# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001133228-25-007021
**Filing Date:** 2025-7
**Character Count:** 90955
**Document Hash:** c01b4357e9d6b66ba130d1871ff9b553
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007021.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001133228-25-007021

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**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:** 251099984

**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 SMid Growth ETF (Series ID: S000081384)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000244186 | Congress SMid Growth ETF | CSMD            |

### Congress Large Cap Growth ETF (Series ID: S000081385)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000244187 | Congress Large Cap Growth ETF | CAML            |

### Congress Intermediate Bond ETF (Series ID: S000087624)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000253468 | Congress Intermediate Bond ETF | CAFX            |

?xml version='1.0' encoding='ASCII'? 2025-05-06192124_CongressIntermediateBondETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

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

(Address of principal executive offices) (Zip code)

**Jason Hadler**

**Professionally Managed Portfolios**

**c/o U.S. Bank Global Fund Services** 

**777 E. Wisconsin 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 Intermediate Bond ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | CAFX (Principal U.S. Listing Exchange: NYSE Arca) | ![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 Intermediate Bond ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://etfs.congressasset.com/intermediate-bond-etf.html. 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)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Congress Intermediate Bond ETF | $18 | 0.35% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $327110059 |
| **Number of Holdings** | 48 |
| **Portfolio Turnover** | 31% |
| **Average Credit Quality** | AA-/A+ |
| **Effective Duration** | 3.83 Years |
| **30-Day SEC Yield** | 4.07% |
| **30-Day SEC Yield Unsubsidized** | 4.07% |
| **Weighted Average Maturity** | 4.94 Years |

---

Visit https://etfs.congressasset.com/intermediate-bond-etf.html for more recent performance information.

Congress Intermediate Bond ETF PAGE 1 TSR-SAR-74316P587

------

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

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **Net** **Assets)**  |
|  United States Treasury Note/Bond  | 4.7% |
|  United States Treasury Note/Bond  | 4.7% |
|  United States Treasury Note/Bond  | 4.5% |
|  United States Treasury Note/Bond  | 4.3% |
|  United States Treasury Note/Bond  | 4.0% |
|  United States Treasury Note/Bond  | 3.4% |
|  United States Treasury Note/Bond  | 3.4% |
|  United States Treasury Note/Bond  | 3.4% |
|  United States Treasury Note/Bond  | 3.1% |
|  United States Treasury Note/Bond  | 2.3% |

---

---

| | |
|:---|:---|
| **Industry** | **(% of** **Net** **Assets)**  |
|  Public Finance Activities  | 31.1% |
|  Sovereign  | 17.0% |
|  Banks  | 6.2% |
|  Auto Manufacturers  | 5.9% |
|  Mining  | 3.9% |
|  Electric  | 3.7% |
|  Diversified Telecommunication Services  | 3.5% |
|  Oil & Gas  | 3.1% |
|  Collateralized Mortgage Obligation  | 2.5% |
|  Cash & Other  | 23.1% |

---

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

![image](ts4169img003.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://etfs.congressasset.com/intermediate-bond-etf.html

**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 Intermediate Bond ETF PAGE 2 TSR-SAR-74316P587

48.18.37.75.85.54.94.03.93.18.7 ------

---

| | | |
|:---|:---|:---|
| ![image](image003.jpg) | **Congress Large Cap Growth ETF**  | ![image](image001.jpg) |
| ![image](image003.jpg) | CAML (Principal U.S. Listing Exchange: NYSE Arca)  | ![image](image001.jpg) |
| ![image](image003.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 ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://etfs.congressasset.com/large-cap-growth-etf.html. 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)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Congress Large Cap Growth ETF | $32 | 0.65% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $265791665 |
| **Number of Holdings** | 40 |
| **Net Advisory Fee** | $865035 |
| **Portfolio Turnover** | 42% |

---

Visit https://etfs.congressasset.com/large-cap-growth-etf.html for more recent performance information.

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

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **Net** **Assets)**  |
|  NVIDIA Corp.  | 4.3% |
|  Microsoft Corp.  | 3.8% |
|  Apple, Inc.  | 3.5% |
|  Costco Wholesale Corp.  | 3.5% |
|  Eli Lilly & Co.  | 3.2% |
|  ServiceNow, Inc.  | 3.2% |
|  Netflix, Inc.  | 3.2% |
|  Howmet Aerospace, Inc.  | 3.2% |
|  Meta Platforms, Inc. - Class A  | 3.2% |
|  Boston Scientific Corp.  | 3.1% |

---

---

| | |
|:---|:---|
| **Industry** | **(% of** **Net** **Assets)**  |
|  Software  | 11.3% |
|  Specialty Retail  | 7.5% |
|  Semiconductors & Semiconductor Equipment  | 6.9% |
|  Health Care Equipment & Supplies  | 5.9% |
|  Interactive Media & Services  | 5.7% |
|  Technology Hardware, Storage & Peripherals  | 5.0% |
|  Communications Equipment  | 4.6% |
|  Capital Markets  | 4.5% |
|  Consumer Staples Distribution & Retail  | 3.5% |
|  Cash & Other  | 45.1% |

---

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

![image](ts4170img003.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://etfs.congressasset.com/large-cap-growth-etf.html

Congress Large Cap Growth ETF PAGE 1 TSR-SAR-74316P637

------

**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 ETF PAGE 2 TSR-SAR-74316P637

29.512.712.512.210.69.84.24.23.50.8 ------

---

| | | |
|:---|:---|:---|
| ![image](image003.jpg) | **Congress SMid Growth ETF**  | ![image](image001.jpg) |
| ![image](image003.jpg) | CSMD (Principal U.S. Listing Exchange: NYSE Arca)  | ![image](image001.jpg) |
| ![image](image003.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Congress SMid Growth ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://etfs.congressasset.com/smid-growth-etf.html. 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)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Congress SMid Growth ETF | $33 | 0.68% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $272198158 |
| **Number of Holdings** | 44 |
| **Net Advisory Fee** | $821437 |
| **Portfolio Turnover** | 44% |

---

Visit https://etfs.congressasset.com/smid-growth-etf.html for more recent performance information.

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

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **Net** **Assets)**  |
|  Comfort Systems USA, Inc.  | 4.3% |
|  BJ's Wholesale Club Holdings, Inc.  | 4.1% |
|  CyberArk Software Ltd.  | 3.9% |
|  Curtiss-Wright Corp.  | 3.6% |
|  Halozyme Therapeutics, Inc.  | 3.1% |
|  Tractor Supply Co.  | 3.0% |
|  AZEK Co., Inc.  | 2.9% |
|  Prestige Consumer Healthcare, Inc.  | 2.9% |
|  Duolingo, Inc.  | 2.7% |
|  PTC, Inc.  | 2.7% |

---

---

| | |
|:---|:---|
| **Industry** | **(% of** **Net** **Assets)**  |
|  Software  | 12.9% |
|  Health Care Equipment & Supplies  | 10.5% |
|  Construction & Engineering  | 9.5% |
|  Consumer Staples Distribution & Retail  | 5.9% |
|  Electronic Equipment Instruments & Components  | 4.3% |
|  Capital Markets  | 4.2% |
|  Life Sciences Tools & Services  | 3.8% |
|  Aerospace & Defense  | 3.6% |
|  Semiconductors & Semiconductor Equipment  | 3.4% |
|  Cash & Other  | 41.9% |

---

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

![image](ts4177img003.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://etfs.congressasset.com/smid-growth-etf.html

Congress SMid Growth ETF PAGE 1 TSR-SAR-74316P645

------

**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 SMid Growth ETF PAGE 2 TSR-SAR-74316P645

21.020.620.311.49.57.83.81.71.62.3 ------

(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 for semi-annual reports.

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

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

(b) Not applicable.

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

(a) ![](congress_logo11.jpg)

**CONGRESS ETFs**

**Congress Intermediate Bond ETF** 

**Congress Large Cap Growth ETF** 

**Congress SMid Growth ETF** 

Core Financial Statements

April 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Schedule of Investments<br>|  |
| &nbsp;&nbsp;&nbsp; [Congress Intermediate Bond ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Congress Large Cap Growth ETF](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [Congress SMid Growth ETF](#soi3) | [5](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [7](#sal) |
| [Statements of Operations](#sop) | [8](#sop) |
| [Statements of Changes in Net Assets](#scna) | [9](#scna) |
| [Financial Highlights](#fihi) | [11](#fihi) |
| [Notes to Financial Statements](#tnotes) | [14](#tnotes) |
| [Additional Information](#ai1) | [20](#ai1) |

---

------

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

**Congress Intermediate Bond ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 48.1%** | **U.S. TREASURY SECURITIES - 48.1%** | **U.S. TREASURY SECURITIES - 48.1%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/31/2026 | $5724000 | $5618911  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2026 | 6495000 | 6492209  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2026 | 11000000 | 11062734  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/2027 | 10000000 | 10079688  |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 | 11109000 | 11250900  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2027 | 13750000 | 13925635  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2028 | 15000000 | 15251366  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/31/2028 | 7250000 | 7363848  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 4066000 | 4057106  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/30/2030 | 5516000 | 5742027  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2031 | 7016000 | 7168379  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/2031 | 14800000 | 14575687  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 15295000 | 15445560  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 10779000 | 11109949  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 13000000 | 13099531  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 5000000 | 5187500  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $156,078,640)** |  | 157431030  |
| **CORPORATE BONDS - 44.9%**<br>|  |  |
| **Auto Manufacturers - 5.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, <br>5.30%, 01/08/2030<sup>(a)</sup> | 5000000 | 5044438  |
|  Mercedes-Benz Finance North America LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 11/15/2029<sup>(a)</sup> | 2850000 | 2882561  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030<sup>(a)</sup> | 7000000 | 7035636  |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., <br>5.05%, 05/16/2029 | 4250000 | 4357429  |
|  |  | 19320064  |
| **Banks - 6.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., <br>3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 | 6801000 | 6614755  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., <br>5.57% to 04/22/2027 then SOFR + 0.93%, 04/22/2028 | 6619000 | 6769000  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., <br>3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028 | 6750000 | 6628057  |
|  |  | 20011812  |
| **Biotechnology - 2.0%**<br>|  |  |
| Amgen, Inc., 5.15%, 03/02/2028 | 6550000 | 6695076  |
| **Capital Markets - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., <br>6.48% to 10/24/2028 then SOFR + 1.77%, 10/24/2029 | 6500000 | 6895867  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 3.5%** | &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 3.5%** | &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 3.5%** |
| AT&T, Inc., 2.75%, 06/01/2031 | 6870000 | 6164914  |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., <br>3.15%, 03/22/2030 | 5761000 | 5421851  |
|  |  | 11586765  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Electric - 3.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, <br>3.70%, 09/01/2028 | $5750000 | $5664031  |
|  NextEra Energy Capital Holdings, Inc., 5.05%, 03/15/2030 | 6450000 | 6551990  |
|  |  | 12216021  |
| **Electric Utilities - 2.1%**<br>|  |  |
| PacifiCorp, 5.30%, 02/15/2031 | 6750000 | 6932559  |
| **Health Care Equipment & Supplies - 1.0%** | **Health Care Equipment & Supplies - 1.0%** | **Health Care Equipment & Supplies - 1.0%** |
| Stryker Corp., 1.95%, 06/15/2030 | 3750000 | 3315680  |
| **Industrial Conglomerates - 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., <br>4.70%, 02/01/2030 | 5500000 | 5564009  |
| **IT Services - 1.6%**<br>|  |  |
|  International Business Machines Corp., 3.50%, 05/15/2029 | 5250000 | 5081930  |
| **Media - 2.0%**<br>|  |  |
| Comcast Corp., 4.15%, 10/15/2028 | 6440000 | 6423561  |
| **Mining - 3.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BHP Billiton Finance USA Ltd., <br>5.25%, 09/08/2033 | 6265000 | 6335612  |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC, <br>4.88%, 03/14/2030 | 6250000 | 6344777  |
|  |  | 12680389  |
| **Oil & Gas - 3.1%**<br>|  |  |
|  BP Capital Markets America, Inc., 2.72%, 01/12/2032 | 6606000 | 5806714  |
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co., <br>4.70%, 01/15/2030 | 4400000 | 4438833  |
|  |  | 10245547  |
| **Oil Gas & Consumable Fuels - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., <br>5.00%, 02/01/2029 | 5896000 | 5956468  |
| **Pharmaceuticals - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., <br>3.40%, 07/26/2029 | 3241000 | 3135881  |
|  **Semiconductors & Semiconductor Equipment - 1.5%**<br>|  |  |
| Intel Corp., 3.75%, 03/25/2027 | 4875000 | 4802209  |
| **Specialty Retail - 1.8%**<br>|  |  |
| Lowe's Cos., Inc., 3.35%, 04/01/2027 | 6075000 | 5967695  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $145,995,094)** |  | 146831533  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 2.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 2.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 2.5%** |
|  Federal Home Loan Mortgage Corp., Series 5428, Class DM, 6.50%, 11/25/2044 | 3692995 | 3715689  |

---

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

1<br>

------

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

**Congress Intermediate Bond ETF** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)** |
|  Government National Mortgage Association, Series 2024-61, Class D, 5.75%, 08/20/2047 | $4316715 | $4358846  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $8,068,426)** |  | 8074535  |
| **ASSET-BACKED SECURITIES - 2.4%** | **ASSET-BACKED SECURITIES - 2.4%** | **ASSET-BACKED SECURITIES - 2.4%** |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2023-A, Class A3, <br>4.65%, 02/15/2028 | 1591297 | 1592386  |
| &nbsp;&nbsp;&nbsp; GM Financial Leasing Trust, Series 2024-2, Class A2A, <br>5.43%, 09/21/2026 | 1565450 | 1569901  |
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, Series 2023-2, Class A3, <br>4.93%, 11/15/2027 | 4711000 | 4726823  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $7,892,810)** |  | 7889110  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 1.1%** | **SHORT-TERM INVESTMENTS - 1.1%** | **SHORT-TERM INVESTMENTS - 1.1%** |
| **Money Market Funds - 1.1%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 3532227 | 3532227  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,532,227)** |  | 3532227  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $321,567,197)** |  | $323758435  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.0% |  | 3351624  |
| **TOTAL NET ASSETS - 100.0%** |  | $327110059 |

---

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.

LLC - Limited Liability Company

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $14,962,635 or 4.6% of the Fund's net assets. 

<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 Large Cap Growth ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.2%**<br>|  |  |
| **Aerospace & Defense - 3.2%**<br>|  |  |
| Howmet Aerospace, Inc. | 61606 | $8537359  |
| **Biotechnology - 2.0%**<br>|  |  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 10274 | 5234603  |
| **Broadline Retail - 2.7%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 38352 | 7072876  |
| **Capital Markets - 4.5%**<br>|  |  |
| Goldman Sachs Group, Inc. | 12575 | 6885441  |
| Moody's Corp. | 11424 | 5176443  |
|  |  | 12061884  |
| **Chemicals - 2.4%**<br>|  |  |
| Ecolab, Inc. | 25647 | 6448425  |
| **Commercial Services & Supplies - 2.4%** | **Commercial Services & Supplies - 2.4%** | **Commercial Services & Supplies - 2.4%** |
| Cintas Corp. | 30573 | 6471693  |
| **Communications Equipment - 4.6%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 86121 | 7085175  |
| Motorola Solutions, Inc. | 11557 | 5089587  |
|  |  | 12174762  |
| **Construction Materials - 1.8%**<br>|  |  |
| Martin Marietta Materials, Inc. | 9227 | 4834763  |
|  **Consumer Staples Distribution & Retail - 3.5%**<br>|  |  |
| Costco Wholesale Corp. | 9226 | 9175257  |
| **Electrical Equipment - 2.8%**<br>|  |  |
| Eaton Corp. PLC | 24980 | 7353363  |
| **Energy Equipment & Services - 2.0%**<br>|  |  |
| Baker Hughes Co. | 148715 | 5264511  |
| **Entertainment - 3.2%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 7554 | 8549013  |
| **Financial Services - 3.1%**<br>|  |  |
| Visa, Inc. - Class A | 23664 | 8175912  |
| **Ground Transportation - 2.2%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 71607 | 5800883  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 5.9%** | &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 5.9%** | &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 5.9%** |
| Boston Scientific Corp.<sup>(a)</sup> | 79968 | 8226308  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 14688 | 7576071  |
|  |  | 15802379  |
| **Hotels Restaurants & Leisure - 2.0%**<br>|  |  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 103177 | 5212502  |
| **Insurance - 3.0%**<br>|  |  |
| Arthur J Gallagher & Co. | 24821 | 7959846  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Interactive Media & Services - 5.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 42432 | $6738202  |
| Meta Platforms, Inc. - Class A | 15518 | 8519382  |
|  |  | 15257584  |
| **IT Services - 1.7%**<br>|  |  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 47033 | 4468135  |
| **Life Sciences Tools & Services - 1.4%**<br>|  |  |
| Thermo Fisher Scientific, Inc. | 8515 | 3652935  |
| **Machinery - 2.1%**<br>|  |  |
| Parker-Hannifin Corp. | 9100 | 5506046  |
| **Media - 0.9%**<br>|  |  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 45696 | 2450676  |
| **Oil Gas & Consumable Fuels - 2.2%**<br>|  |  |
| Williams Cos., Inc. | 99872 | 5849503  |
| **Pharmaceuticals - 3.2%**<br>|  |  |
| Eli Lilly & Co. | 9568 | 8601154  |
|  **Semiconductors & Semiconductor Equipment - 6.9%**<br>|  |  |
| Broadcom, Inc. | 35500 | 6832685  |
| NVIDIA Corp. | 105503 | 11491387  |
|  |  | 18324072  |
| **Software - 11.3%**<br>|  |  |
| Microsoft Corp. | 25397 | 10038418  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 29516 | 5517426  |
| ServiceNow, Inc.<sup>(a)</sup> | 8976 | 8572170  |
| Synopsys, Inc.<sup>(a)</sup> | 13056 | 5992834  |
|  |  | 30120848  |
| **Specialty Retail - 7.5%**<br>|  |  |
| Home Depot, Inc. | 15691 | 5656449  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 4552 | 6441990  |
| TJX Cos., Inc. | 60636 | 7802640  |
|  |  | 19901079  |
|  **Technology Hardware, Storage & Peripherals - 5.0%**<br>|  |  |
| Apple, Inc. | 44064 | 9363600  |
| Dell Technologies, Inc. - Class C | 43841 | 4022851  |
|  |  | 13386451  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $241,765,385)** |  | 263648514  |

---

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

3<br>

------

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

**Congress Large Cap Growth ETF** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.8%** | **SHORT-TERM INVESTMENTS - 0.8%** | **SHORT-TERM INVESTMENTS - 0.8%** |
| **Money Market Funds - 0.8%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 2243634 | $2243634  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,243,634)** |  | 2243634  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $244,009,019)** |  | $265892148  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (100483)  |
| **TOTAL NET ASSETS - 100.0%** |  | $265791665 |

---

Percentages are stated as a percent of net assets.

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.

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

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

4<br>

------

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

**Congress SMid Growth ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.1%**<br>|  |  |
| **Aerospace & Defense- 3.6%**<br>|  |  |
| Curtiss-Wright Corp. | 28694 | $9896274  |
| **Banks - 1.8%**<br>|  |  |
| Western Alliance Bancorp | 69418 | 4839129  |
| **Biotechnology - 3.1%**<br>|  |  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 139199 | 8549603  |
| **Broadline Retail - 2.4%**<br>|  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 62375 | 6618611  |
| **Building Products - 2.9%**<br>|  |  |
| AZEK Co., Inc.<sup>(a)</sup> | 158544 | 7857441  |
| **Capital Markets - 4.2%**<br>|  |  |
| Morningstar, Inc. | 20762 | 5911357  |
| PJT Partners, Inc. - Class A | 38669 | 5479784  |
|  |  | 11391141  |
| **Construction & Engineering - 9.5%**<br>|  |  |
| Comfort Systems USA, Inc. | 29435 | 11701884  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 47729 | 7132144  |
| Valmont Industries, Inc. | 23848 | 6992711  |
|  |  | 25826739  |
|  **Consumer Staples Distribution & Retail - 5.9%**<br>|  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 94772 | 11141396  |
| Maplebear, Inc.<sup>(a)</sup> | 121904 | 4862751  |
|  |  | 16004147  |
| **Containers & Packaging - 1.7%**<br>|  |  |
| Avery Dennison Corp. | 26679 | 4565044  |
| **Distributors - 1.6%**<br>|  |  |
| Pool Corp. | 14818 | 4343748  |
| **Diversified Consumer Services - 2.7%**<br>|  |  |
| Duolingo, Inc.<sup>(a)</sup> | 19127 | 7449584  |
| **Electrical Equipment - 2.1%**<br>|  |  |
| nVent Electric PLC | 105769 | 5807776  |
|  **Electronic Equipment Instruments & Components - 4.3%**<br>|  |  |
| Badger Meter, Inc. | 28849 | 6370436  |
| CDW Corp./DE | 32679 | 5246940  |
|  |  | 11617376  |
| **Energy Equipment & Services - 1.6%**<br>|  |  |
| Cactus, Inc. - Class A | 117865 | 4471798  |
| **Food Products - 1.8%**<br>|  |  |
| Simply Good Foods Co.<sup>(a)</sup> | 136878 | 4942665  |
| **Ground Transportation - 1.1%**<br>|  |  |
| Werner Enterprises, Inc. | 122865 | 3029851  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 10.5%**<br>|  |  |
| Cooper Cos., Inc.<sup>(a)</sup> | 63075 | $5151335  |
| Insulet Corp.<sup>(a)</sup> | 28079 | 7084051  |
| Penumbra, Inc.<sup>(a)</sup> | 18936 | 5545218  |
| STERIS PLC | 25679 | 5771098  |
| UFP Technologies, Inc.<sup>(a)</sup> | 24712 | 5153441  |
|  |  | 28705143  |
| **Hotels Restaurants & Leisure - 1.7%**<br>|  |  |
| Choice Hotels International, Inc. | 35703 | 4502505  |
| **Insurance - 1.8%**<br>|  |  |
| Kinsale Capital Group, Inc. | 11216 | 4881876  |
| **Life Sciences Tools & Services - 3.8%**<br>|  |  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 19629 | 6053387  |
| Repligen Corp.<sup>(a)</sup> | 30704 | 4236845  |
|  |  | 10290232  |
| **Machinery - 1.8%**<br>|  |  |
| Lincoln Electric Holdings, Inc. | 27324 | 4814489  |
| **Oil Gas & Consumable Fuels - 2.2%**<br>|  |  |
| Range Resources Corp. | 175684 | 5960958  |
| **Personal Care Products - 1.8%**<br>|  |  |
| elf Beauty, Inc.<sup>(a)</sup> | 81208 | 5024339  |
| **Pharmaceuticals - 2.9%**<br>|  |  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 95772 | 7779560  |
|  **Semiconductors & Semiconductor Equipment - 3.4%**<br>|  |  |
| Entegris, Inc. | 56949 | 4505805  |
| Rambus, Inc.<sup>(a)</sup> | 98684 | 4814792  |
|  |  | 9320597  |
| **Software - 12.9%**<br>|  |  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 193295 | 4395528  |
| Commvault Systems, Inc.<sup>(a)</sup> | 36922 | 6170774  |
| CyberArk Software Ltd.<sup>(a)</sup> | 29769 | 10483451  |
| PTC, Inc.<sup>(a)</sup> | 46679 | 7233845  |
| SPS Commerce, Inc.<sup>(a)</sup> | 47350 | 6795198  |
|  |  | 35078796  |
| **Specialty Retail - 3.0%**<br>|  |  |
| Tractor Supply Co. | 158852 | 8041088  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $262,161,106)** |  | 261610510  |

---

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

5<br>

------

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

**Congress SMid Growth ETF** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 1.6%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 1.6%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 1.6%** |
| **Industrial REITs - 1.6%**<br>|  |  |
| Terreno Realty Corp. | 79772 | $4493557  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $4,852,903)** |  | 4493557  |
| **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** |
| **Money Market Funds - 2.3%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 6173000 | 6173000  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $6,173,000)** |  | 6173000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $273,187,009)** |  | $272277067  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (78909)  |
| **TOTAL NET ASSETS - 100.0%** |  | $272198158 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

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

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

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

6<br>

------

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

**CONGRESS ETFs** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Congress**<br>**Intermediate** <br>**Bond ETF** | **Congress**<br>**Large Cap**<br>**Growth ETF** | **Congress**<br>**SMid Growth** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $323758435 | $265892148 | $272277067  |
| Receivable for fund shares sold | 64610220 | 649112 | 835086  |
| Interest receivable | 3148586 | 9406 | 18872  |
| Dividends receivable |  | 22793 | 43274  |
| Prepaid expenses and other assets |  | 104 | 104  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 391517241 | 266573563 | 273174403  |
| **LIABILITIES:**<br>|  |  |  |
| Payable to custodian | 54649800 | 649112 | 835086  |
| Payable for investments purchased | 9682024 |  | —  |
| Payable to adviser | 74446 | 132786 | 141159  |
| Payable for transaction fee | 912 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 64407182 | 781898 | 976245  |
| **NET ASSETS** | $327110059 | $265791665 | $272198158  |
| **NET ASSETS CONSISTS OF:**<br>|  |  |  |
| Paid-in capital | $325525974 | $242136093 | $273826562  |
| Total distributable earnings/(accumulated losses) | 1584085 | 23655572 | (1628404)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $327110059 | $265791665 | $272198158  |
| Net assets | $327110059 | $265791665 | $272198158  |
| Shares issued and outstanding<sup>(a)</sup> | 13150000 | 8160000 | 9800000  |
| Net asset value per share | $24.88 | $32.57 | $27.78  |
| **COST:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $321567197 | $244009019 | $273187009 |

---

<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 ETFs** 

**Statements of Operations** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Congress**<br>**Intermediate** <br>**Bond ETF** | **Congress**<br>**Large Cap**<br>**Growth ETF** | **Congress** <br>**SMid Growth**<br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $— | $765080 | $575130  |
| Less: Dividend withholding taxes |  | (3811) | —  |
| Interest income | 4055037 | 59536 | 148541  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4055037 | 820805 | 723671  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | 320496 | 865035 | 821437  |
| &nbsp;&nbsp;&nbsp; Total expenses | 320496 | 865035 | 821437  |
| **NET INVESTMENT INCOME/(LOSS)** | 3734541 | (44230) | (97766)  |
| **REALIZED AND UNREALIZED GAIN(LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (675653) | 5361577 | 315061  |
| Net realized gain (loss) | (675653) | 5361577 | 315061  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3752949 | (8961512) | (12849397)  |
| Net change in unrealized appreciation (depreciation) | 3752949 | (8961512) | (12849397)  |
| **Net realized and unrealized gain (loss)** | 3077296 | (3599935) | (12534336)  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS** <br>**RESULTING FROM OPERATIONS** | $6811837 | $(3644165) | $(12632102) |

---

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

8<br>

------

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

**CONGRESS ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Congress Intermediate** <br>**Bond ETF**  | **Congress Intermediate** <br>**Bond ETF**  | **Congress Large Cap** <br>**Growth ETF**  | **Congress Large Cap** <br>**Growth ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited)  | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited)  | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3734541 | $310610 | $(44230) | $167640  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (675653) | (25464) | 5361577 | (2249246)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3752949 | (1561711) | (8961512) | 30890150  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 6811837 | (1276565) | (3644165) | 28808544  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (3662096) | (289091) | (154184) | (72862)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3662096) | (289091) | (154184) | (72862)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 237953664 | 87545786 | 44774468 | 211147173  |
| &nbsp;&nbsp;&nbsp; Redemptions |  |  | (23631354) | (4539517)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note #) | 22506 | 4018 | 1213 | 769  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 237976170 | 87549804 | 21144327 | 206608425  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 241125911 | 85984148 | 17345978 | 235344107  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 85984148 |  | 248445687 | 13101580  |
| &nbsp;&nbsp;&nbsp; End of the period | $327110059 | $85984148 | $265791665 | $248445687  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 9650000 | 3500000 | 1310000 | 7110000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  |  | (660000) | (140000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 9650000 | 3500000 | 650000 | 6970000 |

---

<sup>(a)</sup> Inception date of the Fund was September 9, 2024.

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

9<br>

------

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

**CONGRESS ETFs** 

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

---

| | | |
|:---|:---|:---|
|  | **Congress SMid Growth ETF**  | **Congress SMid Growth ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited)  | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(97766) | $(104898)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 315061 | (493679)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (12849397) | (12196029)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (12632102) | 11597452  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1274) | (8678)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1274) | (8678)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 97685331 | 174707781  |
| &nbsp;&nbsp;&nbsp; Redemptions | (9299424) | (1190340)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 88385907 | 173517441  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 75752531 | 185106215  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 196445627 | 11339412  |
| &nbsp;&nbsp;&nbsp; End of the period | $272198158 | $196445627  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3350000 | 6320000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (330000) | (40000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3020000 | 6280000 |

---

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

10<br>

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

**Congress Intermediate Bond ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**April 30, 2025** <br>(Unaudited)  | **Period Ended**<br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $24.57 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.14  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.27 | &nbsp;&nbsp; (0.49)  |
| **Total from investment operations** | 0.77 | &nbsp;&nbsp; (0.35)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.08)  |
| **Total distributions** | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.08)  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp; $24.88 | &nbsp;&nbsp; $24.57  |
| Total return at NAV<sup>(e)(h)</sup> | &nbsp;&nbsp; 3.17% | &nbsp;&nbsp; -1.40%  |
| Total return at MKT<sup>(e)(h)</sup> | &nbsp;&nbsp; 3.11% | &nbsp;&nbsp; -1.28%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $327110 | &nbsp;&nbsp; $85984  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; 3.84%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 7% |

---

<sup>(a)</sup> Inception date of the Fund was September 9, 2024.

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

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

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

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

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions

<sup>(h)</sup> Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption at the net asset value on the last day of the period. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at the net asset value during the period, and sale at the market value on the last day of the period. The market price per share as of April 30, 2025 and October 31, 2024 was $24.89 and $24.60, respectively. 

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 ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited)  | **Year Ended** <br>**October 31,** <br>**2024**  | **Period Ended** <br>**October 31,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $33.08 | $24.26 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.01) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.48) | 8.82 | &nbsp;&nbsp; (0.75)  |
| **Total from investment operations** | &nbsp;&nbsp; (0.49) | 8.86 | &nbsp;&nbsp; (0.74)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp; (0.02) | (0.04) | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.02) | (0.04) | &nbsp;&nbsp; —  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $32.57 | $33.08 | &nbsp;&nbsp; $24.26  |
| Total return at NAV<sup>(e)(h)</sup> | &nbsp;&nbsp; -1.49% | 36.56% | &nbsp;&nbsp; -2.95%  |
| Total return at MKT<sup>(e)(h)</sup> | &nbsp;&nbsp; -1.49% | 36.44% | &nbsp;&nbsp; —  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $265792 | $248446 | &nbsp;&nbsp; $13102  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.65% | 0.65% | &nbsp;&nbsp; 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; (0.03)% | 0.12% | &nbsp;&nbsp; 0.20%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 42% | 33% | &nbsp;&nbsp; 7% |

---

<sup>(a)</sup> Inception date of the Fund was August 21, 2023.

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

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

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

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

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption at the net asset value on the last day of the period. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at the net asset value during the period, and sale at the market value on the last day of the period. The market price per share as of April 30, 2025 and October 31, 2024 was $32.55 and $33.06, respectively. 

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

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

**Congress SMid Growth ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited)  | **Year Ended** <br>**October 31,** <br>**2024**  | **Period Ended** <br>**October 31,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $28.97 | $22.68 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.01) | (0.03) | &nbsp;&nbsp; —  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (1.18) | 6.33 | &nbsp;&nbsp; (2.32)  |
| **Total from investment operations** | &nbsp;&nbsp; (1.19) | 6.30 | &nbsp;&nbsp; (2.32)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp; (0.00)<sup>(h)</sup> | (0.01) | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.00)<sup>(h)</sup> | (0.01) | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $27.78 | $28.97 | &nbsp;&nbsp; $22.68  |
| Total return at NAV<sup>(e)(g)</sup> | &nbsp;&nbsp; -4.14% | 27.78% | &nbsp;&nbsp; -9.28%  |
| Total return at MKT<sup>(e)(g)</sup> | &nbsp;&nbsp; -4.41% | 27.89% | &nbsp;&nbsp; —  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $272198 | $196446 | &nbsp;&nbsp; $11339  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.68% | 0.68% | &nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; (0.08)% | (0.09)% | &nbsp;&nbsp; 0.06%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 44% | 23% | &nbsp;&nbsp; 1% |

---

<sup>(a)</sup> Inception date of the Fund was August 21, 2023.

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

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

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

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption at the net asset value on the last day of the period. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at the net asset value during the period, and sale at the market value on the last day of the period. The market price per share as of April 30, 2025 and October 31, 2024 was $27.73 and $29.01, respectively.

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

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

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

**CONGRESS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

Large Cap Growth ETF, SMid Growth ETF, and Intermediate Bond ETF (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." The Large Cap Growth ETF and SMid Growth ETF commenced operations on August 22, 2023. The Intermediate Bond ETF commenced operations on September 9, 2024.

Large Cap Growth ETF's investment objective is to seek long-term capital growth. SMid Growth ETF's investment objective is to seek long-term capital appreciation. Intermediate Bond ETF's investment objective is to seek maximize total return.

**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.

Effective September 8, 2022, the Board approved Congress Asset Management Company, LLP (the "Advisor"), as the Funds' valuation designee under Rule 2a-5.

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.

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

**CONGRESS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

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

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.

**Intermediate Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| U.S. Treasury Securities | $— | $157431030 | $— | $157431030  |
| Corporate Bonds |  | 146831533 |  | 146831533  |
| Collateralized Mortgage Obligations |  | 8074535 |  | 8074535  |
| Asset-Backed Securities |  | 7889110 |  | 7889110  |
| Short-Term Investments | 3532227 |  |  | 3532227  |
| **Total Investments in Securities** | $3532227 | $320226208 | $— | $323758435 |

---

**Large Cap Growth ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $263648514 | $— | $— | $263648514  |
| Short-Term Investments | 2243634 |  |  | 2243634  |
| **Total Investments in Securities** | $265892148 | $— | $— | $265892148 |

---

**SMid Growth ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $261610510 | $— | $— | $261610510  |
| Real Estate Investment Trusts | 4493557 |  |  | 4493557  |
| Short-Term Investments | 6173000 |  |  | 6173000  |
| **Total Investments in Securities** | $272277067 | $— | $— | $272277067 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts
 at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies
 are translated into U.S. dollar amounts on the respective dates of such transactions.

The 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.

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**CONGRESS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Capital Loss Carryover** | **Capital Loss Carryover** | **Post-October Losses**  | **Post-October Losses**  |
|  | **Short-term** | **Long-term** | **Capital** | **Ordinary Late** <br>**Year Losses**  |
| Intermediate Bond ETF | $24806 | $— | $— | $—  |
| Large Cap Growth ETF | 3440997 |  |  | —  |
| SMid Growth ETF | 795954 |  |  | 113346 |

---

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.

&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.

&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

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**CONGRESS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

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

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 unitary fee. For each of the Funds, the Advisor is entitled to a monthly unitary fee as compensation for its services at the annual rates shown in the following table:

---

| | |
|:---|:---|
|  | **Current**  |
| Intermediate Bond ETF | &nbsp;&nbsp; 0.35%  |
| Large Cap Growth ETF | &nbsp;&nbsp; 0.65%  |
| SMid Growth ETF | &nbsp;&nbsp; 0.68% |

---

The advisory fees incurred during the period ended April 30, 2025, are disclosed in the Statements of Operations. The investment advisory fees incurred are paid monthly to the Advisor.

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.

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.

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**CONGRESS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

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

**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 period ended April 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales/Maturities** | **Purchases In-Kind** | **Sales In-Kind**  |
| Intermediate Bond ETF | $84398993 | $59923768 | &nbsp;&nbsp; $213529430 | $—  |
| Large Cap Growth ETF | 41543017 | 34937781 | &nbsp;&nbsp; 43383815 | 23223044  |
| SMid Growth ETF | 32222749 | 29690613 | &nbsp;&nbsp; 93890835 | 8754931 |

---

There were no purchases or sales of long-term U.S. Government securities for Large Cap Growth ETF and SMid Growth ETF for the period ended April 30, 2025. There were $120,362,034 of in-kind purchases and no sales of long-term U.S. Government securities for Intermediate Bond ETF for the period 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:

**Intermediate Bond ETF:**

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **October 31, 2024**  |
| Distributions paid from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $3662096 | &nbsp;&nbsp;&nbsp; $289091  |
| &nbsp;&nbsp;&nbsp; Long-term capital gain<sup>1</sup> |  | &nbsp;&nbsp;&nbsp; —  |
|  | $3662096 | &nbsp;&nbsp;&nbsp; $289091 |

---

**Large Cap Growth ETF:**

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **October 31, 2024**  |
| Distributions paid from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $154184 | &nbsp;&nbsp;&nbsp; $72862  |
| &nbsp;&nbsp;&nbsp; Long-term capital gain<sup>1</sup> |  | &nbsp;&nbsp;&nbsp; —  |
|  | $154184 | &nbsp;&nbsp;&nbsp; $72862 |

---

**SMid Growth ETF:**

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **October 31, 2024**  |
| Distributions paid from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $1274 | &nbsp;&nbsp;&nbsp; $8678  |
| &nbsp;&nbsp;&nbsp; Long-term capital gain<sup>1</sup> |  | &nbsp;&nbsp;&nbsp; —  |
|  | $1274 | &nbsp;&nbsp;&nbsp; $8678 |

---

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

18<br>

------

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

**CONGRESS ETFs** 

**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>:

---

| | | | |
|:---|:---|:---|:---|
|  | **Intermediate** <br>**Bond ETF**  | **Large Cap** <br>**Growth ETF**  | **SMid Growth** <br>**ETF**  |
| Cost of investments | $86799262  | $212504728  | $184537199  |
| Gross tax unrealized appreciation |  | 33454526  | 20995304  |
| Gross tax unrealized depreciation | (1562439)  | (2655186)  | (9081032)  |
| Net unrealized appreciation (depreciation)  | (1562439)  | 30799340  | 11914272  |
| Undistributed ordinary income | 21589  | 95576  |  |
| Undistributed long-term capital gain |  |  | —  |
| Total distributable earnings | 21589  | 95576  | —  |
| Other accumulated gains (losses)  | (24806)  | (3440995)  | (909300)  |
| Total distributable (accumulated) earnings (losses) | $(1565656)  | $27453921  | $11004972 |

---

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

**NOTE 6 – SHARE TRANSACTIONS** 

Shares of the Funds are listed on a national securities exchange, NYSE Arca, Inc. (the "Exchange"), and trade throughout the day on the Exchange and other secondary markets at market prices that may differ from NAV. The Funds issue and redeem Shares ("Shares") at net asset value per share ("NAV") only in large blocks of Shares ("Creation Units" or "Creation Unit Aggregations"). Each Creation Units is made up of at least 10,000 Shares, though these amounts may change from time to time. The Funds generally offer and issue Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. Shares are also redeemable only in Creation Unit aggregations, principally for a basket of Deposit Securities together with a Cash Component. As a practical matter, only institutions or large investors (authorized participants) who have entered into agreements with the Trust's distributor, can purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares of the Funds are not redeemable securities.

**NOTE 7 – CREDIT FACILITY** 

U.S. Bank N.A. has made available to the Fund a credit facility pursuant to a separate Loan and Security Agreement for temporary or extraordinary purposes. Loan activity for the six months ended April 30, 2025 was as follows:

---

| | |
|:---|:---|
|  | **Intermediate** <br>**Bond ETF**  |
| Maximum available credit | $150000000  |
| Largest amount outstanding on an individual day | 3810000  |
| Average balance when in use | 2963000  |
| Loan outstanding as of April 30, 2025 | —  |
| Average interest rate when in use | 7.50% |

---

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

19<br>

------

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

**Congress ETFs** 

**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://etfs.congressasset.com/

**INFORMATION ABOUT THE PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov. The Fund's Form N-PORT reports 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.

20<br>

(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>**

[*(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/811030/000113322825000369/ceaf-efp12704_ex99code.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). *Filed herewith.*](ce-efp16275_ex99cert.htm)

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

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

[*(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ce-efp16275_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 |
|  |  | 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 |
|  |  | 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, Professionally Managed Portfolios | Treasurer/Principal Financial Officer, 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.