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)

414-516-1523

Registrant’s telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Item 1. Report to Stockholders.

(a)

	Muzinich Credit Opportunities Fund
	Institutional Class | MZCIX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Muzinich Credit Opportunities Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.muzinichusfunds.com/literature. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$34	0.67%

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$244,730,599
Number of Holdings	345
Portfolio Turnover	86%
SEC Yield (Subsidized)	4.71%
SEC Yield (Unsubsidized)	4.48%

Visit https://www.muzinichusfunds.com/literature for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Top 10 Issuers	(%)
Ford Motor Credit Co LLC	1.5%
T-Mobile USA Inc	1.4%
General Motors Financial Co Inc	1.4%
Hyundai Capital America	1.1%
United States Treasury Note/Bond	1.1%
United Kingdom Gilt	1.1%
HCA Inc	1.0%
Nasdaq Inc	1.0%
Barclays PLC	0.8%
CaixaBank SA	0.8%

Security Type Breakdown (%)

Industry Breakdown (%)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.muzinichusfunds.com/literature

Muzinich Credit Opportunities Fund  PAGE 1  TSR_SAR_74316J573

HOUSEHOLDING

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

Muzinich Credit Opportunities Fund  PAGE 2  TSR_SAR_74316J573

85.27.62.41.10.20.13.413.711.29.29.05.75.55.43.93.532.9

	Muzinich Credit Opportunities Fund
	Supra Institutional Class | MZCSX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Muzinich Credit Opportunities Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.muzinichusfunds.com/literature. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Supra Institutional Class	$30	0.60%

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$244,730,599
Number of Holdings	345
Portfolio Turnover	86%
SEC Yield (Subsidized)	4.80%
SEC Yield (Unsubsidized)	4.57%

Visit https://www.muzinichusfunds.com/literature for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Top 10 Issuers	(%)
Ford Motor Credit Co LLC	1.5%
T-Mobile USA Inc	1.4%
General Motors Financial Co Inc	1.4%
Hyundai Capital America	1.1%
United States Treasury Note/Bond	1.1%
United Kingdom Gilt	1.1%
HCA Inc	1.0%
Nasdaq Inc	1.0%
Barclays PLC	0.8%
CaixaBank SA	0.8%

Security Type Breakdown (%)

Industry Breakdown (%)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.muzinichusfunds.com/literature

Muzinich Credit Opportunities Fund  PAGE 1  TSR_SAR_74316J573

HOUSEHOLDING

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

Muzinich Credit Opportunities Fund  PAGE 2  TSR_SAR_74316J573

85.27.62.41.10.20.13.413.711.29.29.05.75.55.43.93.532.9

	Muzinich Flexible U.S. High Yield income Fund
	Institutional Class | MZHIX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Muzinich Flexible U.S. High Yield income Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.muzinichusfunds.com/literature. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$29	0.58%

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$47,684,837
Number of Holdings	279
Portfolio Turnover	46%
SEC Yield (Subsidized)	7.16%
SEC Yield (Unsubsidized)	6.59%

Visit https://www.muzinichusfunds.com/literature for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Top 10 Issuers	(%)
First American Treasury Obligations Fund	2.4%
CCO Holdings LLC / CCO Holdings Capital Corp	1.7%
Venture Global LNG Inc	1.6%
Cloud Software Group Inc	1.5%
Crescent Energy Finance LLC	1.3%
Carnival Holdings Bermuda Ltd	1.2%
Burford Capital Global Finance LLC	1.1%
Harvest Midstream I LP	1.1%
Mauser Packaging Solutions Holding Co	1.0%
Icahn Enterprises LP / Icahn Enterprises Finance Corp	1.1%

Security Type Breakdown (%)

Industry Breakdown (%)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.muzinichusfunds.com/literature

Muzinich Flexible U.S. High Yield income Fund  PAGE 1  TSR_SAR_74316J573

HOUSEHOLDING

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

Muzinich Flexible U.S. High Yield income Fund  PAGE 2  TSR_SAR_74316J573

73.519.62.44.511.27.16.65.65.44.94.54.34.146.3

	Muzinich Flexible U.S. High Yield income Fund
	Supra Institutional Class | MZHSX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Muzinich Flexible U.S. High Yield income Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.muzinichusfunds.com/literature. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Supra Institutional Class	$29	0.58%

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$47,684,837
Number of Holdings	279
Portfolio Turnover	46%
SEC Yield (Subsidized)	7.16%
SEC Yield (Unsubsidized)	6.59%

Visit https://www.muzinichusfunds.com/literature for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Top 10 Issuers	(%)
First American Treasury Obligations Fund	2.4%
CCO Holdings LLC / CCO Holdings Capital Corp	1.7%
Venture Global LNG Inc	1.6%
Cloud Software Group Inc	1.5%
Crescent Energy Finance LLC	1.3%
Carnival Holdings Bermuda Ltd	1.2%
Burford Capital Global Finance LLC	1.1%
Harvest Midstream I LP	1.1%
Mauser Packaging Solutions Holding Co	1.0%
Icahn Enterprises LP / Icahn Enterprises Finance Corp	1.1%

Security Type Breakdown (%)

Industry Breakdown (%)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.muzinichusfunds.com/literature

Muzinich Flexible U.S. High Yield income Fund  PAGE 1  TSR_SAR_74316J565

HOUSEHOLDING

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

Muzinich Flexible U.S. High Yield income Fund  PAGE 2  TSR_SAR_74316J565

73.519.62.44.511.27.16.65.65.44.94.54.34.146.3

	Muzinich Low Duration Fund
	Supra Institutional Class | MZLSX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Muzinich Low Duration Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.muzinichusfunds.com/literature. You can also request this information by contacting us at 1-855-MUZINICH (1-855-689-4642).

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Supra Institutional Class	$25	0.50%

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$1,077,471,166
Number of Holdings	485
Portfolio Turnover	34%
SEC Yield (Subsidized)	4.73%
SEC Yield (Unsubsidized)	4.65%

Visit https://www.muzinichusfunds.com/literature for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Top 10 Issuers	(%)
First American Treasury Obligations Fund	2.0%
Ford Motor Credit Co LLC	1.6%
AIB Group PLC	1.4%
RCI Banque SA	1.1%
CaixaBank SA	1.0%
BPCE SA	1.0%
Hyatt Hotels Corp	1.0%
Bank of Ireland Group PLC	1.0%
Leasys SPA	0.9%
General Motors Financial Co Inc	1.0%

Industry Breakdown (%)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.muzinichusfunds.com/literature

Muzinich Low Duration Fund  PAGE 1  TSR_SAR_74316J573

HOUSEHOLDING

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

Muzinich Low Duration Fund  PAGE 2  TSR_SAR_74316J573

23.111.69.87.75.64.54.43.43.126.8

(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 7 of this Form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

 

Muzinich Credit Opportunities Fund

Muzinich Flexible U.S. High Yield Income Fund

Muzinich Low Duration Fund

Core Financial Statements

June 30, 2024

TABLE OF CONTENTS

			Page
Schedule of Investments			1
Muzinich Credit Opportunities Fund			1
Muzinich Flexible U.S. High Yield Income Fund			17
Muzinich Low Duration Fund			29
Statements of Assets and Liabilities			49
Statements of Operations			51
Statements of Changes in Net Assets			52
Financial Highlights			54
Notes to Financial Statements			59

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)

						Par			Value
CORPORATE BONDS - 85.2%
Aerospace/Defense - 0.6%
TransDigm Inc, 6.63%, 03/01/2032(a)						$1,350,000			$  1,365,323
Agency - 0.4%
Indian Railway Finance Corp Ltd, 3.57%, 01/21/2032						1,050,000			935,639
Airlines - 1.6%
Air France-KLM, 7.25%, 05/31/2026			EUR			900,000			1,013,414
American Airlines Inc/AAdvantage Loyalty IP Ltd
5.50%, 04/20/2026(a)						366,667			363,675
5.75%, 04/20/2029(a)						1,075,000			1,047,579
Emirates Airline, 4.50%, 02/06/2025						215,197			214,166
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.50%, 06/20/2027(a)						540,000			541,417
Wizz Air Finance Co BV, 1.00%, 01/19/2026			EUR			650,000			660,818
									3,841,069
Automotive & Auto Parts - 8.9%
Ford Motor Credit Co LLC
7.35%, 11/04/2027						1,300,000			1,355,410
6.05%, 03/05/2031						900,000			902,400
7.12%, 11/07/2033						1,500,000			1,589,658
Ford Otomotiv Sanayi AS, 7.13%, 04/25/2029						250,000			252,816
Forvia SE, 2.75%, 02/15/2027			EUR			700,000			717,014
General Motors Financial Co Inc
2.35%, 01/08/2031						1,425,000			1,171,446
6.10%, 01/07/2034						1,200,000			1,215,815
5.95%, 04/04/2034						1,000,000			1,003,089
Hyundai Capital America
1.65%, 09/17/2026(a)						1,698,000			1,564,084
5.40%, 01/08/2031(a)						1,300,000			1,293,174
IHO Verwaltungs GmbH, 3.75% (includes 4.50% PIK), 09/15/2026			EUR			400,000			422,747
Kia Corp, 3.25%, 04/21/2026						470,000			452,766
Magna International Inc, 4.38%, 03/17/2032			EUR			500,000			558,972
Nissan Motor Acceptance Co LLC, 7.05%, 09/15/2028						400,000			416,684
Nissan Motor Co Ltd, 4.81%, 09/17/2030(a)						850,000			790,665
Phinia Inc, 6.75%, 04/15/2029(a)						650,000			660,468
Porsche Automobil Holding SE, 4.13%, 09/27/2032			EUR			925,000			986,557
RCI Banque SA, 4.13%, 04/04/2031			EUR			800,000			852,811
Schaeffler AG, 2.88%, 03/26/2027			EUR			900,000			937,538
Stellantis NV
4.25%, 06/16/2031			EUR			975,000			1,063,908
2.75%, 04/01/2032			EUR			500,000			492,972
Valeo SE, 5.88%, 04/12/2029			EUR			800,000			899,938

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

1

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Automotive & Auto Parts - (Continued)
Volkswagen International Finance NV
4.63% to 1.000000000 then 10 yr. Swap Rate EUR + 3.98%, Perpetual			EUR			​200,000			$​210,309
7.50% to 1.000000000 then 5 yr. Swap Rate EUR + 4.29%, Perpetual			EUR			200,000			231,879
Volvo Car AB, 4.75%, 05/08/2030			EUR			600,000			644,538
ZF Europe Finance BV, 6.13%, 03/13/2029			EUR			1,000,000			1,134,231
									21,821,889
Banking - 11.4%
AIB Group PLC, 2.88% to 1.000000000 then 5 yr. Swap Rate EUR + 3.30%, 05/30/2031			EUR			1,200,000			1,246,821
Banco BPM SPA, 4.88% to 01/17/2029 then 3 mo. EURIBOR + 2.35%, 01/17/2030			EUR			225,000			246,622
Banco Santander SA, 9.63% to 1.000000000 then 5 yr. CMT Rate + 5.30%, Perpetual						800,000			888,911
Bancolombia SA, 6.91% to 1.000000000 then 5 yr. CMT Rate + 2.93%, 10/18/2027						500,000			494,120
Bank of America Corp, 1.90% to 1.000000000 then SOFR + 1.53%, 07/23/2031						1,275,000			1,051,577
Barclays PLC
6.49% to 1.000000000 then SOFR + 2.22%, 09/13/2029						1,300,000			1,346,686
9.63% to 1.000000000 then USISSO05 + 5.78%, Perpetual						800,000			869,542
BBVA Bancomer SA, 8.13% to 1.000000000 then 5 yr. CMT Rate + 4.21%, 01/08/2039						650,000			659,797
BPCE SA
1.65% to 1.000000000 then SOFR + 1.52%, 10/06/2026(a)						700,000			662,507
1.50% to 1.000000000 then 5 yr. Swap Rate EUR + 1.75%, 01/13/2042			EUR			600,000			592,542
CaixaBank SA
2.25% to 1.000000000 then 5 yr. Swap Rate EUR + 1.68%, 04/17/2030			EUR			1,200,000			1,258,258
6.88% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.70%, 10/25/2033			GBP			600,000			774,610
Citigroup Inc, 4.70% to 1.000000000 then SOFR + 3.23%, Perpetual						750,000			734,865
Commerzbank AG
4.00% to 1.000000000 then 5 yr. Swap Rate EUR + 4.35%, 12/05/2030			EUR			700,000			743,435
1.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.73%, 12/29/2031			EUR			600,000			594,213
4.88% to 1.000000000 then 5 yr. Swap Rate EUR + 2.15%, 10/16/2034			EUR			400,000			427,367
Danske Bank AS, 1.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.70%, 02/12/2030			EUR			1,200,000			1,261,199
First Abu Dhabi Bank PJSC, 6.32% to 1.000000000 then 5 yr. CMT Rate + 1.70%, 04/04/2034						1,350,000			1,378,269
ING Groep NV, 7.50% to 1.000000000 then 5 yr. CMT Rate + 3.71%, Perpetual						450,000			450,035
JPMorgan Chase & Co, 3.11% to 1.000000000 then SOFR + 2.44%, 04/22/2051						950,000			650,973
KBC Group NV, 0.63% to 1.000000000 then 5 yr. Swap Rate EUR + 0.95%, 12/07/2031			EUR			600,000			592,337
Lloyds Banking Group PLC, 4.38% to 1.000000000 then 5 yr. Swap Rate EUR + 2.05%, 04/05/2034			EUR			900,000			957,720
Mizuho Financial Group Inc, 5.58% to 1.000000000 then 1 yr. CMT Rate + 1.30%, 05/26/2035						1,300,000			1,302,277

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

2

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Banking - (Continued)
Permanent TSB Group Holdings PLC, 6.63% to 1.000000000 then EURIBOR ICE Swap Rate + 3.50%, 04/25/2028			EUR			​800,000			​$903,379
Powszechna Kasa Oszczednosci Bank Polski SA, 4.50% to 1.000000000 then 3 mo. EURIBOR + 1.60%, 03/27/2028			EUR			​750,000			​804,650
QNB Finance Ltd, 6.55% (SOFR + 1.20%), 04/02/2029						1,200,000			1,209,049
Societe Generale SA, 1.13% to 1.000000000 then 5 yr. Swap Rate EUR + 1.60%, 06/30/2031			EUR			700,000			700,692
Standard Chartered PLC
7.28% (SOFR + 1.93%), 07/06/2027						270,000			274,963
6.54% (SOFR + 1.17%), 05/14/2028						500,000			502,178
1.20% to 1.000000000 then 5 yr. Swap Rate EUR + 1.55%, 09/23/2031			EUR			800,000			792,997
Swedbank AB, 7.63% to 1.000000000 then 5 yr. CMT Rate + 3.59%, Perpetual						400,000			399,250
UniCredit SPA, 2.00% to 1.000000000 then 5 yr. Swap Rate EUR + 2.40%, 09/23/2029			EUR			600,000			638,135
United Overseas Bank Ltd, 3.86% to 1.000000000 then 5 yr. CMT Rate + 1.45%, 10/07/2032						900,000			857,219
Virgin Money UK PLC, 5.13% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 5.25%, 12/11/2030			GBP			900,000			1,120,475
Volksbank Wien AG, 5.75% to 1.000000000 then 5 yr. Swap Rate EUR + 3.10%, 06/21/2034			EUR			500,000			531,898
									27,919,568
Broadcasting - 0.6%
TEGNA Inc
4.75%, 03/15/2026(a)						875,000			856,327
4.63%, 03/15/2028						550,000			497,517
									1,353,844
Building Materials - 0.7%
Builders FirstSource Inc
4.25%, 02/01/2032(a)						500,000			442,481
6.38%, 03/01/2034(a)						425,000			421,541
Standard Industries Inc, 5.00%, 02/15/2027(a)						900,000			875,936
									1,739,958
Cable/Satellite TV - 0.7%
CCO Holdings LLC / CCO Holdings Capital Corp, 5.13%, 05/01/2027(a)						700,000			672,676
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.55%, 06/01/2034						750,000			752,789
Grupo Televisa SAB, 6.63%, 01/15/2040						400,000			397,394
									1,822,859
Capital Goods - 1.1%
EMRLD Borrower LP / Emerald Co-Issuer Inc, 6.75%, 07/15/2031(a)						250,000			253,659
Hillenbrand Inc, 6.25%, 02/15/2029						500,000			503,129
Ingersoll Rand Inc, 5.45%, 06/15/2034						300,000			303,347
Regal Rexnord Corp, 6.05%, 04/15/2028						1,350,000			1,367,297

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

3

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Capital Goods - (Continued)
Trane Technologies Financing Ltd, 5.10%, 06/13/2034						$  375,000			$   374,593
									2,802,025
Chemicals - 2.5%
Alpek SAB de CV, 4.25%, 09/18/2029						​868,000			​799,419
Celanese US Holdings LLC, 6.55%, 11/15/2030						1,025,000			1,072,440
DuPont de Nemours Inc, 5.42%, 11/15/2048						500,000			520,626
International Flavors & Fragrances Inc, 2.30%, 11/01/2030(a)						1,225,000			1,022,768
Orbia Advance Corp SAB de CV, 4.00%, 10/04/2027						1,400,000			1,326,352
Sherwin-Williams Co, 2.95%, 08/15/2029						1,450,000			1,308,453
									6,050,058
Consumer-Products - 0.2%
Hasbro Inc, 6.05%, 05/14/2034						600,000			600,173
Containers - 0.2%
Berry Global Inc, 5.65%, 01/15/2034(a)						525,000			514,226
Diversified Financial Services - 8.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.15%, 09/30/2030						900,000			931,455
Block Inc, 6.50%, 05/15/2032(a)						475,000			481,222
CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund, 4.75%, 03/27/2034			EUR			600,000			651,754
DAE Funding LLC, 3.38%, 03/20/2028						1,400,000			1,287,918
Esic Sukuk Ltd, 5.83%, 02/14/2029						1,060,000			1,061,199
Fortress Transportation and Infrastructure Investors LLC, 7.00%, 06/15/2032(a)						1,075,000			1,091,341
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/2026						1,500,000			1,478,258
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031(a)						400,000			417,438
Hyundai Card Co Ltd, 5.75%, 04/24/2029						210,000			211,629
ICD Funding Ltd, 3.22%, 04/28/2026						1,900,000			1,819,914
India Vehicle Finance, 5.85%, 03/25/2029						410,000			401,341
JAB Holdings BV, 4.38%, 04/25/2034			EUR			200,000			215,324
Macquarie Airfinance Holdings Ltd, 8.38%, 05/01/2028(a)						725,000			764,866
MDGH GMTN RSC Ltd
2.88%, 11/07/2029						880,000			793,025
3.70%, 11/07/2049						790,000			600,268
Morgan Stanley
5.17% to 1.000000000 then SOFR + 1.45%, 01/16/2030						775,000			773,661
5.25% to 1.000000000 then SOFR + 1.87%, 04/21/2034						450,000			444,038
5.47% to 1.000000000 then SOFR + 1.73%, 01/18/2035						675,000			674,796
Motability Operations Group PLC, 3.88%, 01/24/2034			EUR			700,000			742,362
Nasdaq Inc
5.55%, 02/15/2034						1,125,000			1,128,847
6.10%, 06/28/2063						1,250,000			1,281,516
SoftBank Group Corp, 6.75%, 07/08/2029						800,000			795,952

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

4

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Diversified Financial Services - (Continued)
UBS Group AG, 9.25% to 1.000000000 then 5 yr. CMT Rate + 4.76%, Perpetual(a)						$1,500,000			$1,683,618
									19,731,742
Energy - 11.2%
Aker BP ASA, 4.00%, 05/29/2032			EUR			​1,000,000			​1,065,835
BP Capital Markets BV, 4.32%, 05/12/2035			EUR			350,000			388,038
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027						1,275,000			1,273,827
Cheniere Energy Partners LP
4.50%, 10/01/2029						1,000,000			953,297
5.95%, 06/30/2033						500,000			507,267
Chesapeake Energy Corp, 5.50%, 02/01/2026(a)						600,000			595,102
Ecopetrol SA, 8.88%, 01/13/2033						670,000			692,555
Energy Transfer LP, 5.55%, 05/15/2034						750,000			742,811
Galaxy Pipeline Assets Bidco Ltd, 2.63%, 03/31/2036						1,400,000			1,141,751
Kinder Morgan Inc
4.30%, 03/01/2028						675,000			656,048
5.20%, 06/01/2033						1,300,000			1,265,465
Lion/Polaris Lux 4 SA, 3.25%, 09/30/2040						959,000			730,996
Occidental Petroleum Corp, 7.88%, 09/15/2031						875,000			982,325
Oleoducto Central SA, 4.00%, 07/14/2027						924,000			857,281
ONEOK Inc
6.05%, 09/01/2033						700,000			722,412
6.63%, 09/01/2053						600,000			644,037
Ovintiv Inc, 7.10%, 07/15/2053						525,000			579,391
Pertamina Persero PT
3.65%, 07/30/2029						700,000			651,413
4.15%, 02/25/2060						850,000			628,404
Plains All American Pipeline LP / PAA Finance Corp, 3.55%, 12/15/2029						1,950,000			1,782,528
QatarEnergy, 2.25%, 07/12/2031						1,700,000			1,422,271
Repsol International Finance BV
3.75% to 1.000000000 then 5 yr. Swap Rate EUR + 4.00%, Perpetual			EUR			200,000			211,612
2.50% to 1.000000000 then 5 yr. Swap Rate EUR + 2.77%, Perpetual			EUR			875,000			892,389
Rockies Express Pipeline LLC, 3.60%, 05/15/2025(a)						1,375,000			1,344,282
Shell International Finance BV, 1.88%, 04/07/2032			EUR			600,000			572,749
Targa Resources Corp, 6.50%, 03/30/2034						700,000			742,515
TotalEnergies SE, 2.63% to 1.000000000 then 5 yr. Swap Rate EUR + 2.15%, Perpetual			EUR			1,475,000			1,559,009
Venture Global LNG Inc, 8.13%, 06/01/2028(a)						1,400,000			1,444,632
Williams Cos Inc, 5.30%, 08/15/2028						775,000			778,010
Wintershall Dea Finance 2 BV, 2.50% to 1.000000000 then 5 yr. Swap Rate EUR + 2.92%, Perpetual			EUR			1,500,000			1,505,317
									27,333,569
Food & Drug Retail - 1.1%
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 6.50%, 02/15/2028(a)						750,000			755,141

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

5

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Food & Drug Retail - (Continued)
Cencosud SA, 5.95%, 05/28/2031						$  820,000			$   823,969
Roadster Finance DAC, 1.63%, 12/09/2024			EUR			525,000			555,278
Tesco Corporate Treasury Services PLC, 5.13%, 05/22/2034			GBP			450,000			550,481
									2,684,869
Food/Beverage/Tobacco - 3.7%
Anheuser-Busch InBev Worldwide Inc, 5.45%, 01/23/2039						​650,000			​661,309
Bacardi Ltd / Bacardi-Martini BV
5.25%, 01/15/2029(a)						750,000			740,918
5.40%, 06/15/2033(a)						1,125,000			1,100,660
Bimbo Bakeries USA Inc, 6.40%, 01/15/2034						1,500,000			1,589,297
Constellation Brands Inc, 4.90%, 05/01/2033						1,550,000			1,500,390
Indofood BCP Sukses, 3.40%, 06/09/2031						1,510,000			1,317,523
Keurig Dr Pepper Inc
3.95%, 04/15/2029						700,000			666,589
5.20%, 03/15/2031						1,150,000			1,148,922
Tereos Finance Groupe I SA, 5.88%, 04/30/2030			EUR			300,000			321,860
									9,047,468
Healthcare - 5.4%
AbbVie Inc, 5.50%, 03/15/2064						1,450,000			1,441,311
Amgen Inc, 5.65%, 03/02/2053						975,000			966,104
Bayer AG
4.50% to 1.000000000 then 5 yr. Swap Rate EUR + 3.75%, 03/25/2082			EUR			400,000			413,142
6.63% to 1.000000000 then 5 yr. Swap Rate EUR + 3.43%, 09/25/2083			EUR			800,000			868,163
Bristol-Myers Squibb Co, 5.55%, 02/22/2054						1,325,000			1,314,293
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/2028			EUR			800,000			815,237
Elevance Health Inc
5.38%, 06/15/2034						650,000			654,680
5.65%, 06/15/2054						625,000			622,096
Eli Lilly & Co, 5.00%, 02/09/2054						1,200,000			1,153,326
Fortrea Holdings Inc, 7.50%, 07/01/2030(a)						600,000			597,404
GN Store Nord AS, 0.88%, 11/25/2024			EUR			500,000			525,823
HCA Inc
5.50%, 06/01/2033						1,050,000			1,043,756
5.25%, 06/15/2049						1,525,000			1,367,242
Medline Borrower LP/Medline Co-Issuer Inc, 6.25%, 04/01/2029(a)						350,000			354,580
Medtronic Inc, 4.15%, 10/15/2053			EUR			500,000			543,210
Werfen SA, 4.25%, 05/03/2030			EUR			600,000			647,043
									13,327,410
Homebuilders/Real Estate - 5.2%
Aldar Investment Properties Sukuk Ltd, 4.88%, 05/24/2033						200,000			192,940
American Tower Corp
5.25%, 07/15/2028						1,025,000			1,023,787
5.45%, 02/15/2034						1,000,000			993,773

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

6

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Homebuilders/Real Estate - (Continued)
Aroundtown SA
0.63%, 07/09/2025			EUR			​700,000			$​719,512
0.38%, 04/15/2027			EUR			300,000			279,017
Balder Finland Oyj, 1.00%, 01/18/2027			EUR			975,000			949,969
Blackstone Property Partners Europe Holdings SARL, 1.00%, 10/20/2026			EUR			900,000			895,118
Castellum Helsinki Finance Holding Abp, 2.00%, 03/24/2025			EUR			800,000			841,543
CTP NV, 0.63%, 09/27/2026			EUR			1,025,000			1,022,111
Fastighets AB Balder, 1.88%, 03/14/2025			EUR			​400,000			​421,228
Hammerson PLC, 3.50%, 10/27/2025			GBP			500,000			612,183
Heimstaden Bostad Treasury BV
0.25%, 10/13/2024			EUR			400,000			420,014
1.00%, 04/13/2028			EUR			600,000			525,512
Logicor Financing SARL, 1.50%, 07/13/2026			EUR			200,000			202,147
MasTec Inc, 4.50%, 08/15/2028(a)						925,000			883,009
P3 Group SARL, 4.63%, 02/13/2030			EUR			350,000			376,239
RHP Hotel Properties LP / RHP Finance Corp, 6.50%, 04/01/2032(a)						1,325,000			1,328,093
VIA Outlets BV, 1.75%, 11/15/2028			EUR			675,000			646,693
Vonovia SE, 5.00%, 11/23/2030			EUR			300,000			336,336
									12,669,224
Hotels - 0.8%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 6.63%, 01/15/2032(a)						625,000			628,362
IHG Finance LLC, 4.38%, 11/28/2029			EUR			400,000			438,929
Whitbread Group PLC, 3.38%, 10/16/2025			GBP			700,000			859,039
									1,926,330
Insurance - 0.6%
Allianz SE, 2.63% to 1.000000000 then 5 yr. Swap Rate EUR + 2.77%, Perpetual			EUR			800,000			667,956
Cathaylife Singapore Pte Ltd, 5.95%, 07/05/2034						300,000			300,786
FWD Group Holdings Ltd, 7.64%, 07/02/2031						600,000			611,028
									1,579,770
Leisure - 0.1%
Royal Caribbean Cruises Ltd, 6.25%, 03/15/2032(a)						325,000			327,939
Metals/Mining - 0.9%
Corp Nacional del Cobre de Chile
5.95%, 01/08/2034						700,000			701,637
6.44%, 01/26/2036						200,000			207,094
Gold Fields Orogen Holdings BVI Ltd, 6.13%, 05/15/2029						1,185,000			1,201,201
									2,109,932
Paper - 1.0%
Inversiones CMPC SA, 6.13%, 06/23/2033						1,500,000			1,528,461
Suzano Austria GmbH, 3.75%, 01/15/2031						1,200,000			1,046,217
									2,574,678

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

7

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Services - 1.2%
Bureau Veritas SA, 3.50%, 05/22/2036			EUR			​500,000			$   521,513
RAC Bond Co PLC, 4.87%, 05/06/2026			GBP			600,000			745,230
United Rentals North America Inc, 5.25%, 01/15/2030						775,000			751,726
Verisure Holding AB, 3.88%, 07/15/2026			EUR			950,000			1,006,542
									3,025,011
Sovereign - 1.1%
United Kingdom Gilt, 4.50%, 09/07/2034			GBP			2,000,000			2,588,651
Steel - 0.8%
ABJA Investment Co Pte Ltd, 5.45%, 01/24/2028						​812,000			​806,454
GUSAP III LP, 4.25%, 01/21/2030						1,200,000			1,128,006
									1,934,460
Super Retail - 1.3%
El Corte Ingles SA, 4.25%, 06/26/2031			EUR			400,000			428,601
Home Depot Inc, 5.40%, 06/25/2064						925,000			907,704
Lowe’s Cos Inc
5.15%, 07/01/2033						650,000			648,315
5.85%, 04/01/2063						400,000			392,059
REWE International Finance BV, 4.88%, 09/13/2030			EUR			700,000			779,713
									3,156,392
Technology - 2.7%
Broadcom Inc, 3.47%, 04/15/2034(a)						750,000			641,097
Fortress Intermediate 3 Inc, 7.50%, 06/01/2031(a)						950,000			974,510
Insight Enterprises Inc, 6.63%, 05/15/2032(a)						350,000			355,782
LG Energy Solution Ltd, 5.75%, 09/25/2028						870,000			881,278
SK Hynix Inc
6.38%, 01/17/2028						200,000			205,966
6.50%, 01/17/2033						600,000			633,845
SK On Co Ltd, 5.38%, 05/11/2026						1,250,000			1,248,919
TDF Infrastructure SASU, 5.63%, 07/21/2028			EUR			700,000			783,688
Teleperformance SE
5.25%, 11/22/2028			EUR			500,000			548,680
5.75%, 11/22/2031			EUR			200,000			220,518
									6,494,283
Telecommunications - 4.9%
America Movil SAB de CV, 4.38%, 04/22/2049						1,140,000			953,844
AT&T Inc, 3.50%, 09/15/2053						1,150,000			785,614
Bharti Airtel Ltd, 3.25%, 06/03/2031						1,500,000			1,322,856
iliad SA, 5.38%, 02/15/2029			EUR			400,000			436,318
PPF Telecom Group BV, 3.25%, 09/29/2027			EUR			195,000			203,223
SES SA, 3.50%, 01/14/2029			EUR			650,000			673,644
TDC Net AS, 5.19%, 08/02/2029			EUR			250,000			272,099
Telefonica Europe BV, 3.88% to 1.000000000 then 8 yr. Swap Rate EUR + 2.97%, Perpetual			EUR			1,200,000			1,270,193

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

8

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Telecommunications - (Continued)
T-Mobile USA Inc
3.88%, 04/15/2030						$1,025,000			$   959,049
2.55%, 02/15/2031						1,800,000			1,530,905
5.05%, 07/15/2033						1,100,000			1,078,703
Vmed O2 UK Financing I PLC, 4.00%, 01/31/2029			GBP			800,000			876,061
Vodafone Group PLC, 2.63% to 1.000000000 then 5 yr. Swap Rate EUR + 3.00%, 08/27/2080			EUR			700,000			722,514
Ziggo BV, 2.88%, 01/15/2030			EUR			900,000			846,108
									11,931,131
Transportation Excluding Air/Rail - 3.3%
Australia Pacific Airports Melbourne Pty Ltd, 4.38%, 05/24/2033			EUR			​1,000,000			​1,107,930
Autostrade per l’Italia SPA, 5.13%, 06/14/2033			EUR			875,000			974,479
DP World Ltd, 6.85%, 07/02/2037						1,730,000			1,876,653
Gatwick Funding Ltd, 5.50%, 04/04/2040			GBP			600,000			732,648
Heathrow Finance PLC, 3.88%, 03/01/2027(b)			GBP			250,000			297,852
Heathrow Funding Ltd, 4.50%, 07/11/2033			EUR			900,000			990,898
International Distributions Services PLC, 5.25%, 09/14/2028			EUR			575,000			633,352
Stagecoach Group Ltd, 4.00%, 09/29/2025			GBP			505,000			620,992
United Parcel Service Inc, 5.50%, 05/22/2054						925,000			920,970
									8,155,774
Utilities - 2.9%
Acquirente Unico SPA, 2.80%, 02/20/2026			EUR			850,000			889,637
Elia Transmission Belgium SA, 3.63%, 01/18/2033			EUR			600,000			641,844
FLUVIUS System Operator CV, 3.88%, 05/02/2034			EUR			400,000			428,217
Italgas SPA, 4.13%, 06/08/2032			EUR			600,000			646,577
National Central Cooling Co PJSC, 2.50%, 10/21/2027						1,600,000			1,447,344
Pacific Gas and Electric Co, 5.80%, 05/15/2034						825,000			821,718
Redexis SAU, 4.38%, 05/30/2031			EUR			600,000			637,651
Veolia Environnement SA, 1.25%, 05/14/2035			EUR			800,000			678,158
Vistra Operations Co LLC, 6.88%, 04/15/2032(a)						875,000			888,935
									7,080,081
TOTAL CORPORATE BONDS (Cost $208,166,354)									208,445,345
BANK LOANS - 7.6%
Aerospace/Defense - 0.2%
KBR Inc TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 01/17/2031						349,125			351,176
Science Applications International Corp TL, Senior Secured First Lien, 7.22% (1 mo. SOFR US + 1.88%), 02/10/2031						146,766			147,752
TransDigm Inc TL, Senior Secured First Lien, 7.84% (3 mo. SOFR US + 2.50%), 02/28/2031						92,269			92,569
									591,497

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

9

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
BANK LOANS - (Continued)
Broadcasting - 0.0%(c)
WMG Acquisition Corp TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 01/24/2031						$  50,000			$   50,149
Building Materials - 0.2%
MIWD Holdco II LLC TL, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 03/28/2031						400,000			402,918
Cable/Satellite TV - 0.2%
Charter Communications Operating LLC TL, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 1.75%), 02/01/2027						272,852			272,826
Directv Financing LLC TL, Senior Secured First Lien, 10.71% (1 mo. SOFR US + 5.25%), 08/02/2029						232,199			231,473
									504,299
Capital Goods - 0.5%
Ali Group North America Corp TL, Senior Secured First Lien, 7.46% (1 mo. SOFR US + 2.00%), 07/23/2029						​474,930			​477,348
Chart Industries Inc TL, Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 03/18/2030						400,000			402,000
Emrld Borrower LP TL, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 05/31/2030						374,060			374,488
									1,253,836
Chemicals - 0.2%
Axalta Coating Systems US Holdings Inc TL, Senior Secured First Lien, 7.33% (3 mo. SOFR US + 2.00%), 12/20/2029						463,608			465,001
Commercial Services - 0.1%
NAB Holdings LLC TL First Lien, 8.21% (3 mo. Term SOFR + 2.75%), 11/24/2028						200,000			200,403
Containers - 0.1%
Pactiv Evergreen Group Holdings Inc TL, Senior Secured First Lien
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028						169,173			169,568
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028						43,233			43,334
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028						37,594			37,682
									250,584
Diversified Financial Services - 1.1%
Castlelake Aviation One DAC TL, Senior Secured First Lien, 8.09% (3 mo. SOFR US + 2.75%), 10/22/2027						243,081			243,841
Citadel Securities LP TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 07/29/2030						497,550			499,540
DRW Holdings TL (2/21) TL First Lien, 9.18% (1 mo. Term SOFR + 3.75%), 03/01/2028						346,429			346,971
Focus Financial Partners LLC TL, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 06/30/2028						99,749			99,764

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

10

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

					Par			Value
BANK LOANS - (Continued)
Diversified Financial Services - (Continued)
GTCR W Merger Sub LLC TL, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 3.00%), 01/31/2031					$  250,000			$   250,660
Jane Street Group LLC TL, Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 01/26/2028					398,452			398,554
NAB Holdings LLC TL First Lien, 8.08% (1 mo. Term SOFR + 2.75%), 11/24/2028					250,000			250,521
Nuvei Technologies Corp TL, Senior Secured First Lien
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030					145,579			145,929
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030					97,787			98,022
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030					25,285			25,346
Trans Union LLC TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 12/01/2028					212,009			212,331
Wec US Holdings Ltd TL, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 01/27/2031					225,000			225,471
								2,796,950
Environmental - 0.2%
Clean Harbors Inc TL, Senior Secured First Lien, 7.21% (1 mo. SOFR US + 1.75%), 10/10/2028					​348,214			​350,390
Covanta Holding Corp TL, Senior Secured First Lien
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028					76,932			77,032
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028					4,208			4,214
								431,636
Food/Beverage/Tobacco - 0.2%
B&G Foods 6/24 B TL, 8.84%, 10/10/2029(b)					500,000			496,250
Gaming - 0.1%
Flutter Financing BV TL, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 11/29/2030					149,250			149,515
Station Casinos LLC TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 03/14/2031					49,875			49,913
								199,428
Healthcare - 0.3%
Jazz Financing Lux SARL TL, Senior Secured First Lien, 8.46% (1 mo. SOFR US + 3.00%), 05/05/2028					135,935			136,190
Phoenix Guarantor Inc TL First Lien, 8.58% (1 mo. Term SOFR + 3.25%), 02/21/2031					550,000			549,247
								685,437
Homebuilders/Real Estate - 0.4%
Iron Mountain Inc TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 01/31/2031					497,500			496,047
SBA Senior Finance II LLC TL, Senior Secured First Lien, 7.35% (1 mo. SOFR US + 2.00%), 01/27/2031					409,973			410,903
								906,950

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

11

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
BANK LOANS - (Continued)
Hotels - 0.4%
Hilton Grand Vacations Borrower LLC TL, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 08/02/2028						$  496,173			$   496,749
Hilton Hotels (10/23) TL B4 TL, Senior Secured First Lien, 7.10% (1 mo. SOFR US + 1.75%), 11/08/2030						113,650			113,894
Travel + Leisure Co TL, Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 12/14/2029						99,750			100,174
Wyndham Hotels & Resorts Inc TL, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 05/28/2030						374,058			374,967
									1,085,784
Leisure - 0.2%
Delta 2 Lux SARL TL, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 01/15/2030						500,000			501,875
Metals/Mining - 0.0%(c)
Arsenal AIC Parent LLC TL, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 08/19/2030						24,875			25,055
Publishing/Printing - 0.1%
Cimpress USA Inc TL, Senior Secured First Lien
8.33% (1 mo. SOFR US + 3.00%), 05/17/2028						​135,904			​136,328
8.34% (1 mo. SOFR US + 3.00%), 05/17/2028						113,471			113,826
									250,154
Railroads - 0.2%
Genesee & Wyoming Inc TL, Senior Secured First Lien, 7.33% (3 mo. SOFR US + 2.00%), 04/10/2031						450,000			450,043
Restaurants - 0.4%
1011778 BC ULC TL, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 09/23/2030						498,750			498,119
KFC Holding Co TL, Senior Secured First Lien, 7.20% (1 mo. SOFR US + 1.75%), 03/15/2028						496,154			496,685
									994,804
Services - 0.5%
APi Group DE Inc TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 01/03/2029						300,000			300,215
Camelot US Acquisition LLC TL, Senior Secured First Lien
8.08% (1 mo. SOFR US + 2.75%), 01/31/2031						46,395			46,535
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031						199,036			199,633
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031						3,944			3,955
Core & Main LP TL, Senior Secured First Lien, 7.59% (3 mo. SOFR US + 2.25%), 02/10/2031						273,315			274,171
PG Investment Co 59 SARL TL, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/24/2031						75,000			75,594

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

12

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

					Par			Value
BANK LOANS - (Continued)
Services - (Continued)
Thevelia US LLC TL, Senior Secured First Lien, 9.08% (3 mo. SOFR US + 3.75%), 06/18/2029					$74,625			$75,138
United Rentals North America Inc TL, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 02/14/2031					​ 374,063			​   377,745
								1,352,986
Super Retail - 0.2%
Hanesbrands Inc TL, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 03/08/2030					248,116			249,201
Leslie’s Poolmart Inc TL First Lien, 8.19% (1 mo. Term SOFR + 2.75%), 03/09/2028					200,000			198,413
								447,614
Technology - 0.7%
AppLovin Corp TL, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 10/25/2028					374,062			375,325
Cloud Software Group Inc TL First Lien, 9.93% (1 mo. Term SOFR + 4.50%), 03/24/2031					500,000			501,992
Coherent Corp TL, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 07/02/2029					349,348			350,047
Constant Contact TL First Lien, 9.56% (1 mo. Term SOFR + 4.00%), 02/10/2028					12			12
Go Daddy Operating Co LLC TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 11/13/2029					​209,696			​210,249
Open Text TL B (08/23) TARGET TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 01/31/2030					312,135			313,849
								1,751,474
Telecommunications - 0.5%
Crown Subsea Communications Holding Inc TL, Senior Secured First Lien, 10.08% (3 mo. SOFR US + 4.75%), 01/30/2031					290,000			291,147
Iridium Satellite LLC TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 09/20/2030					498,747			498,782
Lorca Finco (04/24) TL, 8.82% (1 mo. Term SOFR + 3.50%), 04/17/2031					140,000			140,525
Virgin Media Bristol LLC TL, Senior Secured First Lien, 8.66% (6 mo. SOFR US + 3.25%), 03/31/2031					200,000			189,321
								1,119,775
Transportation Excluding Air/Rail - 0.2%
XPO Inc TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 05/24/2028					250,000			251,023
XPO TL B (12/23) TL, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 02/28/2031					250,000			250,964
								501,987

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

13

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
BANK LOANS - (Continued)
Utilities - 0.4%
Edgewater (Spade Facilities) TL First Lien, 9.19% (1 mo. Term SOFR + 3.75%), 12/15/2025						$500,000			$499,725
Exgen Renewables/ Exelon (12/20) TL First Lien, 8.10% (3 mo. Term SOFR + 2.50%), 12/15/2027						250,000			250,815
Vistra Zero Operating Co LLC TL, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 04/30/2031						​  124,688			​   125,420
									875,960
TOTAL BANK LOANS (Cost $18,560,353)									18,592,849
CONVERTIBLE BONDS - 2.4%
Banking - 2.4%
Australia & New Zealand Banking Group Ltd, 1.81% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.45%, 09/16/2031			GBP			600,000			694,622
Banco Bilbao Vizcaya Argentaria SA, 4.88% to 1.000000000 then 5 yr. Swap Rate EUR + 2.40%, 02/08/2036			EUR			300,000			323,973
Banco Santander SA, 5.00% to 1.000000000 then 5 yr. Swap Rate EUR + 2.50%, 04/22/2034			EUR			700,000			763,000
Bank of Ireland Group PLC, 4.75% to 1.000000000 then 5 yr. Swap Rate EUR + 1.85%, 08/10/2034			EUR			450,000			481,771
Deutsche Bank AG, 5.63% to 1.000000000 then 5 yr. Swap Rate EUR + 6.00%, 05/19/2031			EUR			300,000			326,181
ING Groep NV, 1.00% to 1.000000000 then 5 yr. Swap Rate EUR + 1.15%, 11/16/2032			EUR			1,300,000			1,254,046
Jyske Bank AS, 5.13% to 1.000000000 then 5 yr. Swap Rate EUR + 2.50%, 05/01/2035			EUR			325,000			355,721
Nationwide Building Society, 4.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.65%, 04/16/2034			EUR			750,000			​802,062
Swedbank AB, 7.27% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.80%, 11/15/2032			GBP			600,000			784,693
									5,786,069
TOTAL CONVERTIBLE BONDS (Cost $5,771,753)									5,786,069
U.S. TREASURY SECURITIES - 1.1%
United States Treasury Note/Bond, 4.63%, 05/15/2054						2,750,000			2,805,215
TOTAL U.S. TREASURY SECURITIES (Cost $2,810,032)									2,805,215

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

14

Muzinich Credit Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

Shares

Value

SHORT-TERM INVESTMENTS - 0.1%

Money Market Funds - 0.1%

First American Treasury Obligations Fund - Class X, 5.20% (d)

198,937

$198,937

TOTAL SHORT-TERM INVESTMENTS (Cost $198,937)

198,937

TOTAL INVESTMENTS - 96.4% (Cost $235,507,429)

​$235,828,415

Other Assets in Excess of Liabilities - 3.6%

​8,902,184

TOTAL NET ASSETS - 100.0%

$244,730,599

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

AG - Aktiengesellschaft

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury Rate

GMTN Global Medium Term Note

NV - Naamloze Vennootschap

PIK - Payment in Kind

PJSC - Public Joint Stock Company

PLC - Public Limited Company

SA - Sociedad Anónima

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

SOFR - Secured Overnight Financing Rate

USISSO05 - 5 Year US Dollar SOFR Swap Rate

EUR - Euro

GBP - British Pound

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $30,747,437 or 12.6% of the Fund’s net assets.

(b)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

(c)
Represents less than 0.05% of net assets.

(d)
The rate shown represents the 7-day annualized effective yield as of June 30, 2024.

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

15

Muzinich Credit Opportunities Fund

Schedule of Forward Currency Contracts

June 30, 2024 (Unaudited)

Counterparty

Settlement Date

Currency Purchased

Currency Sold

Unrealized Appreciation (Depreciation)

U.S. Bancorp Investments, Inc.

09/17/2024

EUR

7,500,000

USD

8,083,811

$​(19,668)

U.S. Bancorp Investments, Inc.

09/17/2024

GBP

2,300,000

USD

2,921,871

(12,668)

U.S. Bancorp Investments, Inc.

09/17/2024

USD

81,093,372

EUR

75,100,000

344,418

U.S. Bancorp Investments, Inc.

09/17/2024

USD

14,393,929

GBP

11,300,000

100,887

Total Unrealized Appreciation (Depreciation)

​$412,969

EUR - Euro

GBP - British Pound

USD - United States Dollar

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

16

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited)

			Par			Value
CORPORATE BONDS - 73.5%
Aerospace/Defense - 1.8%
Bombardier Inc
7.88%, 04/15/2027(a)			$  140,000			$  140,445
7.25%, 07/01/2031(a)			150,000			154,256
7.00%, 06/01/2032(a)			50,000			50,747
PM General Purchaser LLC, 9.50%, 10/01/2028(a)			125,000			127,849
Spirit AeroSystems Inc, 9.38%, 11/30/2029(a)			125,000			134,712
TransDigm Inc
6.38%, 03/01/2029(a)			125,000			125,786
6.63%, 03/01/2032(a)			125,000			126,419
						860,214
Airlines - 1.7%
American Airlines Inc/AAdvantage Loyalty IP Ltd, 5.75%, 04/20/2029(a)			375,000			365,434
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd, 5.75%, 01/20/2026(a)			225,000			214,608
VistaJet Malta Finance PLC / Vista Management Holding Inc
7.88%, 05/01/2027(a)			125,000			110,624
9.50%, 06/01/2028(a)			125,000			109,768
						800,434
Automotive & Auto Parts - 2.6%
American Axle & Manufacturing Inc, 6.88%, 07/01/2028			150,000			149,847
Benteler International AG, 10.50%, 05/15/2028(a)			200,000			215,004
Champions Financing Inc, 8.75%, 02/15/2029(a)			125,000			128,297
Dana Inc, 4.50%, 02/15/2032			100,000			85,976
Goodyear Tire & Rubber Co, 5.25%, 07/15/2031			250,000			227,824
Jaguar Land Rover Automotive PLC, 5.50%, 07/15/2029(a)			250,000			239,872
Phinia Inc, 6.75%, 04/15/2029(a)			75,000			76,208
Tenneco Inc, 8.00%, 11/17/2028(a)			125,000			113,875
						1,236,903
Broadcasting - 1.3%
Belo Corp, 7.75%, 06/01/2027			75,000			77,045
Gray Escrow II Inc, 5.38%, 11/15/2031(a)			75,000			42,601
Sirius XM Radio Inc, 4.00%, 07/15/2028(a)			150,000			135,634
TEGNA Inc, 4.63%, 03/15/2028			118,000			106,740
Univision Communications Inc
8.00%, 08/15/2028(a)			175,000			170,824
4.50%, 05/01/2029(a)			125,000			105,212
						638,056
Building Materials - 3.0%
Builders FirstSource Inc, 6.38%, 03/01/2034(a)			175,000			173,576
Camelot Return Merger Sub Inc, 8.75%, 08/01/2028(a)			350,000			343,266
Cornerstone Building Brands Inc, 6.13%, 01/15/2029(a)			50,000			41,184
MIWD Holdco II LLC / MIWD Finance Corp, 5.50%, 02/01/2030(a)			500,000			462,686
New Enterprise Stone & Lime Co Inc, 5.25%, 07/15/2028(a)			250,000			236,337
Standard Industries Inc, 3.38%, 01/15/2031(a)			175,000			147,637
						1,404,686

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

17

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Cable/Satellite TV - 2.7%
CCO Holdings LLC / CCO Holdings Capital Corp
5.00%, 02/01/2028(a)			$  250,000			$  233,923
5.38%, 06/01/2029(a)			400,000			364,329
4.75%, 03/01/2030(a)			250,000			216,687
DISH Network Corp, 11.75%, 11/15/2027(a)			250,000			245,359
Midcontinent Communications / Midcontinent Finance Corp, 5.38%, 08/15/2027(a)			250,000			240,191
						1,300,489
Capital Goods - 0.6%
EMRLD Borrower LP / Emerald Co-Issuer Inc, 6.75%, 07/15/2031(a)			50,000			50,732
Esab Corp, 6.25%, 04/15/2029(a)			150,000			151,103
Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC, 9.00%, 02/15/2029(a)			100,000			103,685
						305,520
Chemicals - 1.7%
NOVA Chemicals Corp
5.00%, 05/01/2025(a)			200,000			198,283
5.25%, 06/01/2027(a)			150,000			143,609
Olympus Water US Holding Corp, 9.75%, 11/15/2028(a)			200,000			212,262
Rain Carbon Inc, 12.25%, 09/01/2029(a)			250,000			269,351
						823,505
Consumer-Products - 1.0%
Central Garden & Pet Co
4.13%, 10/15/2030			50,000			44,623
4.13%, 04/30/2031(a)			75,000			66,228
Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC, 6.63%, 07/15/2030(a)			75,000			76,178
Kronos Acquisition Holdings Inc, 8.25%, 06/30/2031(a)			175,000			175,394
Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 5.00%, 12/31/2026(a)			100,000			102,416
						464,839
Containers - 2.3%
Ball Corp, 6.00%, 06/15/2029			125,000			125,878
Canpack SA / Canpack US LLC, 3.88%, 11/15/2029(a)			200,000			179,542
Mauser Packaging Solutions Holding Co
7.88%, 04/15/2027(a)			250,000			255,437
9.25%, 04/15/2027(a)			250,000			250,460
Owens-Brockway Glass Container Inc, 7.25%, 05/15/2031(a)			250,000			249,799
Verde Purchaser LLC, 10.50%, 11/30/2030(a)			25,000			26,456
						1,087,572
Diversified Financial Services - 4.8%
Block Inc, 6.50%, 05/15/2032(a)			100,000			101,310
Bread Financial Holdings Inc
7.00%, 01/15/2026(a)			48,000			47,985
9.75%, 03/15/2029(a)			175,000			184,042

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

18

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Diversified Financial Services - (Continued)
Burford Capital Global Finance LLC
6.25%, 04/15/2028(a)			$  200,000			$  193,600
9.25%, 07/01/2031(a)			300,000			316,106
Fortress Transportation and Infrastructure Investors LLC
7.00%, 05/01/2031(a)			75,000			76,739
7.00%, 06/15/2032(a)			75,000			76,140
Icahn Enterprises LP / Icahn Enterprises Finance Corp
6.25%, 05/15/2026			125,000			124,126
9.75%, 01/15/2029(a)			125,000			129,657
9.00%, 06/15/2030(a)			250,000			249,012
Macquarie Airfinance Holdings Ltd
8.38%, 05/01/2028(a)			150,000			158,248
6.50%, 03/26/2031(a)			25,000			25,738
OneMain Finance Corp
3.88%, 09/15/2028			125,000			112,199
7.88%, 03/15/2030			125,000			128,951
PennyMac Financial Services Inc, 7.88%, 12/15/2029(a)			125,000			128,987
PRA Group Inc, 8.38%, 02/01/2028(a)			125,000			124,669
United Wholesale Mortgage LLC, 5.75%, 06/15/2027(a)			125,000			122,144
						2,299,653
Diversified Media - 1.2%
Clear Channel Outdoor Holdings Inc
5.13%, 08/15/2027(a)			225,000			215,082
9.00%, 09/15/2028(a)			175,000			183,392
7.88%, 04/01/2030(a)			75,000			75,522
Match Group Holdings II LLC, 5.63%, 02/15/2029(a)			100,000			96,221
						570,217
Energy - 11.2%
Ascent Resources Utica Holdings LLC / ARU Finance Corp
7.00%, 11/01/2026(a)			125,000			125,205
5.88%, 06/30/2029(a)			125,000			122,247
Baytex Energy Corp
8.50%, 04/30/2030(a)			250,000			261,639
7.38%, 03/15/2032(a)			75,000			76,274
Blue Racer Midstream LLC / Blue Racer Finance Corp, 7.25%, 07/15/2032(a)			75,000			77,060
Civitas Resources Inc, 8.63%, 11/01/2030(a)			375,000			402,716
Crescent Energy Finance LLC
9.25%, 02/15/2028(a)			250,000			264,820
7.63%, 04/01/2032(a)			200,000			203,975
7.38%, 01/15/2033(a)			175,000			175,622
Delek Logistics Partners LP / Delek Logistics Finance Corp, 8.63%, 03/15/2029(a)			125,000			128,748
EQM Midstream Partners LP
7.50%, 06/01/2027(a)			50,000			51,093
6.50%, 07/01/2027(a)			50,000			50,565

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

19

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Energy - (Continued)
7.50%, 06/01/2030(a)			$  50,000			$   53,392
4.75%, 01/15/2031(a)			50,000			46,788
Gulfport Energy Corp, 8.00%, 05/17/2026(a)			125,000			126,521
Harvest Midstream I LP, 7.50%, 09/01/2028(a)			500,000			508,430
Hilcorp Energy I LP / Hilcorp Finance Co, 6.00%, 02/01/2031(a)			375,000			359,322
Northern Oil and Gas Inc
8.13%, 03/01/2028(a)			125,000			126,560
8.75%, 06/15/2031(a)			250,000			262,609
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.00%, 12/31/2030(a)			375,000			350,386
USA Compression Partners LP / USA Compression Finance Corp, 7.13%, 03/15/2029(a)			150,000			151,266
Venture Global Calcasieu Pass LLC
3.88%, 08/15/2029(a)			50,000			45,571
6.25%, 01/15/2030(a)			75,000			76,167
4.13%, 08/15/2031(a)			50,000			44,902
Venture Global LNG Inc
8.13%, 06/01/2028(a)			250,000			257,970
9.50%, 02/01/2029(a)			250,000			274,164
8.38%, 06/01/2031(a)			250,000			259,470
Vital Energy Inc
9.75%, 10/15/2030			250,000			273,209
7.88%, 04/15/2032(a)			200,000			203,457
						5,360,148
Food & Drug Retail - 0.6%
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
6.50%, 02/15/2028(a)			125,000			125,857
3.50%, 03/15/2029(a)			175,000			157,538
						283,395
Food/Beverage/Tobacco - 0.9%
Post Holdings Inc
4.63%, 04/15/2030(a)			125,000			114,938
6.25%, 02/15/2032(a)			75,000			75,193
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 4.63%, 03/01/2029(a)			250,000			220,051
						410,182
Gaming - 2.5%
Caesars Entertainment Inc
8.13%, 07/01/2027(a)			125,000			127,625
7.00%, 02/15/2030(a)			125,000			127,787
Churchill Downs Inc
5.50%, 04/01/2027(a)			125,000			123,039
4.75%, 01/15/2028(a)			125,000			119,502
Light & Wonder International Inc, 7.50%, 09/01/2031(a)			100,000			103,384

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

20

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Gaming - (Continued)
MGM Resorts International, 6.50%, 04/15/2032			$  75,000			$  74,708
Ontario Gaming GTA LP, 8.00%, 08/01/2030(a)			125,000			128,378
Penn Entertainment Inc, 5.63%, 01/15/2027(a)			375,000			362,285
						1,166,708
Healthcare - 4.3%
AdaptHealth LLC, 6.13%, 08/01/2028(a)			250,000			238,953
AMN Healthcare Inc, 4.63%, 10/01/2027(a)			125,000			119,226
Catalent Pharma Solutions Inc, 3.13%, 02/15/2029(a)			75,000			71,840
CHS/Community Health Systems Inc
5.63%, 03/15/2027(a)			125,000			116,522
8.00%, 12/15/2027(a)			125,000			124,073
5.25%, 05/15/2030(a)			125,000			103,066
DaVita Inc
4.63%, 06/01/2030(a)			50,000			45,221
3.75%, 02/15/2031(a)			125,000			106,864
Endo Finance Holdings Inc, 8.50%, 04/15/2031(a)			50,000			51,656
Legacy LifePoint Health LLC, 4.38%, 02/15/2027(a)			125,000			119,577
Medline Borrower LP, 3.88%, 04/01/2029(a)			125,000			115,196
MPT Operating Partnership LP / MPT Finance Corp, 4.63%, 08/01/2029			175,000			127,196
Prestige Brands Inc, 3.75%, 04/01/2031(a)			125,000			108,907
Prime Healthcare Services Inc, 7.25%, 11/01/2025(a)			375,000			374,749
Tenet Healthcare Corp
5.13%, 11/01/2027			125,000			122,440
4.25%, 06/01/2029			125,000			116,653
						2,062,139
Homebuilders/Real Estate - 4.6%
Brookfield Residential Properties Inc / Brookfield Residential US LLC, 6.25%, 09/15/2027(a)			125,000			123,149
Global Infrastructure Solutions Inc, 5.63%, 06/01/2029(a)			187,000			176,679
Iron Mountain Inc, 5.25%, 07/15/2030(a)			125,000			118,884
Kennedy-Wilson Inc, 5.00%, 03/01/2031			175,000			143,182
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp
5.25%, 10/01/2025(a)			125,000			124,020
4.75%, 06/15/2029(a)			125,000			115,705
7.00%, 07/15/2031(a)			75,000			75,659
MasTec Inc, 6.63%, 08/15/2029(a)			75,000			74,011
RHP Hotel Properties LP / RHP Finance Corp, 6.50%, 04/01/2032(a)			125,000			125,292
Service Properties Trust
5.25%, 02/15/2026			250,000			242,261
4.95%, 02/15/2027			225,000			204,682
5.50%, 12/15/2027			25,000			23,213
Starwood Property Trust Inc
3.75%, 12/31/2024(a)			50,000			49,385
3.63%, 07/15/2026(a)			125,000			117,698
7.25%, 04/01/2029(a)			125,000			126,326

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

21

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Homebuilders/Real Estate - (Continued)
Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC
10.50%, 02/15/2028(a)			$  250,000			$  245,084
6.50%, 02/15/2029(a)			175,000			111,755
						2,196,985
Hotels - 0.9%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.88%, 07/01/2031(a)			500,000			443,026
Insurance - 1.3%
Acrisure LLC / Acrisure Finance Inc, 4.25%, 02/15/2029(a)			150,000			136,430
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.75%, 04/15/2028(a)			125,000			125,363
7.00%, 01/15/2031(a)			250,000			253,100
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031(a)			125,000			126,619
						641,512
Leisure - 3.2%
Carnival Corp, 5.75%, 03/01/2027(a)			375,000			370,719
Carnival Holdings Bermuda Ltd, 10.38%, 05/01/2028(a)			500,000			541,572
Royal Caribbean Cruises Ltd
9.25%, 01/15/2029(a)			100,000			106,834
6.25%, 03/15/2032(a)			250,000			252,261
Six Flags Entertainment Corp, 7.25%, 05/15/2031(a)			250,000			254,714
						1,526,100
Metals/Mining - 1.6%
ERO Copper Corp, 6.50%, 02/15/2030(a)			250,000			243,309
Kaiser Aluminum Corp, 4.50%, 06/01/2031(a)			250,000			221,632
Mineral Resources Ltd, 9.25%, 10/01/2028(a)			125,000			131,339
Perenti Finance Pty Ltd, 6.50%, 10/07/2025(a)			187,457			187,137
						783,417
Publishing/Printing - 0.3%
Cimpress PLC, 7.00%, 06/15/2026			150,000			150,037
Restaurants - 1.4%
Brinker International Inc, 8.25%, 07/15/2030(a)			150,000			157,702
IRB Holding Corp, 7.00%, 06/15/2025(a)			125,000			125,141
Raising Cane's Restaurants LLC, 9.38%, 05/01/2029(a)			250,000			270,386
Yum! Brands Inc, 5.38%, 04/01/2032			125,000			120,275
						673,504
Services - 3.5%
Allied Universal Holdco LLC, 7.88%, 02/15/2031(a)			100,000			100,360
Brink's Co, 6.75%, 06/15/2032(a)			200,000			201,764
EquipmentSharecom Inc, 9.00%, 05/15/2028(a)			125,000			129,176
Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028(a)			125,000			128,666

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

22

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Services - (Continued)
Ritchie Bros Holdings Inc, 6.75%, 03/15/2028(a)			$  100,000			$  101,935
Summer BC Bidco B LLC, 5.50%, 10/31/2026(a)			250,000			244,321
TriNet Group Inc, 7.13%, 08/15/2031(a)			125,000			127,082
United Rentals North America Inc, 3.75%, 01/15/2032			250,000			217,824
WESCO Distribution Inc
7.25%, 06/15/2028(a)			125,000			127,500
6.38%, 03/15/2029(a)			50,000			50,246
6.63%, 03/15/2032(a)			150,000			151,803
Williams Scotsman Inc, 6.63%, 06/15/2029(a)			75,000			75,743
						1,656,420
Super Retail - 3.7%
Bath & Body Works Inc
6.88%, 11/01/2035			124,000			125,176
6.75%, 07/01/2036			125,000			124,539
Evergreen Acqco 1 LP / TVI Inc, 9.75%, 04/26/2028(a)			226,000			241,701
Hanesbrands Inc, 9.00%, 02/15/2031(a)			225,000			235,906
LCM Investments Holdings II LLC
4.88%, 05/01/2029(a)			125,000			117,047
8.25%, 08/01/2031(a)			250,000			261,385
Macy’s Retail Holdings LLC, 5.88%, 04/01/2029(a)			250,000			242,879
Michaels Cos Inc, 7.88%, 05/01/2029(a)			125,000			80,923
PetSmart Inc / PetSmart Finance Corp, 7.75%, 02/15/2029(a)			250,000			243,716
Tapestry Inc, 7.85%, 11/27/2033			75,000			79,108
						1,752,380
Technology - 4.4%
Cloud Software Group Inc
6.50%, 03/31/2029(a)			250,000			239,931
9.00%, 09/30/2029(a)			175,000			169,922
8.25%, 06/30/2032(a)			300,000			305,964
Dye & Durham Ltd, 8.63%, 04/15/2029(a)			175,000			177,715
Fortress Intermediate 3 Inc, 7.50%, 06/01/2031(a)			225,000			230,805
Insight Enterprises Inc, 6.63%, 05/15/2032(a)			50,000			50,826
NCR Corp, 5.13%, 04/15/2029(a)			325,000			306,503
Rocket Software Inc
9.00%, 11/28/2028(a)			200,000			203,446
6.50%, 02/15/2029(a)			275,000			240,038
Seagate HDD Cayman
8.25%, 12/15/2029			75,000			80,498
8.50%, 07/15/2031			75,000			80,839
						2,086,487
Telecommunications - 3.3%
Cogent Communications Group Inc / Cogent Communications Finance Inc, 7.00%, 06/15/2027(a)			275,000			272,819
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/01/2026(a)			200,000			193,207

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

23

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Telecommunications - (Continued)
Frontier Communications Holdings LLC
8.75%, 05/15/2030(a)			$  250,000			$  260,204
8.63%, 03/15/2031(a)			100,000			103,458
GCI LLC, 4.75%, 10/15/2028(a)			200,000			182,830
Intelsat Jackson Holdings SA, 6.50%, 03/15/2030(a)			200,000			186,907
Level 3 Financing Inc, 3.40%, 03/01/2027(a)			125,000			65,360
Qwest Corp, 7.25%, 09/15/2025			125,000			122,062
Viasat Inc, 5.63%, 09/15/2025(a)			175,000			169,913
						1,556,760
Transportation Excluding Air/Rail - 0.1%
GN Bondco LLC, 9.50%, 10/15/2031(a)			50,000			46,657
Utilities - 1.0%
Clearway Energy Operating LLC, 3.75%, 02/15/2031(a)			250,000			218,350
Sunnova Energy Corp, 5.88%, 09/01/2026(a)			25,000			19,460
Vistra Operations Co LLC, 6.88%, 04/15/2032(a)			250,000			253,982
						491,792
TOTAL CORPORATE BONDS (Cost $34,861,731)						35,079,737
BANK LOANS - 19.6%
Aerospace/Defense - 0.5%
TransDigm Inc TL, Senior Secured First Lien
8.08% (3 mo. SOFR US + 2.75%), 03/22/2030			99,750			100,052
7.84% (3 mo. SOFR US + 2.50%), 02/28/2031			149,625			150,111
						250,163
Automotive & Auto Parts - 0.3%
American Axle & Manufacturing Inc TL, Senior Secured First Lien, 8.33% (1 mo. SOFR US + 3.00%), 12/13/2029			144,000			144,765
Cable/Satellite TV - 1.4%
Cogeco Communications USA II LP TL, Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 09/30/2030			249,375			237,789
Directv Financing LLC TL, Senior Secured First Lien, 10.71% (1 mo. SOFR US + 5.25%), 08/02/2029			232,199			231,473
Telenet Financing USD LLC TL, Senior Secured First Lien, 7.44% (1 mo. SOFR US + 2.00%), 04/28/2028			200,000			190,792
						660,054
Capital Goods - 0.4%
Arcline FM Holdings LLC TL, Senior Secured First Lien, 10.35% (3 mo. SOFR US + 4.75%), 06/23/2028			57,703			57,942
Chart Industries Inc TL, Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 03/18/2030			136,680			137,364
						195,306

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

24

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
BANK LOANS - (Continued)
Chemicals - 0.3%
Koppers Inc TL, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 04/10/2030			$  149,625			$  150,327
Consumer-Products - 0.4%
Recess Holdings Inc TL, Senior Secured First Lien, 9.84% (1 mo. SOFR US + 4.50%), 02/20/2030			200,000			201,500
Containers - 0.3%
Pactiv Evergreen Group Holdings Inc TL, Senior Secured First Lien
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028			99,966			100,199
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028			25,547			25,606
7.82% (1 mo. SOFR US + 2.50%), 09/25/2028			22,215			22,267
						148,072
Diversified Financial Services - 2.3%
DRW Holdings TL (2/21) TL First Lien, 9.18% (1 mo. Term SOFR + 3.75%), 03/01/2028			197,959			198,269
Global Business Travel Holdings Ltd TL, Senior Secured First Lien, 8.07% (3 mo. LIBOR US + 2.50%), 08/13/2025(b)			248,684			248,684
GTCR W Merger Sub LLC TL, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 3.00%), 01/31/2031			100,000			100,264
Jane Street Group LLC TL, Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 01/26/2028			197,949			197,999
Nuvei Technologies Corp TL, Senior Secured First Lien
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030			134,795			135,120
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030			90,543			90,762
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030			23,412			23,468
Trans Union LLC TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 12/01/2028			99,750			99,901
						1,094,467
Environmental - 0.4%
Covanta Holding Corp TL, Senior Secured First Lien
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028			185,581			185,823
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028			13,953			13,971
						199,794
Food/Beverage/Tobacco - 0.6%
Upfield USA Corp TL First Lien, 10.24% (1 mo. Term SOFR + 4.75%), 01/03/2028			300,000			300,913
Gaming - 1.6%
Caesars Entertainment Inc TL, Senior Secured First Lien, 8.10% (3 mo. SOFR US + 2.75%), 02/06/2031			124,688			124,940
Flutter Financing BV TL, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 11/29/2030			298,500			299,030
Station Casinos LLC TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 03/14/2031			324,188			324,434
						748,404

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

25

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
BANK LOANS - (Continued)
Homebuilders/Real Estate - 1.0%
Cushman & Wakefield US Borrower LLC TL, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 01/31/2030			$  249,375			$  251,245
Iron Mountain Inc TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 01/31/2031			199,000			198,419
						449,664
Hotels - 0.9%
Hilton Grand Vacations Borrower LLC TL, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 08/02/2028			197,964			198,194
Travel + Leisure Co TL, Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 12/14/2029			249,375			250,435
						448,629
Leisure - 0.4%
Delta 2 Lux SARL TL, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 01/15/2030			200,000			200,750
Publishing/Printing - 0.3%
Cimpress USA Inc TL, Senior Secured First Lien
8.33% (1 mo. SOFR US + 3.00%), 05/17/2028			81,125			81,379
8.34% (1 mo. SOFR US + 3.00%), 05/17/2028			67,734			67,946
						149,325
Restaurants - 0.3%
1011778 BC ULC TL, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 09/23/2030			149,625			149,436
Services - 1.9%
Camelot US Acquisition LLC TL, Senior Secured First Lien
8.08% (1 mo. SOFR US + 2.75%), 01/31/2031			9,279			9,307
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031			39,807			39,927
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031			789			791
DXP Enterprises Inc TL, Senior Secured First Lien, 10.16% (6 mo. SOFR US + 4.75%), 10/07/2030			99,250			100,009
Foundever Worldwide Corp TL, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 08/28/2028			248,087			192,199
Garda World Security Corp TL, Senior Secured First Lien, 9.59% (3 mo. SOFR US + 4.25%), 02/01/2029			49,873			50,247
Neptune BidCo US B TL, Senior Secured First Lien, 10.41% (3 mo. SOFR US + 5.00%), 04/11/2029			99,000			93,431
Peraton Corp TL, Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 02/01/2028			247,218			247,546
PG Investment Co 59 SARL TL, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/24/2031			100,000			100,792
Windsor Holdings III LLC TL, Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 08/01/2030			49,750			50,135
						884,384

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

26

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
BANK LOANS - (Continued)
Super Retail - 1.2%
Birkenstock US BidCo Inc TL, Senior Secured First Lien, 8.84% (3 mo. SOFR US + 3.25%), 04/28/2028			$   84,175			$   84,455
Leslie’s Poolmart Inc TL, Senior Secured First Lien, 8.21% (1 mo. SOFR US + 2.75%), 03/09/2028			248,077			246,109
Upbound Group Inc TL, Senior Secured First Lien, 8.08% (1 mo. SOFR US + 2.75%), 02/17/2028			247,983			249,172
						579,736
Technology - 2.2%
Adeia Inc TL, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 06/08/2028			176,443			176,719
Ahead B TL, Senior Secured First Lien, 9.58% (3 mo. SOFR US + 4.25%), 02/03/2031			25,000			25,113
DTI Holdco Inc TL, Senior Secured First Lien, 10.09% (1 mo. SOFR US + 4.75%), 04/26/2029			198,485			199,547
Indy US Holdco LLC TL, 4.75% (1 mo. Term SOFR + 4.75%), 03/06/2028			200,000			200,500
Indy US Holdco LLC TL, Senior Secured First Lien
11.58% (1 mo. SOFR US + 6.25%), 03/06/2028			115,005			115,292
11.58% (1 mo. SOFR US + 6.25%), 03/06/2028			83,491			83,700
MeridianLink Inc TL, Senior Secured First Lien, 8.08% (3 mo. SOFR US + 2.75%), 11/10/2028			248,109			248,923
						1,049,794
Telecommunications - 1.2%
Crown Subsea Communications Holding Inc TL, Senior Secured First Lien, 10.08% (3 mo. SOFR US + 4.75%), 01/30/2031			250,000			250,989
Iridium Satellite LLC TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 09/20/2030			0			0
Voyage TL B (Vocus Group) (USD) TL, Senior Secured First Lien, 9.09% (3 mo. SOFR US + 3.50%), 07/20/2028			148,473			149,031
Ziggo Financing Partnership TL, Senior Secured First Lien, 7.94% (1 mo. SOFR US + 2.50%), 04/28/2028			150,000			145,323
						545,343
Transportation Excluding Air/Rail - 0.5%
First Student Bidco B TL, 8.43% (3 mo. Term SOFR + 4.00%), 07/21/2028			237,964			238,447
Utilities - 1.2%
Constellation Renewables LLC TL, Senior Secured First Lien, 8.11% (3 mo. SOFR US + 2.50%), 12/15/2027			144,870			145,343
Discovery Energy Holding Corp TL, Senior Secured First Lien, 10.08% (3 mo. SOFR US + 4.75%), 05/01/2031			175,000			175,957
Edgewater Generation LLC TL, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 12/15/2025			239,046			238,914
						560,214
TOTAL BANK LOANS (Cost $9,319,817)						9,349,487

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

27

Muzinich Flexible U.S. High Yield Income Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
SHORT-TERM INVESTMENTS - 2.4%
Money Market Funds - 2.4%
First American Treasury Obligations Fund - Class X, 5.20%(c)			1,127,867			$1,127,867
TOTAL SHORT-TERM INVESTMENTS (Cost $1,127,867)						1,127,867
TOTAL INVESTMENTS - 95.5% (Cost $45,309,415)						$45,557,091
Other Assets in Excess of Liabilities - 4.5%						2,127,746
TOTAL NET ASSETS - 100.0%						$47,684,837

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

AG - Aktiengesellschaft

LIBOR - London Interbank Offered Rate

PLC - Public Limited Company

SA - Sociedad Anónima

SOFR - Secured Overnight Financing Rate

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $31,468,626 or 66.0% of the Fund’s net assets.

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

(c)
The rate shown represents the 7-day annualized effective yield as of June 30, 2024.

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

28

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited)

						Par			Value
CORPORATE BONDS - 89.7%
Aerospace/Defense - 0.3%
TransDigm Inc, 6.38%, 03/01/2029(a)						$3,200,000			$   3,220,129
Agency - 0.5%
Airport Authority, 4.88%, 01/12/2026						​2,000,000			​1,995,314
Istituto per il Credito Sportivo, 5.25%, 10/31/2025			EUR			​2,800,000			​3,036,004
									​5,031,318
Airlines - 1.7%
Air France-KLM
7.25%, 05/31/2026			EUR			​2,000,000			​2,252,032
4.63%, 05/23/2029			EUR			​2,000,000			​2,112,246
American Airlines Inc/AAdvantage Loyalty IP Ltd, 5.50%, 04/20/2026(a)						​2,096,667			​2,079,562
Cathay Pacific MTN Financing HK Ltd, 4.88%, 08/17/2026						​2,440,000			​2,398,398
Delta Air Lines Inc, 7.00%, 05/01/2025(a)						​1,110,000			​1,118,629
Delta Air Lines Inc / SkyMiles IP Ltd, 4.50%, 10/20/2025(a)						​1,179,671			​1,165,585
Finnair Oyj, 4.75%, 05/24/2029			EUR			​1,500,000			​1,583,599
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.50%, 06/20/2027(a)						​795,000			​797,086
Singapore Airlines Ltd, 3.00%, 07/20/2026						​1,100,000			​1,051,822
Wizz Air Finance Co BV, 1.00%, 01/19/2026			EUR			​3,725,000			3,786,998
									18,345,957
Automotive & Auto Parts - 9.7%
Aptiv PLC / Aptiv Corp, 2.40%, 02/18/2025						​3,000,000			​2,935,864
Benteler International AG, 9.38%, 05/15/2028			EUR			​1,400,000			​1,611,192
Cie Plastic Omnium SE, 4.88%, 03/13/2029			EUR			​1,700,000			​1,803,572
Ford Motor Credit Co LLC
3.25%, 09/15/2025			EUR			​850,000			​903,021
3.38%, 11/13/2025						​5,351,000			​5,180,593
6.95%, 06/10/2026						​1,000,000			​1,019,685
5.80%, 03/05/2027						​2,000,000			​2,001,139
4.87%, 08/03/2027			EUR			​2,500,000			​2,747,709
5.80%, 03/08/2029						​2,000,000			​1,994,401
4.45%, 02/14/2030			EUR			​3,000,000			​3,237,407
Forvia SE
7.25%, 06/15/2026			EUR			​379,000			​422,684
2.75%, 02/15/2027			EUR			​1,100,000			​1,126,737
5.13%, 06/15/2029			EUR			​750,000			​805,578
5.50%, 06/15/2031			EUR			​2,325,000			​2,514,859
General Motors Financial Co Inc
2.25%, 09/06/2024			GBP			​600,000			​754,265
4.35%, 04/09/2025						​1,170,000			​1,157,683
5.80%, 06/23/2028						​2,000,000			​2,026,250
5.80%, 01/07/2029						​3,000,000			​3,029,436
4.30%, 04/06/2029						​3,000,000			​2,852,951
Genuine Parts Co, 1.75%, 02/01/2025						​200,000			​195,099

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

29

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Automotive & Auto Parts - (Continued)
Harley-Davidson Financial Services Inc, 6.50%, 03/10/2028(a)						$1,500,000			$   1,533,993
Hyundai Capital America
5.80%, 06/26/2025						​3,000,000			​3,004,203
6.00%, 07/11/2025(a)						​3,500,000			​3,513,133
5.30%, 03/19/2027(a)						​1,000,000			​997,963
5.30%, 01/08/2029(a)						​1,825,000			​1,819,831
IHO Verwaltungs GmbH
3.75% (includes 4.50% PIK), 09/15/2026			EUR			​1,600,000			​1,690,988
8.75% (includes 9.50% PIK), 05/15/2028			EUR			​2,250,000			​2,580,643
Jaguar Land Rover Automotive PLC
5.88%, 11/15/2024			EUR			​2,200,000			​2,361,086
7.75%, 10/15/2025(a)						​1,100,000			​1,106,817
4.50%, 07/15/2028			EUR			​4,125,000			​4,419,327
Kia Corp
2.38%, 02/14/2025						​1,990,000			​1,950,487
3.25%, 04/21/2026						​1,200,000			​1,155,998
1.75%, 10/16/2026						​3,000,000			​2,766,977
LKQ Corp, 5.75%, 06/15/2028						​460,000			​464,850
Mahle GmbH, 6.50%, 05/02/2031			EUR			​1,550,000			​1,693,380
Mercedes-Benz Finance North America LLC, 4.95%, 03/30/2025(a)						​550,000			​547,555
Nissan Motor Acceptance Co LLC
1.13%, 09/16/2024(a)						​3,000,000			​2,968,077
6.95%, 09/15/2026						​1,000,000			​1,024,345
Nissan Motor Co Ltd
3.52%, 09/17/2025(a)						​4,784,000			​4,643,743
2.65%, 03/17/2026			EUR			​700,000			​733,932
Porsche Automobil Holding SE, 3.75%, 09/27/2029			EUR			​2,575,000			​2,722,227
RCI Banque SA
4.63%, 07/13/2026			EUR			​4,500,000			​4,883,851
3.75%, 10/04/2027			EUR			​5,575,000			​5,956,272
TI Automotive Finance PLC, 3.75%, 04/15/2029			EUR			​2,500,000			​2,486,426
Toyota Motor Credit Corp, 3.00%, 04/01/2025						​3,000,000			​2,947,641
Valeo SE, 5.38%, 05/28/2027			EUR			​3,600,000			​3,974,901
ZF Europe Finance BV
2.50%, 10/23/2027			EUR			​800,000			​805,018
4.75%, 01/31/2029			EUR			​1,000,000			1,076,071
									104,149,860
Banking - 20.3%
Abanca Corp Bancaria SA
5.50% to 1.000000000 then 1 yr. Swap Rate EUR + 2.25%, 05/18/2026			EUR			2,500,000			​2,711,206
8.38% to 1.000000000 then 5 yr. Swap Rate EUR + 5.25%, 09/23/2033			EUR			3,600,000			​4,280,667
AIB Group PLC, 2.88% to 1.000000000 then 5 yr. Swap Rate EUR + 3.30%, 05/30/2031			EUR			7,100,000			​7,377,024

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

30

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Banking - (Continued)
Australia & New Zealand Banking Group Ltd, 2.95% to 1.000000000 then 5 yr. CMT Rate + 1.29%, 07/22/2030(a)						$2,700,000			​$   2,616,143
Banco BPM SPA, 4.88% to 01/17/2029 then 3 mo. EURIBOR + 2.35%, 01/17/2030			EUR			​3,350,000			​3,671,923
Banco Comercial Portugues SA, 3.87% to 1.000000000 then 5 yr. Swap Rate EUR + 4.23%, 03/27/2030			EUR			600,000			634,114
Banco de Credito Social Cooperativo SA, 7.50% to 1.000000000 then EURIBOR ICE Swap Rate + 4.27%, 09/14/2029			EUR			4,100,000			​4,869,243
Banco de Sabadell SA, 2.50% to 1.000000000 then 5 yr. Swap Rate EUR + 2.95%, 04/15/2031			EUR			900,000			​927,524
Banco Santander SA
1.72% to 1.000000000 then 1 yr. CMT Rate + 0.90%, 09/14/2027						800,000			​733,823
2.25% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.65%, 10/04/2032			GBP			2,100,000			​2,356,851
Bank of America Corp
4.00%, 01/22/2025						​1,100,000			​1,089,743
4.83% to 1.000000000 then SOFR + 1.75%, 07/22/2026						1,945,000			​1,926,644
4.38% to 1.000000000 then SOFR + 1.58%, 04/27/2028						900,000			​878,709
5.82% to 1.000000000 then SOFR + 1.57%, 09/15/2029						5,000,000			​5,107,933
Bank of Ireland Group PLC
4.88% to 1.000000000 then 1 yr. Swap Rate EUR + 2.05%, 07/16/2028			EUR			1,650,000			​1,825,221
1.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.65%, 08/11/2031			EUR			4,960,000			​5,022,137
7.59% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 4.70%, 12/06/2032			GBP			1,100,000			​1,437,005
Barclays PLC
7.33% to 1.000000000 then 1 yr. CMT Rate + 3.05%, 11/02/2026						3,500,000			​3,562,345
5.83% to 1.000000000 then SOFR + 2.21%, 05/09/2027						1,400,000			​1,402,906
5.69% to 1.000000000 then SOFR + 1.74%, 03/12/2030						1,500,000			​1,505,326
1.13% to 1.000000000 then 5 yr. Swap Rate EUR + 1.55%, 03/22/2031			EUR			1,100,000			​1,111,285
BNP Paribas SA
2.59% to 1.000000000 then SOFR + 1.23%, 01/20/2028						3,000,000			​2,790,224
2.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.85%, 11/20/2030			EUR			1,600,000			​1,668,614
BPCE SA
5.15%, 07/21/2024(a)						​2,510,000			​2,507,716
4.50%, 03/15/2025(a)						​6,200,000			​6,117,962
1.50% to 1.000000000 then 5 yr. Swap Rate EUR + 1.75%, 01/13/2042			EUR			2,200,000			​2,172,655
CaixaBank SA
6.68% to 1.000000000 then SOFR + 2.08%, 09/13/2027(a)						2,375,000			​2,421,199
5.67% to 1.000000000 then SOFR + 1.78%, 03/15/2030(a)						2,875,000			​2,867,664
2.25% to 1.000000000 then 5 yr. Swap Rate EUR + 1.68%, 04/17/2030			EUR			1,500,000			​1,572,823

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

31

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Banking - (Continued)
6.25% to 1.000000000 then 5 yr. Swap Rate EUR + 3.55%, 02/23/2033			EUR			​1,800,000			​$   2,029,994
6.88% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.70%, 10/25/2033			GBP			1,500,000			​1,936,525
Ceska sporitelna AS
6.69% to 1.000000000 then 3 mo. EURIBOR + 3.70%, 11/14/2025			EUR			​1,200,000			​1,296,148
5.94% to 1.000000000 then 3 mo. EURIBOR + 2.40%, 06/29/2027			EUR			1,700,000			​1,876,679
Commerzbank AG
4.00% to 1.000000000 then 5 yr. Swap Rate EUR + 4.35%, 12/05/2030			EUR			5,600,000			​5,947,477
1.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.73%, 12/29/2031			EUR			2,100,000			​2,079,747
4.88% to 1.000000000 then 5 yr. Swap Rate EUR + 2.15%, 10/16/2034			EUR			1,600,000			​1,709,468
Commonwealth Bank of Australia, 1.94% to 1.000000000 then 5 yr. Swap Rate EUR + 1.45%, 10/03/2029			EUR			2,500,000			2,660,380
Credit Agricole SA, 1.91% to 1.000000000 then SOFR + 1.68%, 06/16/2026(a)						5,500,000			​5,294,982
Danske Bank AS
1.62% to 1.000000000 then 1 yr. CMT Rate + 1.35%, 09/11/2026(a)						850,000			​808,096
1.38% to 1.000000000 then 5 yr. Swap Rate EUR + 1.70%, 02/12/2030			EUR			1,500,000			​1,576,498
1.50% to 1.000000000 then 5 yr. Swap Rate EUR + 1.90%, 09/02/2030			EUR			3,200,000			​3,316,777
1.00% to 1.000000000 then 5 yr. Swap Rate EUR + 1.40%, 05/15/2031			EUR			2,000,000			​2,028,733
Deutsche Bank AG
1.00% to 1.000000000 then 3 mo. EURIBOR + 1.60%, 11/19/2025			EUR			200,000			​211,819
6.12% to 1.000000000 then SOFR + 3.19%, 07/14/2026						2,500,000			​2,502,757
7.15% to 1.000000000 then SOFR + 2.52%, 07/13/2027						2,700,000			​2,766,127
Hamburg Commercial Bank AG
6.25%, 11/18/2024			EUR			​4,600,000			​4,960,251
0.50% to 1.000000000 then 3 mo. EURIBOR + 0.90%, 09/22/2026			EUR			2,300,000			​2,321,074
HSBC Holdings PLC, 4.60% to 1.000000000 then 5 yr. Swap Rate EUR + 1.85%, 03/22/2035			EUR			1,420,000			​1,525,348
HSBC USA Inc, 5.63%, 03/17/2025						​3,325,000			​3,326,569
Ibercaja Banco SA, 2.75% to 1.000000000 then 5 yr. Swap Rate EUR + 2.88%, 07/23/2030			EUR			2,500,000			​2,613,320
ING Groep NV, 1.63% to 1.000000000 then 5 yr. Swap Rate EUR + 1.25%, 09/26/2029			EUR			900,000			​957,212
Intesa Sanpaolo SPA, 3.25%, 09/23/2024(a)						​1,600,000			​1,589,959
KBC Group NV
5.80% to 1.000000000 then 1 yr. CMT Rate + 2.10%, 01/19/2029(a)						2,800,000			​2,822,585
1.63% to 1.000000000 then 5 yr. Swap Rate EUR + 1.25%, 09/18/2029			EUR			1,600,000			​1,702,493

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

32

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Banking - (Continued)
La Banque Postale SA, 0.88% to 1.000000000 then 5 yr. Swap Rate EUR + 1.38%, 01/26/2031			EUR			​3,100,000			​$   3,156,378
Landsbankinn HF, 0.38%, 05/23/2025			EUR			​138,000			​142,803
Lloyds Banking Group PLC, 5.99% to 1.000000000 then 1 yr. CMT Rate + 1.48%, 08/07/2027						5,500,000			​5,533,984
Mitsubishi UFJ Financial Group Inc, 5.06% to 1.000000000 then 1 yr. CMT Rate + 1.55%, 09/12/2025						3,000,000			​2,994,799
Nationwide Building Society, 2.00% to 1.000000000 then 5 yr. Swap Rate EUR + 1.50%, 07/25/2029			EUR			​3,550,000			​3,796,552
NatWest Group PLC
5.85% to 1.000000000 then 1 yr. CMT Rate + 1.35%, 03/02/2027						200,000			​200,561
3.75% to 1.000000000 then 5 yr. CMT Rate + 2.10%, 11/01/2029						2,325,000			​2,301,723
1.04% to 1.000000000 then 5 yr. Swap Rate EUR + 1.27%, 09/14/2032			EUR			2,200,000			​2,123,528
NBK SPC Ltd, 1.63% to 1.000000000 then SOFR + 1.05%, 09/15/2027						750,000			​690,469
Nova Ljubljanska Banka dd
6.00% to 1.000000000 then 1 yr. Swap Rate EUR + 4.84%, 07/19/2025			EUR			2,100,000			​2,251,615
7.13% to 1.000000000 then 1 yr. Swap Rate EUR + 3.61%, 06/27/2027			EUR			1,100,000			​1,237,089
Novo Banco SA, 4.25% to 1.000000000 then 3 mo. EURIBOR + 1.30%, 03/08/2028			EUR			2,900,000			​3,110,269
Permanent TSB Group Holdings PLC, 6.63% to 1.000000000 then EURIBOR ICE Swap Rate + 3.50%, 04/25/2028			EUR			4,425,000			​4,996,814
QNB Finance Ltd, 6.55% (SOFR + 1.20%), 04/02/2029						4,300,000			4,332,426
SNB Funding Ltd, 2.75%, 10/02/2024						​2,000,000			​1,985,075
Societe Generale SA
1.49% to 1.000000000 then 1 yr. CMT Rate + 1.10%, 12/14/2026(a)						1,000,000			​935,113
1.00% to 1.000000000 then 5 yr. Swap Rate EUR + 1.55%, 11/24/2030			EUR			6,200,000			​6,331,716
1.13% to 1.000000000 then 5 yr. Swap Rate EUR + 1.60%, 06/30/2031			EUR			2,200,000			​2,202,175
Standard Chartered PLC
6.17% to 1.000000000 then 1 yr. CMT Rate + 2.05%, 01/09/2027						4,690,000			​4,722,969
7.39% (SOFR + 2.03%), 02/08/2028						​1,600,000			​1,640,365
6.54% (SOFR + 1.17%), 05/14/2028						​900,000			​903,921
3.52% to 1.000000000 then 5 yr. CMT Rate + 1.85%, 02/12/2030						1,400,000			​1,375,408
2.50% to 1.000000000 then 5 yr. Swap Rate EUR + 2.80%, 09/09/2030			EUR			705,000			​740,575
Tatra Banka as, 4.97% to 1.000000000 then 3 mo. EURIBOR + 2.10%, 04/29/2030			EUR			1,000,000			​1,083,282
Tatra Banka AS, 5.95% to 1.000000000 then 3 mo. EURIBOR + 2.65%, 02/17/2026			EUR			900,000			​971,831
Unicaja Banco SA, 6.50% to 1.000000000 then 1 yr. Swap Rate EUR + 3.25%, 09/11/2028			EUR			1,100,000			​1,243,285

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

33

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Banking - (Continued)
UniCredit SPA
2.00% to 1.000000000 then 5 yr. Swap Rate EUR + 2.40%, 09/23/2029			EUR			​450,000			​$   478,601
2.73% to 1.000000000 then 5 yr. Swap Rate EUR + 2.80%, 01/15/2032			EUR			1,600,000			​1,634,234
5.86% to 1.000000000 then 5 yr. Mid Swap Rate USD + 3.70%, 06/19/2032(a)						3,600,000			​3,516,056
Virgin Money UK PLC, 5.13% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 5.25%, 12/11/2030			GBP			4,350,000			​5,415,631
Volksbank Wien AG
5.19% to 1.000000000 then 5 yr. Swap Rate EUR + 2.55%, 10/06/2027			EUR			​2,800,000			​3,025,732
5.75% to 1.000000000 then 5 yr. Swap Rate EUR + 3.10%, 06/21/2034			EUR			1,400,000			​1,489,316
Westpac Banking Corp, 2.89% to 1.000000000 then 5 yr. CMT Rate + 1.35%, 02/04/2030						5,245,000			5,142,729
									218,734,671
Broadcasting - 1.2%
Netflix Inc
4.88%, 04/15/2028						​4,000,000			​3,982,849
4.88%, 06/15/2030(a)						​700,000			​689,629
Pinewood Finance Co Ltd, 3.25%, 09/30/2025			GBP			​500,000			​616,099
Pinewood Finco PLC, 6.00%, 03/27/2030			GBP			​2,075,000			​2,582,012
Warnermedia Holdings Inc, 3.64%, 03/15/2025						​4,968,000			4,891,998
									12,762,587
Building Materials - 0.7%
HT Troplast GmbH, 9.38%, 07/15/2028			EUR			​1,800,000			​1,894,903
James Hardie International Finance DAC
3.63%, 10/01/2026			EUR			​2,655,000			​2,807,263
5.00%, 01/15/2028(a)						​922,000			​892,892
Standard Industries Inc, 2.25%, 11/21/2026			EUR			​2,000,000			2,028,730
									7,623,788
Cable/Satellite TV - 0.3%
CCO Holdings LLC / CCO Holdings Capital Corp, 5.50%, 05/01/2026(a)						​3,250,000			​3,220,706
Capital Goods - 2.0%
CK Hutchison International 24 Ltd, 5.38%, 04/26/2029						​8,000,000			​8,080,824
Daimler Truck Finance North America LLC, 1.63%, 12/13/2024(a)						​2,475,000			​2,431,565
Esab Corp, 6.25%, 04/15/2029(a)						​800,000			​805,884
Ingersoll Rand Inc, 5.40%, 08/14/2028						​1,475,000			​1,489,931
Regal Rexnord Corp, 6.05%, 02/15/2026						​4,640,000			​4,653,740

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

34

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Capital Goods - (Continued)
Traton Finance Luxembourg SA
4.13%, 11/22/2025			EUR			​800,000			​$   858,981
5.63%, 01/16/2029			GBP			​2,800,000			​3,527,477
									21,848,402
Chemicals - 2.2%
Celanese US Holdings LLC
6.17%, 07/15/2027						​2,000,000			​2,031,090
6.35%, 11/15/2028						​1,950,000			​2,005,475
INEOS Finance PLC
2.88%, 05/01/2026			EUR			​3,900,000			​4,072,302
6.63%, 05/15/2028			EUR			​1,775,000			​1,967,137
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/2026			EUR			​2,400,000			​2,496,321
International Flavors & Fragrances Inc
1.23%, 10/01/2025(a)						​1,600,000			​1,513,818
1.83%, 10/15/2027(a)						​505,000			​451,328
2.30%, 11/01/2030(a)						​1,600,000			​1,335,860
Nutrien Ltd, 5.90%, 11/07/2024						​2,000,000			​2,000,741
Orbia Advance Corp SAB de CV, 4.00%, 10/04/2027						​1,020,000			​966,343
Sinochem Offshore Capital Co Ltd, 1.50%, 11/24/2024						​4,500,000			4,425,919
									23,266,334
Consumer-Products - 0.7%
Coty Inc, 4.50%, 05/15/2027			EUR			​1,150,000			​1,242,677
Haleon UK Capital PLC, 3.13%, 03/24/2025						​4,370,000			​4,291,934
Haleon US Capital LLC, 3.38%, 03/24/2027						​381,000			​363,696
Kimberly-Clark de Mexico SAB de CV, 3.25%, 03/12/2025						​1,791,000			1,759,845
									7,658,152
Containers - 0.4%
Amcor Flexibles North America Inc, 4.00%, 05/17/2025						​850,000			​837,948
Berry Global Inc, 5.50%, 04/15/2028						​350,000			​349,610
OI European Group BV, 5.25%, 06/01/2029			EUR			​1,725,000			​1,857,354
ProGroup AG, 5.13%, 04/15/2029			EUR			​1,200,000			1,290,932
									4,335,844
Diversified Financial Services - 11.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.65%, 10/29/2024						​857,000			​845,504
2.45%, 10/29/2026						​2,039,000			​1,902,906
6.10%, 01/15/2027						​800,000			​812,234
6.45%, 04/15/2027						​2,181,000			​2,231,878
Air Lease Corp
2.88%, 01/15/2026						4,364,000			4,188,644
2.20%, 01/15/2027						​2,560,000			​2,364,602
AIR Lease Corp Sukuk Ltd, 5.85%, 04/01/2028						​1,025,000			​1,023,789
Aircastle Ltd, 5.25%, 08/11/2025(a)						​4,430,000			​4,397,241

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

35

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Diversified Financial Services - (Continued)
Ares Capital Corp
4.25%, 03/01/2025						​$1,525,000			​$   1,506,364
3.25%, 07/15/2025						​200,000			​194,371
7.00%, 01/15/2027						​3,875,000			​3,941,840
Aviation Capital Group LLC
5.50%, 12/15/2024(a)						​1,500,000			​1,496,150
4.13%, 08/01/2025(a)						​1,000,000			​981,261
3.50%, 11/01/2027(a)						​4,500,000			​4,215,604
Avolon Holdings Funding Ltd
5.50%, 01/15/2026(a)						​2,130,000			​2,113,893
4.25%, 04/15/2026(a)						​1,425,000			​1,384,858
AXA Logistics Europe Master SCA, 0.38%, 11/15/2026			EUR			​575,000			​566,505
Blackstone Private Credit Fund
1.75%, 09/15/2024						​2,500,000			​2,476,891
7.05%, 09/29/2025						​500,000			​504,989
3.25%, 03/15/2027						​1,500,000			​1,385,346
Blue Owl Capital Corp
4.00%, 03/30/2025						​2,705,000			​2,661,364
3.75%, 07/22/2025						​1,115,000			​1,087,311
3.40%, 07/15/2026						​2,000,000			​1,885,057
Blue Owl Credit Income Corp, 7.75%, 09/16/2027						​475,000			​488,354
BOC Aviation Ltd, 6.89% (3 mo. LIBOR US + 1.30%), 05/21/2025(b)						​3,000,000			​3,022,600
CA Auto Bank SPA, 6.00%, 12/06/2026			GBP			​4,250,000			​5,410,403
DAE Funding LLC
1.55%, 08/01/2024						​3,850,000			​3,834,394
2.63%, 03/20/2025						​3,700,000			​3,605,291
2.63%, 03/20/2025(a)						​1,492,000			​1,453,809
DAE Sukuk Difc Ltd, 3.75%, 02/15/2026						​280,000			​270,191
Encore Capital Group Inc
4.88%, 10/15/2025			EUR			​1,750,000			​1,866,479
5.38%, 02/15/2026			GBP			​775,000			​970,597
Fiserv Inc, 5.38%, 08/21/2028						​800,000			​806,250
Goldman Sachs Bank USA, 5.41% to 1.000000000 then SOFR + 0.75%, 05/21/2027						2,150,000			​2,147,225
Goldman Sachs Group Inc, 5.80% to 1.000000000 then SOFR + 1.08%, 08/10/2026						2,500,000			​2,501,675
GTCR W-2 Merger Sub LLC / GTCR W Dutch Finance Sub BV, 8.50%, 01/15/2031			GBP			​625,000			​848,445
Hyundai Card Co Ltd, 5.75%, 04/24/2029						​860,000			​866,671
India Vehicle Finance, 5.85%, 03/25/2029						​2,630,000			​2,574,458
Jerrold Finco PLC, 5.25%, 01/15/2027			GBP			​1,900,000			​2,335,731
Macquarie Bank Ltd, 4.88%, 06/10/2025(a)						​2,100,000			​2,079,339
Macquarie Group Ltd, 6.21%, 11/22/2024(a)						5,000,000			5,007,431
Mirae Asset Securities Co Ltd, 2.63%, 07/30/2025						​4,780,000			​4,619,102

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

36

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Diversified Financial Services - (Continued)
Mitsubishi HC Capital UK PLC
0.00%, 10/29/2024			EUR			​425,000			​$   449,445
0.00%, 04/30/2026(c)			EUR			​1,400,000			​1,501,865
Morgan Stanley
4.68% to 1.000000000 then SOFR + 1.67%, 07/17/2026						600,000			​594,233
6.14% to 1.000000000 then SOFR + 1.77%, 10/16/2026						2,500,000			​2,517,117
Nasdaq Inc, 5.35%, 06/28/2028						​850,000			​858,458
Power Finance Corp Ltd, 3.25%, 09/16/2024						​2,000,000			​1,990,150
REC Ltd
3.38%, 07/25/2024						​2,300,000			​2,295,975
2.25%, 09/01/2026						​200,000			​186,250
2.75%, 01/13/2027						​2,840,000			​2,650,543
Shriram Finance Ltd, 4.15%, 07/18/2025						​900,000			​878,103
SoftBank Group Corp
3.13%, 01/06/2025						​750,000			​735,948
4.00%, 07/06/2026						​1,475,000			​1,413,234
5.00%, 04/15/2028			EUR			​3,000,000			​3,190,252
Synchrony Financial
4.25%, 08/15/2024						​3,000,000			​2,992,913
4.88%, 06/13/2025						​3,750,000			​3,713,245
UBS Group AG, 2.19% to 1.000000000 then SOFR + 2.04%, 06/05/2026(a)						4,250,000			4,107,565
									118,952,343
Diversified Media - 0.3%
Prosus NV, 3.26%, 01/19/2027						​3,600,000			3,370,548
Energy - 1.0%
CrownRock LP / CrownRock Finance Inc, 5.63%, 10/15/2025(a)						​2,170,000			​2,166,312
MPLX LP, 4.88%, 12/01/2024						​2,308,000			​2,298,466
ONEOK Inc, 5.55%, 11/01/2026						​775,000			​778,375
Plains All American Pipeline LP / PAA Finance Corp, 4.65%, 10/15/2025						​2,176,000			​2,147,550
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025						​1,194,000			​1,191,752
Targa Resources Partners LP / Targa Resources Partners Finance Corp, 6.88%, 01/15/2029						​1,000,000			​1,026,148
USA Compression Partners LP / USA Compression Finance Corp, 6.88%, 09/01/2027						​1,180,000			1,183,966
									10,792,569
Food & Drug Retail - 0.3%
Picard Groupe SAS, 6.38%, 07/01/2029			EUR			​1,975,000			​2,114,926
Roadster Finance DAC, 1.63%, 12/09/2024			EUR			​800,000			846,138
									2,961,064
Food/Beverage/Tobacco - 3.1%
Bacardi Ltd / Bacardi-Martini BV, 5.25%, 01/15/2029(a)						​500,000			​493,945

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

37

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Food/Beverage/Tobacco - (Continued)
Bright Food Singapore Holdings Pte Ltd, 1.75%, 07/22/2025			EUR			​4,150,000			​$   4,327,633
Campbell Soup Co
3.95%, 03/15/2025						3,500,000			3,458,107
5.20%, 03/21/2029						​2,825,000			​2,830,267
Coca-Cola Europacific Partners PLC, 1.50%, 01/15/2027(a)						1,600,000			1,460,699
Coca-Cola Icecek AS, 4.22%, 09/19/2024						​900,000			​895,355
Conagra Brands Inc, 5.30%, 10/01/2026						​3,675,000			​3,672,145
Constellation Brands Inc, 4.35%, 05/09/2027						​175,000			​170,786
Keurig Dr Pepper Inc, 5.05%, 03/15/2029						​4,450,000			​4,447,457
Mondelez International Holdings Netherlands BV, 0.75%, 09/24/2024(a)						​1,500,000			​1,482,587
Sysco Corp, 3.30%, 07/15/2026						​2,700,000			​2,597,437
Tereos Finance Groupe I SA, 5.88%, 04/30/2030			EUR			​1,175,000			​1,260,616
Upfield BV, 6.88%, 07/02/2029			EUR			​2,125,000			​2,267,706
Viterra Finance BV, 0.38%, 09/24/2025			EUR			​4,075,000			4,178,624
									33,543,364
Gaming - 0.5%
Cirsa Finance International SARL, 6.50%, 03/15/2029			EUR			​1,050,000			​1,161,241
Flutter Treasury Designated Activity Co
5.00%, 04/29/2029			EUR			​825,000			​898,060
6.38%, 04/29/2029(a)						​950,000			​957,508
International Game Technology PLC, 3.50%, 06/15/2026			EUR			​2,400,000			​2,540,080
									5,556,889
Healthcare - 3.7%
Amgen Inc
1.90%, 02/21/2025						​800,000			​781,602
5.25%, 03/02/2025						​500,000			​499,087
5.51%, 03/02/2026						​500,000			​500,060
Baxter International Inc, 1.32%, 11/29/2024						​1,250,000			​1,227,476
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/2028			EUR			​2,000,000			​2,038,094
CVS Health Corp, 5.00%, 01/30/2029						​1,250,000			​1,238,271
Ephios Subco 3 SARL, 7.88%, 01/31/2031			EUR			​1,075,000			​1,227,133
GE HealthCare Technologies Inc, 5.55%, 11/15/2024						​2,500,000			​2,497,497
GN Store Nord AS, 0.88%, 11/25/2024			EUR			​2,070,000			​2,176,908
Grifols SA, 1.63%, 02/15/2025			EUR			​2,000,000			​2,125,435
Gruenenthal GmbH, 3.63%, 11/15/2026			EUR			​2,900,000			​3,045,807
HCA Inc
5.38%, 02/01/2025						​1,900,000			​1,893,869
5.88%, 02/15/2026						​2,980,000			​2,985,156
5.63%, 09/01/2028						​3,704,000			​3,740,837
IQVIA Inc
5.70%, 05/15/2028						​1,675,000			​1,695,150
6.25%, 02/01/2029						​5,000,000			​5,142,595
Medline Borrower LP/Medline Co-Issuer Inc, 6.25%, 04/01/2029(a)						​1,425,000			​1,443,646
Pfizer Investment Enterprises Pte Ltd, 4.45%, 05/19/2026						​350,000			​345,631

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

38

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Healthcare - (Continued)
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/2025			EUR			​400,000			​$   418,694
UCB SA, 4.25%, 03/20/2030			EUR			​1,400,000			​1,498,374
Werfen SA, 4.63%, 06/06/2028			EUR			​3,500,000			​3,832,037
									40,353,359
Homebuilders/Real Estate - 7.7%
American Tower Corp
5.25%, 07/15/2028						​2,200,000			​2,197,397
5.20%, 02/15/2029						​700,000			​697,508
ARGAN SA, 1.01%, 11/17/2026			EUR			​1,000,000			​988,617
Aroundtown SA, 0.63%, 07/09/2025			EUR			​1,400,000			​1,439,024
Assemblin Caverion Group AB, 6.25%, 07/01/2030			EUR			​575,000			​619,322
Assemblin Group AB, 8.86% (3 mo. EURIBOR + 5.00%), 07/05/2029			EUR			​1,900,000			​2,037,838
Balder Finland Oyj, 1.00%, 01/18/2027			EUR			​3,380,000			​3,293,226
Blackstone Property Partners Europe Holdings SARL
1.00%, 10/20/2026			EUR			​1,000,000			​994,575
3.63%, 10/29/2029			EUR			​2,000,000			​2,047,924
CTP NV
0.50%, 06/21/2025			EUR			​2,700,000			​2,793,098
4.75%, 02/05/2030			EUR			​1,800,000			​1,956,708
Digital Dutch Finco BV, 0.63%, 07/15/2025			EUR			​2,100,000			​2,175,815
Fastighets AB Balder
1.88%, 03/14/2025			EUR			​1,350,000			​1,421,646
1.88%, 01/23/2026			EUR			​1,100,000			​1,131,463
GLP Capital LP / GLP Financing II Inc
3.35%, 09/01/2024						​1,410,000			​1,405,890
5.25%, 06/01/2025						​5,500,000			​5,462,811
Hammerson PLC
3.50%, 10/27/2025			GBP			​1,434,000			​1,755,739
6.00%, 02/23/2026			GBP			​2,100,000			​2,656,408
Heimstaden Bostad Treasury BV, 0.25%, 10/13/2024			EUR			​2,800,000			​2,940,094
HOWOGE Wohnungsbaugesellschaft mbH, 0.00%, 11/01/2024			EUR			​4,500,000			​4,754,024
Immobiliare Grande Distribuzione SIIQ SPA, 6.25%, 05/17/2027			EUR			​780,651			​848,998
Kojamo Oyj, 2.00%, 03/31/2026			EUR			​3,056,000			​3,162,063
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 5.25%, 10/01/2025(a)						​3,130,000			​3,105,455
Logicor Financing SARL
0.75%, 07/15/2024			EUR			​4,500,000			​4,812,954
4.63%, 07/25/2028			EUR			​1,700,000			​1,833,328
MasTec Inc, 4.50%, 08/15/2028(a)						​1,180,000			​1,126,433
NE Property BV
1.75%, 11/23/2024			EUR			​2,700,000			​2,857,813
1.88%, 10/09/2026			EUR			​1,400,000			​1,413,903
P3 Group SARL, 4.63%, 02/13/2030			EUR			​1,425,000			​1,531,831
Tritax EuroBox PLC, 0.95%, 06/02/2026			EUR			​600,000			​607,725
Trust Fibra Uno, 5.25%, 01/30/2026						​4,550,000			​4,453,680

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

39

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Homebuilders/Real Estate - (Continued)
VICI Properties LP / VICI Note Co Inc
4.63%, 06/15/2025(a)						​$2,000,000			​$   1,976,062
4.50%, 09/01/2026(a)						​2,800,000			​2,729,108
4.25%, 12/01/2026(a)						​3,210,000			​3,102,517
WEA Finance LLC / Westfield UK & Europe Finance PLC, 3.75%, 09/17/2024(a)						1,300,000			1,290,384
Webuild SPA
3.88%, 07/28/2026			EUR			​200,000			​211,420
7.00%, 09/27/2028			EUR			​1,300,000			​1,477,527
Weyerhaeuser Co, 4.75%, 05/15/2026						​3,825,000			3,782,754
									83,093,082
Hotels - 1.8%
Hyatt Hotels Corp
1.80%, 10/01/2024						​3,985,000			​3,943,262
5.38%, 04/23/2025						​2,550,000			​2,540,357
5.75%, 01/30/2027						​1,750,000			​1,767,740
5.25%, 06/30/2029						​2,500,000			​2,481,793
Marriott International Inc
5.45%, 09/15/2026						​900,000			​903,955
4.90%, 04/15/2029						​2,725,000			​2,698,397
Pterosaur Capital Co Ltd, 1.00%, 09/25/2024			EUR			​2,000,000			​2,131,986
Whitbread Group PLC, 3.38%, 10/16/2025			GBP			​2,000,000			​2,454,399
									18,921,889
Insurance - 0.4%
Athora Holding Ltd, 6.63%, 06/16/2028			EUR			​1,900,000			​2,151,507
Galaxy Bidco Ltd, 6.50%, 07/31/2026			GBP			​900,000			​1,126,178
Rothesay Life PLC, 8.00%, 10/30/2025			GBP			​450,000			579,954
									3,857,639
Leisure - 1.0%
Carnival Holdings Bermuda Ltd, 10.38%, 05/01/2028(a)						​4,500,000			​4,874,148
CPUK Finance Ltd
3.59%, 08/28/2025			GBP			​375,000			​462,770
6.50%, 08/28/2026			GBP			​510,000			​640,556
Expedia Group Inc, 6.25%, 05/01/2025(a)						​2,350,000			​2,355,580
Royal Caribbean Cruises Ltd, 9.25%, 01/15/2029(a)						​2,500,000			2,670,862
									11,003,916
Metals/Mining - 0.3%
Novelis Corp, 3.25%, 11/15/2026(a)						​3,000,000			2,825,569
Paper - 0.7%
Suzano Austria GmbH, 6.00%, 01/15/2029						​2,100,000			​2,095,577
Suzano International Finance BV, 5.50%, 01/17/2027						​4,500,000			​4,474,140
WEPA Hygieneprodukte GmbH, 5.63%, 01/15/2031			EUR			​1,250,000			​1,353,949
									7,923,666

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

40

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Publishing/Printing - 0.2%
Informa PLC, 3.13%, 07/05/2026			GBP			​1,600,000			$   1,933,782
Railroads - 0.4%
Canadian Pacific Railway Co, 1.35%, 12/02/2024						2,000,000			1,963,972
Getlink SE, 3.50%, 10/30/2025			EUR			​2,725,000			​2,894,811
									​4,858,783
Restaurants - 0.1%
Bertrand Franchise Finance SAS, 7.49% (3 mo. EURIBOR + 3.75%), 07/18/2030			EUR			​1,075,000			​1,158,122
Services - 3.0%
Arena Luxembourg Finance SARL, 1.88%, 02/01/2028			EUR			​2,000,000			​1,970,013
Boels Topholding BV, 5.75%, 05/15/2030			EUR			​1,950,000			​2,125,944
Brink’s Co, 5.50%, 07/15/2025(a)						​3,200,000			​3,199,092
Kapla Holding SAS, 7.22% (3 mo. EURIBOR + 3.50%), 07/31/2030			EUR			​1,975,000			​2,121,473
Leasys SPA
4.38%, 12/07/2024			EUR			​5,925,000			​6,353,377
4.63%, 02/16/2027			EUR			​3,330,000			​3,639,787
Loxam SAS
4.50%, 02/15/2027			EUR			​425,000			​453,310
6.38%, 05/31/2029			EUR			​1,050,000			​1,160,895
Pachelbel Bidco SPA, 7.13%, 05/17/2031			EUR			​1,500,000			​1,661,016
PeopleCert Wisdom Issuer PLC, 5.75%, 09/15/2026			EUR			​1,500,000			​1,610,202
Q-Park Holding I BV, 5.13%, 03/01/2029			EUR			​1,000,000			​1,075,839
RAC Bond Co PLC, 4.87%, 05/06/2026			GBP			​3,300,000			​4,098,765
WESCO Distribution Inc, 6.38%, 03/15/2029(a)						​2,250,000			​2,261,086
Zenith Finco PLC, 6.50%, 06/30/2027			GBP			​450,000			375,230
									32,106,029
Steel - 0.6%
ABJA Investment Co Pte Ltd, 5.45%, 01/24/2028						​3,500,000			​3,476,095
ArcelorMittal SA, 4.88%, 09/26/2026			EUR			​2,550,000			2,793,004
									6,269,099
Super Retail - 1.7%
AA Bond Co Ltd, 8.45%, 01/31/2028			GBP			​4,000,000			​5,329,410
Alibaba Group Holding Ltd, 3.60%, 11/28/2024						​3,000,000			​2,975,824
B&M European Value Retail SA, 8.13%, 11/15/2030			GBP			​850,000			​1,137,794
Dufry One BV, 2.00%, 02/15/2027			EUR			​3,000,000			​3,025,012
Home Depot Inc, 5.15%, 06/25/2026						​1,400,000			​1,401,701
John Lewis PLC, 6.13%, 01/21/2025			GBP			​1,550,000			​1,962,381
Tapestry Inc
5.35%, 11/27/2025			EUR			​1,700,000			​1,850,664
7.05%, 11/27/2025						​1,000,000			1,017,012
									18,699,798
Supranational - 0.2%
Africa Finance Corp, 4.38%, 04/17/2026						​2,200,000			2,131,442

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

41

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Technology - 5.1%
Almaviva-The Italian Innovation Co SPA, 4.88%, 10/30/2026			EUR			​2,400,000			​$   2,573,497
ams-OSRAM AG, 10.50%, 03/30/2029			EUR			​2,575,000			​2,892,135
Broadcom Corp / Broadcom Cayman Finance Ltd, 3.88%, 01/15/2027						1,943,000			1,881,046
Broadcom Inc
3.15%, 11/15/2025						​800,000			​775,273
4.75%, 04/15/2029						​2,000,000			​1,974,441
Cellnex Finance Co SA, 2.25%, 04/12/2026			EUR			​3,800,000			​3,973,060
Clarios Global LP / Clarios US Finance Co, 4.38%, 05/15/2026			EUR			​1,500,000			​1,602,209
Gen Digital Inc, 5.00%, 04/15/2025(a)						​1,625,000			​1,616,721
Hewlett Packard Enterprise Co, 5.90%, 10/01/2024						​5,440,000			​5,439,674
HP Inc, 4.00%, 04/15/2029						​5,000,000			​4,767,288
IPD 3 BV, 8.00%, 06/15/2028			EUR			​1,100,000			​1,240,426
LG Energy Solution Ltd, 5.75%, 09/25/2028						​1,830,000			​1,853,722
NCR Corp, 5.13%, 04/15/2029(a)						​5,275,000			​4,974,785
Oracle Corp, 2.95%, 05/15/2025						​2,000,000			​1,954,939
Qorvo Inc, 1.75%, 12/15/2024						​1,450,000			​1,421,759
SK Battery America Inc, 4.88%, 01/23/2027						​2,000,000			​1,974,019
SK Hynix Inc
6.25%, 01/17/2026						​2,000,000			​2,022,210
6.38%, 01/17/2028						​2,000,000			​2,059,659
Teleperformance SE, 5.25%, 11/22/2028			EUR			​1,600,000			​1,755,777
Ubisoft Entertainment SA, 0.88%, 11/24/2027			EUR			​2,800,000			​2,591,758
VMware Inc
1.00%, 08/15/2024						​450,000			​447,274
4.50%, 05/15/2025						​1,800,000			​1,783,134
3.90%, 08/21/2027						​3,500,000			3,359,604
									54,934,410
Telecommunications - 4.1%
AT&T Inc, 5.54%, 02/20/2026						​1,780,000			​1,779,971
Bharti Airtel Ltd, 4.38%, 06/10/2025						​4,100,000			​4,057,090
eircom Finance DAC, 2.63%, 02/15/2027			EUR			​1,600,000			​1,618,600
Eutelsat SA, 9.75%, 04/13/2029			EUR			​1,100,000			​1,232,236
iliad SA
2.38%, 06/17/2026			EUR			​1,000,000			​1,035,684
5.38%, 06/14/2027			EUR			​2,200,000			​2,400,562
5.38%, 02/15/2029			EUR			​1,200,000			​1,308,954
5.38%, 05/02/2031			EUR			​1,900,000			​2,052,336
Matterhorn Telecom SA, 3.13%, 09/15/2026			EUR			​1,600,000			​1,671,142
PLT VII Finance SARL
4.63%, 01/05/2026			EUR			​475,000			​508,860
7.24% (3 mo. EURIBOR + 3.50%), 06/15/2031			EUR			​1,350,000			​1,446,687
PPF Telecom Group BV, 2.13%, 01/31/2025			EUR			​5,100,000			​5,399,907
RCS & RDS SA, 3.25%, 02/05/2028			EUR			​2,400,000			​2,406,787

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

42

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Telecommunications - (Continued)
Rogers Communications Inc
2.95%, 03/15/2025						​$844,000			​$   827,696
5.00%, 02/15/2029						​2,000,000			​1,976,666
SES SA, 3.50%, 01/14/2029			EUR			​2,000,000			​2,072,750
Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC, 4.74%, 03/20/2025(a)						​107,813			​107,155
TDC Net AS
5.06%, 05/31/2028			EUR			1,500,000			1,638,824
5.19%, 08/02/2029			EUR			​975,000			​1,061,187
T-Mobile USA Inc
3.50%, 04/15/2025						​3,000,000			​2,950,396
3.75%, 04/15/2027						​2,000,000			​1,922,873
4.75%, 02/01/2028						​2,000,000			​1,971,403
United Group BV
3.13%, 02/15/2026			EUR			​1,400,000			​1,461,248
6.75%, 02/15/2031			EUR			​675,000			743,964
									43,652,978
Transportation Excluding Air/Rail - 1.6%
DP World Ltd, 2.38%, 09/25/2026			EUR			​5,200,000			​5,372,428
Firstgroup PLC, 6.88%, 09/18/2024			GBP			​1,375,000			​1,741,398
Gatwick Funding Ltd, 6.13%, 03/02/2026			GBP			​200,000			​256,245
GXO Logistics Inc, 1.65%, 07/15/2026						​1,675,000			1,545,340
Pelabuhan Indonesia Persero PT
4.88%, 10/01/2024						​5,100,000			​5,094,756
4.25%, 05/05/2025						​200,000			​197,554
Penske Truck Leasing Co Lp / PTL Finance Corp, 5.55%, 05/01/2028(a)						​775,000			​781,083
Q-Park Holding I BV, 2.00%, 03/01/2027			EUR			​1,800,000			​1,818,371
Stagecoach Group Ltd, 4.00%, 09/29/2025			GBP			​650,000			799,297
									17,606,472
Utilities - 0.9%
EEW Energy from Waste GmbH, 0.36%, 06/30/2026			EUR			​1,100,000			​1,093,496
ENN Clean Energy International Investment Ltd, 3.38%, 05/12/2026						​3,000,000			​2,860,659
National Central Cooling Co PJSC, 2.50%, 10/21/2027						​2,230,000			​2,017,236
Vena Energy Capital Pte Ltd, 3.13%, 02/26/2025						​3,300,000			3,240,957
									9,212,348
TOTAL CORPORATE BONDS (Cost $959,682,639)									$965,916,908
BANK LOANS - 4.5%
Capital Goods - 0.1%
Emrld Borrower LP TL, 7.84% (1 mo. Term SOFR + 2.50%), 06/18/2031						​890,000			​891,113

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

43

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
BANK LOANS - (Continued)
Commercial Services - 0.3%
NAB Holdings LLC TL First Lien, 8.21% (3 mo. Term SOFR + 2.75%), 11/24/2028						​$3,000,000			$   3,006,045
Diversified Financial Services - 0.6%
Citadel Securities LP TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 07/29/2030						​2,487,749			​2,497,700
Jane Street Group LLC TL, Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 01/26/2028						3,489,157			3,490,046
									​5,987,746
Diversified Media - 0.2%
Advantage Sales & Marketing Inc TL, Senior Secured First Lien, 9.82% (3 mo. SOFR US + 4.25%), 10/28/2027						2,286,739			2,233,149
Healthcare - 0.3%
Ceva Sante Animale 05/24 (EUR) TLB TL, Senior Secured First Lien, 7.22% (3 mo. EURIBOR + 3.50%), 11/08/2030			EUR			​1,000,000			​1,070,115
Phoenix Guarantor Inc TL, Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 02/21/2031						​2,493,750			2,490,334
									3,560,449
Railroads - 0.3%
Genesee & Wyoming Inc TL, Senior Secured First Lien, 7.33% (3 mo. SOFR US + 2.00%), 04/10/2031						​3,500,000			3,500,332
Restaurants - 0.2%
1011778 BC ULC TL First Lien, 7.08% (1 mo. Term SOFR + 1.75%), 09/23/2030						​2,000,000			1,997,470
Services - 0.4%
Camelot US Acquisition LLC TL, Senior Secured First Lien
8.08% (1 mo. SOFR US + 2.75%), 01/31/2031						​463,953			​465,345
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031						​1,990,360			​1,996,332
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031						​39,436			​39,554
Circet Europe SASU TL, Senior Secured First Lien, 6.97% (3 mo. EURIBOR + 3.25%), 10/16/2028			EUR			​1,000,000			​1,056,225
PG Investment Co 59 SARL TL, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/24/2031						​640,000			645,069
									4,202,525
Super Retail - 0.3%
Action (Peer Holding III) Cov-Lite B5 (6/24) TL, 8.33%, 06/20/2031(c)						​880,000			​882,020
Leslie’s Poolmart Inc TL First Lien, 8.19% (1 mo. Term SOFR + 2.75%), 03/09/2028						​1,500,000			​1,488,097
Peer Holding III BV TL, Senior Secured First Lien, 7.40% (1 mo. EURIBOR + 3.75%), 09/26/2028			EUR			​1,000,000			1,072,959
									​3,443,076

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

44

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
BANK LOANS - (Continued)
Technology - 0.5%
AppLovin Corp TL, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 08/19/2030						​$1,625,925			​$   1,629,559
Coherent Corp TL First Lien, 7.83% (1 mo. Term SOFR + 2.50%), 07/02/2029						​1,200,000			​1,202,400
Gen Digital Inc TL, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 09/12/2029						​2,459,874			2,454,376
									​5,286,335
Telecommunications - 0.5%
Iridium Satellite LLC TL, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 09/20/2030						2,487,500			2,487,674
Lorca Finco PLC TL, 7.40% (3 mo. EURIBOR + 3.50%), 04/18/2031			EUR			​1,000,000			​1,072,289
TMNL Holding BV TL, Senior Secured First Lien, 7.62% (3 mo. EURIBOR + 3.90%), 03/29/2029			EUR			1,000,000			1,072,814
Ziggo BV TL, Senior Secured First Lien, 6.60% (1 mo. EURIBOR + 3.00%), 01/31/2029			EUR			​1,000,000			​1,053,114
									​5,685,891
Transportation Excluding Air/Rail - 0.2%
First Student Bidco Inc TL, Senior Secured First Lien
8.56% (3 mo. SOFR US + 3.00%), 07/21/2028						​1,196,070			​1,197,978
8.56% (3 mo. SOFR US + 3.00%), 07/21/2028						​350,642			​351,201
									1,549,179
Utilities - 0.6%
Calpine Construction Finance Co LP TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 07/31/2030						​3,491,206			​3,484,451
Constellation Renewables LLC TL, Senior Secured First Lien, 8.11% (3 mo. SOFR US + 2.50%), 12/15/2027						​989,946			​993,173
Edgewater Generation LLC TL, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 12/15/2025						​1,464,674			​1,463,868
Vistra Zero Operating Co LLC TL, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 04/30/2031						​807,975			812,722
									6,754,214
TOTAL BANK LOANS (Cost $48,202,549)									48,097,524
CONVERTIBLE BONDS - 3.2%
Banking - 2.8%
ABN AMRO Bank NV, 4.75%, 07/28/2025						500,000			​493,276
AIB Group PLC, 4.63% to 1.000000000 then 5 yr. Swap Rate EUR + 1.90%, 05/20/2035			EUR			7,000,000			​7,446,604
Australia & New Zealand Banking Group Ltd, 1.13% to 1.000000000 then 5 yr. Swap Rate EUR + 1.40%, 11/21/2029			EUR			800,000			​845,545
Banco Bilbao Vizcaya Argentaria SA
5.75% to 1.000000000 then 5 yr. Swap Rate EUR + 2.80%, 09/15/2033			EUR			3,000,000			​3,353,848

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

45

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

						Par			Value
CONVERTIBLE BONDS - (Continued)
Banking - (Continued)
8.25% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.60%, 11/30/2033			GBP			​2,000,000			​$2,695,467
4.88% to 1.000000000 then 5 yr. Swap Rate EUR + 2.40%, 02/08/2036			EUR			1,100,000			​1,187,901
Banco Santander SA, 5.00% to 1.000000000 then 5 yr. Swap Rate EUR + 2.50%, 04/22/2034			EUR			2,800,000			​3,052,000
Bank of Ireland Group PLC, 4.75% to 1.000000000 then 5 yr. Swap Rate EUR + 1.85%, 08/10/2034			EUR			2,225,000			​2,382,090
ING Groep NV, 2.13% to 1.000000000 then 5 yr. Swap Rate EUR + 2.40%, 05/26/2031			EUR			700,000			​721,440
Landsbankinn HF, 5.00%, 05/13/2028			EUR			​5,025,000			​5,511,420
National Australia Bank Ltd, 1.70% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.40%, 09/15/2031			GBP			500,000			​577,128
Swedbank AB, 7.27% to 1.000000000 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.80%, 11/15/2032			GBP			1,800,000			2,354,078
									​30,620,797
Healthcare - 0.4%
Organon & Co / Organon Foreign Debt Co-Issuer BV, 2.88%, 04/30/2028			EUR			​4,000,000			​4,038,479
TOTAL CONVERTIBLE BONDS (Cost $34,828,915)									​34,659,276
						Shares
SHORT-TERM INVESTMENTS - 2.0%
Money Market Funds - 2.0%
First American Treasury Obligations Fund - Class X, 5.20%(d)						21,986,296			21,986,296
TOTAL SHORT-TERM INVESTMENTS (Cost $21,986,296)									​21,986,296
TOTAL INVESTMENTS - 99.4% (Cost $1,064,700,399)									$1,070,660,004
Other Assets in Excess of Liabilities - 0.6%									6,811,162
TOTAL NET ASSETS - 100.0%									$1,077,471,166

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

AG - Aktiengesellschaft

CMT - Constant Maturity Treasury Rate

LIBOR - London Interbank Offered Rate

NV - Naamloze Vennootschap

PIK - Payment in Kind

PJSC - Public Joint Stock Company

PLC - Public Limited Company

SA - Sociedad Anónima

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

46

Muzinich Low Duration Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

SOFR - Secured Overnight Financing Rate

- Currency Needs to be mapped

EUR - Euro

GBP - British Pound

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $142,589,148 or 13.2% of the Fund’s net assets.

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

(c)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

(d)
The rate shown represents the 7-day annualized effective yield as of June 30, 2024.

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

47

Muzinich Low Duration Fund

Schedule of Forward Currency Contracts

June 30, 2024 (Unaudited)

Counterparty

Settlement Date

Currency Purchased

Currency Sold

Unrealized Appreciation (Depreciation)

U.S. Bancorp Investments, Inc.

07/17/2024

USD

211,105,269

EUR

197,500,000

$(600,856)

U.S. Bancorp Investments, Inc.

09/18/2024

USD

215,631,400

EUR

200,000,000

​577,482

U.S. Bancorp Investments, Inc.

07/17/2024

USD

61,165,957

GBP

49,100,000

(908,732)

Total Unrealized Appreciation (Depreciation)

​$(932,106)

EUR - Euro

GBP - British Pound

USD - United States Dollar

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

48

Statements of Assets and Liabilities

June 30, 2024 (Unaudited)

			Muzinich Credit Opportunities Fund			Muzinich Flexible U.S. High Yield Income Fund			Muzinich Low Duration Fund
ASSETS:
Investments, at value			$ 235,828,415			$ 45,557,091			$ 1,070,660,004
Receivable for investments sold			12,994,268			2,276,347			248,125
Dividends and interest receivable			3,020,635			​794,813			14,217,129
Receivable for open forward currency contacts			445,305			​—			577,482
Foreign currency, at value			403,136			—			14,806,325
Deposit at broker for swap contracts			318,365			​—			191,097
Deposit at broker for future contracts			119,537			—			80,098
Receivable for fund shares sold			59,690			—			1,086,907
Prepaid expenses and other assets			19,610			29,166			32,740
Total assets			253,208,961			48,657,417			1,101,899,907
LIABILITIES:
Payable for investments purchased			6,847,534			809,516			19,933,622
Payable for capital shares redeemed			820,105			457			2,506,059
Distributions payable			581,630			127,395			7,662
Payable to adviser			116,178			1,012			334,711
Payable for open forward currency contacts			32,336			—			1,509,588
Payable to custodian			15,640			5,418			48,494
Payable for printing and mailing			13,495			4,143			13,694
Payable for audit fees			12,833			12,046			12,045
Payable for custodian fees			12,511			1,315			30,530
Payable for fund administration and accounting fees			8,935			2,442			​20,650
Payable for distribution and shareholder servicing fees			8,307			389			—
Payable for compliance fees			5,367			5,368			5,031
Payable for transfer agent fees and expenses			2,837			163			6,405
Interest payable			—			4			​—
Payable for expenses and other liabilities			654			2,912			​250
Total liabilities			8,478,362			972,580			24,428,741
NET ASSETS			$244,730,599			$47,684,837			$1,077,471,166
Net Assets Consists of:
Paid-in capital			$272,190,944			$50,932,097			$1,089,731,634
Total accumulated losses			(27,460,345)			(3,247,260)			(12,260,468)
Total net assets			$244,730,599			$47,684,837			$1,077,471,166
Institutional Class
Net asset			$91,807,715			$2,737,467
Shares issued and outstanding(a)			9,454,664			347,257
Net asset per share			$9.71			$7.88

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

49

Statements of Assets and Liabilities

June 30, 2024 (Unaudited) (Continued)

			Muzinich Credit Opportunities Fund			Muzinich Flexible U.S. High Yield Income Fund			Muzinich Low Duration Fund
Supra Institutional Class
Net asset			$152,922,883			$44,947,370			$1,077,471,166
Shares issued and outstanding(a)			$15,740,320			$5,701,067			$114,363,966
Net asset per share			$9.72			$7.88			$9.42
Cost:
Investments, at cost			$235,507,429			$45,309,415			$1,064,700,399
Foreign currency, at cost			$402,695			$—			$14,799,495

(a)
Unlimited shares authorized without par value.

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

50

Statements of Operations

For the Period Ended June 30, 2024 (Unaudited)

			Muzinich Credit Opportunities Fund			Muzinich Flexible U.S. High Yield Income Fund			Muzinich Low Duration Fund
INVESTMENT INCOME:
Interest income			​$6,648,276			$1,885,394			$26,037,798
Less: Interest withholding taxes			—			—			(186,508)
Swap accretion and amortization			1,103			—			—
Other income			10,460			628			1,276
Total investment income			​6,659,839			1,886,022			25,852,566
EXPENSES:
Investment advisory fee			780,894			130,113			2,286,901
Fund administration and accounting fees			131,954			64,093			378,394
Shareholder service costs			34,968			—			—
Custodian fees			31,538			4,189			82,487
Transfer agent fees			26,785			4,982			86,052
Federal and state registration fees			20,541			17,241			28,066
Audit fees			13,344			12,536			12,536
Trustees' fees			11,135			9,656			17,251
Reports to shareholders			7,069			777			11,878
Legal fees			6,530			8,273			6,739
Compliance fees			6,066			6,066			5,729
Interest expense			​—			761			713
Other expenses and fees			22,309			5,457			55,477
Total expenses			​1,093,133			264,144			2,972,223
Expense reimbursement by Adviser			(277,271)			(126,173)			(431,940)
Net expenses			​815,862			137,971			2,540,283
Net Investment Income			5,843,977			1,748,051			23,312,283
REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) from:
Investments			(711,339)			(136,983)			442,601
Securities sold short			2,191			—			(47,985)
Forward currency contracts			742,333			—			121,569
Swap contracts			(7,020)			—			—
Foreign currency translation			(16,478 )			18			17,162
Net realized gain/(loss)			9,687			(136,965 )			533,347
Net change in unrealized appreciation/(depreciation) on:
Investments			(5,609,829 )			(59,802 )			(13,655,872 )
Future contracts			—			—			(1,253 )
Forward currency contracts			1,926,886			—			15,656,808
Swap contracts			—			—			361
Foreign currency translation			(20,282 )			(65 )			(272,669 )
Net change in unrealized appreciation/(depreciation)			(3,703,225 )			(59,867 )			1,727,375
Net realized and unrealized gain/(loss)			(3,693,538 )			(196,832 )			2,260,722
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$2,150,439			$ 1,551,219			$25,573,005

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

51

Muzinich Fund

Statements of Changes in Net Assets

			Muzinich Credit OpportunitiesFund						Muzinich Flexible U.S. High Yield Income Fund
			Period ended June 30, 2024 (Unaudited)			Year ended December 31, 2023			Period ended June 30, 2024 (Unaudited)			Year ended December 31, 2023
OPERATIONS:
Net investment income			$5,843,977			$ 11,020,926			$1,748,051			$2,398,872
Net realized gain/(loss)			9,687			(12,633,081 )			(136,965)			(1,834,248)
Net change in unrealized appreciation/(depreciation)			(3,703,225)			21,427,685			(59,867 )			3,144,688
Net increase in net assets from operations			2,150,439			19,815,530			1,551,219			3,709,312
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders - Institutional Class			(1,626,304 )			(3,734,658 )			(98,825 )			(162,200 )
Distributions to shareholders - Supra Institutional Class			(2,853,214 )			(7,416,404 )			(1,639,561 )			(2,238,150 )
Total distributions to shareholders			(4,479,518 )			(11,151,062 )			(1,738,386 )			(2,400,350 )
CAPITAL TRANSACTIONS:
Subscriptions - Institutional Class			9,177,889			26,606,552			74,591			1,200,000
Reinvestments - Institutional Class			1,510,768			3,248,634			92,447			151,482
Redemptions - Institutional Class			(11,735,173 )			(28,077,505 )			(74,308 )			(1,656,362 )
Redemption fees - Institutional Class			6,208			12,085			42			—
Withdrawals from feeder funds - Institutional Class			(17,267 )			—			—			—
Subscriptions - Supra Institutional Class			2,369,088			22,150,163			11,928			18,286,607
Reinvestments - Supra Institutional Class			1,918,264			4,927,786			804,532			1,068,424
Redemptions - Supra Institutional Class			(21,912,320 )			(70,392,783 )			(583,995 )			(5,963,331 )
Redemption fees - Supra Institutional Class			11,230			24,052			701			—
Withdrawals from feeder funds - Supra Institutional Class			17,267			—			—			—
Net increase (decrease) in net assets from capital transactions			(18,654,046 )			(41,501,016 )			325,938			13,086,820
NET INCREASE (DECREASE) IN NET ASSETS			(20,983,125 )			(32,836,548 )			138,771			14,395,782
NET ASSETS:
Beginning of the period			265,713,724			298,550,272			47,546,066			33,154,284
End of the period			$ 244,730,599			$265,713,724			$ 47,684,837			$47,546,066
SHARES TRANSACTIONS
Subscriptions - Institutional Class			291,619			2,751,721			—			154,839
Reinvested - Institutional Class			90,075			334,533			6,012			19,506
Redemptions - Institutional Class			(647,499 )			(2,914,677 )			(9,430 )			(208,209 )
Subscriptions - Supra Institutional Class			185,951			2,292,038			446			2,352,575
Reinvested - Supra Institutional Class			106,328			507,585			52,256			137,516
Redemptions - Supra Institutional Class			(2,010,449 )			(7,290,502 )			(43,322 )			(766,999 )
Total increase/(decrease) in shares outstanding			(1,983,975 )			(4,319,302 )			5,962			1,689,228

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

52

Muzinich Fund

Statements of Changes in Net Assets (Continued)

			Muzinich Low Duration Fund
			Period ended June 30, 2024 (Unaudited)			Year ended December 31, 2023
OPERATIONS:
Net investment income			$23,312,283			$43,335,086
Net realized gain/(loss)			533,347			(18,034,100 )
Net change in unrealized appreciation			1,727,375			49,307,196
Net increase in net assets from operations			25,573,005			74,608,182
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders - Supra Institutional Class			(9,605,812 )			(48,879,002 )
Total distributions to shareholders			(9,605,812 )			(48,879,002 )
CAPITAL TRANSACTIONS:
Subscriptions - Supra Institutional Class			209,751,312			322,905,124
Reinvestments - Supra Institutional Class			9,581,261			48,801,266
Redemptions - Supra Institutional Class			(140,683,282 )			(355,831,922 )
Redemption fees - Supra Institutional Class			1			249
Net increase in net assets from capital transactions			78,649,292			15,874,717
NET INCREASE IN NET ASSETS			94,616,485			41,603,897
NET ASSETS:
Beginning of the period			982,854,681			941,250,784
End of the period			$ 1,077,471,166			$982,854,681
SHARES TRANSACTIONS
Subscriptions - Supra Institutional Class			15,859,606			35,068,403
Reinvested - Supra Institutional Class			637,742			5,257,472
Redemptions - Supra Institutional Class			(7,570,636 )			(38,374,770 )
Total increase in shares outstanding			8,926,712			1,951,105

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

53

Muzinich Credit Opportunities Fund

Financial Highlights

Institutional Class

			Period ended June 30, 2024 (Unaudited)			Year ended December 31,
						2023			2022			2021			2020			2019
PER SHARE DATA:
Net asset, beginning of year			$9.80			$9.50			$10.50			$11.22			$10.89			$10.49
INVESTMENTS OPERATIONS:
Net investment income(a)			0.22			0.37			0.26			0.31			0.30			0.34
Net realized and unrealized gain (loss) on investments			(0.14)			0.32			(1.14)			(0.20)			0.36			0.76
Total from investment operations			0.08			0.69			(0.88)			(0.11)			0.66			1.10
LESS DISTRIBUTIONS FROM:
From net investment income			(0.17)			(0.39)			(0.05)			(0.41)			(0.26)			(0.30)
From net realized gains			—			—			(0.07)			(0.42)			(0.07)			(0.40)
Total distributions			(0.17)			(0.39)			(0.12)			(0.83)			(0.33)			(0.70)
Redemption fee per share			0.00(b)			​0.00(b)			​0.00(b)			​0.00(b)			​0.00(b)			​0.00(b)
Net asset, end of year			$9.71			$9.80			$9.50			$10.50			$11.22			$10.89
Total return(c)			0.82%			7.40%			−8.39%			1.02%			6.24%			10.60%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)			$91,808			$93,668			$89,146			$127,005			$219,841			$155,467
Ratio of expenses to average net assets:
Before expense reimbursement/ recoupment(d)			0.89%			0.85%			0.87%			0.84%			0.81%			0.82%
After expense reimbursement/ recoupment(d)			0.67%			0.68%			0.67%			0.66%			0.65%			0.65%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(d)			0.00%(e)			—%			—%			—%			—%			—%
Ratio of net investment income to average net assets(d)			4.45%			3.81%			2.65%			2.81%			2.71%			3.12%
Portfolio turnover rate(c)			86%			135%			168%			139%			174%			293%

(a)
Net investment income per share has been calculated based on average shares outstanding during the year.

(b)
Amount represents less than $0.005 per share.

(c)
Not annualized for periods less than one year.

(d)
Annualized for periods less than one year.

(e)
Amount represents less than 0.005%.

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

54

Muzinich Credit Opportunities Fund

Financial Highlights

Supra Institutional Class

			Period ended June 30, 2024 (Unaudited)			Year ended December 31,
						2023			2022			2021			2020			2019
PER SHARE DATA:
Net asset, beginning of year			$9.80			$9.50			$10.51			$11.23			$10.90			$10.49
INVESTMENTS OPERATIONS:
Net investment income(a)			0.22			0.37			0.27			0.32			0.30			0.35
Net realized and unrealized gain (loss) on investments			(0.13)			0.33			(1.15)			(0.20)			0.37			0.77
Total from investment operations			0.09			0.70			(0.88)			0.12			0.67			1.12
LESS DISTRIBUTIONS FROM:
From net investment income			(0.17)			(0.40)			(0.06)			(0.42)			(0.27)			(0.31)
From net realized gains			—			—			(0.07)			(0.42)			(0.07)			(0.40)
Total distributions			(0.17)			(0.40)			(0.13)			(0.84)			(0.34)			(0.71)
Redemption fee per share			0.00(b)			0.00(b)			0.00(b)			—			0.00(b)			0.00(b)
Net asset, end of year			$9.72			$9.80			$9.50			$10.51			$11.23			$10.90
Total return(c)			0.96%			7.48%			−8.41%			1.11%			6.30%			10.77%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)			$152,923			$172,046			$209,404			$252,118			$321,285			$261,858
Ratio of expenses to average net assets:
Before expense reimbursement/ recoupment(d)			0.81%			0.77%			0.80%			0.76%			0.75%			0.76%
After expense reimbursement/ recoupment(d)			0.60%			0.60%			0.60%			0.59%			0.59%			0.59%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(d)			0.00%(e)			—%			—%			—%			—%			—%
Ratio of net investment income to average net assets(d)			4.51%			3.87%			2.74%			2.90%			2.77%			3.18%
Portfolio turnover rate(c)			86%			135%			168%			139%			174%			293%

(a)
Net investment income per share has been calculated based on average shares outstanding during the year.

(b)
Amount represents less than $0.005 per share.

(c)
Not annualized for periods less than one year.

(d)
Annualized for periods less than one year.

(e)
Amount represents less than 0.005%.

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

55

Muzinich Flexible U.S. High Yield Income Fund

Financial Highlights

Institutional Class

			Period ended June 30, 2024 (Unaudited)			Year ended December 31,
						2023			2022			2021			2020			2019
PER SHARE DATA:
Net asset, beginning of year			$7.91			$7.68			$9.19			$9.97			$9.84			$9.12
INVESTMENTS OPERATIONS:
Net investment income(a)			0.29			0.51			0.44			0.50			0.52			0.51
Net realized and unrealized gain (loss) on investments			(0.03)			0.23			(1.50)			(0.07)			0.11			0.72
Total from investment operations			0.26			0.74			(1.06)			0.43			0.63			1.23
LESS DISTRIBUTIONS FROM:
From net investment income			(0.29)			(0.51)			(0.44)			(0.53)			0.50			(0.51)
From net realized gains			—			—			(0.01)			(0.68)			—			—
Total distributions			(0.29)			(0.51)			(0.45)			(1.21)			(0.50)			(0.51)
Redemption fee per share			0.00(b)			—			—			—			—			—
Net asset, end of year			$7.88			$7.91			$7.68			$9.19			$9.97			$9.84
Total return(c)			3.33%			​9.98%			−11.17%			4.42%			6.81%			13.68%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)			$2,737			$2,655			$2,838			$4,247			$5,905			$1,642
Ratio of expenses to average net assets:
Before expense reimbursement/ recoupment(d)			1.12%			1.26%			1.37%			1.25%			0.97%			1.17%
After expense reimbursement/ recoupment(d)			0.58%			0.58%			0.58%			0.59%			0.58%			0.59%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(d)			0.00%(e)			—%			—%			—%			—%			—%
Ratio of net investment income to average net assets(d)			7.39%			6.59%			5.34%			5.06%			5.36%			5.32%
Portfolio turnover rate(c)			46%			76%			59%			96%			113%			89%

(a)
Net investment income per share has been calculated based on average shares outstanding during the year.

(b)
Amount represents less than $0.005 per share.

(c)
Not annualized for periods less than one year.

(d)
Annualized for periods less than one year.

(e)
Amount represents less than 0.005%.

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

56

Muzinich Flexible U.S. High Yield Income Fund

Financial Highlights

Supra Institutional Class

			Period ended June 30, 2024 (Unaudited)			Year ended December 31,
						2023			2022			2021			2020			2019
PER SHARE DATA:
Net asset, beginning of year			$7.91			$7.68			$9.18			$9.96			$9.83			$9.11
INVESTMENTS OPERATIONS:
Net investment income(a)			0.29			0.52			0.44			0.51			0.51			0.51
Net realized and unrealized gain (loss) on investments			(0.03)			0.22			(1.49)			(0.08)			0.12			0.72
Total from investment operations			0.26			0.74			(1.05)			0.43			0.63			1.23
LESS DISTRIBUTIONS FROM:
From net investment income			(0.29)			(0.51)			(0.44)			(0.53)			(0.50)			(0.51)
From net realized gains			—			—			(0.01)			(0.68)			—			—
Total distributions			(0.29)			(0.51)			(0.45)			(1.21)			(0.50)			(0.51)
Redemption fee per share			0.00(b)			​0.00(b)			​0.00(b)			—			—			—
Net asset, end of year			$7.88			$7.91			$7.68			$9.18			$9.96			$9.83
Total return(c)			3.33%			9.98%			−11.61%			4.43%			6.60%			13.71%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)			$44,947			$44,891			$30,312			$25,222			$62,860			$43,464
Ratio of expenses to average net assets:
Before expense reimbursement/ recoupment(d)			1.12%			1.27%			1.37%			1.19%			0.98%			1.21%
After expense reimbursement/ recoupment(d)			0.58%			0.58%			0.58%			0.58%			0.58%			0.58%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(d)			0.00%(e)			—%			—%			—%			—%			—%
Ratio of net investment income to average net assets(d)			7.39%			6.65%			5.46%			5.11%			5.37%			5.30%
Portfolio turnover rate(c)			46%			76%			59%			96%			113%			89%

(a)
Net investment income per share has been calculated based on average shares outstanding during the year.

(b)
Amount represents less than $0.005 per share.

(c)
Not annualized for periods less than one year.

(d)
Annualized for periods less than one year.

(e)
Amount represents less than 0.005%.

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

57

Muzinich Low Duration Fund

Financial Highlights

Supra Institutional Class

			Period ended June 30, 2024 (Unaudited)			Year ended December 31,
						2023			2022			2021			2020			2019
PER SHARE DATA:
Net asset, beginning of year			$9.28			$9.05			$9.73			$10.10			$10.05			$9.53
INVESTMENTS OPERATIONS:
Net investment income(a)			0.21			0.39			0.26			0.25			0.27			0.26
Net realized and unrealized gain (loss) on investments			0.02			0.29			(0.59)			—			(0.01)			0.48
Total from investment operations			0.23			0.68			(0.33)			0.25			0.26			0.74
LESS DISTRIBUTIONS FROM:
From net investment income			(0.09)			(0.45)			(0.10)			(0.62)			(0.21)			(0.13)
From net realized gains			—			—			(0.25)			—			—			(0.09)
Total distributions			(0.09)			(0.45)			(0.35)			(0.62)			(0.21)			(0.22)
Redemption fee per share			0.00(b)			​0.00(b)			​0.00(b)			—			—			—
Net asset, end of year			$9.42			$9.28			$9.05			$9.73			$10.10			$10.05
Total return(c)			2.45%			7.63%			−3.41%			2.50%			2.64%			7.86%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)			$1,077,471			$982,855			$941,251			$369,539			$592,519			$732,002
Ratio of expenses to average net assets:
Before expense reimbursement/ recoupment(d)			0.58%			0.58%			0.61%			0.62%			0.62%			0.59%
After expense reimbursement/ recoupment(d)			0.50%			0.50%			0.50%			0.49%			0.49%			0.49%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(d)			0.00%(e)			—%			—%			—%			—%			—%
Ratio of net investment income to average net assets(d)			4.59%			4.19%			2.83%			2.46%			2.77%			2.60%
Portfolio turnover rate(c)			34%			49%			26%			69%			75%			47%

(a)
Net investment income per share has been calculated based on average shares outstanding during the year.

(b)
Amount represents less than $0.005 per share.

(c)
Not annualized for periods less than one year.

(d)
Annualized for periods less than one year.

(e)
Amount represents less than 0.005%.

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

58

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 (Unaudited)

NOTE 1 – ORGANIZATION

The Muzinich Credit Opportunities Fund (“Credit Opportunities Fund”), Muzinich Flexible U.S. High Yield Income 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 performance history of the Funds commenced on January 3, 2013, March 27, 2017, and June 30, 2016, respectively.

The Funds offer two classes of shares: Institutional shares and Supra Institutional shares. 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 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.

Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded.

Forward foreign currency exchange contracts are presented at fair value measured by the difference between the forward exchange rates (“forward rates”) at the dates of entry into the contracts and the forward rates at the reporting date, and such differences are included in the Statements of Assets and Liabilities.

59

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 (Unaudited) (Continued)

Swap contracts, such as credit default swaps, total return swaps, interest rate swaps and currency swaps, are priced by an approved independent pricing service. The independent pricing service includes observable market data inputs in an evaluated valuation methodology.

Futures contracts are priced by an approved independent pricing service. Futures contracts are valued at the settlement price on the exchange on which they are principally traded.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board”) has adopted a Valuation Policy designating Muzinich & Co., Inc. (the “Advisor”) as the Funds’ Valuation Designee. Under Rule 2a-5, the Valuation Designee shall determine the fair value of securities for which readily available market quotes are not available in accordance with procedures approved by the Board. As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis.

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

Level 1 –

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

Level 2 –

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.

The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2024. See the Schedules of Investments for industry breakouts.

Credit Opportunities Fund

Description			Level 1			Level 2			Level 3			Total
Assets:
Corporate Bonds			$    —			$208,445,345			$    —			$208,445,345
Bank Loans			—			18,592,849			—			18,592,849
Convertible Bonds			—			5,786,069			—			5,786,069
U.S. Treasury Securities			—			2,805,215			—			2,805,215
Money Market Funds			198,937			—			—			198,937
Total Assets			$198,937			$235,629,478			$—			$235,828,415

60

Muzinich Funds

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 (Unaudited) (Continued)

Other Financial Instruments¹:

Description			Level 1			Level 2			Level 3			Total
Forwards			$    —			$   445,305			$     —			$   445,305
Total Other Financial Instruments			$—			$445,305			$—			$445,305

Liabilities:

Other Financial Instruments¹:

Forwards			$    —			$   (32,336)			$     —			$   (32,336)
Total Other Financial Instruments			$—			$(32,336)			$—			$(32,336)

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.

Flexible U.S. High Yield Income Fund

Description			Level 1			Level 2			Level 3			Total
Assets:
Corporate Bonds			$     —			$  35,079,737			$     —			$  35,079,737
Bank Loans			—			9,349,487			—			9,349,487
Money Market Funds			1,127,867			—			—			1,127,867
Total Assets			$1,127,867			$44,429,224			$—			$45,557,091

Low Duration Fund

Description			Level 1			Level 2			Level 3			Total
Assets:
Corporate Bonds			$     —			$​965,916,908			$     —			$​965,916,908
Bank Loans			—			48,097,524			—			48,097,524
Convertible Bonds			—			34,659,276			—			34,659,276
Money Market Funds			21,986,296			—			—			21,986,296
Total Assets			$21,986,296			$1,048,673,708			$—			$1,070,660,004

Other Financial Instruments¹:

Description			Level 1			Level 2			Level 3			Total
Forwards			$     —			$  577,482			$     —			$   577,482
Total Other Financial Instruments			$—			$577,482			$—			$577,482
Liabilities:
Other Financial Instruments1:
Forwards			$—			$(1,509,588)			$—			$(1,509,588)
Total Other Financial Instruments			$—			$(1,509,588)			$—			$(1,509,588)

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

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

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

The average notional value of forward foreign currency exchange contracts outstanding during the six months ended June 30, 2024 for the Credit Opportunities Fund and Low Duration Fund was $90,896,198 and $516,046,135, respectively. Forward foreign currency exchange contracts entered into during the six months ended June 30, 2024, were with the Bank of New York for the Credit Opportunities Fund and Low Duration Fund. The Low Duration Fund entered into swap contract transactions with Barclays Investment Bank and Bank of America Securities, Inc. during the six months ended June 30, 2024, at an average transaction notional value of $3,500,000 and $5,250,000, respectively. The Credit Opportunities Fund did not enter into any swap contracts during the six months ended June 30, 2024. The Credit Opportunities Fund and Low Duration Fund did not enter into any futures contracts during the six months ended June 30, 2024.

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, 2024:

Credit Opportunities Fund

Asset Derivatives as of June 30, 2024

Liability Derivatives as of June 30, 2024

Instrument

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Forward Foreign Currency Exchange Contracts

Unrealized Appreciation on Forward Foreign Currency Exchange Contracts

​$445,305

Unrealized Depreciation on Forward Foreign Currency Exchange Contracts

​$445,305

$  —

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Low Duration Fund

Asset Derivatives as of June 30, 2024

Liability Derivatives as of June 30, 2024

Instrument

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Forward Foreign Currency Exchange Contracts

Unrealized Appreciation on Forward Foreign Currency Exchange Contracts

Unrealized Depreciation on Forward Foreign Currency Exchange Contracts

​$32,336

$  —

​$32,336

Statements of Operations

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2024:

Credit Opportunities Fund

Instrument			Location of Gain (Loss) on Derivatives Recognized in Income			Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
Forward Foreign Currency Exchange Contracts			Net realized and unrealized gain (loss) on forward foreign currency exchange contracts			$     742,333			$     1,926,886
Credit Default - Swap Contracts			Net realized and unrealized gain (loss) on swap contracts			(7,020)			—
						$735,313			$     1,926,886

Low Duration Fund

Instrument			Location of Gain (Loss) on Derivatives Recognized in Income			Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
Forward Foreign Currency Exchange Contracts			Net realized and unrealized gain (loss) on forward foreign currency exchange contracts			​$     121,569			$     15,656,808
Futures Contracts			Net realized and unrealized gain (loss) on futures contracts			—			(1,253)
						$121,569			$     15,655,555

The U.S. High Yield Fund did not have derivatives activity during the six months ended June 30, 2024.

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

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well-established and relatively liquid. The Credit Opportunities Fund had swap contracts activity during the six months ended June 30, 2024. 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, 2024.

C.
Futures Contracts. Each Fund may purchase or sell futures contracts and options thereon to hedge against changes in interest rates, securities (through index futures or options) or currencies. The purchase of futures contracts may be more efficient or cost effective than actually buying the underlying securities or assets. A futures contract is an agreement that obligates the buyer to buy and the seller to sell a specified quantity of an underlying asset (or settle for cash the value of a contract based on an underlying asset, rate or index) at a specific price on the contract maturity date. Upon entering into a futures contract, each Fund is required to pledge to the counterparty an amount of cash, U.S. Government securities or other high quality debt securities equal to the minimum “initial margin” requirements of the exchange or the broker. Pursuant to a contract entered into with a futures commission merchant, each Fund agrees to receive from or pay to the firm an amount of cash equal to the cumulative daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized gains or losses. When the contract is closed, the Funds record a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Each Fund will cover its current obligations under futures contracts by the segregation of liquid assets or by entering into offsetting transactions or owning positions covering its obligations. The Funds’ use of futures contracts may involve risks that are different from, or possibly greater than, the risks associated with investing directly in securities or other more traditional instruments. These risks include the risk that the value of the futures contracts may not correlate perfectly, or at all, with the value of the assets, reference rates, or indexes that they are designed to track. Other risks include: an illiquid secondary market for a particular instrument and possible exchange- imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; the risk that adverse price movements in an instrument can result in a loss substantially greater than the Funds’ initial investment in that instrument (in some cases, the potential loss is unlimited); and the risk that a counterparty will not perform its obligations. The Credit Opportunities Fund and Low Duration Fund had futures contracts activity during the six months ended June 30, 2024. 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, 2024.

D.
Forward Foreign Currency Exchange Contracts. During the six months ended June 30, 2024, 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, 2024.

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.

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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 ended December 31, 2023, the Credit Opportunities Fund, U.S. High Yield Fund, and Low Duration Fund did not defer any post-October losses.

As of the most recent fiscal year ended December 31, 2023, 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			$   23,526,074			$  1,140,618			$ 18,172,752
Long-Term Capital Loss Carryovers			9,549,093			2,238,817			31,125,044
Total			$33,075,167			$3,379,435			$49,297,796

As of June 30, 2024, the Funds did not have any tax positions that did not meet the “more likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdictions as U.S. Federal and the Commonwealth of Massachusetts; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

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

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

65

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June 30, 2024 (Unaudited) (Continued)

redemption price per share for each Fund is equal to each Fund’s net asset value per share. The Funds charge a 1% redemption fee on shares held less than 90 days. The fee is deducted from the redemption proceeds otherwise payable to the shareholder. The Funds will retain the fee charged as paid-in capital and such fees become part of that Funds’ daily NAV calculation.

K.
Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

L.
Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board approved liquidity risk management program that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any investment that each Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

M.
Variable and Floating Rate Securities. The Funds may invest in variable and floating rate securities. Fixed income securities that have variable or floating rates of interest may, under certain limited circumstances, have varying principal amounts. These securities pay interest at rates that are adjusted periodically according to a specified formula, usually with reference to one or more interest rate indices or market interest rates (the “underlying index”). The interest paid on these securities is a function primarily of the underlying index upon which the interest rate adjustments are based. These adjustments minimize changes in the market value of the obligation. Similar to fixed rate debt instruments, variable and floating rate instruments are subject to changes in value based on changes in market interest rates or changes in the issuer’s creditworthiness. The rate of interest on securities may be tied to U.S. Government Securities or indices on those securities as well as any other rate of interest or index.

Variable and floating rate demand notes of corporations are redeemable upon a specified period of notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying interest rates under direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days’ notice.

Certain securities may have an initial principal amount that varies over time based on an interest rate index, and, accordingly, a Fund might be entitled to less than the initial principal amount of the security upon the security’s maturity. A Fund intends to purchase these securities only when the Advisor believes the interest income from the instrument justifies any principal risks associated with the instrument. The Advisor may attempt to limit any potential loss of principal by purchasing similar instruments that are intended to provide an offsetting increase in principal. There can be no assurance that the Advisor will be able to limit the effects of principal fluctuations and, accordingly, a Fund may incur losses on those securities even if held to maturity without issuer default.

N.
When-Issued Securities and Forward Commitments. The Funds may purchase securities offered on a “when-issued” and “forward commitment” basis (including a delayed delivery basis). Securities purchased on a “when-issued” or “forward commitment basis” are securities not available for immediate delivery despite the fact that a market exists for those securities. A purchase is made on a “delayed delivery” basis when the transaction is structured to occur sometime in the future.

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

66

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June 30, 2024 (Unaudited) (Continued)

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, 2024:

Credit Opportunities Fund

Description			Gross Amounts			Gross Amounts Offset in the Statements of Assets and Liabilities			Net Amounts Presented in the Statements of Assets and Liabilities			Financial Instruments			Cash Collateral Pledged (Received)			Net Amount
Assets
Forward foreign currency exchange contracts			$  445,305			$    —			$ 445,305			$ (32,336)			$   —			$ 412,969
Liabilities
Forward foreign currency exchange contracts			32,336			—			32,336			(32,336)			—			—

Low Duration Fund

Description			Gross Amounts			Gross Amounts Offset in the Statements of Assets and Liabilities			Net Amounts Presented in the Statements of Assets and Liabilities			Financial Instruments			Cash Collateral Pledged (Received)			Net Amount
Assets
Forward foreign currency exchange contracts			$  577,482			$    —			$ 577,482			$ (577,482)			$  —			$—
Credit Default - Swap Contracts
Liabilities
Forward foreign currency exchange contracts			1,509,589			—			1,509,589			(577,482)			—			932,107
Credit Default - Swap Contracts

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

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Q.
Recently Issued Accounting Pronouncements. In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. The Financial Accounting Standards Board (“FASB”) approved an (optional) 2-year extension, until December 31, 2024, for temporary relief of transitioning away from the LIBOR. LIBOR is set to expire June 30, 2023. Companies were initially provided temporary relief through December 31, 2022 to update contracts moving away from LIBOR.

In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

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, 2024, 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

68

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June 30, 2024 (Unaudited) (Continued)

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, 2024, 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, 2024, 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, 2024			$​523,682			$​107,629			$​144,824
December 31, 2025			666,995			233,047			596,208
December 31, 2026			486,807			247,658			838,624
June 30, 2027			277,271			126,173			431,940
Total			$​1,954,755			$​714,507			$​2,011,596

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), acts as the Funds’ administrator, fund accountant and transfer agent. In those capacities Fund Services maintains the Funds’ books and records, calculates the Funds’ NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Funds to Fund Services for these services for the six months ended June 30, 2024, are disclosed in the Statements of Operations.

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

Pursuant to a Shareholder Service Plan adopted by the Trust and established by the Funds with respect to the 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, 2024, are disclosed in the Statements of Operations.

NOTE 4 – PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2024, 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			$215,275,389			$236,631,758$
U.S. High Yield Fund			21,397,690			23,433,624
Low Duration Fund			417,861,098			327,123,906

For the six months ended June 30, 2024, 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			$42,259,132$			$ 76,501,755

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, 2024.

69

Muzinich Funds

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June 30, 2024 (Unaudited) (Continued)

NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the six months ended June 30, 2024, and the year ended December 31, 2023, was as follows:

			Ordinary Income
			June 30, 2024			December 31, 2023
Credit Opportunities Fund			$4,478,518			$ 11,151,062
U.S. High Yield Fund			1,738,386			2,400,350
Low Duration Fund			9,605,812			48,879,002

			Long-Term Capital Gains1
			June 30, 2024			December 31, 2023
Credit Opportunities Fund			$    —			$     —
U.S. High Yield Fund			—			—
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.

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

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

NOTE 6 – CREDIT FACILITY

U.S. Bank N.A. has made available to the Credit Opportunities Fund, 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, 2024, are as follows:

Credit Opportunities Fund
Maximum available credit			$15,000,000
Largest amount outstanding on an individual day			—
Average daily loan outstanding when in use			—
Credit facility outstanding as of June 30, 2024			—
Average interest rate when in use			0.00%

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Muzinich Funds

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 (Unaudited) (Continued)

U.S. High Yield Fund
Maximum available credit			$4,000,000
Largest amount outstanding on an individual day			—
Average daily loan outstanding when in use			—
Credit facility outstanding as of June 30, 2024			—
Average interest rate when in use			0.00%

Low Duration Fund
Maximum available credit			$80,000,000
Largest amount outstanding on an individual day			10,657,000
Average daily loan outstanding when in use			3,795,333
Credit facility outstanding as of June 30, 2024			—
Average interest rate when in use			7.67%

Interest expense for the six months ended June 30, 2024, is disclosed in the Statements of Operations, if applicable.

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

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

71

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

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

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

Item 9. Proxy Disclosure for Open-End Investment Companies.

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

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See Item 7(a).

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

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable to open-end investment companies.

Item 19. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to previous Form N-CSR filing.

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed.

Not applicable.

(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

(b) Certifications 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 6, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date September 6, 2024

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

Date September 6, 2024

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