# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001145549-23-008134
**Filing Date:** 2023-2
**Character Count:** 85577
**Document Hash:** 0286237e5931655c67cda002575f3e6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008134.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001145549-23-008134

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 23652364

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **OSTERWEIS GROWTH & INCOME FUND** | **OSTERWEIS GROWTH & INCOME FUND** | **OSTERWEIS GROWTH & INCOME FUND** |
| SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) | SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) | SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) |
| **Shares** |  | **Value** |
| **Common Stocks: 60.3%** | **Common Stocks: 60.3%** |  |
| **Aerospace & Defense: 4.5%** | **Aerospace & Defense: 4.5%** |  |
| 25295 | Airbus SE - ADR | $750250 |
| 16335 | L3Harris Technologies, Inc. | 3401110 |
| 76965 | Safran SA - ADR | 2404387 |
|  |  | 6555747 |
| **Banks: 1.3%** | **Banks: 1.3%** |  |
| 15540 | First Republic Bank | 1894171 |
| **Chemicals: 2.7%** | **Chemicals: 2.7%** |  |
| 6430 | Air Products & Chemicals, Inc. | 1982112 |
| 5765 | Linde PLC | 1880427 |
|  |  | 3862539 |
| **Commercial Services & Supplies: 2.0%** | **Commercial Services & Supplies: 2.0%** |  |
| 22420 | Waste Connections, Inc. | 2971995 |
| **Electrical Equipment: 1.7%** | **Electrical Equipment: 1.7%** |  |
| 17250 | AMETEK, Inc. | 2410170 |
| **Equity Real Estate Investment Trusts - REITS: 3.1%** | **Equity Real Estate Investment Trusts - REITS: 3.1%** |  |
| 14920 | EastGroup Properties, Inc. | 2209055 |
| 23930 | Lamar Advertising Co. - Class A | 2258992 |
|  |  | 4468047 |
| **Food & Staples Retailing: 1.6%** | **Food & Staples Retailing: 1.6%** |  |
| 7928 | Southeastern Grocers, Inc. <sup>1,2</sup> | 172434 |
| 28090 | Sysco Corp. | 2147481 |
| 2292000 | Tops Holding, Litigation Trust Proceeds <sup>1,2,7</sup> | 1721 |
|  |  | 2321636 |
| **Health Care Equipment & Supplies: 2.3%** | **Health Care Equipment & Supplies: 2.3%** |  |
| 9055 | Becton Dickinson and Co. | 2302686 |
| 3955 | Teleflex, Inc. | 987287 |
|  |  | 3289973 |
| **Health Care Providers & Services: 2.2%** | **Health Care Providers & Services: 2.2%** |  |
| 34700 | CVS Health Corp. | 3233693 |
| **Insurance: 2.9%** | **Insurance: 2.9%** |  |
| 23320 | Brown & Brown, Inc. | 1328540 |
| 22315 | The Progressive Corp. | 2894479 |
|  |  | 4223019 |
| **Interactive Media & Services: 3.4%** | **Interactive Media & Services: 3.4%** |  |
| 55620 | Alphabet, Inc. - Class C <sup>2</sup> | 4935162 |
| **Internet & Direct Marketing Retail: 1.2%** | **Internet & Direct Marketing Retail: 1.2%** |  |
| 20870 | Amazon.com, Inc. <sup>2</sup> | 1753080 |
| **IT Services: 3.4%** | **IT Services: 3.4%** |  |
| 7615 | Accenture PLC - Class A | 2031987 |
| 14070 | Visa, Inc. - Class A | 2923183 |
|  |  | 4955170 |
| **Life Sciences Tools & Services: 1.8%** | **Life Sciences Tools & Services: 1.8%** |  |
| 10040 | Danaher Corp. | 2664817 |
| **Metals & Mining: 0.7%** | **Metals & Mining: 0.7%** |  |
| 15 | Real Alloy Holding, Inc. <sup>1,2</sup> | 944450 |
| **Mortgage Real Estate Investment Trusts - REITS: 0.6%** | **Mortgage Real Estate Investment Trusts - REITS: 0.6%** |  |
| 30375 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 880267 |
| **Multiline Retail: 3.3%** | **Multiline Retail: 3.3%** |  |
| 14295 | Dollar General Corp. | 3520144 |
| 8250 | Target Corp. | 1229580 |
|  |  | 4749724 |
| **Pharmaceuticals: 4.6%** | **Pharmaceuticals: 4.6%** |  |
| 26180 | Johnson & Johnson | 4624697 |
| 22890 | Novartis AG - ADR | 2076581 |
|  |  | 6701278 |
| **Road & Rail: 3.2%** | **Road & Rail: 3.2%** |  |
| 8840 | Old Dominion Freight Line, Inc. | 2508615 |
| 10265 | Union Pacific Corp. | 2125574 |
|  |  | 4634189 |
| **Semiconductors & Semiconductor Equipment: 5.9%** | **Semiconductors & Semiconductor Equipment: 5.9%** |  |
| 30354 | Advanced Micro Devices, Inc. <sup>2</sup> | 1966029 |
| 25285 | Analog Devices, Inc. | 4147499 |
| 15780 | Applied Materials, Inc. | 1536656 |
| 17080 | Micron Technology, Inc. | 853658 |
|  |  | 8503842 |
| **Software: 6.3%** | **Software: 6.3%** |  |
| 28395 | Microsoft Corp. | 6809689 |
| 27965 | Oracle Corp. | 2285859 |
|  |  | 9095548 |
| **Specialty Retail: 1.6%** | **Specialty Retail: 1.6%** |  |
| 19800 | Ross Stores, Inc. | 2298186 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $62,533,126) | &nbsp;&nbsp;&nbsp; (Cost $62,533,126) | 87346703 |
| **Convertible Preferred Stocks: 0.7%** | **Convertible Preferred Stocks: 0.7%** |  |
| **Media: 0.1%** | **Media: 0.1%** |  |
| 4000 | Paramount Global, 5.750% | 99080 |
| **Road & Rail: 0.6%** | **Road & Rail: 0.6%** |  |
| 10000 | Daseke, Inc., 7.625% <sup>1,7</sup> | 881790 |
| **Total Convertible Preferred Stocks** | **Total Convertible Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,238,000) | &nbsp;&nbsp;&nbsp; (Cost $1,238,000) | 980870 |
| **Partnerships & Trusts: 1.8%** | **Partnerships & Trusts: 1.8%** |  |
| **Oil, Gas & Consumable Fuels: 1.8%** | **Oil, Gas & Consumable Fuels: 1.8%** |  |
| 104550 | Enterprise Products Partners L.P. | 2521746 |
| **Total Partnerships & Trusts** | **Total Partnerships & Trusts** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,753,801) | &nbsp;&nbsp;&nbsp; (Cost $2,753,801) | 2521746 |
| **Principal Amount** | **Principal Amount** |  |
| **Bonds: 24.5%** | **Bonds: 24.5%** |  |
| **Corporate Bonds: 22.1%** | **Corporate Bonds: 22.1%** |  |
| **Airlines: 0.8%** | **Airlines: 0.8%** |  |
|  | Allegiant Travel Co. |  |
| $500000 | &nbsp;&nbsp;&nbsp; 7.250%, 08/15/2027 | 476291 |
|  | American Airlines, Inc. |  |
| 600000 | &nbsp;&nbsp;&nbsp; 11.750%, 07/15/2025 | 644825 |
|  |  | 1121116 |
| **Auto Components: 1.5%** | **Auto Components: 1.5%** |  |
|  | American Axle & Manufacturing, Inc. |  |
| 179000 | &nbsp;&nbsp;&nbsp; 6.250%, 03/15/2026 | 167795 |
|  | The Goodyear Tire & Rubber Co. |  |
| 750000 | &nbsp;&nbsp;&nbsp; 9.500%, 05/31/2025 | 771879 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.000%, 07/15/2029 | 417725 |
|  | Patrick Industries, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 7.500%, 10/15/2027 | 487270 |
|  | Real Hero Merger Sub 2, Inc. |  |
| 600000 | &nbsp;&nbsp;&nbsp; 6.250%, 02/01/2029 | 412080 |
|  |  | 2256749 |
| **Automobiles: 0.4%** | **Automobiles: 0.4%** |  |
|  | Ford Motor Co. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 9.625%, 04/22/2030 | 566502 |
| **Beverages: 0.2%** | **Beverages: 0.2%** |  |
|  | Primo Water Holdings, Inc. |  |
| 300000 | &nbsp;&nbsp;&nbsp; 4.375%, 04/30/2029 | 259431 |
| **Building Products: 0.3%** | **Building Products: 0.3%** |  |
|  | Griffon Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.750%, 03/01/2028 | 458275 |
| **Capital Markets: 0.5%** | **Capital Markets: 0.5%** |  |
|  | Oppenheimer Holdings, Inc. |  |
| 750000 | &nbsp;&nbsp;&nbsp; 5.500%, 10/01/2025 | 736421 |
| **Chemicals: 0.5%** | **Chemicals: 0.5%** |  |
|  | Consolidated Energy Finance SA |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.625%, 10/15/2028 | 425785 |
|  | Olin Corp. |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.625%, 08/01/2029 | 237944 |
|  |  | 663729 |
| **Commercial Services & Supplies: 0.8%** | **Commercial Services & Supplies: 0.8%** |  |
|  | GFL Environmental, Inc. |  |
| 220000 | &nbsp;&nbsp;&nbsp; 5.125%, 12/15/2026 | 210761 |
| 250000 | &nbsp;&nbsp;&nbsp; 4.750%, 06/15/2029 | 219131 |
|  | KAR Auction Services, Inc. |  |
| 88000 | &nbsp;&nbsp;&nbsp; 5.125%, 06/01/2025 | 86107 |
|  | Pitney Bowes, Inc. |  |
| 750000 | &nbsp;&nbsp;&nbsp; 7.250%, 03/15/2029 | 587610 |
|  |  | 1103609 |
| **Computers & Peripherals: 0.8%** | **Computers & Peripherals: 0.8%** |  |
|  | CPI Acquisition, Inc. |  |
| 468000 | &nbsp;&nbsp;&nbsp; 8.625%, 03/15/2026 | 462097 |
|  | NCR Corp. |  |
| 450000 | &nbsp;&nbsp;&nbsp; 5.750%, 09/01/2027 | 431314 |
| 250000 | &nbsp;&nbsp;&nbsp; 5.000%, 10/01/2028 | 213541 |
|  |  | 1106952 |
| **Construction & Engineering: 1.4%** | **Construction & Engineering: 1.4%** |  |
|  | Global Infrastructure Solutions, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.625%, 06/01/2029 | 392859 |
|  | Great Lakes Dredge & Dock Corp. |  |
| 350000 | &nbsp;&nbsp;&nbsp; 5.250%, 06/01/2029 | 272545 |
|  | New Enterprise Stone & Lime Co., Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.250%, 07/15/2028 | 444635 |
|  | Tutor Perini Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 6.875%, 05/01/2025 | 876577 |
|  |  | 1986616 |
| **Construction Materials: 0.2%** | **Construction Materials: 0.2%** |  |
|  | Cemex SAB de CV |  |
| 250000 | &nbsp;&nbsp;&nbsp; 7.375%, 06/05/2027 | 256970 |
| **Consumer Finance: 0.8%** | **Consumer Finance: 0.8%** |  |
|  | Bread Financial Holdings, Inc. |  |
| 750000 | &nbsp;&nbsp;&nbsp; 7.000%, 01/15/2026 | 656692 |
|  | FirstCash, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.625%, 01/01/2030 | 445683 |
|  |  | 1102375 |
| **Containers & Packaging: 0.3%** | **Containers & Packaging: 0.3%** |  |
|  | Owens-Brockway Glass Container, Inc. |  |
| 454000 | &nbsp;&nbsp;&nbsp; 5.875%, 08/15/2023 | 452605 |
| **Diversified Consumer Services: 0.3%** | **Diversified Consumer Services: 0.3%** |  |
|  | Carriage Services, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.250%, 05/15/2029 | 397487 |
| **Diversified Financial Services: 0.1%** | **Diversified Financial Services: 0.1%** |  |
|  | Burford Capital Global Finance LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.250%, 04/15/2028 | 222801 |
| **Diversified Telecommunication Services: 0.2%** | **Diversified Telecommunication Services: 0.2%** |  |
|  | Lumen Technologies, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.375%, 06/15/2029 | 360636 |
| **Food & Staples Retailing: 1.4%** | **Food & Staples Retailing: 1.4%** |  |
|  | C&S Group Enterprises LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.000%, 12/15/2028 | 380295 |
|  | KeHE Distributors LLC / KeHE Finance Corp. |  |
| 612000 | &nbsp;&nbsp;&nbsp; 8.625%, 10/15/2026 | 603218 |
|  | Performance Food Group, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.250%, 08/01/2029 | 433900 |
|  | United Natural Foods, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.750%, 10/15/2028 | 240607 |
|  | US Foods, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.750%, 02/15/2029 | 444550 |
|  |  | 2102570 |
| **Food Products: 0.1%** | **Food Products: 0.1%** |  |
|  | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.625%, 03/01/2029 | 203816 |
| **Health Care Providers & Services: 0.1%** | **Health Care Providers & Services: 0.1%** |  |
|  | Owens & Minor, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.500%, 03/31/2029 | 199650 |
| **Hotels, Restaurants & Leisure: 1.2%** | **Hotels, Restaurants & Leisure: 1.2%** |  |
|  | Aramark Services, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp; 5.000%, 04/01/2025 | 97734 |
| 390000 | &nbsp;&nbsp;&nbsp; 6.375%, 05/01/2025 | 385999 |
|  | Carnival Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.750%, 03/01/2027 | 357885 |
| 250000 | &nbsp;&nbsp;&nbsp; 6.000%, 05/01/2029 | 167064 |
|  | Carrols Restaurant Group, Inc. |  |
| 600000 | &nbsp;&nbsp;&nbsp; 5.875%, 07/01/2029 | 421297 |
|  | GPS Hospitality Holding Co. LLC / GPS Finco, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 7.000%, 08/15/2028 | 317075 |
|  |  | 1747054 |
| **Household Durables: 0.6%** | **Household Durables: 0.6%** |  |
|  | Empire Communities Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 7.000%, 12/15/2025 | 452706 |
|  | The New Home Co., Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 7.250%, 10/15/2025 | 424205 |
|  |  | 876911 |
| **Industrial Conglomerates: 0.3%** | **Industrial Conglomerates: 0.3%** |  |
|  | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.250%, 05/15/2026 | 481596 |
| **IT Services: 0.8%** | **IT Services: 0.8%** |  |
|  | Conduent Business Services LLC / Conduent State & Local Solutions, Inc. |  |
| 600000 | &nbsp;&nbsp;&nbsp; 6.000%, 11/01/2029 | 490980 |
|  | MoneyGram International, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.375%, 08/01/2026 | 253697 |
|  | Unisys Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.875%, 11/01/2027 | 384650 |
|  |  | 1129327 |
| **Machinery: 1.1%** | **Machinery: 1.1%** |  |
|  | The Manitowoc Co., Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 9.000%, 04/01/2026 | 941393 |
|  | Wabash National Corp. |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.500%, 10/15/2028 | 639361 |
|  |  | 1580754 |
| **Media: 0.4%** | **Media: 0.4%** |  |
|  | DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. |  |
| 700000 | &nbsp;&nbsp;&nbsp; 5.875%, 08/15/2027 | 627592 |
| **Metals & Mining: 1.4%** | **Metals & Mining: 1.4%** |  |
|  | Century Aluminum Co. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 7.500%, 04/01/2028 | 433299 |
|  | Coeur Mining, Inc. |  |
| 600000 | &nbsp;&nbsp;&nbsp; 5.125%, 02/15/2029 | 469036 |
|  | Hecla Mining Co. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 7.250%, 02/15/2028 | 493090 |
|  | Real Alloy Holding, Inc. |  |
| 220377 | &nbsp;&nbsp;&nbsp; 14.765%, (3 Month LIBOR USD +10.000%) Cash or 16.765% (3 Month LIBOR USD + 12.000%) PIK, 05/31/2025 <sup>1,3</sup> | 220377 |
|  | SunCoke Energy, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.875%, 06/30/2029 | 429844 |
|  |  | 2045646 |
| **Mortgage Real Estate Investment Trusts - REITS: 1.0%** | **Mortgage Real Estate Investment Trusts - REITS: 1.0%** |  |
|  | HAT Holdings I LLC / HAT Holdings II LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.000%, 04/15/2025 | 485000 |
|  | Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.375%, 02/01/2027 | 466055 |
|  | Starwood Property Trust, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.500%, 11/01/2023 | 496405 |
|  |  | 1447460 |
| **Oil, Gas & Consumable Fuels: 0.9%** | **Oil, Gas & Consumable Fuels: 0.9%** |  |
|  | Calumet Specialty Products Partners L.P. / Calumet Finance Corp. |  |
| 350000 | &nbsp;&nbsp;&nbsp; 11.000%, 04/15/2025 | 365322 |
|  | Genesis Energy L.P. / Genesis Energy Finance Corp. |  |
| 450000 | &nbsp;&nbsp;&nbsp; 7.750%, 02/01/2028 | 414927 |
|  | Global Partners L.P. / GLP Finance Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 7.000%, 08/01/2027 | 475603 |
|  |  | 1255852 |
| **Paper & Forest Products: 0.2%** | **Paper & Forest Products: 0.2%** |  |
|  | Resolute Forest Products, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.875%, 03/01/2026 | 246950 |
| **Road & Rail: 0.3%** | **Road & Rail: 0.3%** |  |
|  | XPO Escrow Sub LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp; 7.500%, 11/15/2027 | 506610 |
| **Specialty Retail: 0.9%** | **Specialty Retail: 0.9%** |  |
|  | Ken Garff Automotive LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.875%, 09/15/2028 | 419079 |
|  | Rent-A-Center, Inc. |  |
| 600000 | &nbsp;&nbsp;&nbsp; 6.375%, 02/15/2029 | 486149 |
|  | Sonic Automotive, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.625%, 11/15/2029 | 401004 |
|  |  | 1306232 |
| **Thrifts & Mortgage Finance: 0.8%** | **Thrifts & Mortgage Finance: 0.8%** |  |
|  | Nationstar Mortgage Holdings, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.000%, 01/15/2027 | 224145 |
|  | PennyMac Financial Services, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.375%, 10/15/2025 <sup>3</sup> | 451487 |
|  | United Wholesale Mortgage LLC |  |
| 320000 | &nbsp;&nbsp;&nbsp; 5.500%, 11/15/2025 | 288666 |
| 180000 | &nbsp;&nbsp;&nbsp; 5.500%, 04/15/2029 | 143908 |
|  |  | 1108206 |
| **Trading Companies & Distributors: 1.2%** | **Trading Companies & Distributors: 1.2%** |  |
|  | Avation Capital SA |  |
| 452847 | &nbsp;&nbsp;&nbsp; 8.250% Cash or 9.000% PIK, 10/31/2026 <sup>3</sup> | 358553 |
|  | Castlelake Aviation Finance DAC |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.000%, 04/15/2027 | 435719 |
|  | Herc Holdings, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.500%, 07/15/2027 | 467390 |
|  | WESCO Distribution, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp; 7.125%, 06/15/2025 | 253676 |
| 250000 | &nbsp;&nbsp;&nbsp; 7.250%, 06/15/2028 | 253805 |
|  |  | 1769143 |
| **Transportation Infrastructure: 0.3%** | **Transportation Infrastructure: 0.3%** |  |
|  | Signature Aviation US Holdings, Inc. |  |
| 400000 | &nbsp;&nbsp;&nbsp; 4.000%, 03/01/2028 | 381012 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $35,974,698) | &nbsp;&nbsp;&nbsp; (Cost $35,974,698) | 32068655 |
| **Convertible Bonds: 2.2%** | **Convertible Bonds: 2.2%** |  |
| **Airlines: 0.2%** | **Airlines: 0.2%** |  |
|  | Southwest Airlines Co. |  |
| 200000 | &nbsp;&nbsp;&nbsp; 1.250%, 05/01/2025 | 240950 |
| **Automobiles: 0.2%** | **Automobiles: 0.2%** |  |
|  | Ford Motor Co. |  |
| 250000 | &nbsp;&nbsp;&nbsp; N/A%, 03/15/2026 <sup>4</sup> | 237125 |
| **Consumer Finance: 0.6%** | **Consumer Finance: 0.6%** |  |
|  | EZCORP, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp; 2.375%, 05/01/2025 | 223010 |
| 250000 | &nbsp;&nbsp;&nbsp; 3.750%, 12/15/2029 | 243125 |
|  | LendingTree, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp; 0.500%, 07/15/2025 | 366300 |
|  |  | 832435 |
| **Health Care Equipment & Supplies: 0.1%** | **Health Care Equipment & Supplies: 0.1%** |  |
|  | Haemonetics Corp. |  |
| 250000 | &nbsp;&nbsp;&nbsp; N/A%, 03/01/2026 <sup>4</sup> | 207825 |
| **Hotels, Restaurants & Leisure: 0.1%** | **Hotels, Restaurants & Leisure: 0.1%** |  |
|  | NCL Corp. Ltd. |  |
| 160000 | &nbsp;&nbsp;&nbsp; 6.000%, 05/15/2024 | 187566 |
| **Machinery: 0.1%** | **Machinery: 0.1%** |  |
|  | John Bean Technologies Corp. |  |
| 250000 | &nbsp;&nbsp;&nbsp; 0.250%, 05/15/2026 | 215875 |
| **Pharmaceuticals: 0.3%** | **Pharmaceuticals: 0.3%** |  |
|  | Jazz Investments I Ltd. |  |
| 350000 | &nbsp;&nbsp;&nbsp; 2.000%, 06/15/2026 | 417812 |
| **Real Estate Management & Development: 0.1%** | **Real Estate Management & Development: 0.1%** |  |
|  | DigitalBridge Group, Inc. |  |
| 225000 | &nbsp;&nbsp;&nbsp; 5.000%, 04/15/2023 | 222750 |
| **Software: 0.5%** | **Software: 0.5%** |  |
|  | BigBear.ai Holdings, Inc. |  |
| 650000 | &nbsp;&nbsp;&nbsp; 6.000%, 12/15/2026 | 438750 |
|  | Tyler Technologies, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp; 0.250%, 03/15/2026 | 233500 |
|  |  | 672250 |
| **Total Convertible Bonds** | **Total Convertible Bonds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,445,543) | &nbsp;&nbsp;&nbsp; (Cost $3,445,543) | 3234588 |
| **Private Mortgage Backed Obligations: 0.2%** | **Private Mortgage Backed Obligations: 0.2%** |  |
| **Diversified Financial Services: 0.2%** | **Diversified Financial Services: 0.2%** |  |
|  | HAS Capital Income Opportunity Fund II |  |
| 642000 | &nbsp;&nbsp;&nbsp; 8.000%, 12/31/2024 (Cost $642,000 Acquisition Dates 06/10/2016, 09/19/2016) <sup>1,9</sup> | 313559 |
| **Total Private Mortgage Backed Obligations** | **Total Private Mortgage Backed Obligations** |  |
| &nbsp;&nbsp;&nbsp; (Cost $642,000) | &nbsp;&nbsp;&nbsp; (Cost $642,000) | 313559 |
| **Total Bonds** | **Total Bonds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $40,062,241) | &nbsp;&nbsp;&nbsp; (Cost $40,062,241) | 35616802 |
| **Warrants: 0.0%<sup>8</sup>** | **Warrants: 0.0%<sup>8</sup>** |  |
| **Trading Companies & Distributors: 0.0%<sup>8</sup>** | **Trading Companies & Distributors: 0.0%<sup>8</sup>** |  |
| 8750 | Avation PLC,Warrants (Expiration Date 10/31/2026, Exercise Price 114.5 GBp) <sup>1,2</sup> | 3174 |
| **Total Warrants** | **Total Warrants** |  |
| &nbsp;&nbsp;&nbsp; (Cost $–) | &nbsp;&nbsp;&nbsp; (Cost $–) | 3174 |
| **Short-Term Investments: 12.3%** | **Short-Term Investments: 12.3%** |  |
| **Commercial Paper: 4.1%** | **Commercial Paper: 4.1%** |  |
| **Automobiles: 0.7%** | **Automobiles: 0.7%** |  |
|  | Harley-Davidson FDG Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.152%, 01/10/2023 <sup>10</sup> | 998564 |
| **Chemicals: 0.7%** | **Chemicals: 0.7%** |  |
|  | International Flavors & Fragrances, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.398%, 01/19/2023 <sup>10</sup> | 997420 |
| **Construction & Engineering: 0.6%** | **Construction & Engineering: 0.6%** |  |
|  | Quanta Services, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.273%, 01/18/2023 <sup>10</sup> | 997388 |
| **Equity Real Estate Investment Trusts - REITS: 0.7%** | **Equity Real Estate Investment Trusts - REITS: 0.7%** |  |
|  | Crown Castle International Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.297%, 01/05/2023 <sup>10</sup> | 999191 |
| **Household Durables: 0.7%** | **Household Durables: 0.7%** |  |
|  | Newell Brands, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.378%, 01/05/2023 <sup>10</sup> | 999191 |
| **Multiline Retail: 0.7%** | **Multiline Retail: 0.7%** |  |
|  | Dollarama, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.169%, 01/17/2023 <sup>10</sup> | 997684 |
| **Total Commercial Paper** | **Total Commercial Paper** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,990,399) | &nbsp;&nbsp;&nbsp; (Cost $5,990,399) | 5989438 |
| **United States Government Securities: 4.0%** | **United States Government Securities: 4.0%** |  |
|  | United States Treasury Bills |  |
| 5839000 | &nbsp;&nbsp;&nbsp; 2.583%, 01/05/2023 <sup>10</sup> | 5837822 |
| **Total United States Government Securities** | **Total United States Government Securities** |  |
| &nbsp;&nbsp;&nbsp; **(Cost $5,837,346)** | &nbsp;&nbsp;&nbsp; **(Cost $5,837,346)** | 5837822 |
| **Shares** | **Shares** |  |
| **Money Market Funds: 4.2%** | **Money Market Funds: 4.2%** |  |
| 6133775 | &nbsp;&nbsp;&nbsp; Federated Hermes U.S. Treasury Cash Reserves - Class I, 3.820% <sup>5</sup> | 6133775 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |
| &nbsp;&nbsp;&nbsp; **(Cost $6,133,775)** | &nbsp;&nbsp;&nbsp; **(Cost $6,133,775)** | 6133775 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp; **(Cost $17,961,520)** | &nbsp;&nbsp;&nbsp; **(Cost $17,961,520)** | 17961035 |
| **Total Investments in Securities: 99.6%** | **Total Investments in Securities: 99.6%** |  |
| &nbsp;&nbsp;&nbsp; **(Cost $124,548,688)** | &nbsp;&nbsp;&nbsp; **(Cost $124,548,688)** | 144430330 |
| Other Assets in Excess of Liabilities: 0.4% | Other Assets in Excess of Liabilities: 0.4% | 553912 |
| **Total Net Assets: 100.0%** | **Total Net Assets: 100.0%** | $144984242 |

---

---

| | |
|:---|:---|
| ADR - | American Depositary Receipt |
| GBp - | Great Britain Pound |
| LIBOR - | London Interbank Offered Rate |
| PIK - | Payment-in-Kind |
| USD - | United States Dollar |
| <sup>1</sup>  | Security is fair valued under the Board of Trustees and is categorized as a Level 3 security. Significant unobservable inputs were used to determine fair value. |
| <sup>2</sup>  | Non-income producing security. |
| <sup>3</sup>  | Variable rate security; rate shown is the rate in effect on December 31, 2022. |
| <sup>4</sup>  | Zero Coupon Security |
| <sup>5</sup>  | Annualized seven-day effective yield as of December 31, 2022. |
| <sup>6</sup>  | Not a readily marketable security. |
| <sup>7</sup>  | Company is an "affiliated person" of the Fund, as defined in the Investment Company Act of 1940. |
| <sup>8</sup>  | Does not round to 0.1% or (0.1)%, as applicable. |
| <sup>9</sup>  | Security considered restricted. As of December 31, 2022, the value of the restricted securities was $313,559 or 0.2% of net assets. |
| <sup>10</sup>  | Rate represents the yield to maturity from purchase price. |
| The Global Industry Classifications Standard (GICS<sup>®</sup>) sector and industry classifications was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's ("S&P"). GICS<sup>®</sup> is a service mark of MSCI, Inc. and S&P and has been licensed for use by Osterweis Capital Management. | The Global Industry Classifications Standard (GICS<sup>®</sup>) sector and industry classifications was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's ("S&P"). GICS<sup>®</sup> is a service mark of MSCI, Inc. and S&P and has been licensed for use by Osterweis Capital Management. |

---

------

---

| |
|:---|
| **Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)** |
| The Osterweis Growth & Income Fund, (the "Fund") utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
| • Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.<br> • 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.<br> • 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 would be based on the best information available. |
| The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets: | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks <sup>1,2</sup> | $86228098 | $– | $1118605 | $87346703 |
| Convertible Preferred Stocks <sup>1,2</sup> | 99080 | – | 881790 | 980870 |
| Partnerships & Trusts <sup>1</sup> | 2521746 | – | – | 2521746 |
| Corporate Bonds <sup>1,2</sup> | 31848278 | – | 220377 | 32068655 |
| Convertible Bonds <sup>1</sup> | – | 3234588 | – | 3234588 |
| Private Mortgage Backed Obligations <sup>1,2</sup> | – | – | 313559 | 313559 |
| Warrants <sup>1</sup> | 3174 | – | – | 3174 |
| Short-Term Investments | 6133775 | 11827260 | – | 17961035 |
| Total Assets: | $126834151 | $15061848 | $2534331 | $144430330 |
| <sup>1</sup> See Schedule of Investments for industry breakouts. |  |  |  |  |
| <sup>2</sup> See Schedule of Investments for disclosure of Level 3 securities. | <sup>2</sup> See Schedule of Investments for disclosure of Level 3 securities. |  |  |  |

---

## 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:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $145192110.34

**Total Liabilities:** $177034.15

**Net Assets:** $145015076.19

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 9.340000000000 | **1-Year:** 27.420000000000 | **5-Year:** 13.610000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 3689.960000000000 | **1-Year:** 5977.100000000000 | **5-Year:** 1464.910000000000 | **10-Year:** 194.750000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091752 | 3.66%                | 4.94%                | -3.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2720345.32             | $7798604.54                                |
| Month 2  | $12034.59                | $6949925.48                                |
| Month 3  | $146185.58               | $-5918835.68                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                                                     | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     30354 | NS      | $1966028.58   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals Inc                                                 | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      6430 | NS      | $1982111.80   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                      | Airbus SE                                                                      | CUSIP: 009279100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |     25295 | NS      | $750249.70    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGIANT TRAVEL CO            | Allegiant Travel Co                                                            | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $476290.88    | 0.33%             | 2027-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS          | Bread Financial Holdings Inc                                                   | CUSIP: 018581AL2<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |    750000 | PA      | $656692.50    | 0.45%             | 2026-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                                                   | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     55620 | NS      | $4935162.60   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     20870 | NS      | $1753080.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES INC          | American Airlines Inc                                                          | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    600000 | PA      | $644824.80    | 0.44%             | 2025-07-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PAY6<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    179000 | PA      | $167795.22    | 0.12%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                                                                     | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     17250 | NS      | $2410170.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                                                             | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     25285 | NS      | $4147498.55   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                                                          | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     15780 | NS      | $1536656.40   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ARAMARK SERVICES INC           | Aramark Services Inc                                                           | CUSIP: 038522AP3<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97733.69     | 0.07%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC           | Aramark Services Inc                                                           | CUSIP: 038522AR9<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    390000 | PA      | $385998.60    | 0.27%             | 2025-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AVATION CAPITAL SA             | Avation Capital SA                                                             | CUSIP: 05351CAA5<br>LEI: 54930056OEYSV06OMD90 | Long             | DBT              | CORP              | LU        |    452847 | PA      | $358552.93    | 0.25%             | 2026-10-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SIGNATURE AVIATION US          | Signature Aviation US Holdings Inc                                             | CUSIP: 05545MAC6<br>LEI: 213800CSNQ87U1MC8N11 | Long             | DBT              | CORP              | US        |    400000 | PA      | $381011.93    | 0.26%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Becton Dickinson and Co        | Becton Dickinson and Co                                                        | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      9055 | NS      | $2302686.50   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BIGBEAR.AI HOLDINGS INC        | BigBear.ai Holdings Inc                                                        | CUSIP: 08975BAA7<br>LEI: 549300XGCF2ELN28CS63 | Long             | DBT              | CORP              | US        |    650000 | PA      | $438750.00    | 0.30%             | 2026-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc              | Brown & Brown Inc                                                              | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     23320 | NS      | $1328540.40   | 0.92%             |  |  |  | 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      | $222801.08    | 0.15%             | 2028-04-15      | Fixed         | 6.25%                 | 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      | $380295.00    | 0.26%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                     | CPI CG Inc                                                                     | CUSIP: 12598FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    468000 | PA      | $462097.35    | 0.32%             | 2026-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                                                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     34700 | NS      | $3233693.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CALUMET SPECIALTY PROD         | Calumet Specialty Products Partners LP / Calumet Finance Corp                  | CUSIP: 131477AT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $365321.71    | 0.25%             | 2025-04-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                  | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    500000 | PA      | $357885.00    | 0.25%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                  | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    250000 | PA      | $167064.24    | 0.12%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC          | Carriage Services Inc                                                          | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $397486.71    | 0.27%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CARROLS RESTAURANT GROUP       | Carrols Restaurant Group Inc                                                   | CUSIP: 14574XAF1<br>LEI: 529900HZEMNWQSAKFJ98 | Long             | DBT              | CORP              | US        |    600000 | PA      | $421297.21    | 0.29%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CASTLELAKE AVIATION FIN        | Castlelake Aviation Finance DAC                                                | CUSIP: 14856HAA6<br>LEI: 2138006F7SMD1COVC345 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $435719.39    | 0.30%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                | Cemex SAB de CV                                                                | CUSIP: 151290BW2<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    250000 | PA      | $256970.00    | 0.18%             | 2027-06-05      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY       | Century Aluminum Co                                                            | CUSIP: 156431AN8<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $433298.92    | 0.30%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COEUR MINING INC               | Coeur Mining Inc                                                               | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |    600000 | PA      | $469035.98    | 0.32%             | 2029-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC        | DigitalBridge Group Inc                                                        | CUSIP: 19624RAA4<br>LEI: 549300XG87L902AGBO89 | Long             | DBT              | CORP              | US        |    225000 | PA      | $222750.00    | 0.15%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | 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        |    600000 | PA      | $490980.00    | 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        |    500000 | PA      | $425785.21    | 0.29%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INTL CORP         | CROWN CASTLE INTL CORP                                                         | CUSIP: 22823QN56<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1000000 | PA      | $999190.67    | 0.69%             | 2023-01-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                                                                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     10040 | NS      | $2664816.80   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| DASEKE INC                     | Daseke Inc                                                                     | CUSIP: 23753F305<br>LEI: 549300CUSFIOX5Q3VA53 | Long             | EP               | CORP              | US        |     10000 | NS      | $881790.00    | 0.61%             |  |  |  | No            |                  3 | 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        |    700000 | PA      | $627592.00    | 0.43%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp                                                            | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     14295 | NS      | $3520143.75   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLARAMA INC                  | DOLLARAMA INC                                                                  | CUSIP: 25675MNH1<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1000000 | PA      | $997684.00    | 0.69%             | 2023-01-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| EastGroup Properties Inc       | EastGroup Properties Inc                                                       | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     14920 | NS      | $2209055.20   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| EMPIRE COMMUNITIES CORP        | Empire Communities Corp                                                        | CUSIP: 29163VAC7<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $452706.00    | 0.31%             | 2025-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Partners L | Enterprise Products Partners LP                                                | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    104550 | NS      | $2521746.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                     | CUSIP: 302301AE6<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $223009.99    | 0.15%             | 2025-05-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                     | CUSIP: 302301AG1<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243125.00    | 0.17%             | 2029-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    500000 | PA      | $445682.52    | 0.31%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| First Republic Bank/CA         | First Republic Bank/CA                                                         | CUSIP: 33616C100<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EC               | CORP              | US        |     15540 | NS      | $1894170.60   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                                  | CUSIP: 345370CX6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    500000 | PA      | $566502.48    | 0.39%             | 2030-04-22      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                                  | CUSIP: 345370CZ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237125.00    | 0.16%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC          | GFL Environmental Inc                                                          | CUSIP: 36168QAF1<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    220000 | PA      | $210760.97    | 0.15%             | 2026-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC          | GFL Environmental Inc                                                          | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $219131.25    | 0.15%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GPS HOSPITALITY HOLDING        | GPS Hospitality Holding Co LLC / GPS Finco Inc                                 | CUSIP: 36262BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $317075.00    | 0.22%             | 2028-08-15      | Fixed         | 7.00%                 | 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      | $414927.00    | 0.29%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE        | Global Partners LP / GLP Finance Corp                                          | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $475603.53    | 0.33%             | 2027-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO       | Global Infrastructure Solutions Inc                                            | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $392859.21    | 0.27%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BH3<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    750000 | PA      | $771879.16    | 0.53%             | 2025-05-31      | Fixed         | 9.50%                 | No            |                  2 | 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      | $466055.00    | 0.32%             | 2027-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC         | Patrick Industries Inc                                                         | CUSIP: 703343AC7<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    500000 | PA      | $487269.30    | 0.34%             | 2027-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC          | PennyMac Financial Services Inc                                                | CUSIP: 70932MAA5<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    500000 | PA      | $451487.17    | 0.31%             | 2025-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I       | Performance Food Group Inc                                                     | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $433900.00    | 0.30%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC               | Pitney Bowes Inc                                                               | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    750000 | PA      | $587610.00    | 0.41%             | 2029-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    500000 | PA      | $417724.80    | 0.29%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK        | Great Lakes Dredge & Dock Corp                                                 | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    350000 | PA      | $272545.00    | 0.19%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION            | Griffon Corp                                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |    500000 | PA      | $458275.00    | 0.32%             | 2028-03-01      | Fixed         | 5.75%                 | 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      | $313559.22    | 0.22%             | 2024-12-31      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| HAEMONETICS CORP               | Haemonetics Corp                                                               | CUSIP: 405024AB6<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |    250000 | PA      | $207825.00    | 0.14%             | 2026-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Hannon Armstrong Sustainable I | Hannon Armstrong Sustainable Infrastructure Capital Inc                        | CUSIP: 41068X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30375 | NS      | $880267.50    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HARLEY-DAVIDSON FDG CORP       | HARLEY-DAVIDSON FDG CORP                                                       | CUSIP: 41282KNA2<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1000000 | PA      | $998564.19    | 0.69%             | 2023-01-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT         | HAT Holdings I LLC / HAT Holdings II LLC                                       | CUSIP: 418751AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $485000.00    | 0.33%             | 2025-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HECLA MINING CO                | Hecla Mining Co                                                                | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493090.44    | 0.34%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $467390.00    | 0.32%             | 2027-07-15      | Fixed         | 5.50%                 | 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        |    500000 | PA      | $481595.53    | 0.33%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL FLAVORS&FRAGRANC | INTERNATIONAL FLAVORS&FRAGRANC                                                 | CUSIP: 4595A3NK9<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1000000 | PA      | $997420.00    | 0.69%             | 2023-01-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JAZZ INVESTMENTS I LTD         | Jazz Investments I Ltd                                                         | CUSIP: 472145AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    350000 | PA      | $417812.50    | 0.29%             | 2026-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JOHN BEAN TECHNOLOGIES C       | John Bean Technologies Corp                                                    | CUSIP: 477839AB0<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |    250000 | PA      | $215875.00    | 0.15%             | 2026-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     26180 | NS      | $4624697.00   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KAR AUCTION SERVICES INC       | KAR Auction Services Inc                                                       | CUSIP: 48238TAA7<br>LEI: 5493004HKD20LBSG7D03 | Long             | DBT              | CORP              | US        |     88000 | PA      | $86107.10     | 0.06%             | 2025-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KEHE DISTRIBUTORS LLC/FI       | KeHE Distributors LLC / KeHE Finance Corp                                      | CUSIP: 487526AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    612000 | PA      | $603217.80    | 0.42%             | 2026-10-15      | Fixed         | 8.62%                 | 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      | $419078.98    | 0.29%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc                                                      | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     16335 | NS      | $3401110.35   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co           | Lamar Advertising Co                                                           | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     23930 | NS      | $2258992.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| LENDINGTREE INC                | LendingTree Inc                                                                | CUSIP: 52603BAD9<br>LEI: 549300ISY5YHUJZTON08 | Long             | DBT              | CORP              | US        |    500000 | PA      | $366300.00    | 0.25%             | 2025-07-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC         | Lumen Technologies Inc                                                         | CUSIP: 550241AA1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    500000 | PA      | $360635.83    | 0.25%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MANITOWOC COMPANY INC          | Manitowoc Co Inc/The                                                           | CUSIP: 563571AL2<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $941393.10    | 0.65%             | 2026-04-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                                                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     28395 | NS      | $6809688.90   | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                                                          | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     17080 | NS      | $853658.40    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes U.S. Treasury | Federated Hermes U.S. Treasury Cash Reserves                                   | CUSIP: 60934N682<br>LEI: 25490003NTA1P9CI5X97 | Long             | STIV             | RF                | US        |   6126241 | NS      | $6126241.16   | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MONEYGRAM INTERNATIONAL        | MoneyGram International Inc                                                    | CUSIP: 60935YAA7<br>LEI: 5299002DLX0Q04KC4156 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253696.91    | 0.17%             | 2026-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NCR CORP                       | NCR Corp                                                                       | CUSIP: 62886EAU2<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    450000 | PA      | $431313.63    | 0.30%             | 2027-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NCR CORP                       | NCR Corp                                                                       | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $213541.07    | 0.15%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HAT8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    160000 | PA      | $187565.53    | 0.13%             | 2024-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $224145.00    | 0.15%             | 2027-01-15      | Fixed         | 6.00%                 | 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      | $444635.37    | 0.31%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE            | New Home Co Inc/The                                                            | CUSIP: 645370AC1<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $424204.81    | 0.29%             | 2025-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC              | NEWELL BRANDS INC                                                              | CUSIP: 65120NN52<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1000000 | PA      | $999190.67    | 0.69%             | 2023-01-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Novartis AG                    | Novartis AG                                                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     22890 | NS      | $2076580.80   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc  | Old Dominion Freight Line Inc                                                  | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      8840 | NS      | $2508615.20   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| OLIN CORP                      | Olin Corp                                                                      | CUSIP: 680665AL0<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237943.75    | 0.16%             | 2029-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OPPENHEIMER HOLDINGS INC       | Oppenheimer Holdings Inc                                                       | CUSIP: 683797AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $736421.25    | 0.51%             | 2025-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                                                    | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     27965 | NS      | $2285859.10   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS & MINOR INC              | Owens & Minor Inc                                                              | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    250000 | PA      | $199650.00    | 0.14%             | 2029-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                 | Owens-Brockway Glass Container Inc                                             | CUSIP: 69073TAR4<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    454000 | PA      | $452604.98    | 0.31%             | 2023-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PRIMO WATER HOLDINGS INC       | Primo Water Holdings Inc                                                       | CUSIP: 74168LAA4<br>LEI: 9845008F9A5F2E1D4832 | Long             | DBT              | CORP              | US        |    300000 | PA      | $259431.45    | 0.18%             | 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        |     22315 | NS      | $2894478.65   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SVCS INC                | QUANTA SVCS INC                                                                | CUSIP: 74767HNJ5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1000000 | PA      | $997388.56    | 0.69%             | 2023-01-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| REAL ALLOY EQUITY              | REAL ALLOY EQUITY                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        15 | NS      | $944450.00    | 0.65%             |  |  |  | No            |                  3 | On Loan: No      |
| REAL ALLOY EXIT NOTES          | REAL ALLOY EXIT NOTES                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    220377 | PA      | $220377.09    | 0.15%             | 2023-05-31      | Variable      | 11.00%                | No            |                  3 | On Loan: No      |
| REAL HERO MERGER SUB 2         | Real Hero Merger Sub 2 Inc                                                     | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $412080.00    | 0.28%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RENT-A-CENTER INC              | Rent-A-Center Inc/TX                                                           | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    600000 | PA      | $486148.99    | 0.34%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RESOLUTE FOREST PRODUCTS       | Resolute Forest Products Inc                                                   | CUSIP: 76117WAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $246949.51    | 0.17%             | 2026-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                | Ross Stores Inc                                                                | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     19800 | NS      | $2298186.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                      | Safran SA                                                                      | CUSIP: 786584102<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     76965 | NS      | $2404386.60   | 1.66%             |  |  |  | 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        |    250000 | PA      | $203815.66    | 0.14%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC           | Sonic Automotive Inc                                                           | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    500000 | PA      | $401003.93    | 0.28%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Southeastern Grocers Inc       | Southeastern Grocers Inc                                                       | CUSIP: 84169Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7928 | NS      | $172434.00    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| SOUTHWEST AIRLINES CO          | Southwest Airlines Co                                                          | CUSIP: 844741BG2<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |    200000 | PA      | $240950.00    | 0.17%             | 2025-05-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                    | CUSIP: 85571BAS4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496404.87    | 0.34%             | 2023-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC             | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |    500000 | PA      | $429843.75    | 0.30%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sysco Corp                     | Sysco Corp                                                                     | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     28090 | NS      | $2147480.50   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp                                                                    | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      8250 | NS      | $1229580.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                   | Teleflex Inc                                                                   | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |      3955 | NS      | $987286.65    | 0.68%             |  |  |  | No            |                  1 | 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      |
| TUTOR PERINI CORP              | Tutor Perini Corp                                                              | CUSIP: 901109AF5<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $876576.68    | 0.60%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TYLER TECHNOLOGIES INC         | Tyler Technologies Inc                                                         | CUSIP: 902252AB1<br>LEI: 25490040SMU4Z8LBCW70 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233500.00    | 0.16%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                   | US Foods Inc                                                                   | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    500000 | PA      | $444550.00    | 0.31%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                                                             | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     10265 | NS      | $2125573.55   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UNISYS CORP                    | Unisys Corp                                                                    | CUSIP: 909214BV9<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |    500000 | PA      | $384650.00    | 0.27%             | 2027-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC       | United Natural Foods Inc                                                       | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240607.50    | 0.17%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    320000 | PA      | $288665.56    | 0.20%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                                    | CUSIP: 912796X95<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5839000 | PA      | $5837822.45   | 4.03%             | 2023-01-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    180000 | PA      | $143908.35    | 0.10%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL               | Paramount Global                                                               | CUSIP: 92556H305<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EP               | CORP              | US        |      4000 | NS      | $99080.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                                                       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     14070 | NS      | $2923183.20   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WABASH NATIONAL CORP           | Wabash National Corp                                                           | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    750000 | PA      | $639361.34    | 0.44%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                                                          | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | US        |     22420 | NS      | $2971995.20   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                         | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253676.09    | 0.17%             | 2025-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                         | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253804.74    | 0.18%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| XPO ESCROW SUB LLC             | XPO Escrow Sub LLC                                                             | CUSIP: 98379JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $506610.01    | 0.35%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AVATION PLC                    | Avation PLC                                                                    | CUSIP: N/A<br>LEI: 213800KA972GUP1B6I78       | N/A              | DE               | CORP              | GB        |      8750 | NS      | $3173.51      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |      7615 | NS      | $2031986.60   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                                      | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | GB        |      5765 | NS      | $1880427.70   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-21

**Name of Applicant:** Professionally Managed Portfolios

**Signature:** /s/ Melissa Breitzman

**Name of Signer:** Melissa Breitzman

**Title:** Assistant Treasurer