# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001145549-23-008135
**Filing Date:** 2023-2
**Character Count:** 30971
**Document Hash:** a0010c6fccc3d1fe919f053196cd0c61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008135.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001145549-23-008135

**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:** 23652366

**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 Short Duration Credit Fund (Series ID: S000077469)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000237928 | Investor Class | ZEOIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **OSTERWEIS SHORT DURATION CREDIT FUND** | **OSTERWEIS SHORT DURATION CREDIT FUND** | **OSTERWEIS SHORT DURATION CREDIT 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) |
| **Principal Amount** | **Principal Amount** | **Value** |
| **Bonds: 61.2%** | **Bonds: 61.2%** |  |
| **Corporate Bonds: 61.2%** | **Corporate Bonds: 61.2%** |  |
| **Air Freight & Logistics: 3.5%** | **Air Freight & Logistics: 3.5%** |  |
|  | Western Global Airlines LLC |  |
| $8623000 | &nbsp;&nbsp;&nbsp; 10.375%, 08/15/2025 | $6490367 |
| **Auto Components: 1.7%** | **Auto Components: 1.7%** |  |
|  | Patrick Industries, Inc. |  |
| 1482000 | &nbsp;&nbsp;&nbsp; 7.500%, 10/15/2027 | 1444266 |
| 1957000 | &nbsp;&nbsp;&nbsp; 4.750%, 05/01/2029 | 1626854 |
|  |  | 3071120 |
| **Commercial Services & Supplies: 5.6%** | **Commercial Services & Supplies: 5.6%** |  |
|  | Cimpress PLC |  |
| 9585000 | &nbsp;&nbsp;&nbsp; 7.000%, 06/15/2026 | 6641255 |
|  | RR Donnelley & Sons Co. |  |
| 3949000 | &nbsp;&nbsp;&nbsp; 6.125%, 11/01/2026 | 3692315 |
|  |  | 10333570 |
| **Computers & Peripherals: 4.1%** | **Computers & Peripherals: 4.1%** |  |
|  | Diebold Nixdorf, Inc. |  |
| 14640407 | &nbsp;&nbsp;&nbsp; 8.500%, 10/15/2026 | 7537921 |
| **Construction & Engineering: 5.0%** | **Construction & Engineering: 5.0%** |  |
|  | Brundage-Bone Concrete Pumping Holdings, Inc. |  |
| 4558000 | &nbsp;&nbsp;&nbsp; 6.000%, 02/01/2026 | 4160980 |
|  | Great Lakes Dredge & Dock Corp. |  |
| 1847000 | &nbsp;&nbsp;&nbsp; 5.250%, 06/01/2029 | 1438259 |
|  | IEA Energy Services LLC |  |
| 3862000 | &nbsp;&nbsp;&nbsp; 6.625%, 08/15/2029 | 3649377 |
|  |  | 9248616 |
| **Consumer Finance: 6.0%** | **Consumer Finance: 6.0%** |  |
|  | Bread Financial Holdings, Inc. |  |
| 1940000 | &nbsp;&nbsp;&nbsp; 4.750%, 12/15/2024 | 1723337 |
| 5658000 | &nbsp;&nbsp;&nbsp; 7.000%, 01/15/2026 | 4954088 |
|  | PRA Group, Inc. |  |
| 4560000 | &nbsp;&nbsp;&nbsp; 7.375%, 09/01/2025 | 4413613 |
|  |  | 11091038 |
| **Diversified Consumer Services: 5.5%** | **Diversified Consumer Services: 5.5%** |  |
|  | Cengage Learning, Inc. |  |
| 10598000 | &nbsp;&nbsp;&nbsp; 9.500%, 06/15/2024 | 10123581 |
| **Food Products: 2.0%** | **Food Products: 2.0%** |  |
|  | B&G Foods, Inc. |  |
| 4817000 | &nbsp;&nbsp;&nbsp; 5.250%, 09/15/2027 | 3701711 |
| **Hotels, Restaurants & Leisure: 2.6%** | **Hotels, Restaurants & Leisure: 2.6%** |  |
|  | Arrow Bidco LLC |  |
| 4871000 | &nbsp;&nbsp;&nbsp; 9.500%, 03/15/2024 | 4866532 |
| **Household Durables: 4.8%** | **Household Durables: 4.8%** |  |
|  | American Greetings Corp. |  |
| 9183000 | &nbsp;&nbsp;&nbsp; 8.750%, 04/15/2025 | 8836434 |
| **Interactive Media & Services: 5.7%** | **Interactive Media & Services: 5.7%** |  |
|  | Getty Images, Inc. |  |
| 7127000 | &nbsp;&nbsp;&nbsp; 9.750%, 03/01/2027 | 7046066 |
|  | Millennium Escrow Corp. |  |
| 5564000 | &nbsp;&nbsp;&nbsp; 6.625%, 08/01/2026 | 3568199 |
|  |  | 10614265 |
| **IT Services: 1.2%** | **IT Services: 1.2%** |  |
|  | Virtusa Corp. |  |
| 2797000 | &nbsp;&nbsp;&nbsp; 7.125%, 12/15/2028 | 2135574 |
| **Machinery: 6.3%** | **Machinery: 6.3%** |  |
|  | Granite US Holdings Corp. |  |
| 6731000 | &nbsp;&nbsp;&nbsp; 11.000%, 10/01/2027 | 7102619 |
|  | Werner FinCo L.P. / Werner FinCo, Inc. |  |
| 6706000 | &nbsp;&nbsp;&nbsp; 8.750%, 07/15/2025 | 4503615 |
|  |  | 11606234 |
| **Paper & Forest Products: 1.4%** | **Paper & Forest Products: 1.4%** |  |
|  | Resolute Forest Products, Inc. |  |
| 2540000 | &nbsp;&nbsp;&nbsp; 4.875%, 03/01/2026 | 2509007 |
| **Software: 1.2%** | **Software: 1.2%** |  |
|  | Veritas U.S., Inc / Veritas Bermuda Ltd. |  |
| 3244000 | &nbsp;&nbsp;&nbsp; 7.500%, 09/01/2025 | 2245997 |
| **Specialty Retail: 4.6%** | **Specialty Retail: 4.6%** |  |
|  | At Home Group, Inc. |  |
| 1976000 | &nbsp;&nbsp;&nbsp; 4.875%, 07/15/2028 | 1395639 |
|  | The Men's Wearhouse LLC |  |
| 45285000 | &nbsp;&nbsp;&nbsp; 7.000%, 07/01/2023 <sup>1,5</sup> | 298881 |
|  | The Michaels Cos., Inc |  |
| 6338000 | &nbsp;&nbsp;&nbsp; 5.250%, 05/01/2028 | 5106753 |
|  | The Michaels Cos., Inc. |  |
| 2428000 | &nbsp;&nbsp;&nbsp; 7.875%, 05/01/2029 | 1626634 |
|  |  | 8427907 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $159,824,824) | &nbsp;&nbsp;&nbsp; (Cost $159,824,824) | 112839874 |
| **Total Bonds** | **Total Bonds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $159,824,824) | &nbsp;&nbsp;&nbsp; (Cost $159,824,824) | 112839874 |
| **Bank Loans: 31.2%** | **Bank Loans: 31.2%** |  |
| **Beverages: 3.1%** | **Beverages: 3.1%** |  |
|  | Chill Merger Sub, Inc. |  |
| 6416070 | 8.230% (1 month LIBOR + 3.500%), 3/20/2024 <sup>2,3</sup> | 5705137 |
| **Chemicals: 3.3%** | **Chemicals: 3.3%** |  |
|  | AgroFresh, Inc. |  |
| 6182745 | 10.634% (1 month LIBOR + 6.250%), 12/31/2024 <sup>2,3</sup> | 6074547 |
| **Commercial Services & Supplies: 0.8%** | **Commercial Services & Supplies: 0.8%** |  |
|  | LRS Holdings LLC |  |
| 1431540 | 8.634% (1 month LIBOR + 4.250%), 8/31/2028 <sup>2,3</sup> | 1385015 |
| **Diversified Consumer Services: 2.1%** | **Diversified Consumer Services: 2.1%** |  |
|  | APX Group, Inc. |  |
| 3950000 | 8.500% (Prime + 2.250%), 7/9/2028 <sup>2,3</sup> | 3914825 |
| **IT Services: 6.3%** | **IT Services: 6.3%** |  |
|  | Cast & Crew LLC |  |
| 11810269 | 7.884% (1 month LIBOR + 3.500%), 2/7/2026 <sup>2,3</sup> | 11672148 |
| **Machinery: 0.9%** | **Machinery: 0.9%** |  |
|  | Werner FinCo L.P. |  |
| 1813505 | 8.730% (2 months LIBOR + 4.000%), 7/24/2024 <sup>2,3</sup> | 1644251 |
| **Software: 13.3%** | **Software: 13.3%** |  |
|  | A&V Holdings Midco LLC |  |
| 2420823 | 9.545% (3 months LIBOR + 5.375%), 3/10/2027 <sup>2,3</sup> | 2360302 |
|  | Hyland Software, Inc. |  |
| 3289802 | 7.884% (1 month LIBOR + 3.500%), 7/1/2024 <sup>2,3</sup> | 3252381 |
|  | Hyland Software, Inc. |  |
| 12892000 | 10.634% (1 month LIBOR + 6.250%), 7/10/2025 <sup>2,3</sup> | 12260292 |
|  | Magenta Buyer LLC |  |
| 4583700 | 9.170% (3 months LIBOR + 4.750%), 7/27/2028 <sup>2,3</sup> | 3946291 |
|  | Veritas U.S., Inc. |  |
| 3726421 | 9.730% (3 months LIBOR + 5.000%), 9/1/2025 <sup>2,3</sup> | 2647752 |
|  |  | 24467018 |
| **Specialty Retail: 1.4%** | **Specialty Retail: 1.4%** |  |
|  | At Home Group, Inc. |  |
| 3210570 | 7.743% (3 months LIBOR + 4.000%), 7/23/2028 <sup>2,3</sup> | 2540765 |
| **Total Bank Loans** | **Total Bank Loans** |  |
| &nbsp;&nbsp;&nbsp; (Cost $61,335,107) | &nbsp;&nbsp;&nbsp; (Cost $61,335,107) | 57403706 |
| **Shares** | **Shares** |  |
| **Short-Term Investments: 5.9%** | **Short-Term Investments: 5.9%** |  |
| **Money Market Funds: 5.9%** | **Money Market Funds: 5.9%** |  |
| 10892132 | U.S. Bank Money Market Deposit Account, 3.900% <sup>4</sup> | 10892132 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |
| &nbsp;&nbsp;&nbsp; **(Cost $10,892,132)** | &nbsp;&nbsp;&nbsp; **(Cost $10,892,132)** | 10892132 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp; **(Cost $10,892,132)** | &nbsp;&nbsp;&nbsp; **(Cost $10,892,132)** | 10892132 |
| **Total Investments in Securities: 98.3%** | **Total Investments in Securities: 98.3%** |  |
| &nbsp;&nbsp;&nbsp; **(Cost $232,052,063)** | &nbsp;&nbsp;&nbsp; **(Cost $232,052,063)** | 181135712 |
| Other Assets in Excess of Liabilities: 1.7% | Other Assets in Excess of Liabilities: 1.7% | 3190510 |
| **Total Net Assets: 100.0%** | **Total Net Assets: 100.0%** | $184326222 |

---

---

| | |
|:---|:---|
| LIBOR - | London Interbank Offered Rate |
| SOFR - | Secured Overnight Financing Rate |
| PRIME - | United States Federal Reserve Overnight Rate |
| <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>  | Variable rate security; rate shown is the rate in effect on December 31, 2022. |
| <sup>3</sup>  | Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR") or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. |
| <sup>4</sup>  | The Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of December 31, 2022. |
| <sup>5</sup>  | Security is in default. |

---

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 Short Duration 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** |
| Corporate Bonds <sup>1</sup> | $– | $112540993 | $298881 | $112839874 |
| Bank Loans | – | 57403706 | – | 57403706 |
| Short-Term Investments | 10892132 | – | – | 10892132 |
| Total Assets: | $10892132 | $169944699 | $298881 | $181135712 |
| <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:** Osterweis Short Duration Credit Fund

- **b. EDGAR series identifier (if any):** S000077469

- **c. LEI of Series:** 2549000UGBD9EYKL7C63

**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:** $185827653.01

**Total Liabilities:** $558502.77

**Net Assets:** $185269150.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 1174.950000000000 | **5-Year:** 214.730000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 32519.270000000000 | **1-Year:** 7054.280000000000 | **5-Year:** 639.890000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237928 | -0.38%               | 2.14%                | -0.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $75076.31                | $-1840657.36                               |
| Month 2  | $-200456.04              | $2746325.84                                |
| Month 3  | $-588921.92              | $-1498945.67                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LRS HOLDINGS LLC                       | LRS Holdings LLC                            | CUSIP: 50205HAC4<br>LEI: 2549000MQSLNQZB32779 | Long             | LON              | CORP              | US        |   1435155 | PA      | $1388512.46   | 0.75%             | 2028-08-31      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                  | Bread Financial Holdings Inc                | CUSIP: 018581AK4<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1723337.00   | 0.93%             | 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        |   5658000 | PA      | $4954088.22   | 2.67%             | 2026-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN GREETINGS CORP                | American Greetings Corp                     | CUSIP: 026375AR6<br>LEI: 549300WMJOT8C9DNMF90 | Long             | DBT              | CORP              | US        |   9183000 | PA      | $8836433.58   | 4.77%             | 2025-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ARROW BIDCO LLC                        | Arrow Bidco LLC                             | CUSIP: 042728AA3<br>LEI: 549300YHZN08M0H3O128 | Long             | DBT              | CORP              | US        |   4871000 | PA      | $4866531.73   | 2.63%             | 2024-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AT HOME GROUP INC                      | At Home Group Inc                           | CUSIP: 04650YAA8<br>LEI: 549300LGPR0P05O30I24 | Long             | DBT              | CORP              | US        |   1976000 | PA      | $1395638.92   | 0.75%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC                          | B&G Foods Inc                               | CUSIP: 05508WAB1<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |   4817000 | PA      | $3701711.13   | 2.00%             | 2027-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENGAGE LEARNING INC                   | Cengage Learning Inc                        | CUSIP: 15137NAA1<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | DBT              | CORP              | US        |  10598000 | PA      | $10123580.53  | 5.46%             | 2024-06-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                           | Cimpress PLC                                | CUSIP: 17186HAC6<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   9585000 | PA      | $6641254.80   | 3.58%             | 2026-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                    | Diebold Nixdorf Inc                         | CUSIP: 253651AH6<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |  14640408 | PA      | $7537921.39   | 4.07%             | 2026-10-15      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| RR DONNELLEY & SONS CO                 | RR Donnelley & Sons Co                      | CUSIP: 257867BF7<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   3949000 | PA      | $3692315.00   | 1.99%             | 2026-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                       | Getty Images Inc                            | CUSIP: 374276AJ2<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   7127000 | PA      | $7046065.65   | 3.80%             | 2027-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GRANITE US HOLDINGS CORP               | Granite US Holdings Corp                    | CUSIP: 38748YAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6731000 | PA      | $7102618.51   | 3.83%             | 2027-10-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK                | Great Lakes Dredge & Dock Corp              | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |   1847000 | PA      | $1438258.90   | 0.78%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IEA ENERGY SERVICES LLC                | IEA Energy Services LLC                     | CUSIP: 45174AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3862000 | PA      | $3649377.59   | 1.97%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                   | Michaels Cos Inc/The                        | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   6338000 | PA      | $5106752.68   | 2.76%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                   | Michaels Cos Inc/The                        | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   2428000 | PA      | $1626634.42   | 0.88%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| THE MEN'S WEARHOUSE LLC                | Men's Wearhouse LLC/The                     | CUSIP: 587118AE0<br>LEI: NKFP7BJ6WYEV4I24P532 | Long             | DBT              | CORP              | US        |  45285000 | PA      | $298881.00    | 0.16%             | 2022-07-01      | None          | 7.00%                 | No            |                  3 | On Loan: No      |
| MILLENNIUM ESCROW CORP                 | Millennium Escrow Corp                      | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5564000 | PA      | $3568199.60   | 1.93%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                 | Brundage-Bone Concrete Pumping Holdings Inc | CUSIP: 66981QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4558000 | PA      | $4160979.79   | 2.25%             | 2026-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                          | PRA Group Inc                               | CUSIP: 69354NAC0<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   4560000 | PA      | $4413612.55   | 2.38%             | 2025-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                 | Patrick Industries Inc                      | CUSIP: 703343AC7<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   1482000 | PA      | $1444266.21   | 0.78%             | 2027-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                 | Patrick Industries Inc                      | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   1957000 | PA      | $1626854.10   | 0.88%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RESOLUTE FOREST PRODUCTS               | Resolute Forest Products Inc                | CUSIP: 76117WAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2540000 | PA      | $2509007.05   | 1.35%             | 2026-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account      | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  10560774 | NS      | $10560773.56  | 5.70%             |  |  |  | No            |                  1 | On Loan: No      |
| VERITAS US INC/BERMUDA L               | Veritas US Inc / Veritas Bermuda Ltd        | CUSIP: 92346LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3244000 | PA      | $2245997.35   | 1.21%             | 2025-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VIRTUSA CORP                           | Virtusa Corp                                | CUSIP: 92837TAA0<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |   2797000 | PA      | $2135573.94   | 1.15%             | 2028-12-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WERNER FINCO LP/INC                    | Werner FinCo LP / Werner FinCo Inc          | CUSIP: 95076PAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6706000 | PA      | $4503615.48   | 2.43%             | 2025-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| WESTERN GLOBAL AIRLINES                | Western Global Airlines LLC                 | CUSIP: 958278AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8623000 | PA      | $6490367.40   | 3.50%             | 2025-08-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| WERNER FINCO LP                        | Werner FinCo LP                             | CUSIP: 95075EAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1818290 | PA      | $1648589.16   | 0.89%             | 2024-07-24      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| CHILL MERGER SUB INC                   | Chill Merger Sub Inc                        | CUSIP: 03970JAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6416070 | PA      | $5705137.07   | 3.08%             | 2024-03-20      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| HYLAND SOFTWARE INC                    | Hyland Software Inc                         | CUSIP: 44908XAT5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3298392 | PA      | $3260872.43   | 1.76%             | 2024-07-01      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| CAST & CREW LLC                        | Cast & Crew LLC                             | CUSIP: 14835JAN0<br>LEI: 549300XE7OZGFGN5F466 | Long             | LON              | CORP              | US        |  11840945 | PA      | $11702465.21  | 6.32%             | 2026-02-07      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| A&V HOLDINGS MIDCO LLC                 | A&V Holdings Midco LLC                      | CUSIP: 00254JAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2455907 | PA      | $2394509.49   | 1.29%             | 2027-03-10      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| AGROFRESH INC                          | AgroFresh Inc                               | CUSIP: 00854XAD6<br>LEI: 5493008FVK5CU36SI253 | Long             | LON              | CORP              | US        |   6199109 | PA      | $6090624.92   | 3.29%             | 2024-12-31      | Floating      | 10.32%                | No            |                  2 | On Loan: No      |
| VERITAS US INC                         | Veritas US Inc                              | CUSIP: G9341JAN0<br>LEI: 549300RFUWCPWS8FQ104 | Long             | LON              | CORP              | US        |   3733037 | PA      | $2652453.34   | 1.43%             | 2025-09-01      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| HYLAND SOFTWARE INC                    | Hyland Software Inc                         | CUSIP: 44908XAV0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  12892000 | PA      | $12260292.00  | 6.62%             | 2025-07-10      | Floating      | 10.32%                | No            |                  2 | On Loan: No      |
| MAGENTA BUYER LLC                      | Magenta Buyer LLC                           | CUSIP: 55910RAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4583700 | PA      | $3946290.68   | 2.13%             | 2028-07-27      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| AT HOME GROUP INC                      | At Home Group Inc                           | CUSIP: 04651BAB5<br>LEI: 549300LGPR0P05O30I24 | Long             | LON              | CORP              | US        |   3210570 | PA      | $2540764.83   | 1.37%             | 2028-07-23      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| APX GROUP INC                          | APX Group Inc                               | CUSIP: 00213NAM4<br>LEI: 549300OMQVKPRU98OE64 | Long             | LON              | CORP              | US        |   3960000 | PA      | $3924736.20   | 2.12%             | 2028-07-09      | Floating      | 9.75%                 | No            |                  2 | 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