UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number (811-05037)

Professionally Managed Portfolios
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Jason Hadler

Professionally Managed Portfolios

c/o U.S. Bank Global Fund Services
777 E. Wisconsin Avenue
Milwaukee, WI 53202
(Name and address of agent for service)

(414) 516-1523

Registrant's telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period:  December 31, 2023

Item 1. Report to Stockholders.

(a)

Muzinich & Co.

Muzinich Credit Opportunities Fund

Muzinich Flexible U.S. High Yield Income Fund

Muzinich Low Duration Fund

ANNUAL REPORT

December 31, 2023

Muzinich Funds

TABLE OF CONTENTS

A Message to our Shareholders	1
Sector Allocations	6
Historical Performance	9
Schedules of Investments	14
Statements of Assets and Liabilities	41
Statements of Operations	42
Statements of Changes in Net Assets	43
Financial Highlights	46
Notes to Financial Statements	51
Report of Independent Registered Public Accounting Firm	62
Expense Examples	63
Approval of Investment Advisory Agreement	65
Trustees and Executive Officers	68
Additional Information	71
Privacy Notice	72

 (This Page Intentionally Left Blank.)

Muzinich Funds

Dear Investors:

The Muzinich Credit Opportunities Fund (“Credit Opportunities Fund”) finished the year with assets of $261,100,983, reduced from $296,812,303 at the start of the year reflecting net outflows and a net investment return of +7.48% for the Supra Institutional units and +7.40% for the Institutional units. The Fund underperformed the broad global corporate credit markets as reflected by the +9.54% return of the ICE BofA Global Corporate and High Yield Index (GI00) hedged to USD, which is the Fund’s primary benchmark. Since inception from January 3, 2013 the Credit Opportunities Fund’s Supra Institutional units have gained an annualized net return of +3.64%, outperforming the benchmark which has returned +3.15% annualized.

Performance as of December 31, 2023	1 Year	3 Year	5 Year	Since Inception
Credit Opportunities Fund (Supra Institutional)	7.48%	-0.16%	3.22%	3.64%
ICE BofAML Global Corporate & High Yield Index (USD 100% Hedged)	9.54%	-1.88%	2.85%	3.15%

Periods greater than one year are average annual returns.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data currency to the most recent month end may be obtained by calling 855-689-4642. The Fund imposes a 1.00% redemption fee on shares held for 90 days or less. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be less.

Expense Ratios¹

Gross Expense Ratio: 0.80%

Net Expense Ratio: 0.60%²

1	Expense ratios are from the Fund's most recent prospectus dated April 30, 2023 (Supra Institutional Class). See the Financial Highlights in this report for the most current expense ratios.
2	The Advisor has contractually agreed to waive its fees and reimburse certain expenses through April 30, 2024.

The Muzinich Flexible U.S. High Yield Income Fund (“Flexible U.S. High Income Fund,” formerly the Muzinich U.S. High Yield Credit Fund) ended the year with assets of $47,415,107, increased from $33,061,022, on net inflows and good investment performance. The Fund’s Supra Institutional units returned +9.98% net over this year, underperforming the +11.56% return of the benchmark, the ICE BofA 1-5 Year BB-B US Cash Pay High Yield Constrained Index (JVC4)¹. Institutional units also had a net return of +9.98%. Since inception on March 31, 2016, the Flexible U.S. High Income Fund has underperformed the benchmark, delivering an annualized net return for the Supra Institutional units of +4.20% vs. the benchmark’s +5.23% return.

Performance as of December 31, 2023	1 Year	3 Year	5 Year	Since Inception
Flexible U.S. High Yield Fund (Supra Institutional)	9.98%	0.50%	4.28%	4.20%
ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index (JUC4)	12.63%	1.76%	5.21%	5.40%
ICE BofA 1-5 Year BB-B US Cash Pay High Yield Constrained Index (JVC4)	11.56%	3.43%	4.92%	4.35%

Periods greater than one year are average annual returns.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data currency to the most recent month end may be obtained by calling 855-689-4642. The Fund imposes a 1.00% redemption fee on shares held for 90 days or less. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be less.

Expense Ratios¹

Gross Expense Ratio: 1.37%

Net Expense Ratio: 0.58%²

1	Expense ratios are from the Fund's most recent prospectus dated April 30, 2023 (Supra Institutional Class). See the Financial Highlights in this report for the most current expense ratios.
2	The Advisor has contractually agreed to waive its fees and reimburse certain expenses through April 30, 2024.

_______________

¹ Effective October 1, 2023, the primary benchmark index for the Muzinich Flexible U.S. High Yield Income Fund will change from the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index to the ICE BofA 1-5 Year BB-B US Cash Pay High Yield Constrained Index based on the Adviser’s determination that the ICE BofA 1-5 Year BB-B US Cash Pay High Yield Constrained Index is more closely aligned with the Fund’s principal investment strategies and portfolio holdings.

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Muzinich Funds

The Muzinich Low Duration Fund (“Low Duration Fund”) expanded from its year end-starting balance of $843,684,244, to end the reporting period with assets of $982,339,552, reflecting net inflows and positive investment performance well ahead of the benchmark. The Supra Institutional units produced a return of +7.63%, comfortably outperforming the return of +4.66% for the index, ICE BofA 1-3 year U.S. Corporate and Government Index (B1A0), which serves as this Fund’s primary benchmark. Since inception on June 30, 2016, the Supra Institutional class has produced an annualized net return of +3.07% per annum vs. the +1.30% average annualized benchmark return.

Performance as of December 31, 2023	1 Year	3 Year	5 Year	Since Inception
Low Duration Fund – Supra Institutional	7.63%	2.14%	3.36%	3.07%
ICE BofA Merrill Lynch 1-3 Year U.S. Corporate
& Government Index (B1A0)	4.66%	0.10%	1.53%	1.30%

Periods greater than one year are average annual returns.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data currency to the most recent month end may be obtained by calling 855-689-4642. The Fund imposes a 1.00% redemption fee on shares held for 90 days or less. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be less.

Expense Ratios¹

Gross Expense Ratio: 0.61%

Net Expense Ratio: 0.50%²

1	Expense ratios are from the Fund's most recent prospectus dated April 30, 2023 (Supra Institutional Class). See the Financial Highlights in this report for the most current expense ratios.
2	The Advisor has contractually agreed to waive its fees and reimburse certain expenses through April 30, 2024.

Market

Global credit delivered strong positive returns in 2023, with much of those returns generated in the last two months of the year. Market movements were largely driven by expectations of an imminent pivot in monetary policy of major Central Banks. Lower than expected inflation over the last few months of the year also fueled market pricing. The soft-landing scenario anticipated by investors—particularly for the US—combined with nice and steady disinflation, boosted market valuations through the end of the reporting period. We do not expect much change to the narrative of lower policy rates in 2024. Consequently, we believe any significant rise in yields or subsequent spread widening presents an opportunity to add some risk in portfolios. Looking ahead, we remain committed to the higher carry opportunity in credit, including high-yielding assets. We are cognizant of high valuations, but with the average price for high yield (HY) assets in the US and Europe still below par, in our view this is the time to put money to work to capture the carry from credit markets.

Performance Factors

Muzinich Credit Opportunities Fund

Over the course of the year, the Fund benefitted from tactical management that demonstrated its ability to navigate pressures from higher interest rates. We maintained a defensive posture given rising rates and volatility related to macro headlines and economic data for much of the reporting period, while adding positions when attractive opportunities have presented themselves.

In this environment, the Fund generated positive returns year-to-date, strongly delivering its targeted “meaningful outperformance of the US 3 Month Treasury Bill.” The Fund underperformed its indicative reference index, the ICE BofA Global Corporate and High Yield (GI00). Over the reporting period, we focused on improving credit quality and liquidity within the high yield sleeve of the portfolio, and duration management against a backdrop of higher interest rates for most of the year. We have continued to maintain diversification within the portfolio, concentrating on more liquid parts of global credit.

The 10-year US Treasury interest rate rose slightly during H1 2023 but exhibited a wide intra-period range. The average duration of the portfolio for the first half of the year was slightly higher than the duration level at the end of 2022, suggesting some detraction from performance due to increased rates. However, during H2 2023, interest rates rose significantly through October before falling significantly in November and December to end 2023 nearly unchanged from the beginning the year. The portfolio’s duration was actively and effectively managed; we maintained lower durations during the most significant rate rises in September and October and higher durations in November and December 2023. We ended the year with the Fund’s duration at close to the highest level for the entire year. The portfolio benefitted from active duration management as our tactical moves were synchronized with the movement in rates during the reporting period.

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Muzinich Funds

Furthermore, while our US Treasury exposure seemed poised to be the laggard for the year, the November and December move lower in rates allowed our US Treasury allocation to perform just as well as the US investment grade allocation.

Muzinich Flexible U.S. High Yield Income Fund

In this environment, the Muzinich Flexible U.S. High Yield Income Fund generated strong positive returns but underperformed its benchmark, net of fees. Over the reporting period, credit spreads tightened across the quality spectrum while rates were materially less impactful than in 2022. We remained fully invested to capture the benefits of the higher yield and potential price gains for high yield bonds given positive economic growth. We maintained focus on credits that can perform in a variety of economic scenarios.

Nearly all rating cohorts contributed positively on an absolute basis, led by BB- and B+ rated credits, while on a relative basis, Fund performance benefitted from strong credit selection of CCC+ rated bonds. Strong credit selection of containers and energy bonds bolstered performance, while exposure to select paper sector bonds acted as a drag. Strong credit selection across the core 3-5 years duration segment benefitted relative returns, as did an underweight of 1-3 years duration bonds.

Looking at historical performance of the high yield asset class, we believe high yield is poised to produce a positive return in 2024, albeit not as robust as in 2023. US Treasury volatility is expected to remain elevated until the market is convinced that the Federal Reserve (Fed) is cutting rates consistently and that the economy is not cratering. Given these assumptions, we believe that exposure to high yield is warranted and that investors may meaningfully benefit by deploying capital and buying the dips associated with either rate increases or risk-off periods. In our view, such a strategy allows for participation in the asset class if the economy continues to move forward, while locking in higher yields and potential capital gains around selloffs. This cycle may prove to be elongated given some of the structural changes that have occurred in the market post-COVID and the return of yields back to pre-GFC (Great Financial Crisis) levels due to a “higher-for-longer” Fed.

Muzinich Low Duration Fund

Year to date, the Fund produced strong positive returns and comfortably outperformed its indicative index, the ICE BofA 1-3 year US Corporate and Government Index (B1A0). During the reporting period, we have continued to focus on an issuer’s ability to repay short-dated bonds. This focus has allowed us to look through various macro headwinds, sector concerns, and market headlines. Our approach, coupled with deep fundamental credit research, has allowed us to stake positions in broadly out-of-favor issuers and sectors, subsequently reaping the benefit of higher yields as bonds are repaid.

In 2023, we maintained our confidence in the Fund’s banking exposure (despite March’s banking crisis) and were rewarded later. Active portfolio management decisions also helped drive performance in 2023. Our preference for BBBs over single A rated credit in the investment grade market, along with our preference for more cyclical sectors (e.g., automotives & auto parts and diversified financial services) led to some of the strongest performance in the portfolio. We also maintained a decent exposure in high yield credit. While we significantly reduced our single-B exposure throughout the year—which cost the Fund performance during the year-end market rally—we felt this was a prudent decision as risks remain elevated for highly levered businesses in an environment of higher funding costs.

In addition, active management of our USD and EUR credit exposure also proved beneficial. We started the year overweight EUR credit as we saw a clear premium in terms of spreads and yields after currency hedging costs—despite concerns about a more significant slowdown in the Eurozone region relative to other developed markets. Later in the year, as valuations between the two markets shifted back to fair value, we unwound our EUR bias and moved to a slight overweight in USD credit. This decision was based on the relative difference in rate curves and our belief that the U.S. Treasury curve could rally more than the German Bund curve. We continue to believe that this Fund should appeal to investors wanting limited interest rate and credit risk, while benefiting from active management and credit selection in a global strategy.

Outlook

We believe credit markets in 2024 will benefit from the relatively high carry in bond yields on their way to delivering mid-to-high single digit total returns—maybe more if an added optimistic yield scenario materializes. We see potential dispersion of returns based on credit quality and refinancing risk—an environment of opportunities for an active manager. High yield markets are expected to outperform investment grade markets, and we expect technical factors to be supportive in general, which could leave spreads around their historical averages in a low growth economic scenario. Furthermore, we do not believe there are sectors to avoid vs. sectors to love, as we see potential for both positive and negative idiosyncratic situations developing in various industries, generating alpha opportunities in 2024. As we have been saying, corporate credit balance sheets entered this cycle in good fundamental shape with low leverage and high coverage, and with a relatively benign maturity profile.

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Muzinich Funds

We appreciate the confidence and trust you have placed in Muzinich.

Sincerely,

Anthony DeMeo	Stuart Fuller	Joe Galzerano
Tatjana Greil-Castro	Warren Hyland	Ian Horn
Michael McEachern	Sam McGairl	Brian Nold
Bryan Petermann	Torben Ronberg	Thomas Samson
Eric Schure	Kevin Ziets

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

Past performance does not guarantee future results. Short-term performance, in particular, is not a good indication of the Funds’ future performance, and an investment should not be made solely on returns.

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Please see the Schedules of Investments for a complete list of holdings.

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Funds in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for emerging markets. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. These risks are fully disclosed in the prospectus. Floating rate loans may not be fully collateralized and therefore may decline significantly in value. Each Fund will bear its share of the fees and expenses of investments in underlying funds or exchange-traded funds (ETFs). Shareholders will pay higher expenses than would be the case if making direct investments in underlying funds or ETFs. Because the Funds invest in ETFs, they are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. The Funds invest in high yield debt instruments which tend to be less liquid than higher quality debt instruments. The Funds may make short sales of securities, which involves the risk that losses may exceed the original amount invested. Please note that while the Funds’ prospectus states that the Funds may use leverage, and that they may make short sales of securities, which involve the risk that losses may exceed the original amount invested, the Funds’ portfolio managers do not anticipate engaging in either practice. The Funds will endeavor to limit price fluctuations caused by the changing relative value of currencies in which the Funds invest but hedging involves costs and there can be no guarantee that the Funds will be perfectly hedged or that the hedging will work as anticipated.

Diversification does not assure a profit, nor does it protect against a loss in a declining market.

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Muzinich Funds

Must be preceded or accompanied by a prospectus.

Bond ratings are grades given to bonds that indicate their credit quality as determined by a private independent rating service. The firm evaluates a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’ which is the highest grade to ‘D,’ which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the Advisor will classify the security as non-rated.

Index Definitions:

The ICE BofA Global Corporate & High Yield Index (GI00) is an unmanaged index tracking the performance of fixed-rate investment grade and below investment grade corporate debt publicly issued in the major domestic and Eurobond markets. Qualifying currencies include AUD, CAD, EUR, JPY, GBP, and USD. Qualifying issues must meet minimum size requirements denominated in the currency of issue and must have a remaining term of at least one year to maturity.

The ICE BofA BB-B US Cash Pay High Yield Constrained Index (JUC4) contains all securities in The BofA Merrill Lynch US Cash Pay High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%.

The ICE BofA 1-5 Year BB-B US Cash Pay High Yield Constrained Index (JVC4) contains all securities in the ICE BofA US Cash Pay High Yield Index that are rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, with a maturity less than five years, but caps issuer exposure at 2%.

The ICE BofA 1-3 Year US Corporate & Government Index (B1A0) is a subset of The BofA Merrill Lynch US Corporate & Government Index including all securities with a remaining term to final maturity less than 3 years.

Glossary:

Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates.

Spreads are the difference between the interest rate received on a bond and the interest rate that would be received at the same time on a similar-duration U.S. government debt security.

The US Treasury and German Bund yield curves plot the relationship of yield to length of time to maturity for the respective governments’ bonds. When the yield curve rallies, yields decline as bond prices rise.

Muzinich & Co. is a registered investment adviser. The Muzinich Funds are distributed by Quasar Distributors, LLC.

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Muzinich Credit Opportunities Fund

(“Credit Opportunities Fund”)

SECTOR ALLOCATIONS at December 31, 2023 (Unaudited)

Sector	% of Net Assets
Energy		11.4	%
Diversified Financial Services		7.5	%
Banking		7.3	%
Homebuilders/Real Estate		5.4	%
Telecommunications		5.3	%
Healthcare		4.9	%
Automotive & Auto Parts		4.8	%
Food/Beverage/Tobacco		4.8	%
Transportation Excluding Air/Rail		3.5	%
Airlines		3.2	%
Chemicals		3.0	%
Technology		2.8	%
Utilities		2.4	%
Services		2.4	%
Capital Goods		2.1	%
Super Retail		1.8	%
Containers		1.8	%
Cable/Satellite TV		1.5	%
Food & Drug Retail		1.2	%
Hotels		1.2	%
Restaurants		1.1	%
Broadcasting		1.0	%
Metals/Mining		0.8	%
Steel		0.7	%
Leisure		0.7	%
Paper		0.6	%
Building Materials		0.5	%
Diversified Media		0.4	%
Environmental		0.3	%
Publishing/Printing		0.3	%
Aerospace/Defense		0.2	%
Gaming		0.1	%
Cash & Equivalents1		15.0	%
Total		100.0	%

¹ Represents cash, short-term securities and other assets in excess of liabilities.

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Muzinich Flexible U.S. High Yield Income Fund

(“Flexible U.S. High Yield Income Fund”)

SECTOR ALLOCATIONS at December 31, 2023 (Unaudited)

Sector	% of Net Assets
Energy		12.0	%
Diversified Financial Services		7.3	%
Healthcare		7.3	%
Homebuilders/Real Estate		7.2	%
Telecommunications		6.3	%
Services		5.8	%
Cable/Satellite TV		5.0	%
Technology		4.7	%
Gaming		4.2	%
Leisure		3.9	%
Super Retail		3.2	%
Containers		2.9	%
Broadcasting		2.7	%
Metals/Mining		2.7	%
Utilities		2.7	%
Restaurants		2.2	%
Aerospace/Defense		2.1	%
Chemicals		2.0	%
Automotive & Auto Parts		1.9	%
Building Materials		1.8	%
Airlines		1.7	%
Hotels		1.4	%
Food/Beverage/Tobacco		1.2	%
Capital Goods		1.1	%
Diversified Media		1.0	%
Transportation Excluding Air/Rail		0.8	%
Consumer-Products		0.6	%
Food & Drug Retail		0.6	%
Insurance		0.6	%
Publishing/Printing		0.6	%
Environmental		0.4	%
Cash & Equivalents1		2.1	%
Total		100.0	%

¹ Represents cash and other assets in excess of liabilities.

7

 Muzinich Low Duration Fund

(“Low Duration Fund”)

SECTOR ALLOCATIONS at December 31, 2023 (Unaudited)

Sector	% of Net Assets
Banking		22.5	%
Diversified Financial Services		15.3	%
Homebuilders/Real Estate		8.9	%
Automotive & Auto Parts		8.4	%
Healthcare		4.4	%
Technology		4.3	%
Telecommunications		4.3	%
Transportation Excluding Air/Rail		3.2	%
Services		2.9	%
Food/Beverage/Tobacco		2.8	%
Chemicals		2.5	%
Capital Goods		2.5	%
Hotels		2.0	%
Energy		2.0	%
Airlines		1.8	%
Broadcasting		1.5	%
Super Retail		1.4	%
Utilities		1.1	%
Containers		1.0	%
Cable/Satellite TV		0.9	%
Agency		0.8	%
Metals/Mining		0.8	%
Gaming		0.8	%
Consumer-Products		0.7	%
Building Materials		0.6	%
Railroads		0.5	%
Supranational		0.5	%
Paper		0.5	%
Steel		0.5	%
Leisure		0.4	%
Insurance		0.4	%
Diversified Media		0.3	%
Publishing/Printing		0.3	%
Food & Drug Retail		0.2	%
Cash & Equivalents1		-1.0	%
Total		100.0	%

¹ Represents cash, short-term securities and other assets in excess of liabilities.

8

Credit Opportunities Fund

HISTORICAL PERFORMANCE – SUPRA INSTITUTIONAL CLASS

Value of $5,000,000 vs. ICE BofAML Global Corporate &

High Yield Index (USD 100% Hedged)

(Unaudited)

Average Annual					Since Inception	Ending Value
Returns for the Year Ended December 31, 2023	1 Year	3 Year	5 Year	10 Year	(1/3/2013)	(12/31/2023)
Credit Opportunities Fund (Supra Institutional)	7.48%	-0.16%	3.22%	3.19%	3.64%	$7,406,434
ICE BofAML Global Corporate &
High Yield Index (USD 100% Hedged)	9.54%	-1.88%	2.85%	3.30%	3.15%	$6,766,787

This chart illustrates the performance of a hypothetical $5,000,000 investment made on January 3, 2013, and is not intended to imply any future performance.  The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  The returns reflect fee waivers in effect.  In the absence of such waivers, total return would be reduced.  The chart assumes reinvestment of capital gains, dividends and return of capital, if applicable, for the Fund and dividends for the index.

Performance data quoted represents past performance; past performance does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance of the Fund may be lower or higher than the performance quoted.  Performance data current to the most recent month end may be obtained by calling 855-689-4642.  The Fund imposes a 1.00% redemption fee on shares held for 90 days or less.  Performance data quoted does not reflect the redemption fee.  If reflected, total returns would be less.

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Credit Opportunities Fund

HISTORICAL PERFORMANCE – INSTITUTIONAL CLASS

Value of $1,000,000 vs. ICE BofAML Global Corporate &

High Yield Index (USD 100% Hedged)

(Unaudited)

 

Average Annual				Since Inception	Ending Value
Returns for the Year Ended December 31, 2023	1 Year	3 Year	5 Year	(10/15/2014)	(12/31/2023)
Credit Opportunities Fund (Institutional)	7.40%	-0.20%	3.15%	3.07%	$1,321,466
ICE BofAML Global Corporate &
High Yield Index (USD 100% Hedged)	9.54%	-1.88%	2.85%	3.15%	$1,248,262

This chart illustrates the performance of a hypothetical $1,000,000 investment made on October 15, 2014, and is not intended to imply any future performance.  The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  The returns reflect fee waivers in effect.  In the absence of such waivers, total return would be reduced.  The chart assumes reinvestment of capital gains, dividends and return of capital, if applicable, for the Fund and dividends for the index.

Performance data quoted represents past performance; past performance does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance of the Fund may be lower or higher than the performance quoted.  Performance data current to the most recent month end may be obtained by calling 855-689-4642.  The Fund imposes a 1.00% redemption fee on shares held for 90 days or less.  Performance data quoted does not reflect the redemption fee.  If reflected, total returns would be less.

10

Flexible U.S. High Yield Income Fund

HISTORICAL PERFORMANCE – SUPRA INSTITUTIONAL CLASS

Value of $5,000,000 vs. ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index (JUC4)

and ICE BofA 1-5 Year BB-B U.S. Cash Pay High Yield Constrained Index (JVC4)

(Unaudited)

Average Annual				Since Inception	Ending Value
Returns for the Year Ended December 31, 2023	1 Year	3 Year	5 Year	(3/31/2016)	(12/31/2023)
Flexible U.S. High Yield Fund  (Supra Institutional)	9.98%	0.50%	4.28%	4.20%	$6,877,372
ICE BofA BB-B U.S. Cash
Pay High Yield Constrained Index (JUC4)	12.63%	1.76%	5.21%	5.40%	$7,514,746
ICE BofA 1-5 Year BB-B U.S. Cash   Pay High Yield Constrained Index (JVC4)	11.56%	3.43%	4.92%	5.23%	$7,425,004

This chart illustrates the performance of a hypothetical $5,000,000 investment made on March 31, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect fee waivers in effect. In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains, dividends and return of capital, if applicable, for the Fund and dividends for the index.

Performance data quoted represents past performance; past performance does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance of the Fund may be lower or higher than the performance quoted.  Performance data current to the most recent month end may be obtained by calling 855-689-4642.  The Fund imposes a 1.00% redemption fee on shares held for 90 days or less.  Performance data quoted does not reflect the redemption fee.  If reflected, total returns would be less.

11

Flexible U.S. High Yield Income Fund

HISTORICAL PERFORMANCE – INSTITUTIONAL CLASS

Value of $1,000,000 vs. ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index (JUC4)

and ICE BofA 1-5 Year BB-B U.S. Cash Pay High Yield Constrained Index (JVC4)

(Unaudited)

Average Annual				Since Inception	Ending Value
Returns for the Year Ended December 31, 2023	1 Year	3 Year	5 Year	(3/27/2017)	(12/31/2023)
Flexible U.S. High Yield Fund  (Institutional)	9.98%	0.46%	4.24%	3.52%	$1,263,711
ICE BofA BB-B U.S. Cash
Pay High Yield Constrained Index (JUC4)	12.63%	1.76%	5.21%	4.35%	$1,333,923
ICE BofA 1-5 Year BB-B U.S. Cash   Pay High Yield Constrained Index (JVC4)	11.56%	3.43%	4.92%	4.35%	$1,334,110

This chart illustrates the performance of a hypothetical $1,000,000 investment made on March 27, 2017, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect fee waivers in effect.  In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains, dividends and return of capital, if applicable, for the Fund and dividends for the index.

Performance data quoted represents past performance; past performance does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance of the Fund may be lower or higher than the performance quoted.  Performance data current to the most recent month end may be obtained by calling 855-689-4642.  The Fund imposes a 1.00% redemption fee on shares held for 90 days or less.  Performance data quoted does not reflect the redemption fee.  If reflected, total returns would be less.

12

Low Duration Fund

HISTORICAL PERFORMANCE – SUPRA INSTITUTIONAL CLASS

Value of $5,000,000 vs. ICE BofAML

1-3 Year U.S. Corporate & Government Index (B1A0)

(Unaudited)

Average Annual				Since Inception	Ending Value
Returns for the Year Ended December 31, 2023	1 Year	3 Year	5 Year	(6/30/2016)	(12/31/2023)
Low Duration Fund (Supra Institutional)	7.63%	2.14%	3.36%	3.07%	$6,272,569
ICE BofA Merrill Lynch 1-3 Year U.S. Corporate
& Government Index (B1A0)	4.66%	0.10%	1.53%	1.30%	$5,509,222

This chart illustrates the performance of a hypothetical $5,000,000 investment made on June 30, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect fee waivers in effect. In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains, dividends and return of capital, if applicable, for the Fund and dividends for the index.

Performance data quoted represents past performance; past performance does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance of the Fund may be lower or higher than the performance quoted.  Performance data current to the most recent month end may be obtained by calling 855-689-4642.  The Fund imposes a 1.00% redemption fee on shares held for 90 days or less.  Performance data quoted does not reflect the redemption fee.  If reflected, total returns would be less.

13

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at December 31, 2023

Principal
Amount†			Value
CORPORATE BONDS: 76.7%
Aerospace/Defense: 0.2%
		Rolls-Royce PLC
$	525,000	1.625%, 05/09/2028	$	536,191
Airlines: 2.8%
		American Airlines Inc/
		AAdvantage Loyalty IP Ltd
	458,333	5.500%, 04/20/2026 1		455,372
	425,000	5.750%, 04/20/2029 1		414,633
		Delta Air Lines Inc
	1,250,000	7.375%, 01/15/2026		1,293,021
		easyJet FinCo BV
	900,000	1.875%, 03/03/2028		929,997
		Emirates Airline
	322,818	4.500%, 02/06/2025		319,772
		Korean Air Lines Co Ltd
	620,000	4.750%, 09/23/2025		614,916
		Mileage Plus Holdings LLC / Mileage
		Plus Intellectual Property Assets Ltd
	630,000	6.500%, 06/20/2027		632,278
		Singapore Airlines Ltd
	1,836,000	3.000%, 07/20/2026		1,750,508
		Wizz Air Finance Co BV
	550,000	1.350%, 01/19/2024		606,508
	650,000	1.000%, 01/19/2026		661,611
				7,678,616
Automotive & Auto Parts: 4.0%
		Autoliv Inc
	500,000	4.250%, 03/15/2028		566,937
		Ford Motor Credit Co LLC
	1,500,000	7.122%, 11/07/2033		1,619,733
		General Motors Financial Co Inc
	1,325,000	6.100%, 01/07/2034		1,365,392
		Hyundai Capital America
	1,698,000	1.650%, 09/17/2026 1		1,544,628
		IHO Verwaltungs GmbH
	400,000	3.750%, 4.50, 09/15/2026		436,618
		Kia Corp
	470,000	3.250%, 04/21/2026		450,746
		Magna International Inc
	500,000	4.375%, 03/17/2032		589,775
		Nissan Motor Acceptance Co LLC
	400,000	7.050%, 09/15/2028		422,355
		Nissan Motor Co Ltd
	850,000	4.810%, 09/17/2030 1		796,469
		Stellantis NV
	975,000	4.250%, 06/16/2031		1,118,632
	500,000	2.750%, 04/01/2032		517,399
		Volkswagen International Finance NV
	200,000	4.625% (10 Year Swap Rate
		EUR + 3.982%), 2		214,475
	200,000	7.500% (5 Year Swap Rate
		EUR + 4.292%), 2		240,609
		ZF North America Capital Inc
	650,000	4.750%, 04/29/2025		643,001
				10,526,769
Banking: 5.2%
		AIB Group PLC
	900,000	3.625% (1 Year EUR Swap
		Rate + 2.000%), 07/04/2026 2		994,224
		Banco Santander SA
	800,000	9.625% (5 Year CMT
		Rate + 5.298%), 02/21/2172 2		876,000
		Bancolombia SA
	500,000	6.909% (5 Year CMT
		Rate + 2.929%), 10/18/2027 2		500,383
		Bank of America Corp
	1,275,000	1.898% (US Secured Overnight
		Financing Rate + 1.530%), 07/23/2031 2		1,045,460
		Bank of Ireland Group PLC
	800,000	1.875% (EURIBOR ICE Swap
		Rate + 1.100%), 06/05/2026 2		859,368
		Barclays PLC
	1,000,000	2.852% (US Secured Overnight
		Financing Rate + 2.714%), 05/07/2026 2		964,985
	800,000	9.625% (USISSO05 + 5.775%),
		03/15/2172 2		836,320
		BPCE SA
	700,000	1.652% (US Secured Overnight
		Financing Rate + 1.520%), 10/06/2026 1,2		652,074
		Deutsche Bank AG
	900,000	7.079% (US Secured Overnight
		Financing Rate + 3.650%), 02/10/2034 2		927,353
		First Abu Dhabi Bank PJSC
	750,000	6.320% (5 Year CMT Rate + 1.700%),
		04/04/2034 2		773,644
		HSBC Holdings PLC
	250,000	3.000%, 06/30/2025		273,406
	800,000	6.905% (US Secured Overnight
		Financing Rate + 1.570%), 08/14/2027 2		804,289
		NatWest Group PLC
	900,000	1.750% (3 Month EURIBOR + 1.080%),
		03/02/2026 2		967,748
		Permanent TSB Group Holdings PLC
	800,000	6.625% (EURIBOR ICE Swap
		Rate + 3.500%), 04/25/2028 2		933,064
		Societe Generale SA
	800,000	10.000% (5 Year CMT Rate + 5.448%),
		05/14/2172 1,2		856,923
		Standard Chartered PLC
	800,000	7.202% (US Secured Overnight
		Financing Rate + 1.930%), 07/06/2027 2		803,977
		United Overseas Bank Ltd
	900,000	3.863% (5 Year CMT Rate + 1.450%),
		10/07/2032 2		861,715
				13,930,933

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

14

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 76.7% (Continued)
Broadcasting: 1.0%
		Sirius XM Radio Inc
$	700,000	3.125%, 09/01/2026 1	$	658,568
		TEGNA Inc
	1,125,000	4.750%, 03/15/2026		1,095,808
		Universal Music Group NV
	575,000	4.000%, 06/13/2031		664,670
				2,419,046
Building Materials: 0.5%
		Builders FirstSource Inc
	500,000	4.250%, 02/01/2032 1		451,714
		Standard Industries Inc
	900,000	5.000%, 02/15/2027 1		878,037
				1,329,751
Cable/Satellite TV: 1.3%
		CCO Holdings LLC /
		CCO Holdings Capital Corp
	2,075,000	5.500%, 05/01/2026		2,062,606
	700,000	5.125%, 05/01/2027 1		675,951
		Grupo Televisa SAB
	400,000	6.625%, 01/15/2040		420,384
		Telenet Finance Luxembourg
		Notes SARL
	100,000	3.500%, 03/01/2028		105,589
		UPCB Finance VII Ltd
	225,000	3.625%, 06/15/2029		238,089
				3,502,619
Capital Goods: 2.1%
		AGCO International Holdings BV
	275,000	0.800%, 10/06/2028		266,547
		Carrier Global Corp
	225,000	5.900%, 03/15/2034 1		244,029
		Ingersoll Rand Inc
	1,625,000	5.700%, 08/14/2033		1,721,078
		Parker-Hannifin Corp
	950,000	3.250%, 03/01/2027		912,495
		Regal Rexnord Corp
	1,350,000	6.050%, 04/15/2028 1		1,368,790
		Traton Finance Luxembourg SA
	400,000	4.125%, 11/22/2025		445,262
		Vestas Wind Systems AS
	450,000	4.125%, 06/15/2031		513,342
				5,471,543
Chemicals: 2.8%
		Alpek SAB de CV
	868,000	4.250%, 09/18/2029		801,367
		Celanese US Holdings LLC
	900,000	6.050%, 03/15/2025		906,243
	1,025,000	6.550%, 11/15/2030		1,086,304
	1,025,000	6.700%, 11/15/2033		1,116,553
		IMCD NV
	325,000	4.875%, 09/18/2028		376,363
		Orbia Advance Corp SAB de CV
	1,400,000	4.000%, 10/04/2027		1,330,270
		Sherwin-Williams Co
	2,100,000	2.950%, 08/15/2029		1,936,174
				7,553,274
Containers: 1.8%
		Ball Corp
	1,125,000	6.000%, 06/15/2029		1,150,262
		DS Smith PLC
	525,000	0.875%, 09/12/2026		541,603
		Graphic Packaging International LLC
	1,525,000	0.821%, 04/15/2024 1		1,504,754
		Sealed Air Corp/Sealed Air Corp US
	225,000	6.125%, 02/01/2028 1		227,000
		SIG Combibloc PurchaseCo SARL
	775,000	2.125%, 06/18/2025		840,137
		Verallia SA
	600,000	1.875%, 11/10/2031		583,711
				4,847,467
Diversified Financial Services: 6.9%
		AerCap Ireland Capital DAC /
		AerCap Global Aviation Trust
	900,000	6.150%, 09/30/2030		950,098
		AXA Logistics Europe Master SCA
	500,000	0.375%, 11/15/2026		502,383
		CA Auto Bank SPA
	850,000	4.375%, 06/08/2026		953,968
	725,000	6.000%, 12/06/2026		943,016
		DAE Funding LLC
	1,400,000	3.375%, 03/20/2028		1,292,222
		Fidelity National Info Service
	800,000	2.000%, 05/21/2030		821,127
		Goldman Sachs Group Inc
	1,900,000	4.223% (CME Term SOFR 3 Month
		+ 1.563%), 05/01/2029 2		1,841,148
		Grupo de Inversiones Suramericana SA
	1,500,000	5.500%, 04/29/2026		1,473,801
		GTCR W-2 Merger Sub LLC
	400,000	7.500%, 01/15/2031 1		422,949
		ICD Funding Ltd
	1,900,000	3.223%, 04/28/2026		1,792,732
		Macquarie Airfinance Holdings Ltd
	725,000	8.375%, 05/01/2028		759,923
		MDGH GMTN RSC Ltd
	880,000	2.875%, 11/07/2029		804,104
	790,000	3.700%, 11/07/2049		635,330
		Morgan Stanley
	450,000	5.250% (US Secured Overnight
		Financing Rate + 1.870%), 04/21/2034 2		451,259

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

15

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 76.7% (Continued)
Diversified Financial Services: 6.9% (Continued)
		Nasdaq Inc
$	1,125,000	5.550%, 02/15/2034	$	1,171,786
	1,500,000	6.100%, 06/28/2063		1,630,796
		UBS Group AG
	1,500,000	9.250% (5 Year CMT Rate + 4.758%),
		05/13/2172 1,2		1,666,152
				18,112,794
Diversified Media: 0.4%
		Match Group Holdings II LLC
	1,025,000	5.625%, 02/15/2029 1		996,397
Energy: 10.4%
		Cheniere Corpus Christi Holdings LLC
	1,800,000	5.125%, 06/30/2027		1,811,255
		Cheniere Energy Partners LP
	1,000,000	4.500%, 10/01/2029		955,739
	1,875,000	5.950%, 06/30/2033 1		1,925,925
		Chesapeake Energy Corp
	600,000	5.500%, 02/01/2026 1		595,549
		Crescent Energy Finance LLC
	200,000	7.250%, 05/01/2026 1		201,356
		Ecopetrol SA
	670,000	8.875%, 01/13/2033		728,849
		EQT Corp
	609,000	6.125%, 02/01/2025		612,091
		Galaxy Pipeline Assets Bidco Ltd
	1,400,000	2.625%, 03/31/2036		1,160,430
		Kinder Morgan Inc
	1,600,000	4.300%, 03/01/2028		1,580,680
	1,300,000	5.200%, 06/01/2033		1,295,304
		Leviathan Bond Ltd
	775,000	6.125%, 06/30/2025 1		753,378
		Lion/Polaris Lux 4 SA
	959,000	3.250%, 09/30/2040		754,067
		Oleoducto Central SA
	924,000	4.000%, 07/14/2027		859,426
		ONEOK Inc
	700,000	6.050%, 09/01/2033		742,183
	1,075,000	6.625%, 09/01/2053		1,208,945
		Plains All American Pipeline LP /
		PAA Finance Corp
	1,950,000	3.550%, 12/15/2029		1,798,869
		Qatar Energy
	500,000	3.300%, 07/12/2051		366,315
		QatarEnergy
	900,000	2.250%, 07/12/2031		767,303
		Repsol International Finance BV
	875,000	2.500% (5 Year Swap Rate
		EUR + 2.769%), 2		906,037
	200,000	3.750% (5 Year Swap Rate
		EUR + 4.000%), 06/11/2171 2		216,650
		Rockies Express Pipeline LLC
	2,425,000	3.600%, 05/15/2025 1		2,348,903
		Targa Resources Corp
	700,000	6.500%, 03/30/2034		758,134
		TotalEnergies SE
	1,475,000	2.625% (5 Year Swap Rate
		EUR + 2.148%), 02/26/2171 2		1,593,721
		Venture Global LNG Inc
	1,400,000	8.125%, 06/01/2028		1,415,070
		Williams Cos Inc
	775,000	5.300%, 08/15/2028		794,393
		Wintershall Dea Finance 2 BV
	1,500,000	2.499% (5 Year Swap Rate
		EUR + 2.924%), 07/20/2170 2		1,507,717
				27,658,289
Environmental: 0.3%
		GFL Environmental Inc
	800,000	3.750%, 08/01/2025		781,683
Food & Drug Retail: 1.2%
		Albertsons Cos Inc / Safeway Inc /
		New Albertsons LP / Albertsons LLC
	1,825,000	7.500%, 03/15/2026		1,859,635
	750,000	6.500%, 02/15/2028		758,188
		Roadster Finance DAC
	525,000	1.625%, 12/09/2024		563,254
				3,181,077
Food/Beverage/Tobacco: 4.8%
		Bacardi Ltd / Bacardi-Martini BV
	750,000	5.250%, 01/15/2029 1		750,403
	1,125,000	5.400%, 06/15/2033 1		1,135,046
		Bimbo Bakeries USA Inc
	1,500,000	6.400%, 01/15/2034		1,665,930
		Constellation Brands Inc
	1,550,000	4.900%, 05/01/2033		1,563,179
		Indofood BCP Sukses
	1,510,000	3.398%, 06/09/2031		1,308,366
		Keurig Dr Pepper Inc
	2,100,000	3.950%, 04/15/2029		2,050,887
		Kraft Heinz Foods Co
	625,000	4.875%, 10/01/2049		594,416
		McCormick & Co Inc
	1,425,000	4.950%, 04/15/2033		1,434,172
		Minerva Luxembourg SA
	543,000	8.875%, 09/13/2033		575,061
		Sigma Alimentos SA de CV
	1,048,000	4.125%, 05/02/2026		1,022,120
		Sysco Corp
	925,000	3.150%, 12/14/2051		666,399
				12,765,979

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

16

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 76.7% (Continued)
Healthcare: 4.9%
		Amgen Inc
$	500,000	5.750%, 03/02/2063	$	527,732
		Bayer AG
	400,000	4.500% (5 Year Swap Rate
		EUR + 3.751%), 03/25/2082 2		421,227
	800,000	6.625% (5 Year Swap Rate
		EUR + 3.432%), 09/25/2083 2		902,261
		Centene Corp
	375,000	4.625%, 12/15/2029		360,016
		Cheplapharm Arzneimittel GmbH
	800,000	4.375%, 01/15/2028		863,371
		GN Store Nord AS
	500,000	0.875%, 11/25/2024		529,089
		HCA Inc
	2,000,000	5.375%, 02/01/2025		1,998,322
	1,950,000	3.625%, 03/15/2032		1,746,690
	1,050,000	5.500%, 06/01/2033		1,068,655
	1,525,000	5.250%, 06/15/2049		1,424,811
		IQVIA Inc
	300,000	6.500%, 05/15/2030 1		308,727
		Service Corp International
	600,000	3.375%, 08/15/2030		523,507
	600,000	4.000%, 05/15/2031		537,930
		Tenet Healthcare Corp
	550,000	4.875%, 01/01/2026		544,309
		UnitedHealth Group Inc
	991,000	5.050%, 04/15/2053		1,006,275
		Werfen SA
	300,000	0.500%, 10/28/2026		304,499
				13,067,421
Homebuilders/Real Estate: 4.8%
		Aldar Investment Properties Sukuk Ltd
	200,000	4.875%, 05/24/2033		195,243
		American Tower Corp
	1,025,000	5.250%, 07/15/2028		1,042,990
		Aroundtown SA
	700,000	0.625%, 07/09/2025		717,756
	300,000	0.375%, 04/15/2027		267,249
		Balder Finland Oyj
	975,000	1.000%, 01/18/2027		913,375
		Blackstone Property Partners
		Europe Holdings SARL
	625,000	2.000%, 02/15/2024		687,735
	900,000	1.000%, 10/20/2026		891,764
		Castellum Helsinki Finance Holding Abp
	800,000	2.000%, 03/24/2025		853,242
		CTP NV
	225,000	2.125%, 10/01/2025		239,007
	1,025,000	0.625%, 09/27/2026		1,018,842
		Fastighets AB Balder
	400,000	1.875%, 03/14/2025		422,343
		Heimstaden Bostad Treasury BV
	400,000	0.250%, 10/13/2024		416,661
	800,000	1.000%, 04/13/2028		636,263
		Logicor Financing SARL
	1,000,000	0.750%, 07/15/2024		1,078,475
	200,000	1.500%, 07/13/2026		207,109
		MasTec Inc
	925,000	4.500%, 08/15/2028 1		870,521
		Tritax EuroBox PLC
	975,000	0.950%, 06/02/2026		980,325
		VIA Outlets BV
	1,375,000	1.750%, 11/15/2028		1,352,263
				12,791,163
Hotels: 0.9%
		Hilton Domestic Operating Co Inc
	900,000	5.375%, 05/01/2025 1		899,798
		IHG Finance LLC
	400,000	4.375%, 11/28/2029		458,215
		Whitbread Group PLC
	700,000	3.375%, 10/16/2025		864,008
				2,222,021
Leisure: 0.7%
		Expedia Group Inc
	825,000	5.000%, 02/15/2026		824,810
	1,100,000	4.625%, 08/01/2027		1,096,012
				1,920,822
Metals/Mining: 0.8%
		Corp Nacional del Cobre de Chile
	700,000	5.950%, 01/08/2034		711,459
		Gold Fields Orogen Holdings BVI Ltd
	1,185,000	6.125%, 05/15/2029		1,218,782
				1,930,241
Paper: 0.6%
		Inversiones CMPC SA
	1,515,000	4.375%, 04/04/2027		1,471,592
Publishing/Printing: 0.3%
		Informa PLC
	700,000	2.125%, 10/06/2025		751,767
Restaurants: 0.8%
		1011778 BC ULC / New Red Finance Inc
	1,200,000	5.750%, 04/15/2025		1,196,780
		Starbucks Corp
	1,325,000	3.500%, 11/15/2050		1,033,725
				2,230,505
Services: 2.4%
		Eurofins Scientific SE
	700,000	6.750% (3 Month
		EURIBOR + 4.241%), 2		805,878

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

17

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 76.7% (Continued)
Services: 2.4% (Continued)
		ISS Finance BV
$	525,000	1.250%, 07/07/2025	$	557,918
		ISS Global A/S
	850,000	0.875%, 06/18/2026		880,544
		Loxam SAS
	275,000	6.375%, 05/31/2029		315,264
		Ritchie Bros Holdings Inc
	150,000	7.750%, 03/15/2031 1		160,104
		United Rentals North America Inc
	775,000	5.250%, 01/15/2030		765,390
		Verisure Holding AB
	1,300,000	3.875%, 07/15/2026		1,412,608
		WESCO Distribution Inc
	1,525,000	7.125%, 06/15/2025		1,537,458
				6,435,164
Steel: 0.7%
		ABJA Investment Co Pte Ltd
	812,000	5.450%, 01/24/2028		810,693
		GUSAP III LP
	1,200,000	4.250%, 01/21/2030		1,142,025
				1,952,718
Super Retail: 1.7%
		Lowe’s Cos Inc
	1,275,000	3.750%, 04/01/2032		1,195,895
	1,500,000	5.150%, 07/01/2033		1,545,034
		REWE International Finance BV
	700,000	4.875%, 09/13/2030		820,341
		Tractor Supply Co
	1,025,000	5.250%, 05/15/2033		1,051,437
				4,612,707
Technology: 2.0%
		Broadcom Inc
	1,525,000	4.150%, 04/15/2032 1		1,442,054
	750,000	3.469%, 04/15/2034 1		653,985
		Cellnex Finance Co SA
	400,000	2.250%, 04/12/2026		429,306
		LG Energy Solution Ltd
	270,000	5.750%, 09/25/2028		278,499
		Oracle Corp
	725,000	3.600%, 04/01/2050		539,986
		SK Hynix Inc
	200,000	6.375%, 01/17/2028		206,717
	600,000	6.500%, 01/17/2033		635,065
		SK On Co Ltd
	1,250,000	5.375%, 05/11/2026		1,258,644
				5,444,256
Telecommunications: 5.0%
		A1 Towers Holding GmbH
	700,000	5.250%, 07/13/2028		818,298
		America Movil SAB de CV
	340,000	4.375%, 04/22/2049		304,358
		AT&T Inc
	1,150,000	3.500%, 09/15/2053		839,295
		Bharti Airtel Ltd
	1,100,000	3.250%, 06/03/2031		970,817
		PPF Telecom Group BV
	195,000	3.250%, 09/29/2027		209,852
		SES SA
	650,000	3.500%, 01/14/2029		707,891
		Sitios Latinoamerica SAB de CV
	1,783,000	5.375%, 04/04/2032		1,658,357
		Telefonica Europe BV
	1,200,000	3.875% (8 Year EUR Swap
		Rate + 2.967%), 09/22/2170 2		1,285,287
		T-Mobile USA Inc
	1,125,000	2.250%, 02/15/2026		1,066,742
	1,025,000	3.875%, 04/15/2030		973,096
	1,800,000	2.550%, 02/15/2031		1,553,056
	1,100,000	5.050%, 07/15/2033		1,111,038
		Vodafone Group PLC
	700,000	2.625% (5 Year Swap Rate
		EUR + 3.002%), 08/27/2080 2		736,323
		Ziggo BV
	900,000	2.875%, 01/15/2030		887,560
				13,121,970
Transportation Excluding Air/Rail: 3.3%
		Australia Pacific Airports
		Melbourne Pty Ltd
	1,000,000	4.375%, 05/24/2033		1,170,732
		Autostrade per l’Italia SPA
	1,000,000	1.750%, 02/01/2027		1,046,542
	875,000	5.125%, 06/14/2033		1,013,712
		DP World Ltd
	1,395,000	2.375%, 09/25/2026		1,482,063
	330,000	6.850%, 07/02/2037		365,102
		FedEx Corp
	875,000	5.250%, 05/15/2050		875,774
		Gatwick Funding Ltd
	250,000	6.125%, 03/02/2026		326,057
		Heathrow Funding Ltd
	325,000	7.125%, 02/14/2024		414,718
		Holding d’Infrastructures
		de Transport SASU
	500,000	1.625%, 09/18/2029		497,267
		International Distributions Services PLC
	575,000	5.250%, 09/14/2028		659,326
		Q-Park Holding I BV
	350,000	2.000%, 03/01/2027		358,178
		Stagecoach Group Ltd
	505,000	4.000%, 09/29/2025		623,530
				8,833,001

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

18

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 76.7% (Continued)
Utilities: 2.1%
		Acquirente Unico SPA
$	850,000	2.800%, 02/20/2026	$	921,968
		Calpine Corp
	298,000	5.250%, 06/01/2026		294,000
		Enel SPA
	850,000	6.375% (5 Year Swap Rate
		EUR + 3.486%), 07/16/2171 2		983,713
		Eversource Energy
	1,275,000	5.450%, 03/01/2028		1,312,204
		Italgas SPA
	600,000	4.125%, 06/08/2032		686,345
		National Central Cooling Co PJSC
	1,600,000	2.500%, 10/21/2027		1,432,792
				5,631,022
TOTAL CORPORATE BONDS
(Cost $201,136,844)				203,708,797
U.S. GOVERNMENT NOTES/BONDS: 14.3%
		United States Treasury Note/Bond
	17,700,000	3.875%, 08/15/2033		17,716,594
	5,500,000	4.500%, 11/15/2033		5,786,601
	14,251,800	4.125%, 08/15/2053		14,477,825
TOTAL U.S. GOVERNMENT NOTES/BONDS
(Cost $35,227,740)				37,981,020
FOREIGN GOVERNMENT NOTE/BOND: 4.2%
Airlines: 0.4%
		Air France-KLM
	900,000	7.250%, 05/31/2026		1,062,307
Automotive & Auto Parts: 0.8%
		RCI Banque SA
	490,000	1.625%, 05/26/2026		518,029
		Schaeffler AG
	900,000	2.875%, 03/26/2027		981,084
		Valeo SE
	800,000	1.000%, 08/03/2028		775,669
				2,274,782
Banking: 1.2%
		Argenta Spaarbank NV
	500,000	1.000% (1 Year EUR Swap
		Rate + 1.550%), 10/13/2026 2		521,427
	400,000	5.375% (1 Year EUR Swap
		Rate + 2.750%), 11/29/2027 2		457,219
		Banco Comercial Portugues SA
	400,000	5.625% (3 Month EURIBOR +
		1.900%), 10/02/2026 2		454,066
		BPCE SA
	600,000	4.000%, 11/29/2032		693,365
		Commerzbank AG
	700,000	4.000% (5 Year Swap Rate
		EUR + 4.350%), 12/05/2030 2		760,277
		KBC Group NV
	300,000	4.375% (3 Month EURIBOR +
		1.700%), 11/23/2027 2		339,320
				3,225,674
Diversified Financial Services: 0.3%
		Arval Service Lease SA
	700,000	4.750%, 05/22/2027		803,035
Homebuilders/Real Estate: 0.5%
		VGP NV
	900,000	1.625%, 01/17/2027		874,488
		Vonovia SE
	300,000	5.000%, 11/23/2030		350,705
				1,225,193
Technology: 0.5%
		TDF Infrastructure SASU
	700,000	5.625%, 07/21/2028		812,678
		Teleperformance SE
	500,000	5.250%, 11/22/2028		577,954
				1,390,632
Telecommunications: 0.2%
		iliad SA
	400,000	5.375%, 02/15/2029		454,163
Utilities: 0.3%
		Elia Transmission Belgium SA
	600,000	3.625%, 01/18/2033		685,397
TOTAL FOREIGN GOVERNMENT NOTE/BOND
(Cost $10,552,377)				11,121,183
BANK LOANS: 2.4%
Aerospace/Defense: 0.0%
		TransDigm Inc TL
	92,500	8.597% (CME Term SOFR 1
		Month + 3.250%), 02/28/2031 2,3		93,025
Cable/Satellite TV: 0.2%
		Charter Communications
		Operating LLC TL
	274,284	7.074% (CME Term SOFR 1
		Month + 1.750%), 02/01/2027 2,3		274,628
		Directv Financing LLC TL
	243,140	10.650% (CME Term SOFR 1
		Month + 5.000%), 08/02/2027 2,3		243,582
				518,210

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

19

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
BANK LOANS: 2.4% (Continued)
Chemicals: 0.2%
		Axalta Coating Systems US
		Holdings Inc TL
$	491,840	7.890% (CME Term SOFR 1
		Month + 2.500%), 12/20/2029 2,3	$	494,144
Diversified Financial Services: 0.3%
		GTCR W MERGER SUB TL B TL
	250,000	3.750% (CME Term SOFR 1
		Month + 3.000%), 09/20/2030 2,3		251,406
		Nuvei Technologies Corp TL
	270,000	7.939% (CME Term SOFR 1
		Month + 2.500%), 09/29/2025 2,3		270,296
		Trans Union TL B6 TL
	250,000	7.713% (CME Term SOFR 1
		Month + 2.250%), 12/01/2028 2,3		251,141
				772,843
Energy: 0.2%
		Alison US TL B-2 (Alstom)
		(Arvos Midco SARL) TL
	6,027	11.131% (CME Term SOFR 3
		Month + 5.500%), 08/29/2024 2,3		2,360
		Arvos BidCo SARL TL
	6,027	10.325% (CME Term SOFR 3
		Month + 5.500%), 08/29/2024 2,3		2,361
		Pilot Travel Centers LLC TL
	500,000	7.424% (CME Term SOFR 1
		Month + 2.000%), 08/06/2028 2,3		502,135
				506,856
Gaming: 0.1%
		Flutter Financing BV TL
	104,296	8.902% (CME Term SOFR 1
		Month + 3.250%), 07/04/2028 2,3		104,788
	150,000	7.598% (CME Term SOFR 1
		Month + 2.250%), 11/25/2030 2,3		150,563
				255,351
Homebuilders/Real Estate: 0.1%
		Starwood Property Mortgage LLC TL
	249,370	8.598% (CME Term SOFR 1
		Month + 3.250%), 11/18/2027 2,3		249,370
Hotels: 0.3%
		Hilton Grand Vacations Borrower LLC TL
	499,298	8.213% (CME Term SOFR 1
		Month + 3.000%), 08/02/2028 2,3		500,235
		Hilton Hotels (10/23) TL B4 TL
	113,650	7.455%, 11/08/2030 2,3		114,188
		TRAVEL + LEISURE TL B (12/23)
	100,000	3.250%, 12/14/2029 2,3		100,288
				714,711
Restaurants: 0.3%
		1011778 BC ULC TL
	375,000	7.598% (CME Term SOFR 1
		Month + 2.250%), 09/23/2030 2,3		375,602
		KFC Holding Co TL
	498,718	7.196% (CME Term SOFR 1
		Month + 1.750%), 03/15/2028 2,3		499,912
				875,514
Super Retail: 0.1%
		Hanesbrands Inc TL
	249,372	9.098% (CME Term SOFR 1
		Month + 3.750%), 03/08/2030 2,3		249,372
Technology: 0.3%
		Coherent Corp TL
	363,719	8.213% (CME Term SOFR 1
		Month + 2.750%), 07/02/2029 2,3		365,765
		Constant Contact TL
	12	9.561% (CME Term SOFR 1
		Month + 4.000%), 02/10/2028 2,3		12
		Open Text TL B (08/23) TARGET TL
	488,201	8.198% (CME Term SOFR 1
		Month + 2.750%), 01/31/2030 2,3		489,912
				855,689
Telecommunications: 0.1%
		Virgin Media Bristol LLC TL
	200,000	8.790% (CME Term SOFR 1
		Month + 3.250%), 03/31/2031 2,3		199,625
Transportation Excluding Air/Rail: 0.2%
		XPO Inc TL
	250,000	7.348% (CME Term SOFR 1
		Month + 2.000%), 05/24/2028 2,3		251,360
		XPO TL B (12/23) TL
	250,000	7.360%, 02/01/2031 2,3		250,677
				502,037
TOTAL BANK LOANS
(Cost $6,266,644)				6,286,747
CONVERTIBLE BONDS: 0.9%
Banking: 0.9%
		Bank Leumi Le-Israel BM
	1,330,000	3.275% (5 Year CMT Rate + 1.631%),
		01/29/2031 1,2		1,205,578
		Swedbank AB
	900,000	4.625% (1 Year EUR Swap
		Rate + 1.100%), 05/30/2026 2		1,004,358
		Virgin Money UK PLC
	275,000	4.625% (1 Year EUR Swap
		Rate + 1.750%), 10/29/2028 2		303,369
				2,513,305
TOTAL CONVERTIBLE BONDS
(Cost $2,576,027)				2,513,305

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

20

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
FOREIGN GOVERNMENT AGENCY ISSUE: 0.4%
Energy: 0.4%
		Pertamina Persero PT
$	700,000	3.650%, 07/30/2029	$	661,374
	550,000	4.150%, 02/25/2060		434,738
TOTAL FOREIGN GOVERNMENT AGENCY ISSUE
(Cost $1,017,801)				1,096,112
Shares
SHORT-TERM INVESTMENTS: 1.3%
Money Market Funds: 1.3%
	3,507,679	First American Treasury Obligations
		Fund – Class X, 5.285% 4		3,507,679
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,507,679)				3,507,679
TOTAL INVESTMENTS IN SECURITIES: 100.2%
(Cost $260,285,114)				266,214,843
Liabilities in Excess of Other Assets: (0.2)%				(501,119	)
TOTAL NET ASSETS: 100.0%			$	265,713,724

PIK – Payment In Kind – represents the security may pay interest in additional par

†	In USD unless otherwise indicated.
1	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Trust’s Board of Trustees.
2	Variable rate security; rate shown is the rate in effect on December 31, 2023. An index may have a negative rate. Interest rate may also be subject to a cap or floor.
3	Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.
4	Annualized seven-day effective yield as of December 31, 2023.

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at December 31, 2023

The Muzinich Credit Opportunities Fund had the following forward foreign currency exchange contracts outstanding with the U.S. Bancorp Investments, Inc..

			U.S. Dollar Value at						U.S. Dollar Value at				Unrealized Appreciation
Settlement Date	Currency to be Delivered			December 31, 2023			Currency to be Received			December 31, 2023				(Depreciation)
3/18/2024	EUR	65,600,000		$	(72,653,974	)	USD	(71,113,155)		$	(71,113,155	)		$	(1,540,819	)
3/18/2024	EUR	3,600,000			3,987,108		USD	3,921,533			3,921,533				65,575
3/18/2024	GBP	2,500,000			(3,187,881	)	USD	(3,149,208)			(3,149,208	)			(38,673	)
				$	(71,854,747	)				$	(70,340,830	)		$	(1,513,917	)

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

21

Flexible U.S. High Yield Income Fund

SCHEDULE OF INVESTMENTS at December 31, 2023

Principal
Amount			Value
CORPORATE BONDS: 72.4%
Aerospace/Defense: 1.8%
		Bombardier Inc
$	250,000	7.875%, 04/15/2027 1	$	250,292
		Spirit AeroSystems Inc
	250,000	9.375%, 11/30/2029 1		273,828
		TransDigm Inc
	250,000	6.250%, 03/15/2026 1		249,806
	100,000	7.125%, 12/01/2031 1		104,875
				878,801
Airlines: 1.7%
		American Airlines Inc/
		AAdvantage Loyalty IP Ltd
	235,833	5.500%, 04/20/2026 1		234,310
	375,000	5.750%, 04/20/2029 1		365,853
		VistaJet Malta Finance PLC /
		Vista Management Holding Inc
	125,000	7.875%, 05/01/2027 1		107,748
	125,000	9.500%, 06/01/2028 1		105,944
				813,855
Automotive & Auto Parts: 0.9%
		Benteler International AG
	200,000	10.500%, 05/15/2028 1		210,845
		Dana Inc
	100,000	4.500%, 02/15/2032		87,119
		ZF North America Capital Inc
	150,000	7.125%, 04/14/2030 1		160,077
				458,041
Broadcasting: 2.3%
		AMC Networks Inc
	100,000	4.750%, 08/01/2025		97,436
		Belo Corp
	75,000	7.750%, 06/01/2027		76,249
		Gray Escrow II Inc
	250,000	5.375%, 11/15/2031 1		189,660
		Nexstar Media Inc
	100,000	5.625%, 07/15/2027		96,769
	150,000	4.750%, 11/01/2028 1		138,350
		Sirius XM Radio Inc
	150,000	4.000%, 07/15/2028 1		138,724
		TEGNA Inc
	118,000	4.625%, 03/15/2028		110,368
		Univision Communications Inc
	125,000	8.000%, 08/15/2028 1		129,068
	125,000	4.500%, 05/01/2029 1		111,991
				1,088,615
Building Materials: 1.8%
		Camelot Return Merger Sub Inc
	250,000	8.750%, 08/01/2028 1		254,081
		Cornerstone Building Brands Inc
	125,000	6.125%, 01/15/2029 1		102,628
		Masonite International Corp
	125,000	3.500%, 02/15/2030 1		108,503
		New Enterprise Stone & Lime Co Inc
	125,000	5.250%, 07/15/2028 1		119,402
		Smyrna Ready Mix Concrete LLC
	250,000	8.875%, 11/15/2031 1		263,103
				847,717
Cable/Satellite TV: 3.2%
		CCO Holdings LLC /
		CCO Holdings Capital Corp
	250,000	5.000%, 02/01/2028 1		239,479
	25,000	5.375%, 06/01/2029 1		23,608
	300,000	4.750%, 03/01/2030 1		274,509
		CSC Holdings LLC
	400,000	4.125%, 12/01/2030 1		304,768
		Directv Financing LLC /
		Directv Financing Co-Obligor Inc
	125,000	5.875%, 08/15/2027		117,630
		DISH DBS Corp
	50,000	5.250%, 12/01/2026 1		42,931
	50,000	5.750%, 12/01/2028 1		39,974
		DISH Network Corp
	250,000	11.750%, 11/15/2027 1		261,939
		Midcontinent Communications /
		Midcontinent Finance Corp
	125,000	5.375%, 08/15/2027 1		121,949
		Videotron Ltd
	125,000	3.625%, 06/15/2029 1		113,568
				1,540,355
Capital Goods: 0.6%
		Dornoch Debt Merger Sub Inc
	125,000	6.625%, 10/15/2029 1		112,852
		GrafTech Global Enterprises Inc
	250,000	9.875%, 12/15/2028		193,125
				305,977
Chemicals: 1.1%
		NOVA Chemicals Corp
	200,000	5.000%, 05/01/2025 1		195,451
		Olympus Water US Holding Corp
	200,000	9.750%, 11/15/2028		212,411
		Rain Carbon Inc
	125,000	12.250%, 09/01/2029 1		122,344
				530,206
Consumer-Products: 0.6%
		Central Garden & Pet Co
	50,000	4.125%, 10/15/2030		45,532
	75,000	4.125%, 04/30/2031 1		66,373
		Coty Inc/HFC Prestige Products Inc/
		HFC Prestige International US LLC
	75,000	6.625%, 07/15/2030 1		77,197

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

22

Flexible U.S. High Yield Income Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount			Value
CORPORATE BONDS: 72.4% (Continued)
Consumer-Products: 0.6% (Continued)
		Kronos Acquisition Holdings Inc /
		KIK Custom Products Inc
$	100,000	5.000%, 12/31/2026 1	$	97,592
				286,694
Containers: 2.2%
		Ball Corp
	125,000	6.000%, 06/15/2029		127,807
		Canpack SA / Canpack US LLC
	200,000	3.875%, 11/15/2029 1		171,657
		Graphic Packaging International LLC
	125,000	3.750%, 02/01/2030 1		112,669
		Mauser Packaging Solutions Holding Co
	125,000	7.875%, 08/15/2026 1		127,312
	125,000	9.250%, 04/15/2027		122,826
		Trivium Packaging Finance BV
	200,000	5.500%, 08/15/2026 1		196,431
	200,000	8.500%, 08/15/2027 1		196,392
				1,055,094
Diversified Financial Services: 4.7%
		Bread Financial Holdings Inc
	250,000	7.000%, 01/15/2026 1		248,707
	125,000	9.750%, 03/15/2029 1		129,193
		Burford Capital Global Finance LLC
	200,000	6.250%, 04/15/2028 1		192,196
		Icahn Enterprises LP /
		Icahn Enterprises Finance Corp
	125,000	6.375%, 12/15/2025		122,830
	125,000	6.250%, 05/15/2026		119,359
	125,000	9.750%, 01/15/2029 1		127,681
		Macquarie Airfinance Holdings Ltd
	150,000	8.375%, 05/01/2028		157,225
		Nationstar Mortgage Holdings Inc
	125,000	6.000%, 01/15/2027		124,191
	100,000	5.750%, 11/15/2031 1		93,393
		Navient Corp
	100,000	5.000%, 03/15/2027		96,629
		OneMain Finance Corp
	125,000	3.875%, 09/15/2028		110,711
	125,000	7.875%, 03/15/2030		128,798
		PennyMac Financial Services Inc
	125,000	7.875%, 12/15/2029		128,867
		PRA Group Inc
	250,000	8.375%, 02/01/2028 1		240,835
		United Wholesale Mortgage LLC
	125,000	5.750%, 06/15/2027		122,642
		Williams Scotsman International Inc
	125,000	4.625%, 08/15/2028 1		118,043
				2,261,300
Diversified Media: 0.5%
		Clear Channel Outdoor Holdings Inc
	125,000	5.125%, 08/15/2027 1		119,407
		Match Group Holdings II LLC
	100,000	5.625%, 02/15/2029 1		97,210
				216,617
Energy: 12.0%
		Ascent Resources Utica Holdings
		LLC / ARU Finance Corp
	125,000	7.000%, 11/01/2026 1		126,065
	125,000	5.875%, 06/30/2029 1		116,225
		Baytex Energy Corp
	250,000	8.500%, 04/30/2030 1		258,876
		Blue Racer Midstream LLC /
		Blue Racer Finance Corp
	106,000	6.625%, 07/15/2026 1		105,459
		CITGO Petroleum Corp
	125,000	7.000%, 06/15/2025 1		124,872
		Civitas Resources Inc
	375,000	8.625%, 11/01/2030 1		397,993
		Crescent Energy Finance LLC
	125,000	7.250%, 05/01/2026 1		125,848
	250,000	9.250%, 02/15/2028 1		259,584
		CrownRock LP / CrownRock Finance Inc
	250,000	5.625%, 10/15/2025 1		249,824
		EQM Midstream Partners LP
	75,000	7.500%, 06/01/2027		77,197
	75,000	6.500%, 07/01/2027 1		76,404
	75,000	7.500%, 06/01/2030 1		80,718
	125,000	4.750%, 01/15/2031 1		116,497
		Gulfport Energy Corp
	125,000	8.000%, 05/17/2026 1		126,492
		Harvest Midstream I LP
	500,000	7.500%, 09/01/2028 1		497,783
		Hilcorp Energy I LP / Hilcorp Finance Co
	375,000	6.000%, 02/01/2031 1		363,117
		Northern Oil and Gas Inc
	200,000	8.125%, 03/01/2028 1		202,708
	250,000	8.750%, 06/15/2031 1		260,414
		Range Resources Corp
	250,000	8.250%, 01/15/2029		258,958
		Rockies Express Pipeline LLC
	175,000	4.950%, 07/15/2029 1		167,400
		Tallgrass Energy Partners LP /
		Tallgrass Energy Finance Corp
	125,000	7.500%, 10/01/2025		125,756
	125,000	6.000%, 12/31/2030 1		116,400
		USA Compression Partners LP /
		USA Compression Finance Corp
	150,000	6.875%, 04/01/2026		149,528
		Venture Global Calcasieu Pass LLC
	50,000	3.875%, 08/15/2029 1		45,458
	75,000	6.250%, 01/15/2030		74,688
	50,000	4.125%, 08/15/2031 1		44,109

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

23

Flexible U.S. High Yield Income Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount			Value
CORPORATE BONDS: 72.4% (Continued)
Energy: 12.0% (Continued)
		Venture Global LNG Inc
$	250,000	8.125%, 06/01/2028	$	252,691
	250,000	9.500%, 02/01/2029		264,634
	250,000	8.375%, 06/01/2031 1		250,435
		Vital Energy Inc
	125,000	10.125%, 01/15/2028		128,540
	250,000	9.750%, 10/15/2030		259,626
				5,704,299
Food & Drug Retail: 0.6%
		Albertsons Cos Inc / Safeway Inc /
		New Albertsons LP / Albertsons LLC
	125,000	6.500%, 02/15/2028		126,365
	175,000	3.500%, 03/15/2029 1		159,183
				285,548
Food/Beverage/Tobacco: 1.0%
		BellRing Brands Inc
	125,000	7.000%, 03/15/2030 1		129,844
		Post Holdings Inc
	125,000	4.625%, 04/15/2030 1		115,132
		Simmons Foods Inc/Simmons Prepared
		Foods Inc/Simmons Pet Food Inc/
		Simmons Feed
	250,000	4.625%, 03/01/2029 1		216,735
				461,711
Gaming: 3.3%
		Boyd Gaming Corp
	250,000	4.750%, 06/15/2031 1		229,896
		Caesars Entertainment Inc
	375,000	6.250%, 07/01/2025 1		376,331
	125,000	8.125%, 07/01/2027		128,257
	125,000	4.625%, 10/15/2029 1		112,872
	125,000	7.000%, 02/15/2030 1		128,210
		Churchill Downs Inc
	125,000	5.500%, 04/01/2027		123,781
	125,000	4.750%, 01/15/2028 1		119,940
		Light & Wonder International Inc
	100,000	7.500%, 09/01/2031 1		104,354
		Ontario Gaming GTA LP
	125,000	8.000%, 08/01/2030 1		128,996
		Station Casinos LLC
	100,000	4.500%, 02/15/2028 1		94,277
				1,546,914
Healthcare: 6.2%
		AdaptHealth LLC
	125,000	6.125%, 08/01/2028 1		108,021
		AMN Healthcare Inc
	250,000	4.625%, 10/01/2027 1		236,800
		Catalent Pharma Solutions Inc
	75,000	3.125%, 02/15/2029 1		65,719
		CHS/Community Health Systems Inc
	250,000	5.625%, 03/15/2027 1		232,635
	125,000	8.000%, 12/15/2027 1		120,756
	125,000	5.250%, 05/15/2030 1		104,997
		DaVita Inc
	125,000	4.625%, 06/01/2030 1		109,209
	125,000	3.750%, 02/15/2031 1		102,844
		Fortrea Holdings Inc
	100,000	7.500%, 07/01/2030 1		102,870
		Legacy LifePoint Health LLC
	125,000	4.375%, 02/15/2027		115,683
		Medline Borrower LP
	125,000	3.875%, 04/01/2029 1		113,151
		ModivCare Inc
	100,000	5.875%, 11/15/2025		98,862
		MPH Acquisition Holdings LLC
	125,000	5.500%, 09/01/2028 1		112,069
		MPT Operating Partnership LP /
		MPT Finance Corp
	250,000	4.625%, 08/01/2029		179,993
		Prestige Brands Inc
	250,000	3.750%, 04/01/2031 1		219,348
		Prime Healthcare Services Inc
	250,000	7.250%, 11/01/2025 1		244,024
		Select Medical Corp
	100,000	6.250%, 08/15/2026		100,593
		Tenet Healthcare Corp
	250,000	4.875%, 01/01/2026		247,413
	150,000	5.125%, 11/01/2027		146,736
	175,000	4.250%, 06/01/2029		163,237
				2,924,960
Homebuilders/Real Estate: 5.9%
		Ashton Woods USA LLC /
		Ashton Woods Finance Co
	125,000	6.625%, 01/15/2028 1		121,924
		Brookfield Residential Properties Inc /
		Brookfield Residential US LLC
	125,000	6.250%, 09/15/2027 1		121,273
		Century Communities Inc
	125,000	6.750%, 06/01/2027		126,629
		Cushman & Wakefield US Borrower LLC
	250,000	8.875%, 09/01/2031 1		265,131
		Global Infrastructure Solutions Inc
	187,000	5.625%, 06/01/2029 1		170,993
		HAT Holdings I LLC /
		HAT Holdings II LLC
	125,000	6.000%, 04/15/2025 1		124,778
	100,000	3.375%, 06/15/2026 1		94,049
	25,000	8.000%, 06/15/2027 1		26,063
	125,000	3.750%, 09/15/2030 1		105,399
		Iron Mountain Inc
	250,000	5.250%, 07/15/2030 1		239,195

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

24

Flexible U.S. High Yield Income Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount			Value
CORPORATE BONDS: 72.4% (Continued)
Homebuilders/Real Estate: 5.9% (Continued)
		Ladder Capital Finance Holdings LLLP /
		Ladder Capital Finance Corp
$	125,000	5.250%, 10/01/2025 1	$	123,423
	125,000	4.750%, 06/15/2029 1		112,858
		LGI Homes Inc
	75,000	8.750%, 12/15/2028 1		79,828
		M/I Homes Inc
	125,000	3.950%, 02/15/2030		111,375
		MasTec Inc
	75,000	6.625%, 08/15/2029 1		67,971
		Service Properties Trust
	125,000	7.500%, 09/15/2025		126,525
	250,000	5.250%, 02/15/2026		243,025
		Starwood Property Trust Inc
	50,000	3.750%, 12/31/2024 1		49,103
	125,000	3.625%, 07/15/2026		118,520
		Uniti Group LP / Uniti Group Finance
		Inc / CSL Capital LLC
	250,000	10.500%, 02/15/2028 1		253,640
		VICI Properties LP / VICI Note Co Inc
	125,000	4.125%, 08/15/2030 1		113,994
				2,795,696
Hotels: 0.2%
		Hilton Grand Vacations Borrower
		Escrow LLC / Hilton Grand
		Vacations Borrower Esc
	125,000	4.875%, 07/01/2031 1		110,767
Insurance: 0.6%
		Acrisure LLC / Acrisure Finance Inc
	150,000	4.250%, 02/15/2029 1		135,595
		Alliant Holdings Intermediate LLC /
		Alliant Holdings Co-Issuer
	125,000	6.750%, 04/15/2028 1		127,957
				263,552
Leisure: 3.5%
		Carnival Corp
	500,000	5.750%, 03/01/2027 1		488,624
		Carnival Holdings Bermuda Ltd
	125,000	10.375%, 05/01/2028 1		136,094
		Life Time Inc
	125,000	5.750%, 01/15/2026 1		124,156
		Royal Caribbean Cruises Ltd
	200,000	5.500%, 08/31/2026		198,237
	375,000	11.625%, 08/15/2027 1		408,323
	125,000	8.250%, 01/15/2029 1		132,921
		Six Flags Entertainment Corp
	75,000	7.250%, 05/15/2031 1		75,280
		VOC Escrow Ltd
	125,000	5.000%, 02/15/2028 1		119,979
				1,683,614
Metals/Mining: 2.4%
		ERO Copper Corp
	250,000	6.500%, 02/15/2030 1		221,035
		Kaiser Aluminum Corp
	250,000	4.500%, 06/01/2031 1		215,914
		Mineral Resources Ltd
	250,000	9.250%, 10/01/2028 1		266,255
		Perenti Finance Pty Ltd
	400,000	6.500%, 10/07/2025 1		393,000
				1,096,204
Publishing/Printing: 0.3%
		Cimpress PLC
	150,000	7.000%, 06/15/2026		146,729
Restaurants: 1.9%
		1011778 BC ULC / New Red Finance Inc
	125,000	4.375%, 01/15/2028 1		119,587
		Brinker International Inc
	100,000	8.250%, 07/15/2030 1		104,707
		IRB Holding Corp
	250,000	7.000%, 06/15/2025		250,195
		Raising Cane’s Restaurants LLC
	250,000	9.375%, 05/01/2029 1		267,120
		Yum! Brands Inc
	125,000	5.375%, 04/01/2032		122,979
				864,588
Services: 3.9%
		Avis Budget Car Rental LLC /
		Avis Budget Finance Inc
	250,000	8.000%, 02/15/2031 1		249,856
		EquipmentShare.com Inc
	125,000	9.000%, 05/15/2028 1		129,075
		Garda World Security Corp
	100,000	4.625%, 02/15/2027		96,337
	75,000	7.750%, 02/15/2028		77,672
		Graham Holdings Co
	125,000	5.750%, 06/01/2026		124,164
		Maxim Crane Works
		Holdings Capital LLC
	125,000	11.500%, 09/01/2028 1		129,686
		Ritchie Bros Holdings Inc
	100,000	6.750%, 03/15/2028 1		103,082
	25,000	7.750%, 03/15/2031 1		26,684
		TriNet Group Inc
	125,000	3.500%, 03/01/2029 1		112,412
	125,000	7.125%, 08/15/2031 1		128,868
		United Rentals North America Inc
	350,000	3.750%, 01/15/2032		311,211
		WESCO Distribution Inc
	125,000	7.250%, 06/15/2028 1		128,541
		ZipRecruiter Inc
	250,000	5.000%, 01/15/2030 1		219,049
				1,836,637

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

25

Flexible U.S. High Yield Income Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount			Value
CORPORATE BONDS: 72.4% (Continued)
Super Retail: 2.0%
		Evergreen Acqco 1 LP / TVI Inc
$	375,000	9.750%, 04/26/2028 1	$	399,669
		Hanesbrands Inc
	125,000	9.000%, 02/15/2031 1		122,619
		LCM Investments Holdings II LLC
	125,000	4.875%, 05/01/2029 1		116,251
	125,000	8.250%, 08/01/2031 1		130,591
		Macy’s Retail Holdings LLC
	125,000	5.875%, 04/01/2029 1		120,095
		Michaels Cos Inc
	125,000	7.875%, 05/01/2029 1		78,832
				968,057
Technology: 0.8%
		NCR Corp   5.125%, 04/15/2029 1
	125,000			118,952
		Open Text Corp   3.875%, 02/15/2028 1
	125,000			116,295
		Seagate HDD Cayman
	75,000	8.250%, 12/15/2029 1		80,945
	75,000	8.500%, 07/15/2031 1		81,460
				397,652
Telecommunications: 4.8%
		Cogent Communications Group Inc   7.000%, 06/15/2027 1
	125,000			125,742
		Connect Finco SARL /
		Connect US Finco LLC   6.750%, 10/01/2026 1
	400,000			398,010
		Frontier Communications Holdings LLC   8.750%, 05/15/2030 1
	250,000			257,377
	250,000	8.625%, 03/15/2031 1		255,032
		GCI LLC   4.750%, 10/15/2028 1
	250,000			231,480
		Hughes Satellite Systems Corp   6.625%, 08/01/2026
	75,000			59,202
		Iliad Holding SASU   6.500%, 10/15/2026
	200,000			199,752
		Intelsat Jackson Holdings SA   6.500%, 03/15/2030 1
	250,000			238,796
		Level 3 Financing Inc   3.400%, 03/01/2027 1
	125,000			116,361
	150,000	4.250%, 07/01/2028 1		74,402
		Qwest Corp
	125,000	7.250%, 09/15/2025		122,622
		Zayo Group Holdings Inc
	250,000	4.000%, 03/01/2027		200,716
				2,279,492
Utilities: 1.6%
		Calpine Corp
	125,000	5.250%, 06/01/2026		123,322
	125,000	4.625%, 02/01/2029 1		116,085
	125,000	5.000%, 02/01/2031 1		114,772
	75,000	3.750%, 03/01/2031 1		65,969
		Clearway Energy Operating LLC
	250,000	3.750%, 02/15/2031 1		220,319
		Sunnova Energy Corp
	125,000	5.875%, 09/01/2026 1		106,518
				746,985
TOTAL CORPORATE BONDS
(Cost $34,193,212)				34,396,677
BANK LOANS: 25.5%
Aerospace/Defense: 0.3%
		TransDigm Inc TL
	150,000	8.597% (CME Term SOFR 1
		Month + 3.250%), 02/28/2031 2,3		150,851
Automotive & Auto Parts: 1.0%
		American Axle & Manufacturing
		TL B (12/22) TL
	144,000	8.921% (CME Term SOFR 1
		Month + 3.500%), 12/13/2029 2,3		144,720
		First Brands Group LLC TL
	348,592	10.881% (CME Term SOFR 6
		Month + 5.000%), 03/30/2027 2,3		346,414
				491,134
Broadcasting: 0.4%
		Century DE Buyer LLC TL
	170,000	9.577% (CME Term SOFR 1
		Month + 4.000%), 10/30/2030 2,3		170,744
Cable/Satellite TV: 1.8%
		Cogeco Communications USA II LP TL
	250,000	8.598% (CME Term SOFR 1
		Month + 3.250%), 09/29/2030 2,3		246,980
		Directv Financing LLC TL
	243,140	10.650% (CME Term SOFR 1
		Month + 5.000%), 08/02/2027 2,3		243,582
		Telenet Financing USD LLC TL
	200,000	7.437% (CME Term SOFR 1
		Month + 2.000%), 04/28/2028 2,3		199,275
		UPC Financing Partnership
		TL (4/21) (NewCo) TL
	150,000	8.437% (CME Term SOFR 1
		Month + 2.925%), 01/31/2029 2,3		149,734
				839,571
Capital Goods: 0.5%
		Chart Industries Inc TL
	136,680	8.670% (CME Term SOFR 1
		Month + 3.250%), 03/18/2030 2,3		137,135
		DexKo Global TL (9/21) TL
	99,494	9.253% (CME Term SOFR 3
		Month + 3.750%), 10/04/2028 2,3		99,121
				236,256

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

26

Flexible U.S. High Yield Income Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount			Value
BANK LOANS: 25.5% (Continued)
Chemicals: 0.9%
		Bakelite TL (US Holdco / Fusion) TL
$	149,242	9.392% (CME Term SOFR 3
		Month + 4.000%), 05/29/2029 2,3	$	149,150
		Nouryon USA LLC TL
	149,624	9.434% (CME Term SOFR 1
		Month + 4.000%), 04/03/2028 2,3		150,395
		Pearls (Netherlands) BidCo
		TL (USD) (Caldic) (02/22) TL
	148,116	9.119% (CME Term SOFR 1
		Month + 3.750%), 03/01/2029 2,3		147,005
				446,550
Containers: 0.7%
		Berry Global Inc TL
	199,500	7.222% (CME Term SOFR 1
		Month + 1.750%), 07/01/2029 2,3		199,978
		Pactiv Evergreen Group Holdings Inc TL
	147,727	8.713% (CME Term SOFR 1
		Month + 3.500%), 09/24/2028 2,3		148,306
				348,284
Diversified Financial Services: 2.6%
		Citadel Securities LP TL
	74,817	7.963% (CME Term SOFR 1
		Month + 2.500%), 07/29/2030 2,3		75,082
		CLUE OPCO TL B TL
	150,000	9.856%, 09/20/2030 2,3		142,625
		DRW Holdings LLC TL
	200,000	9.213% (CME Term SOFR 1
		Month + 3.750%), 03/01/2028 2,3		200,000
		GBT Group Services
		(Global Business Travel) TL
	250,000	7.654% (CME Term SOFR 1
		Month + 2.500%), 07/21/2025 2,3		249,750
		GTCR W MERGER SUB TL B TL
	100,000	3.750% (CME Term SOFR 1
		Month + 3.000%), 09/20/2030 2,3		100,562
		Jane Street Group LLC TL
	198,974	8.213% (CME Term SOFR 1
		Month + 2.750%), 01/26/2028 2,3		200,053
		Nuvei Technologies Corp TL
	250,000	7.939% (CME Term SOFR 1
		Month + 2.500%), 09/29/2025 2,3		250,274
				1,218,346
Diversified Media: 0.5%
		Advantage Sales & Marketing Inc TL
	248,881	9.760% (CME Term SOFR 1
		Month + 4.500%), 10/28/2027 2,3		247,676
Environmental: 0.4%
		Covanta Holding Corp TL
	199,535	8.360% (CME Term SOFR 1
		Month + 3.000%), 11/30/2028 2,3		200,034
Food/Beverage/Tobacco: 0.2%
		Chobani LLC TL
	91,000	4.250% (CME Term SOFR 1
		Month + 3.750%), 10/25/2027 2,3		91,265
Gaming: 0.9%
		Flutter Financing BV TL
	200,000	7.598% (CME Term SOFR 1
		Month + 2.250%), 11/25/2030 2,3		200,750
		Station Casinos LLC TL
	198,954	7.698% (CME Term SOFR 1
		Month + 2.250%), 02/08/2027 2,3		199,623
				400,373
Healthcare: 1.1%
		Elanco Animal Health Inc TL
	298,892	7.170% (CME Term SOFR 1
		Month + 1.750%), 08/02/2027 2,3		297,440
		Grifols Worldwide Operations
		TL B (11/19) TL
	199,481	7.424% (CME Term SOFR 3
		Month + 2.000%), 11/15/2027 2,3		199,730
				497,170
Homebuilders/Real Estate: 1.3%
		Cushman & Wakefield US
		Borrower LLC TL
	250,000	9.348% (CME Term SOFR 1
		Month + 4.000%), 01/31/2030 2,3		250,313
		Iron Mountain Inc TL
	200,000	7.843% (CME Term SOFR 1
		Month + 2.250%), 01/31/2031 2,3		200,313
		Starwood Property Mortgage LLC TL
	149,246	8.598% (CME Term SOFR 1
		Month + 3.250%), 11/18/2027 2,3		149,246
				599,872
Hotels: 1.2%
		Hilton Grand Vacations Borrower LLC TL
	198,982	8.213% (CME Term SOFR 1
		Month + 3.000%), 08/02/2028 2,3		199,355
		HILTON HOTELS (10/23) TL B4 TL
	150,000	7.455%, 11/08/2030 2,3		150,710
		TRAVEL + LEISURE TL B (12/23)
	250,000	3.250%, 12/14/2029 2,3		250,719
				600,784
Leisure: 0.4%
		Delta 2 Lux SARL TL
	200,000	7.598% (CME Term SOFR 1
		Month + 3.000%), 01/15/2030 2,3		200,782
Metals/Mining: 0.3%
		Grinding Media B (09/21) TL
	150,000	9.684% (CME Term SOFR 3
		Month + 4.000%), 10/12/2028 2,3		150,000

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

27

Flexible U.S. High Yield Income Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount			Value
BANK LOANS: 25.5% (Continued)
Publishing/Printing: 0.3%
		Cimpress USA Inc TL
$	149,616	8.963% (CME Term SOFR 1
		Month + 3.500%), 05/17/2028 2,3	$	149,803
Restaurants: 0.3%
		1011778 BC ULC TL
	150,000	7.598% (CME Term SOFR 1
		Month + 2.250%), 09/23/2030 2,3		150,241
Services: 1.9%
		DXP Enterprises Inc/TX TL
	99,750	10.291% (CME Term SOFR 1
		Month + 4.750%), 10/07/2030 2,3		100,373
		Kingpin Intermediate Holdings LLC TL
	199,499	8.848% (CME Term SOFR 1
		Month + 3.500%), 02/08/2028 2,3		199,748
		Neptune BidCo US TL B TL
	99,500	10.398% (CME Term SOFR 1
		Month + 5.000%), 04/11/2029 2,3		91,153
		Peraton Corp TL
	248,786	9.198% (CME Term SOFR 1
		Month + 3.750%), 02/01/2028 2,3		249,719
		Sitel Worldwide (USD) (7/21) TL
	250,000	9.213% (CME Term SOFR 1
		Month + 3.750%), 08/28/2028 2,3		240,844
				881,837
Super Retail: 1.2%
		Birkenstock US BidCo Inc TL
	84,598	8.877% (CME Term SOFR 1
		Month + 3.750%), 04/28/2028 2,3		84,959
		Leslie’s Poolmart Inc TL
	250,000	8.213% (CME Term SOFR 1
		Month + 2.750%), 03/09/2028 2,3		246,954
		Upbound Group Inc TL
	249,328	9.119% (CME Term SOFR 1
		Month + 3.250%), 02/17/2028 2,3		249,795
				581,708
Technology: 3.9%
		Adeia Inc TL
	190,759	8.966% (CME Term SOFR 1
		Month + 3.500%), 06/08/2028 2,3		190,950
		Ahead DB Holdings TL (04/21) TL
	97,500	9.240% (CME Term SOFR 3
		Month + 3.750%), 10/16/2027 2,3		97,286
		AppLovin Corp TL
	250,000	8.548% (CME Term SOFR 1
		Month + 3.000%), 08/19/2030 2,3		250,504
		Connectwise B (9/21) TL
	200,000	8.963% (CME Term SOFR 1
		Month + 3.500%), 09/30/2028 2,3		200,000
		Constant Contact Inc TL
	199,599	9.561% (CME Term SOFR 1
		Month + 4.000%), 02/10/2028 2,3		195,607
		Dawn Acquisition TL
	145,260	9.402% (CME Term SOFR 3
		Month + 3.750%), 12/31/2025 2,3		140,540
		DTI Holdco Inc TL
	199,495	9.795% (CME Term SOFR 1
		Month + 4.750%), 04/26/2029 2,3		197,679
		Indy US Holdco LLC TL
	200,000	11.598% (CME Term SOFR 1
		Month + 6.250%), 03/06/2028 2,3		196,125
		MeridianLink Inc TL
	249,365	5.877% (CME Term SOFR 1
		Month + 3.000%), 11/10/2028 2,3		249,895
		Open Text TL B (08/23) TARGET TL
	145,362	8.198% (CME Term SOFR 1
		Month + 2.750%), 01/31/2030 2,3		145,871
				1,864,457
Telecommunications: 1.5%
		Altice France (Numericable) TL B14 TL
	99,500	10.894% (CME Term SOFR 1
		Month + 5.500%), 08/31/2028 2,3		89,674
		Crown Subsea TL (4/21) (SubCom) TL
	100,547	10.457% (CME Term SOFR 1
		Month + 4.750%), 04/27/2027 2,3		101,302
		Iridium Satellite LLC TL
	200,000	7.848% (CME Term SOFR 1
		Month + 2.500%), 09/20/2030 2,3		200,806
		Voyage TL B (Vocus Group) (USD) TL
	149,237	9.088% (CME Term SOFR 3
		Month + 3.500%), 07/20/2028 2,3		149,610
		Ziggo Financing Partnership TL
	150,000	7.937% (CME Term SOFR 1
		Month + 2.500%), 04/30/2028 2,3		149,839
				691,231
Transportation Excluding Air/Rail: 0.8%
		First Student Bidco TL B TL
	239,194	9.490% (CME Term SOFR 3
		Month + 4.000%), 07/21/2028 2,3		239,044
		XPO TL B (12/23) TL
	150,000	7.360%, 02/01/2031 2,3		150,406
				389,450
Utilities: 1.1%
		Calpine Construction Finance Co LP TL
	149,625	7.598% (CME Term SOFR 1
		Month + 2.250%), 07/20/2030 2,3		149,831
		Constellation Renewables LLC TL
	150,000	8.184% (CME Term SOFR 3
		Month + 2.500%), 12/15/2027 2,3		150,163
		Edgewater Generation LLC TL
	245,849	9.213% (CME Term SOFR 1
		Month + 3.750%), 12/15/2025 2,3		241,925
				541,919
TOTAL BANK LOANS
(Cost $12,036,324)				12,140,337

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

28

Flexible U.S. High Yield Income Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Shares			Value
SHORT-TERM INVESTMENTS: 6.6%
Money Market Funds: 6.6%
	3,150,548	First American Treasury Obligations
		Fund – Class X, 5.285% 4	$	3,150,548
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,150,548)				3,150,548
TOTAL INVESTMENTS IN SECURITIES: 104.5%
(Cost $49,380,084)				49,687,562
Liabilities in Excess of Other Assets: (4.5)%				(2,141,496	)
TOTAL NET ASSETS: 100.0%			$	47,546,066

1	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Trust’s Board of Trustees.
2	Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.
3	Variable rate security; rate shown is the rate in effect on December 31, 2023. An index may have a negative rate. Interest rate may also be subject to a cap or floor.
4	Annualized seven-day effective yield as of December 31, 2023.

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

29

Low Duration Fund

SCHEDULE OF INVESTMENTS at December 31, 2023

Principal
Amount†			Value
CORPORATE BONDS: 88.7%
Agency: 0.3%
		Istituto per il Credito Sportivo
$	2,800,000	5.250%, 10/31/2025	$	3,171,310
Airlines: 1.3%
		American Airlines Inc/
		AAdvantage Loyalty IP Ltd
	1,704,167	5.500%, 04/20/2026 1		1,693,156
		Cathay Pacific MTN Financing HK Ltd
	2,440,000	4.875%, 08/17/2026		2,385,416
		Delta Air Lines Inc
	1,110,000	7.000%, 05/01/2025 1		1,130,525
		Delta Air Lines Inc / SkyMiles IP Ltd
	1,572,895	4.500%, 10/20/2025 1		1,549,945
		Korean Air Lines Co Ltd
	900,000	4.750%, 09/23/2025		892,620
		Mileage Plus Holdings LLC / Mileage
		Plus Intellectual Property Assets Ltd
	927,500	6.500%, 06/20/2027		930,854
		Singapore Airlines Ltd
	1,100,000	3.000%, 07/20/2026		1,048,779
		Wizz Air Finance Co BV
	2,300,000	1.350%, 01/19/2024		2,536,305
	625,000	1.000%, 01/19/2026		636,164
				12,803,764
Automotive & Auto Parts: 7.1%
		Aptiv PLC / Aptiv Corp
	3,000,000	2.396%, 02/18/2025		2,903,284
		Benteler International AG
	1,400,000	9.375%, 05/15/2028		1,654,910
		Ford Motor Credit Co LLC
	600,000	3.810%, 01/09/2024		599,735
	850,000	3.250%, 09/15/2025		927,297
	3,650,000	3.375%, 11/13/2025		3,495,654
	2,500,000	4.867%, 08/03/2027		2,840,739
		Forvia SE
	1,100,000	2.625%, 06/15/2025		1,194,202
	1,900,000	7.250%, 06/15/2026		2,228,741
	1,100,000	2.750%, 02/15/2027		1,165,448
		General Motors Financial Co Inc
	1,150,000	5.100%, 01/17/2024		1,149,600
	2,000,000	3.950%, 04/13/2024		1,988,313
	600,000	2.250%, 09/06/2024		747,305
	1,170,000	4.350%, 04/09/2025		1,153,369
	2,000,000	2.750%, 06/20/2025		1,924,299
		Genuine Parts Co
	200,000	1.750%, 02/01/2025		192,219
		Harley-Davidson Financial Services Inc
	3,000,000	5.125%, 04/05/2026		3,418,912
		Hyundai Capital America
	3,000,000	5.800%, 06/26/2025		3,017,590
	3,500,000	6.000%, 07/11/2025 1		3,529,345
	1,825,000	1.650%, 09/17/2026 1		1,660,157
		IHO Verwaltungs GmbH
	1,600,000	3.750%, 4.50, 09/15/2026		1,746,470
	2,250,000	8.750%, 9.50, 05/15/2028		2,712,002
		Jaguar Land Rover Automotive PLC
	900,000	2.200%, 01/15/2024		992,784
	2,200,000	5.875%, 11/15/2024		2,452,377
	1,100,000	7.750%, 10/15/2025		1,113,355
	1,625,000	4.500%, 07/15/2028		1,757,274
		Kia Corp
	650,000	1.000%, 04/16/2024		641,288
	1,990,000	2.375%, 02/14/2025		1,928,296
	1,200,000	3.250%, 04/21/2026		1,150,841
	3,000,000	1.750%, 10/16/2026		2,740,141
		Mercedes-Benz Finance
		North America LLC
	550,000	4.950%, 03/30/2025 1		550,640
	550,000	4.800%, 03/30/2026 1		550,652
		Nissan Motor Acceptance Co LLC
	3,000,000	1.125%, 09/16/2024 1		2,894,885
	1,000,000	6.950%, 09/15/2026		1,034,009
		Nissan Motor Co Ltd
	4,784,000	3.522%, 09/17/2025 1		4,608,960
	700,000	2.652%, 03/17/2026		754,956
		Toyota Motor Credit Corp
	3,000,000	3.000%, 04/01/2025		2,935,363
		ZF Europe Finance BV
	800,000	2.500%, 10/23/2027		828,807
		ZF Finance GmbH
	3,200,000	3.000%, 09/21/2025		3,459,401
				70,643,620
Banking: 17.5%
		AIB Group PLC
	1,700,000	1.875% (5 Year Swap Rate
		EUR + 2.150%), 11/19/2029 2		1,825,616
	7,100,000	2.875% (5 Year Swap Rate
		EUR + 3.300%), 05/30/2031 2		7,524,711
		Australia & New Zealand
		Banking Group Ltd
	2,700,000	2.950% (5 Year CMT
		Rate + 1.288%), 07/22/2030 1,2		2,566,095
		Banco de Sabadell SA
	900,000	2.500% (5 Year Swap Rate
		EUR + 2.950%), 04/15/2031 2		942,608
		Bank of America Corp
	1,100,000	4.000%, 01/22/2025		1,086,084
	450,000	3.841% (US Secured Overnight
		Financing Rate + 1.110%), 04/25/2025 2		447,211
	1,945,000	4.827% (US Secured Overnight
		Financing Rate + 1.750%), 07/22/2026 2		1,931,669
	900,000	4.376% (US Secured Overnight
		Financing Rate + 1.580%), 04/27/2028 2		880,550

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

30

Low Duration Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 88.7% (Continued)
Banking: 17.5% (Continued)
		Bank of Ireland Group PLC
$	1,650,000	4.875% (1 Year EUR Swap
		Rate + 2.050%), 07/16/2028 2	$	1,906,668
	1,050,000	2.375% (5 Year Swap Rate
		EUR + 2.800%), 10/14/2029 2		1,134,624
	3,910,000	1.375% (5 Year Swap Rate
		EUR + 1.650%), 08/11/2031 2		4,031,490
		Barclays PLC
	2,000,000	7.325% (1 Year CMT
		Rate + 3.050%), 11/02/2026 2		2,067,765
	1,400,000	5.829% (US Secured Overnight
		Financing Rate + 2.210%), 05/09/2027 2		1,413,420
	1,100,000	1.125% (5 Year Swap Rate
		EUR + 1.550%), 03/22/2031 2		1,120,629
		BBVA Bancomer SA
	5,150,000	4.375%, 04/10/2024		5,122,965
		BNP Paribas SA
	3,000,000	2.591% (US Secured Overnight
		Financing Rate + 1.228%), 01/20/2028 2		2,779,692
		BPCE SA
	2,510,000	5.150%, 07/21/2024 1		2,488,928
	6,200,000	4.500%, 03/15/2025 1		6,087,376
		CaixaBank SA
	2,375,000	6.684% (US Secured Overnight
		Financing Rate + 2.080%),
		09/13/2027 1,2		2,437,355
	3,000,000	2.250% (5 Year Swap Rate
		EUR + 1.680%), 04/17/2030 2		3,200,308
	1,800,000	6.250% (5 Year Swap Rate
		EUR + 3.550%), 02/23/2033 2		2,100,174
		Ceska sporitelna AS
	1,200,000	6.693% (3 Month EURIBOR +
		3.700%), 11/14/2025 2		1,352,227
	1,700,000	5.943% (3 Month EURIBOR +
		2.400%), 06/29/2027 2		1,948,712
		Citigroup Inc
	900,000	4.140% (US Secured Overnight
		Financing Rate + 1.372%), 05/24/2025 2		894,855
		Commonwealth Bank of Australia
	2,500,000	1.936% (5 Year Swap Rate
		EUR + 1.450%), 10/03/2029 2		2,691,642
		Cooperatieve Rabobank UA
	3,800,000	4.000% (5 Year Swap Rate
		USD + 1.892%), 04/10/2029 2		3,774,863
		Credit Agricole SA
	5,500,000	1.907% (US Secured Overnight
		Financing Rate + 1.676%),
		06/16/2026 1,2		5,221,674
		Danske Bank A/S
	2,400,000	6.259% (1 Year CMT Rate +
		1.180%), 09/22/2026 1,2		2,443,422
	2,200,000	4.000% (1 Year EUR Swap
		Rate + .950%), 01/12/2027 2		2,448,793
		Danske Bank A/S (Continued)
	1,500,000	2.500% (5 Year Swap Rate
		EUR + 2.500%), 06/21/2029 2		1,638,660
	3,200,000	1.500% (5 Year Swap Rate
		EUR + 1.900%), 09/02/2030 2		3,372,899
	2,000,000	1.000% (5 Year Swap Rate
		EUR + 1.400%), 05/15/2031 2		2,062,271
		Deutsche Bank AG
	200,000	1.000% (3 Month EURIBOR +
		1.600%), 11/19/2025 2		214,786
	2,700,000	3.961% (US Secured Overnight
		Financing Rate + 2.581%), 11/26/2025 2		2,656,633
	2,500,000	6.119% (US Secured Overnight
		Financing Rate + 3.190%), 07/14/2026 2		2,525,746
	1,650,000	7.146% (US Secured Overnight
		Financing Rate + 2.520%), 07/13/2027 2		1,714,023
		HSBC USA Inc
	3,325,000	5.625%, 03/17/2025		3,344,103
		ING Groep NV
	2,700,000	2.500% (5 Year Swap Rate
		EUR + 2.150%), 02/15/2029 2		2,973,365
	900,000	1.625% (5 Year Swap Rate
		EUR + 1.250%), 09/26/2029 2		969,414
		Intesa Sanpaolo SPA
	7,300,000	5.017%, 06/26/2024 1		7,226,629
	1,600,000	3.250%, 09/23/2024 1		1,571,251
	1,000,000	4.375% (5 Year Swap Rate
		EUR + 4.750%), 07/12/2029 2		1,100,057
		Islandsbanki HF
	1,625,000	7.375%, 05/17/2026		1,890,216
		KBC Group NV
	3,300,000	5.796% (1 Year CMT Rate +
		2.100%), 01/19/2029 1,2		3,361,309
	1,600,000	1.625% (5 Year Swap Rate
		EUR + 1.250%), 09/18/2029 2		1,722,837
		Landsbankinn HF
	1,950,000	0.500%, 05/20/2024		2,116,466
	1,600,000	0.375%, 05/23/2025		1,659,343
		Lloyds Banking Group PLC
	5,500,000	5.985% (1 Year CMT Rate +
		1.480%), 08/07/2027 2		5,602,663
		Nationwide Building Society
	2,000,000	1.500% (3 Month EURIBOR +
		.930%), 03/08/2026 2		2,149,667
	625,000	4.000%, 09/14/2026 1		600,589
	3,550,000	2.000% (5 Year Swap Rate
		EUR + 1.500%), 07/25/2029 2		3,846,336
		NatWest Group PLC
	200,000	5.847% (1 Year CMT
		Rate + 1.350%), 03/02/2027 2		201,904
	2,325,000	3.754% (5 Year CMT
		Rate + 2.100%), 11/01/2029 2		2,268,551
		NBK SPC Ltd
	750,000	1.625% (US Secured Overnight
		Financing Rate + 1.050%), 09/15/2027 2		680,012

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

31

Low Duration Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 88.7% (Continued)
Banking: 17.5% (Continued)
		Nordea Bank Abp
$	2,000,000	1.000% (5 Year Swap Rate
		EUR + 1.300%), 06/27/2029 2	$	2,162,609
		Nova Ljubljanska Banka dd
	2,100,000	6.000% (1 Year EUR Swap
		Rate + 4.835%), 07/19/2025 2		2,332,921
	1,100,000	7.125% (1 Year EUR Swap
		Rate + 3.606%), 06/27/2027 2		1,282,268
		Permanent TSB Group Holdings PLC
	2,525,000	6.625% (EURIBOR ICE Swap
		Rate + 3.500%), 04/25/2028 2		2,944,982
		Raiffeisen Bank International AG
	900,000	4.125%, 09/08/2025		999,528
	900,000	1.500% (5 Year Swap Rate
		EUR + 2.150%), 03/12/2030 2		929,059
		Santander UK Group Holdings PLC
	1,500,000	0.391% (EURIBOR ICE Swap
		Rate + .730%), 02/28/2025 2		1,646,431
		SNB Funding Ltd
	2,000,000	2.750%, 10/02/2024		1,953,636
		Societe Generale SA
	1,160,000	5.000%, 01/17/2024		1,159,343
		Standard Chartered PLC
	4,690,000	6.170% (1 Year CMT Rate +
		2.050%), 01/09/2027 2		4,764,100
	1,400,000	3.516% (5 Year CMT Rate +
		1.850%), 02/12/2030 2		1,346,467
	705,000	2.500% (5 Year Swap Rate
		EUR + 2.800%), 09/09/2030 2		753,773
		State Bank of India
	3,450,000	4.375%, 01/24/2024		3,447,775
		UniCredit SPA
	450,000	2.000% (5 Year Swap Rate
		EUR + 2.400%), 09/23/2029 2		485,791
	1,600,000	2.731% (5 Year Swap Rate
		EUR + 2.800%), 01/15/2032 2		1,660,249
		Virgin Money UK PLC
	2,000,000	2.875% (1 Year EUR Swap
		Rate + 3.250%), 06/24/2025 2		2,194,454
	2,050,000	5.125% (UK Government Bonds
		5 Year Note Generic Bid
		Yield + 5.250%), 12/11/2030 2		2,508,121
		Volksbank Wien AG
	2,800,000	5.192% (5 Year Swap Rate
		EUR + 2.550%), 10/06/2027 2		3,098,546
		Westpac Banking Corp
	5,245,000	2.894% (5 Year CMT Rate +
		1.350%), 02/04/2030 2		5,054,271
				172,066,180
Broadcasting: 1.5%
		Netflix Inc
	2,000,000	3.625%, 06/15/2025 1		1,964,460
	4,000,000	4.875%, 04/15/2028		4,057,224
		Pinewood Finance Co Ltd
	500,000	3.250%, 09/30/2025		621,214
		Take-Two Interactive Software Inc
	206,000	5.000%, 03/28/2026		207,076
		Warnermedia Holdings Inc
	7,968,000	3.638%, 03/15/2025		7,800,897
				14,650,871
Building Materials: 0.6%
		James Hardie International Finance DAC
	2,655,000	3.625%, 10/01/2026		2,897,058
	922,000	5.000%, 01/15/2028 1		892,966
		Standard Industries Inc
	2,000,000	2.250%, 11/21/2026		2,094,650
				5,884,674
Cable/Satellite TV: 0.9%
		CCO Holdings LLC / CCO
		Holdings Capital Corp
	3,250,000	5.500%, 05/01/2026		3,230,587
		DISH Network Corp
	2,200,000	11.750%, 11/15/2027 1		2,305,059
		United Group BV
	1,400,000	3.125%, 02/15/2026		1,485,576
	1,360,000	7.252% (3 Month EURIBOR +
		3.250%), 02/15/2026 2		1,503,346
				8,524,568
Capital Goods: 2.2%
		Carrier Global Corp
	2,725,000	5.800%, 11/30/2025 1		2,762,594
		Daimler Truck Finance
		North America LLC
	2,475,000	1.625%, 12/13/2024 1		2,385,609
	1,150,000	3.500%, 04/07/2025 1		1,125,599
		Ingersoll Rand Inc
	1,475,000	5.400%, 08/14/2028		1,522,244
		Regal Rexnord Corp
	1,640,000	6.050%, 02/15/2026		1,659,189
		Traton Finance Luxembourg SA
	4,200,000	0.125%, 11/10/2024		4,484,227
	4,400,000	0.125%, 03/24/2025		4,646,341
	800,000	4.125%, 11/22/2025		890,524
		Westinghouse Air Brake
		Technologies Corp
	2,525,000	4.150%, 03/15/2024		2,514,690
				21,991,017
Chemicals: 2.5%
		Celanese US Holdings LLC
	1,950,000	6.350%, 11/15/2028		2,048,362

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

32

Low Duration Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 88.7% (Continued)
Chemicals: 2.5% (Continued)
		INEOS Finance PLC
$	3,900,000	2.875%, 05/01/2026	$	4,182,490
	1,775,000	6.625%, 05/15/2028		2,015,745
		INEOS Quattro Finance 2 PLC
	2,400,000	2.500%, 01/15/2026		2,573,180
		International Flavors & Fragrances Inc
	4,400,000	1.750%, 03/14/2024		4,833,482
	600,000	1.230%, 10/01/2025 1		555,881
		Nutrien Ltd
	2,000,000	5.900%, 11/07/2024		2,006,483
		Orbia Advance Corp SAB de CV
	1,020,000	4.000%, 10/04/2027		969,197
		Sinochem Offshore Capital Co Ltd
	4,500,000	1.500%, 11/24/2024		4,346,975
				23,531,795
Consumer-Products: 0.7%
		Haleon UK Capital PLC
	4,370,000	3.125%, 03/24/2025		4,271,019
		Haleon US Capital LLC
	381,000	3.375%, 03/24/2027		367,022
		Kenvue Inc
	675,000	5.500%, 03/22/2025		681,184
		Kimberly-Clark de Mexico SAB de CV
	1,791,000	3.250%, 03/12/2025		1,750,613
				7,069,838
Containers: 0.8%
		Amcor Flexibles North America Inc
	850,000	4.000%, 05/17/2025		836,085
		Ball Corp
	3,000,000	0.875%, 03/15/2024		3,287,551
		Berry Global Inc
	350,000	5.500%, 04/15/2028 1		354,825
		Crown European Holdings SA
	2,950,000	2.875%, 02/01/2026		3,203,471
		Trivium Packaging Finance BV
	500,000	7.752% (3 Month EURIBOR +
		3.750%), 08/15/2026 2		553,533
				8,235,465
Diversified Financial Services: 13.6%
		AerCap Ireland Capital DAC /
		AerCap Global Aviation Trust
	1,000,000	4.875%, 01/16/2024		999,387
	1,801,000	3.150%, 02/15/2024		1,794,006
	857,000	1.650%, 10/29/2024		827,485
	2,039,000	2.450%, 10/29/2026		1,889,051
	800,000	6.100%, 01/15/2027		817,830
	2,181,000	6.450%, 04/15/2027 1		2,261,087
		Air Lease Corp
	3,800,000	4.250%, 02/01/2024		3,794,140
	2,560,000	2.200%, 01/15/2027		2,347,002
		AIR Lease Corp Sukuk Ltd
	1,025,000	5.850%, 04/01/2028		1,035,798
		Aircastle Ltd
	3,897,000	4.125%, 05/01/2024		3,867,049
	4,430,000	5.250%, 08/11/2025		4,370,184
		Ares Capital Corp
	1,680,000	4.200%, 06/10/2024		1,664,268
	1,525,000	4.250%, 03/01/2025		1,491,851
	200,000	3.250%, 07/15/2025		191,389
	3,875,000	7.000%, 01/15/2027		3,990,109
		Aviation Capital Group LLC
	1,500,000	5.500%, 12/15/2024 1		1,492,589
	1,000,000	4.125%, 08/01/2025 1		971,533
	4,500,000	3.500%, 11/01/2027 1		4,152,974
		Avolon Holdings Funding Ltd
	2,130,000	5.500%, 01/15/2026 1		2,118,228
	1,425,000	4.250%, 04/15/2026 1		1,377,931
		AXA Logistics Europe Master SCA
	575,000	0.375%, 11/15/2026		577,740
		Blackstone Private Credit Fund
	2,500,000	1.750%, 09/15/2024		2,425,538
		Blue Owl Capital Corp
	2,705,000	4.000%, 03/30/2025		2,630,482
	1,115,000	3.750%, 07/22/2025		1,068,704
		BOC Aviation Ltd
	3,000,000	6.929% (3 Month LIBOR
		USD + 1.300%), 05/21/2025 2		2,994,154
		BOC Aviation USA Corp
	1,000,000	1.625%, 04/29/2024		987,408
		CA Auto Bank SPA
	4,250,000	6.000%, 12/06/2026		5,528,028
		Credit Suisse AG
	6,300,000	5.500%, 08/20/2026		7,314,785
		DAE Funding LLC
	3,850,000	1.550%, 08/01/2024		3,748,952
	5,192,000	2.625%, 03/20/2025		4,986,391
		DAE Sukuk Difc Ltd
	280,000	3.750%, 02/15/2026		269,498
		doValue SPA
	1,750,000	5.000%, 08/04/2025		1,892,961
	1,050,000	3.375%, 07/31/2026		1,048,020
		Encore Capital Group Inc
	1,750,000	4.875%, 10/15/2025		1,934,949
	775,000	5.375%, 02/15/2026		945,454
		Garfunkelux Holdco 3 SA
	2,870,000	6.750%, 11/01/2025		2,529,246
	500,000	7.750%, 11/01/2025		493,142
		Goldman Sachs Group Inc
	2,400,000	3.000%, 03/15/2024		2,386,772
	1,931,000	5.798% (US Secured Overnight
		Financing Rate + 1.075%), 08/10/2026 2		1,950,933
		GTCR W-2 Merger Sub LLC /
		GTCR W Dutch Finance Sub BV
	625,000	8.500%, 01/15/2031		863,774

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

33

Low Duration Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 88.7% (Continued)
Diversified Financial Services: 13.6% (Continued)
		ICD Funding Ltd
$	1,850,000	4.625%, 05/21/2024	$	1,838,741
		Intrum AB
	2,700,000	4.875%, 08/15/2025		2,796,231
	150,000	3.500%, 07/15/2026		141,014
		Jerrold Finco PLC
	1,075,000	4.875%, 01/15/2026		1,326,780
		Macquarie Bank Ltd
	2,100,000	4.875%, 06/10/2025 1		2,075,879
		Macquarie Group Ltd
	5,000,000	6.207%, 11/22/2024 1		5,032,206
		Mirae Asset Securities Co Ltd
	4,780,000	2.625%, 07/30/2025		4,547,573
		Mitsubishi HC Capital UK PLC
	425,000	0.000%, 10/29/2024		453,273
		Morgan Stanley
	600,000	4.679% (US Secured Overnight
		Financing Rate + 1.669%), 07/17/2026 2		594,724
	2,500,000	6.138% (US Secured Overnight
		Financing Rate + 1.770%), 10/16/2026 2		2,547,446
		Nasdaq Inc
	850,000	5.350%, 06/28/2028		875,607
		Park Aerospace Holdings Ltd
	5,320,000	5.500%, 02/15/2024 1		5,310,550
		Power Finance Corp Ltd
	2,000,000	3.250%, 09/16/2024		1,968,930
		REC Ltd
	2,300,000	3.375%, 07/25/2024		2,272,446
	200,000	2.250%, 09/01/2026		184,914
	2,840,000	2.750%, 01/13/2027		2,648,186
		Sherwood Financing PLC
	1,520,000	8.627% (3 Month EURIBOR +
		4.625%), 11/15/2027 2		1,657,025
		Shriram Finance Ltd
	900,000	4.150%, 07/18/2025		862,875
		SoftBank Group Corp
	750,000	3.125%, 01/06/2025		723,656
	1,475,000	4.000%, 07/06/2026		1,388,186
		Synchrony Financial
	3,000,000	4.250%, 08/15/2024		2,968,174
	3,750,000	4.875%, 06/13/2025		3,689,690
				133,934,928
Diversified Media: 0.3%
		Prosus NV
	3,600,000	3.257%, 01/19/2027		3,326,796
Energy: 2.0%
		Blue Racer Midstream LLC /
		Blue Racer Finance Corp
	2,100,000	7.625%, 12/15/2025 1		2,129,511
		CrownRock LP / CrownRock Finance Inc
	2,170,000	5.625%, 10/15/2025 1		2,168,470
		Energy Transfer LP
	1,000,000	4.250%, 04/01/2024		996,352
		MPLX LP
	2,308,000	4.875%, 12/01/2024		2,296,018
		ONEOK Inc
	775,000	5.550%, 11/01/2026		788,993
		Plains All American Pipeline LP /
		PAA Finance Corp
	2,176,000	4.650%, 10/15/2025		2,153,602
		Sabine Pass Liquefaction LLC
	126,000	5.750%, 05/15/2024		125,961
	3,000,000	5.625%, 03/01/2025		3,008,056
		USA Compression Partners LP /
		USA Compression Finance Corp
	1,180,000	6.875%, 09/01/2027		1,167,515
		Williams Cos Inc
	3,000,000	4.550%, 06/24/2024		2,984,412
	1,375,000	5.400%, 03/02/2026		1,389,822
				19,208,712
Food & Drug Retail: 0.2%
		Bellis Acquisition Co PLC
	575,000	3.250%, 02/16/2026		681,952
		Roadster Finance DAC
	800,000	1.625%, 12/09/2024		858,291
				1,540,243
Food/Beverage/Tobacco: 2.8%
		Bacardi Ltd / Bacardi-Martini BV
	500,000	5.250%, 01/15/2029 1		500,269
		Bright Food Singapore Holdings Pte Ltd
	200,000	1.375%, 06/19/2024		217,558
	4,150,000	1.750%, 07/22/2025		4,343,962
		Campbell Soup Co
	3,500,000	3.950%, 03/15/2025		3,448,539
		Coca-Cola Europacific Partners PLC
	1,600,000	1.500%, 01/15/2027 1		1,445,755
		Coca-Cola Icecek AS
	900,000	4.215%, 09/19/2024		889,299
		Conagra Brands Inc
	1,425,000	5.300%, 10/01/2026		1,443,785
		Constellation Brands Inc
	225,000	3.600%, 05/09/2024		223,373
	175,000	4.350%, 05/09/2027		173,734
		Kraft Heinz Foods Co
	2,250,000	3.000%, 06/01/2026		2,163,542
		Louis Dreyfus Co Finance BV
	1,825,000	2.375%, 11/27/2025		1,968,832
		Mondelez International
		Holdings Netherlands BV
	1,500,000	0.750%, 09/24/2024 1		1,446,684
		Sigma Alimentos SA de CV
	2,150,000	2.625%, 02/07/2024		2,368,695

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

34

Low Duration Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 88.7% (Continued)
Food/Beverage/Tobacco: 2.8% (Continued)
		Sysco Corp
$	2,700,000	3.300%, 07/15/2026	$	2,608,831
		Viterra Finance BV
	4,075,000	0.375%, 09/24/2025		4,251,048
				27,493,906
Gaming: 0.8%
		Caesars Entertainment Inc
	1,000,000	6.250%, 07/01/2025 1		1,003,549
		International Game Technology PLC
	2,400,000	3.500%, 06/15/2026		2,639,012
		MGM Resorts International
	1,250,000	6.750%, 05/01/2025		1,254,776
		Playtech PLC
	3,000,000	4.250%, 03/07/2026		3,251,879
				8,149,216
Healthcare: 4.0%
		Amgen Inc
	800,000	1.900%, 02/21/2025		772,846
	500,000	5.250%, 03/02/2025		501,405
	500,000	5.507%, 03/02/2026		500,257
		Baxter International Inc
	1,250,000	1.322%, 11/29/2024		1,204,181
		Cheplapharm Arzneimittel GmbH
	2,800,000	4.375%, 01/15/2028		3,021,799
		CVS Health Corp
	1,250,000	5.000%, 01/30/2029		1,274,502
		Ephios Subco 3 SARL
	1,075,000	7.875%, 01/31/2031		1,230,404
		GE HealthCare Technologies Inc
	2,500,000	5.550%, 11/15/2024		2,501,841
		GN Store Nord AS
	2,070,000	0.875%, 11/25/2024		2,190,431
		Grifols SA
	2,000,000	1.625%, 02/15/2025		2,164,744
		Gruenenthal GmbH
	2,900,000	3.625%, 11/15/2026		3,167,833
		HCA Inc
	1,900,000	5.375%, 02/01/2025		1,898,406
	2,980,000	5.875%, 02/15/2026		3,007,269
	2,104,000	5.200%, 06/01/2028		2,128,770
		IQVIA Inc
	1,675,000	5.700%, 05/15/2028 1		1,702,597
	5,000,000	6.250%, 02/01/2029 1		5,230,495
		MPT Operating Partnership LP /
		MPT Finance Corp
	2,300,000	3.325%, 03/24/2025		2,302,450
	1,300,000	2.500%, 03/24/2026		1,351,385
		Pfizer Investment Enterprises Pte Ltd
	350,000	4.450%, 05/19/2026		349,243
		Phoenix PIB Dutch Finance BV
	400,000	2.375%, 08/05/2025		431,368
		Tenet Healthcare Corp
	3,000,000	4.875%, 01/01/2026		2,968,957
				39,901,183
Homebuilders/Real Estate: 8.4%
		Akelius Residential Property AB
	4,300,000	1.125%, 03/14/2024		4,719,087
		Aldar Sukuk Ltd
	1,200,000	4.750%, 09/29/2025		1,190,998
		American Tower Corp
	1,000,000	0.450%, 01/15/2027		1,010,705
	2,200,000	5.250%, 07/15/2028		2,238,613
		Aroundtown SA
	1,400,000	0.625%, 07/09/2025		1,435,512
		Assemblin Group AB
	1,900,000	8.964% (3 Month EURIBOR +
		5.000%), 07/05/2029 2		2,133,955
		Balder Finland Oyj
	3,380,000	1.000%, 01/18/2027		3,166,366
		Blackstone Property Partners
		Europe Holdings SARL
	3,600,000	2.000%, 02/15/2024		3,961,351
		CTP NV
	2,700,000	0.500%, 06/21/2025		2,810,776
		DIC Asset AG
	600,000	2.250%, 09/22/2026		227,463
		Digital Dutch Finco BV
	2,100,000	0.625%, 07/15/2025		2,197,730
		Fastighets AB Balder
	1,350,000	1.875%, 03/14/2025		1,425,409
	1,100,000	1.875%, 01/23/2026		1,109,322
		Globalworth Real Estate Investments Ltd
	1,100,000	3.000%, 03/29/2025		1,112,398
		GLP Capital LP / GLP Financing II Inc
	1,410,000	3.350%, 09/01/2024		1,392,580
	5,500,000	5.250%, 06/01/2025		5,480,418
		Hammerson PLC
	1,434,000	3.500%, 10/27/2025		1,764,370
	2,100,000	6.000%, 02/23/2026		2,671,301
		Heimstaden Bostad Treasury BV
	1,075,000	4.235% (3 Month EURIBOR +
		.550%), 01/19/2024 2		1,185,824
	2,800,000	0.250%, 10/13/2024		2,916,628
		Ladder Capital Finance Holdings
		LLLP / Ladder Capital Finance Corp
	3,130,000	5.250%, 10/01/2025 1		3,090,513
		Logicor Financing SARL
	4,500,000	0.750%, 07/15/2024		4,853,136
		MasTec Inc
	1,180,000	4.500%, 08/15/2028 1		1,110,502
		NE Property BV
	2,700,000	1.750%, 11/23/2024		2,887,415
	1,400,000	1.875%, 10/09/2026		1,415,076

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

35

Low Duration Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 88.7% (Continued)
Homebuilders/Real Estate: 8.4% (Continued)
		P3 Group SARL
$	1,000,000	0.875%, 01/26/2026	$	1,031,856
		Tritax EuroBox PLC
	600,000	0.950%, 06/02/2026		603,277
		Trust Fibra Uno
	350,000	5.250%, 12/15/2024		346,531
	4,550,000	5.250%, 01/30/2026		4,457,449
		VICI Properties LP / VICI Note Co Inc
	6,200,000	5.625%, 05/01/2024		6,182,494
	2,800,000	4.500%, 09/01/2026		2,712,293
	210,000	4.250%, 12/01/2026		202,310
		WEA Finance LLC / Westfield
		UK & Europe Finance PLC
	1,300,000	3.750%, 09/17/2024 1		1,276,964
		Webuild SPA
	2,425,000	5.875%, 12/15/2025		2,735,704
	200,000	3.875%, 07/28/2026		217,445
	1,300,000	7.000%, 09/27/2028		1,509,480
		Weyerhaeuser Co
	4,325,000	4.750%, 05/15/2026		4,308,475
				83,091,726
Hotels: 1.7%
		Hyatt Hotels Corp
	3,985,000	1.800%, 10/01/2024		3,868,010
	2,550,000	5.375%, 04/23/2025		2,555,333
	1,750,000	5.750%, 01/30/2027		1,789,110
		Marriott International Inc
	1,975,000	3.600%, 04/15/2024		1,965,383
	900,000	5.450%, 09/15/2026		916,334
	725,000	4.900%, 04/15/2029		730,887
		Pterosaur Capital Co Ltd
	2,000,000	1.000%, 09/25/2024		2,119,580
		Whitbread Group PLC
	2,000,000	3.375%, 10/16/2025		2,468,593
				16,413,230
Insurance: 0.4%
		Athora Holding Ltd
	1,900,000	6.625%, 06/16/2028		2,170,546
		Galaxy Bidco Ltd
	900,000	6.500%, 07/31/2026		1,113,342
		Rothesay Life PLC
	450,000	8.000%, 10/30/2025		591,785
				3,875,673
Leisure: 0.4%
		CPUK Finance Ltd
	375,000	3.588%, 08/28/2025		462,715
	510,000	6.500%, 08/28/2026		630,063
		Expedia Group Inc
	1,500,000	6.250%, 05/01/2025 1		1,515,519
	1,225,000	5.000%, 02/15/2026		1,224,718
				3,833,015
Metals/Mining: 0.8%
		Gold Fields Orogen Holdings BVI Ltd
	4,400,000	5.125%, 05/15/2024		4,375,889
		Novelis Corp
	3,000,000	3.250%, 11/15/2026 1		2,825,917
				7,201,806
Paper: 0.5%
		Suzano Austria GmbH
	2,100,000	6.000%, 01/15/2029		2,148,489
		SUZANO INTL FIN B V
		SR GLBL NT5.5% 27
	2,400,000	5.500%, 01/17/2027		2,431,800
				4,580,289
Publishing/Printing: 0.3%
		Informa PLC
	2,800,000	2.125%, 10/06/2025		3,007,070
Railroads: 0.5%
		Canadian Pacific Railway Co
	2,000,000	1.350%, 12/02/2024		1,927,313
		Getlink SE
	2,725,000	3.500%, 10/30/2025		2,984,935
				4,912,248
Services: 2.9%
		Almaviva-The Italian Innovation Co SPA
	2,400,000	4.875%, 10/30/2026		2,623,109
		Aramark International Finance SARL
	1,500,000	3.125%, 04/01/2025		1,652,249
		Arena Luxembourg Finance SARL
	2,000,000	1.875%, 02/01/2028		1,979,802
		Arrow Electronics Inc
	1,055,000	6.125%, 03/01/2026		1,056,369
		Brink’s Co
	3,200,000	5.500%, 07/15/2025		3,187,346
		Kapla Holding SAS
	1,800,000	9.465% (3 Month EURIBOR +
		5.500%), 07/15/2027 2		2,029,580
		Leasys SPA
	5,925,000	4.375%, 12/07/2024		6,555,364
	3,330,000	4.625%, 02/16/2027		3,774,029
		Loxam SAS
	425,000	4.500%, 02/15/2027		469,844
	1,050,000	6.375%, 05/31/2029		1,203,737
		PeopleCert Wisdom Issuer PLC
	1,500,000	5.750%, 09/15/2026		1,645,821
		Techem Verwaltungsgesellschaft
		675 mbH
	1,500,000	2.000%, 07/15/2025		1,623,949
		Zenith Finco PLC
	450,000	6.500%, 06/30/2027		468,192
				28,269,391

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

36

Low Duration Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 88.7% (Continued)
Steel: 0.5%
		ArcelorMittal SA
$	2,550,000	4.875%, 09/26/2026	$	2,907,063
		thyssenkrupp AG
	2,100,000	2.875%, 02/22/2024		2,310,712
				5,217,775
Super Retail: 1.4%
		Alibaba Group Holding Ltd
	3,000,000	3.600%, 11/28/2024		2,943,811
		B&M European Value Retail SA
	850,000	8.125%, 11/15/2030		1,156,449
		Dufry One BV
	3,000,000	2.000%, 02/15/2027		3,106,512
		John Lewis PLC
	1,550,000	6.125%, 01/21/2025		1,971,759
		Tapestry Inc
	1,700,000	5.350%, 11/27/2025		1,916,066
	1,000,000	7.050%, 11/27/2025		1,023,503
		VF Corp
	2,500,000	2.400%, 04/23/2025		2,389,742
				14,507,842
Supranational: 0.5%
		Africa Finance Corp
	1,000,000	3.875%, 04/13/2024		993,143
		Eastern & Southern African Trade
		& Development Bank
	4,200,000	4.875%, 05/23/2024		4,155,774
				5,148,917
Technology: 4.1%
		ams-OSRAM AG
	2,575,000	10.500%, 03/30/2029		3,092,217
		Cellnex Finance Co SA
	3,800,000	2.250%, 04/12/2026		4,078,410
		Clarios Global LP / Clarios US Finance Co
	1,500,000	4.375%, 05/15/2026		1,647,582
		Competition Team Technologies Ltd
	3,000,000	3.750%, 03/12/2024		2,988,675
		Dell International LLC / EMC Corp
	1,199,000	6.020%, 06/15/2026		1,227,715
		Gen Digital Inc
	1,625,000	5.000%, 04/15/2025		1,610,204
		Hewlett Packard Enterprise Co
	5,440,000	5.900%, 10/01/2024		5,456,997
		IPD 3 BV
	1,100,000	8.000%, 06/15/2028		1,299,911
		LG Energy Solution Ltd
	1,830,000	5.750%, 09/25/2028		1,887,602
		Microchip Technology Inc
	1,350,000	0.972%, 02/15/2024		1,342,013
		Oracle Corp
	2,000,000	2.950%, 05/15/2025		1,942,796
	2,500,000	5.800%, 11/10/2025		2,540,382
		Qorvo Inc
	1,450,000	1.750%, 12/15/2024		1,390,753
		SK Hynix Inc
	2,000,000	6.250%, 01/17/2026		2,022,060
	2,000,000	6.375%, 01/17/2028		2,067,172
		VMware Inc
	450,000	1.000%, 08/15/2024		437,211
	1,800,000	4.500%, 05/15/2025		1,783,773
	3,500,000	3.900%, 08/21/2027		3,392,047
				40,207,520
Telecommunications: 3.9%
		Altice Financing SA
	1,500,000	2.250%, 01/15/2025		1,612,553
		AT&T Inc
	1,780,000	5.539%, 02/20/2026		1,780,476
		Bharti Airtel International Netherlands BV
	2,206,000	5.350%, 05/20/2024		2,204,455
		Bharti Airtel Ltd
	4,100,000	4.375%, 06/10/2025		4,044,751
		eircom Finance DAC
	1,600,000	2.625%, 02/15/2027		1,666,263
		Global Switch Holdings Ltd
	2,625,000	1.500%, 01/31/2024		2,890,943
		iliad SA
	1,000,000	2.375%, 06/17/2026		1,059,072
		Matterhorn Telecom SA
	1,600,000	3.125%, 09/15/2026		1,714,426
		PLT VII Finance SARL
	475,000	4.625%, 01/05/2026		522,747
		PPF Telecom Group BV
	5,100,000	2.125%, 01/31/2025		5,524,247
		RCS & RDS SA
	2,400,000	3.250%, 02/05/2028		2,374,618
		Rogers Communications Inc
	844,000	2.950%, 03/15/2025		819,509
		Sprint Spectrum Co LLC / Sprint
		Spectrum Co II LLC /
		Sprint Spectrum Co III LLC
	179,688	4.738%, 03/20/2025 1		178,239
		TDC Net A/S
	1,500,000	5.056%, 05/31/2028		1,724,187
		Telecom Italia SPA
	1,430,000	5.303%, 05/30/2024 1		1,424,408
		T-Mobile USA Inc
	3,000,000	3.500%, 04/15/2025		2,938,833
	2,510,000	2.250%, 02/15/2026		2,380,021
		Verizon Communications Inc
	2,600,000	4.125%, 03/16/2027		2,564,742
				37,424,490
Transportation Excluding Air/Rail: 2.2%
		DP World Ltd
	4,200,000	2.375%, 09/25/2026		4,462,125

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

37

Low Duration Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 88.7% (Continued)
Transportation Excluding Air/Rail: 2.2% (Continued)
		Firstgroup PLC
$	1,375,000	6.875%, 09/18/2024	$	1,763,501
		Gatwick Funding Ltd
	1,700,000	5.250%, 01/23/2024		2,166,141
	200,000	6.125%, 03/02/2026		260,846
		GXO Logistics Inc
	2,175,000	1.650%, 07/15/2026		1,962,714
		Heathrow Funding Ltd
	1,125,000	7.125%, 02/14/2024		1,435,563
		Mundys SPA
	4,000,000	1.875%, 07/13/2027		4,139,181
		Pelabuhan Indonesia Persero PT
	200,000	4.250%, 05/05/2025		196,333
		Penske Truck Leasing Co Lp /
		PTL Finance Corp
	775,000	5.550%, 05/01/2028 1		788,222
		Q-Park Holding I BV
	1,500,000	1.500%, 03/01/2025		1,626,463
	1,800,000	2.000%, 03/01/2027		1,842,057
		Stagecoach Group Ltd
	650,000	4.000%, 09/29/2025		802,563
				21,445,709
Utilities: 1.1%
		Adani Green Energy Up
	950,000	6.250%, 12/10/2024		939,927
		Drax Finco PLC
	4,000,000	2.625%, 11/01/2025		4,283,604
		EEW Energy from Waste GmbH
	1,100,000	0.361%, 06/30/2026		1,110,081
		Tabreed Sukuk Spc Ltd
	750,000	5.500%, 10/31/2025		751,998
		Vena Energy Capital Pte Ltd
	3,300,000	3.133%, 02/26/2025		3,200,815
				10,286,425
TOTAL CORPORATE BONDS
(Cost $856,938,760)				871,551,212
FOREIGN GOVERNMENT NOTE/BOND: 8.7%
Airlines: 0.5%
		Air France-KLM
	2,000,000	7.250%, 05/31/2026		2,360,682
	2,600,000	3.875%, 07/01/2026		2,852,210
				5,212,892
Automotive & Auto Parts: 1.3%
		RCI Banque SA
	4,500,000	4.625%, 07/13/2026		5,083,518
	1,675,000	4.625%, 10/02/2026		1,897,975
		Schaeffler AG
	1,100,000	2.750%, 10/12/2025		1,193,844
		Valeo SE
	700,000	1.500%, 06/18/2025		747,881
	3,600,000	5.375%, 05/28/2027		4,134,710
				13,057,928
Banking: 4.2%
		Abanca Corp Bancaria SA
	2,500,000	5.500% (1 Year EUR Swap
		Rate + 2.250%), 05/18/2026 2		2,806,189
	500,000	4.625% (5 Year Swap Rate
		EUR + 5.014%), 04/07/2030 2		544,345
	2,100,000	8.375% (5 Year Swap Rate
		EUR + 5.245%), 09/23/2033 2		2,502,942
		Argenta Spaarbank NV
	2,600,000	5.375% (1 Year EUR Swap
		Rate + 2.750%), 11/29/2027 2		2,971,926
		Banco Comercial Portugues SA
	600,000	3.871% (5 Year Swap Rate
		EUR + 4.231%), 03/27/2030 2		644,236
		BNP Paribas SA
	1,600,000	2.375% (5 Year Swap Rate
		EUR + 1.850%), 11/20/2030 2		1,717,207
		Commerzbank AG
	5,600,000	4.000% (5 Year Swap Rate
		EUR + 4.350%), 12/05/2030 2		6,082,217
		Credit Agricole SA
	2,300,000	1.625% (5 Year Swap Rate
		EUR + 1.900%), 06/05/2030 2		2,455,513
		Hamburg Commercial Bank AG
	3,600,000	6.250%, 11/18/2024		3,985,948
	2,300,000	0.500% (3 Month
		EURIBOR + .900%), 09/22/2026 2		2,341,553
		KBC Group NV
	200,000	4.375% (3 Month
		EURIBOR + 1.700%), 11/23/2027 2		226,213
		La Banque Postale SA
	3,100,000	0.875% (5 Year Swap Rate
		EUR + 1.380%), 01/26/2031 2		3,197,642
		Societe Generale SA
	8,500,000	1.000% (5 Year Swap Rate
		EUR + 1.550%), 11/24/2030 2		8,808,846
	2,200,000	1.125% (5 Year Swap Rate
		EUR + 1.600%), 06/30/2031 2		2,235,563
		Tatra Banka as
	900,000	5.952% (3 Month EURIBOR +
		2.650%), 02/17/2026 2		1,009,265
				41,529,605
Capital Goods: 0.3%
		Traton Finance Luxembourg SA
	2,200,000	4.125%, 01/18/2025		2,437,834
Containers: 0.2%
		ProGroup AG
	2,000,000	3.000%, 03/31/2026		2,152,698

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

38

Low Duration Fund

SCHEDULE OF INVESTMENTS at December 31, 2023 (Continued)

Principal
Amount†			Value
FOREIGN GOVERNMENT NOTE/BOND: 8.7% (Continued)
Diversified Financial Services: 0.8%
		Aareal Bank AG
$	2,100,000	4.500%, 07/25/2025	$	2,326,822
		ALD SA
	3,700,000	4.612% (3 Month
		EURIBOR + .650%), 10/06/2025 2		4,093,736
		Arval Service Lease SA
	700,000	4.625%, 12/02/2024		776,888
				7,197,446
Homebuilders/Real Estate: 0.5%
		HOWOGE
		Wohnungsbaugesellschaft mbH
	4,500,000	0.000%, 11/01/2024		4,800,818
Hotels: 0.3%
		Accor SA
	2,900,000	3.000%, 02/04/2026		3,085,188
Technology: 0.2%
		Teleperformance SE
	1,600,000	5.250%, 11/22/2028		1,849,452
Telecommunications: 0.4%
		iliad SA
	2,200,000	5.375%, 06/14/2027		2,500,533
	1,200,000	5.375%, 02/15/2029		1,362,489
TOTAL FOREIGN GOVERNMENT NOTE/BOND
(Cost $80,505,983)				85,186,883
CONVERTIBLE BONDS: 2.1%
Banking: 0.8%
		ABN AMRO Bank NV
	500,000	4.750%, 07/28/2025		490,480
		Alpha Bank SA
	3,050,000	7.500% (1 Year EUR Swap
		Rate + 5.084%), 06/16/2027 2		3,576,982
		Australia & New Zealand
		Banking Group Ltd
	800,000	1.125% (5 Year Swap Rate
		EUR + 1.400%), 11/21/2029 2		853,275
		ING Groep NV
	700,000	2.125% (5 Year Swap Rate
		EUR + 2.400%), 05/26/2031 2		738,024
		National Australia Bank Ltd
	500,000	1.699% (UK Government Bonds
		5 Year Note Generic Bid
		Yield + 1.400%), 09/15/2031 2		568,847
		Standard Chartered PLC
	2,310,000	5.200%, 01/26/2024		2,307,559
				8,535,167
Diversified Financial Services: 0.9%
		UBS AG
	8,475,000	5.125%, 05/15/2024		8,415,599
Healthcare: 0.4%
		Organon & Co / Organon Foreign
		Debt Co-Issuer BV
	4,000,000	2.875%, 04/30/2028		4,067,354
TOTAL CONVERTIBLE BONDS
(Cost $20,762,061)				21,018,120
FOREIGN GOVERNMENT AGENCY ISSUE: 1.0%
Agency: 0.5%
		Airport Authority
	2,000,000	4.875%, 01/12/2026		2,010,140
		Indian Railway Finance Corp Ltd
	2,750,000	3.730%, 03/29/2024		2,738,120
				4,748,260
Transportation Excluding Air/Rail: 0.5%
		Pelabuhan Indonesia Persero PT
	5,100,000	4.875%, 10/01/2024		5,065,422
TOTAL FOREIGN GOVERNMENT AGENCY ISSUE
(Cost $9,819,353)				9,813,682
Shares
SHORT-TERM INVESTMENTS: 0.4%
Money Market Funds: 0.4%
	3,816,132	First American Treasury Obligations
		Fund – Class X, 5.285% 3		3,816,132
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,816,132)				3,816,132
TOTAL INVESTMENTS IN SECURITIES: 100.9%
(Cost $971,842,289)				991,386,029
Liabilities in Excess of Other Assets: (0.9)%				(8,531,348	)
TOTAL NET ASSETS: 100.0%			$	982,854,681

PIK – Payment In Kind - represents the security may pay interest in additional par

†	In USD unless otherwise indicated.
1	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Trust’s Board of Trustees.
2	Variable rate security; rate shown is the rate in effect on December 31, 2023. An index may have a negative rate. Interest rate may also be subject to a cap or floor.
3	Annualized seven-day effective yield as of December 31, 2023.

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

39

Low Duration Fund

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at December 31, 2023

The Muzinich Low Duration Fund had the following forward foreign currency exchange contracts outstanding with the U.S. Bancorp Investments, Inc.

			U.S. Dollar Value at						U.S. Dollar Value at				Unrealized Appreciation
Settlement Date	Currency to be Delivered			December 31, 2023			Currency to be Received			December 31, 2023				(Depreciation)
1/17/2024	EUR	33,000,000		$	36,459,666		USD	35,073,989		$	35,073,989			$	1,385,667
1/17/2024	EUR	242,500,000			(267,923,300	)	USD	(256,279,570)			(256,279,570	)			(11,643,730	)
3/19/2024	EUR	199,000,000			(220,407,643	)	USD	(215,519,985)			(215,519,985	)			(4,887,658	)
1/17/2024	GBP	28,800,000			(36,713,968	)	USD	(35,270,765)			(35,270,765	)			(1,443,203	)
				$	(488,585,245	)				$	(471,996,331	)		$	(16,588,914	)

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

40

Muzinich Funds

STATEMENTS OF ASSETS AND LIABILITIES at December 31, 2023

	Credit			Flexible U.S.
	Opportunities			High Yield			Low
	Fund			Income Fund			Duration Fund
ASSETS
Investments in unaffiliated securities, at value
(Cost $260,285,114, $49,380,084, and $971,842,289) (Note 2)	$	266,214,843		$	49,687,562		$	991,386,029
Deposits at broker		639,768			—			3,338,860
Cash		40,946			34,616			1,971
Foreign currency, at value		222,407			2,898			18,745,840
(Cost $219,360, $2,833, and $18,445,876)
Receivables:
Fund shares sold		1,233,811			—			1,578,124
Investment securities sold		1,378			282,729			—
Interest receivable		3,468,916			729,877			12,422,124
Unrealized appreciation on forward foreign currency exchange contracts		65,575			—			1,385,677
Unrealized appreciation on swap contracts		—			—			—
Upfront discount paid		—			—			—
Due from advisor, net		—			214			—
Prepaid expenses		28,881			9,282			25,515
Total assets		271,916,525			50,747,178			1,028,884,140
LIABILITIES
Payables
Investment securities purchased		1,819,475			3,024,578			—
Due to broker		—			—			—
Fund shares redeemed		949,567			—			27,526,783
Fund shares purchased		—			—			—
Distribution to shareholders		1,619,513			124,578			41,932
Unrealized depreciation on forward foreign currency exchange contracts		1,579,492			—			17,974,591
Unrealized depreciation on swap contracts		—			—			—
Investment advisory fees, net		135,614			—			316,799
Fund accounting fees		11,406			6,272			31,866
Administration fees		11,629			3,005			38,180
Transfer agent fees		4,678			701			14,840
Audit fees		26,889			25,260			25,259
Chief Compliance Officer fees		1,561			1,562			1,562
Custody fees		11,555			1,735			34,068
Trustee fees		3,955			2,729			6,066
Shareholder service fees - Institutional Class		10,344			400			—
Other accrued expenses		17,123			10,292			17,513
Total liabilities		6,202,801			3,201,112			46,029,459
NET ASSETS	$	265,713,724		$	47,546,066		$	982,854,681
COMPONENTS OF NET ASSETS
Paid-in capital	$	290,844,990		$	50,606,159		$	1,011,082,342
Total distributable (accumulated) earnings (losses)		(25,131,266	)		(3,060,093	)		(28,227,661	)
Net assets	$	265,713,724		$	47,546,066		$	982,854,681
COMPONENTS OF NET ASSET VALUE (UNLIMITED SHARES AUTHORIZED)
Supra Institutional Class:
Net assets	$	172,046,177		$	44,890,794		$	982,854,681
Shares of beneficial interest issued and outstanding		17,548,624			5,671,642			105,943,532
Net asset value, offering and redemption price per share	$	9.80		$	7.91		$	9.28
Institutional Class:
Net assets	$	93,667,547		$	2,655,272		$	—
Shares of beneficial interest issued and outstanding		9,558,903			335,523			—
Net asset value, offering and redemption price per share	$	9.80		$	7.91		$	—

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

41

Muzinich Funds

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2023

	Credit			Flexible U.S.
	Opportunities			High Yield			Low
	Fund			Income Fund			Duration Fund
INVESTMENT INCOME
Interest	$	12,767,007		$	2,607,324		$	48,492,778
Consent income		45,814			325			9,664
Other income		1,597			605			8,963
Total investment income		12,814,418			2,608,254			48,511,405
EXPENSES
Investment advisory fees		1,718,171			198,552			4,655,683
Administration fees		110,466			29,519			397,036
Fund accounting fees		106,768			61,670			322,646
Custody fees		69,439			31,888			191,682
Shareholder service fees – Institutional Class		69,364			—			—
Registration fees		40,175			35,437			95,164
Transfer agent fees		37,537			6,200			150,770
Miscellaneous expenses		35,990			16,308			94,887
Audit fees		28,534			26,784			26,785
Trustees fees		17,757			16,681			38,178
Chief Compliance Officer fees		15,918			15,926			15,910
Legal fees		11,966			11,185			11,159
Broker interest expense		5,813			—			3,259
Insurance expense		7,220			5,871			11,592
Reports to shareholders		5,038			1,019			192
Interest expense		143			—			—
Total expenses		2,280,299			457,040			6,014,943
Less: advisory fees waived and expenses absorbed		(486,807	)		(247,658	)		(838,624	)
Net expenses		1,793,492			209,382			5,176,319
Net investment income (loss)		11,020,926			2,398,872			43,335,086
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on:
Unaffiliated investments		(10,618,199	)		(1,834,241	)		(1,435,313	)
Foreign currency and foreign currency transactions		176,260			(7	)		1,585,596
Forward foreign currency exchange contracts		(1,788,449	)		—			(13,470,724	)
Futures contracts		53,650			—			(2,605,830	)
Swap contracts		(456,343	)		—			(2,107,829	)
Net realized gain (loss)		(12,633,081	)		(1,834,248	)		(18,034,100	)
Change in net unrealized appreciation/depreciation on:
Unaffiliated investments		22,073,227			3,144,623			43,756,604
Foreign currency and foreign currency translation		(8,842	)		65			329,405
Forward foreign currency exchange contracts		(323,473	)		—			6,060,022
Futures contracts		(313,227	)		—			(1,613,859	)
Swap contracts		—			—			775,024
Change in net unrealized appreciation/depreciation		21,427,685			3,144,688			49,307,196
Net realized and unrealized gain (loss) on investments		8,794,604			1,310,440			31,273,096
Net increase (decrease) in net assets resulting from operations	$	19,815,530		$	3,709,312		$	74,608,182

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

42

Credit Opportunities Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	December 31, 2023			December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	11,020,926		$	9,206,728
Net realized gain (loss) on investments, forward foreign currency exchange contracts,
foreign currency, foreign currency translation, futures contracts and swap contracts		(12,633,081	)		(24,387,211	)
Change in unrealized appreciation/depreciation on investments, forward foreign currency
exchange contracts, foreign currency, foreign currency translation, and futures contracts		21,427,685			(16,500,303	)
Net increase (decrease) in net assets resulting from operations		19,815,530			(31,680,786	)
DISTRIBUTIONS TO SHAREHOLDERS
From earnings:
Supra Institutional Class		(7,416,404	)		(2,954,246	)
Institutional Class		(3,734,658	)		(1,235,062	)
Total distributions to shareholders		(11,151,062	)		(4,189,308	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares –
Supra Institutional Class 1		(43,290,782	)		(18,319,186	)
Net increase (decrease) in net assets derived from net change in outstanding shares –
Institutional Class 1		1,789,766			(26,383,408	)
Total increase (decrease) in net assets from capital share transactions		(41,501,016	)		(44,702,594	)
Total increase (decrease) in net assets		(32,836,548	)		(80,572,688	)
NET ASSETS
Beginning of period/year		298,550,272			379,122,960
End of period/year	$	265,713,724		$	298,550,272

¹ Summary of share transactions is as follows:

	Year Ended						Year Ended
	December 31, 2023						December 31, 2022
Supra Institutional Class:	Shares			Value			Shares			Value
Shares sold		2,292,038		$	22,150,163			5,066,580		$	50,495,038
Shares issued in reinvestment of distributions		507,585			4,927,786			190,238			1,843,100
Shares redeemed 2		(7,290,502	)		(70,368,731	)		(7,211,365	)		(70,657,324	)
Net increase (decrease)		(4,490,879	)	$	(43,290,782	)		(1,954,547	)	$	(18,319,186	)

² Net of redemption fees of $24,052 and $18,708, respectively.

	Year Ended						Year Ended
	December 31, 2023						December 31, 2022
Institutional Class:	Shares			Value			Shares			Value
Shares sold		2,751,721		$	26,606,552			3,655,430		$	35,790,465
Shares issued in reinvestment of distributions		334,533			3,248,634			105,847			1,026,949
Shares redeemed 3		(2,914,677	)		(28,065,420	)		(6,465,646	)		(63,200,822	)
Net increase (decrease)		171,577		$	1,789,766			(2,704,369	)	$	(26,383,408	)

³ Net of redemption fees of $12,085 and $8,528, respectively.

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

43

Flexible U.S. High Yield Income Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	December 31, 2023			December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	2,398,872		$	1,610,898
Net realized gain (loss) on investments		(1,834,248	)		(1,552,344	)
Net change in unrealized appreciation/depreciation on investments		3,144,688			(3,528,347	)
Net increase (decrease) in net assets resulting from operations		3,709,312			(3,469,793	)
DISTRIBUTIONS TO SHAREHOLDERS
From earnings:
Supra Institutional Class		(2,238,150	)		(1,456,056	)
Institutional Class		(162,200	)		(165,401	)
Total distributions to shareholders		(2,400,350	)		(1,621,457	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares –
Supra Institutional Class 1		13,391,700			9,545,078
Net increase (decrease) in net assets derived from net change in outstanding shares –
Institutional Class 1		(304,880	)		(772,476	)
Total increase (decrease) in net assets from capital share transactions		13,086,820			8,772,602
Total increase (decrease) in net assets		14,395,782			3,681,352
NET ASSETS
Beginning of period/year		33,150,284			29,468,932
End of period/year	$	47,546,066		$	33,150,284

¹ Summary of share transactions is as follows:

	Year Ended						Year Ended
	December 31, 2023						December 31, 2022
Supra Institutional Class:	Shares			Value			Shares			Value
Shares sold		2,352,575		$	18,286,607			1,200,467		$	9,520,837
Shares issued in reinvestment of distributions		137,516			1,068,424			77,660			618,326
Shares redeemed		(766,999	)		(5,963,331	)		(76,937	)		(594,085	)
Net increase (decrease)		1,723,092		$	13,391,700			1,201,190		$	9,545,078
	Year Ended						Year Ended
	December 31, 2023						December 31, 2022
Institutional Class:	Shares			Value			Shares			Value
Shares sold		154,839		$	1,200,000			141,026		$	1,100,000
Shares issued in reinvestment of distributions		19,506			151,482			18,848			153,649
Shares redeemed		(208,209	)		(1,656,362	)		(252,842	)		(2,026,125	)
Net increase (decrease)		(33,864	)	$	(304,880	)		(92,968	)	$	(772,476	)

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

44

Low Duration Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	December 31, 2023			December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	43,335,086		$	14,772,823
Net realized gain (loss) on investments, forward foreign currency exchange contracts,
foreign currency, and foreign currency translation		(18,034,100	)		19,486,337
Change in unrealized appreciation/depreciation on investments, forward foreign currency
exchange contracts, foreign currency, and foreign currency translation		49,307,196			(45,051,838	)
Net increase (decrease) in net assets resulting from operations		74,608,182			(10,792,678	)
DISTRIBUTIONS TO SHAREHOLDERS
From earnings:
Supra Institutional Class		(48,879,002	)		(30,455,928	)
Institutional Class 1		—			(6,296	)
Total distributions to shareholders		(48,879,002	)		(30,462,224	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares –
Supra Institutional Class 2		15,874,717			612,902,252
Net increase (decrease) in net assets derived from net change in outstanding shares –
Institutional Class 2		—			(1,387,291	)
Total increase (decrease) in net assets from capital share transactions		15,874,717			611,514,961
Total increase (decrease) in net assets		41,603,897			570,260,059
NET ASSETS
Beginning of period/year		941,250,784			370,990,725
End of period/year	$	982,854,681		$	941,250,784

1	Low Duration Fund – Institutional Class shares converted into Supra Institutional Class shares on close of business November 25, 2022.
2	Summary of share transactions is as follows:

	Year Ended						Year Ended
	December 31, 2023						December 31, 2022
Supra Institutional Class:	Shares			Value			Shares			Value
Shares sold		35,068,403		$	322,905,124			80,598,114		$	748,908,580
Shares sold in connection with the conversion of
Institutional Class shares into Supra Institutional Class shares		—			—			142,567			1,327,298
Shares issued in reinvestment of distributions		5,257,472			48,801,266			3,352,014			30,414,315
Shares redeemed 3		(38,374,770	)		(355,831,673	)		(18,068,126	)		(167,747,941	)
Net increase (decrease)		1,951,105		$	15,874,717			66,024,569		$	612,902,252

³ Net of redemption fees of $249 and $86, respectively.

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

45

Credit Opportunities Fund

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year

	Year Ended December 31,
Supra Institutional Class	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	9.50		$	10.51		$	11.23		$	10.90		$	10.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 1		0.37			0.27			0.32			0.30			0.35
Net realized and unrealized gain (loss) on investments		0.33			(1.15	)		(0.20	)		0.37			0.77
Total from investment operations		0.70			(0.88	)		0.12			0.67			1.12
Redemption fee proceeds		0.00	2		0.00	2		0.00			0.00	2		0.00	2
LESS DISTRIBUTIONS:
From net investment income		(0.40	)		(0.06	)		(0.42	)		(0.27	)		(0.31	)
From return of capital		—			—			—			—			—
From net realized gain		—			(0.07	)		(0.42	)		(0.07	)		(0.40	)
Total distributions		(0.40	)		(0.13	)		(0.84	)		(0.34	)		(0.71	)
Net asset value, end of year	$	9.80		$	9.50		$	10.51		$	11.23		$	10.90
Total return		7.48	%		(8.41	)%		1.11	%		6.30	%		10.77	%
SUPPLEMENTAL DATA:
Net assets, end of year (millions)	$	172.0		$	209.4		$	252.1		$	321.3		$	261.9
Portfolio turnover rate		135	%		168	%		139	%		174	%		293	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		0.77	%		0.80	%		0.76	%		0.75	%		0.76	%
After fees waived and expenses absorbed		0.60	%		0.60	%		0.59	%		0.59	%		0.59	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		3.70	%		2.55	%		2.73	%		2.61	%		3.01	%
After fees waived and expenses absorbed		3.87	%		2.74	%		2.90	%		2.77	%		3.18	%

1	Calculated using the average shares outstanding method.
2	Does not round to $0.01 or $(0.01), as applicable.

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

46

Credit Opportunities Fund

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year

	Year Ended December 31,
Institutional Class	2023			2022			2021			2020			2019
Net asset value, end of year	$	9.50		$	10.50		$	11.22		$	10.89		$	10.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 1		0.37			0.26			0.31			0.30			0.34
Net realized and unrealized gain (loss) on investments		0.32			(1.14	)		(0.20	)		0.36			0.76
Total from investment operations		0.69			(0.88	)		0.11			0.66			1.10
Redemption fee proceeds		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
LESS DISTRIBUTIONS:
From net investment income		(0.39	)		(0.05	)		(0.41	)		(0.26	)		(0.30	)
From return of capital		—			—			—			—			—
From net realized gain		—			(0.07	)		(0.42	)		(0.07	)		(0.40	)
Total distributions		(0.39	)		(0.12	)		(0.83	)		(0.33	)		(0.70	)
Net asset value, end of year	$	9.80		$	9.50		$	10.50		$	11.22		$	10.89
Total return		7.40	%		(8.39	)%		1.02	%		6.24	%		10.60	%
SUPPLEMENTAL DATA:
Net assets, end of year (millions)	$	93.7		$	89.1		$	127.0		$	219.8		$	155.5
Portfolio turnover rate		135	%		168	%		139	%		174	%		293	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		0.85	%		0.87	%		0.84	%		0.81	%		0.82	%
After fees waived and expenses absorbed		0.68	%		0.67	%		0.66	%		0.65	%		0.65	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		3.64	%		2.45	%		2.64	%		2.55	%		2.95	%
After fees waived and expenses absorbed		3.81	%		2.65	%		2.81	%		2.71	%		3.12	%

1	Calculated using the average shares outstanding method.
2	Does not round to $0.01 or $(0.01), as applicable.

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

47

Flexible U.S. High Yield Income Fund

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year

	Year Ended December 31,
Supra Institutional Class	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	7.68		$	9.18		$	9.96		$	9.83		$	9.11
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 1		0.52			0.44			0.51			0.51			0.51
Net realized and unrealized gain (loss) on investments		0.22			(1.49	)		(0.08	)		0.12			0.72
Total from investment operations		0.74			(1.05	)		0.43			0.63			1.23
LESS DISTRIBUTIONS:
From net investment income		(0.51	)		(0.44	)		(0.53	)		(0.50	)		(0.51	)
From net realized gain		—			(0.01	)		(0.68	)		—			—
Total distributions		(0.51	)		(0.45	)		(1.21	)		(0.50	)		(0.51	)
Net asset value, end of year	$	7.91		$	7.68		$	9.18		$	9.96		$	9.83
Total return		9.98	%		(11.61	)%		4.43	%		6.60	%		13.71	%
SUPPLEMENTAL DATA:
Net assets, end of year (millions)	$	44.9		$	30.3		$	25.2		$	62.9		$	43.5
Portfolio turnover rate		76	%		59	%		96	%		113	%		89	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		1.27	%		1.37	%		1.19	%		0.98	%		1.21	%
After fees waived and expenses absorbed		0.58	%		0.58	%		0.58	%		0.58	%		0.58	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		5.96	%		4.66	%		4.50	%		4.97	%		4.68	%
After fees waived and expenses absorbed		6.65	%		5.46	%		5.11	%		5.37	%		5.30	%

¹ Calculated using the average shares outstanding method.

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

48

Flexible U.S. High Yield Income Fund

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year

	Year Ended December 31,
Institutional Class	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	7.68		$	9.19		$	9.97		$	9.84		$	9.12
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 1		0.51			0.44			0.50			0.52			0.51
Net realized and unrealized gain (loss) on investments		0.23			(1.50	)		(0.07	)		0.11			0.72
Total from investment operations		0.74			(1.06	)		0.43			0.63			1.23
LESS DISTRIBUTIONS:
From net investment income		(0.51	)		(0.44	)		(0.53	)		(0.50	)		(0.51	)
From net realized gain		—			(0.01	)		(0.68	)		—			—
Total distributions		(0.51	)		(0.45	)		(1.21	)		(0.50	)		(0.51	)
Net asset value, end of year	$	7.91		$	7.68		$	9.19		$	9.97		$	9.84
Total return		9.98	%		(11.71	)%		4.42	%		6.81	%		13.68	%
SUPPLEMENTAL DATA:
Net assets, end of year (millions)	$	2.7		$	2.8		$	4.2		$	5.9		$	1.6
Portfolio turnover rate		76	%		59	%		96	%		113	%		89	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		1.26	%		1.37	%		1.25	%		0.97	%		1.17	%
After fees waived and expenses absorbed		0.58	%		0.58	%		0.59	%		0.58	%		0.59	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		5.91	%		4.54	%		4.40	%		4.97	%		4.74	%
After fees waived and expenses absorbed		6.59	%		5.34	%		5.06	%		5.36	%		5.32	%

¹ Calculated using the average shares outstanding method.

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

49

Low Duration Fund

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year

	Year Ended December 31,
Supra Institutional Class	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	9.05		$	9.73		$	10.10		$	10.05		$	9.53
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 1		0.39			0.26			0.25			0.27			0.26
Net realized and unrealized gain (loss) on investments		0.29			(0.59	)		—			(0.01	)		0.48
Total from investment operations		0.68			(0.33	)		0.25			0.26			0.74
Redemption fee proceeds		0.00	2		0.00	2		—			—			—
LESS DISTRIBUTIONS:
From net investment income		(0.45	)		(0.10	)		(0.62	)		(0.21	)		(0.13	)
From net realized gain		—			(0.25	)		—			—			(0.09	)
Total distributions		(0.45	)		(0.35	)		(0.62	)		(0.21	)		(0.22	)
Net asset value, end of year	$	9.28		$	9.05		$	9.73		$	10.10		$	10.05
Total return		7.63	%		(3.41	)%		2.50	%		2.64	%		7.86	%
SUPPLEMENTAL DATA:
Net assets, end of year (millions)	$	982.9		$	941.3		$	369.5		$	592.5		$	732.0
Portfolio turnover rate		49	%		26	%		69	%		75	%		47	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		0.58	%		0.61	%		0.62	%		0.62	%		0.59	%
After fees waived and expenses absorbed		0.50	%		0.50	%		0.49	%		0.49	%		0.49	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		4.11	%		2.71	%		2.32	%		2.66	%		2.50	%
After fees waived and expenses absorbed		4.19	%		2.83	%		2.46	%		2.77	%		2.60	%

1	Calculated using the average shares outstanding method.
2	Does not round to $0.01 or $(0.01), as applicable.

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

50

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS December 31, 2023

NOTE 1 – ORGANIZATION

The Muzinich Credit Opportunities Fund (“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 performance history of the Fund commenced on January 3, 2013, March 27, 2017, and June 30, 2016, respectively.

The Funds offer two classes of shares: Institutional shares, and Supra Institutional shares (Class A shares are not available for purchase). Each class of shares has equal rights as to earnings and assets except that each class bears different distribution and shareholder servicing expenses. Each class of shares has exclusive voting rights with respect to matters that affect just that class. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on its relative net assets. Currently, the Credit Opportunities Fund offers Supra Institutional and Institutional Class shares, the 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 Credit Opportunities 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”).

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.

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.

51

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS December 31, 2023 (Continued)

Pursuant to Rule 2a-5 under the 1940 Act, the Board has adopted a Valuation Policy designating Muzinich & Co., Inc. (the “Adviser”) as the Funds’ Valuation Designee. Under Rule 2a-5, the Valuation Designee shall determine the fair value of securities for which readily available market quotes are not available in accordance with procedures approved by the Board.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis.  U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 –	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 –	Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Credit Opportunities Fund
Description	Level 1		Level 2			Level 3		Total
Assets:
Corporate Bonds	$	—	$	203,708,797		$	—	$	203,708,797
U.S. Government Note/Bond		—		37,981,020			—		37,981,020
Foreign Government Note/ Bond		—		11,121,183			—		11,121,183
Bank Loans		—		6,286,747			—		6,286,747
Convertible Bonds		—		2,513,305			—		2,513,305
Foreign Government Agency Issue		—		1,096,112			—		1,096,112
Money Market Fund		3,507,679		—			—		3,507,679
Total Assets	$	3,507,679	$	262,707,164		$	—	$	266,214,843
Other Financial Instruments1:
Forward Foreign Currency Exchange Contracts	$	—	$	(1,513,917	)	$	—	$	(1,513,917	)
	$	—	$	(1,513,917	)	$	—	$	(1,513,917	)

¹ Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and are presented at the net unrealized appreciation/(depreciation) on the instruments.

52

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS December 31, 2023 (Continued)

Flexible U.S. High Yield Income Fund
Description	Level 1		Level 2			Level 3		Total
Assets:
Corporate Bonds	$	—	$	34,396,677		$	—	$	34,396,677
Bank Loans		—		12,140,337			—		12,140,337
Money Market Fund		3,150,548		—			—		3,150,548
Total Assets	$	3,150,548	$	46,537,014		$	—	$	49,687,562
Low Duration Fund
Description	Level 1		Level 2			Level 3		Total
Assets:
Corporate Bonds	$	—	$	871,551,212		$	—	$	871,551,212
Foreign Government Note/Bond		—		85,186,883			—		85,186,883
Convertible Bonds		—		21,018,120			—		21,018,120
Foreign Government Agency Issue		—		9,813,682			—		9,813,682
Money Market Fund		3,816,132		—			—		3,816,132
Total Assets	$	3,816,132	$	987,569,897		$	—	$	991,386,029
Other Financial Instruments1:
Forward Foreign Currency Exchange Contracts	$	—	$	(16,588,914	)	$	—	$	(16,588,914	)
	$	—	$	(16,588,914	)	$	—	$	(16,588,914	)

¹ Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and are presented at the net unrealized appreciation/(depreciation) on the instruments.

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

The Advisor, as the Funds’ Valuation Designee, oversees valuation techniques.

The Funds have provided additional disclosures below regarding derivatives and hedging activity intending to improve financial reporting by enabling investors to understand how and why the Funds use forward contracts and swap contracts (types of derivatives), how they are accounted for, and how they affect an entity’s results of operations and financial position. The Funds may use derivatives in various ways. The Funds may, but are not required to, use derivatives for risk management purposes or as part of its investment strategies. Derivatives are financial contracts whose values depend on, or are derived from, the value of an underlying asset, reference rate or index. The Funds may use derivatives to earn income and enhance returns, to hedge or adjust the risk profile of its portfolio, to replace more traditional direct investments and to obtain exposure to otherwise inaccessible markets.

The average notional value of forward foreign currency exchange contracts outstanding during the year ended December 31, 2023 for the Credit Opportunities Fund, and Low Duration Fund was $85,316,274, and $605,625,626, respectively. Forward foreign currency exchange contracts entered into during the year ended December 31, 2023 were with the U.S. Bank NA for the Credit Opportunities Fund, and the Low Duration Fund. The Credit Opportunities Fund’s average notional value when in use of exchange traded futures contracts outstanding during the year ended December 31, 2023 was $14,610,176 and were entered into with Morgan Stanley. The Credit Opportunities Fund entered into swap contract transactions with Bank of America N.A., Barclay Investments Ltd., BNP Paribas Brokerage Services Inc., Deutsche Bank Trust Co., Goldman Sachs & Co., and J.P. Morgan Chase during the year ended December 31, 2023, at an average transaction notional value of $8,250,000, $5,966,667, $7,510,714, $5,350,000, $6,025,000, and $8,200,000, respectively. The Low Duration Fund entered into swap contract transactions with Banc/America Secur.LLC Montgomey Div, Barclay Investments Ltd, Citigroup, and Merrill Lynch Inc. during the year ended December 31, 2023, at an average transaction notional value of $13,500,000, $3,515,500, $3,375,000, and $9,000,500, 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

53

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NOTES TO FINANCIAL STATEMENTS December 31, 2023 (Continued)

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 LiabilitiesFair values of derivative instruments as of December 31, 2023:

Credit Opportunities Fund

	Asset Derivatives as of December 31, 2023			Liability Derivatives as of December 31, 2023
Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Forward Foreign Currency	Unrealized Appreciation on			Unrealized Depreciation on
Exchange Contracts	Forward Foreign Currency			Forward Foreign Currency
	Exchange Contracts	$	65,575	Exchange Contracts	$	1,579,492
		$	65,575		$	1,579,492
Credit Default –	Unrealized Appreciation on			Unrealized Depreciation on
Swap Contracts	Swap Contracts	$	—	Swap Contracts	$	—
		$	—		$	—
Low Duration Fund
	Asset Derivatives as of December 31, 2023			Liability Derivatives as of December 31, 2023
Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Forward Foreign Currency	Unrealized Appreciation on			Unrealized Depreciation on
Exchange Contracts	Forward Foreign Currency			Forward Foreign Currency
	Exchange Contracts	$	1,385,677	Exchange Contracts	$	17,974,591
		$	1,385,677		$	17,974,591
Credit Default –	Unrealized Appreciation on			Unrealized Depreciation on
Swap Contracts	Swap Contracts	$	—	Swap Contracts	$	—
		$	—		$	—

Statements of Operations

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2023:

Credit Opportunities Fund

	Location of Gain (Loss)	Realized Gain (Loss)			Change in Unrealized
	on Derivatives	on Derivatives			Appreciation/Depreciation on
Instrument	Recognized in Income	Recognized in Income			Derivatives Recognized in Income
Forward Foreign Currency	Net realized and unrealized
Exchange Contracts	gain (loss) on forward foreign
	currency exchange contracts	$	(1,788,449	)		$	(323,473	)
Credit Default –	Net realized and unrealized
Swap Contracts	gain (loss) on swap contracts		(456,343	)			—
Futures Contracts	Net realized and unrealized
	gain (loss) on futures contracts		53,650				(313,227	)
		$	(2,191,142	)		$	(636,700	)

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Muzinich Funds

NOTES TO FINANCIAL STATEMENTS December 31, 2023 (Continued)

Low Duration Fund
	Location of Gain (Loss)	Realized Gain (Loss)			Change in Unrealized
	on Derivatives	on Derivatives			Appreciation/Depreciation on
Instrument	Recognized in Income	Recognized in Income			Derivatives Recognized in Income
Forward Foreign Currency	Net realized and unrealized
Exchange Contracts	gain (loss) on forward foreign
	currency exchange contracts	$	(13,470,724	)		$	6,060,022
Credit Default –	Net realized and unrealized
Swap Contracts	gain (loss) on swap contracts		(2,107,829	)			775,024
Futures Contracts	Net realized and unrealized
	gain (loss) on futures contracts		(2,605,830	)			(1,613,859	)
		$	(18,184,383	)		$	5,221,187

	The Flexible U.S. High Yield Income Fund did not have derivatives activity during the year ended December 31, 2023.
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 Credit Opportunities Fund and Low Duration Fund had swap contracts activity during the year ended December 31, 2023. Realized and unrealized gains and losses are included in the Statements of Operations. The Flexible U.S. High Yield Income Fund did not have swap contracts activity during the year ended December 31, 2023.
C.	Futures Contracts. Each Fund may purchase or sell futures contracts and options thereon to hedge against changes in interest rates, securities (through index futures or options) or currencies. The purchase of futures contracts may be more efficient or cost effective than actually buying the underlying securities or assets. A futures contract is an agreement that obligates the buyer to buy and the seller to sell a specified quantity of an underlying asset (or settle for cash the value of a contract based on an underlying asset, rate or index) at a specific price on the contract maturity date. Upon entering into a futures contract, each Fund is required to pledge to the counterparty an amount of cash, U.S. Government securities or other high quality debt securities equal to the minimum “initial margin” requirements of the exchange or the broker. Pursuant to a contract entered into with a futures commission merchant, each Fund agrees to receive from or pay to the firm an amount of cash equal to the cumulative daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized gains or losses. When the contract is closed, the Funds record a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Each Fund will cover its current obligations under futures contracts by the segregation of liquid assets or by entering into offsetting transactions or owning positions covering its obligations. The Funds’ use of futures contracts may involve risks that are different from, or possibly greater than, the risks associated with investing directly in securities or other more traditional instruments. These risks include the risk that the value of the futures contracts may not correlate perfectly, or at all, with the value of the assets, reference rates, or indexes that they are designed to track. Other risks include: an illiquid secondary market for a particular instrument and possible exchange- imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; the risk that adverse price movements in an instrument can result in a loss substantially greater than the Funds’ initial investment in that instrument (in some cases, the potential loss is unlimited); and the risk that a counterparty will not perform its obligations. The Credit Opportunities Fund and Low Duration Fund had futures contracts activity during the year ended December 31, 2023. Realized and unrealized

55

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NOTES TO FINANCIAL STATEMENTS December 31, 2023 (Continued)

	gains and losses are included in the Statements of Operations. The Flexible U.S. High Yield Income Fund did not have futures contracts activity during the year ended December 31, 2023.
D.	Forward Foreign Currency Exchange Contracts. During the year ended December 31, 2023, the Credit Opportunities Fund and Low Duration Fund entered into transactions to purchase or sell foreign currencies to protect the U.S. dollar value of the underlying non-U.S. portfolio securities against the effect of possible adverse movements in foreign exchange rates. When entering into a forward foreign currency exchange contract, the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. The unrealized gain or loss on the contracts and the forward rates at the reporting date is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. The Flexible U.S. High Yield Income Fund did not have forward foreign currency exchange contract activity during the year ended December 31, 2023.
E.	Foreign Currency. Foreign currency amounts, other than the cost of investments, are translated into U.S. dollar values based upon the spot exchange rate prior to the close of regular trading. The cost of investments is translated at the rates of exchange prevailing on the dates the portfolio securities were acquired. The Funds include foreign exchange gains and losses from interest receivable and other foreign currency denominated payables and receivables in “Change in net unrealized appreciation/depreciation on foreign currency translation” and “Net realized gain (loss) on foreign currency.” The Funds do not isolate that portion of realized and unrealized gain (loss) on investments resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the market price of securities for financial reporting purposes. Fluctuations in foreign exchange rates on investments are thus included in “Change in net unrealized appreciation/depreciation on investments” and “Net realized gain (loss) on investments” as shown in the Statements of Operations.
F.	Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.
	In order to avoid imposition of the excise tax applicable to regulated investment companies, each Fund intends to declare each year as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.
	Net capital losses incurred after October 31, and within the taxable year, are deemed to arise on the first business day of each Fund’s next taxable year.
	As of December 31, 2023, the Credit Opportunities Fund, Flexible U.S. High Yield Income Fund, and Low Duration Fund, did not defer any post-October losses as of December 31, 2023.
	As of December 31, 2023, the Funds had the following capital loss carryovers, which do not expire and retain their original character.

	Credit Opportunities Fund			Flexible U.S. High Yield Income Fund			Low Duration Fund
Short-Term Capital Loss Carryovers		$	23,526,074		$	1,140,618		$	18,172,752
Long-Term Capital Loss Carryovers			9,549,093			2,238,817			31,125,044
Total		$	33,075,167		$	3,379,435		$	49,297,796

As of December 31, 2023, the Funds did not have any tax positions that did not meet the “more likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdictions as U.S. Federal and the Commonwealth of Massachusetts; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

G.

Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends and interest have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.

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Muzinich Funds

NOTES TO FINANCIAL STATEMENTS December 31, 2023 (Continued)

H.	Distributions to Shareholders. Distributions to shareholders from net investment income for the Credit Opportunities Fund normally are declared and paid on a quarterly basis. Distributions to shareholders from net investment income for the 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.
I.	Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.
J.	Share Valuation. The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for each Fund is equal to each Fund’s net asset value per share. The Funds charge a 1% redemption fee on shares held less than 90 days. The fee is deducted from the redemption proceeds otherwise payable to the shareholder. The Funds will retain the fee charged as paid-in capital and such fees become part of that Funds’ daily NAV calculation.
K.	Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
L.	Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board approved liquidity risk management program that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any investment that each Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.
M.	Variable and Floating Rate Securities. The Funds may invest in variable and floating rate securities. Fixed income securities that have variable or floating rates of interest may, under certain limited circumstances, have varying principal amounts. These securities pay interest at rates that are adjusted periodically according to a specified formula, usually with reference to one or more interest rate indices or market interest rates (the “underlying index”). The interest paid on these securities is a function primarily of the underlying index upon which the interest rate adjustments are based. These adjustments minimize changes in the market value of the obligation. Similar to fixed rate debt instruments, variable and floating rate instruments are subject to changes in value based on changes in market interest rates or changes in the issuer’s creditworthiness. The rate of interest on securities may be tied to U.S. Government Securities or indices on those securities as well as any other rate of interest or index.
	Variable and floating rate demand notes of corporations are redeemable upon a specified period of notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying interest rates under direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days’ notice.
	Certain securities may have an initial principal amount that varies over time based on an interest rate index, and, accordingly, a Fund might be entitled to less than the initial principal amount of the security upon the security’s maturity. A Fund intends to purchase these securities only when the Advisor believes the interest income from the instrument justifies any principal risks associated with the instrument. The Advisor may attempt to limit any potential loss of principal by purchasing similar instruments that are intended to provide an offsetting increase in principal. There can be no assurance that the Advisor will be able to limit the effects of principal fluctuations and, accordingly, a Fund may incur losses on those securities even if held to maturity without issuer default.
N.	When-Issued Securities and Forward Commitments. The Funds may purchase securities offered on a “when-issued” and “forward commitment” basis (including a delayed delivery basis). Securities purchased on a “when-issued” or “forward commitment basis” are securities not available for immediate delivery despite the fact that a market exists for those securities. A purchase is made on a “delayed delivery” basis when the transaction is structured to occur sometime in the future.

57

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS December 31, 2023 (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.
O.	Deposits at Broker. Deposits at broker represents amounts that are held by third parties under certain of the Funds’ derivative transactions. Such deposits are excluded from cash and equivalents in the Statements of Assets and Liabilities. Interest income earned on such deposits is recorded in “Other income” on the Statements of Operations, if applicable.
P.	Offsetting Agreements. The Funds may be subject to netting arrangements, which govern the terms of certain transactions with counterparties. The arrangements allow the Funds to close out and net its total exposure to a counterparty in the event of a default with respect to all transactions governed under a single agreement with a counterparty.
	The following table presents derivative financial instruments that are subject to enforceable netting arrangements, collateral arrangements or other similar agreements as of December 31, 2023:

Credit Opportunities Fund
			Gross Amounts Offset		Net Amounts Presented					Cash Collateral
			in the Statements		in the Statements		Financial			Pledged
Description	Gross Amounts		of Assets and Liabilities		of Assets and Liabilities		Instruments			(Received)		Net Amount
Assets
Forward foreign
currency exchange
contracts	$	65,575	$	—	$	65,575	$	(65,575	)	$	—	$	—
Liabilities
Forward foreign
currency exchange
contracts		1,579,492		—		1,579,492		(65,575	)		—		1,513,917
Low Duration Fund
			Gross Amounts Offset		Net Amounts Presented					Cash Collateral
			in the Statements		in the Statements		Financial			Pledged
Description	Gross Amounts		of Assets and Liabilities		of Assets and Liabilities		Instruments			(Received)		Net Amount
Assets
Forward foreign
currency exchange
contracts	$	1,385,677	$	—	$	1,385,677	$	(1,385,677	)	$	—	$	—
Liabilities
Forward foreign
currency exchange
contracts		17,974,591		—		17,974,591		(1,385,677	)		—		16,588,914

The above forward foreign currency exchange contracts had Bank of New as their counterparty.

Q.

Recently Issued Accounting Pronouncements. In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 202203 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on their financial statements.

58

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS December 31, 2023 (Continued)

R. 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. For the year ended December 31, 2023, the following adjustments were made:

	Distributable (Accumulated)
	Earnings (Losses)			Paid-In Capital
Credit Opportunities Fund		$	—	$	—
U.S. High Yield Fund			—		—
Low Duration Fund			—		—

	For the year ended December 31, 2023, there were no adjustments made.
S.	Subsequent Events. In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds have determined that there were no subsequent events that would need to be disclosed in the Funds’ financial statements.

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Muzinich & Co., Inc. (the “Advisor”) provides the Funds with investment management services under an Investment Advisory Agreement (the “Advisory Agreement”). Under the Advisory Agreement, the Advisor furnishes all investment advice, office space, facilities, and most of the personnel needed by each Fund. As compensation for its services, the Advisor is entitled to receive a monthly fee. For the Credit Opportunities Fund, the Advisor is entitled to a monthly fee at the annual rate of 0.60% based upon the average daily net assets of the Fund. For the 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 year ended December 31, 2023, are disclosed in the Statements of Operations. The investment advisory fees incurred are paid monthly to the Advisor, net of any monthly waiver or reimbursement discussed below.

The Advisor has contractually agreed to waive its fees and reimburse certain expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) to limit total expenses to 0.60%, 0.58%, and 0.50% of the Credit Opportunities Fund’s, Flexible U.S. High Yield Income Fund’s, and Low Duration Fund’s average daily net assets, respectively. The Operating Expenses Limitation Agreements have an indefinite term and may be terminated at any time, and without payment of any penalty, by the Board, on behalf of the Funds, upon sixty (60) days’ written notice to the Advisor. Any fees waived and/or Fund expenses absorbed by the Advisor pursuant to an agreed-upon expense cap shall be reimbursed by the Funds to the Advisor, if so requested by the Advisor, any time before the end of the third year following the fee waiver and/or expense absorption, provided the aggregate amount of the Funds’ current operating expenses for such year does not exceed the lesser expense cap in place at the time of waiver or at the time of reimbursement. The Funds must pay their current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is also contingent upon the Board’s review and approval. The amounts of fees waived and expenses absorbed by the Advisor during the year ended December 31, 2023, 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, 2023, 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	Credit Opportunities Fund			Flexible U.S. High Yield Income Fund			Low Duration Fund
December 31, 2024		$	759,811		$	221,222		$	453,932
December 31, 2025			666,995			233,047			596,208
December 31, 2026			486,807			247,658			838,624
Total		$	1,913,613		$	701,927		$	1,888,764

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 year ended December 31, 2023, are disclosed in the Statements of Operations.

59

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS December 31, 2023 (Continued)

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

The Funds have adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act with respect to Class A shares. The Distribution Plan provides that each Fund may pay a fee to the Distributor, at an annual rate of up to 0.25% of the average daily net assets of Class A shares. No distribution fees are paid by Supra Institutional or Institutional Class shares. These fees may be used by the Distributor to provide compensation for sales support, distribution activities, or shareholder servicing activities. As of December 31, 2023, Class A shares are not offered for the Flexible U.S. High Yield Income Fund and Low Duration Fund.

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 year ended December 31, 2023, are disclosed in the Statements of Operations. As of December 31, 2023, Class A shares are not offered for the Flexible U.S. High Yield Income Fund, and Low Duration Fund.

NOTE 4 – PURCHASES AND SALES OF SECURITIES

For the year ended December 31, 2023, the cost of purchases and proceeds from the sales and maturities of securities, excluding short-term investments, were as follows:

	Purchases		Sales/Maturities
Credit Opportunities Fund	$	365,611,969	$	405,168,935
Flexible U.S. High Yield Income Fund		39,315,421		26,674,266
Low Duration Fund		530,869,323		466,445,112

For the year ended December 31, 2023, 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
Credit Opportunities Fund	$	136,520,622	$	152,816,600

There were no purchases or sales/maturities of long-term U.S. Government securities for the Flexible U.S. High Yield Income Fund, and Low Duration Fund during the year ended December 31, 2023.

NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the year ended December 31, 2023, and the year ended December 31, 2022, was as follows:

	Ordinary Income
	December 31, 2023		December 31, 2022
Credit Opportunities Fund	$	11,151,062	$	2,492,808
Flexible U.S. High Yield Income Fund		2,400,350		1,594,661
Low Duration Fund		48,879,002		15,860,634
	Long-Term Capital Gains1
	December 31, 2023		December 31, 2022
Credit Opportunities Fund	$	—	$	1,696,500
Flexible U.S. High Yield Income Fund		—		26,796
Low Duration Fund		—		14,601,590

¹ Designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3).

The Funds also designate as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

60

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS December 31, 2023 (Continued)

The cost basis of investments for federal income tax purposes as of the most recent fiscal year ended December 31, 2023, was as follows:

	Credit			Flexible U.S.
	Opportunities			High Yield			Low
	Fund			Income Fund			Duration Fund
Cost of Investments	$	260,285,114		$	49,387,231		$	971,842,289
Gross tax unrealized appreciation		9,904,838			982,072			33,637,648
Gross tax unrealized depreciation		(3,975,109	)		(681,741	)		(14,093,908	)
Net tax unrealized appreciation (depreciation)		5,929,729			300,331			19,543,740
Undistributed ordinary income (loss)		1,989,759			18,946			1,105,814
Undistributed long-term capital gains (losses)		—			—			—
Total distributable earnings		1,989,759			18,946			1,105,814
Other distributable (accumulated) gains (losses)		(33,050,754	)		(3,379,370	)		(48,877,215	)
Total distributable (accumulated) earnings (losses)	$	(25,131,266	)	$	(3,060,093	)	$	(28,227,661	)

NOTE 6 – CREDIT FACILITY

U.S. Bank N.A. has made available to the Credit Opportunities Fund, 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 year ended December 31, 2023, are as follows:

Credit Opportunities Fund
Maximum available credit	$	15,000,000
Largest amount outstanding on an individual day		—
Average daily loan outstanding when in use		—
Credit facility outstanding as of December 31, 2023		—
Average interest rate when in use		0.00	%
Flexible U.S. High Yield Income Fund
Maximum available credit	$	4,000,000
Largest amount outstanding on an individual day		—
Average daily loan outstanding when in use		—
Credit facility outstanding as of December 31, 2023		—
Average interest rate when in use		0.00	%
Low Duration Fund
Maximum available credit	$	75,000,000
Largest amount outstanding on an individual day		10,657,000
Average daily loan outstanding when in use		1,699,933
Credit facility outstanding as of December 31, 2023		—
Average interest rate when in use		8.30	%

Interest expense for the year ended December 31, 2023, is disclosed in the Statements of Operations, if applicable.

NOTE 7 – RISKS ASSOCIATED WITH THE DISCONTINUATION OF THE LONDON INTERBANK OFFERED RATE (“LIBOR”)

Several of the Funds invest in corporate bonds that have interest rate provisions linked to LIBOR. LIBOR is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for such loans. It is expected that a number of private-sector banks currently reporting information used to set LIBOR will stop doing so after 2021 when their current reporting commitment ends, which could either cause LIBOR to stop publication immediately or cause LIBOR’s regulator to determine that its quality has degraded to the degree that it is no longer representative of its underlying market. The expected discontinuation of LIBOR may impact the functioning, liquidity, and value of these.

61

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 statement of assets and liabilities of 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 schedule of investments, as of December 31, 2023, the related statement 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, 2023, 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, 2023 by correspondence with the custodian and brokers or through other appropriate auditing procedures where replies from brokers were unable to be obtained.  We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

February 29, 2024

62

Muzinich Funds

EXPENSE EXAMPLES For the Six Months Ended December 31, 2023 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, service fees, and other Fund expenses.  These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.  These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 – December 31, 2023).

Actual Expenses

The “Actual” lines for each respective class of the following tables provide information about actual account values based on actual returns and actual expenses. You will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by Fund Services, the Funds’ transfer agent.  If you request that a redemption be made by wire transfer, Fund Services currently charges a $15.00 fee.  The Funds charge a redemption fee equal to 1.00% of the net amount of the redemption if you redeem shares within 90 calendar days after you purchase them.  To the extent the Funds invest in shares of other investment companies as part of their strategies, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Funds invest in addition to the expenses of the Funds.  Actual expenses of the underlying funds may vary.  These expenses are not included in the following examples.

The following examples include, but are not limited to, investment advisory fees, shareholder servicing fees, fund accounting fees, fund administration fees, custody fees, and transfer agent fees.  However, the following examples do not include portfolio trading commissions and related expenses.  You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period.  Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line for each respective class of the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.  You may use this information to compare the ongoing costs of investing in the Funds and other funds.  To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.  Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees.  Therefore, each hypothetical line of the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.  In addition, if these transactional costs were included, your costs would have been higher.

Credit Opportunities Fund

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	7/1/2023	12/31/2023	7/1/2023 – 12/31/2023 1
Supra Institutional Class Actual	$1,000.00	$1,051.40	$3.12
Hypothetical (5% annual return before taxes)	$1,000.00	$1,022.17	$3.07
	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	7/1/2023	12/31/2023	7/1/2023 – 12/31/2023 1
Institutional Class Actual	$1,000.00	$1,051.40	$3.50
Hypothetical (5% annual return before taxes)	$1,000.00	$1,021.79	$3.45

¹ Expenses are equal to the annualized net expense ratio for the most recent six-month period.  The annualized six-month expense ratios for Supra Institutional Class and Institutional Class shares were 0.60% and 0.67% (reflecting fee waivers in effect), respectively, multiplied by the average account value over the period multiplied by 184/365 (to reflect the one half-year period).

63

Muzinich Funds

EXPENSE EXAMPLES For the Six Months Ended December 31, 2023 (Unaudited) (Continued)

Flexible U.S. High Yield Income Fund
	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	7/1/2023	12/31/2023	7/1/2023 – 12/31/2023 2
Supra Institutional Class Actual	$1,000.00	$1,052.40	$3.00
Hypothetical (5% annual return before taxes)	$1,000.00	$1,022.28	$2.96
	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	7/1/2023	12/31/2023	7/1/2023 – 12/31/2023 2
Institutional Class Actual	$1,000.00	$1,052.40	$2.98
Hypothetical (5% annual return before taxes)	$1,000.00	$1,022.30	$2.94
Low Duration Fund
	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	7/1/2023	12/31/2023	7/1/2023 – 12/31/2023 3
Supra Institutional Class Actual	$1,000.00	$1,049.40	$2.60
Hypothetical (5% annual return before taxes)	$1,000.00	$1,022.67	$2.56

2	Expenses are equal to the annualized net expense ratio for the most recent six-month period.  The annualized six-month expense ratios for Supra Institutional Class and Institutional Class shares were 0.58% and 0.58% (reflecting fee waivers in effect), respectively, multiplied by the average account value over the period multiplied by 184/365 (to reflect the one half-year period).
3	Expenses are equal to the annualized net expense ratio for the most recent six-month period.  The annualized six-month expense ratios for Supra Institutional Class shares were 0.50% (reflecting fee waivers in effect), multiplied by the average account value over the period multiplied by 184/365 (to reflect the one half-year period).

64

Muzinich Funds

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

MUZINICH CREDIT OPPORTUNITIES FUND

MUZINICH U.S. HIGH YIELD CREDIT FUND

MUZINICH LOW DURATION FUND

At a meeting held on August 17-18, 2023, 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 Credit Opportunities Fund, the Muzinich U.S. High Yield Credit 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 26, 2023, 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:

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.
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, 2023. 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 Credit Opportunities Fund, the Board noted that the Fund outperformed its Morningstar peer group average for the one- and five-year periods and underperformed for the three-year period. The Board also noted that the Fund outperformed the average of its Cohort for the one-year period and underperformed for the three- and five-year periods. The Board also considered the outperformance of the Fund against its broad-based securities market benchmark for the one-year, three-year, and five-year periods. The Board noted the Fund’s underperformance compared to the Advisor’s similarly managed account composite for the one-, three-, and five-year periods, noting that the difference was not significant.
	For the Muzinich U.S. High Yield Credit Fund, the Board noted the Fund underperformed its Morningstar peer group average for the one- and three-year periods and outperformed for the five-year period. 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-year and five-year periods. The Board also noted the Fund’s underperformance compared to the Advisor’s similarly managed account composite for the one-year, three-year and five-year periods, noting that such differences were not significant.

65

Muzinich Funds

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

	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’s outperformance compared to the Advisor’s similarly managed account composite for the one-year, three-year and five-year periods, noting that such differences were not significant.
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 Credit Opportunities 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 (less Rule 12b-1 fees) 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 (less Rule 12b-1 fees) 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 Credit Opportunities 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 U.S. High Yield Credit Fund, the Board noted that the Advisor had contractually agreed to maintain an annual expense ratio of 0.58% 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 and net expense ratio (less Rule 12b-1 fees) 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 U.S. High Yield Credit 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 0.50% 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 (less Rule 12b-1 fees) was lower than its peer group average. The Board noted that the Fund’s advisory fee and net expense (less Rule 12b-1 fees) 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.
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 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.
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, including Rule 12b-1 distribution fees for Class A Shares (which are not currently offered for any of the Funds) and particularly benefits to be received in exchange for shareholder servicing fees on Class A and 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.

66

Muzinich Funds

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

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.

67

Muzinich Funds

TRUSTEES AND EXECUTIVE OFFICERS (Unaudited)

The Board is responsible for the overall management of the Trust, including general supervision and review of the investment activities of the Funds.  The Board, in turn, elects the officers of the Trust, who are responsible for administering the day-to-day operations of the Trust and its separate series.  The current trustees and officers of the Trust, their year of birth, positions with the Trust, terms of office with the Trust and length of time served, their principal occupations for the past five years and other directorships are set forth in the table below.

				Number of
				Portfolios
				in Fund	Other
	Position	Term of Office2		Complex3	Directorships
Name, Address	with the	and Length of	Principal Occupation	Overseen	Held During
And Age	Trust1	Time Served	During Past Five Years	by Trustees	the Past 5 Years
Independent Trustees of the Trust
Kathleen T. Barr	Trustee	Indefinite Term;	Retired; Chair of the Governing	3	Independent Director,
(born 1955)		Since	Council, Independent Directors		Muzinich BDC, Inc.
c/o U.S. Bank		November 2018.	Council (since 2020); formerly,		(2019 to present);
Global Fund Services			President, owner of a registered		Independent Trustee
615 E. Michigan Street	Chairperson	Indefinite Term;	investment adviser, Productive Capital		for the William Blair
Milwaukee, WI 53202		Since	Management, Inc. (2010 to 2013);		Funds (2013 to
		February 2023.	formerly, Chief Administrative Officer,		present) (18 series).
			Senior Vice President and Senior
			Managing Director of Allegiant Asset
			Management Company (merged with
			PNC Capital Advisors, LLC in 2009);
			formerly, Chief Administrative Officer,
			Chief Compliance Officer and
			Senior Vice President of PNC Funds
			and PNC Advantage Funds
			(f/k/a Allegiant Funds) (registered
			investment companies).
Eric W. Falkeis	Trustee	Indefinite Term;	Chief Growth Officer, Tidal Financial	3	Interested Trustee,
(born 1973)		Since	Group (2022 to present); Chief		Tidal ETF Trust II
c/o U.S. Bank		September 2011.	Executive Officer, Tidal ETF		(2022 to present)
Global Fund Services			Services LLC (2018 to present);		(7 series);
615 E. Michigan Street			formerly, Chief Operating Officer,		Independent Director,
Milwaukee, WI 53202			Direxion Funds (2013 to 2018);		Muzinich BDC, Inc.
			formerly, Senior Vice President		(2019 to present);
			and Chief Financial Officer (and		Interested Trustee,
			other positions), U.S. Bancorp		Tidal ETF Trust
			Fund Services, LLC (1997 to 2013).		(2018 to present)
					(36 series); Former
					Interested Trustee,
					Direxion Funds
					(22 series), Direxion
					Shares ETF Trust
					(112 series) and
					Direxion Insurance
					Trust (2013 to 2018).
Steven J. Paggioli	Trustee	Indefinite Term;	Consultant; formerly, Executive Vice	3	Independent Director,
(born 1950)		Since	President, Investment Company		Muzinich BDC, Inc.
c/o U.S. Bank		May 1991.	Administration, LLC (mutual		(2019 to present);
Global Fund Services			fund administrator).		Independent Trustee,
615 E. Michigan Street					AMG Funds (1993 to
Milwaukee, WI 53202

68

Muzinich Funds

TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued)

				Number of
				Portfolios
				in Fund	Other
	Position	Term of Office2		Complex3	Directorships
Name, Address	with the	and Length of	Principal Occupation	Overseen	Held During
And Age	Trust1	Time Served	During Past Five Years	by Trustees	the Past 5 Years
Ashi S. Parikh	Trustee	Indefinite Term;	Investment professional; formerly,	3	Board of Directors
(born 1966)		Since	Chief Executive and Chief		Member, Investment
c/o U.S. Bank		June 2020.	Investment Officer and various		Working Group, The
Global Fund Services			other positions, RidgeWorth		Ohio State University
615 E. Michigan Street			Investments, LLC (global investment		Endowments and
Milwaukee, WI 53202			management firm) (2006 to 2017);		Foundation (2016 to
			formerly, Chief Investment Officer		present); Board of
			Institutional Growth Equities,		Directors, World
			Eagle Asset Management		Methodist Council,
			(investment management firm);		Investment
			formerly Sr. Managing Director,		Committee (2018 to
			Growth Equities, Banc One		present); Independent
			Investment Advisors		Trustee, PNC Funds
			(investment management firm).		(2018 to 2019)
					(32 series); Interested
					Trustee, RidgeWorth
					Funds (2014 to 2017)
					(35 series).
Cynthia M. Fornelli	Trustee	Indefinite Term;	Independent Director of TriplePoint	3	Independent Director,
(born 1960)		Since	Venture Growth BDC Corp.		TriplePoint Private
c/o U.S. Bank		January 2022.	(2019 to present); Retired; formerly,		Venture Credit, Inc.
Global Fund Services			Executive Director of the Center for		(2020 to present).
615 E. Michigan Street			Audit Quality (2007-2019); formerly,
Milwaukee, WI 53202			Senior Vice President of Regulatory
			Conflicts Management at Bank of
			America (2005-2007); formerly,
			Deputy Director, Division of
			Investment Management with the
			U.S. Securities and Exchange
			Commission (1998-2005).
Officers of the Trust
Jason F. Hadler	President &	Indefinite Term;	Senior Vice President and Head of	Not	Not
(born 1975)	Principal	Since	Client Experience, U.S. Bank Global	Applicable.	Applicable.
c/o U.S. Bank	Executive	September 2021.	Fund Services, since March 2022;
Global Fund Services	Officer		Senior Vice President and Head of
615 E. Michigan Street			Fund Services Fund Administration
Milwaukee, WI 53202			Department, U.S. Bank Global Fund
			Services (December 2003-March 2022).
Carl G. Gee, Esq.	Secretary &	Indefinite Term;	Assistant Secretary of the Trust	Not	Not
(born 1990)	Vice	Since	(2020-2021); Assistant Vice	Applicable.	Applicable.
c/o U.S. Bank	President	February 2021.	President and Counsel, U.S. Bank
Global Fund Services			Global Fund Services since August 2016;
615 E. Michigan Street			Summer Associate, Husch Blackwell
Milwaukee, WI 53202			LLP (2015); Law Clerk, Brady
			Corporation (global printing systems,
			labels and safety products company)
			(2014-2015).

69

Muzinich Funds

TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued)

				Number of
				Portfolios
				in Fund	Other
	Position	Term of Office2		Complex3	Directorships
Name, Address	with the	and Length of	Principal Occupation	Overseen	Held During
And Age	Trust1	Time Served	During Past Five Years	by Trustees	the Past 5 Years
Craig Benton	Treasurer &	Indefinite Term;	Assistant Treasurer of the Trust	Not	Not
(born 1985)	Vice	Since	(2016-2021); Assistant Vice	Applicable.	Applicable.
c/o U.S. Bank	President	December 2021.	President, U.S. Bank Global Fund
Global Fund Services			Services since November 2007.
615 E. Michigan Street
Milwaukee, WI 53202
Kyle J. Buscemi	Assistant	Indefinite Term;	Mutual Funds Administrator,	Not	Not
(born 1996)	Treasurer	Since	U.S. Bank Global Fund Services	Applicable.	Applicable.
c/o U.S. Bank		June 2022.	since June 2018; Business
Global Fund Services			Administration Student, 2014-2018.
615 E. Michigan Street
Milwaukee, WI 53202
Kathryn E.	Assistant	Indefinite Term;	Mutual Funds Administrator,	Not	Not
LaPlante Johnson	Treasurer	Since	U.S. Bank Global Fund Services	Applicable.	Applicable.
(born 1998)		November 2023.	since June 2020; Business
c/o U.S. Bank			Administration Student, 2017-2021.
Global Fund Services
615 E. Michigan Street
Milwaukee, WI 53202
Gazala Khan	Chief	Indefinite Term;	Vice President and Compliance	Not	Not
(born 1969)	Compliance	Since	Officer, U.S. Bank Global Fund	Applicable.	Applicable.
c/o U.S. Bank	Officer	November 2022.	Services since July 2022; Chief
Global Fund Services			Compliance Officer Matthews Asia
615 E. Michigan Street	Anti-Money		Fund (May 2019-July 15, 2022);
Milwaukee, WI 53202	Laundering		Chief Compliance Officer GS Trust/VIT
	Officer		(June 2009-May 2019); Vice
			President GSAM (May 2005-
			June 2009); Staff Accountant, SEC
			Office of Compliance Inspection
			and Examination (1999-2005).

1	All Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
2	Under the terms of the Board’s retirement policy, a Trustee shall retire at the end of the calendar year in which he or she reaches the age of 78.
3	The Trust is comprised of numerous series managed by unaffiliated investment advisers.  The term “Fund Complex” applies only to the Funds.  The Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment advisor with any other series.

70

Muzinich Funds

QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION (Unaudited)

For the fiscal year ended December 31, 2023, 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:

Credit Opportunities Fund	0.00%
Flexible U.S. High Yield Income 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, 2023, was as follows:

Credit Opportunities Fund	0.00%
Flexible U.S. High Yield Income 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:

Credit Opportunities Fund	0.00%
Flexible U.S. High Yield Income Fund	0.00%
Low Duration Fund	0.00%

INFORMATION ABOUT PROXY VOTING (Unaudited)

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.

INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited)

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).

INFORMATION ABOUT HOUSEHOLDING (Unaudited)

Each year, you are automatically sent an updated prospectus as well as annual and semi-annual reports for the Funds, if applicable. To reduce expenses, the Funds may mail only one copy of each Fund’s prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please  call us at 1-855-MUZINICH (1-855-689-4642) (or contact your financial institution). We will begin sending you individual copies thirty days after receiving your request.

INFORMATION ABOUT THE FUNDS’ TRUSTEES (Unaudited)

The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling 1-855-MUZINICH (1-855-689-4642). Furthermore, you can obtain the SAI on the SEC’s web site at www.sec.gov or the Funds’ website at www.muzinichusfunds.com.

71

Muzinich Funds

PRIVACY NOTICE (Unaudited)

The Funds collect non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you give us orally; and

• Information about your transactions with us or others.

We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility. We maintain physical, electronic and procedural safeguards to protect your non-public personal information and require third parties to treat your non-public information with the same high degree of confidentiality.

In the event that you hold shares of a Fund through a financial intermediary, including, but not limited to, a brokerdealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

72

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Advisor

MUZINICH & CO., INC

450 Park Avenue

New York, New York 10022

Distributor

QUASAR DISTRIBUTORS, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

Custodian

U.S. BANK N.A.

Custody Operations

1555 North RiverCenter Drive, Suite 302

Milwaukee, Wisconsin 53212

Transfer Agent, Fund Accountant,

and Fund Administrator

U.S. BANCORP FUND SERVICES, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

Independent Registered Public Accounting Firm

TAIT, WELLER & BAKER LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

Legal Counsel

SULLIVAN & WORCESTER LLP

1633 Broadway, 32nd Floor

New York, New York 10019

Fund	Class	Symbol	CUSIP
Muzinich Credit Opportunities Fund	Supra Institutional Class	MZCSX	74316J532
	Institutional Class	MZCIX	74316J540
Muzinich Flexible U.S. High Yield Income Fund	Supra Institutional Class	MZHSX	74316J565
	Institutional Class	MZHIX	74316J573
Muzinich Low Duration Fund	Supra Institutional Class	MZLSX	74316P132

(b) Not applicable.

Item 2. Code of Ethics.

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.

Item 3. Audit Committee Financial Expert.

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.

Item 4. Principal Accountant Fees and Services.

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 Credit Opportunities Fund

	FYE  12/31/2023	FYE  12/31/2022
Audit Fees	$24,500	$24,025
Audit-Related Fees	N/A	N/A
Tax Fees	$2,900	$2,800
All Other Fees	N/A	N/A

Muzinich Low Duration Fund

	FYE  12/31/2023	FYE  12/31/2022
Audit Fees	$22,850	$22,400
Audit-Related Fees	N/A	N/A
Tax Fees	$2,900	$2,800
All Other Fees	N/A	N/A

Muzinich Flexible U.S. High Yield Income Fund

	FYE  12/31/2023	FYE  12/31/2022
Audit Fees	$22,850	$22,400
Audit-Related Fees	N/A	N/A
Tax Fees	$2,900	$2,800
All Other Fees	N/A	N/A

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.

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  12/31/2023	FYE  12/31/2022
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.

The following table indicates the non-audit fees billedor 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.  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.

Non-Audit Related Fees	FYE  12/31/2023	FYE  12/31/2022
Registrant	N/A	N/A
Registrant’s Investment Advisor	N/A	N/A

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant has adopted a nominating committee charter that contains the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of Trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is 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.

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

(3) 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.

(4) Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certification pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.  Furnished herewith.

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    March 8, 2024

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    March 8, 2024

By (Signature and Title)      /s/Craig Benton

Craig Benton, Treasurer/Principal Financial Officer

Date    March 8, 2024

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