# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001133228-25-007035
**Filing Date:** 2025-7
**Character Count:** 64126
**Document Hash:** 181734d5ea877a16c7760fdcac33f30c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007035.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001133228-25-007035

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 251102018

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-218-3770

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

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

## Series and Classes Contracts Data

### Becker Value Equity Fund (Series ID: S000037988)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000117199 | Retail Class        | BVEFX           |
| C000117200 | Institutional Class | BVEIX           |

?xml version='1.0' encoding='ASCII'? 2025-05-07190616_BeckerValueEquityFund_RetailClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>(811-05037)</u>**

**<u>Professionally Managed Portfolios</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Jason Hadler**

**Professionally Managed Portfolios**

**c/o U.S. Bank Global Fund Services 777 E. Wisconsin Avenue Milwaukee, WI 53202**

(Name and address of agent for service)

**<u>(414) 516-1523</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>October 31</u>**

Date of reporting period: **<u>April 30, 2025</u>**

**<u>Item 1. Report to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](image001.jpg) | **Becker Value Equity Fund**  | ![image](image002.jpg) |
| ![image](image001.jpg) | Retail Class \| BVEFX  | ![image](image002.jpg) |
| ![image](image001.jpg) | Semi-Annual Shareholder Report \| April 30th, 2025  | ![image](image002.jpg) |

---

This semi-annual shareholder report contains important information about the Becker Value Equity Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.beckercap.com/mutual-fund/. You can also request this information by contacting us at (800) 551-3998.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Retail Class | $39 | 0.78% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30th, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $91527235 |
| **Number of Holdings** | 53 |
| **Portfolio Turnover** | 13% |

---

Visit https://www.beckercap.com/mutual-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30th, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net assets)**  |
|  Berkshire Hathaway, Inc.  | 3.9% |
|  JPMorgan Chase & Co.  | 3.4% |
|  Southern Co.  | 3.2% |
|  Charles Schwab Corp.  | 3.2% |
|  FirstEnergy Corp.  | 3.1% |
|  Blackrock, Inc.  | 3.1% |
|  First American Treasury Obligations Fund  | 2.9% |
|  Cisco Systems, Inc.  | 2.9% |
|  Chubb Ltd.  | 2.9% |
|  RTX Corp.  | 2.6% |

---

**Top Sectors** **\*** **(% of net assets)**

![image](ts4308img003.jpg)

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxyinformation, scan the QR code or visithttps://www.beckercap.com/mutual-fund/

Becker Value Equity Fund PAGE 1 TSR-SAR-74316J516

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Becker Capital Management, Inc. documents not be householded, please contact Becker Capital Management, Inc. at (800) 551-3998, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Becker Capital Management, Inc. or your financial intermediary.

Becker Value Equity Fund PAGE 2 TSR-SAR-74316J516

20.614.313.112.28.06.56.46.05.37.6 ------

---

| | | |
|:---|:---|:---|
| ![image](image001.jpg) | **Becker Value Equity Fund**  | ![image](image002.jpg) |
| ![image](image001.jpg) | Institutional Class \| BVEIX  | ![image](image002.jpg) |
| ![image](image001.jpg) | Semi-Annual Shareholder Report \| April 30th, 2025  | ![image](image002.jpg) |

---

This semi-annual shareholder report contains important information about the Becker Value Equity Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.beckercap.com/mutual-fund/. You can also request this information by contacting us at (800) 551-3998.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $34 | 0.68% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30th, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $91527235 |
| **Number of Holdings** | 53 |
| **Portfolio Turnover** | 13% |

---

Visit https://www.beckercap.com/mutual-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30th, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **net** **assets)**  |
|  Berkshire Hathaway, Inc.  | 3.9% |
|  JPMorgan Chase & Co.  | 3.4% |
|  Southern Co.  | 3.2% |
|  Charles Schwab Corp.  | 3.2% |
|  FirstEnergy Corp.  | 3.1% |
|  Blackrock, Inc.  | 3.1% |
|  First American Treasury Obligations Fund  | 2.9% |
|  Cisco Systems, Inc.  | 2.9% |
|  Chubb Ltd.  | 2.9% |
|  RTX Corp.  | 2.6% |

---

**Top Sectors** **\*** **(% of net assets)**

![image](ts4436img003.jpg)

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxyinformation, scan the QR code or visithttps://www.beckercap.com/mutual-fund/

Becker Value Equity Fund PAGE 1 TSR-SAR-74316J490

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Becker Capital Management, Inc. documents not be householded, please contact Becker Capital Management, Inc. at (800) 551-3998, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Becker Capital Management, Inc. or your financial intermediary.

Becker Value Equity Fund PAGE 2 TSR-SAR-74316J490

20.614.313.112.28.06.56.46.05.37.6 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](beckervalueequityfundlogo.jpg)

**Retail Class: BVEFX**

**Institutional Class: BVEIX** 

Semi-Annual Financial Statements & Additional Information

April 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [2](#tsal) |
| [Statement of Operations](#tsop) | [3](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [4](#tscna) |
| [Financial Highlights](#tfihi) | [5](#tfihi) |
| [Notes to Financial Statements](#tnote) | [7](#tnote) |
| [Additional Information](#add) | [12](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Becker Value Equity Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.1%**<br>|  |  |
| **Communication Services - 5.3%**<br>|  |  |
| Meta Platforms, Inc. - Class A | 1895 | $1040355  |
| Verizon Communications, Inc. | 47475 | 2091749  |
| Walt Disney Co. | 18415 | 1674844  |
|  |  | 4806948  |
| **Consumer Discretionary - 8.0%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 9685 | 1786108  |
| AutoZone, Inc.<sup>(a)</sup> | 550 | 2069430  |
| Home Depot, Inc. | 4656 | 1678441  |
| NIKE, Inc. - Class B | 32330 | 1823412  |
|  |  | 7357391  |
| **Consumer Staples - 6.0%**<br>|  |  |
| Diageo PLC - ADR | 9545 | 1069231  |
| Procter & Gamble Co. | 8510 | 1383471  |
| Sysco Corp. | 28450 | 2031330  |
| Walmart, Inc. | 10174 | 989421  |
|  |  | 5473453  |
| **Energy - 6.5%**<br>|  |  |
| Chevron Corp. | 9517 | 1294883  |
| Exxon Mobil Corp. | 17406 | 1838596  |
| Kinder Morgan, Inc.  | 70144 | 1844787  |
| Shell PLC - ADR | 15346 | 989510  |
|  |  | 5967776  |
| **Financials - 20.6%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 6720 | 3583440  |
| Blackrock, Inc. | 3135 | 2866205  |
| Charles Schwab Corp. | 35730 | 2908422  |
| Chubb Ltd. | 9310 | 2663405  |
| Goldman Sachs Group, Inc. | 1914 | 1048011  |
| JPMorgan Chase & Co. | 12815 | 3134805  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 27010 | 1778339  |
| US Bancorp | 20980 | 846333  |
|  |  | 18828960  |
| **Health Care - 14.3%**<br>|  |  |
| Baxter International, Inc. | 44480 | 1386442  |
| Johnson & Johnson | 12875 | 2012491  |
| Koninklijke Philips NV<sup>(a)</sup> | 36389 | 922461  |
| McKesson Corp. | 3370 | 2402102  |
| Merck & Co., Inc. | 13105 | 1116546  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 3340 | 1092214  |
| Quest Diagnostics, Inc. | 6078 | 1083221  |
| Sanofi SA - ADR | 41125 | 2259819  |
| Teleflex, Inc. | 5925 | 812021  |
|  |  | 13087317  |
| **Industrials - 13.1%**<br>|  |  |
| Carrier Global Corp. | 34665 | 2167949  |
| Eaton Corp. PLC | 6605 | 1944314  |
| Embraer SA - ADR<sup>(a)</sup> | 31940 | 1467324  |
| General Dynamics Corp. | 5710 | 1553805  |
| Honeywell International, Inc. | 7545 | 1588222  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| RTX Corp. | 19071 | $2405425  |
| Timken Co. | 12975 | 833644  |
|  |  | 11960683  |
| **Information Technology - 12.2%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 1900 | 712462  |
| Apple, Inc.  | 6600 | 1402500  |
| Cisco Systems, Inc. | 46600 | 2690218  |
| Intel Corp. | 62150 | 1249215  |
| Microchip Technology, Inc. | 19160 | 882893  |
| Microsoft Corp. | 4480 | 1770765  |
| QUALCOMM, Inc. | 11035 | 1638256  |
| Salesforce, Inc. | 3105 | 834344  |
|  |  | 11180653  |
| **Materials - 4.7%**<br>|  |  |
| Air Products and Chemicals, Inc. | 7380 | 2000644  |
| Methanex Corp. | 24680 | 772238  |
| Newmont Corp. | 29440 | 1550899  |
|  |  | 4323781  |
| **Utilities - 6.4%**<br>|  |  |
| FirstEnergy Corp. | 66876 | 2867643  |
| Southern Co. | 32295 | 2967587  |
|  |  | 5835230  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $61,260,325)** |  | 88822192  |
| **SHORT-TERM INVESTMENTS - 2.9%**<br>|  |  |
| **Money Market Funds - 2.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.25%<sup>(b)</sup> | 2694850 | 2694850  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,694,850)** |  | 2694850  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $63,955,175)** |  | $91517042  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 10193  |
| **TOTAL NET ASSETS - 100.0%** |  | $91527235 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BECKER VALUE EQUITY FUND** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $91517042  |
| Dividends receivable | 83450  |
| Dividend tax reclaims receivable | 53557  |
| Receivable for fund shares sold | 19210  |
| Interest receivable | 8819  |
| Cash | 93  |
| Prepaid expenses and other assets | 26463  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 91708634  |
| **LIABILITIES:**<br>|  |
| Payable for capital shares redeemed | 56115  |
| Payable for distribution and shareholder servicing fees | 37011  |
| Payable for fund administration and accounting fees | 20725  |
| Payable to adviser | 17839  |
| Payable for audit fees | 16893  |
| Payable for transfer agent fees and expenses | 10619  |
| Payable for compliance fees | 2765  |
| Payable for custodian fees | 1067  |
| Payable for expenses and other liabilities | 18365  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 181399  |
| **NET ASSETS** | $91527235  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $56377468  |
| Total distributable earnings | 35149767  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $91527235  |
| **Institutional Class**<br>|  |
| Net assets | $64276776  |
| Shares issued and outstanding<sup>(a)</sup> | 3238634  |
| Net asset value per share | $19.85  |
| **Retail Class**<br>|  |
| Net assets | $27250459  |
| Shares issued and outstanding<sup>(a)</sup> | 1384198  |
| Net asset value per share | $19.69  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $63955175 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BECKER VALUE EQUITY FUND** 

**STATEMENT OF OPERATIONS** 

**For the Period Ended April 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $902685  |
| Less: Dividend withholding taxes | (1523)  |
| Less: Issuance fees | (2137)  |
| Interest income | 64521  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 963546  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 262354  |
| Fund administration and accounting fees | 62525  |
| Transfer agent fees | 29586  |
| Federal and state registration fees | 18188  |
| Shareholder service costs - Retail Class | 14198  |
| Trustees' fees | 12102  |
| Audit fees | 11285  |
| Compliance fees | 7345  |
| Legal fees | 4627  |
| Reports to shareholders | 3249  |
| Custodian fees | 2922  |
| Other expenses and fees | 20099  |
| &nbsp;&nbsp;&nbsp; Total expenses | 448480  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (109917)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 338563  |
| **Net investment income** | 624983  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 7173232  |
| Net realized gain (loss) | 7173232  |
| Net change in unrealized appreciation (depreciation) on: <br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (7181125)  |
| Net change in unrealized appreciation (depreciation) | (7181125)  |
| Net realized and unrealized gain (loss) | (7893)  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $617090 |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Becker Value Equity Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $624983 | $1239699  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7173232 | 5054543  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (7181125) | 15369657  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 617090 | 21663899  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (4031178) | (6646523)  |
| &nbsp;&nbsp;&nbsp; From earnings - Retail Class | (1720146) | (3035016)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5751324) | (9681539)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Institutional Class | 478159 | 1776348  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Institutional Class | 3978982 | 6531315  |
| &nbsp;&nbsp;&nbsp; Redemptions - Institutional Class | (4096534) | (7335347)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Institutional Class |  | 48  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Retail Class | 263199 | 1003834  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Retail Class | 1694371 | 2995000  |
| &nbsp;&nbsp;&nbsp; Redemptions - Retail Class | (1976007) | (4754964)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Retail Class |  | 21  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 342170 | 216255  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (4792064) | 12198615  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 96319299 | 84120684  |
| &nbsp;&nbsp;&nbsp; End of the period | $91527235 | $96319299  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Institutional Class | 23753 | 92029  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Institutional Class | 191113 | 369209  |
| &nbsp;&nbsp;&nbsp; Redemptions - Institutional Class | (201981) | (377139)  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Retail Class | 13049 | 52419  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Retail Class | 82012 | 170364  |
| &nbsp;&nbsp;&nbsp; Redemptions - Retail Class | (97484) | (247252)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 10462 | 59630 |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BECKER VALUE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $20.93 | $18.51 | $19.69 | $23.67 | $16.49 | $18.01  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 0.40 | 0.27 | 0.27 | 0.25 | 0.33 | 0.35  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.22) | 4.27 | 0.12 | (1.59) | 7.33 | (1.43)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 0.18 | 4.54 | 0.39 | (1.34) | 7.66 | (1.08)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.26) | (0.29) | (0.30) | (0.31) | (0.48) | (0.44)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (1.00) | (1.83) | (1.27) | (2.33) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.26) | (2.12) | (1.57) | (2.64) | (0.48) | (0.44)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $19.85 | $20.93 | $18.51 | $19.69 | $23.67 | $16.49  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.56% | 26.63% | 1.97% | -6.51% | 47.22% | -6.27%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $64277 | $67511 | $58141 | $73741 | $116680 | $84483  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.91% | 0.94% | 0.90% | 0.82% | 0.78% | 0.78%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.68% | 0.68% | 0.68% | 0.68% | 0.68% | 0.68%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.34% | 1.35% | 1.43% | 1.23% | 1.57% | 2.03%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 13% | 20% | 31% | 28% | 28% | 34% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BECKER VALUE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**RETAIL CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $20.78 | $18.41 | $19.61 | $23.59 | $16.43 | $17.94  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 0.38 | 0.24 | 0.25 | 0.23 | 0.31 | 0.33  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.21) | 4.26 | 0.12 | (1.60) | 7.31 | (1.43)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 0.17 | 4.50 | 0.37 | (1.37) | 7.62 | (1.10)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.26) | (0.30) | (0.30) | (0.28) | (0.46) | (0.41)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (1.00) | (1.83) | (1.27) | (2.33) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.26) | (2.13) | (1.57) | (2.61) | (0.46) | (0.41)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $19.69 | $20.78 | $18.41 | $19.61 | $23.59 | $16.43  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.49% | 26.55% | 1.86% | -6.63% | 47.10% | -6.36%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $27250 | $28808 | $25980 | $28743 | $33722 | $25880  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.01% | 1.04% | 1.00% | 0.93% | 0.88% | 0.88%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.78% | 0.78% | 0.78% | 0.78% | 0.78% | 0.78%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.24% | 1.25% | 1.32% | 1.13% | 1.48% | 1.94%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 13% | 20% | 31% | 28% | 28% | 34% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Becker Value Equity Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The Becker Value Equity Fund (the "Fund") is a diversified series of shares of beneficial interest of Professionally Managed Portfolios (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end investment management company. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services-Investment Companies."

The Fund commenced operations on November 3, 2003 with the investment objective to provide long-term capital appreciation. The Fund currently offers Retail and Institutional Class shares, which were first offered to the public on November 3, 2003 and on September 2, 2011, respectively. Both classes of shares hold equal rights as to earnings and assets with Retail Class shares bearing shareholder service fees. Each class of shares has exclusive voting rights with respect to matters affecting that individual class. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP).

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* All equity securities, which may include Real Estate Investment Trusts ("REITs"), Business Development Companies ("BDCs")
 and Master Limited Partnerships ("MLPs"), that are traded on U.S. or foreign national securities exchanges, are valued at
 the last reported sale price on the exchange on which the security is principally traded or the exchange's official closing price,
 if applicable. If, on a particular day, an exchange-traded security does not trade, then the mean between the most recent quoted bid and
 asked prices will be used. All equity securities, which may include REITs, BDCs and MLPs, which are not traded on a listed exchange are
 valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then
 the mean between the last quoted closing bid and asked price will be used.

Securities for which market quotations are not ready available are valued at their respective fair values as determined in accordance with procedures approved by the Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Becker Capital Management (the "Advisor") as valuation designee to perform fair value determinations relating to the Fund's portfolio investments, subject to the Board's oversight. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.

As described above, 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.

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Becker Value Equity Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurements fall in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Fund's investments as of April 30, 2025. See the Schedule of Investments for sector breakouts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $88822192 | $— | $— | $88822192  |
| Money Market Funds | 2694850 |  |  | 2694850  |
| **Total Investments** | $91517042 | $— | $— | $91517042 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts
 at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies
 are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate that portion of the results
 of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices
 of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Fund reports
 net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the
 trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding
 taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign
 exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at fiscal
 period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Federal Income Taxes.* The Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially
 all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment
 companies. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, the Fund intends to declare each year as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.

Net capital losses incurred after October 31, and within the taxable year, are deemed to arise on the first business day of the Fund's next taxable year. Net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Fund's next taxable year. As of the Fund's most recent fiscal year end October 31, 2024, the Fund had no late year losses or capital loss carry-forwards.

As of April 30, 2025, the Fund did not have any tax positions that did not meet the "more likely-than-not" threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Fund identifies its major tax jurisdictions as U.S. Federal and the Commonwealth of Massachusetts. As of April 30, 2025, the Fund was not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
 of securities are determined on a specific identification basis. Discounts/ premiums on debt securities purchased are accreted/amortized
 over the life of the respective

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Becker Value Equity Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

securities using the effective interest method. Dividend income is recorded on the ex- dividend date. Dividends received from REITs and MLPs are generally comprised of ordinary income, capital gains and may include return of capital. Interest income is recorded on an accrual basis. Other non- cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders.* Distributions to shareholders from net investment income and net realized gains on securities for the Fund normally
 are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues
 and expenses during the period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation.* The net asset value ("NAV") per share of the Fund is calculated by dividing the sum of the value of the securities
 held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares
 outstanding of the Fund, rounded to the nearest cent. The Fund's shares will not be priced on the days on which the New York Stock
 Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund's net asset value
 per share. The Fund charges a 1.00% redemption fee on shares held less than 30 days. These fees are deducted from the redemption proceeds
 otherwise payable to the shareholder. The Fund will retain the fee charged as paid-in capital and such fees become part of the Fund's
 daily NAV calculation.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Guarantees and Indemnifications.* In the normal course of business, the Fund enters into contracts with service providers that contain general
 indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that
 may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Illiquid Securities.* Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk management Program ("LRMP")
 that requires, among other things, that the Fund limits its illiquid investments that are assets to no more than 15% of net assets. An
 illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven
 calendar days or less without the sale or disposition significantly changing the market value of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Recently Issued Accounting Pronouncements*. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
 Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily
 through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components
 of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The
 amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly
 provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment
 performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment,
 among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Becker Value Equity Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;K. *Subsequent Events.* In preparing these financial statements, the Fund have evaluated events and transactions for potential recognition or disclosure
 through the date the financial statements were issued. The Fund has determined that there were no subsequent events that would need to
 be disclosed in the Fund's financial statements.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

The Advisor provides the Fund with investment management services under an Investment Advisory Agreement (the "Advisory Agreement"). Under the Advisory Agreement, the Advisor furnishes all investment advice, office space, facilities and certain administrative services, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to receive a monthly fee at the annual rate of 0.55% based upon the average daily net assets of the Fund. For the six months ended April 30, 2025, the advisory fees incurred by the Fund are disclosed in the Statement of Operations. The investment advisory fees incurred are paid monthly to the Advisor, net of any monthly waiver or reimbursement discussed below.

The Advisor has contractually agreed to limit the annual ratio of expenses of the Fund's average daily net assets ("Expense Cap") to 0.68% (excluding Rule 12b-1 fees and any other class-specific expenses). The Operating Expenses Limitation Agreement has an indefinite term and may be terminated at any time, and without payment of any penalty, by the Board, on behalf of the Fund, upon sixty (60) days written notice to the Advisor. The Advisor is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three years. The Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any reimbursement is subject to the Board's review and approval. This reimbursement may be requested by the Advisor if the aggregate amount actually paid by the Fund toward operating expenses for such period (taking into account any reimbursement) does not exceed the lesser of the Expense Caps in place at the time of waiver or at the time of reimbursement. At April 30, 2025, the remaining cumulative unreimbursed amount waived by the Advisor on behalf of the Fund that may be reimbursed was $674,814. The Advisor may recapture a portion of the above amount no later than the dates stated below:

---

| | |
|:---|:---|
| **Year of Expiration** | **Amount**  |
| October 31, 2025 | $122402  |
| October 31, 2026 | 201273  |
| October 31, 2027 | 241222  |
| April 30, 2028 | 109917 |

---

The amount of fees and expenses waived and reimbursed by the Advisor during the six months ended April 30, 2025 are disclosed in the Statement of Operations. Any amount due from the Advisor is paid monthly to the Fund, if applicable.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), acts as the Fund's administrator, fund accountant and transfer agent. In those capacities, Fund Services maintains the Fund's books and records, calculates the Fund's NAV, prepares various federal and state regulatory filings, coordinates the payment of Fund expenses, reviews expense accruals and prepares materials supplied to the Board. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Fund to Fund Services for these services for the six months ended April 30, 2025, are disclosed in the Statement of Operations.

Quasar Distributors, LLC acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. U.S. Bank N.A. serves as custodian to the Fund. U.S. Bank N.A. is an affiliate of Fund Services.

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

For the six months ended April 30, 2025, the cost from purchases of securities, excluding short-term securities, for the Fund was $12,376,613. The proceeds from sales and maturities of securities, excluding short-term securities, for the Fund were $16,797,735. There were no reportable purchases or sales of U.S. Government obligations for six months ended April 30, 2025.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Becker Value Equity Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

**NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid by the Fund during the six months ended April 30, 2025 and the year ended October 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024**  |
| Ordinary Income | $1184275 | $1321649  |
| Long-term capital gain | 4567049 | 8359890 |

---

As of October 31, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments | $61542883  |
| Gross tax unrealized appreciation | 35127209  |
| Gross tax unrealized depreciation | (384217)  |
| Gross tax unrealized appreciation/depreciation | 34742992  |
| Undistributed ordinary income | 973958  |
| Undistributed long-term capital gain | 4567051  |
| Total distributable earnings | 5541009  |
| Other accumulated gain (loss) | —  |
| Total distributable (accumulated) earnings (losses) | $40284001 |

---

**NOTE 6 – CREDIT FACILITY** 

U.S. Bank N.A. has made available to the Fund a credit facility pursuant to a separate Loan and Security

Agreement for temporary or extraordinary purposes. Credit facility activity for the six months ended April 30, 2025

was as follows:

---

| | |
|:---|:---|
| Maximum available credit | $4500000  |
| Largest amount outstanding on an individual day | —  |
| Average balance when in use | —  |
| Credit facility outstanding as of April 30, 2025 |  |
| Average interest rate when in use | N/A |

---

Interest expense for the six months ended April 30, 2025, is disclosed in the Statement of Operations, if applicable.

11<br>

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**Becker Value Equity Fund** 

**ADDITIONAL INFORMATION (Unaudited)** 

**INFORMATION ABOUT PROXY VOTING** 

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free at (800) 551-3998 or by accessing the SEC's website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve months ending June 30 is available without charge, upon request by calling (800) 551-3998 or by accessing the SEC's website at www.sec.gov.

**INFORMATION ABOUT THE PORTFOLIO HOLDINGS**

The Fund's quarterly holdings for the most recent fiscal year can be obtained by accessing the Fund's website at www.beckercap.com/mutual-fund. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at www.sec.gov. The Fund's Form N-PORT may also be obtained by calling (800) 551-399.

12<br>

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**The below information is required disclosure from Form N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

13<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

 

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that has materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to previous Form N-CSR filing.*](https://www.sec.gov/Archives/edgar/data/811030/000113322825000361/baf-efp12124_ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. *Not applicable.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). *Filed herewith.*](bsaf-efp16245_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. *Not applicable to open-end investment companies.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. *Not applicable to open-end investment companies.*

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](bsaf-efp16245_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Professionally
 Managed Portfolios

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Jason Hadler |
|  | Jason Hadler, President/Principal Executive Officer |

---

Date <u>07/02/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jason Hadler |
|  | Jason Hadler, President/Principal Executive Officer |

---

Date <u>07/02/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Craig Benton |
|  | Craig Benton, Treasurer/Principal Financial Officer |

---

 

Date <u>07/02/2025</u> <br>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jason Hadler, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Professionally Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 07/02/2025 | /s/ Jason Hadler |
|  |  | Jason Hadler |
|  |  | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Craig Benton, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Professionally Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 07/02/2025 | /s/ Craig Benton |
|  |  | Craig Benton |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Professionally Managed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Professionally Managed Portfolios for the period ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Professionally Managed Portfolios for the stated period.

---

| | |
|:---|:---|
| /s/ Jason Hadler | /s/ Craig Benton |
| Jason Hadler<br> President/Principal Executive Officer<br> Professionally Managed Portfolios | Craig Benton<br> Treasurer/Principal Financial Officer<br> Professionally Managed Portfolios |

---

Dated: <u>07/02/2025</u> Dated: <u>07/02/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Professionally Managed Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934.