# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000894189-25-019248
**Filing Date:** 2025-12
**Character Count:** 18761
**Document Hash:** cad734106888dbc195a89008481f41f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-019248.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000894189-25-019248

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**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:** 251609812

**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 ETF (Series ID: S000089351)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000255872 | Akre Focus ETF | AKRE            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Akre Focus ETF** | **Akre Focus ETF** | **Akre Focus ETF** | **Akre Focus ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 95.8%** | **COMMON STOCKS - 95.8%** | **Shares** | **Value**  |
| **Capital Markets - 27.3%<sup>(a)</sup>** | **Capital Markets - 27.3%<sup>(a)</sup>** | **Capital Markets - 27.3%<sup>(a)</sup>** | |
| Brookfield Corp. - Class A | Brookfield Corp. - Class A | 25577500 | $1177843875 |
| KKR & Co., Inc. | KKR & Co., Inc. | 7441500 | 880552695 |
| Moody's Corp. | Moody's Corp. | 1625303 | 780633031 |
|  |  |  | 2839029601 |
| **Commercial Services & Supplies - 2.3%** | **Commercial Services & Supplies - 2.3%** | **Commercial Services & Supplies - 2.3%** |  |
| Copart, Inc. <sup>(b)</sup> | Copart, Inc. <sup>(b)</sup> | 5533193 | 237982631 |
| **Consumer Finance - 3.8%** | **Consumer Finance - 3.8%** | **Consumer Finance - 3.8%** |  |
| Fair Isaac Corp. <sup>(b)</sup> | Fair Isaac Corp. <sup>(b)</sup> | 240000 | 398287200 |
| **Financial Services - 22.1%** | **Financial Services - 22.1%** | **Financial Services - 22.1%** |  |
| Mastercard, Inc. - Class A | Mastercard, Inc. - Class A | 2390701 | 1319643045 |
| Visa, Inc. - Class A | Visa, Inc. - Class A | 2874437 | 979435663 |
|  |  |  | 2299078708 |
| **Hotels, Restaurants & Leisure - 4.0%** | **Hotels, Restaurants & Leisure - 4.0%** | **Hotels, Restaurants & Leisure - 4.0%** |  |
| Airbnb, Inc. - Class A <sup>(b)</sup> | Airbnb, Inc. - Class A <sup>(b)</sup> | 3255674 | 411972988 |
| **Insurance - 1.1%** | **Insurance - 1.1%** | **Insurance - 1.1%** |  |
| CCC Intelligent Solutions Holdings, Inc. <sup>(b)</sup> | CCC Intelligent Solutions Holdings, Inc. <sup>(b)</sup> | 12898254 | 112472775 |
| **Life Sciences Tools & Services - 1.2%** | **Life Sciences Tools & Services - 1.2%** | **Life Sciences Tools & Services - 1.2%** |  |
| Danaher Corp. | Danaher Corp. | 577081 | 124291706 |
| **Real Estate Management & Development - 5.5%** | **Real Estate Management & Development - 5.5%** | **Real Estate Management & Development - 5.5%** |  |
| CoStar Group, Inc. <sup>(b)</sup> | CoStar Group, Inc. <sup>(b)</sup> | 8323037 | 572708176 |
| **Software - 20.8%** | **Software - 20.8%** | **Software - 20.8%** |  |
| Constellation Software, Inc. | Constellation Software, Inc. | 416720 | 1096678805 |
| Roper Technologies, Inc. | Roper Technologies, Inc. | 1061150 | 473432072 |
| Topicus.com, Inc. <sup>(b)</sup> | Topicus.com, Inc. <sup>(b)</sup> | 5970000 | 587401519 |
|  |  |  | 2157512396 |
| **Specialty Retail - 4.8%** | **Specialty Retail - 4.8%** | **Specialty Retail - 4.8%** |  |
| O'Reilly Automotive, Inc. <sup>(b)</sup> | O'Reilly Automotive, Inc. <sup>(b)</sup> | 5248976 | 495713293 |
| **Textiles, Apparel & Luxury Goods - 2.9%** | **Textiles, Apparel & Luxury Goods - 2.9%** | **Textiles, Apparel & Luxury Goods - 2.9%** |  |
| LVMH Moet Hennessy Louis Vuitton SE | LVMH Moet Hennessy Louis Vuitton SE | 429539 | 303054303 |
| **TOTAL COMMON STOCKS** (Cost $3,909,649,404) | **TOTAL COMMON STOCKS** (Cost $3,909,649,404) | **TOTAL COMMON STOCKS** (Cost $3,909,649,404) | 9952103777 |
| **WARRANTS - 0.0%<sup>(c)</sup>** | **WARRANTS - 0.0%<sup>(c)</sup>** | **Contracts** | **Value**  |
| **Software *-* 0.0%<sup>(c)</sup>** | **Software *-* 0.0%<sup>(c)</sup>** | **Software *-* 0.0%<sup>(c)</sup>** |  |
| Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00 <sup>(b)(d)</sup> | Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00 <sup>(b)(d)</sup> | 628500 | 0 |
| **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | 0 |
| **TOTAL INVESTMENTS - 95.8% (**Cost $3,909,649,404**)** | **TOTAL INVESTMENTS - 95.8% (**Cost $3,909,649,404**)** | **TOTAL INVESTMENTS - 95.8% (**Cost $3,909,649,404**)** | 9952103777 |
| Money Market Deposit Account - 4.3% <sup>(e)</sup> | Money Market Deposit Account - 4.3% <sup>(e)</sup> | Money Market Deposit Account - 4.3% <sup>(e)</sup> | 445386547 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (6450694) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $10391039630 |
| two | two | two | –% |

---

---

| |
|:---|
| 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. |

---

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

(b) Non-income producing security.

(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 October 31, 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 October 31, 2025 was 3.61%.

------

#### Summary of Fair Value Disclosure as of October 31, 2025 (Unaudited)
Akre Focus ETF (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 October 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 | $9952103777 | $– | $– | $9952103777 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | – | 0 | 0 |
| Total Investments | $9952103777 | $– | $0 | $9952103777 |
| 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. |

---

As of October 31, 2025, the Fund held one level 3 security (Constellation Software, Inc. Warrants) fair valued at $0. There were no purchases, sales or transfers of level 3 assets for the period ended October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Type of Security</u>** | **<u>Fair Value at October 31, 2025</u>**  | **<u>Valuation Techniques</u>**  | **<u>Unobservable Input</u>**  | **<u>Input Value(s)</u>** |
| Warrants  | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;Cost Method  | N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |

---

The Fund and the Fund's Valuation Designee under Rule 2a-5 of the Investment Company Act of 1940, oversees valuation techniques.

## 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 ETF

- **b. EDGAR series identifier (if any):** S000089351

- **c. LEI of Series:** 254900HSBIRHXKKCR891

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $10440418628.06

**Total Liabilities:** $27887550.51

**Net Assets:** $10412531077.55

**Cash Not Reported:** $118591523.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255872 | -0.89%               | -5.34%               | -3.43%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $472101326.26            | $-580440980.70                             |
| Month 2  | $112816735.13            | $-744521843.81                             |
| Month 3  | $233382585.01            | $-603127608.68                             |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Airbnb Inc                             | Airbnb Inc                             | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |   3255674 | NS      | $411972987.96  | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                        | Brookfield Corp                        | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |  25577500 | NS      | $1177843875.00 | 11.31%            |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Hold         | CCC Intelligent Solutions Holdings Inc | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  12898254 | NS      | $112472774.88  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                           | Danaher Corp                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    610213 | NS      | $131427675.94  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                        | Fair Isaac Corp                        | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |    240000 | NS      | $398287200.00  | 3.83%             |  |  |  | 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        |    429539 | NS      | $303054303.28  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                           | KKR & Co Inc                           | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |   7441500 | NS      | $880552695.00  | 8.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                         | Mastercard Inc                         | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |   2390701 | NS      | $1319643044.99 | 12.67%            |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                           | Moody's Corp                           | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |   1640153 | NS      | $787765485.90  | 7.57%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                | O'Reilly Automotive Inc                | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |   5323853 | NS      | $502784677.32  | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                 | Roper Technologies Inc                 | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |   1061150 | NS      | $473432072.50  | 4.55%             |  |  |  | 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        | 344953829 | NS      | $344953828.55  | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                               | Visa Inc                               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |   2874437 | NS      | $979435663.38  | 9.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Topicus.com Inc                        | Topicus.com Inc                        | CUSIP: 89072T102<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |   5970000 | NS      | $587401518.66  | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                             | Copart Inc                             | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |   5533193 | NS      | $237982630.93  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                       | CoStar Group Inc                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   8323037 | NS      | $572708175.97  | 5.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Can         | Constellation Software Inc/Canada      | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |    416720 | NS      | $1096678804.75 | 10.53%            |  |  |  | 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:** 2025-12-29

**Name of Applicant:** Professionally Managed Portfolios

**Signature:** /s/ Craig Benton

**Name of Signer:** Craig Benton

**Title:** Treasurer