Professionally Managed Portfolios N-CSRS Certified semi-annual shareholder report (management investment company)

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) 765-4324

Registrant's telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period:  June 30, 2022

Item 1. Report to Stockholders.

(a)

Muzinich & Co.

Muzinich Credit Opportunities Fund

Muzinich U.S. High Yield Credit Fund

Muzinich Low Duration Fund

SEMI-ANNUAL REPORT

June 30, 2022

Muzinich Funds

TABLE OF CONTENTS

Sector Allocations	1
Schedules of Investments	4
Statements of Assets and Liabilities	28
Statements of Operations	30
Statements of Changes in Net Assets	31
Financial Highlights	34
Notes to Financial Statements	40
Expense Examples	52
Statement Regarding Liquidity Risk Management Program	54
Additional Information	55
Privacy Notice	56

(This Page Intentionally Left Blank.)

Muzinich Credit Opportunities Fund

(“Credit Opportunities Fund”)

SECTOR ALLOCATIONS at June 30, 2022 (Unaudited)

Sector	% of Net Assets
Sovereign		15.7	%
Banking		4.8
Energy		4.4
Telecommunications		3.9
Diversified Financial Services		2.6
Healthcare		2.5
Food/Beverage/Tobacco		2.4
Homebuilders/Real Estate		2.2
Automotive & Auto Parts		2.0
Super Retail		1.9
Airlines		1.8
Chemicals		1.5
Containers		1.5
Services		1.5
Transportation Excluding Air/Rail		1.5
Technology		1.2
Utilities		1.2
Broadcasting		1.1
Cable/Satellite TV		1.1
Capital Goods		1.1
Food & Drug Retail		1.1
Leisure		0.8
Gaming		0.7
Aerospace/Defense		0.5
Metals/Mining		0.5
Hotels		0.4
Paper		0.3
Steel		0.3
Building Materials		0.2
Environmental		0.2
Insurance		0.2
Publishing/Printing		0.2
Restaurants		0.2
Cash & Equivalents1		38.5
Total		100.0	%

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

1

Muzinich U.S. High Yield Credit Fund

(“U.S. High Yield Credit Fund”)

SECTOR ALLOCATIONS at June 30, 2022 (Unaudited)

Sector	% of Net Assets
Energy		12.5	%
Healthcare		9.5
Telecommunications		8.0
Homebuilders/Real Estate		7.2
Broadcasting		5.6
Cable/Satellite TV		5.1
Diversified Financial Services		4.2
Services		4.2
Containers		3.1
Leisure		3.0
Building Materials		2.7
Airlines		2.5
Super Retail		2.5
Utilities		2.5
Automotive & Auto Parts		2.2
Technology		2.0
Gaming		1.8
Chemicals		1.7
Capital Goods		1.6
Metals/Mining		1.6
Restaurants		1.5
Steel		1.3
Consumer-Products		1.0
Insurance		1.0
Food/Beverage/Tobacco		0.9
Aerospace/Defense		0.7
Diversified Media		0.7
Banking		0.6
Publishing/Printing		0.4
Food & Drug Retail		0.3
Transportation Excluding Air/Rail		0.3
Environmental		0.1
Cash & Equivalents1		7.7
Total		100.0	%

¹ Represents cash and other assets in excess of liabilities.

2

Muzinich Low Duration Fund

(“Low Duration Fund”)

SECTOR ALLOCATIONS at June 30, 2022 (Unaudited)

Sector	% of Net Assets
Banking		22.3	%
Diversified Financial Services		19.5
Automotive & Auto Parts		5.8
Energy		4.9
Airlines		4.1
Homebuilders/Real Estate		4.1
Telecommunications		4.0
Capital Goods		2.4
Healthcare		2.3
Transportation Excluding Air/Rail		2.3
Collateralized Debt Obligation		2.2
Food/Beverage/Tobacco		2.1
Technology		2.1
Services		1.9
Hotels		1.7
Utilities		1.7
Chemicals		1.2
Leisure		1.2
Quasi & Foreign Government		1.0
Cable/Satellite TV		0.8
Broadcasting		0.7
Gaming		0.6
Building Materials		0.5
Financials		0.5
Super Retail		0.5
Consumer-Products		0.4
Food & Drug Retail		0.4
Metals/Mining		0.4
Containers		0.3
Environmental		0.2
Paper		0.2
Publishing/Printing		0.2
Diversified Media		0.1
Insurance		0.1
Railroads		0.1
Cash & Equivalents1		7.2
Total		100.0	%

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

3

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited)

Principal
Amount†			Value
CORPORATE BONDS: 41.0%
Aerospace/Defense: 0.5%
		TransDigm Inc
	1,525,000	8.000%, 12/15/25	$	1,545,143
Airlines: 1.8%
		American Airlines Inc/
		AAdvantage Loyalty IP Ltd
	550,000	5.500%, 4/20/26		507,265
	425,000	5.750%, 4/20/29		365,234
		Delta Air Lines Inc
	1,250,000	7.375%, 1/15/26		1,249,869
		easyJet PLC
EUR	350,000	1.750%, 2/9/23		363,863
		Emirates Airline
	645,682	4.500%, 2/6/25		643,484
		Singapore Airlines Ltd
	1,836,000	3.000%, 7/20/26		1,745,922
		Wizz Air Finance Co BV
EUR	550,000	1.350%, 1/19/24		535,608
EUR	650,000	1.000%, 1/19/26		560,649
				5,971,894
Automotive & Auto Parts: 2.0%
		FCE Bank PLC
EUR	1,050,000	1.615%, 5/11/23		1,089,739
		Ford Motor Credit Co LLC
	1,125,000	3.370%, 11/17/23		1,093,151
	1,100,000	4.063%, 11/1/24		1,043,626
		IHO Verwaltungs GmbH
EUR	800,000	3.625% Cash or 4.000%
		PIK, 5/15/25		733,060
EUR	400,000	3.750% Cash or 5.000%
		PIK, 9/15/26		348,684
		Kia Corp
	470,000	3.250%, 4/21/26		455,760
		RCI Banque SA
EUR	490,000	1.625%, 5/26/26		462,382
		Schaeffler AG
EUR	900,000	2.750%, 10/12/25		867,835
		Valeo
EUR	800,000	1.000%, 8/3/28		655,043
				6,749,280
Banking: 3.6%
		ABN AMRO Bank NV
	1,400,000	4.400% (5 Year Swap Rate
		USD + 2.197%), 3/27/28 1		1,389,615
		Banco Bradesco SA
	909,000	3.200%, 1/27/25		869,599
		Banco Daycoval SA
	850,000	4.250%, 12/13/24		818,150
		Banco do Brasil SA
	971,000	4.750%, 3/20/24		966,062
		Bancolombia SA
	500,000	4.875% (5 Year CMT
		Rate + 2.929%), 10/18/27 1		467,250
		BBVA Bancomer SA
	1,282,000	1.875%, 9/18/25		1,165,428
		CaixaBank SA
EUR	200,000	2.750% (5 Year Swap Rate
		EUR + 2.350%), 7/14/28 1		206,887
		Deutsche Bank AG
	1,461,000	4.296% (5 Year Swap Rate
		USD + 2.248%), 5/24/28 1		1,310,782
		Global Bank Corp
	800,000	5.250% (3 Month LIBOR
		USD + 3.300%), 4/16/29 1		751,608
		ING Groep NV
	1,175,000	4.700% (5 Year Swap Rate
		USD + 1.938%), 3/22/28 1		1,168,716
		QNB Finance Ltd
	2,115,000	2.625%, 5/12/25		2,034,355
		Standard Chartered PLC
	650,000	3.516% (5 Year CMT
		Rate + 1.850%), 2/12/30 1		618,163
				11,766,615
Broadcasting: 1.1%
		Magallanes Inc
	1,675,000	3.788%, 3/15/25		1,626,487
		Netflix Inc
EUR	530,000	3.000%, 6/15/25		541,521
		TEGNA Inc
	1,400,000	4.750%, 3/15/26		1,345,870
				3,513,878
Building Materials: 0.2%
		Cemex SAB de CV
	570,000	7.375%, 6/5/27		565,959
Cable/Satellite TV: 1.1%
		CCO Holdings LLC /
		CCO Holdings Capital Corp
	875,000	5.500%, 5/1/26		855,111
		CSC Holdings LLC
	2,850,000	5.875%, 9/15/22		2,839,911
				3,695,022
Capital Goods: 0.6%
		AGCO International Holdings BV
EUR	275,000	0.800%, 10/6/28		230,366
		Alfa SAB de CV
	1,410,000	5.250%, 3/25/24		1,408,378
		Traton Finance Luxembourg SA
EUR	400,000	0.125%, 11/10/24		395,823
				2,034,567

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

4

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 41.0% (Continued)
Chemicals: 1.5%
		Alpek SAB de CV
	891,000	4.250%, 9/18/29	$	795,841
		Equate Petrochemical BV
	500,000	4.250%, 11/3/26		491,271
		MEGlobal Canada ULC
	500,000	5.000%, 5/18/25		505,563
		Orbia Advance Corp SAB de CV
	1,000,000	4.000%, 10/4/27		944,125
		Sherwin-Williams Co
	1,225,000	3.450%, 6/1/27		1,172,453
	1,425,000	2.900%, 3/15/52		980,730
				4,889,983
Containers: 1.5%
		Ardagh Packaging Finance PLC /
		Ardagh Holdings USA Inc
EUR	1,525,000	2.125%, 8/15/26		1,300,494
EUR	825,000	2.125%, 8/15/26		703,467
		Ball Corp
	1,500,000	4.000%, 11/15/23		1,486,875
		DS Smith PLC
EUR	525,000	0.875%, 9/12/26		493,484
		SIG Combibloc PurchaseCo SARL
EUR	775,000	2.125%, 6/18/25		775,867
				4,760,187
Diversified Financial Services: 2.3%
		AXA Logistics Europe Master SCA
EUR	500,000	0.375%, 11/15/26		456,478
		Bread Financial Holdings Inc
	1,625,000	4.750%, 12/15/24		1,492,538
		Grupo de Inversiones
		Suramericana SA
	1,500,000	5.500%, 4/29/26		1,414,422
		Icahn Enterprises LP /
		Icahn Enterprises Finance Corp
	775,000	6.375%, 12/15/25		734,045
		ICD Funding Ltd
	1,900,000	3.223%, 4/28/26		1,793,125
		Navient Corp
	550,000	5.500%, 1/25/23		544,436
		SoftBank Group Corp
	300,000	5.375%, 7/30/22		298,075
		SPARC EM SPC Panama
		Metro Line 2 SP
	27,781	–%, 12/5/22 5		27,289
		UBS Group AG
	650,000	7.000% (5 Year Swap Rate
		EUR + 4.866%), 2/19/25 1		645,752
				7,406,160
Energy: 4.4%
		Blue Racer Midstream LLC /
		Blue Racer Finance Corp
	775,000	7.625%, 12/15/25		742,628
		Cheniere Corpus
		Christi Holdings LLC
	2,475,000	5.125%, 6/30/27		2,480,034
		Energean Israel Finance Ltd
	1,370,000	4.500%, 3/30/24		1,292,937
		Energy Transfer LP
	1,100,000	5.500%, 6/1/27		1,117,135
		EQT Corp
	1,100,000	6.625%, 2/1/25 1		1,135,469
	525,000	3.125%, 5/15/26		492,710
		Galaxy Pipeline Assets Bidco Ltd
	1,106,105	1.750%, 9/30/27		1,029,670
		Leviathan Bond Ltd
	910,000	5.750%, 6/30/23		899,728
	775,000	6.125%, 6/30/25		731,676
		Lion/Polaris Lux 4 SA
	509,000	3.250%, 9/30/40		403,402
		Oleoducto Central SA
	924,000	4.000%, 7/14/27		767,738
		Petronas Capital Ltd
	400,000	4.550%, 4/21/50		382,861
		Qatar Energy
	500,000	3.300%, 7/12/51		387,309
		Rockies Express Pipeline LLC
	2,425,000	3.600%, 5/15/25		2,202,627
		Wintershall Dea Finance 2 BV
EUR	600,000	2.499% (5 Year Swap Rate
		EUR + 2.924%), 7/20/70 1		445,063
				14,510,987
Environmental: 0.2%
		GFL Environmental Inc
	800,000	3.750%, 8/1/25		743,388
Food & Drug Retail: 1.1%
		Albertsons Cos Inc / Safeway Inc /
		New Albertsons LP / Albertsons LLC
	1,372,000	3.500%, 2/15/23		1,358,170
	1,825,000	7.500%, 3/15/26		1,800,846
		Roadster Finance DAC
EUR	525,000	1.625%, 12/9/29		479,407
				3,638,423
Food/Beverage/Tobacco: 1.8%
		BRF SA
	850,000	4.750%, 5/22/24		840,442
		Constellation Brands Inc
	835,000	2.250%, 8/1/31		679,998
		Grupo Bimbo SAB de CV
	500,000	4.000%, 9/6/49		408,695

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

5

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†				Value
CORPORATE BONDS: 41.0% (Continued)
Food/Beverage/Tobacco: 1.8% (Continued)
			Louis Dreyfus Co Finance BV
EUR		1,575,000	2.375%, 11/27/25	$	1,597,984
			Sigma Alimentos S.A. de CV
		1,048,000	4.125%, 5/2/26		990,140
			Viterra Finance BV
EUR		1,575,000	0.375%, 9/24/25		1,478,906
					5,996,165
Gaming: 0.7%
			Caesars Entertainment Inc
		2,400,000	6.250%, 7/1/25		2,310,876
Healthcare: 1.9%
			GN Store Nord AS
EUR		500,000	0.875%, 11/25/24		496,168
			HCA Inc
		1,175,000	4.625%, 3/15/52		947,508
			Laboratory Corp of
			America Holdings
		1,100,000	3.600%, 9/1/27		1,061,583
			MPT Operating Partnership LP /
			MPT Finance Corp
EUR		475,000	0.993%, 10/15/26		410,961
			Prime Healthcare Services Inc
		800,000	7.250%, 11/1/25		685,240
			Select Medical Corp
		925,000	6.250%, 8/15/26		865,319
			Tenet Healthcare Corp
		1,575,000	4.625%, 7/15/24		1,513,756
			Werfenlife SA
EUR		300,000	0.500%, 10/28/26		284,818
					6,265,353
Homebuilders/Real Estate: 2.2%
			Balder Finland OYJ
EUR		525,000	2.000%, 1/18/31		328,339
			Blackstone Property Partners
			Europe Holdings SARL
EUR		625,000	2.000%, 2/15/24		636,812
EUR		950,000	1.000%, 10/20/26		845,807
			Crown Castle International Corp
		1,350,000	3.650%, 9/1/27		1,277,328
			CTP NV
EUR		1,025,000	0.625%, 9/27/26		858,340
			Fastighets AB Balder
EUR		1,000,000	2.873% (5 Year Swap Rate
			EUR + 3.188%), 6/2/81 1		574,934
			Lar Espana Real Estate Socimi SA
EUR		400,000	1.750%, 7/22/26		368,129
			Logicor Financing SARL
EUR		1,000,000	0.750%, 7/15/24		994,313
			Tritax EuroBox PLC
EUR		850,000	0.950%, 6/2/26		796,897
			VIA Outlets BV
EUR		725,000	1.750%, 11/15/28		634,842
					7,315,741
Hotels: 0.4%
			Hilton Domestic Operating Co Inc
		900,000	5.375%, 5/1/25		884,250
			Whitbread Group PLC
	GBP 300,000		3.375%, 10/16/25		352,879
					1,237,129
Insurance: 0.2%
			AXA SA
EUR		588,000	3.875% (11 Year Swap Rate
			EUR + 3.250%), 10/8/71 1		601,948
Leisure: 0.8%
			Expedia Group Inc
		825,000	5.000%, 2/15/26		826,749
		1,100,000	4.625%, 8/1/27		1,059,433
			Royal Caribbean Cruises Ltd
		825,000	11.500%, 6/1/25		849,721
					2,735,903
Metals/Mining: 0.5%
			AngloGold Ashanti Holdings PLC
		810,000	3.750%, 10/1/30		668,111
			Gold Fields Orogen
			Holdings BVI Ltd
		785,000	6.125%, 5/15/29		804,884
					1,472,995
Paper: 0.3%
			Inversiones CMPC SA
		1,200,000	4.375%, 4/4/27		1,146,426
Publishing/Printing: 0.2%
			Informa PLC
EUR		700,000	2.125%, 10/6/25		712,554
Restaurants: 0.2%
			1011778 BC ULC /
			New Red Finance Inc
		700,000	5.750%, 4/15/25		705,250
Services: 1.0%
			ISS Finance BV
EUR		525,000	1.250%, 7/7/25		529,098
			ISS Global A/S
EUR		850,000	0.875%, 6/18/26		802,497
			WASH Multifamily Acquisition Inc
		475,000	5.750%, 4/15/26		448,497
			WESCO Distribution Inc
		1,525,000	7.125%, 6/15/25		1,519,281
					3,299,373

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

6

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†				Value
CORPORATE BONDS: 41.0% (Continued)
Steel: 0.3%
			Usiminas International SARL
		1,062,000	5.875%, 7/18/26	$	1,040,027
Super Retail: 1.9%
			Advance Auto Parts Inc
		1,350,000	1.750%, 10/1/27		1,150,186
			Home Depot Inc
		2,600,000	2.375%, 3/15/51		1,771,779
			Lowe’s Cos Inc
		2,200,000	3.000%, 10/15/50		1,552,034
			Target Corp
		2,275,000	2.950%, 1/15/52		1,738,640
					6,212,639
Technology: 0.9%
			Arqiva Broadcast Finance PLC
GBP		1,800,000	6.750%, 9/30/23		2,095,208
			Broadcom Inc
		970,000	3.137%, 11/15/35		743,550
					2,838,758
Telecommunications: 3.4%
			America Movil SAB de CV
		200,000	4.375%, 4/22/49		186,133
			Lumen Technologies Inc
		2,275,000	5.125%, 12/15/26		1,919,645
			Rogers Communications Inc
		3,725,000	2.950%, 3/15/25		3,604,994
			Sprint Corp
		2,138,000	7.875%, 9/15/23		2,211,676
			T-Mobile USA Inc
		675,000	2.250%, 2/15/26		613,548
		450,000	2.250%, 2/15/26		409,032
		1,700,000	3.875%, 4/15/30		1,592,466
		975,000	3.400%, 10/15/52		727,242
					11,264,736
Transportation Excluding Air/Rail: 1.5%
			Autostrade per l’Italia SPA
EUR		1,700,000	1.750%, 2/1/27		1,571,789
			DP World Ltd
EUR		1,095,000	2.375%, 9/25/26		1,117,866
			Gatwick Funding Ltd
	GBP 250,000		6.125%, 3/2/28 1		327,933
			Go-Ahead Group PLC
	GBP 800,000		2.500%, 7/6/24		939,590
			Heathrow Funding Ltd
	GBP 325,000		7.125%, 2/14/24		412,188
			Stagecoach Group PLC
	GBP 505,000		4.000%, 9/29/25		601,030
					4,970,396
Utilities: 1.0%
			Acquirente Unico SPA
EUR		850,000	2.800%, 2/20/26		895,229
			Comision Federal de Electricidad
		600,000	4.677%, 2/9/51		403,941
			National Central Cooling Co PJSC
		1,600,000	2.500%, 10/21/27		1,445,000
			Redexis Gas Finance BV
EUR		500,000	1.875%, 2/28/25		504,040
					3,248,210
TOTAL CORPORATE BONDS
(Cost $152,037,892)					135,165,965
CONVERTIBLE BONDS: 1.2%
Banking: 1.2%
			Bank Leumi Le-Israel BM
		1,330,000	3.275% (5 Year CMT
			Rate + 1.631%), 1/29/31 1		1,173,725
			Bank of Ireland Group PLC
		2,075,000	4.125% (5 Year CMT
			Rate + 2.500%), 9/19/27 1		2,055,288
			Barclays PLC
EUR		800,000	2.000% (5 Year Swap Rate
			EUR + 1.900%), 2/7/28 1		828,851
					4,057,864
TOTAL CONVERTIBLE BONDS
(Cost $4,337,986)					4,057,864
BANK LOANS: 3.5%
Capital Goods: 0.5%
			Ali Group B (Welbilt)
		1,000,000	2.131%, 11/30/28 1,2,6,7		959,000
			Alison US B-1 (Alstom)
		511,145	6.500% (3 Months
			LIBOR + 5.5%), 8/29/23 1,2		322,021
			Alison US B-2 (Alstom)
			(Arvos Midco S.a.r.l.)
		507,167	6.500% (3 Months
			LIBOR + 5.5%), 8/29/23 1,2		319,515
					1,600,536
Diversified Financial Services: 0.3%
			Trans Union B5
		1,115,226	3.416% (1 Month
			LIBOR + 1.75%), 11/13/26 1,2		1,055,751
Food/Beverage/Tobacco: 0.6%
			Pegasus BidCo (USD) (Refresco)
		1,975,000	4.750%, 4/20/29 1,2		1,878,719

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

7

Credit Opportunities Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†			Value
BANK LOANS: 3.5% (Continued)
Healthcare: 0.6%
		MPH Acquisition Holdings B
		(08/21) (MultiPlan)
	994,987	5.825% (3 Months
		LIBOR + 4.25%), 9/1/28 2	$	918,871
		Onex Carestream
		(2023 EXTENDED TERM)
	1,132,201	9.500% (3 Months
		LIBOR + 7.25%), 5/8/23 2		1,126,257
				2,045,128
Services: 0.5%
		Franchise Group First Out
	1,630,890	6.500% (3 Months
		LIBOR + 4.75%), 3/10/26 1,2		1,499,065
		Summer (BC) Bidco B1
	235,504	6.611% (3 Months
		LIBOR + 5%), 12/4/26 1,2		219,019
				1,718,084
Technology: 0.3%
		Constant Contact
	12	5.011% (3 Months
		LIBOR + 4%), 2/10/28 1,2		11
		Triton Solar US B
	834,020	7.500% (3 Months
		LIBOR + 6%), 10/31/24 1,2		808,999
				809,010
Telecommunications: 0.5%
		Voyage B (Vocus Group) (USD)
	1,885,750	4.563% (3 Months
		LIBOR + 3.5%), 7/20/28 1,2		1,770,257
Utilities: 0.2%
		Exgen Renewables/
		Exelon (12/20) TL
	622,670	4.080% (3 Months
		LIBOR + 2.5%), 12/15/27 1,2		602,433
TOTAL BANK LOANS
(Cost $12,325,700)				11,479,918
US GOVERNMENT NOTES/BONDS: 15.7%
Sovereign: 15.7%
		United States Treasury Note/Bond
	25,000,000	1.750%, 3/15/25		24,197,266
	21,000,000	2.500%, 3/31/27		20,522,578
	7,000,000	2.875%, 5/15/32		6,942,578
				51,662,422
TOTAL US GOVERNMENT NOTES/BONDS
(Cost $52,437,018)				51,662,422
US TREASURY BILL: 28.1%
		United States Treasury Bill
	8,000,000	1.001%, 7/5/22 8		7,998,969
	8,000,000	1.201%, 7/19/22 8		7,995,775
	22,700,000	0.841%, 7/26/22 8		22,683,586
	8,000,000	0.901%, 8/2/22 8		7,991,833
	36,000,000	1.247%, 8/9/22 8		35,950,362
	10,000,000	1.491%, 8/23/22 8		9,978,383
				92,598,908
TOTAL US TREASURY BILL
(Cost $92,604,242)				92,598,908
PURCHASED OPTIONS: 0.0% 9
	83	US 10YR NOTE (CBT)Sep22,
		Expiration: July 2022,
		Exercise Price: $116.00		16,859
TOTAL PURCHASED OPTIONS
(Cost $46,944)				16,859
TOTAL INVESTMENTS IN SECURITIES: 89.6%
(Cost $313,789,782)				294,981,936
Other Assets in Excess of Liabilities: 10.4%				34,336,936
TOTAL NET ASSETS: 100.0%			$	329,318,872

† In USD unless otherwise indicated.

CMT – Constant Maturity Treasury Rate

EUR – Euro

GBP – Great Britain Pound

LIBOR – London Interbank Offered Rate

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

USD – United States Dollars

1	Variable rate security; rate shown is the rate in effect on June 30, 2022.  An index may have a negative rate.  Interest rate may also be subject to a cap or floor.
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 major United States banks, (ii) the lending 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	Perpetual call date security. Date shown is next call date.
4	Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on June 30, 2022.  An index may have a negative rate.  Interest rate may also be subject to a cap or floor.
5	Zero coupon security.
6	All or a portion of the loan may be unfunded.
7	Denotes investments purchased on a when-issued or delayed delivery basis.
8	Rate represents the yield to maturity from purchase price.
9	Does not round to 0.1% or (0.1)% of net assets.

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

8

Credit Opportunities Fund

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at June 30, 2022 (Unaudited)

The Credit Opportunities Fund had the following forward foreign currency exchange contracts outstanding with the Bank of New York:

		U.S. Dollar Value at			U.S. Dollar Value at		Unrealized Appreciation
Settlement Date	Currency to be Delivered	June 30, 2022		Currency to be Received	June 30, 2022		(Depreciation)
9/19/22	EUR  43,000,000	$	45,330,605	USD  45,529,045	$	45,529,045	$	198,440
9/19/22	EUR    9,800,000		10,419,879	USD   10,331,161		10,331,161		(88,718	)
9/19/22	GBP    4,300,000		5,242,816	USD    5,311,730		5,311,730		68,914
		$	60,993,300		$	61,171,936	$	178,636

SCHEDULE OF FUTURES CONTRACTS at June 30, 2022 (Unaudited)

The Credit Opportunities Fund had the following futures contracts outstanding with Morgan Stanley & Co., Inc.:

						Unrealized
	Number of		Notional			Appreciation			Notional
Short Futures Contracts Outstanding	Contracts		Amount			(Depreciation)			Value
EURO-BOBL FUTURE Sep22		255	$	(33,187,091	)	$	417,029		$	(32,770,062	)
EURO-BUND FUTURE Sep22		67		(10,446,282	)		(43,277	)		(10,489,559	)
			$	(43,633,373	)	$	373,752		$	(43,259,622	)

SCHEDULE OF SWAP CONTRACTS at June 30, 2022 (Unaudited)

The Credit Opportunities Fund had the following credit default swap contracts outstanding with Morgan Stanley & Co., Inc.:

										Upfront			Unrealized
Reference	Buy/Sell	Fixed		Maturity	Payment	Notional				Premiums			Appreciation
Obligation	Protection	Pay Rate		Date	Frequency	Amount		Value		Paid (Received)			(Depreciation)
Markit CDX.NA.HY.37 1	Buy 2		5.000%	6/20/27	Quarterly	$	5,500,000	$	164,480	$	(253,398	)	$	(417,878	)
Markit CDX.NA.HY.37 1	Buy 2		5.000%	6/20/27	Quarterly		3,500,000		104,669		(162,266	)		(266,935	)
Markit CDX.NA.HY.37 1	Buy 2		5.000%	6/20/27	Quarterly		8,500,000		254,196		(123,897	)		(378,093	)
Markit CDX.NA.HY.37 1	Buy 2		5.000%	6/20/27	Quarterly		3,205,000		95,847		(7,322	)		(103,169	)
Markit CDX.NA.HY.37 1	Buy 2		5.000	6/20/27	Quarterly		8,500,000		254,196		(31,599	)		(285,795	)
Markit CDX.NA.HY.37 1	Buy 2		5.000%	6/20/27	Quarterly		7,920,000		236,851		(10,961	)		(247,812	)
Markit CDX.NA.HY.37 1	Buy 2		5.000%	6/20/27	Quarterly		6,435,000		192,441		163,462			(28,979	)
Markit Itrx Eur Xover 1	Buy 2		5.000%	6/20/27	Quarterly		3,000,000		98,162		(91,998	)		190,160
						$	46,560,000	$	1,400,842	$	(517,979	)	$	(1,538,501	)

1

Markit CDX North American High Yield Index.

2

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

SCHEDULE OF OPTIONS WRITTEN at June 30, 2022 (Unaudited)

Contracts
(100 shares per contract)			Notional Value		Value
PUT OPTIONS WRITTEN: (0.0%) 1
US 10YR NOTE (CBT)Sep22
	83	Expiration: July 2022, Exercise Price: 114.00	$	983,810	$	(3,891	)
		(Proceeds $16,603)			$	(3,891	)

^'

¹ Does not round to 0.1% or (0.1)% of net assets.

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

9

U.S. High Yield Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited)

Principal
Amount			Value
CORPORATE BONDS: 86.8%
Aerospace/Defense: 0.7%
		Maxar Technologies Inc
$	25,000	7.750%, 6/15/27	$	24,911
		TransDigm Inc
	175,000	6.250%, 3/15/26		169,397
				194,308
Airlines: 2.5%
		American Airlines Inc
	50,000	11.750%, 7/15/25		52,123
		American Airlines Inc/
		AAdvantage Loyalty IP Ltd
	300,000	5.500%, 4/20/26		276,690
	250,000	5.750%, 4/20/29		214,844
		Delta Air Lines Inc
	150,000	7.375%, 1/15/26		149,984
				693,641
Automotive & Auto Parts: 1.5%
		Dana Inc
	75,000	4.500%, 2/15/32		55,723
		Ford Motor Co
	175,000	3.250%, 2/12/32		130,375
	150,000	4.750%, 1/15/43		107,277
		Tenneco Inc
	100,000	7.875%, 1/15/29		96,793
		Thor Industries Inc
	25,000	4.000%, 10/15/29		19,831
				409,999
Banking: 0.6%
		Deutsche Bank AG
	200,000	4.875% (5 Year Mid Swap
		Rate USD + 2.553%), 12/1/32 1		172,328
Broadcasting: 5.6%
		Audacy Capital Corp
	50,000	6.500%, 5/1/27		29,819
	50,000	6.750%, 3/31/29		26,702
		Belo Corp
	75,000	7.750%, 6/1/27		74,810
		Cumulus Media New Holdings Inc
	250,000	6.750%, 7/1/26		230,661
		Gray Escrow II Inc
	75,000	5.375%, 11/15/31		60,257
		Gray Television Inc
	100,000	7.000%, 5/15/27		95,986
		iHeartCommunications Inc
	125,000	6.375%, 5/1/26		115,832
	225,000	8.375%, 5/1/27		179,285
		Nexstar Media Inc
	150,000	5.625%, 7/15/27		137,190
	125,000	4.750%, 11/1/28		107,442
		Scripps Escrow Inc
	250,000	5.875%, 7/15/27		219,184
		Sirius XM Radio Inc
	175,000	4.000%, 7/15/28		151,995
		TEGNA Inc
	150,000	4.625%, 3/15/28		141,109
				1,570,272
Building Materials: 2.2%
		Advanced Drainage Systems Inc
	50,000	6.375%, 6/15/30		48,976
		Cornerstone Building Brands Inc
	125,000	6.125%, 1/15/29		80,523
		Masonite International Corp
	75,000	3.500%, 2/15/30		59,829
		MIWD Holdco II LLC /
		MIWD Finance Corp
	50,000	5.500%, 2/1/30		40,299
		New Enterprise Stone & Lime Co Inc
	150,000	5.250%, 7/15/28		123,523
		SRM Escrow Issuer LLC
	125,000	6.000%, 11/1/28		105,364
		Standard Industries Inc
	50,000	4.375%, 7/15/30		39,529
	75,000	3.375%, 1/15/31		55,540
		Summit Materials LLC /
		Summit Materials Finance Corp
	75,000	5.250%, 1/15/29		65,570
				619,153
Cable/Satellite TV: 5.1%
		CCO Holdings LLC /
		CCO Holdings Capital Corp
	200,000	5.375%, 6/1/29		179,166
	200,000	4.750%, 3/1/30		171,828
		CSC Holdings LLC
	200,000	6.500%, 2/1/29		180,428
		Directv Financing LLC /
		Directv Financing Co-Obligor Inc
	150,000	5.875%, 8/15/27		129,424
		DISH DBS Corp
	100,000	5.750%, 12/1/28		74,229
	75,000	5.125%, 6/1/29		45,550
		Midcontinent Communications /
		Midcontinent Finance Corp
	275,000	5.375%, 8/15/27		253,377
		Radiate Holdco LLC / Radiate Finance Inc
	150,000	6.500%, 9/15/28		116,352
		UPC Holding BV
	200,000	5.500%, 1/15/28		167,513
		Videotron Ltd.
	100,000	5.125%, 4/15/27		93,243
				1,411,110

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

10

U.S. High Yield Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount			Value
CORPORATE BONDS: 86.8% (Continued)
Capital Goods: 1.6%
		Dornoch Debt Merger Sub Inc
$	75,000	6.625%, 10/15/29	$	55,219
		Griffon Corp
	75,000	5.750%, 3/1/28		68,274
		JB Poindexter & Co Inc
	125,000	7.125%, 4/15/26		120,164
		Manitowoc Co Inc
	125,000	9.000%, 4/1/26		116,550
		Patrick Industries Inc
	100,000	4.750%, 5/1/29		74,569
		Wabash National Corp
	25,000	4.500%, 10/15/28		19,156
				453,932
Chemicals: 1.7%
		Compass Minerals International Inc
	25,000	6.750%, 12/1/27		22,651
		CVR Partners LP /
		CVR Nitrogen Finance Corp
	100,000	6.125%, 6/15/28		88,615
		Rain CII Carbon LLC / CII Carbon Corp
	100,000	7.250%, 4/1/25		92,740
		Rayonier AM Products Inc
	67,000	7.625%, 1/15/26		58,552
		SCIH Salt Holdings Inc
	75,000	4.875%, 5/1/28		62,489
		SCIL IV LLC / SCIL USA Holdings LLC
	200,000	5.375%, 11/1/26		160,323
				485,370
Consumer-Products: 1.0%
		Central Garden & Pet Co
	50,000	4.125%, 10/15/30		40,564
	25,000	4.125%, 4/30/31		20,109
		Coty Inc/HFC Prestige Products Inc/
		HFC Prestige International US LLC
	100,000	4.750%, 1/15/29		86,583
		Scotts Miracle-Gro Co
	175,000	4.375%, 2/1/32		133,365
				280,621
Containers: 3.1%
		Canpack SA / Canpack US LLC
	200,000	3.875%, 11/15/29		156,330
		Crown Americas LLC
	100,000	5.250%, 4/1/30		93,908
		Graphic Packaging International LLC
	150,000	3.750%, 2/1/30		127,313
		LABL Inc
	144,000	10.500%, 7/15/27		125,471
		Pactiv Evergreen Group Issuer LLC /
		Pactiv Evergreen Group Issuer Inc
	150,000	4.375%, 10/15/28		127,718
		Trident TPI Holdings Inc
	50,000	9.250%, 8/1/24		45,815
		Trivium Packaging Finance BV
	200,000	5.500%, 8/15/26		188,660
				865,215
Diversified Financial Services: 4.2%
		Bread Financial Holdings Inc
	275,000	7.000%, 1/15/26		264,610
		Castlelake Aviation Finance DAC
	175,000	5.000%, 4/15/27		145,662
		Icahn Enterprises LP /
		Icahn Enterprises Finance Corp
	125,000	6.375%, 12/15/25		118,394
	150,000	6.250%, 5/15/26		139,805
	50,000	5.250%, 5/15/27		44,400
		Midcap Financial Issuer Trust
	200,000	6.500%, 5/1/28		172,573
		Nationstar Mortgage Holdings Inc
	150,000	6.000%, 1/15/27		130,440
	50,000	5.750%, 11/15/31		38,312
		PRA Group Inc
	150,000	5.000%, 10/1/29		123,897
				1,178,093
Diversified Media: 0.7%
		Advantage Sales & Marketing Inc
	150,000	6.500%, 11/15/28		128,880
		Clear Channel Outdoor Holdings Inc
	75,000	5.125%, 8/15/27		63,198
				192,078
Energy: 12.5%
		Antero Resources Corp
	66,000	8.375%, 7/15/26		69,922
	25,000	7.625%, 2/1/29		25,474
		Archrock Partners LP /
		Archrock Partners Finance Corp
	150,000	6.250%, 4/1/28		133,029
		Ascent Resources Utica Holdings LLC /
		ARU Finance Corp
	25,000	7.000%, 11/1/26		23,283
	75,000	5.875%, 6/30/29		66,106
		Blue Racer Midstream LLC /
		Blue Racer Finance Corp
	200,000	7.625%, 12/15/25		191,646
	131,000	6.625%, 7/15/26		118,163
		CITGO Petroleum Corp
	125,000	7.000%, 6/15/25		121,196

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

11

U.S. High Yield Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount			Value
CORPORATE BONDS: 86.8% (Continued)
Energy: 12.5% (Continued)
		CrownRock LP /
		CrownRock Finance Inc
$	125,000	5.625%, 10/15/25	$	117,839
		EQM Midstream Partners LP
	25,000	7.500%, 6/1/27		24,217
	75,000	6.500%, 7/1/27		69,864
	100,000	4.500%, 1/15/29		81,373
	25,000	7.500%, 6/1/30		24,057
	25,000	4.750%, 1/15/31		20,009
		Genesis Energy LP /
		Genesis Energy Finance Corp
	125,000	5.625%, 6/15/24		117,393
		Gulfport Energy Corp
	125,000	8.000%, 5/17/26		123,202
		Harvest Midstream I LP
	175,000	7.500%, 9/1/28		164,694
		Hilcorp Energy I LP /
		Hilcorp Finance Co
	175,000	6.000%, 2/1/31		151,839
		Howard Midstream
		Energy Partners LLC
	100,000	6.750%, 1/15/27		86,380
		Kinetik Holdings LP
	25,000	5.875%, 6/15/30		23,860
		MEG Energy Corp
	125,000	7.125%, 2/1/27		125,486
		Northern Oil and Gas Inc
	150,000	8.125%, 3/1/28		141,596
		Occidental Petroleum Corp
	100,000	5.500%, 12/1/25		98,663
	75,000	8.875%, 7/15/30		86,249
	75,000	4.300%, 8/15/39		61,188
	75,000	4.400%, 4/15/46		60,782
	25,000	4.100%, 2/15/47		19,342
		PBF Holding Co LLC /
		PBF Finance Corp
	75,000	9.250%, 5/15/25		78,516
	25,000	7.250%, 6/15/25		23,412
		Range Resources Corp
	225,000	8.250%, 1/15/29		230,034
		Rockies Express Pipeline LLC
	175,000	4.950%, 7/15/29		149,926
		Southwestern Energy Co
	25,000	7.750%, 10/1/27		25,872
	75,000	8.375%, 9/15/28		79,162
	100,000	4.750%, 2/1/32		85,458
		Tallgrass Energy Partners LP /
		Tallgrass Energy Finance Corp
	158,000	7.500%, 10/1/25		153,191
	100,000	6.000%, 12/31/30		83,133
		USA Compression Partners LP /
		USA Compression Finance Corp
	25,000	6.875%, 4/1/26		22,770
	75,000	6.875%, 9/1/27		66,667
		Venture Global Calcasieu Pass LLC
	50,000	3.875%, 8/15/29		43,872
	50,000	4.125%, 8/15/31		43,014
		Vermilion Energy Inc
	50,000	6.875%, 5/1/30		44,800
				3,476,679
Environmental: 0.1%
		GFL Environmental Inc
	50,000	4.375%, 8/15/29		40,320
Food & Drug Retail: 0.3%
		Albertsons Cos Inc / Safeway Inc /
		New Albertsons LP / Albertsons LLC
	25,000	7.500%, 3/15/26		24,669
	75,000	4.625%, 1/15/27		67,148
				91,817
Food/Beverage/Tobacco: 0.9%
		BellRing Brands Inc
	75,000	7.000%, 3/15/30		70,790
		Darling Ingredients Inc
	25,000	6.000%, 6/15/30		24,973
		Herbalife Nutrition Ltd /
		HLF Financing Inc
	75,000	7.875%, 9/1/25		67,843
		Performance Food Group Inc
	100,000	5.500%, 10/15/27		92,750
				256,356
Gaming: 1.8%
		Caesars Entertainment Inc
	125,000	6.250%, 7/1/25		120,358
	100,000	8.125%, 7/1/27		96,833
		CDI Escrow Issuer Inc
	100,000	5.750%, 4/1/30		92,240
		Churchill Downs Inc
	100,000	4.750%, 1/15/28		89,391
		Premier Entertainment Sub LLC /
		Premier Entertainment Finance Corp
	150,000	5.625%, 9/1/29		107,022
				505,844
Healthcare: 7.9%
		AdaptHealth LLC
	125,000	6.125%, 8/1/28		110,739
		AMN Healthcare Inc
	100,000	4.625%, 10/1/27		91,846

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

12

U.S. High Yield Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount			Value
CORPORATE BONDS: 86.8% (Continued)
Healthcare: 7.9% (Continued)
		Bausch Health Cos Inc
$	75,000	6.125%, 2/1/27	$	63,885
	75,000	5.000%, 2/15/29		39,009
	75,000	6.250%, 2/15/29		40,432
		Centene Corp
	225,000	4.625%, 12/15/29		209,393
		CHS/Community Health Systems Inc
	150,000	5.625%, 3/15/27		127,346
	75,000	8.000%, 12/15/27		68,236
	50,000	5.250%, 5/15/30		38,079
		DaVita Inc
	100,000	4.625%, 6/1/30		78,302
	100,000	3.750%, 2/15/31		70,998
		Embecta Corp
	50,000	5.000%, 2/15/30		42,052
		Legacy LifePoint Health LLC
	75,000	6.750%, 4/15/25		72,394
	200,000	4.375%, 2/15/27		171,623
		MPH Acquisition Holdings LLC
	150,000	5.750%, 11/1/28		124,606
		MPT Operating Partnership LP /
		MPT Finance Corp
	150,000	4.625%, 8/1/29		131,918
		Prestige Brands Inc
	150,000	3.750%, 4/1/31		124,625
		Prime Healthcare Services Inc
	225,000	7.250%, 11/1/25		192,724
		Select Medical Corp
	200,000	6.250%, 8/15/26		187,096
		Tenet Healthcare Corp
	225,000	4.875%, 1/1/26		207,780
				2,193,083
Homebuilders/Real Estate: 7.2%
		Ashton Woods USA LLC /
		Ashton Woods Finance Co
	75,000	6.625%, 1/15/28		63,846
		Blackstone Mortgage Trust Inc
	150,000	3.750%, 1/15/27		122,063
		Brookfield Residential Properties Inc /
		Brookfield Residential US LLC
	125,000	6.250%, 9/15/27		103,776
		Century Communities Inc
	125,000	6.750%, 6/1/27		119,426
		Global Infrastructure Solutions Inc
	87,000	5.625%, 6/1/29		68,063
		HAT Holdings I LLC /
		HAT Holdings II LLC
	100,000	6.000%, 4/15/25		95,932
	100,000	3.375%, 6/15/26		86,260
		Howard Hughes Corp
	125,000	5.375%, 8/1/28		104,946
		IEA Energy Services LLC
	75,000	6.625%, 8/15/29		61,415
		Iron Mountain Inc
	200,000	5.250%, 7/15/30		174,260
		iStar Inc
	125,000	5.500%, 2/15/26		117,832
		KB Home
	25,000	7.250%, 7/15/30		23,715
	75,000	4.000%, 6/15/31		57,590
		Kennedy-Wilson Inc
	75,000	4.750%, 3/1/29		60,860
	50,000	4.750%, 2/1/30		39,208
	75,000	5.000%, 3/1/31		58,241
		Ladder Capital Finance Holdings LLLP /
		Ladder Capital Finance Corp
	75,000	4.750%, 6/15/29		57,834
		M/I Homes Inc
	100,000	3.950%, 2/15/30		75,548
		Millennium Escrow Corp
	75,000	6.625%, 8/1/26		61,307
		Service Properties Trust
	200,000	4.350%, 10/1/24		162,491
		Starwood Property Trust Inc
	50,000	3.750%, 12/31/24		45,591
	75,000	3.625%, 7/15/26		63,885
		Uniti Group LP / Uniti Fiber
		Holdings Inc / CSL Capital LLC
	200,000	7.875%, 2/15/25		193,628
				2,017,717
Insurance: 1.0%
		Acrisure LLC / Acrisure Finance Inc
	150,000	7.000%, 11/15/25		135,328
		Alliant Holdings Intermediate LLC /
		Alliant Holdings Co-Issuer
	150,000	6.750%, 10/15/27		133,503
				268,831
Leisure: 2.7%
		Carnival Corp
	175,000	10.500%, 2/1/26		175,000
		Life Time Inc
	150,000	5.750%, 1/15/26		134,920
		NCL Corp Ltd
	100,000	5.875%, 2/15/27		85,688
		Royal Caribbean Cruises Ltd
	150,000	9.125%, 6/15/23		148,500
	75,000	11.500%, 6/1/25		77,248
	175,000	5.500%, 8/31/26		129,834
				751,190

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

13

U.S. High Yield Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount			Value
CORPORATE BONDS: 86.8% (Continued)
Metals/Mining: 1.6%
		ERO Copper Corp
$	50,000	6.500%, 2/15/30	$	40,187
		Hudbay Minerals Inc
	75,000	4.500%, 4/1/26		62,870
	75,000	6.125%, 4/1/29		60,929
		Kaiser Aluminum Corp
	225,000	4.500%, 6/1/31		171,277
		Mineral Resources Ltd
	25,000	8.000%, 11/1/27		24,519
	100,000	8.500%, 5/1/30		98,664
				458,446
Publishing/Printing: 0.4%
		Cimpress PLC
	150,000	7.000%, 6/15/26		119,707
Restaurants: 1.3%
		1011778 BC ULC / New Red Finance Inc
	25,000	3.875%, 1/15/28		21,803
	125,000	4.375%, 1/15/28		109,484
		Bloomin’ Brands Inc /
		OSI Restaurant Partners LLC
	75,000	5.125%, 4/15/29		63,757
		Dave & Buster’s Inc
	50,000	7.625%, 11/1/25		49,434
		Yum! Brands Inc
	125,000	5.375%, 4/1/32		115,082
				359,560
Services: 4.2%
		Garda World Security Corp
	100,000	4.625%, 2/15/27		86,164
		GPD Cos Inc
	125,000	10.125%, 4/1/26		119,259
		Herc Holdings Inc
	100,000	5.500%, 7/15/27		91,528
		Hertz Corp
	100,000	4.625%, 12/1/26		83,724
	100,000	5.000%, 12/1/29		77,613
		Nielsen Finance LLC /
		Nielsen Finance Co
	75,000	5.625%, 10/1/28		69,867
	75,000	5.875%, 10/1/30		69,000
		Sabre GLBL Inc
	175,000	7.375%, 9/1/25		163,640
		TriNet Group Inc
	75,000	3.500%, 3/1/29		61,835
		United Rentals North America Inc
	225,000	3.750%, 1/15/32		185,275
		WESCO Distribution Inc
	25,000	7.125%, 6/15/25		24,906
	150,000	7.250%, 6/15/28		148,713
				1,181,524
Steel: 1.3%
		Cleveland-Cliffs Inc
	100,000	6.750%, 3/15/26		99,455
		Commercial Metals Co
	50,000	4.125%, 1/15/30		42,186
	50,000	4.375%, 3/15/32		41,049
		TMS International Corp/DE
	75,000	6.250%, 4/15/29		54,609
		United States Steel Corp
	150,000	6.875%, 3/1/29		130,112
				367,411
Super Retail: 2.0%
		At Home Group Inc
	50,000	7.125%, 7/15/29		28,461
		Bath & Body Works Inc
	100,000	6.750%, 7/1/36		80,310
		LCM Investments Holdings II LLC
	100,000	4.875%, 5/1/29		76,399
		LSF9 Atlantis Holdings LLC /
		Victra Finance Corp
	125,000	7.750%, 2/15/26		106,040
		Macy’s Retail Holdings LLC
	100,000	5.875%, 4/1/29		85,308
		Michaels Cos Inc
	125,000	7.875%, 5/1/29		82,751
		Wolverine World Wide Inc
	100,000	4.000%, 8/15/29		80,367
				539,636
Technology: 1.0%
		CommScope Inc
	75,000	4.750%, 9/1/29		60,713
		LogMeIn Inc
	125,000	5.500%, 9/1/27		87,330
		NCR Corp
	75,000	5.125%, 4/15/29		63,590
		Veritas US Inc / Veritas Bermuda Ltd
	75,000	7.500%, 9/1/25		55,928
				267,561
Telecommunications: 7.6%
		Altice Financing SA
	200,000	5.000%, 1/15/28		159,691
		Altice France SA
	200,000	5.500%, 1/15/28		159,050
		Cogent Communications Group Inc
	100,000	7.000%, 6/15/27		95,650
		Connect Finco SARL /
		Connect US Finco LLC
	200,000	6.750%, 10/1/26		179,425
		Consolidated Communications Inc
	125,000	6.500%, 10/1/28		105,500
		Embarq Corp
	75,000	7.995%, 6/1/36		56,489

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

14

U.S. High Yield Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount			Value
CORPORATE BONDS: 86.8% (Continued)
Telecommunications: 7.6% (Continued)
		Frontier Communications Holdings LLC
$	75,000	5.875%, 10/15/27	$	67,689
	50,000	8.750%, 5/15/30		50,915
		GCI LLC
	250,000	4.750%, 10/15/28		216,971
		Hughes Satellite Systems Corp
	175,000	6.625%, 8/1/26		155,634
		LCPR Senior Secured Financing DAC
	200,000	6.750%, 10/15/27		187,097
		Level 3 Financing Inc
	125,000	4.625%, 9/15/27		106,927
		Lumen Technologies Inc
	150,000	5.125%, 12/15/26		126,570
	100,000	4.500%, 1/15/29		74,711
		Sprint Capital Corp
	250,000	6.875%, 11/15/28		263,627
	100,000	8.750%, 3/15/32		120,674
				2,126,620
Utilities: 2.5%
		Calpine Corp
	25,000	5.250%, 6/1/26		23,796
	50,000	5.125%, 3/15/28		44,493
	100,000	4.625%, 2/1/29		83,363
	100,000	5.000%, 2/1/31		81,136
	25,000	3.750%, 3/1/31		20,261
		Clearway Energy Operating LLC
	375,000	3.750%, 2/15/31		303,467
		Sunnova Energy Corp
	150,000	5.875%, 9/1/26		129,000
				685,516
TOTAL CORPORATE BONDS
(Cost $27,986,163)				24,233,938
BANK LOANS: 5.5%
Automotive & Auto Parts: 0.7%
		First Brands 1st Lien (Trico) (3/21)
	104,644	6.666% (3 Month SOFR +
		5.000%), 3/30/27 1,2		99,831
		Wheel Pros (4/21)
	124,063	6.166% (1 Month LIBOR +
		4.500%), 5/11/28 1,2		103,326
				203,157
Building Materials: 0.5%
		Quikrete B1 (4/21)
	150,000	4.612% (1 Month LIBOR +
		3.000%), 6/11/28 1,2		141,863
Healthcare: 1.6%
		Athenahealth DD (02/22)
	21,739	4.977% (1 Month SOFR +
		3.500%), 2/15/29 1,2		20,082
		Athenahealth B (02/22)
	128,261	4.977% (1 Month SOFR +
		3.500%), 2/15/29 1,2		118,481
		Avantor Funding Incremental B-5
	150,000	3.961% (1 Month LIBOR +
		2.250%), 11/6/27 1,2		144,610
		BW NHHC Holdco
	196,923	6.444% (3 Month LIBOR +
		5.000%), 5/15/25 1,2		141,612
		US Outpatient/ US Radiology(12/20)
	24,750	7.023% (3 Month LIBOR +
		5.250%), 12/15/27 1,2		22,028
				446,813
Leisure: 0.3%
		Carnival (USD)
	97,508	4.666% (3 Month LIBOR +
		3.000%), 6/30/25 1,2		91,023
Restaurants: 0.2%
		Dave & Buster’s B (04/22)
	50,000	6.599%, 6/23/29 1,2,3,4		47,719
Super Retail: 0.5%
		S&S Holdings
	150,000	6.666% (3 Month LIBOR +
		5.000%), 3/11/28 1,2		141,125
Technology: 1.0%
		Ahead DB Holdings (04/21)
	99,000	5.416% (3 Month LIBOR +
		3.750%), 10/16/27 1,2		93,407
		CT Technologies (6/21)
		(HealthPort/Ciox Health/Smart)
	74,063	5.916% (1 Month LIBOR +
		4.250%), 12/16/25 1,2		69,557
		Dawn Acquisition
	147,704	6.000% (3 Month LIBOR +
		3.750%), 12/31/25 1,2		118,748
				281,712
Telecommunications: 0.4%
		Crown Subsea (4/21) (SubCom)
	100,547	6.652% (1 Month LIBOR +
		4.750%), 4/27/27 1,2		96,526
		Intelsat Jackson Holdings B5 (Fixed)
	872	6.625%, 1/2/24 1,2,6		802
				97,328

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

15

U.S. High Yield Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount				Value
BANK LOANS: 5.5% (Continued)
Transportation Excluding Air/Rail: 0.3%
			Yak Access B
	$	137,671	7.250% (3 Month LIBOR +
			5%), 7/11/25 1,2		$	93,272
TOTAL BANK LOANS
(Cost $1,695,327)						1,544,012
TOTAL INVESTMENTS IN SECURITIES: 92.3%
(Cost $29,681,490)						25,777,950
Other Assets in Excess of Liabilities: 7.7%						2,159,781
TOTAL NET ASSETS: 100.0%					$	27,937,731

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

USD – United States Dollars

1	Variable rate security; rate shown is the rate in effect on June 30, 2022.  An index may have a negative rate.  Interest rate may also be subject to a cap or floor.
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 major United States banks, (ii) the lending 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	All or a portion of the loan may be unfunded.
4	Denotes investments purchased on a when-issued or delayed delivery basis.

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

16

Low Duration Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited)

Principal
Amount†				Value
CORPORATE BONDS: 84.4%
Airlines: 3.9%
			Air France-KLM
EUR		1,300,000	3.875%, 7/1/26	$	1,112,011
			American Airlines Inc/
			AAdvantage Loyalty IP Ltd
		2,045,000	5.500%, 4/20/26		1,886,103
			Cathay Pacific MTN
			Financing HK Ltd
		1,940,000	4.875%, 8/17/26		1,776,766
			Delta Air Lines Inc
		1,050,000	3.800%, 4/19/23		1,041,217
		1,110,000	7.000%, 5/1/25		1,125,985
			Delta Air Lines Inc /
			SkyMiles IP Ltd
		2,360,000	4.500%, 10/20/25		2,296,739
			Deutsche Lufthansa AG
EUR		1,300,000	1.625%, 11/16/23		1,310,933
EUR		1,400,000	3.000%, 5/29/26		1,239,849
EUR		1,200,000	3.750%, 2/11/28		1,015,154
			easyJet PLC
EUR		700,000	1.750%, 2/9/23		727,727
			Mileage Plus Holdings LLC /
			Mileage Plus Intellectual
			Property Assets Ltd
		1,325,000	6.500%, 6/20/27		1,306,218
			Singapore Airlines Ltd
		1,100,000	3.000%, 7/20/26		1,046,032
			Wizz Air Finance Co BV
EUR		1,300,000	1.350%, 1/19/24		1,265,981
EUR		625,000	1.000%, 1/19/26		539,085
					17,689,800
Automotive & Auto Parts: 5.8%
			Faurecia SE
EUR		1,100,000	2.625%, 6/15/25		1,000,673
EUR		1,100,000	2.750%, 2/15/27		901,189
			FCE Bank PLC
EUR		800,000	1.615%, 5/11/23		830,278
			Ford Motor Credit Co LLC
		500,000	2.366% (3 Month LIBOR
			USD + 1.080%), 8/3/22 1		498,950
		1,000,000	2.646% (3 Month LIBOR
			USD + 1.235%), 2/15/23 1		991,766
		600,000	3.810%, 1/9/24		583,159
EUR		850,000	3.250%, 9/15/25		818,295
		650,000	3.375%, 11/13/25		588,445
			General Motors Financial Co Inc
		1,150,000	5.100%, 1/17/24		1,163,016
		1,170,000	4.350%, 4/9/25		1,157,740
			Genuine Parts Co
		200,000	1.750%, 2/1/25		189,145
			Harley-Davidson
			Financial Services Inc
EUR		500,000	0.900%, 11/19/24		495,313
			Hyundai Capital America
		1,825,000	1.650%, 9/17/26		1,612,853
			IHO Verwaltungs GmbH
EUR		800,000	3.625% Cash or 4.000%
			PIK, 5/15/25		733,060
EUR		700,000	3.750% Cash or 5.000%
			PIK, 9/15/26		610,197
			Jaguar Land Rover Automotive PLC
		1,100,000	7.750%, 10/15/25		1,020,250
EUR		625,000	4.500%, 7/15/28		471,072
			Kia Corp
		650,000	1.000%, 4/16/24		619,830
		1,030,000	2.375%, 2/14/25		986,992
			Nissan Motor Co Ltd
		1,894,000	3.043%, 9/15/23		1,864,170
		1,500,000	3.522%, 9/17/25		1,422,891
EUR		700,000	2.652%, 3/17/26		686,109
	��		Pirelli & C SPA
EUR		860,000	1.375%, 1/25/23		902,097
			RCI Banque SA
EUR		1,090,000	0.154% (3 Month EURIBOR +
			0.570%), 11/4/24 1		1,119,004
EUR		1,100,000	0.298% (3 Month EURIBOR +
			0.580%), 3/12/25 1		1,129,015
EUR		350,000	0.500%, 7/14/25		330,946
			Schaeffler AG
EUR		1,100,000	2.750%, 10/12/25		1,060,688
			Stellantis NV
		1,000,000	5.250%, 4/15/23		1,008,735
			ZF Finance GmbH
EUR		1,500,000	3.000%, 9/21/25		1,384,274
					26,180,152
Banking: 20.3%
			Abanca Corp Bancaria SA
EUR		500,000	4.625% (5 Year Swap Rate
			EUR + 5.014%), 4/7/30 1		490,104
			ABN AMRO Bank NV
		500,000	4.750%, 7/28/25		498,033
		4,200,000	4.400% (5 Year Swap Rate
			USD + 2.197%), 3/27/28 1		4,168,844
			AHB Sukuk Co Ltd
		700,000	4.375%, 9/19/23		705,191
			AIB Group PLC
EUR		1,700,000	1.875% (5 Year Swap Rate
			EUR + 2.150%), 11/19/29 1		1,647,755
EUR		300,000	2.875% (5 Year Swap Rate
			EUR + 3.300%), 5/30/31 1		285,343

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

17

Low Duration Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 84.4% (Continued)
Banking: 20.3% (Continued)
		Alpha Bank SA
EUR	1,325,000	3.000% (EUSA1 + 3.468%),
		12/14/24 1	$	1,362,562
		Australia & New Zealand
		Banking Group Ltd
	2,700,000	2.950% (5 Year CMT Rate +
		1.288%), 7/22/30 1		2,550,974
		Banco Comercial Portugues SA
EUR	600,000	3.871% (5 Year Swap Rate
		EUR + 4.231%), 3/27/30 1		527,854
		Banco de Sabadell SA
EUR	2,000,000	5.375% (5 Year Swap Rate
		EUR + 5.100%), 12/12/28 1		2,098,780
EUR	900,000	2.500% (5 Year Swap Rate
		EUR + 2.950%), 4/15/31 1		787,853
		Bank of America Corp
	1,100,000	4.000%, 1/22/25		1,097,309
	450,000	3.841% (SOFR +
		1.110%), 4/25/25 1		448,468
EUR	750,000	0.822% (3 Month EURIBOR +
		1.000%), 9/22/26 1		775,594
	900,000	4.376% (SOFR +
		1.580%), 4/27/28 1		888,102
		Bank of Ireland Group PLC
GBP	1,300,000	3.125% (GILT +
		2.700%), 9/19/27 1		1,573,606
EUR	1,050,000	2.375% (5 Year Swap Rate
		EUR + 2.800%), 10/14/29 1		1,033,565
		Barclays Bank PLC
	1,400,000	7.625%, 11/21/22		1,414,099
		BBVA Bancomer SA
	2,100,000	6.750%, 9/30/22		2,107,245
	150,000	4.375%, 4/10/24		149,179
		BPCE SA
	1,270,000	5.700%, 10/22/23		1,290,161
	2,310,000	5.150%, 7/21/24		2,313,805
		Caixa Geral de Depositos SA
EUR	1,200,000	5.750% (5 Year Swap Rate
		EUR + 5.500%), 6/28/28 1		1,249,702
		CaixaBank SA
EUR	3,000,000	2.750% (5 Year Swap Rate
		EUR + 2.350%), 7/14/28 1		3,103,298
EUR	3,000,000	2.250% (5 Year Swap Rate
		EUR + 1.680%), 4/17/30 1		2,924,645
		Citigroup Inc
	900,000	4.140% (SOFR +
		1.372%), 5/24/25 1		897,847
	700,000	3.700%, 1/12/26		687,608
	525,000	4.658% (SOFR +
		1.887%), 5/24/28 1		522,815
		Commerzbank AG
	500,000	8.125%, 9/19/23		511,417
EUR	1,200,000	4.000% (5 Year Swap Rate
		EUR + 4.350%), 12/5/30 1		1,196,642
		Commonwealth Bank of Australia
EUR	500,000	1.936% (5 Year Swap Rate
		EUR + 1.450%), 10/3/29 1		504,115
		Cooperatieve Rabobank UA
	3,800,000	4.000% (5 Year Swap Rate
		USD + 1.892%), 4/10/29 1		3,722,579
		Danske Bank A/S
EUR	1,900,000	2.500% (5 Year Swap Rate
		EUR + 2.500%), 6/21/29 1		1,939,297
		Deutsche Bank AG
	1,532,000	2.783% (3 Month LIBOR
		USD + 1.230%), 2/27/23 1		1,530,474
	3,175,000	4.296% (5 Year Swap Rate
		USD + 2.248%), 5/24/28 1		2,848,550
		ING Groep NV
	3,300,000	4.700% (5 Year Swap Rate
		USD + 1.938%), 3/22/28 1		3,282,352
EUR	500,000	3.000% (5 Year Swap Rate
		EUR + 2.850%), 4/11/28 1		525,292
EUR	2,700,000	2.500% (5 Year Swap Rate
		EUR + 2.150%), 2/15/29 1		2,782,315
EUR	900,000	1.625% (5 Year Swap Rate
		EUR + 1.250%), 9/26/29 1		893,937
		Intesa Sanpaolo SPA
	3,300,000	5.017%, 6/26/24		3,154,420
EUR	1,500,000	1.737% (3 Month EURIBOR +
		1.900%), 9/26/24 1		1,547,724
EUR	1,000,000	4.375% (5 Year Swap Rate
		EUR + 4.750%), 7/12/29 1		1,033,597
		La Banque Postale SA
EUR	1,100,000	0.875% (5 Year Swap Rate
		EUR + 1.380%), 1/26/31 1		1,005,252
		Nationwide Building Society
EUR	550,000	2.000% (5 Year Swap Rate
		EUR + 1.500%), 7/25/29 1		555,080
		NatWest Group PLC
	325,000	5.125%, 5/28/24		325,987
	2,325,000	3.754% (5 Year CMT
		Rate + 2.100%), 11/1/29 1		2,233,793
		NBK SPC Ltd
	750,000	1.625% (SOFR +
		1.050%), 9/15/27 1		670,121
		Raiffeisen Bank International AG
EUR	1,000,000	1.500% (5 Year Swap Rate
		EUR + 2.150%), 3/12/30 1		867,182
		Santander UK PLC
	3,480,000	5.000%, 11/7/23		3,509,023

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

18

Low Duration Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 84.4% (Continued)
Banking: 20.3% (Continued)
		Societe Generale SA
	1,160,000	5.000%, 1/17/24	$	1,166,254
EUR	1,600,000	1.375% (5 Year Swap Rate
		EUR + 0.900%), 2/23/28 1		1,649,287
EUR	3,200,000	1.000% (5 Year Swap Rate
		EUR + 1.550%), 11/24/30 1		2,936,026
		Standard Chartered PLC
	1,180,000	3.885% (3 Month LIBOR
		USD + 1.080%), 3/15/24 1		1,177,151
	1,400,000	3.516% (5 Year CMT
		Rate + 1.850%), 2/12/30 1		1,331,428
		UniCredit SPA
EUR	1,600,000	4.875% (EUAMDB05 +
		4.739%), 2/20/29 1		1,673,317
EUR	450,000	2.000% (5 Year Swap Rate
		EUR + 2.400%), 9/23/29 1		435,969
		Virgin Money UK PLC
GBP	2,200,000	7.875% (GILT +
		7.128%), 12/14/28 1		2,755,210
GBP	1,050,000	5.125% (GILT +
		5.250%), 12/11/30 1		1,237,212
		Volksbank Wien AG
EUR	2,800,000	2.750% (5 Year Swap Rate
		EURIBOR + 2.550%), 10/6/27 1		2,781,226
		Westpac Banking Corp
	2,545,000	2.894% (5 Year CMT
		Rate + 1.350%), 2/4/30 1		2,416,359
				91,798,929
Broadcasting: 0.6%
		Magallanes Inc
	1,200,000	3.428%, 3/15/24		1,178,257
	968,000	3.638%, 3/15/25		939,536
		Pinewood Finance Co Ltd
GBP	500,000	3.250%, 9/30/25		531,047
				2,648,840
Building Materials: 0.5%
		James Hardie International
		Finance DAC
EUR	1,355,000	3.625%, 10/1/26		1,316,938
	922,000	5.000%, 1/15/28		822,253
				2,139,191
Cable/Satellite TV: 0.8%
		Radiate Holdco LLC /
		Radiate Finance Inc
	500,000	4.500%, 9/15/26		431,895
		United Group BV
EUR	1,000,000	4.125% (3 Month EURIBOR +
		4.125%), 5/15/25 1		941,576
EUR	1,400,000	3.125%, 2/15/26		1,162,513
EUR	1,360,000	3.250% (3 Month EURIBOR +
		3.250%), 2/15/26 1		1,230,220
				3,766,204
Capital Goods: 2.3%
		CNH Industrial NV
	1,000,000	4.500%, 8/15/23		1,009,321
		Daimler Trucks Finance
		North America LLC
	2,475,000	1.625%, 12/13/24		2,331,565
	1,150,000	3.500%, 4/7/25		1,128,552
		Fortune Star BVI Ltd
EUR	753,000	4.350%, 5/6/23		625,565
		Parker-Hannifin Corp
	1,300,000	3.650%, 6/15/24		1,297,380
		Schenck Process Holding GmbH
EUR	800,000	5.375%, 6/15/23		809,811
		Traton Finance Luxembourg SA
EUR	500,000	0.125%, 11/10/24		494,779
		Westinghouse Air Brake
		Technologies Corp
	2,525,000	4.400%, 3/15/24 1		2,532,729
				10,229,702
Chemicals: 0.8%
		CNAC HK Finbridge Co Ltd
	250,000	3.375%, 6/19/24		247,416
	240,000	4.875%, 3/14/25		244,118
		International Flavors &
		Fragrances Inc
	600,000	1.230%, 10/1/25		542,662
		MEGlobal Canada ULC
	350,000	5.000%, 5/18/25		353,894
		PTT Global Chemical PCL
	200,000	4.250%, 9/19/22		200,715
		Sinochem Offshore Capital Co Ltd
	950,000	1.000%, 9/23/24		891,580
		Syngenta Finance NV
	900,000	4.441%, 4/24/23		907,655
				3,388,040
Consumer-Products: 0.4%
		Kimberly-Clark de
		Mexico SAB de CV
	1,791,000	3.250%, 3/12/25		1,731,987
Containers: 0.3%
		Amcor Flexibles North America Inc
	850,000	4.000%, 5/17/25		842,294

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

19

Low Duration Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 84.4% (Continued)
Containers: 0.3% (Continued)
		Trivium Packaging Finance BV
EUR	500,000	3.750% (3 Month EURIBOR +
		3.750%), 8/15/26 1	$	494,884
				1,337,178
Diversified Financial Services: 18.5%
		AerCap Ireland Capital DAC /
		AerCap Global Aviation Trust
	1,520,000	4.500%, 9/15/23		1,514,466
	815,000	1.150%, 10/29/23		777,543
	1,801,000	3.150%, 2/15/24		1,745,295
	775,000	1.650%, 10/29/24		717,191
	375,000	2.450%, 10/29/26		327,229
		Air Lease Corp
	2,560,000	2.200%, 1/15/27		2,236,403
		Aircastle Ltd
	350,000	5.000%, 4/1/23		349,717
	1,200,000	4.400%, 9/25/23		1,185,659
	897,000	4.125%, 5/1/24		872,907
	1,930,000	4.250%, 6/15/26		1,790,122
		AnaCap Financial Europe
		SA SICAV-RAIF
EUR	1,000,000	5.000% (3 Month EURIBOR +
		5.000%), 8/1/24 1		922,095
		Ares Capital Corp
	2,370,000	3.500%, 2/10/23		2,360,127
	1,680,000	4.200%, 6/10/24		1,652,029
	1,000,000	4.250%, 3/1/25		957,906
	200,000	3.250%, 7/15/25		185,352
		Aviation Capital Group LLC
	2,370,000	3.875%, 5/1/23		2,350,666
	1,500,000	5.500%, 12/15/24		1,493,218
		Avolon Holdings Funding Ltd
	700,000	5.125%, 10/1/23		693,655
		AXA Logistics Europe Master SCA
EUR	575,000	0.375%, 11/15/26		524,949
		BOC Aviation Ltd
	460,000	2.750%, 12/2/23		453,810
		Bracken MidCo1 PLC
GBP	775,000	6.750% Cash or 7.000%
		PIK, 11/1/27		808,095
		CDBL Funding 2
	1,050,000	3.000%, 8/1/22		1,049,622
		Credit Suisse Group AG
EUR	300,000	0.552% (3 Month EURIBOR +
		1.000%), 1/16/26 1		302,598
	900,000	7.500% (5 Year Swap Rate
		USD + 4.598%), 12/11/23 1,4,5		859,630
	450,000	6.250% (5 Year Swap Rate
		USD + 3.455%), 12/18/24 1,4,5		411,048
		DAE Funding LLC
	800,000	1.550%, 8/1/24		750,599
	1,492,000	2.625%, 3/20/25		1,389,529
		DAE Sukuk Difc Ltd
	1,080,000	3.750%, 2/15/26		1,022,559
		doValue SPA
EUR	1,050,000	3.375%, 7/31/26		953,380
		Encore Capital Group Inc
GBP	775,000	5.375%, 2/15/26		887,393
		Garfunkelux Holdco 3 SA
EUR	1,420,000	6.750%, 11/1/25		1,325,821
EUR	2,075,000	6.250% (3 Month EURIBOR +
		6.250%), 5/1/26 1		2,019,685
		Goldman Sachs Group Inc
	2,400,000	3.000%, 3/15/24		2,369,284
		Hoist Finance AB
EUR	2,500,000	2.750%, 4/3/23		2,624,848
		Huarong Finance 2017 Co Ltd
	2,000,000	2.552% (3 Month LIBOR
		USD + 1.150%), 11/7/22 1		1,977,500
		Huarong Finance 2019 Co Ltd
	520,000	2.631% (3 Month LIBOR
		USD + 1.125%), 2/24/23 1		508,300
		Huarong Universe
		Investment Holding Ltd
EUR	1,300,000	1.625%, 12/5/22		1,314,659
		Icahn Enterprises LP /
		Icahn Enterprises Finance Corp
	2,360,000	6.375%, 12/15/25		2,235,286
		ICBCIL Finance Co Ltd
	1,000,000	2.511% (3 Month LIBOR
		USD + 1.100%), 5/15/23 1		999,800
		ICD Funding Ltd
	3,450,000	4.625%, 5/21/24		3,457,859
		Intercontinental Exchange Inc
	587,000	3.650%, 5/23/25		583,600
		Intrum AB
EUR	500,000	4.875%, 8/15/25		476,360
		IS Hong Kong Investment Ltd
	1,000,000	2.900%, 12/30/22		997,255
		Jerrold Finco PLC
GBP	1,075,000	4.875%, 1/15/26		1,155,819
		LeasePlan Corp NV
EUR	400,000	0.250%, 9/7/26		367,293
		Lincoln Financing SARL
EUR	1,080,000	3.625%, 4/1/24		1,098,516
		Macquarie Bank Ltd
	2,100,000	4.875%, 6/10/25		2,099,932
		Mirae Asset Securities Co Ltd
	500,000	2.125%, 7/30/23		491,345
	1,180,000	2.625%, 7/30/25		1,120,382

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

20

Low Duration Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 84.4% (Continued)
Diversified Financial Services: 18.5% (Continued)
		Mitsubishi HC Capital UK PLC
EUR	425,000	–%, 10/29/24 8	$	420,183
		Morgan Stanley
	700,000	3.875%, 4/29/24		702,091
	700,000	4.000%, 7/23/25		701,111
		Nexi SPA
EUR	1,580,000	1.625%, 4/30/26		1,352,368
		Owl Rock Capital Corp
	2,705,000	��4.000%, 3/30/25		2,549,662
	1,115,000	3.750%, 7/22/25		1,033,390
		Park Aerospace Holdings Ltd
	2,000,000	4.500%, 3/15/23		1,993,435
	2,320,000	5.500%, 2/15/24		2,304,280
		REC Ltd
	800,000	5.250%, 11/13/23		810,676
	1,300,000	3.375%, 7/25/24		1,274,234
	200,000	3.500%, 12/12/24		195,528
	200,000	2.250%, 9/1/26		179,114
	840,000	2.750%, 1/13/27		759,008
		Sherwood Financing PLC
EUR	1,520,000	4.625% (3 Month EURIBOR +
		4.625%), 11/15/27 1		1,445,548
		Shriram Transport Finance Co Ltd
	900,000	4.150%, 7/18/25		787,597
		SoftBank Group Corp
	750,000	3.125%, 1/6/25		662,625
	1,475,000	4.000%, 7/6/26		1,224,250
		Synchrony Financial
	1,750,000	4.875%, 6/13/25		1,733,851
		TP ICAP Finance PLC
GBP	256,000	5.250%, 1/26/24		308,652
		UBS AG
	3,475,000	5.125%, 5/15/24		3,474,305
		UBS Group AG
	960,000	7.000% (5 Year Swap Rate
		EUR + 4.866%), 2/19/25 1,4,5		953,725
				83,633,969
Diversified Media: 0.1%
		Adevinta ASA
EUR	675,000	2.625%, 11/15/25		634,864
Energy: 4.9%
		Archrock Partners LP /
		Archrock Partners Finance Corp
	1,190,000	6.875%, 4/1/27		1,086,139
		Blue Racer Midstream LLC /
		Blue Racer Finance Corp
	2,100,000	7.625%, 12/15/25		2,012,283
		Cheniere Corpus
		Christi Holdings LLC
	2,220,000	7.000%, 6/30/24		2,303,615
		CrownRock LP /
		CrownRock Finance Inc
	2,170,000	5.625%, 10/15/25		2,045,681
		Energean Israel Finance Ltd
	1,275,000	4.500%, 3/30/24		1,203,281
		Energy Transfer LP
	1,000,000	4.250%, 4/1/24		1,001,300
		Galaxy Pipeline Assets Bidco Ltd
	1,739,439	1.750%, 9/30/27		1,619,238
		Perusahaan Gas Negara Tbk PT
	1,499,000	5.125%, 5/16/24		1,506,530
		Plains All American Pipeline LP /
		PAA Finance Corp
	2,176,000	4.650%, 10/15/25		2,159,205
		Ras Laffan Liquefied
		Natural Gas Co Ltd 3
	434,100	5.838%, 9/30/27		453,142
	683,625	6.332%, 9/30/27		713,067
		Sabine Pass Liquefaction LLC
	1,130,000	5.750%, 5/15/24		1,154,165
		USA Compression Partners LP /
		USA Compression Finance Corp
	1,180,000	6.875%, 9/1/27		1,048,896
		Wintershall Dea Finance BV
EUR	3,700,000	0.452%, 9/25/23		3,790,534
				22,097,076
Financials: 0.5%
		Hiscox Ltd
GBP	1,900,000	2.000%, 12/14/22		2,300,901
Food & Drug Retail: 0.4%
		Bellis Acquisition Co PLC
GBP	575,000	3.250%, 2/16/26		545,959
		Lion/Polaris Lux 4 SA
EUR	100,000	4.000% (3 Month EURIBOR +
		4.000%), 7/1/26 1		94,104
		Quatrim SASU
EUR	1,000,000	5.875%, 1/15/24		1,001,012
				1,641,075
Food/Beverage/Tobacco: 2.1%
		Coca-Cola Europacific Partners PLC
	1,600,000	1.500%, 1/15/27		1,422,965
		Coca-Cola Icecek AS
	900,000	4.215%, 9/19/24		850,410
		Constellation Brands Inc
	225,000	3.600%, 5/9/24		224,497
	175,000	4.350%, 5/9/27		173,927
		Herbalife Nutrition Ltd /
		HLF Financing Inc
	625,000	7.875%, 9/1/25		565,356
		Kraft Heinz Foods Co
	2,250,000	3.000%, 6/1/26		2,126,185

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

21

Low Duration Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 84.4% (Continued)
Food/Beverage/Tobacco: 2.1% (Continued)
		Louis Dreyfus Co Finance BV
	200,000	5.250%, 6/13/23	$	200,322
EUR	1,825,000	2.375%, 11/27/25		1,851,632
		Olam International Ltd
	400,000	4.375%, 1/9/23		400,840
		Sigma Alimentos S.A. de CV
	850,000	4.125%, 5/2/26		803,072
		Viterra Finance BV
EUR	1,000,000	0.375%, 9/24/25		938,988
				9,558,194
Gaming: 0.6%
		Caesars Entertainment Inc
	1,000,000	6.250%, 7/1/25		962,865
		Cirsa Finance International SARL
EUR	275,980	6.250%, 12/20/23		276,562
		International Game Technology PLC
EUR	400,000	3.500%, 6/15/26		382,684
		MGM Resorts International
	1,250,000	6.750%, 5/1/25		1,228,537
				2,850,648
Healthcare: 2.0%
		Bausch Health Cos Inc
	1,150,000	9.000%, 12/15/25		836,890
		GN Store Nord AS
EUR	760,000	0.750%, 12/6/23		780,475
EUR	1,170,000	0.875%, 11/25/24		1,161,034
		GSK Consumer Healthcare
		Capital UK PLC
	970,000	3.125%, 3/24/25		946,687
		GSK Consumer Healthcare
		Capital US LLC
	381,000	3.375%, 3/24/27		365,214
		MPT Operating Partnership LP /
		MPT Finance Corp
GBP	510,000	2.550%, 12/5/23		596,605
EUR	300,000	3.325%, 3/24/25		298,148
GBP	1,300,000	2.500%, 3/24/26		1,404,019
		Rossini SARL
EUR	150,000	3.875% (3 Month EURIBOR +
		3.875%), 10/30/25 1		146,535
		Teva Pharmaceutical Finance
		Netherlands II BV
EUR	775,000	3.750%, 5/9/27		689,763
		Teva Pharmaceutical Finance
		Netherlands III BV
	1,815,000	2.800%, 7/21/23		1,747,173
				8,972,543
Homebuilders/Real Estate: 4.1%
		Akelius Residential Property AB
EUR	1,200,000	1.125%, 3/14/24		1,226,674
		American Tower Corp
EUR	1,000,000	0.450%, 1/15/27		914,128
		ARGAN SA
EUR	1,000,000	1.011%, 11/17/26		856,982
		CTP NV
EUR	2,233,000	0.625%, 11/27/23		2,188,939
EUR	400,000	0.500%, 6/21/25		357,584
		DEMIRE Deutsche Mittelstand
		Real Estate AG
EUR	1,400,000	1.875%, 10/15/24		1,218,511
		DIC Asset AG
EUR	600,000	2.250%, 9/22/26		424,399
		Hammerson PLC
GBP	700,000	3.500%, 10/27/25		742,532
		HOWOGE
		Wohnungs-baugesellschaft mbH
EUR	300,000	–%, 11/1/24 8		296,760
		Ladder Capital Finance Holdings
		LLLP / Ladder Capital Finance Corp
	1,430,000	5.250%, 10/1/25		1,296,588
		Lar Espana Real Estate Socimi SA
EUR	400,000	1.750%, 7/22/26		368,128
		Lennar Corp
	1,500,000	5.875%, 11/15/24		1,544,493
		MasTec Inc
	1,180,000	4.500%, 8/15/28		1,064,668
		NE Property BV
EUR	2,500,000	1.750%, 11/23/24		2,439,109
		Samhallsbyggnadsbolaget i
		Norden AB
EUR	650,000	1.750%, 1/14/25		500,274
		Tritax EuroBox PLC
EUR	600,000	0.950%, 6/2/26		562,516
		Trust Fibra Uno
	350,000	5.250%, 12/15/24		343,571
	350,000	5.250%, 1/30/26		330,545
		Vivion Investments SARL
EUR	1,000,000	3.000%, 8/8/24		908,210
		Webuild SPA
EUR	1,125,000	5.875%, 12/15/25		1,079,661
EUR	200,000	3.875%, 7/28/26		173,650
				18,837,922
Hotels: 1.7%
		Hyatt Hotels Corp
	1,300,000	1.300%, 10/1/23		1,260,172
	985,000	1.800%, 10/1/24		932,731
	1,050,000	5.375%, 4/23/25		1,065,458

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

22

Low Duration Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 84.4% (Continued)
Hotels: 1.7% (Continued)
		Marriott International Inc
	1,975,000	3.600%, 4/15/24	$	1,959,480
		Whitbread Group PLC
GBP	2,000,000	3.375%, 10/16/25		2,352,528
				7,570,369
Insurance: 0.1%
		Rothesay Life PLC
GBP	450,000	8.000%, 10/30/25		586,200
Leisure: 1.2%
		Carnival Corp
EUR	800,000	1.875%, 11/7/22		807,973
		CPUK Finance Ltd
GBP	375,000	3.588%, 2/28/42		451,503
GBP	510,000	6.500%, 8/28/50		586,871
		Expedia Group Inc
	1,500,000	6.250%, 5/1/25		1,547,968
	1,225,000	5.000%, 2/15/26		1,227,597
		Royal Caribbean Cruises Ltd
	625,000	9.125%, 6/15/23		618,750
				5,240,662
Metals/Mining: 0.4%
		Gold Fields Orogen
		Holdings BVI Ltd
	1,700,000	5.125%, 5/15/24		1,717,640
Paper: 0.2%
		Inversiones CMPC SA
	1,000,000	4.375%, 5/15/23		1,004,725
Publishing/Printing: 0.2%
		Informa PLC
EUR	1,000,000	2.125%, 10/6/25		1,017,935
Quasi & Foreign Government: 1.0%
		African Export-Import Bank
	1,620,000	4.125%, 6/20/24		1,591,893
		Eastern & Southern African
		Trade & Development Bank
	2,800,000	4.875%, 5/23/24		2,648,184
		Emirates Development Bank PJSC
	420,000	1.639%, 6/15/26		385,410
				4,625,487
Railroads: 0.1%
		Getlink SE
EUR	425,000	3.500%, 10/30/25		426,945
Services: 1.0%
		Loxam SAS
EUR	1,560,000	3.250%, 1/14/25		1,479,407
		Ocado Group PLC
GBP	575,000	3.875%, 10/8/26		565,199
		Paganini Bidco SPA
EUR	325,000	4.250% (3 Month EURIBOR +
		4.250%), 10/30/28 1		309,805
		Sabre GLBL Inc
	1,380,000	7.375%, 9/1/25		1,290,417
		Verisure Holding AB
EUR	365,000	3.875%, 7/15/26		335,941
EUR	460,000	3.250%, 2/15/27		399,791
		Zenith Finco PLC
GBP	450,000	6.500%, 6/30/27		442,983
				4,823,543
Super Retail: 0.5%
		AA Bond Co Ltd
GBP	740,000	2.750%, 7/31/43		883,056
GBP	985,000	4.875%, 7/31/43		1,193,156
		Lowe’s Cos Inc
	366,000	3.350%, 4/1/27		353,014
				2,429,226
Technology: 1.9%
		ams-OSRAM AG
EUR	2,100,000	6.000%, 7/31/25		2,068,662
		Arqiva Broadcast Finance PLC
GBP	1,500,000	6.750%, 9/30/23		1,746,007
		Broadcom Inc
	400,000	3.150%, 11/15/25		386,091
		Dell International LLC / EMC Corp
	2,300,000	6.020%, 6/15/26		2,394,142
		Qorvo Inc
	1,450,000	1.750%, 12/15/24		1,357,338
		Wipro IT Services LLC
	800,000	1.500%, 6/23/26		720,083
				8,672,323
Telecommunications: 3.6%
		Bharti Airtel International
		Netherlands BV
	1,800,000	5.350%, 5/20/24		1,837,282
		iliad SA
EUR	1,500,000	0.750%, 2/11/24		1,473,793
		LCPR Senior Secured
		Financing DAC
	540,000	6.750%, 10/15/27		505,162
		PLT VII Finance SARL
EUR	475,000	4.625%, 1/5/26		438,204
		PPF Telecom Group BV
EUR	1,600,000	3.500%, 5/20/24		1,655,049
EUR	2,000,000	2.125%, 1/31/25		1,949,824
		Rogers Communications Inc
	844,000	2.950%, 3/15/25		816,810
		Sprint Spectrum Co LLC /
		Sprint Spectrum Co II LLC /
		Sprint Spectrum Co III LLC
	395,313	4.738%, 9/20/29		395,858

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

23

Low Duration Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†			Value
CORPORATE BONDS: 84.4% (Continued)
Telecommunications: 3.6% (Continued)
		Telecom Italia SPA
EUR	1,000,000	4.000%, 4/11/24	$	1,034,448
	1,430,000	5.303%, 5/30/24		1,374,130
		Tencent Holdings Ltd
	1,300,000	3.800%, 2/11/25		1,290,672
		T-Mobile USA Inc
	1,180,000	3.500%, 4/15/25		1,156,603
	2,510,000	2.250%, 2/15/26		2,281,489
				16,209,324
Transportation Excluding Air/Rail: 1.9%
		Aeroporti di Roma SPA
GBP	900,000	5.441%, 2/20/23		1,107,326
		DP World Crescent Ltd
	500,000	3.908%, 5/31/23		499,875
		Firstgroup PLC
GBP	950,000	6.875%, 9/18/24		1,208,163
		Gatwick Funding Ltd
GBP	1,000,000	5.250%, 1/23/26		1,248,103
GBP	200,000	6.125%, 3/2/28 1		262,346
		GXO Logistics Inc
	2,175,000	1.650%, 7/15/26		1,903,259
		Heathrow Funding Ltd
GBP	1,125,000	7.125%, 2/14/24		1,426,804
		Pelabuhan Indonesia Persero PT
	200,000	4.250%, 5/5/25		197,458
		Stagecoach Group PLC
GBP	650,000	4.000%, 9/29/25		773,602
				8,626,936
Utilities: 1.7%
		Abu Dhabi National Energy
	400,000	4.375%, 4/23/25		403,700
		Adani Green Energy Up
	950,000	6.250%, 12/10/24		912,000
		Drax Finco PLC
EUR	200,000	2.625%, 11/1/25		192,037
		Hero Asia Investment Ltd
	200,000	1.500%, 11/18/23		193,415
		ReNew Power Pvt Ltd
	400,000	6.450%, 9/27/22		398,500
		Tabreed Sukuk Spc Ltd
	750,000	5.500%, 10/31/25		778,590
		Thames Water Utilities Finance PLC
GBP	1,271,000	2.375%, 5/3/23		1,527,994
		Vena Energy Capital Pte Ltd
	3,300,000	3.133%, 2/26/25		3,153,746
				7,559,982
TOTAL CORPORATE BONDS
(Cost $421,507,786)				381,948,512
COLLATERALIZED LOAN OBLIGATIONS: 2.2%
Collateralized Debt Obligation: 2.2%
		Ares European CLO XV DAC
EUR	750,000	0.950% (3 Month EURIBOR +
		0.950%), 1/15/36 1		740,721
		Aurium CLO IX DAC
EUR	500,000	0.950% (3 Month EURIBOR +
		0.950%), 10/28/34 1		493,621
		Aurium Clo VIII DAC
EUR	780,000	0.850% (3 Month EURIBOR +
		0.850%), 6/23/34 1		772,992
		Barings Euro CLO 2019-1 DAC
EUR	500,000	0.960% (3 Month EURIBOR +
		0.960%), 10/15/34 1		492,357
		Capital Four CLO III DAC
EUR	1,000,000	1.020% (3 Month EURIBOR +
		1.020%), 10/15/34 1		993,904
		Carlyle Global Market Strategies
		Euro CLO 2015-1 DAC
EUR	500,000	0.960% (3 Month EURIBOR +
		0.960%), 1/16/33 1		508,064
		CVC Cordatus Loan Fund VIII DAC
EUR	1,000,000	0.850% (3 Month EURIBOR +
		0.850%), 7/15/34 1		995,688
		Dunedin Park CLO DAC
EUR	500,000	0.980% (3 Month EURIBOR +
		0.980%), 11/20/34 1		495,844
		Euro-Galaxy VII CLO DAC
EUR	750,000	0.830% (3 Month EURIBOR +
		0.830%), 7/25/35 1		752,205
		Hayfin Emerald CLO I DAC
EUR	1,000,000	0.820% (3 Month EURIBOR +
		0.820%), 4/17/34 1		1,007,737
		Penta CLO 7 DAC
EUR	500,000	0.950% (3 Month EURIBOR +
		0.950%), 1/25/33 1		507,406
		RRE 2 Loan Management DAC
EUR	500,000	0.860% (3 Month EURIBOR +
		0.860%), 7/15/35 1		497,567
		RRE 6 Loan Management DAC
EUR	500,000	0.870% (3 Month EURIBOR +
		0.870%), 4/15/35 1		505,328
		St Paul’s CLO IX DAC
EUR	500,000	0.940% (3 Month EURIBOR +
		0.940%), 7/20/35 1		491,947
		Tikehau CLO II DAC
EUR	800,000	0.990% (3 Month EURIBOR +
		0.990%), 9/7/35 1		794,118
				10,049,499
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $11,830,759)				10,049,499

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

24

Low Duration Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†			Value
CONVERTIBLE BONDS: 2.8%
Banking: 2.0%
		Abanca Corp Bancaria SA
EUR	700,000	6.125% (5 Year Swap Rate
		EUR + 5.927%), 1/18/29 1	$	731,703
		Australia & New Zealand
		Banking Group Ltd
EUR	800,000	1.125% (5 Year Swap Rate
		EUR + 1.400%), 11/21/29 1		788,432
		Bank of Ireland Group PLC
	1,890,000	4.125% (5 Year CMT
		Rate + 2.500%), 9/19/27 1		1,872,045
		Barclays PLC
EUR	2,800,000	2.000% (5 Year Swap Rate
		EUR + 1.900%), 2/7/28 1		2,900,980
		National Australia Bank Ltd
GBP	500,000	1.699% (GILT + 1.400%), 9/15/31 1		524,582
		Standard Chartered PLC
	2,310,000	5.200%, 1/26/24		2,334,248
				9,151,990
Diversified Financial Services: 0.8%
		Credit Suisse AG
	3,525,000	6.500%, 8/8/23		3,533,812
TOTAL CONVERTIBLE BONDS
(Cost $13,745,299)				12,685,802
BANK LOANS: 3.5%
Airlines: 0.2%
		British Airways TL
GBP	700,000	4.750% (6 Months LIBOR +
		4.65%), 2/21/26 1,2,3,6,7		748,886
Broadcasting: 0.1%
		Gray Television TL D
	671,625	4.062% (1 Month LIBOR +
		3%), 12/1/28 1,2		644,579
Capital Goods: 0.1%
		Ali Group TL B (Welbilt)
	550,000	2.131%, 11/30/28 1,2,3,6		527,450
Chemicals: 0.4%
		Colouroz Midco (Flint Group) TL 1L
EUR	986,804	5.0% (3 Months EURIBOR +
		4.25%), 9/7/23 1,2		893,872
		LSF11 Skyscraper
		Performance (EUR) TL B4
EUR	1,000,000	3.500% (3 Months EURIBOR +
		3.5%), 9/30/27 1,2		1,004,726
				1,898,598
Diversified Financial Services: 0.2%
		Citadel Securities TL B (01/21)
	486,288	4.140% (1 Month SOFR +
		2.5%), 2/2/28 1,2		469,042
		Trans Union TL
	411,335	3.916% (1 Month LIBOR +
		2.25%), 12/1/28 1,2,6		393,168
				862,210
Environmental: 0.2%
		Clean Harbors TL (9/21)
	373,125	3.666% (1 Month LIBOR +
		2%), 10/8/28 1,2		371,073
		Covanta Holding Corporation TL B
	600,064	4.166% (1 Month LIBOR +
		2.5%), 11/30/28 1,2		569,011
		Covanta Holding Corporation TL C
	48,432	4.166% (1 Month LIBOR +
		2.5%), 11/30/28 1,2		45,925
				986,009
Healthcare: 0.3%
		Elanco Animal Health TL B
	464,427	2.812% (1 Month LIBOR +
		1.75%), 8/1/27 1,2,6		439,871
		ICON Luxembourg TL B
	229,435	4.563% (3 Months LIBOR +
		2.25%), 7/1/28 1,2		222,249
		PRA Health Sciences
		(Indigo Merger) TL B
	62,573	4.563% (3 Months LIBOR +
		2.25%), 7/1/28 1,2		60,613
		Ramsay TL B 2027
EUR	750,000	2.800% (3 Months EURIBOR +
		2.8%), 4/22/27 1,2		742,738
				1,465,471
Services: 0.9%
		Assystem New TL B
EUR	3,000,000	4.250% (6 Months EURIBOR +
		4.25%), 9/28/24 1,2		2,922,221
		Fugue Finance TL (Nord Anglia)
EUR	1,000,000	3.250% (3 Months EURIBOR +
		3.25%), 9/1/24 1,2,6		973,618
		Summer (BC) Bidco
		ADDITIONAL B2 TL (6/21)
	198,500	6.750% (3 Months LIBOR +
		4.5%), 12/4/26 1,2		186,591
				4,082,430
Technology: 0.2%
		GFK TL B (4/21)
EUR	800,000	3.500% (3 Months EURIBOR +
		3.5%), 5/10/28 1,2		769,199

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

25

Low Duration Fund

SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Continued)

Principal
Amount†			Value
BANK LOANS: 3.5% (Continued)
Telecommunications: 0.4%
		WP/AP Telcom TL (EUR)
		(T-Mobile Netherlands)
EUR	1,750,000	4.000% (3 Months EURIBOR +
		4%), 3/31/29 1,2,3,6	$	1,702,107
Transportation Excluding Air/Rail: 0.4%
		First Student Bidco TL B
		(First Transit)
	382,048	3.983% (3 Months LIBOR +
		3%), 7/21/28 1,2		342,172
		First Student Bidco TL C
		(First Transit)
	141,733	3.983% (3 Months LIBOR +
		3%), 7/21/28 1,2		126,939
		Silk Bidco TL B (Hurtigruten)
EUR	2,000,000	4.000% (6 Months EURIBOR +
		4%), 2/22/25 1,2		1,540,494
				2,009,605
TOTAL BANK LOANS
(Cost $18,407,406)				15,696,544
TOTAL INVESTMENTS IN SECURITIES: 92.9%
(Cost $465,491,250)				420,380,357
Other Assets in Excess of Liabilities: 7.1%				32,296,912
TOTAL NET ASSETS: 100.0%			$	452,677,269

† In USD unless otherwise indicated.

CMT – Constant Maturity Treasury Rate

EUR – Euro

EURIBOR – Euro Interbank Offered Rate

GBP – Great Britain Pound

LIBOR – London Interbank Offered Rate

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

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

1	Variable rate security; rate shown is the rate in effect on June 30, 2022.  An index may have a negative rate.  Interest rate may also be subject to a cap or floor.
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 major United States banks, (ii) the lending 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	Denotes investments purchased on a when-issued or delayed delivery basis.
4	Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on June 30, 2022.  An index may have a negative rate.  Interest rate may also be subject to a cap or floor.
5	Perpetual call date security. Date shown is next call date.
6	All or a portion of the loan may be unfunded.
7	Security is fair valued under the Board of Trustees and is categorized as a Level 3 security. Significant unobservable inputs were used to determine fair value.
8	Zero coupon security.

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

26

Low Duration Fund

SCHEDULE OF FUTURES CONTRACTS at June 30, 2022 (Unaudited)

The Low Duration Fund had the following futures contracts outstanding with Morgan Stanley & Co., Inc.:

						Unrealized
	Number of		Notional			Appreciation			Notional
Short Futures Contracts Outstanding	Contracts		Amount			(Depreciation)			Value
EURO-BOBL FUTURE Sep22		91	$	(9,536,385	)	$	42,831		$	(9,493,554	)
EURO-SCHATZ FUT Sep22		371		(38,879,108	)		68,914			(38,810,194	)
US 2YR NOTE (CBT) Sep22		145		(29,000,000	)		(315,708	)		(29,315,708	)
US 5YR NOTE (CBT) Sep22		120		(12,000,000	)		(285,741	)		(12,285,741	)
			$	(89,415,493	)	$	(489,704	)	$	(89,905,197	)

  SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at June 30, 2022 (Unaudited)

The Low Duration Fund had the following forward foreign currency exchange contracts outstanding with the Bank of New York:

		U.S. Dollar Value at			U.S. Dollar Value at		Unrealized Appreciation
Settlement Date	Currency to be Delivered	June 30, 2022		Currency to be Received	June 30, 2022		(Depreciation)
7/15/22	EUR  80,000,000	$	83,919,210	USD  87,219,040	$	87,219,040	$	3,299,830
7/15/22	USD  2,571,204		2,571,204	GBP  2,000,000		2,435,170		(136,034	)
7/15/22	USD  3,748,980		3,748,980	GBP  3,000,000		3,652,755		(96,225	)
7/15/22	USD  1,889,585		1889,565	GDP  1,500,000		1,826,378		(63,207	)
7/15/22	USD  1,233,971		1,233,971	GBP  1,000,000		1,217,585		(16,386	)
7/15/22	GBP  39,600,000		48,216,370	USD  51,510,482		51,610,482		3,394,112
9/20/22	EUR  74,200,000		78,227,298	USD  77,826,896		77,826,896		(400,402	)
		$	219,494,766		$	226,100,158	$	5,981,668

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

27

Muzinich Funds

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2022 (Unaudited)

	Credit
	Opportunities		U.S. High		Low
	Fund		Yield Fund		Duration Fund
ASSETS
Investments in unaffiliated securities, at value
(Cost $313,789,782, $29,681,490, and $465,491,250) (Note 2)	$	294,981,936	$	25,777,950	$	420,380,357
Deposits at broker		2,468,979		—		—
Cash		8,369,570		1,521,396		5,205,319
Foreign currency, at value
(Cost $849,095, $—, and $17,454,425)		852,343		—		17,291,796
Receivables:
Fund shares sold		245,091		76,417		604,968
Investment securities sold		21,480,840		483,422		1,383,802
Interest receivable		3,767,357		694,466		4,572,856
Unrealized appreciation on forward foreign currency exchange contracts		178,636		—		5,981,689
Unrealized appreciation on swap contracts		1,918,822		—		—
Variation margin		373,752		—		—
Due from advisor, net		—		8,520		—
Prepaid expenses		35,779		15,177		36,035
Total assets		334,673,105		28,577,348		455,456,822
LIABILITIES
Payables:
Investment securities purchased		3,295,501		504,440		1,589,835
Written option contracts, at value (premiums $16,603, $—, and $—)		3,891		—		—
Fund shares purchased		1,032,938		3,712		466,898
Variation margin due		—		—		489,704
Distribution to shareholders		235,753		78,274		604
Upfront premium received		517,980		—		—
Investment advisory fees, net		115,228		—		131,886
Fund accounting fees		25,296		7,675		12,418
Administration fees		32,280		4,005		14,043
Transfer agent fees		16,745		1,109		7,241
Audit fees		36,549		34,363		34,361
Chief Compliance Officer fees		399		399		398
Custody fees		13,260		1,128		—
Trustee fees		5,853		4,055		4,471
Shareholder service fees - Institutional Class		22,551		400		—
Other accrued expenses		9		57		27,694
Total liabilities		5,354,233		639,617		2,779,553
NET ASSETS	$	329,318,872	$	27,937,731	$	452,677,269

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

28

Muzinich Funds

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2022 (Unaudited) (Continued)

	Credit						Low
	Opportunities			U.S. High			Duration
	Fund			Yield Fund			Fund
COMPONENTS OF NET ASSETS
Paid-in capital	$	355,899,797		$	32,256,842		$	491,084,886
Total distributable (accumulated) earnings (losses)		(26,580,925	)		(4,319,111	)		(38,407,617	)
Net assets	$	329,318,872		$	27,937,731		$	452,677,269
COMPONENTS OF NET ASSET VALUE (Unlimited Shares Authorized)
Supra Institutional Class:
Net assets	$	228,423,332		$	24,294,485		$	451,306,300
Shares of beneficial interest issued and outstanding		23,520,054			3,159,861			49,289,507
Net asset value, offering and redemption price per share	$	9.71		$	7.69		$	9.16
Institutional Class:
Net assets	$	100,895,540		$	3,643,246		$	1,370,969
Shares of beneficial interest issued and outstanding		10,392,720			473,592			147,062
Net asset value, offering and redemption price per share	$	9.71		$	7.69		$	9.32

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

29

Muzinich Funds

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2022 (Unaudited)

	Credit						Low
	Opportunities			U.S. High			Duration
	Fund			Yield Fund			Fund
INVESTMENT INCOME
Interest	$	5,594,994		$	809,809		$	6,174,103
Dividends from affiliated investments		—			—			—
Consent income		—			—			1,200
Other income		1,569			1,267			1,522
Total investment income		5,596,563			811,076			6,176,825
EXPENSES
Investment advisory fees		1,076,942			78,209			952,287
Administration fees		81,385			15,170			83,368
Fund accounting fees		71,901			28,729			78,638
Custody fees		32,975			6,326			48,179
Shareholder service fees – Institutional Class		54,465			—			—
Transfer agent fees		41,070			3,837			37,654
Registration fees		16,785			26,455			22,851
Miscellaneous expenses		18,761			4,340			16,430
Audit fees		12,197			11,465			11,469
Trustees fees		13,690			10,950			13,984
Chief Compliance Officer fees		5,644			5,642			5,644
Legal fees		4,058			4,035			4,274
Reports to shareholders		8,007			2,084			10,504
Insurance expense		1,890			1,353			1,607
Interest expense		46			126			4
Total expenses		1,439,816			198,721			1,286,893
Less: affiliated advisory fees waived		—			—			—
Less: advisory fees waived and expenses absorbed		(308,363	)		(116,247	)		(228,794	)
Net expenses		1,131,453			82,474			1,058,099
Net investment income (loss)		4,465,110			728,602			5,118,726
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on:
Unaffiliated investments		(22,201,329	)		(446,616	)		(9,445,819	)
Foreign currency and foreign currency transactions		(314,245	)		—			(571,875	)
Forward foreign currency exchange contracts		6,136,091			—			17,091,149
Futures contracts		1,477,469			—			2,931,408
Swap contracts		1,292,380			—			—
Net realized gain (loss)		(13,609,634	)		(446,616	)		10,004,863
Change in net unrealized appreciation/depreciation on:
Unaffiliated investments		(19,046,921	)		(4,594,742	)		(42,412,865	)
Foreign currency and foreign currency translation		(38,034	)		—			(232,166	)
Forward foreign currency exchange contracts		718,485			—			4,202,271
Futures contracts		(1,292,851	)		—			(489,704	)
Swap contracts		2,135,848			—			—
Written option contracts		12,712			—			—
Change in net unrealized appreciation/depreciation		(17,510,761	)		(4,594,742	)		(38,932,464	)
Net realized and unrealized gain (loss) on investments		(31,120,395	)		(5,041,358	)		(28,927,601	)
Net increase (decrease) in net assets resulting from operations	$	(26,655,285	)	$	(4,312,756	)	$	(23,808,875	)

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

30

Credit Opportunities Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	4,465,110		$	13,521,282
Net realized gain (loss) on investments, forward foreign currency exchange contracts,
foreign currency, foreign currency translation, futures contracts and swap contracts		(13,609,634	)		19,413,872
Change in unrealized appreciation/depreciation on investments, forward foreign currency
exchange contracts, foreign currency, foreign currency translation, and futures contracts		(17,510,761	)		(27,360,765	)
Net increase (decrease) in net assets resulting from operations		(26,655,285	)		5,574,389
DISTRIBUTIONS TO SHAREHOLDERS
From earnings:
Supra Institutional Class		(1,403,012	)		(19,984,120	)
Institutional Class		(596,988	)		(10,608,963	)
Total distributions to shareholders		(2,000,000	)		(30,593,083	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares –
Supra Institutional Class1		(4,279,384	)		(52,327,492	)
Net increase (decrease) in net assets derived from net change in outstanding shares –
Institutional Class1		(16,869,419	)		(84,656,693	)
Total increase (decrease) in net assets from capital share transactions		(21,148,803	)		(136,984,185	)
Total increase (decrease) in net assets		(49,804,088	)		(162,002,879	)
NET ASSETS
Beginning of period/year		379,122,960			541,125,839
End of period/year	$	329,318,872		$	379,122,960

¹ Summary of share transactions is as follows:

	Six Months Ended
	June 30, 2022						Year Ended
	(Unaudited)						December 31, 2021
Supra Institutional Class:	Shares			Value			Shares			Value
Shares sold		3,400,342		$	34,482,171			10,337,808		$	116,321,882
Shares issued in reinvestment of distributions		80,578			802,254			1,080,399			11,488,273
Shares redeemed2		(3,954,916	)		(39,563,809	)		(16,043,077	)		(180,137,647	)
Net increase (decrease)		(473,996	)	$	(4,279,384	)		(4,624,870	)	$	(52,327,492	)

² Net of redemption fees of $— and $5,062, respectively.

	Six Months Ended
	June 30, 2022						Year Ended
	(Unaudited)						December 31, 2021
Institutional Class:	Shares			Value			Shares			Value
Shares sold		1,458,802		$	14,754,427			5,136,861		$	57,583,389
Shares issued in reinvestment of distributions		47,918			476,887			722,279			7,694,459
Shares redeemed3		(3,205,694	)		(32,100,733	)		(13,355,522	)		(149,934,541	)
Net increase (decrease)		(1,698,974	)	$	(16,869,419	)		(7,496,382	)	$	(84,656,693	)

³ Net of redemption fees of $— and $3,083, respectively.

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

31

U.S. High Yield Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	728,602		$	1,837,365
Net realized gain (loss) on investments		(446,616	)		2,855,770
Net change in unrealized appreciation/depreciation on investments		(4,594,742	)		(3,237,120	)
Net increase (decrease) in net assets resulting from operations		(4,312,756	)		1,456,015
DISTRIBUTIONS TO SHAREHOLDERS
From earnings:
Supra Institutional Class		(628,239	)		(3,429,097	)
Institutional Class		(100,311	)		(521,960	)
Total distributions to shareholders		(728,550	)		(3,951,057	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares –
Supra Institutional Class1		3,415,688			(35,460,949	)
Net increase (decrease) in net assets derived from net change in outstanding shares –
Institutional Class1		94,417			(1,339,479	)
Total increase (decrease) in net assets from capital share transactions		3,510,105			(36,800,428	)
Total increase (decrease) in net assets		(1,531,201	)		(39,295,470	)
NET ASSETS
Beginning of period/year		29,468,932			68,764,402
End of period/year	$	27,937,731		$	29,468,932

¹ Summary of share transactions is as follows:

	Six Months Ended
	June 30, 2022						Year Ended
	(Unaudited)						December 31, 2021
Supra Institutional Class:	Shares			Value			Shares			Value
Shares sold		404,787		$	3,342,231			489,555		$	4,846,879
Shares issued in reinvestment of distributions		26,946			225,894			119,446			1,131,145
Shares redeemed2		(19,232	)		(152,437	)		(4,172,416	)		(41,438,973	)
Net increase (decrease)		412,501		$	3,415,688			(3,563,415	)	$	(35,460,949	)

² Net of redemption fees of $— and $2,264, respectively.

	Six Months Ended
	June 30, 2022				Year Ended
	(Unaudited)				December 31, 2021
Institutional Class:	Shares		Value		Shares			Value
Shares sold		—	$	—		168,324		$	1,669,744
Shares issued in reinvestment of distributions		11,237		94,417		51,778			490,523
Shares redeemed3		—		—		(350,004	)		(3,499,746	)
Net increase (decrease)		11,237	$	94,417		(129,902	)	$	(1,339,479	)

³ Net of redemption fees of $— and $254, respectively.

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

32

Low Duration Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	5,118,726		$	9,000,755
Net realized gain (loss) on investments, forward foreign currency exchange contracts,
foreign currency, and foreign currency translation		10,004,863			26,007,654
Change in unrealized appreciation/depreciation on investments, forward foreign currency
exchange contracts, foreign currency, and foreign currency translation		(38,932,464	)		(25,248,370	)
Net increase (decrease) in net assets resulting from operations		(23,808,875	)		9,760,039
DISTRIBUTIONS TO SHAREHOLDERS
From earnings:
Supra Institutional Class		(1,844,086	)		(22,426,352	)
Institutional Class		(5,917	)		(91,381	)
Total distributions to shareholders		(1,850,003	)		(22,517,733	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from net change in outstanding shares –
Supra Institutional Class1		107,339,900			(210,255,782	)
Net increase (decrease) in net assets derived from net change in outstanding shares –
Institutional Class1		5,522			(2,414,692	)
Total increase (decrease) in net assets from capital share transactions		107,345,422			(212,670,474	)
Total increase (decrease) in net assets		81,686,544			(225,428,168	)
NET ASSETS
Beginning of period/year		370,990,725			596,418,893
End of period/year	$	452,677,269		$	370,990,725

¹ Summary of share transactions is as follows:

	Six Months Ended
	June 30, 2022						Year Ended
	(Unaudited)						December 31, 2021
Supra Institutional Class:	Shares			Value			Shares			Value
Shares sold		18,001,919		$	170,354,657			12,743,216		$	128,725,527
Shares issued in reinvestment of distributions		194,822			1,837,717			2,259,806			22,288,236
Shares redeemed2		(6,875,092	)		(64,852,474	)		(35,727,341	)		(361,269,545	)
Net increase (decrease)		11,321,649		$	107,339,900			(20,724,319	)	$	(210,255,782	)

² Net of redemption fees of $— and $21,583, respectively.

	Six Months Ended
	June 30, 2022				Period Ended
	(Unaudited)				December 31, 2021
Institutional Class:	Shares		Value		Shares			Value
Shares sold		—	$	—		—		$	—
Shares issued in reinvestment of distributions		574		5,522		8,483			85,323
Shares redeemed3		—		—		(242,015	)		(2,500,015	)
Net increase (decrease)		574	$	5,522		(233,532	)	$	(2,414,692	)

³ Net of redemption fees of $— and less than $1, respectively.

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

33

Credit Opportunities Fund

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

	Six Months Ended
	June 30, 2022			Year Ended December 31,
Supra Institutional Class	(Unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period/year	$	10.51		$	11.23		$	10.90		$	10.49		$	10.69		$	10.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1		0.13			0.32			0.30			0.35			0.29			0.34
Net realized and unrealized gain (loss) on investments		(0.87	)		(0.20	)		0.37			0.77			(0.27	)		0.15
Total from investment operations		(0.74	)		0.12			0.67			1.12			0.02			0.49
Redemption fee proceeds		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
LESS DISTRIBUTIONS:
From net investment income		(0.06	)		(0.42	)		(0.27	)		(0.31	)		(0.08	)		(0.27	)
From return of capital		—			—			—			—			(0.02	)		—
From net realized gain		—			(0.42	)		(0.07	)		(0.40	)		(0.12	)		(0.03	)
Total distributions		(0.06	)		(0.84	)		(0.34	)		(0.71	)		(0.22	)		(0.30	)
Net asset value, end of period/year	$	9.71		$	10.51		$	11.23		$	10.90		$	10.49		$	10.69
Total return		(7.08	)%3		1.11	%		6.30	%		10.77	%		0.22	%		4.70	%
SUPPLEMENTAL DATA:
Net assets, end of period/year (millions)	$	228.4		$	252.1		$	321.3		$	261.9		$	240.1		$	208.4
Portfolio turnover rate		72	%3		139	%		174	%		293	%		244	%		135	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		0.77	%4		0.76	%		0.75	%		0.76	%		0.80	%		0.83	%
After fees waived and expenses absorbed		0.60	%4		0.59	%		0.59	%		0.59	%		0.60	%		0.60	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		2.35	%4		2.73	%		2.61	%		3.01	%		2.61	%		3.00	%
After fees waived and expenses absorbed		2.52	%4		2.90	%		2.77	%		3.18	%		2.81	%		3.23	%

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

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

34

Credit Opportunities Fund

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

	Six Months Ended
	June 30, 2022			Year Ended December 31,
Institutional Class	(Unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period/year	$	10.50		$	11.22		$	10.89		$	10.49		$	10.69		$	10.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1		0.12			0.31			0.30			0.34			0.29			0.34
Net realized and unrealized gain (loss) on investments		(0.86	)		(0.20	)		0.36			0.76			(0.27	)		0.15
Total from investment operations		(0.74	)		0.11			0.66			1.10			0.02			0.49
Redemption fee proceeds		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
LESS DISTRIBUTIONS:
From net investment income		(0.05	)		(0.41	)		(0.26	)		(0.30	)		(0.08	)		(0.26	)
From return of capital		—			—			—			—			(0.02	)		—
From net realized gain		—			(0.42	)		(0.07	)		(0.40	)		(0.12	)		(0.03	)
Total distributions		(0.05	)		(0.83	)		(0.33	)		(0.70	)		(0.22	)		(0.29	)
Net asset value, end of period/year	$	9.71		$	10.50		$	11.22		$	10.89		$	10.49		$	10.69
Total return		(7.03	)%3		1.02	%		6.24	%		10.60	%		0.20	%		4.73	%
SUPPLEMENTAL DATA:
Net assets, end of period/year (millions)	$	100.9		$	127.0		$	219.8		$	155.5		$	154.0		$	181.9
Portfolio turnover rate		72	%3		139	%		174	%		293	%		244	%		135	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		0.87	%4		0.84	%		0.81	%		0.82	%		0.83	%		0.91	%
After fees waived and expenses absorbed		0.70	%4		0.66	%		0.65	%		0.65	%		0.63	%		0.67	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		2.25	%4		2.64	%		2.55	%		2.95	%		2.57	%		2.92	%
After fees waived and expenses absorbed		2.42	%44		2.81	%		2.71	%		3.12	%		2.77	%		3.16	%

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

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

35

U.S. High Yield Fund

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

	Six Months Ended
	June 30, 2022			Year Ended December 31,
Supra Institutional Class	(Unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period/year	$	9.18		$	9.96		$	9.83		$	9.11		$	9.85		$	10.45
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1		0.22			0.51			0.51			0.51			0.50			0.51
Net realized and unrealized gain (loss) on investments		(1.50	)		(0.08	)		0.12			0.72			(0.74	)		0.14
Total from investment operations		(1.28	)		0.43			0.63			1.23			(0.24	)		0.65
LESS DISTRIBUTIONS:
Distributions from net investment income		(0.21	)		(0.53	)		(0.50	)		(0.51	)		(0.50	)		(0.58	)
Distributions from net realized gain		—			(0.68	)		—			—			—			(0.67	)
Total distributions		(0.21	)		(1.21	)		(0.50	)		(0.51	)		(0.50	)		(1.25	)
Net asset value, end of period/year	$	7.69		$	9.18		$	9.96		$	9.83		$	9.11		$	9.85
Total return		(14.07	)%2		4.43	%		6.60	%		13.71	%		(2.59	)%		6.30	%
SUPPLEMENTAL DATA:
Net assets, end of period/year (millions)	$	24.3		$	25.2		$	62.9		$	43.5		$	29.5		$	19.5
Portfolio turnover rate		30	%2		96	%		113	%		89	%		71	%		120	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		1.40	%3		1.19	%		0.98	%		1.21	%		1.63	%		1.03	%
After fees waived and expenses absorbed		0.58	%3		0.58	%		0.58	%		0.58	%		0.58	%		0.58	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		4.31	%3		4.50	%		4.97	%		4.68	%		4.18	%		4.39	%
After fees waived and expenses absorbed		5.12	%3		5.11	%		5.37	%		5.30	%		5.23	%		4.84	%

1	Calculated based on the average number of shares outstanding.
2	Not annualized.
3	Annualized.

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

36

U.S. High Yield Fund

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

	Six Months Ended															Period Ended
	June 30, 2022			Year Ended December 31,												December 31,
Institutional Class	(Unaudited)			2021			2020			2019			2018			20171
Net asset value, beginning of period/year	$	9.19		$	9.97		$	9.84		$	9.12		$	9.86		$	10.46
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2		0.22			0.50			0.52			0.51			0.49			0.39
Net realized and unrealized gain (loss) on investments		(1.51	)		(0.07	)		0.11			0.72			(0.74	)		0.17
Total from investment operations		(1.29	)		0.43			0.63			1.23			(0.25	)		0.56
LESS DISTRIBUTIONS:
Distributions from net investment income		(0.21	)		(0.53	)		(0.50	)		(0.51	)		(0.49	)		(0.49	)
Distributions from net realized gain		—			(0.68	)		—			—			—			(0.67	)
Total distributions		(0.21	)		(1.21	)		(0.50	)		(0.51	)		(0.49	)		(1.16	)
Net asset value, end of period/year	$	7.69		$	9.19		$	9.97		$	9.84		$	9.12		$	9.86
Total return		(14.16	)%3		4.42	%		6.81	%		13.68	%		(2.67	)%		5.47	%3
SUPPLEMENTAL DATA:
Net assets, end of period/year (millions)	$	3.6		$	4.2		$	5.9		$	1.6		$	0.7		$	2.6
Portfolio turnover rate		30	%3		96	%		113	%		89	%		71	%		120	%3,4
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		1.40	%5		1.25	%		0.97	%		1.17	%		1.68	%		1.61	%5
After fees waived and expenses absorbed		0.58	%5		0.59	%		0.58	%		0.59	%		0.64	%		0.68	%5
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		4.31	%5		4.40	%		4.97	%		4.74	%		4.02	%		3.87	%5
After fees waived and expenses absorbed		5.12	%5		5.06	%		5.36	%		5.32	%		5.06	%		4.81	%5

1	Commenced operations on March 27, 2017. Information presented is for the period from March 27, 2017 to December 31, 2017.
2	Calculated based on the average number of shares outstanding.
3	Not annualized.
4	Portfolio turnover calculated at the Fund level.
5	Annualized.

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

37

Low Duration Fund

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

	Six Months Ended
	June 30, 2022			Year Ended December 31,
Supra Institutional Class	(Unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period/year	$	9.73		$	10.10		$	10.05		$	9.53		$	10.27		$	10.04
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)1		0.11			0.25			0.27			0.26			0.25			0.24
Net realized and unrealized gain (loss) on investments		(0.64	)		—			0.26			0.48			(0.17	)		0.18
Total from investment operations		(0.53	)		0.25			0.53			0.74			0.08			0.42
Redemption fee proceeds		—			—			—			—			—			(0.00	)2
LESS DISTRIBUTIONS:
Distributions from net investment income		(0.04	)		(0.62	)		(0.21	)		(0.13	)		(0.29	)		(0.19	)
Distributions from net realized gain		—			—			—			(0.09	)		(0.53	)		(0.00	)2
Total distributions		(0.04	)		(0.62	)		(0.21	)		(0.22	)		(0.82	)		(0.19	)
Net asset value, end of period/year	$	9.16		$	9.73		$	10.37		$	10.05		$	9.53		$	10.27
Total return		(5.46	)%3		2.50	%		6.82	%		7.86	%		0.79	%		4.26	%
SUPPLEMENTAL DATA:
Net assets, end of period/year (millions)	$	451.3		$	369.5		$	608.5		$	732.0		$	571.9		$	705.8
Portfolio turnover rate		19	%3		69	%		75	%		47	%		72	%		57	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		0.61	%4		0.62	%		0.62	%		0.59	%		0.62	%		0.71	%
After fees waived and expenses absorbed		0.50	%4		0.49	%		0.49	%		0.49	%		0.50	%		0.50	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		2.31	%4		2.32	%		2.66	%		2.50	%		2.32	%		2.16	%
After fees waived and expenses absorbed		2.42	%4		2.46	%		2.77	%		2.60	%		2.44	%		2.37	%

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

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

38

Low Duration Fund

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

	Six Months Ended									Period Ended
	June 30, 2022			Year Ended December 31,						December 31,
Institutional Class	(Unaudited)			2021			2020			20191
Net asset value, end of period/year	$	9.91		$	10.26		$	10.20		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)2		0.11			0.26			0.28			0.17
Net realized and unrealized gain (loss) on investments		(0.66	)		0.01			0.29			0.19
Total from investment operations		(0.55	)		0.27			0.57			0.36
LESS DISTRIBUTIONS:
Distributions from net investment income		(0.04	)		(0.62	)		(0.21	)		(0.07	)
Distributions from net realized gain		—			—			—			(0.09	)
Total distributions		(0.04	)		(0.62	)		(0.21	)		(0.16	)
Net asset value, end of period/year	$	9.32		$	9.91		$	10.56		$	10.20
Total return		(5.56	)%3		2.66	%		6.81	%		3.60	%3
SUPPLEMENTAL DATA:
Net assets, end of period/year (millions)	$	1.4		$	1.5		$	4.0		$	0.1
Portfolio turnover rate		19	%3		69	%		75	%		47	%3,4
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		0.61	%5		0.62	%		0.61	%		0.53	%5
After fees waived and expenses absorbed		0.50	%5		0.49	%		0.50	%		0.46	%5
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS:
Before fees waived and expenses absorbed		2.29	%5		2.37	%		2.68	%		2.31	%5
After fees waived and expenses absorbed		2.40	%5		2.50	%		2.79	%		2.38	%5

1	Commenced operations on April 30, 2019. Information presented is for the period from April 30, 2019 to December 31, 2019.
2	Calculated using the average shares outstanding method.
3	Not annualized.
4	Portfolio turnover calculated at the Fund level.
5	Annualized.

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

39

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited)

NOTE 1 – ORGANIZATION

The Muzinich Credit Opportunities Fund (“Credit Opportunities Fund”), Muzinich U.S. High Yield Credit Fund (“U.S. High Yield Fund”), and Muzinich Low Duration Fund (“Low Duration Fund”) (each a “Fund,” collectively the “Funds”) are diversified series of shares of beneficial interest of Professionally Managed Portfolios (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The Funds commenced operations on January 3, 2013, March 31, 2016, June 30, 2016 and June 29, 2018, 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 U.S. High Yield Fund offers Supra Institutional and Institutional Class shares, and the Low Duration Fund offers Supra Institutional and Institutional Class 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 U.S. High Yield 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.

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NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Continued)

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.

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Valuation Committee. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board of Trustees (the “Board”). Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.

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	$	—		$	135,165,965	$	—	$	135,165,965
Convertible Bonds		—			4,057,864		—		4,057,864
Bank Loans		—			11,479,918		—		11,479,918
US Government Notes/Bonds		—			51,662,422		—		51,662,422
US Treasury Bills		—			92,598,908		—		92,598,908
Purchased Options		16,859			—		—		16,859
Total Assets	$	16,859		$	294,965,077	$	—	$	294,981,936
Other Financial Instruments1:
Forward Foreign Currency Exchange Contracts	$	—		$	178,636	$	—	$	178,636
Future Contracts		373,752			—		—		373,752
Swap Contracts		—			1,400,842		—		1,400,842
Written Option Contracts		(3,891	)		—		—		(3,891	)
	$	369,861		$	1,579,478	$	—	$	1,949,339

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.

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NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Continued)

U.S. High Yield Fund
Description	Level 1			Level 2		Level 3		Total
Assets:
Corporate Bonds	$	—		$	24,233,938	$	—	$	24,233,938
Bank Loans		—			1,544,012		—		1,544,012
Total Assets	$	—		$	25,777,950	$	—	$	25,777,950
Low Duration Fund
Description	Level 1			Level 2		Level 3		Total
Assets:
Corporate Bonds	$	—		$	381,948,512	$	—	$	381,948,512
Collateralized Loan Obligations		—			10,049,499		—		10,049,499
Convertible Bonds		—			12,685,802		—		12,685,802
Bank Loans1		—			14,947,658		748,886		15,696,544
Total Assets	$	—		$	419,631,471	$	748,886	$	420,380,357
Other Financial Instruments2:
Forward Foreign Currency Exchange Contracts	$	—		$	5,981,668	$	—	$	5,981,668
Future Contracts		(489,704	)		—		—		(489,704	)
	$	(489,704	)	$	5,981,668	$	—	$	5,491,964

1	See Schedule of Investments for disclosure of Level 3 securities.
2	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.

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

	Bank Loans			Total
Balanced as of December 31, 2021	$	959,516		$	959,516
Acquisitions		—			—
Dispositions		—			—
Accrued discounts/premiums		13,684			13,684
Realized gain (loss)		—			—
Change in unrealized appreciation/depreciation		(224,314	)		(224,314	)
Transfer in and/or out of Level 3		—			—
Balanced as of June 30, 2022	$	748,886		$	748,886
Change in unrealized appreciation/depreciation for
Level 3 investments held at June 30, 2022	$	(224,314	)	$	(224,314	)

Type of Security	Fair Value of 6/30/2022	Valuation Techniques	Unobservable Input	Input Value(s)
Bank Loans	$748,886	Comparable Securities	Adjustment to yield	0.94%

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

42

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Continued)

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

The average notional value of forward foreign currency exchange contracts outstanding during the six months ended June 30, 2022 for the Credit Opportunities Fund and Low Duration Fund was $89,387,815 and $236,501,042, respectively. Forward foreign currency exchange contracts entered into during the six months ended June 30, 2022, were with the Bank of New York for the Credit Opportunities Fund and Low Duration Fund. The Credit Opportunities Fund’s and Low Duration Fund’s average notional value when in use of exchange traded futures contracts outstanding during the six months ended June 30, 2022 were $6,040,064 and $9,873,736, respectively, and were entered into with Morgan Stanley. The Credit Opportunities Fund entered into swap contract transactions with Credit Suisse Group AG, Deutsche Bank Trust Co., Goldman Sachs & Co., Jeffries & Company, Inc., J.P. Morgan Chase, and Morgan Stanley during the six months ended June 30, 2022, at an average transaction notional value of $6,000,000, $8,500,000, $7,000,000, $10,143,500, $3,500,000, and $7,920,000, respectively.

The notional amount for forward foreign currency exchange contracts is calculated based on the currency being sold converted to U.S. dollars. The average notional amount for forward foreign currency exchange contracts is calculated by the dollar value of open contracts at the end of the previous fiscal year and at each quarter end in the current fiscal year. The notional amount for futures contracts represents the U.S. dollar value of the contract as of the day of opening the transaction or latest contract reset date. The notional amount for swap contracts is the principal value. The average notional amounts are based on the notional amounts at each month end during the period for futures and the daily notional amounts for swaps.

The following tables show the effects of derivative instruments on the financial statements.

Statements of Assets and Liabilities

Fair values of derivative instruments as of June 30, 2022:

Credit Opportunities Fund
	Asset Derivatives as of June 30, 2022			Liability Derivatives as of December 31, 2021
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	$	178,636	Exchange Contracts	$	—
Credit Default –	Unrealized Appreciation			Unrealized Depreciation
Swap Contracts	on Swap Contracts	$	1,918,822	on Swap Contracts	$	—
Low Duration Fund
	Asset Derivatives as of June 30, 2022			Liability Derivatives as of December 31, 2021
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	$	5,981,689	Exchange Contracts	$	—

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Muzinich Funds

NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Continued)

Statements of Operations

The effect of derivative instruments on the Statements of Operations for the year ended June 30, 2022:

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	Net realized and unrealized
Currency Exchange	gain (loss) on forward foreign
Contracts	currency exchange contracts	$	6,136,091	$	718,485
Credit Default –	Net realized and unrealized
Swap Contracts	gain (loss) on swap contracts		1,292,380		2,135,848
Treasury Futures	Net realized and unrealized
Contracts	gain (loss) on futures contracts		1,477,469		(1,292,851	)
		$	8,905,940	$	1,561,482
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	Net realized and unrealized
Currency Exchange	gain (loss) on forward foreign
Contracts	currency exchange contracts	$	17,091,149	$	4,202,271

	The U.S. High Yield Fund did not have derivatives activity during the six months ended June 30, 2022.
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 had swap contracts activity during the six months ended June 30, 2022. Realized and unrealized gains and losses are included in the Statements of Operations. The U.S. High Yield Fund and Low Duration Fund did not have swap contracts activity during the six months ended June 30, 2022.
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

44

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Continued)

	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 six months ended June 30, 2022. Realized and unrealized gains and losses are included in the Statements of Operations. The U.S. High Yield Fund did not have futures contracts activity during the six months ended June 30, 2022.
D.	Forward Foreign Currency Exchange Contracts. During the six months ended June 30, 2022, 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 U.S. High Yield Fund did not have forward foreign currency exchange contract activity during the six months ended June 30, 2022.
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 the most recent fiscal year end December 31, 2021, the Credit Opportunities Fund deferred, on a tax basis, late-year losses of $415,089 and $10,449, respectively. The U.S. High Yield Fund and the Low Duration Fund did not defer any late-year losses. The Funds did not defer any post-October losses as of December 31, 2021.
	As of December 31, 2021, the Funds had the following capital loss carryovers, which do not expire and retain their original character.

	Credit Opportunities Fund		U.S. High Yield Fund		Low Duration Fund
Short-Term Capital Loss Carryovers	$	—	$	—	$	3,753,285
Long-Term Capital Loss Carryovers		—		—		6,380,358
Total	$	—	$	—	$	10,133,643

As of June 30, 2022, 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.

45

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Continued)

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.
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 U.S. High Yield 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.

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Muzinich Funds

NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Continued)

N.	When-Issued Securities and Forward Commitments. The Funds may purchase securities offered on a “when-issued” and “forward commitment” basis (including a delayed delivery basis). Securities purchased on a “when-issued” or “forward commitment basis” are securities not available for immediate delivery despite the fact that a market exists for those securities. A purchase is made on a “delayed delivery” basis when the transaction is structured to occur sometime in the future.
	When these transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. Normally, the settlement date occurs within two months after the transaction, but delayed settlements beyond two months may be negotiated. During the period between a commitment and settlement, no payment is made for the securities purchased by the purchaser and, thus, no interest accrues to the purchaser from the transaction. At the time a Fund makes the commitment to purchase securities on a when-issued basis or forward commitment, the Fund will record the transaction as a purchase and thereafter reflect the value each day of such securities in determining its NAV. No when-issued or forward commitments will be made by a Fund if, as a result, more than 5% of the Fund’s total assets would be committed to such transactions.
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 June 30, 2022:

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	$	178,636	$	—	$	178,636	$	—	$	—	$	178,636
Liabilities
Forward foreign
currency exchange
contracts		—		—		—		—		—		—
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	$	5,981,689	$	—	$	5,981,689	$	—	$	—	$	5,981,689
Liabilities
Forward foreign
currency exchange
contracts		—		—		—		—		—		—

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

Q.

Recently Issued Accounting Pronouncements. In October 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more

47

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Continued)

	than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Funds are currently evaluating the impact, if any, of this provision.
	In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund will be required to comply with the rules by September 8, 2022. The Funds are currently evaluating the impact, if any, of applying this provision.
R.	Subsequent Events. In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds have determined that there were no subsequent events that would need to be disclosed in the Funds’ financial statements.

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Muzinich & Co., Inc. (the “Advisor”) provides the Funds with investment management services under an Investment Advisory Agreement (the “Advisory Agreement”). Under the Advisory Agreement, the Advisor furnishes all investment advice, office space, facilities, and most of the personnel needed by each Fund. As compensation for its services, the Advisor is entitled to receive a monthly fee. For the 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 U.S. High Yield Fund, the Advisor is entitled to a monthly fee at the annual rate of 0.55% based upon the average daily net assets of the Fund. For the Low Duration Fund, the Advisor is entitled to a monthly fee at the annual rate of 0.45% based upon the average daily net assets of the Fund. The investment advisory fees incurred by the Funds for the six months ended June 30, 2022, 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, U.S. High Yield Fund’s, and Low Duration Fund’s average daily net assets, respectively. The Operating Expenses Limitation Agreements have an indefinite term and may be terminated at any time, and without payment of any penalty, by the Board, on behalf of the Funds, upon sixty (60) days’ written notice to the Advisor. Any fees waived and/or Fund expenses absorbed by the Advisor pursuant to an agreed-upon expense cap shall be reimbursed by the Funds to the Advisor, if so requested by the Advisor, any time before the end of the third year following the fee waiver and/or expense absorption, provided the aggregate amount of the Funds’ current operating expenses for such year does not exceed the lesser expense cap in place at the time of waiver or at the time of reimbursement. The Funds must pay their current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is also contingent upon the Board’s review and approval. The amounts of fees waived and expenses absorbed by the Advisor during the six months ended June 30, 2022, are disclosed in the Statements of Operations. Any amount due from the Advisor is paid monthly to the Funds, if applicable.

As of June 30, 2022, 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		U.S. High Yield Fund		Low Duration Fund
December 31, 2022	$	627,223	$	241,670	$	617,857
December 31, 2023		705,367		225,751		608,830
December 31, 2024		759,811		221,222		453,932
June 30, 2025		—		116,247		228,794
Total	$	2,092,401	$	804,890	$	1,909,413

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

48

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Continued)

expense accruals and prepares materials supplied to the Board. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Funds to Fund Services for these services for the six months ended June 30, 2022, are disclosed in the Statements of Operations.

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

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 the U.S. High Yield Fund and Low Duration 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 June 30, 2022, Class A shares are not offered for the U.S. High Yield 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 six months ended June 30, 2022, are disclosed in the Statements of Operations. As of June 30, 2022, Class A shares are not offered for the U.S. High Yield Fund and Low Duration Fund.

NOTE 4 – PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2022, 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	$	224,942,461	$	328,293,564
U.S. High Yield Fund		9,517,345		8,378,555
Low Duration Fund		180,893,454		74,459,960

For the six months ended June 30, 2022, 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	$	91,785,086	$	92,761,635

There were no purchases or sales/maturities of long-term U.S. Government securities for the U.S. High Yield Fund or Low Duration Fund during the six months ended June 30, 2022.

NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the six months ended June 30, 2022, and the year ended December 31, 2021, was as follows:

	Ordinary Income
	June 30, 2022		December 31, 2021
Credit Opportunities Fund	$	2,000,000	$	24,237,295
U.S. High Yield Fund		728,550		3,608,690
Low Duration Fund		1,850,003		22,517,743
	Long-Term Capital Gains1
	June 30, 2022		December 31, 2021
Credit Opportunities Fund	$	—	$	6,355,788
U.S. High Yield Fund		—		342,367
Low Duration Fund		—		—

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.

49

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Continued)

The cost basis of investments for federal income tax purposes as of the most recent fiscal year ended December 31, 2021, was as follows:

	Credit						Low
	Opportunities			U.S. High			Duration
	Fund			Yield Fund			Fund
Cost of Investments	$	361,312,415		$	29,016,239		$	363,794,480
Gross tax unrealized appreciation		4,258,517			938,664			4,078,731
Gross tax unrealized depreciation		(4,045,742	)		(247,462	)		(6,776,758	)
Net tax unrealized appreciation (depreciation)		212,775			691,202			(2,698,027	)
Undistributed ordinary income (loss)		392,508			4,197			44,273
Undistributed long-term capital gains (losses)		1,696,500			26,796			—
Total distributable earnings		2,089,008			30,993			44,273
Other distributable (accumulated) gains (losses)		(227,423	)		—			(10,094,985	)
Total distributable (accumulated) earnings (losses)	$	2,074,360		$	722,195		$	(12,748,739	)

NOTE 6 – CREDIT FACILITY

U.S. Bank N.A. has made available to the Credit Opportunities Fund, U.S. High Yield Fund and Low Duration Fund credit facilities pursuant to a separate Loan and Security Agreement for temporary or extraordinary purposes. Credit facility details for the six months ended June 30, 2022, are as follows:

Credit Opportunities Fund
Maximum available credit	$	20,000,000
Largest amount outstanding on an individual day		—
Average daily loan outstanding when in use		—
Credit facility outstanding as of June 30, 2022		—
Average interest rate when in use		N/A
U.S. High Yield Fund
Maximum available credit	$	4,000,000
Largest amount outstanding on an individual day		669,000
Average daily loan outstanding when in use		669,000
Credit facility outstanding as of June 30, 2022		—
Average interest rate when in use		3.25	%
Low Duration Fun
Maximum available credit	$	50,000,000
Largest amount outstanding on an individual day		—
Average daily loan outstanding when in use		—
Credit facility outstanding as of June 30, 2022		—
Average interest rate when in use		N/A

Interest expense for the six months ended June 30, 2022, is disclosed in the Statements of Operations, if applicable.

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

The Funds invest significantly 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 investments.

50

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Continued)

NOTE 8 – (COVID-19) PANDEMIC & THE HOSTILITIES IN UKRAINE

The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

51

Muzinich Funds

EXPENSE EXAMPLES For the Six Months Ended June 30, 2022 (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 (January 1, 2022 – June 30, 2022).

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
	1/1/2022	6/30/2022	1/1/2022 – 6/30/20221
Supra Institutional Class Actual	$1,000.00	$   929.20	$2.87
Hypothetical (5% annual return before taxes)	$1,000.00	$1,021.82	$3.01
	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	1/1/2022	6/30/2022	1/1/2022 – 6/30/20221
Institutional Class Actual	$1,000.00	$   929.70	$3.35
Hypothetical (5% annual return before taxes)	$1,000.00	$1,021.32	$3.51

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 0.70% (reflecting fee waivers in effect), respectively, multiplied by the average account value over the period multiplied by 181/365 (to reflect the one half-year period).

52

Muzinich Funds

EXPENSE EXAMPLES For the Six Months Ended June 30, 2022 (Unaudited) (Continued)

U.S. High Yield Fund
	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	1/1/2022	6/30/2022	1/1/2022 – 6/30/20222
Supra Institutional Class Actual	$1,000.00	$   859.30	$2.67
Hypothetical (5% annual return before taxes)	$1,000.00	$1,021.92	$2.91
	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	1/1/2022	6/30/2022	1/1/2022 – 6/30/20222
Institutional Class Actual	$1,000.00	$   858.40	$2.67
Hypothetical (5% annual return before taxes)	$1,000.00	$1,021.92	$2.91
Low Duration Fund
	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	1/1/2022	6/30/2022	1/1/2022 – 6/30/20223
Supra Institutional Class Actual	$1,000.00	$   945.40	$2.41
Hypothetical (5% annual return before taxes)	$1,000.00	$1,022.32	$2.51
	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	1/1/2022	6/30/2022	1/1/2022 – 6/30/20223
Institutional Class Actual	$1,000.00	$   944.40	$2.41
Hypothetical (5% annual return before taxes)	$1,000.00	$1,022.32	$2.51

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 181/365 (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 and Institutional Class shares were 0.50% and 0.50% (reflecting fee waivers in effect), multiplied by the average account value over the period multiplied by 181/365 (to reflect the one half-year period).

53

Muzinich Funds

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

Each Fund has adopted a liquidity risk management program (the “program”). The Board has designated a committee of the Advisor to serve as the administrator of the program. Personnel of Muzinich conduct the day-to-day operation of the program pursuant to policies and procedures administered by the committee.

Under the program, the committee manages each Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk  is managed by monitoring the degree of liquidity of each Fund’s investments, limiting the amount of each Fund’s illiquid investments, and utilizing various risk management tools and facilities available to each Fund for meeting shareholder redemptions, among other means. The committee’s process of determining the degree of liquidity of each Fund’s investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by the committee regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, the Advisor provided its assessment that the program had been effective in managing each Fund’s liquidity risk.

54

Muzinich Funds

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.

55

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.

(This Page Intentionally Left Blank.)

Advisor

MUZINICH & CO., INC

450 Park Avenue

New York, New York 10022

Distributor

QUASAR DISTRIBUTORS, LLC

111 East Kilbourne Avenue, Suite 2200

Milwaukee, Wisconsin 53202

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 U.S. High Yield Credit Fund	Supra Institutional Class	MZHSX	74316J565
	Institutional Class	MZHIX	74316J573
Muzinich Low Duration Fund	Supra Institutional Class	MZLSX	74316P132
	Institutional Class	MZLIX	74316P124

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

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 for the period.

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. Incorporated by reference to previous Form N-CSR filing.

(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   September 8, 2022

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   September 8, 2022

By (Signature and Title)    /s/ Craig Benton

 Craig Benton, Treasurer/Principal Financial Officer

Date   September 8, 2022

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