Professionally Managed Portfolios N-CSRS Certified semi-annual shareholder report (management investment company)

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)

Jason Hadler

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, 2023

Item 1. Report to Stockholders.

(a)

Congress Large Cap Growth Fund

Congress Mid Cap Growth Fund

Congress Small Cap Growth Fund

SEMI-ANNUAL REPORT

April 30, 2023

CONGRESS FUNDS

TABLE OF CONTENTS

Sector Allocations	1
Schedules of Investments
Congress Large Cap Growth Fund (“Large Cap Growth”)	2
Congress Mid Cap Growth Fund (“Mid Cap Growth”)	4
Congress Small Cap Growth Fund (“Small Cap Growth”)	6
Statements of Assets and Liabilities	8
Statements of Operations	10
Statements of Changes in Net Assets	12
Financial Highlights	18
Notes to Financial Statements	24
Expense Examples	35
Additional Information	38
Statement Regarding Liquidity Risk Management Program	39
Privacy Notice	Inside Back Cover

CONGRESS FUNDS

SECTOR ALLOCATIONS at April 30, 2023 (Unaudited)

Large Cap Growth

Sector	Percent of Net Assets
Information Technology		35.4	%
Consumer Discretionary		13.3	%
Health Care		13.2	%
Consumer Staples		10.1	%
Industrials		8.5	%
Financials		6.1	%
Communication Services		5.1	%
Materials		3.9	%
Energy		3.8	%
Cash 1		0.6	%
Total		100.0	%

Mid Cap Growth

Sector	Percent of Net Assets
Information Technology		25.9	%
Health Care		22.4	%
Consumer Discretionary		21.7	%
Industrials		15.4	%
Consumer Staples		4.8	%
Real Estate		2.5	%
Materials		2.4	%
Communication Services		2.0	%
Financials		2.0	%
Cash 1		0.9	%
Total		100.0	%

Small Cap Growth

Sector	Percent of Net Assets
Industrials		22.6	%
Information Technology		20.0	%
Health Care		18.9	%
Consumer Staples		12.1	%
Consumer Discretionary		10.1	%
Materials		4.4	%
Financials		4.0	%
Communication Services		2.4	%
Energy		2.3	%
Cash 1		3.2	%
Total		100.0	%

¹  Cash Equivalents and Other Assets in Excess of Liabilities.

1

LARGE CAP GROWTH

SCHEDULE OF INVESTMENTS at April 30, 2023 (Unaudited)

Shares			Value
COMMON STOCKS: 99.4%
Aerospace & Defense: 1.5%
	13,450	Northrop Grumman
		Corp.	$	6,204,082
Automobiles: 1.5%
	35,600	Tesla, Inc. 1		5,849,436
Beverages: 2.7%
	56,300	PepsiCo, Inc.		10,747,107
Broadline Retail: 4.1%
	155,600	Amazon.com, Inc. 1		16,408,020
Capital Markets: 1.8%
	21,225	CME Group,
		Inc. – Class A		3,942,968
	10,000	Moody’s Corp.		3,131,200
				7,074,168
Chemicals: 1.9%
	31,575	The Sherwin-
		Williams Co.		7,500,326
Communications
Equipment: 1.3%
	110,896	Ciena Corp. 1		5,105,652
Construction &
Engineering: 1.7%
	41,525	Quanta
		Services, Inc.		7,044,301
Consumer Staples
Distribution: 3.4%
	26,900	Costco Wholesale
		Corp.		13,536,618
Electrical Equipment: 1.7%
	40,000	Eaton Corp PLC		6,684,800
Financial Services: 4.3%
	74,100	Visa, Inc. – Class A		17,245,293
Ground Transportation: 1.6%
	19,700	Old Dominion
		Freight Line, Inc.		6,311,683
Health Care Equipment &
Supplies: 4.9%
	97,556	Abbott
		Laboratories		10,777,011
	29,700	Intuitive
		Surgical, Inc. 1		8,946,234
				19,723,245
Health Care Providers &
Services: 2.6%
	21,400	UnitedHealth
		Group, Inc.		10,530,726
Health Care Technology: 1.0%
	22,114	Veeva Systems,
		Inc. – Class A 1		3,960,175
Hotels, Restaurants &
Leisure: 1.6%
	42,950	Darden
		Restaurants, Inc.		6,525,393
Household Products: 2.5%
	64,600	The Procter &
		Gamble Co.		10,102,148
Interactive Media &
Services: 4.6%
	124,000	Alphabet,
		Inc. – Class A 1		13,310,160
	49,500	Alphabet,
		Inc. – Class C 1		5,356,890
				18,667,050
IT Services: 6.2%
	27,625	Accenture
		PLC – Class A		7,743,011
Machinery: 2.0%
	55,800	Dover Corp.		8,155,728
Media: 0.5%
	30,000	The Trade Desk
		Inc. – Class A 1		1,930,200
Metals & Mining: 2.0%
	217,200	Freeport-McMoRan
		Copper & Gold, Inc.		8,234,052

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

2

LARGE CAP GROWTH

SCHEDULE OF INVESTMENTS at April 30, 2023 (Unaudited) (Continued)

Shares			Value
COMMON STOCKS: 99.4% (Continued)
Oil, Gas &
Consumable Fuels: 3.8%
	34,600	Chevron Corp.	$	5,832,868
	43,700	Pioneer Natural
		Resources Co.		9,506,935
				15,339,803
Personal Care Products: 1.5%
	24,050	Estée Lauder
		Companies, Inc. –
		Class A		5,933,615
Pharmaceuticals: 4.7%
	24,200	Eli Lilly & Co.		9,579,812
	54,200	Zoetis, Inc.		9,527,276
				19,107,088
Semiconductors & Semiconductor
Equipment: 3.8%
	26,000	NVIDIA Corp.		7,214,740
	48,900	NXP
		Semiconductors NV		8,006,886
				15,221,626
Software: 20.6%
	38,200	Adobe, Inc. 1		14,422,792
	26,500	Intuit, Inc.		11,764,675
	96,800	Microsoft Corp.		29,742,768
	9,675	Paycom
		Software, Inc. 1		2,809,330
	20,500	Roper
		Technologies, Inc.		9,322,990
	10,675	ServiceNow, Inc. 1		4,904,308
	27,000	Synopsys, Inc. 1		10,025,640
				82,992,503
Specialty Retail: 6.1%
	45,475	The Home
		Depot, Inc.		13,667,057
	11,700	O’Reilly
		Automotive, Inc. 1		10,732,527
				24,399,584
Technology Hardware,
Storage & Peripherals: 7.8%
	184,000	Apple, Inc.		31,221,120
TOTAL COMMON STOCKS
(Cost $210,939,427)				399,498,553
SHORT-TERM INVESTMENTS: 0.5%
Money Market Funds: 0.5%
	1,944,276	First American
		Treasury
		Obligations Fund –
		Institutional Class,
		4.758% 2		1,944,276
TOTAL SHORT-TERM
INVESTMENTS
(Cost $1,944,276)				1,944,276
TOTAL INVESTMENTS
IN SECURITIES: 99.9%
(Cost $212,883,703)				401,442,829
Other Assets in Excess
of Liabilities: 0.1%				420,064
TOTAL NET
ASSETS: 100.0%			$	401,862,893

1	Non-income producing security.
2	Annualized seven-day effective yield as of April 30, 2023.

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

3

MID CAP GROWTH

SCHEDULE OF INVESTMENTS at April 30, 2023 (Unaudited)

Shares			Value
COMMON STOCKS: 99.1%
Biotechnology: 2.1%
	265,000	Neurocrine
		Biosciences,
		Inc. 1	$	26,775,600
Capital Markets: 2.0%
	275,000	Raymond James
		Financial, Inc.		24,895,750
Commercial Services
& Supplies: 2.8%
	450,000	Copart, Inc. 1		35,572,500
Communications
Equipment: 2.0%
	550,000	Ciena Corp. 1		25,322,000
Construction &
Engineering: 5.2%
	225,000	EMCOR
		Group, Inc.		38,475,000
	600,000	WillScot Mobile
		Mini Holdings
		Corp. 1		27,240,000
				65,715,000
Consumer Staples
Distribution & Retail: 2.1%
	350,000	BJ’s Wholesale
		Club Holdings,
		Inc. 1		26,729,500
Containers & Packaging: 2.4%
	175,000	Avery Dennison
		Corp.		30,534,000
Distributors: 2.5%
	90,000	Pool Corp.		31,618,800
Electronic Equipment,
Instruments & Components: 4.5%
	175,000	Keysight
		Technologies,
		Inc. 1		25,312,000
	75,000	Teledyne
		Technologies,
		Inc. 1		31,080,000
				56,392,000
Entertainment: 2.0%
	200,014	Take-Two
		Interactive
		Software, Inc. 1		24,859,740
Ground Transportation: 2.4%
	100,000	Saia, Inc. 1		29,777,000
Health Care Equipment
& Supplies: 10.7%
	365,000	Hologic, Inc. 1		31,393,650
	150,000	ResMed, Inc.		36,144,000
	165,000	STERIS PLC		31,110,750
	95,010	The Cooper
		Companies, Inc.		36,241,565
				134,889,965
Hotels, Restaurants
& Leisure: 5.5%
	275,000	Choice Hotels
		International, Inc.		35,068,000
	225,000	Darden
		Restaurants, Inc.		34,184,250
				69,252,250
Household Products: 2.7%
	350,000	Church & Dwight
		Co., Inc.		33,992,000
IT Services: 2.4%
	375,000	Akamai
		Technologies,
		Inc. 1		30,738,750
Life Sciences Tools
& Services: 9.6%
	375,000	Bruker Corp.		29,673,750
	135,000	Charles River
		Laboratories
		International, Inc. 1		25,666,200
	20,000	Mettler-Toledo
		International, Inc. 1		29,830,000
	100,000	West
		Pharmaceutical
		Services, Inc.		36,124,000
				121,293,950

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

4

MID CAP GROWTH

SCHEDULE OF INVESTMENTS at April 30, 2023 (Unaudited) (Continued)

Shares			Value
COMMON STOCKS: 99.1% (Continued)
Machinery: 2.5%
	150,000	IDEX Corp.	$	30,948,000
Professional Services: 2.5%
	325,000	Booz Allen
		Hamilton Holding
		Corp.		31,109,000
Residential REITs: 2.5%
	225,000	Sun Communities,
		Inc. – REIT		31,259,250
Semiconductors & Semiconductor
Equipment: 9.6%
	350,000	Diodes, Inc. 1		27,895,000
	400,000	Entegris, Inc.		29,968,000
	65,000	Monolithic Power
		Systems, Inc.		30,028,050
	315,027	Skyworks
		Solutions, Inc.		33,361,359
				121,252,409
Software: 7.4%
	100,023	Paycom
		Software, Inc. 1		29,043,678
	281,451	Qualys, Inc. 1		31,787,076
	225,000	SPS Commerce,
		Inc. 1		33,142,500
				93,973,254
Specialty Retail: 10.7%
	150,000	Asbury Automotive
		Group, Inc. 1		29,019,000
	375,000	Floor & Decor
		Holdings, Inc. –
		Class A 1		37,252,500
	70,000	Ulta Beauty, Inc. 1		38,600,100
	250,000	Williams-
		Sonoma, Inc.		30,260,000
				135,131,600
Textiles, Apparel &
Luxury Goods: 3.0%
	80,000	Deckers Outdoor
		Corp. 1		38,347,200
TOTAL COMMON STOCKS
(Cost $909,584,103)				1,250,379,518
SHORT-TERM INVESTMENTS: 0.9%
Money Market Funds: 0.9%
	11,753,481	First American
		Treasury
		Obligations
		Fund –
		Institutional
		Class, 4.758% 2		11,753,481
TOTAL SHORT-TERM
INVESTMENTS
(Cost $11,753,481)				11,753,481
TOTAL INVESTMENTS
IN SECURITIES: 100.0%
(Cost $921,337,584)				1,262,132,999
Other Assets in Excess
of Liabilities: 0.0% 3				5,866
TOTAL NET
ASSETS: 100.0%			$	1,262,138,865

REIT – Real Estate Investment Trust

1	Non-income producing security.
2	Annualized seven-day effective yield as of April 30, 2023.
3	Does not round to 0.1% or (0.1)%, as applicable.

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

5

SMALL CAP GROWTH

SCHEDULE OF INVESTMENTS at April 30, 2023 (Unaudited)

Shares			Value
COMMON STOCKS: 96.8%
Aerospace & Defense: 2.7%
	155,000	AeroVironment,
		Inc. 1	$	15,606,950
Automobile Components: 2.4%
	125,000	Fox Factory
		Holding Corp. 1		13,858,750
Banks: 2.4%
	410,000	Ameris Bancorp		13,735,000
Beverages: 2.6%
	150,000	MGP
		Ingredients, Inc.		14,802,000
Building Products: 4.8%
	450,000	PGT Innovations,
		Inc. 1		11,547,000
	130,000	Simpson
		Manufacturing
		Co., Inc.		16,351,400
				27,898,400
Capital Markets: 1.6%
	155,000	Cohen & Steers, Inc.		9,309,300
Chemicals: 4.4%
	600,000	American
		Vanguard Corp.		11,550,000
	105,000	Balchem Corp.		13,797,000
				25,347,000
Communications
Equipment: 2.4%
	310,000	Calix, Inc. 1		14,167,000
Construction &
Engineering: 5.1%
	105,000	Comfort Systems
		USA, Inc.		15,696,450
	47,000	Valmont Industries,
		Inc.		13,656,320
				29,352,770
Consumer Staples Distribution
& Retail: 2.4%
	410,000	Sprouts Farmers
		Market, Inc. 1		14,210,600
Electronic Equipment,
Instruments & Components: 2.6%
	115,000	Badger Meter, Inc.		15,217,950
Energy Equipment &
Services: 2.3%
	580,000	Core
		Laboratories NV		13,055,800
Food Products: 2.4%
	380,000	The Simply Good
		Foods Co. 1		13,820,600
Health Care Equipment
& Supplies: 9.6%
	135,000	CONMED Corp.		16,951,950
	185,000	Integer Holdings
		Corp. 1		15,234,750
	210,000	Lantheus
		Holdings, Inc. 1		17,944,500
	340,000	Neogen Corp. 1		5,854,800
				55,986,000
Health Care Providers
& Services: 5.0%
	170,000	AMN Healthcare
		Services, Inc. 1		14,679,500
	440,000	Progyny, Inc. 1		14,625,600
				29,305,100
Household Durables: 2.7%
	215,000	Skyline Champion
		Corp. 1		15,946,550
IT Services: 2.5%
	225,000	Perficient, Inc. 1		14,607,000
Leisure Products: 2.5%
	375,000	YETI
		Holdings, Inc. 1		14,793,750
Life Sciences Tools &
Services: 2.4%
	70,000	Medpace
		Holdings, Inc. 1		14,009,800
Machinery: 2.4%
	150,000	EnPro
		Industries, Inc.		14,140,500

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

6

SMALL CAP GROWTH

SCHEDULE OF INVESTMENTS at April 30, 2023 (Unaudited) (Continued)

Shares			Value
COMMON STOCKS: 96.8% (Continued)
Media: 2.4%
	390,000	Perion
		Network Ltd. 1	$	13,661,700
Personal Care Products: 4.7%
	295,000	e.l.f Beauty, Inc. 1		27,364,200
Pharmaceuticals: 1.9%
	300,000	Supernus
		Pharmaceuticals,
		Inc. 1		11,058,000
Professional Services: 7.6%
	80,000	FTI
		Consulting, Inc. 1		14,440,000
	135,000	ICF
		International, Inc.		15,390,000
	160,000	WNS Holdings
		Ltd. – ADR 1		14,427,200
				44,257,200
Semiconductors & Semiconductor
Equipment: 6.5%
	180,000	Onto
		Innovation, Inc. 1		14,576,400
	190,000	Power
		Integrations, Inc.		13,828,200
	335,000	Ultra Clean
		Holdings, Inc. 1		9,560,900
				37,965,500
Software: 3.9%
	805,000	American Software,
		Inc. – Class B		9,611,700
	115,000	Qualys, Inc. 1		12,988,100
				22,599,800
Specialty Retail: 2.5%
	200,000	Boot Barn
		Holdings, Inc. 1		14,494,000
Technology Hardware, Storage
& Peripherals: 2.1%
	410,000	Avid
		Technology, Inc. 1		12,099,100
TOTAL COMMON STOCKS
(Cost $515,252,617)				562,670,320
SHORT-TERM INVESTMENTS: 3.2%
Money Market Funds: 3.2%
	18,851,395	First American
		Treasury
		Obligations
		Fund –
		Institutional
		Class, 4.758% 2		18,851,395
TOTAL SHORT-TERM
INVESTMENTS
(Cost $18,851,395)				18,851,395
TOTAL INVESTMENTS
IN SECURITIES: 100.0%
(Cost $534,104,012)				581,521,715
Other Assets in Excess
of Liabilities: 0.0% 3				248,077
TOTAL NET
ASSETS: 100.0%			$	581,769,792

ADR – American Depositary Receipt

1	Non-income producing security.
2	Annualized seven-day effective yield as of April 30, 2023.
3	Does not round to 0.1% or (0.1)%, as applicable.

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

7

CONGRESS FUNDS

STATEMENTS OF ASSETS AND LIABILITIES at April 30, 2023 (Unaudited)

	Large Cap		Mid Cap		Small Cap
	Growth		Growth		Growth
ASSETS
Investments in unaffiliated securities, at value
(Cost $212,883,703, $921,337,584,
and $534,104,012, respectively)	$	401,442,829	$	1,262,132,999	$	581,521,715
Receivables:
Investment securities sold		547,669		—		—
Fund shares sold		44,910		1,215,416		5,169,924
Dividends and interest		247,651		575,450		100,795
Prepaid expenses		36,170		119,841		99,573
Total assets		402,319,229		1,264,043,706		586,892,007
LIABILITIES
Payables:
Investment securities purchased		—		—		4,393,290
Fund shares redeemed		179,827		734,711		197,055
Investment advisory fees, net		163,598		622,756		383,355
Sub-transfer agent fees		67,579		395,726		106,557
Fund administration fees		12,025		55,001		—
Audit fees		11,888		5,867		15,120
Fund accounting fees		7,626		36,098		—
Transfer agent fees		5,980		—		—
Custody fees		4,994		7,260		2,200
Trustees fees		1,107		—		—
Distribution fees – Retail Class		1,099		13,642		24,025
Chief Compliance Officer fees		613		924		613
Other accrued expenses		—		32,856		—
Total liabilities		456,336		1,904,841		5,122,215
NET ASSETS	$	401,862,893	$	1,262,138,865	$	581,769,792
Commitments and contingencies (Note 3)	$	—	$	—	$	—

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

8

CONGRESS FUNDS

STATEMENTS OF ASSETS AND LIABILITIES at April 30, 2023 (Unaudited) (Continued)

	Large Cap		Mid Cap		Small Cap
	Growth		Growth		Growth
COMPONENTS OF NET ASSETS
Paid-in capital	$	207,043,322	$	882,323,902	$	563,222,741
Total distributable (accumulated)
earnings (losses)		194,819,571		379,814,963		18,547,051
Total net assets	$	401,862,893	$	1,262,138,865	$	581,769,792
Net Asset Value (unlimited shares authorized):
Retail Class:
Net assets	$	2,528,172	$	46,819,474	$	94,767,591
Shares of beneficial interest
issued and outstanding		73,412		2,022,881		3,067,004
Net asset value, offering price, and
redemption price per share	$	34.44	$	23.14	$	30.90
Institutional Class:
Net assets	$	399,334,721	$	1,215,319,391	$	487,002,201
Shares of beneficial interest
issued and outstanding		11,523,742		51,165,782		13,752,354
Net asset value, offering price, and
redemption price per share	$	34.65	$	23.75	$	35.41

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

9

CONGRESS FUNDS

STATEMENTS OF OPERATIONS For the Six Months Ended April 30, 2023 (Unaudited)

	Large Cap		Mid Cap			Small Cap
	Growth		Growth			Growth
INVESTMENT INCOME
Dividends from unaffiliated securities
(net of foreign withholding tax of
$13,636, $—, and $1,410, respectively)	$	2,434,148	$	3,937,308		$	819,279
Interest		91,770		472,838			483,790
Total investment income		2,525,918		4,410,146			1,303,069
EXPENSES
Investment advisory fees		961,402		3,743,444			2,033,703
Distribution fees – Retail Class		3,229		56,899			108,718
Fund administration fees		92,461		300,780			98,211
Fund accounting fees		58,336		197,008			62,140
Sub-transfer agent fees		76,468		424,138			116,386
Transfer agent fees		65,575		141,812			101,014
Custody fees		14,869		39,877			17,286
Registration expenses		17,216		41,784			47,210
Miscellaneous expenses		4,545		16,094			5,125
Audit fees		13,088		19,416			10,120
Reports to shareholders		5,274		23,117			6,061
Trustees fees		14,503		22,277			13,554
Chief Compliance Officer fees		5,474		5,786			5,473
Legal fees		4,720		3,292			3,292
Insurance expenses		3,619		5,805			3,237
Total expenses		1,340,779		5,041,529			2,631,530
Less: fees waived		—		—			(130,221	)
Net expenses		1,340,779		5,041,529			2,501,309
Net investment income (loss)		1,185,139		(631,383	)		(1,198,240	)
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on transactions from:
Unaffiliated investments		5,563,605		42,660,316			(21,563,461	)
Net realized gain (loss) on investments		5,563,605		42,660,316			(21,563,461	)
Net change in unrealized
appreciation/depreciation on:
Unaffiliated investments		19,621,875		42,269,473			41,365,510
Translation of Other Assets and Liabilities
Denominated in Foreign Currency		—		80			—
Change in net unrealized
appreciation/depreciation		19,621,875		42,269,553			41,365,510
Net realized and unrealized
gain (loss) on investments		25,185,480		84,929,869			19,802,049
Net increase (decrease) in net assets
resulting from operations	$	26,370,619	$	84,298,486		$	18,603,809

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

10

CONGRESS FUNDS

(This Page Intentionally Left Blank.)

11

LARGE CAP GROWTH

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	April 30, 2023			Year Ended
	(Unaudited)			October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	1,185,139		$	1,798,773
Net realized gain (loss) on investments		5,563,605			14,124,269
Change in net unrealized appreciation/depreciation
on investments		19,621,875			(122,483,584	)
Net increase (decrease) in net assets
resulting from operations		26,370,619			(106,560,542	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders – Retail Class		(96,810	)		(368,947	)
Net distributions to shareholders – Institutional Class		(14,881,083	)		(47,672,036	)
Total distributions to shareholders		(14,977,893	)		(48,040,983	)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets derived from net
change in outstanding shares – Retail Class 1		(186,618	)		(229,797	)
Increase (decrease) in net assets derived from net
change in outstanding shares – Institutional Class 1		10,511,800			29,168,333
Total increase (decrease) in net assets
from capital share transactions		10,325,182			28,938,536
Total increase (decrease) in net assets		21,717,908			(125,662,989	)
NET ASSETS
Beginning of period/year		380,144,985			505,807,974
End of period/year	$	401,862,893		$	380,144,985

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

12

LARGE CAP GROWTH

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

¹ Summary of share transactions is as follows:

	Six Months Ended
	April 30, 2023						Year Ended
	(Unaudited)						October 31, 2022
	Shares			Amount			Shares			Amount
Retail Class:
Shares sold		13,868		$	462,875			15,146		$	590,191
Shares issued in
reinvestment of distributions		2,653			88,075			7,631			328,825
Shares redeemed		(22,392	)		(737,568	)		(29,127	)		(1,148,813	)
Net increase (decrease)		(5,871	)	$	(186,618	)		(6,350	)	$	(229,797	)
	Six Months Ended
	April 30, 2023						Year Ended
	(Unaudited)						October 31, 2022
	Shares			Amount			Shares			Amount
Institutional Class:
Shares sold		473,980		$	15,686,895			480,021		$	17,860,279
Shares issued in
reinvestment of distributions		382,512			12,768,251			958,960			41,542,167
Shares redeemed		(538,828	)		(17,943,346	)		(786,382	)		(30,234,113	)
Net increase (decrease)		317,664		$	10,511,800			652,599		$	29,168,333

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

13

MID CAP GROWTH

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	April 30, 2023			Year Ended
	(Unaudited)			October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	(631,383	)	$	(3,841,604	)
Net realized gain (loss) on investments		42,660,316			84,656,679
Change in net unrealized appreciation/depreciation
on investments		42,269,473			(573,332,504	)
Change in net unrealized appreciation/depreciation
on translation of other assets		80			(96	)
Net increase (decrease) in net assets
resulting from operations		84,298,486			(492,517,525	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders – Retail Class		(2,458,128	)		(4,891,258	)
Net distributions to shareholders – Institutional Class		(63,285,862	)		(186,133,050	)
Total distributions to shareholders		(65,743,990	)		(191,024,308	)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets derived from net
change in outstanding shares – Retail Class 1		3,128,981			20,570,855
Increase (decrease) in net assets derived from net
change in outstanding shares – Institutional Class 1		5,161,764			149,876,322
Total increase (decrease) in net assets
from capital share transactions		8,290,745			170,447,177
Total increase (decrease) in net assets		26,845,241			(513,094,656	)
NET ASSETS
Beginning of period/year		1,235,293,624			1,748,388,280
End of period/year	$	1,262,138,865		$	1,235,293,624

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

14

MID CAP GROWTH

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

¹ Summary of share transactions is as follows:

	Six Months Ended
	April 30, 2023						Year Ended
	(Unaudited)						October 31, 2022
	Shares			Amount			Shares			Amount
Retail Class:
Shares sold		356,150		$	8,178,214			1,100,898		$	30,204,508
Shares issued in
reinvestment of distributions		92,170			2,108,850			138,303			4,270,789
Shares redeemed		(308,820	)		(7,158,083	)		(505,089	)		(13,904,442	)
Net increase (decrease)		139,500		$	3,128,981			734,112		$	20,570,855
	Six Months Ended
	April 30, 2023						Year Ended
	(Unaudited)						October 31, 2022
	Shares			Amount			Shares			Amount
Institutional Class:
Shares sold		7,073,503		$	167,895,410			14,733,044		$	410,224,289
Shares issued in
reinvestment of distributions		1,919,235			45,025,248			4,298,462			135,573,492
Shares redeemed		(8,693,334	)		(207,758,894	)		(14,449,762	)		(395,921,459	)
Net increase (decrease)		299,404		$	5,161,764			4,581,744		$	149,876,322

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

15

SMALL CAP GROWTH

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	April 30, 2023			Year Ended
	(Unaudited)			October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	(1,198,240	)	$	(2,199,561	)
Net realized gain (loss) on investments		(21,563,461	)		(4,049,060	)
Change in net unrealized appreciation/depreciation
on investments		41,365,510			(56,799,620	)
Net increase (decrease) in net assets
resulting from operations		18,603,809			(63,048,241	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders – Retail Class		—			(14,126,807	)
Net distributions to shareholders – Institutional Class		—			(19,881,356	)
Total distributions to shareholders		—			(34,008,163	)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets derived from net
change in outstanding shares – Retail Class 1		5,693,854			31,949,546
Increase (decrease) in net assets derived from net
change in outstanding shares – Institutional Class 1		150,389,300			255,921,397
Total increase (decrease) in net assets from
capital share transactions		156,083,154			287,870,943
Total increase (decrease) in net assets		174,686,963			190,814,539
NET ASSETS
Beginning of period/year		407,082,829			216,268,290
End of period/year	$	581,769,792		$	407,082,829

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

16

SMALL CAP GROWTH

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

¹ Summary of share transactions is as follows:

	Six Months Ended
	April 30, 2023						Year Ended
	(Unaudited)						October 31, 2022
	Shares			Amount			Shares			Amount
Retail Class:
Shares Sold		515,920		$	15,467,767			1,582,086		$	52,966,487
Shares issued in
reinvestment of distributions		—			—			372,790			13,599,362
Shares redeemed		(327,223	)		(9,773,913	)		(1,081,058	)		(34,616,303	)
Net increase (decrease)		188,697		$	5,693,854			873,818		$	31,949,546
	Six Months Ended
	April 30, 2023						Year Ended
	(Unaudited)						October 31, 2022
	Shares			Amount			Shares			Amount
Institutional Class:
Shares Sold		6,377,309		$	219,068,085			9,839,820		$	361,876,958
Shares issued in
reinvestment of distributions		—			2			416,279			17,346,368
Shares redeemed		(2,016,373	)		(68,678,787	)		(3,426,364	)		(123,301,929	)
Net increase (decrease)		4,360,936		$	150,389,300			6,829,735		$	255,921,397

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

17

LARGE CAP GROWTH

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

RETAIL CLASS

	Six Months
	Ended
	April 30,
	2023			Year Ended October 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value,
beginning of period/year	$	33.43		$	47.27		$	37.71		$	32.51		$	29.04		$	26.41
INCOME FROM INVESTMENT OPERATIONS:
Net investment
income (loss) 1		0.07			0.06			(0.03	)		0.03			0.09			0.08
Net realized and unrealized
gain (loss) on investments		2.18			(9.40	)		12.80			7.57			4.99			2.58
Total from
investment operations		2.25			(9.34	)		12.77			7.60			5.08			2.66
LESS DISTRIBUTIONS:
From net
investment income		(0.10	)		—			(0.01	)		(0.08	)		(0.14	)		(0.03	)
From net realized gain		(1.14	)		(4.50	)		(3.20	)		(2.32	)		(1.47	)		—
Total distributions		(1.24	)		(4.50	)		(3.21	)		(2.40	)		(1.61	)		(0.03	)
Net asset value,
end of period/year	$	34.44		$	33.43		$	47.27		$	37.71		$	32.51		$	29.04
Total return		6.88	%2		(21.90	)%		36.14	%		25.00	%		18.61	%		10.08	%
SUPPLEMENTAL DATA:
Net assets, end of
period/year (millions)	$	2.5		$	2.7		$	4.0		$	3.0		$	3.9		$	4.2
Portfolio turnover rate		11	%2		23	%		19	%		24	%		20	%		17	%
RATIOS:
Expenses to
average net assets		0.95	%3		0.94	%		0.93	%		0.95	%		0.96	%		0.99	%
Net investment income (loss)
to average net assets		0.40	%3		0.17	%		(0.07	)%		0.08	%		0.31	%		0.26	%

1	Calculated based on the average number of shares outstanding.
2	Not annualized.
3	Annualized.

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

18

LARGE CAP GROWTH

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

INSTITUTIONAL CLASS

	Six Months
	Ended
	April 30,
	2023			Year Ended October 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value,
beginning of period/year	$	33.69		$	47.54		$	37.89		$	32.67		$	29.11		$	26.45
INCOME FROM INVESTMENT OPERATIONS:
Net investment
income (loss) 1		0.10			0.16			0.08			0.10			0.17			0.15
Net realized and unrealized
gain (loss) on investments		2.20			(9.45	)		12.87			7.60			5.01			2.57
Total from
investment operations		2.30			(9.29	)		12.95			7.70			5.18			2.72
LESS DISTRIBUTIONS:
From net
investment income		(0.20	)		(0.06	)		(0.10	)		(0.16	)		(0.15	)		(0.06	)
From net realized gain		(1.14	)		(4.50	)		(3.20	)		(2.32	)		(1.47	)		—
Total distributions		(1.34	)		(4.56	)		(3.30	)		(2.48	)		(1.62	)		(0.06	)
Net asset value,
end of period/year	$	34.65		$	33.69		$	47.54		$	37.89		$	32.67		$	29.11
Total return		6.97	%2		(21.69	)%		36.50	%		25.27	%		18.94	%		10.32	%
SUPPLEMENTAL DATA:
Net assets, end of
period/year (millions)	$	399.3		$	377.5		$	501.8		$	390.5		$	327.2		$	293.2
Portfolio turnover rate		11	%2		23	%		19	%		25	%		20	%		17	%
RATIOS:
Expenses to
average net assets		0.70	%3		0.69	%		0.68	%		0.70	%		0.71	%		0.74	%
Net investment income (loss)
to average net assets		0.62	%3		0.42	%		0.18	%		0.29	%		0.56	%		0.50	%

1	Calculated based on the average number of shares outstanding.
2	Not annualized.
3	Annualized.

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

19

MID CAP GROWTH

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

RETAIL CLASS

	Six Months
	Ended
	April 30,
	2023			Year Ended October 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value,
beginning of period/year	$	22.90		$	36.20		$	24.37		$	21.65		$	18.62		$	18.46
INCOME FROM INVESTMENT OPERATIONS:
Net investment
income (loss) 1		(0.04	)		(0.13	)		(0.17	)		(0.10	)		(0.07	)		(0.03	)
Net realized and unrealized
gain (loss) on investments		1.59			(9.17	)		12.58			4.02			3.62			0.19
Total from
investment operations		1.55			(9.30	)		12.41			3.92			3.55			0.16
LESS DISTRIBUTIONS:
From net
investment income		—			—			—			—			—			—
From net realized gain		(1.31	)		(4.00	)		(0.58	)		(1.20	)		(0.52	)		—
Total distributions		(1.31	)		(4.00	)		(0.58	)		(1.20	)		(0.52	)		—
Net asset value,
end of period/year	$	23.14		$	22.90		$	36.20		$	24.37		$	21.65		$	18.62
Total return		6.83	%2		(28.54	)%		51.83	%		18.85	%		19.60	%		0.87	%
SUPPLEMENTAL DATA:
Net assets, end of
period/year (millions)	$	46.8		$	43.1		$	41.6		$	24.8		$	26.7		$	33.3
Portfolio turnover rate		21	%2		16	%		14	%		27	%		26	%		44	%
RATIOS:
Expenses to
average net assets		1.05	%3		1.03	%		1.04	%		1.05	%		1.08	%		1.08	%
Net investment income (loss)
to average net assets		(0.34	)%3		(0.50	)%		(0.56	)%		(0.46	)%		(0.38	)%		(0.18	)%

1	Calculated based on the average number of shares outstanding.
2	Not annualized.
3	Annualized.

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

20

MID CAP GROWTH

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

INSTITUTIONAL CLASS

	Six Months
	Ended
	April 30,
	2023			Year Ended October 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value,
beginning of period/year	$	23.44		$	36.88		$	24.75		$	21.92		$	18.81		$	18.61
INCOME FROM INVESTMENT OPERATIONS:
Net investment
income (loss) 1		(0.01	)		(0.07	)		(0.10	)		(0.05	)		(0.03	)		0.01
Net realized and unrealized
gain (loss) on investments		1.63			(9.37	)		12.81			4.08			3.66			0.20
Total from
investment operations		1.62			(9.44	)		12.71			4.03			3.63			0.21
LESS DISTRIBUTIONS:
From net
investment income		—			—			—			(0.00	)2		(0.00	)2		(0.01	)
From net realized gain		(1.31	)		(4.00	)		(0.58	)		(1.20	)		(0.52	)		—
Total distributions		(1.31	)		(4.00	)		(0.58	)		(1.20	)		(0.52	)		(0.01	)
Net asset value,
end of period/year	$	23.75		$	23.44		$	36.88		$	24.75		$	21.92		$	18.81
Total return		6.98	%3		(28.37	)%		52.25	%		19.15	%		19.86	%		1.12	%
SUPPLEMENTAL DATA:
Net assets, end of
period/year (millions)	$	1,215.3		$	1,192.0		$	1,706.8		$	1,242.7		$	1,049.2		$	971.1
Portfolio turnover rate		21	%3		16	%		14	%		27	%		26	%		44	%
RATIOS:
Expenses to
average net assets		0.80	%4		0.78	%		0.79	%		0.80	%		0.83	%		0.83	%
Net investment income (loss)
to average net assets		(0.09	)%4		(0.26	)%		(0.30	)%		(0.21	)%		(0.13	)%		0.06	%

1	Calculated based on the average number of shares outstanding.
2	Does not round to $0.01 or $(0.01), as applicable.
3	Not annualized.
4	Annualized.

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

21

SMALL CAP GROWTH

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

RETAIL CLASS

	Six Months
	Ended
	April 30,
	2023			Year Ended October 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value,
beginning of period/year	$	29.87		$	44.39		$	27.78		$	26.69		$	26.95		$	23.54
INCOME FROM INVESTMENT OPERATIONS:
Net investment
income (loss) 1		(0.10	)		(0.29	)		(0.39	)		(0.22	)		(0.14	)		(0.19	)
Net realized and unrealized
gain (loss) on investments		1.13			(7.42	)		19.57			3.59			2.33			3.60
Total from
investment operations		1.03			(7.71	)		19.18			3.37			2.19			3.41
LESS DISTRIBUTIONS:
From net realized gain		—			(6.81	)		(2.57	)		(2.28	)		(2.45	)		—
Total distributions		—			(6.81	)		(2.57	)		(2.28	)		(2.45	)		—
Net asset value,
end of period/year	$	30.90		$	29.87		$	44.39		$	27.78		$	26.69		$	26.95
Total return		3.45	%2		(20.15	)%		73.51	%		13.51	%		9.19	%		14.53	%
SUPPLEMENTAL DATA:
Net assets, end of
period/year (millions)	$	94.8		$	86.0		$	89.0		$	45.7		$	44.5		$	48.9
Portfolio turnover rate		13	%2		23	%		50	%		44	%		21	%		35	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and
expenses absorbed		1.31	%3		1.34	%		1.39	%		1.49	%		1.49	%		1.45	%
After fees waived and
expenses absorbed		1.25	%3		1.25	%		1.25	%		1.25	%		1.21	%		1.33	%4
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS:
Before fees waived and
expenses absorbed		(0.75	)%3		(0.97	)%		(1.17	)%		(1.10	)%		(0.82	)%		(0.86	)%
After fees waived and
expenses absorbed		(0.70	)%3		(0.88	)%		(1.03	)%		(0.86	)%		(0.54	)%		(0.74	)%

1	Calculated based on the average number of shares outstanding.
2	Not annualized.
3	Annualized.
4	Effective February 28, 2018, the Advisor has contractually agreed to limit the Retail Class’ annual ratio of expenses to 1.25% of the Retail Class’ daily net assets. The prior contractual limit was 1.55%.

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

22

SMALL CAP GROWTH

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

INSTITUTIONAL CLASS

	Six Months
	Ended
	April 30,
	2023			Year Ended October 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value,
beginning of period/year	$	34.19		$	49.69		$	30.76		$	29.25		$	29.24		$	25.47
INCOME FROM INVESTMENT OPERATIONS:
Net investment
income (loss) 1		(0.08	)		(0.23	)		(0.33	)		(0.18	)		(0.09	)		(0.14	)
Net realized and unrealized
gain (loss) on investments		1.30			(8.46	)		21.83			3.97			2.55			3.91
Total from
investment operations		1.22			(8.69	)		21.50			3.79			2.46			3.77
LESS DISTRIBUTIONS:
From net
investment income		—			—			(2.57	)		(2.28	)		(2.45	)		—
From net realized gain		—			(6.81	)		—			—			—			—
Total distributions		—			(6.81	)		(2.57	)		(2.28	)		(2.45	)		—
Net asset value,
end of period/year	$	35.41		$	34.19		$	49.69		$	30.76		$	29.25		$	29.24
Total return		3.57	%2		(19.95	)%		73.96	%		13.78	%		9.41	%		14.84	%
SUPPLEMENTAL DATA:
Net assets, end of
period/year (millions)	$	487.0		$	321.0		$	127.3		$	43.0		$	34.7		$	31.3
Portfolio turnover rate		13	%2		23	%		50	%		44	%		21	%		35	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and
expenses absorbed		1.05	%3		1.10	%		1.14	%		1.24	%		1.28	%		1.20	%
After fees waived and
expenses absorbed		1.00	%3		1.00	%		1.00	%		1.00	%		1.00	%		1.08	%4
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS:
Before fees waived and
expenses absorbed		(0.51	)%3		(0.74	)%		(0.92	)%		(0.86	)%		(0.62	)%		(0.61	)%
After fees waived and
expenses absorbed		(0.46	)%3		(0.64	)%		(0.78	)%		(0.62	)%		(0.34	)%		(0.49	)%

1	Calculated based on the average number of shares outstanding.
2	Not annualized.
3	Annualized.
4	Effective February 28, 2018, the Advisor has contractually agreed to limit the Institutional Class’ annual ratio of expenses to 1.00% of the Institutional Class’ daily net assets. The prior contractual limit was 1.30%.

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

23

CONGRESS FUNDS

NOTES TO FINANCIAL STATEMENTS April 30, 2023 (Unaudited)

NOTE 1 – ORGANIZATION

Large Cap Growth, Mid Cap Growth, and Small Cap Growth (the “Funds”) are each a diversified series of shares of beneficial interest of Professionally Managed Portfolios (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” Large Cap Growth, which originally commenced operations on March 31, 2009, reorganized with the Century Shares Trust effective as of the close of business September 15, 2017, and assumed the accounting and performance history of the Century Shares Trust. Accordingly, Large Cap Growth has now adopted the inception date of the Century Shares Trust, which commenced operations on March 15, 1928. Mid Cap Growth commenced operations on October 31, 2012. Small Cap Growth was reorganized from the Century Small Cap Select Fund, effective as of the close of business September 15, 2017, and assumed the accounting and performance history of the Century Small Cap Select Fund, which commenced operations on December 9, 1999. Both the Century Shares Trust and the Century Small Cap Select Fund were series of the Century Capital Management Trust.

The Funds offer Retail Class and Institutional Class shares. Each class of shares has equal rights as to earnings and assets except that Retail Class shares bear distribution expenses. Each class of shares has exclusive voting rights with respect to matters that affect just that class. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments, are allocated to each class of shares based on its relative net assets.

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

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

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

24

CONGRESS FUNDS

NOTES TO FINANCIAL STATEMENTS April 30, 2023 (Unaudited) (Continued)

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.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board”) has adopted a Valuation Policy designating Congress Asset Management Company, LLP (the “Advisor”) as the Funds’ Valuation Designee. Under Rule 2a-5, the Valuation Designee shall determine the fair value of securities for which readily available market quotes are not available in accordance with procedures approved by the Board.

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

25

CONGRESS FUNDS

NOTES TO FINANCIAL STATEMENTS April 30, 2023 (Unaudited) (Continued)

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, 2023. See the Schedules of Investments for industry breakouts.

Large Cap Growth
	Level 1		Level 2		Level 3		Total
Common Stocks	$	399,498,553	$	—	$	—	$	399,498,553
Short-Term Investments		1,944,276		—		—		1,944,276
Total Investments
in Securities	$	401,442,829	$	—	$	—	$	401,442,829
Mid Cap Growth
	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,250,379,518	$	—	$	—	$	1,250,379,518
Short-Term Investments		11,753,481		—		—		11,753,481
Total Investments
in Securities	$	1,262,132,999	$	—	$	—	$	1,262,132,999
Small Cap Growth
	Level 1		Level 2		Level 3		Total
Common Stocks	$	562,670,320	$	—	$	—	$	562,670,320
Short-Term Investments		18,851,395		—		—		18,851,395
Total Investments
in Securities	$	581,521,715	$	—	$	—	$	581,521,715

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.

26

CONGRESS FUNDS

NOTES TO FINANCIAL STATEMENTS April 30, 2023 (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 income losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year.

27

CONGRESS FUNDS

NOTES TO FINANCIAL STATEMENTS April 30, 2023 (Unaudited) (Continued)

As of the most recent fiscal year ended October 31, 2022, the Funds had capital loss carry-forward and deferred post-October and late-year losses as follows:

	Capital Loss		Post-October		Late-Year
	Carry-Forward		Losses		Losses
Large Cap Growth	$	—	$	—	$	—
Mid Cap Growth		—		—		3,019,464
Small Cap Growth		4,115,070		—		1,993,881

	As of April 30, 2023, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdictions as U.S. Federal and the Commonwealth of Massachusetts. As of April 30, 2023, 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.
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.

28

CONGRESS FUNDS

NOTES TO FINANCIAL STATEMENTS April 30, 2023 (Unaudited) (Continued)

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.	Recently Issued Accounting Pronouncements. In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 202203 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on their financial statements.

29

CONGRESS FUNDS

NOTES TO FINANCIAL STATEMENTS April 30, 2023 (Unaudited) (Continued)

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

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Congress Asset Management Company, LLP (the “Advisor”) provides each Fund with investment management services under an Investment Advisory Agreement (the “Advisory Agreement”). Under the Advisory Agreement, the Advisor furnishes all investment advice, office space, and certain administrative services, and provides most of the personnel needed by the Funds. As compensation for its services, the Advisor is entitled to a monthly fee. For each of the Funds, the Advisor is entitled to a monthly fee as compensation for its services at the annual rates shown in the following table:

Large Cap Growth	0.50%
Mid Cap Growth	0.60%
Small Cap Growth	0.85%

The advisory fees incurred during the six months ended April 30, 2023, are disclosed in the Statements of Operations. The investment advisory fees incurred are paid monthly to the Advisor, net of any monthly waiver or reimbursement discussed below.

The Advisor has contractually agreed to limit each Fund’s expense ratio as follows by reducing all or a portion of its fees and reimbursing the Fund’s expenses so that its ratio of expenses to average net assets will not exceed:

	Current
Large Cap Growth	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. The amount of fees waived and expenses absorbed during the six months ended April 30, 2023, are disclosed in the Statements of Operations. Amounts due from the Advisor are paid monthly to the Funds, if applicable.

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

30

CONGRESS FUNDS

NOTES TO FINANCIAL STATEMENTS April 30, 2023 (Unaudited) (Continued)

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.

Small Cap Growth:

Expiration	Amount
October 31, 2023	$	94,756
October 31, 2024		203,049
October 31, 2025		296,189
April 30, 2026		130,221
	$	724,215

The Large Cap Growth and Mid Cap Growth Funds did not waive any fees during the six months ended April 30, 2023 and had no previously-waived fees available for reimbursement.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ administrator, fund accountant, and transfer agent. In those capacities, Fund Services maintains the Funds’ books and records, calculates each Fund’s NAV, prepares various federal and state regulatory filings, coordinates the payment of the Funds’ expenses, reviews expense accruals, and prepares materials supplied to the Board. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Funds to Fund Services for these services for the six months ended April 30, 2023, are disclosed in the Statements of Operations.

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

The Funds have adopted a Distribution Plan (the “Plan”) in accordance with Rule 12b-1 under the 1940 Act with respect to the Retail Class. The Plan provides that each Fund may pay a fee to the Distributor at an annual rate up to 0.25% of the average daily net assets of the Retail Class of each Fund. These fees may be used by the Distributor to provide compensation for sales support, distribution activities, or shareholder servicing activities. Distribution fees incurred by the Funds during the six months ended April 30, 2023, 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,

31

CONGRESS FUNDS

NOTES TO FINANCIAL STATEMENTS April 30, 2023 (Unaudited) (Continued)

with respect to each Fund. All Arrangements must be approved by the Board. For the six months ended April 30, 2023, sub-transfer agent fees incurred by the Funds are disclosed in the Statements of Operations.

NOTE 4 – PURCHASES AND SALES OF SECURITIES

The cost of purchases and the proceeds from the sale or maturity of securities, excluding short-term securities, for the six months ended April 30, 2023, were as follows:

Fund	Purchases		Sales/Maturities
Large Cap Growth	$	44,339,995	$	44,878,037
Mid Cap Growth		264,809,760		322,208,453
Small Cap Growth		211,577,078		60,767,902

There were no purchases or sales of long-term U.S. Government securities for the six months ended April 30, 2023.

NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the six months ended April 30, 2023, and the year ended October 31, 2022 as applicable, were as follows:

Large Cap Growth:
	2023		2022
Distributions paid from:
Ordinary income	$	2,208,117	$	599,637
Long-term capital gain 1		12,769,776		47,441,346
	$	14,977,893	$	48,040,983
Mid Cap Growth:
		2023		2022
Distributions paid from:
Ordinary income	$	—	$	3,257,251
Long-term capital gain 1		65,743,990		187,767,057
	$	65,743,990	$	191,024,308
Small Cap Growth:
		2023		2022
Distributions paid from:
Ordinary income	$	—	$	11,189,602
Long-term capital gain 1		—		22,818,561
	$	—	$	34,008,163

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

32

CONGRESS FUNDS

NOTES TO FINANCIAL STATEMENTS April 30, 2023 (Unaudited) (Continued)

The components of accumulated earnings (losses) on a tax basis as of the most recent fiscal year ended October 31, 2022, were as follows ²:

	Large Cap			Mid Cap			Small Cap
	Growth			Growth			Growth
Cost of investments	$	211,042,157		$	936,824,633		$	399,886,235
Gross tax unrealized
appreciation		172,886,425			363,933,054			62,650,213
Gross tax unrealized
depreciation		(3,949,174	)		(65,396,621	)		(56,598,020	)
Net unrealized
appreciation
(depreciation)		168,937,251			298,536,433			6,052,193
Undistributed
ordinary income		1,719,833			—			—
Undistributed long-term
capital gain		12,769,761			65,743,498			—
Total distributable
earnings		14,489,594			65,743,498			—
Other accumulated
gains (losses)		—			(3,019,464	)		(6,108,951	)
Total distributable
(accumulated)
earnings (losses)	$	183,426,845		$	361,260,467		$	(56,758	)

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

33

CONGRESS FUNDS

NOTES TO FINANCIAL STATEMENTS April 30, 2023 (Unaudited) (Continued)

NOTE 6 – CREDIT FACILITY

U.S. Bank N.A. has made available to the Funds credit facilities pursuant to separate Loan and Security Agreements for temporary or extraordinary purposes. Credit facility activity for the six months ended April 30, 2023, was as follows:

	Large Cap		Mid Cap			Small Cap
	Growth		Growth			Growth
Maximum available credit	$	15,000,000	$	30,000,000		$	10,000,000
Largest amount outstanding
on an individual day		—		9,939,000			—
Average balance when in use		—		5,251,750			—
Loan outstanding as
of April 30, 2022		—		—			—
Average interest rate
when in use		—		7.25	%		—

Interest expense for the six months ended April 30, 2023, is disclosed in the Statements of Operations, if applicable.

34

CONGRESS FUNDS

EXPENSE EXAMPLES For the Six Months Ended April 30, 2023 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (11/1/2022-4/30/2023).

Actual Expenses

The “Actual” lines of the following tables provide information about actual account values based on actual returns and actual expenses. Although the Funds charge no sales loads, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by Fund Services, the Funds’ transfer agent. If you request that a redemption be made by wire transfer, currently a $15 fee is charged by Fund Services. An Individual Retirement Account will be charged a $15 annual maintenance fee. To the extent the Funds invest in shares of other investment companies as part of their investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Funds invest in addition to the expenses of the Funds. Actual expenses of the underlying funds may vary. These expenses are not included in the following examples. The following examples include, but are not limited to, investment advisory fees, fund accounting fees, fund administration fees, custody fees, and transfer agent fees. However, the following examples do not include portfolio trading commissions and related expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period.

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled, “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes

The “Hypothetical” lines of the following tables provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

35

CONGRESS FUNDS

EXPENSE EXAMPLES For the Six Months Ended April 30, 2023 (Unaudited) (Continued)

Large Cap Growth

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	11/1/2022	4/30/2023	11/1/2022 – 4/30/2023 1
Retail Class Actual	$1,000.00	$1,068.80	$4.87
Retail Class Hypothetical
(5% annual return
before expenses)	1,000.00	1,020.08	4.76
Institutional Class Actual	1,000.00	1,069.70	3.59
Institutional Class Hypothetical
(5% annual return
before expenses)	1,000.00	1,021.32	3.51

¹ For the Fund’s Retail and Institutional Class shares, expenses are equal to the annualized expense ratio for the most recent six-month period of 0.95% and 0.70%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Mid Cap Growth

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	11/1/2022	4/30/2023	11/1/2022 – 4/30/2023 2
Retail Class Actual	$1,000.00	$1,068.30	$5.38
Retail Class Hypothetical
(5% annual return
before expenses)	1,000.00	1,019.59	5.26
Institutional Class Actual	1,000.00	1,069.80	4.11
Institutional Class Hypothetical
(5% annual return
before expenses)	1,000.00	1,020.83	4.01

² For the Fund’s Retail and Institutional Class shares, expenses are equal to the annualized expense ratio for the most recent six-month period of 1.05% and 0.80%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

36

CONGRESS FUNDS

EXPENSE EXAMPLES For the Six Months Ended April 30, 2023 (Unaudited) (Continued)

Small Cap Growth

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During the Period
	11/1/2022	4/30/2023	11/1/2022 – 4/30/2023 3
Retail Class Actual	$1,000.00	$1,034.50	$6.31
Retail Class Hypothetical
(5% annual return
before expenses)	1,000.00	1,018.60	6.26
Institutional Class Actual	1,000.00	1,035.70	5.05
Institutional Class Hypothetical
(5% annual return
before expenses)	1,000.00	1,019.84	5.01

³ For the Fund’s Retail and Institutional Class shares, expenses are equal to the annualized expense ratio for the most recent six-month period of 1.25% and 1.00%, respectively (reflecting fee waivers in effect), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

37

CONGRESS FUNDS

INFORMATION ABOUT PROXY VOTING (Unaudited)

A description of the policies and procedures that the Funds use 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 Funds voted proxies relating to portfolio securities during the most recent period ended June 30 is available without charge, upon request, by calling (888) 688-1299. Furthermore, you can obtain the Funds’ proxy voting records on the SEC’s website at www.sec.gov.

INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited)

The Funds’ quarterly holdings for the most recent fiscal year can be obtained by accessing the Funds’ website at www.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.

INFORMATION ABOUT HOUSEHOLDING (Unaudited)

Each year, you are automatically sent an updated prospectus as well as annual and semi-annual reports for the Funds, if applicable. To reduce expenses, we may mail only one copy of the Funds’ prospectuses and annual and semi-annual reports to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (888) 688-1299 (or contact your financial institution). We will begin sending you individual copies thirty days after receiving your request.

INFORMATION ABOUT THE FUNDS’ TRUSTEES (Unaudited)

The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling (888) 688-1299. Furthermore, you can obtain the SAI on the SEC’s website www.sec.gov or the Funds’ website www.congressasset.com.

38

CONGRESS FUNDS

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM  (Unaudited)

The Funds have adopted a liquidity risk management program (the “program”). The Board has designated the Advisor to serve as the administrator of the program. Personnel of the Advisor conducts the day-to-day operation of the programs pursuant to policies and procedures administered by the Advisor.

Under the program, the Advisor manages each Fund’s liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of each Fund’s investments, limiting the amount of each Fund’s illiquid investments, and utilizing various risk management tools and facilities available to each Fund for meeting shareholder redemptions, among other means. The Advisor’s process of determining the degree of liquidity of each Fund’s investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by the Advisor regarding the operation and effectiveness of the program for the period January 1, 2022 through December 31, 2022. No significant liquidity events impacting the Funds were noted in the report. In addition, the Advisor provided its assessment that the program had been effective in managing the Funds’ liquidity risk.

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CONGRESS FUNDS

PRIVACY NOTICE (Unaudited)

The Funds collect non-public personal information about you from the following sources:

•Information we receive about you on applications or other forms;

•Information you give us verbally; and/or

•Information about your transactions with us or others.

We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. All shareholder records will be disposed of in accordance with applicable law. We maintain physical, electronic and procedural safeguards to protect your non-public personal information and require third parties to treat your non-public personal information with the same high degree of confidentiality.

In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker- dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

This page is not a part of the Semi-Annual Report.

Advisor

CONGRESS ASSET MANAGEMENT COMPANY, LLP

2 Seaport Lane

Boston, Massachusetts  02210

Distributor

QUASAR DISTRIBUTORS, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, Wisconsin  53202

Custodian

U.S. BANK N.A.

Custody Operations

1555 North RiverCenter Drive, Suite 302

Milwaukee, Wisconsin  53212

Transfer Agent, Fund Accountant and Fund Administrator

U.S. BANCORP FUND SERVICES, LLC

615 East Michigan Street

Milwaukee, Wisconsin  53202

Independent Registered Public Accounting Firm

TAIT, WELLER & BAKER LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania  19102

Legal Counsel

SULLIVAN & WORCESTER LLP

1633 Broadway, 32nd Floor

New York, New York  10019

Congress Large Cap Growth Fund

Retail Class	Institutional Class
Symbol – CAMLX	Symbol – CMLIX
CUSIP – 742935216	CUSIP – 74316J789

Congress Mid Cap Growth Fund

Retail Class	Institutional Class
Symbol – CMIDX	Symbol – IMIDX
CUSIP – 74316J466	CUSIP – 74316J458

Congress Small Cap Growth Fund

Retail Class	Institutional Class
Symbol – CSMVX	Symbol – CSMCX
CUSIP – 74316P728	CUSIP – 74316P710

(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 to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant has adopted a nominating committee charter that contains the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.  There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees for the period.

Item 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is 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) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

(3) 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.

(4) Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.

(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/Jason Hadler

Jason Hadler, President/Principal Executive Officer

Date    July 7, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)      /s/Jason Hadler

Jason Hadler, President/Principal Executive Officer

Date    July 7, 2023

By (Signature and Title)      /s/Craig Benton

Craig Benton, Treasurer/Principal Financial Officer

Date    July 7, 2023

* Print the name and title of each signing officer under his or her signature.