# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000894189-25-006149
**Filing Date:** 2025-8
**Character Count:** 33994
**Document Hash:** 657ef50780e82f5ab01109d434fea65e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006149.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0000894189-25-006149

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**SUBJECT COMPANY**: 

**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:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 251270818

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROFESSIONALLY MANAGED PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000811030
- **STANDARD INDUSTRIAL CLASSIFICATION:** UNKNOWN SIC - 0000 [0000]

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

**FILING VALUES:**
- **FORM TYPE:** 425

**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
**CENTRAL INDEX KEY**: 0000811030

**CENTRAL INDEX KEY**: 0000811030

## Series and Classes Contracts Data

### Akre Focus ETF (Series ID: S000089351)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000255872 | Akre Focus ETF | AKRE            |

### Akre Focus Fund (Series ID: S000026760)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000080286 | Retail Class              | AKREX           |
| C000080287 | Institutional Class       | AKRIX           |
| C000159797 | Supra Institutional Class | AKRSX           |

---

| |
|:---|
| Filed by Professionally Managed Portfolios (SEC File No. 333-288295)<br>pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed<br>pursuant to Rule 14a-6 under the Securities Exchange Act of 1934, as amended<br>Subject Company: Akre Focus Fund<br>SEC File No. 811-05037 |
| **THIS LETTER RELATES TO YOUR INVESTMENT IN THE AKRE FOCUS FUND** |

---

August XX, 2025

Dear Valued Shareholder,

I am writing to you regarding a very important matter affecting **your investment in the Akre Focus Fund** (or the "Mutual Fund"). A few weeks ago you received proxy voting materials via email or mail. Our records indicate that <u>we</u> <u>have</u> <u>not</u> <u>yet</u> <u>received your proxy vote</u>. **The Fund needs your immediate attention to vote your proxy as soon as possible.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Your Vote is Needed to Convert the Mutual Fund to an ETF** | &nbsp;&nbsp;**Your Vote is Needed to Convert the Mutual Fund to an ETF** |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| ![screenshot2025-08x27151640a.jpg](screenshot2025-08x27151640a.jpg) | ![screenshot2025-08x27151640a.jpg](screenshot2025-08x27151640a.jpg) |
| ![screenshot2025-08x27151640a.jpg](screenshot2025-08x27151640a.jpg) | ![screenshot2025-08x27151640a.jpg](screenshot2025-08x27151640a.jpg) |
| ![screenshot2025-08x27151640a.jpg](screenshot2025-08x27151640a.jpg) | ![screenshot2025-08x27151640a.jpg](screenshot2025-08x27151640a.jpg) |
| ![screenshot2025-08x27151640a.jpg](screenshot2025-08x27151640a.jpg) | ![screenshot2025-08x27151640a.jpg](screenshot2025-08x27151640a.jpg) |
| ![screenshot2025-08x27151640a.jpg](screenshot2025-08x27151640a.jpg) | ![screenshot2025-08x27151640a.jpg](screenshot2025-08x27151640a.jpg) |

---

**Please cast your proxy vote today. This is not just a procedural step—your vote ensures that your interests are represented. The conversion depends on shareholders' overwhelming approval to move forward.** The special shareholder meeting is September 19<sup>th</sup>. For more information on ETFs or the vote, visit **akrefund.com/documents/proxy**.

We very much appreciate your attention, and we thank you for your continued trust and investment.

![floatingimage_21a.jpg](floatingimage_21a.jpg)

John Neff

Chief Executive Officer & Chief Investment Officer Akre Capital Management, LLC

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are four convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By phone with a representative:** Call the toll-free number 1-800-820-2416 and speak with a proxy representative. Representatives are available Monday through Friday from 9 a.m. to 10 p.m. Eastern Time.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are four convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By phone with a representative:** Call the toll-free number 1-800-820-2416 and speak with a proxy representative. Representatives are available Monday through Friday from 9 a.m. to 10 p.m. Eastern Time.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. | ![picture1a.jpg](picture1a.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOBO/registered |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are four convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By phone with a representative:** Call the toll-free number 1-800-820-2416 and speak with a proxy representative. Representatives are available Monday through Friday from 9 a.m. to 10 p.m. Eastern Time.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are four convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By phone with a representative:** Call the toll-free number 1-800-820-2416 and speak with a proxy representative. Representatives are available Monday through Friday from 9 a.m. to 10 p.m. Eastern Time.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are four convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By phone with a representative:** Call the toll-free number 1-800-820-2416 and speak with a proxy representative. Representatives are available Monday through Friday from 9 a.m. to 10 p.m. Eastern Time.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are four convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By phone with a representative:** Call the toll-free number 1-800-820-2416 and speak with a proxy representative. Representatives are available Monday through Friday from 9 a.m. to 10 p.m. Eastern Time.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are four convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By phone with a representative:** Call the toll-free number 1-800-820-2416 and speak with a proxy representative. Representatives are available Monday through Friday from 9 a.m. to 10 p.m. Eastern Time.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are four convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By phone with a representative:** Call the toll-free number 1-800-820-2416 and speak with a proxy representative. Representatives are available Monday through Friday from 9 a.m. to 10 p.m. Eastern Time.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are four convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By phone with a representative:** Call the toll-free number 1-800-820-2416 and speak with a proxy representative. Representatives are available Monday through Friday from 9 a.m. to 10 p.m. Eastern Time.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are four convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number located on the enclosed proxy card and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By phone with a representative:** Call the toll-free number 1-800-820-2416 and speak with a proxy representative. Representatives are available Monday through Friday from 9 a.m. to 10 p.m. Eastern Time.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |

---

------

**THIS LETTER RELATES TO YOUR INVESTMENT IN THE AKRE FOCUS FUND**

August XX, 2025

Dear Valued Shareholder,

I am writing to you regarding a very important matter affecting **your investment in the Akre Focus Fund** (or the "Mutual Fund"). A few weeks ago you received proxy voting materials via email or mail. Our records indicate that <u>we</u> <u>have</u> <u>not</u> <u>yet</u> <u>received your proxy vote</u>. **The Fund needs your immediate attention to vote your proxy as soon as possible.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Your Vote is Needed to Convert the Mutual Fund to an ETF** | &nbsp;&nbsp;**Your Vote is Needed to Convert the Mutual Fund to an ETF** |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| &nbsp;&nbsp;&nbsp;**Proposal:** Convert the Mutual Fund into an exchange-traded fund (ETF), the Akre Focus ETF, in Fall 2025.<br>**Impact:** No changes to the manager, investment objectives, or investment strategies. Shareholders generally will not recognize a taxable gain or loss for<br>U.S. tax purposes as a result of the conversion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board Recommendation:** The Board unanimously recommends a **<u>FOR</u>** vote, noting the conversion is expected to provide benefits for most shareholders:<br>oEnhanced tax efficiency<br>oIncreased transparency<br>oExpense reduction |
| ![screenshot2025-08x271516401a.jpg](screenshot2025-08x271516401a.jpg) | ![screenshot2025-08x271516401a.jpg](screenshot2025-08x271516401a.jpg) |
| ![screenshot2025-08x271516401a.jpg](screenshot2025-08x271516401a.jpg) | ![screenshot2025-08x271516401a.jpg](screenshot2025-08x271516401a.jpg) |
| ![screenshot2025-08x271516401a.jpg](screenshot2025-08x271516401a.jpg) | ![screenshot2025-08x271516401a.jpg](screenshot2025-08x271516401a.jpg) |
| ![screenshot2025-08x271516401a.jpg](screenshot2025-08x271516401a.jpg) | ![screenshot2025-08x271516401a.jpg](screenshot2025-08x271516401a.jpg) |
| ![screenshot2025-08x271516401a.jpg](screenshot2025-08x271516401a.jpg) | ![screenshot2025-08x271516401a.jpg](screenshot2025-08x271516401a.jpg) |

---

**Please cast your proxy vote today. This is not just a procedural step—your vote ensures that your interests are represented. The conversion depends on shareholders' overwhelming approval to move forward.** The special shareholder meeting is September 19<sup>th</sup>. For more information on ETFs or the vote, visit **<u>akrefund.com/documents/proxy</u>**.

We very much appreciate your attention, and we thank you for your continued trust and investment.

![floatingimage_22a.jpg](floatingimage_22a.jpg)

John Neff

Chief Executive Officer & Chief Investment Officer Akre Capital Management, LLC

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are three convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are three convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are three convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. | ![picture11a.jpg](picture11a.jpg) | OBO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are three convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are three convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are three convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are three convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are three convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are three convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How do I vote?** There are three convenient methods for casting your vote:<br>**By internet:** Visit the website located on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>* on your proxy card.<br>**By touch-tone phone:** Call the toll-free number on the enclosed proxy card(s) and enter the *<u>control</u> <u>number</u>*<br>on your proxy card.<br>**By mail:** Complete, sign and return the proxy card in the postage-paid envelope provided. |  |  |

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**Hello.**

**I am calling about your investment in the Akre Focus Fund.** 

**The Akre Focus Fund needs your proxy vote in order to move forward with the conversion of the mutual fund into an exchange-traded fund, or ETF. The Board recommends you vote FOR the conversion, as it is expected to provide benefit for most shareholders, including tax benefits and expense reduction. This is not just a procedural step—the conversion depends on shareholders' overwhelming approval to move forward.** 

**Please contact us as soon as possible at 1-800-820-2416 Monday through Friday between the hours of 9:00am and 10:00pm Eastern Time. Or you can login or call your custodian such as Schwab or Fidelity to vote.**

**Your vote is very important. Thank you and have a good day.** 

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![picture2a.jpg](picture2a.jpg)

![screenshot2025-08x27155438a.jpg](screenshot2025-08x27155438a.jpg)

**PLEASE HELP US BY RESPONDING TODAY**

Dear Valued Shareholder:

We apologize for our **second follow-up letter** regarding your investment in the **Akre Focus Fund**. If you have responded since we mailed this letter, then thank you, and please disregard this second communication.

**Please take a minute to call today - 1-800-814-9324.**

We have representatives awaiting your call between 9:00 a.m. and 10:00 p.m. Eastern Time, Monday through Friday, or Saturday between 10 a.m. and 6 p.m. Please reference your investor ID listed below.

Thank you for attending to this request and for your investment with the Akre Focus Fund. Sincerely,

![floatingimage_2a.jpg](floatingimage_2a.jpg)

John Neff

Chief Executive Officer & Chief Investment Officer Akre Capital Management, LLC

**INVESTOR ID:&nbsp;&nbsp;&nbsp;&nbsp;01234567891&nbsp;&nbsp;&nbsp;&nbsp;**Security ID: 12345678

Household ID: 01234567891

**THIS LETTER RELATES TO YOUR INVESTMENT IN THE AKRE FOCUS FUND**

AkreFund.com&nbsp;&nbsp;&nbsp;&nbsp;Akre Capital Management, LLC \| 2 West Marshall Street, Middleburg, Virginia 20117

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Subject: Akre ETF Proxy Update

Hi XXXX,

We wanted to make you aware that there will be two more mailings going out this week regarding the proxy due to lack of shareholder participation. Once shareholders vote their shares, they will no longer be contacted by our proxy vendor.

Only 23% of shareholders have voted to date, so every vote counts. To those advisors who have proactively reached out to clients to get this across the goal line, thank you.

Please find attached a sample of the two mailings and let us know if you have any questions.

Thank you,

Devon<br>

<u>Schedule a 30-minute Zoom Meeting with Devon</u>

Devon Ramirez

Managing Director, Institutional Fund Distribution

Akre Capital Management, LLC

P: 540.687.8925 \| M: 540.454.8101

<u>www.akrefund.com</u>

FOR REGISTERED INVESTMENT PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION TO THE RETAIL PUBLIC

**Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in small- and medium-capitalization companies, which involve additional risks such as limited liquidity and greater volatility than larger capitalization companies.** 

For more information, see our <u>Prospectus</u>.

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The Akre Focus Fund is distributed by Quasar Distributors, LLC. Quasar and Foreside are affiliated.

Devon Ramirez is a registered representative with Foreside Fund Services, LLC which has been retained by Akre Capital Management, LLC for the purpose of holding registered representative licenses. Foreside Fund Services, LLC is not affiliated with Akre Capital Management, LLC or its affiliates.

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