# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001145549-23-013845
**Filing Date:** 2023-2
**Character Count:** 27456
**Document Hash:** 42782282723f6f90b8c006d303b01acc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013845.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-013845

**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:** 23687648

**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 Small Cap Fund (Series ID: S000020034)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000056202 | Retail Class        | HDPSX           |
| C000071740 | Institutional Class | HDSIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **HODGES SMALL CAP FUND** | **HODGES SMALL CAP FUND** | **HODGES SMALL CAP FUND** |
| SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) | SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) | SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) |
| **Shares** |  | **Value** |
| **COMMON STOCKS: 97.8%** | **COMMON STOCKS: 97.8%** |  |
| **Airlines: 1.8%** | **Airlines: 1.8%** |  |
| 200000 | Frontier Group Holdings, Inc. <sup>1</sup> | $2054000 |
| 100000 | Hawaiian Holdings, Inc. <sup>1</sup> | 1026000 |
|  |  | 3080000 |
| **Apparel: 2.0%** | **Apparel: 2.0%** |  |
| 200000 | On Holding AG - Class A <sup>1</sup> | 3432000 |
| **Apparel & Shoe Retail: 3.8%** | **Apparel & Shoe Retail: 3.8%** |  |
| 52500 | Boot Barn Holdings, Inc. <sup>1</sup> | 3282300 |
| 140000 | Shoe Carnival, Inc. | 3347400 |
|  |  | 6629700 |
| **Automobile Retail: 1.2%** | **Automobile Retail: 1.2%** |  |
| 12000 | Group 1 Automotive, Inc. | 2164440 |
| **Banks: 6.4%** | **Banks: 6.4%** |  |
| 180000 | Hilltop Holdings, Inc. | 5401800 |
| 45000 | Prosperity Bancshares, Inc. | 3270600 |
| 40000 | Texas Capital BancShares, Inc. <sup>1</sup> | 2412400 |
|  |  | 11084800 |
| **Building Materials: 4.2%** | **Building Materials: 4.2%** |  |
| 55000 | Eagle Materials, Inc. | 7306750 |
| **Commercial Services: 3.3%** | **Commercial Services: 3.3%** |  |
| 80000 | Distribution Solutions Group, Inc. <sup>1</sup> | 2948800 |
| 150000 | Toast, Inc. - Class A <sup>1</sup> | 2704500 |
|  |  | 5653300 |
| **Computers: 1.5%** | **Computers: 1.5%** |  |
| 110000 | NCR Corp. <sup>1</sup> | 2575100 |
| **Electrical Components & Equipment: 2.9%** | **Electrical Components & Equipment: 2.9%** |  |
| 37000 | Encore Wire Corp. | 5089720 |
| **Electronics: 3.4%** | **Electronics: 3.4%** |  |
| 45000 | Avnet, Inc. | 1871100 |
| 180000 | Kimball Electronics, Inc. <sup>1</sup> | 4066200 |
|  |  | 5937300 |
| **Entertainment: 1.4%** | **Entertainment: 1.4%** |  |
| 285500 | Cinemark Holdings, Inc. <sup>1</sup> | 2472430 |
| **Food: 5.2%** | **Food: 5.2%** |  |
| 30000 | Cal-Maine Foods, Inc. | 1633500 |
| 125000 | Sprouts Farmers Market, Inc. <sup>1</sup> | 4046250 |
| 400000 | SunOpta, Inc. <sup>1</sup> | 3376000 |
|  |  | 9055750 |
| **Healthcare Products: 6.4%** | **Healthcare Products: 6.4%** |  |
| 150000 | Bausch + Lomb Corp. <sup>1</sup> | 2326500 |
| 140000 | Inmode Ltd. <sup>1</sup> | 4998000 |
| 80000 | STAAR Surgical Co. <sup>1</sup> | 3883200 |
|  |  | 11207700 |
| **Home Builders: 3.2%** | **Home Builders: 3.2%** |  |
| 185000 | Taylor Morrison Home Corp. <sup>1</sup> | 5614750 |
| **Home Furnishings: 4.4%** | **Home Furnishings: 4.4%** |  |
| 140000 | Ethan Allen Interiors, Inc. | 3698800 |
| 15000 | RH <sup>1</sup> | 4007850 |
|  |  | 7706650 |
| **Insurance: 0.7%** | **Insurance: 0.7%** |  |
| 35000 | Goosehead Insurance, Inc. - Class A <sup>1</sup> | 1201900 |
| **Internet: 1.8%** | **Internet: 1.8%** |  |
| 140000 | Revolve Group, Inc. - Class A <sup>1</sup> | 3116400 |
| **Iron & Steel: 6.8%** | **Iron & Steel: 6.8%** |  |
| 320000 | Cleveland-Cliffs, Inc. <sup>1</sup> | 5155200 |
| 140000 | Commercial Metals Co. | 6762000 |
|  |  | 11917200 |
| **Leisure Time: 5.0%** | **Leisure Time: 5.0%** |  |
| 35000 | Brunswick Corp. | 2522800 |
| 100000 | Norwegian Cruise Line Holdings Ltd. <sup>1</sup> | 1224000 |
| 200000 | Vista Outdoor, Inc. <sup>1</sup> | 4874000 |
|  |  | 8620800 |
| **Lodging: 1.6%** | **Lodging: 1.6%** |  |
| 50000 | Boyd Gaming Corp. | 2726500 |
| **Oil Companies Exploration & Production: 12.9%** | **Oil Companies Exploration & Production: 12.9%** |  |
| 175000 | Matador Resources Co. | 10017000 |
| 350000 | Permian Resources Corp. - Class A | 3290000 |
| 265000 | SM Energy Co. | 9229950 |
|  |  | 22536950 |
| **Packaging & Containers: 1.6%** | **Packaging & Containers: 1.6%** |  |
| 125000 | Graphic Packaging Holding Co. | 2781250 |
| **Restaurants: 2.6%** | **Restaurants: 2.6%** |  |
| 50000 | Texas Roadhouse, Inc. | 4547500 |
| **Semiconductors: 4.1%** | **Semiconductors: 4.1%** |  |
| 45000 | Diodes, Inc. <sup>1</sup> | 3426300 |
| 41000 | Kulicke & Soffa Industries, Inc. | 1814660 |
| 30000 | Silicon Motion Technology Corp. - ADR | 1949700 |
|  |  | 7190660 |
| **Software: 1.0%** | **Software: 1.0%** |  |
| 10000 | Digi International, Inc. <sup>1</sup> | 365500 |
| 188572 | Upland Software, Inc. <sup>1</sup> | 1344518 |
|  |  | 1710018 |
| **Sporting Goods: 1.7%** | **Sporting Goods: 1.7%** |  |
| 55000 | Academy Sports & Outdoors, Inc. | 2889700 |
| **Telecommunications: 1.1%** | **Telecommunications: 1.1%** |  |
| 155000 | DZS, Inc. <sup>1</sup> | 1965400 |
| **Transportation: 1.1%** | **Transportation: 1.1%** |  |
| 30000 | Kirby Corp. <sup>1</sup> | 1930500 |
| **U.S. Royalty Trusts: 4.7%** | **U.S. Royalty Trusts: 4.7%** |  |
| 3500 | Texas Pacific Land Corp. | 8204805 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
| &nbsp;&nbsp;&nbsp; (Cost $123,729,660) | &nbsp;&nbsp;&nbsp; (Cost $123,729,660) | 170349973 |
| **EXCHANGE - TRADED FUNDS: 1.9%** | **EXCHANGE - TRADED FUNDS: 1.9%** |  |
| 150000 | Direxion Daily Regional Banks Bull 3x Shares | 3382500 |
| **TOTAL EXCHANGE-TRADED FUNDS** | **TOTAL EXCHANGE-TRADED FUNDS** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,095,559) | &nbsp;&nbsp;&nbsp; (Cost $4,095,559) | 3382500 |
| **TOTAL INVESTMENTS IN SECURITIES: 99.7%** | **TOTAL INVESTMENTS IN SECURITIES: 99.7%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $127,825,219) | &nbsp;&nbsp;&nbsp; (Cost $127,825,219) | 173732473 |
| Other Assets in Excess of Liabilities: 0.3% | Other Assets in Excess of Liabilities: 0.3% | 567190 |
| **TOTAL NET ASSETS: 100.0%** | **TOTAL NET ASSETS: 100.0%** | $174299663 |
|  | ADR - American Depositary Receipt |  |
| <sup>1</sup> | Non-income producing security. |  |

---

------

---

| |
|:---|
| **Hodges Small Cap Fund** |
| **Summary of Fair Value Exposure at December 31, 2022 (Unaudited)** |
| The Hodges Small Cap Fund (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** | $170349973 | $- | $- | $170349973 |
| **Exchange-Traded Funds** | 3382500 |  |  | 3382500 |
| **Total Investments in Securities** | $173732473 | $- | $- | $173732473 |

---

## 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 Small Cap Fund

- **b. EDGAR series identifier (if any):** S000020034

- **c. LEI of Series:** 254900FHJYJ3EH3XOK48

**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:** $174696398.64

**Total Liabilities:** $359167.79

**Net Assets:** $174337230.85

**Cash Not Reported:** $794769.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000056202 | 15.41%               | 6.20%                | -8.59%               |
| Class ID C000071740 | 15.48%               | 6.21%                | -8.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6191225.86             | $30866811.09                               |
| Month 2  | $5811897.41              | $5565370.91                                |
| Month 3  | $1769618.85              | $-18246734.47                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NCR Corp                       | NCR Corp                                     | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |    110000 | NS      | $2575100.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp         | Permian Resources Corp                       | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    350000 | NS      | $3290000.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc      | Prosperity Bancshares Inc                    | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45000 | NS      | $3270600.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                             | RH                                           | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |     15000 | NS      | $4007850.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolve Group Inc              | Revolve Group Inc                            | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140000 | NS      | $3116400.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                   | SM Energy Co                                 | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |    265000 | NS      | $9229950.00   | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc              | Shoe Carnival Inc                            | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140000 | NS      | $3347400.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Motion Technology Corp | Silicon Motion Technology Corp               | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | TW        |     30000 | NS      | $1949700.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc     | Sprouts Farmers Market Inc                   | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |    125000 | NS      | $4046250.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| STAAR Surgical Co              | STAAR Surgical Co                            | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Long             | EC               | CORP              | US        |     80000 | NS      | $3883200.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SunOpta Inc                    | SunOpta Inc                                  | CUSIP: 8676EP108<br>LEI: 54930010CP0KEPPRPA40 | Long             | EC               | CORP              | US        |    400000 | NS      | $3376000.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp      | Taylor Morrison Home Corp                    | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |    185000 | NS      | $5614750.00   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc   | Texas Capital Bancshares Inc                 | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     40000 | NS      | $2412400.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp                      | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $8204805.00   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse Inc                          | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     50000 | NS      | $4547500.00   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                      | Toast Inc                                    | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    150000 | NS      | $2704500.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Upland Software Inc            | Upland Software Inc                          | CUSIP: 91544A109<br>LEI: 549300NS277POYJ63W89 | Long             | EC               | CORP              | US        |    188572 | NS      | $1344518.36   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Vista Outdoor Inc              | Vista Outdoor Inc                            | CUSIP: 928377100<br>LEI: 549300QI2D33ESTJLN81 | Long             | EC               | CORP              | US        |    200000 | NS      | $4874000.00   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings | Norwegian Cruise Line Holdings Ltd           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1224000.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                  | On Holding AG                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |    200000 | NS      | $3432000.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Ltd                     | Inmode Ltd                                   | CUSIP: N/A<br>LEI: 984500DD95A35E9BD358       | Long             | EC               | CORP              | IL        |    140000 | NS      | $4998000.00   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc  | Academy Sports & Outdoors Inc                | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55000 | NS      | $2889700.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                      | Avnet Inc                                    | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     45000 | NS      | $1871100.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch + Lomb Corp             | Bausch + Lomb Corp                           | CUSIP: 071705107<br>LEI: 549300NY6OZM39SO6475 | Long             | EC               | CORP              | CA        |    150000 | NS      | $2326500.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings Inc                       | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     52500 | NS      | $3282300.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp               | Boyd Gaming Corp                             | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     50000 | NS      | $2726500.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE              | Brunswick Corp/DE                            | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     35000 | NS      | $2522800.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc            | Cal-Maine Foods Inc                          | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     30000 | NS      | $1633500.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc          | Cinemark Holdings Inc                        | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |    285500 | NS      | $2472430.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc           | Cleveland-Cliffs Inc                         | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    320000 | NS      | $5155200.00   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co                         | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |    140000 | NS      | $6762000.00   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc         | Digi International Inc                       | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     10000 | NS      | $365500.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                     | Diodes Inc                                   | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |     45000 | NS      | $3426300.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Daily Regional Banks  | Direxion Daily Regional Banks Bull 3x Shares | CUSIP: 25460G864<br>LEI: 549300XWNNU2E9NV0884 | Long             | EC               | RF                | US        |    150000 | NS      | $3382500.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| DZS Inc                        | DZS Inc                                      | CUSIP: 268211109<br>LEI: 549300JL6GXPZ9SNGD29 | Long             | EC               | CORP              | US        |    155000 | NS      | $1965400.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                          | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     55000 | NS      | $7306750.00   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp               | Encore Wire Corp                             | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37000 | NS      | $5089720.00   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc      | Ethan Allen Interiors Inc                    | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140000 | NS      | $3698800.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Group Holdings Inc    | Frontier Group Holdings Inc                  | CUSIP: 35909R108<br>LEI: 549300DT3Y2BHO6G7T02 | Long             | EC               | CORP              | US        |    200000 | NS      | $2054000.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc        | Goosehead Insurance Inc                      | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |     35000 | NS      | $1201900.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co   | Graphic Packaging Holding Co                 | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125000 | NS      | $2781250.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc         | Group 1 Automotive Inc                       | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |     12000 | NS      | $2164440.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Holdings Inc          | Hawaiian Holdings Inc                        | CUSIP: 419879101<br>LEI: 529900TQUS2JVPSSPP86 | Long             | EC               | CORP              | US        |    100000 | NS      | $1026000.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc           | Hilltop Holdings Inc                         | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |    180000 | NS      | $5401800.00   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc        | Kimball Electronics Inc                      | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |    180000 | NS      | $4066200.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                     | Kirby Corp                                   | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     30000 | NS      | $1930500.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc | Kulicke & Soffa Industries Inc               | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | SG        |     41000 | NS      | $1814660.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Distribution Solutions Group I | Distribution Solutions Group Inc             | CUSIP: 520776105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80000 | NS      | $2948800.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co           | Matador Resources Co                         | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    175000 | NS      | $10017000.00  | 5.75%             |  |  |  | No            |                  1 | 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