# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001133228-25-007019
**Filing Date:** 2025-7
**Character Count:** 113249
**Document Hash:** 98797286659995db6466236bc19ac8a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007019.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001133228-25-007019

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**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:** 251099938

**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

### Congress Large Cap Growth Fund (Series ID: S000025205)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000075123 | Retail Class        | CAMLX           |
| C000088646 | Institutional Class | CMLIX           |

### Congress Mid Cap Growth Fund (Series ID: S000038711)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000119246 | Retail Class        | CMIDX           |
| C000119247 | Institutional Class | IMIDX           |

### Congress Small Cap Growth Fund (Series ID: S000058028)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000189785 | Retail Class        | CSMVX           |
| C000189786 | Institutional Class | CSMCX           |

?xml version='1.0' encoding='ASCII'? 2025-05-06191165_CongressLargeCapGrowthFund_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>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<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 Ave.**

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

(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](image002.jpg) | **Congress Large Cap Growth Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Retail Class \| CAMLX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Congress Large Cap Growth Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://congress-mutual-funds.web.app/LargeCap. You can also request this information by contacting us at (888) 688-1299.

**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 | $44 | 0.89% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $510925020 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $1346473 |
| **Portfolio Turnover** | 15% |

---

Visit https://congress-mutual-funds.web.app/LargeCap for more recent performance information.

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

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **Net** **Assets)**  |
|  Apple, Inc.  | 7.2% |
|  Microsoft Corp.  | 6.7% |
|  Amazon.com, Inc.  | 5.6% |
|  NVIDIA Corp.  | 5.1% |
|  Visa, Inc. - Class A  | 5.0% |
|  Eli Lilly & Co.  | 4.3% |
|  Alphabet, Inc. - Class A  | 3.9% |
|  Costco Wholesale Corp.  | 3.6% |
|  O'Reilly Automotive, Inc.  | 3.2% |
|  Home Depot, Inc.  | 3.2% |

---

---

| | |
|:---|:---|
| **Industry** | **(% of** **Net** **Assets)**  |
|  Software  | 12.6% |
|  Technology Hardware, Storage & Peripherals  | 8.5% |
|  Specialty Retail  | 7.7% |
|  Semiconductors & Semiconductor Equipment  | 7.2% |
|  Interactive Media & Services  | 7.0% |
|  Broadline Retail  | 5.6% |
|  Health Care Equipment & Supplies  | 5.1% |
|  Financial Services  | 5.0% |
|  Pharmaceuticals  | 4.3% |
|  Cash & Other  | 37.0% |

---

**Sector Breakdown** **\*** **(% of Net Assets)**

![image](ts4171img003.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 proxy information, scan the QR code or visit https://congress-mutual-funds.web.app/LargeCap

Congress Large Cap Growth Fund PAGE 1 TSR-SAR742935216

------

**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 Congress Asset Management Company documents not be householded, please contact Congress Asset Management Company at (888) 688-1299, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Congress Asset Management Company or your financial intermediary.

Congress Large Cap Growth Fund PAGE 2 TSR-SAR742935216

32.515.011.810.110.09.33.63.63.50.6 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Congress Large Cap Growth Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Institutional Class \| CMLIX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Congress Large Cap Growth Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://congress-mutual-funds.web.app/LargeCap. You can also request this information by contacting us at (888) 688-1299.

**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 | $31 | 0.64% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $510925020 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $1346473 |
| **Portfolio Turnover** | 15% |

---

Visit https://congress-mutual-funds.web.app/LargeCap for more recent performance information.

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

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **Net** **Assets)**  |
|  Apple, Inc.  | 7.2% |
|  Microsoft Corp.  | 6.7% |
|  Amazon.com, Inc.  | 5.6% |
|  NVIDIA Corp.  | 5.1% |
|  Visa, Inc. - Class A  | 5.0% |
|  Eli Lilly & Co.  | 4.3% |
|  Alphabet, Inc. - Class A  | 3.9% |
|  Costco Wholesale Corp.  | 3.6% |
|  O'Reilly Automotive, Inc.  | 3.2% |
|  Home Depot, Inc.  | 3.2% |

---

---

| | |
|:---|:---|
| **Industry** | **(% of** **Net** **Assets)**  |
|  Software  | 12.6% |
|  Technology Hardware, Storage & Peripherals  | 8.5% |
|  Specialty Retail  | 7.7% |
|  Semiconductors & Semiconductor Equipment  | 7.2% |
|  Interactive Media & Services  | 7.0% |
|  Broadline Retail  | 5.6% |
|  Health Care Equipment & Supplies  | 5.1% |
|  Financial Services  | 5.0% |
|  Pharmaceuticals  | 4.3% |
|  Cash & Other  | 37.0% |

---

**Sector Breakdown** **\*** **(% of Net Assets)**

![image](ts4172img003.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 proxy information, scan the QR code or visit https://congress-mutual-funds.web.app/LargeCap

Congress Large Cap Growth Fund PAGE 1 TSR-SAR-74316J789

------

**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 Congress Asset Management Company documents not be householded, please contact Congress Asset Management Company at (888) 688-1299, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Congress Asset Management Company or your financial intermediary.

Congress Large Cap Growth Fund PAGE 2 TSR-SAR-74316J789

32.515.011.810.110.09.33.63.63.50.6 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Congress Mid Cap Growth Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Retail Class \| CMIDX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Congress Mid Cap Growth Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://congress-mutual-funds.web.app/MidCap. You can also request this information by contacting us at (888) 688-1299.

**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 | $50 | 1.05% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $752022971 |
| **Number of Holdings** | 39 |
| **Net Advisory Fee** | $3070872 |
| **Portfolio Turnover** | 18% |

---

Visit https://congress-mutual-funds.web.app/MidCap for more recent performance information.

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

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **Net** **Assets)**  |
|  Brown & Brown, Inc.  | 3.9% |
|  Penumbra, Inc.  | 3.9% |
|  Copart, Inc.  | 3.7% |
|  Raymond James Financial, Inc.  | 3.7% |
|  Casey's General Stores, Inc.  | 3.6% |
|  Curtiss-Wright Corp.  | 3.5% |
|  Crane Co.  | 3.5% |
|  EMCOR Group, Inc.  | 3.3% |
|  Descartes Systems Group, Inc.  | 3.3% |
|  US Foods Holding Corp.  | 3.2% |

---

---

| | |
|:---|:---|
| **Industry** | **(% of** **Net** **Assets)**  |
|  Software  | 14.6% |
|  Consumer Staples Distribution & Retail  | 9.7% |
|  Health Care Equipment & Supplies  | 9.2% |
|  Capital Markets  | 8.0% |
|  Insurance  | 3.9% |
|  Commercial Services & Supplies  | 3.7% |
|  Aerospace & Defense  | 3.5% |
|  Machinery  | 3.5% |
|  Construction & Engineering  | 3.3% |
|  Cash & Other  | 40.6% |

---

**Sector Breakdown** **\*** **(% of Net Assets)**

![image](ts4174img003.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 proxy information, scan the QR code or visit https://congress-mutual-funds.web.app/MidCap

Congress Mid Cap Growth Fund PAGE 1 TSR-SAR-74316J466

------

**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 Congress Asset Management Company documents not be householded, please contact Congress Asset Management Company at (888) 688-1299, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Congress Asset Management Company or your financial intermediary.

Congress Mid Cap Growth Fund PAGE 2 TSR-SAR-74316J466

24.620.614.812.911.99.72.22.11.2 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Congress Mid Cap Growth Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Institutional Class \| IMIDX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Congress Mid Cap Growth Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://congress-mutual-funds.web.app/MidCap. You can also request this information by contacting us at (888) 688-1299.

**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 | $38 | 0.80% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $752022971 |
| **Number of Holdings** | 39 |
| **Net Advisory Fee** | $3070872 |
| **Portfolio Turnover** | 18% |

---

Visit https://congress-mutual-funds.web.app/MidCap for more recent performance information.

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

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **Net** **Assets)**  |
|  Brown & Brown, Inc.  | 3.9% |
|  Penumbra, Inc.  | 3.9% |
|  Copart, Inc.  | 3.7% |
|  Raymond James Financial, Inc.  | 3.7% |
|  Casey's General Stores, Inc.  | 3.6% |
|  Curtiss-Wright Corp.  | 3.5% |
|  Crane Co.  | 3.5% |
|  EMCOR Group, Inc.  | 3.3% |
|  Descartes Systems Group, Inc.  | 3.3% |
|  US Foods Holding Corp.  | 3.2% |

---

---

| | |
|:---|:---|
| **Industry** | **(% of** **Net** **Assets)**  |
|  Software  | 14.6% |
|  Consumer Staples Distribution & Retail  | 9.7% |
|  Health Care Equipment & Supplies  | 9.2% |
|  Capital Markets  | 8.0% |
|  Insurance  | 3.9% |
|  Commercial Services & Supplies  | 3.7% |
|  Aerospace & Defense  | 3.5% |
|  Machinery  | 3.5% |
|  Construction & Engineering  | 3.3% |
|  Cash & Other  | 40.6% |

---

**Sector Breakdown** **\*** **(% of Net Assets)**

![image](ts4173img003.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 proxy information, scan the QR code or visit https://congress-mutual-funds.web.app/MidCap

Congress Mid Cap Growth Fund PAGE 1 TSR-SAR-74316J458

------

**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 Congress Asset Management Company documents not be householded, please contact Congress Asset Management Company at (888) 688-1299, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Congress Asset Management Company or your financial intermediary.

Congress Mid Cap Growth Fund PAGE 2 TSR-SAR-74316J458

24.620.614.812.911.99.72.22.11.2 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Congress Small Cap Growth Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Retail Class \| CSMVX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Congress Small Cap Growth Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://congress-mutual-funds.web.app/SmallCap. You can also request this information by contacting us at (888) 688-1299.

**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 | $60 | 1.25% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $1255772205 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $5426022 |
| **Portfolio Turnover** | 15% |

---

Visit https://congress-mutual-funds.web.app/SmallCap for more recent performance information.

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

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **Net** **Assets)**  |
|  Stride, Inc.  | 3.5% |
|  InterDigital, Inc.  | 3.2% |
|  Commvault Systems, Inc.  | 3.2% |
|  Ligand Pharmaceuticals, Inc.  | 3.1% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 3.0% |
|  Badger Meter, Inc.  | 3.0% |
|  Sensient Technologies Corp.  | 2.9% |
|  Knife River Corp.  | 2.9% |
|  ACI Worldwide, Inc.  | 2.9% |
|  CSW Industrials, Inc.  | 2.9% |

---

---

| | |
|:---|:---|
| **Industry** | **(% of** **Net** **Assets)**  |
|  Health Care Equipment & Supplies  | 12.7% |
|  Software  | 12.0% |
|  Semiconductors & Semiconductor Equipment  | 6.8% |
|  Pharmaceuticals  | 5.7% |
|  Chemicals  | 5.5% |
|  Electronic Equipment Instruments & Components  | 5.2% |
|  Construction & Engineering  | 5.2% |
|  Aerospace & Defense  | 4.8% |
|  Capital Markets  | 4.6% |
|  Cash & Other  | 37.5% |

---

**Sector Breakdown** **\*** **(% of Net Assets)**

![image](ts4176img003.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 proxy information, scan the QR code or visit https://congress-mutual-funds.web.app/SmallCap

Congress Small Cap Growth Fund PAGE 1 TSR-SAR-74316P728

------

**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 Congress Asset Management Company documents not be householded, please contact Congress Asset Management Company at (888) 688-1299, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Congress Asset Management Company or your financial intermediary.

Congress Small Cap Growth Fund PAGE 2 TSR-SAR-74316P728

26.420.518.912.88.47.12.51.71.20.5 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Congress Small Cap Growth Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Institutional Class \| CSMCX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Congress Small Cap Growth Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://congress-mutual-funds.web.app/SmallCap. You can also request this information by contacting us at (888) 688-1299.

**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 | $48 | 1.00% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $1255772205 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $5426022 |
| **Portfolio Turnover** | 15% |

---

Visit https://congress-mutual-funds.web.app/SmallCap for more recent performance information.

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

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **Net** **Assets)**  |
|  Stride, Inc.  | 3.5% |
|  InterDigital, Inc.  | 3.2% |
|  Commvault Systems, Inc.  | 3.2% |
|  Ligand Pharmaceuticals, Inc.  | 3.1% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 3.0% |
|  Badger Meter, Inc.  | 3.0% |
|  Sensient Technologies Corp.  | 2.9% |
|  Knife River Corp.  | 2.9% |
|  ACI Worldwide, Inc.  | 2.9% |
|  CSW Industrials, Inc.  | 2.9% |

---

---

| | |
|:---|:---|
| **Industry** | **(% of** **Net** **Assets)**  |
|  Health Care Equipment & Supplies  | 12.7% |
|  Software  | 12.0% |
|  Semiconductors & Semiconductor Equipment  | 6.8% |
|  Pharmaceuticals  | 5.7% |
|  Chemicals  | 5.5% |
|  Electronic Equipment Instruments & Components  | 5.2% |
|  Construction & Engineering  | 5.2% |
|  Aerospace & Defense  | 4.8% |
|  Capital Markets  | 4.6% |
|  Cash & Other  | 37.5% |

---

**Sector Breakdown** **\*** **(% of Net Assets)**

![image](ts4175img003.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 proxy information, scan the QR code or visit https://congress-mutual-funds.web.app/SmallCap

Congress Small Cap Growth Fund PAGE 1 TSR-SAR-74316P710

------

**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 Congress Asset Management Company documents not be householded, please contact Congress Asset Management Company at (888) 688-1299, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Congress Asset Management Company or your financial intermediary.

Congress Small Cap Growth Fund PAGE 2 TSR-SAR-74316P710

26.420.518.912.88.47.12.51.71.20.5 ------

&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 as part of the report to shareholders 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) **[**TABLE OF CONTENTS**](#TOC)**

![](congress_logo11.jpg)

**CONGRESS FUNDS**

**Congress Large Cap Growth Fund** 

**Congress Mid Cap Growth Fund** 

**Congress Small Cap Growth Fund** 

Core Financial Statements

April 30, 2025 (Unaudited)

------

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

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Schedule of Investments<br>|  |
| &nbsp;&nbsp;&nbsp; [Congress Large Cap Growth Fund](#tsoi) | [1](#tsoi) |
| &nbsp;&nbsp;&nbsp; [Congress Mid Cap Growth Fund](#tsoi1) | [3](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [Congress Small Cap Growth Fund](#tsoi2) | [5](#tsoi2) |
| [Statements of Assets and Liabilities](#tsal) | [7](#tsal) |
| [Statements of Operations](#tsop) | [8](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [9](#tscna) |
| [Financial Highlights](#tfihi) | [11](#tfihi) |
| [Notes to Financial Statements](#tnote) | [17](#tnote) |
| [Additional Information](#tadd) | [24](#tadd) |

---

------

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

**Congress Large Cap Growth Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **Aerospace & Defense - 2.4%**<br>|  |  |
| Howmet Aerospace, Inc. | 88400 | $12250472  |
| **Biotechnology - 1.3%**<br>|  |  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 12650 | 6445175  |
| **Broadline Retail - 5.6%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 155600 | 28695752  |
| **Capital Markets - 3.0%**<br>|  |  |
| Goldman Sachs Group, Inc. | 15450 | 8459647  |
| Moody's Corp. | 15575 | 7057344  |
|  |  | 15516991  |
| **Chemicals - 1.6%**<br>|  |  |
| Ecolab, Inc. | 32900 | 8272047  |
| **Commercial Services & Supplies - 2.0%** | **Commercial Services & Supplies - 2.0%** | **Commercial Services & Supplies - 2.0%** |
| Cintas Corp. | 48100 | 10181808  |
| **Communications Equipment - 3.7%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 102000 | 8391540  |
| Motorola Solutions, Inc. | 23800 | 10481282  |
|  |  | 18872822  |
| **Construction Materials - 1.9%**<br>|  |  |
| Martin Marietta Materials, Inc. | 19000 | 9955620  |
|  **Consumer Staples Distribution & Retail - 3.6%**<br>|  |  |
| Costco Wholesale Corp. | 18400 | 18298800  |
| **Electrical Equipment - 2.3%**<br>|  |  |
| Eaton Corp. PLC | 40000 | 11774800  |
| **Energy Equipment & Services - 1.7%**<br>|  |  |
| Baker Hughes Co. | 252000 | 8920800  |
| **Entertainment - 1.8%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 8100 | 9166932  |
| **Financial Services - 5.0%**<br>|  |  |
| Visa, Inc. - Class A | 74100 | 25601550  |
| **Ground Transportation - 1.9%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 118000 | 9559180  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 5.1%**<br>|  |  |
| Boston Scientific Corp.<sup>(a)</sup> | 102700 | 10564749  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 29700 | 15319260 |
|  |  | 25884009  |
| **Hotels Restaurants & Leisure - 1.7%**<br>|  |  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 172000 | 8689440  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Insurance - 2.1%**<br>|  |  |
| Arthur J Gallagher & Co. | 33775 | $10831305  |
| **Interactive Media & Services - 7.0%**<br>|  |  |
| Alphabet, Inc. - Class A | 124000 | 19691200  |
| Alphabet, Inc. - Class C | 29500 | 4746255  |
| Meta Platforms, Inc. - Class A | 20700 | 11364300  |
|  |  | 35801755  |
| **IT Services - 0.5%**<br>|  |  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 26500 | 2517500  |
| **Life Sciences Tools & Services - 1.1%**<br>|  |  |
| Thermo Fisher Scientific, Inc. | 13300 | 5705700  |
| **Machinery - 1.4%**<br>|  |  |
| Parker-Hannifin Corp. | 11600 | 7018696  |
| **Media - 0.5%**<br>|  |  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 47975 | 2572899  |
| **Oil Gas & Consumable Fuels - 1.9%**<br>|  |  |
| Williams Cos., Inc. | 166500 | 9751905  |
| **Pharmaceuticals - 4.3%**<br>|  |  |
| Eli Lilly & Co. | 24200 | 21754590  |
|  **Semiconductors & Semiconductor Equipment - 7.2%**<br>|  |  |
| Broadcom, Inc. | 55000 | 10585850  |
| NVIDIA Corp. | 240500 | 26195260  |
|  |  | 36781110  |
| **Software - 12.6%**<br>|  |  |
| Microsoft Corp. | 86775 | 34298687  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 31600 | 5906988  |
| ServiceNow, Inc.<sup>(a)</sup> | 12150 | 11603371  |
| Synopsys, Inc.<sup>(a)</sup> | 27000 | 12393270  |
|  |  | 64202316  |
| **Specialty Retail - 7.7%**<br>|  |  |
| Home Depot, Inc. | 45475 | 16393283  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 11700 | 16557840  |
| TJX Cos., Inc. | 48900 | 6292452  |
|  |  | 39243575  |
|  **Technology Hardware, Storage & Peripherals - 8.5%**<br>|  |  |
| Apple, Inc. | 173350 | 36836875  |
| Dell Technologies, Inc. - Class C | 73000 | 6698480  |
|  |  | 43535355  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $241,323,335)** |  | 507802904  |

---

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

1<br>

------

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

**Congress Large Cap Growth Fund** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.7%** | **SHORT-TERM INVESTMENTS - 0.7%** | **SHORT-TERM INVESTMENTS - 0.7%** |
| **Money Market Funds - 0.7%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 3504015 | $3504015  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,504,015)** |  | 3504015  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $244,827,350)** |  | $511306919  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (381899)  |
| **TOTAL NET ASSETS - 100.0%** |  | $510925020 |

---

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.

PLC - Public Limited Company

<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.

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

2<br>

------

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

**Congress Mid Cap Growth Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.8%**<br>|  |  |
| **Aerospace & Defense - 3.5%**<br>|  |  |
| Curtiss-Wright Corp. | 77000 | $26556530  |
| **Biotechnology - 2.8%**<br>|  |  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 337925 | 20755354  |
| **Broadline Retail - 3.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc.<sup>(a)</sup> | 221927 | 23548674  |
| **Capital Markets - 8.0%**<br>|  |  |
| Houlihan Lokey, Inc. | 99300 | 16094544  |
| MarketAxess Holdings, Inc. | 74950 | 16608171  |
| Raymond James Financial, Inc. | 200350 | 27455964  |
|  |  | 60158679  |
| **Commercial Services & Supplies - 3.7%** | **Commercial Services & Supplies - 3.7%** | **Commercial Services & Supplies - 3.7%** |
| Copart, Inc.<sup>(a)</sup> | 460500 | 28104315  |
| **Construction & Engineering - 3.3%**<br>|  |  |
| EMCOR Group, Inc. | 62200 | 24923540  |
|  **Consumer Staples Distribution & Retail - 9.7%**<br>|  |  |
| Casey's General Stores, Inc. | 58460 | 27043011  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 127286 | 21765906  |
| US Foods Holding Corp.<sup>(a)</sup> | 364506 | 23933464  |
|  |  | 72742381  |
| **Containers & Packaging - 2.2%**<br>|  |  |
| AptarGroup, Inc. | 112555 | 16877622  |
| **Diversified Consumer Services - 2.8%**<br>|  |  |
| Stride, Inc.<sup>(a)</sup> | 145700 | 20725825  |
| **Electrical Equipment - 1.9%**<br>|  |  |
| nVent Electric PLC | 256571 | 14088314  |
|  **Electronic Equipment Instruments & Components - 2.9%**<br>|  |  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 47100 | 21950013  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 9.2%**<br>|  |  |
| Cooper Cos., Inc.<sup>(a)</sup> | 247500 | 20213325  |
| Dexcom, Inc.<sup>(a)</sup> | 273850 | 19547413  |
| Penumbra, Inc.<sup>(a)</sup> | 99929 | 29263208  |
|  |  | 69023946  |
| &nbsp;&nbsp;&nbsp; **Health Care Providers &** <br>**Services - 2.8%**<br>|  |  |
| Encompass Health Corp. | 177000 | 20707230  |
| **Hotels Restaurants & Leisure - 2.3%**<br>|  |  |
| Texas Roadhouse, Inc. | 103050 | 17102178  |
| **Household Durables - 2.0%**<br>|  |  |
| Garmin Ltd. | 82100 | 15342027  |
| **Insurance - 3.9%**<br>|  |  |
| Brown & Brown, Inc. | 266000 | 29419600  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Interactive Media & Services - 1.6%**<br>|  |  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 464000 | $11748480  |
| **IT Services - 2.3%**<br>|  |  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 93270 | 17565539  |
| **Machinery - 3.5%**<br>|  |  |
| Crane Co. | 163120 | 26259058  |
| **Media - 0.5%**<br>|  |  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 72000 | 3861360  |
| **Professional Services - 2.7%**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 167350 | 20085347  |
|  **Semiconductors & Semiconductor Equipment - 2.9%**<br>|  |  |
| Monolithic Power Systems, Inc. | 30000 | 17793000  |
| Onto Innovation, Inc.<sup>(a)</sup> | 32400 | 3951828  |
|  |  | 21744828  |
| **Software - 14.6%**<br>|  |  |
| CyberArk Software Ltd.<sup>(a)</sup> | 53751 | 18928952  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 100538 | 10270962  |
| Descartes Systems Group, Inc.<sup>(a)</sup> | 235860 | 24857285  |
| Dynatrace, Inc.<sup>(a)</sup> | 399120 | 18746667  |
| Guidewire Software, Inc.<sup>(a)</sup> | 100400 | 20558908  |
| SPS Commerce, Inc.<sup>(a)</sup> | 115887 | 16630943  |
|  |  | 109993717  |
|  **Technology Hardware, Storage & Peripherals - 1.9%**<br>|  |  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 313650 | 14227164  |
| &nbsp;&nbsp;&nbsp; **Textiles Apparel & Luxury** <br>**Goods - 2.7%**<br>|  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 184666 | 20466533  |
| &nbsp;&nbsp;&nbsp; **Trading Companies &** <br>**Distributors - 2.0%**<br>|  |  |
| Fastenal Co. | 186000 | 15060420  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $591,744,176)** |  | 743038674  |
| **SHORT-TERM INVESTMENTS - 1.0%** | **SHORT-TERM INVESTMENTS - 1.0%** | **SHORT-TERM INVESTMENTS - 1.0%** |
| **Money Market Funds - 1.0%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 7383227 | 7383227  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,383,227)** |  | 7383227  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $599,127,403)** |  | $750421901  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 1601070  |
| **TOTAL NET ASSETS - 100.0%** |  | $752022971 |

---

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

3<br>

------

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

**Congress Mid Cap Growth Fund** 

**Schedule of Investments** 

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

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.

PLC - Public Limited Company

<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.

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

4<br>

------

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

**Congress Small Cap Growth Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%**<br>|  |  |
| **Aerospace & Defense - 4.8%**<br>|  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 200000 | $30304000  |
| Moog, Inc. - Class A | 180000 | 30105000  |
|  |  | 60409000  |
| **Banks - 2.5%**<br>|  |  |
| Ameris Bancorp | 540000 | 31644000  |
| **Biotechnology - 2.1%**<br>|  |  |
| Vericel Corp.<sup>(a)</sup> | 700000 | 26614000  |
| **Broadline Retail - 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc.<sup>(a)</sup> | 360000 | 38199600  |
| **Building Products - 2.9%**<br>|  |  |
| CSW Industrials, Inc. | 115000 | 35935200  |
| **Capital Markets - 4.6%**<br>|  |  |
| Cohen & Steers, Inc. | 350000 | 26712000  |
| PJT Partners, Inc. - Class A | 215000 | 30467650  |
|  |  | 57179650  |
| **Chemicals - 5.5%**<br>|  |  |
| Balchem Corp. | 205000 | 32092750  |
| Sensient Technologies Corp. | 390000 | 36640500  |
|  |  | 68733250  |
| **Commercial Services & Supplies - 2.1%** | **Commercial Services & Supplies - 2.1%** | **Commercial Services & Supplies - 2.1%** |
| Interface, Inc. | 1400000 | 26320000  |
| **Communications Equipment - 2.4%**<br>|  |  |
| Calix, Inc.<sup>(a)</sup> | 740000 | 30273400  |
| **Construction & Engineering - 5.2%**<br>|  |  |
| Primoris Services Corp. | 505000 | 30284850  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 235000 | 35116050  |
|  |  | 65400900  |
| **Construction Materials - 2.9%**<br>|  |  |
| Knife River Corp.<sup>(a)</sup> | 390000 | 36418200  |
| **Diversified Consumer Services - 3.5%**<br>|  |  |
| Stride, Inc.<sup>(a)</sup> | 308029 | 43817125  |
|  **Electronic Equipment Instruments & Components - 5.2%**<br>|  |  |
| Badger Meter, Inc. | 170000 | 37539400  |
| Crane NXT Co. | 600000 | 28152000  |
|  |  | 65691400  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 12.7%**<br>|  |  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 190000 | 30092200  |
| Integer Holdings Corp.<sup>(a)</sup> | 270000 | 34103700  |
| LeMaitre Vascular, Inc. | 362900 | 32929546  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 350000 | 33057500  |
| UFP Technologies, Inc.<sup>(a)</sup> | 140000 | 29195600  |
|  |  | 159378546  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Household Durables - 2.5%**<br>|  |  |
| Champion Homes, Inc.<sup>(a)</sup> | 365000 | $31572500  |
| **Leisure Products - 1.7%**<br>|  |  |
| YETI Holdings, Inc.<sup>(a)</sup> | 750000 | 21412500  |
| **Machinery - 3.9%**<br>|  |  |
| Enpro, Inc. | 180000 | 26892000  |
| JBT Marel Corp. | 213500 | 22473010  |
|  |  | 49365010  |
| **Media - 2.5%**<br>|  |  |
| Criteo SA - ADR<sup>(a)</sup> | 910000 | 30994600  |
| **Oil Gas & Consumable Fuels - 1.2%**<br>|  |  |
| SM Energy Co. | 658705 | 15011887  |
| **Personal Care Products - 1.7%**<br>|  |  |
| elf Beauty, Inc.<sup>(a)</sup> | 355000 | 21963850  |
| **Pharmaceuticals - 5.7%**<br>|  |  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 350000 | 38451000  |
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, <br>Inc.<sup>(a)</sup> | 410000 | 33304300  |
|  |  | 71755300  |
|  **Semiconductors & Semiconductor Equipment - 6.8%**<br>|  |  |
| Nova Ltd.<sup>(a)</sup> | 160000 | 31393600  |
| Power Integrations, Inc. | 495600 | 24343872  |
| Rambus, Inc.<sup>(a)</sup> | 595000 | 29030050  |
|  |  | 84767522  |
| **Software - 12.0%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 680000 | 36284800  |
| Box, Inc. - Class A<sup>(a)</sup> | 1075000 | 33561500  |
| Commvault Systems, Inc.<sup>(a)</sup> | 240000 | 40111200  |
| InterDigital, Inc. | 200000 | 40200000  |
|  |  | 150157500  |
| **Specialty Retail - 2.1%**<br>|  |  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 255000 | 26606700  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,092,768,392)** |  | 1249621640  |
| **SHORT-TERM INVESTMENTS - 0.6%** | **SHORT-TERM INVESTMENTS - 0.6%** | **SHORT-TERM INVESTMENTS - 0.6%** |
| **Money Market Funds - 0.6%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 6910822 | 6910822  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $6,910,822)** |  | 6910822  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $1,099,679,214)** |  | $1256532462  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (760257)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1255772205 |

---

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

5<br>

------

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

**Congress Small Cap Growth Fund** 

**Schedule of Investments** 

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

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

<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.

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

6<br>

------

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

**Congress FundS** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Congress** <br>**Large Cap** <br>**Growth Fund** | **Congress** <br>**Mid Cap** <br>**Growth Fund** | **Congress** <br>**Small Cap** <br>**Growth Fund**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $511306919 | $750421901 | $1256532462  |
| Receivable for fund shares sold | 46667 | 217317 | 968223  |
| Dividends receivable | 38325 | 133154 | 162791  |
| Interest receivable | 19400 | 34113 | 34675  |
| Cash | 133 | 133 | 133  |
| Receivable for investments sold |  | 3945060 | —  |
| Dividend tax reclaims receivable |  | 1637 | —  |
| Prepaid expenses and other assets | 38306 | 51765 | 62249  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 511449750 | 754805080 | 1257760533  |
| **LIABILITIES:**<br>|  |  |  |
| Payable to adviser | 199915 | 355747 | 795186  |
| Payable for capital shares redeemed | 190349 | 1904088 | 842422  |
| Payable for distribution and shareholder servicing fees | 67257 | 301362 | 251354  |
| Payable for fund administration and accounting fees | 32295 | 97402 | 53981  |
| Payable for transfer agent fees and expenses | 19432 | 52183 | 24660  |
| Payable for audit fees | 8154 | 8154 | 8152  |
| Payable for custodian fees | 5592 | 18654 | 10783  |
| Payable for compliance fees | 1614 | 1614 | 1614  |
| Interest payable |  | 21341 | —  |
| Payable for expenses and other liabilities | 122 | 21564 | 176  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 524730 | 2782109 | 1988328  |
| **NET ASSETS** | $510925020 | $752022971 | $1255772205  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $206503366 | $518029030 | $1095784811  |
| Total distributable earnings | 304421654 | 233993941 | 159987394  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $510925020 | $752022971 | $1255772205  |
| **Institutional Class**<br>|  |  |  |
| Net assets | $507868669 | $725417223 | $1130760008  |
| Shares issued and outstanding<sup>(a)</sup> | 11446196 | 34995058 | 26778112  |
| Net asset value per share | $44.37 | $20.73 | $42.23  |
| **Retail Class**<br>|  |  |  |
| Net assets | $3056351 | $26605748 | $125012197  |
| Shares issued and outstanding<sup>(a)</sup> | 69490 | 1331945 | 3409782  |
| Net asset value per share | $43.98 | $19.98 | $36.66  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $244827350 | $599127403 | $1099679214 |

---

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

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

7<br>

------

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

**Congress Funds** 

**Statements of Operations** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Congress** <br>**Large Cap** <br>**Growth Fund** | **Congress** <br>**Mid Cap** <br>**Growth Fund** | **Congress** <br>**Small Cap** <br>**Growth Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $1540022 | $2195753 | $2244336  |
| Less: Dividend withholding taxes | (7438) |  | —  |
| Less: Issuance fees |  | (1175) | (38000)  |
| Interest income | 146826 | 267085 | 462701  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1679410 | 2461663 | 2669037  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | 1346473 | 3090758 | 5539413  |
| Transfer agent fees | 165488 | 599661 | 641756  |
| Fund administration and accounting fees | 117323 | 236037 | 258075  |
| Federal and state registration fees | 19346 | 52816 | 47077  |
| Custodian fees | 15757 | 31025 | 37021  |
| Trustees' fees | 15675 | 21707 | 22124  |
| Audit fees | 8154 | 8154 | 8154  |
| Reports to shareholders | 7566 | 39554 | 48929  |
| Compliance fees | 5281 | 5281 | 5281  |
| Distribution expenses - Retail Class | 4142 | 40842 | 165247  |
| Legal fees | 1165 | 1460 | 1461  |
| Interest expense |  | 19474 | —  |
| Other expenses and fees | 13763 | 34081 | 20115  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1720133 | 4180850 | 6794653  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser |  | (19886) | (113391)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1720133 | 4160964 | 6681262  |
| **NET INVESTMENT LOSS** | (40723) | (1699301) | (4012225)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 38150878 | 86995608 | 24529914  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | (92) | —  |
| Net realized gain (loss) | 38150878 | 86995516 | 24529914  |
| Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (50038410) | (179921613) | (99688396)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 42 | —  |
| Net change in unrealized appreciation (depreciation) | (50038410) | (179921571) | (99688396)  |
| **Net realized and unrealized gain (loss)** | (11887532) | (92926055) | (75158482)  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS** <br>**RESULTING FROM OPERATIONS** | $(11928255) | $(94625356) | $(79170707) |

---

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

8<br>

------

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

**Congress Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Congress Large Cap** <br>**Growth Fund** | **Congress Large Cap** <br>**Growth Fund** | **Congress Mid Cap** <br>**Growth Fund**  | **Congress Mid Cap** <br>**Growth Fund**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(40723) | $974779 | $(1699301) | $(3155489)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 38150878 | 31654543 | 86995516 | 158726654  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (50038410) | 107804398 | (179921571) | 103420612  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (11928255) | 140433720 | (94625356) | 258991777  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (31069412) | (16302364) | (141490410) | (77310011)  |
| &nbsp;&nbsp;&nbsp; From earnings - Retail Class | (195822) | (90601) | (4524798) | (2929542)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (31265234) | (16392965) | (146015208) | (80239553)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Institutional Class | 8513469 | 24850276 | 122099765 | 234972523  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Institutional Class | 26636000 | 14084697 | 94052221 | 52241331  |
| &nbsp;&nbsp;&nbsp; Redemptions - Institutional Class | (25946333) | (40419046) | (459090664) | (386209498)  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Retail Class | 373685 | 1048630 | 2849874 | 13327556  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Retail Class | 177423 | 81521 | 3791512 | 2511304  |
| &nbsp;&nbsp;&nbsp; Redemptions - Retail Class | (715188) | (861949) | (9185336) | (26798692)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 9039056 | (1215871) | (245482628) | (109955476)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (34154433) | 122824884 | (486123192) | 68796748  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 545079453 | 422254569 | 1238146163 | 1169349415  |
| &nbsp;&nbsp;&nbsp; End of the period | $510925020 | $545079453 | $752022971 | $1238146163  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Institutional Class | 183824 | 555359 | 5246548 | 9338835  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Institutional Class | 546380 | 345437 | 3958427 | 2173100  |
| &nbsp;&nbsp;&nbsp; Redemptions - Institutional Class | (552881) | (906747) | (20465280) | (15251590)  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Retail Class | 7962 | 23403 | 129818 | 546847  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Retail Class | 3668 | 2011 | 165424 | 107597  |
| &nbsp;&nbsp;&nbsp; Redemptions - Retail Class | (15090) | (19317) | (428395) | (1089911)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 173863 | 146 | (11393458) | (4175122) |

---

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

9<br>

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

**Congress Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Congress Small Cap** <br>**Growth Fund**  | **Congress Small Cap** <br>**Growth Fund**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4012225) | $(6177121)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 24529914 | 30807109  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (99688396) | 241135614  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (79170707) | 265765602  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Institutional Class | 298252710 | 491771719  |
| &nbsp;&nbsp;&nbsp; Redemptions - Institutional Class | (181106433) | (285139108)  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Retail Class | 21108329 | 32152912  |
| &nbsp;&nbsp;&nbsp; Redemptions - Retail Class | (13057183) | (50177947)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 125197423 | 188607576  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 46026716 | 454373178  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1209745489 | 755372311  |
| &nbsp;&nbsp;&nbsp; End of the period | $1255772205 | $1209745489  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Institutional Class | 6540981 | 12219689  |
| &nbsp;&nbsp;&nbsp; Redemptions - Institutional Class | (4092010) | (7086220)  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Retail Class | 520494 | 931012  |
| &nbsp;&nbsp;&nbsp; Redemptions - Retail Class | (335055) | (1424334)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2634410 | 4640147 |

---

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

10<br>

------

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

**Congress Large Cap Growth 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; $48.06 | $37.23 | $33.69 | $47.54 | $37.89 | $32.67  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp; (0.04) | 0.09 | 0.16 | 0.16 | 0.08 | 0.10  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) <br>on investments<sup>(b)</sup> | &nbsp;&nbsp; (0.87) | 12.19 | 4.72 | (9.45) | 12.87 | 7.60  |
| **Total from investment operations** | &nbsp;&nbsp; (0.91) | 12.28 | 4.88 | (9.29) | 12.95 | 7.70  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.04) | (0.18) | (0.20) | (0.06) | (0.10) | (0.16)  |
| Net realized gains | &nbsp;&nbsp; (2.74) | (1.27) | (1.14) | (4.50) | (3.20) | (2.32)  |
| **Total distributions** | &nbsp;&nbsp; (2.78) | (1.45) | (1.34) | (4.56) | (3.30) | (2.48)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $44.37 | $48.06 | $37.23 | $33.69 | $47.54 | $37.89  |
| TOTAL RETURN<sup>(</sup><sup>c</sup><sup>)</sup> | &nbsp;&nbsp; -2.41% | 33.69% | 14.93% | -21.69% | 36.50% | 25.27%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $507869 | $541601 | $419784 | $377494 | $501760 | $390457  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | 0.68% | 0.69% | 0.69% | 0.68% | 0.70%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) <br>to average net assets<sup>(d)</sup> | &nbsp;&nbsp; (0.01)% | 0.19% | 0.44% | 0.42% | 0.18% | 0.29%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 15% | 19% | 22% | 23% | 19% | 25% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

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

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

11<br>

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

**Congress Large Cap Growth 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; $47.69 | $36.95 | $33.43 | $47.27 | $37.71 | $32.51  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.06) | (0.03) | 0.08 | 0.06 | (0.03) | 0.03  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.87) | 12.12 | 4.68 | (9.40) | 12.80 | 7.57  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.93) | 12.09 | 4.76 | (9.34) | 12.77 | 7.60  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.04) | (0.08) | (0.10) |  | (0.01) | (0.08)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.74) | (1.27) | (1.14) | (4.50) | (3.20) | (2.32)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (2.78) | (1.35) | (1.24) | (4.50) | (3.21) | (2.40)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $43.98 | $47.69 | $36.95 | $33.43 | $47.27 | $37.71  |
| TOTAL RETURN<sup>(</sup><sup>c</sup><sup>)</sup> | &nbsp;&nbsp;&nbsp; -2.55% | 33.39% | 14.67% | -21.90% | 36.14% | 25.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3056 | $3479 | $2471 | $2651 | $4048 | $2999  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | 0.93% | 0.94% | 0.94% | 0.93% | 0.95%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) <br>to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.26)% | (0.07)% | 0.22% | 0.17% | (0.07)% | 0.08%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 15% | 19% | 22% | 23% | 19% | 24% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

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

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

12<br>

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

**Congress Mid Cap Growth 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; $25.97 | $22.55 | $23.44 | $36.88 | $24.75 | $21.92  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp; (0.04) | (0.06) | (0.03) | (0.07) | (0.10) | (0.05)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; (2.05) | 5.02 | 0.45 | (9.37) | 12.81 | 4.08  |
|  **Total from investment operations** | &nbsp;&nbsp; (2.09) | 4.96 | 0.42 | (9.44) | 12.71 | 4.03  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — |  |  |  |  | (0.00)<sup>(c)</sup>  |
| Net realized gains | &nbsp;&nbsp; (3.15) | (1.54) | (1.31) | (4.00) | (0.58) | (1.20)  |
| **Total distributions** | &nbsp;&nbsp; (3.15) | (1.54) | (1.31) | (4.00) | (0.58) | (1.20)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $20.73 | $25.97 | $22.55 | $23.44 | $36.88 | $24.75  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; -9.59% | 22.56% | 1.57% | -28.37% | 52.25% | 19.15%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $725417 | $1201278 | $1127631 | $1192170 | $1706782 | $1242661  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup>  | &nbsp;&nbsp; 0.80%  | 0.80%  | 0.79%  | 0.78%  | 0.79%  | 0.80%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup>  | &nbsp;&nbsp; 0.80%  | 0.80%  | 0.79%  | 0.78%  | 0.79%  | 0.80%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; (0.32)% | (0.24)% | (0.12)% | (0.26)% | (0.30)% | (0.21)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 18% | 49% | 40% | 16% | 14% | 27% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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.

13<br>

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

**Congress Mid Cap Growth 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; $25.16 | $21.95 | $22.90 | $36.20 | $24.37 | $21.62  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.06) | (0.12) | (0.09) | (0.13) | (0.17) | (0.10)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (1.97) | 4.87 | 0.45 | (9.17) | 12.58 | 4.02  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.03) | 4.75 | 0.36 | (9.30) | 12.41 | 3.92  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.15) | (1.54) | (1.31) | (4.00) | (0.58) | (1.20)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (3.15) | (1.54) | (1.31) | (4.00) | (0.58) | (1.20)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $19.98 | $25.16 | $21.95 | $22.90 | $36.20 | $24.37  |
| ToTAL RETURN<sup>(</sup><sup>c</sup><sup>)</sup> | &nbsp;&nbsp;&nbsp; -9.67% | 22.20% | 1.34% | -28.54% | 51.83% | 18.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $26606 | $36868 | $41718 | $43123 | $41606 | $24756  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; 1.05%  | 1.05%  | 1.04%  | 1.03%  | 1.04%  | 1.05%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; 1.05%  | 1.05%  | 1.04%  | 1.03%  | 1.04%  | 1.05%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) <br>to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.58)% | (0.49)% | (0.37)% | (0.50)% | (0.56)% | (0.46)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 18% | 49% | 40% | 16% | 14% | 27% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

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

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

14<br>

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

**Congress Small Cap Growth 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 | $44.59 | $33.67 | $34.19 | $49.69 | $30.76 | $29.25  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.13) | (0.23) | (0.17) | (0.23) | (0.33) | (0.18)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (2.23) | 11.15 | (0.35) | (8.46) | 21.83 | 3.97  |
| **Total from investment operations** | (2.36) | 10.92 | (0.52) | (8.69) | 21.50 | 3.79  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net realized gains |  |  |  | (6.81) | (2.57) | (2.28)  |
| **Total distributions** |  |  |  | (6.81) | (2.57) | (2.28)  |
| **Net asset value, end of period** | $42.23 | $44.59 | $33.67 | $34.19 | $49.69 | $30.76  |
| TOTAL RETURN<sup>(</sup><sup>c</sup><sup>)</sup> | -5.29% | 32.43% | -1.52% | -19.95% | 73.96% | 13.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1130760 | $1084771 | $646291 | $321105 | $127289 | $42986  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(d)</sup> | 1.02% | 1.06% | 1.07% | 1.10% | 1.14% | 1.24%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(d)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) <br>to average net assets<sup>(d)</sup> | (0.59)% | (0.57)% | (0.46)% | (0.64)% | (0.78)% | (0.62)%  |
| Portfolio turnover rate<sup>(c)</sup> | 15% | 45% | 32% | 23% | 50% | 44% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

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

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

15<br>

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

**Congress Small Cap Growth 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; $38.76 | $29.34 | $29.87 | $44.39 | $27.78 | $26.69  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp; (0.17) | (0.29) | (0.22) | (0.29) | (0.39) | (0.22)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; (1.93) | 9.71 | (0.31) | (7.42) | 19.57 | 3.59  |
| **Total from investment operations** | &nbsp;&nbsp; (2.10) | 9.42 | (0.53) | (7.71) | 19.18 | 3.37  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (6.81) | (2.57) | (2.28)  |
| **Total distributions** | &nbsp;&nbsp; — |  |  | (6.81) | (2.57) | (2.28)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $36.66 | $38.76 | $29.34 | $29.87 | $44.39 | $27.78  |
| TOTAL RETURN<sup>(</sup><sup>c</sup><sup>)</sup> | &nbsp;&nbsp; -5.42% | 32.11% | -1.77% | -20.15% | 73.51% | 13.51%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $125012 | $124975 | $109081 | $85978 | $88979 | $45691  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(d)</sup> | &nbsp;&nbsp; 1.27% | 1.31% | 1.32% | 1.34% | 1.39% | 1.49%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(d)</sup> | &nbsp;&nbsp; 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) <br>to average net assets<sup>(d)</sup> | &nbsp;&nbsp; (0.84)% | (0.82)% | (0.70)% | (0.88)% | (1.03)% | (0.86)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 15% | 45% | 32% | 23% | 50% | 44% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

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

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

16<br>

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

**Congress Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

Large Cap Growth, Mid Cap Growth, and Small Cap Growth (the "Funds") are each 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 management investment company. Each 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." Large Cap Growth, which originally commenced operations on March 31, 2009, reorganized with the Century Shares Trust effective as of the close of business September 15, 2017, and assumed the accounting and performance history of the Century Shares Trust. Accordingly, Large Cap Growth has now adopted the inception date of the Century Shares Trust, which commenced operations on March 15, 1928. Mid Cap Growth commenced operations on October 31, 2012. Small Cap Growth was reorganized from the Century Small Cap Select Fund, effective as of the close of business September 15, 2017, and assumed the accounting and performance history of the Century Small Cap Select Fund, which commenced operations on December 9, 1999. Both the Century Shares Trust and the Century Small Cap Select Fund were series of the Century Capital Management Trust**.**

The Funds offer Retail Class and Institutional Class shares. Each class of shares has equal rights as to earnings and assets except that Retail Class shares bear distribution expenses. Each class of shares has exclusive voting rights with respect to matters that affect just that 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.

Large Cap Growth and Small Cap Growth's investment objectives are to seek long-term capital growth. Mid Cap Growth's investment objective is to seek long-term capital appreciation.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds. 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, that 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 price and asked price will be used.

Debt securities, including short-term debt instruments having a maturity of less than 60 days, are valued by using the evaluated mean price supplied by an approved independent pricing service. The independent pricing service may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions.

Securities for which market quotations are not readily 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 Congress Asset Management Company, LLP (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. Different funds could reasonably arrive at different values for the same security. 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.

17<br>

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

**Congress Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

As described above, the Funds utilize various methods to measure the fair value of their 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 Funds have 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 Funds' 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 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 measurement falls 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 Funds' investments as of April 30, 2025. See the Schedules of Investments for industry breakouts.

**Large Cap Growth** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $507802904 | $— | $— | $507802904  |
| Short-Term Investments | 3504015 |  |  | 3504015  |
| **Total Investments in Securities** | $511306919 | $— | $— | $511306919 |

---

**Mid Cap Growth** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $743038674 | $— | $— | $743038674  |
| Short-Term Investments | 7383227 |  |  | 7383227  |
| **Total Investments in Securities** | $750421901 | $— | $— | $750421901 |

---

**Small Cap Growth**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $1249621640 | $— | $— | $1249621640  |
| Short-Term Investments | 6910822 |  |  | 6910822  |
| **Total Investments in Securities** | $1256532462 | $— | $— | $1256532462 |

---

&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.

18<br>

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

**Congress Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

The Funds do 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 unrealized and realized gain or loss from investments.

The Funds do not isolate 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 Funds' books and the U.S. dollar equivalent of the amounts 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.* Each 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 provisions for federal income taxes or excise taxes have been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, each 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 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 income losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year.

As of the previous fiscal year ended October 31, 2024, the Funds had capital loss carry-forward and deferred post-October and late year losses as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** <br>**Capital Loss** <br>**Carry-Forward** | **Long-Term** <br>**Capital Loss** <br>**Carry-Forward** | **Post-October** <br>**Losses** | **Late-Year** <br>**Losses**  |
| Large Cap Growth | $— | $— | $— | $—  |
| Mid Cap Growth |  |  |  | 2607279  |
| Small Cap Growth | 11752621 |  |  | 5630922 |

---

As of April 30, 2025, the Funds did not have any tax positions that did not meet the 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 Funds identify their major tax jurisdictions as U.S. Federal and the Commonwealth of Massachusetts. As of April 30, 2025, the Funds are 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 securities using the effective interest method. Dividend income is recorded on the ex- dividend date.
 Dividends received from MLPs & REITs generally are 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 Funds are
 normally declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

19<br>

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

**Congress Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

&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 and the reported amount of revenue and expenses
 during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation.* The net asset value ("NAV") per share of the Funds are calculated by dividing the sum of the value of the securities
 held by the Funds, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares
 outstanding for the Funds, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock
 Exchange is closed for trading. The offering and redemption price is equal to the Funds' net asset value per share.

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

&nbsp;&nbsp;&nbsp;&nbsp;I. *Illiquid Securities*.
 Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board approved liquidity risk management program (the "program")
 that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets.
 An illiquid investment is any investment that each Fund reasonably expects cannot 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. *New Accounting Pronouncement.* 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(s). 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.

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

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

Congress Asset Management Company, LLP (the "Advisor") provides each 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, and certain administrative services, and provides most of the personnel needed by the Funds. As compensation for its services, the Advisor is entitled to a monthly fee. For each of the Funds, the Advisor is entitled to a monthly fee as compensation for its services at the annual rates shown in the following table:

---

| | |
|:---|:---|
| Large Cap Growth | 0.50%  |
| Mid Cap Growth | 0.60%  |
| Small Cap Growth | 0.85% |

---

20<br>

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

**Congress Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

The advisory fees incurred during the six months ended April 30, 2025, are disclosed in the Statements 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 each Fund's expense ratio as follows by reducing all or a portion of its fees and reimbursing the Fund's expenses so that its ratio of expenses to average net assets will not exceed:

---

| | |
|:---|:---|
|  | **Current**  |
| Large Cap Growth | &nbsp;&nbsp; 0.95%  |
| Mid Cap Growth | &nbsp;&nbsp; 0.85%  |
| Small Cap Growth | &nbsp;&nbsp; 1.00% |

---

The contract's term is indefinite and may be terminated only by the Board. The amount of fees waived and expenses absorbed during the six months ended April 30, 2025, are disclosed in the Statements of Operations. Amounts due from the Advisor are paid monthly to the Funds, if applicable.

The Advisor may recapture a portion of the following amounts no later than the dates as stated below. Any recapture of a fee waived or expense reimbursed should occur before the end of the third year following the period to which the fee waiver and/or expense absorption relates.

The Funds must pay their current ordinary operating expenses before the Advisor is entitled to any reimbursement. Additionally, the Advisor may only be reimbursed if the amount actually paid by the Fund toward operating expenses for such period (taking into account any reimbursement) does not exceed the lesser expense cap in place at the time of waiver or reimbursement. Any such reimbursement is also contingent upon the Board's review.

**Mid Cap Growth:** 

---

| | |
|:---|:---|
| **Expiration** | **Amount**  |
| April 30, 2027 | $19886  |
|  | $19886 |

---

**Small Cap Growth:** 

---

| | |
|:---|:---|
| **Expiration** | **Amount**  |
| October 31, 2025 | $281806  |
| October 31, 2026 | 451362  |
| October 31, 2027 | 594557  |
| April 30, 2027 | 113391  |
|  | $1441116 |

---

The Large Cap Growth Fund did not waive any fees during the six months ended April 30, 2025 and had no previously-waived fees available for reimbursement.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' administrator, fund accountant, and transfer agent. In those capacities, Fund Services maintains the Funds' books and records, calculates each Fund's NAV, prepares various federal and state regulatory filings, coordinates the payment of the Funds' 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 Funds to Fund Services for these services for the six months ended April 30, 2025, are disclosed in the Statements of Operations.

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

21<br>

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

**Congress Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

The Funds have adopted a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the 1940 Act with respect to the Retail Class. The Plan provides that each Fund may pay a fee to the Distributor at an annual rate up to 0.25% of the average daily net assets of the Retail Class of each Fund. These fees may be used by the Distributor to provide compensation for sales support, distribution activities, or shareholder servicing activities. Distribution fees incurred by the Funds during the six months ended April 30, 2025, are disclosed in the Statements of Operations.

Each Fund has entered into sub-transfer agent arrangements (the "Arrangements"), for sub-transfer agent fees paid to third-party intermediaries, with respect to each Fund. All Arrangements must be approved by the Board. For the six months ended April 30, 2025, sub-transfer agent fees incurred by the Funds are disclosed in the Statements of Operations.

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

The cost of purchases and the proceeds from the sale or maturity of securities, excluding short-term securities, for the six months ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases**  | **Sales/Maturities**  |
| Large Cap Growth | $78221143  | $89485472  |
| Mid Cap Growth | 329215615  | 187502140  |
| Small Cap Growth | 330471099  | 187502140 |

---

There were no purchases or sales of long-term U.S. Government securities for the six months ended April 30, 2025.

**NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS** 

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

**Large Cap Growth:** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024**  |
| Distributions paid from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $414098 | $2056902  |
| &nbsp;&nbsp;&nbsp; Long-term capital gain<sup>1</sup> | 30851136 | 14336063  |
|  | $31265234 | $16392965 |

---

**Mid Cap Growth:** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024**  |
| Distributions paid from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $— | $—  |
| &nbsp;&nbsp;&nbsp; Long-term capital gain<sup>1</sup> | 146015208 | 80239553  |
|  | $146015208 | $80239553 |

---

**Small Cap Growth:** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024**  |
| Distributions paid from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $— | $—  |
| &nbsp;&nbsp;&nbsp; Long-term capital gain<sup>1</sup> |  | —  |
|  | $— | $— |

---

<sup>1</sup> Designated as long-term capital gain dividend, pursuant of Internal Revenue Code Section 852(b)(3).

22<br>

------

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

**Congress Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

The components of accumulated earnings (losses) on a tax basis as of the most recent fiscal year ended October 31, 2024, were as follows<sup>2</sup>:

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Growth**  | **Mid Cap Growth**  | **Small Cap Growth**  |
| Cost of investments | &nbsp;&nbsp; $222874308 | $909100870 | &nbsp;&nbsp; $952539121  |
| Gross tax unrealized appreciation | &nbsp;&nbsp; 317508106 | 358801019 | &nbsp;&nbsp; 290080465  |
| Gross tax unrealized depreciation | &nbsp;&nbsp; (990127) | (27574356) | &nbsp;&nbsp; (33538821)  |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 316517979 | 331226663 | &nbsp;&nbsp; 256541644  |
| Undistributed ordinary income | &nbsp;&nbsp; 246095 |  | &nbsp;&nbsp; —  |
| Undistributed long-term capital gain | &nbsp;&nbsp; 30851069 | 146015121 | &nbsp;&nbsp; —  |
| Total distributable earnings | &nbsp;&nbsp; 31097163 | 146015121 | &nbsp;&nbsp; —  |
| Other accumulated gains (losses) | &nbsp;&nbsp; — | (2607279) | &nbsp;&nbsp; (17383543)  |
| **Total distributable (accumulated) earnings (losses)** | &nbsp;&nbsp; $347615143 | $474634505  | &nbsp;&nbsp; $239158101 |

---

<sup>2</sup> The differences between book and tax basis were primarily due to wash sale and transfer-in-kind adjustments.

**NOTE 6 – CREDIT FACILITY** 

U.S. Bank N.A. has made available to the Funds 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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Growth** | **Mid Cap Growth** | **Small Cap Growth**  |
| Maximum available credit | &nbsp;&nbsp; $150000000 | $150000000 | &nbsp;&nbsp; $150000000  |
| Largest amount outstanding on an individual day | &nbsp;&nbsp; — | 933000 | &nbsp;&nbsp; —  |
| Average balance when in use | &nbsp;&nbsp; — | 741667 | &nbsp;&nbsp; —  |
| Loan outstanding as of April 30, 2025 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| Average interest rate when in use | &nbsp;&nbsp; — | 7.67% | &nbsp;&nbsp; — |

---

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

23<br>

------

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

**CONGRESS FUNDS** 

**Additional Information (Unaudited)** 

**INFORMATION ABOUT PROXY VOTING** 

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (888) 688-1299. Furthermore, you can obtain the description on the SEC's website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 688-1299. Furthermore, you can obtain this information on the SEC's website at www.sec.gov, and the Fund's website at https://congress-mutual-funds.web.app/.

**INFORMATION ABOUT THE PORTFOLIO HOLDINGS** 

The Funds' quarterly holdings for the most recent fiscal year can be obtained by accessing the Funds' website at https://congress-mutual-funds.web.app/. The Funds file their 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 Part F of Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at www.sec.gov. The Funds' Form N-PORT may also be obtained by calling (888) 688-1299.

**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.** 

Refer to information provided within financial statements.

24<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 and Treasurer 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 fiscal period covered by this report that has materially affected, or is 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;&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/811030/000113322825000365/cfaf-efp12707_ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.*](cfsa-efp16272_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](cfsa-efp16272_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

---

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

---

Date <u>7/2/2025</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>7/2/2025</u>

---

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

---

Date <u>7/2/2025</u>

*\* 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 fiscal
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: | 7/2/2025 | /s/ Jason Hadler |
|  |  | Jason Hadler<br> 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 fiscal
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: | 7/2/2025 | /s/ Craig Benton |
|  |  | Craig Benton<br> 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 | Craig Benton |
| President/Principal Executive Officer, <br> Professionally Managed Portfolios | Treasurer/Principal Financial Officer,<br> Professionally Managed Portfolios |

---

Dated: <u>7/2/2025</u> Dated: <u>7/2/2025</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.