# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001145549-25-048735
**Filing Date:** 2025-7
**Character Count:** 47338
**Document Hash:** bd90462125210fb5451099a41a69e602
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-048735.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001145549-25-048735

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**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:** 251155029

**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

### Villere Balanced Fund (Series ID: S000004946)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000013362 | Investor Class | VILLX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Villere Balanced Fund** | **Villere Balanced Fund** | **Villere Balanced Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 68.8%** | **Shares** | **Value**  |
| **Administrative and Support Services - 7.1%** | **Administrative and Support Services - 7.1%** | |
| Uber Technologies, Inc. <sup>(a)</sup> | 42090 | $3542294 |
| Visa, Inc. - Class A | 10520 | 3841799 |
|  |  | 7384093 |
| **Ambulatory Health Care Services - 2.1%** | **Ambulatory Health Care Services - 2.1%** |  |
| Option Care Health, Inc. <sup>(a)</sup> | 65235 | 2131880 |
| **Beverage and Tobacco Product Manufacturing - 1.1%** | **Beverage and Tobacco Product Manufacturing - 1.1%** |  |
| PepsiCo, Inc. | 9000 | 1183050 |
| **Chemical Manufacturing - 6.1%** | **Chemical Manufacturing - 6.1%** |  |
| Abbott Laboratories | 13675 | 1826707 |
| Colgate-Palmolive Co. | 24070 | 2237066 |
| Ligand Pharmaceuticals, Inc. <sup>(a)</sup> | 22313 | 2280165 |
|  |  | 6343938 |
| **Computer and Electronic Product Manufacturing - 6.1%** | **Computer and Electronic Product Manufacturing - 6.1%** |  |
| Microchip Technology, Inc. | 21620 | 1254825 |
| ON Semiconductor Corp. <sup>(a)</sup> | 36695 | 1541924 |
| Roper Technologies, Inc. | 6260 | 3569890 |
|  |  | 6366639 |
| **Credit Intermediation and Related Activities - 6.0%** | **Credit Intermediation and Related Activities - 6.0%** |  |
| Euronet Worldwide, Inc. <sup>(a)(b)</sup> | 26505 | 2869961 |
| JPMorgan Chase & Co. | 12535 | 3309240 |
|  |  | 6179201 |
| **Food Manufacturing - 1.5%** | **Food Manufacturing - 1.5%** |  |
| Mondelez International, Inc. - Class A | 22950 | 1548896 |
| **Insurance Carriers and Related Activities - 4.8%** | **Insurance Carriers and Related Activities - 4.8%** |  |
| Palomar Holdings, Inc. <sup>(a)</sup> | 18944 | 3248328 |
| Progressive Corp. | 6105 | 1739497 |
|  |  | 4987825 |
| **Life Sciences Tools & Services - 0.0%<sup>(c)</sup>** | **Life Sciences Tools & Services - 0.0%<sup>(c)</sup>** |  |
| OmniAb, Inc. <sup>(a)(d)</sup> | 20984 | 0 |
| OmniAb, Inc. <sup>(a)(d)</sup> | 20984 | 0 |
|  |  | 0 |
| **Management of Companies and Enterprises - 3.5%** | **Management of Companies and Enterprises - 3.5%** |  |
| On Holding AG - Class A <sup>(a)</sup> | 60446 | 3589888 |
| **Merchant Wholesalers, Durable Goods - 4.1%** | **Merchant Wholesalers, Durable Goods - 4.1%** |  |
| Pool Corp. <sup>(b)</sup> | 14312 | 4302044 |
| **Mining (except Oil and Gas) - 2.5%** | **Mining (except Oil and Gas) - 2.5%** |  |
| Freeport-McMoRan, Inc. | 68640 | 2641267 |
| **Miscellaneous Manufacturing - 6.0%** | **Miscellaneous Manufacturing - 6.0%** |  |
| Johnson & Johnson | 9720 | 1508641 |
| STERIS PLC | 8095 | 1984975 |
| Stryker Corp. | 7110 | 2720571 |
|  |  | 6214187 |
| **Performing Arts, Spectator Sports, and Related Industries - 1.6%** | **Performing Arts, Spectator Sports, and Related Industries - 1.6%** |  |
| Caesars Entertainment, Inc. <sup>(a)(b)</sup> | 61649 | 1657125 |
| **Petroleum and Coal Products Manufacturing - 1.4%** | **Petroleum and Coal Products Manufacturing - 1.4%** |  |
| Chevron Corp. | 10610 | 1450387 |
| **Professional, Scientific, and Technical Services - 2.3%** | **Professional, Scientific, and Technical Services - 2.3%** |  |
| IDEXX Laboratories, Inc. <sup>(a)</sup> | 4735 | 2430760 |
| **Publishing Industries - 2.1%** | **Publishing Industries - 2.1%** |  |
| Microsoft Corp. | 4615 | 2124561 |
| **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 2.2%** | **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 2.2%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | 11225 | 2301237 |
| **Support Activities for Mining - 1.5%** | **Support Activities for Mining - 1.5%** |  |
| Atlas Energy Solutions, Inc. <sup>(b)</sup> | 128905 | 1566196 |
| **Support Activities for Transportation - 2.1%** | **Support Activities for Transportation - 2.1%** |  |
| J.B. Hunt Transport Services, Inc. | 15780 | 2191053 |
| **Telecommunications - 1.8%** | **Telecommunications - 1.8%** |  |
| Verizon Communications, Inc. | 43435 | 1909403 |
| **Transportation Equipment Manufacturing - 1.3%** | **Transportation Equipment Manufacturing - 1.3%** |  |
| Lockheed Martin Corp. | 2745 | 1324133 |
| **Water Transportation - 1.6%** | **Water Transportation - 1.6%** |  |
| Tidewater, Inc. <sup>(a)(b)</sup> | 41885 | 1663253 |
| **TOTAL COMMON STOCKS** (Cost $52,203,573) | **TOTAL COMMON STOCKS** (Cost $52,203,573) | 71491016 |
| **CORPORATE BONDS - 26.8%** | **Par** | **Value** |
| **Beverage and Tobacco Product Manufacturing - 0.5%** | **Beverage and Tobacco Product Manufacturing - 0.5%** | **Beverage and Tobacco Product Manufacturing - 0.5%** |
|  PepsiCo, Inc., 4.50%, 07/17/2029 | 500000 | 504792 |
| **Chemical Manufacturing - 3.5%** | **Chemical Manufacturing - 3.5%** | **Chemical Manufacturing - 3.5%** |
|  AbbVie, Inc., 4.88%, 03/15/2030 <sup>(b)</sup> | 485000 | 492351 |
|  HB Fuller Co., 4.00%, 02/15/2027 | 2418000 | 2378359 |
|  Kimberly-Clark Corp., 3.20%, 04/25/2029 | 100000 | 96433 |
|  Scotts Miracle-Gro Co., 4.50%, 10/15/2029 <sup>(b)</sup> | 700000 | 666169 |
|  |  | 3633312 |
| **Computer and Electronic Product Manufacturing - 0.5%** | **Computer and Electronic Product Manufacturing - 0.5%** | **Computer and Electronic Product Manufacturing - 0.5%** |
|  Northrop Grumman Corp., 4.60%, 02/01/2029 | 525000 | 528439 |
| **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.3%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.3%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.3%** |
|  Visa, Inc., 0.75%, 08/15/2027 | 321000 | 299602 |
| **Couriers and Messengers - 0.5%** | **Couriers and Messengers - 0.5%** | **Couriers and Messengers - 0.5%** |
|  United Parcel Service, Inc., 5.15%, 05/22/2034 <sup>(b)</sup> | 480000 | 484135 |
| **Electrical Equipment, Appliance, and Component Manufacturing - 1.0%** | **Electrical Equipment, Appliance, and Component Manufacturing - 1.0%** | **Electrical Equipment, Appliance, and Component Manufacturing - 1.0%** |
|  Hubbell, Inc., 3.50%, 02/15/2028 | 1045000 | 1018108 |
| **Fabricated Metal Product Manufacturing - 0.9%** | **Fabricated Metal Product Manufacturing - 0.9%** | **Fabricated Metal Product Manufacturing - 0.9%** |
|  Emerson Electric Co., 0.88%, 10/15/2026 | 950000 | 906779 |
| **Insurance Carriers and Related Activities - 1.2%** | **Insurance Carriers and Related Activities - 1.2%** | **Insurance Carriers and Related Activities - 1.2%** |
|  Enact Holdings, Inc., 6.25%, 05/28/2029 | 500000 | 513374 |
|  Reinsurance Group of America, Inc., 3.90%, 05/15/2029 | 800000 | 779230 |
|  |  | 1292604 |
| **Machinery Manufacturing - 0.8%** | **Machinery Manufacturing - 0.8%** | **Machinery Manufacturing - 0.8%** |
|  Brunswick Corp., 4.40%, 09/15/2032 <sup>(b)</sup> | 960000 | 868916 |
| **Merchant Wholesalers, Durable Goods - 1.3%** | **Merchant Wholesalers, Durable Goods - 1.3%** | **Merchant Wholesalers, Durable Goods - 1.3%** |
|  Avnet, Inc., 3.00%, 05/15/2031 | 1000000 | 882878 |
|  Reliance, Inc., 1.30%, 08/15/2025 | 490000 | 486517 |
|  |  | 1369395 |
| **Merchant Wholesalers, Nondurable Goods - 0.5%** | **Merchant Wholesalers, Nondurable Goods - 0.5%** | **Merchant Wholesalers, Nondurable Goods - 0.5%** |
|  Sysco Corp., 5.10%, 09/23/2030 | 529000 | 536197 |
| **Paper Manufacturing - 0.9%** | **Paper Manufacturing - 0.9%** | **Paper Manufacturing - 0.9%** |
|  Sonoco Products Co., 2.25%, 02/01/2027 | 950000 | 914274 |
| **Professional, Scientific, and Technical Services - 0.9%** | **Professional, Scientific, and Technical Services - 0.9%** | **Professional, Scientific, and Technical Services - 0.9%** |
|  Alphabet, Inc., 0.80%, 08/15/2027 | 1000000 | 933366 |
| **Rail Transportation - 1.7%** | **Rail Transportation - 1.7%** | **Rail Transportation - 1.7%** |
|  Union Pacific Corp., 2.80%, 02/14/2032 | 2000000 | 1777428 |
| **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 1.3%** | **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 1.3%** | **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 1.3%** |
|  Amazon.com, Inc., 1.65%, 05/12/2028 | 1500000 | 1402030 |
| **Transportation Equipment Manufacturing - 5.3%** | **Transportation Equipment Manufacturing - 5.3%** | **Transportation Equipment Manufacturing - 5.3%** |
|  Honda Motor Co. Ltd., 2.53%, 03/10/2027 | 1200000 | 1160065 |
|  Honeywell International, Inc., 4.95%, 09/01/2031 | 1000000 | 1016328 |
|  Oshkosh Corp., 3.10%, 03/01/2030 | 500000 | 460501 |
|  Toyota Motor Corp., 1.34%, 03/25/2026 | 2900000 | 2826880 |
|  |  | 5463774 |
| **Utilities - 5.7%** | **Utilities - 5.7%** | **Utilities - 5.7%** |
|  Alabama Power Co., 1.45%, 09/15/2030 | 1500000 | 1286042 |
|  Duke Energy Corp., 0.90%, 09/15/2025 | 1000000 | 989258 |
|  Pacific Gas & Electric Co., 4.20%, 03/01/2029 | 600000 | 583018 |
|  Public Service Enterprise Group, Inc., 5.85%, 11/15/2027 | 1500000 | 1546011 |
|  Southern Co., 5.11%, 08/01/2027 <sup>(e)</sup> | 1500000 | 1518534 |
|  |  | 5922863 |
| **TOTAL CORPORATE BONDS** (Cost $28,674,253) | **TOTAL CORPORATE BONDS** (Cost $28,674,253) | 27856014 |
| **CONVERTIBLE PREFERRED STOCKS - 1.7%** | **Shares** | **Value**  |
| **Credit Intermediation and Related Activities - 1.7%** | **Credit Intermediation and Related Activities - 1.7%** |  |
|  Bank of America Corp., Series L, 7.25%, Perpetual | 1500 | 1741500 |
| **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $1,883,933) | **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $1,883,933) | 1741500 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.4%** | **Shares** | **Value**  |
| **Warehousing and Storage - 1.4%** | **Warehousing and Storage - 1.4%** |  |
| Lineage, Inc. <sup>(b)</sup> | 34155 | 1458077 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,571,646) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,571,646) | 1458077 |
| **SHORT-TERM INVESTMENTS - 13.9%** |  | **Value**  |
| **Investments Purchased with Proceeds from Securities Lending - 12.8%** | **<u>Units</u>** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.45% <sup>(f)</sup> | 13343042 | 13343042 |
| **Money Market Funds - 1.1%** | **<u>Shares</u>** |  |
| Invesco Government & Agency Portfolio - Class Institutional, 4.24% <sup>(f)</sup> | 1114465 | 1114465 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $14,457,507) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $14,457,507) | 14457507 |
| **TOTAL INVESTMENTS - 112.6% (**Cost $99,790,912**)** | **TOTAL INVESTMENTS - 112.6% (**Cost $99,790,912**)** | 117004114 |
| Liabilities in Excess of Other Assets - (12.6)% | Liabilities in Excess of Other Assets - (12.6)% | (13117784) |
| **TOTAL NET ASSETS - 100.0%** |  | $103886330 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

LLC - Limited Liability Company <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of May 31, 2025. The fair value of these securities was $12,905,328.

(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 May 31, 2025.

(e) Step coupon bond. The rate disclosed is as of May 31, 2025.

(f) The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

------

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
Villere Balanced 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 May 31, 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 | $71491016 | $– | $0 | $71491016 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 27856014 | – | 27856014 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 1741500 | – | – | 1741500 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 1458077 | – | – | 1458077 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 13343042 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1114465 | – | – | 1114465 |
| Total Investments | $75805058 | $27856014 | $0 | $117004114 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $13,343,042 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

------

---

| | |
|:---|:---|
| The following is a reconciliation of the Balanced Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of the Balanced Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value: |
|  | **<u>Common Stocks</u>** |
| **Balance as of August 31, 2024** | $0 |
| Acquisitions | - |
| Dispositions | - |
| Accrued discounts/premiums | - |
| Realized gain (loss) | - |
| Change in unrealized appreciation/depreciation | - |
| Transfer in and/or out of Level 3 | - |
| **Balance as of May 31, 2025** | $0 |
| Change in unrealized appreciation/depreciation for Level 3 investments held at May 31, 2025 | $- |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. | Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. | Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. | Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. | Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. |
| The Adviser, as the Funds' Valuation Designee, oversees valuation techniques. | The Adviser, as the Funds' Valuation Designee, oversees valuation techniques. | The Adviser, as the Funds' Valuation Designee, oversees valuation techniques. | The Adviser, as the Funds' Valuation Designee, oversees valuation techniques. | The Adviser, as the Funds' Valuation Designee, oversees valuation techniques. |
| **Type of Security** | **Fair Value at**<br> **5/31/25** | **Valuation**<br> **Techniques** | **Unobservable**<br> **Input** | **Input**<br> **Value(s)** |
| Common Stock | $0.00 | Issue Price | Market Data | $0.00 |

---

## 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:** Villere Balanced Fund

- **b. EDGAR series identifier (if any):** S000004946

- **c. LEI of Series:** 2549006N5AMZJR6UT219

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $117462526.47

**Total Liabilities:** $13547345.61

**Net Assets:** $103915180.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 116.127039000000 | **1-Year:** 1920.175138000000 | **5-Year:** 4486.164807000000 | **10-Year:** 989.083098000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 228.029624000000 | **1-Year:** 323.959761000000 | **5-Year:** 42.303872000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013362 | -2.54%               | -2.01%               | 3.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1222659.97             | $-1615527.90                               |
| Month 2  | $237.10                  | $-2263791.21                               |
| Month 3  | $-497163.71              | $4044744.93                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| EMERSON ELECTRIC CO                       | Emerson Electric Co                       | CUSIP: 291011BP8<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | DBT              | CORP              | US        |    950000 | PA      | $906778.71    | 0.87%             | 2026-10-15      | Fixed         | 0.88%                 | No            | 2                  | On Loan: No      |
| ENACT HOLDINGS INC                        | Enact Holdings Inc                        | CUSIP: 29249EAA7<br>LEI: 9845003CA5664B741N19 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513374.55    | 0.49%             | 2029-05-28      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Euronet Worldwide Inc                     | Euronet Worldwide Inc                     | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     26505 | NS      | $2869961.40   | 2.76%             |  |  |  | No            | 1                  | On Loan: —       |
| Freeport-McMoRan Inc                      | Freeport-McMoRan Inc                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     68640 | NS      | $2641267.20   | 2.54%             |  |  |  | No            | 1                  | On Loan: No      |
| H.B. FULLER CO                            | HB Fuller Co                              | CUSIP: 359694AB2<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |   2418000 | PA      | $2378359.07   | 2.29%             | 2027-02-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| HONDA MOTOR CO LTD                        | Honda Motor Co Ltd                        | CUSIP: 438127AB8<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |   1200000 | PA      | $1160065.45   | 1.12%             | 2027-03-10      | Fixed         | 2.53%                 | No            | 2                  | On Loan: No      |
| HONEYWELL INTERNATIONAL                   | Honeywell International Inc               | CUSIP: 438516CR5<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016328.00   | 0.98%             | 2031-09-01      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| HUBBELL INC                               | Hubbell Inc                               | CUSIP: 443510AJ1<br>LEI: 54930088VDQ6840Y6597 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1018107.49   | 0.98%             | 2028-02-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| JB Hunt Transport Services Inc            | JB Hunt Transport Services Inc            | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |     15780 | NS      | $2191053.00   | 2.11%             |  |  |  | No            | 1                  | On Loan: No      |
| IDEXX Laboratories Inc                    | IDEXX Laboratories Inc                    | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      4735 | NS      | $2430759.60   | 2.34%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan Chase & Co                       | JPMorgan Chase & Co                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12535 | NS      | $3309240.00   | 3.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Johnson & Johnson                         | Johnson & Johnson                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      9720 | NS      | $1508641.20   | 1.45%             |  |  |  | No            | 1                  | On Loan: No      |
| KIMBERLY-CLARK CORP                       | Kimberly-Clark Corp                       | CUSIP: 494368BZ5<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96433.07     | 0.09%             | 2029-04-25      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| Ligand Pharmaceuticals Inc                | Ligand Pharmaceuticals Inc                | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     22313 | NS      | $2280165.47   | 2.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Lineage Inc                               | Lineage Inc                               | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34155 | NS      | $1458076.95   | 1.40%             |  |  |  | No            | 1                  | On Loan: —       |
| Lockheed Martin Corp                      | Lockheed Martin Corp                      | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2745 | NS      | $1324133.10   | 1.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Microsoft Corp                            | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      4615 | NS      | $2124561.40   | 2.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Microchip Technology Inc                  | Microchip Technology Inc                  | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     21620 | NS      | $1254824.80   | 1.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Mondelez International Inc                | Mondelez International Inc                | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     22950 | NS      | $1548895.50   | 1.49%             |  |  |  | No            | 1                  | On Loan: No      |
| NORTHROP GRUMMAN CORP                     | Northrop Grumman Corp                     | CUSIP: 666807CK6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    525000 | PA      | $528439.32    | 0.51%             | 2029-02-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| ON Semiconductor Corp                     | ON Semiconductor Corp                     | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     36695 | NS      | $1541923.90   | 1.48%             |  |  |  | No            | 1                  | On Loan: No      |
| OmniAb Inc                                | OmniAb Inc                                | CUSIP: 68218J103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79761 | NS      | $101296.47    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| OmniAb Inc                                | OmniAb Inc                                | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20984 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| OmniAb Inc                                | OmniAb Inc                                | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20984 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Option Care Health Inc                    | Option Care Health Inc                    | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     65235 | NS      | $2131879.80   | 2.05%             |  |  |  | No            | 1                  | On Loan: No      |
| OSHKOSH CORP                              | Oshkosh Corp                              | CUSIP: 688225AH4<br>LEI: 549300FEKNPCFSA2B506 | Long             | DBT              | CORP              | US        |    500000 | PA      | $460501.30    | 0.44%             | 2030-03-01      | Fixed         | 3.10%                 | No            | 2                  | On Loan: No      |
| PACIFIC GAS & ELECTRIC                    | Pacific Gas and Electric Co               | CUSIP: 694308KB2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    600000 | PA      | $583018.01    | 0.56%             | 2029-03-01      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| Palomar Holdings Inc                      | Palomar Holdings Inc                      | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     18944 | NS      | $3248327.68   | 3.13%             |  |  |  | No            | 1                  | On Loan: No      |
| PepsiCo Inc                               | PepsiCo Inc                               | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      9000 | NS      | $1183050.00   | 1.14%             |  |  |  | No            | 1                  | On Loan: No      |
| PEPSICO INC                               | PepsiCo Inc                               | CUSIP: 713448FX1<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504792.21    | 0.49%             | 2029-07-17      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Pool Corp                                 | Pool Corp                                 | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |     14312 | NS      | $4302044.08   | 4.14%             |  |  |  | No            | 1                  | On Loan: —       |
| Progressive Corp/The                      | Progressive Corp/The                      | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      6105 | NS      | $1739497.65   | 1.67%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                  | Public Service Enterprise Group Inc       | CUSIP: 744573AV8<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1546010.64   | 1.49%             | 2027-11-15      | Fixed         | 5.85%                 | No            | 2                  | On Loan: No      |
| REINSURANCE GRP OF AMER                   | Reinsurance Group of America Inc          | CUSIP: 759351AN9<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    800000 | PA      | $779229.64    | 0.75%             | 2029-05-15      | Fixed         | 3.90%                 | No            | 2                  | On Loan: No      |
| RELIANCE INC                              | Reliance Inc                              | CUSIP: 759509AF9<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |    490000 | PA      | $486516.54    | 0.47%             | 2025-08-15      | Fixed         | 1.30%                 | No            | 2                  | On Loan: No      |
| Roper Technologies Inc                    | Roper Technologies Inc                    | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      6260 | NS      | $3569890.20   | 3.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio     | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   1211444 | NS      | $1211443.89   | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  13343042 | NS      | $13343041.75  | 12.84%            |  |  |  | No            | N/A                | On Loan: No      |
| On Holding AG                             | On Holding AG                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |     60446 | NS      | $3589887.94   | 3.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Abbott Laboratories                       | Abbott Laboratories                       | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     13675 | NS      | $1826706.50   | 1.76%             |  |  |  | No            | 1                  | On Loan: No      |
| ABBVIE INC                                | AbbVie Inc                                | CUSIP: 00287YDZ9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    485000 | PA      | $492351.31    | 0.47%             | 2030-03-15      | Fixed         | 4.88%                 | No            | 2                  | On Loan: —       |
| ALABAMA POWER CO                          | Alabama Power Co                          | CUSIP: 010392FU7<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1286042.33   | 1.24%             | 2030-09-15      | Fixed         | 1.45%                 | No            | 2                  | On Loan: No      |
| ALPHABET INC                              | Alphabet Inc                              | CUSIP: 02079KAJ6<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $933366.40    | 0.90%             | 2027-08-15      | Fixed         | 0.80%                 | No            | 2                  | On Loan: No      |
| Amazon.com Inc                            | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     11225 | NS      | $2301237.25   | 2.21%             |  |  |  | No            | 1                  | On Loan: No      |
| AMAZON.COM INC                            | Amazon.com Inc                            | CUSIP: 023135BY1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1402029.86   | 1.35%             | 2028-05-12      | Fixed         | 1.65%                 | No            | 2                  | On Loan: No      |
| AVNET INC                                 | Avnet Inc                                 | CUSIP: 053807AU7<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $882878.07    | 0.85%             | 2031-05-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                      | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      1500 | NS      | $1741500.00   | 1.68%             |  |  |  | No            | 1                  | On Loan: No      |
| BRUNSWICK CORP                            | Brunswick Corp/DE                         | CUSIP: 117043AU3<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |    960000 | PA      | $868916.36    | 0.84%             | 2032-09-15      | Fixed         | 4.40%                 | No            | 2                  | On Loan: —       |
| Caesars Entertainment Inc                 | Caesars Entertainment Inc                 | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |     61649 | NS      | $1657125.12   | 1.59%             |  |  |  | No            | 1                  | On Loan: —       |
| Chevron Corp                              | Chevron Corp                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10610 | NS      | $1450387.00   | 1.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Colgate-Palmolive Co                      | Colgate-Palmolive Co                      | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     24070 | NS      | $2237065.80   | 2.15%             |  |  |  | No            | 1                  | On Loan: No      |
| DUKE ENERGY CORP                          | Duke Energy Corp                          | CUSIP: 26441CBJ3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989257.50    | 0.95%             | 2025-09-15      | Fixed         | 0.90%                 | No            | 2                  | On Loan: No      |
| Atlas Energy Solutions Inc                | Atlas Energy Solutions Inc                | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128905 | NS      | $1566195.75   | 1.51%             |  |  |  | No            | 1                  | On Loan: —       |
| SCOTTS MIRACLE-GRO CO                     | Scotts Miracle-Gro Co/The                 | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    700000 | PA      | $666168.93    | 0.64%             | 2029-10-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: —       |
| SONOCO PRODUCTS CO                        | Sonoco Products Co                        | CUSIP: 835495AN2<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    950000 | PA      | $914273.45    | 0.88%             | 2027-02-01      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| SOUTHERN CO                               | Southern Co/The                           | CUSIP: 842587DD6<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1518534.27   | 1.46%             | 2027-08-01      | Fixed         | 5.11%                 | No            | 2                  | On Loan: No      |
| Stryker Corp                              | Stryker Corp                              | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      7110 | NS      | $2720570.40   | 2.62%             |  |  |  | No            | 1                  | On Loan: No      |
| SYSCO CORPORATION                         | Sysco Corp                                | CUSIP: 871829BU0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    529000 | PA      | $536197.21    | 0.52%             | 2030-09-23      | Fixed         | 5.10%                 | No            | 2                  | On Loan: No      |
| Tidewater Inc                             | Tidewater Inc                             | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     41885 | NS      | $1663253.35   | 1.60%             |  |  |  | No            | 1                  | On Loan: —       |
| TOYOTA MOTOR CORP                         | Toyota Motor Corp                         | CUSIP: 892331AM1<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |   2900000 | PA      | $2826879.63   | 2.72%             | 2026-03-25      | Fixed         | 1.34%                 | No            | 2                  | On Loan: No      |
| Uber Technologies Inc                     | Uber Technologies Inc                     | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     42090 | NS      | $3542294.40   | 3.41%             |  |  |  | No            | 1                  | On Loan: No      |
| UNION PACIFIC CORP                        | Union Pacific Corp                        | CUSIP: 907818FX1<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1777427.80   | 1.71%             | 2032-02-14      | Fixed         | 2.80%                 | No            | 2                  | On Loan: No      |
| UNITED PARCEL SERVICE                     | United Parcel Service Inc                 | CUSIP: 911312CD6<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    480000 | PA      | $484134.96    | 0.47%             | 2034-05-22      | Fixed         | 5.15%                 | No            | 2                  | On Loan: —       |
| Verizon Communications Inc                | Verizon Communications Inc                | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     43435 | NS      | $1909402.60   | 1.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Visa Inc                                  | Visa Inc                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     10520 | NS      | $3841798.80   | 3.70%             |  |  |  | No            | 1                  | On Loan: No      |
| VISA INC                                  | Visa Inc                                  | CUSIP: 92826CAP7<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    321000 | PA      | $299601.86    | 0.29%             | 2027-08-15      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| STERIS PLC                                | STERIS PLC                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      8095 | NS      | $1984974.95   | 1.91%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

**Name of Applicant:** Professionally Managed Portfolios

**Signature:** /s/ Craig Benton

**Name of Signer:** Craig Benton

**Title:** Treasurer/Principal Financial Officer