# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000894189-26-003895
**Filing Date:** 2026-2
**Character Count:** 98501
**Document Hash:** e5c0050c30c0da01d61e2fbc78593140
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-003895.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0000894189-26-003895

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 26646808

**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** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 61.2%** | **Par** | **Value**  |
| **Automobile Components - 2.8%** | **Automobile Components - 2.8%** | **Automobile Components - 2.8%** |
| Adient Global Holdings Ltd. | Adient Global Holdings Ltd. | Adient Global Holdings Ltd. |
| &nbsp;&nbsp; 7.00%, 04/15/2028 <sup>(a)</sup> | $14650000 | $15110117 |
| &nbsp;&nbsp; 7.50%, 02/15/2033 <sup>(a)</sup> | 31000000 | 32017045 |
| American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
| &nbsp;&nbsp; 6.88%, 07/01/2028 | 33511000 | 33674768 |
| &nbsp;&nbsp; 7.75%, 10/15/2033 <sup>(a)</sup> | 29000000 | 29567594 |
| Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. |
| &nbsp;&nbsp; 5.00%, 07/15/2029 | 14500000 | 14179820 |
| &nbsp;&nbsp; 6.63%, 07/15/2030 | 38082000 | 39024910 |
|  |  | 163574254 |
| **Automobiles - 1.1%** | **Automobiles - 1.1%** | **Automobiles - 1.1%** |
|  Ford Motor Co., 9.63%, 04/22/2030 | 9000000 | 10434830 |
|  Ford Motor Credit Co. LLC, 6.95%, 03/06/2026 | 14000000 | 14032244 |
|  Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 <sup>(a)</sup> | 33400000 | 32689606 |
|  Thor Industries, Inc., 4.00%, 10/15/2029 <sup>(a)</sup> | 10000000 | 9646377 |
|  |  | 66803057 |
| **Banks - 0.4%** | **Banks - 0.4%** | **Banks - 0.4%** |
|  Bancorp, Inc., 7.38%, 09/01/2030 | 19500000 | 20281879 |
| **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 | 25061107 |
| **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 | 37422123 |
|  Griffon Corp., 5.75%, 03/01/2028 | 60288000 | 60442096 |
|  |  | 97864219 |
| **Chemicals - 0.9%** | **Chemicals - 0.9%** | **Chemicals - 0.9%** |
| Consolidated Energy Finance SA | Consolidated Energy Finance SA | Consolidated Energy Finance SA |
| &nbsp;&nbsp; 6.50%, 05/15/2026 <sup>(a)</sup> | 7050000 | 6839697 |
| &nbsp;&nbsp; 5.63%, 10/15/2028 <sup>(a)</sup> | 31700000 | 20644625 |
| &nbsp;&nbsp; 12.00%, 02/15/2031 <sup>(a)</sup> | 19750000 | 13987938 |
|  INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029 <sup>(a)</sup> | 17500000 | 12152567 |
|  |  | 53624827 |
| **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 | 34408638 |
| &nbsp;&nbsp; 8.13%, 09/15/2029 <sup>(a)</sup> | 23450000 | 24733390 |
|  Pitney Bowes, Inc., 7.25%, 03/15/2029 <sup>(a)</sup> | 62645000 | 63648187 |
|  |  | 122790215 |
| **Computers & Peripherals - 1.0%** | **Computers & Peripherals - 1.0%** | **Computers & Peripherals - 1.0%** |
|  CPI CG, Inc., 10.00%, 07/15/2029 <sup>(a)</sup> | 29196000 | 31071219 |
|  Western Digital Corp., 4.75%, 02/15/2026 | 13029000 | 13082549 |
|  Xerox Corp., 10.25%, 10/15/2030 <sup>(a)</sup> | 15000000 | 14426229 |
|  |  | 58579997 |
| **Construction & Engineering - 3.1%** | **Construction & Engineering - 3.1%** | **Construction & Engineering - 3.1%** |
|  APi Group DE, Inc., 4.13%, 07/15/2029 <sup>(a)</sup> | 26650000 | 26042609 |
|  Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 <sup>(a)</sup> | 51157000 | 51392946 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 <sup>(a)</sup> | 30747000 | 30151806 |
|  New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028 <sup>(a)</sup> | 46500000 | 46664657 |
|  Tutor Perini Corp., 11.88%, 04/30/2029 <sup>(a)</sup> | 24500000 | 27311366 |
|  |  | 181563384 |
| **Consumer Finance - 3.4%** | **Consumer Finance - 3.4%** | **Consumer Finance - 3.4%** |
|  Atlanticus Holdings Corp., 9.75%, 09/01/2030 <sup>(a)</sup> | 29500000 | 29593692 |
| Enova International, Inc. | Enova International, Inc. | Enova International, Inc. |
| &nbsp;&nbsp; 11.25%, 12/15/2028 <sup>(a)</sup> | 11750000 | 12435521 |
| &nbsp;&nbsp; 9.13%, 08/01/2029 <sup>(a)</sup> | 43950000 | 46804860 |
|  EZCORP, Inc., 7.38%, 04/01/2032 <sup>(a)</sup> | 23500000 | 24991099 |
| FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |
| &nbsp;&nbsp; 4.63%, 09/01/2028 <sup>(a)</sup> | 15000000 | 14970223 |
| &nbsp;&nbsp; 5.63%, 01/01/2030 <sup>(a)</sup> | 19500000 | 19657774 |
| &nbsp;&nbsp; 6.88%, 03/01/2032 <sup>(a)</sup> | 24500000 | 25515567 |
|  OneMain Finance Corp., 7.13%, 03/15/2026 | 23917000 | 24171716 |
|  |  | 198140452 |
| **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 | 42583243 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 <sup>(a)</sup> | 62750000 | 65947044 |
|  Performance Food Group, Inc., 5.50%, 10/15/2027 <sup>(a)</sup> | 57195000 | 57310991 |
|  United Natural Foods, Inc., 6.75%, 10/15/2028 <sup>(a)</sup> | 67549000 | 67936731 |
|  US Foods, Inc., 4.75%, 02/15/2029 <sup>(a)</sup> | 23384000 | 23286407 |
|  |  | 257064416 |
| **Containers & Packaging - 0.3%** | **Containers & Packaging - 0.3%** | **Containers & Packaging - 0.3%** |
|  Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026 | 15025000 | 14977437 |
| **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 | 7544733 |
| **Energy Equipment & Services - 0.8%** | **Energy Equipment & Services - 0.8%** | **Energy Equipment & Services - 0.8%** |
|  HMH Holding BV, 7.88%, 12/17/2028 <sup>(a)</sup> | 21400000 | 21921214 |
|  Tidewater, Inc., 9.13%, 07/15/2030 <sup>(a)</sup> | 24000000 | 25778290 |
|  |  | 47699504 |
| **Entertainment - 0.8%** | **Entertainment - 0.8%** | **Entertainment - 0.8%** |
|  Banijay Entertainment SAS, 8.13%, 05/01/2029 <sup>(a)</sup> | 46177000 | 48102211 |
| **Financial Services - 1.4%** | **Financial Services - 1.4%** | **Financial Services - 1.4%** |
|  Burford Capital Global Finance LLC, 6.25%, 04/15/2028 <sup>(a)</sup> | 25489000 | 25351614 |
|  HAS Capital Income Opportunity Fund II LLC, 8.00%, 08/31/2031 <sup>(a)(b)</sup> | 21807000 | 13957658 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| &nbsp;&nbsp; 5.75%, 06/15/2027 <sup>(a)</sup> | 10000000 | 10063430 |
| &nbsp;&nbsp; 5.50%, 04/15/2029 <sup>(a)</sup> | 20820000 | 20698305 |
|  UWM Holdings LLC, 6.25%, 03/15/2031 <sup>(a)</sup> | 12500000 | 12486072 |
|  |  | 82557079 |
| **Food Products - 0.5%** | **Food Products - 0.5%** | **Food Products - 0.5%** |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 <sup>(a)</sup> | 27438000 | 26470830 |
| **Ground Transportation - 0.4%** | **Ground Transportation - 0.4%** | **Ground Transportation - 0.4%** |
|  RXO, Inc., 7.50%, 11/15/2027 <sup>(a)</sup> | 24500000 | 25094370 |
| **Health Care Equipment & Supplies - 0.9%** | **Health Care Equipment & Supplies - 0.9%** | **Health Care Equipment & Supplies - 0.9%** |
|  Varex Imaging Corp., 7.88%, 10/15/2027 <sup>(a)</sup> | 50334000 | 51523040 |
| **Health Care Providers & Services - 1.1%** | **Health Care Providers & Services - 1.1%** | **Health Care Providers & Services - 1.1%** |
|  Accendra Health, Inc., 4.50%, 03/31/2029 <sup>(a)</sup> | 52310000 | 35533733 |
|  AMN Healthcare, Inc., 6.50%, 01/15/2031 <sup>(a)</sup> | 29500000 | 29528527 |
|  |  | 65062260 |
| **Hotels, Restaurants & Leisure - 2.0%** | **Hotels, Restaurants & Leisure - 2.0%** | **Hotels, Restaurants & Leisure - 2.0%** |
|  NCL Corp. Ltd., 5.88%, 02/15/2027 <sup>(a)</sup> | 55490000 | 55739972 |
|  Royal Caribbean Cruises Ltd., 5.50%, 08/31/2026 <sup>(a)</sup> | 61302000 | 61401312 |
|  |  | 117141284 |
| **Household Durables - 3.4%** | **Household Durables - 3.4%** | **Household Durables - 3.4%** |
|  Adams Homes, Inc., 9.25%, 10/15/2028 <sup>(a)</sup> | 40389000 | 42280700 |
|  Empire Communities Corp., 9.75%, 05/01/2029 <sup>(a)</sup> | 48250000 | 49828513 |
|  Installed Building Products, Inc., 5.75%, 02/01/2028 <sup>(a)</sup> | 6750000 | 6780280 |
|  K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031 <sup>(a)</sup> | 22400000 | 22882115 |
| New Home Co., Inc. | New Home Co., Inc. | New Home Co., Inc. |
| &nbsp;&nbsp; 9.25%, 10/01/2029 <sup>(a)</sup> | 52500000 | 54858074 |
| &nbsp;&nbsp; 8.50%, 11/01/2030 <sup>(a)</sup> | 14750000 | 15208769 |
|  STL Holding Co. LLC, 8.75%, 02/15/2029 <sup>(a)</sup> | 7750000 | 8176560 |
|  |  | 200015011 |
| **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 | 6885000 | 6899433 |
| **Industrial Power & Renewable Electricity Products - 0.4%** | **Industrial Power & Renewable Electricity Products - 0.4%** | **Industrial Power & Renewable Electricity Products - 0.4%** |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp; 5.05%, 12/30/2026 <sup>(a)</sup> | 6500000 | 6549738 |
| &nbsp;&nbsp; 5.00%, 07/31/2027 <sup>(a)</sup> | 17150000 | 17250339 |
|  |  | 23800077 |
| **IT Services - 1.4%** | **IT Services - 1.4%** | **IT Services - 1.4%** |
|  Unisys Corp., 10.63%, 01/15/2031 <sup>(a)</sup> | 79000000 | 80999095 |
| **Life Sciences Tools & Services - 0.3%** | **Life Sciences Tools & Services - 0.3%** | **Life Sciences Tools & Services - 0.3%** |
|  IQVIA, Inc., 5.00%, 10/15/2026 <sup>(a)</sup> | 14500000 | 14500348 |
| **Machinery - 2.1%** | **Machinery - 2.1%** | **Machinery - 2.1%** |
|  Enpro, Inc., 6.13%, 06/01/2033 <sup>(a)</sup> | 33604000 | 34757457 |
|  Manitowoc Co., Inc., 9.25%, 10/01/2031 <sup>(a)</sup> | 34500000 | 37185879 |
|  Wabash National Corp., 4.50%, 10/15/2028 <sup>(a)</sup> | 56550000 | 52956084 |
|  |  | 124899420 |
| **Media - 0.4%** | **Media - 0.4%** | **Media - 0.4%** |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 <sup>(a)</sup> | 22666000 | 22811878 |
| **Metals & Mining - 4.3%** | **Metals & Mining - 4.3%** | **Metals & Mining - 4.3%** |
|  Century Aluminum Co., 6.88%, 08/01/2032 <sup>(a)</sup> | 27500000 | 28406336 |
|  Champion Iron Canada, Inc., 7.88%, 07/15/2032 <sup>(a)</sup> | 51750000 | 55150491 |
|  Coeur Mining, Inc., 5.13%, 02/15/2029 <sup>(a)</sup> | 66150000 | 65750408 |
|  Commercial Metals Co., 5.75%, 11/15/2033 <sup>(a)</sup> | 6750000 | 6906006 |
|  Hecla Mining Co., 7.25%, 02/15/2028 | 33967000 | 34213770 |
|  Perenti Finance Pty Ltd., 7.50%, 04/26/2029 <sup>(a)</sup> | 12000000 | 12506762 |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 49066000 | 45605145 |
|  |  | 248538918 |
| **Mortgage Real Estate Investment Trusts - REITS - 2.5%** | **Mortgage Real Estate Investment Trusts - REITS - 2.5%** | **Mortgage Real Estate Investment Trusts - REITS - 2.5%** |
|  Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029 <sup>(a)</sup> | 26000000 | 27760668 |
|  HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 <sup>(a)</sup> | 65841000 | 65436099 |
|  Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027 <sup>(a)</sup> | 50341000 | 50522975 |
|  |  | 143719742 |
| **Oil, Gas & Consumable Fuels - 3.3%** | **Oil, Gas & Consumable Fuels - 3.3%** | **Oil, Gas & Consumable Fuels - 3.3%** |
| Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. |
| &nbsp;&nbsp; 11.00%, 04/15/2026 <sup>(a)</sup> | 9880000 | 9982367 |
| &nbsp;&nbsp; 9.75%, 07/15/2028 <sup>(a)</sup> | 64232000 | 65309813 |
| 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 | 51794415 |
| &nbsp;&nbsp; 8.88%, 04/15/2030 | 10000000 | 10555660 |
|  Global Partners LP / GLP Finance Corp., 7.13%, 07/01/2033 <sup>(a)</sup> | 18700000 | 19159590 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 <sup>(a)</sup> | 37030000 | 38581552 |
|  |  | 195383397 |
| **Passenger Airlines - 4.2%** | **Passenger Airlines - 4.2%** | **Passenger Airlines - 4.2%** |
|  Allegiant Travel Co., 7.25%, 08/15/2027 <sup>(a)</sup> | 48569000 | 49278690 |
| American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
| &nbsp;&nbsp; 7.25%, 02/15/2028 <sup>(a)</sup> | 5000000 | 5114003 |
| &nbsp;&nbsp; 8.50%, 05/15/2029 <sup>(a)</sup> | 17234000 | 18038156 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026 <sup>(a)</sup> | 51123167 | 51222419 |
|  JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031 <sup>(a)</sup> | 54650000 | 55105574 |
|  United Airlines, Inc., 4.38%, 04/15/2026 <sup>(a)</sup> | 63930000 | 63888496 |
|  |  | 242647338 |
| **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** |
|  Harrow, Inc., 8.63%, 09/15/2030 <sup>(a)</sup> | 17315000 | 18209579 |
| **Professional Services - 1.7%** | **Professional Services - 1.7%** | **Professional Services - 1.7%** |
|  CACI International, Inc., 6.38%, 06/15/2033 <sup>(a)</sup> | 4500000 | 4661679 |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 <sup>(a)</sup> | 74500000 | 64447134 |
|  KBR, Inc., 4.75%, 09/30/2028 <sup>(a)</sup> | 29780000 | 29342978 |
|  |  | 98451791 |
| **Software - 1.1%** | **Software - 1.1%** | **Software - 1.1%** |
|  Fair Isaac Corp., 5.25%, 05/15/2026 <sup>(a)</sup> | 36453000 | 36527296 |
|  NCR Voyix Corp., 5.00%, 10/01/2028 <sup>(a)</sup> | 3825000 | 3811494 |
|  Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030 <sup>(a)</sup> | 30000000 | 26250162 |
|  |  | 66588952 |
| **Specialized REITs - 0.3%** | **Specialized REITs - 0.3%** | **Specialized REITs - 0.3%** |
|  Iron Mountain, Inc., 5.25%, 03/15/2028 <sup>(a)</sup> | 20000000 | 20116790 |
| **Specialty Retail - 3.0%** | **Specialty Retail - 3.0%** | **Specialty Retail - 3.0%** |
|  Advance Auto Parts, Inc., 7.00%, 08/01/2030 <sup>(a)</sup> | 27080000 | 27331763 |
|  Ken Garff Automotive LLC, 4.88%, 09/15/2028 <sup>(a)</sup> | 54664000 | 54523530 |
|  Sonic Automotive, Inc., 4.63%, 11/15/2029 <sup>(a)</sup> | 34500000 | 33894018 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | 57600000 | 57019743 |
|  |  | 172769054 |
| **Textiles, Apparel & Luxury Goods - 0.8%** | **Textiles, Apparel & Luxury Goods - 0.8%** | **Textiles, Apparel & Luxury Goods - 0.8%** |
|  William Carter Co., 7.38%, 02/15/2031 <sup>(a)</sup> | 43300000 | 44822861 |
| **Trading Companies & Distributors - 1.6%** | **Trading Companies & Distributors - 1.6%** | **Trading Companies & Distributors - 1.6%** |
| Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
| &nbsp;&nbsp; 7.00%, 06/15/2030 <sup>(a)</sup> | 19000000 | 20006777 |
| &nbsp;&nbsp; 5.75%, 03/15/2031 <sup>(a)</sup> | 5500000 | 5587549 |
| &nbsp;&nbsp; 6.00%, 03/15/2034 <sup>(a)</sup> | 3500000 | 3547529 |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028 <sup>(a)</sup> | 64308000 | 65279244 |
|  |  | 94421099 |
| **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 | 23680000 |
| **TOTAL CORPORATE BONDS** (Cost $3,576,929,271) | **TOTAL CORPORATE BONDS** (Cost $3,576,929,271) | 3574795338 |
| **CONVERTIBLE BONDS - 11.8%** | **Par** | **Value**  |
| **Broadline Retail - 0.1%** | **Broadline Retail - 0.1%** | **Broadline Retail - 0.1%** |
|  Etsy, Inc., 0.25%, 06/15/2028 | 7750000 | 6942062 |
| **Health Care Equipment & Supplies - 0.8%** | **Health Care Equipment & Supplies - 0.8%** | **Health Care Equipment & Supplies - 0.8%** |
|  Haemonetics Corp., 0.00%, 03/01/2026 <sup>(c)</sup> | 48320000 | 47957600 |
| **Hotel & Resort REITs - 1.3%** | **Hotel & Resort REITs - 1.3%** | **Hotel & Resort REITs - 1.3%** |
|  Pebblebrook Hotel Trust, 1.75%, 12/15/2026 | 8600000 | 8320500 |
|  Summit Hotel Properties, Inc., 1.50%, 02/15/2026 | 70037000 | 69826889 |
|  |  | 78147389 |
| **Hotels, Restaurants & Leisure - 3.2%** | **Hotels, Restaurants & Leisure - 3.2%** | **Hotels, Restaurants & Leisure - 3.2%** |
|  Airbnb, Inc., 0.00%, 03/15/2026 <sup>(c)</sup> | 76000000 | 75392000 |
|  Marriott Vacations Worldwide Corp., 0.00%, 01/15/2026 <sup>(c)</sup> | 70011000 | 69926987 |
|  Vail Resorts, Inc., 0.00%, 01/01/2026 <sup>(c)</sup> | 40704000 | 40724352 |
|  |  | 186043339 |
| **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> | 44250000 | 43588462 |
|  Ziff Davis, Inc., 1.75%, 11/01/2026 | 10595000 | 10383100 |
|  |  | 53971562 |
| **Machinery - 0.1%** | **Machinery - 0.1%** | **Machinery - 0.1%** |
|  JBT Marel Corp., 0.25%, 05/15/2026 | 3985000 | 4089407 |
| **Media - 2.2%** | **Media - 2.2%** | **Media - 2.2%** |
|  Cable One, Inc., 0.00%, 03/15/2026 <sup>(c)</sup> | 69305000 | 68438687 |
|  Liberty Broadband Corp., 3.13%, 03/31/2053 <sup>(a)</sup> | 60389000 | 59875694 |
|  |  | 128314381 |
| **Semiconductors & Semiconductor Equipment - 1.2%** | **Semiconductors & Semiconductor Equipment - 1.2%** | **Semiconductors & Semiconductor Equipment - 1.2%** |
|  Enphase Energy, Inc., 0.00%, 03/01/2026 <sup>(c)</sup> | 68000000 | 67320000 |
| **Software - 2.0%** | **Software - 2.0%** | **Software - 2.0%** |
|  Alarm.com Holdings, Inc., 0.00%, 01/15/2026 <sup>(c)</sup> | 41165000 | 41267913 |
|  Bentley Systems, Inc., 0.13%, 01/15/2026 | 74800000 | 74659750 |
|  |  | 115927663 |
| **TOTAL CONVERTIBLE BONDS** (Cost $688,456,630) | **TOTAL CONVERTIBLE BONDS** (Cost $688,456,630) | 688713403 |
| **COMMON STOCKS - 0.7%** | **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)(e)</sup> | 4649942 | 186202 |
| Tops Holding, Litigation Trust Proceeds <sup>(b)(e)</sup> | 61582000 | 46248 |
|  |  | 232450 |
| **Metals & Mining - 0.7%** | **Metals & Mining - 0.7%** |  |
| Real Alloy Equity <sup>(b)(e)</sup> | 666 | 42097303 |
| **TOTAL COMMON STOCKS** (Cost $41,151,172) | **TOTAL COMMON STOCKS** (Cost $41,151,172) | 42329753 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **COMMERCIAL PAPER - 17.4%** | **Par** | **Value**  |
| **Automobiles - 2.2%** |  |  |
| Harley-Davidson Financial Services, Inc., 4.44%, 01/16/2026 <sup>(a)(f)</sup> | 25500000 | 25455138 |
| Hyundai Capital America, 4.16%, 01/09/2026 <sup>(a)(f)</sup> | 50000000 | 49952590 |
| Volkswagen Group of America Finance LLC, 4.17%, 01/05/2026 <sup>(a)(f)</sup> | 55000000 | 54971483 |
|  |  | 130379211 |
| **Beverages - 0.7%** |  |  |
| Keurig Dr Pepper, Inc., 4.30%, 01/15/2026 <sup>(a)(f)</sup> | 40000000 | 39937044 |
| **Broadline Retail - 0.8%** |  |  |
| Dollarama, Inc., 4.23%, 01/28/2026 <sup>(a)(f)</sup> | 50000000 | 49843730 |
| **Commercial Services & Supplies - 0.6%** |  |  |
| Cintas Corp. No 2, 4.05%, 01/05/2026 <sup>(a)(f)</sup> | 36945000 | 36925419 |
| **Consumer Finance - 0.8%** |  |  |
| American Honda Finance Corp., 4.17%, 01/26/2026 <sup>(f)</sup> | 50000000 | 49861810 |
| **Consumer Staples Distribution & Retail - 1.8%** |  |  |
| Alimentation Couche-Tard, Inc. |  |  |
| &nbsp;&nbsp; 4.18%, 01/20/2026 <sup>(a)(f)</sup> | 34000000 | 33926176 |
| &nbsp;&nbsp; 4.11%, 01/12/2026 <sup>(a)(f)</sup> | 20000000 | 19974060 |
| Sysco Corp., 4.14%, 02/17/2026 <sup>(a)(f)</sup> | 50000000 | 49745735 |
|  |  | 103645971 |
| **Distributors - 1.9%** |  |  |
| Bacardi-Martini BV, 4.31%, 01/22/2026 <sup>(a)(f)</sup> | 60000000 | 59848500 |
| Genuine Parts Co., 4.42%, 01/08/2026 <sup>(a)(f)</sup> | 50000000 | 49954965 |
|  |  | 109803465 |
| **Diversified Telecommunication Services - 0.4%** |  |  |
| Bell Telephone Co. of Canada or Bell Canada, 4.15%, 01/21/2026 <sup>(a)(f)</sup> | 25000000 | 24944235 |
| **Electric Utilities - 0.8%** |  |  |
| Brookfield Infrastructure Holdings Canada, Inc., 4.15%, 01/13/2026 <sup>(f)</sup> | 49000000 | 48929651 |
| **Financial Services - 0.9%** |  |  |
| Bunge Ltd. Finance Corp., 4.13%, 01/07/2026 <sup>(a)(f)</sup> | 54000000 | 53959678 |
| **Food Products - 0.9%** |  |  |
| McCormick & Co., Inc./MD, 4.09%, 01/02/2026 <sup>(a)(f)</sup> | 50000000 | 49989710 |
| **Ground Transportation - 1.0%** |  |  |
| Canadian Pacific Railway Co., 4.14%, 01/05/2026 <sup>(a)(f)</sup> | 18800000 | 18790081 |
| Penske Truck Leasing Co. LP |  |  |
| &nbsp;&nbsp; 4.14%, 02/09/2026 <sup>(f)</sup> | 22000000 | 21902223 |
| &nbsp;&nbsp; 4.11%, 01/09/2026 <sup>(f)</sup> | 20000000 | 19980478 |
|  |  | 60672782 |
| **Health Care Providers & Services - 0.9%** |  |  |
| HCA, Inc., 4.32%, 01/06/2026 <sup>(a)(f)</sup> | 50000000 | 49966905 |
| **Hotels, Restaurants & Leisure - 0.9%** |  |  |
| Marriott International, Inc./MD, 4.02%, 01/21/2026 <sup>(a)(f)</sup> | 50000000 | 49884895 |
| **Machinery - 1.0%** |  |  |
| PARKER-HANNIFIN CORP, 4.08%, 01/20/2026 <sup>(f)</sup> | 50000000 | 49893380 |
| Parker-Hannifin Corp., 4.08%, 01/22/2026 <sup>(a)(f)</sup> | 10000000 | 9976545 |
|  |  | 59869925 |
| **Metals & Mining - 0.9%** |  |  |
| Glencore Funding LLC, 4.08%, 01/05/2026 <sup>(a)(f)</sup> | 50000000 | 49972835 |
| **Specialized REITs - 0.9%** |  |  |
| Extra Space Storage LP, 4.14%, 01/15/2026 <sup>(a)(f)</sup> | 50000000 | 49919775 |
| **TOTAL COMMERCIAL PAPER** (Cost $1,018,517,952) | **TOTAL COMMERCIAL PAPER** (Cost $1,018,517,952) | 1018507041 |
| **MONEY MARKET FUNDS - 7.8%** | **Shares** | **Value**  |
| Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.59% <sup>(g)</sup> | 154621330 | 154621330 |
| First American US Treasury Money Market Fund - Class X, 3.62% <sup>(g)</sup> | 145525957 | 145525957 |
| MSILF Treasury Securities Portfolio - Institutional Class, 3.62% <sup>(g)</sup> | 154621330 | 154621330 |
| **TOTAL MONEY MARKET FUNDS** (Cost $454,768,617) | **TOTAL MONEY MARKET FUNDS** (Cost $454,768,617) | 454768617 |
| **TOTAL INVESTMENTS - 98.9% (**Cost $5,779,823,642**)** | **TOTAL INVESTMENTS - 98.9% (**Cost $5,779,823,642**)** | 5779114152 |
| Other Assets in Excess of Liabilities - 1.1% | Other Assets in Excess of Liabilities - 1.1% | 63057615 |
| **TOTAL NET ASSETS - 100.0%** |  | $5842171767 |

---

---

| |
|:---|
| Par amount is in USD unless otherwise indicated. |
| 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. |

---

---

| |
|:---|
| 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 December 31, 2025, the value of these securities total $4,158,433,466 or 71.2% 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
 $56,287,411 or 1.0% of net assets as of December 31, 2025.

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

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

(e) Non-income producing security.

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

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

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
Osterweis 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $3560837680 | $13957658 | $3574795338 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 688713403 | – | 688713403 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | – | – | 42329753 | 42329753 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | – | 1018507041 | – | 1018507041 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 454768617 | – | – | 454768617 |
| Total Investments | $454768617 | $5268058124 | $56287411 | $5779114152 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs** | **<u>Level 3</u>** |
| Beginning balance as of March 31, 2025 | $63744559 |
| Purchases | (945594) |
| Change in unrealized appreciation/depreciation | (6511554) |
| Amortization/(Accretion) | 0 |
| Ending balance as of December 31, 2025 | $56287411 |
|  | $0 |
| Change in unrealized appreciation/depreciation still held as of December 31, 2025 | $(6511554) |
|  | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Description</u>** | **<u>Fair Value as of</u>**<br>  **<u>December 31, 2025</u>** | **<u>Valuation Technique</u>** | **<u>Unobservable Inputs</u>** | **<u>Input Values</u>** <br> <u>(Ranges)</u> |
| Corporate Bonds | $13957658 | Discounted Cash Flow | Adjustment to Yield | 300 bps |
| Common Stocks |  | Market Data | Last Trade Price | $63250 |
|  |  | Estimated Proceeds | Future Proceeds from Equity Take-Out | 0.040044 |
|  | $42329753 | Estimated Proceeds | Future Proceeds from the Litigation Trust | 0.0007514 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** 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:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5847768614.88

**Total Liabilities:** $5262020.50

**Net Assets:** $5842506594.38

**Cash Not Reported:** $47.44

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 5360.800630000000 | **1-Year:** 1454.033714000000 | **5-Year:** 2685.543164000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 228468.105087000000 | **1-Year:** 220495.023031000000 | **5-Year:** 86582.278857000000 | **10-Year:** 715.196334000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013345 | -0.06%               | 0.28%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13754435.71            | $-16639600.38                              |
| Month 2  | $413779.67               | $-9566370.75                               |
| Month 3  | $-21125373.38            | $24452889.24                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACCENDRA HEALTH INC            | Accendra Health Inc                                                            | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |  52310000 | PA      | $35533733.13  | 0.61%             | 2029-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC          | American Airlines Inc                                                          | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17234000 | PA      | $18038155.67  | 0.31%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |  29000000 | PA      | $29567593.80  | 0.51%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ATLANTICUS HOLDINGS CORP       | Atlanticus Holdings Corp                                                       | CUSIP: 04914AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  29500000 | PA      | $29593692.00  | 0.51%             | 2030-09-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                    | Bell Telephone Co of Canada or Bell Canada/The                                 | CUSIP: 07787QAM8<br>LEI: 549300JYAVAQRV5MNZ86 | Long             | STIV             | CORP              | CA        |  25000000 | PA      | $24944235.00  | 0.43%             | 2026-01-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR         | Blackstone Mortgage Trust Inc                                                  | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |  26000000 | PA      | $27760668.00  | 0.48%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |  19000000 | PA      | $20006777.70  | 0.34%             | 2030-06-15      | Fixed         | 7.00%                 | 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      | $54523529.92  | 0.93%             | 2028-09-15      | Fixed         | 4.88%                 | 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      | $46664656.50  | 0.80%             | 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      | $24171716.05  | 0.41%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                         | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |  64308000 | PA      | $65279243.72  | 1.12%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC               | UWM Holdings LLC                                                               | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12486072.25  | 0.21%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP           | Western Digital Corp                                                           | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |  13029000 | PA      | $13082549.19  | 0.22%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                     | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |  14650000 | PA      | $15110117.38  | 0.26%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS             | Advance Auto Parts Inc                                                         | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |  27080000 | PA      | $27331762.76  | 0.47%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CAN PACIFIC RAILWAY            | Canadian Pacific Railway Co                                                    | CUSIP: 13645XA50<br>LEI: 54930036474DURYNB481 | Long             | STIV             | CORP              | CA        |  18800000 | PA      | $18790081.12  | 0.32%             | 2026-01-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY       | Century Aluminum Co                                                            | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |  27500000 | PA      | $28406336.20  | 0.49%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JBT MAREL CORP                 | JBT Marel Corp                                                                 | CUSIP: 477839AB0<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |   3985000 | PA      | $4089407.00   | 0.07%             | 2026-05-15      | Fixed         | 0.25%                 | 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        | 154621330 | NS      | $154621329.75 | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |  55490000 | PA      | $55739971.91  | 0.95%             | 2027-02-15      | Fixed         | 5.88%                 | 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      | $15208769.25  | 0.26%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANCE CORP         | Bunge Ltd Finance Corp                                                         | CUSIP: 12057BA77<br>LEI: 549300QHC068L40NNM71 | Long             | STIV             | CORP              | US        |  54000000 | PA      | $53959678.20  | 0.92%             | 2026-01-07      | 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      | $35587300.00  | 0.61%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CHAMPION IRON CANADA INC       | Champion Iron Canada Inc                                                       | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |  51750000 | PA      | $55150490.43  | 0.94%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT          | Banijay Entertainment SAS                                                      | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |  46177000 | PA      | $48102211.48  | 0.82%             | 2029-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| DOLLARAMA INC.                 | Dollarama Inc                                                                  | CUSIP: 25675MAU6<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | STIV             | CORP              | CA        |  50000000 | PA      | $49843730.00  | 0.85%             | 2026-01-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ENPRO INC                      | Enpro Inc                                                                      | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |  33604000 | PA      | $34757457.30  | 0.59%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC        | Enova International Inc                                                        | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |  43950000 | PA      | $46804860.15  | 0.80%             | 2029-08-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| HARLEY-DAVIDSON FINL SER       | Harley-Davidson Financial Services Inc                                         | CUSIP: 41282KAG3<br>LEI: RLUFFFFW4GRYU77BTS24 | Long             | STIV             | CORP              | US        |  25500000 | PA      | $25455137.85  | 0.44%             | 2026-01-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ZIFF DAVIS INC                 | Ziff Davis Inc                                                                 | CUSIP: 48123VAE2<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |  10595000 | PA      | $10383100.00  | 0.18%             | 2026-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ADAMS HOMES INC                | Adams Homes Inc                                                                | CUSIP: 00623PAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  40389000 | PA      | $42280699.59  | 0.72%             | 2028-10-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD       | Alimentation Couche-Tard Inc                                                   | CUSIP: 01626VAC7<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |  20000000 | PA      | $19974060.00  | 0.34%             | 2026-01-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SIGNATURE AVIATION US          | Signature Aviation US Holdings Inc                                             | CUSIP: 05545MAC6<br>LEI: 213800CSNQ87U1MC8N11 | Long             | DBT              | CORP              | US        |  25600000 | PA      | $23680000.00  | 0.41%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC         | CACI International Inc                                                         | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4661679.06   | 0.08%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |  31700000 | PA      | $20644625.00  | 0.35%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                     | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |  23500000 | PA      | $24991098.50  | 0.43%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HCA INC                        | HCA Inc                                                                        | CUSIP: 40412DA66<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49966905.00  | 0.86%             | 2026-01-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                      | IQVIA Inc                                                                      | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |  14500000 | PA      | $14500348.00  | 0.25%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INSTALLED BUILDING PRODU       | Installed Building Products Inc                                                | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6780280.50   | 0.12%             | 2028-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KBR INC                        | KBR Inc                                                                        | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |  29780000 | PA      | $29342978.50  | 0.50%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES        | K Hovnanian Enterprises Inc                                                    | CUSIP: 48251UAP3<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |  22400000 | PA      | $22882115.20  | 0.39%             | 2031-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL         | Marriott International Inc/MD                                                  | CUSIP: 57163UAM8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49884895.00  | 0.85%             | 2026-01-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT VACATION WORLDW       | Marriott Vacations Worldwide Corp                                              | CUSIP: 57164YAD9<br>LEI: 549300WA6BT5H4F7IO94 | Long             | DBT              | CORP              | US        |  70011000 | PA      | $69926986.80  | 1.20%             | 2026-01-15      | Fixed         | 0.00%                 | 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      | $38581552.19  | 0.66%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE        | Nissan Motor Acceptance Co LLC                                                 | CUSIP: 65480CAC9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |  33400000 | PA      | $32689605.38  | 0.56%             | 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      | $57310991.46  | 0.98%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PAGAYA US HOLDINGS CO          | Pagaya US Holdings Co LLC                                                      | CUSIP: 69549FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  30000000 | PA      | $26250162.30  | 0.45%             | 2030-08-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING CO        | Penske Truck Leasing Co LP                                                     | CUSIP: 70962BB94<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |  22000000 | PA      | $21902223.20  | 0.37%             | 2026-02-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC               | Pitney Bowes Inc                                                               | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |  62645000 | PA      | $63648187.01  | 1.09%             | 2029-03-15      | Fixed         | 7.25%                 | 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      | $25061107.34  | 0.43%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd                                                    | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |  61302000 | PA      | $61401311.69  | 1.05%             | 2026-08-31      | Fixed         | 5.50%                 | 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      | $26470829.71  | 0.45%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC           | Sonic Automotive Inc                                                           | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |  34500000 | PA      | $33894017.85  | 0.58%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC             | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |  49066000 | PA      | $45605145.39  | 0.78%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |  20820000 | PA      | $20698305.02  | 0.35%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC               | Vail Resorts Inc                                                               | CUSIP: 91879QAN9<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |  40704000 | PA      | $40724352.00  | 0.70%             | 2026-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| VAREX IMAGING CORPORATIO       | Varex Imaging Corp                                                             | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |  50334000 | PA      | $51523040.08  | 0.88%             | 2027-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| HMH HOLDING BV                 | HMH Holding BV                                                                 | CUSIP: DC0528638<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |  21400000 | PA      | $21921213.69  | 0.38%             | 2028-12-17      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC             | AMN Healthcare Inc                                                             | CUSIP: 00175PAD5<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |  29500000 | PA      | $29528526.50  | 0.51%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO            | Allegiant Travel Co                                                            | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |  48569000 | PA      | $49278690.23  | 0.84%             | 2027-08-15      | Fixed         | 7.25%                 | 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      | $25351614.29  | 0.43%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP         | Extra Space Storage LP                                                         | CUSIP: 30227QAF3<br>LEI: 549300YNKSKNZFR8UC42 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49919775.00  | 0.85%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| First American US Treasury Mon | First American US Treasury Money Market Fund                                   | CUSIP: 31846V153<br>LEI: 549300QHZ1SCM6SJUU12 | Long             | STIV             | RF                | US        | 145525957 | NS      | $145525957.41 | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |  24500000 | PA      | $25515566.65  | 0.44%             | 2032-03-01      | Fixed         | 6.88%                 | 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      | $10555660.00  | 0.18%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAH7<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5587548.73   | 0.10%             | 2031-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3547528.71   | 0.06%             | 2034-03-15      | Fixed         | 6.00%                 | 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      |
| SYSCO CORP                     | Sysco Corp                                                                     | CUSIP: 87183BBH3<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49745735.00  | 0.85%             | 2026-02-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                  | Tidewater Inc                                                                  | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |  24000000 | PA      | $25778290.32  | 0.44%             | 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      | $27311365.94  | 0.47%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| UNISYS CORP                    | Unisys Corp                                                                    | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |  79000000 | PA      | $80999095.00  | 1.39%             | 2031-01-15      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC            | United Airlines Inc                                                            | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |  63930000 | PA      | $63888496.64  | 1.09%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC       | United Natural Foods Inc                                                       | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |  67549000 | PA      | $67936731.26  | 1.16%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP           | Wabash National Corp                                                           | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |  56550000 | PA      | $52956083.51  | 0.91%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14970223.50  | 0.26%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                   | US Foods Inc                                                                   | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |  23384000 | PA      | $23286406.88  | 0.40%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                       | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6549738.00   | 0.11%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD INFRASTRUCTUR       | Brookfield Infrastructure Holdings Canada Inc                                  | CUSIP: 11275NAD6<br>LEI: 549300GV8LYH0T7DZO77 | Long             | STIV             | CORP              | CA        |  49000000 | PA      | $48929650.70  | 0.84%             | 2026-01-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                     | CPI CG Inc                                                                     | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |  29196000 | PA      | $31071219.37  | 0.53%             | 2029-07-15      | Fixed         | 10.00%                | 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        |   9880000 | PA      | $9982366.68   | 0.17%             | 2026-04-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC          | Carriage Services Inc                                                          | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7800000 | PA      | $7544733.30   | 0.13%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CINTAS CORPORATION NO 2        | Cintas Corp No 2                                                               | CUSIP: 1725E3A58<br>LEI: 549300QVUQTTKMTE0G41 | Long             | STIV             | CORP              | US        |  36945000 | PA      | $36925419.15  | 0.63%             | 2026-01-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| COEUR MINING INC               | Coeur Mining Inc                                                               | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |  66150000 | PA      | $65750407.70  | 1.13%             | 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      | $13987937.50  | 0.24%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC          | Directv Financing LLC / Directv Financing Co-Obligor Inc                       | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  22666000 | PA      | $22811878.38  | 0.39%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                | Fair Isaac Corp                                                                | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |  36453000 | PA      | $36527295.95  | 0.63%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAS CAP INC OPP FUND           | HAS Capital Income Opportunity Fund II LLC                                     | CUSIP: 404083AB3<br>LEI: 549300R3FUKONGRMXM62 | Long             | DBT              | CORP              | US        |  21807000 | PA      | $13957657.58  | 0.24%             | 2031-08-31      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| XEROX CORPORATION              | Xerox Corp                                                                     | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14426228.85  | 0.25%             | 2030-10-15      | Fixed         | 10.25%                | 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        |  51123167 | PA      | $51222418.72  | 0.88%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC          | American Airlines Inc                                                          | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5114003.10   | 0.09%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BENTLEY SYSTEMS INC            | Bentley Systems Inc                                                            | CUSIP: 08265TAB5<br>LEI: 549300WVEHPGE0Z56F71 | Long             | DBT              | CORP              | US        |  74800000 | PA      | $74659750.00  | 1.28%             | 2026-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |   7050000 | PA      | $6839697.09   | 0.12%             | 2026-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AIRBNB INC                     | Airbnb Inc                                                                     | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |  76000000 | PA      | $75392000.00  | 1.29%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |  33511000 | PA      | $33674768.26  | 0.58%             | 2028-07-01      | Fixed         | 6.88%                 | 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      | $42583243.29  | 0.73%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                       | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |  17150000 | PA      | $17250338.99  | 0.30%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILLIAM CARTER                 | William Carter Co/The                                                          | CUSIP: 96926JAG2<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |  43300000 | PA      | $44822861.00  | 0.77%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                     | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |  31000000 | PA      | $32017044.59  | 0.55%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC               | APi Group DE Inc                                                               | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |  26650000 | PA      | $26042609.19  | 0.45%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BACARDI-MARTINI BV             | Bacardi-Martini BV                                                             | CUSIP: 05634FAN9<br>LEI: 5493002XXBV8B88K2408 | Long             | STIV             | CORP              | NL        |  60000000 | PA      | $59848500.00  | 1.02%             | 2026-01-22      | Fixed         | 0.00%                 | 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      | $12152567.00  | 0.21%             | 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      | $55105573.88  | 0.94%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE       | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc          | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  62750000 | PA      | $65947043.48  | 1.13%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY BROADBAND CORP         | Liberty Broadband Corp                                                         | CUSIP: 530307AE7<br>LEI: 549300MIX43II8JLN536 | Long             | DBT              | CORP              | US        |  60389000 | PA      | $59875693.50  | 1.02%             | 2053-03-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP           | Parker-Hannifin Corp                                                           | CUSIP: 70109MAN4<br>LEI: 5493002CONDB4N2HKI23 | Long             | STIV             | CORP              | US        |  10000000 | PA      | $9976545.00   | 0.17%             | 2026-01-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                                                        | CUSIP: 70509VAA8<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | DBT              | CORP              | US        |   8600000 | PA      | $8320500.00   | 0.14%             | 2026-12-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC              | Upbound Group Inc                                                              | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |  57600000 | PA      | $57019743.36  | 0.98%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA       | Volkswagen Group of America Finance LLC                                        | CUSIP: 92866CA52<br>LEI: 5493002SQ1AVQBY41K40 | Long             | STIV             | CORP              | US        |  55000000 | PA      | $54971482.50  | 0.94%             | 2026-01-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |  14500000 | PA      | $14179819.70  | 0.24%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAEMONETICS CORP               | Haemonetics Corp                                                               | CUSIP: 405024AB6<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |  48320000 | PA      | $47957600.00  | 0.82%             | 2026-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM       | Advanced Drainage Systems Inc                                                  | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |  37338000 | PA      | $37422122.51  | 0.64%             | 2027-09-30      | Fixed         | 5.00%                 | 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      | $29722512.96  | 0.51%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO           | Commercial Metals Co                                                           | CUSIP: 201723AS2<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6906006.34   | 0.12%             | 2033-11-15      | Fixed         | 5.75%                 | 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      | $64447133.90  | 1.10%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                    | Deluxe Corp                                                                    | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |  33721000 | PA      | $34408638.63  | 0.59%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                    | Deluxe Corp                                                                    | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |  23450000 | PA      | $24733389.89  | 0.42%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP        | Empire Communities Corp                                                        | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |  48250000 | PA      | $49828512.74  | 0.85%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ENPHASE ENERGY INC             | Enphase Energy Inc                                                             | CUSIP: 29355AAH0<br>LEI: 5493008U7KIGMI59Z314 | Long             | DBT              | CORP              | US        |  68000000 | PA      | $67320000.00  | 1.15%             | 2026-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ETSY INC                       | Etsy Inc                                                                       | CUSIP: 29786AAN6<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $6942062.50   | 0.12%             | 2028-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |  19500000 | PA      | $19657774.50  | 0.34%             | 2030-01-01      | Fixed         | 5.62%                 | 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      | $51794415.05  | 0.89%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO               | Genuine Parts Co                                                               | CUSIP: 37255GA81<br>LEI: 549300D46DQVEU651W04 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49954965.00  | 0.86%             | 2026-01-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO       | Global Infrastructure Solutions Inc                                            | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |  51157000 | PA      | $51392946.32  | 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        |  38082000 | PA      | $39024910.32  | 0.67%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK        | Great Lakes Dredge & Dock Corp                                                 | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |  30747000 | PA      | $30151805.72  | 0.52%             | 2029-06-01      | Fixed         | 5.25%                 | 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        |   6885000 | PA      | $6899433.03   | 0.12%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC           | Keurig Dr Pepper Inc                                                           | CUSIP: 49271KAF1<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | STIV             | CORP              | US        |  40000000 | PA      | $39937044.00  | 0.68%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MANITOWOC COMPANY INC          | Manitowoc Co Inc/The                                                           | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |  34500000 | PA      | $37185878.82  | 0.64%             | 2031-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP           | PARKER-HANNIFIN CORP                                                           | CUSIP: 70109MAL8<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49893380.00  | 0.85%             | 2026-01-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10063430.00  | 0.17%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RXO INC                        | RXO Inc                                                                        | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |  24500000 | PA      | $25094370.00  | 0.43%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALARM.COM HLDGS INC            | Alarm.com Holdings Inc                                                         | CUSIP: 011642AB1<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |  41165000 | PA      | $41267912.50  | 0.71%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD       | Alimentation Couche-Tard Inc                                                   | CUSIP: 01626VAL7<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |  34000000 | PA      | $33926175.80  | 0.58%             | 2026-01-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                                                    | CUSIP: 02665KAS6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49861810.00  | 0.85%             | 2026-01-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| THE BANCORP INC                | Bancorp Inc/The                                                                | CUSIP: 05969AAB1<br>LEI: 894500FP2ICT1B019Y71 | Long             | DBT              | CORP              | US        |  19500000 | PA      | $20281879.02  | 0.35%             | 2030-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                  | Cable One Inc                                                                  | CUSIP: 12685JAE5<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |  69305000 | PA      | $68438687.50  | 1.17%             | 2026-03-15      | 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      | $19159589.90  | 0.33%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION            | Griffon Corp                                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |  60288000 | PA      | $60442096.13  | 1.03%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA        | Hyundai Capital America                                                        | CUSIP: 44890NA91<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49952590.00  | 0.85%             | 2026-01-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP FINANCECO 2        | Match Group Financeco 2 Inc                                                    | CUSIP: 44932FAA5<br>LEI: 549300IPGK4BWL134U96 | Long             | DBT              | CORP              | US        |  44250000 | PA      | $43588462.50  | 0.75%             | 2026-06-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                 | NCR Voyix Corp                                                                 | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   3825000 | PA      | $3811493.54   | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE            | New Home Co Inc/The                                                            | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |  52500000 | PA      | $54858073.73  | 0.94%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PERENTI FINANCE PTY LTD        | Perenti Finance Pty Ltd                                                        | CUSIP: 71367VAB5<br>LEI: 894500ZDIIAOXSQHE612 | Long             | DBT              | CORP              | AU        |  12000000 | PA      | $12506761.92  | 0.21%             | 2029-04-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REAL ALLOY EQUITY              | REAL ALLOY EQUITY                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       666 | NS      | $42097302.50  | 0.72%             |  |  |  | No            |                  3 | On Loan: No      |
| STL HOLDING CO LLC             | STL Holding Co LLC                                                             | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $8176560.00   | 0.14%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                | Thor Industries Inc                                                            | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9646377.00   | 0.17%             | 2029-10-15      | Fixed         | 4.00%                 | 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      |
| CROWN AMER/CAP CORP V          | Crown Americas LLC / Crown Americas Capital Corp V                             | CUSIP: 22819KAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15025000 | PA      | $14977436.56  | 0.26%             | 2026-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC        | Enova International Inc                                                        | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |  11750000 | PA      | $12435520.62  | 0.21%             | 2028-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                                  | CUSIP: 345370CX6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $10434830.22  | 0.18%             | 2030-04-22      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                       | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  14000000 | PA      | $14032244.10  | 0.24%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC           | Glencore Funding LLC                                                           | CUSIP: 37790BA50<br>LEI: 213800STG1QDNBY87K49 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49972835.00  | 0.86%             | 2026-01-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HARROW INC                     | Harrow Inc                                                                     | CUSIP: 415858AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17315000 | PA      | $18209579.48  | 0.31%             | 2030-09-15      | Fixed         | 8.62%                 | 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      | $65436098.92  | 1.12%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HECLA MINING CO                | Hecla Mining Co                                                                | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |  33967000 | PA      | $34213770.26  | 0.59%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                              | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20116790.00  | 0.34%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MCCORMICK & COMPANY INC        | McCormick & Co Inc/MD                                                          | CUSIP: 57978DA25<br>LEI: 549300JQQA6MQ4OJP259 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49989710.00  | 0.86%             | 2026-01-02      | 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        | 154621330 | NS      | $154621329.75 | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| OXFORD FIN LLC/CO-ISS II       | Oxford Finance LLC / Oxford Finance Co-Issuer II Inc                           | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  50341000 | PA      | $50522974.66  | 0.86%             | 2027-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING CO        | Penske Truck Leasing Co LP                                                     | CUSIP: 70962BA95<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |  20000000 | PA      | $19980478.00  | 0.34%             | 2026-01-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES        | Summit Hotel Properties Inc                                                    | CUSIP: 866082AA8<br>LEI: 254900OBQWJK6X20LS71 | Long             | DBT              | CORP              | US        |  70037000 | PA      | $69826889.00  | 1.20%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Professionally Managed Portfolios

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

**Name of Signer:** Kathryn LaPlante Johnson

**Title:** Assistant Treasurer