# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001145549-25-045210
**Filing Date:** 2025-6
**Character Count:** 18471
**Document Hash:** d041cc219e7315049a6d81598eb13f31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045210.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001145549-25-045210

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**PERIOD START**: 20250731

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 251091823

**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

### Akre Focus Fund (Series ID: S000026760)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000080286 | Retail Class              | AKREX           |
| C000080287 | Institutional Class       | AKRIX           |
| C000159797 | Supra Institutional Class | AKRSX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Akre Focus Fund** | **Akre Focus Fund** | **Akre Focus Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 91.0%** | **Shares** | **Value**  |
| **Capital Markets - 22.8%** | **Capital Markets - 22.8%** | |
| Brookfield Corp. - Class A | 17311000 | $929081370 |
| KKR & Co., Inc. | 7782500 | 889306275 |
| Moody's Corp. | 1982500 | 898310400 |
|  |  | 2716698045 |
| **Financial Services - 21.1%** | **Financial Services - 21.1%** |  |
| Mastercard, Inc. - Class A | 2575500 | 1411528530 |
| Visa, Inc. - Class A | 3156500 | 1090570750 |
|  |  | 2502099280 |
| **Hotels, Restaurants & Leisure - 3.3%** | **Hotels, Restaurants & Leisure - 3.3%** |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | 3255674 | 396931774 |
| **Life Sciences Tools & Services - 2.9%** | **Life Sciences Tools & Services - 2.9%** |  |
| Danaher Corp. | 1750000 | 348827500 |
| **Real Estate Management & Development - 5.2%** | **Real Estate Management & Development - 5.2%** |  |
| CoStar Group, Inc. <sup>(a)</sup> | 8337746 | 618410621 |
| **Software - 27.3%<sup>(b)</sup>** | **Software - 27.3%<sup>(b)</sup>** |  |
| CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 10681398 | 98909745 |
| Constellation Software, Inc. | 458500 | 1652392627 |
| Roper Technologies, Inc. | 1402250 | 785372180 |
| Topicus.com, Inc. <sup>(a)</sup> | 5970000 | 714442623 |
|  |  | 3251117175 |
| **Specialty Retail - 7.2%** | **Specialty Retail - 7.2%** |  |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 603000 | 853365600 |
| **Textiles, Apparel & Luxury Goods - 1.2%** | **Textiles, Apparel & Luxury Goods - 1.2%** |  |
| LVMH Moet Hennessy Louis Vuitton SE | 269846 | 149148509 |
| **TOTAL COMMON STOCKS** (Cost $3,407,852,347) | **TOTAL COMMON STOCKS** (Cost $3,407,852,347) | 10836598504 |
| **REAL ESTATE INVESTMENT TRUSTS - 3.8%** | **Shares** | **Value**  |
| American Tower Corp. | 1999000 | 450594590 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** | **TOTAL REAL ESTATE INVESTMENT TRUSTS** | 450594590 |
| (Cost $153,450,197) | (Cost $153,450,197) |  |
| **WARRANTS - 0.0%<sup>(c)</sup>** | **Contracts** | **Value**  |
| **Software *-* 0.0%<sup>(c)</sup>** | **Software *-* 0.0%<sup>(c)</sup>** |  |
| Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00 <sup>(a)(d)</sup> | 628500 | 0 |
| **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | 0 |
| **TOTAL INVESTMENTS - 94.8% (**Cost $3,561,302,544**)** | **TOTAL INVESTMENTS - 94.8% (**Cost $3,561,302,544**)** | 11287193094 |
| Money Market Deposit Account - 4.4% <sup>(e)</sup> | Money Market Deposit Account - 4.4% <sup>(e)</sup> | 525784054 |
| Other Assets in Excess of Liabilities - 0.8% | Other Assets in Excess of Liabilities - 0.8% | 90214923 |
| **TOTAL NET ASSETS - 100.0%** |  | $11903192071 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | 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. | 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. | 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. |

---

REIT - Real Estate Investment Trust<br>

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(c) Represents less than 0.05% of net assets.

(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $0 or 0.0% of net assets as of April 30, 2025.

(e) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
 market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.11%.

------

#### Summary of Fair Value Disclosure as of April 30, 2025 (Unaudited)
Akre Focus Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

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.

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 based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $10836598504 | $– | $– | $10836598504 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 450594590 | – | – | 450594590 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | – | 0 | 0 |
| Total Investments | $11287193094 | $– | $0 | $11287193094 |
| <br> As of April 30, 2025, the Fund held one level 3 security fair valued at $0. There were no purchases, sales or transfers of level 3 assets during the six months ended April 30, 2025. | <br> As of April 30, 2025, the Fund held one level 3 security fair valued at $0. There were no purchases, sales or transfers of level 3 assets during the six months ended April 30, 2025. | <br> As of April 30, 2025, the Fund held one level 3 security fair valued at $0. There were no purchases, sales or transfers of level 3 assets during the six months ended April 30, 2025. | <br> As of April 30, 2025, the Fund held one level 3 security fair valued at $0. There were no purchases, sales or transfers of level 3 assets during the six months ended April 30, 2025. | <br> As of April 30, 2025, the Fund held one level 3 security fair valued at $0. There were no purchases, sales or transfers of level 3 assets during the six months ended April 30, 2025. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Type of Security</u>** |  **<u>Fair Value at</u>**<br>  **<u>April 30, 2025</u> ** <br>|  **<u>Valuation Technique</u>** |  **<u>Unobservable Input</u>**  |  **<u>Input Value</u>** |
| Warrants | $0 | Fair Value | N/A | 0.00% |

---

Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement.

Akre Capital Management, LLC (the "Adviser") as the Fund's Valuation Designee under Rule 2a-5 under the 1940 Act, oversees valuation techniques.

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

## 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:** Akre Focus Fund

- **b. EDGAR series identifier (if any):** S000026760

- **c. LEI of Series:** 254900AAWDDXKKD0EF84

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $11913640688.96

**Total Liabilities:** $12076396.78

**Net Assets:** $11901564292.18

**Cash Not Reported:** $96384020.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000080286 | 0.00%                | -4.55%               | 1.80%                |
| Class ID C000080287 | 0.03%                | -4.52%               | 1.81%                |
| Class ID C000159797 | 0.03%                | -4.52%               | 1.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $361071208.27            | $-360563805.72                             |
| Month 2  | $103595042.34            | $-661914765.65                             |
| Month 3  | $72705808.56             | $137436839.43                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                   | Title                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Constellation Software Inc/Can         | Constellation Software Inc/Canada      | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |    458500 | NS      | $1652392626.58 | 13.88%            |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                    | American Tower Corp                    | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |   1999000 | NS      | $450594590.00  | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                           | KKR & Co Inc                           | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |   7782500 | NS      | $889306275.00  | 7.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Topicus.com Inc                        | Topicus.com Inc                        | CUSIP: 89072T102<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |   5970000 | NS      | $714442622.95  | 6.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                        | Brookfield Corp                        | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |  17311000 | NS      | $929081370.00  | 7.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Hold         | CCC Intelligent Solutions Holdings Inc | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  10681398 | NS      | $98909745.48   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                       | CoStar Group Inc                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   8337746 | NS      | $618410620.82  | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                           | Danaher Corp                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |   1750000 | NS      | $348827500.00  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt         | LVMH Moet Hennessy Louis Vuitton SE    | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |    269846 | NS      | $149148509.06  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                           | Moody's Corp                           | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |   1982500 | NS      | $898310400.00  | 7.55%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                | O'Reilly Automotive Inc                | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    603000 | NS      | $853365600.00  | 7.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                 | Roper Technologies Inc                 | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |   1402250 | NS      | $785372180.00  | 6.60%             |  |  |  | No            |                  1 | 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        | 525784054 | NS      | $525784053.89  | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                               | Visa Inc                               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |   3156500 | NS      | $1090570750.00 | 9.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                             | Airbnb Inc                             | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |   3255674 | NS      | $396931774.08  | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                         | Mastercard Inc                         | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |   2575500 | NS      | $1411528530.00 | 11.86%            |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC             | Constellation Software Inc/Canada      | CUSIP: 21037X134<br>LEI: 549300B6PYHMCTDWQV29 | N/A              | DE               | CORP              | CA        |    628500 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Professionally Managed Portfolios

**Signature:** /s/ Craig Benton

**Name of Signer:** Craig Benton

**Title:** Treasurer