Muzinich Dynamic Income Fund

Schedule of Investments

September 30, 2025 (Unaudited)

CORPORATE BONDS - 90.2%			Par			Value
Aerospace/Defense - 1.0%
Axon Enterprise, Inc., 6.25%, 03/15/2033 (a)			$	150,000	$	154,750
Czechoslovak Group AS, 5.25%, 01/10/2031		EUR	675,000			824,162
General Electric Co., 4.90%, 01/29/2036			100,000			101,463
TransDigm, Inc., 6.63%, 03/01/2032 (a)			500,000			515,334
						1,595,709
Agency - 0.5%
Indian Railway Finance Corp. Ltd., 3.57%, 01/21/2032			850,000			807,379
Airlines - 0.7%
OneSky Flight LLC, 8.88%, 12/15/2029 (a)			350,000			368,259
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 7.88%, 05/01/2027 (a)			775,000			787,340
						1,155,599
Automotive & Auto Parts - 4.1%
Adient Global Holdings Ltd., 7.50%, 02/15/2033 (a)			275,000			284,728
American Axle & Manufacturing, Inc.
6.38%, 10/15/2032 (a)			200,000			199,697
7.75%, 10/15/2033 (a)			225,000			226,811
Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/2030 (a)			150,000			155,071
Ford Motor Credit Co. LLC
3.78%, 09/16/2029		EUR	400,000			468,772
4.00%, 11/13/2030			550,000			513,393
General Motors Financial Co., Inc.
5.60%, 06/18/2031			410,000			424,614
5.63%, 04/04/2032			300,000			309,824
Harley-Davidson Financial Services, Inc., 4.00%, 03/12/2030		EUR	175,000			211,017
Hyundai Capital America, 4.50%, 09/18/2030 (a)			225,000			224,070
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/2028		EUR	300,000			356,125
LKQ Dutch Bond BV, 4.13%, 03/13/2031		EUR	275,000			330,616
Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/2030 (a)			300,000			300,107
Phinia, Inc.
6.75%, 04/15/2029 (a)			650,000			671,247
6.63%, 10/15/2032 (a)			400,000			412,570
RCI Banque SA, 4.13%, 04/04/2031		EUR	275,000			330,566
Stellantis Financial Services US Corp., 5.40%, 09/15/2030 (a)			275,000			275,771
Volkswagen International Finance NV
3.88% to 06/14/2027 then 10 yr. Swap Rate EUR + 3.37%, Perpetual		EUR	200,000			234,911
4.63% to 06/27/2028 then 10 yr. Swap Rate EUR + 3.98%, Perpetual		EUR	100,000			119,206
ZF North America Capital, Inc.
7.13%, 04/14/2030 (a)			325,000			322,074
7.50%, 03/24/2031 (a)			400,000			397,438
						6,768,628
Banking - 8.4%
ABN AMRO Bank NV, 4.75% to 09/22/2027 then 5 yr. Swap Rate EUR + 3.90%, Perpetual		EUR	500,000			590,549
Arbejdernes Landsbank AS, 3.63% to 03/05/2029 then 3 mo. EURIBOR + 1.45%, 03/05/2030		EUR	400,000			473,209
Banco BPM SpA, 3.88% to 09/09/2029 then 3 mo. EURIBOR + 1.47%, 09/09/2030		EUR	690,000			833,270
Banco de Sabadell SA, 5.00% to 11/19/2027 then 5 yr. Swap Rate EUR + 5.17%, Perpetual		EUR	600,000			712,812
Bancolombia SA, 6.91% to 10/18/2027 then 5 yr. CMT Rate + 2.93%, 10/18/2027			500,000			516,324
Banque Federative du Credit Mutuel SA, 4.00% to 01/15/2030 then 5 yr. Swap Rate EUR + 1.75%, 01/15/2035		EUR	600,000			713,840
Bayerische Landesbank, 1.00% to 09/23/2026 then 5 yr. Swap Rate EUR + 1.35%, 09/23/2031		EUR	600,000			693,080
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			650,000			709,147
BPCE SA, 1.50% to 01/13/2027 then 5 yr. Swap Rate EUR + 1.75%, 01/13/2042		EUR	400,000			462,287
Commerzbank AG
1.38% to 12/29/2026 then 5 yr. Swap Rate EUR + 1.73%, 12/29/2031		EUR	600,000			693,747
4.88% to 10/16/2029 then 5 yr. Swap Rate EUR + 2.15%, 10/16/2034		EUR	100,000			123,255
Deutsche Bank AG, 3.38% to 02/13/2030 then 3 mo. EURIBOR + 1.25%, 02/13/2031		EUR	200,000			236,069
Erste Group Bank AG, 3.38% to 04/15/2027 then 5 yr. Swap Rate EUR + 3.43%, Perpetual		EUR	600,000			694,746
Eurobank SA, 4.00% to 09/24/2029 then 1 yr. Swap Rate EUR + 1.80%, 09/24/2030		EUR	200,000			242,453
First Abu Dhabi Bank PJSC, 6.32% to 04/04/2029 then 5 yr. CMT Rate + 1.70%, 04/04/2034			750,000			781,586
HSBC Holdings PLC
6.36% to 11/16/2027 then 5 yr. Swap Rate EUR + 3.30%, 11/16/2032		EUR	345,000			433,430
4.60% to 03/22/2030 then 5 yr. Swap Rate EUR + 1.85%, 03/22/2035		EUR	150,000			183,926
JPMorgan Chase & Co., 4.60% to 10/22/2029 then SOFR + 1.04%, 10/22/2030			650,000			657,941
KBC Group NV, 0.63% to 12/07/2026 then 5 yr. Swap Rate EUR + 0.95%, 12/07/2031		EUR	400,000			459,876
Nationwide Building Society
4.38% to 04/16/2029 then 5 yr. Swap Rate EUR + 1.65%, 04/16/2034		EUR	550,000			669,631
4.00% to 07/30/2030 then 5 yr. Swap Rate EUR + 1.85%, 07/30/2035		EUR	200,000			238,907
Powszechna Kasa Oszczednosci Bank Polski SA, 4.50% to 03/27/2027 then 3 mo. EURIBOR + 1.60%, 03/27/2028		EUR	550,000			661,346
Santander UK Group Holdings PLC, 5.14% to 09/22/2035 then SOFR + 1.58%, 09/22/2036			425,000			421,203
Triodos Bank NV, 4.88% to 09/12/2028 then 3 mo. EURIBOR + 2.50%, 09/12/2029		EUR	400,000			487,430
UniCredit SpA
3.88% to 06/03/2027 then 5 yr. Swap Rate EUR + 4.08%, Perpetual		EUR	500,000			579,957
5.86% to 06/19/2027 then 5 yr. Mid Swap Rate USD + 3.70%, 06/19/2032			600,000			609,629
						13,879,650
Broadcasting - 1.1%
Paramount Global, 4.95%, 01/15/2031			315,000			311,363
Pinewood Finco PLC, 6.00%, 03/27/2030		GBP	300,000			406,754
Sinclair Television Group, Inc., 8.13%, 02/15/2033 (a)			125,000			128,662
TEGNA, Inc.
4.63%, 03/15/2028			550,000			543,827
5.00%, 09/15/2029			325,000			323,468
Warnermedia Holdings, Inc., 4.05%, 03/15/2029			200,000			192,917
						1,906,991
Building Materials - 0.9%
Park River Holdings, Inc., 8.00%, 03/15/2031 (a)			175,000			177,499
Quikrete Holdings, Inc.
6.38%, 03/01/2032 (a)			175,000			181,427
6.75%, 03/01/2033 (a)			325,000			337,979
Standard Building Solutions, Inc., 6.50%, 08/15/2032 (a)			775,000			796,116
						1,493,021
Cable/Satellite TV - 0.8%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.50%, 05/01/2026 (a)			400,000			399,779
Charter Communications Operating LLC / Charter Communications Operating Capital
6.38%, 10/23/2035			200,000			209,609
4.80%, 03/01/2050			275,000			217,782
Comcast Corp., 5.65%, 06/01/2054			325,000			318,963
Cox Communications, Inc., 5.95%, 09/01/2054 (a)			200,000			185,920
						1,332,053
Capital Goods - 2.1%
Amsted Industries, Inc., 6.38%, 03/15/2033 (a)			250,000			256,809
Ingersoll Rand, Inc., 5.45%, 06/15/2034			300,000			313,020
KION Group AG, 4.00%, 11/20/2029		EUR	510,000			616,934
Pentair Finance Sarl, 5.90%, 07/15/2032			375,000			398,640
Regal Rexnord Corp., 6.05%, 04/15/2028			725,000			750,358
Terex Corp., 6.25%, 10/15/2032 (a)			350,000			356,833
Trane Technologies Financing Ltd., 5.10%, 06/13/2034			300,000			308,388
Westinghouse Air Brake Technologies Corp., 4.90%, 05/29/2030			450,000			460,261
						3,461,243
Chemicals - 0.2%
Olin Corp., 6.63%, 04/01/2033 (a)			300,000			301,941
Consumer-Products - 0.5%
Newell Brands, Inc., 8.50%, 06/01/2028 (a)			350,000			371,015
Whirlpool Corp.
6.13%, 06/15/2030			225,000			226,877
6.50%, 06/15/2033			300,000			299,542
						897,434
Containers - 0.2%
Berry Global, Inc., 5.65%, 01/15/2034			375,000			391,025
Diversified Financial Services - 11.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.15%, 09/30/2030			575,000			616,546
6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056			250,000			258,259
Ally Financial, Inc., 5.74% (SOFR + 1.96%), 05/15/2029			325,000			332,814
Avolon Holdings Funding Ltd., 4.90%, 10/10/2030 (a)			525,000			528,296
Azorra Finance Ltd., 7.25%, 01/15/2031 (a)			250,000			260,936
Block, Inc., 6.00%, 08/15/2033 (a)			125,000			128,090
Blue Owl Credit Income Corp., 4.25%, 01/31/2031		EUR	600,000			705,415
Boost Newco Borrower LLC, 7.50%, 01/15/2031 (a)			925,000			981,975
Bread Financial Holdings, Inc., 9.75%, 03/15/2029 (a)			50,000			53,409
Burford Capital Global Finance LLC, 7.50%, 07/15/2033 (a)			425,000			433,011
California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/2032 (a)			475,000			487,169
CrossCountry Intermediate HoldCo LLC, 6.50%, 10/01/2030 (a)			225,000			226,072
DAE Funding LLC, 3.38%, 03/20/2028			900,000			871,998
Dcli Bidco LLC, 7.75%, 11/15/2029 (a)			475,000			494,262
Esic Sukuk Ltd., 5.83%, 02/14/2029			810,000			836,252
Freedom Mortgage Holdings LLC, 8.38%, 04/01/2032 (a)			125,000			131,122
FTAI Aviation Investors LLC, 7.00%, 06/15/2032 (a)			775,000			811,707
Goldman Sachs Group, Inc.
2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032			825,000			736,687
5.73% to 01/28/2055 then SOFR + 1.70%, 01/28/2056			325,000			337,133
HLD Europe SCA, 4.13%, 04/02/2030		EUR	250,000			299,953
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/2027			800,000			786,480
MDGH GMTN RSC Ltd., 2.88%, 11/07/2029			880,000			839,722
Morgan Stanley
5.17% to 01/16/2029 then SOFR + 1.45%, 01/16/2030			500,000			514,100
5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034			300,000			309,466
5.47% to 01/18/2034 then SOFR + 1.73%, 01/18/2035			450,000			468,700
4.10% to 05/22/2035 then 3 mo. EURIBOR + 1.55%, 05/22/2036		EUR	300,000			363,661
Motability Operations Group PLC, 3.88%, 01/24/2034		EUR	510,000			606,306
Nasdaq, Inc., 5.55%, 02/15/2034			725,000			761,443
OneMain Finance Corp.
3.50%, 01/15/2027			400,000			392,597
6.13%, 05/15/2030			400,000			405,353
PennyMac Financial Services, Inc.
7.88%, 12/15/2029 (a)			150,000			159,298
7.13%, 11/15/2030 (a)			550,000			573,184
6.88%, 02/15/2033 (a)			400,000			413,552
Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030 (a)			350,000			372,751
Rocket Cos., Inc., 6.38%, 08/01/2033 (a)			300,000			310,268
SoftBank Group Corp.
6.75%, 07/08/2029			800,000			825,017
5.75%, 07/08/2032		EUR	350,000			430,189
Tikehau Capital SCA, 4.25%, 04/08/2031		EUR	400,000			480,410
						18,543,603
Diversified Media - 0.6%
Clear Channel Outdoor Holdings, Inc.
7.13%, 02/15/2031 (a)			225,000			232,832
7.50%, 03/15/2033 (a)			175,000			183,094
RAI-Radiotelevisione Italiana SpA, 4.38%, 07/10/2029		EUR	200,000			244,322
Snap, Inc.
6.88%, 03/01/2033 (a)			75,000			76,740
6.88%, 03/15/2034 (a)			200,000			203,140
						940,128
Energy - 9.0%
Aker BP ASA, 4.00%, 05/29/2032		EUR	730,000			872,929
BP Capital Markets BV, 4.32%, 05/12/2035		EUR	510,000			631,210
Buckeye Partners LP, 6.75%, 02/01/2030 (a)			175,000			181,904
Cheniere Energy Partners LP
5.95%, 06/30/2033			325,000			344,215
5.55%, 10/30/2035 (a)			425,000			434,529
Civitas Resources, Inc., 5.00%, 10/15/2026 (a)			400,000			398,393
DT Midstream, Inc., 4.13%, 06/15/2029 (a)			475,000			463,477
Empresa Nacional del Petroleo, 5.95%, 07/30/2034			325,000			342,909
Energy Transfer LP, 6.20%, 04/01/2055			325,000			326,745
Enterprise Products Operating LLC, 5.55%, 02/16/2055			575,000			569,226
EQT Corp.
4.50%, 01/15/2029			175,000			175,112
4.75%, 01/15/2031			647,000			646,185
Expand Energy Corp., 4.75%, 02/01/2032			600,000			590,045
Galaxy Pipeline Assets Bidco Ltd., 2.63%, 03/31/2036			1,400,000			1,235,231
Hess Corp., 5.60%, 02/15/2041			250,000			259,493
Hess Midstream Operations LP, 5.88%, 03/01/2028 (a)			300,000			305,765
ONEOK, Inc., 5.40%, 10/15/2035			375,000			376,610
Repsol E&P Capital Markets US LLC, 5.20%, 09/16/2030 (a)			250,000			252,001
Rockies Express Pipeline LLC, 6.75%, 03/15/2033 (a)			100,000			104,509
Shell International Finance BV, 1.75%, 09/10/2052		GBP	800,000			467,280
Sunoco LP
5.63%, 03/15/2031 (a)			400,000			397,364
5.88%, 03/15/2034 (a)			275,000			272,798
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
5.50%, 01/15/2028 (a)			250,000			248,905
6.00%, 12/31/2030 (a)			325,000			321,305
Targa Resources Corp., 6.50%, 03/30/2034			450,000			490,620
TotalEnergies SE, 4.12% to 02/19/2030 then 5 yr. Swap Rate EUR + 1.86%, Perpetual		EUR	575,000			687,555
Var Energi ASA
5.88%, 05/22/2030 (a)			340,000			353,914
3.88%, 03/12/2031		EUR	275,000			326,859
7.86% to 02/15/2029 then 5 yr. Swap Rate EUR + 4.77%, 11/15/2083		EUR	250,000			326,526
Venture Global LNG, Inc., 8.13%, 06/01/2028 (a)			1,000,000			1,035,750
Venture Global Plaquemines LNG LLC, 6.75%, 01/15/2036 (a)			475,000			504,832
Viper Energy Partners LLC, 4.90%, 08/01/2030			250,000			252,062
Vivo Energy Investments BV, 5.13%, 09/24/2027			400,000			399,532
Wintershall Dea Finance 2 BV, 3.00% to 01/20/2029 then 5 yr. Swap Rate EUR + 3.32%, Perpetual		EUR	300,000			340,109
						14,935,899
Environmental - 0.6%
Currenta Group Holdings Sarl, 5.50%, 05/15/2030		EUR	425,000			512,664
GFL Environmental, Inc., 3.50%, 09/01/2028 (a)			500,000			488,166
Waste Pro USA, Inc., 7.00%, 02/01/2033 (a)			75,000			77,863
						1,078,693
Food & Drug Retail - 0.8%
Cencosud SA, 5.95%, 05/28/2031			820,000			862,438
Market Bidco Finco PLC, 6.75%, 01/31/2031		EUR	475,000			551,250
						1,413,688
Food/Beverage/Tobacco - 3.8%
Bacardi Ltd. / Bacardi-Martini BV, 5.25%, 01/15/2029 (a)			475,000			485,095
Barry Callebaut Services NV
3.75%, 02/19/2028		EUR	200,000			238,293
4.25%, 08/19/2031		EUR	100,000			120,138
Coca-Cola Co., 0.80%, 03/15/2040		EUR	600,000			480,058
Flora Food Management BV, 6.88%, 07/02/2029		EUR	600,000			705,605
INDOFOOD CBP SUKSE 3.398% SNR 09/06/31 USD1000, 3.40%, 06/09/2031			860,000			800,965
JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co.
5.50%, 01/15/2036 (a)			425,000			434,280
6.25%, 03/01/2056 (a)			390,000			400,389
Mars, Inc.
5.20%, 03/01/2035 (a)			425,000			434,639
5.70%, 05/01/2055 (a)			475,000			481,551
NBM US Holdings, Inc., 6.63%, 08/06/2029			600,000			608,677
PepsiCo, Inc., 4.05%, 07/28/2055		EUR	300,000			347,375
Roquette Freres SA, 3.77%, 11/25/2031		EUR	700,000			824,329
						6,361,394
Gaming - 0.8%
FDJ UNITED, 3.63%, 11/21/2036		EUR	400,000			462,156
Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/2030 (a)			100,000			100,885
Studio City Co. Ltd., 7.00%, 02/15/2027			750,000			756,020
						1,319,061
Healthcare - 4.4%
Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032 (a)			75,000			77,704
Bayer AG, 7.00% to 12/25/2031 then 5 yr. Swap Rate EUR + 3.90%, 09/25/2083		EUR	500,000			644,422
Cardinal Health, Inc., 5.35%, 11/15/2034			575,000			590,886
CVS Health Corp., 6.75% to 12/10/2034 then 5 yr. CMT Rate + 2.52%, 12/10/2054			550,000			568,555
GE HealthCare Technologies, Inc., 5.50%, 06/15/2035			450,000			466,710
GlaxoSmithKline Capital PLC, 4.25%, 12/18/2045		GBP	425,000			458,236
Grifols SA, 7.13%, 05/01/2030		EUR	550,000			681,932
HCA, Inc., 5.25%, 06/15/2049			625,000			573,036
LifePoint Health, Inc., 8.38%, 02/15/2032 (a)			450,000			479,997
Nidda Healthcare Holding GmbH, 5.63%, 02/21/2030		EUR	675,000			816,242
Perrigo Finance Unlimited Co., 6.13%, 09/30/2032			575,000			578,853
Pfizer, Inc., 2.74%, 06/15/2043		GBP	575,000			503,799
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 (a)			400,000			412,093
US Acute Care Solutions LLC, 9.75%, 05/15/2029 (a)			375,000			384,057
						7,236,522
Homebuilders/Real Estate - 3.7%
American Tower Corp., 5.45%, 02/15/2034			650,000			675,721
CPI Property Group SA, 6.00%, 01/27/2032		EUR	350,000			420,979
CTP NV, 4.75%, 02/05/2030		EUR	500,000			620,062
Goodman US Finance Six LLC, 5.13%, 10/07/2034			425,000			429,764
Heimstaden Bostad Treasury BV, 1.00%, 04/13/2028		EUR	440,000			491,529
MasTec, Inc., 4.50%, 08/15/2028 (a)			190,000			189,716
P3 Group Sarl, 4.63%, 02/13/2030		EUR	250,000			307,127
Quanta Services, Inc., 5.10%, 08/09/2035			300,000			301,040
RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032 (a)			200,000			205,782
Service Properties Trust, 5.50%, 12/15/2027			500,000			491,207
TAG Immobilien AG, 4.25%, 03/04/2030		EUR	300,000			364,809
TopBuild Corp., 5.63%, 01/31/2034 (a)			250,000			249,586
Trust Fibra Uno, 4.87%, 01/15/2030			200,000			196,244
VIA Outlets BV, 1.75%, 11/15/2028		EUR	495,000			560,095
Windstream Services LLC, 7.50%, 10/15/2033 (a)			600,000			600,393
						6,104,054
Hotels - 0.2%
Hyatt Hotels Corp., 5.75%, 03/30/2032			275,000			286,982
Insurance - 1.8%
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031 (a)			400,000			413,571
Athora Netherlands NV, 5.38% to 08/31/2027 then 5 yr. Swap Rate EUR + 4.01%, 08/31/2032		EUR	475,000			577,001
Cathaylife Singapore Pte Ltd., 5.95%, 07/05/2034			850,000			904,663
Dai-ichi Life Insurance Co. Ltd., 6.20% to 01/16/2035 then 5 yr. CMT Rate + 2.52%, Perpetual			200,000			208,026
Rothesay Life PLC, 7.02%, 12/10/2034		GBP	310,000			437,303
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	300,000			397,132
						2,937,696
Leisure - 2.0%
Carnival Corp.
6.00%, 05/01/2029 (a)			500,000			507,411
6.13%, 02/15/2033 (a)			300,000			307,690
NCL Corp. Ltd.
5.88%, 01/15/2031 (a)			350,000			350,124
6.75%, 02/01/2032 (a)			725,000			745,830
Royal Caribbean Cruises Ltd.
6.00%, 02/01/2033 (a)			471,000			483,563
5.38%, 01/15/2036			300,000			301,948
Vail Resorts, Inc., 5.63%, 07/15/2030 (a)			250,000			251,719
VOC Escrow Ltd., 5.00%, 02/15/2028 (a)			400,000			399,210
						3,347,495
Metals/Mining - 2.3%
AngloGold Ashanti Holdings PLC
3.75%, 10/01/2030			400,000			381,800
6.50%, 04/15/2040			400,000			423,759
Capstone Copper Corp., 6.75%, 03/31/2033 (a)			75,000			77,315
Corp. Nacional del Cobre de Chile
5.95%, 01/08/2034			500,000			526,207
6.44%, 01/26/2036			300,000			324,931
Endeavour Mining PLC, 7.00%, 05/28/2030			500,000			516,717
Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/2029			985,000			1,033,347
Navoi Mining & Metallurgical Combinat, 6.95%, 10/17/2031			400,000			427,051
Novelis Corp., 6.88%, 01/30/2030 (a)			150,000			155,666
						3,866,793
Paper - 1.1%
Inversiones CMPC SA, 6.13%, 06/23/2033			900,000			936,934
Suzano Austria GmbH, 3.75%, 01/15/2031			900,000			852,723
						1,789,657
Railroads - 0.1%
Rumo Luxembourg Sarl, 5.25%, 01/10/2028			200,000			198,809
Restaurants - 0.7%
Arcos Dorados BV, 6.38%, 01/29/2032			800,000			844,704
McDonald's Corp., 4.95%, 03/03/2035			400,000			405,493
						1,250,197
Services - 2.7%
Allied Universal Holdco LLC, 7.88%, 02/15/2031 (a)			700,000			734,682
Amber Finco PLC, 6.63%, 07/15/2029		EUR	225,000			278,483
Beacon Mobility Corp., 7.25%, 08/01/2030 (a)			275,000			286,104
Herc Holdings, Inc., 7.00%, 06/15/2030 (a)			100,000			103,941
IPSOS SA, 3.75%, 01/22/2030		EUR	200,000			238,797
Paychex, Inc., 5.10%, 04/15/2030			475,000			489,007
Rentokil Terminix Funding LLC, 5.00%, 04/28/2030 (a)			575,000			586,339
TriNet Group, Inc., 7.13%, 08/15/2031 (a)			400,000			413,525
Uber Technologies, Inc., 4.80%, 09/15/2035			475,000			471,270
United Rentals North America, Inc., 6.00%, 12/15/2029 (a)			550,000			566,798
WESCO Distribution, Inc., 6.38%, 03/15/2033 (a)			75,000			77,800
Williams Scotsman, Inc., 6.63%, 04/15/2030 (a)			225,000			231,746
						4,478,492
Steel - 0.9%
ABJA Investment Co. Pte Ltd., 5.45%, 01/24/2028			612,000			624,164
Gerdau Trade, Inc., 5.75%, 06/09/2035			800,000			829,800
						1,453,964
Super Retail - 2.3%
AA Bond Co. Ltd., 6.85%, 07/31/2031		GBP	250,000			353,342
Advance Auto Parts, Inc., 7.00%, 08/01/2030 (a)			250,000			257,554
Home Depot, Inc., 4.95%, 06/25/2034			325,000			332,970
ITM Entreprises SASU, 4.13%, 01/29/2030		EUR	500,000			601,794
Lowe's Cos., Inc., 5.15%, 07/01/2033			425,000			439,184
Magnera Corp., 7.25%, 11/15/2031 (a)			625,000			588,588
PVH Corp., 5.50%, 06/13/2030			200,000			203,885
Rakuten Group, Inc., 9.75%, 04/15/2029 (a)			350,000			393,967
REWE International Finance BV, 4.88%, 09/13/2030		EUR	500,000			631,176
						3,802,460
Technology - 8.8%
Amphenol Corp., 2.20%, 09/15/2031			425,000			377,445
Apple, Inc., 3.60%, 07/31/2042		GBP	375,000			402,471
Broadcom, Inc.
3.47%, 04/15/2034 (a)			375,000			342,225
3.14%, 11/15/2035 (a)			525,000			454,447
Cloud Software Group, Inc., 6.50%, 03/31/2029 (a)			775,000			782,618
CoreWeave, Inc.
9.25%, 06/01/2030 (a)			175,000			180,974
9.00%, 02/01/2031 (a)			275,000			282,006
Dell International LLC / EMC Corp.
4.75%, 10/06/2032			300,000			298,851
3.38%, 12/15/2041			150,000			115,009
Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 (a)			950,000			995,977
Foundry JV Holdco LLC
5.50%, 01/25/2031 (a)			250,000			259,675
6.15%, 01/25/2032 (a)			525,000			561,718
6.10%, 01/25/2036 (a)			425,000			452,033
Gen Digital, Inc., 6.25%, 04/01/2033 (a)			150,000			153,507
Hewlett Packard Enterprise Co., 4.55%, 10/15/2029			320,000			321,892
Insight Enterprises, Inc., 6.63%, 05/15/2032 (a)			350,000			359,271
Intel Corp., 5.13%, 02/10/2030			375,000			386,058
Kioxia Holdings Corp.
6.25%, 07/24/2030 (a)			200,000			204,179
6.63%, 07/24/2033 (a)			200,000			205,838
LG Energy Solution Ltd.
5.75%, 09/25/2028			670,000			693,571
5.88%, 04/02/2035			200,000			206,902
Micron Technology, Inc.
5.65%, 11/01/2032			400,000			419,986
6.05%, 11/01/2035			200,000			213,902
Oracle Corp.
5.20%, 09/26/2035			350,000			351,965
5.38%, 09/27/2054			400,000			367,469
5.95%, 09/26/2055			225,000			224,047
Prysmian SpA, 3.63%, 11/28/2028		EUR	290,000			347,079
Qnity Electronics, Inc.
5.75%, 08/15/2032 (a)			325,000			327,925
6.25%, 08/15/2033 (a)			150,000			153,363
Rocket Software, Inc., 9.00%, 11/28/2028 (a)			750,000			774,158
SK Hynix, Inc., 6.50%, 01/17/2033			1,100,000			1,214,149
TDF Infrastructure SASU
3.63%, 12/16/2030		EUR	500,000			586,818
4.13%, 10/23/2031		EUR	400,000			475,084
Techem Verwaltungsgesellschaft 675 mbH, 4.63%, 07/15/2032		EUR	250,000			294,514
Teleperformance SE, 5.75%, 11/22/2031		EUR	700,000			891,501
						14,678,627
Telecommunications - 5.4%
AT&T, Inc., 5.70%, 11/01/2054			600,000			593,059
Bharti Airtel Ltd., 3.25%, 06/03/2031			900,000			847,564
Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029 (a)			450,000			473,057
eircom Finance DAC, 2.63%, 02/15/2027		EUR	400,000			470,364
Frontier Communications Holdings LLC, 6.00%, 01/15/2030 (a)			400,000			405,053
GCI LLC, 4.75%, 10/15/2028 (a)			425,000			413,365
Level 3 Financing, Inc.
6.88%, 06/30/2033 (a)			325,000			331,515
7.00%, 03/31/2034 (a)			350,000			357,089
Matterhorn Telecom SA, 5.25%, 07/31/2028		CHF	400,000			518,057
NTT Finance Corp., 5.50%, 07/16/2035 (a)			450,000			466,056
Sitios Latinoamerica SAB de CV, 6.00%, 11/25/2029			700,000			729,260
TDC Net AS, 5.19%, 08/02/2029		EUR	250,000			309,066
T-Mobile USA, Inc.
5.05%, 07/15/2033			700,000			715,113
5.75%, 01/15/2054			725,000			725,793
Verizon Communications, Inc., 5.05%, 05/09/2033			400,000			409,461
Virgin Media Finance PLC, 5.00%, 07/15/2030 (a)			425,000			395,086
Vmed O2 UK Financing I PLC, 4.00%, 01/31/2029		GBP	650,000			836,240
						8,995,198
Transportation Excluding Air/Rail - 1.4%
Abertis Infraestructuras Finance BV, 4.87% to 02/28/2030 then 5 yr. Swap Rate EUR + 2.62%, Perpetual		EUR	200,000			242,466
Heathrow Finance PLC, 3.88%, 03/01/2027 (b)		GBP	550,000			724,690
International Distribution Services PLC, 7.38%, 09/14/2030		GBP	660,000			952,171
United Parcel Service, Inc., 5.50%, 05/22/2054			400,000			396,970
						2,316,297
Utilities - 5.1%
Alpha Generation LLC, 6.75%, 10/15/2032 (a)			550,000			568,530
California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 5.63%, 02/15/2032		EUR	475,000			582,158
Calpine Corp., 5.13%, 03/15/2028 (a)			850,000			851,086
Chile Electricity Lux Mpc II Sarl, 5.58%, 10/20/2035			488,753			505,692
Consolidated Edison Co. of New York, Inc., 5.50%, 03/15/2055			500,000			495,008
ContourGlobal Power Holdings SA, 5.00%, 02/28/2030		EUR	500,000			602,879
Electricite de France SA, 2.88% to 03/15/2027 then 5 yr. Swap Rate EUR + 3.37%, Perpetual		EUR	600,000			696,170
Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 (a)			125,000			126,113
Lightning Power LLC, 7.25%, 08/15/2032 (a)			775,000			821,149
National Central Cooling Co. PJSC, 2.50%, 10/21/2027			650,000			625,619
Niagara Energy SAC, 5.75%, 10/03/2034			500,000			515,227
PSEG Power LLC, 5.75%, 05/15/2035 (a)			750,000			785,116
RTE Reseau de Transport d'Electricite SADIR, 4.00%, 07/08/2045		EUR	300,000			342,044
Stedin Holding NV, 3.38%, 02/12/2037		EUR	250,000			288,368
Vistra Operations Co. LLC, 6.95%, 10/15/2033 (a)			500,000			558,424
XPLR Infrastructure Operating Partners LP, 8.38%, 01/15/2031 (a)			50,000			52,427
						8,416,010
TOTAL CORPORATE BONDS (Cost $143,347,069)						149,742,392
COLLATERALIZED LOAN OBLIGATIONS - 3.6%			Par			Value
Aqueduct European CLO, A Series 2024-10X, Class A, 3.30% (3 mo. EURIBOR + 1.28%), 01/18/2039		EUR	1,000,000			1,175,012
Ares European CLO, A Series 21X, Class A, 3.67% (3 mo. EURIBOR + 1.22%), 04/15/2038		EUR	700,000			821,409
Avoca CLO, A1 Series 32X, Class A1, 3.33% (3 mo. EURIBOR + 1.17%), 04/15/2039		EUR	700,000			821,184
Blackrock European Clo XIII DAC, A Series 15X, Class A, 3.24% (3 mo. EURIBOR + 1.29%), 01/28/2038		EUR	1,700,000			1,998,913
Ravensdale Park CLO, A Series 1X, Class A, 3.11% (3 mo. EURIBOR + 1.17%), 04/25/2038		EUR	300,000			351,750
RRE Loan Management, A1 Series 24X, Class A1, 3.53% (3 mo. EURIBOR + 1.16%), 04/15/2040		EUR	700,000			821,560
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $5,382,371)						5,989,828
CONVERTIBLE BONDS - 2.9%			Par			Value
Banking - 2.9%
ABN AMRO Bank NV, 5.13% to 02/22/2028 then 5 yr. Swap Rate EUR + 2.45%, 02/22/2033		EUR	500,000			613,576
Bank of Ireland Group PLC, 4.75% to 08/10/2029 then 5 yr. Swap Rate EUR + 1.85%, 08/10/2034		EUR	330,000			404,070
CaixaBank SA, 6.13% to 05/30/2029 then 5 yr. Swap Rate EUR + 3.00%, 05/30/2034		EUR	800,000			1,023,235
ING Groep NV, 1.00% to 11/16/2027 then 5 yr. Swap Rate EUR + 1.15%, 11/16/2032		EUR	600,000			679,551
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	730,000			955,096
NatWest Group PLC, 3.72% to 02/25/2030 then 5 yr. Swap Rate EUR + 1.40%, 02/25/2035		EUR	150,000			176,859
Piraeus Bank SA, 4.63% to 07/17/2028 then EURIBOR ICE Swap Rate + 1.72%, 07/17/2029		EUR	225,000			276,704
Standard Chartered PLC, 1.20% to 09/23/2026 then 5 yr. Swap Rate EUR + 1.55%, 09/23/2031		EUR	580,000			670,041
						4,799,132
TOTAL CONVERTIBLE BONDS (Cost $4,387,824)						4,799,132
BANK LOANS - 0.0%(c)			Par			Value
Software - 0.0%(c)
Constant Contact, Inc., First Lien, 8.58% (3 mo. Term SOFR + 4.00%), 02/10/2028			12			11
TOTAL BANK LOANS (Cost $12)						11
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 2.4%			Shares			Value
First American Treasury Obligations Fund - Class X, 4.02%(d)			4,029,195			4,029,195
TOTAL SHORT-TERM INVESTMENTS (Cost $4,029,195)						4,029,195
TOTAL INVESTMENTS - 99.1% (Cost $157,146,471)						164,560,558
Other Assets in Excess of Liabilities - 0.9%						1,438,314
TOTAL NET ASSETS - 100.0%	0.0%		0.0%		$	165,998,872
two						–%
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

LLC - Limited Liability Company

LP - Limited Partnership

PJSC - Public Joint Stock Company

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

CHF - Swiss Franc

EUR - Euro

GBP - British Pound

(a)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $47,654,920 or 28.7% of the Fund’s net assets.
(b)	Step coupon bond. The rate disclosed is as of September 30, 2025.
(c)	Represents less than 0.05% of net assets.
(d)	The rate shown represents the 7-day annualized yield as of September 30, 2025.

Muzinich Dynamic Income Fund
Schedule of Futures Contracts
September 30, 2025 (Unaudited)
Description	Contracts Purchased		Expiration Date	Notional Value		Value / Unrealized Appreciation (Depreciation)
Euro-Bund		15	12/08/2025	$	2,264,221	$	(1,451	)
Net Unrealized Appreciation (Depreciation)						$	(1,451	)

Muzinich Dynamic Income Fund
Schedule of Forward Currency Contracts
September 30, 2025 (Unaudited)
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation (Depreciation)
U.S. Bancorp Investments, Inc.	12/10/2025	USD	506,420	CHF	400,000	$	(393	)
U.S. Bancorp Investments, Inc.	12/10/2025	USD	48,253,392	EUR	41,000,000		(83,818	)
U.S. Bancorp Investments, Inc.	12/10/2025	USD	7,044,300	GBP	5,200,000		50,004
Net Unrealized Appreciation (Depreciation)						$	(34,207	)
CHF - Swiss Franc
EUR - Euro
GBP - British Pound
USD - United States Dollar

Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)

Muzinich Dynamic Income Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2025:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Corporate Bonds	$	–		$	149,742,392		$	–	$	149,742,392
Collateralized Loan Obligations		–			5,989,828			–		5,989,828
Convertible Bonds		–			4,799,132			–		4,799,132
Bank Loans		–			11			–		11
Money Market Funds		4,029,195			–			–		4,029,195
Total Investments	$	4,029,195		$	160,531,363		$	–	$	164,560,558
Other Financial Instruments:
Forward Currency Contracts*	$	–		$	50,004		$	–	$	50,004
Total Other Financial Instruments	$	–		$	50,004		$	–	$	50,004
Liabilities:
Other Financial Instruments:
Forward Currency Contracts*	$	–		$	(84,211	)	$	–	$	(84,211	)
Futures Contracts*		(1,451	)		–			–		(1,451	)
Total Other Financial Instruments	$	(1,451	)	$	(84,211	)	$	–	$	(85,662	)
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of September 30, 2025.
Refer to the Schedule of Investments for further disaggregation of investment categories.