Professionally Managed Portfolios
07/08/2026 | Press release | Distributed by Public on 07/08/2026 15:26
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 Intermediate Bond ETF
|
||
|
CAFX (Principal U.S. Listing Exchange: NYSE Arca)
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about the Congress Intermediate Bond ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://etfs.congressasset.com/intermediate-bond-etf. You can also request this information by contacting us at (888) 688-1299.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Congress Intermediate Bond ETF
|
$17
|
0.35%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$325,430,022
|
|
Number of Holdings
|
49
|
|
Net Advisory Fee
|
$616,489
|
|
Portfolio Turnover
|
36%
|
|
30-Day SEC Yield
|
4.03%
|
|
30-Day SEC Yield Unsubsidized
|
4.03%
|
| Congress Intermediate Bond ETF | PAGE 1 | TSR-SAR-74316P587 |
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
|
Top Holdings
|
(% of
Net Assets) |
|
Federal National Mortgage Association
|
9.1%
|
|
First American Treasury Obligations Fund - Class X
|
4.9%
|
|
United States Treasury Note/Bond
|
4.2%
|
|
United States Treasury Note/Bond
|
4.2%
|
|
United States Treasury Note/Bond
|
4.0%
|
|
United States Treasury Note/Bond
|
3.6%
|
|
United States Treasury Note/Bond
|
3.6%
|
|
Morgan Stanley
|
3.1%
|
|
United States Treasury Note/Bond
|
3.1%
|
|
Eaton Corp.
|
3.0%
|
|
Industry
|
(% of
Net Assets) |
|
Public Finance Activities
|
37.5%
|
|
Institutions Only-NJ
|
9.5%
|
|
Diversified Telecommunication Services
|
7.1%
|
|
Banks
|
6.7%
|
|
Telecommunications
|
6.3%
|
|
Capital Markets
|
5.5%
|
|
Auto Manufacturers
|
5.2%
|
|
Oil & Gas
|
3.8%
|
|
Mining
|
3.7%
|
|
Cash & Other
|
14.7%
|
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://etfs.congressasset.com/intermediate-bond-etf
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Congress Asset Management Company documents not be householded, please contact Congress Asset Management Company at (888) 688-1299, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Congress Asset Management Company or your financial intermediary.
| Congress Intermediate Bond ETF | PAGE 2 | TSR-SAR-74316P587 |
|
Congress Large Cap Growth ETF
|
||
|
CAML (Principal U.S. Listing Exchange: NYSE Arca )
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about the Congress Large Cap Growth ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://etfs.congressasset.com/large-cap-growth-etf. You can also request this information by contacting us at (888) 688-1299.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Congress Large Cap Growth ETF
|
$32
|
0.65%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$375,024,401
|
|
Number of Holdings
|
38
|
|
Net Advisory Fee
|
$1,096,253
|
|
Portfolio Turnover
|
21%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
|
Top Holdings
|
(% of
Net Assets) |
|
NVIDIA Corp.
|
6.6%
|
|
Apple, Inc.
|
5.4%
|
|
Alphabet, Inc. - Class A
|
5.0%
|
|
Microsoft Corp.
|
5.0%
|
|
Arista Networks, Inc.
|
4.7%
|
|
Broadcom, Inc.
|
4.7%
|
|
GE Vernova, Inc.
|
3.9%
|
|
Eaton Corp. PLC
|
3.4%
|
|
Amazon.com, Inc.
|
3.2%
|
|
Howmet Aerospace, Inc.
|
3.2%
|
|
Industry
|
(% of
Net Assets) |
|
Semiconductors & Semiconductor Equipment
|
14.9%
|
|
Interactive Media & Services
|
7.7%
|
|
Software
|
7.4%
|
|
Electrical Equipment
|
7.3%
|
|
Capital Markets
|
6.0%
|
|
Technology Hardware, Storage & Peripherals
|
5.4%
|
|
Specialty Retail
|
5.1%
|
|
Communications Equipment
|
4.7%
|
|
IT Services
|
3.7%
|
|
Cash & Other
|
37.8%
|
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://etfs.congressasset.com/large-cap-growth-etf
| Congress Large Cap Growth ETF | PAGE 1 | TSR-SAR-74316P637 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Congress Asset Management Company documents not be householded, please contact Congress Asset Management Company at (888) 688-1299, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Congress Asset Management Company or your financial intermediary.
| Congress Large Cap Growth ETF | PAGE 2 | TSR-SAR-74316P637 |
|
Congress SMid Growth ETF
|
||
|
CSMD (Principal U.S. Listing Exchange: NYSE Arca )
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about the Congress SMid Growth ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://etfs.congressasset.com/smid-growth-etf. You can also request this information by contacting us at (888) 688-1299.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Congress SMid Growth ETF
|
$33
|
0.68%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$433,263,111
|
|
Number of Holdings
|
45
|
|
Net Advisory Fee
|
$1,439,389
|
|
Portfolio Turnover
|
39%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
|
Top Holdings
|
(% of
Net Assets) |
|
nVent Electric PLC
|
4.7%
|
|
Sterling Infrastructure, Inc.
|
4.6%
|
|
Comfort Systems USA, Inc.
|
4.4%
|
|
Curtiss-Wright Corp.
|
4.4%
|
|
Valmont Industries, Inc.
|
3.8%
|
|
Rambus, Inc.
|
3.6%
|
|
Carpenter Technology Corp.
|
3.0%
|
|
BJ's Wholesale Club Holdings, Inc.
|
2.8%
|
|
Penumbra, Inc.
|
2.8%
|
|
Rubrik, Inc. - Class A
|
2.6%
|
|
Industry
|
(% of
Net Assets) |
|
Construction & Engineering
|
12.8%
|
|
Health Care Equipment & Supplies
|
12.0%
|
|
Aerospace & Defense
|
9.5%
|
|
Semiconductors & Semiconductor Equipment
|
7.2%
|
|
Electronic Equipment, Instruments & Components
|
6.8%
|
|
Specialty Retail
|
5.8%
|
|
Software
|
5.7%
|
|
Electrical Equipment
|
4.7%
|
|
Life Sciences Tools & Services
|
4.0%
|
|
Cash & Other
|
31.5%
|
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://etfs.congressasset.com/smid-growth-etf
| Congress SMid Growth ETF | PAGE 1 | TSR-SAR-74316P645 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Congress Asset Management Company documents not be householded, please contact Congress Asset Management Company at (888) 688-1299, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Congress Asset Management Company or your financial intermediary.
| Congress SMid Growth ETF | PAGE 2 | TSR-SAR-74316P645 |
(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 within the financial statements filed under Item 7 of this Form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a)
CONGRESS ETFs
Congress Intermediate Bond ETF
Congress Large Cap Growth ETF
Congress SMid Growth ETF
Core Financial Statements
April 30, 2026 (Unaudited)
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
Page
|
|
|
Schedule of Investments
|
|
|
|
|
Congress Intermediate Bond ETF
|
|
|
1
|
|
Congress Large Cap Growth ETF
|
|
|
3
|
|
Congress SMid Growth ETF
|
|
|
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
|
|
|
14
|
|
Additional Information
|
|
|
20
|
|
|
|
|
|
TABLE OF CONTENTS
CONGRESS INTERMEDIATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
CORPORATE BONDS - 52.4%
|
|
|
|
|
||
|
Auto Manufacturers - 5.2%
|
|
|
|
|
||
|
Hyundai Capital America
|
|
|
|
|
||
|
4.88%, 06/23/2027(a)
|
|
|
$3,000,000
|
|
|
$3,011,729
|
|
5.30%, 01/08/2030(a)
|
|
|
5,000,000
|
|
|
5,083,225
|
|
Mercedes-Benz Finance North America LLC
|
|
|
|
|
||
|
5.10%, 11/15/2029(a)
|
|
|
1,800,000
|
|
|
1,828,524
|
|
5.00%, 04/01/2030(a)
|
|
|
7,000,000
|
|
|
7,088,070
|
|
|
|
|
|
17,011,548
|
||
|
Automobiles - 1.8%
|
|
|
|
|
||
|
Honda Motor Co. Ltd.,
4.69%, 07/08/2030
|
|
|
5,750,000
|
|
|
5,724,971
|
|
Banks - 6.7%
|
|
|
|
|
||
|
Bank of America Corp., 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028
|
|
|
7,420,000
|
|
|
7,297,417
|
|
JPMorgan Chase & Co., 5.57% to 04/22/2027 then SOFR + 0.93%, 04/22/2028
|
|
|
7,119,000
|
|
|
7,198,585
|
|
Wells Fargo & Co., 3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028
|
|
|
7,250,000
|
|
|
7,188,194
|
|
|
|
|
|
21,684,196
|
||
|
Capital Markets - 5.5%
|
|
|
|
|
||
|
Goldman Sachs Group, Inc., 6.48% to 10/24/2028 then SOFR + 1.77%, 10/24/2029
|
|
|
7,485,000
|
|
|
7,814,421
|
|
Morgan Stanley, 4.99% (SOFR + 1.38%), 04/12/2029
|
|
|
10,000,000
|
|
|
10,083,828
|
|
|
|
|
|
17,898,249
|
||
|
Diversified Telecommunication Services - 7.1%
|
|
|
|
|
||
|
AT&T, Inc., 2.75%, 06/01/2031
|
|
|
7,692,000
|
|
|
7,021,849
|
|
Comcast Corp., 5.17%, 01/15/2037(a)
|
|
|
7,027,000
|
|
|
6,850,221
|
|
Verizon Communications, Inc.
|
|
|
|
|
||
|
5.00%, 01/15/2036
|
|
|
3,000,000
|
|
|
2,929,860
|
|
5.40%, 07/02/2037
|
|
|
6,442,000
|
|
|
6,423,202
|
|
|
|
|
|
23,225,132
|
||
|
Electric - 2.1%
|
|
|
|
|
||
|
NextEra Energy Capital Holdings, Inc., 5.05%, 03/15/2030
|
|
|
6,850,000
|
|
|
6,971,031
|
|
Electrical Equipment - 3.0%
|
|
|
|
|
||
|
Eaton Corp., 4.20%, 03/06/2031
|
|
|
10,000,000
|
|
|
9,860,986
|
|
Mining - 3.7%
|
|
|
|
|
||
|
BHP Billiton Finance USA Ltd., 5.25%, 09/08/2033
|
|
|
6,715,000
|
|
|
6,871,343
|
|
Rio Tinto Finance USA PLC,
4.88%, 03/14/2030
|
|
|
5,003,000
|
|
|
5,077,405
|
|
|
|
|
|
11,948,748
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
Oil & Gas - 3.8%
|
|
|
|
|
||
|
BP Capital Markets America, Inc.
|
|
|
|
|
||
|
2.72%, 01/12/2032
|
|
|
$3,356,000
|
|
|
$3,036,211
|
|
4.81%, 02/13/2033
|
|
|
4,950,000
|
|
|
4,964,213
|
|
ConocoPhillips Co.,
4.70%, 01/15/2030
|
|
|
4,370,000
|
|
|
4,411,686
|
|
|
|
|
|
12,412,110
|
||
|
Oil, Gas & Consumable Fuels - 3.1%
|
|
|
|
|
||
|
TotalEnergies Capital USA LLC, 4.57%, 01/13/2033
|
|
|
6,500,000
|
|
|
6,427,782
|
|
Williams Cos., Inc.,
3.75%, 06/15/2027
|
|
|
3,463,000
|
|
|
3,439,959
|
|
|
|
|
|
9,867,741
|
||
|
Semiconductors & Semiconductor Equipment - 1.3%
|
|
|
|
|
||
|
Intel Corp., 3.75%, 03/25/2027
|
|
|
4,375,000
|
|
|
4,357,933
|
|
Specialty Retail - 2.8%
|
|
|
|
|
||
|
Lowe's Cos., Inc.,
3.75%, 04/01/2032
|
|
|
9,450,000
|
|
|
8,975,249
|
|
Telecommunications - 6.3%
|
|
|
|
|
||
|
British Telecommunications PLC, 9.63%, 12/15/2030(b)
|
|
|
7,500,000
|
|
|
8,942,901
|
|
Deutsche Telekom International Finance BV, 8.75%, 06/15/2030(b)
|
|
|
5,500,000
|
|
|
6,303,384
|
|
T-Mobile USA, Inc.,
3.88%, 04/15/2030
|
|
|
5,400,000
|
|
|
5,257,874
|
|
|
|
|
|
20,504,159
|
||
|
TOTAL CORPORATE BONDS
(Cost $170,609,836)
|
|
|
|
|
170,442,053
|
|
|
U.S. TREASURY SECURITIES - 37.5%
|
|
|
||||
|
United States Treasury Note/Bond
|
|
|
|
|
||
|
4.13%, 11/15/2027
|
|
|
13,750,000
|
|
|
13,799,414
|
|
4.25%, 01/15/2028
|
|
|
10,000,000
|
|
|
10,058,984
|
|
4.13%, 07/31/2028
|
|
|
12,800,000
|
|
|
12,863,000
|
|
3.50%, 03/15/2029
|
|
|
12,000,000
|
|
|
11,867,813
|
|
3.63%, 08/31/2029
|
|
|
5,066,000
|
|
|
5,015,934
|
|
4.63%, 09/30/2030
|
|
|
3,616,000
|
|
|
3,706,117
|
|
4.25%, 02/28/2031
|
|
|
2,516,000
|
|
|
2,540,177
|
|
3.63%, 09/30/2031
|
|
|
12,050,000
|
|
|
11,788,289
|
|
4.00%, 06/30/2032
|
|
|
9,000,000
|
|
|
8,928,633
|
|
4.13%, 11/15/2032
|
|
|
9,045,000
|
|
|
9,015,674
|
|
4.50%, 11/15/2033
|
|
|
9,479,000
|
|
|
9,631,923
|
|
4.25%, 11/15/2034
|
|
|
13,800,000
|
|
|
13,731,000
|
|
4.63%, 02/15/2035
|
|
|
9,000,000
|
|
|
9,189,141
|
|
TOTAL U.S. TREASURY SECURITIES
(Cost $122,332,788)
|
|
|
|
|
122,136,099
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
1
|
|
|
TABLE OF CONTENTS
CONGRESS INTERMEDIATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
COLLATERALIZED MORTGAGE OBLIGATIONS - 9.5%
|
|
|
|
|
||
|
Federal National Mortgage Association, Series 2024-34, Class AC, 5.50%, 12/25/2050
|
|
|
$29,466,965
|
|
|
$29,624,256
|
|
Government National Mortgage Association, D Series 2024-61, Class D, 5.75%, 08/20/2047
|
|
|
1,418,757
|
|
|
1,419,142
|
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $30,992,925)
|
|
|
|
|
31,043,398
|
|
|
ASSET-BACKED SECURITIES - 3.7%
|
|
|
||||
|
Ford Credit Auto Owner Trust, Series 2023-A, Class A3, 4.65%, 02/15/2028
|
|
|
442,308
|
|
|
443,092
|
|
GM Financial Leasing Trust, Series 2024-2, Class A4, 5.36%, 05/22/2028
|
|
|
4,500,000
|
|
|
4,520,652
|
|
Honda Auto Receivables Owner Trust, Series 2023-2, Class A3, 4.93%, 11/15/2027
|
|
|
1,456,037
|
|
|
1,460,198
|
|
Mercedes-Benz Auto Lease Trust, Series 2025-B, Class A2A, 3.86%, 03/15/2028
|
|
|
3,549,000
|
|
|
3,544,300
|
|
World Omni Auto Trust, Series 2025-B, Class A2A, 4.38%, 08/15/2028
|
|
|
1,911,099
|
|
|
1,913,093
|
|
TOTAL ASSET-BACKED SECURITIES
(Cost $11,890,634)
|
|
|
|
|
11,881,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
||
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
MONEY MARKET FUNDS - 4.9%
|
|
|
|
|
||
|
First American Treasury Obligations Fund - Class X, 3.59%(c)
|
|
|
16,025,229
|
|
|
16,025,229
|
|
TOTAL MONEY MARKET FUNDS
(Cost $16,025,229)
|
|
|
|
|
16,025,229
|
|
|
TOTAL INVESTMENTS - 108.0%
(Cost $351,851,412)
|
|
|
|
|
$351,528,114
|
|
|
Liabilities in Excess of Other
Assets - (8.0)%
|
|
|
|
|
(26,098,092)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$325,430,022
|
|
|
|
|
|
|
|
|
|
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate
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)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2026, the value of these securities total $23,861,769 or 7.3% of the Fund's net assets.
|
|
(b)
|
Step coupon bond. The rate disclosed is as of April 30, 2026.
|
|
(c)
|
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 LARGE CAP GROWTH ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 96.0%
|
|
|
|
|
||
|
Aerospace & Defense - 3.2%
|
|
|
|
|
||
|
Howmet Aerospace, Inc.
|
|
|
49,161
|
|
|
$11,948,089
|
|
Biotechnology - 1.3%
|
|
|
|
|
||
|
Alnylam Pharmaceuticals, Inc.(a)
|
|
|
15,591
|
|
|
4,825,259
|
|
Broadline Retail - 3.2%
|
|
|
|
|
||
|
Amazon.com, Inc.(a)
|
|
|
45,214
|
|
|
11,984,423
|
|
Capital Markets - 6.0%
|
|
|
|
|
||
|
Goldman Sachs Group, Inc.
|
|
|
9,727
|
|
|
8,985,511
|
|
Interactive Brokers Group, Inc. - Class A
|
|
|
92,982
|
|
|
7,392,069
|
|
Moody's Corp.
|
|
|
13,468
|
|
|
6,220,196
|
|
|
|
|
|
22,597,776
|
||
|
Chemicals - 2.1%
|
|
|
|
|
||
|
Ecolab, Inc.
|
|
|
30,173
|
|
|
7,863,084
|
|
Communications Equipment - 4.7%
|
|
|
|
|
||
|
Arista Networks, Inc.(a)
|
|
|
101,451
|
|
|
17,521,602
|
|
Consumer Staples Distribution & Retail - 2.6%
|
|
|
|
|
||
|
Costco Wholesale Corp.
|
|
|
9,443
|
|
|
9,580,207
|
|
Electrical Equipment - 7.3%
|
|
|
|
|
||
|
Eaton Corp. PLC
|
|
|
29,360
|
|
|
12,713,173
|
|
GE Vernova, Inc.
|
|
|
13,565
|
|
|
14,697,135
|
|
|
|
|
|
27,410,308
|
||
|
Electronic Equipment, Instruments & Components - 2.0%
|
|
|
|
|
||
|
Amphenol Corp. - Class A
|
|
|
50,245
|
|
|
7,399,581
|
|
Entertainment - 1.8%
|
|
|
|
|
||
|
TKO Group Holdings, Inc.
|
|
|
36,187
|
|
|
6,734,039
|
|
Financial Services - 2.5%
|
|
|
|
|
||
|
Visa, Inc. - Class A
|
|
|
27,898
|
|
|
9,201,876
|
|
Ground Transportation - 1.7%
|
|
|
|
|
||
|
Uber Technologies, Inc.(a)
|
|
|
84,309
|
|
|
6,290,294
|
|
Health Care Equipment & Supplies - 3.4%
|
|
|
||||
|
IDEXX Laboratories, Inc.(a)
|
|
|
8,790
|
|
|
4,929,432
|
|
Intuitive Surgical, Inc.(a)
|
|
|
17,316
|
|
|
7,923,975
|
|
|
|
|
|
12,853,407
|
||
|
Hotels, Restaurants & Leisure - 2.1%
|
|
|
||||
|
Hilton Worldwide Holdings, Inc.
|
|
|
24,721
|
|
|
8,011,334
|
|
Interactive Media & Services - 7.7%
|
|
|
|
|
||
|
Alphabet, Inc. - Class A
|
|
|
48,737
|
|
|
18,753,998
|
|
Meta Platforms, Inc. - Class A
|
|
|
16,728
|
|
|
10,236,030
|
|
|
|
|
|
28,990,028
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
IT Services - 3.7%
|
|
|
|
|
||
|
MongoDB, Inc.(a)
|
|
|
29,362
|
|
|
$7,364,871
|
|
Shopify, Inc. - Class A(a)
|
|
|
55,355
|
|
|
6,705,151
|
|
|
|
|
|
14,070,022
|
||
|
Life Sciences Tools & Services - 1.9%
|
|
|
|
|
||
|
Thermo Fisher Scientific, Inc.
|
|
|
14,749
|
|
|
7,064,181
|
|
Machinery - 2.1%
|
|
|
|
|
||
|
Parker-Hannifin Corp.
|
|
|
8,802
|
|
|
8,004,715
|
|
Oil, Gas & Consumable Fuels - 2.4%
|
|
|
|
|
||
|
Williams Cos., Inc.
|
|
|
117,684
|
|
|
8,980,466
|
|
Pharmaceuticals - 1.5%
|
|
|
|
|
||
|
Eli Lilly & Co.
|
|
|
6,210
|
|
|
5,803,866
|
|
Semiconductors & Semiconductor Equipment - 14.9%
|
|
|
|
|
||
|
ARM Holdings PLC - ADR(a)
|
|
|
29,020
|
|
|
6,103,486
|
|
ASML Holding NV
|
|
|
5,135
|
|
|
7,389,214
|
|
Broadcom, Inc.
|
|
|
41,778
|
|
|
17,439,391
|
|
NVIDIA Corp.
|
|
|
124,337
|
|
|
24,813,935
|
|
|
|
|
|
55,746,026
|
||
|
Software - 7.4%
|
|
|
|
|
||
|
Microsoft Corp.
|
|
|
45,987
|
|
|
18,752,579
|
|
Palantir Technologies, Inc. - Class A(a)
|
|
|
31,857
|
|
|
4,431,627
|
|
ServiceNow, Inc.(a)
|
|
|
52,910
|
|
|
4,672,482
|
|
|
|
|
|
27,856,688
|
||
|
Specialty Retail - 5.1%
|
|
|
|
|
||
|
O'Reilly Automotive, Inc.(a)
|
|
|
80,286
|
|
|
7,980,428
|
|
TJX Cos., Inc.
|
|
|
71,440
|
|
|
11,198,220
|
|
|
|
|
|
19,178,648
|
||
|
Technology Hardware, Storage & Peripherals - 5.4%
|
|
|
|
|
||
|
Apple, Inc.
|
|
|
74,616
|
|
|
20,247,052
|
|
TOTAL COMMON STOCKS
(Cost $283,754,351)
|
|
|
|
|
360,162,971
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 2.6%
|
|
|
|
|
||
|
Health Care REITs - 2.6%
|
|
|
|
|
||
|
Welltower, Inc.
|
|
|
44,351
|
|
|
9,639,247
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $7,409,958)
|
|
|
|
|
9,639,247
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
3
|
|
|
TABLE OF CONTENTS
CONGRESS LARGE CAP GROWTH ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
MONEY MARKET FUNDS - 1.4%
|
|
|
|
|
||
|
First American Treasury Obligations Fund - Class X, 3.59%(b)
|
|
|
5,408,785
|
|
|
$5,408,785
|
|
TOTAL MONEY MARKET FUNDS
(Cost $5,408,785)
|
|
|
|
|
5,408,785
|
|
|
TOTAL INVESTMENTS - 100.0%
(Cost $296,573,094)
|
|
|
|
|
$375,211,003
|
|
|
Liabilities in Excess of Other
Assets - (0.0)%(c)
|
|
|
|
|
(186,602)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$375,024,401
|
|
|
|
|
|
|
|
|
|
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.
|
|
(c)
|
Represents less than 0.05% of net assets.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
4
|
|
|
TABLE OF CONTENTS
CONGRESS SMID GROWTH ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 97.0%
|
|
|
|
|
||
|
Aerospace & Defense - 9.5%
|
|
|
|
|
||
|
Carpenter Technology Corp.
|
|
|
30,263
|
|
|
$12,958,616
|
|
Curtiss-Wright Corp.
|
|
|
26,284
|
|
|
18,929,737
|
|
Karman Holdings, Inc.(a)
|
|
|
136,349
|
|
|
9,269,005
|
|
|
|
|
|
41,157,358
|
||
|
Beverages - 1.6%
|
|
|
|
|
||
|
Celsius Holdings, Inc.(a)
|
|
|
210,082
|
|
|
7,052,453
|
|
Biotechnology - 2.3%
|
|
|
|
|
||
|
Halozyme Therapeutics, Inc.(a)
|
|
|
156,567
|
|
|
9,967,055
|
|
Broadline Retail - 1.7%
|
|
|
|
|
||
|
Ollie's Bargain Outlet Holdings,
Inc.(a)
|
|
|
84,805
|
|
|
7,336,481
|
|
Capital Markets - 1.9%
|
|
|
|
|
||
|
PJT Partners, Inc. - Class A
|
|
|
52,554
|
|
|
8,027,098
|
|
Chemicals - 2.3%
|
|
|
|
|
||
|
Hawkins, Inc.
|
|
|
59,752
|
|
|
10,005,472
|
|
Construction & Engineering - 12.8%
|
|
|
|
|
||
|
Comfort Systems USA, Inc.
|
|
|
10,381
|
|
|
19,103,635
|
|
Sterling Infrastructure, Inc.(a)
|
|
|
38,977
|
|
|
20,097,321
|
|
Valmont Industries, Inc.
|
|
|
32,392
|
|
|
16,456,432
|
|
|
|
|
|
55,657,388
|
||
|
Consumer Staples Distribution & Retail - 2.8%
|
|
|
|
|
||
|
BJ's Wholesale Club Holdings, Inc.(a)
|
|
|
128,951
|
|
|
12,107,209
|
|
Containers & Packaging - 1.4%
|
|
|
|
|
||
|
Avery Dennison Corp.
|
|
|
36,291
|
|
|
5,949,184
|
|
Electrical Equipment - 4.7%
|
|
|
|
|
||
|
nVent Electric PLC
|
|
|
143,864
|
|
|
20,558,166
|
|
Electronic Equipment, Instruments & Components - 6.8%
|
|
|
|
|
||
|
Badger Meter, Inc.
|
|
|
39,174
|
|
|
4,736,528
|
|
CDW Corp.
|
|
|
44,428
|
|
|
6,082,638
|
|
Mirion Technologies, Inc.(a)
|
|
|
414,324
|
|
|
8,182,899
|
|
Novanta, Inc.(a)
|
|
|
79,527
|
|
|
10,301,132
|
|
|
|
|
|
29,303,197
|
||
|
Financial Services - 1.7%
|
|
|
|
|
||
|
Affirm Holdings, Inc.(a)
|
|
|
112,003
|
|
|
7,199,553
|
|
Health Care Equipment & Supplies - 12.0%
|
|
|
||||
|
Cooper Cos., Inc.(a)
|
|
|
85,861
|
|
|
5,400,657
|
|
Insulet Corp.(a)
|
|
|
38,048
|
|
|
6,549,583
|
|
Penumbra, Inc.(a)
|
|
|
36,963
|
|
|
12,067,680
|
|
STERIS PLC
|
|
|
45,152
|
|
|
9,792,566
|
|
TransMedics Group, Inc.(a)
|
|
|
94,312
|
|
|
9,505,706
|
|
UFP Technologies, Inc.(a)
|
|
|
46,421
|
|
|
8,895,656
|
|
|
|
|
|
52,211,848
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Hotels, Restaurants & Leisure - 1.7%
|
|
|
||||
|
Dutch Bros, Inc. - Class A(a)
|
|
|
126,514
|
|
|
$7,275,820
|
|
Insurance - 1.1%
|
|
|
|
|
||
|
Kinsale Capital Group, Inc.
|
|
|
15,132
|
|
|
4,896,867
|
|
Life Sciences Tools & Services - 4.0%
|
|
|
|
|
||
|
Medpace Holdings, Inc.(a)
|
|
|
21,682
|
|
|
9,077,386
|
|
Repligen Corp.(a)
|
|
|
69,834
|
|
|
8,262,061
|
|
|
|
|
|
17,339,447
|
||
|
Machinery - 2.3%
|
|
|
|
|
||
|
Lincoln Electric Holdings, Inc.
|
|
|
36,937
|
|
|
9,788,305
|
|
Oil, Gas & Consumable Fuels - 2.4%
|
|
|
|
|
||
|
Range Resources Corp.
|
|
|
239,413
|
|
|
10,414,465
|
|
Personal Care Products - 1.6%
|
|
|
|
|
||
|
elf Beauty, Inc.(a)
|
|
|
110,403
|
|
|
7,062,480
|
|
Pharmaceuticals - 2.2%
|
|
|
|
|
||
|
Prestige Consumer Healthcare, Inc.(a)
|
|
|
170,357
|
|
|
9,594,506
|
|
Professional Services - 1.5%
|
|
|
|
|
||
|
ExlService Holdings, Inc.(a)
|
|
|
198,432
|
|
|
6,326,012
|
|
Semiconductors & Semiconductor Equipment - 7.2%
|
|
|
|
|
||
|
Credo Technology Group Holding Ltd.(a)
|
|
|
27,474
|
|
|
4,780,751
|
|
Entegris, Inc.
|
|
|
77,598
|
|
|
10,970,805
|
|
Rambus, Inc.(a)
|
|
|
134,287
|
|
|
15,457,777
|
|
|
|
|
|
31,209,333
|
||
|
Software - 5.7%
|
|
|
|
|
||
|
Commvault Systems, Inc.(a)
|
|
|
50,095
|
|
|
4,953,394
|
|
PTC, Inc.(a)
|
|
|
63,412
|
|
|
8,643,056
|
|
Rubrik, Inc. - Class A(a)
|
|
|
208,436
|
|
|
11,084,626
|
|
|
|
|
|
24,681,076
|
||
|
Specialty Retail - 5.8%
|
|
|
|
|
||
|
Boot Barn Holdings, Inc.(a)
|
|
|
59,828
|
|
|
10,257,510
|
|
Floor & Decor Holdings, Inc. - Class A(a)
|
|
|
153,475
|
|
|
7,428,190
|
|
Tractor Supply Co.
|
|
|
216,528
|
|
|
7,600,133
|
|
|
|
|
|
25,285,833
|
||
|
TOTAL COMMON STOCKS
(Cost $393,831,568)
|
|
|
|
|
420,406,606
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 1.6%
|
|
|
|
|
||
|
Industrial REITs - 1.6%
|
|
|
|
|
||
|
Terreno Realty Corp.
|
|
|
108,610
|
|
|
7,081,372
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $6,622,843)
|
|
|
|
|
7,081,372
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
5
|
|
|
TABLE OF CONTENTS
CONGRESS SMID GROWTH ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
MONEY MARKET FUNDS - 1.4%
|
|
|
|
|
||
|
First American Treasury Obligations Fund - Class X, 3.59%(b)
|
|
|
5,952,797
|
|
|
$5,952,797
|
|
TOTAL MONEY MARKET FUNDS
(Cost $5,952,797)
|
|
|
|
|
5,952,797
|
|
|
TOTAL INVESTMENTS - 100.0%
(Cost $406,407,208)
|
|
|
|
|
$433,440,775
|
|
|
Liabilities in Excess of Other
Assets - (0.0)%(c)
|
|
|
|
|
(177,664)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$433,263,111
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
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.
|
|
(c)
|
Represents less than 0.05% of net assets.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
6
|
|
|
TABLE OF CONTENTS
CONGRESS ETFs
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Congress
Intermediate
Bond ETF
|
|
|
Congress
Large Cap
Growth ETF
|
|
|
Congress
SMid Growth
ETF
|
|
|
ASSETS:
|
|
|
|
|
|
|
|||
|
Investments, at value
|
|
|
$351,528,114
|
|
|
$375,211,003
|
|
|
$433,440,775
|
|
Interest receivable
|
|
|
3,661,670
|
|
|
-
|
|
|
-
|
|
Dividends receivable
|
|
|
12,529
|
|
|
26,167
|
|
|
69,747
|
|
Receivable for investments sold
|
|
|
-
|
|
|
759,081
|
|
|
-
|
|
Receivable for fund shares sold
|
|
|
-
|
|
|
771,194
|
|
|
948,258
|
|
Cash
|
|
|
20,100
|
|
|
-
|
|
|
2,847,791
|
|
Total assets
|
|
|
355,222,413
|
|
|
376,767,445
|
|
|
437,306,571
|
|
LIABILITIES:
|
|
|
|
|
|
|
|||
|
Payable to custodian
|
|
|
-
|
|
|
770,837
|
|
|
-
|
|
Payable to Adviser
|
|
|
94,729
|
|
|
192,531
|
|
|
240,188
|
|
Payable for investments purchased
|
|
|
29,697,662
|
|
|
-
|
|
|
10,240
|
|
Payable for fund shares redeemed
|
|
|
-
|
|
|
779,676
|
|
|
3,793,032
|
|
Total liabilities
|
|
|
29,792,391
|
|
|
1,743,044
|
|
|
4,043,460
|
|
Commitments and contingencies (Note 3)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
NET ASSETS
|
|
|
$325,430,022
|
|
|
$375,024,401
|
|
|
$433,263,111
|
|
Net Assets Consist of:
|
|
|
|
|
|
|
|||
|
Paid-in capital
|
|
|
$325,082,181
|
|
|
$304,329,129
|
|
|
$395,659,300
|
|
Total distributable earnings
|
|
|
347,841
|
|
|
70,695,272
|
|
|
37,603,811
|
|
Total net assets
|
|
|
$325,430,022
|
|
|
$375,024,401
|
|
|
$433,263,111
|
|
Net assets
|
|
|
$325,430,022
|
|
|
$375,024,401
|
|
|
$433,263,111
|
|
Shares issued and outstanding (unlimited shares authorized without par value)
|
|
|
13,140,000
|
|
|
9,620,000
|
|
|
13,360,000
|
|
Net asset value per share
|
|
|
$24.77
|
|
|
$38.98
|
|
|
$32.43
|
|
Cost:
|
|
|
|
|
|
|
|||
|
Investments, at cost
|
|
|
$351,851,412
|
|
|
$296,573,094
|
|
|
$406,407,208
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
7
|
|
|
TABLE OF CONTENTS
CONGRESS ETFs
STATEMENTS OF OPERATIONS
For the Period Ended April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Congress
Intermediate
Bond ETF
|
|
|
Congress
Large Cap
Growth ETF
|
|
|
Congress
SMid Growth
ETF
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
|
|
|||
|
Dividend income
|
|
|
$127,891
|
|
|
$950,484
|
|
|
$997,134
|
|
Less: dividend withholding taxes
|
|
|
-
|
|
|
(3,807)
|
|
|
-
|
|
Interest income
|
|
|
7,429,856
|
|
|
-
|
|
|
-
|
|
Total investment income
|
|
|
7,557,747
|
|
|
946,677
|
|
|
997,134
|
|
EXPENSES:
|
|
|
|
|
|
|
|||
|
Investment advisory fee
|
|
|
616,489
|
|
|
1,096,253
|
|
|
1,439,389
|
|
Total expenses
|
|
|
616,489
|
|
|
1,096,253
|
|
|
1,439,389
|
|
Net investment income/(loss)
|
|
|
6,941,258
|
|
|
(149,576)
|
|
|
(442,255)
|
|
REALIZED AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|||
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|||
|
Investments
|
|
|
250,121
|
|
|
(3,052,555)
|
|
|
(13,158,870)
|
|
In-kind redemptions
|
|
|
796,609
|
|
|
1,559,983
|
|
|
28,200,482
|
|
Net realized gain (loss)
|
|
|
1,046,730
|
|
|
(1,492,572)
|
|
|
15,041,612
|
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|||
|
Investments
|
|
|
(4,416,042)
|
|
|
(1,667,353)
|
|
|
(24,467,939)
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
(4,416,042)
|
|
|
(1,667,353)
|
|
|
(24,467,939)
|
|
Net realized and unrealized gain (loss)
|
|
|
(3,369,312)
|
|
|
(3,159,925)
|
|
|
(9,426,327)
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
$3,571,946
|
|
|
$(3,309,501)
|
|
|
$(9,868,582)
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
8
|
|
|
TABLE OF CONTENTS
CONGRESS ETFs
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
||||||
|
|
|
Congress Intermediate
Bond ETF
|
|
|
Congress Large Cap
Growth ETF
|
|||||||
|
|
|
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)
|
|
|
$6,941,258
|
|
|
$10,718,266
|
|
|
$(149,576)
|
|
|
$(84,181)
|
|
Net realized gain (loss)
|
|
|
1,046,730
|
|
|
(274,667)
|
|
|
(1,492,572)
|
|
|
6,056,490
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
(4,416,042)
|
|
|
5,654,455
|
|
|
(1,667,353)
|
|
|
49,460,621
|
|
Net increase (decrease) in net assets from operations
|
|
|
3,571,946
|
|
|
16,098,054
|
|
|
(3,309,501)
|
|
|
55,432,930
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
||||
|
From earnings
|
|
|
(6,974,864)
|
|
|
(10,704,002)
|
|
|
(3,041)
|
|
|
(154,184)
|
|
Total distributions to shareholders
|
|
|
(6,974,864)
|
|
|
(10,704,002)
|
|
|
(3,041)
|
|
|
(154,184)
|
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
|
|
|
|
||||
|
Shares sold
|
|
|
20,787,689
|
|
|
270,965,027
|
|
|
40,281,240
|
|
|
66,922,293
|
|
Shares redeemed
|
|
|
(51,328,530)
|
|
|
(3,003,084)
|
|
|
(4,807,639)
|
|
|
(27,785,626)
|
|
ETF transaction fees
|
|
|
4,825
|
|
|
28,813
|
|
|
346
|
|
|
1,896
|
|
Net increase (decrease) in net assets from capital transactions
|
|
|
(30,536,016)
|
|
|
267,990,756
|
|
|
35,473,947
|
|
|
39,138,563
|
|
Net increase (decrease) in net assets
|
|
|
(33,938,934)
|
|
|
273,384,808
|
|
|
32,161,405
|
|
|
94,417,309
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
||||
|
Beginning of the period
|
|
|
359,368,956
|
|
|
85,984,148
|
|
|
342,862,996
|
|
|
248,445,687
|
|
End of the period
|
|
|
$325,430,022
|
|
|
$359,368,956
|
|
|
$375,024,401
|
|
|
$342,862,996
|
|
SHARES TRANSACTIONS
|
|
|
|
|
|
|
|
|
||||
|
Shares sold
|
|
|
830,000
|
|
|
10,980,000
|
|
|
1,100,000
|
|
|
1,910,000
|
|
Shares redeemed
|
|
|
(2,050,000)
|
|
|
(120,000)
|
|
|
(130,000)
|
|
|
(770,000)
|
|
Total increase (decrease) in shares outstanding
|
|
|
(1,220,000)
|
|
|
10,860,000
|
|
|
970,000
|
|
|
1,140,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
9
|
|
|
TABLE OF CONTENTS
CONGRESS ETFs
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
|
|
|
|
|
|||
|
|
|
Congress SMid Growth ETF
|
||||
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended
October 31,
2025
|
|
|
OPERATIONS:
|
|
|
|
|
||
|
Net investment income (loss)
|
|
|
$(442,255)
|
|
|
$(367,447)
|
|
Net realized gain (loss)
|
|
|
15,041,612
|
|
|
1,648,999
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
(24,467,939)
|
|
|
39,562,071
|
|
Net increase (decrease) in net assets from operations
|
|
|
(9,868,582)
|
|
|
40,843,623
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
||
|
From earnings
|
|
|
-
|
|
|
(1,274)
|
|
Total distributions to shareholders
|
|
|
-
|
|
|
(1,274)
|
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
||
|
Shares sold
|
|
|
130,156,196
|
|
|
168,368,834
|
|
Shares redeemed
|
|
|
(74,112,825)
|
|
|
(18,568,488)
|
|
Net increase (decrease) in net assets from capital transactions
|
|
|
56,043,371
|
|
|
149,800,346
|
|
Net increase (decrease) in net assets
|
|
|
46,174,789
|
|
|
190,642,695
|
|
NET ASSETS:
|
|
|
|
|
||
|
Beginning of the period
|
|
|
387,088,322
|
|
|
196,445,627
|
|
End of the period
|
|
|
$433,263,111
|
|
|
$387,088,322
|
|
SHARES TRANSACTIONS
|
|
|
|
|
||
|
Shares sold
|
|
|
3,990,000
|
|
|
5,560,000
|
|
Shares redeemed
|
|
|
(2,340,000)
|
|
|
(630,000)
|
|
Total increase (decrease) in shares outstanding
|
|
|
1,650,000
|
|
|
4,930,000
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
10
|
|
|
TABLE OF CONTENTS
CONGRESS INTERMEDIATE BOND ETF
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended
October 31,
2025
|
|
|
Period Ended
October 31,
2024(a)
|
|
|
PER SHARE DATA:
|
|
|
|
|
|
|
|||
|
Net asset value, beginning of period
|
|
|
$25.03
|
|
|
$24.57
|
|
|
$25.00
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|||
|
Net investment income(b)
|
|
|
0.49
|
|
|
0.99
|
|
|
0.14
|
|
Net realized and unrealized gain (loss) on investments(c)
|
|
|
(0.26)
|
|
|
0.43
|
|
|
(0.49)
|
|
Total from investment operations
|
|
|
0.23
|
|
|
1.42
|
|
|
(0.35)
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|||
|
Net investment income
|
|
|
(0.49)
|
|
|
(0.96)
|
|
|
(0.08)
|
|
Total distributions
|
|
|
(0.49)
|
|
|
(0.96)
|
|
|
(0.08)
|
|
ETF transaction fees per share
|
|
|
0.00(d)
|
|
|
0.00(d)
|
|
|
0.00(d)
|
|
Net asset value, end of period
|
|
|
$24.77
|
|
|
$25.03
|
|
|
$24.57
|
|
Total return(e)
|
|
|
0.94%
|
|
|
5.88%
|
|
|
(1.40)%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|||
|
Net assets, end of period (in thousands)
|
|
|
$325,430
|
|
|
$359,369
|
|
|
$85,984
|
|
Ratio of expenses to average net assets(f)
|
|
|
0.35%
|
|
|
0.35%
|
|
|
0.35%
|
|
Ratio of net investment income (loss) to average net assets(f)
|
|
|
3.94%
|
|
|
4.00%
|
|
|
3.84%
|
|
Portfolio turnover rate(e)(g)
|
|
|
36%
|
|
|
50%
|
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was September 9, 2024.
|
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(c)
|
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.
|
|
(d)
|
Amount represents less than $0.005 per share.
|
|
(e)
|
Not annualized for periods less than one year.
|
|
(f)
|
Annualized for periods less than one year.
|
|
(g)
|
Portfolio turnover rate excludes in-kind transactions.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
11
|
|
|
TABLE OF CONTENTS
CONGRESS LARGE CAP GROWTH ETF
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended October 31,
|
|
|
Period Ended
October 31,
2023(a)
|
||||
|
|
2025
|
|
|
2024
|
|
|||||||
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
||||
|
Net asset value, beginning of period
|
|
|
$39.64
|
|
|
$33.08
|
|
|
$24.26
|
|
|
$25.00
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
||||
|
Net investment income (loss)(b)
|
|
|
(0.02)
|
|
|
(0.01)
|
|
|
0.04
|
|
|
0.01
|
|
Net realized and unrealized gain (loss) on investments(c)
|
|
|
(0.64)
|
|
|
6.59
|
|
|
8.82
|
|
|
(0.75)
|
|
Total from investment operations
|
|
|
(0.66)
|
|
|
6.58
|
|
|
8.86
|
|
|
(0.74)
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
||||
|
Net investment income
|
|
|
0.00(d)
|
|
|
(0.02)
|
|
|
(0.04)
|
|
|
-
|
|
Total distributions
|
|
|
0.00(d)
|
|
|
(0.02)
|
|
|
(0.04)
|
|
|
-
|
|
ETF transaction fees per share
|
|
|
0.00(d)
|
|
|
0.00(d)
|
|
|
0.00(d)
|
|
|
-
|
|
Net asset value, end of period
|
|
|
$38.98
|
|
|
$39.64
|
|
|
$33.08
|
|
|
$24.26
|
|
Total return(e)
|
|
|
(1.65)%
|
|
|
19.88%
|
|
|
36.55%
|
|
|
(2.95)%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
||||
|
Net assets, end of period (in thousands)
|
|
|
$375,024
|
|
|
$342,863
|
|
|
$248,446
|
|
|
$13,102
|
|
Ratio of expenses to average net assets(f)
|
|
|
0.65%
|
|
|
0.65%
|
|
|
0.65%
|
|
|
0.65%
|
|
Ratio of net investment income (loss) to average net assets(f)
|
|
|
(0.09)%
|
|
|
(0.03)%
|
|
|
0.12%
|
|
|
0.20%
|
|
Portfolio turnover rate(e)(g)
|
|
|
21%
|
|
|
25%
|
|
|
33%
|
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was August 21, 2023.
|
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(c)
|
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.
|
|
(d)
|
Amount represents less than $0.005 per share.
|
|
(e)
|
Not annualized for periods less than one year.
|
|
(f)
|
Annualized for periods less than one year.
|
|
(g)
|
Portfolio turnover rate excludes in-kind transactions.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
12
|
|
|
TABLE OF CONTENTS
CONGRESS SMID GROWTH ETF
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Period Ended
April 30, 2026
(Unaudited)
|
|
|
Year Ended October 31,
|
|
|
Period Ended
October 31,
2023(a)
|
||||
|
|
2025
|
|
|
2024
|
|
|||||||
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
||||
|
Net asset value, beginning of period
|
|
|
$33.06
|
|
|
$28.97
|
|
|
$22.68
|
|
|
$25.00
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
||||
|
Net investment loss(b)
|
|
|
(0.03)
|
|
|
(0.04)
|
|
|
(0.03)
|
|
|
-
|
|
Net realized and unrealized gain (loss) on investments(c)
|
|
|
(0.60)
|
|
|
4.13
|
|
|
6.33
|
|
|
(2.32)
|
|
Total from investment operations
|
|
|
(0.63)
|
|
|
4.09
|
|
|
6.30
|
|
|
(2.32)
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
||||
|
Net investment income
|
|
|
-
|
|
|
0.00(d)
|
|
|
(0.01)
|
|
|
-
|
|
Total distributions
|
|
|
-
|
|
|
0.00(d)
|
|
|
(0.01)
|
|
|
-
|
|
Net asset value, end of period
|
|
|
$32.43
|
|
|
$33.06
|
|
|
$28.97
|
|
|
$22.68
|
|
Total return(e)
|
|
|
(1.89)%
|
|
|
14.09%
|
|
|
27.78%
|
|
|
(9.28)%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
||||
|
Net assets, end of period (in thousands)
|
|
|
$433,263
|
|
|
$387,088
|
|
|
$196,446
|
|
|
$11,339
|
|
Ratio of expenses to average net assets(f)
|
|
|
0.68%
|
|
|
0.68%
|
|
|
0.68%
|
|
|
0.68%
|
|
Ratio of net investment income (loss) to average net assets(f)
|
|
|
(0.21)%
|
|
|
(0.13)%
|
|
|
(0.09)%
|
|
|
0.06%
|
|
Portfolio turnover rate(e)(g)
|
|
|
39%
|
|
|
23%
|
|
|
23%
|
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was August 21, 2023.
|
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(c)
|
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.
|
|
(d)
|
Amount represents less than $0.005 per share.
|
|
(e)
|
Not annualized for periods less than one year.
|
|
(f)
|
Annualized for periods less than one year.
|
|
(g)
|
Portfolio turnover rate excludes in-kind transactions.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
13
|
|
|
TABLE OF CONTENTS
CONGRESS ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (Unaudited)
NOTE 1 - ORGANIZATION
Large Cap Growth ETF, SMid Growth ETF, and Intermediate Bond ETF (the "Funds") are each a diversified series of shares of beneficial interest of Professionally Managed Portfolios (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services - Investment Companies." The Large Cap Growth ETF and SMid Growth ETF commenced operations on August 22, 2023. The Intermediate Bond ETF commenced operations on September 9, 2025.
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 ETF's investment objective is to seek long-term capital growth. SMid Growth ETF's investment objective is to seek long-term capital appreciation. Intermediate Bond ETF's investment objective is to seek maximize total return.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").
|
A.
|
Security Valuation. All equity securities, which may include Real Estate Investment Trusts ("REITs"), Business Development Companies ("BDCs"), and Master Limited Partnerships ("MLPs"), that are traded on U.S. or foreign national securities exchanges are valued at the last reported sale price on the exchange on which the security is principally traded or the exchange's official closing price, if applicable. If, on a particular day, an exchange-traded security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities, which may include REITs, BDCs, and MLPs, that are not traded on a listed exchange are valued at the last sale price in the over the counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid price and asked price will be used.
|
Debt securities are valued by using an evaluated mean of the bid and asked prices provided by an independent pricing service. The independent pricing service may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions.
Securities for which market quotations are not 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.
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.
|
|
|
|
14
|
|
|
TABLE OF CONTENTS
CONGRESS ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (Unaudited)(Continued)
|
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.
Intermediate Bond ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Corporate Bonds
|
|
|
$-
|
|
|
$170,442,053
|
|
|
$-
|
|
|
$170,442,053
|
|
U.S. Treasury Securities
|
|
|
-
|
|
|
122,136,099
|
|
|
-
|
|
|
122,136,099
|
|
Collateralized Mortgage Obligations
|
|
|
-
|
|
|
31,043,398
|
|
|
-
|
|
|
31,043,398
|
|
Asset-Backed Securities
|
|
|
-
|
|
|
11,881,335
|
|
|
-
|
|
|
11,881,335
|
|
Money Market Funds
|
|
|
16,025,229
|
|
|
-
|
|
|
-
|
|
|
16,025,229
|
|
Total Investments in Securities
|
|
|
$16,025,229
|
|
|
$335,502,885
|
|
|
$-
|
|
|
$351,528,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap Growth ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks
|
|
|
$360,162,971
|
|
|
$-
|
|
|
$-
|
|
|
$360,162,971
|
|
Real Estate Investment Trusts
|
|
|
9,639,247
|
|
|
-
|
|
|
-
|
|
|
9,639,247
|
|
Money Market Funds
|
|
|
5,408,785
|
|
|
-
|
|
|
-
|
|
|
5,408,785
|
|
Total Investments in Securities
|
|
|
$375,211,003
|
|
|
$-
|
|
|
$-
|
|
|
$375,211,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SMid Growth ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks
|
|
|
$420,406,606
|
|
|
$-
|
|
|
$-
|
|
|
$420,406,606
|
|
Real Estate Investment Trusts
|
|
|
7,081,372
|
|
|
-
|
|
|
-
|
|
|
7,081,372
|
|
Money Market Funds
|
|
|
5,952,797
|
|
|
-
|
|
|
-
|
|
|
5,952,797
|
|
Total Investments in Securities
|
|
|
$433,440,775
|
|
|
$-
|
|
|
$-
|
|
|
$433,440,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
15
|
|
|
TABLE OF CONTENTS
CONGRESS ETFs
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 each 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 Carryover
|
|
|
Post-October Losses
|
|||||||
|
|
|
Short-term
|
|
|
Long-term
|
|
|
Capital
|
|
|
Ordinary Late
Year Losses
|
|
|
Intermediate Bond ETF
|
|
|
$428,919
|
|
|
$26,476
|
|
|
$ -
|
|
|
$-
|
|
Large Cap Growth ETF
|
|
|
$6,082,340
|
|
|
$-
|
|
|
$-
|
|
|
$142,789
|
|
SMid Growth ETF
|
|
|
$1,278,139
|
|
|
$-
|
|
|
$-
|
|
|
$369,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
16
|
|
|
TABLE OF CONTENTS
CONGRESS ETFs
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.
|
|
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 unitary fee. For each of the Funds, the Advisor is entitled to a monthly unitary fee as compensation for its services at the annual rates, based on the average daily net assets of each Fund, shown in the following table:
|
|
|
|
|
|
|
|
Current
|
|
|
Intermediate Bond ETF
|
|
|
0.35%
|
|
Large Cap Growth ETF
|
|
|
0.65%
|
|
SMid Growth ETF
|
|
|
0.68%
|
|
|
|
|
|
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.
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
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17
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TABLE OF CONTENTS
CONGRESS ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (Unaudited)(Continued)
of the Trust and the Chief Compliance Officer are also employees of Fund Services. For the period ended April 30, 2026, the fees paid by the Advisers to Fund Services were as follows:
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Fees Paid to
Fund Services
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Intermediate Bond ETF
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$66,706
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Large Cap Growth ETF
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64,361
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SMid Growth ETF
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71,989
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Total
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$203,056
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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.
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:
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Fund
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Purchases
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Sales/Maturities
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Purchases
In-Kind
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Sales In-Kind
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Intermediate Bond ETF
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107,289,022
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81,460,279
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16,620,427
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48,926,344
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Large Cap Growth ETF
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64,398,128
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66,199,798
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39,273,160
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4,700,864
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SMid Growth ETF
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92,978,424
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90,179,889
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125,474,906
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71,822,200
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There were no purchases or sales of long-term U.S. Government securities for Large Cap Growth ETF and SMid Growth ETF for the period ended April 30, 2026. There were $9,953,585 of in-kind purchases, $28,147,640 in-kind sales, $20,963,756 purchases, and $44,742,825 sales of long-term U.S. Government securities for Intermediate Bond ETF 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:
Intermediate Bond ETF:
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April 30, 2026
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October 31, 2025
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Distributions paid from:
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Ordinary income
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$6,974,864
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$10,704,002
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Long-term capital gain1
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-
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-
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$6,974,864
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$10,704,002
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Large Cap Growth ETF:
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April 30, 2026
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October 31, 2025
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Distributions paid from:
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Ordinary income
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$3,041
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$154,184
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Long-term capital gain1
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-
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-
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$3,041
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$154,184
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TABLE OF CONTENTS
CONGRESS ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2026 (Unaudited)(Continued)
SMid Growth ETF:
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April 30, 2026
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October 31, 2025
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Distributions paid from:
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Ordinary income
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$-
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$1,274
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Long-term capital gain1
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-
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-
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$-
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$1,274
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1
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Designated as long-term capital gain dividend, pursuant of Internal Revenue Code Section 852(b)(3).
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The components of accumulated earnings (losses) on a tax basis as of the most recent fiscal year ended October 31, 2025 were as follows2:
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Intermediate
Bond ETF
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Large Cap
Growth ETF
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SMid Growth
ETF
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Cost of investments
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$351,880,005
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$262,794,175
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$338,114,435
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Gross tax unrealized appreciation
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4,383,671
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83,643,441
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81,894,706
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Gross tax unrealized depreciation
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(294,379)
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(3,410,498)
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(32,774,646)
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Net unrealized appreciation (depreciation)
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4,089,292
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80,232,943
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49,120,060
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Undistributed ordinary income
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116,862
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-
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-
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Undistributed long-term capital gain
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-
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-
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-
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Total distributable earnings
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116,862
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-
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-
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Other accumulated gains (losses)
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(455,395)
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(6,225,129)
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(1,647,667)
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Total distributable (accumulated) earnings (losses)
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$3,750,759
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$74,007,814
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$47,472,393
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2
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The differences between book and tax basis were primarily due to wash sale and transfer-in-kind adjustments.
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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, if applicable, is paid by the Advisor.
The Intermediate Bond ETF did not have any borrowings outstanding as of or during the period ended April 30, 2026.
NOTE 7 - SHARE TRANSACTIONS
Shares of the Funds are listed on a national securities exchange, NYSE Arca, Inc. (the "Exchange"), and trade throughout the day on the Exchange and other secondary markets at market prices that may differ from NAV. The Funds issue and redeem Shares ("Shares") at net asset value per share ("NAV") only in large blocks of Shares ("Creation Units" or "Creation Unit Aggregations"). Each Creation Units is made up of at least 10,000 Shares, though these amounts may change from time to time. The Funds generally offer and issue Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. Shares are also redeemable only in Creation Unit aggregations, principally for a basket of Deposit Securities together with a Cash Component. As a practical matter, only institutions or large investors (authorized participants) who have entered into agreements with the Trust's distributor, can purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares of the Funds are not redeemable securities.
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19
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TABLE OF CONTENTS
CONGRESS ETFs
ADDITIONAL INFORMATION
April 30, 2026
INFORMATION ABOUT PROXY VOTING
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (888) 688-1299. Furthermore, you can obtain the description on the SEC's website at www.sec.gov.
Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 688-1299. Furthermore, you can obtain this information on the SEC's website at www.sec.gov, and the Fund's website at https://etfs.congressasset.com/.
INFORMATION ABOUT THE PORTFOLIO HOLDINGS
The Funds' quarterly holdings for the most recent fiscal year can be obtained by accessing the Funds' website at https://etfs.congressasset.com/. 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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20
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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.
(a)(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to previous Form N-CSR filing.
(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) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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 | ||
| Criag 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 21:27 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]