2026-02-27190616_BeckerValueEquityFund_RetailClass

Ordinary Income

$ 1,290,727

$ 1,184,273

Long-term capital gain

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

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

Retail Class: BVEFX

Institutional Class: BVEIX

Semi-Annual Financial Statements & Additional Information

April 30, 2026 (Unaudited)

TABLE OF CONTENTS


			Page
Schedule of Investments			1
Statement of Assets and Liabilities			2
Statement of Operations			3
Statements of Changes in Net Assets			4
Financial Highlights			5
Notes to Financial Statements			7
Additional Information			12

TABLE OF CONTENTS

Becker Equity Fund

Schedule of Investments

April 30, 2026 (Unaudited)


	Shares	Value
COMMON STOCKS - 94.6%
Communication Services - 10.0%
Alphabet, Inc. - Class A	12,001	$4,617,985
Meta Platforms, Inc. - Class A	2,480	1,517,537
Verizon Communications, Inc.	47,475	2,280,224
Walt Disney Co.	18,415	1,910,556
		10,326,302
Consumer Discretionary - 5.7%
Amazon.com, Inc.^(a)	11,926	3,161,106
AutoZone, Inc.^(a)	550	2,037,216
NIKE, Inc. - Class B	15,540	689,354
		5,887,676
Consumer Staples - 5.0%
Grocery Outlet Holding Corp.^(a)	86,355	683,068
Procter & Gamble Co.	8,510	1,251,736
Sysco Corp.	25,255	1,886,801
Walmart, Inc.	10,174	1,342,256
		5,163,861
Energy - 6.9%
Baker Hughes Co.	14,570	1,015,092
Chevron Corp.	12,937	2,500,852
Kinder Morgan, Inc.	70,144	2,305,633
Shell PLC - ADR	15,346	1,391,422
		7,212,999
Financials - 20.8%
Bank of America Corp.	18,300	978,318
Berkshire Hathaway, Inc. - Class B^(a)	7,765	3,677,504
Blackrock, Inc.	3,135	3,340,656
Charles Schwab Corp.	35,730	3,274,297
Chubb Ltd.	9,310	3,044,370
Goldman Sachs Group, Inc.	2,922	2,699,256
JPMorgan Chase & Co.	12,616	3,951,710
US Bancorp	10,529	596,573
		21,562,684
Health Care - 10.2%
Bruker Corp.	20,410	749,251
Eli Lilly & Co.	1,340	1,252,364
Johnson & Johnson	12,875	2,959,319
Koninklijke Philips NV	36,389	958,486
McKesson Corp.	2,235	1,821,972
Pfizer, Inc.	60,310	1,610,277
Quest Diagnostics, Inc.	6,078	1,180,348
		10,532,017
Industrials - 14.7%
Alaska Air Group, Inc.^(a)	23,180	906,570
Carrier Global Corp.	34,530	2,319,380
Eaton Corp. PLC	5,890	2,550,429
Embraer SA - ADR	16,460	1,032,042


	Shares	Value
General Dynamics Corp.	5,710	$1,965,953
Honeywell International, Inc.	5,875	1,259,188
RTX Corp.	10,211	1,797,851
TransUnion	17,495	1,242,145
Union Pacific Corp.	7,850	2,115,418
		15,188,976
Information Technology - 11.3%
Apple, Inc.	6,600	1,790,910
Cisco Systems, Inc.	31,960	2,924,340
Intel Corp.^(a)	26,710	2,523,561
Microsoft Corp.	4,480	1,826,854
QUALCOMM, Inc.	11,035	1,981,665
ServiceNow, Inc.^(a)	7,350	649,079
		11,696,409
Materials - 3.9%
Air Products and Chemicals, Inc.	7,380	2,214,369
Newmont Corp.	16,875	1,874,644
		4,089,013
Utilities - 6.1%
FirstEnergy Corp.	66,876	3,177,948
Southern Co.	32,295	3,122,926
		6,300,874
TOTAL COMMON STOCKS (Cost $56,815,482)		97,960,811
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 5.4%
First American Treasury Obligations Fund - Class X, 3.59%^(b)	5,599,537	5,599,537
TOTAL MONEY MARKET FUNDS (Cost $5,599,537)		5,599,537
TOTAL INVESTMENTS - 100.0% (Cost $62,415,019)		$103,560,348
Liabilities in Excess of Other Assets - (0.0)%^(c)		(27,473)
TOTAL NET ASSETS - 100.0%		$103,532,875

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a)	Non-income producing security.

(b)	The rate shown represents the 7-day annualized yield as of April 30, 2026.

(c)	Represents less than 0.05% of net assets.

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

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Becker Equity Fund

Statement of Assets and Liabilities

April 30, 2026 (Unaudited)


ASSETS:
Investments, at value			$103,560,348
Dividends receivable			90,631
Dividend tax reclaims receivable			56,595
Receivable for fund shares sold			2,996
Cash			1,009
Prepaid expenses and other assets			27,290
Total assets			103,738,869
LIABILITIES:
Payable for fund administration and accounting fees			49,568
Payable for shareholder servicing fees			41,404
Payable to Adviser			26,338
Payable for fund shares redeemed			25,530
Payable for transfer agent fees and expenses			22,349
Payable for expenses and other liabilities			12,099
Payable for compliance fees			5,847
Payable for custodian fees			880
Payable for expenses and other liabilities			21,979
Total liabilities			205,994
NET ASSETS			$ 103,532,875
Commitments & Contingencies (Note 3)			—
Net Assets Consists of:
Paid-in capital			$58,522,461
Total distributable earnings			45,010,414
Total net assets			$ 103,532,875
Institutional Class
Net assets			$75,247,685
Shares issued and outstanding^(a)			3,408,432
Net asset value per share			$22.08
Retail Class
Net assets			$28,285,190
Shares issued and outstanding^(a)			1,292,341
Net asset value per share			$21.89
Cost:
Investments, at cost			$62,415,019

(a)	Unlimited shares authorized without par value.

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

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Becker Equity Fund

Statement of Operations

For the Period Ended April 30, 2026 (Unaudited)


INVESTMENT INCOME:
Dividend income			$903,635
Less: dividend withholding taxes			(1,126)
Less: issuance fees			(1,406)
Total investment income			901,103
EXPENSES:
Investment advisory fee			272,588
Fund administration and accounting fees			60,897
Transfer agent fees			26,641
Federal and state registration fees			18,948
Trustees’ fees			17,630
Shareholder service costs - Retail Class			13,708
Shareholder service costs - Institutional Class			56
Compliance fees			7,057
Audit fees			6,759
Legal fees			6,038
Reports to shareholders			2,942
Custodian fees			2,905
Other expenses and fees			19,682
Total expenses			455,851
Expense reimbursement by Adviser			(105,069)
Net expenses			350,782
NET INVESTMENT INCOME			550,321
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments			3,528,347
Net realized gain (loss)			3,528,347
Net change in unrealized appreciation (depreciation) on:
Investments			3,433,021
Net change in unrealized appreciation (depreciation)			3,433,021
Net realized and unrealized gain (loss)			6,961,368
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$7,511,689

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

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Becker Equity Fund

Statements of Changes in Net Assets


	Period Ended April 30, 2026 (Unaudited)	Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$550,321	$1,287,459
Net realized gain (loss)	3,528,347	8,276,786
Net change in unrealized appreciation (depreciation)	3,433,021	2,969,316
Net increase (decrease) in net assets from operations	7,511,689	12,533,561
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings - Institutional Class	(6,396,973)	(4,031,178)
From earnings - Retail Class	(2,485,798)	(1,720,146)
Total distributions to shareholders	(8,882,771)	(5,751,324)
CAPITAL TRANSACTIONS:
Shares sold - Institutional Class	656,419	1,243,914
Shares issued from reinvestment of distributions - Institutional Class	6,293,033	3,978,982
Shares redeemed - Institutional Class	(1,856,542)	(6,440,297)
Shares sold - Retail Class	397,345	421,616
Shares issued from reinvestment of distributions - Retail Class	2,441,652	1,694,371
Shares redeemed - Retail Class	(2,314,775)	(4,713,297)
Net increase (decrease) in net assets from capital transactions	5,617,132	(3,814,711)
NET INCREASE (DECREASE) IN NET ASSETS	4,246,050	2,967,526
NET ASSETS:
Beginning of the period	99,286,825	96,319,299
End of the period	$ 103,532,875	$99,286,825
SHARES TRANSACTIONS
Shares sold - Institutional Class	30,776	58,908
Shares issued from reinvestment of distributions - Institutional Class	304,747	191,113
Shares redeemed - Institutional Class	(88,328)	(314,534)
Shares sold - Retail Class	18,647	20,525
Shares issued from reinvestment of distributions - Retail Class	119,221	82,012
Shares redeemed - Retail Class	(109,473)	(225,213)
Total increase (decrease) in shares outstanding	275,590	(187,189)

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

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BECKER EQUITY FUND

FINANCIAL HIGHLIGHTS

INSTITUTIONAL CLASS


	Period Ended April 30, 2026 (Unaudited)	Year Ended October 31,
	Period Ended April 30, 2026 (Unaudited)	2025	2024	2023	2022	2021
PER SHARE DATA:
Net asset value, beginning of period	$22.49	$20.93	$18.51	$19.69	$23.67	$16.49
INVESTMENT OPERATIONS:
Net investment income^(a)	0.12	0.29	0.27	0.27	0.25	0.33
Net realized and unrealized gain (loss) on investments^(b)	1.50	2.53	4.27	0.12	(1.59)	7.33
Total from investment operations	1.62	2.82	4.54	0.39	(1.34)	7.66
LESS DISTRIBUTIONS FROM:
Net investment income	(0.30)	(0.26)	(0.29)	(0.30)	(0.31)	(0.48)
Net realized gains	(1.73)	(1.00)	(1.83)	(1.27)	(2.33)	—
Total distributions	(2.03)	(1.26)	(2.12)	(1.57)	(2.64)	(0.48)
Redemption fee per share	—	—	0.00^(c)	—	—	0.00^(c)
Net asset value, end of period	$22.08	$22.49	$20.93	$18.51	$19.69	$23.67
Total return^(d)	7.81%	13.93%	26.63%	1.97%	(6.51)%	47.22%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$75,248	$71,102	$67,511	$58,141	$73,741	$116,680
Ratio of expenses to average net assets:
Before expense reimbursement/ recoupment^(e)	0.90%	0.90%	0.94%	0.90%	0.82%	0.78%
After expense reimbursement/ recoupment^(e)	0.68%	0.68%	0.68%	0.68%	0.68%	0.68%
Ratio of net investment income (loss) to average net assets^(e)	1.14%	1.36%	1.35%	1.43%	1.23%	1.57%
Portfolio turnover rate^(d)	10%	31%	20%	31%	28%	28%

(a)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)	Amount represents less than $0.005 per share.

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

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

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BECKER EQUITY FUND

FINANCIAL HIGHLIGHTS

Retail Class


	Period Ended April 30, 2026 (Unaudited)	Year Ended October 31,
	Period Ended April 30, 2026 (Unaudited)	2025	2024	2023	2022	2021
PER SHARE DATA:
Net asset value, beginning of period	$22.30	$20.78	$18.41	$19.61	$23.59	$16.43
INVESTMENT OPERATIONS:
Net investment income^(a)	0.11	0.26	0.24	0.25	0.23	0.31
Net realized and unrealized gain (loss) on investments^(b)	1.48	2.52	4.26	0.12	(1.60)	7.31
Total from investment operations	1.59	2.78	4.50	0.37	(1.37)	7.62
LESS DISTRIBUTIONS FROM:
Net investment income	(0.27)	(0.26)	(0.30)	(0.30)	(0.28)	(0.46)
Net realized gains	(1.73)	(1.00)	(1.83)	(1.27)	(2.33)	—
Total distributions	(2.00)	(1.26)	(2.13)	(1.57)	(2.61)	(0.46)
Redemption fee per share	—	—	0.00^(c)	0.00^(c)	—	0.00^(c)
Net asset value, end of period	$21.89	$22.30	$20.78	$18.41	$19.61	$23.59
Total return^(d)	7.74%	13.81%	26.55%	1.86%	(6.63)%	47.10%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$28,285	$28,185	$28,808	$25,980	$28,743	$33,722
Ratio of expenses to average net assets:
Before expense reimbursement/ recoupment^(e)	1.00%	1.00%	1.04%	1.00%	0.93%	0.88%
After expense reimbursement/ recoupment^(e)	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%
Ratio of net investment income (loss) to average net assets^(e)	1.05%	1.27%	1.25%	1.32%	1.13%	1.48%
Portfolio turnover rate^(d)	10%	31%	20%	31%	28%	28%

(a)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)	Amount represents less than $0.005 per share.

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

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

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Becker Equity Fund

NOTES TO FINANCIAL STATEMENTS

April 30, 2026 (Unaudited)

NOTE 1 – ORGANIZATION

The Becker Equity Fund (the “Fund”) (formerly known as Becker Value Equity Fund prior to February 28, 2026) is 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 investment management company. The 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 Fund commenced operations on November 3, 2003 with the investment objective to provide long-term capital appreciation. The Fund currently offers Retail and Institutional Class shares, which were first offered to the public on November 3, 2003 and on September 2, 2011, respectively. Both classes of shares hold equal rights as to earnings and assets with Retail Class shares bearing shareholder service fees. Each class of shares has exclusive voting rights with respect to matters affecting that individual 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.

The Fund operates as a single segment entity. The Fund’s income, expenses, assets, and performance are regularly monitored and assessed by the Investment Team, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

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

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, which 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 and asked price will be used.

Securities for which market quotations are not ready available are valued at their respective fair values as determined in accordance with procedures approved by the Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Becker Capital Management (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. 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 Fund utilizes various methods to measure the fair value of its 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 Fund has 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.

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Becker Equity Fund

NOTES TO FINANCIAL STATEMENTS

April 30, 2026 (Unaudited)(Continued)

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s 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 measurements fall 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 Fund’s investments as of April 30, 2026. See the Schedule of Investments for sector breakouts.


Investments	Level 1	Level 2	Level 3	Total
Common Stocks	$97,960,811	$—	$—	$97,960,811
Money Market Funds	5,599,537	—	—	5,599,537
Total Investments	$103,560,348	$—	$—	$103,560,348

Refer to the Schedule of Investments for further disaggregation of investment categories.

Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does 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 realized and unrealized gain or loss from investments. The Fund reports 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 Fund’s books and the U.S. dollar equivalent of the amounts actually 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.

Federal Income Taxes. The 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 provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, the 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 at least 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 the Fund’s next taxable year. Net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Fund’s next taxable year. As of the Fund’s most recent fiscal year end October 31, 2025, the Fund had no late year losses or capital loss carry-forwards.

As of October 31, 2025, the Fund did not have any tax positions that did not meet the “more likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax

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Becker Equity Fund

NOTES TO FINANCIAL STATEMENTS

April 30, 2026 (Unaudited)(Continued)

returns filed for the last three years. The Fund identifies its major tax jurisdictions as U.S. Federal and the Commonwealth of Massachusetts; however, as of October 31, 2025, the Fund was not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

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 REITs and MLPs are generally 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 Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

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, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Share Valuation. The net asset value (“NAV”) per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s net asset value per share. The Fund charges a 1.00% redemption fee on shares held less than 30 days. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. The Fund will retain the fee charged as paid-in capital and such fees become part of the Fund’s daily NAV calculation.

Guarantees and Indemnifications. In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk management Program (“LRMP”) that requires, among other things, that the Fund limits its illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to 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.

Recently Issued Accounting Pronouncements. In December 2023, the FASB issued Accounting Standards Update 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. Fund management has determined that additional disclosures were not necessary due to being deemed immaterial.

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

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Becker Equity Fund

NOTES TO FINANCIAL STATEMENTS

April 30, 2026 (Unaudited)(Continued)

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

The Advisor provides the 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, facilities and certain administrative services, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to receive a monthly fee at the annual rate of 0.55% based upon the average daily net assets of the Fund. For the six months ended April 30, 2026, the advisory fees incurred by the Fund are disclosed in the Statement 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 the annual ratio of expenses of the Fund’s average daily net assets (“Expense Cap”) to 0.68% (excluding Rule 12b-1 fees and any other class-specific expenses). The Operating Expenses Limitation Agreement has an indefinite term and may be terminated at any time, and without payment of any penalty, by the Board, on behalf of the Fund, upon sixty (60) days written notice to the Advisor. The Advisor is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three years. The Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any reimbursement is subject to the Board’s review and approval. This reimbursement may be requested by the Advisor if the aggregate amount actually paid by the Fund toward operating expenses for such period (taking into account any reimbursement) does not exceed the lesser of the Expense Caps in place at the time of waiver or at the time of reimbursement. At April 30, 2026, the remaining cumulative unreimbursed amount waived by the Advisor on behalf of the Fund that may be reimbursed was $668,886. The Advisor may recapture a portion of the above amount no later than the dates stated below:


Year of Expiration			Amount
October 31, 2026			114,660
October 31, 2027			241,222
October 31, 2028			207,935
April 30, 2029			105,069

The amount of fees and expenses waived and reimbursed by the Advisor during the six months ended April 30, 2026 are disclosed in the Statement of Operations. Any amount due from the Advisor is paid monthly to the Fund, if applicable.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), acts as the Fund’s administrator, fund accountant and transfer agent. In those capacities, Fund Services maintains the Fund’s books and records, calculates the Fund’s NAV, prepares various federal and state regulatory filings, coordinates the payment of Fund 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 Fund to Fund Services for these services for the six months ended April 30, 2026, are disclosed in the Statement of Operations.

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

NOTE 4 – PURCHASES AND SALES OF SECURITIES

For the six months ended April 30, 2026, the cost from purchases of securities, excluding short-term securities, for the Fund was $9,773,428. The proceeds from sales and maturities of securities, excluding short-term securities, for the Fund were $14,959,958. There were no reportable purchases or sales of U.S. Government obligations for the six months ended April 30, 2026.

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Becker Equity Fund

NOTES TO FINANCIAL STATEMENTS

April 30, 2026 (Unaudited)(Continued)

NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Fund during the six months ended April 30, 2026 and the year ended October 31, 2025 were as follows:

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:


Cost of investments			$61,550,585
Gross tax unrealized appreciation			37,916,612
Gross tax unrealized depreciation			(204,304)
Gross tax unrealized appreciation/depreciation			37,712,308
Undistributed ordinary income			1,077,144
Undistributed long-term capital gain			7,592,044
Total distributable earnings			8,669,188
Other accumulated gain (loss)			—
Total distributable (accumulated) earnings (losses)			$ 46,381,496

NOTE 6 – CREDIT FACILITY

U.S. Bank N.A. has made available to the Fund a credit facility pursuant to a separate Loan and Security Agreement for temporary or extraordinary purposes. Credit facility activity for the six months ended April 30, 2026 was as follows:


Maximum available credit			$4,500,000
Largest amount outstanding on an individual day			—
Average balance when in use			—
Credit facility outstanding as of April 30, 2026			—
Average interest rate when in use			N/A

Interest expense for the six months ended April 30, 2026, is disclosed in the Statement of Operations, if applicable.

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Becker Equity Fund

ADDITIONAL INFORMATION (Unaudited)

INFORMATION ABOUT PROXY VOTING

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free at (800) 551-3998 or by accessing the SEC’s website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve months ending June 30 is available without charge, upon request by calling (800) 551-3998 or by accessing the SEC’s website at www.sec.gov.

INFORMATION ABOUT THE PORTFOLIO HOLDINGS

The Fund’s quarterly holdings for the most recent fiscal year can be obtained by accessing the Fund’s website at www.beckercap.com/mutual-fund. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov. The Fund’s Form N-PORT may also be obtained by calling (800) 551-3998.

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. Renumeration 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.

(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.

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.

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.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(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.

(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 management 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 management investment companies.

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.

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.


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Retail Class	$40	0.78%


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Institutional Class	$35	0.68%


	Becker Equity Fund
	Retail Class \| BVEFX
	Semi-Annual Shareholder Report \| April 30, 2026


Net Assets	$103,532,875
Number of Holdings	50
Portfolio Turnover	10%


Top 10 Issuers	(% of net assets)
First American Treasury Obligations Fund	5.4%
Alphabet, Inc.	4.5%
JPMorgan Chase & Co.	3.8%
Berkshire Hathaway, Inc.	3.6%
Blackrock, Inc.	3.2%
Charles Schwab Corp.	3.2%
FirstEnergy Corp.	3.1%
Amazon.com, Inc.	3.1%
Southern Co.	3.0%
Chubb Ltd.	2.9%


	Becker Equity Fund
	Institutional Class \| BVEIX
	Semi-Annual Shareholder Report \| April 30, 2026

	By (Signature and Title)	/s/ Craig Benton
		Craig Benton, President/Principal Executive Officer

	By (Signature and Title)	/s/ Kathryn LaPlante Johnson
		Kathryn LaPlante Johnson, Treasurer/Principal Financial Officer