# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000894189-26-003892
**Filing Date:** 2026-2
**Character Count:** 95011
**Document Hash:** 4de38fe52ffb0bd80d37cf5d47ed548d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-003892.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0000894189-26-003892

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROFESSIONALLY MANAGED PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000811030

**ORGANIZATION NAME:**
- **EIN:** 566415270
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 26646805

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-218-3770

**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

### Osterweis Growth & Income Fund (Series ID: S000029833)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000091752 | Investor Class | OSTVX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Osterweis Growth and Income Fund** | **Osterweis Growth and Income Fund** | **Osterweis Growth and Income Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 58.9%** | **Shares** | **Value**  |
| **Aerospace & Defense - 4.3%** | **Aerospace & Defense - 4.3%** | |
| Airbus SE - Class ADR - ADR | 64305 | $3724546 |
| Boeing Co. <sup>(a)</sup> | 7475 | 1622972 |
| L3Harris Technologies, Inc. | 9408 | 2761906 |
|  |  | 8109424 |
| **Banks - 2.2%** | **Banks - 2.2%** |  |
| JPMorgan Chase & Co. | 12790 | 4121194 |
| **Broadline Retail - 3.5%** | **Broadline Retail - 3.5%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | 28967 | 6686163 |
| **Capital Markets - 1.3%** | **Capital Markets - 1.3%** |  |
| Intercontinental Exchange, Inc. | 14670 | 2375953 |
| **Chemicals - 2.7%** | **Chemicals - 2.7%** |  |
| Air Products and Chemicals, Inc. | 13035 | 3219906 |
| Linde PLC | 4460 | 1901699 |
|  |  | 5121605 |
| **Commercial Services & Supplies - 1.8%** | **Commercial Services & Supplies - 1.8%** |  |
| Waste Connections, Inc. | 19845 | 3480019 |
| **Consumer Staples Distribution & Retail - 1.2%** | **Consumer Staples Distribution & Retail - 1.2%** |  |
| Southeastern Grocers, Inc. <sup>(a)(b)</sup> | 7928 | 318 |
| Tops Holding, Litigation Trust Proceeds <sup>(a)(b)</sup> | 2292000 | 1721 |
| US Foods Holding Corp. <sup>(a)</sup> | 30915 | 2328518 |
|  |  | 2330557 |
| **Electrical Equipment - 1.4%** | **Electrical Equipment - 1.4%** |  |
| AMETEK, Inc. | 13120 | 2693667 |
| **Electronic Equipment, Instruments & Components - 1.0%** | **Electronic Equipment, Instruments & Components - 1.0%** |  |
| Keysight Technologies, Inc. <sup>(a)</sup> | 9395 | 1908970 |
| **Financial Services - 2.4%** | **Financial Services - 2.4%** |  |
| Visa, Inc. - Class A | 13170 | 4618851 |
| **Ground Transportation - 1.1%** | **Ground Transportation - 1.1%** |  |
| Canadian Pacific Kansas City Ltd. | 29485 | 2170981 |
| **Health Care Providers & Services - 0.9%** | **Health Care Providers & Services - 0.9%** |  |
| Labcorp Holdings, Inc. | 6975 | 1749888 |
| **Household Durables - 0.9%** | **Household Durables - 0.9%** |  |
| NVR, Inc. <sup>(a)</sup> | 223 | 1626288 |
| **Insurance - 2.7%** | **Insurance - 2.7%** |  |
| Brown & Brown, Inc. | 29525 | 2353142 |
| Progressive Corp. | 11858 | 2700304 |
|  |  | 5053446 |
| **Interactive Media & Services - 5.0%** | **Interactive Media & Services - 5.0%** |  |
| Alphabet, Inc. - Class C | 30267 | 9497785 |
| **Life Sciences Tools & Services - 1.9%** | **Life Sciences Tools & Services - 1.9%** |  |
| Danaher Corp. | 16002 | 3663178 |
| **Machinery - 0.9%** | **Machinery - 0.9%** |  |
| Deere & Co. | 3730 | 1736576 |
| **Metals & Mining - 0.3%** | **Metals & Mining - 0.3%** |  |
| Real Alloy Equity <sup>(a)(b)</sup> | 9 | 539523 |
| **Pharmaceuticals - 3.5%** | **Pharmaceuticals - 3.5%** |  |
| Eli Lilly & Co. | 2984 | 3206845 |
| Novartis AG - ADR | 24480 | 3375058 |
|  |  | 6581903 |
| **Semiconductors & Semiconductor Equipment - 7.7%** | **Semiconductors & Semiconductor Equipment - 7.7%** |  |
| Analog Devices, Inc. | 13773 | 3735238 |
| Applied Materials, Inc. | 13041 | 3351406 |
| Broadcom, Inc. | 15633 | 5410581 |
| NVIDIA Corp. | 11700 | 2182050 |
|  |  | 14679275 |
| **Software - 7.2%** | **Software - 7.2%** |  |
| Intuit, Inc. | 3799 | 2516534 |
| Microsoft Corp. | 14266 | 6899323 |
| Salesforce, Inc. | 8816 | 2335446 |
| Synopsys, Inc. <sup>(a)</sup> | 4068 | 1910821 |
|  |  | 13662124 |
| **Specialty Retail - 1.8%** | **Specialty Retail - 1.8%** |  |
| AutoZone, Inc. <sup>(a)</sup> | 979 | 3320278 |
| **Trading Companies & Distributors - 1.2%** | **Trading Companies & Distributors - 1.2%** |  |
| Ferguson Enterprises, Inc. | 10415 | 2318691 |
| **Water Utilities - 2.0%** | **Water Utilities - 2.0%** |  |
| American Water Works Co., Inc. | 28680 | 3742740 |
| **TOTAL COMMON STOCKS** (Cost $68,643,640) | **TOTAL COMMON STOCKS** (Cost $68,643,640) | 111789079 |
| **CORPORATE BONDS - 27.2%** | **Par** | **Value**  |
| **Automobile Components - 1.2%** | **Automobile Components - 1.2%** | **Automobile Components - 1.2%** |
| Adient Global Holdings Ltd. | Adient Global Holdings Ltd. | Adient Global Holdings Ltd. |
| &nbsp;&nbsp; 7.00%, 04/15/2028 <sup>(c)</sup> | 350000 | 360993 |
| &nbsp;&nbsp; 7.50%, 02/15/2033 <sup>(c)</sup> | 400000 | 413123 |
|  American Axle & Manufacturing, Inc., 7.75%, 10/15/2033 <sup>(c)</sup> | 500000 | 509786 |
| Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. |
| &nbsp;&nbsp; 5.00%, 07/15/2029 | 500000 | 488959 |
| &nbsp;&nbsp; 6.63%, 07/15/2030 | 500000 | 512380 |
|  |  | 2285241 |
| **Automobiles - 0.6%** | **Automobiles - 0.6%** | **Automobiles - 0.6%** |
|  Ford Motor Co., 9.63%, 04/22/2030 | 500000 | 579713 |
|  Ford Motor Credit Co. LLC, 6.95%, 03/06/2026 | 500000 | 501151 |
|  |  | 1080864 |
| **Banks - 0.3%** | **Banks - 0.3%** | **Banks - 0.3%** |
|  Bancorp, Inc., 7.38%, 09/01/2030 | 500000 | 520048 |
| **Beverages - 0.2%** | **Beverages - 0.2%** | **Beverages - 0.2%** |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029 <sup>(c)</sup> | 300000 | 292224 |
| **Building Products - 0.5%** | **Building Products - 0.5%** | **Building Products - 0.5%** |
|  Advanced Drainage Systems, Inc., 5.00%, 09/30/2027 <sup>(c)</sup> | 500000 | 501126 |
|  Griffon Corp., 5.75%, 03/01/2028 | 500000 | 501278 |
|  |  | 1002404 |
| **Chemicals - 0.5%** | **Chemicals - 0.5%** | **Chemicals - 0.5%** |
| Consolidated Energy Finance SA | Consolidated Energy Finance SA | Consolidated Energy Finance SA |
| &nbsp;&nbsp; 6.50%, 05/15/2026 <sup>(c)</sup> | 100000 | 97017 |
| &nbsp;&nbsp; 5.63%, 10/15/2028 <sup>(c)</sup> | 400000 | 260500 |
| &nbsp;&nbsp; 12.00%, 02/15/2031 <sup>(c)</sup> | 250000 | 177063 |
|  INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029 <sup>(c)</sup> | 500000 | 347216 |
|  |  | 881796 |
| **Commercial Services & Supplies - 0.8%** | **Commercial Services & Supplies - 0.8%** | **Commercial Services & Supplies - 0.8%** |
|  Deluxe Corp., 8.13%, 09/15/2029 <sup>(c)</sup> | 750000 | 791047 |
|  Pitney Bowes, Inc., 7.25%, 03/15/2029 <sup>(c)</sup> | 725000 | 736610 |
|  |  | 1527657 |
| **Computers & Peripherals - 0.6%** | **Computers & Peripherals - 0.6%** | **Computers & Peripherals - 0.6%** |
|  CPI CG, Inc., 10.00%, 07/15/2029 <sup>(c)</sup> | 558000 | 593839 |
|  Western Digital Corp., 4.75%, 02/15/2026 | 106000 | 106436 |
|  Xerox Corp., 10.25%, 10/15/2030 <sup>(c)</sup> | 500000 | 480874 |
|  |  | 1181149 |
| **Construction & Engineering - 1.6%** | **Construction & Engineering - 1.6%** | **Construction & Engineering - 1.6%** |
|  Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 <sup>(c)</sup> | 750000 | 753459 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 <sup>(c)</sup> | 600000 | 588385 |
|  New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028 <sup>(c)</sup> | 500000 | 501770 |
|  Tutor Perini Corp., 11.88%, 04/30/2029 <sup>(c)</sup> | 1000000 | 1114750 |
|  |  | 2958364 |
| **Consumer Finance - 1.6%** | **Consumer Finance - 1.6%** | **Consumer Finance - 1.6%** |
|  Atlanticus Holdings Corp., 9.75%, 09/01/2030 <sup>(c)</sup> | 500000 | 501588 |
| Enova International, Inc. | Enova International, Inc. | Enova International, Inc. |
| &nbsp;&nbsp; 11.25%, 12/15/2028 <sup>(c)</sup> | 400000 | 423337 |
| &nbsp;&nbsp; 9.13%, 08/01/2029 <sup>(c)</sup> | 350000 | 372735 |
|  EZCORP, Inc., 7.38%, 04/01/2032 <sup>(c)</sup> | 500000 | 531726 |
| FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |
| &nbsp;&nbsp; 5.63%, 01/01/2030 <sup>(c)</sup> | 500000 | 504045 |
| &nbsp;&nbsp; 6.88%, 03/01/2032 <sup>(c)</sup> | 500000 | 520726 |
|  OneMain Finance Corp., 7.13%, 03/15/2026 | 242000 | 244577 |
|  |  | 3098734 |
| **Consumer Staples Distribution & Retail - 1.6%** | **Consumer Staples Distribution & Retail - 1.6%** | **Consumer Staples Distribution & Retail - 1.6%** |
|  C&S Group Enterprises LLC, 5.00%, 12/15/2028 <sup>(c)</sup> | 500000 | 465238 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 <sup>(c)</sup> | 750000 | 788212 |
|  Performance Food Group, Inc., 5.50%, 10/15/2027 <sup>(c)</sup> | 750000 | 751521 |
|  United Natural Foods, Inc., 6.75%, 10/15/2028 <sup>(c)</sup> | 625000 | 628588 |
|  US Foods, Inc., 4.75%, 02/15/2029 <sup>(c)</sup> | 470000 | 468038 |
|  |  | 3101597 |
| **Diversified Consumer Services - 0.1%** | **Diversified Consumer Services - 0.1%** | **Diversified Consumer Services - 0.1%** |
|  Carriage Services, Inc., 4.25%, 05/15/2029 <sup>(c)</sup> | 200000 | 193455 |
| **Energy Equipment & Services - 0.5%** | **Energy Equipment & Services - 0.5%** | **Energy Equipment & Services - 0.5%** |
|  HMH Holding BV, 7.88%, 12/17/2028 <sup>(c)</sup> | 400000 | 409742 |
|  Tidewater, Inc., 9.13%, 07/15/2030 <sup>(c)</sup> | 500000 | 537048 |
|  |  | 946790 |
| **Entertainment - 0.5%** | **Entertainment - 0.5%** | **Entertainment - 0.5%** |
|  Banijay Entertainment SAS, 8.13%, 05/01/2029 <sup>(c)</sup> | 1000000 | 1041692 |
| **Financial Services - 0.8%** | **Financial Services - 0.8%** | **Financial Services - 0.8%** |
|  Burford Capital Global Finance LLC, 6.25%, 04/15/2028 <sup>(c)</sup> | 250000 | 248652 |
|  HAS Capital Income Opportunity Fund II LLC, 8.00%, 08/31/2031 <sup>(b)(c)</sup> | 642000 | 410915 |
|  United Wholesale Mortgage LLC, 5.50%, 04/15/2029 <sup>(c)</sup> | 430000 | 427487 |
|  UWM Holdings LLC, 6.25%, 03/15/2031 <sup>(c)</sup> | 500000 | 499443 |
|  |  | 1586497 |
| **Food Products - 0.3%** | **Food Products - 0.3%** | **Food Products - 0.3%** |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 <sup>(c)</sup> | 494000 | 476587 |
| **Ground Transportation - 0.3%** | **Ground Transportation - 0.3%** | **Ground Transportation - 0.3%** |
|  RXO, Inc., 7.50%, 11/15/2027 <sup>(c)</sup> | 500000 | 512130 |
| **Health Care Equipment & Supplies - 0.6%** | **Health Care Equipment & Supplies - 0.6%** | **Health Care Equipment & Supplies - 0.6%** |
|  Varex Imaging Corp., 7.88%, 10/15/2027 <sup>(c)</sup> | 1100000 | 1125985 |
| **Health Care Providers & Services - 0.6%** | **Health Care Providers & Services - 0.6%** | **Health Care Providers & Services - 0.6%** |
|  Accendra Health, Inc., 4.50%, 03/31/2029 <sup>(c)</sup> | 1000000 | 679291 |
|  AMN Healthcare, Inc., 6.50%, 01/15/2031 <sup>(c)</sup> | 500000 | 500484 |
|  |  | 1179775 |
| **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** |
|  NCL Corp. Ltd., 5.88%, 02/15/2027 <sup>(c)</sup> | 750000 | 753379 |
| **Household Durables - 1.6%** | **Household Durables - 1.6%** | **Household Durables - 1.6%** |
|  Adams Homes, Inc., 9.25%, 10/15/2028 <sup>(c)</sup> | 750000 | 785128 |
|  Empire Communities Corp., 9.75%, 05/01/2029 <sup>(c)</sup> | 500000 | 516357 |
|  K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031 <sup>(c)</sup> | 500000 | 510761 |
| New Home Co., Inc. | New Home Co., Inc. | New Home Co., Inc. |
| &nbsp;&nbsp; 9.25%, 10/01/2029 <sup>(c)</sup> | 750000 | 783687 |
| &nbsp;&nbsp; 8.50%, 11/01/2030 <sup>(c)</sup> | 250000 | 257776 |
|  STL Holding Co. LLC, 8.75%, 02/15/2029 <sup>(c)</sup> | 250000 | 263760 |
|  |  | 3117469 |
| **Industrial Conglomerates - 0.0%<sup>(d)</sup>** | **Industrial Conglomerates - 0.0%<sup>(d)</sup>** | **Industrial Conglomerates - 0.0%<sup>(d)</sup>** |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 | 60000 | 60126 |
| **Industrial Power & Renewable Electricity Products - 0.4%** | **Industrial Power & Renewable Electricity Products - 0.4%** | **Industrial Power & Renewable Electricity Products - 0.4%** |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp; 5.05%, 12/30/2026 <sup>(c)</sup> | 500000 | 503826 |
| &nbsp;&nbsp; 5.00%, 07/31/2027 <sup>(c)</sup> | 250000 | 251463 |
|  |  | 755289 |
| **IT Services - 0.5%** | **IT Services - 0.5%** | **IT Services - 0.5%** |
|  Unisys Corp., 10.63%, 01/15/2031 <sup>(c)</sup> | 1000000 | 1025305 |
| **Life Sciences Tools & Services - 0.3%** | **Life Sciences Tools & Services - 0.3%** | **Life Sciences Tools & Services - 0.3%** |
|  IQVIA, Inc., 5.00%, 10/15/2026 <sup>(c)</sup> | 500000 | 500012 |
| **Machinery - 0.9%** | **Machinery - 0.9%** | **Machinery - 0.9%** |
|  Enpro, Inc., 6.13%, 06/01/2033 <sup>(c)</sup> | 500000 | 517163 |
|  Manitowoc Co., Inc., 9.25%, 10/01/2031 <sup>(c)</sup> | 500000 | 538926 |
|  Wabash National Corp., 4.50%, 10/15/2028 <sup>(c)</sup> | 750000 | 702335 |
|  |  | 1758424 |
| **Media - 0.2%** | **Media - 0.2%** | **Media - 0.2%** |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 <sup>(c)</sup> | 287000 | 288847 |
| **Metals & Mining - 1.5%** | **Metals & Mining - 1.5%** | **Metals & Mining - 1.5%** |
|  Century Aluminum Co., 6.88%, 08/01/2032 <sup>(c)</sup> | 500000 | 516479 |
|  Champion Iron Canada, Inc., 7.88%, 07/15/2032 <sup>(c)</sup> | 250000 | 266427 |
|  Coeur Mining, Inc., 5.13%, 02/15/2029 <sup>(c)</sup> | 600000 | 596376 |
|  Commercial Metals Co., 5.75%, 11/15/2033 <sup>(c)</sup> | 250000 | 255778 |
|  Hecla Mining Co., 7.25%, 02/15/2028 | 277000 | 279012 |
|  Perenti Finance Pty Ltd., 7.50%, 04/26/2029 <sup>(c)</sup> | 500000 | 521115 |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 <sup>(c)</sup> | 500000 | 464733 |
|  |  | 2899920 |
| **Mortgage Real Estate Investment Trusts - REITS - 0.5%** | **Mortgage Real Estate Investment Trusts - REITS - 0.5%** | **Mortgage Real Estate Investment Trusts - REITS - 0.5%** |
|  Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029 <sup>(c)</sup> | 500000 | 533859 |
|  Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027 <sup>(c)</sup> | 500000 | 501807 |
|  |  | 1035666 |
| **Oil, Gas & Consumable Fuels - 1.3%** | **Oil, Gas & Consumable Fuels - 1.3%** | **Oil, Gas & Consumable Fuels - 1.3%** |
| Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. |
| &nbsp;&nbsp; 11.00%, 04/15/2026 <sup>(c)</sup> | 176000 | 177823 |
| &nbsp;&nbsp; 9.75%, 07/15/2028 <sup>(c)</sup> | 250000 | 254195 |
|  Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/2028 | 450000 | 452134 |
|  Global Partners LP / GLP Finance Corp., 7.13%, 07/01/2033 <sup>(c)</sup> | 800000 | 819662 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 <sup>(c)</sup> | 750000 | 781425 |
|  |  | 2485239 |
| **Passenger Airlines - 1.7%** | **Passenger Airlines - 1.7%** | **Passenger Airlines - 1.7%** |
|  Allegiant Travel Co., 7.25%, 08/15/2027 <sup>(c)</sup> | 770000 | 781251 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026 <sup>(c)</sup> | 813833 | 815413 |
|  JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031 <sup>(c)</sup> | 850000 | 857086 |
|  United Airlines, Inc., 4.38%, 04/15/2026 <sup>(c)</sup> | 750000 | 749513 |
|  |  | 3203263 |
| **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** |
|  Harrow, Inc., 8.63%, 09/15/2030 <sup>(c)</sup> | 500000 | 525832 |
| **Professional Services - 1.0%** | **Professional Services - 1.0%** | **Professional Services - 1.0%** |
|  CACI International, Inc., 6.38%, 06/15/2033 <sup>(c)</sup> | 500000 | 517964 |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 <sup>(c)</sup> | 750000 | 648797 |
|  KBR, Inc., 4.75%, 09/30/2028 <sup>(c)</sup> | 750000 | 738994 |
|  |  | 1905755 |
| **Software - 0.6%** | **Software - 0.6%** | **Software - 0.6%** |
|  Fair Isaac Corp., 5.25%, 05/15/2026 <sup>(c)</sup> | 500000 | 501019 |
|  NCR Voyix Corp., 5.00%, 10/01/2028 <sup>(c)</sup> | 175000 | 174382 |
|  Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030 <sup>(c)</sup> | 500000 | 437503 |
|  |  | 1112904 |
| **Specialty Retail - 1.0%** | **Specialty Retail - 1.0%** | **Specialty Retail - 1.0%** |
|  Advance Auto Parts, Inc., 7.00%, 08/01/2030 <sup>(c)</sup> | 250000 | 252324 |
|  Ken Garff Automotive LLC, 4.88%, 09/15/2028 <sup>(c)</sup> | 500000 | 498715 |
|  Sonic Automotive, Inc., 4.63%, 11/15/2029 <sup>(c)</sup> | 500000 | 491218 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(c)</sup> | 600000 | 593956 |
|  |  | 1836213 |
| **Textiles, Apparel & Luxury Goods - 0.4%** | **Textiles, Apparel & Luxury Goods - 0.4%** | **Textiles, Apparel & Luxury Goods - 0.4%** |
|  William Carter Co., 7.38%, 02/15/2031 <sup>(c)</sup> | 700000 | 724619 |
| **Trading Companies & Distributors - 1.2%** | **Trading Companies & Distributors - 1.2%** | **Trading Companies & Distributors - 1.2%** |
| Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
| &nbsp;&nbsp; 7.00%, 06/15/2030 <sup>(c)</sup> | 1000000 | 1052988 |
| &nbsp;&nbsp; 5.75%, 03/15/2031 <sup>(c)</sup> | 500000 | 507959 |
| &nbsp;&nbsp; 6.00%, 03/15/2034 <sup>(c)</sup> | 500000 | 506790 |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028 <sup>(c)</sup> | 250000 | 253776 |
|  |  | 2321513 |
| **Transportation Infrastructure - 0.2%** | **Transportation Infrastructure - 0.2%** | **Transportation Infrastructure - 0.2%** |
|  Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028 <sup>(c)</sup> | 400000 | 370000 |
| **TOTAL CORPORATE BONDS** (Cost $51,540,165) | **TOTAL CORPORATE BONDS** (Cost $51,540,165) | 51672764 |
| **CONVERTIBLE BONDS - 3.7%** | **Par** | **Value**  |
| **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** |
|  Haemonetics Corp., 0.00%, 03/01/2026 <sup>(e)</sup> | 250000 | 248125 |
| **Hotel & Resort REITs - 0.4%** | **Hotel & Resort REITs - 0.4%** | **Hotel & Resort REITs - 0.4%** |
|  Pebblebrook Hotel Trust, 1.75%, 12/15/2026 | 271000 | 262192 |
|  Summit Hotel Properties, Inc., 1.50%, 02/15/2026 | 500000 | 498500 |
|  |  | 760692 |
| **Hotels, Restaurants & Leisure - 1.4%** | **Hotels, Restaurants & Leisure - 1.4%** | **Hotels, Restaurants & Leisure - 1.4%** |
|  Airbnb, Inc., 0.00%, 03/15/2026 <sup>(e)</sup> | 750000 | 744000 |
|  Marriott Vacations Worldwide Corp., 0.00%, 01/15/2026 <sup>(e)</sup> | 1000000 | 998800 |
|  Vail Resorts, Inc., 0.00%, 01/01/2026 <sup>(e)</sup> | 1000000 | 1000500 |
|  |  | 2743300 |
| **Interactive Media & Services - 0.1%** | **Interactive Media & Services - 0.1%** | **Interactive Media & Services - 0.1%** |
|  Match Group Financeco 2, Inc., 0.88%, 06/15/2026 <sup>(c)</sup> | 250000 | 246263 |
| **Machinery - 0.1%** | **Machinery - 0.1%** | **Machinery - 0.1%** |
|  JBT Marel Corp., 0.25%, 05/15/2026 | 100000 | 102620 |
| **Media - 0.8%** | **Media - 0.8%** | **Media - 0.8%** |
|  Cable One, Inc., 0.00%, 03/15/2026 <sup>(e)</sup> | 1000000 | 987500 |
|  Liberty Broadband Corp., 3.13%, 03/31/2053 <sup>(c)</sup> | 500000 | 495750 |
|  |  | 1483250 |
| **Semiconductors & Semiconductor Equipment - 0.3%** | **Semiconductors & Semiconductor Equipment - 0.3%** | **Semiconductors & Semiconductor Equipment - 0.3%** |
|  Enphase Energy, Inc., 0.00%, 03/01/2026 <sup>(e)</sup> | 500000 | 495000 |
| **Software - 0.5%** | **Software - 0.5%** | **Software - 0.5%** |
|  Bentley Systems, Inc., 0.13%, 01/15/2026 | 1004000 | 1002117 |
| **TOTAL CONVERTIBLE BONDS** (Cost $7,072,182) | **TOTAL CONVERTIBLE BONDS** (Cost $7,072,182) | 7081367 |
| **REAL ESTATE INVESTMENT TRUSTS - 3.4%** | **Shares** | **Value**  |
| **Industrial REITs - 1.7%** | **Industrial REITs - 1.7%** |  |
| Terreno Realty Corp. | 53250 | 3126307 |
| **Specialized REITs - 1.7%** | **Specialized REITs - 1.7%** |  |
| Lamar Advertising Co. - Class A | 25560 | 3235385 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $5,214,949) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $5,214,949) | 6361692 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **COMMERCIAL PAPER - 3.7%** | **Par** | **Value**  |
| **Automobiles - 0.5%** |  |  |
| Hyundai Capital America, 4.16%, 01/09/2026 <sup>(c)(f)</sup> | 1000000 | 999052 |
| **Broadline Retail - 0.5%** |  |  |
| Dollarama, Inc., 4.23%, 01/28/2026 <sup>(c)(f)</sup> | 1000000 | 996875 |
| **Consumer Finance - 0.5%** |  |  |
| American Honda Finance Corp., 4.17%, 01/26/2026 <sup>(f)</sup> | 1000000 | 997236 |
| **Consumer Staples Distribution & Retail - 0.5%** |  |  |
| Alimentation Couche-Tard, Inc., 4.18%, 01/20/2026 <sup>(c)(f)</sup> | 1000000 | 997829 |
| **Distributors - 0.6%** |  |  |
| Genuine Parts Co., 4.42%, 01/08/2026 <sup>(c)(f)</sup> | 1000000 | 999099 |
| **Financial Services - 0.6%** |  |  |
| Bunge Ltd. Finance Corp., 4.13%, 01/07/2026 <sup>(c)(f)</sup> | 1000000 | 999253 |
| **Specialized REITs - 0.5%** |  |  |
| Extra Space Storage LP, 4.14%, 01/15/2026 <sup>(c)(f)</sup> | 1000000 | 998396 |
| **TOTAL COMMERCIAL PAPER** (Cost $6,987,737) | **TOTAL COMMERCIAL PAPER** (Cost $6,987,737) | 6987740 |
| **MONEY MARKET FUNDS - 2.6%** | **Shares** | **Value**  |
| Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.59% <sup>(g)</sup> | 4952373 | 4952373 |
| **TOTAL MONEY MARKET FUNDS** (Cost $4,952,373) | **TOTAL MONEY MARKET FUNDS** (Cost $4,952,373) | 4952373 |
| **TOTAL INVESTMENTS - 99.5% (**Cost $144,411,046**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $144,411,046**)** | 188845015 |
| Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | 876084 |
| **TOTAL NET ASSETS - 100.0%** |  | $189721099 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |

---

(a) Non-income producing security.

(b) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $952,477
 or 0.5% of net assets as of December 31, 2025.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of December 31, 2025, the value of these securities total $54,159,467 or 28.5% of the Fund's net assets.

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

(e) Zero coupon bonds make no periodic interest payments.

(f) The rate shown is the annualized yield as of December 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of December 31, 2025.

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
Osterweis Growth and Income Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $111247517 | $– | $541562 | $111789079 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 51261849 | 410915 | 51672764 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 7081367 | – | 7081367 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 6361692 | – | – | 6361692 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | – | 6987740 | – | 6987740 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4952373 | – | – | 4952373 |
| Total Investments | $122561582 | $65330956 | $952477 | $188845015 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs** | **<u>Level 3</u>** |
| Beginning balance as of March 31, 2025 | $1024081 |
| Purchases | (1612) |
| Change in unrealized appreciation/depreciation | (69992) |
| Amortization/(Accretion) | 0 |
| Ending balance as of December 31, 2025 | $952477 |
|  | $0 |
| Change in unrealized appreciation/depreciation still held as of December 31, 2025 | $(69992) |
|  | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Description</u>** | **<u>Fair Value as of</u>**<br>  **<u>December 31, 2025</u>** | **<u>Valuation Technique</u>** | **<u>Unobservable Inputs</u>** | **<u>Input Values</u>**<br> <u>(Ranges)</u> |
| Corporate Bonds | $410915 | Discounted Cash Flow | Adjustment to Yield | 300 bps |
| Common Stocks |  | Market Data | Last Trade Price | $63250 |
|  |  | Estimated Proceeds | Future Proceeds from Equity Take-Out | 0.040044 |
|  | $541562 | Estimated Proceeds | Future Proceeds from the Litigation Trust | 0.0007514 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Professionally Managed Portfolios

- **b. Investment Company Act file number:** 811-05037

- **c. CIK number of Registrant:** 0000811030

- **d. LEI of Registrant:** 254900BPISCYGRJD2727

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1523

**Item A.2. Information about the Series.**

- **a. Name of Series:** Osterweis Growth & Income Fund

- **b. EDGAR series identifier (if any):** S000029833

- **c. LEI of Series:** 254900NPSJHQXWC44T39

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $189950615.52

**Total Liabilities:** $231091.15

**Net Assets:** $189719524.37

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 21.324779000000 | **1-Year:** 94.160092000000 | **5-Year:** 149.196842000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 3116.338900000000 | **1-Year:** 4214.585132000000 | **5-Year:** 1915.521993000000 | **10-Year:** 21.055443000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091752 | 0.46%                | 2.00%                | -0.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-160694.19              | $745733.96                                 |
| Month 2  | $1337991.91              | $2076048.10                                |
| Month 3  | $767360.84               | $-1696103.91                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Applied Materials Inc          | Applied Materials Inc                                                          | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     13041 | NS      | $3351406.59   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City L | Canadian Pacific Kansas City Ltd                                               | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     29485 | NS      | $2170980.55   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CONDUENT BUS SERVICES          | Conduent Business Services LLC / Conduent State & Local Solutions Inc          | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $648796.65    | 0.34%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $260500.00    | 0.14%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                                                                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     16002 | NS      | $3663177.84   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORP                | Fair Isaac Corp                                                                | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501019.07    | 0.26%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAS CAP INC OPP FUND           | HAS Capital Income Opportunity Fund II LLC                                     | CUSIP: 404083AB3<br>LEI: 549300R3FUKONGRMXM62 | Long             | DBT              | CORP              | US        |    642000 | PA      | $410914.67    | 0.22%             | 2031-08-31      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA        | Hyundai Capital America                                                        | CUSIP: 44890NA91<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $999051.80    | 0.53%             | 2026-01-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY BROADBAND CORP         | Liberty Broadband Corp                                                         | CUSIP: 530307AE7<br>LEI: 549300MIX43II8JLN536 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495750.00    | 0.26%             | 2053-03-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC             | AMN Healthcare Inc                                                             | CUSIP: 00175PAD5<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500483.50    | 0.26%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM       | Advanced Drainage Systems Inc                                                  | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501126.50    | 0.26%             | 2027-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD       | Alimentation Couche-Tard Inc                                                   | CUSIP: 01626VAL7<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |   1000000 | PA      | $997828.70    | 0.53%             | 2026-01-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| THE BANCORP INC                | Bancorp Inc/The                                                                | CUSIP: 05969AAB1<br>LEI: 894500FP2ICT1B019Y71 | Long             | DBT              | CORP              | US        |    500000 | PA      | $520048.18    | 0.27%             | 2030-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REAL ALLOY EQUITY              | REAL ALLOY EQUITY                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         9 | NS      | $539522.50    | 0.28%             |  |  |  | No            |                  3 | On Loan: No      |
| KBR INC                        | KBR Inc                                                                        | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |    750000 | PA      | $738993.75    | 0.39%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES        | K Hovnanian Enterprises Inc                                                    | CUSIP: 48251UAP3<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510761.50    | 0.27%             | 2031-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Keysight Technologies Inc      | Keysight Technologies Inc                                                      | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |      9395 | NS      | $1908970.05   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW HOME CO INC/THE            | New Home Co Inc/The                                                            | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    750000 | PA      | $783686.77    | 0.41%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR         | Blackstone Mortgage Trust Inc                                                  | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $533859.00    | 0.28%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $177062.50    | 0.09%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC          | Directv Financing LLC / Directv Financing Co-Obligor Inc                       | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    287000 | PA      | $288847.13    | 0.15%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DOLLARAMA INC.                 | Dollarama Inc                                                                  | CUSIP: 25675MAU6<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | STIV             | CORP              | CA        |   1000000 | PA      | $996874.60    | 0.53%             | 2026-01-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP         | Extra Space Storage LP                                                         | CUSIP: 30227QAF3<br>LEI: 549300YNKSKNZFR8UC42 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $998395.50    | 0.53%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY        | JetBlue Airways Corp / JetBlue Loyalty LP                                      | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    850000 | PA      | $857085.78    | 0.45%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE       | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc          | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $788211.68    | 0.42%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $753378.61    | 0.40%             | 2027-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP          | NGL Energy Operating LLC / NGL Energy Finance Corp                             | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $781424.90    | 0.41%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L       | New Enterprise Stone & Lime Co Inc                                             | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501770.50    | 0.26%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                                                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     11700 | NS      | $2182050.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| OXFORD FIN LLC/CO-ISS II       | Oxford Finance LLC / Oxford Finance Co-Issuer II Inc                           | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $501807.42    | 0.26%             | 2027-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC               | Pitney Bowes Inc                                                               | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    725000 | PA      | $736610.03    | 0.39%             | 2029-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO       | Global Infrastructure Solutions Inc                                            | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    750000 | PA      | $753459.15    | 0.40%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION            | Griffon Corp                                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501278.00    | 0.26%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAH7<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507958.98    | 0.27%             | 2031-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP FINANCECO 2        | Match Group Financeco 2 Inc                                                    | CUSIP: 44932FAA5<br>LEI: 549300IPGK4BWL134U96 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246262.50    | 0.13%             | 2026-06-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                      | IQVIA Inc                                                                      | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500012.00    | 0.26%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                                                     | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      3799 | NS      | $2516533.58   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                                            | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12790 | NS      | $4121193.80   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc                                                      | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      9408 | NS      | $2761906.56   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co           | Lamar Advertising Co                                                           | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     25560 | NS      | $3235384.80   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MANITOWOC COMPANY INC          | Manitowoc Co Inc/The                                                           | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |    500000 | PA      | $538925.78    | 0.28%             | 2031-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE            | New Home Co Inc/The                                                            | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257775.75    | 0.14%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Novartis AG                    | Novartis AG                                                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     24480 | NS      | $3375057.60   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS       | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    494000 | PA      | $476586.85    | 0.25%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                                      | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |      4460 | NS      | $1901699.40   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGNATURE AVIATION US          | Signature Aviation US Holdings Inc                                             | CUSIP: 05545MAC6<br>LEI: 213800CSNQ87U1MC8N11 | Long             | DBT              | CORP              | US        |    400000 | PA      | $370000.00    | 0.20%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC           | Sonic Automotive Inc                                                           | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491217.65    | 0.26%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES        | Summit Hotel Properties Inc                                                    | CUSIP: 866082AA8<br>LEI: 254900OBQWJK6X20LS71 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498500.00    | 0.26%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC               | UWM Holdings LLC                                                               | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499442.89    | 0.26%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VAREX IMAGING CORPORATIO       | Varex Imaging Corp                                                             | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1125985.30   | 0.59%             | 2027-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Airbus SE                      | Airbus SE                                                                      | CUSIP: 009279100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |     64305 | NS      | $3724545.60   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGIANT TRAVEL CO            | Allegiant Travel Co                                                            | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    770000 | PA      | $781251.24    | 0.41%             | 2027-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                                                                     | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     13120 | NS      | $2693667.20   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512380.00    | 0.27%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK        | Great Lakes Dredge & Dock Corp                                                 | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    600000 | PA      | $588385.32    | 0.31%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HECLA MINING CO                | Hecla Mining Co                                                                | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |    277000 | PA      | $279012.41    | 0.15%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I       | Performance Food Group Inc                                                     | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    750000 | PA      | $751521.00    | 0.40%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD       | Primo Water Holdings Inc / Triton Water Holdings Inc                           | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $292223.73    | 0.15%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                                                           | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     11858 | NS      | $2700303.76   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNCOKE ENERGY INC             | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |    500000 | PA      | $464732.66    | 0.24%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP           | Wabash National Corp                                                           | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    750000 | PA      | $702335.33    | 0.37%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WILLIAM CARTER                 | William Carter Co/The                                                          | CUSIP: 96926JAG2<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |    700000 | PA      | $724619.00    | 0.38%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                     | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    400000 | PA      | $413123.16    | 0.22%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals Inc                                                 | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     13035 | NS      | $3219905.70   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                                                    | CUSIP: 02665KAS6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $997236.20    | 0.53%             | 2026-01-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc                   | AutoZone Inc                                                                   | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       979 | NS      | $3320278.50   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504045.50    | 0.27%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO               | Genuine Parts Co                                                               | CUSIP: 37255GA81<br>LEI: 549300D46DQVEU651W04 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $999099.30    | 0.53%             | 2026-01-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488959.30    | 0.26%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2        | INEOS Quattro Finance 2 Plc                                                    | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $347216.20    | 0.18%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS             | Advance Auto Parts Inc                                                         | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252324.25    | 0.13%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP        | Empire Communities Corp                                                        | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $516357.65    | 0.27%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC        | Enova International Inc                                                        | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    350000 | PA      | $372734.95    | 0.20%             | 2029-08-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN          | Genesis Energy LP / Genesis Energy Finance Corp                                | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $452133.59    | 0.24%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Labcorp Holdings Inc           | Labcorp Holdings Inc                                                           | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6975 | NS      | $1749888.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PERENTI FINANCE PTY LTD        | Perenti Finance Pty Ltd                                                        | CUSIP: 71367VAB5<br>LEI: 894500ZDIIAOXSQHE612 | Long             | DBT              | CORP              | AU        |    500000 | PA      | $521115.08    | 0.27%             | 2029-04-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                           | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    242000 | PA      | $244577.30    | 0.13%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN       | American Airlines Inc/AAdvantage Loyalty IP Ltd                                | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    813833 | PA      | $815413.36    | 0.43%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     28967 | NS      | $6686162.94   | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                                                                   | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      4068 | NS      | $1910820.96   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp            | Terreno Realty Corp                                                            | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53250 | NS      | $3126307.50   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                                                             | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     13773 | NS      | $3735237.60   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                                                                  | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      7475 | NS      | $1622972.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UNISYS CORP                    | Unisys Corp                                                                    | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1025305.00   | 0.54%             | 2031-01-15      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| RXO INC                        | RXO Inc                                                                        | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512130.00    | 0.27%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc              | Brown & Brown Inc                                                              | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     29525 | NS      | $2353142.50   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN       | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248652.50    | 0.13%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD         | Calumet Specialty Products Partners LP / Calumet Finance Corp                  | CUSIP: 131477AY7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    176000 | PA      | $177823.54    | 0.09%             | 2026-04-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC          | Carriage Services Inc                                                          | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $193454.70    | 0.10%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                                                                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2984 | NS      | $3206845.12   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                                                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     14266 | NS      | $6899322.92   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| UPBOUND GROUP INC              | Upbound Group Inc                                                              | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    600000 | PA      | $593955.66    | 0.31%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ATLANTICUS HOLDINGS CORP       | Atlanticus Holdings Corp                                                       | CUSIP: 04914AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $501588.00    | 0.26%             | 2030-09-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                     | CPI CG Inc                                                                     | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |    558000 | PA      | $593839.58    | 0.31%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| COEUR MINING INC               | Coeur Mining Inc                                                               | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |    600000 | PA      | $596375.58    | 0.31%             | 2029-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Deere & Co                     | Deere & Co                                                                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      3730 | NS      | $1736576.10   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                                  | CUSIP: 345370CX6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    500000 | PA      | $579712.79    | 0.31%             | 2030-04-22      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                       | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501151.58    | 0.26%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506789.82    | 0.27%             | 2034-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                 | NCR Voyix Corp                                                                 | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174382.06    | 0.09%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NVR Inc                        | NVR Inc                                                                        | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       223 | NS      | $1626287.71   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                                                        | CUSIP: 70509VAA8<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | DBT              | CORP              | US        |    271000 | PA      | $262192.50    | 0.14%             | 2026-12-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| STL HOLDING CO LLC             | STL Holding Co LLC                                                             | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263760.00    | 0.14%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP              | Tutor Perini Corp                                                              | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1114749.63   | 0.59%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| US FOODS INC                   | US Foods Inc                                                                   | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    470000 | PA      | $468038.46    | 0.25%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    430000 | PA      | $427486.61    | 0.23%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                       | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251462.67    | 0.13%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                       | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503826.00    | 0.27%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                                                          | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     19845 | NS      | $3480019.20   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| HMH HOLDING BV                 | HMH Holding BV                                                                 | CUSIP: DC0528638<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    400000 | PA      | $409742.31    | 0.22%             | 2028-12-17      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                                                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     15633 | NS      | $5410581.30   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ENPRO INC                      | Enpro Inc                                                                      | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    500000 | PA      | $517162.50    | 0.27%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                     | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    500000 | PA      | $531725.50    | 0.28%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises Inc                                                       | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     10415 | NS      | $2318691.45   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BUNGE LTD FINANCE CORP         | Bunge Ltd Finance Corp                                                         | CUSIP: 12057BA77<br>LEI: 549300QHC068L40NNM71 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $999253.30    | 0.53%             | 2026-01-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                    | Deluxe Corp                                                                    | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    750000 | PA      | $791046.59    | 0.42%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                     | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    350000 | PA      | $360992.57    | 0.19%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ADR TONGJIANG CO. ESCROW       | ADR TONGJIANG CO. ESCROW                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   2292000 | NS      | $1721.29      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MARRIOTT VACATION WORLDW       | Marriott Vacations Worldwide Corp                                              | CUSIP: 57164YAD9<br>LEI: 549300WA6BT5H4F7IO94 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998800.00    | 0.53%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    500000 | PA      | $520725.85    | 0.27%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HAEMONETICS CORP               | Haemonetics Corp                                                               | CUSIP: 405024AB6<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248125.00    | 0.13%             | 2026-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HARROW INC                     | Harrow Inc                                                                     | CUSIP: 415858AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $525832.50    | 0.28%             | 2030-09-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC       | United Natural Foods Inc                                                       | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |    625000 | PA      | $628587.50    | 0.33%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| US Foods Holding Corp          | US Foods Holding Corp                                                          | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |     30915 | NS      | $2328517.80   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| XEROX CORPORATION              | Xerox Corp                                                                     | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $480874.30    | 0.25%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| ADAMS HOMES INC                | Adams Homes Inc                                                                | CUSIP: 00623PAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $785127.75    | 0.41%             | 2028-10-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AIRBNB INC                     | Airbnb Inc                                                                     | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |    750000 | PA      | $744000.00    | 0.39%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                                                   | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     30267 | NS      | $9497784.60   | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509786.10    | 0.27%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| American Water Works Co Inc    | American Water Works Co Inc                                                    | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     28680 | NS      | $3742740.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BANIJAY ENTERTAINMENT          | Banijay Entertainment SAS                                                      | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1041692.00   | 0.55%             | 2029-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BENTLEY SYSTEMS INC            | Bentley Systems Inc                                                            | CUSIP: 08265TAB5<br>LEI: 549300WVEHPGE0Z56F71 | Long             | DBT              | CORP              | US        |   1004000 | PA      | $1002117.50   | 0.53%             | 2026-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| C&S GROUP ENTERPRISES LL       | C&S Group Enterprises LLC                                                      | CUSIP: 12467AAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $465238.10    | 0.25%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                  | Cable One Inc                                                                  | CUSIP: 12685JAE5<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987500.00    | 0.52%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC         | CACI International Inc                                                         | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    500000 | PA      | $517964.34    | 0.27%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD         | Calumet Specialty Products Partners LP / Calumet Finance Corp                  | CUSIP: 131477AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254195.00    | 0.13%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY       | Century Aluminum Co                                                            | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516478.84    | 0.27%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHAMPION IRON CANADA INC       | Champion Iron Canada Inc                                                       | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    250000 | PA      | $266427.49    | 0.14%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO           | Commercial Metals Co                                                           | CUSIP: 201723AS2<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255778.01    | 0.13%             | 2033-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $97016.98     | 0.05%             | 2026-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENPHASE ENERGY INC             | Enphase Energy Inc                                                             | CUSIP: 29355AAH0<br>LEI: 5493008U7KIGMI59Z314 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495000.00    | 0.26%             | 2026-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC        | Enova International Inc                                                        | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    400000 | PA      | $423336.87    | 0.22%             | 2028-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE        | Global Partners LP / GLP Finance Corp                                          | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $819661.60    | 0.43%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1052988.30   | 0.56%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN          | Icahn Enterprises LP / Icahn Enterprises Finance Corp                          | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60125.78     | 0.03%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc                                                  | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     14670 | NS      | $2375953.20   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT MAREL CORP                 | JBT Marel Corp                                                                 | CUSIP: 477839AB0<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102620.00    | 0.05%             | 2026-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| KEN GARFF AUTOMOTIVE LLC       | Ken Garff Automotive LLC                                                       | CUSIP: 48850PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $498715.15    | 0.26%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Federated Hermes US Treasury C | Federated Hermes US Treasury Cash Reserves                                     | CUSIP: 60934N682<br>LEI: 25490003NTA1P9CI5X97 | Long             | STIV             | RF                | US        |   4952373 | NS      | $4952373.41   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENDRA HEALTH INC            | Accendra Health Inc                                                            | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $679291.40    | 0.36%             | 2029-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Southeastern Grocers Inc       | Southeastern Grocers Inc                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      7928 | NS      | $317.47       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TIDEWATER INC                  | Tidewater Inc                                                                  | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $537047.72    | 0.28%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC               | Vail Resorts Inc                                                               | CUSIP: 91879QAN9<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000500.00   | 0.53%             | 2026-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                         | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253775.75    | 0.13%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP           | Western Digital Corp                                                           | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |    106000 | PA      | $106435.66    | 0.06%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PAGAYA US HOLDINGS CO          | Pagaya US Holdings Co LLC                                                      | CUSIP: 69549FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $437502.71    | 0.23%             | 2030-08-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                                                                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      8816 | NS      | $2335446.56   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIRLINES INC            | United Airlines Inc                                                            | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    750000 | PA      | $749513.10    | 0.40%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Visa Inc                       | Visa Inc                                                                       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     13170 | NS      | $4618850.70   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-18

**Name of Applicant:** Professionally Managed Portfolios

**Signature:** /s/ Kathryn LaPlante Johnson

**Name of Signer:** Kathryn LaPlante Johnson

**Title:** Assistant Treasurer