# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001133228-25-006166
**Filing Date:** 2025-6
**Character Count:** 95479
**Document Hash:** 7e3d0eb245a340f695a6d15ccf0ab217
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006166.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001133228-25-006166

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROFESSIONALLY MANAGED PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000811030

**ORGANIZATION NAME:**
- **EIN:** 566415270
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 251029995

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-218-3770

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AVONDALE INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19910529

## Series and Classes Contracts Data

### Boston Common ESG Impact International Fund (Series ID: S000030907)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000095889 | Boston Common ESG Impact International | BCAIX           |

### Boston Common ESG Impact U.S. Equity Fund (Series ID: S000030908)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000095890 | Boston Common ESG Impact U.S. Equity | BCAMX           |

### Boston Common ESG Impact Emerging Markets Fund (Series ID: S000070633)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000224360 | Boston Common ESG Impact Emerging Markets Fund | BCEMX           |

?xml version='1.0' encoding='ASCII'? 2025-04-08190619_BostonCommonESGImpactEmergingMarketsFund_TF_TSRSemiAnnual

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 **<u>(811-05037)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Professionally Managed Portfolios</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Jason Hadler**

**Professionally Managed Portfolios**

**c/o U.S. Bank Global Fund Services 777 E. Wisconsin Avenue Milwaukee, WI 53202**

(Name and address of agent for service)

**<u>(414) 516-1523</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img001.jpg) | **Boston Common ESG Impact Emerging** **Markets Fund**  | ![image](img002.jpg) |
| ![image](img001.jpg) | BCEMX  | ![image](img002.jpg) |
| ![image](img001.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img002.jpg) |

---

This semi-annual shareholder report contains important information about the Boston Common ESG Impact Emerging Markets Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://bostoncommonfunds.com/literature/. You can also request this information by contacting us at 1-877-777-6944.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Boston Common ESG Impact Emerging Markets Fund | $48 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $69156892 |
| **Number of Holdings** | 52 |
| **Portfolio Turnover** | 13% |

---

Visit https://bostoncommonfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 9.3% |
|  Naspers Ltd.  | 4.8% |
|  HDFC Bank Ltd.  | 4.1% |
|  Alibaba Group Holding Ltd.  | 3.9% |
|  Meituan  | 3.5% |
|  Bharti Airtel Ltd.  | 3.4% |
|  Ping An Insurance Group Co. of China Ltd.  | 3.4% |
|  BYD Co. Ltd.  | 3.0% |
|  First American Treasury Obligations Fund  | 2.7% |
|  Shenzhen Inovance Technology Co. Ltd.  | 2.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Financials  | 22.7% |
|  Consumer Discretionary  | 22.1% |
|  Information Technology  | 19.1% |
|  Industrials  | 13.6% |
|  Communication Services  | 7.3% |
|  Consumer Staples  | 6.3% |
|  Health Care  | 2.2% |
|  Real Estate  | 1.5% |
|  Utilities  | 1.2% |
|  Cash & Other  | 4.0% |

---

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

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://bostoncommonfunds.com/literature/.

Boston Common ESG Impact Emerging Markets Fund PAGE 1 TSR-SAR-74316J227

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Boston Common Asset Management, LLC documents not be householded, please contact Boston Common Asset Management, LLC at 1-877-777-6944, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Boston Common Asset Management, LLC or your financial intermediary.

Boston Common ESG Impact Emerging Markets Fund PAGE 2 TSR-SAR-74316J227

------

---

| | | |
|:---|:---|:---|
| ![image](img001.jpg) | **Boston Common ESG Impact International** **Fund**  | ![image](img002.jpg) |
| ![image](img001.jpg) | BCAIX  | ![image](img002.jpg) |
| ![image](img001.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img002.jpg) |

---

This semi-annual shareholder report contains important information about the Boston Common ESG Impact International Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://bostoncommonfunds.com/literature/. You can also request this information by contacting us at 1-877-777-6944.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Boston Common ESG Impact International Fund | $42 | 0.86% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $297057416 |
| **Number of Holdings** | 59 |
| **Portfolio Turnover** | 15% |

---

Visit https://bostoncommonfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Oversea-Chinese Banking Corp. Ltd.  | 3.8% |
|  Sony Group Corp.  | 3.7% |
|  Deutsche Telekom AG  | 3.5% |
|  Mitsubishi UFJ Financial Group, Inc.  | 3.1% |
|  Novartis AG  | 2.6% |
|  AstraZeneca PLC  | 2.4% |
|  ORIX Corp.  | 2.3% |
|  Roche Holding AG  | 2.3% |
|  Macquarie Group Ltd.  | 2.3% |
|  Intesa Sanpaolo SpA  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Financials  | 25.6% |
|  Industrials  | 18.0% |
|  Health Care  | 13.9% |
|  Consumer Discretionary  | 13.7% |
|  Information Technology  | 10.3% |
|  Consumer Staples  | 9.4% |
|  Communication Services  | 5.4% |
|  Utilities  | 3.5% |
|  Materials  | 3.3% |
|  Cash & Other  | -3.1% |

---

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

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://bostoncommonfunds.com/literature/.

Boston Common ESG Impact International Fund PAGE 1 TSR-SAR-74316J110

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Boston Common Asset Management, LLC documents not be householded, please contact Boston Common Asset Management, LLC at 1-877-777-6944, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Boston Common Asset Management, LLC or your financial intermediary.

Boston Common ESG Impact International Fund PAGE 2 TSR-SAR-74316J110

------

---

| | | |
|:---|:---|:---|
| ![image](img001.jpg) | **Boston Common ESG Impact US Equity** **Fund**  | ![image](img002.jpg) |
| ![image](img001.jpg) | BCAMX  | ![image](img002.jpg) |
| ![image](img001.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img002.jpg) |

---

This semi-annual shareholder report contains important information about the Boston Common ESG Impact US Equity Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://bostoncommonfunds.com/literature/. You can also request this information by contacting us at 1-877-777-6944.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Boston Common ESG Impact US Equity Fund | $49 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $63675396 |
| **Number of Holdings** | 52 |
| **Portfolio Turnover** | 12% |

---

Visit https://bostoncommonfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Microsoft Corp.  | 7.2% |
|  Apple, Inc.  | 7.0% |
|  Alphabet, Inc.  | 4.9% |
|  NVIDIA Corp.  | 4.7% |
|  Visa, Inc.  | 4.4% |
|  Netflix, Inc.  | 3.8% |
|  Broadcom, Inc.  | 3.2% |
|  T-Mobile US, Inc.  | 3.2% |
|  TJX Cos., Inc.  | 2.8% |
|  First American Treasury Obligations Fund  | 2.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(% of net** **assets)** |
|  Information Technology  | 29.1% |
|  Financials  | 15.3% |
|  Communication Services  | 12.9% |
|  Health Care  | 11.4% |
|  Consumer Discretionary  | 9.8% |
|  Industrials  | 7.7% |
|  Consumer Staples  | 5.8% |
|  Real Estate  | 2.2% |
|  Materials  | 1.8% |
|  Cash & Other  | 4.0% |

---

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

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://bostoncommonfunds.com/literature/.

Boston Common ESG Impact US Equity Fund PAGE 1 TSR-SAR-74316J680

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Boston Common Asset Management, LLC documents not be householded, please contact Boston Common Asset Management, LLC at 1-877-777-6944, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Boston Common Asset Management, LLC or your financial intermediary.

Boston Common ESG Impact US Equity Fund PAGE 2 TSR-SAR-74316J680

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

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

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](boston_logo.jpg)

**BOSTON COMMON ESG IMPACT FUNDS** 

**Boston Common ESG Impact Emerging Markets Fund** 

**Boston Common ESG Impact International Fund** 

**Boston Common ESG Impact U.S. Equity Fund** 

Core Financial Statements

March 31, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Schedule of Investments<br>|  |
| &nbsp;&nbsp;&nbsp; [Boston Common ESG Impact Emerging Markets Fund](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [Boston Common ESG Impact International Fund](#tsoi2) | [3](#tsoi2) |
| &nbsp;&nbsp;&nbsp; [Boston Common ESG Impact U.S. Equity Fund](#tsoi3) | [4](#tsoi3) |
| [Statements of Assets and Liabilities](#tsal) | [6](#tsal) |
| [Statements of Operations](#tsop) | [7](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [8](#tscna) |
| [Financial Highlights](#tfihi) | [10](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [13](#tnotes) |
| [Additional Information](#taddinf) | [20](#taddinf) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Boston Common ESG Impact Emerging Markets Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.5%**<br>|  |  |
| **Communication Services - 7.3%** | **Communication Services - 7.3%** |  |
| Advanced Info Service PCL  | 149756 | $1200697  |
| Bharti Airtel Ltd.  | 115724 | 2339509  |
| SK Telecom Co. Ltd. - ADR  | 42031 | 893579  |
| Tencent Holdings Ltd.  | 9695 | 619471  |
|  |  | 5053256  |
| **Consumer Discretionary - 22.1%** | **Consumer Discretionary - 22.1%** |  |
| Alibaba Group Holding Ltd.  | 162710 | 2692197  |
| BYD Co. Ltd. - Class H  | 40809 | 2066426  |
| Giant Manufacturing Company Ltd.  | 94625 | 404633  |
| Hyundai Motor Company  | 4404 | 594848  |
| Meituan - Class B<sup>(a)(b)</sup> | 120400 | 2422745  |
| MercadoLibre, Inc.<sup>(a)</sup> | 751 | 1465103  |
| Midea Group Co. Ltd. - Class A  | 110499 | 1196619  |
| Naspers Ltd. - Class N  | 13379 | 3317867  |
| Trip.com Group Ltd. - ADR  | 17924 | 1139608  |
|  |  | 15300046  |
| **Consumer Staples - 6.3%** | **Consumer Staples - 6.3%** |  |
| Clicks Group Ltd.  | 51647 | 954153  |
| Dabur India Ltd.  | 167648 | 991392  |
| Dino Polska SA<sup>(a)(b)</sup> | 10922 | 1274830  |
|  Kimberly-Clark de Mexico SAB de CV - Class A  | 422909 | 692914  |
| Raia Drogasil SA  | 137678 | 461786  |
|  |  | 4375075  |
| **Financials - 22.7%** | **Financials - 22.7%** |  |
| Alpha Services and Holdings SA  | 448527 | 1077288  |
| Axis Bank Ltd.  | 76764 | 984687  |
| Bancolombia SA - ADR  | 38904 | 1563941  |
| BDO Unibank, Inc.  | 552189 | 1479259  |
|  China Merchants Bank Co. Ltd. - Class H  | 271207 | 1607975  |
| HDFC Bank Ltd. - ADR  | 43009 | 2857518  |
| Itau Unibanco Holding SA - ADR  | 182958 | 1006266  |
| OTP Bank Nyrt  | 18769 | 1262814  |
|  Ping An Insurance Group Co. of China Ltd. - Class H  | 390088 | 2328417  |
|  PT Bank Rakyat Indonesia (Persero) Tbk.  | 6185435 | 1495218  |
|  |  | 15663383  |
| **Health Care - 2.2%** | **Health Care - 2.2%** |  |
| Cipla Ltd./India  | 41260 | 693370  |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - Class A  | 26386 | 851537  |
|  |  | 1544907  |
| **Industrials - 13.6%** | **Industrials - 13.6%** |  |
| AirTAC International Group  | 34952 | 887661  |
|  Contemporary Amperex Technology Co. Ltd. - Class A  | 19111 | 668889  |
| HD Hyundai Electric Co. Ltd.  | 3245 | 662238  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Localiza Rent a Car SA  | 143563 | $845813  |
|  Shenzhen Inovance Technology Co. Ltd. - Class A  | 180125 | 1694244  |
|  Sungrow Power Supply Company Ltd. - Class A  | 54800 | 525459  |
| Techtronic Industries Co. Ltd.  | 49332 | 591208  |
| Voltas Ltd.  | 67173 | 1142800  |
| WEG SA  | 132655 | 1052602  |
| Weichai Power Co. Ltd. - Class H  | 645536 | 1359595  |
|  |  | 9430509  |
| **Information Technology - 19.1%** | **Information Technology - 19.1%** |  |
|  Advanced Micro-Fabrication Equipment, Inc. China - Class A  | 17200 | 438788  |
| Delta Electronics, Inc.  | 145146 | 1605352  |
| Infosys Ltd. - ADR  | 90144 | 1645128  |
| Lenovo Group Ltd.  | 401195 | 545209  |
| Silergy Corp.  | 68600 | 796843  |
| SK Hynix, Inc.  | 9841 | 1311865  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 38549 | 6399134  |
| Unimicron Technology Corp.  | 174600 | 497378  |
|  |  | 13239697  |
| **Materials - 1.0%** | **Materials - 1.0%** |  |
| Mondi PLC  | 45352 | 673292  |
| **Utilities - 1.2%** | **Utilities - 1.2%** |  |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 44435 | 795500  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $57,336,196)** |  | 66075665  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 1.5%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 1.5%** |  |
| **Real Estate - 1.5%** | **Real Estate - 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Prologis Property Mexico SAB de <br>CV | 320301 | 1028463  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $1,059,475)** |  | 1028463  |
| **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** |  |
| **Money Market Funds - 2.7%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(c)</sup> | 1835711 | 1835711  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,835,711)** |  | 1835711  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $60,231,382)** |  | $68939839  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.3%  |  | 217053  |
| **TOTAL NET ASSETS - 100.0%** |  | $69156892 |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Boston Common ESG Impact Emerging Markets Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $3,697,575 or 5.3% of the Fund's net assets. 

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Boston Common ESG Impact International Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 103.1%**<br>|  |  |
| **Communication Services - 5.4%**<br>|  |  |
| Deutsche Telekom AG | 280286 | $10348186  |
| Singapore Telecommunications Ltd. | 2240500 | 5682700  |
|  |  | 16030886  |
| **Consumer Discretionary - 13.7%**<br>|  |  |
| Amadeus IT Group SA | 37410 | 2864979  |
| BYD Co. Ltd. - Class H | 113000 | 5721928  |
| Cie Financiere Richemont SA | 21988 | 3838356  |
| Industria de Diseno Textil SA | 114843 | 5718266  |
| Mercedes-Benz Group AG | 56317 | 3326752  |
| Prosus NV - Class N | 112738 | 5237728  |
| Sony Group Corp. | 429605 | 10870298  |
| Taylor Wimpey PLC | 2171210 | 3050548  |
|  |  | 40628855  |
| **Consumer Staples - 9.4%**<br>|  |  |
| Ajinomoto Co., Inc. | 243000 | 4810845  |
| Beiersdorf AG | 33976 | 4389166  |
| Kerry Group PLC - Class A | 52718 | 5520370  |
| Koninklijke Ahold Delhaize NV | 110125 | 4113738  |
| L'Oreal SA | 9557 | 3552280  |
| Unilever PLC - ADR | 92338 | 5498728  |
|  |  | 27885127  |
| **Financials - 25.6%<sup>(a)</sup>**<br>|  |  |
| AIA Group Ltd. | 687650 | 5205424  |
| AXA SA | 154595 | 6605210  |
| Hannover Rueck SE | 20225 | 6028237  |
| ING Groep NV | 337840 | 6618746  |
| Intesa Sanpaolo SpA | 1315336 | 6778828  |
| Macquarie Group Ltd. | 55755 | 6938541  |
| Mitsubishi UFJ Financial Group, Inc. | 680100 | 9272360  |
| ORIX Corp. | 333747 | 6968272  |
| Oversea-Chinese Banking Corp. Ltd. | 870065 | 11150780  |
| T&D Holdings, Inc. | 285800 | 6116988  |
| Tryg AS | 181720 | 4322841  |
|  |  | 76006227  |
| **Health Care - 13.9%**<br>|  |  |
| AstraZeneca PLC | 48783 | 7163565  |
| ConvaTec Group PLC<sup>(b)</sup> | 1219757 | 4074687  |
| Hoya Corp. | 53024 | 5984209  |
| Kyowa Kirin Co. Ltd. | 211800 | 3091571  |
| Novartis AG - ADR | 70251 | 7831582  |
| Novo Nordisk AS - Class B | 89913 | 6148101  |
| Roche Holding AG - ADR | 168866 | 6948836  |
|  |  | 41242551  |
| **Industrials - 18.0%**<br>|  |  |
| Ashtead Group PLC | 47058 | 2544286  |
| Assa Abloy AB - Class B | 157957 | 4742069  |
| Atlas Copco AB - Class B | 297166 | 4178784  |
| Ferguson Enterprises, Inc. | 1 | 159  |
| Keisei Electric Railway Co. Ltd. | 581700 | 5255660  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kurita Water Industries Ltd. | 124837 | $3861121  |
| Mitsubishi Electric Corp. | 355700 | 6559920  |
| Prysmian SpA | 72016 | 3964277  |
| RELX PLC | 101792 | 5113106  |
| Schneider Electric SE | 29337 | 6772331  |
| Siemens AG | 22950 | 5300233  |
| Vestas Wind Systems AS | 138035 | 1909646  |
| Volvo AB - Class B | 107544 | 3155165  |
|  |  | 53356757  |
| **Information Technology - 10.3%**<br>|  |  |
| ASM International NV | 5060 | 2305815  |
| ASML Holding NV | 8844 | 5852744  |
| Keyence Corp. | 15624 | 6143516  |
| Sage Group PLC | 211889 | 3326743  |
| SAP SE - ADR | 24659 | 6619462  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 15214 | 2525524  |
| TDK Corp. | 363445 | 3808572  |
|  |  | 30582376  |
| **Materials - 3.3%**<br>|  |  |
| Air Liquide SA | 23570 | 4477022  |
| DSM-Firmenich AG | 32080 | 3175869  |
| James Hardie Industries PLC<sup>(c)</sup> | 97357 | 2323364  |
|  |  | 9976255  |
| **Utilities - 3.5%**<br>|  |  |
| SSE PLC | 315620 | 6501289  |
| Veolia Environnement SA | 115206 | 3962156  |
|  |  | 10463445  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $229,720,168)** |  | 306172479  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.1%** <br>**(Cost $229,720,168)** |  | $306172479  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.1)% |  | (9115063)  |
| **TOTAL NET ASSETS - 100.0%** |  | $297057416 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $4,074,687 or 1.4% of the Fund's net assets.

<sup>(c)</sup> Non-income producing security.

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Boston Common ESG Impact U.S. Equity Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.4%**<br>|  |  |
| **Communication Services - 12.9%**<br>|  |  |
| Alphabet, Inc. - Class A | 304 | $47011  |
| Alphabet, Inc. - Class C | 19756 | 3086480  |
| Netflix, Inc.<sup>(a)</sup> | 2576 | 2402197  |
| T-Mobile US, Inc. | 7542 | 2011527  |
| Verizon Communications, Inc. | 14786 | 670693  |
|  |  | 8217908  |
| **Consumer Discretionary - 9.8%**<br>|  |  |
| Booking Holdings, Inc. | 315 | 1451177  |
| DR Horton, Inc. | 4693 | 596621  |
| Home Depot, Inc. | 3453 | 1265490  |
| Ralph Lauren Corp. | 5352 | 1181400  |
| TJX Cos., Inc. | 14431 | 1757696  |
|  |  | 6252384  |
| **Consumer Staples - 5.8%**<br>|  |  |
| Colgate-Palmolive Company | 8716 | 816689  |
| Costco Wholesale Corp. | 1619 | 1531218  |
| Mondelez International, Inc. - Class A | 903 | 61269  |
| Procter & Gamble Co. | 7587 | 1292976  |
|  |  | 3702152  |
| **Financials - 15.3%**<br>|  |  |
| Ameriprise Financial, Inc. | 2192 | 1061169  |
| Aon PLC - Class A | 1904 | 759868  |
| Bank of America Corp. | 29536 | 1232537  |
| CME Group, Inc. - Class A | 4508 | 1195927  |
| Fifth Third Bancorp | 19791 | 775807  |
| MetLife, Inc. | 10930 | 877570  |
| Morgan Stanley | 8609 | 1004412  |
| Visa, Inc. - Class A | 8018 | 2809988  |
|  |  | 9717278  |
| **Health Care - 11.4%**<br>|  |  |
| Amgen, Inc. | 2560 | 797568  |
| Danaher Corp. | 2787 | 571335  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 7335 | 531641  |
| Eli Lilly & Co. | 2068 | 1707982  |
| Hologic, Inc.<sup>(a)</sup> | 12352 | 762983  |
| Merck & Co., Inc. | 12129 | 1088699  |
| Regeneron Pharmaceuticals, Inc. | 1227 | 778200  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2045 | 991457  |
|  |  | 7229865  |
| **Industrials - 7.7%**<br>|  |  |
| Carrier Global Corp. | 11085 | 702789  |
| Cummins, Inc. | 2671 | 837198  |
| Emerson Electric Company | 8653 | 948715  |
| Vertiv Holdings Co. - Class A | 8982 | 648501  |
| Wabtec Corp. | 4655 | 844184  |
| Xylem, Inc./NY | 7559 | 902998  |
|  |  | 4884385  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 29.1%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 1566 | $600608  |
| Analog Devices, Inc. | 4367 | 880693  |
| Apple, Inc. | 20119 | 4469033  |
| Broadcom, Inc. | 12130 | 2030926  |
| Intuit, Inc. | 1137 | 698106  |
| Micron Technology, Inc. | 6821 | 592677  |
| Microsoft Corp. | 12207 | 4582386  |
| NVIDIA Corp. | 27594 | 2990638  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 3808 | 649797  |
| salesforce.com, Inc. | 3826 | 1026745  |
|  |  | 18521609  |
| **Materials - 1.8%**<br>|  |  |
| CRH PLC | 4154 | 365427  |
| Ecolab, Inc. | 3155 | 799856  |
|  |  | 1165283  |
| **Real Estate - 1.3%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 6213 | 812536  |
| **Utilities - 1.3%**<br>|  |  |
| American Water Works Co., Inc. | 5759 | 849568  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $32,457,064)** |  | 61352968  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.9%**<br>|  |  |
| **Real Estate - 0.9%**<br>|  |  |
| Digital Realty Trust, Inc. | 4198 | 601532  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $512,460)** |  | 601532  |
| **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** |  |
| **Money Market Funds - 2.7%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(c)</sup> | 1730027 | 1730027  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,730,027)** |  | 1730027  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $34,699,551)** |  | $63684527  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(d)</sup> |  | (9131)  |
| **TOTAL NET ASSETS - 100.0%** |  | $63675396 |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Boston Common ESG Impact U.S. Equity Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

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

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets.

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOSTON COMMON ESG IMPACT FUNDS** 

**Statements of Assets and Liabilities** 

**March 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Boston Common** <br>**ESG Impact** <br>**Emerging** <br>**Markets Fund** | **Boston Common** <br>**ESG Impact** <br>**International** <br>**Fund** | **Boston Common** <br>**ESG Impact** <br>**U.S. Equity** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $68939839 | $306172479 | $63684527  |
| Dividends receivable | 252203 | 1145612 | 27143  |
| Foreign currency, at value | 7294 | 7080 | —  |
| Dividend tax reclaims receivable | 3378 | 1186638 | 4751  |
| Interest receivable | 3360 | 12846 | 5903  |
| Receivable for fund shares sold | 2843 | 70891 | 125  |
| Receivable for investments sold |  | 31327193 | —  |
| Prepaid expenses and other assets | 17149 | 23472 | 22906  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 69226066 | 339946211 | 63745355  |
| **LIABILITIES:**<br>|  |  |  |
| Payable to adviser | 36267 | 196445 | 36264  |
| Payable for fund administration and accounting fees | 16748 | 74590 | 14860  |
| Payable for custodian fees | 8279 | 25557 | 1054  |
| Payable for audit fees | 4755 | 6298 | 6298  |
| Payable for compliance fees | 2239 | 2239 | 2239  |
| Payable for transfer agent fees and expenses | 722 | 14987 | 4088  |
| Interest payable | 135 | 75 | —  |
| Payable for investments purchased |  | 18943 | —  |
| Payable for capital shares redeemed |  | 388728 | —  |
| Loans payable |  | 10000000 | —  |
| Payable to custodian |  | 32138979 | —  |
| Payable for expenses and other liabilities | 29 | 21954 | 5156  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 69174 | 42888795 | 69959  |
| **NET ASSETS** | $69156892 | $297057416 | $63675396  |
| **Net assets consists of:**<br>|  |  |  |
| Paid-in capital | $67485096 | $277690288 | $33377821  |
| Total distributable earnings | 1671796 | 19367128 | 30297575  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $69156892 | $297057416 | $63675396  |
| Net assets | $69156892 | $297057416 | $63675396  |
| Shares issued and outstanding<sup>(a)</sup> | 3057104 | 9144030 | 973823  |
| Net asset value per share | $22.62 | $32.49 | $65.39  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $60231382 | $229720168 | $34699551  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $7274 | $7100 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOSTON COMMON ESG IMPACT FUNDS** 

**Statements of Operations** 

**For the Period Ended March 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Boston Common** <br>**ESG Impact** <br>**Emerging** <br>**Markets Fund** | **Boston Common** <br>**ESG Impact** <br>**International** <br>**Fund** | **Boston Common** <br>**ESG Impact** <br>**U.S. Equity** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $558936 | $2925424 | $379094  |
| Less: Dividend withholding taxes | (52224) | (258873) | 1281  |
| Less: Issuance fees | (6392) | (6750) | (8)  |
| Interest income | 26396 | 104873 | 25938  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 526716 | 2764674 | 406305  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | 276973 | 1468895 | 253721  |
| Fund administration and accounting fees | 53556 | 206898 | 47614  |
| Custodian fees | 26742 | 59583 | 2853  |
| Federal and state registration fees | 11714 | 17706 | 12224  |
| Trustees' fees | 10674 | 13795 | 10723  |
| Compliance fees | 7212 | 7212 | 7212  |
| Legal fees | 5158 | 5160 | 5160  |
| Audit fees | 4831 | 6398 | 6398  |
| Transfer agent fees | 2923 | 42787 | 13712  |
| Reports to shareholders | 704 | 9820 | 989  |
| Interest expense | 135 | 4831 | —  |
| Other expenses and fees | 11792 | 26983 | 9730  |
| &nbsp;&nbsp;&nbsp; Total expenses | 412414 | 1870068 | 370336  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (89688) | (286175) | (32041)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 322726 | 1583893 | 338295  |
| **Net investment income** | 203990 | 1180781 | 68010  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1753696) | 22390823 | 1592588  |
| &nbsp;&nbsp;&nbsp; Taxes withheld | (6877) |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (30294) | (225057) | —  |
| Net realized gain (loss) | (1790867) | 22165766 | 1592588  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1962990) | (43242998) | (4048668)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (1335) | (37078) | —  |
| Net change in unrealized appreciation (depreciation) | (1964325) | (43280076) | (4048668)  |
| **Net realized and unrealized gain (loss)** | (3755192) | (21114310) | (2456080)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(3551202) | $(19933529) | $(2388070) |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOSTON COMMON ESG IMPACT FUNDS** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Boston Common ESG Impact** <br>**Emerging Markets Fund** | **Boston Common ESG Impact** <br>**Emerging Markets Fund** | **Boston Common ESG Impact** <br>**International Fund**  | **Boston Common ESG Impact** <br>**International Fund**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $203990 | $759211 | $1180781 | $7193657  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1790867) | (1914308) | 22165766 | (17587224)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1964325) | 14122017 | (43280076) | 104245068  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (3551202) | 12966920 | (19933529) | 93851501  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1335417) | (869225) | (9336528) | (10841346)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1335417) | (869225) | (9336528) | (10841346)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 11337729 | 15689135 | 20201965 | 48219870  |
| &nbsp;&nbsp;&nbsp; Reinvestments | 461450 | 387430 | 7700194 | 9109616  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1728036) | (2220357) | (123834898) | (192332201)  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 6 | 145 | 395 | 18751  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 10071149 | 13856353 | (95932344) | (134983964)  |
| **Net increase (decrease) in net assets**  | 5184530 | 25954048 | (125202401) | (51973809)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 63972362 | 38018314 | 422259817 | 474233626  |
| &nbsp;&nbsp;&nbsp; End of the period | $69156892 | $63972362 | $297057416 | $422259817  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 505524 | 761996 | 627371 | 1554426  |
| &nbsp;&nbsp;&nbsp; Reinvestments | 20160 | 19057 | 241158 | 295863  |
| &nbsp;&nbsp;&nbsp; Redemptions | (74364) | (102282) | (3765545) | (6204182)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 451320 | 678771 | (2897016) | (4353893) |

---

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOSTON COMMON ESG IMPACT FUNDS** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Boston Common ESG** <br>**Impact U.S. Equity Fund**  | **Boston Common ESG** <br>**Impact U.S. Equity Fund**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $68010 | $205957  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1592588 | 3746705  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4048668) | 14808484  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (2388070) | 18761146  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (4046263) | (925062)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (4046263) | (925062)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3986605 | 2363551  |
| &nbsp;&nbsp;&nbsp; Reinvestments | 3213891 | 714934  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3163351) | (8700343)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 4037145 | (5621858)  |
| **Net increase (decrease) in net assets** | (2397188) | 12214226  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 66072584 | 53858358  |
| &nbsp;&nbsp;&nbsp; End of the period | $63675396 | $66072584  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 55094 | 39.696  |
| &nbsp;&nbsp;&nbsp; Reinvestments | 44988 | 12146  |
| &nbsp;&nbsp;&nbsp; Redemptions | (45121) | (135411)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 54961 | (83569) |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Boston Common ESG Impact Emerging Markets Fund** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2025** <br>(Unaudited) | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**March 31,** <br>**2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $24.55 | $19.73 | $18.02 | $25.02 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.32 | 0.29 | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (1.49) | 4.95 | 1.82 | (7.24) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total from investment operations** | &nbsp;&nbsp; (1.42) | 5.27 | 2.11 | (6.89) | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.51) | (0.45) | (0.40) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.51) | (0.45) | (0.40) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> |  |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $22.62 | $24.55 | $19.73 | $18.02 | &nbsp;&nbsp;&nbsp;&nbsp; $25.02  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; -5.80% | 27.16% | 11.72% | -27.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.08%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $69157 | $63972 | $38018 | $21042 | &nbsp;&nbsp;&nbsp;&nbsp; $751  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(f)</sup> | &nbsp;&nbsp; 1.27%<sup>(g)</sup> | 1.45% | 1.68% | 1.94% | &nbsp;&nbsp;&nbsp;&nbsp; 63.49%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.99%<sup>(g)</sup> | 0.99% | 0.99% | 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.63% | 1.50% | 1.43% | 1.58% | &nbsp;&nbsp;&nbsp;&nbsp; 2.75%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 13% | 25% | 20% | 36% | &nbsp;&nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was September 20, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>(c)</sup> 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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Includes interest expenses relating to Line of Credit. Amounts were $135 or 0.00% for the six months ended March 31, 2025. 

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

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Boston Common ESG Impact International Fund** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31,** <br>**2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period<br>| &nbsp;&nbsp; $35.07 | $28.93 | $25.04 | $38.56 | $32.48 | $29.32  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.10 | 0.52 | 0.56 | 0.62 | 0.40 | 0.23  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; (1.84) | 6.35 | 3.69 | (12.89) | 5.92 | 3.64  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp; (1.74) | 6.87 | 4.25 | (12.27) | 6.32 | 3.87  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.84) | (0.73) | (0.36) | (0.65) | (0.24) | (0.71)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.60) |  | —  |
| **Total distributions** | &nbsp;&nbsp; (0.84) | (0.73) | (0.36) | (1.25) | (0.24) | (0.71)  |
| Redemption fee per share | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp; $32.49 | $35.07 | $28.93 | $25.04 | $38.56 | $32.48  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -4.92% | 24.09% | 16.98% | -32.85% | 19.48% | 13.29%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
|  Net assets, end of period (in thousands) | &nbsp;&nbsp; $297057 | $422260 | $474234 | $414237 | $495197 | $320526  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp; 1.02%<sup>(f)</sup> | 1.01%<sup>(f)</sup> | 0.97% | 0.97% | 0.97% | 1.00%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.86%<sup>(f)</sup> | 0.87%<sup>(f)</sup> | 0.86% | 0.90%<sup>(g)</sup> | 0.97% | 1.00%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.64% | 1.65% | 1.86% | 1.91% | 1.07% | 0.75%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 15% | 30% | 31% | 22% | 24% | 33% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>(b)</sup> 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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Includes interest expenses relating to the credit facility (see Note 6). Amounts were $4,831 or less than 0.01% for the six months ended March 31, 2025. $47,906 or 0.01% for the year ended September 30, 2024.

<sup>(g)</sup> Prior to March 2, 2022, the expense cap was 1.20%. Effective March 2, 2022, the expense cap became 0.86% 

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

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Boston Common ESG Impact U.S. Equity Fund** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31,** <br>**2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $71.91 | $53.73 | $48.44 | $61.96 | $47.97 | $43.69  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.21 | 0.32 | 0.15 | 0.08 | 0.23  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; (2.27) | 18.89 | 8.12 | (10.92) | 14.10 | 5.85  |
| **Total from investment operations** | &nbsp;&nbsp; (2.20) | 19.10 | 8.44 | (10.77) | 14.18 | 6.08  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.27) | (0.30) | (0.12) | (0.06) | (0.19) | (0.27)  |
| Net realized gains | &nbsp;&nbsp; (4.05) | (0.62) | (3.03) | (2.69) |  | (1.53)  |
| **Total distributions** | &nbsp;&nbsp; (4.32) | (0.92) | (3.15) | (2.75) | (0.19) | (1.80)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> |  |  | 0.00<sup>(c)</sup> |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $65.39 | $71.91 | $53.73 | $48.44 | $61.96 | $47.97  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -3.56% | 35.93% | 17.90% | -18.38% | 29.62% | 14.17%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $63675 | $66073 | $53858 | $46670 | $57492 | $43213  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp; 1.09% | 1.17%<sup>(f)</sup> | 1.17% | 1.14% | 1.14% | 1.27%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp; 1.00% | 1.00%<sup>(f)</sup> | 1.00% | 1.00% | 1.00% | 1.00%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.20% | 0.34% | 0.60% | 0.25% | 0.13% | 0.50%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 12% | 17% | 32% | 29% | 19% | 38% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>(b)</sup> 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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Includes interest expense related to the credit facility (see Note 6). Amounts were $1,187 or 0.00% for the year ended September 30, 2024. 

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

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BOSTON COMMON ESG IMPACT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The Emerging Markets Fund, International Fund and the U.S. Equity Fund (collectively 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. The Funds commenced operations on September 20, 2021, December 29, 2010 and April 30, 2012, respectively. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies."

The Funds' investment objective is to seek long-term capital appreciation. The Funds seek to preserve and build capital over the long-term through investing in a diversified portfolio of common stocks and American Depositary Receipts ("ADR") of companies it believes are high quality, sustainable and undervalued. The Emerging Markets Fund and the International Fund invest in European Depositary Receipts and Global Depositary Receipts.

**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").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* All equity securities, which may include Real Estate Investment Trusts ("REITs"), Business Development Companies ("BDCs")
 and Master Limited Partnerships ("MLPs"), that are traded on U.S. or foreign national securities exchanges are valued at the
 last reported sale price on the exchange on which the security is principally traded or the exchange's official closing price, if
 applicable. If, on a particular day, an exchange-traded security does not trade, then the mean between the most recent quoted bid and
 asked prices will be used. All equity securities, which may include REITs, BDCs and MLPs, that are not traded on a listed exchange are
 valued at the last sale price in the over-the-counter market. If a non- exchange traded security does not trade on a particular day, then
 the mean between the last quoted closing bid and asked price will be used.

For foreign securities traded on foreign exchanges the Trust has selected ICE Data Services Fair Value Information Services ("FVIS") to provide pricing data with respect to foreign security holdings held by the Emerging Markets Fund and the International Fund. The use of this third-party pricing service is designed to capture events occurring after a foreign exchange closes that may affect the value of certain holdings of the Funds' securities traded on those foreign exchanges. The Funds utilize a confidence interval when determining the use of the FVIS provided prices. The confidence interval is a measure of the historical relationship that each foreign exchange traded security has to movements in various indices and the price of the security's corresponding ADR, if one exists. FVIS provides the confidence interval for each security for which it provides a price. If the FVIS provided price falls within the confidence interval the Funds will value the particular security at that price. If the FVIS provided price does not fall within the confidence interval the particular security will be valued at the preceding closing price on its respective foreign exchange, or if there were no transactions on such day, at the mean between the bid and asked prices.

Securities for which market quotations are not readily 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 Boston Common Asset Management (the "Adviser") as valuation designee to perform fair value determinations relating to the Funds' portfolio investments, subject to the Board's oversight. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.

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**BOSTON COMMON ESG IMPACT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

As described above, the Funds utilize 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 Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2025. See the Schedules of Investments for sector breakouts.

**Emerging Markets Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $25126291 | $40949374 | $— | $66075665  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 1028463 |  |  | 1028463  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1835711 |  |  | 1835711  |
| **Total Investments** | $27990465 | $40949374 | $— | $68939839 |

---

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

**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $29424132 | $276748347 | $— | $306172479  |
| **Total Investments** | $29424132 | $276748347 | $— | $306172479 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**BOSTON COMMON ESG IMPACT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**U.S. Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $61352968 | $— | $— | $61352968  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 601532 |  |  | 601532  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1730027 |  |  | 1730027  |
| **Total Investments** | $63684527 | $— | $— | $63684527 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;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.

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 realized and unrealized gain or loss from investments.

The Funds report 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 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 period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;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 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, 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 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, within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. The Funds at the most recent fiscal year ended September 30, 2024 had no post-October losses or late year losses. At the most recent fiscal year ended September 30, 2024, the Funds had the following capital loss carryovers, which do not expire and retain their original character.

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging** <br>**Markets Fund**  | **International** <br>**Fund**  | **U.S. Equity** <br>**Fund**  |
| Unlimited Short-Term  | $(2027480)  | $(20463696)  | $— |
| Unlimited Long-Term  | (1854169)  | (52654660)  |  |
|  | $(3881649)  | $(73118356)  | $— |

---

As of March 31, 2025, the Funds 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 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 March 31, 2025, the Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

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**BOSTON COMMON ESG IMPACT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;D. *Securities 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 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. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld.
 The Funds record a reclaim receivable based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as
 payment history and market convention.

Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders.* Distributions to shareholders from net investment income and net realized gains on securities for the Funds normally
 are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

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

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation.* The net asset value ("NAV") per share of each 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 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 per share for each Fund is equal to the Funds' net asset value
 per share. The Funds charge a 2.00% redemption fee on shares held less than 30 calendar days. These fees are deducted from the redemption
 proceeds otherwise payable to the shareholder. The Funds will retain the fee charged as paid-in capital and such fees become part of that
 Funds' daily NAV calculation.

&nbsp;&nbsp;&nbsp;&nbsp;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 against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Illiquid Securities.* Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board approved liquidity risk management 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 the Funds reasonably expect 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.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Recently Issued Accounting Pronouncements.* In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
 Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily
 through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components
 of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The
 amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly
 provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment
 performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment,
 among other new disclosure requirements.

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**BOSTON COMMON ESG IMPACT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund's. The Fund's operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;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** 

The Adviser provides the Funds with investment management services under an Investment Advisory Agreement (the "Agreement") for the Funds. Under the Agreement, the Adviser furnishes all investment advice, office space, facilities and certain administrative services, and provides most of the personnel needed by the Funds. As compensation for its services, the Adviser is entitled to receive a monthly fee at the annual rate of 0.85% for the Emerging Markets Fund, 0.80% for the International Fund and 0.75% for the U.S. Equity Fund based upon the average daily net assets of each Fund. For the six months ended March 31, 2025, the advisory fees incurred by the Funds are disclosed in the Statements of Operations. The investment advisory fees incurred are paid monthly to the Adviser, net of any monthly waiver or reimbursement discussed below.

The Adviser has contractually agreed to limit the annual ratio of expenses ("Expense Caps") of each Fund's average daily net assets to 0.99% for the Emerging Markets Fund, 0.86% for the International Fund and 1.00% for the U.S. Equity Fund, respectively. Prior to March 2, 2022, the Expense Cap for the International Fund was 1.20%. The Operating Expense Limitation Agreements have an indefinite term and may be terminated at any time, and without payment of any penalty, by the Board, on behalf of the Funds, upon sixty days written notice to the Adviser. Any fees waived and/or Fund expenses absorbed by the Adviser pursuant to an agreed-upon expense cap shall be reimbursed by the Funds to the Adviser, if requested by the Adviser, any time before the end of the third year following the fee waiver and/or expense absorption, provided the aggregate amount of the Funds' current operating expenses for such year does not exceed the lesser expense cap in place at the time of waiver or at the time of reimbursement. The Funds must pay their current ordinary operating expenses before the Adviser is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is also contingent upon the Board's review and approval. The amount of fees waived and expenses absorbed by the Adviser during the six months ended March 31, 2025, are disclosed in the Statements of Operations. Any amount due from the Adviser is paid monthly to the Funds, if applicable.

As of March 31, 2025, the remaining cumulative amounts that may be recouped by the Adviser on behalf of the Funds are shown in the following tables. The Adviser may recapture a portion of the unreimbursed amounts no later than the dates stated below.

---

| | | | |
|:---|:---|:---|:---|
| **Year of Expiration** | **Emerging** <br>**Markets Fund** | **International** <br>**Fund** | **U.S. Equity** <br>**Fund**  |
| September 30, 2025 | &nbsp;&nbsp; $114599 | $338519 | $52053  |
| September 30, 2026 | &nbsp;&nbsp; 217379 | 530073 | 88702  |
| September 30, 2027 | &nbsp;&nbsp; 232015 | 625207 | 105576  |
| March 31, 2028 | &nbsp;&nbsp; 89688 | 286175 | 32041 |

---

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 the Funds' NAVs, 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 of the Funds are also employees of Fund Services. Fees paid by the Funds to Fund Services for these services for the six months ended March 31, 2025, are disclosed in the Statements of Operations.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOSTON COMMON ESG IMPACT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

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

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

For the six months ended March 31, 2025, the cost of purchases and proceeds from the sales or maturity of securities, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales/Maturities**  |
| Emerging Markets Fund | $15933975 | $8596705  |
| International Fund | 51895166 | 140508103  |
| U.S. Equity Fund | 7649995 | 8616589 |

---

For the six months ended March 31, 2025, there were no purchases or sales of U.S. Government obligations in the Funds.

**NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid by the Funds during the six months ended March 31, 2025 (estimated) and the year ended September 30, 2024

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | **September 30, 2024**  |
| **Emerging Markets Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $1335417 | &nbsp;&nbsp;&nbsp; $869225 |
| &nbsp;&nbsp;&nbsp; Long-term capital gain |  | &nbsp;&nbsp;&nbsp; — |
| **International Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $9336528 | &nbsp;&nbsp;&nbsp; $10841346 |
| &nbsp;&nbsp;&nbsp; Long-term capital gain |  | &nbsp;&nbsp;&nbsp; — |
| **U.S. Equity Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $552669 | &nbsp;&nbsp;&nbsp; $304886  |
| &nbsp;&nbsp;&nbsp; Long-term capital gain | 3493594 | &nbsp;&nbsp;&nbsp; 620176 |

---

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

The components of distributable earnings (losses) and cost basis of investments for federal income tax purposes at the most recent fiscal year ended September 30, 2024 were as follows:

**Emerging Markets Fund** 

---

| | |
|:---|:---|
| Cost of investments<sup>1</sup> | $54405116  |
| Gross tax unrealized appreciation | 12947154  |
| Gross tax unrealized depreciation | (3491939)  |
| Net tax unrealized appreciation (depreciation) | 9455215  |
| Undistributed ordinary income | 984849  |
| Undistributed long-term capital gain | —  |
| Total distributable earnings | 984849  |
| Other distributable (accumulated) gains (losses) | (3881649)  |
| Total distributable (accumulated) earnings (losses) | $6558415 |

---

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOSTON COMMON ESG IMPACT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**International Fund** 

---

| | |
|:---|:---|
| Cost of investments<sup>1</sup> | $308341787  |
| Gross tax unrealized appreciation | 126340782  |
| Gross tax unrealized depreciation | (13921768)  |
| Net tax unrealized appreciation (depreciation) | 112419014  |
| Undistributed ordinary income | 9336527  |
| Undistributed long-term capital gain | —  |
| Total distributable earnings | 9336527  |
| Other distributable (accumulated) gains (losses) | (73118356)  |
| Total distributable (accumulated) earnings (losses) | $48637185 |

---

**U.S. Equity Fund** 

---

| | |
|:---|:---|
| Cost of investments<sup>1</sup> | $33107594  |
| Gross tax unrealized appreciation | 33378002  |
| Gross tax unrealized depreciation | (387838)  |
| Net tax unrealized appreciation (depreciation) | 32990164  |
| Undistributed ordinary income | 248156  |
| Undistributed long-term capital gain | 3493588  |
| Total distributable earnings | 3741744  |
| Other distributable (accumulated) gains (losses) | —  |
| Total distributable (accumulated) earnings (losses) | $36731908 |

---

<sup>1</sup> The difference between book cost of investments and tax cost of investments is attributable primarily to the tax deferral of losses on wash sales and PFIC adjustments.

**NOTE 6 – CREDIT FACILITY** 

U.S. Bank N.A. has made available to the Emerging Markets Fund, International Fund and U.S. Equity Fund credit facilities pursuant to separate Loan and Security Agreements for temporary or extraordinary purposes. Interest expense for the six months ended March 31, 2025, is disclosed in the Statements of Operations, if applicable. Credit facility activity for the six months ended March 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging**<br>**Markets Fund**  | **International**<br>**Fund** | **U.S. Equity**<br>**Fund** |
| Maximum available credit | $2000000  | $10000000 | $2000000 |
| Largest amount outstanding on an individual day | 387000  | 10000000 |  |
| Average balance when in use | 323000  | 4550857 |  |
| Credit facility outstanding as of March 31, 2025 | —  | 10000000 |  |
| Average interest rate | 7.50% | 7.64% | 0.00% |

---

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOSTON COMMON ESG IMPACT FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)** 

**INFORMATION ABOUT PROXY VOTING** 

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 877-777-6944. 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 12-month period ended June 30 is available without charge, upon request, by calling 877-777-6944. Furthermore, you can obtain this information on the SEC's website at www.sec.gov, and the Funds website at www.bostoncommonfunds.com/literature/.

**INFORMATION ABOUT THE PORTFOLIO HOLDINGS** 

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on 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 reports may also be obtained by calling 877-777-6944.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOSTON COMMON ESG IMPACT FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**The below information is required disclosure from Form N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not Applicable

21<br>

(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Principal Executive Officer and
 Treasurer/Principal Financial Officer 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 period covered by this report that have
 materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

[*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to previous Form N-CSR filing.*](https://www.sec.gov/Archives/edgar/data/811030/000113322824011034/bc-efp11419_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). *Filed herewith.*](bcf-efp15866_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. *Not applicable to open-end investment companies.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. *Not applicable to open-end investment companies.*

[*(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](bcf-efp15866_ex99906cert.htm)

**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 <u>6/6/2025</u>

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 <u>6/6/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Craig Benton |
|  | Craig Benton, Treasurer/Principal Financial Officer |

---

Date <u>6/6/2025</u>

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

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jason Hadler, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Professionally Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: <br>| 6/6/2025 | /s/ Jason Hadler<br>|
|  |  | Jason Hadler<br> President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Craig Benton, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Professionally Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date:<br>| 6/6/2025 | /s/ Craig Benton |
|  |  | Craig Benton<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Professionally Managed Portfolios does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Professionally Managed Portfolios for the period ended March 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Professionally Managed Portfolios for the stated period.

---

| | |
|:---|:---|
| /s/ Jason Hadler | /s/ Craig Benton |
| <br> Jason Hadler<br> President/Principal Executive Officer, <br> Professionally Managed Portfolios<br>| <br> Craig Benton<br> Treasurer/Principal Financial Officer <br> Professionally Managed Portfolios |

---

Dated: <u>6/6/2025</u> Dated: <u>6/6/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Professionally Managed Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934.