Firm Background: Congress Asset Management Company, LLP (“Congress Asset”, “we”, “us”, or, the “Firm”) is an SEC registered investment adviser with its principal place of business located in Boston, Massachusetts. The Firm, founded in 1985 and is majority owned by the Lagan Holding Company Trust. The Firm is a boutique asset manager focused on high quality equity and fixed income investing with a specialty in growth equities. Congress Asset began by providing tailored risk-adjusted investment solutions to Taft-Hartley pension plans and insurance companies. The Firm has maintained a consistent investment philosophy and process and continues to apply this high-quality approach for its large array of clients. Types of Advisory Services: Overview Congress Asset provides discretionary and model portfolio investment management services primarily to institutional clients. Clients of the Firm include advisory platforms, charitable organizations, pension, and profit-sharing plans, including plans subject to the Taft-Hartley Act and the Employee Retirement and Income Security Act (“ERISA”), state and municipal government entities, corporations, taxable and tax-exempt institutions, high net worth individuals, and commingled investment vehicles such as mutual funds and ETFs (“Clients”). Congress Asset also provides these services in the capacity of a sub-adviser to mutual fund advisors and to wrap account programs sponsored by other investment advisers and broker-dealers (“Wrap Sponsors”). Congress Asset’s investment strategies available to Clients include:
• Large Cap Growth Equity
• Mid Cap Growth Equity
• Small Cap Growth Equity
• Dividend Growth Equity
• Multi-Cap Growth Equity
• SMid Growth Equity
• Small Cap Value Equity
• Balanced
• Intermediate Fixed Income
• Intermediate Credit
• Core Fixed Income
• Short Term Govt/Credit
• Private Equity Congress Asset also provides socially responsible investing (“SRI”), environmental, social and governance (“ESG”), and tax sensitive versions of certain equity strategies. Lastly, the Firm provides customized private equity services for institutional investors only. In addition, Congress Asset offers access to portfolio strategy and asset allocation advice to current and prospective institutional Clients. We construct high quality, high conviction, and high active share portfolios managed through a risk lens. We accomplish this through a disciplined, low turnover approach which emphasizes growth, profitability, franchise, and valuation. We seek to invest in companies with positive earnings growth, strong revenues, positive free cash flow, and sustainable margins, who demonstrate prudent use of leverage with shareholder conscious management teams. Client portfolios will generally include advice regarding the following securities: exchange-listed securities, securities traded over the counter, exchange-traded funds, corporate debt securities (other than commercial paper), commercial paper, certificates of deposit, municipal securities, mutual fund shares, United States Government securities, warrants, option contracts on securities, and private equity limited partnership interests (for institutions only). Clients invest with Congress Asset in the following manner: Separately Managed Accounts (“SMA”) The Firm provides continuous investment advice to its SMA Clients. Congress Asset at times also works with individual Clients and will assist such Clients to identify time horizon, risk tolerance, tax considerations, and liquidity needs suitable for each. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Model Portfolio Management: Congress Asset provides model portfolio management services for most of its investment strategies, to institutional Clients, primarily financial intermediaries of Unified Managed Account (“UMA”) programs (each a “Model Portfolio Client”). Congress Asset will provide to each Model Portfolio Client an initial model of portfolio securities with recommended weightings, and communicate each subsequent model change to the Model Portfolio Client. In turn, each UMA program sponsored by other investment advisers or broker-dealers (“UMA Sponsors”) is responsible for accepting, rejecting, or modifying each change to the model portfolio, and for placing trade orders and executing orders for their clients’ accounts. Wrap Accounts Discretionary portfolio management

is also made available to Wrap Sponsors pursuant to a sub-advisory agreement with the Firm, where the Firm will manage all or a portion of the Wrap Sponsor’s clients’ investment portfolios. Wrap Sponsors typically charge their clients an all-inclusive “wrap fee” from which the investment adviser is paid a portion of such fee. In addition, most Wrap Sponsors will require Congress Asset to direct brokerage on trades made by the Firm on behalf of their wrap clients to their designated broker-dealer. Each Wrap Sponsor is required to deliver to the wrap fee clients a wrap fee program Brochure and a copy of Congress Asset’s most recent Form ADV Part 2A, pursuant to the requirements of the Investment Advisers Act of 1940, as amended (“Advisers Act”). A list of each Wrap Sponsor and their corresponding Wrap Program may be found in Congress Asset’s ADV, Part 1, Schedule D, Section 5.I. (2). Congress Asset may terminate its services to one or more of its Clients under the agreement for any reason, or for no reason, upon at least 30 days of prior notice. Mutual Funds and Exchange Traded Funds Congress Asset provides discretionary investment management and related services to mutual funds and ETFs, each of which are open-end investment companies registered under the Investment Company 1940 Act, as amended (“1940 Act”). These funds are: the Congress Large Cap Growth Fund, the Congress Large Cap Growth ETF, the Congress Mid Cap Growth Fund, the Congress SMid Growth ETF, and the Congress Small Cap Growth Fund (the “Congress Funds”). Each Congress Fund is a Series of the Professionally Managed Portfolio Trust (SEC File Number 811-05037). Interested investors should refer to the applicable Congress Fund’s Prospectus and Statement of Additional Information (“SAI”) for important information regarding objectives, investments, time-horizon, risks, fees, and additional disclosures. Mutual Fund documents are available on-line at: https://congress-mutual-funds.web.app/ ETF documents are available on-line at: https://etfs.congressasset.com/. Prior to making any investment in the Congress Funds, investors and prospective investors should carefully review these documents for a comprehensive understanding of the terms and conditions applicable for investment in the Congress Funds. Collective Investment Trust Management The Firm provides discretionary investment management services to the Congress Mid Cap Growth Collective Investment Trust (“CIT” or “Trust”) Ticker CMCABX,the Congress SMid Growth CIT, Ticker CSMCGX and the Congress Small Cap Growth CIT, Ticker CGCALX. We may, subject to approval by SEI Investments Company, the CIT Trustee, add other strategies/funds to the CIT in the future. The Trust is regulated by the Department of Banking and Securities for the Commonwealth of Pennsylvania and is available only to eligible plans. Private Equity Congress Asset provides discretionary and non-discretionary investment management services to pensions and other institutions that invest in private equity limited partnerships. Investment in these types of securities may involve certain additional degrees of risk and will only be recommended to institutional Clients and only when consistent with the Client's stated investment objectives, tolerance for risk, liquidity, and suitability. Sub Advisory Arrangements with Affiliates Congress Asset also serves as sub-adviser to CW Advisors, LLC (“CW Advisors”), (CRD No. 310873; SEC No. 801- 119667). In its capacity as sub-adviser to CW Advisors, the Firm provides portfolio management, trading, and operational support. Please refer to “Other Financial Industry Activities and Affiliations”, Item 10 of this Brochure, for more information regarding the Firm’s relationship with CW Advisors. Amount of Assets Managed As of 12/31/2023, Congress Asset’s regulatory asset under management was $12,146,933,839.10 all of which was on a discretionary basis. In addition, the Firm provided Model Portfolios of its investment strategies, primarily to its UMA Sponsor Clients. As of 12/31/2023 there was $8,513,820,520.92 invested by such Clients, utilizing Congress Asset’s Model Portfolio service. The total assets attributable to regulatory assets under management and Model Portfolio Management was$20,660,754,360.02.