# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001145549-23-008133
**Filing Date:** 2023-2
**Character Count:** 97759
**Document Hash:** 1436b3087cebb5c92cc48456b9006e56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008133.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001145549-23-008133

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 23652361

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

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

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

## Series and Classes Contracts Data

### Osterweis 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 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: 3.4%** | **Common Stocks: 3.4%** |  |
| **Food & Staples Retailing: 2.2%** | **Food & Staples Retailing: 2.2%** |  |
| 4649942 | Southeastern Grocers, Inc. <sup>1,2</sup> | $101136239 |
| 61582000 | Tops Holding, Litigation Trust Proceeds <sup>1,2,7</sup> | 46248 |
|  |  | 101182487 |
| **Metals & Mining: 1.2%** | **Metals & Mining: 1.2%** |  |
| 800 | Real Alloy Holding, Inc. <sup>1,2</sup> | 51972050 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $105,133,214) | &nbsp;&nbsp;&nbsp; (Cost $105,133,214) | 153154537 |
| **Convertible Preferred Stocks: 1.0%** | **Convertible Preferred Stocks: 1.0%** |  |
| **Media: 0.1%** | **Media: 0.1%** |  |
| 196000 | Paramount Global, 5.750% | 4854920 |
| **Road & Rail: 0.9%** | **Road & Rail: 0.9%** |  |
| 490000 | Daseke, Inc., 7.625% <sup>1,9</sup> | 43207710 |
| **Total Convertible Preferred Stocks** | **Total Convertible Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $60,662,000) | &nbsp;&nbsp;&nbsp; (Cost $60,662,000) | 48062630 |
| **Principal Amount** | **Principal Amount** |  |
| **Bonds: 81.0%** | **Bonds: 81.0%** |  |
| **Corporate Bonds: 75.6%** | **Corporate Bonds: 75.6%** |  |
| **Airlines: 3.5%** | **Airlines: 3.5%** |  |
|  | Allegiant Travel Co. |  |
| $31700000 | &nbsp;&nbsp;&nbsp; 7.250%, 08/15/2027 | 30196842 |
|  | American Airlines, Inc. |  |
| 83624000 | &nbsp;&nbsp;&nbsp; 11.750%, 07/15/2025 | 89871382 |
|  | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |
| 18001160 | &nbsp;&nbsp;&nbsp; 6.500%, 06/20/2027 | 17936389 |
|  | United Airlines Holdings, Inc. |  |
| 20726000 | &nbsp;&nbsp;&nbsp; 4.875%, 01/15/2025 | 19828979 |
|  |  | 157833592 |
| **Auto Components: 5.3%** | **Auto Components: 5.3%** |  |
|  | American Axle & Manufacturing, Inc. |  |
| 17428000 | &nbsp;&nbsp;&nbsp; 6.250%, 03/15/2026 | 16337068 |
| 9260000 | &nbsp;&nbsp;&nbsp; 6.500%, 04/01/2027 | 8369002 |
| 40000000 | &nbsp;&nbsp;&nbsp; 6.875%, 07/01/2028 | 35727000 |
|  | The Goodyear Tire & Rubber Co. |  |
| 78511000 | &nbsp;&nbsp;&nbsp; 9.500%, 05/31/2025 | 80801340 |
| 14500000 | &nbsp;&nbsp;&nbsp; 5.000%, 07/15/2029 | 12114019 |
|  | Patrick Industries, Inc. |  |
| 51339000 | &nbsp;&nbsp;&nbsp; 7.500%, 10/15/2027 | 50031837 |
|  | Real Hero Merger Sub 2, Inc. |  |
| 54702000 | &nbsp;&nbsp;&nbsp; 6.250%, 02/01/2029 | 37569334 |
|  |  | 240949600 |
| **Automobiles: 0.6%** | **Automobiles: 0.6%** |  |
|  | Ford Motor Co. |  |
| 9000000 | &nbsp;&nbsp;&nbsp; 9.625%, 04/22/2030 | 10197044 |
|  | Ford Motor Credit Co. LLC |  |
| 10000000 | &nbsp;&nbsp;&nbsp; 4.687%, 06/09/2025 | 9547563 |
|  | Thor Industries, Inc. |  |
| 10000000 | &nbsp;&nbsp;&nbsp; 4.000%, 10/15/2029 | 7865934 |
|  |  | 27610541 |
| **Beverages: 0.4%** | **Beverages: 0.4%** |  |
|  | Primo Water Holdings, Inc. |  |
| 19700000 | &nbsp;&nbsp;&nbsp; 4.375%, 04/30/2029 | 17035999 |
| **Building Products: 1.5%** | **Building Products: 1.5%** |  |
|  | Griffon Corp. |  |
| 60288000 | &nbsp;&nbsp;&nbsp; 5.750%, 03/01/2028 | 55256966 |
|  | PGT Innovations, Inc. |  |
| 17000000 | &nbsp;&nbsp;&nbsp; 4.375%, 10/01/2029 | 14254798 |
|  |  | 69511764 |
| **Capital Markets: 1.1%** | **Capital Markets: 1.1%** |  |
|  | Oppenheimer Holdings, Inc. |  |
| 50650000 | &nbsp;&nbsp;&nbsp; 5.500%, 10/01/2025 | 49732982 |
| **Chemicals: 1.9%** | **Chemicals: 1.9%** |  |
|  | Consolidated Energy Finance SA |  |
| 39500000 | &nbsp;&nbsp;&nbsp; 5.625%, 10/15/2028 | 33637031 |
|  | INEOS Quattro Finance 2 PLC |  |
| 37474000 | &nbsp;&nbsp;&nbsp; 3.375%, 01/15/2026 | 34475893 |
|  | Olin Corp. |  |
| 19296000 | &nbsp;&nbsp;&nbsp; 5.625%, 08/01/2029 | 18365450 |
|  |  | 86478374 |
| **Commercial Services & Supplies: 1.9%** | **Commercial Services & Supplies: 1.9%** |  |
|  | GFL Environmental, Inc. |  |
| 11100000 | &nbsp;&nbsp;&nbsp; 5.125%, 12/15/2026 | 10633848 |
| 19750000 | &nbsp;&nbsp;&nbsp; 4.750%, 06/15/2029 | 17311369 |
|  | KAR Auction Services, Inc. |  |
| 9406000 | &nbsp;&nbsp;&nbsp; 5.125%, 06/01/2025 | 9203674 |
|  | Pitney Bowes, Inc. |  |
| 64620000 | &nbsp;&nbsp;&nbsp; 7.250%, 03/15/2029 | 50628478 |
|  |  | 87777369 |
| **Computers & Peripherals: 3.5%** | **Computers & Peripherals: 3.5%** |  |
|  | CPI Acquisition, Inc. |  |
| 48518000 | &nbsp;&nbsp;&nbsp; 8.625%, 03/15/2026 | 47906067 |
|  | NCR Corp. |  |
| 34425000 | &nbsp;&nbsp;&nbsp; 5.750%, 09/01/2027 | 32995493 |
| 5750000 | &nbsp;&nbsp;&nbsp; 5.000%, 10/01/2028 | 4911445 |
| 10000000 | &nbsp;&nbsp;&nbsp; 5.125%, 04/15/2029 | 8383358 |
|  | Xerox Holdings Corp. |  |
| 70000000 | &nbsp;&nbsp;&nbsp; 5.000%, 08/15/2025 | 64161578 |
|  |  | 158357941 |
| **Construction & Engineering: 4.3%** | **Construction & Engineering: 4.3%** |  |
|  | APi Group DE, Inc. |  |
| 39750000 | &nbsp;&nbsp;&nbsp; 4.125%, 07/15/2029 | 32992500 |
|  | Global Infrastructure Solutions, Inc. |  |
| 51157000 | &nbsp;&nbsp;&nbsp; 5.625%, 06/01/2029 | 40194997 |
|  | Great Lakes Dredge & Dock Corp. |  |
| 25832000 | &nbsp;&nbsp;&nbsp; 5.250%, 06/01/2029 | 20115378 |
|  | New Enterprise Stone & Lime Co., Inc. |  |
| 46500000 | &nbsp;&nbsp;&nbsp; 5.250%, 07/15/2028 | 41351089 |
|  | Tutor Perini Corp. |  |
| 72415000 | &nbsp;&nbsp;&nbsp; 6.875%, 05/01/2025 | 63477300 |
|  |  | 198131264 |
| **Construction Materials: 0.1%** | **Construction Materials: 0.1%** |  |
|  | Cemex SAB de CV |  |
| 4750000 | &nbsp;&nbsp;&nbsp; 7.375%, 06/05/2027 | 4882430 |
| **Consumer Finance: 3.7%** | **Consumer Finance: 3.7%** |  |
|  | Bread Financial Holdings, Inc. |  |
| 15832000 | &nbsp;&nbsp;&nbsp; 4.750%, 12/15/2024 | 14063851 |
| 49250000 | &nbsp;&nbsp;&nbsp; 7.000%, 01/15/2026 | 43122808 |
|  | Enova International, Inc. |  |
| 36895000 | &nbsp;&nbsp;&nbsp; 8.500%, 09/01/2024 | 34783596 |
| 36117000 | &nbsp;&nbsp;&nbsp; 8.500%, 09/15/2025 | 33542903 |
|  | FirstCash, Inc. |  |
| 15000000 | &nbsp;&nbsp;&nbsp; 4.625%, 09/01/2028 | 13193411 |
| 19500000 | &nbsp;&nbsp;&nbsp; 5.625%, 01/01/2030 | 17381618 |
|  | OneMain Finance Corp. |  |
| 11228000 | &nbsp;&nbsp;&nbsp; 5.625%, 03/15/2023 | 11204309 |
|  |  | 167292496 |
| **Containers & Packaging: 0.2%** | **Containers & Packaging: 0.2%** |  |
|  | Owens-Brockway Glass Container, Inc. |  |
| 10083000 | &nbsp;&nbsp;&nbsp; 5.875%, 08/15/2023 | 10052018 |
| **Distributors: 0.6%** | **Distributors: 0.6%** |  |
|  | American Builders & Contractors Supply Co., Inc. |  |
| 35000000 | &nbsp;&nbsp;&nbsp; 3.875%, 11/15/2029 | 28655375 |
| **Diversified Consumer Services: 0.3%** | **Diversified Consumer Services: 0.3%** |  |
|  | Carriage Services, Inc. |  |
| 19500000 | &nbsp;&nbsp;&nbsp; 4.250%, 05/15/2029 | 15501982 |
| **Diversified Financial Services: 0.6%** | **Diversified Financial Services: 0.6%** |  |
|  | Aviation Capital Group LLC |  |
| 5500000 | &nbsp;&nbsp;&nbsp; 5.500%, 12/15/2024 | 5402203 |
|  | Burford Capital Global Finance LLC |  |
| 25489000 | &nbsp;&nbsp;&nbsp; 6.250%, 04/15/2028 | 22715907 |
|  |  | 28118110 |
| **Diversified Telecommunication Services: 1.7%** | **Diversified Telecommunication Services: 1.7%** |  |
|  | Level 3 Financing, Inc. |  |
| 44668000 | &nbsp;&nbsp;&nbsp; 4.625%, 09/15/2027 | 37264279 |
|  | Lumen Technologies, Inc. |  |
| 54100000 | &nbsp;&nbsp;&nbsp; 5.375%, 06/15/2029 | 39020796 |
|  |  | 76285075 |
| **Equity Real Estate Investment Trusts - REITS: 0.4%** | **Equity Real Estate Investment Trusts - REITS: 0.4%** |  |
|  | Iron Mountain, Inc. |  |
| 20000000 | &nbsp;&nbsp;&nbsp; 4.500%, 02/15/2031 | 16483900 |
| **Food & Staples Retailing: 5.0%** | **Food & Staples Retailing: 5.0%** |  |
|  | C&S Group Enterprises LLC |  |
| 45765000 | &nbsp;&nbsp;&nbsp; 5.000%, 12/15/2028 | 34808401 |
|  | KeHE Distributors LLC / KeHE Finance Corp. |  |
| 58426000 | &nbsp;&nbsp;&nbsp; 8.625%, 10/15/2026 | 57587587 |
|  | Performance Food Group, Inc. |  |
| 19500000 | &nbsp;&nbsp;&nbsp; 4.250%, 08/01/2029 | 16922100 |
|  | SEG Holding LLC / SEG Finance Corp. |  |
| 29087000 | &nbsp;&nbsp;&nbsp; 5.625%, 10/15/2028 | 27429623 |
|  | United Natural Foods, Inc. |  |
| 5000000 | &nbsp;&nbsp;&nbsp; 6.750%, 10/15/2028 | 4812150 |
|  | US Foods, Inc. |  |
| 61228000 | &nbsp;&nbsp;&nbsp; 6.250%, 04/15/2025 | 60686933 |
| 29354000 | &nbsp;&nbsp;&nbsp; 4.750%, 02/15/2029 | 26098641 |
|  |  | 228345435 |
| **Food Products: 0.3%** | **Food Products: 0.3%** |  |
|  | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |  |
| 18750000 | &nbsp;&nbsp;&nbsp; 4.625%, 03/01/2029 | 15286174 |
| **Health Care Providers & Services: 0.8%** | **Health Care Providers & Services: 0.8%** |  |
|  | AMN Healthcare, Inc. |  |
| 8000000 | &nbsp;&nbsp;&nbsp; 4.625%, 10/01/2027 | 7390320 |
|  | Owens & Minor, Inc. |  |
| 36210000 | &nbsp;&nbsp;&nbsp; 4.500%, 03/31/2029 | 28917306 |
|  |  | 36307626 |
| **Hotels, Restaurants & Leisure: 5.6%** | **Hotels, Restaurants & Leisure: 5.6%** |  |
|  | Aramark Services, Inc. |  |
| 48411000 | &nbsp;&nbsp;&nbsp; 6.375%, 05/01/2025 | 47914303 |
|  | Carnival Corp. |  |
| 23616000 | &nbsp;&nbsp;&nbsp; 7.625%, 03/01/2026 | 18759717 |
| 9500000 | &nbsp;&nbsp;&nbsp; 5.750%, 03/01/2027 | 6799815 |
| 19750000 | &nbsp;&nbsp;&nbsp; 6.000%, 05/01/2029 | 13198075 |
|  | Carrols Restaurant Group, Inc. |  |
| 57625000 | &nbsp;&nbsp;&nbsp; 5.875%, 07/01/2029 | 40462086 |
|  | GPS Hospitality Holding Co. LLC / GPS Finco, Inc. |  |
| 44500000 | &nbsp;&nbsp;&nbsp; 7.000%, 08/15/2028 | 28219675 |
|  | MGM Resorts International |  |
| 25000000 | &nbsp;&nbsp;&nbsp; 6.000%, 03/15/2023 | 24965125 |
|  | NCL Corp. Ltd. |  |
| 15510000 | &nbsp;&nbsp;&nbsp; 3.625%, 12/15/2024 | 13275599 |
| 12000000 | &nbsp;&nbsp;&nbsp; 5.875%, 03/15/2026 | 9471360 |
|  | Six Flags Entertainment Corp. |  |
| 48676000 | &nbsp;&nbsp;&nbsp; 4.875%, 07/31/2024 | 46941917 |
|  | Six Flags Theme Parks, Inc. |  |
| 5229000 | &nbsp;&nbsp;&nbsp; 7.000%, 07/01/2025 | 5277283 |
|  |  | 255284955 |
| **Household Durables: 3.0%** | **Household Durables: 3.0%** |  |
|  | Empire Communities Corp. |  |
| 63999000 | &nbsp;&nbsp;&nbsp; 7.000%, 12/15/2025 | 57945463 |
|  | Installed Building Products, Inc. |  |
| 6750000 | &nbsp;&nbsp;&nbsp; 5.750%, 02/01/2028 | 6079898 |
|  | Mattamy Group Corp. |  |
| 24500000 | &nbsp;&nbsp;&nbsp; 5.250%, 12/15/2027 | 21770286 |
|  | The New Home Co., Inc. |  |
| 47308000 | &nbsp;&nbsp;&nbsp; 7.250%, 10/15/2025 | 40136562 |
|  | Taylor Morrison Communities, Inc. |  |
| 9500000 | &nbsp;&nbsp;&nbsp; 5.750%, 01/15/2028 | 8911690 |
|  |  | 134843899 |
| **Industrial Conglomerates: 1.8%** | **Industrial Conglomerates: 1.8%** |  |
|  | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. |  |
| 17769000 | &nbsp;&nbsp;&nbsp; 4.750%, 09/15/2024 | 17074075 |
| 18133000 | &nbsp;&nbsp;&nbsp; 6.375%, 12/15/2025 | 17622012 |
| 49872000 | &nbsp;&nbsp;&nbsp; 6.250%, 05/15/2026 | 48036264 |
|  |  | 82732351 |
| **IT Services: 3.5%** | **IT Services: 3.5%** |  |
|  | Conduent Business Services LLC / Conduent State & Local Solutions, Inc. |  |
| 74500000 | &nbsp;&nbsp;&nbsp; 6.000%, 11/01/2029 | 60963350 |
|  | KBR, Inc. |  |
| 20000000 | &nbsp;&nbsp;&nbsp; 4.750%, 09/30/2028 | 17789055 |
|  | MoneyGram International, Inc. |  |
| 29490000 | &nbsp;&nbsp;&nbsp; 5.375%, 08/01/2026 | 29926088 |
|  | Unisys Corp. |  |
| 66074000 | &nbsp;&nbsp;&nbsp; 6.875%, 11/01/2027 | 50830728 |
|  |  | 159509221 |
| **Machinery: 2.2%** | **Machinery: 2.2%** |  |
|  | Chart Industries, Inc. |  |
| 5000000 | &nbsp;&nbsp;&nbsp; 7.500%, 01/01/2030 | 5027750 |
|  | The Manitowoc Co., Inc. |  |
| 58224000 | &nbsp;&nbsp;&nbsp; 9.000%, 04/01/2026 | 54811672 |
|  | Wabash National Corp. |  |
| 46750000 | &nbsp;&nbsp;&nbsp; 4.500%, 10/15/2028 | 39853523 |
|  |  | 99692945 |
| **Media: 1.1%** | **Media: 1.1%** |  |
|  | DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. |  |
| 55300000 | &nbsp;&nbsp;&nbsp; 5.875%, 08/15/2027 | 49579768 |
| **Metals & Mining: 4.0%** | **Metals & Mining: 4.0%** |  |
|  | Century Aluminum Co. |  |
| 40000000 | &nbsp;&nbsp;&nbsp; 7.500%, 04/01/2028 | 34663913 |
|  | Coeur Mining, Inc. |  |
| 66150000 | &nbsp;&nbsp;&nbsp; 5.125%, 02/15/2029 | 51711217 |
|  | Hecla Mining Co. |  |
| 61347000 | &nbsp;&nbsp;&nbsp; 7.250%, 02/15/2028 | 60499239 |
|  | Real Alloy Holding, Inc. |  |
| 13002247 | &nbsp;&nbsp;&nbsp; 14.765%, (3 Month LIBOR USD +10.000%) Cash or 16.765% (3 Month LIBOR USD + 12.000%) PIK, 05/31/2025 <sup>1,3</sup> | 13002247 |
|  | SunCoke Energy, Inc. |  |
| 26325000 | &nbsp;&nbsp;&nbsp; 4.875%, 06/30/2029 | 22631273 |
|  |  | 182507889 |
| **Mortgage Real Estate Investment Trusts - REITS: 2.0%** | **Mortgage Real Estate Investment Trusts - REITS: 2.0%** |  |
|  | HAT Holdings I LLC / HAT Holdings II LLC |  |
| 25404000 | &nbsp;&nbsp;&nbsp; 6.000%, 04/15/2025 | 24641880 |
| 31200000 | &nbsp;&nbsp;&nbsp; 3.375%, 06/15/2026 | 27149928 |
|  | Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc. |  |
| 10000000 | &nbsp;&nbsp;&nbsp; 6.375%, 02/01/2027 | 9321100 |
|  | Starwood Property Trust, Inc. |  |
| 29839000 | &nbsp;&nbsp;&nbsp; 5.500%, 11/01/2023 | 29624450 |
|  |  | 90737358 |
| **Oil, Gas & Consumable Fuels: 2.5%** | **Oil, Gas & Consumable Fuels: 2.5%** |  |
|  | Calumet Specialty Products Partners L.P. / Calumet Finance Corp. |  |
| 11792000 | &nbsp;&nbsp;&nbsp; 9.250%, 07/15/2024 | 11991226 |
| 15900000 | &nbsp;&nbsp;&nbsp; 11.000%, 04/15/2025 | 16596043 |
|  | Genesis Energy L.P. / Genesis Energy Finance Corp. |  |
| 51550000 | &nbsp;&nbsp;&nbsp; 7.750%, 02/01/2028 | 47532193 |
|  | Global Partners L.P. / GLP Finance Corp. |  |
| 30750000 | &nbsp;&nbsp;&nbsp; 7.000%, 08/01/2027 | 29249617 |
|  | NGL Energy Operating LLC / NGL Energy Finance Corp. |  |
| 7500000 | &nbsp;&nbsp;&nbsp; 7.500%, 02/01/2026 | 6681037 |
|  |  | 112050116 |
| **Paper & Forest Products: 0.8%** | **Paper & Forest Products: 0.8%** |  |
|  | Resolute Forest Products, Inc. |  |
| 35750000 | &nbsp;&nbsp;&nbsp; 4.875%, 03/01/2026 | 35313780 |
| **Road & Rail: 0.5%** | **Road & Rail: 0.5%** |  |
|  | XPO Escrow Sub LLC |  |
| 24500000 | &nbsp;&nbsp;&nbsp; 7.500%, 11/15/2027 | 24823890 |
| **Specialty Retail: 2.9%** | **Specialty Retail: 2.9%** |  |
|  | Ken Garff Automotive LLC |  |
| 49795000 | &nbsp;&nbsp;&nbsp; 4.875%, 09/15/2028 | 41736076 |
|  | Penske Automotive Group, Inc. |  |
| 17234000 | &nbsp;&nbsp;&nbsp; 3.500%, 09/01/2025 | 16021323 |
|  | Rent-A-Center, Inc. |  |
| 57600000 | &nbsp;&nbsp;&nbsp; 6.375%, 02/15/2029 | 46670303 |
|  | Sonic Automotive, Inc. |  |
| 34500000 | &nbsp;&nbsp;&nbsp; 4.625%, 11/15/2029 | 27669271 |
|  |  | 132096973 |
| **Textiles, Apparel & Luxury Goods: 0.1%** | **Textiles, Apparel & Luxury Goods: 0.1%** |  |
|  | The William Carter Co. |  |
| 3000000 | &nbsp;&nbsp;&nbsp; 5.625%, 03/15/2027 | 2882818 |
| **Thrifts & Mortgage Finance: 3.3%** | **Thrifts & Mortgage Finance: 3.3%** |  |
|  | Nationstar Mortgage Holdings, Inc. |  |
| 13250000 | &nbsp;&nbsp;&nbsp; 6.000%, 01/15/2027 | 11879685 |
| 24680000 | &nbsp;&nbsp;&nbsp; 5.500%, 08/15/2028 | 20164457 |
| 9500000 | &nbsp;&nbsp;&nbsp; 5.125%, 12/15/2030 | 7349983 |
| 18000000 | &nbsp;&nbsp;&nbsp; 5.750%, 11/15/2031 | 14018400 |
|  | PennyMac Financial Services, Inc. |  |
| 56030000 | &nbsp;&nbsp;&nbsp; 5.375%, 10/15/2025 | 50593652 |
|  | United Wholesale Mortgage LLC |  |
| 24680000 | &nbsp;&nbsp;&nbsp; 5.500%, 11/15/2025 | 22263332 |
| 7000000 | &nbsp;&nbsp;&nbsp; 5.750%, 06/15/2027 | 6036179 |
| 20820000 | &nbsp;&nbsp;&nbsp; 5.500%, 04/15/2029 | 16645399 |
|  |  | 148951087 |
| **Trading Companies & Distributors: 4.1%** | **Trading Companies & Distributors: 4.1%** |  |
|  | Avation Capital SA |  |
| 80861974 | &nbsp;&nbsp;&nbsp; 8.250% Cash or 9.000% PIK, 10/31/2026 <sup>3</sup> | 64024489 |
|  | Castlelake Aviation Finance DAC |  |
| 52500000 | &nbsp;&nbsp;&nbsp; 5.000%, 04/15/2027 | 45750535 |
|  | Herc Holdings, Inc. |  |
| 32823000 | &nbsp;&nbsp;&nbsp; 5.500%, 07/15/2027 | 30682284 |
|  | WESCO Distribution, Inc. |  |
| 36966000 | &nbsp;&nbsp;&nbsp; 7.125%, 06/15/2025 | 37509561 |
| 9750000 | &nbsp;&nbsp;&nbsp; 7.250%, 06/15/2028 | 9898385 |
|  |  | 187865254 |
| **Transportation Infrastructure: 0.5%** | **Transportation Infrastructure: 0.5%** |  |
|  | Signature Aviation US Holdings, Inc. |  |
| 25600000 | &nbsp;&nbsp;&nbsp; 4.000%, 03/01/2028 | 24384764 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,892,485,352) | &nbsp;&nbsp;&nbsp; (Cost $3,892,485,352) | 3443887115 |
| **Convertible Bonds: 5.2%** | **Convertible Bonds: 5.2%** |  |
| **Aerospace & Defense: 0.3%** | **Aerospace & Defense: 0.3%** |  |
|  | Parsons Corp. |  |
| 12500000 | &nbsp;&nbsp;&nbsp; 0.250%, 08/15/2025 | 14268750 |
| **Airlines: 0.2%** | **Airlines: 0.2%** |  |
|  | Southwest Airlines Co. |  |
| 7675000 | &nbsp;&nbsp;&nbsp; 1.250%, 05/01/2025 | 9246456 |
| **Auto Components: 0.2%** | **Auto Components: 0.2%** |  |
|  | Patrick Industries, Inc. |  |
| 11250000 | &nbsp;&nbsp;&nbsp; 1.750%, 12/01/2028 | 9281250 |
| **Automobiles: 0.2%** | **Automobiles: 0.2%** |  |
|  | Ford Motor Co. |  |
| 7750000 | &nbsp;&nbsp;&nbsp; N/A%, 03/15/2026 <sup>4</sup> | 7350875 |
| **Consumer Finance: 0.9%** | **Consumer Finance: 0.9%** |  |
|  | EZCORP, Inc. |  |
| 10250000 | &nbsp;&nbsp;&nbsp; 2.375%, 05/01/2025 | 9143410 |
| 9750000 | &nbsp;&nbsp;&nbsp; 3.750%, 12/15/2029 | 9481875 |
|  | LendingTree, Inc. |  |
| 27517000 | &nbsp;&nbsp;&nbsp; 0.500%, 07/15/2025 | 20158954 |
|  |  | 38784239 |
| **Health Care Equipment & Supplies: 0.6%** | **Health Care Equipment & Supplies: 0.6%** |  |
|  | Haemonetics Corp. |  |
| 17750000 | &nbsp;&nbsp;&nbsp; N/A%, 03/01/2026 <sup>4</sup> | 14755575 |
|  | Integra LifeSciences Holdings Corp. |  |
| 13000000 | &nbsp;&nbsp;&nbsp; 0.500%, 08/15/2025 | 12668500 |
|  |  | 27424075 |
| **Hotels, Restaurants & Leisure: 0.2%** | **Hotels, Restaurants & Leisure: 0.2%** |  |
|  | NCL Corp. Ltd. |  |
| 6835000 | &nbsp;&nbsp;&nbsp; 6.000%, 05/15/2024 | 8012565 |
| 2500000 | &nbsp;&nbsp;&nbsp; 1.125%, 02/15/2027 | 1709500 |
|  |  | 9722065 |
| **Internet & Direct Marketing Retail: 0.1%** | **Internet & Direct Marketing Retail: 0.1%** |  |
|  | Etsy, Inc. |  |
| 7750000 | &nbsp;&nbsp;&nbsp; 0.250%, 06/15/2028 | 6675075 |
| **Machinery: 0.2%** | **Machinery: 0.2%** |  |
|  | John Bean Technologies Corp. |  |
| 9450000 | &nbsp;&nbsp;&nbsp; 0.250%, 05/15/2026 | 8160075 |
| **Mortgage Real Estate Investment Trusts - REITS: 0.5%** | **Mortgage Real Estate Investment Trusts - REITS: 0.5%** |  |
|  | Starwood Property Trust, Inc. |  |
| 22000000 | &nbsp;&nbsp;&nbsp; 4.375%, 04/01/2023 | 21436250 |
| **Pharmaceuticals: 0.3%** | **Pharmaceuticals: 0.3%** |  |
|  | Jazz Investments I Ltd. |  |
| 6000000 | &nbsp;&nbsp;&nbsp; 1.500%, 08/15/2024 | 5928750 |
| 6650000 | &nbsp;&nbsp;&nbsp; 2.000%, 06/15/2026 | 7938438 |
|  |  | 13867188 |
| **Real Estate Management & Development: 0.4%** | **Real Estate Management & Development: 0.4%** |  |
|  | DigitalBridge Group, Inc. |  |
| 19577000 | &nbsp;&nbsp;&nbsp; 5.000%, 04/15/2023 | 19381230 |
| **Software: 1.1%** | **Software: 1.1%** |  |
|  | BigBear.ai Holdings, Inc. |  |
| 28350000 | &nbsp;&nbsp;&nbsp; 6.000%, 12/15/2026 | 19136250 |
|  | Envestnet, Inc. |  |
| 9490000 | &nbsp;&nbsp;&nbsp; 0.750%, 08/15/2025 | 8612175 |
| 1000000 | &nbsp;&nbsp;&nbsp; 2.625%, 12/01/2027 | 1078000 |
|  | Jamf Holding Corp. |  |
| 10600000 | &nbsp;&nbsp;&nbsp; 0.125%, 09/01/2026 | 8776800 |
|  | Rapid7, Inc. |  |
| 10000000 | &nbsp;&nbsp;&nbsp; 0.250%, 03/15/2027 | 7859937 |
|  | Tyler Technologies, Inc. |  |
| 6750000 | &nbsp;&nbsp;&nbsp; 0.250%, 03/15/2026 | 6304500 |
|  |  | 51767662 |
| **Total Convertible Bonds** | **Total Convertible Bonds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $260,197,629) | &nbsp;&nbsp;&nbsp; (Cost $260,197,629) | 237365190 |
| **Private Mortgage Backed Obligations: 0.2%** | **Private Mortgage Backed Obligations: 0.2%** |  |
| **Diversified Financial Services: 0.2%** | **Diversified Financial Services: 0.2%** |  |
|  | HAS Capital Income Opportunity Fund II |  |
| 21807000 | &nbsp;&nbsp;&nbsp; 8.000%, 12/31/2024 (Cost $21,807,000 Acquisition Dates 06/10/2016, 09/19/2016) <sup>1,6</sup> | 10650757 |
| **Total Private Mortgage Backed Obligations** | **Total Private Mortgage Backed Obligations** |  |
| &nbsp;&nbsp;&nbsp; (Cost $21,807,000) | &nbsp;&nbsp;&nbsp; (Cost $21,807,000) | 10650757 |
| **Total Bonds** | **Total Bonds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,174,489,981) | &nbsp;&nbsp;&nbsp; (Cost $4,174,489,981) | 3691903062 |
| **Warrants: 0.0% <sup>8</sup>** | **Warrants: 0.0% <sup>8</sup>** |  |
| **Trading Companies & Distributors: 0.0% <sup>8</sup>** | **Trading Companies & Distributors: 0.0% <sup>8</sup>** |  |
| 1601250 | Aviation PLC, Warrants (Expiration Date 10/31/2026, Exercise Price 114.5 GBp) <sup>1,2</sup> | 580752 |
| **Total Warrants** | **Total Warrants** |  |
| &nbsp;&nbsp;&nbsp; (Cost $–) | &nbsp;&nbsp;&nbsp; (Cost $–) | 580752 |
| **Short-Term Investments: 13.3%** | **Short-Term Investments: 13.3%** |  |
| **Commercial Paper: 6.7%** | **Commercial Paper: 6.7%** |  |
| **Automobiles: 1.1%** | **Automobiles: 1.1%** |  |
|  | Harley-Davidson FDG Corp. |  |
| 50000000 | &nbsp;&nbsp;&nbsp; 5.188%, 01/10/2023 <sup>10</sup> | 49928210 |
| **Chemicals: 1.0%** | **Chemicals: 1.0%** |  |
|  | International Flavors & Fragrances, Inc. |  |
| 34000000 | &nbsp;&nbsp;&nbsp; 5.398%, 01/19/2023 <sup>10</sup> | 33912280 |
| 15000000 | &nbsp;&nbsp;&nbsp; 5.467%, 01/20/2023 <sup>10</sup> | 14959313 |
|  |  | 48871593 |
| **Construction & Engineering: 1.1%** | **Construction & Engineering: 1.1%** |  |
|  | Quanta Services, Inc. |  |
| 49000000 | &nbsp;&nbsp;&nbsp; 5.273%, 01/18/2023 <sup>10</sup> | 48872039 |
| **Equity Real Estate Investment Trusts - REITS: 1.1%** | **Equity Real Estate Investment Trusts - REITS: 1.1%** |  |
|  | Crown Castle International Corp. |  |
| 50000000 | &nbsp;&nbsp;&nbsp; 5.297%, 01/05/2023 <sup>10</sup> | 49959533 |
| **Household Durables: 1.1%** | **Household Durables: 1.1%** |  |
|  | Newell Brands, Inc. |  |
| 49000000 | &nbsp;&nbsp;&nbsp; 5.378%, 01/05/2023 <sup>10</sup> | 48960343 |
| **Multiline Retail: 1.3%** | **Multiline Retail: 1.3%** |  |
|  | Dollarama, Inc. |  |
| 25000000 | &nbsp;&nbsp;&nbsp; 5.205%, 01/09/2023 <sup>10</sup> | 24968173 |
| 35000000 | &nbsp;&nbsp;&nbsp; 5.169%, 01/17/2023 <sup>10</sup> | 34918940 |
|  |  | 59887113 |
| **Total Commercial Paper** | **Total Commercial Paper** |  |
| &nbsp;&nbsp;&nbsp; (Cost $306,528,222) | &nbsp;&nbsp;&nbsp; (Cost $306,528,222) | 306478831 |
| **Shares** | **Shares** |  |
| **Money Market Funds: 6.6%** | **Money Market Funds: 6.6%** |  |
| 149935677 | Federated Hermes U.S. Treasury Cash Reserves - Class I, 3.820% <sup>5</sup> | 149935677 |
| 149491190 | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, 3.930% <sup>5</sup> | 149491190 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |
| &nbsp;&nbsp;&nbsp; **(Cost $299,426,867)** | &nbsp;&nbsp;&nbsp; **(Cost $299,426,867)** | 299426867 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp; **(Cost $605,955,089)** | &nbsp;&nbsp;&nbsp; **(Cost $605,955,089)** | 605905698 |
| **Total Investments in Securities: 98.7%** | **Total Investments in Securities: 98.7%** |  |
| &nbsp;&nbsp;&nbsp; **(Cost $4,946,240,284)** | &nbsp;&nbsp;&nbsp; **(Cost $4,946,240,284)** | 4499606679 |
| Other Assets in Excess of Liabilities: 1.3% | Other Assets in Excess of Liabilities: 1.3% | 57520646 |
| **Total Net Assets: 100.0%** | **Total Net Assets: 100.0%** | $4557127325 |

---

---

| | |
|:---|:---|
| GBp - | Great Britain Pound |
| LIBOR - | London Interbank Offered Rate |
| PIK - | Payment-in-Kind |
| USD - | United States Dollar |
| <sup>1</sup>  | Security is fair valued under the Board of Trustees and is categorized as a Level 3 security. Significant unobservable inputs were used to determine fair value. |
| <sup>2</sup>  | Non-income producing security. |
| <sup>3</sup>  | Variable rate security; rate shown is the rate in effect on December 31, 2022. |
| <sup>4</sup>  | Zero Coupon Security |
| <sup>5</sup>  | Annualized seven-day effective yield as of December 31, 2022. |
| <sup>6</sup>  | Security considered restricted. As of December 31, 2022, the value of the restricted securities was $10,650,757 or 0.2% of net assets. |
| <sup>7</sup>  | Not a readily marketable security. |
| <sup>8</sup>  | Does not round to 0.1% or (0.1)%, as applicable. |
| <sup>9</sup>  | Company is an "affiliated person" of the Fund, as defined in the Investment Company Act of 1940. |
| <sup>10</sup>  | Rate represents the yield to maturity from purchase price. |

---

The Global Industry Classifications Standard (GICS<sup>®</sup>) sector and industry classifications was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's ("S&P"). GICS<sup>®</sup> is a service mark of MSCI, Inc. and S&P and has been licensed for use by Osterweis Capital Management.<br>

------

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets: | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks <sup>1,2</sup> | $– | $– | $153154537 | $153154537 |
| Convertible Preferred Stocks <sup>1,2</sup> | 4854920 | – | 43207710 | 48062630 |
| Corporate Bonds <sup>1,2</sup> | – | 3430884868 | 13002247 | 3443887115 |
| Convertible Bonds <sup>1</sup> | – | 237365190 | – | 237365190 |
| Private Mortgage Backed Obligations <sup>1,2</sup> | – | – | 10650757 | 10650757 |
| Warrants <sup>1</sup> | 580752 | – | – | 580752 |
| Short-Term Investments | 299426867 | 306478831 | – | 605905698 |
| Total Assets: | $304862539 | $3974728889 | $220015251 | $4499606679 |
| <sup>1</sup> See Schedule of Investments for industry breakouts. |  |  |  |  |
| <sup>2</sup> See Schedule of Investments for disclosure of Level 3 securities. | <sup>2</sup> See Schedule of Investments for disclosure of Level 3 securities. |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** 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:** 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:** $4570129669.25

**Total Liabilities:** $4547836.09

**Net Assets:** $4565581833.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2091.430000000000 | **1-Year:** 2790.560000000000 | **5-Year:** 731.940000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 431847.250000000000 | **1-Year:** 577152.030000000000 | **5-Year:** 131631.360000000000 | **10-Year:** 5241.620000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013345 | 1.99%                | 1.95%                | 0.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3394573.82              | $69767923.64                               |
| Month 2  | $219948.38               | $67062780.20                               |
| Month 3  | $-415838.29              | $-14491474.89                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMN HEALTHCARE INC             | AMN Healthcare Inc                                                             | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7390320.00   | 0.16%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC               | APi Group DE Inc                                                               | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |  39750000 | PA      | $32992500.00  | 0.72%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO            | Allegiant Travel Co                                                            | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |  31700000 | PA      | $30196841.79  | 0.66%             | 2027-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS          | Bread Financial Holdings Inc                                                   | CUSIP: 018581AK4<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |  15832000 | PA      | $14063851.21  | 0.31%             | 2024-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS          | Bread Financial Holdings Inc                                                   | CUSIP: 018581AL2<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |  49250000 | PA      | $43122807.50  | 0.94%             | 2026-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC          | American Airlines Inc                                                          | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |  83624000 | PA      | $89871381.79  | 1.97%             | 2025-07-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   9260000 | PA      | $8369002.61   | 0.18%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PAY6<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |  17428000 | PA      | $16337067.68  | 0.36%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |  40000000 | PA      | $35727000.00  | 0.78%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ABC SUPPLY CO INC              | American Builders & Contractors Supply Co Inc                                  | CUSIP: 024747AG2<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |  35000000 | PA      | $28655375.00  | 0.63%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC           | Aramark Services Inc                                                           | CUSIP: 038522AR9<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |  48411000 | PA      | $47914303.14  | 1.05%             | 2025-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AVATION CAPITAL SA             | Avation Capital SA                                                             | CUSIP: 05351CAA5<br>LEI: 54930056OEYSV06OMD90 | Long             | DBT              | CORP              | LU        |  80861974 | PA      | $64024489.46  | 1.40%             | 2026-10-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP         | Aviation Capital Group LLC                                                     | CUSIP: 05369AAH4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5402202.96   | 0.12%             | 2024-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SIGNATURE AVIATION US          | Signature Aviation US Holdings Inc                                             | CUSIP: 05545MAC6<br>LEI: 213800CSNQ87U1MC8N11 | Long             | DBT              | CORP              | US        |  25600000 | PA      | $24384763.65  | 0.53%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BIGBEAR.AI HOLDINGS INC        | BigBear.ai Holdings Inc                                                        | CUSIP: 08975BAA7<br>LEI: 549300XGCF2ELN28CS63 | Long             | DBT              | CORP              | US        |  28350000 | PA      | $19136250.00  | 0.42%             | 2026-12-15      | Fixed         | 6.00%                 | 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      | $22715907.17  | 0.50%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| C&S GROUP ENTERPRISES LL       | C&S Group Enterprises LLC                                                      | CUSIP: 12467AAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  45765000 | PA      | $34808401.35  | 0.76%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                     | CPI CG Inc                                                                     | CUSIP: 12598FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  48518000 | PA      | $47906067.21  | 1.05%             | 2026-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD         | Calumet Specialty Products Partners LP / Calumet Finance Corp                  | CUSIP: 131477AT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15900000 | PA      | $16596043.17  | 0.36%             | 2025-04-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD         | Calumet Specialty Products Partners LP / Calumet Finance Corp                  | CUSIP: 131477AU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11792000 | PA      | $11991225.84  | 0.26%             | 2024-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                  | CUSIP: 143658BL5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  23616000 | PA      | $18759717.23  | 0.41%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                  | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   9500000 | PA      | $6799815.00   | 0.15%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                  | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  19750000 | PA      | $13198074.76  | 0.29%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC          | Carriage Services Inc                                                          | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19500000 | PA      | $15501981.50  | 0.34%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CARROLS RESTAURANT GROUP       | Carrols Restaurant Group Inc                                                   | CUSIP: 14574XAF1<br>LEI: 529900HZEMNWQSAKFJ98 | Long             | DBT              | CORP              | US        |  57625000 | PA      | $40462086.40  | 0.89%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CASTLELAKE AVIATION FIN        | Castlelake Aviation Finance DAC                                                | CUSIP: 14856HAA6<br>LEI: 2138006F7SMD1COVC345 | Long             | DBT              | CORP              | IE        |  52500000 | PA      | $45750535.43  | 1.00%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                | Cemex SAB de CV                                                                | CUSIP: 151290BW2<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |   4750000 | PA      | $4882430.00   | 0.11%             | 2027-06-05      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY       | Century Aluminum Co                                                            | CUSIP: 156431AN8<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |  40000000 | PA      | $34663913.20  | 0.76%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC           | Chart Industries Inc                                                           | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5027750.00   | 0.11%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COEUR MINING INC               | Coeur Mining Inc                                                               | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |  66150000 | PA      | $51711216.57  | 1.13%             | 2029-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC        | DigitalBridge Group Inc                                                        | CUSIP: 19624RAA4<br>LEI: 549300XG87L902AGBO89 | Long             | DBT              | CORP              | US        |  19577000 | PA      | $19381230.00  | 0.42%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONDUENT BUS SERVICES          | Conduent Business Services LLC / Conduent State & Local Solutions Inc          | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  74500000 | PA      | $60963350.00  | 1.34%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |  39500000 | PA      | $33637031.20  | 0.74%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INTL CORP         | CROWN CASTLE INTL CORP                                                         | CUSIP: 22823QN56<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49959533.50  | 1.09%             | 2023-01-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DASEKE INC                     | Daseke Inc                                                                     | CUSIP: 23753F305<br>LEI: 549300CUSFIOX5Q3VA53 | Long             | EP               | CORP              | US        |    490000 | NS      | $43207710.00  | 0.95%             |  |  |  | No            |                  3 | On Loan: No      |
| DIRECTV FIN LLC/COINC          | Directv Financing LLC / Directv Financing Co-Obligor Inc                       | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  55300000 | PA      | $49579768.00  | 1.09%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DOLLARAMA INC                  | DOLLARAMA INC                                                                  | CUSIP: 25675MN99<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  25000000 | PA      | $24968173.50  | 0.55%             | 2023-01-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DOLLARAMA INC                  | DOLLARAMA INC                                                                  | CUSIP: 25675MNH1<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  35000000 | PA      | $34918940.00  | 0.76%             | 2023-01-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP        | Empire Communities Corp                                                        | CUSIP: 29163VAC7<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |  63999000 | PA      | $57945462.59  | 1.27%             | 2025-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC        | Enova International Inc                                                        | CUSIP: 29357KAD5<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |  36895000 | PA      | $34783596.18  | 0.76%             | 2024-09-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC        | Enova International Inc                                                        | CUSIP: 29357KAF0<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |  36117000 | PA      | $33542903.13  | 0.73%             | 2025-09-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ENVESTNET INC                  | Envestnet Inc                                                                  | CUSIP: 29404KAE6<br>LEI: 549300HLWZ5OKIDM8737 | Long             | DBT              | CORP              | US        |   9490000 | PA      | $8612175.00   | 0.19%             | 2025-08-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| ENVESTNET INC                  | Envestnet Inc                                                                  | CUSIP: 29404KAF3<br>LEI: 549300HLWZ5OKIDM8737 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1078000.00   | 0.02%             | 2027-12-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| ETSY INC                       | Etsy Inc                                                                       | CUSIP: 29786AAN6<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $6675075.00   | 0.15%             | 2028-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                     | CUSIP: 302301AE6<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |  10250000 | PA      | $9143409.59   | 0.20%             | 2025-05-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                     | CUSIP: 302301AG1<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |   9750000 | PA      | $9481875.00   | 0.21%             | 2029-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |  19500000 | PA      | $17381618.09  | 0.38%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $13193411.10  | 0.29%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                                  | CUSIP: 345370CX6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $10197044.55  | 0.22%             | 2030-04-22      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                                  | CUSIP: 345370CZ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $7350875.00   | 0.16%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                       | CUSIP: 345397ZJ5<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9547563.00   | 0.21%             | 2025-06-09      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC          | GFL Environmental Inc                                                          | CUSIP: 36168QAF1<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |  11100000 | PA      | $10633848.73  | 0.23%             | 2026-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC          | GFL Environmental Inc                                                          | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |  19750000 | PA      | $17311368.75  | 0.38%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GPS HOSPITALITY HOLDING        | GPS Hospitality Holding Co LLC / GPS Finco Inc                                 | CUSIP: 36262BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  44500000 | PA      | $28219675.00  | 0.62%             | 2028-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN          | Genesis Energy LP / Genesis Energy Finance Corp                                | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  51550000 | PA      | $47532193.00  | 1.04%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE        | Global Partners LP / GLP Finance Corp                                          | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  30750000 | PA      | $29249616.79  | 0.64%             | 2027-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO       | Global Infrastructure Solutions Inc                                            | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |  51157000 | PA      | $40194996.70  | 0.88%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BH3<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |  78511000 | PA      | $80801339.38  | 1.77%             | 2025-05-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |  14500000 | PA      | $12114019.20  | 0.27%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK        | Great Lakes Dredge & Dock Corp                                                 | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |  25832000 | PA      | $20115378.40  | 0.44%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION            | Griffon Corp                                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |  60288000 | PA      | $55256966.40  | 1.21%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HAS CAP INC OPP FUND           | HAS Capital Income Opportunity Fund II LLC                                     | CUSIP: 404083AB3<br>LEI: 549300R3FUKONGRMXM62 | Long             | DBT              | CORP              | US        |  21807000 | PA      | $10650756.87  | 0.23%             | 2024-12-31      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| HAEMONETICS CORP               | Haemonetics Corp                                                               | CUSIP: 405024AB6<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |  17750000 | PA      | $14755575.00  | 0.32%             | 2026-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HARLEY-DAVIDSON FDG CORP       | HARLEY-DAVIDSON FDG CORP                                                       | CUSIP: 41282KNA2<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49928209.50  | 1.09%             | 2023-01-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT         | HAT Holdings I LLC / HAT Holdings II LLC                                       | CUSIP: 418751AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25404000 | PA      | $24641880.00  | 0.54%             | 2025-04-15      | Fixed         | 6.00%                 | 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        |  31200000 | PA      | $27149928.00  | 0.59%             | 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        |  61347000 | PA      | $60499238.45  | 1.33%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |  32823000 | PA      | $30682283.94  | 0.67%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN          | Icahn Enterprises LP / Icahn Enterprises Finance Corp                          | CUSIP: 451102BQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18133000 | PA      | $17622012.06  | 0.39%             | 2025-12-15      | Fixed         | 6.38%                 | 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        |  49872000 | PA      | $48036264.05  | 1.05%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN          | Icahn Enterprises LP / Icahn Enterprises Finance Corp                          | CUSIP: 451102BW6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17769000 | PA      | $17074075.02  | 0.37%             | 2024-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2        | INEOS Quattro Finance 2 Plc                                                    | CUSIP: 45674GAA2<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |  37474000 | PA      | $34475892.63  | 0.76%             | 2026-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| INSTALLED BUILDING PRODU       | Installed Building Products Inc                                                | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6079898.14   | 0.13%             | 2028-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INTEGRA LIFESCIENCES HLD       | Integra LifeSciences Holdings Corp                                             | CUSIP: 457985AM1<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | DBT              | CORP              | US        |  13000000 | PA      | $12668500.00  | 0.28%             | 2025-08-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL FLAVORS&FRAGRANC | INTERNATIONAL FLAVORS&FRAGRANC                                                 | CUSIP: 4595A3NK9<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  34000000 | PA      | $33912280.00  | 0.74%             | 2023-01-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL FLAVORS&FRAGRANC | INTERNATIONAL FLAVORS&FRAGRANC                                                 | CUSIP: 4595A3NL7<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  15000000 | PA      | $14959312.50  | 0.33%             | 2023-01-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                              | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $16483900.00  | 0.36%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JAMF HOLDING CORP              | Jamf Holding Corp                                                              | CUSIP: 47074LAB1<br>LEI: 254900IHLXZU4Z5ANA12 | Long             | DBT              | CORP              | US        |  10600000 | PA      | $8776800.00   | 0.19%             | 2026-09-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| JAZZ INVESTMENTS I LTD         | Jazz Investments I Ltd                                                         | CUSIP: 472145AD3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $5928750.00   | 0.13%             | 2024-08-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC          | Level 3 Financing Inc                                                          | CUSIP: 527298BN2<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |  44668000 | PA      | $37264279.00  | 0.82%             | 2027-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC         | Lumen Technologies Inc                                                         | CUSIP: 550241AA1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |  54100000 | PA      | $39020796.27  | 0.85%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL               | MGM Resorts International                                                      | CUSIP: 552953CC3<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $24965125.00  | 0.55%             | 2023-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MANITOWOC COMPANY INC          | Manitowoc Co Inc/The                                                           | CUSIP: 563571AL2<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |  58224000 | PA      | $54811671.85  | 1.20%             | 2026-04-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| JAZZ INVESTMENTS I LTD         | Jazz Investments I Ltd                                                         | CUSIP: 472145AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6650000 | PA      | $7938437.50   | 0.17%             | 2026-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JOHN BEAN TECHNOLOGIES C       | John Bean Technologies Corp                                                    | CUSIP: 477839AB0<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |   9450000 | PA      | $8160075.00   | 0.18%             | 2026-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP             | Mattamy Group Corp                                                             | CUSIP: 57701RAJ1<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |  24500000 | PA      | $21770286.44  | 0.48%             | 2027-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC       | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd      | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18001160 | PA      | $17936389.19  | 0.39%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KAR AUCTION SERVICES INC       | KAR Auction Services Inc                                                       | CUSIP: 48238TAA7<br>LEI: 5493004HKD20LBSG7D03 | Long             | DBT              | CORP              | US        |   9406000 | PA      | $9203674.31   | 0.20%             | 2025-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KBR INC                        | KBR Inc                                                                        | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $17789055.20  | 0.39%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federated Hermes U.S. Treasury | Federated Hermes U.S. Treasury Cash Reserves                                   | CUSIP: 60934N682<br>LEI: 25490003NTA1P9CI5X97 | Long             | STIV             | RF                | US        | 149935676 | NS      | $149935676.50 | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MONEYGRAM INTERNATIONAL        | MoneyGram International Inc                                                    | CUSIP: 60935YAA7<br>LEI: 5299002DLX0Q04KC4156 | Long             | DBT              | CORP              | US        |  29490000 | PA      | $29926087.80  | 0.66%             | 2026-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KEHE DISTRIBUTORS LLC/FI       | KeHE Distributors LLC / KeHE Finance Corp                                      | CUSIP: 487526AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  58426000 | PA      | $57587586.90  | 1.26%             | 2026-10-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| KEN GARFF AUTOMOTIVE LLC       | Ken Garff Automotive LLC                                                       | CUSIP: 48850PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  49795000 | PA      | $41736075.62  | 0.91%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MSILF Treasury Securities Port | MSILF Treasury Securities Portfolio                                            | CUSIP: 61747C525<br>LEI: 549300OJY9IZ31SGS926 | Long             | STIV             | RF                | US        | 149491190 | NS      | $149491190.13 | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR CORP                       | NCR Corp                                                                       | CUSIP: 62886EAU2<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |  34425000 | PA      | $32995492.58  | 0.72%             | 2027-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LENDINGTREE INC                | LendingTree Inc                                                                | CUSIP: 52603BAD9<br>LEI: 549300ISY5YHUJZTON08 | Long             | DBT              | CORP              | US        |  27517000 | PA      | $20158954.20  | 0.44%             | 2025-07-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC         | Patrick Industries Inc                                                         | CUSIP: 703343AC7<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |  51339000 | PA      | $50031837.19  | 1.10%             | 2027-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NCR CORP                       | NCR Corp                                                                       | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   5750000 | PA      | $4911444.67   | 0.11%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NCR CORP                       | NCR Corp                                                                       | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $8383358.40   | 0.18%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC         | Patrick Industries Inc                                                         | CUSIP: 703343AG8<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |  11250000 | PA      | $9281250.00   | 0.20%             | 2028-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC          | PennyMac Financial Services Inc                                                | CUSIP: 70932MAA5<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |  56030000 | PA      | $50593652.27  | 1.11%             | 2025-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HAP6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |  15510000 | PA      | $13275598.54  | 0.29%             | 2024-12-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HAT8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   6835000 | PA      | $8012565.04   | 0.18%             | 2024-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP        | Penske Automotive Group Inc                                                    | CUSIP: 70959WAJ2<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |  17234000 | PA      | $16021323.39  | 0.35%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I       | Performance Food Group Inc                                                     | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |  19500000 | PA      | $16922100.00  | 0.37%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |  12000000 | PA      | $9471360.00   | 0.21%             | 2026-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HBD2<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $1709500.00   | 0.04%             | 2027-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC               | Pitney Bowes Inc                                                               | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |  64620000 | PA      | $50628477.60  | 1.11%             | 2029-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PRIMO WATER HOLDINGS INC       | Primo Water Holdings Inc                                                       | CUSIP: 74168LAA4<br>LEI: 9845008F9A5F2E1D4832 | Long             | DBT              | CORP              | US        |  19700000 | PA      | $17035998.75  | 0.37%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP          | NGL Energy Operating LLC / NGL Energy Finance Corp                             | CUSIP: 62922LAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7500000 | PA      | $6681036.75   | 0.15%             | 2026-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13250000 | PA      | $11879685.00  | 0.26%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| QUANTA SVCS INC                | QUANTA SVCS INC                                                                | CUSIP: 74767HNJ5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  49000000 | PA      | $48872039.44  | 1.07%             | 2023-01-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RAPID7 INC                     | Rapid7 Inc                                                                     | CUSIP: 753422AF1<br>LEI: 549300GNVG5D60KEYN14 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $7859937.20   | 0.17%             | 2027-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24680000 | PA      | $20164456.87  | 0.44%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9500000 | PA      | $7349982.52   | 0.16%             | 2030-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18000000 | PA      | $14018400.00  | 0.31%             | 2031-11-15      | Fixed         | 5.75%                 | 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      | $41351088.95  | 0.91%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE            | New Home Co Inc/The                                                            | CUSIP: 645370AC1<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |  47308000 | PA      | $40136561.83  | 0.88%             | 2025-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC              | NEWELL BRANDS INC                                                              | CUSIP: 65120NN52<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  49000000 | PA      | $48960342.83  | 1.07%             | 2023-01-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| REAL ALLOY EQUITY              | REAL ALLOY EQUITY                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       800 | NS      | $51972050.39  | 1.14%             |  |  |  | No            |                  3 | On Loan: No      |
| REAL ALLOY EXIT NOTES          | REAL ALLOY EXIT NOTES                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  13002247 | PA      | $13002247.45  | 0.28%             | 2023-05-31      | Variable      | 11.00%                | No            |                  3 | On Loan: No      |
| OLIN CORP                      | Olin Corp                                                                      | CUSIP: 680665AL0<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |  19296000 | PA      | $18365450.40  | 0.40%             | 2029-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OPPENHEIMER HOLDINGS INC       | Oppenheimer Holdings Inc                                                       | CUSIP: 683797AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  50650000 | PA      | $49732981.75  | 1.09%             | 2025-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REAL HERO MERGER SUB 2         | Real Hero Merger Sub 2 Inc                                                     | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  54702000 | PA      | $37569333.60  | 0.82%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RENT-A-CENTER INC              | Rent-A-Center Inc/TX                                                           | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |  57600000 | PA      | $46670302.66  | 1.02%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR INC              | Owens & Minor Inc                                                              | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |  36210000 | PA      | $28917306.00  | 0.63%             | 2029-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                 | Owens-Brockway Glass Container Inc                                             | CUSIP: 69073TAR4<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |  10083000 | PA      | $10052017.56  | 0.22%             | 2023-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RESOLUTE FOREST PRODUCTS       | Resolute Forest Products Inc                                                   | CUSIP: 76117WAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  35750000 | PA      | $35313780.29  | 0.77%             | 2026-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| OXFORD FIN LLC/CO-ISS II       | Oxford Finance LLC / Oxford Finance Co-Issuer II Inc                           | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9321100.00   | 0.20%             | 2027-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PGT INNOVATIONS INC            | PGT Innovations Inc                                                            | CUSIP: 69336VAB7<br>LEI: 549300LRW9WM59C1S579 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $14254797.50  | 0.31%             | 2029-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PARSONS CORP                   | Parsons Corp                                                                   | CUSIP: 70202LAB8<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $14268750.00  | 0.31%             | 2025-08-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| SEG HLD LLC/SEG FIN CORP       | SEG Holding LLC / SEG Finance Corp                                             | CUSIP: 78397KAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  29087000 | PA      | $27429622.74  | 0.60%             | 2028-10-15      | Fixed         | 5.62%                 | 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        |  18750000 | PA      | $15286174.31  | 0.33%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT        | Six Flags Entertainment Corp                                                   | CUSIP: 83001AAB8<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |  48676000 | PA      | $46941917.50  | 1.03%             | 2024-07-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS THEME PARKS          | Six Flags Theme Parks Inc                                                      | CUSIP: 83001WAC8<br>LEI: 5493003MX0ZXTM8EVY68 | Long             | DBT              | CORP              | US        |   5229000 | PA      | $5277282.91   | 0.12%             | 2025-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC           | Sonic Automotive Inc                                                           | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |  34500000 | PA      | $27669271.17  | 0.61%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Southeastern Grocers Inc       | Southeastern Grocers Inc                                                       | CUSIP: 84169Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4649942 | NS      | $101136238.50 | 2.22%             |  |  |  | No            |                  3 | On Loan: No      |
| SOUTHWEST AIRLINES CO          | Southwest Airlines Co                                                          | CUSIP: 844741BG2<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |   7675000 | PA      | $9246456.25   | 0.20%             | 2025-05-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                           | CUSIP: 85172FAL3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |  11228000 | PA      | $11204308.92  | 0.25%             | 2023-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                    | CUSIP: 85571BAH8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |  22000000 | PA      | $21436250.00  | 0.47%             | 2023-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                    | CUSIP: 85571BAS4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |  29839000 | PA      | $29624449.53  | 0.65%             | 2023-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC             | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |  26325000 | PA      | $22631273.44  | 0.50%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM           | Taylor Morrison Communities Inc                                                | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $8911690.37   | 0.20%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                | Thor Industries Inc                                                            | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $7865933.60   | 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      |
| TUTOR PERINI CORP              | Tutor Perini Corp                                                              | CUSIP: 901109AF5<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |  72415000 | PA      | $63477300.28  | 1.39%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TYLER TECHNOLOGIES INC         | Tyler Technologies Inc                                                         | CUSIP: 902252AB1<br>LEI: 25490040SMU4Z8LBCW70 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6304500.00   | 0.14%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                   | US Foods Inc                                                                   | CUSIP: 90290MAC5<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |  61228000 | PA      | $60686933.06  | 1.33%             | 2025-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                   | US Foods Inc                                                                   | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |  29354000 | PA      | $26098641.40  | 0.57%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNISYS CORP                    | Unisys Corp                                                                    | CUSIP: 909214BV9<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |  66074000 | PA      | $50830728.20  | 1.11%             | 2027-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES HOLDINGS       | United Airlines Holdings Inc                                                   | CUSIP: 910047AK5<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |  20726000 | PA      | $19828978.72  | 0.43%             | 2025-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC       | United Natural Foods Inc                                                       | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4812150.00   | 0.11%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |  24680000 | PA      | $22263331.44  | 0.49%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |  20820000 | PA      | $16645399.29  | 0.36%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6036179.17   | 0.13%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL               | Paramount Global                                                               | CUSIP: 92556H305<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EP               | CORP              | US        |    196000 | NS      | $4854920.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| WABASH NATIONAL CORP           | Wabash National Corp                                                           | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |  46750000 | PA      | $39853523.22  | 0.87%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                         | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |  36966000 | PA      | $37509560.63  | 0.82%             | 2025-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                         | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   9750000 | PA      | $9898384.96   | 0.22%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WILLIAM CARTER                 | William Carter Co/The                                                          | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2882817.54   | 0.06%             | 2027-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| XPO ESCROW SUB LLC             | XPO Escrow Sub LLC                                                             | CUSIP: 98379JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24500000 | PA      | $24823890.25  | 0.54%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP            | Xerox Holdings Corp                                                            | CUSIP: 98421MAA4<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |  70000000 | PA      | $64161578.60  | 1.41%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVATION PLC                    | Avation PLC                                                                    | CUSIP: N/A<br>LEI: 213800KA972GUP1B6I78       | N/A              | DE               | CORP              | GB        |   1601250 | NS      | $580752.21    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Professionally Managed Portfolios

**Signature:** /s/ Melissa Breitzman

**Name of Signer:** Melissa Breitzman

**Title:** Assistant Treasurer