# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001145549-23-013838
**Filing Date:** 2023-2
**Character Count:** 25410
**Document Hash:** 62f944a1bd6d733826e945b99040c636
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013838.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-013838

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 23687625

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

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

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

## Series and Classes Contracts Data

### Hodges Fund (Series ID: S000004944)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013360 | Retail Class | HDPMX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **HODGES FUND** | **HODGES FUND** | **HODGES FUND** | **HODGES FUND** |
| SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) | SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) | SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) | SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) |
| **Shares** |  |  | **Value** |
| **COMMON STOCKS: 92.4%** | **COMMON STOCKS: 92.4%** |  |  |
| **Aerospace & Defense: 2.7%** | **Aerospace & Defense: 2.7%** |  |  |
| 20000 | The Boeing Co. <sup>1</sup> |  | $3809800 |
| **Airlines: 0.7%** | **Airlines: 0.7%** |  |  |
| 100000 | Frontier Group Holdings, Inc. <sup>1</sup> |  | 1027000 |
| **Apparel: 3.7%** | **Apparel: 3.7%** |  |  |
| 300000 | On Holding AG - Class A <sup>1</sup> |  | 5148000 |
| **Auto Manufacturers: 3.0%** | **Auto Manufacturers: 3.0%** |  |  |
| 125000 | General Motors Co. |  | 4205000 |
| **Banks: 1.2%** | **Banks: 1.2%** |  |  |
| 40000 | Wells Fargo & Co. |  | 1651600 |
| **Biotechnology: 1.9%** | **Biotechnology: 1.9%** |  |  |
| 15000 | Moderna, Inc. <sup>1</sup> |  | 2694300 |
| **Building Materials: 7.0%** | **Building Materials: 7.0%** |  |  |
| 159393 | The AZEK Co., Inc. - Class A <sup>1</sup> |  | 3238866 |
| 50000 | Builders FirstSource, Inc. <sup>1</sup> |  | 3244000 |
| 25000 | Eagle Materials, Inc. |  | 3321250 |
|  |  |  | 9804116 |
| **Commercial Services: 2.7%** | **Commercial Services: 2.7%** |  |  |
| 350000 | The GEO Group, Inc. <sup>1</sup> |  | 3832500 |
| **Computers: 4.6%** | **Computers: 4.6%** |  |  |
| 25000 | CyberArk Software Ltd. <sup>1</sup> |  | 3241250 |
| 140000 | NCR Corp. <sup>1</sup> |  | 3277400 |
|  |  |  | 6518650 |
| **Electrical Components & Equipment: 4.9%** | **Electrical Components & Equipment: 4.9%** |  |  |
| 50000 | Encore Wire Corp. |  | 6878000 |
| **Entertainment: 2.2%** | **Entertainment: 2.2%** |  |  |
| 350000 | Cinemark Holdings, Inc. <sup>1</sup> |  | 3031000 |
| **Healthcare Products: 2.4%** | **Healthcare Products: 2.4%** |  |  |
| 750000 | ViewRay, Inc. <sup>1</sup> |  | 3360000 |
| **Insurance: 1.0%** | **Insurance: 1.0%** |  |  |
| 40000 | Goosehead Insurance, Inc. - Class A <sup>1</sup> |  | 1373600 |
| **Internet: 7.5%** | **Internet: 7.5%** |  |  |
| 145000 | Revolve Group, Inc. - Class A <sup>1</sup> |  | 3227700 |
| 300000 | Solo Brands, Inc. - Class A <sup>1</sup> |  | 1116000 |
| 250000 | Uber Technologies, Inc. <sup>1</sup> |  | 6182500 |
|  |  |  | 10526200 |
| **Iron & Steel: 6.2%** | **Iron & Steel: 6.2%** |  |  |
| 350000 | Cleveland-Cliffs, Inc. <sup>1</sup> |  | 5638500 |
| 65000 | Commercial Metals Co. |  | 3139500 |
|  |  |  | 8778000 |
| **Leisure Time: 7.0%** | **Leisure Time: 7.0%** |  |  |
| 150000 | Norwegian Cruise Line Holdings Ltd. <sup>1</sup> |  | 1836000 |
| 278000 | Topgolf Callaway Brands Corp. <sup>1</sup> |  | 5490500 |
| 100000 | Vista Outdoor, Inc. <sup>1</sup> |  | 2437000 |
|  |  |  | 9763500 |
| **Mining: 1.4%** | **Mining: 1.4%** |  |  |
| 50000 | Freeport-McMoRan, Inc. |  | 1900000 |
| **Oil Companies Exploration & Production: 12.8%** | **Oil Companies Exploration & Production: 12.8%** |  |  |
| 70000 | Chesapeake Energy Corp. |  | 6605900 |
| 200000 | Matador Resources Co. |  | 11448000 |
|  |  |  | 18053900 |
| **Oil Field Services: 1.4%** | **Oil Field Services: 1.4%** |  |  |
| 192332 | ProPetro Holding Corp. <sup>1</sup> |  | 1994483 |
| **Private Equity: 1.2%** | **Private Equity: 1.2%** |  |  |
| 165000 | P10, Inc. - Class A |  | 1760550 |
| **Semiconductors: 6.2%** | **Semiconductors: 6.2%** |  |  |
| 50000 | Micron Technology, Inc. |  | 2499000 |
| 100000 | ON Semiconductor Corp. <sup>1</sup> |  | 6237000 |
|  |  |  | 8736000 |
| **Software: 1.8%** | **Software: 1.8%** |  |  |
| 350000 | Upland Software, Inc. <sup>1</sup> |  | 2495500 |
| **Textiles: 0.6%** | **Textiles: 0.6%** |  |  |
| 1000000 | The Dixie Group, Inc. <sup>1,2</sup> |  | 801000 |
| **U.S. Royalty Trusts: 8.3%** | **U.S. Royalty Trusts: 8.3%** |  |  |
| 5000 | Texas Pacific Land Corp. |  | 11721150 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $111,891,395) | &nbsp;&nbsp;&nbsp; (Cost $111,891,395) |  | 129863849 |
| **Contracts** | **Contracts** |  |  |
| **(100 shares per contract)** | **(100 shares per contract)** | **Notional Value** |  |
| **CALL OPTIONS PURCHASED: 5.9% <sup>1</sup>** | **CALL OPTIONS PURCHASED: 5.9% <sup>1</sup>** |  |  |
| **Biotechnology: 1.4%** | **Biotechnology: 1.4%** |  |  |
| 450 | Amgen, Inc.,<br> Expiration: February 2023,<br> Exercise Price: $220.00 | $11818800 | 1984500 |
| **Lodging: 2.0%** | **Lodging: 2.0%** |  |  |
| 1000 | Wynn Resorts Ltd.,<br> Expiration: January 2023,<br> Exercise Price: $55.00 | 8247000 | 2765000 |
| **Machinery - Diversified: 1.2%** | **Machinery - Diversified: 1.2%** |  |  |
| 450 | AGCO Corp.,<br> Expiration: February 2023,<br> Exercise Price: $100.00 | 6241050 | 1775250 |
| **Pharmaceuticals: 1.3%** | **Pharmaceuticals: 1.3%** |  |  |
| 500 | Novo Nordisk A/S - Class A,<br> Expiration: March 2023,<br> Exercise Price: $100.00 | 6767000 | 1837500 |
| **TOTAL CALL OPTIONS PURCHASED** | **TOTAL CALL OPTIONS PURCHASED** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,006,358) | &nbsp;&nbsp;&nbsp; (Cost $6,006,358) |  | 8362250 |
| **Shares** | **Shares** |  |  |
| **EXCHANGE-TRADED FUNDS: 1.6%** | **EXCHANGE-TRADED FUNDS: 1.6%** |  |  |
| 30000 | Direxion Daily Financial Bull 3X Shares |  | 2206500 |
| **TOTAL EXCHANGE-TRADED FUNDS** | **TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,876,587) | &nbsp;&nbsp;&nbsp; (Cost $1,876,587) |  | 2206500 |
| **TOTAL INVESTMENTS IN SECURITIES: 99.9%** | **TOTAL INVESTMENTS IN SECURITIES: 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $119,774,340) | &nbsp;&nbsp;&nbsp; (Cost $119,774,340) |  | 140432599 |
| Other Assets in Excess of Liabilities: 0.1% | Other Assets in Excess of Liabilities: 0.1% |  | 123117 |
| **TOTAL NET ASSETS: 100.0%** | **TOTAL NET ASSETS: 100.0%** |  | $140555716 |

---

<sup>1</sup> Non-income producing security. <br><sup>2</sup> Company is an "affiliated person" of the Hodges Fund (the "Fund"), as defined in the Investment Company Act of 1940.

------

---

| |
|:---|
| **Hodges Fund**<br>**Summary of Fair Value Exposure at December 31, 2022 (Unaudited)** |
| The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP (Generally Accepted Accounting Principles) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
| • Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.<br> • Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data.<br> • Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
| The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022. See the Schedule of Investments for an industry breakout. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | $129863849 | $- | $- | $129863849 |
| **Call Options Purchased** | - | 8362250 | - | 8362250 |
| **Exchange-Traded Funds** | 2206500 |  |  | 2206500 |
| **Total Investments in Securities** | $132070349 | $8362250 | $- | $140432599 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliates<br> Common Stocks | Share Balance<br> December 31, <br> 2022 | Value<br>March 31, <br> 2022 | Acquisitions | Dispositions | Realized Gain <br> (Loss) | Change in Unrealized Appreciation/<br> Depreciation | Value<br>December 31, <br> 2022 | Dividend <br> Income |
| The Dixie Group, Inc. <sup>1</sup> | 1000000 | $3100000 | $- | $- | $- | $(2299000) | $801000 | $- |
| Lubys, Inc. | - | $3732314 | $- | $(3272879) | $1931542 | $(2390977) | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  | $1931542 | $(4689977) | $801000 | $- |
| <sup>1</sup> Non-income producing security. | <sup>1</sup> Non-income producing security. |  |  |  |  |  |  |  |
| The Fund did not have investments in majority-owned subsidiaries or controlled companies. | The Fund did not have investments in majority-owned subsidiaries or controlled companies. | The Fund did not have investments in majority-owned subsidiaries or controlled companies. | The Fund did not have investments in majority-owned subsidiaries or controlled companies. | The Fund did not have investments in majority-owned subsidiaries or controlled companies. |  |  |  |  |

---

## 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:** Hodges Fund

- **b. EDGAR series identifier (if any):** S000004944

- **c. LEI of Series:** 25490002DJV5TV4H4T08

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

- **a. Date of fiscal year-end:** 2023-03-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $141858943.53

**Total Liabilities:** $1235574.46

**Net Assets:** $140623369.07

**Cash Not Reported:** $91970.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013360 | 14.06%               | 10.05%               | -9.86%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2430000.00              | $15249639.27                               |
| Month 2  | $-207497.95              | $11212336.09                               |
| Month 3  | $778514.14               | $-15493061.38                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                            | Wynn Resorts Ltd                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1000 | NC      | $2765000.00   | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| AZEK Co Inc/The                | AZEK Co Inc/The                         | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Long             | EC               | CORP              | US        |    159393 | NS      | $3238865.76   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                           | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     20000 | NS      | $3809800.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc       | Builders FirstSource Inc                | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     50000 | NS      | $3244000.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Topgolf Callaway Brands Corp   | Topgolf Callaway Brands Corp            | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |    278000 | NS      | $5490500.00   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corp         | Chesapeake Energy Corp                  | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     70000 | NS      | $6605900.00   | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc          | Cinemark Holdings Inc                   | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |    350000 | NS      | $3031000.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc           | Cleveland-Cliffs Inc                    | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    350000 | NS      | $5638500.00   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co                    | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     65000 | NS      | $3139500.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Daily Financial Bull  | Direxion Daily Financial Bull 3X Shares | CUSIP: 25459Y694<br>LEI: K98KMGGYJD1W0EDCBP05 | Long             | EC               | RF                | US        |     30000 | NS      | $2206500.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Dixie Group Inc/The            | Dixie Group Inc/The                     | CUSIP: 255519100<br>LEI: 549300MLTT5S33W3Q656 | Long             | EC               | CORP              | US        |   1000000 | NS      | $801000.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                     | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     25000 | NS      | $3321250.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp               | Encore Wire Corp                        | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $6878000.00   | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     50000 | NS      | $1900000.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Group Holdings Inc    | Frontier Group Holdings Inc             | CUSIP: 35909R108<br>LEI: 549300DT3Y2BHO6G7T02 | Long             | EC               | CORP              | US        |    100000 | NS      | $1027000.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc/The              | GEO Group Inc/The                       | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |    350000 | NS      | $3832500.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co                       | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    125000 | NS      | $4205000.00   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc        | Goosehead Insurance Inc                 | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |     40000 | NS      | $1373600.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co           | Matador Resources Co                    | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    200000 | NS      | $11448000.00  | 8.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                   | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     50000 | NS      | $2499000.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                    | Moderna Inc                             | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |     15000 | NS      | $2694300.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Corp                       | NCR Corp                                | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |    140000 | NS      | $3277400.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp          | ON Semiconductor Corp                   | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    100000 | NS      | $6237000.00   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| P10 Inc                        | P10 Inc                                 | CUSIP: 69376K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    165000 | NS      | $1760550.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPetro Holding Corp          | ProPetro Holding Corp                   | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    192332 | NS      | $1994482.84   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolve Group Inc              | Revolve Group Inc                       | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145000 | NS      | $3227700.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Solo Brands Inc                | Solo Brands Inc                         | CUSIP: 83425V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $1116000.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp                 | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $11721150.00  | 8.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                   | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    250000 | NS      | $6182500.00   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Upland Software Inc            | Upland Software Inc                     | CUSIP: 91544A109<br>LEI: 549300NS277POYJ63W89 | Long             | EC               | CORP              | US        |    350000 | NS      | $2495500.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ViewRay Inc                    | ViewRay Inc                             | CUSIP: 92672L107<br>LEI: 5493006XTUBSKFU3W106 | Long             | EC               | CORP              | US        |    750000 | NS      | $3360000.00   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Vista Outdoor Inc              | Vista Outdoor Inc                       | CUSIP: 928377100<br>LEI: 549300QI2D33ESTJLN81 | Long             | EC               | CORP              | US        |    100000 | NS      | $2437000.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                        | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     40000 | NS      | $1651600.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | AGCO Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       450 | NC      | $1775250.00   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Amgen Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       450 | NC      | $1984500.00   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Norwegian Cruise Line Holdings | Norwegian Cruise Line Holdings Ltd      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    150000 | NS      | $1836000.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                  | On Holding AG                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |    300000 | NS      | $5148000.00   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd          | CyberArk Software Ltd                   | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |     25000 | NS      | $3241250.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Novo Nordisk A/S                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       500 | NC      | $1837500.00   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** Professionally Managed Portfolios

**Signature:** /s/ Craig Benton

**Name of Signer:** Craig Benton

**Title:** Treasurer