 | 300453  |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/2031<sup>(a)</sup> |  | 400000 | 417689  |
| Foundry JV Holdco LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/25/2031<sup>(a)</sup> |  | 250000 | 258527  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/25/2032<sup>(a)</sup> |  | 725000 | 770022  |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/25/2036<sup>(a)</sup> |  | 425000 | 445900  |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(a)</sup> |  | 150000 | 155319  |
| Hewlett Packard Enterprise Co., 4.55%, 10/15/2029 |  | 320000 | 323154  |
| Insight Enterprises, Inc., 6.63%, 05/15/2032<sup>(a)</sup> |  | 350000 | 359849  |
| Kioxia Holdings Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/24/2030<sup>(a)</sup> |  | 200000 | 205968  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/24/2033<sup>(a)</sup> |  | 200000 | 208184  |
| LG Energy Solution Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/25/2028 |  | 670000 | 693509  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/02/2035 |  | 200000 | 206525  |
| Micron Technology, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/01/2032 |  | 400000 | 421402  |
| &nbsp;&nbsp;&nbsp; 6.05%, 11/01/2035 |  | 200000 | 213959  |
| Oracle Corp., 5.20%, 09/26/2035 |  | 600000 | 576418  |
| Prysmian SpA, 3.63%, 11/28/2028 | EUR | 290000 | 345547  |
| Qnity Electronics, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/2032<sup>(a)</sup> |  | 325000 | 332702  |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/15/2033<sup>(a)</sup> |  | 150000 | 155670  |
| Rocket Software, Inc., 9.00%, 11/28/2028<sup>(a)</sup> |  | 750000 | 773975  |
| SK hynix, Inc., 6.50%, 01/17/2033 |  | 1100000 | 1215483  |
| TDF Infrastructure SASU<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 12/16/2030 | EUR | 500000 | 589063  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/23/2031 | EUR | 400000 | 477047  |
| Teleperformance SE, 5.75%, 11/22/2031 | EUR | 700000 | 891570  |
|  |  |  | 13468111  |
| **Telecommunications - 4.6%**<br>|  |  |  |
| Bharti Airtel Ltd., 3.25%, 06/03/2031 |  | 900000 | 853064  |
| Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029<sup>(a)</sup> |  | 450000 | 477895  |
| Frontier Communications Holdings LLC, 6.00%, 01/15/2030<sup>(a)</sup> |  | 400000 | 407099  |
| GCI LLC, 4.75%, 10/15/2028<sup>(a)</sup> |  | 475000 | 463583  |

---

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

10<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Telecommunications - (Continued)**<br>|  |  |  |
| Level 3 Financing, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/2033<sup>(a)</sup> |  | $325000 | $332718  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/2034<sup>(a)</sup> |  | 350000 | 360980  |
| Matterhorn Telecom SA, 5.25%, 07/31/2028 | CHF | 400000 | 520085  |
| NTT Finance Corp., 5.50%, 07/16/2035<sup>(a)</sup> |  | 450000 | 467007  |
| Sitios Latinoamerica SAB de CV, 6.00%, 11/25/2029 |  | 700000 | 727300  |
| TDC Net AS, 5.19%, 08/02/2029 | EUR | 250000 | 310829  |
| T-Mobile USA, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/15/2033 |  | 500000 | 511260  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2035 |  | 630000 | 647287  |
| Verizon Communications, Inc., 5.25%, 04/02/2035 |  | 295000 | 300660  |
| Virgin Media Finance PLC, 5.00%, 07/15/2030<sup>(a)</sup> |  | 425000 | 374946  |
| Vmed O2 UK Financing I PLC, 4.00%, 01/31/2029 | GBP | 650000 | 833039  |
|  |  |  | 7587752  |
| **Transportation Excluding Air/Rail - 1.3%**<br>|  |  |  |
|  Abertis Infraestructuras Finance BV, 4.87% to 02/28/2030 then 5 yr. Swap Rate EUR + 2.62%, Perpetual | EUR | 200000 | 242230  |
| Heathrow Finance PLC, 3.88%, 03/01/2027<sup>(b)</sup> | GBP | 550000 | 728285  |
| International Distribution Services PLC, 7.38%, 09/14/2030 | GBP | 660000 | 957672  |
| United Parcel Service, Inc., 5.25%, 05/14/2035 |  | 250000 | 259735  |
|  |  |  | 2187922  |
| **Utilities - 4.7%**<br>|  |  |  |
| Alpha Generation LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2032<sup>(a)</sup> |  | 550000 | 568734  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2034<sup>(a)</sup> |  | 425000 | 429543  |
|  California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 5.63%, 02/15/2032 | EUR | 475000 | 571544  |
| Calpine Corp., 5.13%, 03/15/2028<sup>(a)</sup> |  | 850000 | 851378  |
| Chile Electricity Lux Mpc II Sarl, 5.58%, 10/20/2035 |  | 488753 | 501577  |
| ContourGlobal Power Holdings SA, 5.00%, 02/28/2030 | EUR | 500000 | 603734  |
|  Electricite de France SA, 2.88% to 03/15/2027 then 5 yr. Swap Rate EUR + 3.37%, Perpetual | EUR | 600000 | 702598  |
| Florida Power & Light Co., 4.70%, 02/15/2036 |  | 300000 | 298285  |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/2033<sup>(a)</sup> |  | 125000 | 126821  |
| Lightning Power LLC, 7.25%, 08/15/2032<sup>(a)</sup> |  | 375000 | 399017  |
| National Central Cooling Co. PJSC, 2.50%, 10/21/2027 |  | 650000 | 629302  |
| Niagara Energy SAC, 5.75%, 10/03/2034 |  | 500000 | 511714  |
| PSEG Power LLC, 5.75%, 05/15/2035<sup>(a)</sup> |  | 750000 | 782368  |
| Stedin Holding NV, 3.38%, 02/12/2037 | EUR | 250000 | 284276  |
| Vistra Operations Co. LLC, 6.95%, 10/15/2033<sup>(a)</sup> |  | 500000 | 558888  |
| XPLR Infrastructure Operating Partners LP, 8.38%, 01/15/2031<sup>(a)</sup> |  | 50000 | 52576  |
|  |  |  | 7872355  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $142,346,861)** |  |  | 148018714  |

---

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

11<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - 3.6%**<br>|  |  |  |
|  Aqueduct European CLO, A Series 2024-10X, Class A, 3.28% (3 mo. EURIBOR + 1.28%), 01/18/2039 | EUR | $1000000 | $1176344  |
|  Ares European CLO, A Series 21X, Class A, 3.23% (3 mo. EURIBOR + 1.22%), 04/15/2038 | EUR | 700000 | 822264  |
|  Avoca CLO, A1 Series 32X, Class A1, 3.18% (3 mo. EURIBOR + 1.17%), 04/15/2039 | EUR | 700000 | 821464  |
|  Blackrock European Clo XIII DAC, A Series 15X, Class A, 3.36% (3 mo. EURIBOR + 1.29%), 01/28/2038 | EUR | 1700000 | 2002415  |
|  Ravensdale Park CLO, A Series 1X, Class A, 3.24% (3 mo. EURIBOR + 1.17%), 04/25/2038 | EUR | 300000 | 351885  |
|  RRE Loan Management, A1 Series 24X, Class A1, 3.17% (3 mo. EURIBOR + 1.16%), 04/15/2040 | EUR | 700000 | 821866  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $5,382,371)** |  |  | 5996238  |
| **BANK LOANS - 0.0%<sup>(c)</sup>**<br>|  |  |  |
| **Software - 0.0%<sup>(c)</sup>**<br>|  |  |  |
|  Constant Contact, Inc., First Lien, 8.58% (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**<br>|  |  |
| **MONEY MARKET FUNDS - 3.1%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(d)</sup> | 5140680 | 5140680  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $5,140,680)** |  | 5140680 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY BILLS - 2.3%**<br>|  |  |
| 3.62%, 01/15/2026<sup>(e)</sup> | $3800000 | 3795143  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $3,794,668)** |  | 3795143  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.2%** <br>**(Cost $156,664,592)** |  | $162950786  |
| Other Assets in Excess of Liabilities - 1.8% |  | 3010527  |
| **TOTAL NET ASSETS - 100.0%** |  | $165961313 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

EURIBOR - Euro Interbank Offered Rate

GMTN - Global Medium-Term Note

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

12<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

LLC - Limited Liability Company

LP - Limited Partnership

PJSC - Public Joint Stock Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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 December 31, 2025, the value of these securities total $45,637,819 or 27.5% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(e)</sup> The rate shown is the annualized yield as of December 31, 2025.

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

13<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF FUTURES CONTRACTS** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Purchased** | **Expiration Date** | **Notional Value** | **Value/ Unrealized Appreciation (Depreciation)**  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 03/06/2026 | $1799041 | &nbsp;&nbsp; $(23420)  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 75 | 03/31/2026 | 8197852 | &nbsp;&nbsp; (1977)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $(25397) |

---

The Fund has recorded a liability of $8,863 as of December 31, 2025 related to the current day's variation margin related to these contracts.

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

14<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)**  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp; USD | 502914 | &nbsp;&nbsp; CHF | 400000 | &nbsp;&nbsp; $(5959)  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp; USD | 46614578 | &nbsp;&nbsp; EUR | 39800000 | &nbsp;&nbsp; (316396)  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp; USD | 6275548 | &nbsp;&nbsp; GBP | 4700000 | &nbsp;&nbsp; (58658)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $(381013) |

---

CHF - Swiss Franc

EUR - Euro

GBP - British Pound

USD - United States Dollar

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

15<br>

------

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

**MUZINICH DYNAMIC INCOME FUND** 

**SCHEDULE OF CREDIT DEFAULT SWAP CONTRACTS** 

**SELL PROTECTION** 

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation \*** | **Financing** <br>**Rate** <br>**Received** <br>(Paid) | **Payment** <br>**Frequency** | **Rating of** <br>**Reference** <br>**Entity** | **Maturity** <br>**Date** | **Notional** <br>**Amount<sup>(b)</sup>** | **Value<sup>(c)</sup>** | **Premiums Paid** <br>(Received) | **Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Sell Protection<sup>(a)</sup>:**<br>|  |  |  |  |  |  |  |  |
|  CDX.NA.HY.45 12/20/2030 (SELL PROTECTION) | &nbsp;&nbsp;&nbsp; 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 0 | 12/20/2030 | $4550000 | $352139 | &nbsp;&nbsp;&nbsp; $302390 | &nbsp;&nbsp;&nbsp; $49749  |
|  |  |  |  |  |  | $352139 | &nbsp;&nbsp;&nbsp; $302390 | &nbsp;&nbsp;&nbsp; $49749 |

---

\* Centrally cleared swap.

BNP Paribas Securities Corp. is the counterparty for the swap.

The Fund has recorded a liability of $0 as of December 31, 2025 related to the current day's variation margin related to these contracts.

<sup>(a)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index. 

<sup>(b)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(c)</sup> The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 93.3%** | **CORPORATE BONDS - 93.3%** | **CORPORATE BONDS - 93.3%** |
| **Aerospace/Defense - 1.1%**<br>|  |  |
| Bombardier, Inc., 7.00%, 06/01/2032<sup>(a)</sup> | $125000 | $132234  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(a)</sup> | 125000 | 129065  |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/2031<sup>(a)</sup> | 125000 | 131533  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(a)</sup> | 375000 | 384105  |
|  |  | 776937  |
| **Airlines - 1.9%**<br>|  |  |
| Air Canada, 3.88%, 08/15/2026<sup>(a)</sup> | 500000 | 497920  |
| American Airlines, Inc., 8.50%, 05/15/2029<sup>(a)</sup> | 125000 | 130833  |
| OneSky Flight LLC, 8.88%, 12/15/2029<sup>(a)</sup> | 425000 | 455049  |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc., 7.88%, 05/01/2027<sup>(a)</sup> | 250000 | 252006  |
|  |  | 1335808  |
| **Automotive & Auto Parts - 3.2%**<br>|  |  |
| Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(a)</sup> | 175000 | 180741  |
| American Axle & Manufacturing, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 50000 | 48198  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/15/2032<sup>(a)</sup> | 50000 | 51094  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2033<sup>(a)</sup> | 50000 | 50979  |
| Ford Motor Credit Co. LLC, 5.92%, 03/20/2028 | 400000 | 409635  |
| Goodyear Tire & Rubber Co., 5.25%, 07/15/2031 | 225000 | 213618  |
| Jaguar Land Rover Automotive PLC, 5.50%, 07/15/2029<sup>(a)</sup> | 250000 | 250132  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 03/09/2028<sup>(a)</sup> | 200000 | 190180  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/30/2030<sup>(a)</sup> | 125000 | 125109  |
| Nissan Motor Co. Ltd., 4.81%, 09/17/2030<sup>(a)</sup> | 200000 | 188748  |
| Phinia, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029<sup>(a)</sup> | 75000 | 77753  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(a)</sup> | 150000 | 155882  |
| Tenneco, Inc., 8.00%, 11/17/2028<sup>(a)</sup> | 175000 | 175679  |
| ZF North America Capital, Inc., 7.50%, 03/24/2031<sup>(a)</sup> | 150000 | 151703  |
|  |  | 2269451  |
| **Broadcasting - 3.6%** | **Broadcasting - 3.6%** | **Broadcasting - 3.6%** |
| Gray Media, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/2029<sup>(a)</sup> | 115000 | 123865  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031<sup>(a)</sup> | 100000 | 75076  |
| &nbsp;&nbsp;&nbsp; 9.63%, 07/15/2032<sup>(a)</sup> | 75000 | 78096  |
| Nexstar Media, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/2027<sup>(a)</sup> | 325000 | 326968  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/2028<sup>(a)</sup> | 125000 | 124173  |
| Sinclair Television Group, Inc., 8.13%, 02/15/2033<sup>(a)</sup> | 300000 | 313536  |
| Sirius XM Radio LLC, 4.00%, 07/15/2028<sup>(a)</sup> | 475000 | 464982  |
| TEGNA, Inc., 4.63%, 03/15/2028 | 243000 | 240695  |
| Univision Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028<sup>(a)</sup> | 250000 | 259097  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2029<sup>(a)</sup> | 225000 | 216305  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Broadcasting - (Continued)** | **Broadcasting - (Continued)** | **Broadcasting - (Continued)** |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/2029 | $125000 | $121574  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 | 275000 | 194837  |
|  |  | 2539204  |
| **Building Materials - 1.5%**<br>|  |  |
| MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030<sup>(a)</sup> | 125000 | 121465  |
| New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(a)</sup> | 450000 | 451593  |
| Park River Holdings, Inc., 8.00%, 03/15/2031<sup>(a)</sup> | 50000 | 51779  |
| Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(a)</sup> | 50000 | 52249  |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> | 125000 | 128774  |
| Standard Industries, Inc./NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030<sup>(a)</sup> | 200000 | 193198  |
| &nbsp;&nbsp;&nbsp; 3.38%, 01/15/2031<sup>(a)</sup> | 75000 | 68999  |
|  |  | 1068057  |
| **Cable/Satellite TV - 3.5%**<br>|  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027<sup>(a)</sup> | 175000 | 174861  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(a)</sup> | 500000 | 495303  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(a)</sup> | 250000 | 238932  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031<sup>(a)</sup> | 400000 | 367884  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034<sup>(a)</sup> | 225000 | 191526  |
| Directv Financing LLC, 8.88%, 02/01/2030<sup>(a)</sup> | 175000 | 177283  |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027<sup>(a)</sup> | 195000 | 196255  |
| DISH Network Corp., 11.75%, 11/15/2027<sup>(a)</sup> | 350000 | 364464  |
| Midcontinent Communications, 8.00%, 08/15/2032<sup>(a)</sup> | 300000 | 307580  |
|  |  | 2514088  |
| **Capital Goods - 2.4%**<br>|  |  |
| Calderys Financing LLC, 11.25%, 06/01/2028<sup>(a)</sup> | 250000 | 265767  |
| Chart Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2030<sup>(a)</sup> | 125000 | 130437  |
| &nbsp;&nbsp;&nbsp; 9.50%, 01/01/2031<sup>(a)</sup> | 125000 | 132772  |
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/15/2030<sup>(a)</sup> | 125000 | 130447  |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/2031<sup>(a)</sup> | 50000 | 52736  |
| Griffon Corp., 5.75%, 03/01/2028 | 175000 | 175447  |
| Hillenbrand, Inc., 6.25%, 02/15/2029 | 250000 | 255999  |
|  Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029<sup>(a)</sup> | 150000 | 157497  |
| JB Poindexter & Co., Inc., 8.75%, 12/15/2031<sup>(a)</sup> | 225000 | 235963  |
| Patrick Industries, Inc., 6.38%, 11/01/2032<sup>(a)</sup> | 175000 | 179693  |
|  |  | 1716758  |
| **Chemicals - 3.7%** | **Chemicals - 3.7%** | **Chemicals - 3.7%** |
| Compass Minerals International, Inc., 8.00%, 07/01/2030<sup>(a)</sup> | 125000 | 130913  |
| FMC Corp., 5.65%, 05/18/2033 | 125000 | 109811  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Chemicals - (Continued)** | **Chemicals - (Continued)** | **Chemicals - (Continued)** |
| INEOS Finance PLC, 7.50%, 04/15/2029<sup>(a)</sup> | $200000 | $173898  |
| Minerals Technologies, Inc., 5.00%, 07/01/2028<sup>(a)</sup> | 800000 | 794984  |
| NOVA Chemicals Corp., 4.25%, 05/15/2029<sup>(a)</sup> | 25000 | 24469  |
| Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | 150000 | 149058  |
| Olympus Water US Holding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/2028<sup>(a)</sup> | 250000 | 242818  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/2033<sup>(a)</sup> | 200000 | 201170  |
| SCIH Salt Holdings, Inc., 4.88%, 05/01/2028<sup>(a)</sup> | 400000 | 401511  |
| WR Grace Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/2027<sup>(a)</sup> | 17000 | 16973  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/2029<sup>(a)</sup> | 225000 | 215041  |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/15/2032<sup>(a)</sup> | 175000 | 177361  |
|  |  | 2638007  |
| **Consumer-Products - 1.7%**<br>|  |  |
| Central Garden & Pet Co., 4.13%, 10/15/2030 | 125000 | 119969  |
| Edgewell Personal Care Co., 5.50%, 06/01/2028<sup>(a)</sup> | 225000 | 225677  |
| Energizer Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2028<sup>(a)</sup> | 375000 | 372252  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/31/2029<sup>(a)</sup> | 50000 | 47831  |
| Masterbrand, Inc., 7.00%, 07/15/2032<sup>(a)</sup> | 225000 | 233396  |
| Newell Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030 | 75000 | 73341  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2032 | 150000 | 145730  |
|  |  | 1218196  |
| **Containers - 2.4%**<br>|  |  |
| Ball Corp., 6.00%, 06/15/2029 | 150000 | 154573  |
| Canpack SA / Canpack US LLC, 3.88%, 11/15/2029<sup>(a)</sup> | 250000 | 239422  |
| Mauser Packaging Solutions Holding Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/2030<sup>(a)</sup> | 50000 | 49897  |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/2030<sup>(a)</sup> | 250000 | 241250  |
| OI European Group BV, 4.75%, 02/15/2030<sup>(a)</sup> | 100000 | 96862  |
| Owens-Brockway Glass Container, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/13/2027<sup>(a)</sup> | 475000 | 477020  |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/15/2031<sup>(a)</sup> | 150000 | 153306  |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC, 9.50%, 05/15/2030<sup>(a)</sup> | 150000 | 149914  |
| Veritiv Operating Co., 10.50%, 11/30/2030<sup>(a)</sup> | 150000 | 161456  |
|  |  | 1723700  |
| **Diversified Financial Services - 7.3%** | **Diversified Financial Services - 7.3%** | **Diversified Financial Services - 7.3%** |
|  APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves, 7.88%, 11/01/2029<sup>(a)</sup> | 475000 | 480631  |
| Azorra Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/2030<sup>(a)</sup> | 150000 | 158993  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031<sup>(a)</sup> | 150000 | 157768  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** |
| Block, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/2030<sup>(a)</sup> | $250000 | $255222  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2032 | 125000 | 130081  |
| Bread Financial Holdings, Inc., 6.75%, 05/15/2031<sup>(a)</sup> | 200000 | 207320  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028<sup>(a)</sup> | 200000 | 198922  |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/15/2033<sup>(a)</sup> | 200000 | 192514  |
| California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/2032<sup>(a)</sup> | 275000 | 276049  |
| CrossCountry Intermediate HoldCo LLC, 6.50%, 10/01/2030<sup>(a)</sup> | 175000 | 178711  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 100000 | 102839  |
| Freedom Mortgage Corp., 6.63%, 01/15/2027<sup>(a)</sup> | 150000 | 151096  |
| Freedom Mortgage Holdings LLC, 8.38%, 04/01/2032<sup>(a)</sup> | 75000 | 79058  |
| FTAI Aviation Investors LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2028<sup>(a)</sup> | 250000 | 250831  |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/2031<sup>(a)</sup> | 75000 | 79004  |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(a)</sup> | 350000 | 363352  |
| OneMain Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/2027 | 125000 | 123865  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/15/2028 | 250000 | 243797  |
| Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030<sup>(a)</sup> | 200000 | 175001  |
| PennyMac Financial Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/2033<sup>(a)</sup> | 225000 | 235047  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2034<sup>(a)</sup> | 50000 | 51722  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)</sup> | 175000 | 186582  |
| PRA Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/01/2028<sup>(a)</sup> | 225000 | 230902  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> | 50000 | 47023  |
| Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029<sup>(a)</sup> | 175000 | 184735  |
| Rocket Cos., Inc., 6.13%, 08/01/2030<sup>(a)</sup> | 50000 | 51729  |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032<sup>(a)</sup> | 225000 | 232432  |
| United Wholesale Mortgage LLC, 5.75%, 06/15/2027<sup>(a)</sup> | 125000 | 125793  |
|  |  | 5151019  |
| **Diversified Media - 1.5%**<br>|  |  |
| Arches Buyer, Inc., 4.25%, 06/01/2028<sup>(a)</sup> | 350000 | 343771  |
| Clear Channel Outdoor Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/2030<sup>(a)</sup> | 150000 | 158611  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031<sup>(a)</sup> | 200000 | 210230  |
| Match Group Holdings II LLC, 5.00%, 12/15/2027<sup>(a)</sup> | 200000 | 200902  |
| Snap, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/2033<sup>(a)</sup> | 50000 | 51852  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/15/2034<sup>(a)</sup> | 75000 | 77281  |
|  |  | 1042647  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Energy - 7.0%**<br>|  |  |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029<sup>(a)</sup> | $150000 | $150974  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(a)</sup> | 175000 | 181778  |
| Buckeye Partners LP, 6.75%, 02/01/2030<sup>(a)</sup> | 75000 | 78774  |
| Crescent Energy Finance LLC, 7.38%, 01/15/2033<sup>(a)</sup> | 100000 | 94961  |
| Delek Logistics Partners LP / Delek Logistics Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/01/2028<sup>(a)</sup> | 25000 | 25156  |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/2029<sup>(a)</sup> | 300000 | 314640  |
| Gulfport Energy Operating Corp., 6.75%, 09/01/2029<sup>(a)</sup> | 75000 | 77494  |
| Harvest Midstream I LP, 7.50%, 09/01/2028<sup>(a)</sup> | 525000 | 533163  |
| Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/2031<sup>(a)</sup> | 225000 | 214727  |
| Northern Oil & Gas, Inc., 7.88%, 10/15/2033<sup>(a)</sup> | 225000 | 219213  |
| Rockies Express Pipeline LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2033<sup>(a)</sup> | 50000 | 52829  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2040<sup>(a)</sup> | 300000 | 310316  |
| Sunoco LP / Sunoco Finance Corp., 4.50%, 05/15/2029 | 150000 | 147417  |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/2029<sup>(a)</sup> | 175000 | 181682  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030<sup>(a)</sup> | 600000 | 605197  |
| Venture Global Calcasieu Pass LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029<sup>(a)</sup> | 125000 | 117257  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031<sup>(a)</sup> | 275000 | 250113  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2030<sup>(a)</sup> | 325000 | 313022  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031<sup>(a)</sup> | 250000 | 248834  |
| Venture Global Plaquemines LNG LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/2034<sup>(a)</sup> | 25000 | 25572  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036<sup>(a)</sup> | 550000 | 563618  |
| Vital Energy, Inc., 9.75%, 10/15/2030 | 250000 | 263235  |
|  |  | 4969972  |
| **Entertainment/Film - 0.4%**<br>|  |  |
| Cinemark USA, Inc., 5.25%, 07/15/2028<sup>(a)</sup> | 275000 | 275170  |
| **Environmental - 0.2%**<br>|  |  |
| Waste Pro USA, Inc., 7.00%, 02/01/2033<sup>(a)</sup> | 150000 | 154835  |
| **Food & Drug Retail - 0.6%**<br>|  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028<sup>(a)</sup> | 150000 | 153764  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029<sup>(a)</sup> | 250000 | 240409  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/2030<sup>(a)</sup> | 25000 | 24822  |
|  |  | 418995  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Food/Beverage/Tobacco - 1.7%**<br>|  |  |
| Chobani Holdco II LLC, 8.75% (or 9.50% PIK), 10/01/2029<sup>(a)</sup> | $109144 | $116773 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(a)</sup> | 375000 | 394106  |
| Lamb Weston Holdings, Inc., 4.88%, 05/15/2028<sup>(a)</sup> | 150000 | 150180  |
| Performance Food Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/2029<sup>(a)</sup> | 150000 | 147564  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/2032<sup>(a)</sup> | 75000 | 77413  |
| Post Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/2030<sup>(a)</sup> | 125000 | 121834  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/2034<sup>(a)</sup> | 100000 | 100649  |
| US Foods, Inc., 5.75%, 04/15/2033<sup>(a)</sup> | 125000 | 127438  |
|  |  | 1235957  |
| **Gaming - 3.2%**<br>|  |  |
| Caesars Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029<sup>(a)</sup> | 425000 | 407955  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/15/2032<sup>(a)</sup> | 150000 | 145964  |
| Churchill Downs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2027<sup>(a)</sup> | 150000 | 150550  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028<sup>(a)</sup> | 225000 | 225017  |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/2029<sup>(a)</sup> | 200000 | 202165  |
| Light & Wonder International, Inc., 7.25%, 11/15/2029<sup>(a)</sup> | 175000 | 179828  |
| Ontario Gaming GTA LP/OTG Co.-Issuer, Inc., 8.00%, 08/01/2030<sup>(a)</sup> | 125000 | 118619  |
| Penn Entertainment, Inc., 5.63%, 01/15/2027<sup>(a)</sup> | 375000 | 375958  |
|  Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033<sup>(a)</sup> | 200000 | 204629  |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/2030<sup>(a)</sup> | 100000 | 102120  |
| Station Casinos LLC, 4.50%, 02/15/2028<sup>(a)</sup> | 150000 | 148849  |
|  |  | 2261654  |
| **Healthcare - 6.8%** | **Healthcare - 6.8%** | **Healthcare - 6.8%** |
| AdaptHealth LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/2028<sup>(a)</sup> | 375000 | 379314  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/01/2030<sup>(a)</sup> | 175000 | 171563  |
| Avantor Funding, Inc., 4.63%, 07/15/2028<sup>(a)</sup> | 200000 | 199069  |
| Bausch + Lomb Corp., 8.38%, 10/01/2028<sup>(a)</sup> | 225000 | 235125  |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/2030<sup>(a)</sup> | 125000 | 117615  |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(a)</sup> | 150000 | 156221  |
| Embecta Corp., 5.00%, 02/15/2030<sup>(a)</sup> | 400000 | 382655  |
| Endo Finance Holdings, Inc., 8.50%, 04/15/2031<sup>(a)</sup> | 50000 | 52911  |
| Jazz Securities DAC, 4.38%, 01/15/2029<sup>(a)</sup> | 200000 | 197401  |
| LifePoint Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/15/2029<sup>(a)</sup> | 200000 | 197183  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032<sup>(a)</sup> | 100000 | 108628  |
| Medline Borrower LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029<sup>(a)</sup> | 250000 | 244251  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(a)</sup> | 150000 | 150929  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Healthcare - (Continued)** | **Healthcare - (Continued)** | **Healthcare - (Continued)** |
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/2028<sup>(a)</sup> | $200000 | $195721  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 500000 | 487493  |
| Prime Healthcare Services, Inc., 9.38%, 09/01/2029<sup>(a)</sup> | 450000 | 473224  |
| Star Parent, Inc., 9.00%, 10/01/2030<sup>(a)</sup> | 175000 | 186996  |
| Tenet Healthcare Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/01/2027 | 250000 | 251414  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 | 250000 | 246484  |
| US Acute Care Solutions LLC, 9.75%, 05/15/2029<sup>(a)</sup> | 350000 | 353033  |
|  |  | 4787230  |
| **Homebuilders/Real Estate - 9.7%** | **Homebuilders/Real Estate - 9.7%** | **Homebuilders/Real Estate - 9.7%** |
| Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029<sup>(a)</sup> | 325000 | 314600  |
| Blackstone Mortgage Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/2027<sup>(a)</sup> | 825000 | 819918  |
| &nbsp;&nbsp;&nbsp; 7.75%, 12/01/2029<sup>(a)</sup> | 50000 | 53386  |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 6.25%, 09/15/2027<sup>(a)</sup> | 250000 | 251051  |
| Century Communities, Inc., 6.63%, 09/15/2033<sup>(a)</sup> | 425000 | 431395  |
| Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028<sup>(a)</sup> | 25000 | 25147  |
| Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029<sup>(a)</sup> | 400000 | 401845  |
| Iron Mountain, Inc., 6.25%, 01/15/2033<sup>(a)</sup> | 75000 | 75676  |
| Kennedy-Wilson, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2030 | 200000 | 189014  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 400000 | 377556  |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 7.00%, 07/15/2031<sup>(a)</sup> | 250000 | 265232  |
| MasTec, Inc., 6.63%, 08/15/2029<sup>(a)</sup> | 75000 | 75881  |
| Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 08/15/2027<sup>(a)</sup> | 475000 | 477841  |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 5.88%, 10/01/2028<sup>(a)</sup> | 525000 | 525772  |
| RHP Hotel Properties LP / RHP Finance Corp., 4.50%, 02/15/2029<sup>(a)</sup> | 125000 | 123767  |
| RLJ Lodging Trust LP, 3.75%, 07/01/2026<sup>(a)</sup> | 350000 | 349177  |
| SBA Communications Corp., 3.13%, 02/01/2029 | 175000 | 167567  |
| Service Properties Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/2027 | 250000 | 251268  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/2027 | 125000 | 123519  |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/01/2029 | 375000 | 327140  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030 | 250000 | 212040  |
| Star Holding LLC, 8.75%, 08/01/2031<sup>(a)</sup> | 125000 | 120400  |
| Starwood Property Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2027<sup>(a)</sup> | 125000 | 124301  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/2029<sup>(a)</sup> | 125000 | 132169  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029<sup>(a)</sup> | 250000 | 240342  |
| Windstream Services LLC, 7.50%, 10/15/2033<sup>(a)</sup> | 75000 | 76947  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Homebuilders/Real Estate - (Continued)** | **Homebuilders/Real Estate - (Continued)** | **Homebuilders/Real Estate - (Continued)** |
| XHR LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/2029<sup>(a)</sup> | $50000 | $49333  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2030<sup>(a)</sup> | 250000 | 258723  |
|  |  | 6841007  |
| **Hotels - 0.7%**<br>|  |  |
| Hilton Domestic Operating Co., Inc., 3.75%, 05/01/2029<sup>(a)</sup> | 150000 | 146269  |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> | 50000 | 48595  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/2031<sup>(a)</sup> | 150000 | 140139  |
| Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028<sup>(a)</sup> | 150000 | 148765  |
|  |  | 483768  |
| **Insurance - 1.1%**<br>|  |  |
| Acrisure LLC / Acrisure Finance, Inc., 4.25%, 02/15/2029<sup>(a)</sup> | 300000 | 292751  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2028<sup>(a)</sup> | 425000 | 434649  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2031<sup>(a)</sup> | 25000 | 25811  |
|  |  | 753211  |
| **Leisure - 1.9%**<br>|  |  |
| Carnival Corp., 6.13%, 02/15/2033<sup>(a)</sup> | 250000 | 258279  |
| NCL Corp. Ltd., 5.88%, 01/15/2031<sup>(a)</sup> | 225000 | 224276  |
| SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029<sup>(a)</sup> | 325000 | 316787  |
| Six Flags Entertainment Corp., 5.50%, 04/15/2027<sup>(a)</sup> | 275000 | 273706  |
| Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(a)</sup> | 300000 | 305926  |
|  |  | 1378974  |
| **Metals/Mining - 3.5%**<br>|  |  |
| Capstone Copper Corp., 6.75%, 03/31/2033<sup>(a)</sup> | 325000 | 337547  |
| Constellium SE, 5.63%, 06/15/2028<sup>(a)</sup> | 525000 | 525299  |
| ERO Copper Corp., 6.50%, 02/15/2030<sup>(a)</sup> | 400000 | 400749  |
| Kaiser Aluminum Corp., 4.50%, 06/01/2031<sup>(a)</sup> | 400000 | 388068  |
| Mineral Resources Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/2028<sup>(a)</sup> | 250000 | 262615  |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/01/2030<sup>(a)</sup> | 150000 | 156128  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/01/2031<sup>(a)</sup> | 50000 | 52192  |
| Novelis Corp., 4.75%, 01/30/2030<sup>(a)</sup> | 375000 | 362511  |
|  |  | 2485109  |
| **Publishing/Printing - 1.1%**<br>|  |  |
| Cimpress PLC, 7.38%, 09/15/2032<sup>(a)</sup> | 175000 | 178719  |
| McGraw-Hill Education, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2028<sup>(a)</sup> | 350000 | 351895  |
| &nbsp;&nbsp;&nbsp; 7.38%, 09/01/2031<sup>(a)</sup> | 225000 | 237474  |
|  |  | 768088  |
| **Restaurants - 0.3%**<br>|  |  |
| 1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/2030<sup>(a)</sup> | 200000 | 190612  |

---

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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Services - 6.1%**<br>|  |  |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(a)</sup> | $375000 | $395428  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/2028<sup>(a)</sup> | 575000 | 567457  |
| Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(a)</sup> | 225000 | 235458  |
| BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>(a)</sup> | 150000 | 147719  |
| Clarivate Science Holdings Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/01/2028<sup>(a)</sup> | 100000 | 97151  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/2029<sup>(a)</sup> | 200000 | 189278  |
| Garda World Security Corp., 8.25%, 08/01/2032<sup>(a)</sup> | 325000 | 331503  |
| Graham Holdings Co., 5.63%, 12/01/2033<sup>(a)</sup> | 175000 | 177111  |
| Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028<sup>(a)</sup> | 275000 | 292875  |
| Neptune Bidco US, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.29%, 04/15/2029<sup>(a)</sup> | 275000 | 275636  |
| &nbsp;&nbsp;&nbsp; 10.38%, 05/15/2031<sup>(a)</sup> | 100000 | 102591  |
| Prime Security Services Borrower LLC / Prime Finance, Inc., 3.38%, 08/31/2027<sup>(a)</sup> | 200000 | 196323  |
| RB Global Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2028<sup>(a)</sup> | 150000 | 153585  |
| &nbsp;&nbsp;&nbsp; 7.75%, 03/15/2031<sup>(a)</sup> | 125000 | 130844  |
| TriNet Group, Inc., 3.50%, 03/01/2029<sup>(a)</sup> | 250000 | 237255  |
| United Rentals North America, Inc., 3.75%, 01/15/2032 | 225000 | 211731  |
| WESCO Distribution, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/2028<sup>(a)</sup> | 125000 | 126888  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/2029<sup>(a)</sup> | 125000 | 129240  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/2032<sup>(a)</sup> | 150000 | 156819  |
| Williams Scotsman, Inc., 6.63%, 06/15/2029<sup>(a)</sup> | 150000 | 155490  |
|  |  | 4310382  |
| **Steel - 0.5%**<br>|  |  |
| Cleveland-Cliffs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/01/2029<sup>(a)</sup> | 100000 | 98556  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029<sup>(a)</sup> | 125000 | 129548  |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/15/2031<sup>(a)</sup> | 25000 | 26391  |
| Commercial Metals Co., 5.75%, 11/15/2033<sup>(a)</sup> | 75000 | 76733  |
|  |  | 331228  |
| **Super Retail - 1.5%**<br>|  |  |
| Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(a)</sup> | 175000 | 189483  |
| Ken Garff Automotive LLC, 4.88%, 09/15/2028<sup>(a)</sup> | 125000 | 124679  |
| Magnera Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2029<sup>(a)</sup> | 200000 | 185086  |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/2031<sup>(a)</sup> | 175000 | 171973  |
| Upbound Group, Inc., 6.38%, 02/15/2029<sup>(a)</sup> | 175000 | 173237  |
| Victra Holdings LLC / Victra Finance Corp., 8.75%, 09/15/2029<sup>(a)</sup> | 200000 | 212034  |
|  |  | 1056492  |

---

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

25<br>

------

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

**MUZINICH FLEXIBLE U.S. HIGH YIELD INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Technology - 6.4%**<br>|  |  |
| Cloud Software Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/2029<sup>(a)</sup> | $125000 | $126718  |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(a)</sup> | 300000 | 312565  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/2032<sup>(a)</sup> | 275000 | 287537  |
| CoreWeave, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030<sup>(a)</sup> | 100000 | 93081  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2031<sup>(a)</sup> | 100000 | 91777  |
| Entegris, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/01/2029<sup>(a)</sup> | 25000 | 24120  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/15/2030<sup>(a)</sup> | 250000 | 255189  |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/2031<sup>(a)</sup> | 225000 | 234950  |
| Gen Digital, Inc., 6.75%, 09/30/2027<sup>(a)</sup> | 250000 | 253906  |
| Go Daddy Operating Co. LLC / GD Finance Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2027<sup>(a)</sup> | 100000 | 100336  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2029<sup>(a)</sup> | 200000 | 192155  |
| Kioxia Holdings Corp., 6.25%, 07/24/2030<sup>(a)</sup> | 200000 | 205968  |
| NCR Voyix Corp., 5.00%, 10/01/2028<sup>(a)</sup> | 275000 | 274029  |
| Open Text Corp., 3.88%, 02/15/2028<sup>(a)</sup> | 300000 | 294570  |
| Rocket Software, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/28/2028<sup>(a)</sup> | 425000 | 438586  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2029<sup>(a)</sup> | 500000 | 492474  |
| Seagate Data Storage Technology Pte Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.09%, 06/01/2029<sup>(a)</sup> | 100000 | 98098  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029<sup>(a)</sup> | 200000 | 212848  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/2031<sup>(a)</sup> | 125000 | 132989  |
| Viavi Solutions, Inc., 3.75%, 10/01/2029<sup>(a)</sup> | 200000 | 191626  |
| Ziff Davis, Inc., 4.63%, 10/15/2030<sup>(a)</sup> | 250000 | 238473  |
|  |  | 4551995  |
| **Telecommunications - 4.4%**<br>|  |  |
| Cogent Communications Group LLC / Cogent Finance, Inc., 7.00%, 06/15/2027<sup>(a)</sup> | 158000 | 158563  |
| Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029<sup>(a)</sup> | 225000 | 238947  |
| EchoStar Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 | 700000 | 774607  |
| &nbsp;&nbsp;&nbsp; 6.75% (or 6.75% PIK), 11/30/2030 | 181497 | 186165  |
| GCI LLC, 4.75%, 10/15/2028<sup>(a)</sup> | 575000 | 561179  |
| Level 3 Financing, Inc., 7.00%, 03/31/2034<sup>(a)</sup> | 75000 | 77353  |
| Viasat, Inc., 5.63%, 04/15/2027<sup>(a)</sup> | 250000 | 250607  |
| Virgin Media Secured Finance PLC, 5.50%, 05/15/2029<sup>(a)</sup> | 200000 | 197160  |
| Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/2028<sup>(a)</sup> | 200000 | 196339  |
| Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031<sup>(a)</sup> | 300000 | 315213  |
| Zayo Group Holdings, Inc., 9.25% (or 9.25% PIK), 03/09/2030<sup>(a)</sup> | 160802 | 152915  |
|  |  | 3109048  |
| **Utilities - 2.4%** | **Utilities - 2.4%** | **Utilities - 2.4%** |
| Alpha Generation LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2032<sup>(a)</sup> | 200000 | 206812  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2034<sup>(a)</sup> | 100000 | 101069  |

---

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

26<br>

------

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

**MUZINICH FLEXIBLE U.S. HIGH YIELD INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
| Calpine Corp., 4.63%, 02/01/2029<sup>(a)</sup> | $150000 | $150203  |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/2033<sup>(a)</sup> | 125000 | 126821  |
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/2027 | 175000 | 175281  |
| Talen Energy Supply LLC, 6.50%, 02/01/2036<sup>(a)</sup> | 250000 | 258679  |
| TerraForm Power Operating LLC, 5.00%, 01/31/2028<sup>(a)</sup> | 225000 | 224900  |
| Vistra Operations Co. LLC, 6.88%, 04/15/2032<sup>(a)</sup> | 250000 | 263473  |
| XPLR Infrastructure Operating Partners LP, 8.38%, 01/15/2031<sup>(a)</sup> | 200000 | 210304  |
|  |  | 1717542  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $64,659,431)** |  | 66075141  |
| **BANK LOANS - 4.7%** | **BANK LOANS - 4.7%** | **BANK LOANS - 4.7%** |
| **Aerospace/Defense - 0.1%**<br>|  |  |
|  PAC DAC (Phoenix Aviation) T/L B (10/25), Senior Secured First Lien, 7.11% (3 mo. SOFR US + 3.25%), 10/09/2030 | 75000 | 74391  |
| **Broadcasting - 0.1%**<br>|  |  |
| EW Scripps Co., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.71% (1 mo. SOFR US + 5.75%), 06/30/2028 | 74608 | 75647  |
| &nbsp;&nbsp;&nbsp; 9.94% (1 mo. SOFR US + 5.75%), 06/30/2028 | 2930 | 2971  |
|  Sinclair Television Group, Inc., Senior Secured First Lien, 7.66% (3 mo. SOFR US + 3.30%), 12/31/2029 | 24875 | 22841  |
|  |  | 101459  |
| **Cable/Satellite TV - 0.6%**<br>|  |  |
|  Cogeco Communications USA II LP, Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 09/30/2030 | 195625 | 189616  |
|  Telenet Financing USD LLC, Senior Secured First Lien, 5.98% (1 mo. SOFR US + 2.00%), 04/28/2028 | 200000 | 200288  |
|  Ziggo Financing Partnership, Senior Secured First Lien, 7.03% (3 mo. SOFR US + 3.25%), 01/14/2033 | 30754 | 30591  |
|  |  | 420495  |
| **Capital Goods - 0.1%**<br>|  |  |
|  Arcline FM Holdings LLC, Senior Secured First Lien, 6.42% (3 mo. SOFR US + 2.75%), 06/24/2030 | 57128 | 57436  |
| **Consumer-Products - 0.3%**<br>|  |  |
|  Recess Holdings, Inc., Senior Secured First Lien, 7.62% (3 mo. SOFR US + 3.75%), 02/20/2030 | 196515 | 198019  |
| **Diversified Financial Services - 0.3%**<br>|  |  |
|  Neon Maple US Debt Mergersub, Inc., Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.50%), 11/17/2031 | 230814 | 231381  |
|  |  | 231381  |

---

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

27<br>

------

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

**MUZINICH FLEXIBLE U.S. HIGH YIELD INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Food/Beverage/Tobacco - 0.4%**<br>|  |  |
|  Flora Food Management US Corp., Senior Secured First Lien, 7.73% (SOFR + 3.75%), 12/31/2027 | $297006 | $288035  |
| Savor Acquisition, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.72% (1 mo. SOFR US + 3.00%), 02/19/2032 | 2854 | 2869  |
| &nbsp;&nbsp;&nbsp; 6.84% (1 mo. SOFR US + 3.00%), 02/19/2032 | 25146 | 25282  |
|  |  | 316186  |
| **Gaming - 0.2%**<br>|  |  |
|  Great Canadian Gaming Corp., Senior Secured First Lien, 8.44% (3 mo. SOFR US + 4.75%), 11/01/2029 | 125000 | 123203  |
| **Healthcare - 0.2%**<br>|  |  |
| Paradigm Parent LLC, First Lien, 8.38% (3 mo. Term SOFR + 4.50%), 04/19/2032 | 125000 | 110411  |
| **Hotels - 0.3%**<br>|  |  |
|  Travel + Leisure Co., Senior Secured First Lien, 5.74% (3 mo. SOFR US + 2.00%), 12/14/2029 | 245648 | 246365  |
| **Restaurants - 0.2%**<br>|  |  |
|  1011778 BC ULC, Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 09/23/2030 | 141081 | 141433  |
| **Services - 0.2%**<br>|  |  |
| DXP Enterprises, Inc./TX, 7.91% (1 mo. Term SOFR + 3.75%), 10/07/2030 | 97765 | 98743  |
|  Wash Bidco T/L B (09/25), Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 09/10/2032 | 52000 | 52509  |
|  |  | 151252  |
| **Technology - 0.5%**<br>|  |  |
|  Indy US Holdco LLC, Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 10/31/2030 | 198006 | 198557  |
|  Viavi Solutions, Inc., Senior Secured First Lien, 6.39% (3 mo. SOFR US + 2.50%), 10/18/2032 | 125000 | 125937  |
|  |  | 324494  |
| **Telecommunications - 0.3%**<br>|  |  |
|  Crown Subsea Communications Holding, Inc., Senior Secured First Lien, 7.22% (1 mo. SOFR US + 3.50%), 01/30/2031 | 247500 | 249728  |
| **Transportation Excluding Air/Rail - 0.7%**<br>|  |  |
|  Beacon Mobility Corp., Senior Secured First Lien, 6.92% (3 mo. SOFR US + 3.25%), 08/06/2030 | 225000 | 226477  |
|  First Student Bidco, Inc., Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 08/15/2030 | 236756 | 237827  |
|  |  | 464304  |

---

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

28<br>

------

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

**MUZINICH FLEXIBLE U.S. HIGH YIELD INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Utilities - 0.2%**<br>|  |  |
|  Long Ridge Energy T/L B (2/25), Senior Secured First Lien, 8.17% (3 mo. SOFR US + 4.50%), 02/09/2032 | $123876 | $122869  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $3,311,788)** |  | 3333426 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.8%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(b)</sup> | 571516 | 571516  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $571,516)** |  | 571516  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%**<br>**(Cost $68,542,735)** |  | $69980083  |
| Other Assets in Excess of Liabilities - 1.2% |  | 815033  |
| **TOTAL NET ASSETS - 100.0%** |  | $70795116 |

---

Par amount is in USD unless otherwise indicated.

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 December 31, 2025, the value of these securities total $58,922,040 or 83.2% of the Fund's net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

29<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - 91.0%**<br>|  |  |  |
| **Aerospace/Defense - 0.5%**<br>|  |  |  |
| Czechoslovak Group AS, 5.25%, 01/10/2031 | EUR | $1225000 | $1493571  |
| TransDigm, Inc., 6.38%, 03/01/2029<sup>(a)</sup> |  | 3200000 | 3304060  |
|  |  |  | 4797631  |
| **Airlines - 2.3%**<br>|  |  |  |
| Air Canada, 3.88%, 08/15/2026<sup>(a)</sup> |  | 1595000 | 1588366  |
| Air France-KLM, 4.63%, 05/23/2029 | EUR | 2000000 | 2438446  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/20/2026<sup>(a)</sup> |  | 524167 | 525184  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(a)</sup> |  | 1325000 | 1350011  |
| Delta Air Lines, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/10/2028 |  | 2435000 | 2480241  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/10/2030 |  | 1200000 | 1234790  |
| Finnair Oyj<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/24/2029 | EUR | 1500000 | 1809548  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/27/2030 | EUR | 1400000 | 1642632  |
| OneSky Flight LLC, 8.88%, 12/15/2029<sup>(a)</sup> |  | 675000 | 722725  |
| Transportes Aereos Portugueses SA, 5.13%, 11/15/2029 | EUR | 3000000 | 3674858  |
| United Airlines, Inc., 4.38%, 04/15/2026<sup>(a)</sup> |  | 2850000 | 2848150  |
| Wizz Air Finance Co. BV, 1.00%, 01/19/2026 | EUR | 3725000 | 4368848  |
|  |  |  | 24683799  |
| **Automotive & Auto Parts - 10.2%**<br>|  |  |  |
| Benteler International AG, 7.25%, 06/15/2031 | EUR | 950000 | 1201767  |
| Clarios Global LP / Clarios US Finance Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030<sup>(a)</sup> |  | 1150000 | 1203544  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2031 | EUR | 1000000 | 1194694  |
| Ford Motor Credit Co. LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/10/2026 |  | 800000 | 807099  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/05/2027 |  | 3000000 | 3038944  |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/17/2027 |  | 450000 | 457146  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/17/2027 |  | 1050000 | 1042087  |
| &nbsp;&nbsp;&nbsp; 5.92%, 03/20/2028 |  | 1975000 | 2022573  |
| &nbsp;&nbsp;&nbsp; 3.62%, 07/27/2028 | EUR | 4050000 | 4797554  |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 |  | 1800000 | 1889637  |
| &nbsp;&nbsp;&nbsp; 4.17%, 11/21/2028 | EUR | 2500000 | 2999413  |
| &nbsp;&nbsp;&nbsp; 3.78%, 09/16/2029 | EUR | 1000000 | 1180723  |
| &nbsp;&nbsp;&nbsp; 4.45%, 02/14/2030 | EUR | 3000000 | 3610869  |
| Forvia SE<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/15/2027 | EUR | 529000 | 620837  |
| &nbsp;&nbsp;&nbsp; 2.38%, 06/15/2027 | EUR | 183000 | 214030  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/15/2028 | EUR | 715000 | 841602  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/15/2031 | EUR | 1625000 | 1968268  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2031 | EUR | 1325000 | 1617671  |
| General Motors Financial Co., Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/06/2026 |  | 1000000 | 1003575  |
| &nbsp;&nbsp;&nbsp; 2.35%, 02/26/2027 |  | 2000000 | 1960924  |

---

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

30<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(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; 5.40%, 05/08/2027 |  | $2340000 | $2379391  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 |  | 875000 | 887077  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/04/2028 |  | 25000 | 25491  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/23/2028 |  | 1000000 | 1037179  |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/07/2029 |  | 1300000 | 1356322  |
| Gestamp Automocion SA, 4.38%, 10/15/2030 | EUR | 2200000 | 2613246  |
| Goodyear Europe BV, 2.75%, 08/15/2028 | EUR | 425000 | 490212  |
| Hyundai Capital America<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/01/2027<sup>(a)</sup> |  | 1313000 | 1331548  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/18/2028<sup>(a)</sup> |  | 550000 | 550507  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/08/2029<sup>(a)</sup> |  | 1805000 | 1853634  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/24/2029<sup>(a)</sup> |  | 2500000 | 2576123  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/08/2030<sup>(a)</sup> |  | 1175000 | 1212160  |
| IHO Verwaltungs GmbH<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75% (or 9.50% PIK), 05/15/2028 | EUR | 2250000 | 2768519  |
| &nbsp;&nbsp;&nbsp; 6.75% (or 7.50% PIK), 11/15/2029 | EUR | 2050000 | 2553961  |
| Jaguar Land Rover Automotive PLC, 4.50%, 07/15/2028 | EUR | 5525000 | 6550241  |
| Kia Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/21/2026 |  | 1200000 | 1196777  |
| &nbsp;&nbsp;&nbsp; 1.75%, 10/16/2026 |  | 3000000 | 2944204  |
| LKQ Corp., 5.75%, 06/15/2028 |  | 260000 | 268718  |
| Mahle GmbH, 6.50%, 05/02/2031 | EUR | 1550000 | 1897826  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 09/15/2026<sup>(a)</sup> |  | 1000000 | 1014291 |
| &nbsp;&nbsp;&nbsp; 6.95%, 09/15/2026 |  | 1000000 | 1014291  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/29/2028<sup>(a)</sup> |  | 1625000 | 1630779  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/30/2030<sup>(a)</sup> |  | 2225000 | 2226946  |
| Nissan Motor Co. Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 03/17/2026 | EUR | 700000 | 821145  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/17/2027<sup>(a)</sup> |  | 2500000 | 2468310  |
| RAC Bond Co. PLC, 5.75%, 11/06/2029 | GBP | 1450000 | 2007599  |
| RCI Banque SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/17/2028 | EUR | 2600000 | 3089410  |
| &nbsp;&nbsp;&nbsp; 2.93% (3 mo. EURIBOR + 0.90%), 03/05/2029 | EUR | 1900000 | 2233488  |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/06/2030 | EUR | 1800000 | 2115124  |
| Renault SA, 3.88%, 09/30/2030 | EUR | 1700000 | 2014695  |
| Schaeffler AG, 4.75%, 08/14/2029 | EUR | 3500000 | 4261511  |
| Stellantis Financial Services US Corp., 4.95%, 09/15/2028<sup>(a)</sup> |  | 1500000 | 1521473  |
| Stellantis NV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/19/2028 | EUR | 3300000 | 3919385  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/19/2030 | EUR | 2025000 | 2375762  |
| Volkswagen Bank GmbH, 2.75%, 06/19/2028 | EUR | 2700000 | 3159230  |
| ZF Europe Finance BV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/31/2029 | EUR | 1000000 | 1172784  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/13/2029 | EUR | 1400000 | 1710944  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/12/2030 | EUR | 600000 | 745292  |
|  |  |  | 107668552  |

---

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

31<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Banking - 20.3%**<br>|  |  |  |
|  Abanca Corp. Bancaria SA, 8.38% to 09/23/2028 then 5 yr. Swap Rate EUR + 5.25%, 09/23/2033 | EUR | $3600000 | $4724119  |
|  Alpha Bank SA, 6.00% to 09/13/2029 then 5 yr. Swap Rate EUR + 3.27%, 09/13/2034 | EUR | 1650000 | 2091346  |
| Banco Santander SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25% to 10/04/2027 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.65%, 10/04/2032 | GBP | 2000000 | 2598270  |
| &nbsp;&nbsp;&nbsp; 5.75% to 08/23/2028 then 5 yr. Swap Rate EUR + 2.85%, 08/23/2033 | EUR | 1100000 | 1367556  |
| &nbsp;&nbsp;&nbsp; 5.00% to 04/22/2029 then 5 yr. Swap Rate EUR + 2.50%, 04/22/2034 | EUR | 2800000 | 3444613  |
| Bank of America Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 |  | 900000 | 888696  |
| &nbsp;&nbsp;&nbsp; 4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 |  | 800000 | 803486  |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 |  | 1300000 | 1285628  |
| &nbsp;&nbsp;&nbsp; 5.82% to 09/15/2028 then SOFR + 1.57%, 09/15/2029 |  | 1800000 | 1879638  |
| &nbsp;&nbsp;&nbsp; 5.16% to 01/24/2030 then SOFR + 1.00%, 01/24/2031 |  | 2150000 | 2221736  |
| 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 | 2575000 | 3229955  |
| &nbsp;&nbsp;&nbsp; 4.75% to 08/10/2029 then 5 yr. Swap Rate EUR + 1.85%, 08/10/2034 | EUR | 3200000 | 3901798  |
|  Bank Polska Kasa Opieki SA, 3.75% to 06/04/2030 then 3 mo. EURIBOR + 1.65%, 06/04/2031 | EUR | 2300000 | 2716867  |
|  Bankinter SA, 5.00% to 06/25/2029 then 5 yr. Swap Rate EUR + 2.35%, 06/25/2034 | EUR | 2000000 | 2450532  |
| 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 | 4100000 | 4877385  |
| &nbsp;&nbsp;&nbsp; 4.00% to 01/15/2030 then 5 yr. Swap Rate EUR + 1.75%, 01/15/2035 | EUR | 2200000 | 2609140  |
| Barclays PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.83% to 05/09/2026 then SOFR + 2.21%, 05/09/2027 |  | 1200000 | 1206978  |
| &nbsp;&nbsp;&nbsp; 5.09% to 02/25/2028 then SOFR + 0.96%, 02/25/2029 |  | 850000 | 866574  |
| &nbsp;&nbsp;&nbsp; 3.15% (3 mo. EURIBOR + 1.10%), 05/14/2029 | EUR | 1900000 | 2259320  |
|  Bayerische Landesbank, 1.38% to 11/22/2027 then 5 yr. Swap Rate EUR + 1.40%, 11/22/2032 | EUR | 3800000 | 4343357  |
|  Belfius Bank SA, 1.25% to 04/06/2029 then 5 yr. Swap Rate EUR + 1.30%, 04/06/2034 | EUR | 4900000 | 5408885  |
| BNP Paribas SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.59% to 01/20/2027 then SOFR + 1.23%, 01/20/2028 |  | 3000000 | 2954699  |
| &nbsp;&nbsp;&nbsp; 4.79% to 05/09/2028 then SOFR + 1.45%, 05/09/2029<sup>(a)</sup> |  | 1245000 | 1260385  |
| &nbsp;&nbsp;&nbsp; 5.50% to 05/20/2029 then SOFR + 1.59%, 05/20/2030<sup>(a)</sup> |  | 1200000 | 1243103  |
| &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 | 3336725  |
| &nbsp;&nbsp;&nbsp; 1.13% to 01/15/2027 then 5 yr. Swap Rate EUR + 1.20%, 01/15/2032 | EUR | 500000 | 577202  |
| &nbsp;&nbsp;&nbsp; 2.50% to 03/31/2027 then 5 yr. Swap Rate EUR + 1.60%, 03/31/2032 | EUR | 1800000 | 2102867  |
| &nbsp;&nbsp;&nbsp; 4.16% to 08/28/2029 then 5 yr. Swap Rate EUR + 1.70%, 08/28/2034 | EUR | 3100000 | 3709650  |
| BPCE SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50% to 11/30/2027 then BPISDS05 + 1.83%, 11/30/2032 | GBP | 3100000 | 4006461  |
| &nbsp;&nbsp;&nbsp; 1.50% to 01/13/2027 then 5 yr. Swap Rate EUR + 1.75%, 01/13/2042 | EUR | 2200000 | 2554092  |

---

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

32<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Banking - (Continued)**  | **Banking - (Continued)**  | **Banking - (Continued)**  | **Banking - (Continued)**  |
| CaixaBank SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.68% to 09/13/2026 then SOFR + 2.08%, 09/13/2027<sup>(a)</sup> |  | $1900000 | $1933565  |
| &nbsp;&nbsp;&nbsp; 5.67% to 03/15/2029 then SOFR + 1.78%, 03/15/2030<sup>(a)</sup> |  | 2075000 | 2157420  |
| &nbsp;&nbsp;&nbsp; 4.89% to 07/03/2030 then SOFR + 1.36%, 07/03/2031<sup>(a)</sup> |  | 1950000 | 1981442  |
| &nbsp;&nbsp;&nbsp; 6.13% to 05/30/2029 then 5 yr. Swap Rate EUR + 3.00%, 05/30/2034 | EUR | 1500000 | 1899011  |
|  Ceska sporitelna AS, 5.94% to 06/29/2026 then 3 mo. EURIBOR + 2.40%, 06/29/2027 | EUR | 1700000 | 2028971  |
| Citigroup, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.79% to 03/04/2028 then SOFR + 0.87%, 03/04/2029 |  | 1030000 | 1045195  |
| &nbsp;&nbsp;&nbsp; 4.50% to 09/11/2030 then SOFR + 1.17%, 09/11/2031 |  | 875000 | 879032  |
| Commerzbank AG<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.38% to 12/29/2026 then 5 yr. Swap Rate EUR + 1.73%, 12/29/2031 | EUR | 6900000 | 8024873  |
| &nbsp;&nbsp;&nbsp; 4.88% to 10/16/2029 then 5 yr. Swap Rate EUR + 2.15%, 10/16/2034 | EUR | 3000000 | 3689603  |
| Credit Agricole SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% to 09/11/2027 then SOFR + 1.21%, 09/11/2028<sup>(a)</sup> |  | 1100000 | 1108980  |
| &nbsp;&nbsp;&nbsp; 4.00% to 01/10/2028 then 5 yr. Swap Rate USD + 1.64%, 01/10/2033<sup>(a)</sup> |  | 680000 | 673479  |
| &nbsp;&nbsp;&nbsp; 5.50% to 08/28/2028 then 5 yr. Swap Rate EUR + 2.25%, 08/28/2033 | EUR | 4400000 | 5472827  |
| Danske Bank AS<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.00% to 05/15/2026 then 5 yr. Swap Rate EUR + 1.40%, 05/15/2031 | EUR | 2000000 | 2345982  |
| &nbsp;&nbsp;&nbsp; 4.42% to 09/12/2030 then 1 yr. CMT Rate + 0.85%, 09/12/2031<sup>(a)</sup> |  | 1675000 | 1667920  |
|  Deutsche Bank AG, 4.00% to 06/24/2027 then 5 yr. Swap Rate EUR + 3.30%, 06/24/2032 | EUR | 3100000 | 3687518  |
| Deutsche Bank AG/New York NY<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.15% to 07/13/2026 then SOFR + 2.52%, 07/13/2027 |  | 1500000 | 1523254  |
| &nbsp;&nbsp;&nbsp; 2.55% to 01/07/2027 then SOFR + 1.32%, 01/07/2028 |  | 1550000 | 1524874  |
|  Erste Group Bank AG, 0.88% to 11/15/2027 then 5 yr. Swap Rate EUR + 1.10%, 11/15/2032 | EUR | 2500000 | 2840238  |
|  Eurobank SA, 10.00% to 12/06/2027 then 5 yr. Swap Rate EUR + 7.59%, 12/06/2032 | EUR | 2200000 | 2918564  |
|  First Abu Dhabi Bank PJSC, 6.32% to 04/04/2029 then 5 yr. CMT Rate + 1.70%, 04/04/2034 |  | 2300000 | 2392842  |
| Hamburg Commercial Bank AG, 4.50%, 07/24/2028 | EUR | 2100000 | 2553085  |
| HSBC Holdings PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.58% to 06/19/2028 then 3 mo. Term SOFR + 1.80%, 06/19/2029 |  | 1080000 | 1090686  |
| &nbsp;&nbsp;&nbsp; 6.36% to 11/16/2027 then 5 yr. Swap Rate EUR + 3.30%, 11/16/2032 | EUR | 4800000 | 5980258  |
| 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 | 1100000 | 1291096  |
| &nbsp;&nbsp;&nbsp; 0.88% to 06/09/2027 then 5 yr. Swap Rate EUR + 1.15%, 06/09/2032 | EUR | 1900000 | 2179530  |
| &nbsp;&nbsp;&nbsp; 1.00% to 11/16/2027 then 5 yr. Swap Rate EUR + 1.15%, 11/16/2032 | EUR | 3000000 | 3412380  |
| &nbsp;&nbsp;&nbsp; 4.38% to 08/15/2029 then 5 yr. Swap Rate EUR + 1.65%, 08/15/2034 | EUR | 2700000 | 3262684  |
| &nbsp;&nbsp;&nbsp; 4.25% to 08/26/2030 then 5 yr. Swap Rate EUR + 1.78%, 08/26/2035 | EUR | 600000 | 722727  |
| Investec Bank PLC, 3.16% (3 mo. EURIBOR + 1.10%), 06/18/2028 | EUR | 2700000 | 3204656  |
| Jyske Bank AS<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.25% to 01/28/2026 then 5 yr. Swap Rate EUR + 1.45%, 01/28/2031 | EUR | 3668000 | 4306076  |
| &nbsp;&nbsp;&nbsp; 5.13% to 05/01/2030 then 5 yr. Swap Rate EUR + 2.50%, 05/01/2035 | EUR | 2000000 | 2474139  |

---

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

33<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(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, 5.80% to 01/19/2028 then 1 yr. CMT Rate + 2.10%, 01/19/2029<sup>(a)</sup> |  | $1300000 | $1343294  |
| Landsbankinn HF, 5.00%, 05/13/2028 | EUR | 2025000 | 2489862  |
|  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 | 6000000 | 7944381  |
|  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 | 661167  |
|  Nationwide Building Society, 4.38% to 04/16/2029 then 5 yr. Swap Rate EUR + 1.65%, 04/16/2034 | EUR | 4200000 | 5084267  |
| NatWest Group PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.89% to 05/18/2028 then 3 mo. LIBOR USD + 1.75%, 05/18/2029<sup>(b)</sup> |  | 1783000 | 1814968  |
| &nbsp;&nbsp;&nbsp; 2.11% to 11/28/2026 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.75%, 11/28/2031 | GBP | 4800000 | 6369286  |
| NatWest Markets PLC, 2.69% (3 mo. EURIBOR + 0.60%), 06/11/2028 | EUR | 1900000 | 2247970  |
| NBK SPC Ltd., 1.63% to 09/15/2026 then SOFR + 1.05%, 09/15/2027 |  | 750000 | 735742  |
|  OTP Banka dd, 3.50% to 05/20/2027 then 3 mo. EURIBOR + 1.55%, 05/20/2028 | EUR | 1000000 | 1184370  |
| QNB Finance Ltd., 5.08% (SOFR + 1.20%), 04/02/2029 |  | 4300000 | 4355211  |
|  Raiffeisen Bank zrt, 5.15% to 05/23/2029 then 3 mo. EURIBOR + 2.25%, 05/23/2030 | EUR | 2100000 | 2585160  |
| Santander UK Group Holdings PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.67% to 06/14/2026 then SOFR + 0.99%, 06/14/2027 |  | 800000 | 791203  |
| &nbsp;&nbsp;&nbsp; 7.10% to 11/16/2026 then BPISDS01 + 2.87%, 11/16/2027 | GBP | 1000000 | 1381682  |
| &nbsp;&nbsp;&nbsp; 2.47% to 01/11/2027 then SOFR + 1.22%, 01/11/2028 |  | 700000 | 688265  |
| &nbsp;&nbsp;&nbsp; 6.53% to 01/10/2028 then SOFR + 2.60%, 01/10/2029 |  | 3000000 | 3136450  |
| &nbsp;&nbsp;&nbsp; 4.32% to 09/22/2028 then SOFR + 1.07%, 09/22/2029 |  | 675000 | 676020  |
|  Societe Generale SA, 1.13% to 06/30/2026 then 5 yr. Swap Rate EUR + 1.60%, 06/30/2031 | EUR | 1000000 | 1165070  |
| Standard Chartered PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.92% (SOFR + 2.03%), 02/08/2028 |  | 1600000 | 1623396  |
| &nbsp;&nbsp;&nbsp; 5.05% (SOFR + 1.17%), 05/14/2028 |  | 900000 | 906050  |
| &nbsp;&nbsp;&nbsp; 5.55% to 01/21/2028 then 1 yr. CMT Rate + 1.05%, 01/21/2029<sup>(a)</sup> |  | 1300000 | 1335291  |
| Tatra Banka as<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.50% to 04/23/2027 then 3 mo. EURIBOR + 0.80%, 04/23/2028 | EUR | 1300000 | 1481302  |
| &nbsp;&nbsp;&nbsp; 4.97% to 04/29/2029 then 3 mo. EURIBOR + 2.10%, 04/29/2030 | EUR | 1000000 | 1227402  |
| UBS Group AG, 2.99% (3 mo. EURIBOR + 0.98%), 05/12/2029 | EUR | 1900000 | 2254230  |
| 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 | 1877121  |
| &nbsp;&nbsp;&nbsp; 5.86% to 06/19/2027 then 5 yr. Mid Swap Rate USD + 3.70%, 06/19/2032<sup>(a)</sup> |  | 2000000 | 2034298  |
|  |  |  | 214587428  |
| **Broadcasting - 2.0%**<br>|  |  |  |
| Arqiva Broadcast Finance PLC, 8.63%, 07/01/2030 | GBP | 1225000 | 1708156  |
| Asmodee Group AB, 5.75%, 12/15/2029 | EUR | 986667 | 1221341  |
| Lagardere SA, 4.75%, 06/12/2030 | EUR | 2000000 | 2405900  |
| Nexstar Media, Inc., 4.75%, 11/01/2028<sup>(a)</sup> |  | 2975000 | 2955306  |

---

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

34<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Broadcasting - (Continued)**  | **Broadcasting - (Continued)**  | **Broadcasting - (Continued)**  | **Broadcasting - (Continued)**  |
| Pinewood Finco PLC, 6.00%, 03/27/2030 | GBP | $2075000 | $2819369  |
| Sirius XM Radio LLC, 4.13%, 07/01/2030<sup>(a)</sup> |  | 1325000 | 1261096  |
| TEGNA, Inc., 4.63%, 03/15/2028 |  | 3025000 | 2996308  |
| Univision Communications, Inc., 8.00%, 08/15/2028<sup>(a)</sup> |  | 2800000 | 2901884  |
| Warnermedia Holdings, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.76%, 03/15/2027 |  | 1622000 | 1614055  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/2029 |  | 1630000 | 1585322  |
|  |  |  | 21468737  |
| **Building Materials - 0.2%**<br>|  |  |  |
| HT Troplast GmbH, 9.38%, 07/15/2028 | EUR | 1225000 | 1500075  |
| James Hardie International Finance DAC, 5.00%, 01/15/2028<sup>(a)</sup> |  | 422000 | 422379  |
| Project Grand UK PLC, 9.00%, 06/01/2029 | EUR | 250000 | 307674  |
|  |  |  | 2230128  |
| **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 | 3257003  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(a)</sup> |  | 8800000 | 8717331  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 6.10%, 06/01/2029 |  | 1020000 | 1065685  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027<sup>(a)</sup> |  | 1087000 | 1093996  |
|  |  |  | 14134015  |
| **Capital Goods - 1.7%**<br>|  |  |  |
| CK Hutchison International 24 Ltd., 5.38%, 04/26/2029 |  | 8000000 | 8298341  |
| Fortune Star BVI Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 10/02/2026 | EUR | 700000 | 820325  |
| &nbsp;&nbsp;&nbsp; 6.80%, 09/09/2029 |  | 2475000 | 2440362  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/20/2030 | EUR | 2125000 | 2465299  |
| Traton Finance Luxembourg SA, 3.38%, 01/14/2028 | EUR | 2700000 | 3204329  |
| Weir Group PLC, 6.88%, 06/14/2028 | GBP | 356000 | 500805  |
|  |  |  | 17729461  |
| **Chemicals - 1.2%**<br>|  |  |  |
| Alpek SAB de CV, 4.25%, 09/18/2029 |  | 2000000 | 1874752  |
| Azelis Finance NV, 4.75%, 09/25/2029 | EUR | 2025000 | 2443899  |
| INEOS Finance PLC, 6.63%, 05/15/2028 | EUR | 1775000 | 1938692  |
| INEOS Quattro Finance 2 PLC, 6.75%, 04/15/2030 | EUR | 1825000 | 1598298  |
| International Flavors & Fragrances, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.83%, 10/15/2027<sup>(a)</sup> |  | 1800000 | 1728662  |
| &nbsp;&nbsp;&nbsp; 2.30%, 11/01/2030<sup>(a)</sup> |  | 800000 | 723199  |
| Orbia Advance Corp. SAB de CV, 6.80%, 05/13/2030 |  | 2400000 | 2373277  |
|  |  |  | 12680779  |
| **Consumer-Products - 0.4%**<br>|  |  |  |
| Whirlpool Corp., 6.13%, 06/15/2030 |  | 2950000 | 2945155  |
| Whirlpool EMEA Finance Sarl, 0.50%, 02/20/2028 | EUR | 1300000 | 1432063  |
|  |  |  | 4377218  |

---

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

35<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Containers - 1.4%**<br>|  |  |  |
| Amcor Flexibles North America, Inc., 5.10%, 03/17/2030 |  | $1300000 | $1336329  |
| Amcor UK Finance PLC, 3.20%, 11/17/2029 | EUR | 1500000 | 1763592  |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 5.00%, 01/30/2031 | EUR | 1275000 | 1516266  |
| Klabin Austria GmbH, 5.75%, 04/03/2029 |  | 2400000 | 2444194  |
| OI European Group BV, 5.25%, 06/01/2029 | EUR | 1725000 | 2100145  |
| Progroup AG, 5.13%, 04/15/2029 | EUR | 1600000 | 1939454  |
| Silgan Holdings, Inc., 4.25%, 02/15/2031 | EUR | 2800000 | 3339926  |
|  |  |  | 14439906  |
| **Diversified Financial Services - 10.5%**<br>|  |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/15/2027 |  | 600000 | 611607  |
| &nbsp;&nbsp;&nbsp; 6.45%, 04/15/2027 |  | 1481000 | 1522119  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 |  | 800000 | 807098  |
| Air Lease Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 01/15/2026 |  | 2364000 | 2362754  |
| &nbsp;&nbsp;&nbsp; 2.10%, 09/01/2028 |  | 745000 | 702734  |
| AIR Lease Corp. Sukuk Ltd., 5.85%, 04/01/2028 |  | 1025000 | 1049886  |
| Aircastle Ltd. / Aircastle Ireland DAC, 5.25%, 03/15/2030<sup>(a)</sup> |  | 600000 | 613755  |
| American Express Co., 4.73% (SOFR + 1.26%), 04/25/2029 |  | 1590000 | 1615261  |
| Ares Capital Corp., 7.00%, 01/15/2027 |  | 2710000 | 2778356  |
| Aviation Capital Group LLC, 3.50%, 11/01/2027<sup>(a)</sup> |  | 3000000 | 2957122  |
| Avolon Holdings Funding Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/15/2026<sup>(a)</sup> |  | 1225000 | 1224839  |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/10/2030<sup>(a)</sup> |  | 1850000 | 1862204  |
| Blackstone Private Credit Fund<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 11/30/2026 | EUR | 3700000 | 4314071  |
| &nbsp;&nbsp;&nbsp; 2.63%, 12/15/2026 |  | 3180000 | 3125399  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/15/2027 |  | 2525000 | 2483156  |
| Blackstone Secured Lending Fund<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/2026 |  | 865000 | 864293  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/13/2028 |  | 2000000 | 2018808  |
| Block, Inc., 5.63%, 08/15/2030<sup>(a)</sup> |  | 775000 | 791189  |
| Blue Owl Capital Corp., 3.40%, 07/15/2026 |  | 500000 | 496765  |
| Blue Owl Credit Income Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/23/2026 |  | 200000 | 197820  |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/16/2027 |  | 2000000 | 2081616  |
| &nbsp;&nbsp;&nbsp; 7.95%, 06/13/2028 |  | 1000000 | 1058841  |
|  Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.50%, 01/15/2031 | GBP | 625000 | 901945  |
| Burford Capital Global Finance LLC, 6.25%, 04/15/2028<sup>(a)</sup> |  | 2825000 | 2809773  |
| CA Auto Bank SPA/Ireland, 6.00%, 12/06/2026 | GBP | 1500000 | 2053221  |
|  California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/2032<sup>(a)</sup> |  | 2350000 | 2358963  |
|  Capital One Financial Corp., 5.47% to 02/01/2028 then SOFR + 2.08%, 02/01/2029 |  | 1330000 | 1367116  |

---

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

36<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(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)**  |
| DAE Sukuk Difc Ltd., 3.75%, 02/15/2026 |  | $280000 | $279487  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> |  | 2300000 | 2365306  |
| Deutsche Pfandbriefbank AG<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/05/2027 | EUR | 1300000 | 1564314  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2028 | EUR | 4275000 | 4992976  |
| Esic Sukuk Ltd., 5.83%, 02/14/2029 |  | 2300000 | 2376391  |
| Fiserv, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/2027 |  | 535000 | 521153  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/21/2028 |  | 700000 | 718522  |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/01/2028 |  | 1137000 | 1134899  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2029 |  | 1600000 | 1553327  |
| Global Payments, Inc., 4.50%, 11/15/2028 |  | 1925000 | 1929650  |
|  Goldman Sachs Group, Inc., 5.22% to 04/23/2030 then SOFR + 1.58%, 04/23/2031 |  | 2225000 | 2300107  |
| HPS Corporate Lending Fund<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/05/2027<sup>(a)</sup> |  | 475000 | 478229  |
| &nbsp;&nbsp;&nbsp; 4.90%, 09/11/2028<sup>(a)</sup> |  | 1000000 | 995470  |
| Hyundai Card Co. Ltd., 5.75%, 04/24/2029 |  | 860000 | 894321  |
| India Vehicle Finance, 5.85%, 03/25/2029 |  | 2314400 | 2354602  |
| Jerrold Finco PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/2030 | GBP | 900000 | 1249278  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/15/2031 | GBP | 1025000 | 1413686  |
| Mirae Asset Securities Co. Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/31/2027 |  | 2275000 | 2317161  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/14/2028 |  | 2750000 | 2752637  |
|  Mitsubishi HC Capital UK PLC, 2.77% (3 mo. EURIBOR + 0.70%), 04/30/2026 | EUR | 1400000 | 1646827  |
| Morgan Stanley<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 |  | 1000000 | 986009  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/18/2029 then SOFR + 1.26%, 04/18/2030 |  | 900000 | 938567  |
| &nbsp;&nbsp;&nbsp; 5.23% to 01/15/2030 then SOFR + 1.11%, 01/15/2031 |  | 2000000 | 2065138  |
|  Morgan Stanley Bank NA, 5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028 |  | 1250000 | 1275794  |
| MSCI, Inc., 4.00%, 11/15/2029<sup>(a)</sup> |  | 1300000 | 1272765  |
| Muthoot Finance Ltd., 6.38%, 04/23/2029 |  | 250000 | 254057  |
| National Rural Utilities Cooperative Finance Corp., 4.30%, 12/10/2030 |  | 400000 | 401080  |
| Oma Saastopankki Oyj, 4.32% (3 mo. EURIBOR + 2.30%), 10/02/2029 | EUR | 2000000 | 2365676  |
| Power Finance Corp. Ltd., 1.84%, 09/21/2028 | EUR | 1900000 | 2143150  |
| REC Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 09/01/2026 |  | 200000 | 197463  |
| &nbsp;&nbsp;&nbsp; 2.75%, 01/13/2027 |  | 2840000 | 2797159  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/27/2029 |  | 1500000 | 1517309  |
|  Servicios Financieros Carrefour Establecimiento Financiero de Credito SA, 3.50%, 09/29/2028 | EUR | 1000000 | 1182696  |
| Shriram Finance Ltd., 6.15%, 04/03/2028 |  | 5375000 | 5501656  |

---

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

37<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(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)**  |
| SoftBank Group Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/06/2026 |  | $1475000 | $1463452  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2028 | EUR | 2000000 | 2394208  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/10/2029 |  | 1200000 | 1206477  |
| Worldline SA/France, 0.88%, 06/30/2027 | EUR | 3600000 | 3852322  |
|  |  |  | 110684032  |
| **Diversified Media - 0.5%**<br>|  |  |  |
| News Corp., 3.88%, 05/15/2029<sup>(a)</sup> |  | 3760000 | 3647869  |
| Prosus NV, 3.26%, 01/19/2027 |  | 2000000 | 1972317  |
|  |  |  | 5620186  |
| **Energy - 4.0%**<br>|  |  |  |
| Devon Energy Corp., 5.88%, 06/15/2028 |  | 1080000 | 1080036  |
| DT Midstream, Inc., 4.13%, 06/15/2029<sup>(a)</sup> |  | 2675000 | 2642473  |
| Energean PLC, 5.63%, 05/12/2031 | EUR | 1850000 | 2177162  |
| Energy Transfer LP, 3.75%, 05/15/2030 |  | 1000000 | 974565  |
| EQT Corp., 6.50%, 07/01/2027 |  | 418000 | 426314  |
| Expand Energy Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/01/2029 |  | 1800000 | 1800058  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/15/2030 |  | 463000 | 469558  |
| ONEOK, Inc., 4.40%, 10/15/2029 |  | 975000 | 980256  |
| Raizen Fuels Finance SA, 6.25%, 07/08/2032 |  | 1900000 | 1598375  |
| Repsol E&P Capital Markets US LLC, 4.81%, 09/16/2028<sup>(a)</sup> |  | 3000000 | 3029996  |
| SK Battery America, Inc., 2.13%, 01/26/2026 |  | 3200000 | 3195892  |
| Societatea Nationala de Gaze Naturale ROMGAZ SA, 4.75%, 10/07/2029 | EUR | 4175000 | 5046916  |
| Sunoco LP, 5.63%, 03/15/2031<sup>(a)</sup> |  | 1650000 | 1663015  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 5.50%, 01/15/2028<sup>(a)</sup> |  | 5875000 | 5901614  |
| Targa Resources Corp., 6.15%, 03/01/2029 |  | 930000 | 979859  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.88%, 01/15/2029 |  | 900000 | 910748  |
| Tengizchevroil Finance Co. International Ltd., 4.00%, 08/15/2026 |  | 1800000 | 1792901  |
| Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029<sup>(a)</sup> |  | 4000000 | 3752229  |
| Vistra Operations Co. LLC, 4.30%, 10/15/2028<sup>(a)</sup> |  | 590000 | 592418  |
| Wintershall Dea Finance BV, 1.33%, 09/25/2028 | EUR | 2400000 | 2679814  |
|  |  |  | 41694199  |
| **Environmental - 0.3%**<br>|  |  |  |
| Currenta Group Holdings Sarl, 5.50%, 05/15/2030 | EUR | 2950000 | 3509747  |
| **Food & Drug Retail - 1.0%**<br>|  |  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.50%, 03/31/2031<sup>(a)</sup> |  | 1250000 | 1265468  |
| Eroski S Coop, 5.75%, 05/15/2031 | EUR | 675000 | 823669  |
| Market Bidco Finco PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/2031 | EUR | 1500000 | 1747693  |
| &nbsp;&nbsp;&nbsp; 8.75%, 01/31/2031 | GBP | 1225000 | 1630875  |

---

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

38<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(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)** |
| New Immo Holding SA, 4.95%, 11/14/2030 | EUR | $1800000 | $2149785  |
| Picard Groupe SAS, 6.38%, 07/01/2029 | EUR | 1975000 | 2427453  |
|  |  |  | 10044943  |
| **Food/Beverage/Tobacco - 2.4%**<br>|  |  |  |
| Bacardi Ltd. / Bacardi-Martini BV, 5.25%, 01/15/2029<sup>(a)</sup> |  | 500000 | 510375  |
| Barry Callebaut Services NV, 3.75%, 02/19/2028 | EUR | 1500000 | 1792647  |
| Campbell's Co., 5.20%, 03/21/2029 |  | 1000000 | 1025389  |
| Davide Campari-Milano NV, 1.25%, 10/06/2027 | EUR | 925000 | 1059645  |
| Flora Food Management BV, 6.88%, 07/02/2029 | EUR | 2125000 | 2485426  |
| Keurig Dr Pepper, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/15/2027 |  | 700000 | 708121  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2029 |  | 2500000 | 2553554  |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/15/2029 |  | 740000 | 732654  |
| Mars, Inc., 4.80%, 03/01/2030<sup>(a)</sup> |  | 2000000 | 2045583  |
| Minerva Luxembourg SA, 4.38%, 03/18/2031 |  | 2250000 | 2094285  |
| NBM US Holdings, Inc., 6.63%, 08/06/2029 |  | 2500000 | 2532413  |
| Nomad Foods Bondco PLC, 2.50%, 06/24/2028 | EUR | 2287000 | 2636786  |
| Performance Food Group, Inc., 6.13%, 09/15/2032<sup>(a)</sup> |  | 1300000 | 1341829  |
| Premier Foods Finance PLC, 3.50%, 10/15/2026 | GBP | 750000 | 1002124  |
| Tereos Finance Groupe I SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/30/2027 | EUR | 600000 | 705926  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/30/2030 | EUR | 1925000 | 2198587  |
|  |  |  | 25425344  |
| **Gaming - 1.1%**<br>|  |  |  |
| Cirsa Finance International Sarl, 6.50%, 03/15/2029 | EUR | 1050000 | 1284076  |
| Flutter Treasury DAC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/29/2029 | EUR | 825000 | 1002104  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/29/2029<sup>(a)</sup> |  | 2200000 | 2278124  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/04/2031<sup>(a)</sup> |  | 200000 | 202889  |
| Lottomatica Group SpA, 4.88%, 01/31/2031 | EUR | 1600000 | 1942105  |
| Sands China Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/08/2027<sup>(c)</sup> |  | 800000 | 781759  |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/08/2028<sup>(c)</sup> |  | 3500000 | 3568996  |
|  |  |  | 11060053  |
| **Healthcare - 3.7%**<br>|  |  |  |
|  Bausch + Lomb Netherlands BV and Bausch & Lomb, Inc., 5.87% (3 mo. EURIBOR + 3.88%), 01/15/2031 | EUR | 850000 | 1016748  |
| Baxter International, Inc., 4.45%, 02/15/2029 |  | 1570000 | 1577039  |
| Centene Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 |  | 2225000 | 2213258  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 |  | 400000 | 388308  |
| Cigna Group, 4.50%, 09/15/2030 |  | 1250000 | 1260029  |
| CVS Health Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/2029 |  | 2000000 | 2044119  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/2030 |  | 3000000 | 2932482  |

---

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

39<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Healthcare - (Continued)**  | **Healthcare - (Continued)**  | **Healthcare - (Continued)**  | **Healthcare - (Continued)**  |
| Ephios Subco 3 Sarl, 7.88%, 01/31/2031 | EUR | $1075000 | $1352028  |
| GE HealthCare Technologies, Inc., 5.86%, 03/15/2030 |  | 1507000 | 1595324  |
| Grifols SA, 7.13%, 05/01/2030 | EUR | 2500000 | 3091207  |
| Gruenenthal GmbH, 4.63%, 11/15/2031 | EUR | 2275000 | 2709955  |
| HCA, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 |  | 950000 | 968266  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 |  | 1325000 | 1321919  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030 |  | 675000 | 650016  |
| &nbsp;&nbsp;&nbsp; 4.30%, 11/15/2030 |  | 500000 | 498743  |
| Humana, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028 |  | 2257000 | 2348215  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2030 |  | 3264000 | 3313159  |
| IQVIA, Inc., 5.70%, 05/15/2028 |  | 1475000 | 1527009  |
| Medline Borrower LP, 5.25%, 10/01/2029<sup>(a)</sup> |  | 1075000 | 1081656  |
| Nidda Healthcare Holding GmbH, 7.00%, 02/21/2030 | EUR | 1500000 | 1836951  |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 2.88%, 04/30/2028 | EUR | 2000000 | 2287931  |
| Quest Diagnostics, Inc., 4.63%, 12/15/2029 |  | 980000 | 997772  |
| UCB SA, 4.25%, 03/20/2030 | EUR | 1400000 | 1698238  |
|  |  |  | 38710372  |
| **Homebuilders/Real Estate - 5.5%**<br>|  |  |  |
| Aldar Sukuk No 2 Ltd., 3.88%, 10/22/2029 |  | 1900000 | 1855234  |
| Alpha Star Holding VII Ltd., 7.75%, 04/27/2026 |  | 2000000 | 2015054  |
| Alpha Star Holding VIII Ltd., 8.38%, 04/12/2027 |  | 2200000 | 2271903  |
| Altrad Investment Authority SAS, 3.70%, 06/23/2029 | EUR | 4100000 | 4860854  |
| American Tower Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 |  | 700000 | 720091  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029 |  | 630000 | 648915  |
| Arcadis NV, 4.88%, 02/28/2028 | EUR | 2000000 | 2437277  |
| ARGAN SA, 1.01%, 11/17/2026 | EUR | 1000000 | 1157056  |
| Aroundtown SA, 1.63%, 01/31/2028 | EUR | 1700000 | 1948524  |
| Assemblin Caverion Group AB, 6.25%, 07/01/2030 | EUR | 575000 | 705108  |
| Blackstone Property Partners Europe Holdings Sarl, 1.00%, 05/04/2028 | EUR | 3200000 | 3598774  |
| Hammerson PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/23/2026 | GBP | 2100000 | 2838657  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/21/2028 | GBP | 1900000 | 2694408  |
| Heimstaden Bostad AB, 3.88%, 11/05/2029 | EUR | 2125000 | 2527465  |
| Heimstaden Bostad Treasury BV, 1.00%, 04/13/2028 | EUR | 2000000 | 2247719  |
| Kennedy-Wilson, Inc., 4.75%, 03/01/2029 |  | 4675000 | 4559485  |
| Lennar Corp., 5.20%, 07/30/2030 |  | 525000 | 540352  |
| Logicor Financing Sarl<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/25/2028 | EUR | 1700000 | 2077313  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/13/2028 | EUR | 3000000 | 3573615  |
| MasTec, Inc., 4.50%, 08/15/2028<sup>(a)</sup> |  | 3500000 | 3483729  |
| New Immo Holding SA, 5.88%, 04/17/2028 | EUR | 500000 | 609090  |
| Toll Brothers Finance Corp., 4.88%, 03/15/2027 |  | 1300000 | 1310597  |

---

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

40<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(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)**  |
| Trust 2401, 4.87%, 01/15/2030<sup>(a)</sup> |  | $1649000 | $1625353  |
| Trust Fibra Uno, 4.87%, 01/15/2030 |  | 851000 | 833384  |
| VIA Outlets BV, 1.75%, 11/15/2028 | EUR | 1063000 | 1205281  |
| VICI Properties LP, 4.75%, 04/01/2028 |  | 500000 | 505528  |
| VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026<sup>(a)</sup> |  | 2860000 | 2860564  |
| Webuild SpA, 4.88%, 04/30/2030 | EUR | 1700000 | 2105365  |
|  |  |  | 57816695  |
| **Hotels - 0.9%**<br>|  |  |  |
| Carnival Corp., 5.13%, 05/01/2029<sup>(a)</sup> |  | 1075000 | 1087459  |
| Essendi SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/15/2029 | EUR | 600000 | 741653  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/2030 | EUR | 2000000 | 2422105  |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029<sup>(a)</sup> |  | 2675000 | 2599838  |
| Hyatt Hotels Corp., 5.25%, 06/30/2029 |  | 2500000 | 2575103  |
|  |  |  | 9426158  |
| **Insurance - 1.2%**<br>|  |  |  |
| Athora Holding Ltd., 6.63%, 06/16/2028 | EUR | 2400000 | 3012675  |
|  Athora Netherlands NV, 5.38% to 08/31/2027 then 5 yr. Swap Rate EUR + 4.01%, 08/31/2032 | EUR | 3775000 | 4552812  |
|  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 | 4748873  |
|  |  |  | 12314360  |
| **Leisure - 0.7%**<br>|  |  |  |
| eDreams ODIGEO SA, 4.88%, 12/30/2030 | EUR | 950000 | 1044452  |
| NCL Corp. Ltd., 5.88%, 01/15/2031<sup>(a)</sup> |  | 2350000 | 2342436  |
| Royal Caribbean Cruises Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026<sup>(a)</sup> |  | 465000 | 465067  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> |  | 648000 | 649050  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(a)</sup> |  | 3250000 | 3310950  |
|  |  |  | 7811955  |
| **Metals/Mining - 0.3%**<br>|  |  |  |
| AngloGold Ashanti Holdings PLC, 3.38%, 11/01/2028 |  | 225000 | 218469  |
| Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/2029 |  | 1200000 | 1262901  |
| Navoi Mining & Metallurgical Combinat, 6.70%, 10/17/2028 |  | 1800000 | 1866072  |
|  |  |  | 3347442  |
| **Paper - 0.2%**<br>|  |  |  |
| Suzano Austria GmbH, 6.00%, 01/15/2029 |  | 2100000 | 2165404  |
| **Publishing/Printing - 0.4%**<br>|  |  |  |
| Future PLC, 6.75%, 07/10/2030 | GBP | 1600000 | 2148195  |
| McGraw-Hill Education, Inc., 5.75%, 08/01/2028<sup>(a)</sup> |  | 2550000 | 2563806  |
|  |  |  | 4712001  |

---

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

41<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Restaurants - 0.4%**<br>|  |  |  |
|  Bertrand Franchise Finance SAS, 5.75% (3 mo. EURIBOR + 3.75%), 07/18/2030 | EUR | $1075000 | $1260702  |
| Punch Finance PLC, 7.88%, 12/30/2030 | GBP | 1825000 | 2507967  |
|  |  |  | 3768669  |
| **Services - 3.2%**<br>|  |  |  |
| Albion Financing 1 SARL / Aggreko Holdings, Inc., 5.38%, 05/21/2030 | EUR | 2650000 | 3218251  |
|  Arena Luxembourg Finance Sarl, 4.55% (3 mo. EURIBOR + 2.50%), 05/01/2030 | EUR | 975000 | 1158873  |
| Boels Topholding BV, 5.75%, 05/15/2030 | EUR | 1950000 | 2374592  |
| Euronet Worldwide, Inc., 1.38%, 05/22/2026 | EUR | 2000000 | 2336872  |
| Kapla Holding SAS, 5.60% (3 mo. EURIBOR + 3.50%), 07/31/2030 | EUR | 1975000 | 2350197  |
| Leasys SpA, 2.54% (3 mo. EURIBOR + 0.50%), 09/22/2027 | EUR | 1900000 | 2233008  |
| Loxam SAS<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2027 | EUR | 425000 | 503090  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2029 | EUR | 472500 | 575891  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2031 | EUR | 1875000 | 2207992  |
| Multiversity SpA, 7.13%, 05/17/2031 | EUR | 1500000 | 1886640  |
| OEG Finance PLC, 7.25%, 09/27/2029 | EUR | 1500000 | 1847940  |
| PeopleCert Wisdom Issuer PLC, 5.50%, 06/15/2031 | EUR | 875000 | 1037631  |
| Q-Park Holding I BV, 5.13%, 03/01/2029 | EUR | 1000000 | 1207897  |
| Rekeep SpA, 9.00%, 09/15/2029 | EUR | 1325000 | 1395084  |
| Rentokil Terminix Funding LLC, 5.00%, 04/28/2030<sup>(a)</sup> |  | 775000 | 789372  |
| Summer BC Holdco B SARL, 5.88%, 02/15/2030 | EUR | 1675000 | 1817220  |
| Uber Technologies, Inc., 4.50%, 08/15/2029<sup>(a)</sup> |  | 3500000 | 3506993  |
| Verisk Analytics, Inc., 4.50%, 08/15/2030 |  | 425000 | 428622  |
| Verisure Holding AB, 7.13%, 02/01/2028 | EUR | 850000 | 1028399  |
| WESCO Distribution, Inc., 6.38%, 03/15/2029<sup>(a)</sup> |  | 2250000 | 2326317  |
|  |  |  | 34230881  |
| **Steel - 0.4%**<br>|  |  |  |
| ABJA Investment Co. Pte Ltd., 5.45%, 01/24/2028 |  | 4000000 | 4082902  |
| **Super Retail - 1.0%**<br>|  |  |  |
| Advance Auto Parts, Inc., 7.00%, 08/01/2030<sup>(a)</sup> |  | 2025000 | 2043826  |
| Dick's Sporting Goods, Inc., 4.00%, 10/01/2029<sup>(a)</sup> |  | 1685000 | 1654532  |
| ITM Entreprises SASU, 5.75%, 07/22/2029 | EUR | 3100000 | 3888835  |
| Levi Strauss & Co., 4.00%, 08/15/2030 | EUR | 2625000 | 3136657  |
|  |  |  | 10723850  |
| **Supranational - 0.2%**<br>|  |  |  |
| Africa Finance Corp., 4.38%, 04/17/2026 |  | 2200000 | 2199044  |
| **Technology - 5.4%**<br>|  |  |  |
| Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/2030 | EUR | 2575000 | 3057608  |
| ams-OSRAM AG, 10.50%, 03/30/2029 | EUR | 2250000 | 2763681  |
| Broadcom, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029 |  | 600000 | 618348  |
| &nbsp;&nbsp;&nbsp; 4.60%, 07/15/2030 |  | 3000000 | 3052876 |

---

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

42<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
| Cloud Software Group, Inc., 6.50%, 03/31/2029<sup>(a)</sup> |  | $3250000 | $3294681  |
| Concentrix Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.65%, 08/02/2026 |  | 875000 | 883722  |
| &nbsp;&nbsp;&nbsp; 6.60%, 08/02/2028 |  | 1170000 | 1207683  |
| Dell International LLC / EMC Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 |  | 68000 | 68303  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/2028 |  | 1025000 | 1040067  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 |  | 980000 | 1005338  |
| Foundry JV Holdco LLC, 5.90%, 01/25/2030<sup>(a)</sup> |  | 1930000 | 2021216  |
| Hewlett Packard Enterprise Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/25/2026 |  | 740000 | 742333  |
| &nbsp;&nbsp;&nbsp; 4.15%, 09/15/2028 |  | 700000 | 701010  |
| Intel Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 05/11/2027 |  | 540000 | 533782  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/05/2027 |  | 500000 | 497513  |
| LG Energy Solution Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/02/2027<sup>(a)</sup> |  | 950000 | 964546  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2028 |  | 2600000 | 2651615  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/25/2028 |  | 1830000 | 1894212  |
| NXP BV / NXP Funding LLC / NXP USA, Inc., 4.30%, 08/19/2028 |  | 1450000 | 1456126  |
| Oracle Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/03/2028 |  | 1300000 | 1307223  |
| &nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029 |  | 1150000 | 1201946  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 |  | 1770000 | 1636470  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/26/2030 |  | 2880000 | 2820215  |
| Qorvo, Inc., 4.38%, 10/15/2029 |  | 2755000 | 2718236  |
| Rocket Software, Inc., 9.00%, 11/28/2028<sup>(a)</sup> |  | 2675000 | 2760511  |
| Roper Technologies, Inc., 4.50%, 10/15/2029 |  | 990000 | 1001627  |
| SK Battery America, Inc., 4.88%, 01/23/2027 |  | 2000000 | 2013762  |
| SK hynix, Inc., 6.38%, 01/17/2028 |  | 2000000 | 2090190  |
| TD SYNNEX Corp., 4.30%, 01/17/2029 |  | 1125000 | 1123800  |
| Teleperformance SE<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/22/2028 | EUR | 2900000 | 3597394  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/21/2030 | EUR | 2800000 | 3387094  |
| Ubisoft Entertainment SA, 0.88%, 11/24/2027 | EUR | 2800000 | 3033458  |
|  |  |  | 57146586  |
| **Telecommunications - 3.2%**<br>|  |  |  |
| Deutsche Telekom AG, 2.63%, 12/04/2029 | EUR | 5050000 | 5896495  |
| e& PPF Telecom Group BV, 3.25%, 09/29/2027 | EUR | 1075000 | 1276778  |
| Eutelsat SA, 9.75%, 04/13/2029 | EUR | 1100000 | 1379899  |
| Fibercop SpA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 07/31/2028 | EUR | 1400000 | 1802240  |
| &nbsp;&nbsp;&nbsp; 5.03% (3 mo. EURIBOR + 3.00%), 06/30/2031 | EUR | 3050000 | 3613345  |
| NTT Finance Corp., 4.88%, 07/16/2030<sup>(a)</sup> |  | 3000000 | 3058490 |
| PLT VII Finance Sarl, 5.60% (3 mo. EURIBOR + 3.50%), 06/15/2031  | EUR  | 1350000  | 1600482  |

---

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

43<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Telecommunications - (Continued)**  | **Telecommunications - (Continued)**  | **Telecommunications - (Continued)**  | **Telecommunications - (Continued)**  |
| Rogers Communications, Inc., 5.00%, 02/15/2029 |  | $1800000 | $1835835  |
| SES SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/04/2027 | EUR | 1100000 | 1238895  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/14/2029 | EUR | 2400000 | 2804269  |
| TDC Net AS<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.06%, 05/31/2028 | EUR | 1500000 | 1839953  |
| &nbsp;&nbsp;&nbsp; 5.19%, 08/02/2029 | EUR | 975000 | 1212233  |
| Telecommunications co Telekom Srbija AD Belgrade, 7.00%, 10/28/2029 |  | 1150000 | 1152487  |
| T-Mobile USA, Inc., 4.75%, 02/01/2028 |  | 1800000 | 1800788  |
| United Group BV<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2031 | EUR | 675000 | 818516  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/31/2031 | EUR | 2275000 | 2739730  |
|  |  |  | 34070435  |
| **Transportation Excluding Air/Rail - 1.5%**<br>|  |  |  |
| CMA CGM SA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2029 | EUR | 220000 | 268339  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2031 | EUR | 1375000 | 1618854  |
| Delhi International Airport Ltd., 6.13%, 10/31/2026 |  | 2000000 | 2017587  |
| GXO Logistics, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 07/15/2026 |  | 1475000 | 1454331  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/06/2029 |  | 990000 | 1044504  |
| IDS Financing PLC, 3.25%, 10/01/2029 | EUR | 1900000 | 2220299  |
| International Distribution Services PLC, 7.38%, 09/14/2030 | GBP | 2800000 | 4062853  |
| Mersin Uluslararasi Liman Isletmeciligi AS, 8.25%, 11/15/2028 |  | 800000 | 833856  |
| Penske Truck Leasing Co. Lp / PTL Finance Corp., 5.55%, 05/01/2028<sup>(a)</sup> |  | 2275000 | 2341677  |
|  |  |  | 15862300  |
| **Utilities - 1.5%**<br>|  |  |  |
| Capital Power US Holdings, Inc., 5.26%, 06/01/2028<sup>(a)</sup> |  | 1000000 | 1020825  |
| ENN Clean Energy International Investment Ltd., 3.38%, 05/12/2026 |  | 3000000 | 2982785  |
| Fells Point Funding Trust, 3.05%, 01/31/2027<sup>(a)</sup> |  | 1300000 | 1285081  |
| Greenko Wind Projects Mauritius Ltd., 7.25%, 09/27/2028 |  | 1100000 | 1112779  |
| National Central Cooling Co. PJSC, 2.50%, 10/21/2027 |  | 2000000 | 1936314  |
| NextEra Energy Capital Holdings, Inc., 5.05%, 03/15/2030 |  | 1000000 | 1032914  |
| Vistra Operations Co. LLC, 5.05%, 12/30/2026<sup>(a)</sup> |  | 525000 | 529017  |
| Yorkshire Water Finance PLC, 1.75%, 11/26/2026 | GBP | 4341000 | 5711841  |
|  |  |  | 15611556  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $922,515,975)** |  |  | 960836768  |
| **COLLATERALIZED LOAN OBLIGATIONS - 4.3%**<br>|  |  |  |
|  Ares European CLO, A Series 21X, Class A, 3.23% (3 mo. EURIBOR + 1.22%), 04/15/2038 | EUR | 2300000 | 2701724  |
|  Aurium CLO, AR Series 7X, Class AR, 3.47% (3 mo. EURIBOR + 1.35%), 10/15/2038 | EUR | 1325000 | 1562068  |

---

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

44<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
|  Avoca CLO, A1 Series 32X, Class A1, 3.18% (3 mo. EURIBOR + 1.17%), 04/15/2039 | EUR | $2300000 | $2699097  |
|  Bain Capital Credit CLO, A1 Series 2024-6A, Class A1, 5.20% (3 mo. Term SOFR + 1.33%), 01/21/2038<sup>(a)</sup> |  | 2000000 | 2005380  |
|  Bain Capital Euro CLO, A1 Series 2024-3X, Class A1, 3.30% (3 mo. EURIBOR + 1.30%), 01/18/2038 | EUR | 2000000 | 2354069  |
|  Ballyrock CLO Ltd., A1A Series 2024-28A, Class A1A, 5.20% (3 mo. Term SOFR + 1.32%), 01/20/2038<sup>(a)</sup> |  | 1375000 | 1377579  |
|  Blackrock European Clo XIII DAC, A Series 15X, Class A, 3.36% (3 mo. EURIBOR + 1.29%), 01/28/2038 | EUR | 1700000 | 2002415  |
|  Cairn CLO, A Series 2024-19X, Class A, 3.31% (3 mo. EURIBOR + 1.30%), 04/15/2039 | EUR | 2000000 | 2356118  |
|  Canyon Euro CLO, A Series 2025-2X, Class A, 3.40% (3 mo. EURIBOR + 1.35%), 10/15/2039 | EUR | 2500000 | 2946725  |
|  Capital Four CLO, A Series 8X, Class A, 3.36% (3 mo. EURIBOR + 1.29%), 10/25/2037 | EUR | 1750000 | 2059039  |
|  Carlyle Euro CLO, A1R3 Series 2013-1X, Class A1R3, 3.40% (3 mo. EURIBOR + 1.36%), 10/15/2038 | EUR | 2000000 | 2354391  |
|  CVC Cordatus Loan Fund, A1 Series 33X, Class A1, 3.31% (3 mo. EURIBOR + 1.29%), 03/24/2038 | EUR | 2000000 | 2354837  |
|  Henley CLO, A1 Series 12X, Class A1, 3.29% (3 mo. EURIBOR + 1.28%), 01/15/2038 | EUR | 1800000 | 2117583  |
|  Jubilee CLO, A Series 2024-29X, Class A, 3.31% (3 mo. EURIBOR + 1.30%), 01/15/2039 | EUR | 2000000 | 2352174  |
|  Neuberger Berman CLO Ltd., A Series 2024-58A, Class A, 5.22% (3 mo. Term SOFR + 1.34%), 10/18/2038<sup>(a)</sup> |  | 1100000 | 1101937  |
|  Penta CLO, A Series 2024-18X, Class A, 3.31% (3 mo. EURIBOR + 1.28%), 01/15/2038 | EUR | 2000000 | 2352637  |
|  Providus CLO, A Series 11X, Class A, 3.29% (3 mo. EURIBOR + 1.29%), 01/20/2038 | EUR | 2000000 | 2352877  |
|  Ravensdale Park CLO, A Series 1X, Class A, 3.24% (3 mo. EURIBOR + 1.17%), 04/25/2038 | EUR | 950000 | 1114302  |
|  RRE Loan Management, A1 Series 24X, Class A1, 3.17% (3 mo. EURIBOR + 1.16%), 04/15/2040 | EUR | 2300000 | 2700416  |
|  Trinitas Euro CLO, A Series 8X, Class A, 3.31% (3 mo. EURIBOR + 1.30%), 01/15/2038 | EUR | 2000000 | 2354957  |
|  Voya Euro CLO, A Series 8X, Class A, 3.29% (3 mo. EURIBOR + 1.28%), 01/15/2039 | EUR | 2000000 | 2352174  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $42,338,670)** |  |  | 45572499  |
| **BANK LOANS - 3.1%**<br>|  |  |  |
| **Capital Goods - 0.1%**<br>|  |  |  |
|  Emrld Borrower LP, Senior Secured First Lien, 6.12% (6 mo. SOFR US + 2.25%), 08/04/2031 |  | 878908 | 881734  |
| **Diversified Financial Services - 0.6%**<br>|  |  |  |
|  Citadel Securities Global Holdings LLC, Senior Secured First Lien, 10.39% (3 mo. SOFR US + 2.00%), 10/31/2031 |  | 2456438 | 2472109  |

---

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

45<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Diversified Financial Services - 0.6%**  | **Diversified Financial Services - 0.6%**  | **Diversified Financial Services - 0.6%**  | **Diversified Financial Services - 0.6%**  |
| Jane Street Group LLC, Senior Secured First Lien<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.82% (1 mo. SOFR US + 2.00%), 12/15/2031 |  | $531601 | $529772  |
| &nbsp;&nbsp;&nbsp; 5.82% (3 mo. SOFR US + 2.00%), 12/15/2031 |  | 2903320 | 2893333  |
|  |  |  | 5895214  |
| **Healthcare - 0.4%**<br>|  |  |  |
|  Financiere Mendel SASU, Senior Secured First Lien, 10.68% (3 mo. EURIBOR + 3.00%), 11/13/2030 | EUR | 1000000 | 1188907  |
|  Phoenix Guarantor, Inc., Senior Secured First Lien, 13.17% (1 mo. SOFR US + 2.50%), 02/21/2031 |  | 2456406 | 2471206  |
|  |  |  | 3660113  |
| **Railroads - 0.3%**<br>|  |  |  |
|  Genesee & Wyoming, Inc., Senior Secured First Lien, 5.42% (3 mo. SOFR US + 1.75%), 04/10/2031 |  | 3456250 | 3460000  |
| **Restaurants - 0.2%**<br>|  |  |  |
|  1011778 BC ULC, Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 09/23/2030 |  | 1885789 | 1890504  |
| **Services - 0.2%**<br>|  |  |  |
|  Circet Europe SASU, Senior Secured First Lien, 9.02% (3 mo. EURIBOR + 3.25%), 10/16/2028 | EUR | 1000000 | 1188284  |
|  PG Polaris BidCo Sarl, Senior Secured First Lien, 5.92% (3 mo. SOFR US + 2.25%), 03/26/2031 |  | 1192390 | 1197887  |
|  |  |  | 2386171  |
| **Super Retail - 0.2%**<br>|  |  |  |
| Peer Holding III BV, Senior Secured First Lien<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.17% (3 mo. SOFR US + 2.50%), 07/01/2031 |  | 871200 | 876009  |
| &nbsp;&nbsp;&nbsp; 4.77% (3 mo. EURIBOR + 2.75%), 11/24/2031 | EUR | 1000000 | 1184806  |
|  |  |  | 2060815  |
| **Technology - 0.3%**<br>|  |  |  |
|  Coherent Corp., Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 07/02/2029 |  | 532102 | 534100  |
|  Gen Digital, Inc., Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 09/12/2029 |  | 2403253 | 2409766  |
|  |  |  | 2943866  |
| **Telecommunications - 0.3%**<br>|  |  |  |
|  Masorange Finco PLC, Senior Secured First Lien, 9.85% (6 mo. EURIBOR + 2.50%), 03/25/2031 | EUR | 1000000 | 1181192  |
|  Odido Holding BV, Senior Secured First Lien, 10.75% (3 mo. EURIBOR + 2.90%), 03/29/2029 | EUR | 1000000 | 1188496  |
|  Ziggo BV, Senior Secured First Lien, 7.94% (1 mo. EURIBOR + 3.00%), 01/31/2029 | EUR | 1000000 | 1171708  |
|  |  |  | 3541396  |

---

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

46<br>

------

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

**MUZINICH LOW DURATION FUND** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Transportation Excluding Air/Rail - 0.1%**<br>|  |  |
|  First Student Bidco, Inc., Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 08/15/2030 | $1537162 | $1544112  |
|  |  | 1544112  |
| **Utilities - 0.4%**<br>|  |  |
|  Calpine Construction Finance Co. LP, Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 07/31/2030 | 3500000 | 3507105  |
|  Constellation Renewables LLC, Senior Secured First Lien, 5.82% (3 mo. SOFR US + 2.00%), 12/15/2027 | 937394 | 942278  |
|  |  | 4449383  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $32,001,830)** |  | 32713308  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 2.7%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(d)</sup> | 28180942 | 28180942  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $28,180,942)** |  | 28180942  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.1%** <br>**(Cost $1,025,037,417)** |  | $1067303517  |
| Liabilities in Excess of Other Assets - (1.1)% |  | (11302527)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1056000990 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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 December 31, 2025, the value of these securities total $168,483,229 or 16.0% 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 December 31, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

47<br>

------

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

**Muzinich Low Duration Fund** 

**Schedule of Forward Currency Contracts** 

**December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation) |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 01/14/2026 | &nbsp;&nbsp; EUR | 6000000 | &nbsp;&nbsp; USD | 7046976 | $8985  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 01/14/2026 | &nbsp;&nbsp; GBP | 3000000 | &nbsp;&nbsp; USD | 4036476 | 7318  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 01/14/2026 | &nbsp;&nbsp; USD | 209220837 | &nbsp;&nbsp; EUR | 179000000 | (1282013)  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp; USD | 296926762 | &nbsp;&nbsp; EUR | 254000000 | (2627150)  |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; 01/14/2026 | &nbsp;&nbsp; USD | 66527538 | &nbsp;&nbsp; GBP | 49600000 | (329852)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $(4222712) |

---

EUR - Euro

GBP - British Pound

USD - United States Dollar

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

48<br>

------

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

**Muzinich Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $162950786 | &nbsp;&nbsp; $69980083 | $1067303517  |
| Interest receivable | &nbsp;&nbsp; 2377451 | &nbsp;&nbsp; 1146673 | 14131095  |
| Foreign currency, at value | &nbsp;&nbsp; 1289924 | &nbsp;&nbsp; — | 13667320  |
| Receivable for investments sold | &nbsp;&nbsp; 746823 | &nbsp;&nbsp; 131440 | 17889097  |
| Receivable for fund shares sold | &nbsp;&nbsp; 714469 | &nbsp;&nbsp; — | 2709810  |
| Deposit at broker for future contracts | &nbsp;&nbsp; 326118 | &nbsp;&nbsp; — | 84587  |
| Swap premiums paid | &nbsp;&nbsp; 302390 | &nbsp;&nbsp; — | —  |
| Deposit at broker for swap contracts | &nbsp;&nbsp; 57038 | &nbsp;&nbsp; — | 52740  |
| Receivable for swap contracts | &nbsp;&nbsp; 49749 | &nbsp;&nbsp; — | —  |
| Dividends receivable | &nbsp;&nbsp; 17425 | &nbsp;&nbsp; 3461 | 70572  |
| Receivable for open forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 16303  |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 3732 | 91728  |
| Prepaid expenses and other assets | &nbsp;&nbsp; 24073 | &nbsp;&nbsp; 10243 | 47651  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 168856246 | &nbsp;&nbsp; 71275632 | 1116064420  |
| **LIABILITIES:**<br>|  |  |  |
| Payable for investments purchased | &nbsp;&nbsp; 900033 | &nbsp;&nbsp; 121619 | 17904  |
| Distributions payable | &nbsp;&nbsp; 820966 | &nbsp;&nbsp; 276950 | 54395062  |
| Payable for capital shares redeemed | &nbsp;&nbsp; 559568 | &nbsp;&nbsp; 29 | 736389  |
| Payable for open forward currency contracts | &nbsp;&nbsp; 381013 | &nbsp;&nbsp; — | 4239015  |
| Payable to adviser | &nbsp;&nbsp; 88066 | &nbsp;&nbsp; 9623 | 292678  |
| Payable for fund administration and accounting fees | &nbsp;&nbsp; 45298 | &nbsp;&nbsp; 30490 | 219933  |
| Payable for audit fees | &nbsp;&nbsp; 27475 | &nbsp;&nbsp; 25821 | 25821  |
| Payable for shareholder servicing fees | &nbsp;&nbsp; 14135 | &nbsp;&nbsp; 261 | —  |
| Payable for custodian fees | &nbsp;&nbsp; 9436 | &nbsp;&nbsp; 985 | 42272  |
| Variation margin on futures contracts | &nbsp;&nbsp; 8863 | &nbsp;&nbsp; — | —  |
| Payable for transfer agent fees and expenses | &nbsp;&nbsp; 8024 | &nbsp;&nbsp; 2987 | 49760  |
| Payable for compliance fees | &nbsp;&nbsp; 3687 | &nbsp;&nbsp; 3686 | 3687  |
| Payable for registration fees | &nbsp;&nbsp; 2671 | &nbsp;&nbsp; — | 1407  |
| Payable for directors fees | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 425 | 707  |
| Interest payable | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 2 | 270  |
| Due to broker | &nbsp;&nbsp; — | &nbsp;&nbsp; 101 | —  |
| Payable for expenses and other liabilities | &nbsp;&nbsp; 25184 | &nbsp;&nbsp; 7537 | 38525  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 2894933 | &nbsp;&nbsp; 480516 | 60063430  |
| **NET ASSETS** | &nbsp;&nbsp; $165961313 | &nbsp;&nbsp; $70795116 | $1056000990  |
| **NET ASSETS CONSISTS OF:**<br>|  |  |  |
| Paid-in capital | &nbsp;&nbsp; $190396929 | &nbsp;&nbsp; $72825733 | $1073517878  |
| Total accumulated losses | &nbsp;&nbsp; (24435616) | &nbsp;&nbsp; (2030617) | (17516888)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $165961313 | &nbsp;&nbsp; $70795116 | $1056000990  |

---

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

49<br>

------

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

**Muzinich Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Muzinich Dynamic** <br>**Income Fund** | **Muzinich Flexible** <br>**U.S. High Yield** <br>**Income Fund** | **Muzinich Low** <br>**Duration Fund**  |
| **Institutional Class**<br>|  |  |  |
| Net assets | &nbsp;&nbsp; $98828723 | &nbsp;&nbsp; $3090264 | $—  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 10128011 | &nbsp;&nbsp; 383823 | —  |
| Net asset value per share | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $8.05 | $—  |
| **Supra Institutional Class**<br>|  |  |  |
| Net assets | &nbsp;&nbsp; $67132590 | &nbsp;&nbsp; $67704852 | $1056000990  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 6872300 | &nbsp;&nbsp; 8409141 | 112985030  |
| Net asset value per share | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $8.05 | $9.35  |
| **COST:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $156664592 | &nbsp;&nbsp; $68542735 | $1025037417  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | &nbsp;&nbsp; $1286295 | &nbsp;&nbsp; $— | $13544041 |

---

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

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

50<br>

------

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

**Muzinich Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Muzinich Dynamic** <br>**Income Fund** | **Muzinich Flexible** <br>**U.S. High Yield** <br>**Income Fund** | **Muzinich Low** <br>**Duration Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $124814 | &nbsp;&nbsp;&nbsp; $44506 | $807399  |
| Interest income | &nbsp;&nbsp;&nbsp; 8355732 | &nbsp;&nbsp;&nbsp; 4506098 | 57460879  |
| Less: Interest withholding taxes | &nbsp;&nbsp;&nbsp; (1361) | &nbsp;&nbsp;&nbsp; — | (15697)  |
| Other income | &nbsp;&nbsp;&nbsp; 5841 | &nbsp;&nbsp;&nbsp; 6227 | 45879  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 8485026 | &nbsp;&nbsp;&nbsp; 4556831 | 58298460  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 970954 | &nbsp;&nbsp;&nbsp; 354196 | 5332339  |
| Accounting fees | &nbsp;&nbsp;&nbsp; 87452 | &nbsp;&nbsp;&nbsp; 78581 | 383889  |
| Shareholder service costs - Institutional Class | &nbsp;&nbsp;&nbsp; 84656 | &nbsp;&nbsp;&nbsp; — | —  |
| Fund administration fees | &nbsp;&nbsp;&nbsp; 79853 | &nbsp;&nbsp;&nbsp; 45816 | 495839  |
| Custodian fees | &nbsp;&nbsp;&nbsp; 49710 | &nbsp;&nbsp;&nbsp; 9170 | 223836  |
| Federal and state registration fees | &nbsp;&nbsp;&nbsp; 38588 | &nbsp;&nbsp;&nbsp; 37974 | 89264  |
| Transfer agent fees | &nbsp;&nbsp;&nbsp; 29857 | &nbsp;&nbsp;&nbsp; 12538 | 199169  |
| Audit fees | &nbsp;&nbsp;&nbsp; 27475 | &nbsp;&nbsp;&nbsp; 25821 | 25821  |
| Trustees' fees | &nbsp;&nbsp;&nbsp; 25891 | &nbsp;&nbsp;&nbsp; 21999 | 48017  |
| Compliance fees | &nbsp;&nbsp;&nbsp; 14500 | &nbsp;&nbsp;&nbsp; 14499 | 14499  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 13952 | &nbsp;&nbsp;&nbsp; 4635 | 56757  |
| Legal fees | &nbsp;&nbsp;&nbsp; 11625 | &nbsp;&nbsp;&nbsp; 9590 | 11258  |
| Interest expense | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 943 | 27470  |
| Other expenses and fees | &nbsp;&nbsp;&nbsp; 46557 | &nbsp;&nbsp;&nbsp; 24355 | 129732  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 1481085 | &nbsp;&nbsp;&nbsp; 640117 | 7037890  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp;&nbsp; (425462) | &nbsp;&nbsp;&nbsp; (265658) | (1085599)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp; 1055623 | &nbsp;&nbsp;&nbsp; 374459 | 5952291  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp; 7429403 | &nbsp;&nbsp;&nbsp; 4182372 | 52346169  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 2480196 | &nbsp;&nbsp;&nbsp; (32837) | 36901919  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp; (319714) | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp;&nbsp; (5234879) | &nbsp;&nbsp;&nbsp; — | (37339366)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp;&nbsp; (33813) | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; 991033 | &nbsp;&nbsp;&nbsp; — | 1127734  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (2117177) | &nbsp;&nbsp;&nbsp; (32837) | 690287  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 6846125 | &nbsp;&nbsp;&nbsp; 1020654 | 46149156  |
| &nbsp;&nbsp;&nbsp; Future contracts | &nbsp;&nbsp;&nbsp; (25397) | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp;&nbsp; (1676277) | &nbsp;&nbsp;&nbsp; — | (26345503)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp;&nbsp; 49749 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; (82188) | &nbsp;&nbsp;&nbsp; — | 203031  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 5112012 | &nbsp;&nbsp;&nbsp; 1020654 | 20006684  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 2994835 | &nbsp;&nbsp;&nbsp; 987817 | 20696971  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $10424238 | &nbsp;&nbsp;&nbsp; $5170189 | $73043140 |

---

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

51<br>

------

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

**Muzinich Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Muzinich Dynamic Income Fund** | **Muzinich Dynamic Income Fund** | **Muzinich Flexible U.S. High Yield** <br>**Income Fund**  | **Muzinich Flexible U.S. High Yield** <br>**Income Fund**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7429403 | $11081455 | $4182372 | $3642656  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2117177) | 2813467 | (32837) | (48529)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5112012 | (3655839) | 1020654 | 109151  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 10424238 | 10239083 | 5170189 | 3703278  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (5595213) | (4696215) | (194150) | (192830)  |
| &nbsp;&nbsp;&nbsp; From earnings - Supra Institutional Class | (3957832) | (5718411) | (4043430) | (3417049)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (9553045) | (10414626) | (4237580) | (3609879)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 16096241 | 14052459 | 20000 | 74591  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 5469282 | 4463800 | 183388 | 180984  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (16193606) | (18294013) | (51) | (74308)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Institutional Class | 968 | 17121 |  | 743  |
| &nbsp;&nbsp;&nbsp; Shares sold - Supra Institutional Class | 10581992 | 5384554 | 13659904 | 10342040  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Supra Institutional Class | 2306815 | 3565761 | 1421329 | 1763908  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Supra Institutional Class | (12914062) | (114986938) | (4484848) | (864638)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Supra Institutional Class | 694 | 871 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 5348324 | (105796385) | 10799722 | 11423320  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 6219517 | (105971928) | 11732331 | 11516719  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 159741796 | 265713724 | 59062785 | 47546066  |
| &nbsp;&nbsp;&nbsp; End of the year | $165961313 | $159741796 | $70795116 | $59062785  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 1635362 | 1432379 | 2493 | 9430  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 560759 | 456749 | 22987 | 22825  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (1651685) | (1864456) | (6) | (9430)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Supra Institutional Class | 1074263 | 546065 | 1706047 | 1299711  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Supra Institutional Class | 236273 | 363727 | 178138 | 222235  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Supra Institutional Class | (1307473) | (11589180) | (559398) | (109234)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 547499 | (10654716) | 1350261 | 1435537 |

---

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

52<br>

------

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

**Muzinich Funds** 

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

---

| | | |
|:---|:---|:---|
|  | **Muzinich Low Duration Fund**  | **Muzinich Low Duration Fund**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $52346169 | $50079001  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 690287 | 2095805  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 20006684 | 14598106  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 73043140 | 66772912  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Supra Institutional Class | (74808819) | (54296460)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (74808819) | (54296460)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Supra Institutional Class | 517583521 | 425440008  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Supra Institutional Class | 541586 | 54095876  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Supra Institutional Class | (643460463) | (291766908)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Supra Institutional Class | 1915 | 1  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (125333441) | 187768977  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (127099120) | 200245429  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 1183100110 | 982854681  |
| &nbsp;&nbsp;&nbsp; End of the year | $1056000990 | $1183100110  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Supra Institutional Class | 53488828 | 44963545  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Supra Institutional Class | 57368 | 5724118  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Supra Institutional Class | (66310464) | (30881898)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (12764268) | 19805765 |

---

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

53<br>

------

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

**Muzinich Dynamic Income Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.71 | $9.80 | $9.50 | $10.50 | $11.22  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.45 | 0.44 | 0.37 | 0.26 | 0.31  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.18 | (0.03) | 0.32 | (1.14) | (0.20)  |
| **Total from investment operations** | 0.63 | 0.41 | 0.69 | (0.88) | (0.11)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.58) | (0.50) | (0.39) | (0.05) | (0.41)  |
| Net realized gains |  |  |  | (0.07) | (0.42)  |
| **Total distributions** | (0.58) | (0.50) | (0.39) | (0.12) | (0.83)  |
| Redemption fee per share | 0.00<sup>(d)</sup> |  |  |  |  |
| **Net asset value, end of year** | $9.76 | $9.71 | $9.80 | $9.50 | $10.50  |
| TOTAL RETURN | 6.59% | 4.20% | 7.40% | -8.39% | 1.02%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $98829 | $93026 | $93668 | $89146 | $127005  |
| Ratio of expenses to average net assets<sup>(c)</sup>:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.95% | 0.89% | 0.85% | 0.87% | 0.84%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.69% | 0.67% | 0.68% | 0.67% | 0.66%  |
|  Ratio of net investment income (loss) to average net assets | 4.55% | 4.44% | 3.81% | 2.65% | 2.81%  |
| Portfolio turnover rate | 127% | 164% | 135% | 168% | 139% |

---

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

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Includes line of credit interest expense of $14.72 or less than 0.01% for the year ended December 31, 2025.

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

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

54<br>

------

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

**Muzinich Dynamic Income Fund** 

**Financial Highlights** 

**Supra Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.71 | $9.80 | $9.50 | $10.51 | $11.23  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.46 | 0.44 | 0.37 | 0.27 | 0.32  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.18 | (0.03) | 0.33 | (1.15) | (0.20)  |
| **Total from investment operations** | 0.64 | 0.41 | 0.70 | (0.88) | 0.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.58) | (0.50) | (0.40) | (0.06) | (0.42)  |
| Net realized gains |  |  |  | (0.07) | (0.42)  |
| **Total distributions** | (0.58) | (0.50) | (0.40) | (0.13) | (0.84)  |
| Redemption fee per share  | 0.00<sup>(d)</sup>  | 0.00<sup>(d)</sup>  | 0.00<sup>(d)</sup>  | 0.00<sup>(d)</sup>  | —  |
| **Net asset value, end of year** | $9.77 | $9.71 | $9.80 | $9.50 | $10.51  |
| TOTAL RETURN | 6.74% | 4.28% | 7.48% | -8.41% | 1.11%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $67133 | $66716 | $172046 | $209404 | $252118  |
| Ratio of expenses to average net assets<sup>(c)</sup>:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.86% | 0.82% | 0.77% | 0.80% | 0.76%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.60% | 0.60% | 0.60% | 0.60% | 0.59%  |
|  Ratio of net investment income (loss) to average net assets | 4.64% | 4.51% | 3.87% | 2.74% | 2.90%  |
| Portfolio turnover rate | 127% | 164% | 135% | 168% | 139% |

---

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

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Includes line of credit interest expense of $14.72 or less than 0.01% for the year ended December 31, 2025.

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

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

55<br>

------

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

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

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $7.94 | $7.91 | $7.68 | $9.19 | $9.97  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.52 | 0.56 | 0.51 | 0.44 | 0.50  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.12 | 7.94 | 0.23 | (1.50) | (0.07)  |
| **Total from investment operations** | 0.64 | 8.50 | 0.74 | (1.06) | 0.43  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.53) | (0.56) | (0.51) | (0.44) | (0.53)  |
| Net realized gains |  |  |  | (0.01) | (0.68)  |
| **Total distributions** | (0.53) | (0.56) | (0.51) | (0.45) | (1.21)  |
| Redemption fee per share  | —  | 0.00<sup>(c)</sup>  | —  | —  | —  |
| **Net asset value, end of year** | $8.05 | $7.94 | $7.91 | $7.68 | $9.19  |
| TOTAL RETURN | 8.27% | 7.65% | 9.80% | -11.17% | 4.42%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $3090 | $2844 | $2655 | $2838 | $4247  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.99% | 1.07% | 1.26% | 1.37% | 1.25%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.58% | 0.58% | 0.58% | 0.58% | 0.59%  |
|  Ratio of net investment income (loss) to average net assets | 6.50% | 7.05% | 6.59% | 5.34% | 5.06%  |
| Portfolio turnover rate | 66% | 91% | 76% | 59% | 96% |

---

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

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

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

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

56<br>

------

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

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

**Financial Highlights** 

**Supra Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $7.94 | $7.91 | $7.68 | $9.18 | $9.96  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.52 | 0.56 | 0.52 | 0.44 | 0.51  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.12 | 7.94 | 0.22 | (1.49) | (0.08)  |
| **Total from investment operations** | 0.64 | 8.50 | 0.74 | (1.05) | 0.43  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.53) | (0.56) | (0.51) | (0.44) | (0.53)  |
| Net realized gains |  |  |  | (0.01) | (0.68)  |
| **Total distributions** | (0.53) | (0.56) | (0.51) | (0.45) | (1.21)  |
| Redemption fee per share  | —  | 0.00<sup>(c)</sup>  | —  | —  | —  |
| **Net asset value, end of year** | $8.05 | $7.94 | $7.91 | $7.68 | $9.18  |
| TOTAL RETURN | 8.27% | 7.65% | 9.98% | -11.61% | 4.43%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $67705 | $56219 | $44891 | $30312 | $25222  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.99% | 1.06% | 1.27% | 1.37% | 1.19%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.58% | 0.58% | 0.58% | 0.58% | 0.58%  |
|  Ratio of net investment income (loss) to average net assets | 6.49% | 7.03% | 6.65% | 5.46% | 5.11%  |
| Portfolio turnover rate | 66% | 91% | 76% | 59% | 96% |

---

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

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

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

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

57<br>

------

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

**Muzinich Low Duration Fund** 

**Financial Highlights** 

**Supra Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.41 | $9.28 | $9.05 | $9.73 | $10.10  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.43 | 0.44 | 0.39 | 0.26 | 0.25  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.17 | 9.42 | 0.29 | (0.59) | —  |
| **Total from investment operations** | 0.60 | 9.86 | 0.68 | (0.33) | 0.25  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.66) | (0.45) | (0.45) | (0.10) | (0.62)  |
| Net realized gains |  |  |  | (0.25) | —  |
| **Total distributions** | (0.66) | (0.45) | (0.45) | (0.35) | (0.62)  |
| Redemption fee per share  | 0.00<sup>(c)</sup>  | 0.00<sup>(c)</sup>  | —  | —  | —  |
| **Net asset value, end of year** | $9.35 | $9.41 | $9.28 | $9.05 | $9.73  |
| TOTAL RETURN | 6.38% | 6.30% | 7.63% | -3.41% | 2.50%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $1056001 | $1183100 | $982855 | $941251 | $369539  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.59% | 0.58% | 0.58% | 0.61% | 0.62%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.50% | 0.50% | 0.50% | 0.50% | 0.49%  |
|  Ratio of net investment income (loss) to average net assets | 4.42% | 4.63% | 4.19% | 2.83% | 2.46%  |
| Portfolio turnover rate | 69% | 57% | 49% | 26% | 69% |

---

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

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

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

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

58<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025** 

**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.

59<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(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 "Advisor") as the Funds' Valuation Designee. Under Rule 2a-5, the Valuation Designee shall determine the fair value of securities for which readily available market quotes are not available in accordance with procedures approved by the Board.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis.

U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<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 | $— | $148018714 | $— | $148018714  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 5996238 |  | 5996238  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 11 |  | 11  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 5140680 |  |  | 5140680  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 3795143 |  | 3795143  |
| **Total Investments** | $5140680 | $157810106 | $— | $162950786  |

---

60<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Other Financial Instruments<sup>1</sup>:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Credit Default Swaps | $— | $49749 | $— | $49749  |
| **Total Other Financial Instruments** | $— | $49749 | $— | $49749  |
| **Liabilities:**<br>|  |  |  |  |
| **Other Financial Instruments<sup>1</sup>:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $— | $(381013) | $— | $(381013)  |
| &nbsp;&nbsp;&nbsp; Futures<sup>2</sup> | (25397) |  |  | (25397)  |
| **Total Other Financial Instruments** | $(25397) | $(381013) | $— | $(406410) |

---

<sup>1</sup> The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of December 31, 2025.

<sup>2</sup> The Statement of Assets and Liabilities reports the current day's variation margin. The fair value reported in other tables in the footnotes to the financial statements is the cumulative unrealized gain (loss) of futures $(25397). 

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 | $—  | $66075141  | $—  | $66075141  |
| &nbsp;&nbsp;&nbsp; Bank Loans | —  | 3333426  | —  | 3333426  |
| &nbsp;&nbsp;&nbsp; Money Market Fund | 571516  | —  | —  | 571516  |
| **Total Assets** | $571516  | $69408567  | $—  | $69980083 |

---

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

The following is a reconciliation of the Flexible U.S. 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 December 31, 2025** | &nbsp;&nbsp; — | —  |
|  Change in unrealized appreciation/depreciation for Level 3 investments held at December 31, 2025 | &nbsp;&nbsp; $— | $— |

---

61<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**Low Duration Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $960836768 | $— | $960836768  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations<sup>1</sup> |  | 45572499 |  | 45572499  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 32713308 |  | 32713308  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 28180942 |  |  | 28180942  |
| **Total Assets** | $28180942 | $1039122575 | $— | $1067303517  |
| **Other Financial Instruments<sup>1</sup>:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $— | $16303 | $— | $16303  |
| **Total Other Financial Instruments** | $— | $16303 | $— | $16303  |
| **Liabilities:**<br>|  |  |  |  |
| **Other Financial Instruments<sup>1</sup>:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $— | $(4239015) | $— | $(4239015)  |
| **Total Other Financial Instruments** | $— | $(4239015) | $— | $(4239015) |

---

<sup>1</sup> The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of December 31, 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; 280473 | 280473  |
| Transfer in and/or out of Level 3 | &nbsp;&nbsp;&nbsp; (2352174) | (2352174)  |
| **Balanced as of December 31, 2025** | &nbsp;&nbsp;&nbsp; — | —  |
|  Change in unrealized appreciation/depreciation for Level 3 investments held at December 31, 2025 | &nbsp;&nbsp;&nbsp; $— | $— |

---

Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price.

The Advisor, as the Fund's Valuation Designee, oversees valuation techniques.

The Funds have provided additional disclosures below regarding derivatives and hedging activity intending to improve financial reporting by enabling investors to understand how and` why the Funds use forward contracts and swap contracts (types of derivatives), how they are accounted for, and how they affect an entity's results of operations and financial position. The Funds may use derivatives in various ways. The Funds may, but are not required to, use derivatives for risk management purposes or as part of its investment

62<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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 period ended December 31, 2025, for the Dynamic Income Fund and Low Duration Fund was $65,099,897, and $661,985,980 respectively. Forward foreign currency exchange contracts entered during the period ended December 31, 2025, were with the U.S. Bank 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 period ended December 31, 2025, was $5,554,653 and were entered into with Morgan Stanley. The Dynamic Income Fund entered into swap contract transactions with Barclays Investment Bank, BNP Paribas, Inc, Bank of America, Goldman Sachs & Co., and Jefferies during the period ended December 31, 2025, at an average transaction notional value of $241,794, $129,259, $97,737, $67,144, $154,454, 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 December 31, 2025:

**Dynamic Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives as of December 31, 2025** | **Asset Derivatives as of December 31, 2025** | **Liability Derivatives as of December 31, 2025**  | **Liability Derivatives as of December 31, 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 | $— | Unrealized Depreciation on <br>Forward Foreign Currency <br>Exchange Contracts | $(381013)  |
|  |  | $— |  | $(381013) |
|  Credit Default - Swap Contracts | Unrealized Appreciation on <br>Swap Contracts | $49749 | Unrealized Depreciation on <br>Swap Contracts | $—  |
|  |  | $49749 |  | $— |
| Futures Contracts | Unrealized Appreciation on <br>Futures Contracts | $— | Unrealized Depreciation on <br>Futures Contracts | $(25397) |
|  |  | $— |  | $(25397) |

---

**Low Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives as of December 31, 2025** | **Asset Derivatives as of December 31, 2025** | **Liability Derivatives as of December 31, 2025**  | **Liability Derivatives as of December 31, 2025**  |
| **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 | $16303 | Unrealized Depreciation on <br>Forward Foreign Currency <br>Exchange Contracts | $(4239015)  |
|  |  | $16303 |  | $(4239015) |

---

63<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**Statements of Operations**

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 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; $(5234879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1676277)  |
|  Credit Default - Swap Contracts | Net realized and unrealized gain <br>(loss) on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49749  |
| Futures Contracts | Net realized and unrealized gain <br>(loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25397)  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5558406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1651925) |

---

**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; $(37339366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(26345503) |

---

The Flexible U.S. High Yield Income Fund did not have derivatives activity during the period ended December 31, 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 period ended
 December 31, 2025. Realized and unrealized gains and losses are included in the Statements of Operations. The Flexible U.S. High
 Yield Income Fund, Low Duration Fund did not have swap contracts activity during the period ended December 31, 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 pledge to the counterparty an amount
 of cash, U.S. Government securities or other high quality debt securities equal to the minimum "initial margin"

64<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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 period ended December 31, 2025. Realized and unrealized gains and losses are included in the Statements of Operations. The Flexible U.S. High Yield Income Fund, Low Duration Fund did not have futures contracts activity during the period ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Forward Foreign Currency Exchange Contracts.* During the period ended December 31, 2025, the Dynamic Income Fund, 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 period ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Bank Loans*.
 Floating rate bank loan notes ("Bank Loans") are fair valued based on a quoted price received from a single broker-dealer
 or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer
 quotes are unavailable. To the extent that these inputs are observable, the fair values of Bank Loans would be categorized as Level 2;
 otherwise the fair values would be categorized as Level 3.

Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust's valuation policies and procedures. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset under investments at value, and any change in net unrealized appreciation or depreciation for the reporting period is recorded within the change in net unrealized appreciation or depreciation on investment securities. Unfunded loan commitments are included in the Schedules of Investments.

The total unfunded loan commitments that could be extended at the option of the borrowers for the period ended December, 31, 2025, are summarized in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **Unfunded Loan** <br>**Commitments**  | **Value**  | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Dynamic Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | $—  | &nbsp;&nbsp;&nbsp; $—  |
| Flexible U.S. High Yield Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 10572  | 10642  | &nbsp;&nbsp;&nbsp; 149  |
| Low Duration Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;F. *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

65<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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;G. *Federal Income Taxes.* Each Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially
 all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment
 companies. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, each Fund intends to declare each year as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.

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

As of the most recent fiscal year ended December 31, 2025, the Dynamic Income Fund, the Flexible U.S. High Yield Income Fund, and Low Duration Fund, did not defer any post-October losses. The Dynamic Income Fund, the Flexible U.S. High Yield Income Fund, and the Low Duration Fund did not defer any late-year losses as of December 31, 2025.

As of the most recent fiscal year ended December 31, 2025, 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 | $22584865 | &nbsp;&nbsp;&nbsp; $1285854 | $23698441  |
| Long-Term Capital Loss Carryovers | 10680752 | &nbsp;&nbsp;&nbsp; 2149582 | 38507172  |
| Total | $33265617 | &nbsp;&nbsp;&nbsp; $3435436 | $62205613 |

---

As of December 31, 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;H. *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;I. *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.

66<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;J. *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;K. *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.

&nbsp;&nbsp;&nbsp;&nbsp;L. *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;M. *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;N. *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;O. *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.

67<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;P. *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;Q. *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 December 31, 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 | $— | &nbsp;&nbsp;&nbsp; $— | $— | $— | $— | $—  |
| **Liabilities**<br>|  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | (381013) | &nbsp;&nbsp;&nbsp; — | (381013) |  |  | (381013) |

---

**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 | $16303  | &nbsp;&nbsp;&nbsp; $—  | $16303  | $— | $—  | $16303  |
| **Liabilities**<br>|  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | (4239015) | &nbsp;&nbsp;&nbsp; —  | (4239015) |  | —  | (4239015) |

---

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

68<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;R. *Segment Reporting*.
 Management has evaluated the impact of adopting ASU 2023-07 with respect to the financial statements and disclosures and determined there
 is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance
 are regularly monitored and assessed by the Chief Administrative Officer and Chief Operating Officer, both of whom are Directors of the
 Adviser, who serve as the chief operating decision makers, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;S. *New Accounting Pronouncement.* In December 2023, the FASB issued Accounting Standards Updated 2023-09 ("ASU 2023-09"), Income Taxes
 (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order
 to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial.
 ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has evaluated
 the impact of adopting ASU 2023-09 with respect to the financial statements and disclosures and determined there is no material impact
 for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;T. *Reclassification of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>(Accumulated) <br>**Earnings (Losses)** | **Paid-In**<br>**Capital** |
| Dynamic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $— |
| Flexible U.S. High Yield Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3468 | (3468) |
| Low Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;U. *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 period ended December 31, 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 at least through April 30, 2026. 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

69<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

reimbursement is also contingent upon the Board's review and approval. The amounts of fees waived and expenses absorbed by the Advisor during the period ended December 31, 2025, are disclosed in the Statements of Operations. Any amount due from the Advisor is paid monthly to the Funds, if applicable.

As of December 31, 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, 2026 | &nbsp;&nbsp; 486807 | &nbsp;&nbsp;&nbsp;&nbsp; 247658 | 838624  |
| December 31, 2027 | &nbsp;&nbsp; 534929 | &nbsp;&nbsp;&nbsp;&nbsp; 250810 | 896013  |
| December 31, 2028 | &nbsp;&nbsp; 425462 | &nbsp;&nbsp;&nbsp;&nbsp; 265658 | 1085599  |
| Total | &nbsp;&nbsp; $1447198 | &nbsp;&nbsp;&nbsp;&nbsp; $764126 | $2820236 |

---

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 period ended December 31, 2025, are disclosed in the Statements of Operations.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. U.S. Bank N.A. serves as custodian to the Funds. U.S. Bank N.A. is an affiliate of Fund Services.

Pursuant to a Shareholder Service Plan adopted by the Trust and established by the Funds with respect to the 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 period ended December 31, 2025, are disclosed in the Statements of Operations.

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

For the period ended December 31, 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 | $197699511  | $196831575  |
| Flexible U.S. High Yield Income Fund | 51614455  | 40948832  |
| Low Duration Fund | 792323736  | 970477889 |

---

For the period ended December 31, 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 | $21307871 | $21190002  |
| Flexible U.S. High Yield Income Fund | 1349056 | 1350000  |
| Low Duration Fund |  |  |

---

70<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS** 

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

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income**  | **Ordinary Income**  |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024**  |
| Dynamic Income Fund | $9553045 | $10414626  |
| Flexible U.S. High Yield Income Fund | 4237580 | 3609879  |
| Low Duration Fund | 74808819 | 54296460 |

---

---

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

---

<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.

The cost basis of investments for federal income tax purposes as of the most recent fiscal year ended December 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Dynamic Income** <br>**Fund** | **U.S. High Yield** <br>**Fund** | **Low Duration** <br>**Fund**  |
| Cost of Investments | $156666573 | $68575264 | $1025039788  |
| Gross tax unrealized appreciation | 6827249 | 1597154 | 47806048  |
| Gross tax unrealized depreciation | (543036) | (192335) | (5542320)  |
| Net tax unrealized appreciation (depreciation) | 6284213 | 1404819 | 42263728  |
| Undistributed ordinary income (loss) | 2578923 |  | 2488187  |
| Undistributed long-term capital gains (losses) |  |  | —  |
| Total distributable earnings | 2578923 |  | 2488187  |
| Other distributable (accumulated) gains (losses) | (33298752) | (3435436) | (62268803)  |
| Total distributable (accumulated) earningst (losses) | $(24435616) | $(2030617) | $(17516888) |

---

**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 period ended December 31, 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 | 694889  |
| Credit facility outstanding as of December 31, 2025 | —  |
| Average interest rate when in use | 7.50% |

---

71<br>

------

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

**Muzinich Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | |
|:---|:---|
| **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 December 31, 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 December 31, 2025 | —  |
| Average interest rate when in use | 0.00% |

---

Interest expense for the period ended December 31, 2025, is disclosed in the Statements of Operations, if applicable.

72<br>

------

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

**Muzinich Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Shareholders of** 

**Muzinich Funds and** 

**The Board of Trustees of** 

**Professionally Managed Portfolios** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Muzinich Dynamic Income Fund (formerly, Muzinich Credit Opportunities Fund), Muzinich Flexible U.S. High Yield Income Fund, and Muzinich Low Duration Fund (collectively, the "Funds"), each a series of Professionally Managed Portfolios, including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1995.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](tait_sign.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**February 27, 2026**

73<br>

------

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

**Muzinich Funds** 

**Additional Information (Unaudited)** 

**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION** 

For the fiscal year ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Dynamic Income Fund | 0.00%  |
| U.S. High Yield Fund | 0.00%  |
| Low Duration Fund | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended December 31, 2025, was as follows:

---

| | |
|:---|:---|
| Dynamic Income Fund | 0.00%  |
| U.S. High Yield Fund | 0.00%  |
| Low Duration Fund | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(K)(2)(C) for the Funds were as follows:

---

| | |
|:---|:---|
| Dynamic Income Fund | 0.00%  |
| U.S. High Yield Fund | 0.00%  |
| Low Duration Fund | 0.00% |

---

**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).

74<br>

------

**[**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.** 

Refer to information provided within financial statements.

75<br>

------

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

**Muzinich Funds** 

**Approval of Investment Advisory Agreement (Unaudited)** 

**MUZINICH DYNAMIC INCOME FUND** 

**MUZINICH FLEXIBLE U.S. HIGH YIELD INCOME FUND** 

**MUZINICH LOW DURATION FUND** 

At a meeting held on August 13-14, 2025, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act) considered and approved the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between Professionally Managed Portfolios (the "Trust") and Muzinich and Co., Inc. (the "Advisor") for each of the Muzinich Dynamic Income Fund (formerly known as the Muzinich Credit Opportunities Fund), the Muzinich Flexible U.S. High Yield Income Fund and the Muzinich Low Duration Fund (each a "Fund," and together, the "Funds"). At this meeting and at a prior meeting held on June 18, 2025, the Board received and reviewed substantial information regarding the Funds, the Advisor and the services provided by the Advisor to the Funds under the Advisory Agreement. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board's approval of the continuance of the Advisory Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **The nature, extent and quality of the services provided and to be provided by the Advisor under the Advisory Agreement.** The Trustees considered the nature, extent and quality of the Advisor's overall services provided to the Funds as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Advisor involved in the day-to-day activities of the Funds. The Board also considered the resources and compliance structure of the Advisor, including information regarding its compliance program, its chief compliance officer and the Advisor's compliance record, as well as the Advisor's cybersecurity program, business continuity plan, and risk management process. The Board also considered the prior relationship between the Advisor and the Trust, as well as the Board's knowledge of the Advisor's operations, and noted that during the course of the prior year they had met with certain personnel of the Advisor to discuss fund performance and investment outlook, as well as, various marketing and compliance topics. The Board concluded that the Advisor had the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that they were satisfied with the nature, overall quality and extent of such management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **The Funds' historical performance and the overall performance of the Advisor.** In assessing the quality of the portfolio management delivered by the Advisor, the Board reviewed the performance of each Fund on both an absolute basis, and in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market benchmarks and the Advisor's similarly managed accounts, all for periods ended March 31, 2025. The Board also considered performance against a smaller group of peers selected by an independent third-party consultant engaged by the Board to assist it in its 15(c) review (the "Cohort"). While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing each Fund's performance against its comparative peer group universe, the Board took into account that the investment objective and strategies of each Fund, as well as its level of risk tolerance, may differ significantly from funds in its respective peer universe. When reviewing the Funds' performance against broad market benchmarks, the Board took into account the differences in portfolio construction between the Funds and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues.

For the Muzinich Dynamic Income Fund, the Board noted that the Fund underperformed its Morningstar peer group average for the one-, three-, and five-year periods and outperformed for the ten-year period. The Board also noted that the Fund underperformed the average of its Cohort for the one-, three-, five, and ten-year periods. The Board also considered the performance of the Fund against its broad-based securities market benchmark, noting that the Fund underperformed its benchmark for the one and three-year periods and outperformed the benchmark for the five- and ten-year periods. The Board noted that the Fund

76<br>

------

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

**Muzinich Funds** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

outperformed the Advisor's similarly managed account composite for the one-and three-year periods, and underperformed for the five-and ten-year periods, noting that such differences were not significant.

For the Muzinich Flexible U.S. High Yield Income Fund, the Board noted the Fund underperformed its Morningstar peer group average for the one-, three-, and five-year periods. The Board also noted that the Fund underperformed the average of its Cohort for the one-, three- and five-year periods. The Board noted that the Fund underperformed its broad-based securities market benchmark for the one-year, three-, and five-year periods. The Board also noted the Fund outperformed compared to the Advisor's similarly managed account composite for the one-year period.

For the Muzinich Low Duration Fund, the Board noted the Fund outperformed its Morningstar peer group average for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed the average of its Cohort for the one-, three-, and five-year periods. The Board noted that the Fund outperformed its broad-based securities market benchmark for the one-year, three-year and five-year periods. The Board also noted the Fund outperformed the Advisor's similarly managed account composite for the one-, three- and five-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **The costs of the services provided by the Advisor and the structure of the Advisor's fees under the Advisory Agreement.** In considering the advisory fee and total fees and expenses of each Fund, the Board reviewed comparisons to the peer funds and similarly managed accounts for other types of clients advised by the Advisor, as well as all expense waivers and reimbursements. When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.

For the Muzinich Dynamic Income Fund, the Board noted that the Advisor had contractually agreed to maintain an annual expense ratio of 0.60% for the Fund excluding certain operating expenses and class-level expenses (the "Expense Cap"). The Board noted that the Fund's net expense ratio was below its peer group average. The Board noted that the Fund's advisory fee was above its Cohort median and average and its net expense ratio was at the Cohort median and above the average. The Board considered that the fees charged to similarly managed separate account clients and a UCITs fund were higher or lower than those charged to the Muzinich Dynamic Income Fund and that there were a number of factors accounting for those differences. The Board concluded that the fees paid to the Advisor were fair and reasonable in light of the comparative performance and advisory fee information.

For the Muzinich Flexible U.S. High Yield Income Fund, the Board noted that the Advisor had contractually agreed to maintain an annual expense ratio of 0.55% for the Fund excluding certain operating expenses and class-level expenses (the "Expense Cap"). The Trustees also noted that the Fund's net expense ratio was lower than the average of its peer group. The Board noted that the Fund's advisory fee was at the median and above the average of its Cohort and that the net expense ratio was lower than the median and average of its Cohort. The Board considered that the fees charged to similarly managed separate account clients and a UCITs fund were higher or lower than those charged to the Muzinich Flexible U.S. High Yield Income Fund and that there were a number of factors accounting for those differences. The Board concluded that the fees paid to the Advisor were fair and reasonable in light of the comparative performance and advisory fee information.

For the Muzinich Low Duration Fund, the Board noted that the Advisor had contractually agreed to maintain an annual expense ratio of 0.45% for the Fund excluding certain operating expenses and class-level expenses (the "Expense Cap"). The Trustees also noted that the Fund's net expense ratio was lower than its peer group average. The Board noted that the Fund's advisory fee and net expense were lower than the median and average of its Cohort. The Board considered that the fees charged to similarly managed separate account clients and a UCITs fund were higher or lower than those charged to the Muzinich Low Duration Fund and that there were a number of factors accounting for those differences. The Board concluded that the fees paid to the Advisor were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Economies of Scale.** The Board also considered whether economies of scale were being realized by the Advisor that should be shared with shareholders. The Board noted that the Advisor has contractually

77<br>

------

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

**Muzinich Funds** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

agreed to reduce its advisory fees or reimburse Fund expenses so that each Fund does not exceed its specified Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Advisor that should be shared with shareholders and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels continued to increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **The profits to be realized by the Advisor and its affiliates from their relationship with the Funds.** The Board reviewed the Advisor's financial information and took into account both the direct benefits and the indirect benefits to the Advisor from advising the Funds. The Board considered the profitability to the Advisor from its relationship with the Funds and considered any additional material benefits derived by the Advisor from its relationship with the Funds, particularly benefits to be received in exchange for shareholder servicing fees on Institutional Class shares paid to the Advisor. After such review, the Board determined that the profitability to the Advisor with respect to the Advisory Agreement was not excessive, and that the Advisor had maintained adequate financial resources to support the services it provides to the Funds.

No single factor was determinative of the Board's decision to approve the continuance of the Advisory Agreement, but rather the Board based its determination on the total combination of information available to them. Based on a consideration of all the factors in their totality, the Board determined that the advisory arrangements with the Advisor, including the advisory fee, were fair and reasonable. The Board therefore determined that the continuance of the Advisory Agreement would be in the best interests of the Funds and their shareholders.

78<br>

(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>**

See Item 7(a).

**<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.* Filed herewith.](mf-efp22805_ex99code.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-efp22805_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;(c) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](mf-efp22805_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.

(Registrant) Professionally
 Managed Portfolios

---

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

---

Date <u>3/5/2026</u> <br>

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>3/5/2026</u>

---

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

---

Date <u>3/5/2026</u>

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

## Ex-99.Codeeth

**<u>Exhibit A</u>**

**PROFESSIONALLY MANAGED PORTFOLIOS**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Professionally Managed Portfolios' (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

1. HONEST AND ETHICAL CONDUCT.

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

2. FINANCIAL RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule.

4. COMPLIANCE WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

5. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940.

**Adopted by the Board of Trustees on June 2, 2003, amended March 2, 2012**

## 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 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: | 3/5/2026 | /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 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: | 3/5/2026 | /s/ Craig Benton |
|  |  | Craig Benton<br> 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 December 31, 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 | Treasurer/Principal Financial Officer |
| Professionally Managed Portfolios | Professionally Managed Portfolios |

---

Dated: <u>3/5/2026</u> Dated: <u>3/5/2026</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.