# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001145549-25-052720
**Filing Date:** 2025-8
**Character Count:** 105392
**Document Hash:** 81e9f84ca59f68191b39b1e4ae5599f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052720.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001145549-25-052720

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**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:** 251246613

**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 Strategic Income Fund (Series ID: S000004930)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000013345 | Investor Class | OSTIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Osterweis Strategic Income Fund** | **Osterweis Strategic Income Fund** | **Osterweis Strategic Income Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **CORPORATE BONDS - 76.8%** | **Par** | **Value** |
| **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** |
|  Rolls-Royce PLC, 3.63%, 10/14/2025 <sup>(a)</sup> | 52550000 | $52479294 |
| **Automobile Components - 3.9%** | **Automobile Components - 3.9%** | **Automobile Components - 3.9%** |
| Adient Global Holdings Ltd. | Adient Global Holdings Ltd. | Adient Global Holdings Ltd. |
| &nbsp;&nbsp; 7.00%, 04/15/2028 <sup>(a)</sup> | 14650000 | 15112442 |
| &nbsp;&nbsp; 7.50%, 02/15/2033 <sup>(a)</sup> | 31000000 | 31727814 |
| American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
| &nbsp;&nbsp; 6.50%, 04/01/2027 | 21310000 | 21318773 |
| &nbsp;&nbsp; 6.88%, 07/01/2028 | 53595000 | 53663762 |
|  Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029 <sup>(a)</sup> | 54702000 | 39624942 |
| The Goodyear Tire & Rubber Co. | The Goodyear Tire & Rubber Co. | The Goodyear Tire & Rubber Co. |
| &nbsp;&nbsp; 5.00%, 05/31/2026 | 13168000 | 13210014 |
| &nbsp;&nbsp; 5.00%, 07/15/2029 | 14500000 | 14173014 |
| &nbsp;&nbsp; 6.63%, 07/15/2030 | 36682000 | 37376354 |
|  |  | 226207115 |
| **Automobiles - 1.9%** | **Automobiles - 1.9%** | **Automobiles - 1.9%** |
|  Ford Motor Co., 9.63%, 04/22/2030 | 9000000 | 10353633 |
|  Ford Motor Credit Co. LLC, 4.13%, 08/04/2025 | 58685000 | 58624835 |
|  Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 <sup>(a)</sup> | 33400000 | 31876931 |
|  Thor Industries, Inc., 4.00%, 10/15/2029 <sup>(a)</sup> | 10000000 | 9381642 |
|  |  | 110237041 |
| **Beverages - 0.4%** | **Beverages - 0.4%** | **Beverages - 0.4%** |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029 <sup>(a)</sup> | 25728000 | 24969410 |
| **Building Products - 1.7%** | **Building Products - 1.7%** | **Building Products - 1.7%** |
|  Advanced Drainage Systems, Inc., 5.00%, 09/30/2027 <sup>(a)</sup> | 37338000 | 37014377 |
|  Griffon Corp., 5.75%, 03/01/2028 | 60288000 | 60320079 |
|  |  | 97334456 |
| **Capital Markets - 0.9%** | **Capital Markets - 0.9%** | **Capital Markets - 0.9%** |
|  The Goldman Sachs Group, Inc., 4.25%, 10/21/2025 | 50000000 | 49921834 |
| **Chemicals - 1.2%** | **Chemicals - 1.2%** | **Chemicals - 1.2%** |
| Consolidated Energy Finance SA | Consolidated Energy Finance SA | Consolidated Energy Finance SA |
| &nbsp;&nbsp; 6.50%, 05/15/2026 <sup>(a)</sup> | 7050000 | 6849927 |
| &nbsp;&nbsp; 5.63%, 10/15/2028 <sup>(a)</sup> | 31700000 | 27337782 |
| &nbsp;&nbsp; 12.00%, 02/15/2031 <sup>(a)</sup> | 19750000 | 19434433 |
|  INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029 <sup>(a)</sup> | 17500000 | 17749731 |
|  |  | 71371873 |
| **Commercial Services & Supplies - 2.1%** | **Commercial Services & Supplies - 2.1%** | **Commercial Services & Supplies - 2.1%** |
| Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
| &nbsp;&nbsp; 8.00%, 06/01/2029 <sup>(a)</sup> | 33721000 | 32507857 |
| &nbsp;&nbsp; 8.13%, 09/15/2029 <sup>(a)</sup> | 22950000 | 23709071 |
|  Pitney Bowes, Inc., 7.25%, 03/15/2029 <sup>(a)</sup> | 62645000 | 63929410 |
|  |  | 120146338 |
| **Computers & Peripherals - 2.2%** | **Computers & Peripherals - 2.2%** | **Computers & Peripherals - 2.2%** |
|  CPI CG, Inc., 10.00%, 07/15/2029 <sup>(a)</sup> | 31400000 | 33519500 |
|  Western Digital Corp., 4.75%, 02/15/2026 | 13029000 | 13008952 |
|  Xerox Corp., 10.25%, 10/15/2030 <sup>(a)</sup> | 15000000 | 15723720 |
| Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
| &nbsp;&nbsp; 5.00%, 08/15/2025 <sup>(a)</sup> | 23811000 | 23709448 |
| &nbsp;&nbsp; 5.50%, 08/15/2028 <sup>(a)</sup> | 22339000 | 17134558 |
| &nbsp;&nbsp; 8.88%, 11/30/2029 <sup>(a)</sup> | 28000000 | 21170213 |
|  |  | 124266391 |
| **Construction & Engineering - 3.7%** | **Construction & Engineering - 3.7%** | **Construction & Engineering - 3.7%** |
|  AECOM, 5.13%, 03/15/2027 | 32643000 | 32758034 |
|  APi Group DE, Inc., 4.13%, 07/15/2029 <sup>(a)</sup> | 26650000 | 25429707 |
|  Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 <sup>(a)</sup> | 51157000 | 50998495 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 <sup>(a)</sup> | 30747000 | 29574346 |
|  New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028 <sup>(a)</sup> | 46500000 | 46643267 |
|  Tutor Perini Corp., 11.88%, 04/30/2029 <sup>(a)</sup> | 24500000 | 27596849 |
|  |  | 213000698 |
| **Consumer Finance - 4.4%** | **Consumer Finance - 4.4%** | **Consumer Finance - 4.4%** |
|  Ally Financial, Inc., 5.75%, 11/20/2025 | 31981000 | 32056106 |
| Enova International, Inc. | Enova International, Inc. | Enova International, Inc. |
| &nbsp;&nbsp; 11.25%, 12/15/2028 <sup>(a)</sup> | 11750000 | 12631215 |
| &nbsp;&nbsp; 9.13%, 08/01/2029 <sup>(a)</sup> | 43950000 | 46301149 |
|  EZCORP, Inc., 7.38%, 04/01/2032 <sup>(a)</sup> | 23500000 | 24765992 |
| FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |
| &nbsp;&nbsp; 4.63%, 09/01/2028 <sup>(a)</sup> | 15000000 | 14739996 |
| &nbsp;&nbsp; 5.63%, 01/01/2030 <sup>(a)</sup> | 19500000 | 19471214 |
| &nbsp;&nbsp; 6.88%, 03/01/2032 <sup>(a)</sup> | 24500000 | 25384559 |
|  OneMain Finance Corp., 7.13%, 03/15/2026 | 23917000 | 24285920 |
|  Synchrony Financial, 4.50%, 07/23/2025 | 52948000 | 52913017 |
|  |  | 252549168 |
| **Consumer Staples Distribution & Retail - 4.4%** | **Consumer Staples Distribution & Retail - 4.4%** | **Consumer Staples Distribution & Retail - 4.4%** |
|  C&S Group Enterprises LLC, 5.00%, 12/15/2028 <sup>(a)</sup> | 45765000 | 41367024 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 <sup>(a)</sup> | 62250000 | 64536754 |
|  Performance Food Group, Inc., 5.50%, 10/15/2027 <sup>(a)</sup> | 57195000 | 57123599 |
|  United Natural Foods, Inc., 6.75%, 10/15/2028 <sup>(a)</sup> | 67549000 | 66716292 |
|  US Foods, Inc., 4.75%, 02/15/2029 <sup>(a)</sup> | 23384000 | 22993335 |
|  |  | 252737004 |
| **Containers & Packaging - 0.2%** | **Containers & Packaging - 0.2%** | **Containers & Packaging - 0.2%** |
|  Crown Americas LLC / Crown Americas Capital Corp., 4.25%, 09/30/2026 | 13984000 | 13915134 |
| **Diversified Consumer Services - 0.1%** | **Diversified Consumer Services - 0.1%** | **Diversified Consumer Services - 0.1%** |
|  Carriage Services, Inc., 4.25%, 05/15/2029 <sup>(a)</sup> | 7800000 | 7374952 |
| **Energy Equipment & Services - 0.4%** | **Energy Equipment & Services - 0.4%** | **Energy Equipment & Services - 0.4%** |
|  Tidewater, Inc., 9.13%, 07/15/2030 <sup>(a)</sup> | 24000000 | 24710095 |
| **Entertainment - 0.4%** | **Entertainment - 0.4%** | **Entertainment - 0.4%** |
|  Banijay Entertainment SAS, 8.13%, 05/01/2029 <sup>(a)</sup> | 22675000 | 23522682 |
| **Financial Services - 3.2%** | **Financial Services - 3.2%** | **Financial Services - 3.2%** |
|  Burford Capital Global Finance LLC, 6.25%, 04/15/2028 <sup>(a)</sup> | 25489000 | 25270355 |
|  HAS Capital Income Opportunity Fund II LLC, 8.00%, 08/31/2031 <sup>(a)(b)</sup> | 21807000 | 13362850 |
| Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
| &nbsp;&nbsp; 5.00%, 02/01/2026 <sup>(a)</sup> | 23250000 | 23174186 |
| &nbsp;&nbsp; 5.50%, 08/15/2028 <sup>(a)</sup> | 24680000 | 24535281 |
| &nbsp;&nbsp; 5.13%, 12/15/2030 <sup>(a)</sup> | 9500000 | 9682030 |
| &nbsp;&nbsp; 5.75%, 11/15/2031 <sup>(a)</sup> | 13000000 | 13217425 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| &nbsp;&nbsp; 5.50%, 11/15/2025 <sup>(a)</sup> | 45580000 | 45602631 |
| &nbsp;&nbsp; 5.75%, 06/15/2027 <sup>(a)</sup> | 10000000 | 9980765 |
| &nbsp;&nbsp; 5.50%, 04/15/2029 <sup>(a)</sup> | 20820000 | 20232033 |
|  |  | 185057556 |
| **Food Products - 0.4%** | **Food Products - 0.4%** | **Food Products - 0.4%** |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 <sup>(a)</sup> | 27438000 | 25932054 |
| **Ground Transportation - 0.4%** | **Ground Transportation - 0.4%** | **Ground Transportation - 0.4%** |
|  RXO, Inc., 7.50%, 11/15/2027 <sup>(a)</sup> | 24500000 | 25138741 |
| **Health Care Equipment & Supplies - 0.7%** | **Health Care Equipment & Supplies - 0.7%** | **Health Care Equipment & Supplies - 0.7%** |
|  Varex Imaging Corp., 7.88%, 10/15/2027 <sup>(a)</sup> | 42334000 | 42881887 |
| **Health Care Providers & Services - 1.5%** | **Health Care Providers & Services - 1.5%** | **Health Care Providers & Services - 1.5%** |
|  AMN Healthcare, Inc., 4.63%, 10/01/2027 <sup>(a)</sup> | 39815000 | 38746592 |
|  Owens & Minor, Inc., 4.50%, 03/31/2029 <sup>(a)</sup> | 52310000 | 46749029 |
|  |  | 85495621 |
| **Hotels, Restaurants & Leisure - 4.4%** | **Hotels, Restaurants & Leisure - 4.4%** | **Hotels, Restaurants & Leisure - 4.4%** |
| Carnival Corp. | Carnival Corp. | Carnival Corp. |
| &nbsp;&nbsp; 5.75%, 03/01/2027 <sup>(a)</sup> | 9500000 | 9581385 |
| &nbsp;&nbsp; 6.00%, 05/01/2029 <sup>(a)</sup> | 19750000 | 19968304 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| &nbsp;&nbsp; 5.88%, 03/15/2026 <sup>(a)</sup> | 12258000 | 12321925 |
| &nbsp;&nbsp; 5.88%, 02/15/2027 <sup>(a)</sup> | 55490000 | 55739848 |
|  Royal Caribbean Cruises Ltd., 5.50%, 08/31/2026 <sup>(a)</sup> | 61302000 | 61555484 |
|  Six Flags Entertainment Corp., 7.00%, 07/01/2025 <sup>(a)</sup> | 12447000 | 12447000 |
|  Travel + Leisure Co., 6.60%, 10/01/2025 <sup>(c)</sup> | 63249000 | 63502230 |
|  Viking Cruises Ltd., 5.88%, 09/15/2027 <sup>(a)</sup> | 20000000 | 20024060 |
|  |  | 255140236 |
| **Household Durables - 4.0%** | **Household Durables - 4.0%** | **Household Durables - 4.0%** |
|  Adams Homes, Inc., 9.25%, 10/15/2028 <sup>(a)</sup> | 40389000 | 41648289 |
|  Empire Communities Corp., 9.75%, 05/01/2029 <sup>(a)</sup> | 48250000 | 49403013 |
|  Installed Building Products, Inc., 5.75%, 02/01/2028 <sup>(a)</sup> | 6750000 | 6756707 |
|  Mattamy Group Corp., 5.25%, 12/15/2027 <sup>(a)</sup> | 56529000 | 56292861 |
|  STL Holding Co. LLC, 8.75%, 02/15/2029 <sup>(a)</sup> | 7750000 | 8125410 |
| The New Home Co., Inc. | The New Home Co., Inc. | The New Home Co., Inc. |
| &nbsp;&nbsp; 9.25%, 10/01/2029 <sup>(a)</sup> | 52500000 | 54511433 |
| &nbsp;&nbsp; 8.50%, 11/01/2030 <sup>(a)</sup> | 14750000 | 15051460 |
|  |  | 231789173 |
| **Industrial Conglomerates - 0.4%** | **Industrial Conglomerates - 0.4%** | **Industrial Conglomerates - 0.4%** |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 | 20939000 | 20807857 |
| **Industrial Power & Renewable Electricity Products - 1.2%** | **Industrial Power & Renewable Electricity Products - 1.2%** | **Industrial Power & Renewable Electricity Products - 1.2%** |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp; 5.50%, 09/01/2026 <sup>(a)</sup> | 63016000 | 63118409 |
| &nbsp;&nbsp; 5.05%, 12/30/2026 <sup>(a)</sup> | 6500000 | 6535224 |
|  |  | 69653633 |
| **IT Services - 1.4%** | **IT Services - 1.4%** | **IT Services - 1.4%** |
|  Unisys Corp., 10.63%, 01/15/2031 <sup>(a)</sup> | 79000000 | 81722927 |
| **Machinery - 2.0%** | **Machinery - 2.0%** | **Machinery - 2.0%** |
|  Enpro, Inc., 6.13%, 06/01/2033 <sup>(a)</sup> | 33604000 | 34438107 |
|  The Manitowoc Co., Inc., 9.25%, 10/01/2031 <sup>(a)</sup> | 34500000 | 36352236 |
|  Wabash National Corp., 4.50%, 10/15/2028 <sup>(a)</sup> | 46750000 | 42391988 |
|  |  | 113182331 |
| **Media - 1.0%** | **Media - 1.0%** | **Media - 1.0%** |
|  DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/2027 <sup>(a)</sup> | 55300000 | 55113961 |
| **Metals & Mining - 4.4%** | **Metals & Mining - 4.4%** | **Metals & Mining - 4.4%** |
|  Century Aluminum Co., 7.50%, 04/01/2028 <sup>(a)</sup> | 35905000 | 36576675 |
|  Champion Iron Canada, Inc., 7.88%, 07/15/2032 <sup>(a)</sup> | 29250000 | 29661522 |
|  Coeur Mining, Inc., 5.13%, 02/15/2029 <sup>(a)</sup> | 66150000 | 64542806 |
|  Hecla Mining Co., 7.25%, 02/15/2028 | 61347000 | 61871578 |
| Perenti Finance Pty Ltd. | Perenti Finance Pty Ltd. | Perenti Finance Pty Ltd. |
| &nbsp;&nbsp; 6.50%, 10/07/2025 <sup>(a)</sup> | 10534674 | 10534675 |
| &nbsp;&nbsp; 7.50%, 04/26/2029 <sup>(a)</sup> | 12000000 | 12419520 |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 42674000 | 39743813 |
|  |  | 255350589 |
| **Mortgage Real Estate Investment Trusts - REITS - 2.4%** | **Mortgage Real Estate Investment Trusts - REITS - 2.4%** | **Mortgage Real Estate Investment Trusts - REITS - 2.4%** |
|  Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029 <sup>(a)</sup> | 26000000 | 27621672 |
|  HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 <sup>(a)</sup> | 65841000 | 64439408 |
|  Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027 <sup>(a)</sup> | 47341000 | 47633378 |
|  |  | 139694458 |
| **Oil, Gas & Consumable Fuels - 3.5%** | **Oil, Gas & Consumable Fuels - 3.5%** | **Oil, Gas & Consumable Fuels - 3.5%** |
| 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>(a)</sup> | 16234000 | 16249227 |
| &nbsp;&nbsp; 9.75%, 07/15/2028 <sup>(a)</sup> | 64232000 | 64102219 |
| Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. |
| &nbsp;&nbsp; 7.75%, 02/01/2028 | 51550000 | 52349850 |
| &nbsp;&nbsp; 8.88%, 04/15/2030 | 10000000 | 10628030 |
|  Global Partners LP / GLP Finance Corp., 7.13%, 07/01/2033 <sup>(a)</sup> | 18700000 | 18994003 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 <sup>(a)</sup> | 37030000 | 37438626 |
|  |  | 199761955 |
| **Passenger Airlines - 4.4%** | **Passenger Airlines - 4.4%** | **Passenger Airlines - 4.4%** |
|  Allegiant Travel Co., 7.25%, 08/15/2027 <sup>(a)</sup> | 62975000 | 63031552 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026 <sup>(a)</sup> | 66105667 | 65996235 |
|  JetBlue Airways Corp. / JetBlue Loyalty L.P., 9.88%, 09/20/2031 <sup>(a)</sup> | 54650000 | 53181411 |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 <sup>(a)</sup> | 8000000 | 8015589 |
|  United Airlines, Inc., 4.38%, 04/15/2026 <sup>(a)</sup> | 63930000 | 63548018 |
|  |  | 253772805 |
| **Personal Care Products - 0.7%** | **Personal Care Products - 0.7%** | **Personal Care Products - 0.7%** |
|  Coty, Inc., 5.00%, 04/15/2026 <sup>(a)</sup> | 38503000 | 38624134 |
| **Professional Services - 1.7%** | **Professional Services - 1.7%** | **Professional Services - 1.7%** |
|  CACI International, Inc., 6.38%, 06/15/2033 <sup>(a)</sup> | 4500000 | 4644272 |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 <sup>(a)</sup> | 74500000 | 71191291 |
|  KBR, Inc., 4.75%, 09/30/2028 <sup>(a)</sup> | 26095000 | 25121803 |
|  |  | 100957366 |
| **Software - 0.6%** | **Software - 0.6%** | **Software - 0.6%** |
|  Fair Isaac Corp., 5.25%, 05/15/2026 <sup>(a)</sup> | 29244000 | 29282456 |
|  NCR Voyix Corp., 5.00%, 10/01/2028 <sup>(a)</sup> | 3825000 | 3788680 |
|  |  | 33071136 |
| **Specialized REITs - 0.3%** | **Specialized REITs - 0.3%** | **Specialized REITs - 0.3%** |
|  Iron Mountain, Inc., 5.25%, 03/15/2028 <sup>(a)</sup> | 20000000 | 19925518 |
| **Specialty Retail - 4.3%** | **Specialty Retail - 4.3%** | **Specialty Retail - 4.3%** |
|  Advance Auto Parts, Inc., 5.90%, 03/09/2026 | 52988000 | 53028006 |
|  Ken Garff Automotive LLC, 4.88%, 09/15/2028 <sup>(a)</sup> | 54664000 | 54041590 |
|  Penske Automotive Group, Inc., 3.50%, 09/01/2025 | 50022000 | 49886876 |
|  Sonic Automotive, Inc., 4.63%, 11/15/2029 <sup>(a)</sup> | 34500000 | 33478038 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | 57600000 | 56715085 |
|  |  | 247149595 |
| **Textiles, Apparel & Luxury Goods - 1.0%** | **Textiles, Apparel & Luxury Goods - 1.0%** | **Textiles, Apparel & Luxury Goods - 1.0%** |
|  The William Carter Co., 5.63%, 03/15/2027 <sup>(a)</sup> | 59636000 | 59418800 |
| **Trading Companies & Distributors - 3.7%** | **Trading Companies & Distributors - 3.7%** | **Trading Companies & Distributors - 3.7%** |
|  GGAM Finance Ltd., 7.75%, 05/15/2026 <sup>(a)</sup> | 70448000 | 71219899 |
| Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
| &nbsp;&nbsp; 5.50%, 07/15/2027 <sup>(a)</sup> | 57418000 | 57468765 |
| &nbsp;&nbsp; 7.00%, 06/15/2030 <sup>(a)</sup> | 19000000 | 19846833 |
|  Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/2029 <sup>(a)</sup> | 7000000 | 7326298 |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028 <sup>(a)</sup> | 54750000 | 55477503 |
|  |  | 211339298 |
| **Transportation Infrastructure - 0.4%** | **Transportation Infrastructure - 0.4%** | **Transportation Infrastructure - 0.4%** |
|  Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028 <sup>(a)</sup> | 25600000 | 22423168 |
| **TOTAL CORPORATE BONDS** (Cost $4,455,959,858) | **TOTAL CORPORATE BONDS** (Cost $4,455,959,858) | 4438148284 |
| **CONVERTIBLE BONDS - 8.7%** | **Par** | **Value** |
| **Automobiles - 0.0%<sup>(d)</sup>** | **Automobiles - 0.0%<sup>(d)</sup>** | **Automobiles - 0.0%<sup>(d)</sup>** |
|  Ford Motor Co., 0.00%, 03/15/2026 <sup>(e)</sup> | 2900000 | 2872450 |
| **Broadline Retail - 0.1%** | **Broadline Retail - 0.1%** | **Broadline Retail - 0.1%** |
|  Etsy, Inc., 0.25%, 06/15/2028 | 7750000 | 6670813 |
| **Consumer Finance - 0.8%** | **Consumer Finance - 0.8%** | **Consumer Finance - 0.8%** |
|  EZCORP, Inc., 3.75%, 12/15/2029 <sup>(a)</sup> | 6790000 | 9870963 |
|  LendingTree, Inc., 0.50%, 07/15/2025 | 36142000 | 35916112 |
|  |  | 45787075 |
| **Health Care Equipment & Supplies - 1.7%** | **Health Care Equipment & Supplies - 1.7%** | **Health Care Equipment & Supplies - 1.7%** |
|  Haemonetics Corp., 0.00%, 03/01/2026 <sup>(e)</sup> | 48320000 | 46803659 |
|  Integra LifeSciences Holdings Corp., 0.50%, 08/15/2025 | 52201000 | 51744241 |
|  |  | 98547900 |
| **Hotels, Restaurants & Leisure - 1.2%** | **Hotels, Restaurants & Leisure - 1.2%** | **Hotels, Restaurants & Leisure - 1.2%** |
|  Airbnb, Inc., 0.00%, 03/15/2026 <sup>(e)</sup> | 70000000 | 67654763 |
| **Interactive Media & Services - 0.9%** | **Interactive Media & Services - 0.9%** | **Interactive Media & Services - 0.9%** |
|  Match Group Financeco 2, Inc., 0.88%, 06/15/2026 <sup>(a)</sup> | 42250000 | 40919125 |
|  Ziff Davis, Inc., 1.75%, 11/01/2026 | 10595000 | 10104981 |
|  |  | 51024106 |
| **IT Services - 1.2%** | **IT Services - 1.2%** | **IT Services - 1.2%** |
|  Okta, Inc., 0.13%, 09/01/2025 | 17434000 | 17346830 |
|  Wix.com Ltd., 0.00%, 08/15/2025 <sup>(e)</sup> | 51443000 | 51314391 |
|  |  | 68661221 |
| **Machinery - 0.2%** | **Machinery - 0.2%** | **Machinery - 0.2%** |
|  John Bean Technologies Corp., 0.25%, 05/15/2026 | 9450000 | 9422595 |
| **Media - 1.1%** | **Media - 1.1%** | **Media - 1.1%** |
|  Cable One, Inc., 0.00%, 03/15/2026 <sup>(e)</sup> | 69305000 | 65742723 |
| **Pharmaceuticals - 0.6%** | **Pharmaceuticals - 0.6%** | **Pharmaceuticals - 0.6%** |
|  Jazz Investments I Ltd., 2.00%, 06/15/2026 | 4750000 | 4812938 |
|  Pacira BioSciences, Inc., 0.75%, 08/01/2025 | 30327000 | 30139026 |
|  |  | 34951964 |
| **Software - 0.4%** | **Software - 0.4%** | **Software - 0.4%** |
|  Alarm.com Holdings, Inc., 0.00%, 01/15/2026 <sup>(e)</sup> | 15000000 | 14625000 |
|  Jamf Holding Corp., 0.13%, 09/01/2026 | 11600000 | 10956219 |
|  |  | 25581219 |
| **Specialty Retail - 0.5%** | **Specialty Retail - 0.5%** | **Specialty Retail - 0.5%** |
|  Wayfair, Inc., 0.63%, 10/01/2025 <sup>(f)</sup> | 28079000 | 27475302 |
| **TOTAL CONVERTIBLE BONDS** (Cost $504,073,022) | **TOTAL CONVERTIBLE BONDS** (Cost $504,073,022) | 504392131 |
| **COMMON STOCKS - 0.8%** | **Shares** | **Value**  |
| **Consumer Staples Distribution & Retail - 0.0%<sup>(d)</sup>** | **Consumer Staples Distribution & Retail - 0.0%<sup>(d)</sup>** |  |
| Southeastern Grocers, Inc. <sup>(b)(f)</sup> | 4649942 | 186202 |
| Tops Holding, Litigation Trust Proceeds <sup>(b)(f)</sup> | 61582000 | 46248 |
|  |  | 232450 |
| **Metals & Mining - 0.8%** | **Metals & Mining - 0.8%** |  |
| Real Alloy Equity <sup>(b)(f)</sup> | 666 | 45425153 |
| **TOTAL COMMON STOCKS** (Cost $41,151,172) | **TOTAL COMMON STOCKS** (Cost $41,151,172) | 45657603 |
| **SHORT-TERM INVESTMENTS - 13.5%** |  | **Value**  |
| **Commercial Paper - 6.5%** | **<u>Par</u>** |  |
| **Automobiles — 1.3%** |  |  |
| Harley-Davidson Financial Services, Inc., 5.05%, 07/17/2025 <sup>(g)</sup> | 15000000 | 14966427 |
| VW Credit, Inc., 4.77%, 08/25/2025 <sup>(g)</sup> | 62500000 | 62052681 |
|  |  | 77019108 |
| **Chemicals — 0.9%** |  |  |
| FMC Corp., 5.27%, 07/03/2025 <sup>(g)</sup> | 49000000 | 48979097 |
| **Electronic Equipment, Instruments & Components — 0.4%** |  |  |
| Jabil, Inc., 4.90%, 07/14/2025 <sup>(g)</sup> | 25500000 | 25449632 |
| **Ground Transportation — 0.5%** |  |  |
| Ryder System, Inc., 4.61%, 07/11/2025 <sup>(g)</sup> | 29000000 | 28959336 |
| **Health Care Providers & Services — 0.9%** |  |  |
| HCA, Inc., 4.95%, 07/21/2025 <sup>(g)</sup> | 50000000 | 49856910 |
| **Industrial Power & Renewable Electricity Products — 0.9%** |  |  |
| Brookfield Renewable Partners, 4.83%, 07/22/2025 <sup>(g)</sup> | 53000000 | 52850349 |
| **Specialized REITs — 0.9%** |  |  |
| Crown Castle International Corp., 5.03%, 07/01/2025 <sup>(g)</sup> | 50000000 | 49993115 |
| **Trading Companies & Distributors — 0.7%** |  |  |
| Air Lease Corp., 4.82%, 07/21/2025 <sup>(g)</sup> | 40000000 | 39887864 |
| **Total Commercial Paper** (Cost $373,026,522) |  | 372995411 |
| **Money Market Funds - 7.0%** | **<u>Shares</u>** |  |
| Federated Hermes US Treasury Cash Reserves - Institutional Class, 4.12%<sup>(h)</sup> | 202642855 | 202642855 |
| MSILF Treasury Securities Portfolio - Institutional Class, 4.13%<sup>(h)</sup> | 202642855 | 202642855 |
|  |  | 405285710 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $778,312,232) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $778,312,232) | 778281121 |
| **TOTAL INVESTMENTS - 99.8% (**Cost $5,779,496,284**)** | **TOTAL INVESTMENTS - 99.8% (**Cost $5,779,496,284**)** | 5766479139 |
| Other Assets in Excess of Liabilities - 0.2% | Other Assets in Excess of Liabilities - 0.2% | 13131572 |
| **TOTAL NET ASSETS - 100.0%** |  | $5779610711 |
| two | two | –% |
| 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. |

---

---

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

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of June 30, 2025, the value of these securities total $3,688,964,484 or 63.8% of the Fund's net assets.

(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 $59,020,453 or 1.0% of net assets as of June 30, 2025.

(c) Step coupon bond. The rate disclosed is as of June 30, 2025.

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

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

(f) Non-income producing security.

(g) The rate shown is the annualized effective yield as of June 30, 2025.

(h) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

------

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Osterweis Strategic 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 4424785434 | 13362850 | 4438148284 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 504392130 | – | 504392130 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | – | – | 45657603 | 45657603 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | – | 372995412 | – | 372995412 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 405285710 | – | – | 405285710 |
| Total Investments | 405285710 | 5302172976 | 59020453 | 5766479139 |
| 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. |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value: |
|  | **Common Stocks** | **Private Mortgage**<br> **Backed Obligations** | **Total** |  |
| **Balance as of March 31, 2025** | $50596617 | $13147942 | $63744559 |  |
| &nbsp;&nbsp;&nbsp; Acquisitions | - | - | - |  |
| &nbsp;&nbsp;&nbsp; Dispositions | (945594) | - | (945594) |  |
| &nbsp;&nbsp;&nbsp; Accrued discounts/premiums | - | - | - |  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | - | - | - |  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation | (3993420) | 214908 | (3778512) |  |
| &nbsp;&nbsp;&nbsp; Transfer in and/or out of Level 3 | - | - | - |  |
| **Balance as of June 30, 2025** | $45657603 | $13362850 | $59020453 |  |
| Change in unrealized appreciation/depreciation for Level 3 investments held at June 30, 2025 | $(3993420) | $214908 | $(3778512) |  |
| **Type of Security** | **Fair Value at**<br> **6/30/2025** | **Valuation Techniques** | **Unobservable Input** | **Input Value(s)** |
| &nbsp;&nbsp;&nbsp; Common Stocks |  | Market Data | Last Trade Price | $74250.00 |
|  |  | Estimated Proceeds | Future Proceeds from Equity Take-Out | 0.2434 |
|  | $45657603 | Estimated Proceeds | Future Proceeds from the Litigation Trust | 0.0007514 |
| &nbsp;&nbsp;&nbsp; Private Mortgage Backed Obligations | $13362850 | Discounted Cash Flow | Adjustment to yield | 300 bps |
| Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. | Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. | Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. | Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. | Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |
| The Adviser, as the Funds' Valuation Designee, oversees valuation techniques. | The Adviser, as the Funds' Valuation Designee, oversees valuation techniques. | The Adviser, as the Funds' Valuation Designee, oversees valuation techniques. | The Adviser, as the Funds' Valuation Designee, oversees valuation techniques. | The Adviser, as the Funds' Valuation Designee, oversees valuation techniques. |

---

## 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:** The Osterweis Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000004930

- **c. LEI of Series:** 254900OHRJ0G14ZYDJ44

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $5842982831.50

**Total Liabilities:** $62971112.82

**Net Assets:** $5780011718.68

**Delayed Delivery Securities:** $58571615.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 13246.344884000000 | **1-Year:** 7710.532376000000 | **5-Year:** 3533.825828000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 385762.548192000000 | **1-Year:** 215968.318100000000 | **5-Year:** 83682.171875000000 | **10-Year:** 1269.607330000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013345 | -0.04%               | 1.29%                | 1.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2979986.76              | $-36509340.41                              |
| Month 2  | $346450.17               | $49495009.97                               |
| Month 3  | $1634321.89              | $44876088.89                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UPBOUND GROUP INC              | Upbound Group Inc                                                              | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |  57600000 | PA      | $56715085.44  | 0.98%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC            | United Airlines Inc                                                            | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |  63930000 | PA      | $63548018.25  | 1.10%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP           | Western Digital Corp                                                           | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |  13029000 | PA      | $13008952.28  | 0.23%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WILLIAM CARTER                 | William Carter Co/The                                                          | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |  59636000 | PA      | $59418799.72  | 1.03%             | 2027-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AECOM                          | AECOM                                                                          | CUSIP: 00774CAB3<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |  32643000 | PA      | $32758033.93  | 0.57%             | 2027-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AIRBNB INC                     | Airbnb Inc                                                                     | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |  70000000 | PA      | $67654763.40  | 1.17%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD         | Calumet Specialty Products Partners LP / Calumet Finance Corp                  | CUSIP: 131477AZ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  35000000 | PA      | $34929282.50  | 0.60%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP        | Empire Communities Corp                                                        | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |  48250000 | PA      | $49403012.88  | 0.85%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |  19500000 | PA      | $19471214.10  | 0.34%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC       | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd      | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8015588.64   | 0.14%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |  12258000 | PA      | $12321925.47  | 0.21%             | 2026-03-15      | 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        |  37030000 | PA      | $37438626.05  | 0.65%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9500000 | PA      | $9682029.50   | 0.17%             | 2030-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13000000 | PA      | $13217425.00  | 0.23%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC             | AMN Healthcare Inc                                                             | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |  39815000 | PA      | $38746592.35  | 0.67%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                     | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |  14650000 | PA      | $15112441.90  | 0.26%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO            | Allegiant Travel Co                                                            | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |  62975000 | PA      | $63031551.55  | 1.09%             | 2027-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JAZZ INVESTMENTS I LTD         | Jazz Investments I Ltd                                                         | CUSIP: 472145AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4812937.50   | 0.08%             | 2026-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LENDINGTREE INC                | LendingTree Inc                                                                | CUSIP: 52603BAD9<br>LEI: 549300ISY5YHUJZTON08 | Long             | DBT              | CORP              | US        |  36142000 | PA      | $35916112.50  | 0.62%             | 2025-07-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP             | Mattamy Group Corp                                                             | CUSIP: 57701RAJ1<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |  56529000 | PA      | $56292861.41  | 0.97%             | 2027-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC               | Pitney Bowes Inc                                                               | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |  62645000 | PA      | $63929410.44  | 1.11%             | 2029-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PLC                | Rolls-Royce PLC                                                                | CUSIP: 77578JAB4<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |  52550000 | PA      | $52479293.98  | 0.91%             | 2025-10-14      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL            | Synchrony Financial                                                            | CUSIP: 87165BAG8<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |  52948000 | PA      | $52913017.26  | 0.92%             | 2025-07-23      | Fixed         | 4.50%                 | 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        |  66105667 | PA      | $65996235.33  | 1.14%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RENEWABLE PART      | BROOKFIELD RENEWABLE PART                                                      | CUSIP: 11284WUN1<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  53000000 | PA      | $52850349.20  | 0.91%             | 2025-07-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                  | Cable One Inc                                                                  | CUSIP: 12685JAE5<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |  69305000 | PA      | $65742723.00  | 1.14%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CHAMPION IRON CANADA INC       | Champion Iron Canada Inc                                                       | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |  29250000 | PA      | $29661522.05  | 0.51%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| COEUR MINING INC               | Coeur Mining Inc                                                               | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |  66150000 | PA      | $64542806.37  | 1.12%             | 2029-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |  19750000 | PA      | $19434432.92  | 0.34%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| DELUXE CORP                    | Deluxe Corp                                                                    | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |  22950000 | PA      | $23709071.25  | 0.41%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| JBT MAREL CORP                 | JBT Marel Corp                                                                 | CUSIP: 477839AB0<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |   9450000 | PA      | $9422595.00   | 0.16%             | 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        |  54664000 | PA      | $54041590.23  | 0.93%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |  55490000 | PA      | $55739848.16  | 0.96%             | 2027-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24680000 | PA      | $24535281.17  | 0.42%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR INC              | Owens & Minor Inc                                                              | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |  52310000 | PA      | $46749028.52  | 0.81%             | 2029-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RYDER SYS INC                  | RYDER SYS INC                                                                  | CUSIP: 78355AUB8<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  29000000 | PA      | $28959336.20  | 0.50%             | 2025-07-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNISYS CORP                    | Unisys Corp                                                                    | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |  79000000 | PA      | $81722926.97  | 1.41%             | 2031-01-15      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC       | United Natural Foods Inc                                                       | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |  67549000 | PA      | $66716291.73  | 1.15%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT          | Banijay Entertainment SAS                                                      | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |  22675000 | PA      | $23522682.20  | 0.41%             | 2029-05-01      | Fixed         | 8.12%                 | 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        |  74500000 | PA      | $71191291.10  | 1.23%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CROWN AMER/CAP CORP V          | Crown Americas LLC / Crown Americas Capital Corp V                             | CUSIP: 22819KAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13984000 | PA      | $13915134.39  | 0.24%             | 2026-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENPRO INC                      | Enpro Inc                                                                      | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |  33604000 | PA      | $34438106.73  | 0.60%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ETSY INC                       | Etsy Inc                                                                       | CUSIP: 29786AAN6<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $6670812.50   | 0.12%             | 2028-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                     | CUSIP: 302301AG1<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |   6790000 | PA      | $9870962.50   | 0.17%             | 2029-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JAMF HOLDING CORP              | Jamf Holding Corp                                                              | CUSIP: 47074LAB1<br>LEI: 254900IHLXZU4Z5ANA12 | Long             | DBT              | CORP              | US        |  11600000 | PA      | $10956218.79  | 0.19%             | 2026-09-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| ADAMS HOMES INC                | Adams Homes Inc                                                                | CUSIP: 00623PAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  40389000 | PA      | $41648288.63  | 0.72%             | 2028-10-15      | Fixed         | 9.25%                 | 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        |  29232000 | PA      | $29172936.74  | 0.50%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                  | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  19750000 | PA      | $19968303.66  | 0.35%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COTY INC                       | Coty Inc                                                                       | CUSIP: 222070AE4<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |  38503000 | PA      | $38624134.29  | 0.67%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                    | Deluxe Corp                                                                    | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |  33721000 | PA      | $32507856.68  | 0.56%             | 2029-06-01      | Fixed         | 8.00%                 | 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        |  55300000 | PA      | $55113960.85  | 0.95%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC        | Enova International Inc                                                        | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |  11750000 | PA      | $12631214.75  | 0.22%             | 2028-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC        | Enova International Inc                                                        | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |  43950000 | PA      | $46301149.20  | 0.80%             | 2029-08-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14739996.00  | 0.26%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FMC CORP DISC COML PAPER 4/A2  | FMC CORP DISC COML PAPER 4/A2                                                  | CUSIP: 34410WU34<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  49000000 | PA      | $48979096.60  | 0.85%             | 2025-07-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                                  | CUSIP: 345370CZ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2872450.00   | 0.05%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                       | CUSIP: 345397XL2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  58685000 | PA      | $58624834.96  | 1.01%             | 2025-08-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD               | GGAM Finance Ltd                                                               | CUSIP: 36170JAB2<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |  70448000 | PA      | $71219898.74  | 1.23%             | 2026-05-15      | Fixed         | 7.75%                 | 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        |  51550000 | PA      | $52349849.80  | 0.91%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN          | Genesis Energy LP / Genesis Energy Finance Corp                                | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10628030.00  | 0.18%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |  57418000 | PA      | $57468765.55  | 0.99%             | 2027-07-15      | Fixed         | 5.50%                 | 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        | 202642855 | NS      | $202642854.83 | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE        | Nissan Motor Acceptance Co LLC                                                 | CUSIP: 65480CAC9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |  33400000 | PA      | $31876930.61  | 0.55%             | 2026-09-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I       | Performance Food Group Inc                                                     | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |  57195000 | PA      | $57123598.91  | 0.99%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |  24500000 | PA      | $25384559.52  | 0.44%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2        | INEOS Quattro Finance 2 Plc                                                    | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |  17500000 | PA      | $17749731.30  | 0.31%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY        | JetBlue Airways Corp / JetBlue Loyalty LP                                      | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  54650000 | PA      | $53181411.32  | 0.92%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L       | New Enterprise Stone & Lime Co Inc                                             | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |  46500000 | PA      | $46643266.50  | 0.81%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                           | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |  23917000 | PA      | $24285919.73  | 0.42%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                     | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |  31000000 | PA      | $31727814.28  | 0.55%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC          | Carriage Services Inc                                                          | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7800000 | PA      | $7374951.48   | 0.13%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM       | Advanced Drainage Systems Inc                                                  | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |  37338000 | PA      | $37014376.62  | 0.64%             | 2027-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP FINANCECO 2        | Match Group Financeco 2 Inc                                                    | CUSIP: 44932FAA5<br>LEI: 549300IPGK4BWL134U96 | Long             | DBT              | CORP              | US        |  42250000 | PA      | $40919125.00  | 0.71%             | 2026-06-15      | Fixed         | 0.88%                 | 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        |  20939000 | PA      | $20807856.95  | 0.36%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ZIFF DAVIS INC                 | Ziff Davis Inc                                                                 | CUSIP: 48123VAE2<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |  10595000 | PA      | $10104981.25  | 0.17%             | 2026-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| KBR INC                        | KBR Inc                                                                        | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |  26095000 | PA      | $25121802.89  | 0.43%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE            | New Home Co Inc/The                                                            | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |  14750000 | PA      | $15051460.50  | 0.26%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PERENTI FINANCE PTY LTD        | Perenti Finance Pty Ltd                                                        | CUSIP: 71367VAA7<br>LEI: 894500ZDIIAOXSQHE612 | Long             | DBT              | CORP              | AU        |  10534674 | PA      | $10534674.39  | 0.18%             | 2025-10-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION              | Xerox Corp                                                                     | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15723720.00  | 0.27%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                     | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |  23500000 | PA      | $24765992.00  | 0.43%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                                  | CUSIP: 345370CX6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $10353633.21  | 0.18%             | 2030-04-22      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO       | Global Infrastructure Solutions Inc                                            | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |  51157000 | PA      | $50998495.15  | 0.88%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |  36682000 | PA      | $37376353.58  | 0.65%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION            | Griffon Corp                                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |  60288000 | PA      | $60320079.24  | 1.04%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HARLEY DAVIDSON FINL SVCS INC  | HARLEY DAVIDSON FINL SVCS INC                                                  | CUSIP: 41282JUH2<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  15000000 | PA      | $14966427.00  | 0.26%             | 2025-07-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HECLA MINING CO                | Hecla Mining Co                                                                | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |  61347000 | PA      | $61871578.20  | 1.07%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC             | Ally Financial Inc                                                             | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |  31981000 | PA      | $32056105.78  | 0.55%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |  53595000 | PA      | $53663762.39  | 0.93%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN       | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |  25489000 | PA      | $25270355.36  | 0.44%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC         | CACI International Inc                                                         | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4644272.16   | 0.08%             | 2033-06-15      | Fixed         | 6.38%                 | 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        |  16234000 | PA      | $16249227.49  | 0.28%             | 2026-04-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| HCA INC                        | HCA INC                                                                        | CUSIP: 40412BUM3<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49856910.00  | 0.86%             | 2025-07-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                 | NCR Voyix Corp                                                                 | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   3825000 | PA      | $3788680.48   | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | 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        |  27438000 | PA      | $25932054.39  | 0.45%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| STL HOLDING CO LLC             | STL Holding Co LLC                                                             | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $8125410.00   | 0.14%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |  20820000 | PA      | $20232032.79  | 0.35%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9980765.00   | 0.17%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VW CREDIT INC                  | VW CREDIT INC                                                                  | CUSIP: 91842JVR7<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  62500000 | PA      | $62052681.25  | 1.07%             | 2025-08-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                       | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6535223.50   | 0.11%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP           | Wabash National Corp                                                           | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |  46750000 | PA      | $42391988.38  | 0.73%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                         | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |  54750000 | PA      | $55477503.22  | 0.96%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO            | Travel + Leisure Co                                                            | CUSIP: 98310WAM0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |  63249000 | PA      | $63502230.02  | 1.10%             | 2025-10-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| RXO INC                        | RXO Inc                                                                        | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |  24500000 | PA      | $25138741.22  | 0.43%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP            | Xerox Holdings Corp                                                            | CUSIP: 98421MAA4<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |  23811000 | PA      | $23709448.47  | 0.41%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP            | Xerox Holdings Corp                                                            | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |  28000000 | PA      | $21170212.56  | 0.37%             | 2029-11-30      | Fixed         | 8.88%                 | 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        |  45765000 | PA      | $41367024.69  | 0.72%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |  31700000 | PA      | $27337782.02  | 0.47%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INTL CORP         | CROWN CASTLE INTL CORP                                                         | CUSIP: 22823PU19<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49993115.00  | 0.86%             | 2025-07-01      | Fixed         | 0.00%                 | 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        |  18700000 | PA      | $18994002.71  | 0.33%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT         | HAT Holdings I LLC / HAT Holdings II LLC                                       | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  65841000 | PA      | $64439407.74  | 1.11%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |  19000000 | PA      | $19846832.66  | 0.34%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INTEGRA LIFESCIENCES HLD       | Integra LifeSciences Holdings Corp                                             | CUSIP: 457985AM1<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | DBT              | CORP              | US        |  52201000 | PA      | $51744241.25  | 0.90%             | 2025-08-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                              | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $19925518.00  | 0.34%             | 2028-03-15      | Fixed         | 5.25%                 | 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        |  62250000 | PA      | $64536753.75  | 1.12%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MANITOWOC COMPANY INC          | Manitowoc Co Inc/The                                                           | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |  34500000 | PA      | $36352236.35  | 0.63%             | 2031-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| WAYFAIR INC                    | Wayfair Inc                                                                    | CUSIP: 94419LAM3<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |  28079000 | PA      | $27475301.50  | 0.48%             | 2025-10-01      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                                                    | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  50000000 | PA      | $49921833.50  | 0.86%             | 2025-10-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                     | CPI CG Inc                                                                     | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |  31400000 | PA      | $33519500.00  | 0.58%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| SIGNATURE AVIATION US          | Signature Aviation US Holdings Inc                                             | CUSIP: 05545MAC6<br>LEI: 213800CSNQ87U1MC8N11 | Long             | DBT              | CORP              | US        |  25600000 | PA      | $22423168.00  | 0.39%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |  14500000 | PA      | $14173013.40  | 0.25%             | 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        |  30747000 | PA      | $29574346.32  | 0.51%             | 2029-06-01      | 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        |  21807000 | PA      | $13362849.85  | 0.23%             | 2031-08-31      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD       | Macquarie Airfinance Holdings Ltd                                              | CUSIP: 55609NAB4<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |   7000000 | PA      | $7326298.00   | 0.13%             | 2029-03-30      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| HAEMONETICS CORP               | Haemonetics Corp                                                               | CUSIP: 405024AB6<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |  48320000 | PA      | $46803658.48  | 0.81%             | 2026-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| INSTALLED BUILDING PRODU       | Installed Building Products Inc                                                | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6756707.48   | 0.12%             | 2028-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JABIL INC DISC COML PAPER      | JABIL INC DISC COML PAPER                                                      | CUSIP: 46652LUE5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  25500000 | PA      | $25449632.40  | 0.44%             | 2025-07-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MSILF Treasury Securities Port | MSILF Treasury Securities Portfolio                                            | CUSIP: 61747C525<br>LEI: 549300OJY9IZ31SGS926 | Long             | STIV             | RF                | US        | 202642855 | NS      | $202642854.84 | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW HOME CO INC/THE            | New Home Co Inc/The                                                            | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |  52500000 | PA      | $54511432.50  | 0.94%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| VAREX IMAGING CORPORATIO       | Varex Imaging Corp                                                             | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |  42334000 | PA      | $42881886.63  | 0.74%             | 2027-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD             | Viking Cruises Ltd                                                             | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |  20000000 | PA      | $20024060.00  | 0.35%             | 2027-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                    | Vistra Operations Co LLC                                                       | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |  63016000 | PA      | $63118409.19  | 1.09%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                 | AIR LEASE CORP                                                                 | CUSIP: 00913WUM5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  40000000 | PA      | $39887864.00  | 0.69%             | 2025-07-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ADR TONGJIANG CO. ESCROW       | ADR TONGJIANG CO. ESCROW                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  61582000 | NS      | $46248.08     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| API GROUP DE INC               | APi Group DE Inc                                                               | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |  26650000 | PA      | $25429707.16  | 0.44%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR         | Blackstone Mortgage Trust Inc                                                  | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |  26000000 | PA      | $27621672.00  | 0.48%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 43734LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  23250000 | PA      | $23174186.40  | 0.40%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKTA INC                       | Okta Inc                                                                       | CUSIP: 679295AD7<br>LEI: 549300N8J06I8MRHU620 | Long             | DBT              | CORP              | US        |  17434000 | PA      | $17346830.00  | 0.30%             | 2025-09-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| REAL HERO MERGER SUB 2         | Real Hero Merger Sub 2 Inc                                                     | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  54702000 | PA      | $39624941.77  | 0.69%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC           | Sonic Automotive Inc                                                           | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |  34500000 | PA      | $33478037.55  | 0.58%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                | Thor Industries Inc                                                            | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9381642.00   | 0.16%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                   | US Foods Inc                                                                   | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |  23384000 | PA      | $22993335.20  | 0.40%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WIX LTD                        | Wix.com Ltd                                                                    | CUSIP: 92940WAD1<br>LEI: 5493008P6N29Q1AG9464 | Long             | DBT              | CORP              | IL        |  51443000 | PA      | $51314391.47  | 0.89%             | 2025-08-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS             | Advance Auto Parts Inc                                                         | CUSIP: 00751YAH9<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |  52988000 | PA      | $53028005.94  | 0.92%             | 2026-03-09      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ALARM.COM HLDGS INC            | Alarm.com Holdings Inc                                                         | CUSIP: 011642AB1<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14625000.00  | 0.25%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |  21310000 | PA      | $21318773.33  | 0.37%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                  | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   9500000 | PA      | $9581385.08   | 0.17%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY       | Century Aluminum Co                                                            | CUSIP: 156431AN8<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |  35905000 | PA      | $36576674.84  | 0.63%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |   7050000 | PA      | $6849926.64   | 0.12%             | 2026-05-15      | Fixed         | 6.50%                 | 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        |  47341000 | PA      | $47633378.02  | 0.82%             | 2027-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PERENTI FINANCE PTY LTD        | Perenti Finance Pty Ltd                                                        | CUSIP: 71367VAB5<br>LEI: 894500ZDIIAOXSQHE612 | Long             | DBT              | CORP              | AU        |  12000000 | PA      | $12419520.00  | 0.21%             | 2029-04-26      | Fixed         | 7.50%                 | 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        |  25728000 | PA      | $24969409.92  | 0.43%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME          | Six Flags Entertainment Corp                                                   | CUSIP: 83001WAC8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |  12447000 | PA      | $12447000.00  | 0.22%             | 2025-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Grocers Inc       | Southeastern Grocers Inc                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   4649942 | NS      | $186202.28    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SUNCOKE ENERGY INC             | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |  42674000 | PA      | $39743813.26  | 0.69%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                  | Tidewater Inc                                                                  | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |  24000000 | PA      | $24710094.96  | 0.43%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP              | Tutor Perini Corp                                                              | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |  24500000 | PA      | $27596849.00  | 0.48%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |  45580000 | PA      | $45602630.47  | 0.79%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                | Fair Isaac Corp                                                                | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |  29244000 | PA      | $29282455.86  | 0.51%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BF7<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |  13168000 | PA      | $13210013.82  | 0.23%             | 2026-05-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PACIRA BIOSCIENCES INC         | Pacira BioSciences Inc                                                         | CUSIP: 695127AF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  30327000 | PA      | $30139026.28  | 0.52%             | 2025-08-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP        | Penske Automotive Group Inc                                                    | CUSIP: 70959WAJ2<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |  50022000 | PA      | $49886875.57  | 0.86%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REAL ALLOY EQUITY              | REAL ALLOY EQUITY                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       666 | NS      | $45425152.50  | 0.79%             |  |  |  | No            |                  3 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd                                                    | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |  61302000 | PA      | $61555483.77  | 1.06%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP            | Xerox Holdings Corp                                                            | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |  22339000 | PA      | $17134557.62  | 0.30%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-22

**Name of Applicant:** Professionally Managed Portfolios

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

**Name of Signer:** Kathryn LaPlante Johnson

**Title:** Assistant Treasurer