Professionally Managed Portfolios
07/08/2026 | Press release | Distributed by Public on 07/08/2026 15:28
Semi-Annual Report by Investment Company (Form N-CSRS)
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 (811-05037)
Professionally Managed Portfolios
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Craig Benton
Professionally Managed Portfolios
c/o U.S. Bank Global Fund Services
777 E. Wisconsin Ave.
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 516-1523
Registrant's telephone number, including area code
Date of fiscal year end: October 31
Date of reporting period: April 30, 2026
Item 1. Report to Stockholders.
| (a) |
|
Congress Large Cap Growth Fund
|
||
|
Institutional Class | CMLIX
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about the Congress Large Cap Growth Fund for the period of November 1, 2025, to April 30, 2026. 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
|
$37
|
0.74%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$585,178,728
|
|
Number of Holdings
|
40
|
|
Net Advisory Fee
|
$1,413,636
|
|
Portfolio Turnover
|
11%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
|
Top Holdings
|
(% of
Net Assets) |
|
NVIDIA Corp.
|
8.2%
|
|
Apple, Inc.
|
7.8%
|
|
Alphabet, Inc. - Class A
|
7.5%
|
|
Amazon.com, Inc.
|
7.0%
|
|
Microsoft Corp.
|
6.0%
|
|
Visa, Inc. - Class A
|
4.2%
|
|
Broadcom, Inc.
|
3.9%
|
|
Howmet Aerospace, Inc.
|
3.7%
|
|
Costco Wholesale Corp.
|
3.2%
|
|
Arista Networks, Inc.
|
3.0%
|
|
Industry
|
(% of
Net Assets) |
|
Semiconductors & Semiconductor Equipment
|
14.4%
|
|
Interactive Media & Services
|
11.6%
|
|
Technology Hardware, Storage & Peripherals
|
7.8%
|
|
Software
|
7.3%
|
|
Broadline Retail
|
7.0%
|
|
Electrical Equipment
|
5.8%
|
|
Specialty Retail
|
5.1%
|
|
Capital Markets
|
4.5%
|
|
Financial Services
|
4.2%
|
|
Cash & Other
|
32.3%
|
Sector Breakdown*(% of Net Assets)
| * | 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 |
|
Congress Large Cap Growth Fund
|
||
|
Retail Class | CAMLX
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about the Congress Large Cap Growth Fund for the period of November 1, 2025, to April 30, 2026. 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
|
$49
|
0.99%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$585,178,728
|
|
Number of Holdings
|
40
|
|
Net Advisory Fee
|
$1,413,636
|
|
Portfolio Turnover
|
11%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
|
Top Holdings
|
(% of
Net Assets) |
|
NVIDIA Corp.
|
8.2%
|
|
Apple, Inc.
|
7.8%
|
|
Alphabet, Inc. - Class A
|
7.5%
|
|
Amazon.com, Inc.
|
7.0%
|
|
Microsoft Corp.
|
6.0%
|
|
Visa, Inc. - Class A
|
4.2%
|
|
Broadcom, Inc.
|
3.9%
|
|
Howmet Aerospace, Inc.
|
3.7%
|
|
Costco Wholesale Corp.
|
3.2%
|
|
Arista Networks, Inc.
|
3.0%
|
|
Industry
|
(% of
Net Assets) |
|
Semiconductors & Semiconductor Equipment
|
14.4%
|
|
Interactive Media & Services
|
11.6%
|
|
Technology Hardware, Storage & Peripherals
|
7.8%
|
|
Software
|
7.3%
|
|
Broadline Retail
|
7.0%
|
|
Electrical Equipment
|
5.8%
|
|
Specialty Retail
|
5.1%
|
|
Capital Markets
|
4.5%
|
|
Financial Services
|
4.2%
|
|
Cash & Other
|
32.3%
|
Sector Breakdown*(% of Net Assets)
| * | 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-742935216 |
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-742935216 |
|
Congress Mid Cap Growth Fund
|
||
|
Institutional Class | IMIDX
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about the Congress Mid Cap Growth Fund for the period of November 1, 2025, to April 30, 2026. 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
|
$43
|
0.85%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$391,298,192
|
|
Number of Holdings
|
38
|
|
Net Advisory Fee
|
$1,277,067
|
|
Portfolio Turnover
|
9%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
|
Top Holdings
|
(% of
Net Assets) |
|
Monolithic Power Systems, Inc.
|
10.0%
|
|
Casey's General Stores, Inc.
|
8.6%
|
|
nVent Electric PLC
|
8.0%
|
|
Curtiss-Wright Corp.
|
7.6%
|
|
EMCOR Group, Inc.
|
6.5%
|
|
Penumbra, Inc.
|
6.1%
|
|
Raymond James Financial, Inc.
|
5.9%
|
|
Crane Co.
|
5.7%
|
|
Tapestry, Inc.
|
5.6%
|
|
Quanta Services, Inc.
|
4.6%
|
|
Industry
|
(% of
Net Assets) |
|
Construction & Engineering
|
12.1%
|
|
Semiconductors & Semiconductor Equipment
|
12.0%
|
|
Aerospace & Defense
|
9.8%
|
|
Consumer Staples Distribution & Retail
|
8.6%
|
|
Health Care Equipment & Supplies
|
8.1%
|
|
Electrical Equipment
|
8.0%
|
|
Machinery
|
7.1%
|
|
Capital Markets
|
5.9%
|
|
Textiles, Apparel & Luxury Goods
|
5.6%
|
|
Cash & Other
|
22.8%
|
Sector Breakdown*(% of Net Assets)
| * | 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 |
|
Congress Mid Cap Growth Fund
|
||
|
Retail Class | CMIDX
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about the Congress Mid Cap Growth Fund for the period of November 1, 2025, to April 30, 2026. 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
|
$56
|
1.10%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$391,298,192
|
|
Number of Holdings
|
38
|
|
Net Advisory Fee
|
$1,277,067
|
|
Portfolio Turnover
|
9%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
|
Top Holdings
|
(% of
Net Assets) |
|
Monolithic Power Systems, Inc.
|
10.0%
|
|
Casey's General Stores, Inc.
|
8.6%
|
|
nVent Electric PLC
|
8.0%
|
|
Curtiss-Wright Corp.
|
7.6%
|
|
EMCOR Group, Inc.
|
6.5%
|
|
Penumbra, Inc.
|
6.1%
|
|
Raymond James Financial, Inc.
|
5.9%
|
|
Crane Co.
|
5.7%
|
|
Tapestry, Inc.
|
5.6%
|
|
Quanta Services, Inc.
|
4.6%
|
|
Industry
|
(% of
Net Assets) |
|
Construction & Engineering
|
12.1%
|
|
Semiconductors & Semiconductor Equipment
|
12.0%
|
|
Aerospace & Defense
|
9.8%
|
|
Consumer Staples Distribution & Retail
|
8.6%
|
|
Health Care Equipment & Supplies
|
8.1%
|
|
Electrical Equipment
|
8.0%
|
|
Machinery
|
7.1%
|
|
Capital Markets
|
5.9%
|
|
Textiles, Apparel & Luxury Goods
|
5.6%
|
|
Cash & Other
|
22.8%
|
Sector Breakdown*(% of Net Assets)
| * | 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 |
|
Congress Small Cap Growth Fund
|
||
|
Institutional Class | CSMCX
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about the Congress Small Cap Growth Fund for the period of November 1, 2025, to April 30, 2026. 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
|
$51
|
1.00%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$1,930,298,395
|
|
Number of Holdings
|
41
|
|
Net Advisory Fee
|
$7,328,916
|
|
Portfolio Turnover
|
15%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
|
Top Holdings
|
(% of
Net Assets) |
|
Sterling Infrastructure, Inc.
|
4.4%
|
|
Modine Manufacturing Co.
|
4.4%
|
|
Primoris Services Corp.
|
4.3%
|
|
Nova Ltd.
|
3.8%
|
|
Ligand Pharmaceuticals, Inc.
|
3.2%
|
|
InterDigital, Inc.
|
3.1%
|
|
Rambus, Inc.
|
3.0%
|
|
Moog, Inc. - Class A
|
3.0%
|
|
Enpro, Inc.
|
2.9%
|
|
Boot Barn Holdings, Inc.
|
2.8%
|
|
Industry
|
(% of
Net Assets) |
|
Software
|
9.6%
|
|
Health Care Equipment & Supplies
|
9.4%
|
|
Construction & Engineering
|
8.8%
|
|
Machinery
|
7.2%
|
|
Building Products
|
6.8%
|
|
Semiconductors & Semiconductor Equipment
|
6.7%
|
|
Aerospace & Defense
|
5.5%
|
|
Chemicals
|
4.8%
|
|
Banks
|
4.8%
|
|
Cash & Other
|
36.4%
|
Sector Breakdown*(% of Net Assets)
| * | 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 |
|
Congress Small Cap Growth Fund
|
||
|
Retail Class | CSMVX
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about the Congress Small Cap Growth Fund for the period of November 1, 2025, to April 30, 2026. 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
|
$63
|
1.25%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$1,930,298,395
|
|
Number of Holdings
|
41
|
|
Net Advisory Fee
|
$7,328,916
|
|
Portfolio Turnover
|
15%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
|
Top Holdings
|
(% of
Net Assets) |
|
Sterling Infrastructure, Inc.
|
4.4%
|
|
Modine Manufacturing Co.
|
4.4%
|
|
Primoris Services Corp.
|
4.3%
|
|
Nova Ltd.
|
3.8%
|
|
Ligand Pharmaceuticals, Inc.
|
3.2%
|
|
InterDigital, Inc.
|
3.1%
|
|
Rambus, Inc.
|
3.0%
|
|
Moog, Inc. - Class A
|
3.0%
|
|
Enpro, Inc.
|
2.9%
|
|
Boot Barn Holdings, Inc.
|
2.8%
|
|
Industry
|
(% of
Net Assets) |
|
Software
|
9.6%
|
|
Health Care Equipment & Supplies
|
9.4%
|
|
Construction & Engineering
|
8.8%
|
|
Machinery
|
7.2%
|
|
Building Products
|
6.8%
|
|
Semiconductors & Semiconductor Equipment
|
6.7%
|
|
Aerospace & Defense
|
5.5%
|
|
Chemicals
|
4.8%
|
|
Banks
|
4.8%
|
|
Cash & Other
|
36.4%
|
Sector Breakdown*(% of Net Assets)
| * | 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 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a)
CONGRESS FUNDS
Congress Large Cap Growth Fund
Congress Mid Cap Growth Fund
Congress Small Cap Growth Fund
Core Financial Statements
April 30, 2026 (Unaudited)
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
Page
|
|
|
Schedule of Investments
|
|
|
|
|
Congress Large Cap Growth Fund
|
|
|
1
|
|
Congress Mid Cap Growth Fund
|
|
|
3
|
|
Congress Small Cap Growth Fund
|
|
|
5
|
|
Statements of Assets and Liabilities
|
|
|
7
|
|
Statements of Operations
|
|
|
8
|
|
Statements of Changes in Net Assets
|
|
|
9
|
|
Financial Highlights
|
|
|
11
|
|
Notes to Financial Statements
|
|
|
17
|
|
Additional Information
|
|
|
25
|
|
|
|
|
|
TABLE OF CONTENTS
CONGRESS LARGE CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 98.0%
|
|
|
|
|
||
|
Aerospace & Defense - 3.7%
|
|
|
|
|
||
|
Howmet Aerospace, Inc.
|
|
|
88,400
|
|
|
$21,484,736
|
|
Biotechnology - 0.9%
|
|
|
|
|
||
|
Alnylam Pharmaceuticals, Inc.(a)
|
|
|
17,700
|
|
|
5,477,973
|
|
Broadline Retail - 7.0%
|
|
|
|
|
||
|
Amazon.com, Inc.(a)
|
|
|
155,600
|
|
|
41,243,336
|
|
Capital Markets - 4.5%
|
|
|
|
|
||
|
Goldman Sachs Group, Inc.
|
|
|
15,450
|
|
|
14,272,246
|
|
Interactive Brokers Group, Inc. - Class A
|
|
|
64,000
|
|
|
5,088,000
|
|
Moody's Corp.
|
|
|
15,575
|
|
|
7,193,314
|
|
|
|
|
|
26,553,560
|
||
|
Chemicals - 1.5%
|
|
|
|
|
||
|
Ecolab, Inc.
|
|
|
32,900
|
|
|
8,573,740
|
|
Communications Equipment - 3.0%
|
|
|
|
|
||
|
Arista Networks, Inc.(a)
|
|
|
102,000
|
|
|
17,616,420
|
|
Construction Materials - 1.9%
|
|
|
|
|
||
|
Martin Marietta Materials, Inc.
|
|
|
18,130
|
|
|
11,223,739
|
|
Consumer Staples Distribution &
Retail - 3.2%
|
|
|
|
|
||
|
Costco Wholesale Corp.
|
|
|
18,400
|
|
|
18,667,352
|
|
Electrical Equipment - 5.8%
|
|
|
|
|
||
|
Eaton Corp. PLC
|
|
|
40,000
|
|
|
17,320,400
|
|
GE Vernova, Inc.
|
|
|
15,200
|
|
|
16,468,592
|
|
|
|
|
|
33,788,992
|
||
|
Electronic Equipment, Instruments & Components - 1.0%
|
|
|
|
|
||
|
Amphenol Corp. - Class A
|
|
|
40,650
|
|
|
5,986,526
|
|
Entertainment - 1.7%
|
|
|
|
|
||
|
TKO Group Holdings, Inc.
|
|
|
52,031
|
|
|
9,682,449
|
|
Financial Services - 4.2%
|
|
|
|
|
||
|
Visa, Inc. - Class A
|
|
|
74,100
|
|
|
24,441,144
|
|
Ground Transportation - 1.5%
|
|
|
|
|
||
|
Uber Technologies, Inc.(a)
|
|
|
118,000
|
|
|
8,803,980
|
|
Health Care Equipment &
Supplies - 3.4%
|
|
|
|
|
||
|
IDEXX Laboratories, Inc.(a)
|
|
|
11,025
|
|
|
6,182,820
|
|
Intuitive Surgical, Inc.(a)
|
|
|
29,700
|
|
|
13,591,017
|
|
|
|
|
|
19,773,837
|
||
|
Hotels, Restaurants & Leisure - 0.9%
|
|
|
|
|
||
|
Hilton Worldwide Holdings, Inc.
|
|
|
17,000
|
|
|
5,509,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Interactive Media & Services - 11.6%
|
|
|
|
|
||
|
Alphabet, Inc. - Class A
|
|
|
114,300
|
|
|
$43,982,640
|
|
Alphabet, Inc. - Class C
|
|
|
29,500
|
|
|
11,267,230
|
|
Meta Platforms, Inc. - Class A
|
|
|
20,700
|
|
|
12,666,537
|
|
|
|
|
|
67,916,407
|
||
|
IT Services - 1.4%
|
|
|
|
|
||
|
MongoDB, Inc.(a)
|
|
|
20,500
|
|
|
5,142,015
|
|
Shopify, Inc. - Class A(a)
|
|
|
26,500
|
|
|
3,209,945
|
|
|
|
|
|
8,351,960
|
||
|
Life Sciences Tools & Services - 1.1%
|
|
|
|
|
||
|
Thermo Fisher Scientific, Inc.
|
|
|
13,050
|
|
|
6,250,428
|
|
Machinery - 1.8%
|
|
|
|
|
||
|
Parker-Hannifin Corp.
|
|
|
11,600
|
|
|
10,549,272
|
|
Oil, Gas & Consumable Fuels - 2.2%
|
|
|
|
|
||
|
Williams Cos., Inc.
|
|
|
166,500
|
|
|
12,705,615
|
|
Pharmaceuticals - 1.1%
|
|
|
|
|
||
|
Eli Lilly & Co.
|
|
|
6,600
|
|
|
6,168,360
|
|
Semiconductors & Semiconductor Equipment - 14.4%
|
|
|
|
|
||
|
ARM Holdings PLC - ADR(a)
|
|
|
34,000
|
|
|
7,150,880
|
|
ASML Holding NV
|
|
|
4,500
|
|
|
6,475,455
|
|
Broadcom, Inc.
|
|
|
55,000
|
|
|
22,958,650
|
|
NVIDIA Corp.
|
|
|
240,500
|
|
|
47,996,585
|
|
|
|
|
|
84,581,570
|
||
|
Software - 7.3%
|
|
|
|
|
||
|
Microsoft Corp.
|
|
|
86,775
|
|
|
35,385,109
|
|
Palantir Technologies, Inc. - Class A(a)
|
|
|
13,000
|
|
|
1,808,430
|
|
ServiceNow, Inc.(a)
|
|
|
60,750
|
|
|
5,364,833
|
|
|
|
|
|
42,558,372
|
||
|
Specialty Retail - 5.1%
|
|
|
|
|
||
|
O'Reilly Automotive, Inc.(a)
|
|
|
175,500
|
|
|
17,444,700
|
|
TJX Cos., Inc.
|
|
|
77,600
|
|
|
12,163,800
|
|
|
|
|
|
29,608,500
|
||
|
Technology Hardware, Storage & Peripherals - 7.8%
|
|
|
|
|
||
|
Apple, Inc.
|
|
|
168,500
|
|
|
45,722,475
|
|
TOTAL COMMON STOCKS
(Cost $216,590,388)
|
|
|
|
|
573,239,933
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 1.7%
|
|
|
|
|
||
|
Health Care REITs - 1.7%
|
|
|
|
|
||
|
Welltower, Inc.
|
|
|
46,450
|
|
|
10,095,443
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $7,499,711)
|
|
|
|
|
10,095,443
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
1
|
|
|
TABLE OF CONTENTS
CONGRESS LARGE CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
MONEY MARKET FUNDS - 0.4%
|
|
|
|
|
||
|
First American Treasury Obligations
Fund - Class X, 3.59%(b)
|
|
|
2,512,786
|
|
|
$2,512,786
|
|
TOTAL MONEY MARKET FUNDS
(Cost $2,512,786)
|
|
|
|
|
2,512,786
|
|
|
TOTAL INVESTMENTS - 100.1%
(Cost $226,602,885)
|
|
|
|
|
$585,848,162
|
|
|
Liabilities in Excess of Other
Assets - (0.1)%
|
|
|
|
|
(669,434)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$585,178,728
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
REIT - Real Estate Investment Trust
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.
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized yield as of April 30, 2026.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
2
|
|
|
TABLE OF CONTENTS
CONGRESS MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 99.9%
|
|
|
|
|
||
|
Aerospace & Defense - 9.8%
|
|
|
|
|
||
|
Curtiss-Wright Corp.
|
|
|
41,407
|
|
|
$29,821,321
|
|
HEICO Corp.
|
|
|
26,652
|
|
|
7,193,908
|
|
Karman Holdings, Inc.(a)
|
|
|
19,950
|
|
|
1,356,201
|
|
|
|
|
|
38,371,430
|
||
|
Biotechnology - 3.0%
|
|
|
|
|
||
|
Alnylam Pharmaceuticals, Inc.(a)
|
|
|
5,460
|
|
|
1,689,815
|
|
Halozyme Therapeutics, Inc.(a)
|
|
|
157,772
|
|
|
10,043,766
|
|
|
|
|
|
11,733,581
|
||
|
Broadline Retail - 2.0%
|
|
|
|
|
||
|
Ollie's Bargain Outlet Holdings, Inc.(a)
|
|
|
88,161
|
|
|
7,626,808
|
|
Capital Markets - 5.9%
|
|
|
|
|
||
|
Raymond James Financial, Inc.
|
|
|
145,950
|
|
|
23,106,804
|
|
Construction & Engineering - 12.1%
|
|
|
|
|
||
|
API Group Corp.(a)
|
|
|
81,500
|
|
|
3,726,180
|
|
EMCOR Group, Inc.
|
|
|
28,554
|
|
|
25,460,745
|
|
Quanta Services, Inc.
|
|
|
25,000
|
|
|
18,194,250
|
|
|
|
|
|
47,381,175
|
||
|
Consumer Staples Distribution &
Retail - 8.6%
|
|
|
|
|
||
|
Casey's General Stores, Inc.
|
|
|
40,996
|
|
|
33,704,861
|
|
Electrical Equipment - 8.0%
|
|
|
|
|
||
|
nVent Electric PLC
|
|
|
218,771
|
|
|
31,262,376
|
|
Electronic Equipment, Instruments & Components - 1.9%
|
|
|
|
|
||
|
Advanced Energy Industries, Inc.
|
|
|
19,325
|
|
|
7,419,061
|
|
Entertainment - 0.3%
|
|
|
|
|
||
|
TKO Group Holdings, Inc.
|
|
|
6,000
|
|
|
1,116,540
|
|
Financial Services - 0.1%
|
|
|
|
|
||
|
Toast, Inc. - Class A(a)
|
|
|
7,218
|
|
|
205,857
|
|
Health Care Equipment &
Supplies - 8.1%
|
|
|
|
|
||
|
Globus Medical, Inc. - Class A(a)
|
|
|
62,750
|
|
|
5,658,795
|
|
IDEXX Laboratories, Inc.(a)
|
|
|
3,440
|
|
|
1,929,152
|
|
Penumbra, Inc.(a)
|
|
|
73,608
|
|
|
24,031,540
|
|
|
|
|
|
31,619,487
|
||
|
Health Care Providers &
Services - 2.1%
|
|
|
|
|
||
|
Encompass Health Corp.
|
|
|
82,555
|
|
|
8,255,500
|
|
Hotels, Restaurants & Leisure - 4.8%
|
|
|
|
|
||
|
Cava Group, Inc.(a)
|
|
|
22,350
|
|
|
2,087,714
|
|
Expedia Group, Inc.
|
|
|
4,044
|
|
|
1,004,408
|
|
Viking Holdings Ltd.(a)
|
|
|
190,500
|
|
|
15,603,855
|
|
|
|
|
|
18,695,977
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Household Durables - 0.5%
|
|
|
|
|
||
|
DR Horton, Inc.
|
|
|
12,875
|
|
|
$1,980,947
|
|
IT Services - 2.7%
|
|
|
|
|
||
|
Cloudflare, Inc. - Class A(a)
|
|
|
45,700
|
|
|
9,367,129
|
|
MongoDB, Inc.(a)
|
|
|
4,425
|
|
|
1,109,923
|
|
|
|
|
|
10,477,052
|
||
|
Machinery - 7.1%
|
|
|
|
|
||
|
Crane Co.
|
|
|
126,120
|
|
|
22,415,308
|
|
Flowserve Corp.
|
|
|
72,500
|
|
|
5,338,900
|
|
|
|
|
|
27,754,208
|
||
|
Metals & Mining - 1.3%
|
|
|
|
|
||
|
Wheaton Precious Metals Corp.
|
|
|
40,000
|
|
|
5,058,400
|
|
Semiconductors & Semiconductor Equipment - 12.0%
|
|
|
|
|
||
|
Credo Technology Group Holding Ltd.(a)
|
|
|
19,425
|
|
|
3,380,144
|
|
Monolithic Power Systems, Inc.
|
|
|
24,306
|
|
|
39,239,849
|
|
Qnity Electronics, Inc.
|
|
|
15,600
|
|
|
2,194,296
|
|
Teradyne, Inc.
|
|
|
6,550
|
|
|
2,249,729
|
|
|
|
|
|
47,064,018
|
||
|
Software - 1.3%
|
|
|
|
|
||
|
Datadog, Inc. - Class A(a)
|
|
|
24,381
|
|
|
3,222,924
|
|
Guidewire Software, Inc.(a)
|
|
|
12,601
|
|
|
1,743,853
|
|
|
|
|
|
4,966,777
|
||
|
Specialty Retail - 0.6%
|
|
|
|
|
||
|
Ross Stores, Inc.
|
|
|
11,000
|
|
|
2,505,690
|
|
Textiles, Apparel & Luxury Goods - 5.6%
|
|
|
|
|
||
|
Tapestry, Inc.
|
|
|
152,000
|
|
|
22,046,080
|
|
Trading Companies & Distributors - 2.1%
|
|
|
|
|
||
|
Fastenal Co.
|
|
|
183,366
|
|
|
8,238,634
|
|
TOTAL COMMON STOCKS
(Cost $209,016,076)
|
|
|
|
|
390,591,263
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
MONEY MARKET FUNDS - 0.4%
|
|
|
|
|
||
|
First American Treasury Obligations
Fund - Class X, 3.59%(b)
|
|
|
1,685,521
|
|
|
1,685,521
|
|
TOTAL MONEY MARKET FUNDS
(Cost $1,685,521)
|
|
|
|
|
1,685,521
|
|
|
TOTAL INVESTMENTS - 100.3%
(Cost $210,701,597)
|
|
|
|
|
$392,276,784
|
|
|
Liabilities in Excess of Other
Assets - (0.3)%
|
|
|
|
|
(978,592)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$391,298,192
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
3
|
|
|
TABLE OF CONTENTS
CONGRESS MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)(Continued)
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
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.
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized yield as of April 30, 2026.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
4
|
|
|
TABLE OF CONTENTS
Congress Small Cap Growth Fund
Schedule of Investments
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 99.3%
|
|
|
|
|
||
|
Aerospace & Defense - 5.5%
|
|
|
|
|||
|
AeroVironment, Inc.(a)
|
|
|
250,000
|
|
|
$48,755,000
|
|
Moog, Inc. - Class A
|
|
|
190,000
|
|
|
57,248,900
|
|
|
|
|
|
106,003,900
|
||
|
Banks - 4.8%
|
|
|
|
|
||
|
Ameris Bancorp
|
|
|
580,000
|
|
|
49,445,000
|
|
Atlantic Union Bankshares Corp.
|
|
|
1,125,000
|
|
|
42,356,250
|
|
|
|
|
|
91,801,250
|
||
|
Biotechnology - 3.5%
|
|
|
|
|
||
|
TG Therapeutics, Inc.(a)
|
|
|
1,300,000
|
|
|
43,914,000
|
|
Vericel Corp.(a)
|
|
|
700,000
|
|
|
24,311,000
|
|
|
|
|
|
68,225,000
|
||
|
Building Products - 6.8%
|
|
|
|
|
||
|
CSW Industrials, Inc.
|
|
|
160,000
|
|
|
46,592,000
|
|
Modine Manufacturing Co.(a)
|
|
|
330,000
|
|
|
84,027,900
|
|
|
|
|
|
130,619,900
|
||
|
Capital Markets - 2.1%
|
|
|
|
|
||
|
PJT Partners, Inc. - Class A
|
|
|
261,000
|
|
|
39,865,140
|
|
Chemicals - 4.8%
|
|
|
|
|
||
|
Balchem Corp.
|
|
|
245,000
|
|
|
39,596,900
|
|
Sensient Technologies Corp.
|
|
|
470,000
|
|
|
53,410,800
|
|
|
|
|
|
93,007,700
|
||
|
Communications Equipment - 2.0%
|
||||||
|
Calix, Inc.(a)
|
|
|
895,000
|
|
|
38,986,200
|
|
Construction & Engineering - 8.8%
|
||||||
|
Primoris Services Corp.
|
|
|
462,150
|
|
|
83,718,472
|
|
Sterling Infrastructure, Inc.(a)
|
|
|
165,000
|
|
|
85,077,300
|
|
|
|
|
|
168,795,772
|
||
|
Diversified Consumer Services - 1.9%
|
||||||
|
Universal Technical Institute, Inc.(a)
|
|
|
980,000
|
|
|
36,779,400
|
|
Electronic Equipment, Instruments &
Components - 4.4%
|
||||||
|
Crane NXT Co.
|
|
|
805,000
|
|
|
35,967,400
|
|
Novanta, Inc.(a)
|
|
|
380,000
|
|
|
49,221,400
|
|
|
|
|
|
85,188,800
|
||
|
Entertainment - 1.6%
|
|
|
|
|
||
|
IMAX Corp.(a)
|
|
|
810,000
|
|
|
30,796,200
|
|
Health Care Equipment &
Supplies - 9.4%
|
||||||
|
LeMaitre Vascular, Inc.
|
|
|
445,000
|
|
|
48,838,750
|
|
LivaNova PLC(a)
|
|
|
750,000
|
|
|
45,075,000
|
|
Merit Medical Systems, Inc.(a)
|
|
|
680,000
|
|
|
46,362,400
|
|
UFP Technologies, Inc.(a)
|
|
|
215,000
|
|
|
41,200,450
|
|
|
|
|
|
181,476,600
|
||
|
Hotels, Restaurants & Leisure - 2.5%
|
||||||
|
Brinker International, Inc.(a)
|
|
|
315,000
|
|
|
47,955,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Household Durables - 2.2%
|
|
|
|
|
||
|
Champion Homes, Inc.(a)
|
|
|
550,000
|
|
|
$41,926,500
|
|
Interactive Media & Services - 2.2%
|
||||||
|
Cargurus, Inc.(a)
|
|
|
1,185,000
|
|
|
43,205,100
|
|
Leisure Products - 1.5%
|
|
|
|
|
||
|
YETI Holdings, Inc.(a)
|
|
|
735,000
|
|
|
29,003,100
|
|
Life Sciences Tools & Services - 3.1%
|
||||||
|
Azenta, Inc.(a)
|
|
|
520,000
|
|
|
12,776,400
|
|
Repligen Corp.(a)
|
|
|
395,000
|
|
|
46,732,450
|
|
|
|
|
|
59,508,850
|
||
|
Machinery - 7.2%
|
|
|
|
|
||
|
Enpro, Inc.
|
|
|
195,000
|
|
|
56,852,250
|
|
Federal Signal Corp.
|
|
|
375,000
|
|
|
46,173,750
|
|
JBT Marel Corp.
|
|
|
300,000
|
|
|
35,430,000
|
|
|
|
|
|
138,456,000
|
||
|
Marine Transportation - 2.7%
|
|
|
|
|
||
|
Kirby Corp.(a)
|
|
|
350,000
|
|
|
52,689,000
|
|
Pharmaceuticals - 3.2%
|
|
|
|
|
||
|
Ligand Pharmaceuticals, Inc.(a)
|
|
|
271,920
|
|
|
62,392,044
|
|
Semiconductors & Semiconductor Equipment - 6.7%
|
|
|
|
|
||
|
Nova Ltd.(a)
|
|
|
145,000
|
|
|
72,562,350
|
|
Rambus, Inc.(a)
|
|
|
500,000
|
|
|
57,555,000
|
|
|
|
|
|
130,117,350
|
||
|
Software - 9.6%
|
|
|
|
|
||
|
ACI Worldwide, Inc.(a)
|
|
|
1,110,000
|
|
|
47,974,200
|
|
Commvault Systems, Inc.(a)
|
|
|
470,000
|
|
|
46,473,600
|
|
InterDigital, Inc.
|
|
|
200,000
|
|
|
59,312,000
|
|
JFrog Ltd.(a)
|
|
|
660,000
|
|
|
30,650,400
|
|
|
|
|
|
184,410,200
|
||
|
Specialty Retail - 2.8%
|
|
|
|
|
||
|
Boot Barn Holdings, Inc.(a)
|
|
|
320,000
|
|
|
54,864,000
|
|
TOTAL COMMON STOCKS
(Cost $1,433,537,926)
|
|
|
|
|
1,916,073,606
|
|
|
SHORT-TERM INVESTMENTS
|
||||||
|
Money Market Funds - 0.8%
|
||||||
|
First American Treasury Obligations Fund - Class X, 3.59%(b)
|
|
|
15,894,878
|
|
|
15,894,878
|
|
TOTAL MONEY MARKET FUNDS
(Cost $15,894,878)
|
|
|
|
|
15,894,878
|
|
|
TOTAL INVESTMENTS - 100.1%
(Cost $1,449,432,804)
|
|
|
|
|
$1,931,968,484
|
|
|
Liabilities in Excess of Other
Assets - (0.1)%
|
|
|
|
|
(1,670,089)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$1,930,298,395
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
5
|
|
|
TABLE OF CONTENTS
Congress Small Cap Growth Fund
Schedule of Investments
April 30, 2026 (Unaudited)(Continued)
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
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.
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized yield as of April 30, 2026.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
6
|
|
|
TABLE OF CONTENTS
Congress Funds
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Congress
Large Cap
Growth Fund
|
|
|
Congress
Mid Cap
Growth Fund
|
|
|
Congress
Small Cap
Growth Fund
|
|
|
ASSETS:
|
|
|
|
|
|
|
|||
|
Investments, at value
|
|
|
$585,848,162
|
|
|
$392,276,784
|
|
|
$1,931,968,484
|
|
Receivable for fund shares sold
|
|
|
253,796
|
|
|
2,464,509
|
|
|
1,157,736
|
|
Dividends receivable
|
|
|
22,841
|
|
|
95,841
|
|
|
150,558
|
|
Dividend tax reclaims receivable
|
|
|
-
|
|
|
1,637
|
|
|
-
|
|
Cash
|
|
|
-
|
|
|
-
|
|
|
465
|
|
Prepaid expenses and other assets
|
|
|
39,496
|
|
|
28,512
|
|
|
70,396
|
|
Total assets
|
|
|
586,164,295
|
|
|
394,867,283
|
|
|
1,933,347,639
|
|
LIABILITIES:
|
|
|
|
|
|
|
|||
|
Payable to Adviser
|
|
|
230,059
|
|
|
195,588
|
|
|
1,322,865
|
|
Payable for fund administration and accounting fees
|
|
|
199,933
|
|
|
112,704
|
|
|
132,071
|
|
Payable to custodian
|
|
|
197,981
|
|
|
2,428,876
|
|
|
-
|
|
Payable for transfer agent fees and expenses
|
|
|
114,721
|
|
|
54,077
|
|
|
76,855
|
|
Payable for distribution and shareholder servicing fees
|
|
|
91,173
|
|
|
338,080
|
|
|
603,528
|
|
Payable for fund shares redeemed
|
|
|
69,124
|
|
|
215,728
|
|
|
859,480
|
|
Payable for custodian fees
|
|
|
25,447
|
|
|
11,401
|
|
|
11,465
|
|
Payable for expenses and other liabilities
|
|
|
4,723
|
|
|
43,245
|
|
|
868
|
|
Payable for compliance fees
|
|
|
2,705
|
|
|
2,704
|
|
|
2,705
|
|
Interest payable
|
|
|
-
|
|
|
70,781
|
|
|
-
|
|
Payable for expenses and other liabilities
|
|
|
49,701
|
|
|
95,907
|
|
|
39,407
|
|
Total liabilities
|
|
|
985,567
|
|
|
3,569,091
|
|
|
3,049,244
|
|
Commitments and contingencies (Note 3)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
NET ASSETS
|
|
|
$ 585,178,728
|
|
|
$391,298,192
|
|
|
$1,930,298,395
|
|
Net Assets Consist of:
|
|
|
|
|
|
|
|||
|
Paid-in capital
|
|
|
$207,664,032
|
|
|
$181,729,100
|
|
|
$1,448,420,115
|
|
Total distributable earnings
|
|
|
377,514,696
|
|
|
209,569,092
|
|
|
481,878,280
|
|
Total net assets
|
|
|
$ 585,178,728
|
|
|
$391,298,192
|
|
|
$1,930,298,395
|
|
Institutional Class
|
|
|
|
|
|
|
|||
|
Net assets
|
|
|
$581,529,615
|
|
|
$366,722,859
|
|
|
$1,761,669,471
|
|
Shares issued and outstanding (unlimited shares authorized without par value)
|
|
|
11,415,962
|
|
|
16,996,344
|
|
|
33,569,063
|
|
Net asset value per share
|
|
|
$50.94
|
|
|
$21.58
|
|
|
$52.48
|
|
Retail Class
|
|
|
|
|
|
|
|||
|
Net assets
|
|
|
$3,649,113
|
|
|
$24,575,333
|
|
|
$168,628,924
|
|
Shares issued and outstanding (unlimited shares authorized without par value)
|
|
|
72,500
|
|
|
1,191,076
|
|
|
3,723,088
|
|
Net asset value per share
|
|
|
$50.33
|
|
|
$20.63
|
|
|
$45.29
|
|
Cost:
|
|
|
|
|
|
|
|||
|
Investments, at cost
|
|
|
$226,602,885
|
|
|
$210,701,597
|
|
|
$1,449,432,804
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
7
|
|
|
TABLE OF CONTENTS
Congress Funds
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Congress
Large Cap
Growth Fund
|
|
|
Congress
Mid Cap
Growth Fund
|
|
|
Congress
Small Cap
Growth Fund
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
|
|
|||
|
Dividend income
|
|
|
$1,621,728
|
|
|
$1,181,046
|
|
|
$3,727,424
|
|
Less: dividend withholding taxes
|
|
|
(3,426 )
|
|
|
-
|
|
|
-
|
|
Total investment income
|
|
|
1,618,302
|
|
|
1,181,046
|
|
|
3,727,424
|
|
EXPENSES:
|
|
|
|
|
|
|
|||
|
Investment advisory fee
|
|
|
1,413,636
|
|
|
1,340,168
|
|
|
7,415,021
|
|
Fund administration and accounting fees
|
|
|
274,860
|
|
|
157,404
|
|
|
343,154
|
|
Transfer agent fees
|
|
|
148,082
|
|
|
93,091
|
|
|
184,075
|
|
Sub transfer agent fees
|
|
|
120,122
|
|
|
212,959
|
|
|
650,358
|
|
Custodian fees
|
|
|
40,411
|
|
|
21,276
|
|
|
54,422
|
|
Trustees' fees
|
|
|
23,694
|
|
|
17,769
|
|
|
27,887
|
|
Federal and state registration fees
|
|
|
19,845
|
|
|
24,160
|
|
|
43,967
|
|
Audit fees
|
|
|
8,267
|
|
|
8,267
|
|
|
8,236
|
|
Reports to shareholders
|
|
|
5,705
|
|
|
11,433
|
|
|
45,701
|
|
Compliance fees
|
|
|
5,454
|
|
|
5,455
|
|
|
5,454
|
|
Distribution expenses - Retail Class
|
|
|
4,247
|
|
|
36,379
|
|
|
199,176
|
|
Legal fees
|
|
|
3,900
|
|
|
3,899
|
|
|
3,988
|
|
Reflow fees
|
|
|
1,048
|
|
|
7,483
|
|
|
-
|
|
Interest expense
|
|
|
-
|
|
|
19,623
|
|
|
-
|
|
Other expenses and fees
|
|
|
16,278
|
|
|
27,858
|
|
|
27,395
|
|
Total expenses
|
|
|
2,085,549
|
|
|
1,987,224
|
|
|
9,008,834
|
|
Expense reimbursement by Adviser
|
|
|
-
|
|
|
(63,101)
|
|
|
(86,105)
|
|
Net expenses
|
|
|
2,085,549
|
|
|
1,924,123
|
|
|
8,922,729
|
|
NET INVESTMENT LOSS
|
|
|
(467,247)
|
|
|
(743,077)
|
|
|
(5,195,305)
|
|
REALIZED AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|||
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|||
|
Investments
|
|
|
19,550,321
|
|
|
31,493,428
|
|
|
12,398,541
|
|
Net realized gain (loss)
|
|
|
19,550,321
|
|
|
31,493,428
|
|
|
12,398,541
|
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|||
|
Investments
|
|
|
(13,447,022)
|
|
|
(15,702,822)
|
|
|
66,779,701
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
(13,447,022)
|
|
|
(15,702,822)
|
|
|
66,779,701
|
|
Net realized and unrealized gain (loss)
|
|
|
6,103,299
|
|
|
15,790,606
|
|
|
79,178,242
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
$5,636,052
|
|
|
$15,047,529
|
|
|
$73,982,937
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
8
|
|
|
TABLE OF CONTENTS
Congress Funds
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
||||||
|
|
|
Congress Large Cap
Growth Fund
|
|
|
Congress Mid Cap
Growth Fund
|
|||||||
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended
October 31, 2025
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended
October 31, 2025
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
||||
|
Net investment income (loss)
|
|
|
$(467,247)
|
|
|
$(208,894)
|
|
|
$(743,077)
|
|
|
$(2,821,188)
|
|
Net realized gain (loss)
|
|
|
19,550,321
|
|
|
42,062,162
|
|
|
31,493,428
|
|
|
121,785,092
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
(13,447,022)
|
|
|
56,174,320
|
|
|
(15,702,822)
|
|
|
(133,938,061)
|
|
Net increase (decrease) in net assets from operations
|
|
|
5,636,052
|
|
|
98,027,588
|
|
|
15,047,529
|
|
|
(14,974,157)
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
||||
|
From earnings - Institutional Class
|
|
|
(39,783,474)
|
|
|
(31,069,412)
|
|
|
(51,383,577)
|
|
|
(141,490,410)
|
|
From earnings - Retail Class
|
|
|
(231,357)
|
|
|
(195,822)
|
|
|
(4,162,653)
|
|
|
(4,524,798)
|
|
Total distributions to shareholders
|
|
|
(40,014,831)
|
|
|
(31,265,234)
|
|
|
(55,546,230)
|
|
|
(146,015,208)
|
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
|
|
|
|
||||
|
Shares sold - Institutional Class
|
|
|
13,218,441
|
|
|
15,382,214
|
|
|
65,982,964
|
|
|
159,420,274
|
|
Shares issued from reinvestment of distributions - Institutional Class
|
|
|
34,221,151
|
|
|
26,636,000
|
|
|
38,976,846
|
|
|
94,052,221
|
|
Shares redeemed - Institutional Class
|
|
|
(34,226,290)
|
|
|
(47,483,418)
|
|
|
(281,134,586)
|
|
|
(718,069,525)
|
|
Shares sold - Retail Class
|
|
|
485,438
|
|
|
504,712
|
|
|
4,588,769
|
|
|
17,669,106
|
|
Shares issued from reinvestment of distributions - Retail Class
|
|
|
207,994
|
|
|
177,423
|
|
|
3,127,598
|
|
|
3,791,512
|
|
Shares redeemed - Retail Class
|
|
|
(376,982)
|
|
|
(1,030,983)
|
|
|
(17,833,781)
|
|
|
(15,931,303)
|
|
Net increase (decrease) in net assets from capital transactions
|
|
|
13,529,752
|
|
|
(5,814,052)
|
|
|
(186,292,190)
|
|
|
(459,067,715)
|
|
NET INCREASE (DECREASE) IN NET ASSETS
|
|
|
(20,849,027)
|
|
|
60,948,302
|
|
|
(226,790,891)
|
|
|
(620,057,080)
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
||||
|
Beginning of the period
|
|
|
606,027,755
|
|
|
545,079,453
|
|
|
618,089,083
|
|
|
1,238,146,163
|
|
End of the period
|
|
|
$ 585,178,728
|
|
|
$606,027,755
|
|
|
$391,298,192
|
|
|
$618,089,083
|
|
SHARES TRANSACTIONS
|
|
|
|
|
|
|
|
|
||||
|
Shares sold - Institutional Class
|
|
|
269,196
|
|
|
319,950
|
|
|
3,263,298
|
|
|
6,898,377
|
|
Shares issued from reinvestment of distributions - Institutional Class
|
|
|
687,724
|
|
|
546,380
|
|
|
1,992,681
|
|
|
3,958,427
|
|
Shares redeemed - Institutional Class
|
|
|
(697,017)
|
|
|
(979,143)
|
|
|
(13,460,110)
|
|
|
(31,911,692)
|
|
Shares sold - Retail Class
|
|
|
10,247
|
|
|
10,595
|
|
|
236,385
|
|
|
818,747
|
|
Shares issued from reinvestment of distributions - Retail Class
|
|
|
4,227
|
|
|
3,668
|
|
|
166,983
|
|
|
165,424
|
|
Shares redeemed - Retail Class
|
|
|
(7,780)
|
|
|
(21,407)
|
|
|
(922,388)
|
|
|
(739,174)
|
|
Total increase (decrease) in shares outstanding
|
|
|
266,597
|
|
|
(119,957)
|
|
|
(8,723,151)
|
|
|
(20,809,891)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
9
|
|
|
TABLE OF CONTENTS
Congress Funds
Statements of Changes in Net Assets(Continued)
|
|
|
|
|
|||
|
|
|
Congress Small Cap
Growth Fund
|
||||
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended
October 31, 2025
|
|
|
OPERATIONS:
|
|
|
|
|
||
|
Net investment income (loss)
|
|
|
$(5,195,305)
|
|
|
$(8,620,442)
|
|
Net realized gain (loss)
|
|
|
12,398,541
|
|
|
49,844,531
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
66,779,701
|
|
|
159,214,335
|
|
Net increase (decrease) in net assets from operations
|
|
|
73,982,937
|
|
|
200,438,424
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
||
|
From earnings - Institutional Class
|
|
|
(32,554,161)
|
|
|
-
|
|
From earnings - Retail Class
|
|
|
(4,065,379)
|
|
|
-
|
|
Total distributions to shareholders
|
|
|
(36,619,540)
|
|
|
-
|
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
||
|
Shares sold - Institutional Class
|
|
|
441,489,126
|
|
|
534,900,769
|
|
Shares issued from reinvestment of distributions - Institutional Class
|
|
|
29,121,156
|
|
|
-
|
|
Shares redeemed - Institutional Class
|
|
|
(193,956,534)
|
|
|
(350,328,437)
|
|
Shares sold - Retail Class
|
|
|
21,542,519
|
|
|
39,282,494
|
|
Shares issued from reinvestment of distributions - Retail Class
|
|
|
3,734,736
|
|
|
-
|
|
Shares redeemed - Retail Class
|
|
|
(18,448,981)
|
|
|
(24,585,763)
|
|
Net increase (decrease) in net assets from capital transactions
|
|
|
283,482,022
|
|
|
199,269,063
|
|
NET INCREASE (DECREASE) IN NET ASSETS
|
|
|
320,845,419
|
|
|
399,707,487
|
|
NET ASSETS:
|
|
|
|
|
||
|
Beginning of the period
|
|
|
1,609,452,976
|
|
|
1,209,745,489
|
|
End of the period
|
|
|
$ 1,930,298,395
|
|
|
$1,609,452,976
|
|
SHARES TRANSACTIONS
|
|
|
|
|
||
|
Shares sold - Institutional Class
|
|
|
8,624,338
|
|
|
11,397,474
|
|
Shares issued from reinvestment of distributions - Institutional Class
|
|
|
575,517
|
|
|
-
|
|
Shares redeemed - Institutional Class
|
|
|
(3,775,241)
|
|
|
(7,582,166)
|
|
Shares sold - Retail Class
|
|
|
493,010
|
|
|
943,605
|
|
Shares issued from reinvestment of distributions - Retail Class
|
|
|
85,443
|
|
|
-
|
|
Shares redeemed - Retail Class
|
|
|
(414,542)
|
|
|
(608,770)
|
|
Total increase (decrease) in shares outstanding
|
|
|
5,588,525
|
|
|
4,150,143
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
10
|
|
|
TABLE OF CONTENTS
Congress Large Cap Growth Fund
Financial Highlights
Institutional Class
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended October 31,
|
|||||||||||||
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|||||
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net asset value, beginning of period
|
|
|
$54.01
|
|
|
$48.06
|
|
|
$37.23
|
|
|
$33.69
|
|
|
$47.54
|
|
|
$37.89
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment income (loss)(a)
|
|
|
(0.04)
|
|
|
(0.02)
|
|
|
0.09
|
|
|
0.16
|
|
|
0.16
|
|
|
0.08
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
0.55
|
|
|
8.75
|
|
|
12.19
|
|
|
4.72
|
|
|
(9.45)
|
|
|
12.87
|
|
Total from investment operations
|
|
|
0.51
|
|
|
8.73
|
|
|
12.28
|
|
|
4.88
|
|
|
(9.29)
|
|
|
12.95
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment income
|
|
|
-
|
|
|
(0.04)
|
|
|
(0.18)
|
|
|
(0.20)
|
|
|
(0.06)
|
|
|
(0.10)
|
|
Net realized gains
|
|
|
(3.58)
|
|
|
(2.74)
|
|
|
(1.27)
|
|
|
(1.14)
|
|
|
(4.50)
|
|
|
(3.20)
|
|
Total distributions
|
|
|
(3.58)
|
|
|
(2.78)
|
|
|
(1.45)
|
|
|
(1.34)
|
|
|
(4.56)
|
|
|
(3.30)
|
|
Net asset value, end of period
|
|
|
$50.94
|
|
|
$54.01
|
|
|
$48.06
|
|
|
$37.23
|
|
|
$33.69
|
|
|
$47.54
|
|
TOTAL RETURN(c)
|
|
|
1.11%
|
|
|
18.79%
|
|
|
33.69%
|
|
|
14.93%
|
|
|
(21.69)%
|
|
|
36.50%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net assets, end of period (in thousands)
|
|
|
$581,530
|
|
|
$602,509
|
|
|
$541,601
|
|
|
$419,784
|
|
|
$377,494
|
|
|
$501,760
|
|
Ratio of expenses to average net assets(d)
|
|
|
0.74%
|
|
|
0.65%
|
|
|
0.68%
|
|
|
0.69%
|
|
|
0.69%
|
|
|
0.68%
|
|
Ratio of net investment income (loss) to average net assets(d)
|
|
|
(0.16)%
|
|
|
(0.04)%
|
|
|
0.19%
|
|
|
0.44%
|
|
|
0.42%
|
|
|
0.18%
|
|
Portfolio turnover rate(c)(e)
|
|
|
11%
|
|
|
22%
|
|
|
19%
|
|
|
22%
|
|
|
23%
|
|
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(b)
|
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.
|
|
(c)
|
Not annualized for periods less than one year.
|
|
(d)
|
Annualized for periods less than one year.
|
|
(e)
|
Excludes in-kind transactions.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
11
|
|
|
TABLE OF CONTENTS
Congress Large Cap Growth Fund
Financial Highlights
Retail Class
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended October 31,
|
|||||||||||||
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|||||
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net asset value, beginning of period
|
|
|
$53.47
|
|
|
$47.69
|
|
|
$36.95
|
|
|
$33.43
|
|
|
$47.27
|
|
|
$37.71
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment income (loss)(a)
|
|
|
(0.10)
|
|
|
(0.14)
|
|
|
(0.03)
|
|
|
0.08
|
|
|
0.06
|
|
|
(0.03)
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
0.54
|
|
|
8.66
|
|
|
12.12
|
|
|
4.68
|
|
|
(9.40)
|
|
|
12.80
|
|
Total from investment operations
|
|
|
0.44
|
|
|
8.52
|
|
|
12.09
|
|
|
4.76
|
|
|
(9.34)
|
|
|
12.77
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment income
|
|
|
-
|
|
|
-
|
|
|
(0.08)
|
|
|
(0.10)
|
|
|
-
|
|
|
(0.01)
|
|
Net realized gains
|
|
|
(3.58)
|
|
|
(2.74)
|
|
|
(1.27)
|
|
|
(1.14)
|
|
|
(4.50)
|
|
|
(3.20)
|
|
Total distributions
|
|
|
(3.58)
|
|
|
(2.74)
|
|
|
(1.35)
|
|
|
(1.24)
|
|
|
(4.50)
|
|
|
(3.21)
|
|
Net asset value, end of period
|
|
|
$50.33
|
|
|
$53.47
|
|
|
$47.69
|
|
|
$36.95
|
|
|
$33.43
|
|
|
$47.27
|
|
TOTAL RETURN(c)
|
|
|
0.98%
|
|
|
18.48%
|
|
|
33.39%
|
|
|
14.67%
|
|
|
−21.90%
|
|
|
36.14%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net assets, end of period (in thousands)
|
|
|
$3,649
|
|
|
$3,519
|
|
|
$3,479
|
|
|
$2,471
|
|
|
$2,651
|
|
|
$4,048
|
|
Ratio of expenses to average net
assets(d)
|
|
|
0.99%
|
|
|
0.90%
|
|
|
93%
|
|
|
0.94%
|
|
|
0.94%
|
|
|
0.93%
|
|
Ratio of net investment income (loss) to average net assets(d)
|
|
|
(0.42)%
|
|
|
(0.28)%
|
|
|
(0.07)%
|
|
|
0.22%
|
|
|
0.17%
|
|
|
(0.07)%
|
|
Portfolio turnover rate(c)(e)
|
|
|
11%
|
|
|
22%
|
|
|
19%
|
|
|
22%
|
|
|
23%
|
|
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(b)
|
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.
|
|
(c)
|
Not annualized for periods less than one year.
|
|
(d)
|
Annualized for periods less than one year.
|
|
(e)
|
Excludes in-kind transactions.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
12
|
|
|
TABLE OF CONTENTS
Congress Mid Cap Growth Fund
Financial Highlights
Institutional Class
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended October 31,
|
|||||||||||||
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|||||
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net asset value, beginning of period
|
|
|
$23.02
|
|
|
$25.97
|
|
|
$22.55
|
|
|
$23.44
|
|
|
$36.88
|
|
|
$24.75
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment loss(a)
|
|
|
(0.03)
|
|
|
(0.07)
|
|
|
(0.06)
|
|
|
(0.03)
|
|
|
(0.07)
|
|
|
(0.10)
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
1.13
|
|
|
0.27
|
|
|
5.02
|
|
|
0.45
|
|
|
(9.37)
|
|
|
12.81
|
|
Total from investment operations
|
|
|
1.10
|
|
|
0.20
|
|
|
4.96
|
|
|
0.42
|
|
|
(9.44)
|
|
|
12.71
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net realized gains
|
|
|
(2.54)
|
|
|
(3.15)
|
|
|
(1.54)
|
|
|
(1.31)
|
|
|
(4.00)
|
|
|
(0.58)
|
|
Total distributions
|
|
|
(2.54)
|
|
|
(3.15)
|
|
|
(1.54)
|
|
|
(1.31)
|
|
|
(4.00)
|
|
|
(0.58)
|
|
Net asset value, end of period
|
|
|
$21.58
|
|
|
$23.02
|
|
|
$25.97
|
|
|
$22.55
|
|
|
$23.44
|
|
|
$36.88
|
|
TOTAL RETURN(c)
|
|
|
5.90%
|
|
|
0.40%
|
|
|
22.56%
|
|
|
1.57%
|
|
|
−28.37%
|
|
|
52.25%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net assets, end of period (in thousands)
|
|
|
$366,723
|
|
|
$580,198
|
|
|
$1,201,278
|
|
|
$1,127,631
|
|
|
$1,192,170
|
|
|
$1,706,782
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before expense reimbursement/
recoupment(d)(e)
|
|
|
0.87%
|
|
|
0.82%
|
|
|
0.80%
|
|
|
0.79%
|
|
|
0.78%
|
|
|
0.79%
|
|
After expense reimbursement/
recoupment(d)(e)
|
|
|
0.85%
|
|
|
0.82%
|
|
|
0.80%
|
|
|
0.79%
|
|
|
0.78%
|
|
|
0.79%
|
|
Ratio of net investment income (loss) to average net assets(d)
|
|
|
(0.32)%
|
|
|
(0.31)%
|
|
|
(0.24)%
|
|
|
(0.12)%
|
|
|
(0.26)%
|
|
|
(0.30)%
|
|
Portfolio turnover rate(c)(f)
|
|
|
9%
|
|
|
57%
|
|
|
49%
|
|
|
40%
|
|
|
16%
|
|
|
14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(b)
|
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.
|
|
(c)
|
Not annualized for periods less than one year.
|
|
(d)
|
Annualized for periods less than one year.
|
|
(e)
|
Includes interest expense and LOC commitment expense of $18,340 or less than 0.005% for the period ended April 30, 2026.
|
Includes interest expense and LOC commitment expense of $37,880 or less than 0.01% for the year ended October 31, 2025.
Includes interest expense and LOC commitment expense of $14,716 or less than 0.005% for the year ended October 31, 2024.
|
(f)
|
Excludes in-kind transactions.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
13
|
|
|
TABLE OF CONTENTS
Congress Mid Cap Growth Fund
Financial Highlights
Retail Class
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended October 31,
|
|||||||||||||
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|||||
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net asset value, beginning of period
|
|
|
$22.16
|
|
|
$25.16
|
|
|
$21.95
|
|
|
$22.90
|
|
|
$36.20
|
|
|
$24.37
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment loss(a)
|
|
|
(0.06)
|
|
|
(0.12)
|
|
|
(0.12)
|
|
|
(0.09)
|
|
|
(0.13)
|
|
|
(0.17)
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
1.07
|
|
|
0.27
|
|
|
4.87
|
|
|
0.45
|
|
|
(9.17)
|
|
|
12.58
|
|
Total from investment operations
|
|
|
1.01
|
|
|
0.15
|
|
|
4.75
|
|
|
0.36
|
|
|
(9.30)
|
|
|
12.41
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net realized gains
|
|
|
(2.54)
|
|
|
(3.15)
|
|
|
(1.54)
|
|
|
(1.31)
|
|
|
(4.00)
|
|
|
(0.58)
|
|
Total distributions
|
|
|
(2.54)
|
|
|
(3.15)
|
|
|
(1.54)
|
|
|
(1.31)
|
|
|
(4.00)
|
|
|
(0.58)
|
|
Net asset value, end of period
|
|
|
$20.63
|
|
|
$22.16
|
|
|
$25.16
|
|
|
$21.95
|
|
|
$22.90
|
|
|
$36.20
|
|
TOTAL RETURN(c)
|
|
|
5.70%
|
|
|
0.19%
|
|
|
22.20%
|
|
|
1.34%
|
|
|
(28.54)%
|
|
|
51.83%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net assets, end of period (in thousands)
|
|
|
$24,575
|
|
|
$37,891
|
|
|
$36,868
|
|
|
$41,718
|
|
|
$43,123
|
|
|
$41,606
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before expense reimbursement/
recoupment(d)(e)
|
|
|
1.13%
|
|
|
1.08%
|
|
|
1.05%
|
|
|
1.04%
|
|
|
1.03%
|
|
|
1.04%
|
|
After expense reimbursement/
recoupment(d)(e)
|
|
|
1.10%
|
|
|
1.08%
|
|
|
1.05%
|
|
|
1.04%
|
|
|
1.03%
|
|
|
1.04%
|
|
Ratio of net investment income (loss) to average net assets(d)
|
|
|
(0.57)%
|
|
|
(0.55)%
|
|
|
(0.49)%
|
|
|
(0.37)%
|
|
|
(0.50)%
|
|
|
(0.56)%
|
|
Portfolio turnover rate(c)(f)
|
|
|
9%
|
|
|
55%
|
|
|
49%
|
|
|
40%
|
|
|
16%
|
|
|
14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(b)
|
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.
|
|
(c)
|
Not annualized for periods less than one year.
|
|
(d)
|
Annualized for periods less than one year.
|
|
(e)
|
Includes interest expense and LOC commitment expense of $1,283 or less than 0.005% for the period ended April 30, 2026.
|
Includes interest expense and LOC commitment expense of $1,542 or less than 0.005% for the year ended October 31, 2025.
Includes interest expense and LOC commitment expense of $542 or less than 0.005% for the year ended October 31, 2024.
|
(f)
|
Excludes in-kind transactions.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
14
|
|
|
TABLE OF CONTENTS
Congress Small Cap Growth Fund
Financial Highlights
Institutional Class
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended October 31,
|
|||||||||||||
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|||||
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net asset value, beginning of period
|
|
|
$51.53
|
|
|
$44.59
|
|
|
$33.67
|
|
|
$34.19
|
|
|
$49.69
|
|
|
$30.76
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment loss(a)
|
|
|
(0.15)
|
|
|
(0.28)
|
|
|
(0.23)
|
|
|
(0.17)
|
|
|
(0.23)
|
|
|
(0.33)
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
2.24
|
|
|
7.22
|
|
|
11.15
|
|
|
(0.35)
|
|
|
(8.46)
|
|
|
21.83
|
|
Total from investment operations
|
|
|
2.09
|
|
|
6.94
|
|
|
10.92
|
|
|
(0.52)
|
|
|
(8.69)
|
|
|
21.50
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net realized gains
|
|
|
(1.14)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6.81)
|
|
|
(2.57)
|
|
Total distributions
|
|
|
(1.14)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6.81)
|
|
|
(2.57)
|
|
Net asset value, end of period
|
|
|
$52.48
|
|
|
$51.53
|
|
|
$44.59
|
|
|
$33.67
|
|
|
$34.19
|
|
|
$49.69
|
|
TOTAL RETURN(c)
|
|
|
4.14%
|
|
|
15.56%
|
|
|
32.43%
|
|
|
(1.52)%
|
|
|
(19.95)%
|
|
|
73.96%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net assets, end of period (in thousands)
|
|
|
$1,761,669
|
|
|
$1,450,402
|
|
|
$1,084,771
|
|
|
$646,291
|
|
|
$321,105
|
|
|
$127,289
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before expense reimbursement/
recoupment(d)(e)
|
|
|
1.01%
|
|
|
1.06%
|
|
|
1.06%
|
|
|
1.07%
|
|
|
1.10%
|
|
|
1.14%
|
|
After expense reimbursement/
recoupment(d)(e)
|
|
|
1.00%
|
|
|
1.00%
|
|
|
1.00%
|
|
|
1.00%
|
|
|
1.00%
|
|
|
1.00%
|
|
Ratio of net investment income (loss) to average net assets(d)
|
|
|
(0.57)%
|
|
|
(0.59)%
|
|
|
(0.57)%
|
|
|
(0.46)%
|
|
|
(0.64)%
|
|
|
(0.78)%
|
|
Portfolio turnover rate(c)
|
|
|
15%
|
|
|
34%
|
|
|
45%
|
|
|
32%
|
|
|
23%
|
|
|
50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(b)
|
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.
|
|
(c)
|
Not annualized for periods less than one year.
|
|
(d)
|
Annualized for periods less than one year.
|
|
(e)
|
Includes interest expense of $13,214 or less than 0.005% for the year ended October 31, 2024.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
15
|
|
|
TABLE OF CONTENTS
Congress Small Cap Growth Fund
Financial Highlights
Retail Class
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended October 31,
|
|||||||||||||
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|||||
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net asset value, beginning of period
|
|
|
$44.69
|
|
|
$38.76
|
|
|
$29.34
|
|
|
$29.87
|
|
|
$44.39
|
|
|
$27.78
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment loss(a)
|
|
|
(0.18)
|
|
|
(0.35)
|
|
|
(0.29)
|
|
|
(0.22)
|
|
|
(0.29)
|
|
|
(0.39)
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
1.92
|
|
|
6.28
|
|
|
9.71
|
|
|
(0.31)
|
|
|
(7.42)
|
|
|
19.57
|
|
Total from investment operations
|
|
|
1.74
|
|
|
5.93
|
|
|
9.42
|
|
|
(0.53)
|
|
|
(7.71)
|
|
|
19.18
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net realized gains
|
|
|
(1.14)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6.81)
|
|
|
(2.57)
|
|
Total distributions
|
|
|
(1.14)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6.81)
|
|
|
(2.57)
|
|
Net asset value, end of period
|
|
|
$45.29
|
|
|
$44.69
|
|
|
$38.76
|
|
|
$29.34
|
|
|
$29.87
|
|
|
$44.39
|
|
TOTAL RETURN(c)
|
|
|
3.99%
|
|
|
15.30%
|
|
|
32.11%
|
|
|
(1.77)%
|
|
|
(20.15)%
|
|
|
73.51%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net assets, end of period (in thousands)
|
|
|
$168,629
|
|
|
$159,051
|
|
|
$124,975
|
|
|
$109,081
|
|
|
$85,978
|
|
|
$88,979
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before expense reimbursement/
recoupment(d)(e)
|
|
|
1.26%
|
|
|
1.31%
|
|
|
1.31%
|
|
|
1.32%
|
|
|
1.34%
|
|
|
1.39%
|
|
After expense reimbursement/
recoupment(d)(e)
|
|
|
1.25%
|
|
|
1.25%
|
|
|
1.25%
|
|
|
1.25%
|
|
|
1.25%
|
|
|
1.25%
|
|
Ratio of net investment income (loss) to average net assets(d)
|
|
|
(0.82)%
|
|
|
(0.84)%
|
|
|
(0.82)%
|
|
|
(0.70)%
|
|
|
(0.88)%
|
|
|
(1.03)%
|
|
Portfolio turnover rate(c)
|
|
|
15%
|
|
|
34%
|
|
|
45%
|
|
|
32%
|
|
|
23%
|
|
|
50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(b)
|
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.
|
|
(c)
|
Not annualized for periods less than one year.
|
|
(d)
|
Annualized for periods less than one year.
|
|
(e)
|
Includes interest expense of $1,816 or less than 0.005% for the year ended October 31, 2024.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
16
|
|
|
TABLE OF CONTENTS
Congress Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (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.
Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Chief Investment Officer, who serves as the chief operating decision maker,using the information presented in the financial statements and financial highlights.
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").
|
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.
|
Securities for which market quotations are not ready 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, 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
|
|
|
TABLE OF CONTENTS
Congress Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (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 -
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
Level 3 -
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the 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, 2026. See the Schedules of Investments for industry breakouts.
Large Cap Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks
|
|
|
$573,239,933
|
|
|
$ -
|
|
|
$ -
|
|
|
$573,239,933
|
|
Real Estate Investment Trusts
|
|
|
10,095,443
|
|
|
-
|
|
|
-
|
|
|
10,095,443
|
|
Short-Term Investments
|
|
|
2,512,786
|
|
|
-
|
|
|
-
|
|
|
2,512,786
|
|
Total Investments in Securities
|
|
|
$585,848,162
|
|
|
$-
|
|
|
$-
|
|
|
$585,848,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid Cap Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks
|
|
|
$390,591,263
|
|
|
$ -
|
|
|
$ -
|
|
|
$390,591,263
|
|
Short-Term Investments
|
|
|
1,685,521
|
|
|
-
|
|
|
-
|
|
|
1,685,521
|
|
Total Investments in Securities
|
|
|
$392,276,784
|
|
|
$-
|
|
|
$-
|
|
|
$392,276,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Cap Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks
|
|
|
$1,916,073,606
|
|
|
$ -
|
|
|
$ -
|
|
|
$1,916,073,606
|
|
Short-Term Investments
|
|
|
15,894,878
|
|
|
-
|
|
|
-
|
|
|
15,894,878
|
|
Total Investments in Securities
|
|
|
$1,931,968,484
|
|
|
$-
|
|
|
$-
|
|
|
$1,931,968,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
TABLE OF CONTENTS
Congress Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (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.
|
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 capital losses incurred after October 31, and within the taxable year, are deemed to arise on the first business day of each Fund's next taxable year. Net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Fund's next taxable year.
As of the year ended October 31, 2025, the Funds had capital loss carry-forward and deferred post-October and late year losses as follows:
|
|
|
|
|
|
|
|
||||||
|
|
|
Capital Loss Carry Over
|
|
|
Post-October Losses
|
|||||||
|
|
|
ST
|
|
|
LT
|
|
|
Capital
|
|
|
Ordinary Late
Year Loss
|
|
|
Large Cap Growth
|
|
|
$-
|
|
|
$-
|
|
|
$-
|
|
|
$372,696
|
|
Mid Cap Growth
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,193,519
|
|
Small Cap Growth(1)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
7,363,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Small Cap Growth utilized $11,752,621 of Capital Loss Carry-Forward.
|
As of October 31, 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; however, as of October 31, 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.
|
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.
|
|
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
|
|
|
TABLE OF CONTENTS
Congress Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (Unaudited)(Continued)
|
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.
|
|
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. The Funds charged a 1.00% redemption fee on shares held less than 90 days, however, the redemption fee was eliminated for Large Cap Growth and Small Cap Growth as of close of business day on September 15, 2017, and Mid Cap Growth as of April 30, 2016. This fee was deducted from the redemption proceeds otherwise payable to the shareholder. The Funds retained the fee charged as paid-in capital and such fees became part of the Funds' daily NAV calculation.
|
|
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.
|
|
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.
|
|
J.
|
New Accounting Pronouncement. In December 2023, the FASB issued Accounting Standards Updated 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has evaluated the impact of adopting ASU 2023-09 with respect to the financial statements and disclosures and determined there is no material impact for the Funds.
|
|
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, based on the average daily net assets of each Fund, shown in the following table:
|
|
|
|
|
|
Large Cap Growth
|
|
|
0.50%
|
|
Mid Cap Growth
|
|
|
0.60%
|
|
Small Cap Growth
|
|
|
0.85%
|
|
|
|
|
|
|
|
|
20
|
|
|
TABLE OF CONTENTS
Congress Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (Unaudited)(Continued)
The advisory fees incurred during the period ended April 30, 2026, 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 at least until February 27, 2027 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 daily net assets will not exceed:
|
|
|
|
|
|
|
|
Current
|
|
|
Large Cap Growth
|
|
|
0.95%
|
|
Mid Cap Growth
|
|
|
0.85%
|
|
Small Cap Growth
|
|
|
1.00%
|
|
|
|
|
|
The contract's term is indefinite and may be terminated only by the Board, at any time and without payment of any penalty, on behalf of the Fund, upon sixty (60) days' written notice to the Advisor. The amount of fees waived and expenses absorbed during the period ended April 30, 2026, 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 fees waived and/or any Fund expenses absorbed by the Advisor pursuant to an agreed-upon expense cap shall be reimbursed by the Fund to the Advisor, if so requested by the Advisor, any time before the end of the third year following the fee waiver and/or expense absorption, provided the aggregate amount of the Fund's current operating expenses for such year does not exceed the lesser expense cap in place at the time of waiver or at the time of reimbursement.
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
|
|
October 31, 2028
|
|
|
$47,229
|
|
April 30, 2029
|
|
|
63,101
|
|
|
|
$110,330
|
|
|
|
|
|
|
Small Cap Growth:
|
|
|
|
|
|
Expiration
|
|
|
Amount
|
|
October 31, 2026
|
|
|
$ 321,140
|
|
October 31, 2027
|
|
|
611,625
|
|
October 31, 2028
|
|
|
859,126
|
|
April 30, 2029
|
|
|
86,105
|
|
|
|
$ 1,892,996
|
|
|
|
|
|
|
The Large Cap Growth Fund did not waive any fees during the period ended April 30, 2026 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 period ended April 30, 2026, are disclosed in the Statements of Operations.
|
|
|
21
|
|
|
TABLE OF CONTENTS
Congress Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (Unaudited)(Continued)
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.
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 period ended April 30, 2026, 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 period ended April 30, 2026, 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 period ended April 30, 2026, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
|
Purchases
|
|
|
Sales/Maturities
|
|
|
Purchases
In-Kind
|
|
|
Sales
In-Kind
|
|
Large Cap Growth
|
|
|
$63,321,744
|
|
|
$88,485,806
|
|
|
$ -
|
|
|
$2,172,804
|
|
Mid Cap Growth
|
|
|
42,496,669
|
|
|
245,165,383
|
|
|
-
|
|
|
21,006,765
|
|
Small Cap Growth
|
|
|
512,060,602
|
|
|
257,500,983
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no purchases or sales of long-term U.S. Government securities for the period ended April 30, 2026.
NOTE 5 - DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid during the period ended April 30, 2026, and the year ended October 31, 2025 as applicable, were as follows:
Large Cap Growth:
|
|
|
|
|
|
|
|
|
|
|
2026
|
|
|
2025
|
|
|
Distributions paid from:
|
|
|
|
|
||
|
Ordinary income
|
|
|
$-
|
|
|
$409,898
|
|
Long-term capital gain1
|
|
|
40,014,831
|
|
|
30,855,336
|
|
|
|
$40,014,831
|
|
|
$31,265,234
|
|
|
|
|
|
|
|
|
|
Mid Cap Growth:
|
|
|
|
|
|
|
|
|
|
|
2026
|
|
|
2025
|
|
|
Distributions paid from:
|
|
|
|
|
||
|
Ordinary income
|
|
|
$-
|
|
|
$-
|
|
Long-term capital gain1
|
|
|
55,546,230
|
|
|
146,015,208
|
|
|
|
$55,546,230
|
|
|
$ 146,015,208
|
|
|
|
|
|
|
|
|
|
|
|
|
22
|
|
|
TABLE OF CONTENTS
Congress Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (Unaudited)(Continued)
Small Cap Growth:
|
|
|
|
|
|
|
|
|
|
|
2026
|
|
|
2025
|
|
|
Distributions paid from:
|
|
|
|
|
||
|
Ordinary income
|
|
|
$-
|
|
|
$ -
|
|
Long-term capital gain1
|
|
|
36,619,540
|
|
|
-
|
|
|
|
$36,619,540
|
|
|
$-
|
|
|
|
|
|
|
|
|
|
|
1
|
Designated as long-term capital gain dividend, pursuant of Internal Revenue Code Section 852(b)(3).
|
The components of accumulated earnings (losses) on a tax basis as of the year ended October 31, 2025, were as follows2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap
Growth
|
|
|
Mid Cap
Growth
|
|
|
Small Cap
Growth
|
|
|
Cost of investments
|
|
|
$234,184,499
|
|
|
$ 421,390,074
|
|
|
$ 1,194,078,345
|
|
Gross tax unrealized appreciation
|
|
|
373,567,894
|
|
|
200,097,200
|
|
|
473,279,312
|
|
Gross tax unrealized depreciation
|
|
|
(1,316,511)
|
|
|
(3,381,922)
|
|
|
(58,020,303)
|
|
Net unrealized appreciation (depreciation)
|
|
|
372,251,383
|
|
|
196,715,278
|
|
|
415,259,009
|
|
Undistributed ordinary income
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Undistributed long-term capital gain
|
|
|
40,014,788
|
|
|
55,546,034
|
|
|
36,619,506
|
|
Total distributable earnings
|
|
|
40,014,788
|
|
|
55,546,034
|
|
|
36,619,506
|
|
Other accumulated gains (losses)
|
|
|
(372,696)
|
|
|
(2,193,519)
|
|
|
(7,363,632)
|
|
Total distributable (accumulated) earnings (losses)
|
|
|
$411,893,475
|
|
|
$ 250,067,793
|
|
|
$444,514,883
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
The differences between book and tax basis were primarily due to wash sale and transfer-in-kind adjustments.
|
NOTE 6 - CREDIT FACILITY
Effective February 21, 2025, U.S. Bank N.A. (the "Bank") has made available to the Funds a credit facility pursuant to a Loan Agreement for temporary or extraordinary purposes. The Trust secured an uncommitted umbrella line of credit used for the benefit of the Congress Large Cap Growth Fund, Congress Mid Cap Growth Fund, Congress Small Cap Growth Fund, and Congress Intermediate Bond ETF (the "Borrowing Funds") in the amount of the lesser of (a) $150,000,000 or, (b) 20% of respective Borrowing Fund's market value, or (c) 33.33% of respective Borrowing Fund's net assets. The credit facility is with the Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the Bank's prime rate. The prime rate was 6.75%, as of April 30, 2026. Interest expense for the period ended April 30, 2026, is disclosed in the Statements of Operations, if applicable.
The Funds did not have any borrowings outstanding as of or during the period ended April 30, 2026.
NOTE 7 - REFLOW TRANSACTIONS
The Funds participate in the ReFlow Funds, LLC ("ReFlow") liquidity program. ReFlow operates an auction program through which it makes a source of capital available to participating funds (like the Funds) to allow participating funds to satisfy some or all of their daily net redemptions. This program is designed to provide an alternative liquidity source to funds on days where redemptions of fund shares exceed purchases. Pursuant to the program, ReFlow stands ready to purchase Funds shares up to the value of net redemptions on a given day, which provides a source of cash to the Funds to satisfy net shareholder redemptions by other shareholders.
Following purchases of the Funds' shares, ReFlow periodically redeems its entire share position in the Funds and requests that such redemption be met in-kind in accordance with the Funds' redemption in-kind policies. ReFlow generally redeems its shares when the Funds experience net sales, when a maximum holding period is reached
|
|
|
23
|
|
|
TABLE OF CONTENTS
Congress Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (Unaudited)(Continued)
(currently 8 days), when ReFlow reaches a maximum position in the Funds, or at other times at ReFlow's or the Advisor's discretion. While ReFlow holds the Funds' shares, it will have the same rights and privileges with respect to those shares as any other shareholder.
For use of the ReFlow service, the Funds pay a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.14% of the value of the Funds' shares purchased by ReFlow, although the Funds may submit a bid at a higher fee rate if it determines that doing so is in the best interest of the Fund shareholders. ReFlow fees that were incurred by the Funds during the period ended April 30, 2026 are recorded within the Statement of Operations.
ReFlow's purchases of the Funds' shares through the liquidity program are made on an investment-blind basis without regard to the Funds' objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Funds. ReFlow will not be subject to the Funds' investment minimums, the Funds' redemption fee, or the limitations noted in the "Tools to Combat Frequent Transactions" section within the Funds' prospectus. The Board has approved the Funds use of the ReFlow program. The Advisor believes that the program may assist in stabilizing the Funds' net assets, to the benefit of the Fund and its shareholders, although there is no guarantee that the program will do so.
During the period ended April 30, 2026, the Funds had the following in-kind transactions related to ReFlow:
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Large Cap
Growth Fund
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Mid Cap
Growth Fund
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Redemptions In-Kind
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Value of Securities Redeemed
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$ 2,172,804
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$ 21,006,765
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Cash
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101,488
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1,332,017
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Total Amount
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$ 2,274,292
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$ 22,338,782
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Fund Shares Redeemed
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47,503
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1,080,210
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In-kind Gains in Securities Sold
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$840,702
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$5,640,558
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Subscriptions In-Kind
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Fund Shares Purchased
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52,483
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1,192,784
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Value of Shares Purchased
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$ 2,500,497
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$ 24,470,843
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The Small Cap Growth Fund did not participate in Reflow during the period ended April 30, 2026.
The Fund recognizes a gain on in-kind redemptions to the extent that the value of the distributed securities on the date of redemption exceeds the cost of those securities and recognizes a loss to the extent that the cost of those securities exceeds the value of the distributed securities on the date of redemption. Such net gains are not taxable to the Fund and are not required to be distributed to shareholders. The Fund has reclassified these amounts against paid-in capital on the Statements of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statement and income tax reporting requirements, has no effect on the Fund's net assets or NAV per share.
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24
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TABLE OF CONTENTS
CONGRESS FUNDS
ADDITIONAL INFORMATION
April 30, 2026 (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.
Not applicable as the investment advisory contract was not approved during the reporting period.
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25
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(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.
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.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable as the investment advisory contract was not approved during the reporting period.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 16. Controls and Procedures.
| (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. |
| (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. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(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.
Filed herewith.
(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.
(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) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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/ Craig Benton | ||
| Craig Benton, President/Principal Executive Officer |
| Date | 7/8/2026 |
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/ Craig Benton | ||
| Craig Benton, President/Principal Executive Officer |
| Date | 7/8/2026 |
| By (Signature and Title) | /s/ Kathryn LaPlante Johnson | ||
| Kathryn LaPlante Johnson, Treasurer/Principal Financial Officer |
| Date | 7/8/2026 |
* Print the name and title of each signing officer under his or her signature.
Professionally Managed Portfolios published this content on July 08, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 08, 2026 at 21:28 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]