# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000898531-23-000144
**Filing Date:** 2023-3
**Character Count:** 358664
**Document Hash:** 1d9cb89ebf1ea862fc258b81233bd011
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898531-23-000144.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0000898531-23-000144

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROFESSIONALLY MANAGED PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000811030
- **IRS NUMBER:** 566415270
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 23719603

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7363

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AVONDALE INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19910529

## Series and Classes Contracts Data

### Muzinich U.S. High Yield Credit Fund (Series ID: S000036429)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000111438 | Class A Shares             | MZHRX           |
| C000111439 | Institutional Shares       | MZHIX           |
| C000111440 | Supra Institutional Shares | MZHSX           |

### Muzinich Credit Opportunities Fund (Series ID: S000036430)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000111442 | Institutional Shares       | MZCIX           |
| C000111443 | Supra Institutional Shares | MZCSX           |

### Muzinich Low Duration Fund (Series ID: S000054438)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000170962 | Class A Shares             | MZLRX           |
| C000170963 | Institutional Shares       | MZLIX           |
| C000170964 | Supra Institutional Shares | MZLSX           |

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

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **<u>(811-05037)</u>**

**<u>Professionally Managed Portfolios</u>**<br> (Exact name of registrant as specified in charter)

#### 615 East Michigan Street
**<u>Milwaukee, WI 53202</u>**<br> (Address of principal executive offices) (Zip code)

#### Jason Hadler

#### Professionally Managed Portfolios
**c/o U.S. Bank Global Fund Services**<br> **777 E. Wisconsin Avenue**<br> **Milwaukee, WI 53202**<br> (Name and address of agent for service)

<u>(414) 516-1523</u>

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

Date of reporting period: **<u>December 31, 2022</u>**

****

<br> ****

<br> ------

****

<br> #### Item 1. Report to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <br>

## Muzinich & Co.

### Muzinich Credit Opportunities Fund

### Muzinich U.S. High Yield Credit Fund

### Muzinich Low Duration Fund

#### ANNUAL REPORT
December 31, 2022

------

#### Muzinich Funds

&nbsp;&nbsp;&nbsp; **TABLE OF CONTENTS**<br>

---

| | |
|:---|:---|
| A Message to our Shareholders | 1 |
| Sector Allocations | 6 |
| Historical Performance | 9 |
| Schedules of Investments | 14 |
| Statements of Assets and Liabilities | 42 |
| Statements of Operations | 44 |
| Statements of Changes in Net Assets | 45 |
| Financial Highlights | 48 |
| Notes to Financial Statements | 53 |
| Report of Independent Registered Public Accounting Firm | 65 |
| Expense Examples | 66 |
| Approval of Investment Advisory Agreement | 68 |
| Trustees and Executive Officers | 71 |
| Additional Information | 74 |
| Privacy Notice | 75 |

---

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(This Page Intentionally Left Blank.)

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#### Dear Investors:
The Muzinich Credit Opportunities Fund ("Credit Opportunities Fund") finished the year with assets of $296,812,303, reduced from $364,891,668 at the start of the year reflecting net outflows and a net investment return of -8.41% for the Supra Institutional units and -8.39% for the Institutional units. The Fund strongly outperformed the broad global corporate credit markets as reflected in the significantly more negative -13.64% return of the ICE BofAML Global Corporate and High Yield Index (GI00) hedged to USD, which is the Fund's primary benchmark. Since inception from January 3, 2013 the Credit Opportunities Fund's Supra Institutional units have gained an annualized net return of +3.26%, outperforming the benchmark which has returned +2.53% annualized.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Performance as of December 31, 2022** | **1 Year** | **3 Year** | **5 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Credit Opportunities Fund (Supra Institutional) | &nbsp;&nbsp;&nbsp;&nbsp;-8.41% | -0.52% | 1.79% | 3.26% |
| &nbsp;&nbsp;&nbsp; ICE BofAML Global Corporate & High Yield Index (USD 100% Hedged) | -13.64% | -2.35% | 0.79% | 2.53% |

---

Periods greater than one year are average annual returns.

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

#### Expense Ratios<sup>1</sup>
Gross Expense Ratio: 0.77%

Net Expense Ratio: 0.60%<sup>2</sup>

 <sup>1</sup> Expense ratios are from the Fund's most recent prospectus dated April 30, 2022 (Supra Institutional Class). See the Financial Highlights in this report for the most current expense ratios.

 <sup>2</sup> The Advisor has contractually agreed to waive its fees and reimburse certain expenses through April 30, 2023.

The Muzinich U.S. High Yield Credit Fund ("U.S. High Yield Credit Fund") ended the year with assets of $33,061,022, increased from $28,520,755, on net inflows, as investment performance was negative for the year. The Fund's Supra Institutional units returned -11.61% net over this year, underperforming the -10.54% return of the benchmark, the ICE BofAML U.S. High Yield Cash Pay BB-B Constrained Index (JUC4). Institutional units had a net return of -11.71%. Since inception on March 31, 2016, the U.S. High Yield Credit Fund has underperformed the benchmark, delivering an annualized net return for the Supra Institutional units of +3.37% vs. the market's +4.36% return.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Performance as of December 31, 2022** | **1 Year** | **3 Year** | **5 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; U.S. High Yield Fund – Supra Institutional | -11.61% | -0.47% | 1.78% | 3.37% |
| &nbsp;&nbsp;&nbsp; ICE BofA Merrill Lynch BB-B U.S. Cash Pay |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;High Yield Constrained Index (JUC4) | -10.59% | -0.18% | 2.32% | 4.36% |

---

Periods greater than one year are average annual returns.

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

Gross Expense Ratio: 1.19%

Net Expense Ratio: 0.58%<sup>2</sup>

 <sup>1</sup> Expense ratios are from the Fund's most recent prospectus dated April 30, 2022 (Supra Institutional Class). See the Financial Highlights in this report for the most current expense ratios.

 <sup>2</sup> The Advisor has contractually agreed to waive its fees and reimburse certain expenses through April 30, 2023.

The Muzinich Low Duration Fund ("Low Duration Fund") expanded from its year end-starting balance of $370,479,206 to an impressive $843,684,244, reflecting net inflows and positive investment performance well ahead of the benchmark. The Supra Institutional units produced a return of -3.41%, outperforming the return of -3.77% for the index, ICE BofAML 1-3 year U.S.

------

#### Muzinich Funds

Corporate and Government Index (B1A0), which serves as this Fund's primary benchmark. Since inception on June 30, 2016, the Supra Institutional class has produced an annualized net return of +2.38% per annum vs. the +0.79% average annualized benchmark return.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Performance as of December 31, 2022** | **1 Year** | **3 Year** | **5 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Low Duration Fund – Supra Institutional | -3.41% | 0.54% | 2.01% | 2.38% |
| &nbsp;&nbsp;&nbsp; ICE BofA Merrill Lynch 1-3 Year |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;U.S. Corporate & Government Index (B1A0) | -3.79% | -0.32% | 0.93% | 0.79% |

---

Periods greater than one year are average annual returns.

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

#### Expense Ratios<sup>1</sup>
Gross Expense Ratio: 0.63%

Net Expense Ratio: 0.50%<sup>2</sup>

 <sup>1</sup> Expense ratios are from the Fund's most recent prospectus dated April 30, 2022 (Supra Institutional Class). See the Financial Highlights in this report for the most current expense ratios.

 <sup>2</sup> The Advisor has contractually agreed to waive its fees and reimburse certain expenses through April 30, 2023.

#### Market
Investors are likely pleased to see 2022 recede well into the rear-view mirror. Throughout the year, in order to fight accelerating inflation, most key global central banks aggressively tightened, delivering fixed income pain especially to the highest quality, most rate-sensitive paper. At the other end of the spectrum, the lowest rated high yield (HY) paper declined more than higher rated HY, especially late in the year as investors started to fear potential recessionary consequences of central bank tightening. Nevertheless, no space provided refuge as the mantra of many investors became "don't fight the Fed (meaning the US Federal Reserve or any other central bank dedicated to inflation taming in 2022)." Emerging markets (EM) also lagged for most of the year, led downward by restrictive COVID and monetary policy in China. Brief summer and year-end rallies in the US—especially in US HY in October and November—punctuated the market's gloom as investors sought to capture the market's lower valuations for good quality credits, believing that ultimately fundamentals would succeed in the longer term and that yields—which were pricing in elevated default rates not likely to materialize—were too attractive to pass up. Overall, corporate markets of all ratings delivered extraordinary volatility despite the fact that credit conditions remained generally benign across corporate fixed income. While the fourth quarter and the year both ended with global credit discounted below par and offering attractive yields, investors, in our view, finished the year with some fear that overtightening by central banks might still lead to recession. We particularly saw this fear price into the market with December's give back of some gains earned earlier in the quarter. This means that while 2022 may have been all—or at least mostly—about rates, 2023 is likely to push individual credit selection skills to the forefront should credit spreads continue to decompress across the ratings spectrum.

#### Performance Factors

#### Muzinich Credit Opportunities Fund
Over the course of the year, the Fund benefitted from tactical management that demonstrated its ability to navigate pressures from higher interest rates. We maintained a defensive posture given rising rates and volatility related to macro headlines and economic data, while adding positions when attractive opportunities presented themselves. While the Fund declined, it strongly outperformed its indicative ICE BofAML Global Corporate and High Yield Index (GI00).

As central bank hawkishness increased, economic growth faltered, and geopolitical risks increased as a result of the war in Ukraine. We reduced our credit exposure and increased our cash and Treasury position to historically high levels. As valuations improved globally, we redeployed capital into corporate credit and ended 2022 with cash and Treasuries significantly lower than earlier in the year. As global growth faced increasing headwinds over 2022, we substantially reduced our HY and loan positions. We also focused on short duration exposure with a high quality bias when investing in HY. In EM, we reached a multi-year low allocation during 2Q, with high single digits of the portfolio invested in EM corporates. As valuations improved, we were able to move nimbly and increase the EM allocation during both 3Q and 4Q, primarily with additions to EM investment grade (IG).

------

#### Muzinich Funds

Given the geopolitical uncertainty related to the war in Eastern Europe and the resulting negative impact particularly on the broader European economy, we reduced the allocation to both European IG and HY beginning in February and March of 2022. However, as valuations improved significantly during the year and began to compensate for the uncertainty, we were able to tactically add to shorter duration, higher quality European corporate bonds during 4Q of 2022.

With increased cyclical risk facing credit, we decreased exposure to cyclical industries and favored non-cyclical sectors during the first and second quarters. Duration was actively managed during the year given continued interest rate pressures as central banks embarked on relatively aggressive hiking cycles. After entering 2022 with a duration considerably below our long term average of 3.7 years, as longer duration assets began to provide more attractive upside convexity potential, we strategically increased portfolio duration, moving closer to the long term average by the end of the third quarter, and eventually lengthening portfolio duration to just under 5 year duration by the end of the year.

#### Muzinich U.S. High Yield Credit Fund
In this challenging environment, the Muzinich U.S. High Yield Credit Fund declined and underperformed its benchmark net of fees. The increase in Treasury yields during much of the reporting period meant that once again there were very few places to hide from a rates perspective. We continued to favor defensive sectors and secured paper, however, towards the end of the reporting period, we began to selectively consider cyclical sectors/companies with exceptional balance sheets and/or refinancing levers at attractive valuations. On a sector basis, the Fund benefitted from strong credit selection in diversified financial services and energy bonds, as well as an overweight of healthcare bonds. Conversely, exposure to select automotive & auto parts bonds detracted from relative performance. At the end of the reporting period, energy is the largest sector exposure, largely concentrated in BB rated credits with rising star potential and/or greater exposure to midstream and natural gas end markets, which we believe have greater staying power over the medium term. Over the reporting period, strong credit selection of B+ and BB- rated credit most significantly benefitted Fund performance. By duration, an underweight of 7-10+ years duration bonds helped bolster returns. Looking forward, we do not believe that rates should be anything like the headwinds they were in 2022, however, geopolitical uncertainty (i.e., Ukraine/Russia, China, etc.) and structural inflationary elements (e.g., labor) might lead the market to conclude that it is overly estimating a Fed pivot. We also note that the forces which might cause rates to decline rapidly could likely push spreads wider than our base case. In this uncertain environment, we believe that careful idiosyncratic credit selection will lead the market.

#### Muzinich Low Duration Fund
In a year dominated by rates, the Fund's rates hedges helped protect the portfolio from significant periods of rate volatility across both the US and Europe. During the first half of the year, we built up the Fund's US dollar allocation to help isolate the portfolio from geopolitical issues and tensions within Europe – including the Russia/Ukraine conflict. At that time, we also believed that the US economy appeared healthier than Europe's, and that the Fed was further ahead in its rate hiking program than the European Central Bank. During the second half of the year, we began rotating the portfolio back into Euro denominated bonds – notably within the IG segment, and away from US dollar denominated holdings on the back of an increasingly attractive spread pick up and moderate credit risk in European IG. Towards the end of the reporting period, we took advantage of well-valued opportunities across the automotives & auto parts sector, the homebuilders/real estate sector, and the airlines sector, where we believe fundamentals appear stronger than valuations might portray (e.g., airlines reported notably strong third-quarter earnings). We also deployed cash into diversified financials. Given the strategy's crossover profile, the Fund has an allocation to HY. However, in light of the growing uncertainty in the macroeconomic backdrop, we scaled back our HY holdings on the back of increased credit risk. This included reducing the single B allocation, given an increased potential for rising default rates in the lower rated part of the credit market. We expect further reductions as we move into the first quarter of the new year.

------

#### Muzinich Funds

#### Outlook
Following a significant sell off in 2022, credit market valuations, compared with historic and forward-looking equity returns, have returned to more competitive levels. Entering 2023, we believe valuation levels will still be mixed across geographies. While yields and dollar price discounts generally remain attractive, spread levels in both the US credit markets and Emerging Markets (EM) are below their 10-year averages. In European credit markets, spreads continue to remain wide of those averages. We believe the prospects for economic growth and inflationary pressures are driving the valuation divergence across credit markets. With receding inflationary pressures and a strong job market in the US, the expectations for a softer landing and potential visibility into the end of the Fed's hiking cycle are bolstering demand for risk assets and credit spread tightening. Many EM geographies are performing well economically, with corporate balance sheets—in some cases—stronger than their developed market peers. While Europe faces greater uncertainty around growth and inflationary pressures likely driving additional central bank actions, valuations for higher quality credits are attractive in our view given that balance sheets are relatively healthy, maturity profiles are benign, and default expectations are modest. We continue to favor higher quality credits across geographies as we expect this phase of the credit cycle to bring higher levels of idiosyncratic credit risk.

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

Sincerely,

---

| | | |
|:---|:---|:---|
| ![](anthony_demeo-signature.jpg) | ![](stuart_fuller-signature.jpg) | ![](joe_galzerano-signature.jpg) |
| Anthony DeMeo | Stuart Fuller | Joe Galzerano |
| ![](tatjanagreilcastro-signature.jpg) | ![](craig_guttenplan-signature.jpg) | ![](warren_hyland-signature.jpg) |
| Tatjana Greil-Castro | Craig Guttenplan | Warren Hyland |
| ![](ian_horn-signature.jpg) | ![](michael_mceachern-signature.jpg) | ![](sam_mcgairl-signature.jpg) |
| Ian Horn | Michael McEachern | Sam McGairl |
| ![](brian_nold-signature.jpg) | ![](bryan_petermann-signature.jpg) | ![](torben_ronberg-signature.jpg) |
| Brian Nold | Bryan Petermann | Torben Ronberg |
| ![](thomas_samson-signature.jpg) | ![](kevin_ziets-signature.jpg) |  |
| Thomas Samson | Kevin Ziets |  |

---

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

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

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

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#### Muzinich Funds

**Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Funds in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for emerging markets. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. These risks are fully disclosed in the prospectus. Floating rate loans may not be fully collateralized and therefore may decline significantly in value. Each Fund will bear its share of the fees and expenses of investments in underlying funds or exchange-traded funds (ETFs). Shareholders will pay higher expenses than would be the case if making direct investments in underlying funds or ETFs. Because the Funds invest in ETFs, they are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund's ability to sell its shares. The Funds invest in high yield debt instruments which tend to be less liquid than higher quality debt instruments. The Funds may make short sales of securities, which involves the risk that losses may exceed the original amount invested. Please note that while the Funds' prospectus states that the Funds may use leverage, and that they may make short sales of securities, which involve the risk that losses may exceed the original amount invested, the Funds' portfolio managers do not anticipate engaging in either practice. The Funds will endeavor to limit price fluctuations caused by the changing relative value of currencies in which the Funds invest but hedging involves costs and there can be no guarantee that the Funds will be perfectly hedged or that the hedging will work as anticipated. Diversification does not assure a profit, nor does it protect against a loss in a declining market.**

Must be preceded or accompanied by a prospectus.

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

Index Definitions:

Indexes are unmanaged and it is not possible to invest directly in an index.

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

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

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

Glossary:

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

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

A rising star is a high yield bond which may be upgraded to investment grade by one or more rating agencies based on their analysis of the bond's financial and other characteristics.

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

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#### Muzinich Credit Opportunities Fund

#### ("Credit Opportunities Fund")

&nbsp;&nbsp;&nbsp; **SECTOR ALLOCATIONS** at December 31, 2022 (Unaudited)<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Sector | % of Net Assets |
| &nbsp;&nbsp;&nbsp; Sovereign | 17.2% |
| &nbsp;&nbsp;&nbsp; Banking | 13.3% |
| &nbsp;&nbsp;&nbsp; Energy | 7.7% |
| &nbsp;&nbsp;&nbsp; Telecommunications | 6.2% |
| &nbsp;&nbsp;&nbsp; Automotive & Auto Parts | 5.8% |
| &nbsp;&nbsp;&nbsp; Food/Beverage/Tobacco | 5.6% |
| &nbsp;&nbsp;&nbsp; Healthcare | 5.1% |
| &nbsp;&nbsp;&nbsp; Homebuilders/Real Estate | 3.7% |
| &nbsp;&nbsp;&nbsp; Diversified Financial Services | 3.4% |
| &nbsp;&nbsp;&nbsp; Chemicals | 2.9% |
| &nbsp;&nbsp;&nbsp; Airlines | 2.4% |
| &nbsp;&nbsp;&nbsp; Containers | 2.1% |
| &nbsp;&nbsp;&nbsp; Technology | 1.8% |
| &nbsp;&nbsp;&nbsp; Capital Goods | 1.6% |
| &nbsp;&nbsp;&nbsp; Services | 1.5% |
| &nbsp;&nbsp;&nbsp; Transportation Excluding Air/Rail | 1.5% |
| &nbsp;&nbsp;&nbsp; Utilities | 1.4% |
| &nbsp;&nbsp;&nbsp; Broadcasting | 1.2% |
| &nbsp;&nbsp;&nbsp; Food & Drug Retail | 1.3% |
| &nbsp;&nbsp;&nbsp; Leisure | 1.2% |
| &nbsp;&nbsp;&nbsp; Restaurants | 1.2% |
| &nbsp;&nbsp;&nbsp; Super Retail | 1.2% |
| &nbsp;&nbsp;&nbsp; Aerospace/Defense | 1.0% |
| &nbsp;&nbsp;&nbsp; Cable/Satellite TV | 1.0% |
| &nbsp;&nbsp;&nbsp; Metals/Mining | 1.0% |
| &nbsp;&nbsp;&nbsp; Steel | 1.0% |
| &nbsp;&nbsp;&nbsp; Gaming | 0.8% |
| &nbsp;&nbsp;&nbsp; Building Materials | 0.7% |
| &nbsp;&nbsp;&nbsp; Hotels | 0.7% |
| &nbsp;&nbsp;&nbsp; Consumer-Products | 0.5% |
| &nbsp;&nbsp;&nbsp; Diversified Media | 0.5% |
| &nbsp;&nbsp;&nbsp; Paper | 0.5% |
| &nbsp;&nbsp;&nbsp; Environmental | 0.3% |
| &nbsp;&nbsp;&nbsp; Publishing/Printing | 0.2% |
| &nbsp;&nbsp;&nbsp; Cash & Equivalents<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.5</u><br><u>%</u> |
| &nbsp;&nbsp;&nbsp; Total | 100.0% |

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

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#### Muzinich U.S. High Yield Credit Fund

#### ("U.S. High Yield Credit Fund")

&nbsp;&nbsp;&nbsp; **SECTOR ALLOCATIONS** at December 31, 2022 (Unaudited)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Sector | % of Net Assets |
| &nbsp;&nbsp;&nbsp; Energy | 10.8% |
| &nbsp;&nbsp;&nbsp; Healthcare | 10.5% |
| &nbsp;&nbsp;&nbsp; Telecommunications | 8.9% |
| &nbsp;&nbsp;&nbsp; Homebuilders/Real Estate | 7.1% |
| &nbsp;&nbsp;&nbsp; Diversified Financial Services | 6.2% |
| &nbsp;&nbsp;&nbsp; Services | 4.3% |
| &nbsp;&nbsp;&nbsp; Cable/Satellite TV | 4.3% |
| &nbsp;&nbsp;&nbsp; Containers | 4.1% |
| &nbsp;&nbsp;&nbsp; Utilities | 3.6% |
| &nbsp;&nbsp;&nbsp; Technology | 3.3% |
| &nbsp;&nbsp;&nbsp; Leisure | 3.2% |
| &nbsp;&nbsp;&nbsp; Airlines | 2.7% |
| &nbsp;&nbsp;&nbsp; Gaming | 2.6% |
| &nbsp;&nbsp;&nbsp; Broadcasting | 2.5% |
| &nbsp;&nbsp;&nbsp; Restaurants | 2.3% |
| &nbsp;&nbsp;&nbsp; Super Retail | 2.3% |
| &nbsp;&nbsp;&nbsp; Capital Goods | 2.2% |
| &nbsp;&nbsp;&nbsp; Building Materials | 2.1% |
| &nbsp;&nbsp;&nbsp; Automotive & Auto Parts | 2.0% |
| &nbsp;&nbsp;&nbsp; Chemicals | 2.0% |
| &nbsp;&nbsp;&nbsp; Food/Beverage/Tobacco | 2.0% |
| &nbsp;&nbsp;&nbsp; Aerospace/Defense | 1.9% |
| &nbsp;&nbsp;&nbsp; Consumer-Products | 1.5% |
| &nbsp;&nbsp;&nbsp; Metals/Mining | 1.3% |
| &nbsp;&nbsp;&nbsp; Diversified Media | 1.1% |
| &nbsp;&nbsp;&nbsp; Hotels | 0.7% |
| &nbsp;&nbsp;&nbsp; Food & Drug Retail | 0.5% |
| &nbsp;&nbsp;&nbsp; Steel | 0.5% |
| &nbsp;&nbsp;&nbsp; Entertainment/Film | 0.4% |
| &nbsp;&nbsp;&nbsp; Transportation Excluding Air/Rail | 0.4% |
| &nbsp;&nbsp;&nbsp; Publishing/Printing | 0.3% |
| &nbsp;&nbsp;&nbsp; Environmental | 0.1% |
| &nbsp;&nbsp;&nbsp; Cash & Equivalents<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.3</u><br><u>%</u> |
| &nbsp;&nbsp;&nbsp; Total | 100.0% |

---

<sup>1</sup> Represents cash and other assets in excess of liabilities.

------

#### Muzinich Low Duration Fund

#### ("Low Duration Fund")

&nbsp;&nbsp;&nbsp; **SECTOR ALLOCATIONS** at December 31, 2022 (Unaudited)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Sector | % of Net Assets |
| &nbsp;&nbsp;&nbsp; Banking | 20.7% |
| &nbsp;&nbsp;&nbsp; Diversified Financial Services | 15.1% |
| &nbsp;&nbsp;&nbsp; Automotive & Auto Parts | 9.3% |
| &nbsp;&nbsp;&nbsp; Homebuilders/Real Estate | 5.6% |
| &nbsp;&nbsp;&nbsp; Telecommunications | 4.4% |
| &nbsp;&nbsp;&nbsp; Airlines | 3.4% |
| &nbsp;&nbsp;&nbsp; Services | 3.2% |
| &nbsp;&nbsp;&nbsp; Energy | 2.9% |
| &nbsp;&nbsp;&nbsp; Food/Beverage/Tobacco | 2.4% |
| &nbsp;&nbsp;&nbsp; Transportation Excluding Air/Rail | 2.5% |
| &nbsp;&nbsp;&nbsp; Chemicals | 2.4% |
| &nbsp;&nbsp;&nbsp; Technology | 2.3% |
| &nbsp;&nbsp;&nbsp; Cable/Satellite TV | 1.9% |
| &nbsp;&nbsp;&nbsp; Capital Goods | 1.7% |
| &nbsp;&nbsp;&nbsp; Hotels | 1.7% |
| &nbsp;&nbsp;&nbsp; Collateralized Debt Obligations | 1.6% |
| &nbsp;&nbsp;&nbsp; Healthcare | 1.5% |
| &nbsp;&nbsp;&nbsp; Gaming | 1.3% |
| &nbsp;&nbsp;&nbsp; Containers | 1.1% |
| &nbsp;&nbsp;&nbsp; Utilities | 1.1% |
| &nbsp;&nbsp;&nbsp; Quasi & Foreign Government | 1.0% |
| &nbsp;&nbsp;&nbsp; Building Materials | 0.8% |
| &nbsp;&nbsp;&nbsp; Metals/Mining | 0.8% |
| &nbsp;&nbsp;&nbsp; Steel | 0.8% |
| &nbsp;&nbsp;&nbsp; Food & Drug Retail | 0.5% |
| &nbsp;&nbsp;&nbsp; Super Retail | 0.5% |
| &nbsp;&nbsp;&nbsp; Broadcasting | 0.4% |
| &nbsp;&nbsp;&nbsp; Leisure | 0.4% |
| &nbsp;&nbsp;&nbsp; Consumer-Products | 0.3% |
| &nbsp;&nbsp;&nbsp; Publishing/Printing | 0.3% |
| &nbsp;&nbsp;&nbsp; Railroads | 0.3% |
| &nbsp;&nbsp;&nbsp; Diversified Media | 0.2% |
| &nbsp;&nbsp;&nbsp; Insurance | 0.2% |
| &nbsp;&nbsp;&nbsp; Paper | 0.1% |
| &nbsp;&nbsp;&nbsp; Environmental | 0.1% |
| &nbsp;&nbsp;&nbsp; Cash & Equivalents<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.2</u><br><u>%</u> |
| &nbsp;&nbsp;&nbsp; Total | 100.0% |

---

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

------

#### Credit Opportunities Fund

&nbsp;&nbsp;&nbsp; **HISTORICAL PERFORMANCE – SUPRA INSTITUTIONAL CLASS**<br>

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

#### High Yield Index (USD 100% Hedged)
(Unaudited)

![](mcof_supra-linechart.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual** |  |  |  | **Since Inception** | **Ending Value** |
| **<u>Returns for the Year Ended December 31, 2022</u>** | **<u>1 Year</u>** | **<u>3 Year</u>** | **<u>5 Year</u>** | **<u>(1/3/2013)</u>** | **<u>(12/31/2022)</u>** |
| Credit Opportunities Fund (Supra Institutional) | &nbsp;&nbsp;&nbsp;&nbsp;-8.41% | -0.52% | 1.79% | 3.26% | $6891018 |
| ICE BofAML Global Corporate & |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High Yield Index (USD 100% Hedged) | -13.64% | -2.35% | 0.79% | 2.53% | $6416639 |

---

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

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

------

#### Credit Opportunities Fund

&nbsp;&nbsp;&nbsp; **HISTORICAL PERFORMANCE – INSTITUTIONAL CLASS**<br>

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

#### High Yield Index (USD 100% Hedged)
(Unaudited)

![](mcof_inst-linechart.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual** |  |  |  | **Since Inception** | **Ending Value** |
| **<u>Returns for the Year Ended December 31, 2022</u>** | **<u>1 Year</u>** | **<u>3 Year</u>** | **<u>5 Year</u>** | **<u>(10/15/2014)</u>** | **<u>(12/31/2022)</u>** |
| Credit Opportunities Fund (Institutional) | &nbsp;&nbsp;&nbsp;&nbsp;-8.39% | -0.56% | 1.73% | 2.56% | $1230419 |
| ICE BofAML Global Corporate & |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High Yield Index (USD 100% Hedged) | -13.64% | -2.35% | 0.79% | 2.53% | $1183671 |

---

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

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

------

#### U.S. High Yield Fund

&nbsp;&nbsp;&nbsp; **HISTORICAL PERFORMANCE – SUPRA INSTITUTIONAL CLASS**<br>

#### Value of $5,000,000 vs. ICE BofAML BB-B U.S.

#### Cash Pay High Yield Constrained Index (JUC4)
(Unaudited)

![](mushycf_supra-linechart.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual** |  |  |  | **Since Inception** | **Ending Value** |
| **<u>Returns for the Year Ended December 31, 2022</u>** | **<u>1 Year</u>** | **<u>3 Year</u>** | **<u>5 Year</u>** | **<u>(3/31/2016)</u>** | **<u>(12/31/2022)</u>** |
| U.S. High Yield Fund (Supra Institutional) | -11.61% | -0.47% | 1.78% | 3.37% | $6253520 |
| ICE BofA Merrill Lynch BB-B U.S. Cash Pay |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High Yield Constrained Index (JUC4) | -10.59% | -0.18% | 2.32% | 4.36% | $6671965 |

---

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

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

------

#### U.S. High Yield Fund

&nbsp;&nbsp;&nbsp; **HISTORICAL PERFORMANCE –INSTITUTIONAL CLASS**<br>

#### Value of $1,000,000 vs. ICE BofAML BB-B U.S.

#### Cash Pay High Yield Constrained Index (JUC4)
(Unaudited)

![](mushycf_inst-linechart.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual** |  |  |  | **Since Inception** | **Ending Value** |
| **<u>Returns for the Year Ended December 31, 2022</u>** | **<u>1 Year</u>** | **<u>3 Year</u>** | **<u>5 Year</u>** | **<u>(3/27/2017)</u>** | **<u>(12/31/2022)</u>** |
| U.S. High Yield Fund (Institutional) | -11.71% | -0.52% | 1.73% | 2.44% | $1149079 |
| ICE BofA Merrill Lynch BB-B U.S. Cash Pay |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High Yield Constrained Index (JUC4) | -10.59% | -0.18% | 2.32% | 2.98% | $1184323 |

---

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

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

------

#### Low Duration Fund

&nbsp;&nbsp;&nbsp; **HISTORICAL PERFORMANCE – SUPRA INSTITUTIONAL CLASS**<br>

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

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

![](mldf_supra-linechart.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual** |  |  |  | **Since Inception** | **Ending Value** |
| **<u>Returns for the Year Ended December 31, 2022</u>** | **<u>1 Year</u>** | **<u>3 Year</u>** | **<u>5 Year</u>** | **<u>(6/30/2016)</u>** | **<u>(12/31/2022)</u>** |
| Low Duration Fund (Supra Institutional) | -3.41% | 0.54% | 2.01% | 2.38% | $5827945 |
| ICE BofA Merrill Lynch 1-3 Year U.S. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate & Government Index (B1A0) | -3.79% | -0.32% | 0.93% | 0.79% | $5263695 |

---

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

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

------

#### Credit Opportunities Fund

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 72.7%** | **CORPORATE BONDS: 72.7%** | **CORPORATE BONDS: 72.7%** | |
| **Aerospace/Defense: 1.0%** | **Aerospace/Defense: 1.0%** | **Aerospace/Defense: 1.0%** | |
|  |  | Embraer Netherlands Finance BV |  |
|  | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.050%, 6/15/25 | $875007 |
|  |  | Rolls-Royce PLC |  |
| EUR | 525000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 5/9/28 | 447384 |
|  |  | TransDigm Inc |  |
|  | 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 12/15/25 | 1550322 |
|  |  |  | 2872713 |
| **Airlines: 2.4%** | **Airlines: 2.4%** | **Airlines: 2.4%** |  |
|  |  | American Airlines Inc/ |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd |  |
|  | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 4/20/26 | 529723 |
|  | 425000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 4/20/29 | 388449 |
|  |  | Delta Air Lines Inc |  |
|  | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 1/15/26 | 1279213 |
|  |  | easyJet FinCo BV |  |
| EUR | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 3/3/28 | 779286 |
|  |  | easyJet PLC |  |
| EUR | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 2/9/23 | 374053 |
|  |  | Emirates Airline |  |
|  | 538061 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 2/6/25 | 530202 |
|  |  | Korean Air Lines Co Ltd |  |
|  | 620000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 9/23/25 | 614348 |
|  |  | Singapore Airlines Ltd |  |
|  | 1836000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 7/20/26 | 1706424 |
|  |  | Wizz Air Finance Co BV |  |
| EUR | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;1.350%, 1/19/24 | 560244 |
| EUR | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 1/19/26 | 577626 |
|  |  |  | 7339568 |
| **Automotive & Auto Parts: 5.6%** | **Automotive & Auto Parts: 5.6%** | **Automotive & Auto Parts: 5.6%** |  |
|  |  | Continental AG |  |
| EUR | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 11/30/27 | 678094 |
|  |  | FCE Bank PLC |  |
| EUR | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;1.615%, 5/11/23 | 1113796 |
|  |  | Ford Motor Credit Co LLC |  |
|  | 1925000 | &nbsp;&nbsp;&nbsp;&nbsp;3.370%, 11/17/23 | 1881426 |
|  | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;3.810%, 1/9/24 | 1241866 |
|  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.063%, 11/1/24 | 1059142 |
|  | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;2.300%, 2/10/25 | 950119 |
|  |  | General Motors Financial Co Inc |  |
| EUR | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;0.850%, 2/26/26 | 623870 |
|  |  | Hyundai Capital America |  |
|  | 1698000 | &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 9/17/26 | 1501638 |
|  |  | IHO Verwaltungs GmbH |  |
| EUR | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% Cash or |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4.000% PIK, 5/15/25 | 783543 |
| EUR | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% Cash or |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5.000% PIK, 9/15/26 | 373473 |
|  |  | Kia Corp |  |
|  | 470000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 4/21/26 | 433928 |
|  |  | Mercedes-Benz Finance Canada Inc |  |
| EUR | 825000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 2/23/27 | 865290 |
|  |  | Mercedes-Benz Group AG |  |
| EUR | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 5/11/28 | 677150 |
|  |  | PACCAR Financial Europe BV |  |
| EUR | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/29/25 | 476546 |
|  |  | RCI Banque SA |  |
| EUR | 490000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 5/26/26 | 475144 |
|  |  | Schaeffler AG |  |
| EUR | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 10/12/25 | 920079 |
|  |  | Valeo |  |
| EUR | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 8/3/28 | 661274 |
|  |  | Volkswagen Financial Services NV |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 11/25/24 | 530818 |
|  |  | Volkswagen International Finance NV |  |
| EUR | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/25 | 640274 |
| EUR | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 3.746%), 6/17/25 <sup>1,3,4</sup> | 794596 |
|  |  |  | 16682066 |
| **Banking: 7.6%** | **Banking: 7.6%** | **Banking: 7.6%** |  |
|  |  | ABN AMRO Bank NV |  |
|  | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.400% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 2.197%), 3/27/28 <sup>1,4</sup> | 785768 |
|  | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.324% (5 Year CMT |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Rate + 1.900%), 3/13/37 <sup>1,4</sup> | 581713 |
|  |  | AIB Group PLC |  |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.875% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 3.300%), 5/30/31 <sup>1,4</sup> | 1539670 |
|  |  | Banco Bradesco SA |  |
|  | 909000 | &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 1/27/25 | 869877 |
|  |  | Banco Daycoval SA |  |
|  | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/13/24 | 822630 |
|  |  | Bancolombia SA |  |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;7.139% (5 Year CMT |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Rate + 2.929%), 10/18/27 <sup>1,4</sup> | 493682 |
|  |  | Bank of America Corp |  |
|  | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp;4.827% (SOFR + 1.750%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7/22/26 <sup>1,4</sup> | 1458912 |
|  |  | Barclays PLC |  |
|  | 1210000 | &nbsp;&nbsp;&nbsp;&nbsp;3.564% (5 Year CMT |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Rate + 2.900%), 9/23/35 <sup>1,4</sup> | 927536 |
|  |  | BBVA Bancomer SA |  |
|  | 1282000 | &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 9/18/25 | 1164017 |
|  |  | BNP Paribas SA |  |
|  | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp;2.588% (5 Year CMT |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Rate + 2.050%), 8/12/35 <sup>1,4</sup> | 935337 |
|  |  | BPCE SA |  |
|  | 1710000 | &nbsp;&nbsp;&nbsp;&nbsp;3.116% (SOFR + 1.730%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10/19/32 <sup>1,4</sup> | 1256809 |
|  |  | CaixaBank SA |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% (1 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 3.550%), 2/23/33 <sup>1,4</sup> | 1610046 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
| **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 72.7% (Continued)** | **CORPORATE BONDS: 72.7% (Continued)** | |
| **Banking: 7.6% (Continued)** | **Banking: 7.6% (Continued)** | |
|  | Emirates NBD Bank PJSC |  |
| 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 10/21/27 | $1079219 |
|  | Global Bank Corp |  |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% (3 Month LIBOR |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 3.300%), 4/16/29 <sup>1,4</sup> | 729352 |
|  | HSBC Holdings PLC |  |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 6/30/25 | 469746 |
|  | ING Groep NV |  |
| 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.700% (5 Year Swap Rate |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.938%), 3/22/28 <sup>1,4</sup> | 1152221 |
|  | NatWest Group PLC |  |
| 1320000 | &nbsp;&nbsp;&nbsp;&nbsp;3.032% (5 Year CMT |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Rate + 2.350%), 11/28/35 <sup>1,4</sup> | 977015 |
|  | QNB Finance Ltd |  |
| 2115000 | &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 5/12/25 | 2002006 |
|  | Societe Generale SA |  |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% (3 Month |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EURIBOR + 1.800%), 12/6/30 <sup>1,4</sup> | 927933 |
|  | Standard Chartered PLC |  |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;3.516% (5 Year CMT |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Rate + 1.850%), 2/12/30 <sup>1,4</sup> | 600167 |
|  | United Overseas Bank Ltd |  |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;3.863% (5 Year CMT |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Rate + 1.450%), 10/7/32 <sup>1,4</sup> | 832080 |
|  | Westpac Banking Corp |  |
| 1910000 | &nbsp;&nbsp;&nbsp;&nbsp;2.668% (5 Year CMT |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Rate + 1.750%), 11/15/35 <sup>1,4</sup> | 1425901 |
|  |  | 22641637 |
| **Broadcasting: 1.2%** | **Broadcasting: 1.2%** |  |
|  | Netflix Inc |  |
| 530000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 6/15/25 | 559774 |
|  | Sirius XM Radio Inc |  |
| 525000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 8/1/27 | 486495 |
|  | TEGNA Inc |  |
| 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 3/15/26 | 1092798 |
|  | Warnermedia Holdings Inc |  |
| 1675000 | &nbsp;&nbsp;&nbsp;&nbsp;3.788%, 3/15/25 | 1601065 |
|  |  | 3740132 |
| **Building Materials: 0.7%** | **Building Materials: 0.7%** |  |
|  | Builders FirstSource Inc |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 2/1/32 | 406683 |
|  | CRH Funding BV |  |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 1/9/24 | 791963 |
|  | Standard Industries Inc |  |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 2/15/27 | 831796 |
|  |  | 2030442 |
| **Cable/Satellite TV: 1.0%** | **Cable/Satellite TV: 1.0%** |  |
|  | CCO Holdings LLC / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings Capital Corp |  |
| 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 5/1/26 | 1139224 |
| 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 2/1/32 | 873701 |
|  | DISH Network Corp |  |
| 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;11.750%, 11/15/27 | 1108486 |
|  |  | 3121411 |
| **Capital Goods: 1.4%** | **Capital Goods: 1.4%** |  |
|  | AGCO International Holdings BV |  |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;0.800%, 10/6/28 | 241469 |
|  | Alfa SAB de CV |  |
| 1410000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 3/25/24 | 1401850 |
|  | Carrier Global Corp |  |
| 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;2.722%, 2/15/30 | 1290157 |
|  | Traton Finance Luxembourg SA |  |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 11/10/24 | 694445 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/22/25 | 424453 |
|  |  | 4052374 |
| **Chemicals: 2.9%** | **Chemicals: 2.9%** |  |
|  | Alpek SAB de CV |  |
| 1771000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 9/18/29 | 1610326 |
|  | Braskem Netherlands Finance BV |  |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 1/31/30 | 768230 |
|  | Equate Petrochemical BV |  |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/3/26 | 671012 |
|  | MEGlobal Canada ULC |  |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;—%, 5/18/25 <sup>7</sup> | 305086 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 5/18/25 | 738113 |
|  | Orbia Advance Corp SAB de CV |  |
| 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/4/27 | 1292636 |
|  | Sherwin-Williams Co |  |
| 850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 8/8/25 | 836729 |
| 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 6/1/27 | 1149922 |
| 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 3/15/32 | 1214788 |
|  |  | 8586842 |
| **Consumer-Products: 0.5%** | **Consumer-Products: 0.5%** |  |
|  | Mattel Inc |  |
| 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 4/1/26 | 1035793 |
|  | Newell Brands Inc |  |
| 325000 | &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 9/15/29 | 321376 |
|  |  | 1357169 |
| **Containers: 2.1%** | **Containers: 2.1%** |  |
|  | Ardagh Packaging Finance PLC / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ardagh Holdings USA Inc |  |
| 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 8/15/26 | 1370680 |
| 825000 | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 8/15/26 | 740955 |
|  | Ball Corp |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/23 | 1472623 |
|  | DS Smith PLC |  |
| 525000 | &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 9/12/26 | 499506 |
|  | Graphic Packaging International LLC |  |
| 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;0.821%, 4/15/24 | 1428492 |
|  | SIG Combibloc PurchaseCo SARL |  |
| 775000 | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 6/18/25 | 800229 |
|  |  | 6312485 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 72.7% (Continued)** | **CORPORATE BONDS: 72.7% (Continued)** | **CORPORATE BONDS: 72.7% (Continued)** | |
| **Diversified Financial Services: 2.7%** | **Diversified Financial Services: 2.7%** | **Diversified Financial Services: 2.7%** | |
|  |  | AXA Logistics Europe Master SCA |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 11/15/26 | $443165 |
|  |  | DAE Funding LLC |  |
|  | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 3/20/28 | 1244726 |
|  |  | Grupo de Inversiones |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Suramericana SA |  |
|  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 4/29/26 | 1449945 |
|  |  | Icahn Enterprises LP / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Icahn Enterprises Finance Corp |  |
|  | 775000 | &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 12/15/25 | 753161 |
|  |  | ICD Funding Ltd |  |
|  | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;3.223%, 4/28/26 | 1760173 |
|  |  | MDGH GMTN RSC Ltd |  |
|  | 880000 | &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 11/7/29 | 794716 |
|  | 790000 | &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 11/7/49 | 657409 |
|  |  | Navient Corp |  |
|  | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 1/25/23 | 549956 |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 3/25/24 | 490625 |
|  |  |  | 8143876 |
| **Diversified Media: 0.5%** | **Diversified Media: 0.5%** | **Diversified Media: 0.5%** |  |
|  |  | Match Group Holdings II LLC |  |
|  | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 2/15/29 | 955069 |
|  |  | WPP Finance 2016 |  |
| EUR | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 3/20/25 | 405741 |
|  |  |  | 1360810 |
| **Energy: 7.5%** | **Energy: 7.5%** | **Energy: 7.5%** |  |
|  |  | Cheniere Corpus Christi |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Holdings LLC |  |
|  | 2475000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 6/30/27 | 2452500 |
|  |  | Cheniere Energy Partners LP |  |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/1/29 | 902039 |
|  |  | Ecopetrol SA |  |
|  | 670000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 1/16/25 | 639816 |
|  |  | Energy Transfer LP |  |
|  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 6/1/27 | 1095571 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 2/15/33 | 980285 |
|  |  | EQT Corp |  |
|  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 2/1/25 <sup>1</sup> | 1104378 |
|  | 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.678%, 10/1/25 | 1445917 |
|  |  | Galaxy Pipeline Assets Bidco Ltd |  |
|  | 1547653 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 9/30/27 | 1436264 |
|  |  | Leviathan Bond Ltd |  |
|  | 910000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 6/30/23 | 909197 |
|  | 775000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 6/30/25 | 759985 |
|  |  | Lion/Polaris Lux 4 SA |  |
|  | 959000 | &nbsp;&nbsp;&nbsp;&nbsp;—%, 9/30/40 <sup>7</sup> | 745722 |
|  |  | Oleoducto Central SA |  |
|  | 924000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 7/14/27 | 816158 |
|  |  | Petronas Capital Ltd |  |
|  | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;2.480%, 1/28/32 | 746194 |
|  | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 4/21/50 | 627654 |
|  |  | Qatar Energy |  |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;—%, 7/12/51 <sup>7</sup> | 370400 |
|  |  | QatarEnergy Trading LLC |  |
|  | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 7/12/31 | 747163 |
|  |  | Repsol International Finance BV |  |
| EUR | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 4.000%), 3/11/26 <sup>1,3,4</sup> | 796069 |
|  |  | Rockies Express Pipeline LLC |  |
|  | 2425000 | &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 5/15/25 | 2293735 |
|  |  | Sabine Pass Liquefaction LLC |  |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 6/30/26 | 1012964 |
|  |  | TotalEnergies SE |  |
| EUR | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;2.625% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.148%), 2/26/25 <sup>1,3,4</sup> | 754416 |
|  |  | Wintershall Dea Finance 2 BV |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.499% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.924%), 4/20/26 <sup>1,3,4</sup> | 869513 |
|  |  | Wintershall Dea Finance BV |  |
| EUR | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;1.332%, 9/25/28 | 782405 |
|  |  |  | 22288345 |
| **Environmental: 0.3%** | **Environmental: 0.3%** | **Environmental: 0.3%** |  |
|  |  | GFL Environmental Inc |  |
|  | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 8/1/25 | 757260 |
| **Food & Drug Retail: 1.3%** | **Food & Drug Retail: 1.3%** | **Food & Drug Retail: 1.3%** |  |
|  |  | Albertsons Cos Inc / Safeway Inc / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;New Albertsons LP / Albertsons LLC |  |
|  | 1372000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 2/15/23 | 1365471 |
|  | 1825000 | &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 3/15/26 | 1866555 |
|  |  | Roadster Finance DAC |  |
| EUR | 525000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 12/9/24 | 507475 |
|  |  |  | 3739501 |
| **Food/Beverage/Tobacco: 5.6%** | **Food/Beverage/Tobacco: 5.6%** | **Food/Beverage/Tobacco: 5.6%** |  |
|  |  | Asahi Group Holdings Ltd |  |
| EUR | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;0.336%, 4/19/27 | 644231 |
|  |  | BRF SA |  |
|  | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 5/22/24 | 833799 |
|  |  | Constellation Brands Inc |  |
|  | 2450000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 12/1/25 | 2446484 |
|  | 2210000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 8/1/31 | 1766959 |
|  |  | Grupo Bimbo SAB de CV |  |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 9/6/49 | 383504 |
|  |  | Indofood BCP Sukses |  |
|  | 1510000 | &nbsp;&nbsp;&nbsp;&nbsp;—%, 6/9/31 <sup>7</sup> | 1257440 |
|  |  | Kraft Heinz Foods Co |  |
|  | 2075000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 6/1/26 | 1947002 |
|  | 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 10/1/49 | 941572 |
|  |  | Louis Dreyfus Co Finance BV |  |
| EUR | 1575000 | &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 11/27/25 | 1608619 |
|  |  | Minerva Luxembourg SA |  |
|  | 770000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 1/19/28 | 732108 |
|  |  | Molson Coors Beverage Co |  |
|  | 1925000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 7/15/26 | 1791142 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 72.7% (Continued)** | **CORPORATE BONDS: 72.7% (Continued)** | **CORPORATE BONDS: 72.7% (Continued)** | |
| **Food/Beverage/Tobacco: 5.6% (Continued)** | **Food/Beverage/Tobacco: 5.6% (Continued)** | **Food/Beverage/Tobacco: 5.6% (Continued)** | |
|  |  | Sigma Alimentos S.A. de CV |  |
|  | 1048000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 5/2/26 | $994787 |
|  |  | Viterra Finance BV |  |
| EUR | 1575000 | &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 9/24/25 | 1503494 |
|  |  |  | 16851141 |
| **Gaming: 0.8%** | **Gaming: 0.8%** | **Gaming: 0.8%** |  |
|  |  | Caesars Entertainment Inc |  |
|  | 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 7/1/25 | 2339132 |
| **Healthcare: 5.1%** | **Healthcare: 5.1%** | **Healthcare: 5.1%** |  |
|  |  | Baxter International Inc |  |
|  | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.539%, 2/1/32 | 639602 |
|  |  | Centene Corp |  |
|  | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/15/29 | 343666 |
|  |  | CVS Health Corp |  |
|  | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 8/21/27 | 1358887 |
|  |  | GE HealthCare Technologies Inc |  |
|  | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.600%, 11/15/25 | 1562400 |
|  | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 11/15/27 | 761531 |
|  | 575000 | &nbsp;&nbsp;&nbsp;&nbsp;5.857%, 3/15/30 | 591201 |
|  |  | GN Store Nord AS |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 11/25/24 | 482082 |
|  |  | HCA Inc |  |
|  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 3/15/24 | 1492592 |
|  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 2/1/25 | 1500535 |
|  | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 3/15/32 | 1660977 |
|  |  | IQVIA Inc |  |
| EUR | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 1/15/28 | 425114 |
|  |  | Laboratory Corp of |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;America Holdings |  |
|  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 9/1/27 | 1044991 |
|  |  | MPT Operating Partnership LP / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;MPT Finance Corp |  |
| EUR | 825000 | &nbsp;&nbsp;&nbsp;&nbsp;0.993%, 10/15/26 | 676230 |
|  |  | Service Corp International |  |
|  | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 8/15/30 | 494874 |
|  | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 5/15/31 | 506479 |
|  |  | Tenet Healthcare Corp |  |
|  | 1575000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 7/15/24 | 1538329 |
|  |  | Werfenlife SA |  |
| EUR | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, 10/28/26 | 279470 |
|  |  |  | 15358960 |
| **Homebuilders/Real Estate: 3.3%** | **Homebuilders/Real Estate: 3.3%** | **Homebuilders/Real Estate: 3.3%** |  |
|  |  | Aroundtown SA |  |
| EUR | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 4/15/27 | 781034 |
|  |  | Balder Finland Oyj |  |
| EUR | 975000 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 1/18/27 | 781052 |
|  |  | Blackstone Property Partners |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Europe Holdings SARL |  |
| EUR | 625000 | &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 2/15/24 | 635668 |
| EUR | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 10/20/26 | 766020 |
|  |  | Crown Castle Inc |  |
|  | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 9/1/27 | 1258136 |
|  |  | CTP NV |  |
| EUR | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;0.625%, 9/27/26 | 845659 |
|  |  | Digital Dutch Finco BV |  |
| EUR | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;0.625%, 7/15/25 | 1055506 |
|  |  | Fastighets AB Balder |  |
| EUR | 485000 | &nbsp;&nbsp;&nbsp;&nbsp;2.873% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 3.188%), 6/2/81 <sup>1,4</sup> | 355790 |
|  |  | Lar Espana Real Estate Socimi SA |  |
| EUR | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 7/22/26 | 344522 |
|  |  | Logicor Financing SARL |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.750%, 7/15/24 | 983656 |
|  |  | Samhallsbyggnadsbolaget i |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Norden AB |  |
| EUR | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 9/4/26 | 838031 |
|  |  | Tritax EuroBox PLC |  |
| EUR | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;0.950%, 6/2/26 | 742929 |
|  |  | VIA Outlets BV |  |
| EUR | 725000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 11/15/28 | 587474 |
|  |  |  | 9975477 |
| **Hotels: 0.7%** | **Hotels: 0.7%** | **Hotels: 0.7%** |  |
|  |  | Hilton Domestic Operating Co Inc |  |
|  | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 5/1/25 | 893075 |
|  |  | Marriott International Inc |  |
|  | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 4/15/31 | 933673 |
|  |  | Whitbread Group PLC |  |
| GBP | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 10/16/25 | 334911 |
|  |  |  | 2161659 |
| **Leisure: 1.2%** | **Leisure: 1.2%** | **Leisure: 1.2%** |  |
|  |  | Booking Holdings Inc |  |
| EUR | 625000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/26 | 675164 |
|  |  | Expedia Group Inc |  |
|  | 825000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 2/15/26 | 815933 |
|  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 8/1/27 | 1058674 |
|  |  | Royal Caribbean Cruises Ltd |  |
|  | 825000 | &nbsp;&nbsp;&nbsp;&nbsp;11.500%, 6/1/25 | 886627 |
|  |  |  | 3436398 |
| **Metals/Mining: 1.0%** | **Metals/Mining: 1.0%** | **Metals/Mining: 1.0%** |  |
|  |  | AngloGold Ashanti Holdings PLC |  |
|  | 1188000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/1/30 | 1034489 |
|  |  | Corp Nacional del Cobre de Chile |  |
|  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 1/14/30 | 309624 |
|  | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 1/15/31 | 363131 |
|  |  | Gold Fields Orogen |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Holdings BVI Ltd |  |
|  | 1185000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 5/15/29 | 1203084 |
|  |  |  | 2910328 |
| **Paper: 0.5%** | **Paper: 0.5%** | **Paper: 0.5%** |  |
|  |  | Inversiones CMPC SA |  |
|  | 1515000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 4/4/27 | 1466690 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 72.7% (Continued)** | **CORPORATE BONDS: 72.7% (Continued)** | **CORPORATE BONDS: 72.7% (Continued)** | |
| **Publishing/Printing: 0.2%** | **Publishing/Printing: 0.2%** | **Publishing/Printing: 0.2%** | |
|  |  | Informa PLC |  |
| EUR | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 10/6/25 | $713172 |
| **Restaurants: 1.2%** | **Restaurants: 1.2%** | **Restaurants: 1.2%** |  |
|  |  | 1011778 BC ULC / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;New Red Finance Inc |  |
|  | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 4/15/25 | 1192702 |
|  |  | Starbucks Corp |  |
|  | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/28 | 1624895 |
|  |  | Yum! Brands Inc |  |
|  | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 11/1/23 | 736216 |
|  |  |  | 3553813 |
| **Services: 1.5%** | **Services: 1.5%** | **Services: 1.5%** |  |
|  |  | ISS Finance BV |  |
| EUR | 525000 | &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 7/7/25 | 528101 |
|  |  | ISS Global A/S |  |
| EUR | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 6/18/26 | 806702 |
|  |  | Verisure Holding AB |  |
| EUR | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 7/15/26 | 1264609 |
|  |  | WASH Multifamily Acquisition Inc |  |
|  | 475000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 4/15/26 | 448236 |
|  |  | WESCO Distribution Inc |  |
|  | 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 6/15/25 | 1547424 |
|  |  |  | 4595072 |
| **Steel: 1.0%** | **Steel: 1.0%** | **Steel: 1.0%** |  |
|  |  | ABJA Investment Co Pte Ltd |  |
|  | 812000 | &nbsp;&nbsp;&nbsp;&nbsp;5.450%, 1/24/28 | 793606 |
|  |  | GUSAP III LP |  |
|  | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 1/21/30 | 1113942 |
|  |  | Usiminas International SARL |  |
|  | 982000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 7/18/26 | 954995 |
|  |  |  | 2862543 |
| **Super Retail: 1.2%** | **Super Retail: 1.2%** | **Super Retail: 1.2%** |  |
|  |  | Advance Auto Parts Inc |  |
|  | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 10/1/27 | 1138460 |
|  |  | Lowe's Cos Inc |  |
|  | 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 4/1/32 | 1365298 |
|  |  | Target Corp |  |
|  | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 9/15/32 | 1027385 |
|  |  |  | 3531143 |
| **Technology: 1.6%** | **Technology: 1.6%** | **Technology: 1.6%** |  |
|  |  | Broadcom Inc |  |
|  | 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 4/15/32 | 1347592 |
|  |  | Cellnex Finance Co SA |  |
| EUR | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 4/12/26 | 395264 |
|  |  | Dell Bank International DAC |  |
| EUR | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/18/27 | 695878 |
|  |  | Oracle Corp |  |
|  | 1528000 | &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 11/10/25 | 1564598 |
|  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 3/25/51 | 793543 |
|  |  |  | 4796875 |
| **Telecommunications: 6.2%** | **Telecommunications: 6.2%** | **Telecommunications: 6.2%** |  |
|  |  | Altice France SA |  |
| EUR | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 2/1/27 | 984701 |
|  |  | America Movil SAB de CV |  |
|  | 1783000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 4/4/32 | 1611734 |
|  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 4/22/49 | 171291 |
|  |  | Bharti Airtel Ltd |  |
|  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 6/3/31 | 934683 |
|  |  | eircom Finance DAC |  |
| EUR | 425000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 5/15/26 | 411918 |
|  |  | Lumen Technologies Inc |  |
|  | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/15/26 | 566088 |
|  |  | PPF Telecom Group BV |  |
| EUR | 195000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 9/29/27 | 187968 |
|  |  | Rogers Communications Inc |  |
|  | 3725000 | &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 3/15/25 | 3555493 |
|  |  | Sprint LLC |  |
|  | 2138000 | &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 9/15/23 | 2172860 |
|  | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 3/1/26 | 1080741 |
|  |  | T-Mobile USA Inc |  |
|  | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 4/15/25 | 2022714 |
|  | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 2/15/26 | 1025122 |
|  | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 4/15/30 | 1547957 |
|  | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 2/15/31 | 1480234 |
|  |  | Virgin Media Secured Finance PLC |  |
| GBP | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 1/15/30 | 377303 |
|  |  | Ziggo BV |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 1/15/30 | 431189 |
|  |  |  | 18561996 |
| **Transportation Excluding Air/Rail: 1.5%** | **Transportation Excluding Air/Rail: 1.5%** | **Transportation Excluding Air/Rail: 1.5%** |  |
|  |  | Autostrade per l'Italia SPA |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 2/1/27 | 935542 |
|  |  | DP World Ltd |  |
| EUR | 1395000 | &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 9/25/26 | 1400779 |
|  |  | Gatwick Funding Ltd |  |
| GBP | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 3/2/26 <sup>1</sup> | 305357 |
|  |  | Go-Ahead Group Ltd |  |
| GBP | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 7/6/24 | 928454 |
|  |  | Heathrow Funding Ltd |  |
| GBP | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 2/14/24 | 393792 |
|  |  | Stagecoach Group PLC |  |
| GBP | 505000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 9/29/25 | 569508 |
|  |  |  | 4533432 |
| **Utilities: 1.4%** | **Utilities: 1.4%** | **Utilities: 1.4%** |  |
|  |  | Acquirente Unico SPA |  |
| EUR | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 2/20/26 | 872051 |
|  |  | Enel SPA |  |
| EUR | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.679%), 12/10/26 <sup>1,3,4</sup> | 782492 |
|  |  | Iberdrola Finanzas SA |  |
| EUR | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 11/22/32 | 620907 |
|  |  | National Central Cooling Co PJSC |  |
|  | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/21/27 | 1418000 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
| **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 72.7% (Continued)** | **CORPORATE BONDS: 72.7% (Continued)** | |
| **Utilities: 1.4% (Continued)** | **Utilities: 1.4% (Continued)** | |
|  | Redexis Gas Finance BV |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 5/28/25 | $506448 |
|  |  | 4199898 |
| **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $229,294,107) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $229,294,107) | 216874360 |
| **US GOVERNMENT NOTES/BONDS: 17.2%** | **US GOVERNMENT NOTES/BONDS: 17.2%** |  |
| **Sovereign: 17.2%** | **Sovereign: 17.2%** |  |
|  | United States Treasury Note/Bond |  |
| 38300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 5/15/32 | 35427500 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | 512188 |
| 7725000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 8/15/52 | 6426234 |
| 8900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/52 | 8994562 |
|  |  | 51360484 |
| **TOTAL US GOVERNMENT NOTES/BONDS** | **TOTAL US GOVERNMENT NOTES/BONDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $54,615,383) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $54,615,383) | 51360484 |
| **FOREIGN GOVERNMENT NOTES/BONDS: 4.6%** | **FOREIGN GOVERNMENT NOTES/BONDS: 4.6%** |  |
| **Automotive & Auto Parts: 0.2%** | **Automotive & Auto Parts: 0.2%** |  |
|  | RCI Banque SA |  |
| 675000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 12/1/25 | 718096 |
| **Banking: 3.1%** | **Banking: 3.1%** |  |
|  | Argenta Spaarbank NV |  |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% (1 Year Swap Rate |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.750%), 11/29/27 <sup>1,4</sup> | 747800 |
|  | Banque Federative du |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Credit Mutuel SA |  |
| 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% (5 Year Swap Rate |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.200%), 6/16/32 <sup>1,4</sup> | 1309768 |
|  | BPCE SA |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/29/32 | 1150089 |
|  | Commerzbank AG |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% (5 Year |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EURIBOR + 4.300%), 12/6/32 <sup>1,4</sup> | 1585266 |
|  | Credit Agricole SA |  |
| 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625% (5 Year Swap Rate |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.900%), 6/5/30 <sup>1,4</sup> | 1678247 |
|  | Deutsche Bank AG |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/29/27 | 529340 |
|  | KBC Group NV |  |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% (3 Month |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EURIBOR + 1.700%), 11/23/27 <sup>1,4</sup> | 645546 |
|  | Societe Generale SA |  |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1.125% (5 Year Swap Rate |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.600%), 6/30/31 <sup>1,4</sup> | 1741980 |
|  |  | 9388036 |
| **Diversified Financial Services: 0.7%** | **Diversified Financial Services: 0.7%** |  |
|  | ALD SA |  |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/13/25 | 1314460 |
|  | Arval Service Lease SA |  |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 5/22/27 | 760658 |
|  |  | 2075118 |
| **Energy: 0.2%** | **Energy: 0.2%** |  |
|  | Pertamina Persero PT |  |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 7/30/29 | 644081 |
| **Homebuilders/Real Estate: 0.4%** | **Homebuilders/Real Estate: 0.4%** |  |
|  | VGP NV |  |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 1/17/27 | 734273 |
|  | Vonovia SE |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/23/30 | 315954 |
|  |  | 1050227 |
| **TOTAL FOREIGN GOVERNMENT NOTES/BONDS** | **TOTAL FOREIGN GOVERNMENT NOTES/BONDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,622,979) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,622,979) | 13875558 |
| **CONVERTIBLE BONDS: 2.6%** | **CONVERTIBLE BONDS: 2.6%** |  |
| **Banking: 2.6%** | **Banking: 2.6%** |  |
|  | Bank Leumi Le-Israel BM |  |
| 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;3.275% (5 Year CMT |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Rate + 1.631%), 1/29/31 <sup>1,4</sup> | 1183175 |
|  | Bank of Ireland Group PLC |  |
| 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% (5 Year Swap Rate |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 4.150%), 3/1/33 <sup>1,4</sup> | 1438664 |
|  | Barclays PLC |  |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.000% (5 Year Swap Rate |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.900%), 2/7/28 <sup>1,4</sup> | 850377 |
|  | Deutsche Bank AG |  |
| 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% (5 Year Swap Rate |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 6.000%), 5/19/31 <sup>1,4</sup> | 1360708 |
|  | ING Groep NV |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.125% (5 Year Swap Rate |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.400%), 5/26/31 <sup>1,4</sup> | 1458809 |
|  | Toronto-Dominion Bank |  |
| 1325000 | &nbsp;&nbsp;&nbsp;&nbsp;3.631%, 12/13/29 | 1368074 |
|  |  | 7659807 |
| **TOTAL CONVERTIBLE BONDS** | **TOTAL CONVERTIBLE BONDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,845,007) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,845,007) | 7659807 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
| **Amount<sup>†</sup>** |  | **Value** |
| **BANK LOANS: 0.4%** | **BANK LOANS: 0.4%** | |
| **Capital Goods: 0.2%** | **Capital Goods: 0.2%** | |
|  | Alison US TL B-1 (Alstom) |  |
| 508263 | &nbsp;&nbsp;&nbsp;&nbsp;8.306% (3 Months |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 5.500%) , 8/29/21 <sup>1,2</sup> | $284627 |
|  | Alison US TL B-2 (Alstom) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Arvos Midco SARL) |  |
| 509796 | &nbsp;&nbsp;&nbsp;&nbsp;8.306% (3 Months |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 5.500%), 8/29/23 <sup>1,2</sup> | 285486 |
|  |  | 570113 |
| **Technology: 0.2%** | **Technology: 0.2%** |  |
|  | Constant Contact TL |  |
| 12 | &nbsp;&nbsp;&nbsp;&nbsp;8.806% (3 Months |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 4.000%), 2/10/28 <sup>1,2</sup> | 10 |
|  | Triton Solar US TL B |  |
| 796620 | &nbsp;&nbsp;&nbsp;&nbsp;9.674% (3 Months |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 6.000%), 10/29/24 <sup>1,2</sup> | 657212 |
|  |  | 657222 |
| **TOTAL BANK LOANS** | **TOTAL BANK LOANS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,763,566) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,763,566) | 1227335 |
| **TOTAL INVESTMENTS IN SECURITIES: 97.5%** | **TOTAL INVESTMENTS IN SECURITIES: 97.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $307,141,042) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $307,141,042) | 290997544 |
| Other Assets in Excess of Liabilities: 2.5% | Other Assets in Excess of Liabilities: 2.5% | 7552728 |
| **TOTAL NET ASSETS: 100.0%** | **TOTAL NET ASSETS: 100.0%** | $298550272 |

---

† In USD unless otherwise indicated.

CMT – Constant Maturity Treasury Rate

EUR – Euro

EURIBOR – Euro Interbank Offered Rate

GBP – Great Britain Pound

LIBOR – London Interbank Offered Rate

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

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

<sup>1</sup> Variable rate security; rate shown is the rate in effect on December 31, 2022. An index may have a negative rate. Interest rate may also be subject to a cap or floor.

<sup>2</sup> Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR") or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

<sup>3</sup> Perpetual call date security. Date shown is next call date.

<sup>4</sup> Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on December 31, 2022. An index may have a negative rate. Interest rate may also be subject to a cap or floor.

<sup>5</sup> All or a portion of the loan may be unfunded.

<sup>6</sup> Denotes investments purchased on a when-issued or delayed delivery basis.

<sup>7</sup> Zero coupon security.

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** at December 31, 2022<br>

The Muzinich Credit Opportunities Fund (the "Fund") had the following forward foreign currency exchange contracts outstanding with U.S. Bank N.A.:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **U.S. Dollar Value at** |  |  | **U.S. Dollar Value at** | **Unrealized Appreciation** |
| **<u>Settlement Date</u>** | **Currency to be Delivered** | **Currency to be Delivered** | **December 31, 2021** | **Currency to be Received** | **Currency to be Received** | **December 31, 2021** | (Depreciation) |
| 3/20/23 | EUR | 72300000 | $(77823246) | USD | (76591143) | $(76591143) | $(1232103) |
| 3/20/23 | EUR | 1500000 | 1614590 | USD | 1603362 | 1603362 | 11228 |
| 3/20/23 | GBP | 2500000 | (3028406) | USD | (3058837) | (3058837) | 30431 |
|  |  |  | $(79237062) |  |  | $(78046618)<br>| $(1190444) |

---

&nbsp;&nbsp;&nbsp; **SCHEDULE OF FUTURES CONTRACTS** at December 31, 2022<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Unrealized** | |
|  | **Number of** | **Notional** | **Appreciation** | **Notional** |
| **<u>Short Futures Contracts Outstanding</u>** | **Contracts** | **Amount** | (Depreciation) | **Value** |
| EURO-BOBL FUTURE Mar 23 | 80 | $(10225557) | $313227 | $(9912330) |
|  |  | $(10225557) | $313227 | $(9912330) |

---

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

------

#### U.S. High Yield Fund

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022<br>

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
| **Amount** |  | **Value** |
| **CORPORATE BONDS: 84.1%** | **CORPORATE BONDS: 84.1%** | |
| **Aerospace/Defense: 1.4%** | **Aerospace/Defense: 1.4%** | |
|  | Spirit AeroSystems Inc |  |
| $75000 | &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 4/15/25 | $74273 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;9.375%, 11/30/29 | 79046 |
|  | TransDigm Inc |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 3/15/26 | 296517 |
|  |  | 449836 |
| **Airlines: 2.2%** | **Airlines: 2.2%** |  |
|  | American Airlines Inc |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;11.750%, 7/15/25 | 53735 |
|  | American Airlines Inc/ |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 4/20/26 | 168549 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 4/20/29 | 228499 |
|  | Delta Air Lines Inc |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 1/15/26 | 153505 |
|  | Spirit Loyalty Cayman Ltd / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Spirit IP Cayman Ltd |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 9/20/25 | 125807 |
|  |  | 730095 |
| **Automotive & Auto Parts: 1.0%** | **Automotive & Auto Parts: 1.0%** |  |
|  | Dana Inc |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 2/15/32 | 60097 |
|  | Ford Motor Co |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 2/12/32 | 131570 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 1/15/43 | 108074 |
|  | Thor Industries Inc |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/29 | 19665 |
|  |  | 319406 |
| **Broadcasting: 2.5%** | **Broadcasting: 2.5%** |  |
|  | Audacy Capital Corp |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 5/1/27 | 9486 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 3/31/29 | 8725 |
|  | Belo Corp |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 6/1/27 | 73350 |
|  | Cumulus Media New Holdings Inc |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 7/1/26 | 147277 |
|  | Gray Television Inc |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 5/15/27 | 66630 |
|  | Nexstar Media Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 7/15/27 | 114923 |
|  | Scripps Escrow Inc |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 7/15/27 | 89408 |
|  | Sirius XM Radio Inc |  |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 7/15/28 | 196250 |
|  | TEGNA Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 3/15/28 | 118746 |
|  |  | 824795 |
| **Building Materials: 1.7%** | **Building Materials: 1.7%** |  |
|  | Cornerstone Building Brands Inc |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 1/15/29 | 52952 |
|  | JELD-WEN Inc |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/15/25 | 41954 |
|  | Masonite International Corp |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 2/15/30 | 60767 |
|  | New Enterprise Stone & Lime Co Inc |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 7/15/28 | 133390 |
|  | Smyrna Ready Mix Concrete LLC |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/1/28 | 112099 |
|  | Standard Industries Inc |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 7/15/30 | 40851 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 1/15/31 | 56690 |
|  | Summit Materials LLC / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Summit Materials Finance Corp |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 1/15/29 | 69960 |
|  |  | 568663 |
| **Cable/Satellite TV: 3.9%** | **Cable/Satellite TV: 3.9%** |  |
|  | CCO Holdings LLC / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings Capital Corp |  |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 2/1/28 | 249138 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 6/1/29 | 22570 |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 3/1/30 | 149597 |
|  | DISH DBS Corp |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/1/26 | 42211 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/1/28 | 80000 |
|  | DISH Network Corp |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;11.750%, 11/15/27 | 103115 |
|  | Midcontinent Communications / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Finance Corp |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 8/15/27 | 272089 |
|  | UPC Holding BV |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 1/15/28 | 177816 |
|  | Videotron Ltd. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 4/15/27 | 189250 |
|  |  | 1285786 |
| **Capital Goods: 1.7%** | **Capital Goods: 1.7%** |  |
|  | Chart Industries Inc |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 1/1/30 | 75416 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;9.500%, 1/1/31 | 51252 |
|  | Dornoch Debt Merger Sub Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 10/15/29 | 87851 |
|  | Griffon Corp |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 3/1/28 | 114569 |
|  | JB Poindexter & Co Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 4/15/26 | 120823 |
|  | Manitowoc Co Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 4/1/26 | 117674 |
|  |  | 567585 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
| **Amount** |  | **Value** |
| **CORPORATE BONDS: 84.1% (Continued)** | **CORPORATE BONDS: 84.1% (Continued)** | |
| **Chemicals: 1.3%** | **Chemicals: 1.3%** | |
|  | Compass Minerals International Inc |  |
| $125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 12/1/27 | $120194 |
|  | CVR Partners LP / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CVR Nitrogen Finance Corp |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 6/15/28 | 112282 |
|  | SCIH Salt Holdings Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 5/1/28 | 107206 |
|  | Tronox Inc |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 3/15/29 | 83312 |
|  |  | 422994 |
| **Consumer-Products: 1.5%** | **Consumer-Products: 1.5%** |  |
|  | Central Garden & Pet Co |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/15/30 | 41057 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 4/30/31 | 62182 |
|  | Newell Brands Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 9/15/29 | 123606 |
|  | Scotts Miracle-Gro Co |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 2/1/32 | 188793 |
|  | Spectrum Brands Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 3/15/31 | 97379 |
|  |  | 513017 |
| **Containers: 3.4%** | **Containers: 3.4%** |  |
|  | Ardagh Packaging Finance PLC / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ardagh Holdings USA Inc |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 4/30/25 | 190781 |
|  | Canpack SA / Canpack US LLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 11/15/29 | 157844 |
|  | Crown Americas LLC |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 4/1/30 | 118371 |
|  | Graphic Packaging International LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 2/1/30 | 212988 |
|  | Pactiv Evergreen Group Issuer LLC / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pactiv Evergreen Group Issuer Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 10/15/28 | 111834 |
|  | Trident TPI Holdings Inc |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;9.250%, 8/1/24 | 143641 |
|  | Trivium Packaging Finance BV |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 8/15/26 | 183728 |
|  |  | 1119187 |
| **Diversified Financial Services: 5.0%** | **Diversified Financial Services: 5.0%** |  |
|  | Avolon Holdings Funding Ltd |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 1/15/26 | 71458 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 4/15/26 | 136379 |
|  | Bread Financial Holdings Inc |  |
| 325000 | &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 1/15/26 | 284567 |
|  | Castlelake Aviation Finance DAC |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 4/15/27 | 152502 |
|  | Icahn Enterprises LP / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Icahn Enterprises Finance Corp |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 12/15/25 | 170068 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 5/15/26 | 144479 |
|  | Midcap Financial Issuer Trust |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 5/1/28 | 171606 |
|  | Nationstar Mortgage Holdings Inc |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 1/15/27 | 134487 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 11/15/31 | 38940 |
|  | Navient Corp |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 9/25/23 | 150346 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 3/25/24 | 73593 |
|  | PRA Group Inc |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/1/29 | 124312 |
|  |  | 1652737 |
| **Diversified Media: 1.1%** | **Diversified Media: 1.1%** |  |
|  | Advantage Sales & Marketing Inc |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/15/28 | 114597 |
|  | Match Group Holdings II LLC |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/27 | 161301 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 2/15/29 | 93177 |
|  |  | 369075 |
| **Energy: 10.8%** | **Energy: 10.8%** |  |
|  | Antero Resources Corp |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 2/1/29 | 125886 |
|  | Ascent Resources Utica Holdings LLC / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ARU Finance Corp |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/1/26 | 72867 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 6/30/29 | 66970 |
|  | Blue Racer Midstream LLC / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blue Racer Finance Corp |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 12/15/25 | 248450 |
| 131000 | &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 7/15/26 | 127007 |
|  | CITGO Petroleum Corp |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 6/15/25 | 122523 |
|  | CrownRock LP / CrownRock Finance Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 10/15/25 | 120879 |
|  | EQM Midstream Partners LP |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 6/1/27 | 73544 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 7/1/27 | 71812 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 1/15/29 | 105174 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 6/1/30 | 72367 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 1/15/31 | 102432 |
|  | Gulfport Energy Corp |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 5/17/26 | 122034 |
|  | Harvest Midstream I LP |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 9/1/28 | 239218 |
|  | Hilcorp Energy I LP / Hilcorp Finance Co |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 2/1/31 | 151604 |
|  | Howard Midstream Energy Partners LLC |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 1/15/27 | 119975 |
|  | Northern Oil and Gas Inc |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;8.125%, 3/1/28 | 144270 |

---

The accompanying notes are an integral part of these financial statement

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
| **Amount** |  | **Value** |
| **CORPORATE BONDS: 84.1% (Continued)** | **CORPORATE BONDS: 84.1% (Continued)** | |
| **Energy: 10.8% (Continued)** | **Energy: 10.8% (Continued)** | |
|  | Occidental Petroleum Corp |  |
| $75000 | &nbsp;&nbsp;&nbsp;&nbsp;8.875%, 7/15/30 | $84801 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.450%, 9/15/36 | 127782 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 8/15/39 | 60176 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 4/15/46 | 58710 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 2/15/47 | 19166 |
|  | PBF Holding Co LLC / PBF Finance Corp |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 6/15/25 | 24747 |
|  | Range Resources Corp |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;8.250%, 1/15/29 | 257948 |
|  | Rockies Express Pipeline LLC |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 7/15/29 | 157568 |
|  | Southwestern Energy Co |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 10/1/27 | 127590 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;8.375%, 9/15/28 | 129092 |
|  | Tallgrass Energy Partners LP / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tallgrass Energy Finance Corp |  |
| 258000 | &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 10/1/25 | 260728 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/31/30 | 86603 |
|  | Venture Global Calcasieu Pass LLC |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 8/15/29 | 43838 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 8/15/31 | 42687 |
|  |  | 3568448 |
| **Entertainment/Film: 0.4%** | **Entertainment/Film: 0.4%** |  |
|  | Live Nation Entertainment Inc |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 5/15/27 | 73597 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/15/27 | 66999 |
|  |  | 140596 |
| **Environmental: 0.1%** | **Environmental: 0.1%** |  |
|  | GFL Environmental Inc |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 8/15/29 | 42436 |
| **Food & Drug Retail: 0.5%** | **Food & Drug Retail: 0.5%** |  |
|  | Albertsons Cos Inc / Safeway Inc / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Albertsons LP / Albertsons LLC |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 3/15/26 | 25569 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 1/15/27 | 139661 |
|  |  | 165230 |
| **Food/Beverage/Tobacco: 2.0%** | **Food/Beverage/Tobacco: 2.0%** |  |
|  | BellRing Brands Inc |  |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 3/15/30 | 216793 |
|  | Darling Ingredients Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 6/15/30 | 122356 |
|  | Performance Food Group Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/15/27 | 118161 |
|  | Post Holdings Inc |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 4/15/30 | 215469 |
|  |  | 672779 |
| **Gaming: 2.4%** | **Gaming: 2.4%** |  |
|  | Boyd Gaming Corp |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 6/15/31 | 108898 |
|  | Caesars Entertainment Inc |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 7/1/25 | 243660 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;8.125%, 7/1/27 | 123076 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 10/15/29 | 101949 |
|  | CDI Escrow Issuer Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 4/1/30 | 112273 |
|  | Churchill Downs Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 1/15/28 | 112069 |
|  |  | 801925 |
| **Healthcare: 7.8%** | **Healthcare: 7.8%** |  |
|  | AdaptHealth LLC |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 8/1/28 | 115087 |
|  | AMN Healthcare Inc |  |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 10/1/27 | 207853 |
|  | CHS/Community Health Systems Inc |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 3/15/26 | 91250 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 3/15/27 | 128892 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 12/15/27 | 67672 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 5/15/30 | 37791 |
|  | DaVita Inc |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 6/1/30 | 80482 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 2/15/31 | 74855 |
|  | Embecta Corp |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 2/15/30 | 84772 |
|  | Legacy LifePoint Health LLC |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 4/15/25 | 164967 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 2/15/27 | 169480 |
|  | MPH Acquisition Holdings LLC |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 11/1/28 | 100082 |
|  | MPT Operating Partnership LP / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;MPT Finance Corp |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 8/1/26 | 114051 |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 8/1/29 | 171986 |
|  | Organon & Co / Organon Foreign |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Debt Co-Issuer BV |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 4/30/31 | 173427 |
|  | Prestige Brands Inc |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 4/1/31 | 123803 |
|  | Prime Healthcare Services Inc |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/1/25 | 211646 |
|  | Select Medical Corp |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 8/15/26 | 95289 |
|  | Tenet Healthcare Corp |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 1/1/26 | 380576 |
|  |  | 2593961 |
| **Homebuilders/Real Estate: 7.1%** | **Homebuilders/Real Estate: 7.1%** |  |
|  | Ashton Woods USA LLC / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ashton Woods Finance Co |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 1/15/28 | 66346 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
| **Amount** |  | **Value** |
| **CORPORATE BONDS: 84.1% (Continued)** | **CORPORATE BONDS: 84.1% (Continued)** | |
| **Homebuilders/Real Estate: 7.1% (Continued)** | **Homebuilders/Real Estate: 7.1% (Continued)** | |
|  | Blackstone Mortgage Trust Inc |  |
| $150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 1/15/27 | $129173 |
|  | Brookfield Residential Properties Inc / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Residential US LLC |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 9/15/27 | 111210 |
|  | Century Communities Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 6/1/27 | 119591 |
|  | Global Infrastructure Solutions Inc |  |
| 187000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 6/1/29 | 146929 |
|  | HAT Holdings I LLC / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;HAT Holdings II LLC |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 4/15/25 | 169750 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 6/15/26 | 87019 |
|  | Iron Mountain Inc |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 7/15/30 | 174251 |
|  | iStar Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 2/15/26 | 124894 |
|  | Kennedy-Wilson Inc |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 3/1/29 | 59539 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 2/1/30 | 38190 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 3/1/31 | 56555 |
|  | Ladder Capital Finance Holdings LLLP / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ladder Capital Finance Corp |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/1/25 | 70597 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 6/15/29 | 101104 |
|  | M/I Homes Inc |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 2/15/30 | 80871 |
|  | MasTec Inc |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 8/15/29 | 67635 |
|  | Millennium Escrow Corp |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 8/1/26 | 48098 |
|  | SBA Communications Corp |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 2/15/27 | 158391 |
|  | Service Properties Trust |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 10/1/24 | 182130 |
|  | Starwood Property Trust Inc |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/31/24 | 47008 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 7/15/26 | 109531 |
|  | Uniti Group LP / Uniti Fiber Holdings |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Inc / CSL Capital LLC |  |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 2/15/25 | 218270 |
|  |  | 2367082 |
| **Hotels: 0.7%** |  |  |
|  | Hilton Domestic Operating Co Inc |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 5/1/29 | 129951 |
|  | Hilton Grand Vacations Borrower |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Escrow LLC / Hilton Grand |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vacations Borrower Esc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 7/1/31 | 102182 |
|  |  | 232133 |
| **Leisure: 3.2%** | **Leisure: 3.2%** |  |
|  | Carnival Holdings Bermuda Ltd |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;10.375%, 5/1/28 | 257096 |
|  | Life Time Inc |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 1/15/26 | 232937 |
|  | NCL Corp Ltd |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 2/15/27 | 108432 |
|  | Royal Caribbean Cruises Ltd |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;11.500%, 6/1/25 | 80602 |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 8/31/26 | 189285 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;11.625%, 8/15/27 | 125529 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;8.250%, 1/15/29 | 75469 |
|  |  | 1069350 |
| **Metals/Mining: 1.3%** | **Metals/Mining: 1.3%** |  |
|  | ERO Copper Corp |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 2/15/30 | 40388 |
|  | Hudbay Minerals Inc |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 4/1/26 | 90956 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 4/1/29 | 90658 |
|  | Kaiser Aluminum Corp |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 6/1/31 | 201263 |
|  |  | 423265 |
| **Publishing/Printing: 0.3%** | **Publishing/Printing: 0.3%** |  |
|  | Cimpress PLC |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 6/15/26 | 103932 |
| **Restaurants: 2.1%** | **Restaurants: 2.1%** |  |
|  | 1011778 BC ULC / New Red Finance Inc |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 1/15/28 | 22419 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 1/15/28 | 112108 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/30 | 202811 |
|  | IRB Holding Corp |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 6/15/25 | 249763 |
|  | Yum! Brands Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 4/1/32 | 115950 |
|  |  | 703051 |
| **Services: 3.6%** | **Services: 3.6%** |  |
|  | Clarivate Science Holdings Corp |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 7/1/28 | 130136 |
|  | Garda World Security Corp |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 2/15/27 | 88470 |
|  | GPD Cos Inc |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;10.125%, 4/1/26 | 64056 |
|  | Graham Holdings Co |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 6/1/26 | 196817 |
|  | Herc Holdings Inc |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 7/15/27 | 93478 |
|  | Hertz Corp |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/1/26 | 83875 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/1/29 | 75990 |
|  | TriNet Group Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 3/1/29 | 102938 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
| **Amount** |  | **Value** |
| **CORPORATE BONDS: 84.1% (Continued)** | **CORPORATE BONDS: 84.1% (Continued)** | |
| **Services: 3.6% (Continued)** | **Services: 3.6% (Continued)** | |
|  | United Rentals North America Inc |  |
| $225000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 1/15/32 | $183854 |
|  | WESCO Distribution Inc |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 6/15/25 | 25368 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 6/15/28 | 152283 |
|  |  | 1197265 |
| **Steel: 0.5%** | **Steel: 0.5%** |  |
|  | Cleveland-Cliffs Inc |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 3/15/26 | 100422 |
|  | TMS International Corp |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 4/15/29 | 53828 |
|  |  | 154250 |
| **Super Retail: 1.9%** | **Super Retail: 1.9%** |  |
|  | At Home Group Inc |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 7/15/29 | 29070 |
|  | Bath & Body Works Inc |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 10/1/30 | 23503 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 7/1/36 | 88070 |
|  | LCM Investments Holdings II LLC |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 5/1/29 | 100261 |
|  | LSF9 Atlantis Holdings LLC / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Victra Finance Corp |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 2/15/26 | 110789 |
|  | Macy's Retail Holdings LLC |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 4/1/29 | 110859 |
|  | Michaels Cos Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 5/1/29 | 83743 |
|  | Wolverine World Wide Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 8/15/29 | 94879 |
|  |  | 641174 |
| **Technology: 1.2%** | **Technology: 1.2%** |  |
|  | CommScope Inc |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 9/1/29 | 60605 |
|  | GoTo Group Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 9/1/27 | 67425 |
|  | NCR Corp |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 4/15/29 | 104792 |
|  | Open Text Corp |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 2/15/28 | 150474 |
|  | Veritas US Inc / Veritas Bermuda Ltd |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 9/1/25 | 17309 |
|  |  | 400605 |
| **Telecommunications: 7.9%** | **Telecommunications: 7.9%** |  |
|  | Altice Financing SA |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 1/15/28 | 161430 |
|  | Altice France SA |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 1/15/28 | 157054 |
|  | Cogent Communications Group Inc |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 6/15/27 | 171706 |
|  | Connect Finco SARL / |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Connect US Finco LLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 10/1/26 | 185764 |
|  | Frontier Communications Holdings LLC |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 10/15/27 | 116346 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 5/15/30 | 127337 |
|  | GCI LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/15/28 | 210429 |
|  | Hughes Satellite Systems Corp |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 8/1/26 | 72069 |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 8/1/26 | 163536 |
|  | Intelsat Jackson Holdings SA |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 3/15/30 | 22412 |
|  | LCPR Senior Secured Financing DAC |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 10/15/27 | 187464 |
|  | Level 3 Financing Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 3/1/27 | 106046 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 9/15/27 | 208562 |
|  | Lumen Technologies Inc |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/15/26 | 108863 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 2/15/27 | 106211 |
|  | Sprint Capital Corp |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/15/28 | 182393 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 3/15/32 | 178853 |
|  | Viasat Inc |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 9/15/25 | 139405 |
|  |  | 2605880 |
| **Utilities: 3.6%** | **Utilities: 3.6%** |  |
|  | Calpine Corp |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 6/1/26 | 119269 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 3/15/28 | 111868 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 2/1/29 | 107778 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 2/1/31 | 105188 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 3/1/31 | 100772 |
|  | Clearway Energy Operating LLC |  |
| 375000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 2/15/31 | 311915 |
|  | Sunnova Energy Corp |  |
| 375000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 9/1/26 | 335490 |
|  |  | 1192280 |
| **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,578,186) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,578,186) | 27898818 |
| **BANK LOANS: 13.6%** | **BANK LOANS: 13.6%** |  |
| **Aerospace/Defense: 0.5%** | **Aerospace/Defense: 0.5%** |  |
|  | Spirit AeroSystems TL (11/22) |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;8.823% (1 Month SOFR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.500%), 1/15/27 <sup>2</sup> | 149016 |
| **Airlines: 0.5%** | **Airlines: 0.5%** |  |
|  | AAdvantage Loyalty (American |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Airlines) (AMR) TL |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;8.993% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.750%), 4/20/28 <sup>1,2</sup> | 149602 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
| **Amount** |  | **Value** |
| **BANK LOANS: 13.6% (Continued)** | **BANK LOANS: 13.6% (Continued)** | |
| **Automotive & Auto Parts: 1.0%** | **Automotive & Auto Parts: 1.0%** | |
|  | American Axle & |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing TL B (12/22) |  |
| $150000 | &nbsp;&nbsp;&nbsp;&nbsp;7.836%, 12/13/29 <sup>1,2,3,4</sup> | $147125 |
|  | First Brands 1st Lien TL (Trico) (3/21) |  |
| 104114 | &nbsp;&nbsp;&nbsp;&nbsp;8.368% (3 Months SOFR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.000%), 3/30/27 <sup>1,2</sup> | 99065 |
|  | Wheel Pros TL (4/21) |  |
| 123438 | &nbsp;&nbsp;&nbsp;&nbsp;8.825% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.500%), 5/11/28 <sup>1,2</sup> | 84386 |
|  |  | 330576 |
| **Building Materials: 0.4%** | **Building Materials: 0.4%** |  |
|  | Quikrete TL B1 (4/21) |  |
| 148875 | &nbsp;&nbsp;&nbsp;&nbsp;7.384% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.000%), 3/18/29 <sup>1,2</sup> | 147910 |
| **Cable/Satellite TV: 0.4%** | **Cable/Satellite TV: 0.4%** |  |
|  | DIRECTV Financing TL |  |
| 146291 | &nbsp;&nbsp;&nbsp;&nbsp;9.384% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.000%), 8/2/27 <sup>1,2</sup> | 142741 |
| **Capital Goods: 0.5%** | **Capital Goods: 0.5%** |  |
|  | Chart Industries TL B (12/22) |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;7.874%, 12/28/29 <sup>1,2,3,4</sup> | 148688 |
| **Chemicals: 0.7%** | **Chemicals: 0.7%** |  |
|  | Axalta Coating Systems TL B-4 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Dollar (Dupont Performance) |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;7.506% (1 Month SOFR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.000%), 12/20/29 <sup>1,2</sup> | 100225 |
|  | Pearls (Netherlands) BidCo TL |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(USD) (Caldic) (02/22) |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;7.844% (3 Months SOFR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.750%), 2/28/29 <sup>1,2</sup> | 146062 |
|  |  | 246287 |
| **Containers: 0.7%** | **Containers: 0.7%** |  |
|  | Pactiv Evergreen Group TL B (Pactiv/ |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Evergreen Packaging/Reynolds Group) |  |
| 149621 | &nbsp;&nbsp;&nbsp;&nbsp;6.615% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.500%), 9/22/28 <sup>1,2</sup> | 147886 |
|  | Tekni-Plex TL 2022 Incremental |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;9.830% (3 Months SOFR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.250%), 9/15/28 <sup>1,2</sup> | 96438 |
|  |  | 244324 |
| **Diversified Financial Services: 1.2%** | **Diversified Financial Services: 1.2%** |  |
|  | Citadel Securities TL B Incremental |  |
| 249375 | &nbsp;&nbsp;&nbsp;&nbsp;6.034% (1 Month SOFR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.000%), 2/2/28 <sup>1,2</sup> | 247426 |
|  | DRW Holdings TL (2/21) |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.865% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.750%), 2/24/28 <sup>1,2</sup> | 146532 |
|  |  | 393958 |
| **Gaming: 0.2%** | **Gaming: 0.2%** |  |
|  | Stars Group Holdings 2028-B TL |  |
| 74813 | &nbsp;&nbsp;&nbsp;&nbsp;7.584%, 7/21/28 <sup>1,2,3,4</sup> | 74594 |
| **Healthcare: 2.7%** | **Healthcare: 2.7%** |  |
|  | Athenahealth DD TL (02/22) |  |
| 21739 | &nbsp;&nbsp;&nbsp;&nbsp;7.821% (1 Month SOFR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.500%), 2/15/29 <sup>1,2</sup> | 19682 |
|  | Athenahealth TL B (02/22) |  |
| 127620 | &nbsp;&nbsp;&nbsp;&nbsp;7.821% (1 Month SOFR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.500%), 2/15/29 <sup>1,2</sup> | 115542 |
|  | Avantor Funding TL Incremental B-5 |  |
| 116954 | &nbsp;&nbsp;&nbsp;&nbsp;6.634% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.250%), 11/8/27 <sup>1,2</sup> | 116588 |
|  | BW NHHC Holdco TL |  |
| 196410 | &nbsp;&nbsp;&nbsp;&nbsp;7.961% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.000%), 5/15/25 <sup>1,2</sup> | 128943 |
|  | BW NHHC Holdco TL (12/22) |  |
| 39044 | &nbsp;&nbsp;&nbsp;&nbsp;—%, 1/15/26 <sup>1,2,3,4,5</sup> | 37092 |
|  | Elanco Animal Health TL B |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.119% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.750%), 7/30/27 <sup>1,2</sup> | 144351 |
|  | EyeCare Partners TL (08/22) |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.621% (3 Months SOFR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.500%), 11/15/28 <sup>1,2</sup> | 175250 |
|  | Grifols Worldwide Operations |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TL B (11/19) |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.384% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.000%), 11/15/27 <sup>1,2</sup> | 145375 |
|  | US Outpatient/ US Radiology(12/20) TL |  |
| 24564 | &nbsp;&nbsp;&nbsp;&nbsp;8.924% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.250%), 12/15/27 <sup>1,2</sup> | 22258 |
|  |  | 905081 |
| **Restaurants: 0.2%** | **Restaurants: 0.2%** |  |
|  | Dave & Buster's TL B (04/22) |  |
| 49875 | &nbsp;&nbsp;&nbsp;&nbsp;8.818% (1 Month SOFR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.000%), 6/29/29 <sup>1,2</sup> | 49704 |
| **Services: 0.7%** | **Services: 0.7%** |  |
|  | Corporation Service Company TL B (CSC) |  |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;7.584%, 11/2/29 <sup>1,2,3,4</sup> | 128862 |
|  | Neptune BidCo US TL B |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;—%, 4/11/29 <sup>1,2,3,4,5</sup> | 89626 |
|  |  | 218488 |
| **Super Retail: 0.4%** | **Super Retail: 0.4%** |  |
|  | S&S Holdings TL |  |
| 148864 | &nbsp;&nbsp;&nbsp;&nbsp;7.783% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.000%), 3/10/28 <sup>1,2</sup> | 136087 |
| **Technology: 2.1%** | **Technology: 2.1%** |  |
|  | Ahead DB Holdings TL (04/21) |  |
| 98500 | &nbsp;&nbsp;&nbsp;&nbsp;7.430% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.750%), 10/18/27 <sup>1,2</sup> | 95360 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
| **Amount** |  | **Value** |
| **BANK LOANS: 13.6% (Continued)** | **BANK LOANS: 13.6% (Continued)** | |
| **Technology: 2.1% (Continued)** | **Technology: 2.1% (Continued)** | |
|  | Applovin TL B |  |
| $150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.365% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.250%), 8/15/25 <sup>1,2</sup> | $144828 |
|  | CT Technologies TL (6/21) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(HealthPort/Ciox Health/Smart) |  |
| 73688 | &nbsp;&nbsp;&nbsp;&nbsp;7.365% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.250%), 12/16/25 <sup>1,2</sup> | 67804 |
|  | Dawn Acquisition TL |  |
| 146939 | &nbsp;&nbsp;&nbsp;&nbsp;7.424% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.750%), 12/31/25 <sup>1,2</sup> | 97137 |
|  | Open Text TL B |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;7.834%, 11/16/29 <sup>1,2,3,4</sup> | 146869 |
|  | Xperi TL |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.615% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.500%), 6/8/28 <sup>1,2</sup> | 145256 |
|  |  | 697254 |
| **Telecommunications: 1.0%** | **Telecommunications: 1.0%** |  |
|  | Altice Financing TL (12/22) |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/28/27 <sup>1,2,3,4</sup> | 144000 |
|  | Crown Subsea TL (4/21) (SubCom) |  |
| 100547 | &nbsp;&nbsp;&nbsp;&nbsp;7.314% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.750%), 4/27/27 <sup>1,2</sup> | 98369 |
|  | Intelsat Jackson Holdings Exit TL B |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;7.445% (3 Months SOFR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.250%), 2/1/29 <sup>1,2</sup> | 72562 |
|  |  | 314931 |
| **Transportation Excluding Air/Rail: 0.4%** | **Transportation Excluding Air/Rail: 0.4%** |  |
|  | First Student Bidco TL B |  |
| 140260 | &nbsp;&nbsp;&nbsp;&nbsp;8.334%, 7/21/28 <sup>1,2,3,4</sup> | 133598 |
|  | First Student Bidco TL C |  |
| 9740 | &nbsp;&nbsp;&nbsp;&nbsp;8.334%, 7/21/28 <sup>1,2,3,4</sup> | 9277 |
|  |  | 142875 |
| **TOTAL BANK LOANS** | **TOTAL BANK LOANS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,649,893) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,649,893) | 4492116 |
| **TOTAL INVESTMENTS IN SECURITIES: 97.7%** | **TOTAL INVESTMENTS IN SECURITIES: 97.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $35,228,079) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $35,228,079) | 32390934 |
| Other Assets in Excess of Liabilities: 2.3% | Other Assets in Excess of Liabilities: 2.3% | 759350 |
| **TOTAL NET ASSETS: 100.0%** | **TOTAL NET ASSETS: 100.0%** | $33150284 |

---

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

<sup>1</sup> Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR") or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

<sup>2</sup> Variable rate security; rate shown is the rate in effect on December 31, 2022. An index may have a negative rate. Interest rate may also be subject to a cap or floor.

<sup>3</sup> All or a portion of the loan may be unfunded.

<sup>4</sup> Denotes investments purchased on a when-issued or delayed delivery basis.

<sup>5</sup> Zero coupon security.

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

------

#### Low Duration Fund

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 78.0%** | **CORPORATE BONDS: 78.0%** | **CORPORATE BONDS: 78.0%** | |
| **Airlines: 3.0%** | **Airlines: 3.0%** | **Airlines: 3.0%** | |
|  |  | Air France-KLM |  |
| EUR | 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 7/1/26 | $2505178 |
|  |  | American Airlines Inc / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd |  |
|  | 2045000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 4/20/26 | 1969608 |
|  |  | Cathay Pacific MTN |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Financing HK Ltd |  |
|  | 2440000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 8/17/26 | 2336533 |
|  |  | Delta Air Lines Inc |  |
|  | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 4/19/23 | 1041374 |
|  | 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 5/1/25 | 1136292 |
|  |  | Delta Air Lines Inc / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;SkyMiles IP Ltd |  |
|  | 2360000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/20/25 | 2304708 |
|  |  | Deutsche Lufthansa AG |  |
| EUR | 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 11/16/23 | 2512944 |
| EUR | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 5/29/26 | 1745421 |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 5/16/27 | 1402151 |
| EUR | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 2/11/28 | 1148015 |
|  |  | easyJet PLC |  |
| EUR | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 2/9/23 | 748106 |
| EUR | 3398000 | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 10/18/23 | 3578268 |
|  |  | Korean Air Lines Co Ltd |  |
|  | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 9/23/25 | 891796 |
|  |  | Mileage Plus Holdings LLC / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Mileage Plus Intellectual |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Property Assets Ltd |  |
|  | 1192577 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 6/20/27 | 1188286 |
|  |  | Singapore Airlines Ltd |  |
|  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 7/20/26 | 1022367 |
|  |  | Wizz Air Finance Co BV |  |
| EUR | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;1.350%, 1/19/24 | 2342837 |
| EUR | 625000 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 1/19/26 | 555409 |
|  |  |  | 28429293 |
| **Automotive & Auto Parts: 8.3%** | **Automotive & Auto Parts: 8.3%** | **Automotive & Auto Parts: 8.3%** |  |
|  |  | Continental AG |  |
| EUR | 6075000 | &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 11/30/27 | 6337570 |
|  |  | Faurecia SE |  |
| EUR | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 6/15/25 | 1075196 |
| EUR | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 6/15/26 | 2057074 |
| EUR | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 2/15/27 | 997802 |
|  |  | FCA Bank SPA |  |
| EUR | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 11/16/23 | 1818624 |
| EUR | 6225000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 3/24/24 | 6689625 |
|  |  | FCE Bank PLC |  |
| EUR | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;1.615%, 5/11/23 | 2439745 |
|  |  | Ford Motor Credit Co LLC |  |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.841% (3 Month LIBOR |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.235%), 2/15/23 <sup>1</sup> | 999091 |
|  | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.810%, 1/9/24 | 584408 |
| EUR | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 9/15/25 | 866615 |
|  | 3650000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 11/13/25 | 3306107 |
|  |  | General Motors Financial Co Inc |  |
|  | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 1/17/24 | 1146230 |
| EUR | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 4/1/24 | 2310584 |
| GBP | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 9/6/24 | 689625 |
|  | 1170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 4/9/25 | 1140109 |
|  |  | Genuine Parts Co |  |
|  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 2/1/25 | 187019 |
|  |  | Harley-Davidson Financial |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Services Inc |  |
| EUR | 5700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 5/19/23 | 6121073 |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;0.900%, 11/19/24 | 508668 |
|  |  | Hyundai Capital America |  |
|  | 1825000 | &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 9/17/26 | 1613952 |
|  |  | IHO Verwaltungs GmbH |  |
| EUR | 4100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% Cash or 4.000% PIK, |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | 4015656 |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% Cash or 5.000% PIK, |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | 1493892 |
|  |  | Jaguar Land Rover Automotive PLC |  |
| EUR | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 1/15/24 | 918940 |
|  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 10/15/25 | 1013738 |
| EUR | 625000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 7/15/28 | 509790 |
|  |  | Kia Corp |  |
|  | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 4/16/24 | 612397 |
|  | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 2/14/25 | 957179 |
|  |  | Nissan Motor Co Ltd |  |
|  | 1894000 | &nbsp;&nbsp;&nbsp;&nbsp;3.043%, 9/15/23 | 1856144 |
|  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.522%, 9/17/25 | 1396046 |
| EUR | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;2.652%, 3/17/26 | 696346 |
|  |  | RCI Banque SA |  |
| EUR | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;0.750%, 4/10/23 | 2665264 |
| EUR | 1090000 | &nbsp;&nbsp;&nbsp;&nbsp;2.296% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.570%), 11/4/24 <sup>1</sup> | 1147729 |
| EUR | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, 7/14/25 | 1316935 |
|  |  | Schaeffler AG |  |
| EUR | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 10/12/25 | 1124541 |
|  |  | Stellantis NV |  |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 4/15/23 | 1000900 |
|  |  | Toyota Finance Australia Ltd |  |
| EUR | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;0.064%, 1/13/25 | 1701943 |
|  |  | Volkswagen Bank GmbH |  |
| EUR | 4900000 | &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 1/31/24 | 5141583 |
|  |  | Volkswagen Financial Services NV |  |
| GBP | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 9/18/23 | 353895 |
| EUR | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 11/25/24 | 2441763 |
| GBP | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 2/20/25 | 327852 |
|  |  | Volkswagen International Finance NV |  |
| EUR | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 2/15/28 | 2940073 |
|  |  | ZF Europe Finance BV |  |
| EUR | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/23/27 | 708806 |
|  |  | ZF Finance GmbH |  |
| EUR | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 9/21/25 | 3163797 |
|  |  |  | 78394326 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | |
| **Banking: 15.8%** | **Banking: 15.8%** | **Banking: 15.8%** | |
|  |  | Abanca Corp Bancaria SA |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% (5 Year Swap Rate EUR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5.014%), 4/7/30 <sup>1,4</sup> | $502031 |
|  |  | ABN AMRO Bank NV |  |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 7/28/25 | 485481 |
|  | 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.400% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 2.197%), 3/27/28 <sup>1,4</sup> | 4125282 |
|  |  | AIB Group PLC |  |
| EUR | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1.875% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.150%), 11/19/29 <sup>1,4</sup> | 1662104 |
| EUR | 7100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.875% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 3.300%), 5/30/31 <sup>1,4</sup> | 6832284 |
|  |  | Australia & New Zealand |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Banking Group Ltd |  |
|  | 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;2.950% (5 Year CMT Rate + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.288%), 7/22/30 <sup>1,4</sup> | 2445339 |
|  |  | Banco Comercial Portugues SA |  |
| EUR | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.871% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 4.231%), 3/27/30 <sup>1,4</sup> | 507070 |
|  |  | Banco de Sabadell SA |  |
| EUR | 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 5.100%), 12/12/28 <sup>1,4</sup> | 3852970 |
| EUR | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;2.500% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.950%), 4/15/31 <sup>1,4</sup> | 841411 |
|  |  | Bank of America Corp |  |
|  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 1/22/25 | 1078120 |
|  | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;3.841% (SOFR + 1.110%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4/25/25 <sup>1,4</sup> | 440014 |
|  | 1945000 | &nbsp;&nbsp;&nbsp;&nbsp;4.827% (SOFR + 1.750%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7/22/26 <sup>1,4</sup> | 1923786 |
|  | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.376% (SOFR + 1.580%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4/27/28 <sup>1,4</sup> | 863323 |
|  |  | Bank of Ireland Group PLC |  |
| EUR | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;2.375% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.800%), 10/14/29 <sup>1,4</sup> | 1044323 |
| EUR | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;1.375% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.650%), 8/11/31 <sup>1,4</sup> | 2889331 |
|  |  | BBVA Bancomer SA |  |
|  | 5150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 4/10/24 | 5086346 |
|  |  | BPCE SA |  |
|  | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 10/22/23 | 1260773 |
|  | 2310000 | &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 7/21/24 | 2263293 |
|  |  | Caixa Geral de Depositos SA |  |
| EUR | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 5.500%), 6/28/28 <sup>1,4</sup> | 1284587 |
|  |  | CaixaBank SA |  |
| EUR | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.750% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.350%), 7/14/28 <sup>1,4</sup> | 3154726 |
| EUR | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.680%), 4/17/30 <sup>1,4</sup> | 2931232 |
| EUR | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% (1 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 3.550%), 2/23/33 <sup>1,4</sup> | 1932055 |
|  |  | Ceska sporitelna AS |  |
| EUR | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.693% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3.700%), 11/14/25 <sup>1,4</sup> | 1318010 |
|  |  | Citigroup Inc |  |
|  | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.140% (SOFR + 1.372%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5/24/25 <sup>1,4</sup> | 882970 |
|  | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 1/12/26 | 674758 |
|  | 525000 | &nbsp;&nbsp;&nbsp;&nbsp;4.658% (SOFR + 1.887%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5/24/28 <sup>1,4</sup> | 509515 |
|  |  | Commerzbank AG |  |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;8.125%, 9/19/23 <sup>1</sup> | 504058 |
| EUR | 5600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 4.350%), 12/5/30 <sup>1,4</sup> | 5647698 |
|  |  | Commonwealth Bank of Australia |  |
| EUR | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.936% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.450%), 10/3/29 <sup>1,4</sup> | 2525267 |
|  |  | Cooperatieve Rabobank UA |  |
|  | 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.892%), 4/10/29 <sup>1,4</sup> | 3640302 |
|  |  | Danske Bank A/S |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.500% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.500%), 6/21/29 <sup>1,4</sup> | 1543139 |
|  |  | Deutsche Bank AG |  |
|  | 1532000 | &nbsp;&nbsp;&nbsp;&nbsp;5.966% (3 Month LIBOR |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.230%), 2/27/23 <sup>1</sup> | 1532434 |
| EUR | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1.000% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.600%), 11/19/25 <sup>1,4</sup> | 1300357 |
|  | 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.961% (SOFR + 2.581%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11/26/25 <sup>1,4</sup> | 2583248 |
|  | 3175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.296% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 2.248%), 5/24/28 <sup>1,4</sup> | 2987711 |
|  |  | HSBC Holdings PLC |  |
| EUR | 2550000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 6/30/25 | 2661896 |
| GBP | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750% (SONIO + 1.307%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7/24/27 <sup>1,4</sup> | 3122407 |
|  |  | ING Groep NV |  |
| EUR | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.850%), 11/14/27 <sup>1,4</sup> | 2509932 |
|  | 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.700% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.938%), 3/22/28 <sup>1,4</sup> | 3236026 |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.850%), 4/11/28 <sup>1,4</sup> | 532975 |
| EUR | 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;2.500% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.150%), 2/15/29 <sup>1,4</sup> | 2803683 |
| EUR | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.250%), 9/26/29 <sup>1,4</sup> | 902494 |
|  |  | Intesa Sanpaolo SPA |  |
|  | 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.017%, 6/26/24 | 3175406 |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.981% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.900%), 9/26/24 <sup>1</sup> | 1614058 |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 4.750%), 7/12/29 <sup>1,4</sup> | 1067919 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | |
| **Banking: 15.8% (Continued)** | **Banking: 15.8% (Continued)** | **Banking: 15.8% (Continued)** | |
|  |  | La Banque Postale SA |  |
| EUR | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;0.875% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.380%), 1/26/31 <sup>1,4</sup> | $1023172 |
|  |  | Landsbankinn HF |  |
| EUR | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, 5/20/24 | 1919973 |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 5/23/25 | 1464779 |
|  |  | Nationwide Building Society |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.500% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.930%), 3/8/26 <sup>1,4</sup> | 2003182 |
| EUR | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;2.000% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.500%), 7/25/29 <sup>1,4</sup> | 555468 |
|  |  | NatWest Group PLC |  |
|  | 2325000 | &nbsp;&nbsp;&nbsp;&nbsp;3.754% (5 Year CMT Rate + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2.100%), 11/1/29 <sup>1,4</sup> | 2159094 |
|  |  | NatWest Group PLC |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 3/4/25 <sup>1</sup> | 2089061 |
|  |  | NBK SPC Ltd |  |
|  | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625% (SOFR + 1.050%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 <sup>1,4</sup> | 660879 |
|  |  | Nova Ljubljanska Banka dd |  |
| EUR | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% (1 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 4.835%), 7/19/25 <sup>1,4</sup> | 2217284 |
|  |  | OTP Bank Nyrt |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4.265%), 7/13/25 <sup>1,4</sup> | 2091106 |
|  |  | Raiffeisen Bank International AG |  |
| EUR | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 9/8/25 | 948071 |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.500% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.150%), 3/12/30 <sup>1,4</sup> | 902074 |
|  |  | Santander UK Group Holdings PLC |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;0.391% (1 Year EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.730%), 2/28/25 <sup>1,4</sup> | 1533595 |
|  |  | Santander UK PLC |  |
|  | 3480000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/7/23 | 3492069 |
|  |  | Skandinaviska Enskilda Banken AB |  |
| EUR | 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/9/26 | 4030855 |
| EUR | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.375% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.350%), 10/31/28 <sup>1,4</sup> | 3128261 |
|  |  | Societe Generale SA |  |
|  | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 1/17/24 | 1148085 |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1.375% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 0.900%), 2/23/28 <sup>1,4</sup> | 1696109 |
| EUR | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;1.000% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.550%), 11/24/30 <sup>1,4</sup> | 3008567 |
|  |  | Standard Chartered PLC |  |
|  | 1180000 | &nbsp;&nbsp;&nbsp;&nbsp;3.885% (3 Month LIBOR |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.080%), 3/15/24 <sup>1,4</sup> | 1174474 |
|  | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.516% (5 Year CMT Rate + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.850%), 2/12/30 <sup>1,4</sup> | 1292668 |
|  |  | UniCredit SPA |  |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% (5 Year EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4.739%), 2/20/29 <sup>1,4</sup> | 1698799 |
| EUR | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;2.000% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 2.400%), 9/23/29 <sup>1,4</sup> | 442714 |
|  |  | Virgin Money UK PLC |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.875% (1 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 3.250%), 6/24/25 <sup>1,4</sup> | 2052774 |
| GBP | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.875% (5 Year GILT + 7.128%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12/14/28 <sup>1,4</sup> | 2660642 |
| GBP | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% (5 Year GILT + 5.250%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12/11/30 <sup>1,4</sup> | 1176612 |
|  |  | Volksbank Wien AG |  |
| EUR | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.192% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EURIBOR + 2.550%), 10/6/27 <sup>1,4</sup> | 2833821 |
|  |  | Westpac Banking Corp |  |
|  | 5245000 | &nbsp;&nbsp;&nbsp;&nbsp;2.894% (5 Year CMT Rate + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.350%), 2/4/30 <sup>1,4</sup> | 4815713 |
|  |  |  | 148902045 |
| **Broadcasting: 0.3%** | **Broadcasting: 0.3%** | **Broadcasting: 0.3%** |  |
|  |  | Pinewood Finance Co Ltd |  |
| GBP | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 9/30/25 | 559293 |
|  |  | Warnermedia Holdings Inc |  |
|  | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.428%, 3/15/24 | 1165655 |
|  | 968000 | &nbsp;&nbsp;&nbsp;&nbsp;3.638%, 3/15/25 | 921960 |
|  |  |  | 2646908 |
| **Building Materials: 0.8%** | **Building Materials: 0.8%** | **Building Materials: 0.8%** |  |
|  |  | CRH Funding BV |  |
| EUR | 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 1/9/24 | 2534280 |
|  |  | James Hardie International |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Finance DAC |  |
| EUR | 2655000 | &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 10/1/26 | 2664248 |
|  | 922000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 1/15/28 | 847438 |
|  |  | Standard Industries Inc |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/21/26 | 1839782 |
|  |  |  | 7885748 |
| **Cable/Satellite TV: 1.3%** | **Cable/Satellite TV: 1.3%** | **Cable/Satellite TV: 1.3%** |  |
|  |  | CCO Holdings LLC / CCO |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Holdings Capital Corp |  |
|  | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 5/1/26 | 3151044 |
|  |  | CSC Holdings LLC |  |
|  | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 4/15/27 | 2523079 |
|  |  | DISH Network Corp |  |
|  | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;11.750%, 11/15/27 | 2268530 |
|  |  | ITV PLC |  |
| EUR | 975000 | &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/1/23 | 1036084 |
|  |  | Radiate Holdco LLC / Radiate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Finance Inc |  |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 9/15/26 | 368140 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | |
| **Cable/Satellite TV: 1.3% (Continued)** | **Cable/Satellite TV: 1.3% (Continued)** | **Cable/Satellite TV: 1.3% (Continued)** | |
|  |  | United Group BV |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.923% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4.125%), 5/15/25 <sup>1</sup> | $981111 |
| EUR | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 2/15/26 | 1209015 |
| EUR | 1360000 | &nbsp;&nbsp;&nbsp;&nbsp;5.012% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3.250%), 2/15/26 <sup>1</sup> | 1259273 |
|  |  |  | 12796276 |
| **Capital Goods: 1.6%** | **Capital Goods: 1.6%** | **Capital Goods: 1.6%** |  |
|  |  | CNH Industrial NV |  |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 8/15/23 | 993894 |
|  |  | Daimler Trucks Finance North |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;America LLC |  |
|  | 2475000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 12/13/24 | 2299891 |
|  | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 4/7/25 | 1104957 |
|  |  | Parker-Hannifin Corp |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 3/1/25 | 1527729 |
|  |  | Traton Finance Luxembourg SA |  |
| EUR | 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 11/10/24 | 4166672 |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 3/24/25 | 1465536 |
| EUR | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/22/25 | 848906 |
|  |  | Westinghouse Air Brake |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Technologies Corp |  |
|  | 2525000 | &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 3/15/24 <sup>1</sup> | 2485906 |
|  |  |  | 14893491 |
| **Chemicals: 2.2%** | **Chemicals: 2.2%** | **Chemicals: 2.2%** |  |
|  |  | Celanese US Holdings LLC |  |
|  | 3553000 | &nbsp;&nbsp;&nbsp;&nbsp;5.900%, 7/5/24 | 3555381 |
|  |  | CNAC HK Finbridge Co Ltd |  |
|  | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 6/19/24 | 4371592 |
|  |  | INEOS Finance PLC |  |
| EUR | 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 5/1/26 | 3611108 |
|  |  | INEOS Quattro Finance 2 PLC |  |
| EUR | 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 1/15/26 | 2191178 |
|  |  | International Flavors & |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Fragrances Inc |  |
| EUR | 4400000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 3/14/24 | 4605987 |
|  | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;1.230%, 10/1/25 | 530859 |
|  |  | MEGlobal Canada ULC |  |
|  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;–%, 5/18/25 <sup>8</sup> | 344453 |
|  |  | Sinochem Offshore Capital Co Ltd |  |
|  | 950000 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 9/23/24 | 879501 |
|  |  | Syngenta Finance NV |  |
|  | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.441%, 4/24/23 | 896073 |
|  |  |  | 20986132 |
| **Consumer-Products: 0.3%** | **Consumer-Products: 0.3%** | **Consumer-Products: 0.3%** |  |
|  |  | GSK Consumer Healthcare |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Capital UK PLC |  |
|  | 970000 | &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 3/24/25 | 923943 |
|  |  | GSK Consumer Healthcare |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Capital US LLC |  |
|  | 381000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 3/24/27 | 355810 |
|  |  | Kimberly-Clark de Mexico |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;SAB de CV |  |
|  | 1791000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 3/12/25 | 1702139 |
|  |  |  | 2981892 |
| **Containers: 0.7%** | **Containers: 0.7%** | **Containers: 0.7%** |  |
|  |  | Amcor Flexibles North America Inc |  |
|  | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 5/17/25 | 828826 |
|  |  | Ardagh Packaging Finance PLC / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Ardagh Holdings USA Inc |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 8/15/26 | 1796255 |
|  |  | Crown European Holdings SA |  |
| EUR | 2950000 | &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 2/1/26 | 3015714 |
|  |  | Trivium Packaging Finance BV |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.548% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3.750%), 8/15/26 <sup>1</sup> | 508703 |
|  |  |  | 6149498 |
| **Diversified Financial Services: 13.1%** | **Diversified Financial Services: 13.1%** | **Diversified Financial Services: 13.1%** |  |
|  |  | AerCap Ireland Capital DAC / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;AerCap Global Aviation Trust |  |
|  | 1520000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 9/15/23 | 1510387 |
|  | 815000 | &nbsp;&nbsp;&nbsp;&nbsp;1.150%, 10/29/23 | 784401 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 1/16/24 | 990876 |
|  | 1801000 | &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 2/15/24 | 1742370 |
|  | 3275000 | &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 10/29/24 | 3024227 |
|  | 2039000 | &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 10/29/26 | 1787733 |
|  |  | Air Lease Corp |  |
|  | 2560000 | &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 1/15/27 | 2238445 |
|  |  | Aircastle Ltd |  |
|  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 4/1/23 | 349466 |
|  | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 9/25/23 | 1188349 |
|  | 897000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 5/1/24 | 867723 |
|  | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 8/11/25 | 2408709 |
|  | 1930000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 6/15/26 | 1817342 |
|  |  | AnaCap Financial |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Europe SA SICAV-RAIF |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.641% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5.000%), 8/1/24 <sup>1</sup> | 916837 |
|  |  | Ares Capital Corp |  |
|  | 2370000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 2/10/23 | 2364967 |
|  | 1680000 | &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 6/10/24 | 1623347 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 3/1/25 | 949264 |
|  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 7/15/25 | 184364 |
|  |  | Aviation Capital Group LLC |  |
|  | 2370000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 5/1/23 | 2351013 |
|  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/15/24 | 1473328 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 8/1/25 | 934727 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | |
| **Diversified Financial Services: 13.1% (Continued)** | **Diversified Financial Services: 13.1% (Continued)** | **Diversified Financial Services: 13.1% (Continued)** | |
|  |  | Avolon Holdings Funding Ltd |  |
|  | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 10/1/23 | $692321 |
|  | 2130000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 1/15/26 | 2029392 |
|  | 1425000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 4/15/26 | 1295602 |
|  |  | AXA Logistics Europe Master SCA |  |
| EUR | 575000 | &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 11/15/26 | 509640 |
|  |  | BOC Aviation Ltd |  |
|  | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.975% (3 Month LIBOR |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.300%), 5/21/25 <sup>1</sup> | 2966100 |
|  |  | Bracken MidCo1 PLC |  |
| GBP | 775000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% Cash or 7.000% PIK, |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/27 | 760562 |
|  |  | Credit Suisse Group AG |  |
| EUR | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.378% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.000%), 1/16/26 <sup>1</sup> | 280085 |
|  | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 4.598%), 12/11/23 <sup>1,4,5</sup> | 788400 |
|  | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 3.455%), 12/18/24 <sup>1,4,5</sup> | 354768 |
|  |  | DAE Funding LLC |  |
|  | 3850000 | &nbsp;&nbsp;&nbsp;&nbsp;1.550%, 8/1/24 | 3586503 |
|  | 1492000 | &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 3/20/25 | 1397855 |
|  | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 3/20/25 | 2061180 |
|  |  | DAE Sukuk Difc Ltd |  |
|  | 280000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 2/15/26 | 266314 |
|  |  | doValue SPA |  |
| EUR | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 8/4/25 | 1809964 |
| EUR | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 7/31/26 | 996077 |
|  |  | Encore Capital Group Inc |  |
| EUR | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 10/15/25 | 1764368 |
| GBP | 775000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 2/15/26 | 843715 |
|  |  | Garfunkelux Holdco 3 SA |  |
| EUR | 2870000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 11/1/25 | 2475640 |
| GBP | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 11/1/25 | 473189 |
| EUR | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;7.891% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6.250%), 5/1/26 <sup>1</sup> | 280689 |
|  |  | Goldman Sachs Group Inc |  |
|  | 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 3/15/24 | 2342190 |
|  |  | Hoist Finance AB |  |
| EUR | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 4/3/23 | 2659389 |
|  |  | Huarong Finance 2019 Co Ltd |  |
|  | 520000 | &nbsp;&nbsp;&nbsp;&nbsp;5.824% (3 Month LIBOR |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.125%), 2/24/23 <sup>1</sup> | 518358 |
|  | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 5/29/24 | 1711536 |
|  | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/13/24 | 1570087 |
|  |  | Huarong Finance II Co Ltd |  |
|  | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 1/16/25 | 569289 |
|  |  | Icahn Enterprises LP / Icahn |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Enterprises Finance Corp |  |
|  | 2360000 | &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 12/15/25 | 2293495 |
|  |  | ICBCIL Finance Co Ltd |  |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.706% (3 Month LIBOR |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.100%), 5/15/23 <sup>1</sup> | 1000649 |
|  |  | ICD Funding Ltd |  |
|  | 1850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 5/21/24 | 1825721 |
|  |  | Intrum AB |  |
| EUR | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 8/15/25 | 1270930 |
| EUR | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 7/15/26 | 135583 |
|  |  | Jerrold Finco PLC |  |
| GBP | 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 1/15/26 | 1123853 |
|  |  | LeasePlan Corp NV |  |
| EUR | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 9/13/23 | 3133765 |
| EUR | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;0.250%, 9/7/26 | 367363 |
|  |  | Macquarie Bank Ltd |  |
|  | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 6/10/25 | 2057670 |
|  |  | Mirae Asset Securities Co Ltd |  |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 7/30/23 | 489228 |
|  | 4780000 | &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 7/30/25 | 4282613 |
|  |  | Mitsubishi HC Capital UK PLC |  |
| EUR | 425000 | &nbsp;&nbsp;&nbsp;&nbsp;–%, 10/29/24 | 421786 |
|  |  | Morgan Stanley |  |
|  | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.679% (SOFR + 1.669%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7/17/26 <sup>1,4</sup> | 590772 |
|  | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;6.138% (SOFR + 1.770%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10/16/26 <sup>1,4</sup> | 2558274 |
|  |  | Navient Corp |  |
|  | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 3/25/24 | 2698435 |
|  |  | Nexi SPA |  |
| EUR | 3980000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 4/30/26 | 3893813 |
|  |  | ORIX Corp |  |
| EUR | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.919%, 4/20/26 | 4026410 |
|  |  | Owl Rock Capital Corp |  |
|  | 2705000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 3/30/25 | 2545344 |
|  | 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 7/22/25 | 1032033 |
|  |  | Park Aerospace Holdings Ltd |  |
|  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 3/15/23 | 1995214 |
|  | 2320000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 2/15/24 | 2291479 |
|  |  | REC Ltd |  |
|  | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/13/23 | 796021 |
|  | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 7/25/24 | 2206735 |
|  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/12/24 | 191726 |
|  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 9/1/26 | 176744 |
|  | 840000 | &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 1/13/27 | 747411 |
|  |  | Sherwood Financing PLC |  |
| EUR | 1520000 | &nbsp;&nbsp;&nbsp;&nbsp;6.387% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4.625%), 11/15/27 <sup>1</sup> | 1484709 |
|  |  | Shriram Finance Ltd |  |
|  | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 7/18/25 | 830673 |
|  |  | SoftBank Group Corp |  |
|  | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 1/6/25 | 687094 |
|  | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 7/6/26 | 1275580 |
|  |  | Synchrony Financial |  |
|  | 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 6/13/25 | 3661970 |
|  |  | TP ICAP Finance PLC |  |
| GBP | 406000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 1/26/24 | 479693 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | |
| **Diversified Financial Services: 13.1% (Continued)** | **Diversified Financial Services: 13.1% (Continued)** | **Diversified Financial Services: 13.1% (Continued)** | |
|  |  | UBS AG |  |
|  | 5475000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 5/15/24 | $5415558 |
|  |  | UBS Group AG |  |
|  | 960000 | &nbsp;&nbsp;&nbsp;&nbsp;7.000% (USSW5YF + 4.866%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2/19/25 <sup>1,4,5</sup> | 952200 |
|  |  |  | 123451632 |
| **Diversified Media: 0.2%** | **Diversified Media: 0.2%** | **Diversified Media: 0.2%** |  |
|  |  | Adevinta ASA |  |
| EUR | 675000 | &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 11/15/25 | 673779 |
|  |  | Tencent Holdings Ltd |  |
|  | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 2/11/25 | 1273002 |
|  |  |  | 1946781 |
| **Energy: 2.9%** | **Energy: 2.9%** | **Energy: 2.9%** |  |
|  |  | Archrock Partners LP / Archrock |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Partners Finance Corp |  |
|  | 1190000 | &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 4/1/27 | 1137894 |
|  |  | Blue Racer Midstream LLC / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Blue Racer Finance Corp |  |
|  | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 12/15/25 | 2086978 |
|  |  | CrownRock LP / CrownRock |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Finance Inc |  |
|  | 2170000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 10/15/25 | 2098466 |
|  |  | Energean Israel Finance Ltd |  |
|  | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 3/30/24 | 2031225 |
|  |  | Energy Transfer LP |  |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 4/1/24 | 982872 |
|  |  | Galaxy Pipeline Assets Bidco Ltd |  |
|  | 1583381 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 9/30/27 | 1469420 |
|  |  | Perusahaan Gas Negara Tbk PT |  |
|  | 3351000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 5/16/24 | 3329253 |
|  |  | Plains All American Pipeline LP / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;PAA Finance Corp |  |
|  | 2176000 | &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 10/15/25 | 2133695 |
|  |  | Ras Laffan Liquefied Natural |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Gas Co Ltd <sup>3</sup> |  |
|  | 407150 | &nbsp;&nbsp;&nbsp;&nbsp;5.838%, 9/30/27 | 410285 |
|  | 617250 | &nbsp;&nbsp;&nbsp;&nbsp;6.332%, 9/30/27 | 624320 |
|  |  | Sabine Pass Liquefaction LLC |  |
|  | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 5/15/24 | 1131872 |
|  |  | USA Compression Partners LP / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;USA Compression Finance Corp |  |
|  | 1180000 | &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 9/1/27 | 1105194 |
|  |  | Wintershall Dea Finance BV |  |
| EUR | 8400000 | &nbsp;&nbsp;&nbsp;&nbsp;0.452%, 9/25/23 | 8778256 |
|  |  |  | 27319730 |
| **Food & Drug Retail: 0.5%** | **Food & Drug Retail: 0.5%** | **Food & Drug Retail: 0.5%** |  |
|  |  | Bellis Acquisition Co PLC |  |
| GBP | 575000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 2/16/26 | 568198 |
|  |  | ELO SACA |  |
| EUR | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 1/30/24 | 2418815 |
|  |  | Quatrim SASU |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 1/15/24 | 1049504 |
|  |  | Roadster Finance DAC |  |
| EUR | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 12/9/24 | 773294 |
|  |  |  | 4809811 |
| **Food/Beverage/Tobacco: 2.4%** | **Food/Beverage/Tobacco: 2.4%** | **Food/Beverage/Tobacco: 2.4%** |  |
|  |  | Bright Food Singapore |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Holdings Pte Ltd |  |
| EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 6/19/24 | 200998 |
| EUR | 4150000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 7/22/25 | 3967206 |
|  |  | Coca-Cola Europacific Partners PLC |  |
|  | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 1/15/27 | 1387981 |
|  |  | Coca-Cola Icecek AS |  |
|  | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.215%, 9/19/24 | 878333 |
|  |  | Constellation Brands Inc |  |
|  | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 5/9/24 | 220505 |
|  | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 5/9/27 | 170942 |
|  |  | Kraft Heinz Foods Co |  |
|  | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 6/1/26 | 2111207 |
| EUR | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 5/25/28 | 1281764 |
|  |  | Louis Dreyfus Co Finance BV |  |
|  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;–%, 6/13/23 | 199263 |
| EUR | 1825000 | &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 11/27/25 | 1863956 |
|  |  | Olam International Ltd |  |
|  | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 1/9/23 | 398072 |
|  |  | Sigma Alimentos SA de CV |  |
| EUR | 2150000 | &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 2/7/24 | 2253874 |
|  |  | Sysco Corp |  |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 6/23/23 | 1699536 |
|  | 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 7/15/26 | 2553450 |
|  |  | Viterra Finance BV |  |
| EUR | 4075000 | &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 9/24/25 | 3889991 |
|  |  |  | 23077078 |
| **Gaming: 1.3%** | **Gaming: 1.3%** |  |  |
|  |  | Allwyn International AS |  |
| EUR | 2900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/20/24 | 3073251 |
|  |  | Caesars Entertainment Inc |  |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 7/1/25 | 974638 |
|  |  | Cirsa Finance International SARL |  |
| EUR | 78431 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 12/20/23 | 83552 |
|  |  | International Game Technology PLC |  |
| EUR | 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 6/15/26 | 2459171 |
|  |  | Lottomatica SPA |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 7/15/25 | 1526667 |
|  |  | MGM Resorts International |  |
|  | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 5/1/25 | 1258411 |
|  |  | Playtech PLC |  |
| EUR | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 3/7/26 | 3042698 |
|  |  |  | 12418388 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | |
| **Healthcare: 1.3%** | **Healthcare: 1.3%** | **Healthcare: 1.3%** | |
|  |  | GN Store Nord AS |  |
| EUR | 760000 | &nbsp;&nbsp;&nbsp;&nbsp;0.750%, 12/6/23 | $771097 |
| EUR | 2070000 | &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 11/25/24 | 1995818 |
|  |  | HCA Inc |  |
|  | 1980000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 2/15/26 | 1996683 |
|  |  | MPT Operating Partnership LP / |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;MPT Finance Corp |  |
| GBP | 510000 | &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 12/5/23 | 586972 |
| EUR | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.325%, 3/24/25 | 2230647 |
| GBP | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 3/24/26 | 1251954 |
|  |  | Phoenix PIB Dutch Finance BV |  |
| EUR | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 8/5/25 | 403313 |
|  |  | Tenet Healthcare Corp |  |
|  | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 1/1/26 | 2854320 |
|  |  |  | 12090804 |
| **Homebuilders/Real Estate: 5.2%** | **Homebuilders/Real Estate: 5.2%** | **Homebuilders/Real Estate: 5.2%** |  |
|  |  | Akelius Residential Property AB |  |
| EUR | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 3/14/24 | 2344622 |
| EUR | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 2/7/25 | 347232 |
|  |  | American Tower Corp |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.450%, 1/15/27 | 919273 |
|  |  | Blackstone Property Partners |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Europe Holdings SARL |  |
| EUR | 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 2/15/24 | 3661446 |
|  |  | Castellum AB |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 11/20/23 | 514167 |
|  |  | CTP NV |  |
| EUR | 2233000 | &nbsp;&nbsp;&nbsp;&nbsp;0.625%, 11/27/23 | 2275198 |
| EUR | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, 6/21/25 | 359477 |
|  |  | DEMIRE Deutsche Mittelstand |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Real Estate AG |  |
| EUR | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 10/15/24 | 1045740 |
|  |  | DIC Asset AG |  |
| EUR | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 9/22/26 | 369709 |
|  |  | Digital Dutch Finco BV |  |
| EUR | 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;0.625%, 7/15/25 | 4030116 |
|  |  | Globalworth Real Estate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Investments Ltd |  |
| EUR | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 3/29/25 | 2160699 |
|  |  | Hammerson PLC |  |
| GBP | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/27/25 | 733974 |
|  |  | HOWOGE Wohnungs- |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;baugesellschaft mbH |  |
| EUR | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;–%, 11/1/24 | 297338 |
|  |  | Ladder Capital Finance |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Holdings LLLP / Ladder Capital |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Finance Corp |  |
|  | 3130000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/1/25 | 2946240 |
|  |  | Lar Espana Real Estate Socimi SA |  |
| EUR | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 7/22/26 | 344522 |
|  |  | Lennar Corp |  |
|  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/15/24 | 1507830 |
|  |  | MAF Global Securities Ltd |  |
|  | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 5/7/24 | 4447633 |
|  |  | MasTec Inc |  |
|  | 1180000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 8/15/28 | 1060947 |
|  |  | NE Property BV |  |
| EUR | 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 11/23/24 | 2705434 |
| EUR | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 10/9/26 | 1262855 |
|  |  | P3 Group SARL |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 1/26/26 | 894061 |
|  |  | Samhallsbyggnadsbolaget i |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Norden AB |  |
| EUR | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 1/14/25 | 597234 |
|  |  | SBB Treasury Oyj |  |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.284% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.550%), 2/8/24 <sup>1</sup> | 1593868 |
|  |  | Service Properties Trust |  |
|  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 6/15/23 | 1476408 |
|  |  | Tritax EuroBox PLC |  |
| EUR | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;0.950%, 6/2/26 | 524421 |
|  |  | Trust Fibra Uno |  |
|  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/24 | 345607 |
|  | 3950000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 1/30/26 | 3818544 |
|  |  | VICI Properties LP / VICI |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Note Co Inc |  |
|  | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 9/1/26 | 2641275 |
|  |  | Vivion Investments SARL |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 8/8/24 | 837144 |
|  |  | Webuild SPA |  |
| EUR | 2425000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 12/15/25 | 2321149 |
| EUR | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 7/28/26 | 172624 |
|  |  |  | 48556787 |
| **Hotels: 1.4%** | **Hotels: 1.4%** | **Hotels: 1.4%** |  |
|  |  | Hyatt Hotels Corp |  |
|  | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 10/1/23 | 1263994 |
|  | 985000 | &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 10/1/24 | 923930 |
|  | 2550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 4/23/25 | 2534426 |
|  |  | Marriott International Inc |  |
|  | 1975000 | &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 4/15/24 | 1937114 |
|  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/27 | 1980019 |
|  |  | Pterosaur Capital Co Ltd |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 9/25/24 | 1991030 |
|  |  | Whitbread Group PLC |  |
| GBP | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 10/16/25 | 2232738 |
|  |  |  | 12863251 |
| **Insurance: 0.2%** | **Insurance: 0.2%** | **Insurance: 0.2%** |  |
|  |  | Galaxy Bidco Ltd |  |
| GBP | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 7/31/26 | 931389 |
|  |  | Rothesay Life PLC |  |
| GBP | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 10/30/25 | 562934 |
|  |  |  | 1494323 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | |
| **Leisure: 0.4%** | **Leisure: 0.4%** | **Leisure: 0.4%** | |
|  |  | CPUK Finance Ltd |  |
| GBP | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;3.588%, 8/28/25 | $421385 |
| GBP | 510000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 8/28/26 | 568290 |
|  |  | Expedia Group Inc |  |
|  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 5/1/25 | 1514884 |
|  | 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 2/15/26 | 1211537 |
|  |  |  | 3716096 |
| **Metals/Mining: 0.8%** | **Metals/Mining: 0.8%** | **Metals/Mining: 0.8%** |  |
|  |  | Gold Fields Orogen Holdings |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;BVI Ltd |  |
|  | 4400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 5/15/24 | 4367629 |
|  |  | Novelis Corp |  |
|  | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2693265 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7060894 |
| **Paper: 0.1%** | **Paper: 0.1%** | **Paper: 0.1%** |  |
|  |  | Inversiones CMPC SA |  |
|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 5/15/23 | 995630 |
| **Publishing/Printing: 0.3%** | **Publishing/Printing: 0.3%** | **Publishing/Printing: 0.3%** |  |
|  |  | Informa PLC |  |
| EUR | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 10/6/25 | 2852689 |
| **Quasi & Foreign Government: 1.0%** | **Quasi & Foreign Government: 1.0%** | **Quasi & Foreign Government: 1.0%** |  |
|  |  | African Export-Import Bank |  |
|  | 1620000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 6/20/24 | 1584376 |
|  |  | Eastern & Southern African |  |
|  |  | Trade & Development Bank |  |
|  | 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 5/23/24 | 4052790 |
|  |  | Emirates Development Bank PJSC |  |
|  | 420000 | &nbsp;&nbsp;&nbsp;&nbsp;1.639%, 6/15/26 | 375442 |
|  |  | Istituto per il Credito Sportivo |  |
| EUR | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/31/25 | 3003402 |
|  |  |  | 9016010 |
| **Railroads: 0.3%** | **Railroads: 0.3%** | **Railroads: 0.3%** |  |
|  |  | Getlink SE |  |
| EUR | 2725000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/30/25 | 2846375 |
| **Services: 2.6%** | **Services: 2.6%** | **Services: 2.6%** |  |
|  |  | Almaviva-The Italian |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Innovation Co SPA |  |
| EUR | 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 10/30/26 | 2414006 |
|  |  | Aramark International Finance SARL |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 4/1/25 | 1545457 |
|  |  | Arena Luxembourg Finance SARL |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 2/1/28 | 1715133 |
|  |  | Brink's Co |  |
|  | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 7/15/25 | 3147355 |
|  |  | Leasys SPA |  |
| EUR | 5925000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/7/24 | 6354401 |
|  |  | Lincoln Financing SARL |  |
| EUR | 1080000 | &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 4/1/24 | 1144797 |
|  |  | Loxam SAS |  |
| EUR | 1560000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 1/14/25 | 1595929 |
|  |  | PeopleCert Wisdom Issuer PLC |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 9/15/26 | 1510132 |
|  |  | RAC Bond Co PLC |  |
| GBP | 476000 | &nbsp;&nbsp;&nbsp;&nbsp;4.565%, 5/6/23 | 571457 |
|  |  | Sabre GLBL Inc |  |
|  | 1380000 | &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 9/1/25 | 1320988 |
|  |  | Techem Verwaltungsgesellschaft |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;675 mbH |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 7/15/25 | 1480828 |
|  |  | Verisure Holding AB |  |
| EUR | 865000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 7/15/26 | 841451 |
| EUR | 460000 | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 2/15/27 | 428575 |
|  |  | Zenith Finco PLC |  |
| GBP | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 6/30/27 | 426656 |
|  |  |  | 24497165 |
| **Steel: 0.8%** | **Steel: 0.8%** | **Steel: 0.8%** |  |
|  |  | ArcelorMittal SA |  |
| EUR | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 1/17/24 | 2334222 |
| EUR | 2550000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 9/26/26 | 2734529 |
|  |  | thyssenkrupp AG |  |
| EUR | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 2/22/24 | 2229665 |
|  |  |  | 7298416 |
| **Super Retail: 0.5%** | **Super Retail: 0.5%** | **Super Retail: 0.5%** |  |
|  |  | AA Bond Co Ltd |  |
| GBP | 985000 | &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 7/31/24 | 1128710 |
|  |  | PVH Corp |  |
| EUR | 765000 | &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 7/15/24 | 817130 |
|  |  | Travis Perkins PLC |  |
| GBP | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 9/7/23 | 2388350 |
|  |  |  | 4334190 |
| **Technology: 2.2%** | **Technology: 2.2%** | **Technology: 2.2%** |  |
|  |  | ams-OSRAM AG |  |
| EUR | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 7/31/25 | 2110050 |
|  |  | Cellnex Finance Co SA |  |
| EUR | 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 4/12/26 | 3755007 |
|  |  | Clarios Global LP / Clarios |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;US Finance Co |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 5/15/26 | 1488897 |
|  |  | Dell Bank International DAC |  |
| EUR | 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/18/27 | 5138794 |
|  |  | Dell International LLC / EMC Corp |  |
|  | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;6.020%, 6/15/26 | 2354312 |
|  |  | Gen Digital Inc |  |
|  | 1625000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 4/15/25 <sup>1</sup> | 1584326 |
|  |  | Oracle Corp |  |
|  | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 11/10/25 | 2559879 |
|  |  | Qorvo Inc |  |
|  | 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 12/15/24 | 1337262 |
|  |  | Wipro IT Services LLC |  |
|  | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 6/23/26 | 702753 |
|  |  |  | 21031280 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | **CORPORATE BONDS: 78.0% (Continued)** | |
| **Telecommunications: 3.1%** | **Telecommunications: 3.1%** | **Telecommunications: 3.1%** | |
|  |  | Altice Financing SA |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 1/15/25 | $1480917 |
|  |  | Bharti Airtel International |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Netherlands BV |  |
|  | 206000 | &nbsp;&nbsp;&nbsp;&nbsp;5.350%, 5/20/24 | 204982 |
|  |  | Bharti Airtel Ltd |  |
|  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 6/10/25 | 1070568 |
|  |  | British Telecommunications PLC |  |
| EUR | 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 9/26/23 | 2533080 |
|  |  | CK Hutchison Holdings Ltd |  |
| EUR | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 10/17/23 | 1830843 |
|  |  | eircom Finance DAC |  |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 2/15/27 | 1450703 |
|  |  | Global Switch Holdings Ltd |  |
| EUR | 2625000 | &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 1/31/24 | 2731273 |
|  |  | iliad SA |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;0.750%, 2/11/24 | 1544654 |
|  |  | LCPR Senior Secured |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Financing DAC |  |
|  | 540000 | &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 10/15/27 | 506153 |
|  |  | Matterhorn Telecom SA |  |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 9/15/26 | 1556350 |
|  |  | PLT VII Finance SARL |  |
| EUR | 475000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 1/5/26 | 480263 |
|  |  | PPF Telecom Group BV |  |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 5/20/24 | 1687314 |
| EUR | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 1/31/25 | 3238567 |
|  |  | Rogers Communications Inc |  |
|  | 844000 | &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 3/15/25 | 805593 |
|  |  | Sprint Spectrum Co LLC / Sprint |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Spectrum Co II LLC / Sprint |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Spectrum Co III LLC |  |
|  | 323438 | &nbsp;&nbsp;&nbsp;&nbsp;4.738%, 3/20/25 | 319905 |
|  |  | Telecom Italia SPA |  |
| EUR | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 7/19/23 | 792725 |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 4/11/24 | 1046227 |
|  | 1430000 | &nbsp;&nbsp;&nbsp;&nbsp;5.303%, 5/30/24 | 1357785 |
|  |  | T-Mobile USA Inc |  |
|  | 2510000 | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 2/15/26 | 2287161 |
|  |  | Verizon Communications Inc |  |
|  | 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 3/16/27 | 2539908 |
|  |  |  | 29464971 |
| **Transportation Excluding Air/Rail: 2.0%** | **Transportation Excluding Air/Rail: 2.0%** | **Transportation Excluding Air/Rail: 2.0%** |  |
|  |  | Aeroporti di Roma SPA |  |
| GBP | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.441%, 2/20/23 | 1086455 |
|  |  | Autostrade per l'Italia SPA |  |
| EUR | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 2/1/27 | 2993736 |
|  |  | DP World Crescent Ltd |  |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.908%, 5/31/23 | 496546 |
|  |  | DP World Ltd |  |
| EUR | 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 9/25/26 | 4217399 |
|  |  | Firstgroup PLC |  |
| GBP | 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 9/18/24 | 1661977 |
|  |  | Gatwick Funding Ltd |  |
| GBP | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 1/23/24 | 2052851 |
| GBP | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 3/2/26 <sup>1</sup> | 244286 |
|  |  | GXO Logistics Inc |  |
|  | 2175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 7/15/26 | 1867177 |
|  |  | Heathrow Funding Ltd |  |
| GBP | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.225%, 2/15/23 | 423155 |
| GBP | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 2/14/24 | 1363126 |
|  |  | Pelabuhan Indonesia Persero PT |  |
|  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 5/5/25 | 193322 |
|  |  | Q-Park Holding I BV |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 3/1/25 | 1477787 |
|  |  | Stagecoach Group PLC |  |
| GBP | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 9/29/25 | 733030 |
|  |  |  | 18810847 |
| **Utilities: 1.1%** | **Utilities: 1.1%** | **Utilities: 1.1%** |  |
|  |  | Adani Green Energy Up |  |
|  | 950000 | &nbsp;&nbsp;&nbsp;&nbsp;–%, 12/10/24 <sup>8</sup> | 928150 |
|  |  | Drax Finco PLC |  |
| EUR | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 11/1/25 | 3026686 |
|  |  | Greenko Mauritius Ltd |  |
|  | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 2/21/23 | 697375 |
|  |  | Hero Asia Investment Ltd |  |
|  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 11/18/23 | 193543 |
|  |  | Tabreed Sukuk Spc Ltd |  |
|  | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/31/25 | 756376 |
|  |  | Thames Water Utilities Finance PLC |  |
| GBP | 1271000 | &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 5/3/23 | 1519350 |
|  |  | Vena Energy Capital Pte Ltd |  |
|  | 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.133%, 2/26/25 | 3046915 |
|  |  |  | 10168395 |
| **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $756,532,626) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $756,532,626) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $756,532,626) | 734187152 |
| **FOREIGN GOVERNMENT NOTES/BONDS: 4.8%** | **FOREIGN GOVERNMENT NOTES/BONDS: 4.8%** | **FOREIGN GOVERNMENT NOTES/BONDS: 4.8%** |  |
| **Automotive & Auto Parts: 0.8%** | **Automotive & Auto Parts: 0.8%** | **Automotive & Auto Parts: 0.8%** |  |
|  |  | RCI Banque SA |  |
| EUR | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 3/8/24 | 2293677 |
| EUR | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 12/1/25 | 1861730 |
|  |  | Valeo |  |
| EUR | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 6/18/25 | 694785 |
| EUR | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 5/28/27 | 2611353 |
|  |  |  | 7461545 |
| **Banking: 1.9%** | **Banking: 1.9%** | **Banking: 1.9%** |  |
|  |  | Argenta Spaarbank NV |  |
| EUR | 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% (1 Year Swap Rate EUR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2.750%), 11/29/27 <sup>1,4</sup> | 2777543 |
|  |  | BNP Paribas SA |  |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.375% (5 Year Swap Rate EUR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.850%), 11/20/30 <sup>1,4</sup> | 1587473 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **FOREIGN GOVERNMENT NOTES/BONDS: 4.8% (Continued)** | **FOREIGN GOVERNMENT NOTES/BONDS: 4.8% (Continued)** | **FOREIGN GOVERNMENT NOTES/BONDS: 4.8% (Continued)** | |
| **Banking: 1.9% (Continued)** | **Banking: 1.9% (Continued)** | **Banking: 1.9% (Continued)** | |
|  |  | Commerzbank AG |  |
| EUR | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, 8/28/23 | $3167732 |
|  |  | Credit Agricole SA |  |
| EUR | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625% (5 Year Swap Rate EUR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.900%), 6/5/30 <sup>1,4</sup> | 1579526 |
|  |  | Deutsche Bank AG |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/29/27 | 1588020 |
|  |  | Hamburg Commercial Bank AG |  |
| EUR | 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 11/18/24 | 3907044 |
| EUR | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;0.500% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.900%), 9/22/26 <sup>1,4</sup> | 1274801 |
|  |  | KBC Group NV |  |
| EUR | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.700%), 11/23/27 <sup>1,4</sup> | 2367001 |
|  |  |  | 18249140 |
| **Containers: 0.2%** | **Containers: 0.2%** | **Containers: 0.2%** |  |
|  |  | ProGroup AG |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 3/31/26 | 1894411 |
| **Diversified Financial Services: 0.9%** | **Diversified Financial Services: 0.9%** | **Diversified Financial Services: 0.9%** |  |
|  |  | Aareal Bank AG |  |
| EUR | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 7/25/25 | 2250928 |
|  |  | ALD SA |  |
| EUR | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/13/25 | 3833842 |
|  |  | Arval Service Lease SA |  |
| EUR | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 5/22/27 | 2499306 |
|  |  |  | 8584076 |
| **Homebuilders/Real Estate: 0.4%** | **Homebuilders/Real Estate: 0.4%** | **Homebuilders/Real Estate: 0.4%** |  |
|  |  | Kojamo Oyj |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 10/17/23 | 2092518 |
|  |  | Vonovia SE |  |
| EUR | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 5/23/27 | 1376879 |
|  |  |  | 3469397 |
| **Hotels: 0.3%** | **Hotels: 0.3%** | **Hotels: 0.3%** |  |
|  |  | Accor SA |  |
| EUR | 2900000 | &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 2/4/26 | 3006564 |
| **Services: 0.1%** | **Services: 0.1%** | **Services: 0.1%** |  |
|  |  | Ocado Group PLC |  |
| GBP | 575000 | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/8/26 | 539957 |
| **Telecommunications: 0.2%** | **Telecommunications: 0.2%** | **Telecommunications: 0.2%** |  |
|  |  | iliad SA |  |
| EUR | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 6/14/27 | 2345046 |
| **TOTAL FOREIGN GOVERNMENT NOTES/BONDS** | **TOTAL FOREIGN GOVERNMENT NOTES/BONDS** | **TOTAL FOREIGN GOVERNMENT NOTES/BONDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $43,987,858) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $43,987,858) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $43,987,858) | 45550136 |
| **COLLATERALIZED LOAN OBLIGATIONS: 1.6%** | **COLLATERALIZED LOAN OBLIGATIONS: 1.6%** | **COLLATERALIZED LOAN OBLIGATIONS: 1.6%** |  |
| **Collateralized Debt Obligations: 1.6%** | **Collateralized Debt Obligations: 1.6%** | **Collateralized Debt Obligations: 1.6%** |  |
|  |  | Ares European CLO XV DAC |  |
| EUR | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;2.328% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.950%), 1/15/36 <sup>1</sup> | 767865 |
|  |  | Aurium CLO IX DAC |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.528% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.950%), 10/28/34 <sup>1</sup> | 508861 |
|  |  | Aurium Clo VIII DAC |  |
| EUR | 780000 | &nbsp;&nbsp;&nbsp;&nbsp;2.952% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.850%), 6/23/34 <sup>1</sup> | 799263 |
|  |  | Barings Euro CLO 2019-1 DAC |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.338% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.960%), 10/15/34 <sup>1</sup> | 508779 |
|  |  | Capital Four CLO III DAC |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.398% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.020%), 10/15/34 <sup>1</sup> | 2056899 |
|  |  | Carlyle Global Market Strategies |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Euro CLO 2015-1 DAC |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.338% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.960%), 1/16/33 <sup>1</sup> | 520219 |
|  |  | CVC Cordatus Loan Fund VIII DAC |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.228% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.850%), 7/15/34 <sup>1</sup> | 1021582 |
|  |  | Dunedin Park CLO DAC |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.782% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.980%), 11/20/34 <sup>1</sup> | 511701 |
|  |  | Euro-Galaxy VII CLO DAC |  |
| EUR | 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;2.373% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.830%), 7/25/35 <sup>1</sup> | 3833948 |
|  |  | Hayfin Emerald CLO I DAC |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.198% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.820%), 4/17/34 <sup>1</sup> | 1025919 |
|  |  | Hayfin Emerald CLO X DAC |  |
| EUR | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;3.809% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.695%), 4/15/35 <sup>1</sup> | 795166 |
|  |  | Penta CLO 7 DAC |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.493% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.950%), 1/25/33 <sup>1</sup> | 520578 |
|  |  | RRE 2 Loan Management DAC |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.238% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.860%), 7/15/35 <sup>1</sup> | 515641 |
|  |  | RRE 6 Loan Management DAC |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.248% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.870%), 4/15/35 <sup>1</sup> | 515186 |
|  |  | St Paul's CLO IX DAC |  |
| EUR | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.396% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.940%), 7/20/35 <sup>1</sup> | 508002 |
|  |  | Tikehau CLO II BV |  |
| EUR | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.965% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.990%), 9/7/35 <sup>1</sup> | 819981 |
|  |  |  | 15229590 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,283,347) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,283,347) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,283,347) | 15229590 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount<sup>†</sup>** | **Amount<sup>†</sup>** |  | **Value** |
| **CONVERTIBLE BONDS: 4.0%** | **CONVERTIBLE BONDS: 4.0%** | **CONVERTIBLE BONDS: 4.0%** | |
| **Banking: 3.0%** | **Banking: 3.0%** | **Banking: 3.0%** | |
|  |  | Abanca Corp Bancaria SA |  |
| EUR | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;6.125% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 5.927%), 1/18/29 <sup>1,4</sup> | $743662 |
|  |  | Alpha Bank SA |  |
| EUR | 3050000 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% (1 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 5.084%), 6/16/27 <sup>1,4</sup> | 3238203 |
|  |  | Australia & New Zealand Banking |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Group Ltd |  |
| EUR | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;1.125% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.400%), 11/21/29 <sup>1,4</sup> | 793488 |
|  |  | Barclays PLC |  |
| EUR | 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.000% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.900%), 2/7/28 <sup>1,4</sup> | 4039290 |
|  |  | Luminor Bank AS |  |
| EUR | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3.760%), 8/29/24 <sup>1,4</sup> | 1594507 |
|  |  | National Australia Bank Ltd |  |
| GBP | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.699% (GUKG5 + 1.400%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9/15/31 <sup>1,4</sup> | 496088 |
|  |  | OTP Bank Nyrt |  |
| EUR | 4025000 | &nbsp;&nbsp;&nbsp;&nbsp;7.350% (3 Month EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4.523%), 3/4/26 <sup>1,4</sup> | 4293871 |
|  |  | Raiffeisen Schweiz Genossenschaft |  |
| EUR | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.230%, 11/1/27 | 4942124 |
|  |  | Standard Chartered PLC |  |
|  | 2310000 | &nbsp;&nbsp;&nbsp;&nbsp;–%, 1/26/24 <sup>8</sup> | 2287703 |
|  |  | Swedbank AB |  |
| EUR | 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 11/14/25 | 2893511 |
| EUR | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.500% (5 Year Swap Rate |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;EUR + 1.280%), 9/18/28 <sup>1,4</sup> | 3126450 |
|  |  |  | 28448897 |
| **Diversified Financial Services: 1.0%** | **Diversified Financial Services: 1.0%** | **Diversified Financial Services: 1.0%** |  |
|  |  | Credit Suisse AG |  |
|  | 9525000 | &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 8/8/23 | 9245975 |
| **TOTAL CONVERTIBLE BONDS** | **TOTAL CONVERTIBLE BONDS** | **TOTAL CONVERTIBLE BONDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,544,583) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,544,583) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,544,583) | 37694872 |
| **BANK LOANS: 4.4%** | **BANK LOANS: 4.4%** | **BANK LOANS: 4.4%** |  |
| **Airlines: 0.4%** | **Airlines: 0.4%** | **Airlines: 0.4%** |  |
|  |  | AAdvantage Loyalty (American |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Airlines) (AMR) TL |  |
|  | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;8.993% (3 Months LIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4.750%), 4/20/28 <sup>1,2</sup> | 2992035 |
|  |  | British Airways TL |  |
| GBP | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% (6 Months LIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4.650%), 2/23/26 <sup>1,2,3,7</sup> | 852199 |
|  |  |  | 3844234 |
| **Automotive & Auto Parts: 0.2%** | **Automotive & Auto Parts: 0.2%** | **Automotive & Auto Parts: 0.2%** |  |
|  |  | First Brands Group TL (12/22) |  |
|  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;-%, 3/30/27 <sup>1,2,3,6,8</sup> | 1895000 |
| **Broadcasting: 0.1%** | **Broadcasting: 0.1%** | **Broadcasting: 0.1%** |  |
|  |  | Gray Television TL D |  |
|  | 668250 | &nbsp;&nbsp;&nbsp;&nbsp;7.369% (1 Month LIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3.000%), 12/1/28 <sup>1,2</sup> | 650361 |
| **Cable/Satellite TV: 0.6%** | **Cable/Satellite TV: 0.6%** | **Cable/Satellite TV: 0.6%** |  |
|  |  | DIRECTV Financing TL |  |
|  | 2925824 | &nbsp;&nbsp;&nbsp;&nbsp;9.384% (1 Month LIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5.000%), 8/2/27 <sup>1,2</sup> | 2854814 |
|  |  | Virgin Media 6/21 (TL B) |  |
| EUR | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;-%, 7/15/29 <sup>1,2,3,6,8</sup> | 3069847 |
|  |  |  | 5924661 |
| **Capital Goods: 0.1%** | **Capital Goods: 0.1%** | **Capital Goods: 0.1%** |  |
|  |  | Ali Group TL B (Welbilt) |  |
|  | 486444 | &nbsp;&nbsp;&nbsp;&nbsp;6.438% (1 Month SOFR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2.000%), 7/30/29 <sup>1,2</sup> | 483404 |
| **Chemicals: 0.2%** | **Chemicals: 0.2%** | **Chemicals: 0.2%** |  |
|  |  | Colouroz Midco (Flint Group) TL 1L |  |
| EUR | 981561 | &nbsp;&nbsp;&nbsp;&nbsp;5.752% (3 Months EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4.250%), 9/21/23 <sup>1,2</sup> | 744690 |
|  |  | LSF11 Skyscraper |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Performance (EUR) TL B4 |  |
| EUR | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.693% (3 Months EURIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3.500%), 9/29/27 <sup>1,2</sup> | 1051713 |
|  |  |  | 1796403 |
| **Containers: 0.2%** | **Containers: 0.2%** | **Containers: 0.2%** |  |
|  |  | Irel AcquiCo TL (11/19) |  |
| EUR | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;-%, 5/31/26 <sup>1,2,3,6,8</sup> | 2033848 |
| **Diversified Financial Services: 0.1%** | **Diversified Financial Services: 0.1%** | **Diversified Financial Services: 0.1%** |  |
|  |  | Citadel Securities TL B (01/21) |  |
|  | 483826 | &nbsp;&nbsp;&nbsp;&nbsp;5.649% (1 Month SOFR + 2.500%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2/2/28 <sup>1,2</sup> | 475842 |
|  |  | Trans Union TL |  |
|  | 378315 | &nbsp;&nbsp;&nbsp;&nbsp;6.634% (1 Month LIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2.250%), 12/1/28 <sup>1,2</sup> | 375241 |
|  |  |  | 851083 |
| **Environmental: 0.1%** | **Environmental: 0.1%** | **Environmental: 0.1%** |  |
|  |  | Clean Harbors TL (9/21) |  |
|  | 371250 | &nbsp;&nbsp;&nbsp;&nbsp;6.384% (1 Month LIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2.000%), 10/9/28 <sup>1,2</sup> | 370270 |
|  |  | Covanta Holding Corporation TL B |  |
|  | 597056 | &nbsp;&nbsp;&nbsp;&nbsp;5.615% (1 Month LIBOR + |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2.500%), 11/30/28 <sup>1,2</sup> | 593539 |
|  |  | Covanta Holding Corporation TL C |  |
|  | 48432 | &nbsp;&nbsp;&nbsp;&nbsp;5.615% (1 Month LIBOR + 2.500%), |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11/30/28 <sup>1,2</sup> | 48147 |
|  |  |  | 1011956 |

---

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** at December 31, 2022 (Continued)<br>

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
| **Amount<sup>†</sup>** |  | **Value** |
| **BANK LOANS: 4.4% (Continued)** | **BANK LOANS: 4.4% (Continued)** | |
| **Healthcare: 0.2%** | **Healthcare: 0.2%** | |
|  | Elanco Animal Health TL B |  |
| 447547 | &nbsp;&nbsp;&nbsp;&nbsp;6.119% (1 Month LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.750%), 7/30/27 <sup>1,2</sup> | $430692 |
|  | ICON Luxembourg TL B |  |
| 209489 | &nbsp;&nbsp;&nbsp;&nbsp;7.000% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.250%), 7/3/28 <sup>1,2</sup> | 209124 |
|  | PRA Health Sciences (Indigo |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Merger) TL B |  |
| 57133 | &nbsp;&nbsp;&nbsp;&nbsp;7.000% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.250%), 7/3/28 <sup>1,2</sup> | 57034 |
|  | Ramsay TL B 2027 |  |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;2.925% (3 Months EURIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.800%), 4/22/27 <sup>1,2</sup> | 774534 |
|  |  | 1471384 |
| **Services: 0.6%** | **Services: 0.6%** |  |
|  | Assystem New TL B |  |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.108% (6 Months EURIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.250%), 9/27/24 <sup>1,2</sup> | 2462021 |
|  | Fugue Finance TL (Nord |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Anglia/Bach Fin) |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.742% (3 Months EURIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.250%), 8/30/24 <sup>1,2</sup> | 1040174 |
|  | Odyssee Investment Bidco TL B |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;–%, 10/13/28 <sup>1,2,3,6,8</sup> | 2050439 |
|  | Summer (BC) Bidco ADDITIONAL |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;B2 TL (6/21) (Kantar) |  |
| 197500 | &nbsp;&nbsp;&nbsp;&nbsp;8.174% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.500%), 12/4/26 <sup>1,2</sup> | 183840 |
|  |  | 5736474 |
| **Technology: 0.1%** | **Technology: 0.1%** |  |
|  | GFK TL B (4/21) |  |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.693% (3 Months EURIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.500%), 5/26/28 <sup>1,2</sup> | 844586 |
| **Telecommunications: 1.0%** | **Telecommunications: 1.0%** |  |
|  | Crown Subsea TL (4/21) (SubCom) |  |
| 3023406 | &nbsp;&nbsp;&nbsp;&nbsp;7.314% (1 Month LIBOR + 4.750%), |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4/27/27 <sup>1,2</sup> | 2957889 |
|  | Lorca Finco Rolled TL B1 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(MasMovil) |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;–%, 9/17/27 <sup>1,2,3,6,8</sup> | 2074739 |
|  | WP/AP Telcom TL (EUR) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(T-Mobile Netherlands) |  |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.150% (3 Months EURIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.000%), 3/30/29 <sup>1,2</sup> | 1805758 |
|  | Ziggo (Vodafone) TLH |  |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;–%, 1/31/29 <sup>1,2,3,6,8</sup> | 2973715 |
|  |  | 9812101 |
| **Transportation Excluding Air/Rail: 0.5%** | **Transportation Excluding Air/Rail: 0.5%** |  |
|  | First Student Bidco TL B |  |
| 2337662 | &nbsp;&nbsp;&nbsp;&nbsp;8.334%, 7/21/28 <sup>1,2,3,6</sup> | 2226623 |
|  | First Student Bidco TL B |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(First Transit) |  |
| 381088 | &nbsp;&nbsp;&nbsp;&nbsp;5.232% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.000%), 7/21/28 <sup>1,2</sup> | 345599 |
|  | First Student Bidco TL C |  |
| 162338 | &nbsp;&nbsp;&nbsp;&nbsp;8.334%, 7/21/28 <sup>1,2,3,6</sup> | 154627 |
|  | First Student Bidco TL C |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(First Transit) |  |
| 141733 | &nbsp;&nbsp;&nbsp;&nbsp;5.232% (3 Months LIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.000%), 7/21/28 <sup>1,2</sup> | 128534 |
|  | Silk Bidco TL B (Hurtigruten) |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.908% (6 Months EURIBOR + |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.000%), 2/24/25 <sup>1,2</sup> | 1692311 |
|  |  | 4547694 |
| **TOTAL BANK LOANS** | **TOTAL BANK LOANS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $43,429,389) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $43,429,389) | 40903189 |
| **TOTAL INVESTMENTS IN SECURITIES: 92.8%** | **TOTAL INVESTMENTS IN SECURITIES: 92.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $897,777,803) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $897,777,803) | 873564939 |
| Other Assets in Excess of Liabilities: 7.2% | Other Assets in Excess of Liabilities: 7.2% | 67685845 |
| **TOTAL NET ASSETS: 100.0%** | **TOTAL NET ASSETS: 100.0%** | $941250784 |

---

† In USD unless otherwise indicated.

CMT – Constant Maturity Treasury Rate

EUR – Euro

EURIBOR – Euro Interbank Offered Rate

GBP – Great Britain Pound

GILT – United Kingdom Government Bond

LIBOR – London Interbank Offered Rate

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

SOFR – Secured Overnight Financing Rate

SONIO – SONIO Interest Rate Benchmark

USD – United States Dollar

<sup>1</sup> Variable rate security; rate shown is the rate in effect on December 31, 2022. An index may have a negative rate. Interest rate may also be subject to a cap or floor.

<sup>2</sup> Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR") or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

<sup>3</sup> Denotes investments purchased on a when-issued or delayed delivery basis.

<sup>4</sup> Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on December 31, 2022. An index may have a negative rate. Interest rate may also be subject to a cap or floor.

<sup>5</sup> Perpetual call date security. Date shown is next call date.

<sup>6</sup> All or a portion of the loan may be unfunded.

<sup>7</sup> Security is fair valued under the Board of Trustees and is categorized as a Level 3 security. Significant unobservable inputs were used to determine fair value.

<sup>8</sup> Zero coupon security.

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

------

&nbsp;&nbsp;&nbsp; **SCHEDULE OF FUTURES CONTRACTS** at December 31, 2022<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Unrealized** | |
|  | **Number of** | **Notional** | **Appreciation** | **Notional** |
| **<u>Short Futures Contracts Outstanding</u>** | **Contracts** | **Amount** | (Depreciation) | **Value** |
| EURO-SCHATZ FUT Mar 23 | 999 | $(114053677) | $1320100 | $(112733577) |
| US 5YR NOTE (CBT) Mar 23 | 105 | (11365248) | 32631 | (11332617) |
| EURO-BOBL FUTURE Mar 23 | 82 | (10481197) | 321058 | (10160139) |
| US 2YR NOTE (CBT) Mar 23 | 460 | (94276008) | (59930) | (94335938) |
|  |  | $(230176130) | $1613859 | $(228562271) |

---

&nbsp;&nbsp;&nbsp; **SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** at December 31, 2022<br>

The Muzinich Low Duration Fund (the "Fund") had the following forward foreign currency exchange contracts outstanding with U.S. Bank N.A.:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **U.S. Dollar Value at** |  |  | **U.S. Dollar Value at** | **Unrealized Appreciation** |
| **Settlement Date** | **Currency to be Delivered** | **Currency to be Delivered** | **December 31, 2022** | **Currency to be Received** | **Currency to be Received** | **December 31, 2022** | (Depreciation) |
| 1/25/23 | EUR | 289100000 | $310051024 | USD | 291831867 | $291831867 | $(18219157) |
| 3/21/23 | EUR | 172800000 | 186013867 | USD | 183931666 | 183931666 | (2082201) |
| 1/25/23 | GBP | 4700000 | (5686305) | USD | (5291392) | (5291392) | 394913 |
| 1/25/23 | GBP | 37700000 | 45611419 | USD | 42868928 | 42868928 | (2742491) |
|  |  |  | $535990005 |  |  | $513341069 | $(22648936) |

---

&nbsp;&nbsp;&nbsp; **SCHEDULE OF SWAP CONTRACTS** at December 31, 2022<br>

The Low Duration Fund had the following credit default swap contracts outstanding with Morgan Stanley:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | | | **Upfront** | **Unrealized** |
| **Reference** | **Buy/Sell** | **Fixed** | **Maturity** | **Payment** | **Notional** | | **Premiums Paid** | **Appreciation** |
| **<u>Obligation</u>** | **<u>Protection</u>** | **Pay Rate** | **<u>Date</u>** | **<u>Frequency</u>** | **Amount** | **Value** | (Received) | (Depreciation) |
| MKIT ITRX EUR XOVER | Buy <sup>1</sup> | 5.000% | 6/20/27 | Quarterly | $24000000 | $(291355) | $483669 | $(775024) |
|  |  |  |  |  | $24000000 | $(291355) | $483669 | $(775024) |

---

<sup>1</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

------

#### Muzinich Funds

&nbsp;&nbsp;&nbsp; **STATEMENTS OF ASSETS AND LIABILITIES** at December 31, 2022<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Credit** | | |
|  | **Opportunities** | **U.S. High** | **Low** |
|  | **Fund** | **Yield Fund** | **Duration Fund** |
| &nbsp;&nbsp;&nbsp; **ASSETS** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $307,141,042, $35,228,079, and $897,777,803) (Note 2) | $290997544 | $32390934 | $873564939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits at broker | 30203 |  | 2121926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 2607989 | 2244511 | 17270382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,210,298, $-, and $12,274,932) | 1223614 |  | 12277626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1075355 |  | 97955384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 2202601 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 3010902 | 520801 | 9389897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 41659 |  | 394913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized on futures | 313227 |  | 1613859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upfront discount paid |  |  | 483669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from advisor, net |  | 2917 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 27536 | 21115 | 29081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 301530630 | 35180278 | 1015101676 |
| &nbsp;&nbsp;&nbsp; **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  | 1892315 | 21315315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 418056 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 483990 | 3582 | 28256577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution to shareholders | 562708 | 73469 | 34991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 1232103 |  | 23043849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on swap contracts |  |  | 775024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees, net | 122488 |  | 260724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 20830 | 10906 | 21285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 30066 | 5840 | 27276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 18226 | 1344 | 10300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 25180 | 23675 | 23675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 2784 | 2775 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 9280 | 1838 | 31097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 9991 | 4803 | 5748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees – Institutional Class | 16457 | 400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 28199 | 9047 | 42239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2980358 | 2029994 | 73850892 |
| **NET ASSETS** | $298550272 | $33150284 | $941250784 |

---

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

------

&nbsp;&nbsp;&nbsp; **STATEMENTS OF ASSETS AND LIABILITIES** at December 31, 2022 (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Credit** | | |
|  | **Opportunities** | **U.S. High** | **Low** |
|  | **Fund** | **Yield Fund** | **Duration Fund** |
| &nbsp;&nbsp;&nbsp; **COMPONENTS OF NET ASSETS** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $332346006 | $37519339 | $995207625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable (accumulated) earnings (losses) | (33795734) | (4369055) | (53956841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $298550272 | $33150284 | $941250784 |
| &nbsp;&nbsp;&nbsp; **COMPONENTS OF NET ASSET VALUE (UNLIMITED SHARES AUTHORIZED)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Supra Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $209403883 | $30312283 | $941250784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding | 22039503 | 3948550 | 103992427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $9.50 | $7.68 | $9.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $89146389 | $2838001 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding | 9387325 | 369387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $9.50 | $7.68 | $— |

---

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

------

&nbsp;&nbsp;&nbsp; **STATEMENTS OF OPERATIONS** For the Year Ended December 31, 2022<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Credit** | | **Low** |
|  | **Opportunities** | **U.S. High** | **Duration** |
|  | **Fund** | **Yield Fund** | **Fund** |
| &nbsp;&nbsp;&nbsp; **INVESTMENT INCOME** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $11278014 | $1780875 | $17366606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent income | 56165 | 187 | 21034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 51 | 1267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 11334230 | 1782329 | 17387640 |
| &nbsp;&nbsp;&nbsp; **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2037239 | 162564 | 2353288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 157707 | 33218 | 215197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 129486 | 64661 | 191144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 85930 | 11397 | 150027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees – Institutional Class | 87929 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 75777 | 7708- | 86323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 35788 | 29108 | 48024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 59200 | 14106 | 55607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 26377 | 24776 | 24782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 30119 | 21052 | 29913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 16229 | 16219 | 16239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 8081 | 8638 | 8548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 35998 | 6034 | 25962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 6303 | 4738 | 5965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker interest expense | 2263 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 71 | 259 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2794497 | 404478 | 3211025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: advisory fees waived and expenses absorbed | (666995) | (233047) | (596208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2127502 | 171431 | 2614817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 9206728 | 1610898 | 14772823 |
| &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (46944) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 16603 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (32935863) | (1552344) | (11983497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency and foreign currency transactions | 173696 |  | (1395109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 6125671 |  | 29917051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1220703 |  | 3682891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit default swap contracts | 1058923 |  | (734999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (24387211) | (1552344) | 19486337 |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (16382573) | (3528347) | (21514836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency and foreign currency translation | 2612 |  | 52517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (650595) |  | (24428354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 313227 |  | 1613859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit default swap contracts | 217026 |  | (775024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation/depreciation | (16500303) | (3528347) | (45051838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (40887514) | (5080691) | (25565501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $(31680786) | $(3469793) | $(10792678) |

---

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

------

#### Credit Opportunities Fund

&nbsp;&nbsp;&nbsp; **STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| &nbsp;&nbsp;&nbsp; **INCREASE (DECREASE) IN NET ASSETS FROM:** | | |
| &nbsp;&nbsp;&nbsp; **OPERATIONS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $9206728 | $13521282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, forward foreign currency exchange contracts, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;foreign currency, foreign currency translation, futures contracts, purchased options, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;written options, and credit default swap contracts | (24387211) | 19416376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments, forward foreign currency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;exchange contracts, foreign currency, foreign currency translation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;futures contracts, and credit default swap contracts | (16500303) | (27363269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (31680786) | 5574389 |
| &nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class | (2954246) | (19984120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1235062) | (10608963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (4189308) | (30593083) |
| &nbsp;&nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from net change in outstanding shares – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class<sup>1</sup> | (18319186) | (52327492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from net change in outstanding shares – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (26383408) | (84656693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets from capital share transactions** | (44702594) | (136984185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (80572688) | (162002879) |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period/year | 379122960 | 541125839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period/year** | $298550272 | $379122960 |

---

<sup>1</sup> Summary of share transactions is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Supra Institutional Class:** | Shares | Value | Shares | Value |
| Shares sold | 5066580 | $50495038 | 10337808 | $116321882 |
| Shares issued in reinvestment of distributions | 190238 | 1843100 | 1080399 | 11488273 |
| Shares redeemed<sup>2</sup> | (7211365) | (70657324) | (16043077) | (180137647) |
| Net increase (decrease) | (1954547) | $(18319186) | (4624870) | $(52327492) |

---

<sup>2</sup> Net of redemption fees of $18,708 and $5,062, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class:** | Shares | Value | Shares | Value |
| Shares sold | 3655430 | $35790465 | 5136861 | $57583389 |
| Shares issued in reinvestment of distributions | 105847 | 1026949 | 722279 | 7694459 |
| Shares redeemed<sup>3</sup> | (6465646) | (63200822) | (13355522) | (149934541) |
| Net increase (decrease) | (2704369) | $(26383408) | (7496382) | $(84656693) |

---

<sup>3</sup> Net of redemption fees of $8,528 and $3,083, respectively.

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

------

#### U.S. High Yield Fund

&nbsp;&nbsp;&nbsp; **STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** | | |
| &nbsp;&nbsp;&nbsp; **OPERATIONS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1610898 | $1837365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (1552344) | 2855770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (3528347) | (3237120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (3469793) | 1456015 |
| &nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class | (1456056) | (3429097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (165401) | (521960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1621457) | (3951057) |
| &nbsp;&nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from net change in outstanding shares – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class<sup>1</sup> | 9545078 | (35460949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from net change in outstanding shares – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (772476) | (1339479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets from capital share transactions** | 8772602 | (36800428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | 3681352 | (39295470) |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period/year | 29468932 | 68764402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period/year** | $33150284 | $29468932 |

---

<sup>1</sup> Summary of share transactions is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Supra Institutional Class:** | Shares | Value | Shares | Value |
| Shares sold | 1200467 | $9520837 | 489555 | $4846879 |
| Shares issued in reinvestment of distributions | 77660 | 618326 | 119446 | 1131145 |
| Shares redeemed<sup>2</sup> | (76937) | (594085) | (4172416) | (41438973) |
| Net increase (decrease) | 1201190 | $9545078 | (3563415) | $(35460949) |

---

<sup>2</sup> Net of redemption fees of $- and $2,264, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class:** | Shares | Value | Shares | Value |
| Shares sold | 141026 | $1100000 | 168324 | $1669744 |
| Shares issued in reinvestment of distributions | 18848 | 153649 | 51778 | 490523 |
| Shares redeemed<sup>3</sup> | (252842) | (2026125) | (350004) | (3499746) |
| Net increase (decrease) | (92968) | $(772476) | (129902) | $(1339479) |

---

<sup>3</sup> Net of redemption fees of $- and $254, respectively.

------

#### Low Duration Fund

&nbsp;&nbsp;&nbsp; **STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| &nbsp;&nbsp;&nbsp; **INCREASE (DECREASE) IN NET ASSETS FROM:** | | |
| &nbsp;&nbsp;&nbsp; **OPERATIONS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $14772823 | $9000755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, forward foreign currency exchange contracts, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;foreign currency, foreign currency translation, futures contracts, and credit default swap contracts | 19486337 | 26007654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments, forward foreign currency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;exchange contracts, foreign currency, foreign currency translation, futures contracts, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;and credit default swap contracts | (45051838) | (25248370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (10792678) | 9760039 |
| &nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class | (30455928) | (22426352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (6296) | (91381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (30462224) | (22517733) |
| &nbsp;&nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from net change in outstanding shares – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class<sup>2</sup> | 612902252 | (210255782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from net change in outstanding shares – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>2</sup> | (1387291) | (2414692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets from capital share transactions** | 611514961 | (212670474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | 570260059 | (225428168) |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period/year | 370990725 | 596418893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period/year** | $941250784 | $370990725 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Supra Institutional Class:** | Shares | Value | Shares | Value |
| Shares sold | 80598114 | $748908580 | 12743216 | $128725527 |
| Shares sold in connection with the conversion of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class shares into Supra Institutional Class shares | 142567 | 1327298 |  |  |
| Shares issued in reinvestment of distributions | 3352014 | 30414315 | 2259806 | 22288236 |
| Shares redeemed<sup>3</sup> | (18068126) | (167747941) | (35727341) | (361269545) |
| Net increase (decrease) | 66024569 | $612902252 | (20724319) | $(210255782) |

---

<sup>3</sup> Net of redemption fees of $86 and $21,583, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** | **Period Ended** | **Period Ended** | **Period Ended** |
|  | **November 25, 2022<sup>1</sup>** | **November 25, 2022<sup>1</sup>** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class:** | Shares | Value | Shares | Value |
| Shares sold | 2842 | $26489 |  | $— |
| Shares issued in reinvestment of distributions | 613 | 5887 | 8483 | 85323 |
| Shares redeemed<sup>4</sup> | (9785) | (92369) | (242015) | (2500015) |
| Shares redeemed in connection with the conversion of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class shares into Supra Institutional Class shares | (140158) | (1327298) |  |  |
| Net increase (decrease) | (146488) | $(1387291) | (233532) | $(2414692) |

---

<sup>4</sup> Net of redemption fees of less than $1 and less than $1, respectively.

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

------

#### Credit Opportunities Fund

&nbsp;&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS** For a capital share outstanding throughout each year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp; **Supra Institutional Class** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $10.51 | $11.23 | $10.90 | $10.49 | $10.69 |
| &nbsp;&nbsp;&nbsp; **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | 0.27 | 0.32 | 0.30 | 0.35 | 0.29 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.15) | (0.20) | 0.37 | 0.77 | (0.27) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.88) | 0.12 | 0.67 | 1.12 | 0.02 |
| &nbsp;&nbsp;&nbsp; Redemption fee proceeds | 0.00<br><sup>2</sup>  | 0.00 | 0.00<br><sup>2</sup>  | 0.00<br><sup>2</sup>  | 0.00<br><sup>2</sup>  |
| &nbsp;&nbsp;&nbsp; **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.06) | (0.42) | (0.27) | (0.31) | (0.08) |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp; From net realized gain | (0.07) | (0.42) | (0.07) | (0.40) | (0.12) |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.13) | (0.84) | (0.34) | (0.71) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $9.50 | $10.51 | $11.23 | $10.90 | $10.49 |
| &nbsp;&nbsp;&nbsp; Total return | (8.41)% | 1.11% | 6.30% | 10.77% | 0.22% |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $209.4 | $252.1 | $321.3 | $261.9 | $240.1 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 168% | 139% | 174% | 293% | 244% |
| &nbsp;&nbsp;&nbsp; **RATIO OF EXPENSES TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 0.80% | 0.76% | 0.75% | 0.76% | 0.80% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 0.60% | 0.59% | 0.59% | 0.59% | 0.60% |
| &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 2.54% | 2.73% | 2.61% | 3.01% | 2.61% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 2.74% | 2.90% | 2.77% | 3.18% | 2.81% |

---

 <sup>1</sup> Calculated using the average shares outstanding method.

 <sup>2</sup> Does not round to $0.01 or $(0.01), as applicable.

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

------

&nbsp;&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS** For a capital share outstanding throughout each year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp; **Institutional Class** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.50 | $11.22 | $10.89 | $10.49 | $10.69 |
| &nbsp;&nbsp;&nbsp; **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | 0.26 | 0.31 | 0.30 | 0.34 | 0.29 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.14) | (0.20) | 0.36 | 0.76 | (0.27) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.88) | 0.11 | 0.66 | 1.10 | 0.02 |
| &nbsp;&nbsp;&nbsp; Redemption fee proceeds | 0.00<br><sup>2</sup>  | 0.00<br><sup>2</sup>  | 0.00<br><sup>2</sup>  | 0.00<br><sup>2</sup>  | 0.00<br><sup>2</sup>  |
| &nbsp;&nbsp;&nbsp; **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.05) | (0.41) | (0.26) | (0.30) | (0.08) |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp; From net realized gain | (0.07) | (0.42) | (0.07) | (0.40) | (0.12) |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.12) | (0.83) | (0.33) | (0.70) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $9.50 | $10.50 | $11.22 | $10.89 | $10.49 |
| &nbsp;&nbsp;&nbsp; Total return | (8.39)% | 1.02% | 6.24% | 10.60% | 0.20% |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $89.1 | $127.0 | $219.8 | $155.5 | $154.0 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 168% | 139% | 174% | 293% | 244% |
| &nbsp;&nbsp;&nbsp; **RATIO OF EXPENSES TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 0.88% | 0.84% | 0.81% | 0.82% | 0.83% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 0.68% | 0.66% | 0.65% | 0.65% | 0.63% |
| &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 2.45% | 2.64% | 2.55% | 2.95% | 2.57% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 2.65% | 2.81% | 2.71% | 3.12% | 2.77% |

---

 <sup>1</sup> Calculated using the average shares outstanding method.

 <sup>2</sup> Does not round to $0.01 or $(0.01), as applicable.

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

------

#### U.S. High Yield Fund

&nbsp;&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS** For a capital share outstanding throughout each year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp; **Supra Institutional Class** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $9.18 | $9.96 | $9.83 | $9.11 | $9.85 |
| &nbsp;&nbsp;&nbsp; **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | 0.44 | 0.51 | 0.51 | 0.51 | 0.50 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.49) | (0.08) | 0.12 | 0.72 | (0.74) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.05) | 0.43 | 0.63 | 1.23 | (0.24) |
| &nbsp;&nbsp;&nbsp; **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.44) | (0.53) | (0.50) | (0.51) | (0.50) |
| &nbsp;&nbsp;&nbsp; From net realized gain | (0.01) | (0.68) |  |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.45) | (1.21) | (0.50) | (0.51) | (0.50) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $7.68 | $9.18 | $9.96 | $9.83 | $9.11 |
| &nbsp;&nbsp;&nbsp; Total return | (11.61)% | 4.43% | 6.60% | 13.71% | (2.59)% |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $30.3 | $25.2 | $62.9 | $43.5 | $29.5 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 59% | 96% | 113% | 89% | 71% |
| &nbsp;&nbsp;&nbsp; **RATIO OF EXPENSES TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 1.37% | 1.19% | 0.98% | 1.21% | 1.63% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
| &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 4.67% | 4.50% | 4.97% | 4.68% | 4.18% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 5.46% | 5.11% | 5.37% | 5.30% | 5.23% |

---

<sup>1</sup> Calculated using the average shares outstanding method.

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

------

&nbsp;&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS** For a capital share outstanding throughout each year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp; **Institutional Class** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $9.19 | $9.97 | $9.84 | $9.12 | $9.86 |
| &nbsp;&nbsp;&nbsp; **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | 0.44 | 0.50 | 0.52 | 0.51 | 0.49 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.50) | (0.07) | 0.11 | 0.72 | (0.74) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.06) | 0.43 | 0.63 | 1.23 | (0.25) |
| &nbsp;&nbsp;&nbsp; **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.44) | (0.53) | (0.50) | (0.51) | (0.49) |
| &nbsp;&nbsp;&nbsp; From net realized gain | (0.01) | (0.68) |  |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.45) | (1.21) | (0.50) | (0.51) | (0.49) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $7.68 | $9.19 | $9.97 | $9.84 | $9.12 |
| &nbsp;&nbsp;&nbsp; Total return | (11.71)% | 4.42% | 6.81% | 13.68% | (2.67)% |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $2.8 | $4.2 | $5.9 | $1.6 | $0.7 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 59% | 96% | 113% | 89% | 71% |
| &nbsp;&nbsp;&nbsp; **RATIO OF EXPENSES TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 1.37% | 1.25% | 0.97% | 1.17% | 1.68% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 0.58% | 0.59% | 0.58% | 0.59% | 0.64% |
| &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 4.54% | 4.40% | 4.97% | 4.74% | 4.02% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 5.33% | 5.06% | 5.36% | 5.32% | 5.06% |

---

<sup>1</sup> Calculated using the average shares outstanding method.

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

------

#### Low Duration Fund

&nbsp;&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS** For a capital share outstanding throughout each year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp; **Supra Institutional Class** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $9.73 | $10.10 | $10.05 | $9.53 | $10.27 |
| &nbsp;&nbsp;&nbsp; **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | 0.26 | 0.25 | 0.27 | 0.26 | 0.25 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.59) |  | (0.01) | 0.48 | (0.17) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.33) | 0.25 | 0.26 | 0.74 | 0.08 |
| &nbsp;&nbsp;&nbsp; Redemption fee proceeds | 0.00<br><sup>2</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.10) | (0.62) | (0.21) | (0.13) | (0.29) |
| &nbsp;&nbsp;&nbsp; From net realized gain | (0.25) |  |  | (0.09) | (0.53) |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.35) | (0.62) | (0.21) | (0.22) | (0.82) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $9.05 | $9.73 | $10.10 | $10.05 | $9.53 |
| &nbsp;&nbsp;&nbsp; Total return | (3.41)% | 2.50% | 2.64% | 7.86% | 0.79% |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $941.3 | $369.5 | $592.5 | $732.0 | $571.9 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 26% | 69% | 75% | 47% | 72% |
| &nbsp;&nbsp;&nbsp; **RATIO OF EXPENSES TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 0.61% | 0.62% | 0.62% | 0.59% | 0.62% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 0.50% | 0.49% | 0.49% | 0.49% | 0.50% |
| &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 2.71% | 2.32% | 2.66% | 2.50% | 2.32% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 2.82% | 2.46% | 2.77% | 2.60% | 2.44% |

---

 <sup>1</sup> Calculated using the average shares outstanding method.

 <sup>2</sup> Does not round to $0.01 or $(0.01), as applicable.

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

------

#### Muzinich Funds

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022<br>

&nbsp;&nbsp;&nbsp; **NOTE 1 – ORGANIZATION**<br>

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

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

The investment objective of the Credit Opportunities Fund is primarily to provide a high level of income and capital appreciation. The investment objective of the U.S. High Yield Fund is to provide a high level of income on a risk-adjusted basis over a full market cycle. The investment objective of the Low Duration Fund is to protect capital and generate positive returns under most market conditions.

&nbsp;&nbsp;&nbsp; **NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**<br>

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

---

| | |
|:---|:---|
| A. | *Security Valuation.* All equity securities, which may include Real Estate Investment Trusts ("REITs"), Business Development Companies ("BDCs") and Master Limited Partnerships ("MLPs"), that are traded on U.S. national or foreign securities exchanges are valued either at the last reported sale price on the exchange on which the security is principally traded or the exchange's official closing price. If, on a particular day, an exchange-traded security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities, which may include REITs, BDCs and MLPs that are not traded on a listed exchange are valued at the last sale price in the over-the- counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. |
|  | Debt securities are valued by using an evaluated mean of the bid and asked prices provided by an independent pricing service. The independent pricing service may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. In the absence of a price from a pricing service, securities are valued at their respective fair values as determined in good faith by the Valuation Committee. |
|  | Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes ("NBBO"). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. |
|  | Forward foreign currency exchange contracts are presented at fair value measured by the difference between the forward exchange rates ("forward rates") at the dates of entry into the contracts and the forward rates at the reporting date, and such differences are included in the Statements of Assets and Liabilities. |
|  | Swap contracts, such as credit default swaps, total return swaps, interest rate swaps and currency swaps, are priced by an approved independent pricing service. The independent pricing service includes observable market data inputs in an evaluated valuation methodology. |
|  | Futures contracts are priced by an approved independent pricing service. Futures contracts are valued at the settlement price on the exchange on which they are principally traded. |

---

------

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022 (Continued)<br>

---

| |
|:---|
| Prior to the effectiveness of Rule 2a-5 on September 8, 2022, the Board of Trustees (the "Board") had delegated day-today valuation issues to a Valuation Committee of the Trust, which was comprised of representatives from the Fund's administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"). The function of the Valuation Committee was to value securities where current and reliable market quotations were not readily available or the closing price did not represent fair value by following procedures approved by the Board. These procedures considered many factors, including the type of security, size of holding, trading volume and news events. All actions taken by the Valuation Committee were subsequently reviewed and ratified by the Board. The Valuation Committee served until September 7, 2022. Effective September 8, 2022, the Board approved Muzinich & Co., Inc. (the "Advisor"), as the Funds' valuation designee under Rule 2a-5. |
| As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |

---

---

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

---

---

| |
|:---|
| The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. |
| The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Credit Opportunities Fund** | | | | |
| **<u>Description</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | |
| Corporate Bonds | $— | $216874360 | $— | $216874360 |
| Convertible Bonds |  | 7659807 |  | 7659807 |
| Foreign Government Notes/Bonds |  | 13875558 |  | 13875558 |
| Bank Loans |  | 1227335 |  | 1227335 |
| U.S. Treasury Bills |  | 51360484 |  | 51360484 |
| **Total Assets** | $— | $290997544 | $— | $290997544 |
| **Other Financial Instruments<sup>1</sup>:** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | $— | $(1190444) | $— | $(1190444) |
| Futures contracts | 313227 |  |  | 313227 |
| **Total Assets** | $313227 | $(1190444) | $— | $(877217) |

---

<sup>1</sup> 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.

------

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022 (Continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. High Yield Fund** | | | | |
| **<u>Description</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | |
| Corporate Bonds | $— | $27898818 | $— | $27898818 |
| Bank Loans |  | 4492116 |  | 4492116 |
| **Total Assets** | $— | $32390934 | $— | $32390934 |
| **Low Duration Fund** |  |  |  |  |
| **<u>Description</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| Corporate Bonds | $— | $734187152 | $— | $734187152 |
| Foreign Government Notes/Bonds |  | 45550136 |  | 45550136 |
| Collateralized Loan Obligations |  | 15229590 |  | 15229590 |
| Convertible Bonds |  | 37694872 |  | 37694872 |
| Bank Loans<sup>1</sup> |  | 40050990 | 852199 | 40903189 |
| **Total Assets** | $— | $872712740 | $852199 | $873564939 |
| **Other Financial Instruments<sup>1</sup>:** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | $— | $(22648936) | $— | $(22648936) |
| Futures Contracts | 1613859 |  |  | 1613859 |
| Swaps |  | (775024) |  | (775024) |
| **Total Assets** | $1613859 | $(23423960) | $— | $(21810101) |

---

<sup>1</sup> See Schedule of Investments for disclosure of Level 3 securities. <br> <sup>2</sup> Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and are presented at the net unrealized appreciation/(depreciation) on the instruments.

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

---

| | |
|:---|:---|
|  | **Bank Loans** |
| **Balanced as of December 31, 2021** | $959516 |
| &nbsp;&nbsp;&nbsp; Acquisitions |  |
| &nbsp;&nbsp;&nbsp; Dispositions |  |
| &nbsp;&nbsp;&nbsp; Accrued discounts/premiums | 26082 |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation | (133399) |
| &nbsp;&nbsp;&nbsp; Transfer in and/or out of Level 3 |  |
| **Balanced as of December 31, 2022** | $852199 |
| Change in unrealized appreciation/depreciation for |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Level 3 investments held at December 31, 2022 | $(133399) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Type of Security</u>** | **<u>Fair Value of 12/31/2022</u>** | **<u>Valuation Techniques</u>** | **<u>Unobservable Input</u>** | **<u>Input Value(s)</u>** |
| Bank Loans | $852199 | Comparable Securities | Adjustment to yield | 94 bps |

---

---

| |
|:---|
| Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. |
| The Trust's valuation procedures have been adopted by the Trust's Board, which has established a Valuation Committee to oversee valuation techniques. The Board ratifies valuation techniques quarterly. |

---

------

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022 (Continued)<br>

---

| |
|:---|
| The Funds have provided additional disclosures below regarding derivatives and hedging activity intending to improve financial reporting by enabling investors to understand how and why the Funds use forward contracts and swap contracts (types of derivatives), how they are accounted for, and how they affect an entity's results of operations and financial position. The Funds may use derivatives in various ways. The Funds may, but are not required to, use derivatives for risk management purposes or as part of its investment strategies. Derivatives are financial contracts whose values depend on, or are derived from, the value of an underlying asset, reference rate or index. The Funds may use derivatives to earn income and enhance returns, to hedge or adjust the risk profile of its portfolio, to replace more traditional direct investments and to obtain exposure to otherwise inaccessible markets. |
| The average notional value of forward foreign currency exchange contracts outstanding during the year ended December 31, 2022 for the Credit Opportunities Fund and Low Duration Fund was $78,511,288 and $309,637,260, respectively. Forward foreign currency exchange contracts entered into during the year ended December 31, 2022 were with the U.S. Bank NA for the Credit Opportunities Fund, and the Low Duration Fund. The Credit Opportunities Fund's and Low Duration Fund's average notional value when in use of exchange traded futures contracts outstanding during the year ended December 31, 2022 was $(6917045) and $(22071743), respectively, and were entered into with Morgan Stanley. The Credit Opportunities Fund entered into swap contract transactions with Barclays Investment Bank, BNP Paribas Brokerage Services, Credit Suisse Group AG, Deutsche Bank Trust Co., Goldman Sachs & Co., J.P. Morgan Chase, Jeffries & Company, Inc., and Morgan Stanley during the year ended December 31, 2022, at an average transaction notional value of $10,516,667, $8,333,333, $6,125,000, $8,500,000, $7,000,000, $6,083,333, $11,466,667, and $7,920,000, respectively. The Low Duration Fund entered into swap contract transactions with Barclays Investment Bank, BNP Paribas, Credit Suisse Group AG, and Goldman Sachs & Co. during the year ended December 31, 2022, at an average transaction notional value of $7,347,143, $7,095,000, $4,800,000, and $5,000,000, respectively. |
| The notional amount for forward foreign currency exchange contracts is calculated based on the currency being sold converted to U.S. dollars. The average notional amount for forward foreign currency exchange contracts is calculated by the dollar value of open contracts at the end of the previous fiscal year and at each quarter end in the current fiscal year. The notional amount for futures contracts represents the U.S. dollar value of the contract as of the day of opening the transaction or latest contract reset date. The notional amount for swap contracts is the principal value. The average notional amounts are based on the notional amounts at each month end during the period for futures and the daily notional amounts for swaps. |
| The following tables show the effects of derivative instruments on the financial statements. |
| **Statements of Assets and Liabilities** |
| Fair values of derivative instruments as of December 31, 2022: |
| **Credit Opportunities Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives as of December 31, 2022** | **Asset Derivatives as of December 31, 2022** | **Liability Derivatives as of December 31, 2022** | **Liability Derivatives as of December 31, 2022** |
| **Instrument** | **Balance Sheet Location** | **Fair Value** | **Balance Sheet Location** | **Fair Value** |
| Forward Foreign Currency | Unrealized Appreciation on |  | Unrealized Depreciation on |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Contracts | Forward Foreign Currency |  | Forward Foreign Currency |  |
|  | Exchange Contracts | $41659 | Exchange Contracts | $1232103 |
|  |  | $41659 |  | $1232103 |
| Futures Contracts | Unrealized Appreciation |  | Unrealized Depreciation |  |
|  | on Futures Contracts | $313227 | on Futures Contracts | $— |
|  |  | $313227 |  | $— |

---

------

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022 (Continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Low Duration Fund** | | | | |
|  | **Asset Derivatives as of December 31, 2022** | **Asset Derivatives as of December 31, 2022** | **Liability Derivatives as of December 31, 2022** | **Liability Derivatives as of December 31, 2022** |
| **Instrument** | **Balance Sheet Location** | **Fair Value** | **Balance Sheet Location** | **Fair Value** |
| Forward Foreign Currency | Unrealized Appreciation on |  | Unrealized Depreciation on |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Contracts | Forward Foreign Currency |  | Forward Foreign Currency |  |
|  | Exchange Contracts | $394913 | Exchange Contracts | $23043849 |
|  |  | $394913 |  | $23043849 |
| Futures Contracts | Unrealized Appreciation on |  | Unrealized Depreciation on |  |
|  | Futures Contracts | $1613859 | Futures Contracts | $— |
|  |  | $1613859 |  | $— |
| Credit Default – | Unrealized Appreciation |  | Unrealized Depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | on Swap Contracts | $— | on Swap Contracts | $775024 |
|  |  | $— |  | $775024 |

---

---

| |
|:---|
| **Statements of Operations** |
| The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2022: |
| **Credit Opportunities Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Realized Gain (Loss)** | **Change in Unrealized** |
|  | **on Derivatives** | **Appreciation/Depreciation on** |
| **<u>Instrument</u>** | **Recognized in Income** | **Derivatives Recognized in Income** |
| Purchased options | $(46944) | $— |
| Written options | 16603 |  |
| Forward Foreign Currency Exchange Contracts | 6125671 | (650595) |
| Credit Default – Swap Contracts | 1058923 | 217026 |
| Futures Contracts | 1220703 | 313227 |
|  | $8405297 | $(120342) |

---

---

| | | |
|:---|:---|:---|
| **Low Duration Fund** | | |
|  | **Realized Gain (Loss)** | **Change in Unrealized** |
|  | **on Derivatives** | **Appreciation/Depreciation on** |
| **<u>Instrument</u>** | **Recognized in Income** | **Derivatives Recognized in Income** |
| Forward Foreign Currency Exchange Contracts | $29917051 | $(24428354) |
| Credit Default – Swap Contracts | (734999) | (775024) |
| Futures Contracts | 3682891 | 1613859 |
|  | $32864943 | $(23589519) |

---

---

| | |
|:---|:---|
|  | The U.S. High Yield Fund did not have derivatives activity during the year ended December 31, 2022. |
| B. | *Swap Contracts.* A swap, which may be a customized and privately negotiated agreement or a standardized and exchange- traded contract, obligates two parties to exchange a series of cash flows at specified intervals (payment dates) based upon, or calculated by, reference to changes in specified prices or rates for a specified amount of an underlying asset (the "notional" principal amount). Swaps are entered into on a net basis (i.e., the two payment streams are netted out, with a fund receiving or paying, as applicable, only the net amount of the two payments). Examples of such swaps may include, but are not limited to, currency swaps, interest rate swaps, total return swaps, and credit default swaps. Payments received by the Funds from swap agreements will result in taxable income, either as ordinary income or capital gains. Except for currency swaps, the notional principal amount is used solely to calculate the payment streams but is not exchanged. With respect to currency swaps, actual principal amounts of currencies may be exchanged by the counterparties at the initiation, and again upon the termination, of the transaction. The swap market has grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become well-established and relatively liquid. The Credit Opportunities Fund and Low Duration Fund had swap contracts activity during the year ended December 31, 2022. Realized and unrealized gains and losses are included in the Statements of Operations. The U.S. High Yield Fund did not have swap contracts activity during the year ended December 31, 2022. |

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------

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022 (Continued)<br>

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| | |
|:---|:---|
| C. | *Futures Contracts.* Each Fund may purchase or sell futures contracts and options thereon to hedge against changes in interest rates, securities (through index futures or options) or currencies. The purchase of futures contracts may be more efficient or cost effective than actually buying the underlying securities or assets. A futures contract is an agreement that obligates the buyer to buy and the seller to sell a specified quantity of an underlying asset (or settle for cash the value of a contract based on an underlying asset, rate or index) at a specific price on the contract maturity date. Upon entering into a futures contract, each Fund is required to pledge to the counterparty an amount of cash, U.S. Government securities or other high quality debt securities equal to the minimum "initial margin" requirements of the exchange or the broker. Pursuant to a contract entered into with a futures commission merchant, each Fund agrees to receive from or pay to the firm an amount of cash equal to the cumulative daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Funds as unrealized gains or losses. When the contract is closed, the Funds record a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Each Fund will cover its current obligations under futures contracts by the segregation of liquid assets or by entering into offsetting transactions or owning positions covering its obligations. The Funds' use of futures contracts may involve risks that are different from, or possibly greater than, the risks associated with investing directly in securities or other more traditional instruments. These risks include the risk that the value of the futures contracts may not correlate perfectly, or at all, with the value of the assets, reference rates, or indexes that they are designed to track. Other risks include: an illiquid secondary market for a particular instrument and possible exchange- imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; the risk that adverse price movements in an instrument can result in a loss substantially greater than the Funds' initial investment in that instrument (in some cases, the potential loss is unlimited); and the risk that a counterparty will not perform its obligations. The Credit Opportunities Fund and Low Duration Fund had futures contracts activity during the year ended December 31, 2022. Realized and unrealized gains and losses are included in the Statements of Operations. The U.S. High Yield Fund did not have futures contracts activity during the year ended December 31, 2022. |
| D. | *Forward Foreign Currency Exchange Contracts.* During the year ended December 31, 2022, the Credit Opportunities Fund and Low Duration Fund entered into transactions to purchase or sell foreign currencies to protect the U.S. dollar value of the underlying non-U.S. portfolio securities against the effect of possible adverse movements in foreign exchange rates. When entering into a forward foreign currency exchange contract, the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. The unrealized gain or loss on the contracts and the forward rates at the reporting date is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. The U.S. High Yield Fund did not have forward foreign currency exchange contract activity during the year ended December 31, 2022. |
| E. | *Foreign Currency.* Foreign currency amounts, other than the cost of investments, are translated into U.S. dollar values based upon the spot exchange rate prior to the close of regular trading. The cost of investments is translated at the rates of exchange prevailing on the dates the portfolio securities were acquired. The Funds include foreign exchange gains and losses from interest receivable and other foreign currency denominated payables and receivables in "Change in net unrealized appreciation/depreciation on foreign currency translation" and "Net realized gain (loss) on foreign currency." The Funds do not isolate that portion of realized and unrealized gain (loss) on investments resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the market price of securities for financial reporting purposes. Fluctuations in foreign exchange rates on investments are thus included in "Change in net unrealized appreciation/depreciation on investments" and "Net realized gain (loss) on investments" as shown in the Statements of Operations. |
| F. | *Federal Income Taxes.* Each Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | In order to avoid imposition of the excise tax applicable to regulated investment companies, each Fund intends to declare each year as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. |
|  | Net capital losses incurred after October 31, and within the taxable year, are deemed to arise on the first business day of each Fund's next taxable year. |

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------

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022 (Continued)<br>

---

| |
|:---|
| As of December 31, 2022, the Low Duration Fund deferred, on a tax basis, post-October losses of $28,888,295 and late-year losses of $903,902. The Credit Opportunities Fund and U.S. High Yield Fund did not defer any post-October losses or late-year losses as of December 31, 2022. |
| As of December 31, 2022, 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 | $15470228 | $825827 | $— |
| Long-Term Capital Loss Carryovers | 2938982 | 712436 |  |
| Total | $18409210 | $1538263 | $— |

---

---

| | |
|:---|:---|
|  | As of December 31, 2022, the Funds did not have any tax positions that did not meet the "more likely-than-not" threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdictions as U.S. Federal and the Commonwealth of Massachusetts; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. |
| G. | *Securities Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends and interest have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates. |
| H. | *Distributions to Shareholders.* Distributions to shareholders from net investment income for the Credit Opportunities Fund normally are declared and paid on a quarterly basis. Distributions to shareholders from net investment income for the U.S. High Yield Fund, and Low Duration Fund normally are declared and paid on a monthly basis. Distributions are recorded on the ex-dividend date. Distributions to shareholders from net realized gains for the Funds normally are declared and paid on an annual basis, if applicable. |
| I. | *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
| J. | *Share Valuation.* The net asset value ("NAV") per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for each Fund is equal to each Fund's net asset value per share. The Funds charge a 1% redemption fee on shares held less than 90 days. The fee is deducted from the redemption proceeds otherwise payable to the shareholder. The Funds will retain the fee charged as paid-in capital and such fees become part of that Funds' daily NAV calculation. |
| K. | *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote. |
| L. | *Illiquid Securities.* Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board approved liquidity risk management program that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any investment that each Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| M. | *Variable and Floating Rate Securities.* The Funds may invest in variable and floating rate securities. Fixed income securities that have variable or floating rates of interest may, under certain limited circumstances, have varying principal amounts. These securities pay interest at rates that are adjusted periodically according to a specified formula, usually with reference |

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------

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022 (Continued)<br>

---

| | |
|:---|:---|
|  | 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 commitment, the Fund will record the transaction as a purchase and thereafter reflect the value each day of such securities in determining its NAV. No when-issued or forward commitments will be made by a Fund if, as a result, more than 5% of the Fund's total assets would be committed to such transactions. |
| O. | *Deposits at Broker.* Deposits at broker represents amounts that are held by third parties under certain of the Funds' derivative transactions. Such deposits are excluded from cash and equivalents in the Statements of Assets and Liabilities. Interest income earned on such deposits is recorded in "Other income" on the Statements of Operations, if applicable. |
| P. | *Offsetting Agreements.* The Funds may be subject to netting arrangements, which govern the terms of certain transactions with counterparties. The arrangements allow the Funds to close out and net its total exposure to a counterparty in the event of a default with respect to all transactions governed under a single agreement with a counterparty. |
|  | The following table presents derivative financial instruments that are subject to enforceable netting arrangements, collateral arrangements or other similar agreements as of December 31, 2022: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Credit Opportunities Fund** | **Credit Opportunities Fund** | **Credit Opportunities Fund** | | | | |
|  | | **Gross Amounts Offset** | **Net Amounts Presented** | | **Cash Collateral** | |
|  | | **in the Statements** | **in the Statements** | **Financial** | **Pledged** | |
| **<u>Description</u>** | **Gross Amounts** | **of Assets and Liabilities** | **of Assets and Liabilities** | **Instruments** | (Received) | **Net Amount** |
| **Assets** |  |  |  |  |  |  |
| Forward foreign |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;currency exchange |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;contracts | $41659 | $— | $41659 | $(41659) | $— | $— |
| Futures contracts | 313227 |  | 313227 | (313227) |  |  |
| **Liabilities** |  |  |  |  |  |  |
| Forward foreign |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;currency exchange |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;contracts | 1232103 |  | 1232103 | (41659) |  | 1190444 |

---

------

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022 (Continued)<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Low Duration Fund** | **Low Duration Fund** | **Low Duration Fund** | | | | |
|  | | **Gross Amounts Offset** | **Net Amounts Presented** | | **Cash Collateral** | |
|  | | **in the Statements** | **in the Statements** | **Financial** | **Pledged** | |
| **<u>Description</u>** | **Gross Amounts** | **of Assets and Liabilities** | **of Assets and Liabilities** | **Instruments** | (Received) | **Net Amount** |
| **Assets** |  |  |  |  |  |  |
| Forward foreign |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;currency exchange |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;contracts | $394913 | $— | $394913 | $(394913) | $— | $— |
| Futures contracts | 1673789 |  | 1673789 | (1673789) |  |  |
| **Liabilities** |  |  |  |  |  |  |
| Forward foreign |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;currency exchange |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;contracts | 23043849 |  | 23043849 | $(394913) |  | 22648936 |
| Futures contracts | 59930 |  | 59930 | (59930) |  |  |
| Swap contracts | 775024 |  | 775024 | (483669) |  | 291355 |

---

---

| | |
|:---|:---|
|  | The above forward foreign currency exchange contracts had U.S. Bank NA as their counterparty. |
| Q. | *Recently Issued Accounting Pronouncements.* In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 202203 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on their financial statements. |
| R. | *Reclassification of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2022, the following adjustments were made. |

---

---

| | | |
|:---|:---|:---|
|  | **Distributable (Accumulated)** | |
|  | **Earnings (Losses)** | **Paid-In Capital** |
| Credit Opportunities Fund | $— | $— |
| U.S. High Yield Fund |  |  |
| Low Duration Fund | 46800 | (46800) |

---

S. *Subsequent Events.* In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure
 through the date the financial statements were issued. The Funds have determined that there were no subsequent events that would need to be disclosed in the Funds' financial statements.

&nbsp;&nbsp;&nbsp; **NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**<br>

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 year ended December 31, 2022, are disclosed in the Statements of Operations. The investment advisory fees incurred are paid monthly to the Advisor, net of any monthly waiver or reimbursement discussed below.

The Advisor has contractually agreed to waive its fees and reimburse certain expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) to limit total expenses to 0.60%, 0.58%, and 0.50% of the Credit Opportunities Fund's, U.S. High Yield Fund's, and Low Duration Fund's average daily net assets, respectively. The Operating Expenses Limitation Agreements have an indefinite term and may be terminated at any time, and without payment of any penalty,

------

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022 (Continued)<br>

by the Board, on behalf of the Funds, upon sixty (60) days' written notice to the Advisor. Any fees waived and/or Fund expenses absorbed by the Advisor pursuant to an agreed-upon expense cap shall be reimbursed by the Funds to the Advisor, if so requested by the Advisor, any time before the end of the third year following the fee waiver and/or expense absorption, provided the aggregate amount of the Funds' current operating expenses for such year does not exceed the lesser expense cap in place at the time of waiver or at the time of reimbursement. The Funds must pay their current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is also contingent upon the Board's review and approval. The amounts of fees waived and expenses absorbed by the Advisor during the year ended December 31, 2022, are disclosed in the Statements of Operations. Any amount due from the Advisor is paid monthly to the Funds, if applicable.

As of December 31, 2022, the remaining cumulative amounts that may be recouped by the Advisor on behalf of the Funds are shown in the following tables. The Advisor may recapture a portion of the unreimbursed amounts no later than the dates as stated.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Expiration</u>** | **Credit Opportunities Fund** | **U.S. High Yield Fund** | **Low Duration Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | $705367 | $225751 | $608830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 759811 | 221222 | 453932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 666995 | 233047 | 596208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $2132173 | $680020 | $1658970 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), acts as the Funds' administrator, fund accountant and transfer agent. In those capacities Fund Services maintains the Funds' books and records, calculates the Funds' NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Funds to Fund Services for these services for the year ended December 31, 2022, are disclosed in the Statements of Operations.

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

The Funds have adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act with respect to Class A shares. The Distribution Plan provides that each Fund may pay a fee to the Distributor, at an annual rate of up to 0.25% of the average daily net assets of Class A shares. No distribution fees are paid by Supra Institutional or Institutional Class shares. These fees may be used by the Distributor to provide compensation for sales support, distribution activities, or shareholder servicing activities. As of December 31, 2021, Class A shares are not offered for the U.S. High Yield Fund, and Low Duration Fund.

Pursuant to a Shareholder Service Plan adopted by the Trust and established by the Funds with respect to the Class A shares and Institutional Class shares of the Funds, the Advisor is authorized to provide, or arrange for others to provide, personal shareholder services relating to the servicing and maintenance of shareholder accounts not otherwise provided to the Funds ("Shareholder Servicing Activities"). Under the Shareholder Service Plan, the Advisor may enter into shareholder service agreements with securities broker- dealers and other securities professionals who provide Shareholder Servicing Activities for their clients invested in the Funds. The shareholder servicing fees incurred by the Funds for the year ended December 31, 2022, are disclosed in the Statements of Operations. As of December 31, 2022, Class A shares are not offered for the U.S. High Yield Fund, and Low Duration Fund.

&nbsp;&nbsp;&nbsp; **NOTE 4 – PURCHASES AND SALES OF SECURITIES**<br>

For the year ended December 31, 2022, the cost of purchases and proceeds from the sales and maturities of securities, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales/Maturities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Opportunities Fund | $506282647 | $513283644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. High Yield Fund | 24645993 | 16884793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Duration Fund | 634130790 | 124700259 |

---

For the year ended December 31, 2022, the cost of purchases and proceeds from the sales and maturities of long-term U.S. Government obligations included in the above, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales/Maturities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Opportunities Fund | $294293175 | $210470377 |

---

There were no purchases or sales/maturities of long-term U.S. Government securities for the U.S. High Yield Fund and Low Duration Fund during the year ended December 31, 2022.

------

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022 (Continued)<br>

&nbsp;&nbsp;&nbsp; **NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Ordinary Income** |
|  | **December 31, 2022** | **December 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Opportunities Fund | $2492808 | $15916770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. High Yield Fund | 1594661 | 1839198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Duration Fund | 15860634 | 22517743 |
|  | **Long-Term Capital Gains<sup>1</sup>** | **Long-Term Capital Gains<sup>1</sup>** |
|  | **December 31, 2022** | **December 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Opportunities Fund | $1696500 | $6355788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. High Yield Fund | 26796 | 342367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Duration Fund | 14601590 |  |

---

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

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

The cost basis of investments for federal income tax purposes as of the most recent fiscal year ended December 31, 2022, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Credit** | | |
|  | **Opportunities** | **U.S. High** | **Low Duration** |
|  | **Fund** | **Yield Fund** | **Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Investments | $307545333 | $35242160 | $897820759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | 2013351 | 104044 | 17018391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (18561140) | (2955270) | (41274211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation (depreciation) | (16547789) | (2851226) | (24255820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income (loss) | 1128010 | 20434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains (losses) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 1128010 | 20434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other distributable (accumulated) gains (losses) | (18375955) | (1538263) | (29701021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable (accumulated) earnings (losses) | $(33795734) | $(4369055) | $(53956841) |

---

&nbsp;&nbsp;&nbsp; **NOTE 6 – CREDIT FACILITY**<br>

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 year ended December 31, 2022, are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Credit Opportunities Fund** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum available credit | $15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Largest amount outstanding on an individual day | 827000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average daily loan outstanding when in use | 827000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit facility outstanding as of December 31, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average interest rate when in use | 6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. High Yield Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum available credit | $4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Largest amount outstanding on an individual day | 669000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average daily loan outstanding when in use | 669000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit facility outstanding as of December 31, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average interest rate when in use | 3.25% |

---

------

&nbsp;&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS** December 31, 2022 (Continued)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Low Duration Fund** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum available credit | $50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Largest amount outstanding on an individual day | 27000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average daily loan outstanding when in use | 27000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit facility outstanding as of December 31, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average interest rate when in use | 7.00% |

---

Interest expense for the year ended December 31, 2022, is disclosed in the Statements of Operations, if applicable.

&nbsp;&nbsp;&nbsp; **NOTE 7 – RISKS ASSOCIATED WITH THE DISCONTINUATION OF THE LONDON INTERBANK OFFERED RATE ("LIBOR")**<br>

The Funds invest significantly in corporate bonds that have interest rate provisions linked to LIBOR. LIBOR is used extensively in the U.S. and globally as a "benchmark" or "reference rate" for such loans. It is expected that a number of private-sector banks currently reporting information used to set LIBOR will stop doing so after June 30, 2023, when their current reporting commitment ends, which could either cause LIBOR to stop publication immediately or cause LIBOR's regulator to determine that its quality has degraded to the degree that it is no longer representative of its underlying market. The expected discontinuation of LIBOR may impact the functioning, liquidity, and value of these investments.

&nbsp;&nbsp;&nbsp; **NOTE 8 – (COVID-19) PANDEMIC & THE HOSTILITIES IN UKRAINE**<br>

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

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

------

&nbsp;&nbsp;&nbsp; **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

#### To the Shareholders of Muzinich Funds and

#### The Board of Trustees of Professionally Managed Portfolios

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Muzinich Credit Opportunities Fund, Muzinich U.S. High Yield Fund, and Muzinich Low Duration Fund (collectively, the "Funds"), each a series of Professionally Managed Portfolios, including the schedule of investments, as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers or through other appropriate auditing procedures where replies from brokers were unable to be obtained. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**<br>

#### <br>

#### Philadelphia, Pennsylvania

#### March 1, 2023

------

#### Muzinich Funds

&nbsp;&nbsp;&nbsp; **EXPENSE EXAMPLES** For the Six Months Ended December 31, 2022 (Unaudited)<br>

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, service fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 – December 31, 2022).

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

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

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

#### Credit Opportunities Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning** | **Ending** | **Expenses Paid** |
|  | **Account Value** | **Account Value** | **During the Period** |
|  | **<u>7/1/22</u>** | **<u>12/31/22</u>** | **<u>7/1/2022 – 12/31/2022<sup>1</sup></u>** |
| &nbsp;&nbsp;&nbsp; Supra Institutional Class Actual | $1000.00 | $985.60 | $3.02 |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% annual return before taxes) | $1000.00 | $1022.16 | $3.08 |
|  | **Beginning** | **Ending** | **Expenses Paid** |
|  | **Account Value** | **Account Value** | **During the Period** |
|  | **<u>7/1/22</u>** | **<u>12/31/22</u>** | **<u>7/1/2022 – 12/31/2022<sup>1</sup></u>** |
| &nbsp;&nbsp;&nbsp; Institutional Class Actual | $1000.00 | $985.40 | $3.36 |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% annual return before taxes) | $1000.00 | $1021.82 | $3.42 |

---

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

------

#### Muzinich Funds

&nbsp;&nbsp;&nbsp; **EXPENSE EXAMPLES** For the Six Months Ended December 31, 2022 (Unaudited) (Continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. High Yield Fund** |  |  |  |
|  | **Beginning** | **Ending** | **Expenses Paid** |
|  | **Account Value** | **Account Value** | **During the Period** |
|  | **<u>7/1/22</u>** | **<u>12/31/22</u>** | **<u>7/1/2022 – 12/31/2022<sup>2</sup></u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supra Institutional Class Actual | $1000.00 | $1028.50 | $2.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% annual return before taxes) | $1000.00 | $1022.28 | $2.96 |
|  | **Beginning** | **Ending** | **Expenses Paid** |
|  | **Account Value** | **Account Value** | **During the Period** |
|  | **<u>7/1/22</u>** | **<u>12/31/22</u>** | **<u>7/1/2022 – 12/31/2022<sup>2</sup></u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Actual | $1000.00 | $1028.50 | $2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% annual return before taxes) | $1000.00 | $1022.29 | $2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Low Duration Fund** |  |  |  |
|  | **Beginning** | **Ending** | **Expenses Paid** |
|  | **Account Value** | **Account Value** | **During the Period** |
|  | **<u>7/1/22</u>** | **<u>12/31/22</u>** | **<u>7/1/2022 – 12/31/2022<sup>3</sup></u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supra Institutional Class Actual | $1000.00 | $1021.60 | $2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% annual return before taxes) | $1000.00 | $1022.61 | $2.63 |

---

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

 <sup>3</sup> Expenses are equal to the annualized net expense ratio for the most recent six-month period. The annualized six-month expense ratios for Supra Institutional Class shares were 0.52% (reflecting fee waivers in effect), multiplied by the average account value over the period multiplied by 184/365 (to reflect the one half-year period).

------

&nbsp;&nbsp;&nbsp; **APPROVAL OF INVESTMENT ADVISORY AGREEMENT** (Unaudited)<br>

#### MUZINICH CREDIT OPPORTUNITIES FUND

#### MUZINICH U.S. HIGH YIELD CREDIT FUND

#### MUZINICH LOW DURATION FUND
At a meeting held on August 17-18, 2022<sup>1</sup>, the Board (which is comprised of six persons, all of whom are Independent Trustees as defined under the Investment Company Act) considered and approved the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between Professionally Managed Portfolios (the "Trust") and Muzinich and Co., Inc. (the "Advisor") for each of the Muzinich Credit Opportunities Fund, the Muzinich U.S. High Yield Credit Fund, and the Muzinich Low Duration Fund (each a "Fund," and together, the "Funds"). At this meeting and at a prior meeting held on June 17, 2022, the Board received and reviewed substantial information regarding the Funds, the Advisor and the services provided by the Advisor to the Funds under the Advisory Agreement. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board's approval of the continuance of the Advisory Agreement:

---

| | |
|:---|:---|
| 1. | **The nature, extent and quality of the services provided and to be provided by the Advisor under the Advisory Agreement.** The Trustees considered the nature, extent and quality of the Advisor's overall services provided to the Funds as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Advisor involved in the day-to-day activities of the Funds. The Board also considered the resources and compliance structure of the Advisor, including information regarding its compliance program, its chief compliance officer and the Advisor's compliance record, as well as the Advisor's cybersecurity program, business continuity plan, and risk management process. Additionally, the Board considered how the Advisor's business continuity plan has operated during the COVID-19 pandemic. The Board also considered the prior relationship between the Advisor and the Trust, as well as the Board's knowledge of the Advisor's operations, and noted that during the course of the prior year they had met with certain personnel of the Advisor by video conference to discuss fund performance and investment outlook, as well as, various marketing and compliance topics. The Board concluded that the Advisor had the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that they were satisfied with the nature, overall quality and extent of such management services. |
| 2. | **The Funds' historical performance and the overall performance of the Advisor.** In assessing the quality of the portfolio management delivered by the Advisor, the Board reviewed the performance of each Fund on both an absolute basis, and in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market benchmarks and the Advisor's similarly managed accounts, all for periods ended March 31, 2022. The Board also considered performance against a smaller group of peers selected by an independent third-party consultant engaged by the Board to assist it in its 15(c) review (the "Cohort"). While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing each Fund's performance against its comparative peer group universe, the Board took into account that the investment objective and strategies of each Fund, as well as its level of risk tolerance, may differ significantly from funds in its respective peer universe. When reviewing the Funds' performance against broad market benchmarks, the Board took into account the differences in portfolio construction between the Funds and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues. |
|  | For the Muzinich Credit Opportunities Fund, the Board noted that the Fund underperformed its peer group median for the one-year period, and outperformed for the three-year and five-year periods. The Board also noted that the Fund underperformed the average of its Cohort for the one-year and five-year periods and outperformed the average for the three-year period. The Board also considered the outperformance of the Fund against its broad-based securities market benchmark for the one-year, three-year, and five-year periods. The Board noted the Fund's underperformance compared to the Advisor's similarly managed account composite for the one-year, three-year, and five-year periods, noting that the difference was not significant. |

---

_________________

 <sup>1</sup> Although the Investment Company Act requires that approval of the continuance of the Advisory Agreement be approved by the in-person vote of a majority of the Independent Trustees, the August 17-18, 2022 meeting was held virtually in reliance on an order issued by the Securities and Exchange Commission, which provided temporary relief from the in-person meeting requirements in response to the COVID-19 pandemic.

------

#### Muzinich Funds

&nbsp;&nbsp;&nbsp; **APPROVAL OF INVESTMENT ADVISORY AGREEMENT** (Unaudited) (Continued)<br>

---

| | |
|:---|:---|
|  | For the Muzinich U.S. High Yield Credit Fund, the Board noted the Fund outperformed its peer group median for the one-year and three-year periods. The Board also noted that the Fund underperformed the average of its Cohort for the one-year and three-year periods. The Board noted that the Fund outperformed its broad-based securities market benchmark for the one-year period and underperformed for the three-year period. The Board also noted the Fund's outperformance compared to the Advisor's similarly managed account composite for the one-year period and underperformance for the three-year period, noting that such differences were not significant. |
|  | For the Muzinich Low Duration Fund, the Board noted the Fund underperformed its peer group median for the one-year period. The Board also noted that the Fund underperformed the average of its Cohort for the one-year period. The Board noted that the Fund outperformed its broad-based securities market benchmark for the one-year period and underperformed for the three-year period. The Board also noted the Fund's outperformance compared to the Advisor's similarly managed account composite for the one-year and three-year periods, noting that such differences were not significant. |
| 3. | **The costs of the services provided by the Advisor and the structure of the Advisor's fees under the Advisory Agreement.** In considering the advisory fee and total fees and expenses of each Fund, the Board reviewed comparisons to the peer funds and similarly managed accounts for other types of clients advised by the Advisor, as well as all expense waivers and reimbursements. When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts. |
|  | For the Muzinich Credit Opportunities Fund, the Board noted that the Advisor had contractually agreed to maintain an annual expense ratio of 0.60% for the Fund (the "Expense Cap"). The Board noted that the Fund's advisory fee was above the peer group median and at the average. The Board also noted the net expense ratio (less Rule 12b-1 fees) was below its peer group median and average. The Board noted that the Fund's net expense ratio (less Rule 12b-1 fees) was lower than the average of its Cohort. The Board considered that the fees charged to similarly managed separate account clients and a UCITs fund were higher or lower than those charged to the Muzinich Credit Opportunities Fund and that there were a number of factors accounting for those differences. The Board concluded that the fees paid to the Advisor were fair and reasonable in light of the comparative performance and advisory fee information. |
|  | For the Muzinich U.S. High Yield Credit Fund, the Board noted that the Advisor had contractually agreed to maintain an annual expense ratio of0.58% for the Fund (the "Expense Cap"). The Trustees also noted that the advisory fee was at the median of its peer group and slightly below the average. The Board also noted the net expense ratio (less Rule 12b-1 fees) was lower than its peer group median and average. The Board noted that the Fund's net expense ratio (less Rule 12b-1 fees) was lower than the average of its Cohort. The Board considered that the fees charged to similarly managed separate account clients and a UCITs fund were higher or lower than those charged to the Muzinich U.S. High Yield Credit Fund and that there were a number of factors accounting for those differences. The Board concluded that the fees paid to the Advisor were fair and reasonable in light of the comparative performance and advisory fee information. |
|  | For the Muzinich Low Duration Fund, the Board noted that the Advisor had contractually agreed to maintain an annual expense ratio of 0.50% for the Fund (the "Expense Cap"). The Trustees also noted that the advisory fee and net expense ratio (less Rule 12b-1 fees) were lower than its peer group median and average. The Board noted that the Fund's net expense (less Rule 12b-1 fees) was lower than the average of its Cohort. The Board considered that the fees charged to similarly managed separate account clients and a UCITs fund were higher or lower than those charged to the Muzinich Low Duration Fund and that there were a number of factors accounting for those differences. The Board concluded that the fees paid to the Advisor were fair and reasonable. |
| 4. | **Economies of Scale.** The Board also considered whether economies of scale were being realized by the Advisor that should be shared with shareholders. The Board noted that the Advisor has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that each Fund does not exceed its specified Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Advisor that should be shared with shareholders and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels continued to increase. |
| 5. | **The profits to be realized by the Advisor and its affiliates from their relationship with the Funds.** The Board reviewed the Advisor's financial information and took into account both the direct benefits and the indirect benefits to the Advisor from advising the Funds. The Board considered the profitability to the Advisor from its relationship with the Funds and |

---

------

&nbsp;&nbsp;&nbsp; **APPROVAL OF INVESTMENT ADVISORY AGREEMENT** (Unaudited) (Continued)<br>

considered any additional material benefits derived by the Advisor from its relationship with the Funds, including Rule 12b-1 distribution fees for Class A Shares (which are not currently offered for any of the Funds) and particularly benefits to be received in exchange for shareholder servicing fees on Class A and Institutional Class shares paid to the Advisor. The Board also considered that, to the extent any of the Funds were invested in another Muzinich Fund, the Advisor was not receiving an advisory fee from both Funds on those assets. After such review, the Board determined that the profitability to the Advisor with respect to the Advisory Agreement was not excessive, and that the Advisor had maintained adequate financial resources to support the services it provides to the Funds.<br>

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

------

&nbsp;&nbsp;&nbsp; **TRUSTEES AND EXECUTIVE OFFICERS** (Unaudited)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Number of** |  |
|  |  |  |  | **Portfolios** |  |
|  |  |  |  | **in Fund** | **Other** |
|  | **Position** | **Term of Office<sup>2</sup>** |  | **Complex<sup>3</sup>** | **Directorships** |
| **Name, Address** | **with the** | **and Length of** | **Principal Occupation** | **Overseen** | **Held During** |
| **<u>And Age</u>** | **<u>Trust<sup>1</sup></u>** | **<u>Time Served</u>** | **<u>During Past Five Years</u>** | **<u>by Trustees</u>** | **<u>the Past 5 Years</u>** |
| **Independent Trustees of the Trust** | **Independent Trustees of the Trust** | **Independent Trustees of the Trust** | **Independent Trustees of the Trust** | **Independent Trustees of the Trust** | **Independent Trustees of the Trust** |
| Kathleen T. Barr | Trustee | Indefinite Term; | Retired; Chair of the Governing | 3 | Independent Director, |
| (born 1955) |  | Since | Council, Independent Directors |  | Muzinich BDC, Inc. |
| c/o U.S. Bank |  | November 2018. | Council (since 2020); formerly, |  | (2019 to present); |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services |  |  | President, owner of a registered |  | Independent Trustee |
| 615 E. Michigan Street |  |  | investment adviser, Productive Capital |  | for the William Blair |
| Milwaukee, WI 53202 |  |  | Management, Inc. (2010 to 2013); |  | Funds (2013 to |
|  |  |  | formerly, Chief Administrative Officer, |  | present) (19 series). |
|  |  |  | Senior Vice President and Senior |  |  |
|  |  |  | Managing Director of Allegiant Asset |  |  |
|  |  |  | Management Company (merged with |  |  |
|  |  |  | PNC Capital Advisors, LLC in 2009); |  |  |
|  |  |  | formerly, Chief Administrative Officer, |  |  |
|  |  |  | Chief Compliance Officer and |  |  |
|  |  |  | Senior Vice President of PNC Funds |  |  |
|  |  |  | and PNC Advantage Funds |  |  |
|  |  |  | (f/k/ a Allegiant Funds) (registered |  |  |
|  |  |  | investment companies). |  |  |
| Eric W. Falkeis | Trustee | Indefinite Term; | Chief Growth Officer, Tidal Financial | 3 | Interested Trustee, |
| (born 1973) |  | Since | Group (2022 to present); Chief |  | Tidal ETF Trust II |
| c/o U.S. Bank |  | September 2011. | Executive Officer, Tidal ETF |  | (2022 to present) |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services | Chairperson | Indefinite Term; | Services LLC (2018 to present); |  | (7 series); |
| 615 E. Michigan Street |  | Since | formerly, Chief Operating Officer, |  | Independent Director, |
| Milwaukee, WI 53202 |  | August 2019. | Direxion Funds (2013 to 2018); |  | Muzinich BDC, Inc. |
|  |  |  | formerly, Senior Vice President and |  | (2019 to present); |
|  |  |  | Chief Financial Officer (and other |  | Interested Trustee, |
|  |  |  | positions), U.S. Bancorp Fund |  | Tidal ETF Trust |
|  |  |  | Services, LLC (1997 to 2013). |  | (2018 to Present) |
|  |  |  |  |  | (36 series); Former |
|  |  |  |  |  | Interested Trustee, |
|  |  |  |  |  | Direxion Funds |
|  |  |  |  |  | (22 series), Direxion |
|  |  |  |  |  | Shares ETF Trust |
|  |  |  |  |  | (112 series) and |
|  |  |  |  |  | Direxion Insurance |
|  |  |  |  |  | Trust (2013 to 2018). |
| Steven J. Paggioli | Trustee | Indefinite Term; | Consultant; formerly, Executive Vice | 3 | Independent Director, |
| (born 1950) |  | Since | President, Investment Company |  | Muzinich BDC, Inc. |
| c/o U.S. Bank |  | May 1991. | Administration, LLC (mutual |  | (2019 to present); |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services |  |  | fund administrator). |  | Independent Trustee, |
| 615 E. Michigan Street |  |  |  |  | AMG Funds |
| Milwaukee, WI 53202 |  |  |  |  | (1993 to present) |
|  |  |  |  |  | (42 series). |

---

------

&nbsp;&nbsp;&nbsp; **TRUSTEES AND EXECUTIVE OFFICERS** (Unaudited) (Continued)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Number of** |  |
|  |  |  |  | **Portfolios** |  |
|  |  |  |  | **in Fund** | **Other** |
|  | **Position** | **Term of Office<sup>2</sup>** |  | **Complex<sup>3</sup>** | **Directorships** |
| **Name, Address** | **with the** | **and Length of** | **Principal Occupation** | **Overseen** | **Held During** |
| **<u>And Age</u>** | **<u>Trust<sup>1</sup></u>** | **<u>Time Served</u>** | **<u>During Past Five Years</u>** | **<u>by Trustees</u>** | **<u>the Past 5 Years</u>** |
| Ashi S. Parikh | Trustee | Indefinite Term; | Investment professional; formerly, | 3 | Board of Directors |
| (born 1966) |  | Since | Chief Executive and Chief |  | Member, Investment |
| c/o U.S. Bank |  | June 2020. | Investment Officer and various |  | Working Group, The |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services |  |  | other positions, RidgeWorth |  | Ohio State University |
| 615 E. Michigan Street |  |  | Investments, LLC (global investment |  | Endowments and |
| Milwaukee, WI 53202 |  |  | management firm) (2006 to 2017); |  | Foundation (2016 to |
|  |  |  | formerly, Chief Investment Officer |  | present); Board of |
|  |  |  | Institutional Growth Equities, Eagle |  | Directors, World |
|  |  |  | Asset Management (investment |  | Methodist Council, |
|  |  |  | management firm); formerly |  | Investment Committee |
|  |  |  | Sr. Managing Director, Growth |  | (2018 to present); |
|  |  |  | Equities, Banc One Investment |  | Independent Trustee, |
|  |  |  | Advisors (investment management firm). |  | PNC Funds (2018 to |
|  |  |  |  |  | 2019) (32 series); |
|  |  |  |  |  | Interested Trustee, |
|  |  |  |  |  | RidgeWorth Funds |
|  |  |  |  |  | (2014 to 2017) |
|  |  |  |  |  | (35 series). |
| Cynthia M. Fornelli | Trustee | Indefinite Term; | Independent Director of TriplePoint |  | Independent Director, |
| (born 1960) |  | Since | Venture Growth BDC Corp. |  | TriplePoint Private |
| c/o U.S. Bank |  | January 2022. | (2019 to present); Retired; formerly, |  | Venture Credit, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services |  |  | Executive Director of the Center for |  | (2020 to present). |
| 615 E. Michigan Street |  |  | Audit Quality (2007 to 2019); formerly, |  |  |
| Milwaukee, WI 53202 |  |  | Senior Vice President of Regulatory |  |  |
|  |  |  | Conflicts Management at Bank of |  |  |
|  |  |  | America (2005 to 2007); formerly, |  |  |
|  |  |  | Deputy Director, Division of |  |  |
|  |  |  | Investment Management with the |  |  |
|  |  |  | U.S. Securities and Exchange |  |  |
|  |  |  | Commission (1998 to 2005). |  |  |
| **Officers of the Trust** |  |  |  |  |  |
| Jason F. Hadler | President & | Indefinite Term; | Senior Vice President and Head of | Not | Not |
| (born 1975) | Principal | Since | Fund Services Fund Administration | Applicable. | Applicable. |
| c/o U.S. Bank | Executive | September 2021. | Department, U.S. Bank Global Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services | Officer |  | Services since December 2003. |  |  |
| 615 E. Michigan Street |  |  |  |  |  |
| Milwaukee, WI 53202 |  |  |  |  |  |
| Carl G. Gee, Esq. | Secretary & | Indefinite Term; | Assistant Secretary of the Trust | Not | Not |
| (born 1990) | Vice | Since | (2020 to 2021); Assistant Vice | Applicable. | Applicable. |
| c/o U.S. Bank | President | February 2021. | President and Counsel, U.S. Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services |  |  | Global Fund Services since |  |  |
| 615 E. Michigan Street |  |  | August 2016; Summer Associate, |  |  |
| Milwaukee, WI 53202 |  |  | Husch Blackwell LLP (2015); |  |  |
|  |  |  | Law Clerk, Brady Corporation (global |  |  |
|  |  |  | printing systems, labels and safety |  |  |
|  |  |  | products company) (2014 to 2015). |  |  |

---

------

&nbsp;&nbsp;&nbsp; **TRUSTEES AND EXECUTIVE OFFICERS** (Unaudited) (Continued)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Number of** |  |
|  |  |  |  | **Portfolios** |  |
|  |  |  |  | **in Fund** | **Other** |
|  | **Position** | **Term of Office<sup>2</sup>** |  | **Complex<sup>3</sup>** | **Directorships** |
| **Name, Address** | **with the** | **and Length of** | **Principal Occupation** | **Overseen** | **Held During** |
| **<u>And Age</u>** | **<u>Trust<sup>1</sup></u>** | **<u>Time Served</u>** | **<u>During Past Five Years</u>** | **<u>by Trustees</u>** | **<u>the Past 5 Years</u>** |
| Craig Benton | Treasurer & | Indefinite Term; | Assistant Treasurer of the Trust | Not | Not |
| (born 1985) | Vice | Since | (2016 to 2021); Assistant Vice | Applicable. | Applicable. |
| c/o U.S. Bank | President | December 2021. | President, U.S. Bank Global Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services |  |  | Services since November 2007. |  |  |
| 615 E. Michigan Street |  |  |  |  |  |
| Milwaukee, WI 53202 |  |  |  |  |  |
| Melissa Breitzman | Assistant | Indefinite Term; | Assistant Vice President, | Not | Not |
| (born 1983) | Treasurer | Since | U.S. Bank Global Fund Services | Applicable. | Applicable. |
| c/o U.S. Bank |  | August 2016. | since June 2005. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services |  |  |  |  |  |
| 615 E. Michigan Street |  |  |  |  |  |
| Milwaukee, WI 53202 |  |  |  |  |  |
| Kyle J. Buscemi | Assistant | Indefinite Term; | Mutual Funds Administrator, | Not | Not |
| (born 1996) | Treasurer | Since June 2022. | U.S. Bank Global Fund Services | Applicable. | Applicable. |
| c/o U.S. Bank |  |  | since June 2018; Business |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services |  |  | Administration Student, 2014 to 2018. |  |  |
| 615 E. Michigan Street |  |  |  |  |  |
| Milwaukee, WI 53202 |  |  |  |  |  |
| Jennifer N. Smith | Assistant | Indefinite Term; | Mutual Funds Administrator, | Not | Not |
| (born 1985) | Treasurer | Since | U.S. Bank Global Fund Services | Applicable. | Applicable. |
| c/o U.S. Bank |  | February 2023. | since 2007. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services |  |  |  |  |  |
| 615 E. Michigan Street |  |  |  |  |  |
| Milwaukee, WI 53202 |  |  |  |  |  |
| Gazala Khan | Chief | Indefinite Term; | Vice President and Compliance | Not | Not |
| (born 1969) | Compliance | Since | Officer, U.S. Bank Global Fund | Applicable. | Applicable. |
| c/o U.S. Bank | Officer | November 2022. | Services since July 2022; Chief |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Fund Services |  |  | Compliance Officer Matthews Asia |  |  |
| 615 E. Michigan Street | Anti-Money |  | Fund (May 2019 to July 15, 2022); |  |  |
| Milwaukee, WI 53202 | Laundering |  | Chief Compliance Officer GS Trust/VIT |  |  |
|  | Officer |  | (June 2009 to May 2019); Vice |  |  |
|  |  |  | President GSAM (May 2005 to |  |  |
|  |  |  | June 2009); Staff Accountant, SEC |  |  |
|  |  |  | Office of Compliance Inspection and |  |  |
|  |  |  | Examination (1999 to 2005) |  |  |

---

<sup>1</sup> All Trustees of the Trust who are not "interested persons" of the Trust as defined under the 1940 Act ("Independent Trustees").

<sup>2</sup> Under the terms of the Board's retirement policy, a Trustee shall retire at the end of the calendar year in which he or she reaches the age of 78.

<sup>3</sup> The Trust is comprised of numerous series managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Funds. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes.

------

&nbsp;&nbsp;&nbsp; **QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION** (Unaudited)<br>

For the fiscal year ended December 31, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Credit Opportunities Fund** | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. High Yield Fund** | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Low Duration Fund** | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended December 31, 2022, was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Credit Opportunities Fund** | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. High Yield Fund** | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Low Duration Fund** | 0.00% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Credit Opportunities Fund** | 15.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. High Yield Fund** | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Low Duration Fund** | 53.66% |

---

&nbsp;&nbsp;&nbsp; **INFORMATION ABOUT PROXY VOTING** (Unaudited)<br>

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-855-MUZINICH (1-855-689-4642). Furthermore, you can obtain the description on the SEC's website at www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent period ended June 30 is available without charge, upon request, by calling 1-855-MUZINICH (1-855-689-4642). Furthermore, you can obtain the Funds' proxy voting records on the SEC's website at www.sec.gov.

&nbsp;&nbsp;&nbsp; **INFORMATION ABOUT THE PORTFOLIO HOLDINGS** (Unaudited)<br>

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Part F of Form N-PORT. The Funds' Form N-PORT is available on the SEC's website at www.sec.gov. The Funds' Form N-PORT may also be obtained by calling toll-free 1-855-MUZINICH (1-855-689-4642).

&nbsp;&nbsp;&nbsp; **INFORMATION ABOUT HOUSEHOLDING** (Unaudited)<br>

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

&nbsp;&nbsp;&nbsp; **INFORMATION ABOUT THE FUNDS' TRUSTEES** (Unaudited)<br>

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

------

&nbsp;&nbsp;&nbsp; **PRIVACY NOTICE** (Unaudited)<br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Information you give us orally; and

&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions with us or others.

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

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

------

#### Advisor
MUZINICH & CO., INC

450 Park Avenue

New York, New York 10022

#### Distributor
QUASAR DISTRIBUTORS, LLC

111 East Kilbourne Avenue, Suite 2200

Milwaukee, Wisconsin 53202

#### Custodian
U.S. BANK N.A.

Custody Operations

1555 North RiverCenter Drive, Suite 302

Milwaukee, Wisconsin 53212

#### Transfer Agent, Fund Accountant,

#### and Fund Administrator
U.S. BANCORP FUND SERVICES, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

#### Independent Registered Public Accounting Firm
TAIT, WELLER & BAKER LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### Legal Counsel
SULLIVAN & WORCESTER LLP

1633 Broadway, 32nd Floor

New York, New York 10019

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **<u>Class</u>** | **<u>Symbol</u>** | **<u>CUSIP</u>** |
| Muzinich Credit Opportunities Fund | Supra Institutional Class | MZCSX | 74316J532 |
|  | Institutional Class | MZCIX | 74316J540 |
| Muzinich U.S. High Yield Credit Fund | Supra Institutional Class | MZHSX | 74316J565 |
|  | Institutional Class | MZHIX | 74316J573 |
| Muzinich Low Duration Fund | Supra Institutional Class | MZLSX | 74316P132 |
|  | Institutional Class | MZLIX | 74316P124 |

---

------

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

#### Item 2. Code of Ethics.

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

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

#### Item 3. Audit Committee Financial Expert.

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

#### Item 4. Principal Accountant Fees and Services.

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

Muzinich Credit Opportunities Fund

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp; $24025 | &nbsp;&nbsp;&nbsp;&nbsp; $22850 |
| Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp; $2800 | &nbsp;&nbsp;&nbsp;&nbsp; $2700 |
| All Other Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

Muzinich Low Duration Fund

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp; $22400 | &nbsp;&nbsp;&nbsp;&nbsp; $21300 |
| Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp; $2800 | &nbsp;&nbsp;&nbsp;&nbsp; $2700 |
| All Other Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

Muzinich U.S. High Yield Credit Fund

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp; $22400 | &nbsp;&nbsp;&nbsp;&nbsp; $21300 |
| Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp; $2800 | &nbsp;&nbsp;&nbsp;&nbsp; $2700 |
| All Other Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

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

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

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

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

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

<u> Non-Audit Related Fees </u> <u> FYE 12/31/2022 </u> <u> FYE 12/31/2021 </u> <br> Registrant N/A N/A <br> <u> Registrant's Investment Advisor </u> <u> N/A </u> <u> N/A </u>

#### Item 5. Audit Committee of Listed Registrants.

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

#### Item 6. Investments.

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

(b) Not applicable.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

#### Item 11. Controls and Procedures.

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

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

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

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](mf-ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](mf-ex99cert302.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant*. There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](mf-ex99cert906.htm)

------

#### SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) <u>Professionally Managed Portfolios</u> 

By (Signature and Title) <u>/s/ Jason Hadler</u>

Jason Hadler, President/Principal Executive Officer

Date <u>March 9, 2023</u><br>

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

By (Signature and Title) <u>/s/ Jason Hadler</u>

Jason Hadler, President/Principal Executive Officer

Date <u>March 9, 2023</u>

By (Signature and Title) <u>/s/ Craig Benton</u><br>

Craig Benton, Treasurer/Principal Financial Officer

Date <u>March 9, 2023</u>

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

## Ex-99.Code

#### PROFESSIONALLY MANAGED PORTFOLIOS

#### Code of Ethics

#### For Principal Executive Officer & Principal Financial Officer

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of

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

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

1. HONEST AND ETHICAL CONDUCT.

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

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

2. FINANCIAL RECORDS AND REPORTING

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

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

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

3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

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

4. COMPLIANCE WITH THIS CODE OF ETHICS

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

5. AMENDMENT AND WAIVER

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

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

## Ex-99.Cert

#### CERTIFICATIONS

I, Jason Hadler, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Professionally Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
 misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 9, 2023</u><br>| <u>/s/ Jason Hadler</u><br>Jason Hadler<br> President/Principal Executive Officer |

---

------

I, Craig Benton, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Professionally Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
 misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 9, 2023</u><br>| <u>/s/ Craig Benton</u><br> Craig Benton<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Professionally Managed Portfolios does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Professionally Managed Portfolios for the period ended December 31, 2022, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Professionally Managed Portfolios for the stated period.

---

| | |
|:---|:---|
| <u>/s/ Jason Hadler</u><br> Jason Hadler<br> President/Principal Executive Officer, Professionally Managed Portfolios<br>| <u>/s/ Craig Benton</u><br>Craig Benton<br> Treasurer/Principal Financial Officer Professionally Managed Portfolios |
| Dated: <u>March 9, 2023</u> | Dated: <u>March 9, 2023</u> <br>|

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Professionally Managed Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934.

<br>