# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000894189-26-001950
**Filing Date:** 2026-1
**Character Count:** 508191
**Document Hash:** a5b783e4002f8d4faabd1e15a61a94f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-001950.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000894189-26-001950

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 30

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**EFFECTIVENESS DATE**: 20260131

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 26564861

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-12213
- **FILM NUMBER:** 26564860

**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           |

### Boston Common ESG Impact U.S. Value Fund (Series ID: S000079528)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000240594 | Boston Common ESG Impact U.S. Value Fund | BCVIX           |

?xml version='1.0' encoding='ASCII'? ck0000811030-20260127

Filed with the U.S. Securities and Exchange Commission on January 27, 2026

1933 Act Registration File No. 033-12213

1940 Act File No. 811-05037

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-1A**

---

| | | | | |
|:---|:---|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | [ | X | ] |
| Pre-Effective Amendment No. | | [ | | ] |
| Post-Effective Amendment No. | 900 | [ | X | ] |

---

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X ] <br> Amendment No. <u>901</u> [ X ]

(Check appropriate box or boxes.)

**<u>PROFESSIONALLY MANAGED PORTFOLIOS</u>**

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, Including Area Code: (414) 765-4324

Jason F. Hadler

Professionally Managed Portfolios

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copy to:

Domenick Pugliese, Esq.

Sullivan & Worcester LLP

1251 Avenue of the Americas, 19th Floor

New York, New York 10020

It is proposed that this filing will become effective (check appropriate box)

---

| | |
|:---|:---|
| | immediately upon filing pursuant to paragraph (b) |
| X | On January 31, 2026 pursuant to paragraph (b) |
|  | 60 days after filing pursuant to paragraph (a)(1) |
|  | On (date) pursuant to paragraph (a)(1) |
|  | 75 days after filing pursuant to paragraph (a)(2) |
|  | on (date) pursuant to paragraph (a)(2) of Rule 485. |

---

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a previously filed post- effective amendment.

**Explanatory Note**: This Post-Effective Amendment No. 900 to the Registration Statement of Professionally Managed Portfolios (the "Trust") is being filed to add the audited financial statements and certain related financial information for the fiscal year ended September 30, 2025 for four series of the Trust: Boston Common ESG Impact International Fund, Boston Common ESG Impact U.S. Equity Fund, Boston Common ESG Impact Emerging Markets Fund, and Boston Common ESG Impact U.S. Value Fund.

**Prospectus**

![Imagecover0.jpg](ck0000811030-20260127_g1.jpg)

**Boston Common Funds**

**Boston Common ESG Impact International Fund**

***TICKER:* BCAIX** 

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

***TICKER:* BCAMX** 

**Boston Common ESG Impact Emerging Markets Fund**

***TICKER:* BCEMX**

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

***TICKER:* BCVIX (Not available for purchase)**

January 31, 2026

**The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [SUMMARY SECTION – BOSTON COMMON ESG IMPACT INTERNATIONAL FUND](#i6cbf00ea840a4e3d8a5dd49fb5f60836_10) | [3](#i6cbf00ea840a4e3d8a5dd49fb5f60836_10) |
| [SUMMARY SECTION – BOSTON COMMON ESG IMPACT U.S. EQUITY FUND](#i6cbf00ea840a4e3d8a5dd49fb5f60836_16) | [12](#i6cbf00ea840a4e3d8a5dd49fb5f60836_16) |
| [SUMMARY SECTION - BOSTON COMMON ESG IMPACT EMERGING MARKETS FUND](#i6cbf00ea840a4e3d8a5dd49fb5f60836_581) | [20](#i6cbf00ea840a4e3d8a5dd49fb5f60836_581) |
| [SUMMARY SECTION - BOSTON COMMON ESG IMPACT U.S. VALUE FUND](#i6cbf00ea840a4e3d8a5dd49fb5f60836_626) | [29](#i6cbf00ea840a4e3d8a5dd49fb5f60836_626) |
| [ADDITIONAL INFORMATION REGARDING THE FUNDS' INVESTMENT OBJECTIVES, STRATEGIES AND RISKS](#i6cbf00ea840a4e3d8a5dd49fb5f60836_22) | [36](#i6cbf00ea840a4e3d8a5dd49fb5f60836_22) |
| [PORTFOLIO HOLDINGS INFORMATION](#i6cbf00ea840a4e3d8a5dd49fb5f60836_25) | [49](#i6cbf00ea840a4e3d8a5dd49fb5f60836_25) |
| [MANAGEMENT OF THE FUNDS](#i6cbf00ea840a4e3d8a5dd49fb5f60836_28) | [49](#i6cbf00ea840a4e3d8a5dd49fb5f60836_28) |
| [SHAREHOLDER INFORMATION](#i6cbf00ea840a4e3d8a5dd49fb5f60836_31) | [52](#i6cbf00ea840a4e3d8a5dd49fb5f60836_31) |
| [ACCOUNT AND TRANSACTION POLICIES](#i6cbf00ea840a4e3d8a5dd49fb5f60836_34) | [59](#i6cbf00ea840a4e3d8a5dd49fb5f60836_34) |
| [TOOLS TO COMBAT FREQUENT TRANSACTIONS](#i6cbf00ea840a4e3d8a5dd49fb5f60836_37) | [61](#i6cbf00ea840a4e3d8a5dd49fb5f60836_37) |
| [SERVICE FEES](#i6cbf00ea840a4e3d8a5dd49fb5f60836_40) | [62](#i6cbf00ea840a4e3d8a5dd49fb5f60836_40) |
| [DIVIDENDS AND DISTRIBUTIONS](#i6cbf00ea840a4e3d8a5dd49fb5f60836_43) | [63](#i6cbf00ea840a4e3d8a5dd49fb5f60836_43) |
| [TAX CONSEQUENCES](#i6cbf00ea840a4e3d8a5dd49fb5f60836_46) | [63](#i6cbf00ea840a4e3d8a5dd49fb5f60836_46) |
| SHAREHOLDER DERIVATIVE ACTIONS | [65](#i6cbf00ea840a4e3d8a5dd49fb5f60836_640) |
| [INDEX DESCRIPTIONS](#i6cbf00ea840a4e3d8a5dd49fb5f60836_49) | [65](#i6cbf00ea840a4e3d8a5dd49fb5f60836_49) |
| [FINANCIAL HIGHLIGHTS](#i6cbf00ea840a4e3d8a5dd49fb5f60836_52) | [66](#i6cbf00ea840a4e3d8a5dd49fb5f60836_52) |

---

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**SUMMARY SECTION – BOSTON COMMON ESG IMPACT INTERNATIONAL FUND**

**Investment Objective**

The Boston Common ESG Impact International Fund (the "International Fund" or "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the International Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the International Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees**<br>*(fees paid directly from your investment)* | |
| &nbsp;&nbsp;Redemption Fee *(as a percentage of amount redeemed within 30 days of purchase)* | 2.00% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | |
| &nbsp;&nbsp;Management Fees | 0.80% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses | 0.22% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee Reduction and/or Expense Reimbursement | -0.16% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Reduction and/or Expense Reimbursement<sup>(1)</sup> | 0.86% |

---

<sup>(1)</sup> The Adviser has contractually agreed to reduce its fees and/or pay International Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, extraordinary expenses, shareholder servicing fees and any other class specific expenses) in order to limit Total Annual Fund Operating Expenses After Fee Reduction and/or Expense Reimbursement to 0.86% of the International Fund's average daily net assets (the "Expense Cap"). The Expense Cap is indefinite, but will remain in effect until at least January 31, 2027 and may be terminated at any time by the Trust's Board of Trustees (the "Board") upon 60 days' notice to the Adviser, or by the Adviser with consent of the Board. The Adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years. This reimbursement may be requested if the aggregate amount actually paid by the International Fund toward operating expenses for such period (taking into account any reimbursement) does not exceed the lesser of the Expense Cap in place at the time of waiver or at the time of reimbursement.

**Example**

This Example is intended to help you compare the cost of investing in the International Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the International Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the International Fund's operating expenses remain the same (taking into account the contractual Expense Cap for the first year only). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $88 | $309 | $548 | $1233 |

---

**Portfolio Turnover**

The International Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when International Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above example, affect the International Fund's performance. During the most recent fiscal year ended September 30, 2025, the International Fund's portfolio turnover rate was 30% of the average value of its portfolio.

**Principal Investment Strategies**

Boston Common Asset Management, LLC ("Boston Common" or the "Adviser") seeks long-term capital appreciation by investing in a diversified portfolio of common stocks and American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") of companies it believes have high quality are sustainable and are reasonably valued. The Adviser typically favors companies it believes have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attractive long-term growth drivers (e.g., aligned with structural trends such as energy transition and digitalization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong balance sheets, stable earnings, and attractive profitability characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sound corporate governance and financial management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valuations that are attractive relative to their growth outlook and fundamentals.

The Fund is generally diversified across major sectors. The Adviser applies a benchmark-aware yet not benchmark-constrained approach, allowing the flexibility to invest in high-conviction ideas across sectors and regions.

Stock Selection and ESG Integration

Investment ideas are generated through both bottom-up fundamental research and top-down sector and regional insights. Sustainability themes are regularly monitored for long-term growth opportunities. After a stock is identified, the Adviser conducts in-depth company-level analysis to evaluate financial strength, profitability, growth potential, and risk factors. This resulting fundamental profile is balanced against valuation metrics, including earnings and book value multiples, as well as discounted cash flows.

Here our research-driven conviction is enhanced by our 360-degree perspective where we integrate financial and environmental, social, and governance ("ESG") criteria into the stock selection process. We believe markets typically misvalue the risks and opportunities presented by ESG issues, both in terms of the timing and the magnitude of outcomes. We believe shareholder engagement plays a critically important role in raising the sustainability profile of our portfolios and empowers company management to be long-term in its focus.

Boston Common's ESG research process integrates information from disparate sources to form a holistic understanding of corporate performance. The Adviser reviews company filings, trade journals, and industry reports to understand a company's products and activities, and place it in context with its peers. We search business and news databases to capture events and analyses related to corporate practices. Boston Common references additional databases that document defense contracts, legal proceedings, and environmental violations, plus we subscribe to specialized ESG data services. The research team communicates regularly with trade unions, nongovernmental organizations, activist groups, and

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government agencies about corporate behavior on the ground and in the far reaches of the world. Boston Common queries corporate management through meetings, letter campaigns, emails, and phone calls about areas of particular concern. Drawing on this mosaic of sources, our analysts distill conclusions about a company's overall profile across the full set of ESG issue areas. We may incorporate information from one or more third party ESG research providers, news sources, non-governmental organizations, and company and industry contacts. The Fund's primary third party ESG research providers are MSCI ESG Ratings, MSCI ESG Metrics, MSCI ESG BISR Individual Screens, MSCI ESG Controversies, MSCI ESG BISR Global Sanctions, MSCI ESG Climate Change Metrics, and ISS Climate Impact Reporting. We endeavor to integrate financial and sustainability factors into our investment process because we believe ESG research helps us identify companies that will be successful over the long-term. We evaluate companies on (E)nvironmental issues, looking for organizations that demonstrate a higher level of environmental responsibility than their peers and understand that natural resources are limited. We favor companies that conserve natural resources, reduce volume and toxicity of waste generated, and manage direct and indirect greenhouse gas emissions. We assess a company's commitment to (S)ocial standards including human rights, animal welfare, workplace health and safety, and fair treatment of employees globally. We appraise companies' adherence to best practices in (G)overnance, including policies favoring transparency and accountability to shareholders, and a commitment to diversity. As a result, we believe ESG research helps improve portfolio quality and financial return potential.

Boston Common's principal belief is that companies with better ESG performance tend to serve as better long-term investments. Boston Common does not prioritize ESG impacts over returns and will not purchase a security for ESG purposes that has not met our financial criteria as it relates to an attractive balance of fundamentals and valuations.

The Fund's ESG issue areas, which affect people and the planet include, but are not limited to, the following: environment, energy, human rights and employment, community, product purity and safety, governance, and labor and employment.

Boston Common selects stocks through bottom-up, fundamental research, while maintaining a disciplined approach to valuation and risk control. We may sell a security when its price reaches a set target if we believe that other investments are more attractive, or for other reasons we may determine.

Boston Common excludes securities of companies that: (1) receive significant revenues (>5%) or have leading market share in production and marketing of tobacco products, including components; (2) receive significant revenues (>5%) or have leading market share in production and marketing of alcoholic beverages, including components; (3) receive significant revenues (>5%) or have leading market share from gambling devices or activities including lotteries and hotels with casinos; (4) operate or have direct equity ownership of nuclear power plants, mine or process uranium for fuel supply crucial components of nuclear power reactors (zero tolerance); (5) receive significant revenues (>10%) from nuclear power plant design, construction, maintenance or parts; (6) demonstrate a history and pattern of marketing unsafe products, asserting false marketing claims, or engaging in irresponsible marketing; (7) engage in irresponsible animal testing or widespread abuses of animals, such as in entertainment and factory farming; (8) receive significant revenues (>5%) from the production of firearms or military weapons systems, including key components; (9) produce or manufacture biological, chemical, or nuclear weapons, anti-personnel landmines, or cluster munitions (zero tolerance); (10) rank in the top 50 global defense contractors for weapons. (11) receive significant revenues (>5%) from the exploration, extraction, production, manufacture, or refining of fossil fuels; (12) receive significant revenues (>30%) from the transportation, transmission, distribution, or retail sale of fossil fuels; (13) receive significant revenues (>10%) from the generation of coal-based electric power; (14) receive significant revenues (>30%) from

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the generation of combined fossil fuel-based electric power; (15) receive significant revenues (>50%) from the production or provision of dedicated equipment or services for fossil fuel production or transportation; and (16) the mining of thermal coal.

We use our voice as a shareholder to raise environmental, social, and governance issues with the management of select portfolio companies through a variety of channels. These may include engaging in dialogue with management, participating in shareholder proposal filings, voting proxies in accordance with our proxy voting guidelines, and participating in the annual shareholder meeting process. Through this effort, we seek to encourage a company's management toward greater transparency, accountability, disclosure and commitment to ESG issues. In order to prioritize the Adviser's focus and impact, Boston Common has established a three-year engagement framework with two to three key initiatives across our three sustainability pillars -environmental, social and governance. Boston Common continues to review these initiatives on an annual basis and track engagement impact through our reporting.

Boston Common reviews ESG-related impacts by actively encouraging shareholders to participate in proxy voting. Boston Common reviews its custom proxy voting policy prior to the proxy season to ensure the Adviser's custom voting policy captures the desired corporate engagements' expectations. Boston Common reviews the proxy voting results with its proxy vendor's custom policy team at the end of the proxy season to ensure the expected outcomes were achieved.

Additionally, Boston Common measures and monitors its ESG engagement related impact by compiling the results of its direct dialogue with various portfolio holdings and the shareholder proposals initiated by Boston Common. In addition, Boston Common participates in both dialogue and shareholder proposals initiated by various industry-led coalition groups.

The International Fund will normally invest at least 80% of its net assets, plus borrowings for investment purposes, in the securities of non-U.S. companies that meet the Adviser's ESG criteria. The International Fund may invest in preferred stocks as well as in securities that are convertible into common stocks. The International Fund may also invest in ADRs, EDRs, and GDRs. Up to 10% of the International Fund's total assets may be invested in securities of companies located in emerging markets. The International Fund generally seeks to invest in companies that have market capitalizations of $2 billion or greater.

**Principal Investment Risks**

There is the risk that you could lose all or a portion of your investment in the International Fund. The following risks are considered principal to the International Fund and could affect the value of your investment in the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ESG Policy Risk: The International Fund's ESG policy could cause the International Fund to perform differently compared to similar funds that do not have such a policy. This ESG policy may result in the International Fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. The International Fund will vote proxies in a manner which is consistent with its ESG criteria, which may not always be consistent with maximizing short-term performance of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign Securities Risk: Foreign securities are typically subject to increased risks as compared to U.S. securities, and include risks associated with: (1) internal and external political and economic developments – *e.g.,* the political, economic and social policies and structures of some foreign countries may be less stable and more volatile than those in the United States or some foreign countries may be subject to trading restrictions; (2) trading practices – e.g., government supervision and regulation of foreign securities and currency markets, trading systems and

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brokers may be less than in the United States; (3) availability of information – e.g., foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards as U.S. issuers, (4) greater volatility; and (5) currency fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk of Focusing Investment on Region or Country: Investing a significant portion of assets in one country or region makes the International Fund more dependent upon the political and economic circumstances of that particular country or region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Eurozone Investment Risk - Many countries in Europe are closely connected such that the social, economic and political events of one European country may have adverse effects across Europe. European countries that are members of the Economic and Monetary Union of the European Union ("EU") are subject to restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls. Member nations' compliance with these economic controls and monetary policies may significantly impact every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ United Kingdom Investment Risk. The United Kingdom trades heavily with other European countries and the United States, and the United Kingdom's economic growth, as well as the strength of the British pound, may be impacted by changes to the economic health of their key trading partners. The United Kingdom also relies heavily on the export of financial services. Accordingly, a slowdown in the financial services sector may have an adverse impact on the United Kingdom's economy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Asia Investment Risk - Investments in countries in the Asian region will be impacted by the market conditions, legislative or regulatory changes, competition, or political, economic and other developments in Asia. Investments in China may subject the Fund to certain additional risks, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impact Investing Risk: The Fund may not succeed in generating a positive ESG and/or social impact. The Fund's incorporation of ESG and/or social impact criteria into its investment process may cause the Fund to perform differently from a fund that uses a different methodology to identify and/or incorporate ESG and/or social impact criteria or relies solely or primarily on financial metrics. In addition,it may cause it to forego opportunities to buy certain securities that otherwise might be advantageous, or to sell securities when it might otherwise be advantageous to continue to hold these securities. The definition of "impact investing" will vary according to an investor's beliefs and values. There is no guarantee that Boston Common's definition of impact investing, ESG security selection criteria, or investment judgment will reflect the beliefs or values of any particular investor. To the extent Boston Common references third-party research and analytics in conducting its proprietary analysis, there is no guarantee that the data will be accurate. Third-party providers may be less effective at rating companies located in the emerging markets and ratings may not be available from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity Risk: Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.

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The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depositary Receipt Risk: Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. In addition, holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders of a typical company in the event of a corporate action, such as an acquisition, merger or rights offering, and may experience difficulty in receiving company stockholder communications. There is no guarantee that a financial institution will continue to sponsor a depositary receipt, or that the depositary receipts will continue to trade on an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the value of your investment in the International Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Emerging Markets Risk: Emerging markets may involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in Other Investment Companies: To the extent the Fund invests in shares of other investment companies, you will indirectly bear fees and expenses charged by those investment companies and will be subject to the risks that those investment companies are subject to.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Large Companies Risk: Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management Risk: Boston Common may fail to implement the International Fund's investment strategies or meet its investment objective.

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**Performance**

The following performance information provides some indication of the risks of investing in the International Fund. The bar chart below illustrates how the International Fund's total returns have varied from year-to-year. The table below illustrates how the International Fund's average annual total returns for the 1-year, 5-year and 10-year periods compare with that of a broad-based securities index. This comparison is provided to offer a broader market perspective. The International Fund's past performance, before and after taxes, is not necessarily an indication of how the International Fund will perform in the future and does not guarantee future results. Updated performance information is available on the International Fund's website at www.bostoncommonfunds.com.

**Calendar Year Total Return** 

**As of December 31,**

![12974](ck0000811030-20260127_g2.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarterly Return:** | Q2, 2020 | 18.15% |
| **Lowest Quarterly Return:** | Q1, 2020 | -19.34% |

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** |
| | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**International Fund** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 25.19% | 2.57% | 6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 24.13% | 2.1% | 5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 15.73% | 2.08% | 5.00% |
| MSCI EAFE<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | 31.22% | 8.92% | 8.18% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on the individual investor's situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs").

In certain cases, Return After Taxes on Distribution and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of International Fund shares or provides an assumed tax benefit that increases the return. Your actual after-tax returns depend on your tax situation and may differ from these shown.

**Investment Adviser**

Boston Common Asset Management, LLC

**Portfolio Managers**

The International Fund is team-managed by the Portfolio Managers listed below:

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| | | |
|:---|:---|:---|
| <u>Name</u> | <u>Title</u> | <u>Managed the Fund Since</u> |
| Matt Zalosh, CFA | Portfolio Manager | December 2010 |
| Praveen Abichandani, CFA | Portfolio Manager | December 2010 |

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**Purchase and Sale of International Fund Shares**

You may purchase, redeem, or exchange International Fund shares on any business day by written request via mail (Boston Common Funds, c/o U.S. Bank Global Fund Services, , [NAME OF FUND] c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), , by wire transfer, by telephone at 1-877-777-6944, or through a financial intermediary. The minimum initial investment in the International Fund is $10,000. You can make additional investments at any time with $1,000 or more.

**Tax Information**

The International Fund's distributions are taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

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**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the International Fund through a broker-dealer or other financial intermediary (such as a bank), the International Fund and its related companies may pay the intermediary for the sale of International Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the International Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**SUMMARY SECTION – BOSTON COMMON ESG IMPACT U.S. EQUITY FUND**

**Investment Objective**

The Boston Common ESG Impact U.S. Equity Fund (the "U.S. Equity Fund" or "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the U.S. Equity Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the U.S. Equity Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees**<br>*(fees paid directly from your investment)* | |
| &nbsp;&nbsp;Redemption Fee *(as a percentage of amount redeemed within 30 days of purchase)* | 2.00% |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | |
| &nbsp;&nbsp;Management Fees | 0.75% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses | 0.37% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee Reduction and/or Expense Reimbursement | -0.12% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Reduction and/or Expense Reimbursement<sup>(1)</sup> | 1.00% |

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<sup>(1)</sup> The Adviser has contractually agreed to reduce its fees and/or pay U.S. Equity Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, extraordinary expenses, shareholder servicing fees and any other class specific expenses) in order to limit Total Annual Fund Operating Expenses After Fee Reduction and/or Expense Reimbursement to 1.00% of the U.S. Equity Fund's average daily net assets (the "Expense Cap"). The Expense Cap is indefinite, but will remain in effect until at least January 31, 2027 and may be terminated at any time by the Trust's Board of Trustees (the "Board") upon 60 days' notice to the Adviser, or by the Adviser with consent of the Board. The Adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years. This reimbursement may be requested if the aggregate amount actually paid by the U.S. Equity Fund toward operating expenses for such period (taking into account any reimbursement) does not exceed the lesser of the Expense Cap in place at the time of waiver or at the time of reimbursement.

**Example**

This Example is intended to help you compare the cost of investing in the U.S. Equity Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the U.S. Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the U.S. Equity Fund's operating expenses remain the same (taking into account the contractual Expense Cap for the first year only). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $102 | $344 | $605 | $1352 |

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**Portfolio Turnover**

The U.S. Equity Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above example, affect the U.S. Equity Fund's performance. During the most recent fiscal year ended September 30, 2025, the U.S. Equity Fund's portfolio turnover rate was 25% of the average value of its portfolio.

**Principal Investment Strategies**

Boston Common Asset Management, LLC ("Boston Common" or the "Adviser") long-term capital appreciation by investing in a diversified portfolio of stocks and American Depositary Receipts ("ADRs") of companies it believes have high quality are sustainable and are reasonably valued. The Adviser typically favors companies it believes have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attractive long-term growth drivers (e.g., aligned with structural trends such as energy transition and digitalization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong balance sheets, stable earnings, and attractive profitability characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sound corporate governance and financial management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valuations that are attractive relative to their growth outlook and fundamentals.

The Fund is generally diversified across major sectors. The Adviser applies a benchmark-aware yet not benchmark-constrained approach, allowing the flexibility to invest in high-conviction ideas across sectors and regions.

Stock Selection and ESG Integration

Investment ideas are generated through both bottom-up fundamental research and top-down sector and regional insights. Sustainability themes are regularly monitored for long-term growth opportunities. After a stock is identified, the Adviser conducts in-depth company-level analysis to evaluate financial strength, profitability, growth potential, and risk factors. This resulting fundamental profile is balanced against valuation metrics, including earnings and book value multiples, as well as discounted cash flows.

Here our research-driven conviction is enhanced by our 360-degree perspective where we integrate financial and environmental, social, and governance ("ESG") criteria into the stock selection process. We believe markets typically misvalue the risks and opportunities presented by ESG issues, both in terms of the timing and the magnitude of outcomes. We believe shareholder engagement plays a critically important role in raising the sustainability profile of our portfolios and empowers company management to be long-term in its focus.

Boston Common's ESG research process integrates information from disparate sources to form a holistic understanding of corporate performance. The Adviser reviews company filings, trade journals, and industry reports to understand a company's products and activities, and place it in context with its peers. We search business and news databases to capture events and analyses related to corporate practices. Boston Common references additional databases that document defense contracts, legal proceedings, and environmental violations, plus we subscribe to specialized ESG data services. The research team communicates regularly with trade unions, nongovernmental organizations, activist groups, and government agencies about corporate behavior on the ground and in the far reaches of the world. Boston Common queries corporate management through meetings, letter campaigns, emails, and phone calls

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about areas of particular concern. Drawing on this mosaic of sources, our analysts distill conclusions about a company's overall profile across the full set of ESG issue areas. We may incorporate information from one or more third party ESG research providers, news sources, non-governmental organizations, and company and industry contacts. The Fund's primary third party ESG research providers are MSCI ESG Ratings, MSCI ESG Metrics, MSCI ESG BISR Individual Screens, MSCI ESG Controversies, MSCI ESG BISR Global Sanctions, MSCI ESG Climate Change Metrics, and ISS Climate Impact Reporting. We endeavor to integrate financial and sustainability factors into our investment process because we believe ESG research helps us identify companies that will be successful over the long-term. We evaluate companies on (E)nvironmental issues, looking for organizations that demonstrate a higher level of environmental responsibility than their peers and understand that natural resources are limited. We favor companies that conserve natural resources, reduce volume and toxicity of waste generated, and manage direct and indirect greenhouse gas emissions. We assess a company's commitment to (S)ocial standards including human rights, animal welfare, workplace health and safety, and fair treatment of employees globally. We appraise companies' adherence to best practices in (G)overnance, including policies favoring transparency and accountability to shareholders, and a commitment to diversity. As a result, we believe ESG research helps improve portfolio quality and financial return potential.

Boston Common's principal belief is that companies with better ESG performance tend to serve as better long-term investments. Boston Common does not prioritize ESG impacts over returns and will not purchase a security for ESG purposes that has not met our financial criteria as it relates to an attractive balance of fundamentals and valuations.

The Fund's ESG issue areas, which affect people and the planet include, but are not limited to, the following: environment, energy, human rights and employment, community, product purity and safety, governance, and labor and employment.

Boston Common selects stocks through bottom-up, fundamental research, while maintaining a disciplined approach to valuation and risk control. We may sell a security when its price reaches a set target if we believe that other investments are more attractive, or for other reasons we may determine.

Boston Common excludes securities of companies that: (1) receive significant revenues (>5%) or have leading market share in production and marketing of tobacco products, including components; (2) receive significant revenues (>5%) or have leading market share in production and marketing of alcoholic beverages, including components; (3) receive significant revenues (>5%) or have leading market share from gambling devices or activities including lotteries and hotels with casinos; (4) operate or have direct equity ownership of nuclear power plants, mine or process uranium for fuel supply crucial components of nuclear power reactors (zero tolerance); (5) receive significant revenues (>10%) from nuclear power plant design, construction, maintenance or parts; (6) demonstrate a history and pattern of marketing unsafe products, asserting false marketing claims, or engaging in irresponsible marketing; (7) engage in irresponsible animal testing or widespread abuses of animals, such as in entertainment and factory farming; (8) receive significant revenues (>5%) from the production of firearms or military weapons systems, including key components; (9) produce or manufacture biological, chemical, or nuclear weapons, anti-personnel landmines, or cluster munitions (zero tolerance); (10) rank in the top 50 global defense contractors for weapons, ; (11) receive significant revenues (>5%) from the exploration, extraction, production, manufacture, or refining of fossil fuels; (12) receive significant revenues (>30%) from the transportation, transmission, distribution, or retail sale of fossil fuels; (13) receive significant revenues (>10%) from the generation of coal-based electric power; (14) receive significant revenues (>30%) from the generation of combined fossil fuel-based electric power; (15) receive significant revenues (>50%) from the production or provision of dedicated equipment or services for fossil fuel production or transportation; and (16) the mining of thermal coal.

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We use our voice as a shareholder to raise environmental, social, and governance issues with the management of select portfolio companies through a variety of channels. These may include engaging in dialogue with management, participating in shareholder proposal filings, voting proxies in accordance with our proxy voting guidelines, and participating in the annual shareholder meeting process. Through this effort, we seek to encourage a company's management towards greater transparency, accountability, disclosure and commitment to ESG issues. In order to prioritize the Adviser's focus and impact, Boston Common has established a three-year engagement framework with two to three key initiatives across our three sustainability pillars -environmental, social and governance. Boston Common continues to review these initiatives on an annual basis and track engagement impact through our reporting.

Boston Common reviews ESG-related impacts by actively encouraging shareholders to participate in proxy voting. Boston Common reviews its custom proxy voting policy prior to the proxy season to ensure the Adviser's custom voting policy captures the desired corporate engagements' expectations. Boston Common reviews the proxy voting results with its proxy vendor's custom policy team at the end of the proxy season to ensure the expected outcomes were achieved.

Additionally, Boston Common measures and monitors its ESG engagement related impact by compiling the results of its direct dialogue with various portfolio holdings and the shareholder proposals initiated by Boston Common. In addition, Boston Common participates in both dialogue and shareholder proposals initiated by various industry-led coalition groups.

The U.S. Equity Fund will normally invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of U.S. companies that meet the Adviser's ESG criteria. Equity securities include common and preferred stocks, as well as securities that are convertible into common stocks. The U.S. Equity Fund may also invest up to 20% of its total assets in ADRs. The U.S. Equity Fund may also invest in other stable, cash-flow generating companies, including publicly-traded Real Estate Investment Trusts ("REITs"). The U.S. Equity Fund generally seeks to invest in companies that have market capitalizations of $2 billion or greater. The U.S. Equity Fund may at times invest a significant portion of its assets (greater than 25%) in specific sectors of the economy. As of the fiscal year end, the Fund invested 30.5% in the information technology sector.

**Principal Investment Risks**

There is the risk that you could lose all or a portion of your investment in the U.S. Equity Fund. The following risks are considered principal to the U.S. Equity Fund and could affect the value of your investment in the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ESG Policy Risk: The U.S. Equity Fund's ESG policy could cause it to perform differently compared to similar funds that do not have such a policy. This ESG policy may result in the U.S. Equity Fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. The U.S. Equity Fund will vote proxies in a manner which is consistent with its ESG criteria, which may not always be consistent with maximizing short-term performance of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Large Companies Risk: Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impact Investing Risk: The Fund may not succeed in generating a positive ESG and/or social impact. The Fund's incorporation of ESG and/or social impact criteria into its investment process may cause the Fund to perform differently from a fund that uses a different methodology to identify and/or incorporate ESG and/or social impact criteria or relies solely or primarily on financial metrics. In addition,it may cause it to forego opportunities to buy certain securities that otherwise might be advantageous, or to sell securities when it might otherwise be advantageous to continue to hold these securities. The definition of "impact investing" will vary according to an investor's beliefs and values. There is no guarantee that Boston Common's definition of impact investing, ESG security selection criteria, or investment judgment will reflect the beliefs or values of any particular investor. To the extent Boston Common references third-party research and analytics in conducting its proprietary analysis, there is no guarantee that the data will be accurate. Third-party providers may be less effective at rating companies located in the emerging markets and ratings may not be available from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity Risk: Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.

The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depositary Receipt Risk: Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. In addition, holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders of a typical company in the event of a corporate action, such as an acquisition, merger or rights offering, and may experience difficulty in receiving company stockholder communications. There is no guarantee that a financial institution will continue to sponsor a depositary receipt, or that the depositary receipts will continue to trade on an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the value of your investment in the U.S. Equity Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in Other Investment Companies: To the extent the Fund invests in shares of other investment companies, you will indirectly bear fees and expenses charged by those investment companies and will be subject to the risks that those investment companies are subject to.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management Risk: Boston Common may fail to implement the U.S. Equity Fund's investment strategies or meet its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Real Estate Investment Trust Risk: REIT prices may fall because of the failure of borrowers to pay their loans and/or poor management. The value of REITs may also be affected by increases in property taxes and changes in tax laws and interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sector Focus Risk: This is the risk that the U.S. Equity Fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector that the U.S. Equity Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Information Technology Risk: Although technology companies are found among a broad range of industries, they often face unusually high price volatility and losses can be significant. Technology companies may be significantly affected by short product cycles, aggressive pricing of products and services, competition from new market entrants and obsolescence of existing technology.

**Performance**

The following performance information provides some indication of the risks of investing in the U.S. Equity Fund. The bar chart below illustrates how the U.S. Equity Fund's total returns have varied from year-to-year. The table below illustrates how the U.S. Equity Fund's average annual total returns for the 1-year, 5-year, and 10-year periods compare with that of a broad-based securities index. This comparison is provided to offer a broader market perspective. The U.S. Equity Fund's past performance, before and after taxes, is not necessarily an indication of how the U.S. Equity Fund will perform in the future and does not guarantee future results. Updated performance information is available on the U.S. Equity Fund's website at www.bostoncommonfunds.com.

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**Calendar Year Total Return** 

**As of December 31,**

![11251](ck0000811030-20260127_g3.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarterly Return:** | Q2, 2020 | 20.10% |
| **Lowest Quarterly Return:** | Q1, 2020 | -18.67% |

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** |
| | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Equity Fund** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 14.20% | 11.79% | 12.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 12.62% | 10.55% | 11.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 9.56% | 9.21% | 9.99% |
| **S&P 500**<sup>®</sup> **Index** (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on the individual investor's situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs.

**Investment Adviser**

Boston Common Asset Management, LLC

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**Portfolio Managers**

The U.S. Equity Fund is team-managed by the Portfolio Managers listed below:

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| | | |
|:---|:---|:---|
| <u>Name</u> | <u>Title</u> | <u>Managed the Fund Since</u> |
| Praveen Abichandani, CFA | Portfolio Manager | April 2012 |
| Kim Ryan, CFA | Portfolio Manager | August 2024 |
| Matt Meade | Portfolio Manager | July 2025 |

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**Purchase and Sale of Fund Shares**

You may purchase, redeem, or exchange U.S. Equity Fund shares on any business day by written request via mail (Boston Common Funds, c/o U.S. Bank Global Fund Services, [NAME OF FUND] c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by wire transfer, by telephone at 1-877-777-6944, or through a financial intermediary. The minimum initial investment in the U.S. Equity Fund is $10,000. You can make additional investments at any time with $1,000 or more.

**Tax Information**

The U.S. Equity Fund's distributions are taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the U.S. Equity Fund through a broker-dealer or other financial intermediary (such as a bank), the U.S. Equity Fund and its related companies may pay the intermediary for the sale of U.S. Equity Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the U.S. Equity Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**SUMMARY SECTION – BOSTON COMMON ESG IMPACT EMERGING MARKETS FUND**

**Investment Objective**

The Boston Common ESG Impact Emerging Markets Fund (the "Emerging Markets Fund" or "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Emerging Markets Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Emerging Markets Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees**<br>*(fees paid directly from your investment)* | |
| &nbsp;&nbsp;Redemption Fee *(as a percentage of amount redeemed within 30 days of purchase)* | 2.00% |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | |
| &nbsp;&nbsp;Management Fees | 0.85% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses | 0.47% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee Reduction and/or Expense Reimbursement | -0.33% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Reduction and/or Expense Reimbursement<sup>(1)</sup> | 0.99% |

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<sup>(1)</sup> The Adviser has contractually agreed to reduce its fees and/or pay Value Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, extraordinary expenses, shareholder servicing fees and any other class specific expenses) in order to limit Total Annual Fund Operating Expenses After Fee Reduction and/or Expense Reimbursement to 0.99% of the Fund's average daily net assets (the "Expense Cap"). The Expense Cap is indefinite, but will remain in effect until at least January 31, 2027 and may be terminated at any time by the Trust's Board of Trustees (the "Board") upon 60 days' notice to the Adviser, or by the Adviser with consent of the Board. The Adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years from the date the fees were waived and/or expenses were paid. This reimbursement may be requested if the aggregate amount actually paid by the Fund toward operating expenses for such period (taking into account any reimbursement) does not exceed the lesser of the Expense Cap in place at the time of waiver or at the time of reimbursement.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Emerging Markets Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Emerging Markets Fund's operating expenses remain the same (taking into account the contractual Expense Cap for the first year

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only). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $101 | $386 | $692 | $1561 |

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**Portfolio Turnover**

The Emerging Markets Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above example, affect the Fund's performance. During the most recent fiscal year ended September 30, 2025, the Emerging Markets Fund's portfolio turnover rate was 27% of the average value of its portfolio.

**Principal Investment Strategies**

Boston Common Asset Management, LLC ("Boston Common" or the "Adviser") seeks long-term capital appreciation by investing in a diversified portfolio of common stocks and American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") of companies it believes have high quality are sustainable and are reasonably valued. The Adviser typically favors companies it believes have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attractive long-term growth drivers (e.g., aligned with structural trends such as energy transition and digitalization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong balance sheets, stable earnings, and attractive profitability characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sound corporate governance and financial management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valuations that are attractive relative to their growth outlook and fundamentals.

The Fund is generally diversified across major sectors. The Adviser applies a benchmark-aware yet not benchmark-constrained approach, allowing the flexibility to invest in high-conviction ideas across sectors and regions.

Stock Selection and ESG Integration

Investment ideas are generated through both bottom-up fundamental research and top-down sector and regional insights. Sustainability themes are regularly monitored for long-term growth opportunities. After a stock is identified, the Adviser conducts in-depth company-level analysis to evaluate financial strength, profitability, growth potential, and risk factors. This resulting fundamental profile is balanced against valuation metrics, including earnings and book value multiples, as well as discounted cash flows.

Here our research-driven conviction is enhanced by our 360-degree perspective where we integrate financial and environmental, social, and governance ("ESG") criteria into the stock selection process. We believe markets typically misvalue the risks and opportunities presented by ESG issues, both in terms of the timing and the magnitude of outcomes. We believe shareholder engagement plays a critically important role in raising the sustainability profile of our portfolios and empowers company management to be long-term in its focus.

Boston Common's ESG research process integrates information from disparate sources to form a holistic understanding of corporate performance. The Adviser reviews company filings, trade journals, and industry reports to understand a company's products and activities, and place it in context with its peers. We search business and news databases to capture events and analyses related to corporate practices.

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Boston Common references additional databases that document defense contracts, legal proceedings, and environmental violations, plus we subscribe to specialized ESG data services. The research team communicates regularly with trade unions, nongovernmental organizations, activist groups, and government agencies about corporate behavior on the ground and in the far reaches of the world. Boston Common queries corporate management through meetings, letter campaigns, emails, and phone calls about areas of particular concern. Drawing on this mosaic of sources, our analysts distill conclusions about a company's overall profile across the full set of ESG issue areas. We may incorporate information from one or more third party ESG research providers, news sources, non-governmental organizations, and company and industry contacts. The Fund's primary third party ESG research providers are MSCI ESG Ratings, MSCI ESG Metrics, MSCI ESG BISR Individual Screens, MSCI ESG Controversies, MSCI ESG BISR Global Sanctions, MSCI ESG Climate Change Metrics, and ISS Climate Impact Reporting. We endeavor to integrate financial and sustainability factors into our investment process because we believe ESG research helps us identify companies that will be successful over the long-term. We evaluate companies on (E)nvironmental issues, looking for organizations that demonstrate a higher level of environmental responsibility than their peers and understand that natural resources are limited. We favor companies that conserve natural resources, reduce volume and toxicity of waste generated, and manage direct and indirect greenhouse gas emissions. We assess a company's commitment to (S)ocial standards including human rights, animal welfare, workplace health and safety, and fair treatment of employees globally. We appraise companies' adherence to best practices in (G)overnance, including policies favoring transparency and accountability to shareholders, and a commitment to diversity. As a result, we believe ESG research helps improve portfolio quality and financial return potential.

Boston Common's principal belief is that companies with better ESG performance tend to serve as better long-term investments. Boston Common does not prioritize ESG impacts over returns and will not purchase a security for ESG purposes that has not met our financial criteria as it relates to an attractive balance of fundamentals and valuations.

The Fund's ESG issue areas, which affect people and the planet include, but are not limited to, the following: environment, energy, human rights and employment, community, product purity and safety, governance, and labor and employment.

Boston Common selects stocks through bottom-up, fundamental research, while maintaining a disciplined approach to valuation and risk control. We may sell a security when its price reaches a set target if we believe that other investments are more attractive, or for other reasons we may determine.

Boston Common excludes securities of companies that: (1) receive significant revenues (>5%) or have leading market share in production and marketing of tobacco products, including components; (2) receive significant revenues (>5%) or have leading market share in production and marketing of alcoholic beverages, including components; (3) receive significant revenues (>5%) or have leading market share from gambling devices or activities including lotteries and hotels with casinos; (4) operate or have direct equity ownership of nuclear power plants, mine or process uranium for fuel supply crucial components of nuclear power reactors (zero tolerance); (5) receive significant revenues (>10%) from nuclear power plant design, construction, maintenance or parts; (6) demonstrate a history and pattern of marketing unsafe products, asserting false marketing claims, or engaging in irresponsible marketing; (7) engage in irresponsible animal testing or widespread abuses of animals, such as in entertainment and factory farming; (8) receive significant revenues (>5%) from the production of firearms or military weapons systems, including key components; (9) produce or manufacture biological, chemical, or nuclear weapons, anti-personnel landmines, or cluster munitions (zero tolerance); (10) rank in the top 50 global defense contractors for weapons, (11) receive significant revenues (>5%) from the exploration, extraction, production, manufacture, or refining of fossil fuels; (12) receive significant revenues (>30%) from the

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transportation, transmission, distribution, or retail sale of fossil fuels; (13) receive significant revenues (>10%) from the generation of coal-based electric power; (14) receive significant revenues (>30%) from the generation of combined fossil fuel-based electric power; (15) receive significant revenues (>50%) from the production or provision of dedicated equipment or services for fossil fuel production or transportation; and (16) the mining of thermal coal.

We use our voice as a shareholder to raise environmental, social, and governance issues with the management of select portfolio companies through a variety of channels. These may include engaging in dialogue with management, participating in shareholder proposal filings, voting proxies in accordance with our proxy voting guidelines, and participating in the annual shareholder meeting process. Through this effort, we seek to encourage a company's management toward greater transparency, accountability, disclosure and commitment to ESG issues. In order to prioritize the Adviser's focus and impact, Boston Common has established a three-year engagement framework with two to three key initiatives across our three sustainability pillars -environmental, social and governance. Boston Common continues to review these initiatives on an annual basis and track engagement impact through our reporting.

Boston Common reviews ESG-related impacts by actively encouraging shareholders to participate in proxy voting. Boston Common reviews its custom proxy voting policy prior to the proxy season to ensure the Adviser's custom voting policy captures the desired corporate engagements' expectations. Boston Common reviews the proxy voting results with its proxy vendor's custom policy team at the end of the proxy season to ensure the expected outcomes were achieved.

Additionally, Boston Common measures and monitors its ESG engagement related impact by compiling the results of its direct dialogue with various portfolio holdings and the shareholder proposals initiated by Boston Common. In addition, Boston Common participates in both dialogue and shareholder proposals initiated by various industry-led coalition groups.

The Emerging Markets Fund will normally invest at least 80% of its net assets, plus borrowings for investment purposes, in the equity securities of companies either located in emerging market countries or which derive the majority of their revenue from emerging market countries and that meet the Adviser's ESG criteria. Equity securities include common and preferred stocks, as well as in securities that are convertible into common stocks. The Emerging Markets Fund may also invest directly in securities denominated in foreign currencies or it may invest indirectly through ADRs, EDRs, and GDRs. The Emerging Markets Fund may also invest in other investment companies (including business development companies), exchange-traded funds ("ETFs") and similarly structured pooled investments for the purpose of gaining exposure to certain markets while maintaining liquidity. The Adviser considers emerging markets to be those countries included in the MSCI Emerging Markets Index or classified by World Bank, the International Finance Corporation, and the United Nations (and its agencies). These countries are typically located in Central and Eastern Europe, Africa, the Middle East, Asia and Central and South America. The Emerging Markets Fund generally seeks to invest in companies that have market capitalizations of $2 billion or greater. The Fund may, from time to time, have significant exposure to one or more sectors of the market.

**Principal Investment Risks**

There is the risk that you could lose all or a portion of your investment in the Fund. The following risks are considered principal to the Fund and could affect the value of your investment in the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ESG Policy Risk: The Emerging Markets Fund's ESG policy could cause the Emerging Markets Fund to perform differently compared to similar funds that do not have such a policy. This ESG policy may result in the Emerging Markets Fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it

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might be otherwise disadvantageous for it to do so. The Emerging Markets Fund will vote proxies in a manner which is consistent with its ESG criteria, which may not always be consistent with maximizing short-term performance of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Emerging Markets Risk: Emerging markets may involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impact Investing Risk: The Fund may not succeed in generating a positive ESG and/or social impact. The Fund's incorporation of ESG and/or social impact criteria into its investment process may cause the Fund to perform differently from a fund that uses a different methodology to identify and/or incorporate ESG and/or social impact criteria or relies solely or primarily on financial metrics. In addition,it may cause it to forego opportunities to buy certain securities that otherwise might be advantageous, or to sell securities when it might otherwise be advantageous to continue to hold these securities. The definition of "impact investing" will vary according to an investor's beliefs and values. There is no guarantee that Boston Common's definition of impact investing, ESG security selection criteria, or investment judgment will reflect the beliefs or values of any particular investor. To the extent Boston Common references third-party research and analytics in conducting its proprietary analysis, there is no guarantee that the data will be accurate. Third-party providers may be less effective at rating companies located in the emerging markets and ratings may not be available from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign Securities Risk: Foreign securities are typically subject to increased risks as compared to U.S. securities, and include risks associated with: (1) internal and external political and economic developments – *e.g.,* the political, economic and social policies and structures of some foreign countries may be less stable and more volatile than those in the United States or some foreign countries may be subject to trading restrictions; (2) trading practices – e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the United States; (3) availability of information – e.g., foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards as U.S. issuers, (4) greater volatility; and (5) currency fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific Country or Region Risk: Investing a significant portion of assets in one country or region makes the Fund more dependent upon the political and economic circumstances of that particular country or region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Eurozone Investment Risk - Many countries in Europe are closely connected such that the social, economic and political events of one European country may have adverse effects across Europe. European countries that are members of the Economic and Monetary Union of the European Union ("EU") are subject to restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls. Member nations' compliance with these economic controls and monetary policies may significantly impact every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Asia Investment Risk - Investments in countries in the Asian region will be impacted by the market conditions, legislative or regulatory changes, competition, or political, economic and other developments in Asia. Investments in China may subject the Fund to

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certain additional risks, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity Risk: Common stocks are susceptible to general stock market fluctuations which may result in volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.

The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depositary Receipt Risk: Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. In addition, holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders of a typical company in the event of a corporate action, such as an acquisition, merger or rights offering, and may experience difficulty in receiving company stockholder communications. There is no guarantee that a financial institution will continue to sponsor a depositary receipt, or that the depositary receipts will continue to trade on an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the value of your investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETF Trading Risk: To the extent the Fund invests in ETFs, it is subject to additional risks that do not apply to mutual funds, including the risk that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which the ETFs trade, which may impact the Fund's ability to sell its shares of an ETF. Where all or portion of the ETF's underlying securities trade in a market that is closed when the market in which the ETF shares and listed in trading is open, there may be changes between the last quote and the closed foreign market and the value of such security during the ETF's domestic trading day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign Currency Risk: Currency movements may negatively impact value even when there is no change in value of the security in the issuer's home country. Currency management strategies may substantially change the Emerging Markets Fund's exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as Boston Common expects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in Other Investment Companies: To the extent the Fund invests in shares of other investment companies, you will indirectly bear fees and expenses charged by those investment companies and will be subject to the risks that those investment companies are subject to.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Large Companies Risk: Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management Risk: Boston Common may fail to implement the Emerging Markets Fund's investment strategies or meet its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mid and Small-Capitalization Company Risk: Securities of mid-capitalization and small-capitalization companies may have comparatively greater price volatility and less liquidity than the securities of companies that have larger market capitalizations and/or that are traded on major stock exchanges. These securities may also be more difficult to value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sector-Focus Risk: Investing a significant portion of the Fund's assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.

**Performance**

The following performance information provides some indication of the risks of investing in the Emerging Markets Fund. The bar chart below illustrates how the Emerging Market Fund's total returns have varied from year-to-year. The table below illustrates how the Emerging Market Fund's average annual total returns for the 1-year and since-inception periods compare with that of a broad-based securities index. This comparison is provided to offer a broader market perspective. The Emerging Market Fund's past performance, before and after taxes, is not necessarily an indication of how the Emerging Market Fund will perform in the future and does not guarantee future results. Updated performance information is available on the Emerging Market Fund's website at www.bostoncommonfunds.com.

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**Calendar Year Total Return** 

**As of December 31,**

![17592186109183](ck0000811030-20260127_g4.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarterly Return:** | Q4, 2022 | 12.74% |
| **Lowest Quarterly Return:** | Q3, 2022 | -13.16% |

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| | | |
|:---|:---|:---|
| **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** |
| | **1 Year** | **Since Inception (9/20/2021)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Emerging Market Fund** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 37.06% | 6.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 36.37% | 5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 22.45% | 4.86% |
| MSCI EM (Emerging Markets) Net (USD) | 33.57% | 5.16% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on the individual investor's situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs.

In certain cases, Return After Taxes on Distribution and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. Your actual after-tax returns depend on your tax situation and may differ from these shown.

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**Investment Adviser**

Boston Common Asset Management, LLC

**Portfolio Managers**

The Emerging Markets Fund is team-managed by the Portfolio Managers listed below:

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| | | |
|:---|:---|:---|
| <u>Name</u> | <u>Title</u> | <u>Managed the Fund Since</u> |
| Matt Zalosh, CFA | Portfolio Manager | September 2021 |
| Praveen Abichandani, CFA | Portfolio Manager | September 2021 |
| Liz Su, CFA | Portfolio Manager | September 2021 |

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**Purchase and Sale of Emerging Markets Fund Shares**

You may purchase, redeem, or exchange Emerging Markets Fund shares on any business day by written request via mail (Boston Common Funds, c/o U.S. Bank Global Fund Services, [NAME OF FUND] c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by wire transfer, by telephone at 1-877-777-6944, or through a financial intermediary. The minimum initial investment in the Emerging Markets Fund is $10,000. You can make additional investments at any time with $1,000 or more.

**Tax Information**

The Fund's distributions are taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Emerging Markets Fund through a broker-dealer or other financial intermediary (such as a bank), the Emerging Markets Fund and its related companies may pay the intermediary for the sale of Emerging Markets Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Emerging Markets Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**SUMMARY SECTION – BOSTON COMMON ESG IMPACT U.S. VALUE FUND**

**Investment Objective**

The Boston Common ESG Impact U.S. Value Fund (the "Value Fund" or "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Value Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Value Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees**<br>*(fees paid directly from your investment)* | |
| &nbsp;&nbsp;<br>Redemption Fee *(as a percentage of amount redeemed within 30 days of purchase)* | 2.00% |
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* |  |
| &nbsp;&nbsp;Management Fees | 0.70% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses<sup>(1)(2)</sup> | 1.41% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee Reduction and/or Expense Reimbursement | -1.21% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Reduction and/or Expense Reimbursement<sup>(3)</sup> | 0.90% |

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<sup>(1)</sup> Other Expenses are based on estimated amounts for the current fiscal year.

<sup>(2)</sup> Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, including money market funds and other mutual funds, closed end funds, business development companies or certain exchange-traded funds.

<sup>(3)</sup> The Adviser has contractually agreed to reduce its fees and/or pay Value Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, extraordinary expenses, shareholder servicing fees and any other class specific expenses) in order to limit Total Annual Fund Operating Expenses After Fee Reduction and/or Expense Reimbursement to 0.90% of the Fund's average daily net assets (the "Expense Cap"). The Expense Cap is indefinite, but will remain in effect until at least January 31, 2027 and may be terminated at any time by the Trust's Board of Trustees (the "Board") upon 60 days' notice to the Adviser, or by the Adviser with consent of the Board. The Adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years from the date the fees were waived and/or expenses were paid. This reimbursement may be requested if the aggregate amount actually paid by the Fund toward operating expenses for such period (taking into account any reimbursement) does not exceed the lesser of the Expense Cap in place at the time of waiver or at the time of reimbursement.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Value Fund's operating expenses remain the same (except that the example reflects the fee reduction/expense reimbursement arrangement through January 31, 2027). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $82 | $544 |

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**Portfolio Turnover**

The Value Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above example, affect the Fund's performance. The Fund's portfolio turnover rate for the Fund's last fiscal year is not provided because the Fund had not commenced operations prior to the date of this Prospectus.

**Principal Investment Strategies**

Boston Common Asset Management, LLC ("Boston Common" or the "Adviser") seeks long term capital appreciation by investing in a diversified portfolio of common stocks and American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") of companies it believes have high quality are sustainable and are reasonably valued. The Adviser typically favors companies it believes have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attractive long-term growth drivers (e.g., aligned with structural trends such as energy transition and digitalization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong balance sheets, stable earnings, and attractive profitability characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sound corporate governance and financial management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valuations that are attractive relative to their growth outlook and fundamentals.

The Fund is generally diversified across major sectors. The Adviser applies a benchmark-aware yet not benchmark-constrained approach, allowing the flexibility to invest in high-conviction ideas across sectors and regions.

Stock Selection and ESG Integration

Investment ideas are generated through both bottom-up fundamental research and top-down sector and regional insights. Sustainability themes are regularly monitored for long-term growth opportunities. After a stock is identified, the Adviser conducts in-depth company-level analysis to evaluate financial strength, profitability, growth potential, and risk factors. This resulting fundamental profile is balanced against valuation metrics, including earnings and book value multiples, as well as discounted cash flows.

Here our research- driven conviction is enhanced by our 360-degree perspective where we integrate financial and environmental, social, and governance ("ESG") criteria into the stock selection process. We believe markets typically misvalue the risks and opportunities presented by ESG issues, both in terms of the timing and the magnitude of outcomes. We believe shareholder engagement plays a critically important role in raising the sustainability profile of our portfolios and empowers company management to be long- term in its focus.

Boston Common's ESG research process integrates information from disparate sources to form a holistic understanding of corporate performance. We may incorporate information from one or more third party ESG research providers, news sources, non-governmental organizations, and company and industry contacts. The Fund's primary third party ESG research providers are MSCI ESG Ratings, MSCI ESG Metrics, MSCI ESG BISR Individual Screens, MSCI ESG Controversies, MSCI ESG BISR Global Sanctions, MSCI ESG Climate Change Metrics, and ISS Climate Impact Reporting. We endeavor to integrate financial and sustainability factors into our investment process because we believe ESG research helps us identify companies that will be successful over the long-term. We evaluate companies on (E)nvironmental issues, looking for organizations that demonstrate a higher

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level of environmental responsibility than their peers and understand that natural resources are limited. We favor companies that conserve natural resources, reduce volume and toxicity of waste generated, and manage direct and indirect greenhouse gas emissions. We assess a company's commitment to (S)ocial standards including human rights, animal welfare, workplace health and safety, and fair treatment of employees globally. We appraise companies' adherence to best practices in (G)overnance, including policies favoring transparency and accountability to shareholders, and a commitment to diversity. As a result, we believe ESG research helps improve portfolio quality and financial return potential.

Boston Common's principal belief is that companies with better ESG performance tend to serve as better long-term investments. Boston Common does not prioritize ESG impacts over returns and will not purchase a security for ESG purposes that has not met our financial criteria as it relates to an attractive balance of fundamentals and valuations.

The Fund's ESG issue areas, which affect people and the planet include, but are not limited to, the following: environment, energy, human rights and employment, community, product purity and safety, governance, and labor and employment. The Fund excludes tobacco, alcoholic beverages, gambling, animal welfare and weapons.

Boston Common's ESG research process integrates information from disparate sources to form a holistic understanding of corporate performance. The Adviser reviews company filings, trade journals, and industry reports to understand a company's products and activities, and place it in context with its peers. We search business and news databases to capture events and analyses related to corporate practices. Boston Common references additional databases that document defense contracts, legal proceedings, and environmental violations, plus we subscribe to specialized ESG data services. The research team communicates regularly with trade unions, nongovernmental organizations, activist groups, and government agencies about corporate behavior on the ground and in the far reaches of the world. Boston Common queries corporate management through meetings, letter campaigns, emails, and phone calls about areas of particular concern. Drawing on this mosaic of sources, our analysts distill conclusions about a company's overall profile across the full set of ESG issue areas.

Boston Common selects stocks through bottom-up, fundamental research, while maintaining a disciplined approach to valuation and risk control. We may sell a security when its price reaches a set target if we believe that other investments are more attractive, or for other reasons we may determine.

Boston Common excludes companies that: (1) receive significant revenues (>5%) or have leading market share in production and marketing of tobacco products, including components; (2) receive significant revenues (>5%) or have leading market share in production and marketing of alcoholic beverages, including components; (3) receive significant revenues (>5%) or have leading market share from gambling devices or activities including lotteries and hotels with casinos; (4) operate or have direct equity ownership of nuclear power plants, mine or process uranium for fuel supply crucial components of nuclear power reactors (zero tolerance); (5) receive significant revenues (>10%) from nuclear power plant design, construction, maintenance or parts; (6) demonstrate a history and pattern of marketing unsafe products, asserting false marketing claims, or engaging in irresponsible marketing; (7) engage in irresponsible animal testing or widespread abuses of animals, such as in entertainment and factory farming; (8) receive significant revenues (>5%) from the production of firearms or military weapons systems, including key components; (9) produce or manufacture biological, chemical, or nuclear weapons, anti-personnel landmines, or cluster munitions (zero tolerance); (10) rank in the top 50 global defense contractors for weapons, ; (11) receive significant revenues (>5%) from the exploration,

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extraction, production, manufacture, or refining of fossil fuels; (12) receive significant revenues (>30%) from the transportation, transmission, distribution, or retail sale of fossil fuels; (13) receive significant revenues (>10%) from the generation of coal-based electric power; (14) receive significant revenues (>30%) from the generation of combined fossil fuel-based electric power; (15) receive significant revenues (>50%) from the production or provision of dedicated equipment or services for fossil fuel production or transportation; and (16) the mining of thermal coal.

We use our voice as a shareholder to raise environmental, social, and governance issues with the management of select portfolio companies through a variety of channels. These may include engaging in dialogue with management, participating in shareholder proposal filings, voting proxies in accordance with our proxy voting guidelines, and participating in the annual shareholder meeting process. Through this effort, we seek to encourage a company's management toward greater transparency, accountability, disclosure and commitment to ESG issues. In order to prioritize the Adviser's focus and impact, Boston Common has established a three-year engagement framework with two to three key initiatives across our three sustainability pillars -environmental, social and governance. Boston Common continues to review these initiatives on an annual basis and track engagement impact through our reporting.

Boston Common reviews ESG-related impacts by actively encouraging shareholders to participate in proxy voting. Boston Common reviews its custom proxy voting policy prior to the proxy season to ensure the Adviser's custom voting policy captures the desired corporate engagements' expectations. Boston Common reviews the proxy voting results with its proxy vendor's custom policy team at the end of the proxy season to ensure the expected outcomes were achieved.

Additionally, Boston Common measures and monitors its ESG engagement related impact by compiling the results of its direct dialogue with various portfolio holdings and the shareholder proposals initiated by Boston Common. In addition, Boston Common participates in both dialogue and shareholder proposals initiated by various industry-led coalition groups.

The Value Fund will normally invest at least 80% of its net assets, plus borrowings for investment purposes, in the equity securities of U.S. companies that we believe are high quality (lower debt/total capital, earnings stability and stable cash flow), sustainable and undervalued and that meet the Adviser's ESG criteria. Equity securities include common and preferred stocks, as well as in securities that are convertible into common stocks. The Value Fund may also invest in other investment companies (including business development companies), exchange-traded funds ("ETFs") and similarly structured pooled investments for the purpose of gaining exposure to certain markets while maintaining liquidity. The Value Fund generally seeks to invest in companies that have market capitalizations of $2 billion or greater. The Fund may, from time to time, have significant exposure to one or more sectors of the market.

**Principal Investment Risks**

There is the risk that you could lose all or a portion of your investment in the Fund. The following risks are considered principal to the Fund and could affect the value of your investment in the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value Company Risk: The value investment approach entails the risk that the market will not recognize a security's intrinsic value for a long time, or that a stock the investment advisor judges to be undervalued may be appropriately priced.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ESG Policy Risk: The Value Fund's ESG policy could cause the Value Fund to perform differently compared to similar funds that do not have such a policy. This ESG policy may result in the Value Fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. The Value Fund will vote proxies in a manner which is consistent with its ESG criteria, which may not always be consistent with maximizing short-term performance of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impact Investing Risk: The Fund may not succeed in generating a positive ESG and/or social impact. The Fund's incorporation of ESG and/or social impact criteria into its investment process may cause the Fund to perform differently from a fund that uses a different methodology to identify and/or incorporate ESG and/or social impact criteria or relies solely or primarily on financial metrics. In addition, it may cause it to forego opportunities to buy certain securities that otherwise might be advantageous, or to sell securities when it might otherwise be advantageous to continue to hold these securities. The definition of "impact investing" will vary according to an investor's beliefs and values. There is no guarantee that Boston Common's definition of impact investing, ESG security selection criteria, or investment judgment will reflect the beliefs or values of any particular investor. To the extent Boston Common references third-party research and analytics in conducting its proprietary analysis, there is no guarantee that the data will be accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity Risk: Common stocks are susceptible to general stock market fluctuations which may result in volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.

The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depositary Receipt Risk: Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. In addition, holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders of a typical company in the event of a corporate action, such as an acquisition, merger or rights offering, and may experience difficulty in receiving company stockholder communications. There is no guarantee that a financial institution will continue to sponsor a depositary receipt, or that the depositary receipts will continue to trade on an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the value of your investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETF Trading Risk: To the extent the Fund invests in ETFs, it is subject to additional risks that do not apply to mutual funds, including the risk that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which the ETFs trade, which may impact the Fund's ability to sell its shares of an ETF. Where all or portion of the ETF's underlying securities trade in a market that is closed when the market in which the ETF shares and listed in trading is open, there may be changes between the last quote and the closed foreign market and the value of such security during the ETF's domestic trading day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in Other Investment Companies: To the extent the Fund invests in shares of other investment companies, you will indirectly bear fees and expenses charged by those investment companies and will be subject to the risks that those investment companies are subject to.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Large Companies Risk: Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management Risk: Boston Common may fail to implement the Value Fund's investment strategies or meet its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mid and Small-Capitalization Company Risk: Securities of mid-capitalization and small- capitalization companies may have comparatively greater price volatility and less liquidity than the securities of companies that have larger market capitalizations and/or that are traded on major stock exchanges. These securities may also be more difficult to value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New Fund Risk: As a new fund, there can be no assurance that the Fund will grow or maintain an economically viable size.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Real Estate Investment Trust Risk: REIT prices may fall because of the failure of borrowers to pay their loans and/or poor management. The value of REITs may also be affected by increases in property taxes and changes in tax laws and interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sector-Focus Risk: Investing a significant portion of the Fund's assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.

**Performance**

Performance information for the Fund is not included because the Fund had not commenced operations as of the date of this Prospectus. Performance information will be available once the Fund has at least one calendar year of performance. Updated performance information is available on the Fund's website http://www.bostoncommonfunds.com.

**Investment Adviser**

Boston Common Asset Management, LLC

**Portfolio Managers**

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The Value Fund is team-managed by the Portfolio Managers listed below:

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| | | |
|:---|:---|:---|
| <u>Name</u> | <u>Title</u> | <u>Managed the Fund Since</u> |
| Geeta B. Aiyer, CFA | Portfolio Manager | Inception |
| Praveen Abichandani, CFA | Portfolio Manager | Inception |
| Kim Ryan, CFA | Portfolio Manager | Inception |

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**Purchase and Sale of Value Fund Shares**

You may purchase, redeem, or exchange Value Fund shares on any business day by written request via mail (Boston Common Funds, c/o U.S. Bank Global Fund Services, [NAME OF FUND] c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by wire transfer, by telephone at 1-877-777-6944, or through a financial intermediary. The minimum initial investment in the Value Fund is $10,000. You can make additional investments at any time with $1,000 or more.

**Tax Information**

The Fund's distributions are taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Value Fund through a broker-dealer or other financial intermediary (such as a bank), the Value Fund and its related companies may pay the intermediary for the sale of Value Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Value Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**ADDITIONAL INFORMATION REGARDING THE FUNDS' INVESTMENT OBJECTIVES, STRATEGIES AND RISKS**

**Investment Objectives**

Each Fund's objective is to seek long-term capital appreciation. Each Fund's investment objective is non-fundamental, which means it may be changed without shareholder vote upon at least 60 days' prior written notice to shareholders. There is no assurance that a Fund will achieve its investment objective.

**Principal Investments** 

**<u>Boston Common ESG Impact International Fund</u>**

The International Fund seeks long-term capital appreciation by investing in a diversified portfolio of common stocks and ADRs, EDRs and GDRs of companies it believes have high quality are sustainable and are reasonably valued. The International Fund will normally invest at least 80% of its net assets, plus borrowings for investment purposes, in the securities of non-U.S. companies that meet the Adviser's ESG criteria. The International Fund may also invest in preferred stock, securities that are convertible into common stock and ADRs, EDRs and GDRs. Boston Common considers companies to be "non-U.S." based on the issuer's domicile, its principal place of business, its primary stock exchange listing, or its inclusion in a broad, publicly-available international equity index. The International Fund will normally be invested in at least five countries outside the United States, with up to 10% of the International Fund's total assets invested in securities of companies located in emerging markets. Boston Common generally seeks to invest in companies that have market capitalizations of $2 billion or greater.

*Changes in Policy.* The International Fund will not change its investment policy of investing at least 80% of its net assets in the securities of non-U.S. companies that meet the Adviser's ESG criteria without first changing the International Fund's name and providing shareholders with at least 60 days' prior written notice.

**<u>Boston Common ESG Impact U.S. Equity Fund</u>**

The U.S. Equity Fund seeks long-term capital appreciation by investing in a diversified portfolio of stocks and ADRs of companies it believes have high quality are sustainable and are reasonably valued. The U.S. Equity Fund will normally invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of U.S. companies that meet the Adviser's ESG criteria. Equity securities include common and preferred stocks as well as securities that are convertible into common stocks. Up to 20% of the U.S. Equity Fund's total assets may be invested in ADRs. The U.S. Equity Fund may also invest in other stable, cash-flow generating companies across the portfolios, including positions in several REITs. Boston Common generally seeks to invest in companies that have market capitalizations of $2 billion or greater.

*Changes in Policy.* The U.S. Equity Fund will not change its investment policy of investing at least 80% of its net assets in equity securities of U.S. companies that meet the Adviser's ESG criteria without first changing the U.S. Equity Fund's name and providing shareholders with at least 60 days' prior written notice.

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**<u>Boston Common ESG Impact Emerging Markets Fund</u>**

The Emerging Markets Fund seeks long-term capital appreciation by investing in a diversified portfolio of common stocks and ADRs, EDRs and GDRs of companies it believes have high quality are sustainable and are reasonably valued. The Emerging Markets Fund will normally invest at least 80% of its net assets, plus borrowings for investment purposes, in the equity securities of companies either located in emerging market countries or which derive the majority of their revenue from emerging market countries and that meet the Adviser's ESG criteria. Equity securities include common and preferred stocks, as well as in securities that are convertible into common stocks. The Emerging Markets Fund may also invest directly in securities denominated in foreign currencies or it may invest indirectly through ADRs, EDRs, and GDRs. The Emerging Markets Fund may also invest in other investment companies (including business development companies), exchange-traded funds ("ETFs") and similarly structured pooled investments for the purpose of gaining exposure to certain markets while maintaining liquidity. Boston Common considers emerging markets to be those countries included in the MSCI Emerging Markets Index or classified by World Bank, the International Finance Corporation, and the United Nations (and its agencies). The Emerging Markets Fund will normally invest in countries typically located in Central and Eastern Europe, Africa, the Middle East, Asia and Central and South America. Boston Common Emerging Markets Fund generally seeks to invest in companies that have market capitalizations of $2 billion or greater. The Fund may, from time to time, have significant exposure to one or more sectors of the market.

*Changes in Policy.* The Emerging Markets Fund will not change its investment policy of investing at least 80% of its net assets in the equity securities of companies located in emerging market countries that meet the Adviser's ESG criteria without first changing the Emerging Markets Fund's name and providing shareholders with at least 60 days' prior written notice.

**<u>Boston Common ESG Impact U.S. Value Fund</u>**

The Value Fund seeks long term capital appreciation by investing in a diversified portfolio of common stocks and ADRs of companies it believes have high quality are sustainable and are reasonably valued. The Value Fund will normally invest at least 80% of its net assets, plus borrowings for investment purposes, in the equity securities of U.S. companies that the Adviser believes are high quality (lower debt/total capital, earnings stability and stable cash flow), sustainable and undervalued and that meet the Adviser's ESG criteria. Equity securities include common and preferred stocks, as well as in securities that are convertible into common stocks. The Value Fund may also invest in other investment companies (including business development companies), exchange-traded funds ("ETFs") and similarly structured pooled investments for the purpose of gaining exposure to certain markets while maintaining liquidity. The Fund may, from time to time, have significant exposure to one or more sectors of the market.

*Changes in Policy.* The Value Fund will not change its investment policy of investing at least 80% of its net assets in the equity securities of U.S. companies the Adviser believes are high quality (lower debt/total capital, earnings stability and stable cash flow), sustainable and undervalued and that meet the Adviser's ESG criteria without first changing the Value Fund's name and providing shareholders with at least 60 days' prior written notice.

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**Principal Investment Strategies – All Funds** 

Boston Common seeks to invest in attractively valued, sustainable, high-quality (lower debt/total capital, earnings stability and stable cash flow) stocks by combining fundamental equity analysis with our work in sustainability research and shareholder advocacy and engagement. We look for companies with sound governance and histories of responsible financial management that we believe are capable of consistent, visible profitability over a long time horizon. We look for indicators of quality in firms if they are experiencing superior growth and operating successfully in their respective economic sectors. We measure a firm's growth by comparing its products or services or improving competitive conditions among its peers. We then determine whether any of the individual firms appear to be trading at discounts to their intrinsic value. Here our research-driven conviction is enhanced by our 360-degree perspective where we integrate financial and ESG criteria into the stock selection process.

Boston Common's ESG research process integrates information from disparate sources to form a holistic understanding of corporate performance. We may incorporate information from one or more third party ESG research providers, news sources, non-governmental organizations, and company and industry contacts. We endeavor to integrate financial and sustainability factors into our investment process because we believe ESG research helps us identify companies that will be successful over the long-term. We seek to identify companies that demonstrate a higher level of environmental responsibility, commitment to social standards and adherence to best practices in corporate governance than their peers.

While ESG criteria helps shape the investable universe, Boston Common builds upon its traditional financial discipline in the stock selection process. We select stocks through bottom-up, fundamental research. We endeavor to understand each company within its global sector and marketplace. Traditional financial statement analysis incorporates an understanding of the longer-term value drivers for a company and its industry. We look at pricing trends, product cycles and supply-demand imbalances, as well as the outlook for end-market demand. Our focus on valuation includes traditional metrics that value earnings and cash flow streams with an eye towards relative valuation among a company's global peer group. We overlay our research of company fundamentals with valuation work to help identify stocks that we believe are trading at a discount to intrinsic value. We further incorporate sustainability analysis with our fundamental work, seeking to identify potential catalysts that could help drive a stock's value over a 12-18 month time horizon.

Boston Common practices a disciplined approach towards controlling risk. We focus on quality parameters. We typically reject companies with excessive debt or inconsistent operating performance and those that are losing money. We also avoid companies that are losing market share or that face declining end-market demand. We balance upside return opportunities with potential for downside outcomes by reviewing larger economic trends as well as company specific valuation. Boston Common may sell a security when its price reaches a set target, or if we believe that other investments are more attractive, or for other reasons we may determine. For example, Boston Common excludes securities of companies that: (1) receive significant revenues (>5%) or have leading market share in production and marketing of tobacco products, including components; (2) receive significant revenues (>5%) or have leading market share in production and marketing of alcoholic beverages, including components; (3) receive significant revenues (>5%) or have leading market share from gambling devices or activities including lotteries and hotels with casinos; (4) operate or have direct equity ownership of nuclear power plants, mine or process uranium for fuel supply crucial components of nuclear power reactors (zero tolerance); (5) receive significant revenues (>10%) from nuclear power plant design, construction, maintenance or parts; (6) demonstrate a history and pattern of marketing unsafe products, asserting false marketing claims, or engaging in irresponsible marketing; (7) engage in irresponsible animal testing or widespread abuses of animals, such as in entertainment and factory farming; (8) receive significant revenues (>5%) from the production of firearms or military weapons systems, including key components; (9) produce or

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manufacture biological, chemical, or nuclear weapons, anti-personnel landmines, or cluster munitions (zero tolerance); (10) rank in the top 50 global defense contractors for weapons, (11) receive significant revenues (>5%) from the exploration, extraction, production, manufacture, or refining of fossil fuels; (12) receive significant revenues (>30%) from the transportation, transmission, distribution, or retail sale of fossil fuels; (13) receive significant revenues (>10%) from the generation of coal-based electric power; (14) receive significant revenues (>30%) from the generation of combined fossil fuel-based electric power; (15) receive significant revenues (>50%) from the production or provision of dedicated equipment or services for fossil fuel production or transportation; and (16) the mining of thermal coal.

.

**Primary Third Party ESG Research**

The Funds' primary third party ESG research providers are MSCI ESG Research, and ISS.

MSCI Ratings are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MSCI ESG Ratings – industry specific ESG company ratings from AAA (Best) to CCC (worst) including Industry Sector Reports, Company Profiles and Thematic Research.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MSCI ESG Metrics – consistent set of environmental, social, and governance (ESG) scores, simple metrics and underlying data covering risk exposure, controversies, performance and practices for a broad coverage universe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MSCI ESG BISR Individual Screens – identifies companies with ties to specific restriction categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MSCI ESG Controversies – identifies companies involved in significant environmental, social, or governance controversies and violations of global ESG-related norms and conventions, such as the U.S. Global Compact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MSCI ESG BISR Global Sanctions – identifies companies with ties to various sanctions measures or related State or Federal mandates concerning operations in certain countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MSCI ESG Climate Change Metrics – provides carbon emissions, fossil fuel exposure, environmental impact data and screens as well as climate-related risk exposure and management assessment on companies.

ISS Climate Impact Reporting – holistic climate impact reporting addressing 1) current greenhouse gas exposure (carbon footprint) 2) transitional climate risks linked to fossil reserve owning and burning companies 3) physical climate risks linked to the sector and geographic exposure of the portfolio holdings and 4) the compliance of the portfolio with the international agreement to limit global warming to below 2 degree Celsius versus pre-industrial levels.

We endeavor to integrate financial and sustainability factors into our investment process because we believe ESG research helps us identify companies that will be successful over the long-term. We seek to identify companies that demonstrate a higher level of environmental responsibility, commitment to social standards and adherence to best practices in corporate governance than their peers.

Boston Common's principal belief is that companies with better ESG performance tend to serve as better long-term investments. Boston Common does not prioritize ESG impacts over returns and will not purchase a security for ESG purposes that has not met our financial criteria as it relates to an attractive balance of fundamentals and valuations.

The Funds' ESG issue areas, which affect people and the planet include, but are not limited to, the following: environment, energy, human rights and employment, community, product purity and safety, governance, and labor and employment.

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| | | |
|:---|:---|:---|
| | **Seek** | **Avoid** |
| <u>Issue Areas:</u> | | |
| **Environment** | • Products/services that reduce waste generation or conserve natural resources<br>• Innovative programs to reduce direct and indirect greenhouse gas emissions<br>• Develop and market renewable energy technology<br>• Products/services to increase energy efficiency | • Egregious environmental record or pattern of environmental violations<br>• Poor environmental performance relative to peers in high negative environmental impact industries<br>• Responsibility for causing major environmental disasters and responding negligently<br>• Significantly engaged in practices with negative global impacts<br>• Companies primarily engaged in industries related to fossil fuel production<br>• Direct equity ownership of nuclear power plants |
| **Social** | &nbsp;&nbsp;• Strong programs to promote employee, management, and board diversity<br>• Have explicit human rights principles or global labor standards<br>• Produce safe, useful, high-quality products or services that enhance quality of life or their consumers<br>• Demonstrate transparency on workplace issues<br>• Respect the lands and cultures of Indigenous Peoples | &nbsp;&nbsp;• Significant history of health and safety problems<br>• History of using forced labor, child labor, or sweatshops<br>• History of significant illegal employment discrimination<br>• History of significantly and directly supporting human rights abuses<br>• Companies that support governments that suppress or deny human right<br>• Companies that own or operate private prisons |
| **Governance** | &nbsp;&nbsp;• Accepts input from stakeholders and investors to improve strategic decision making<br>• Exhibit board diversity and independence to promote the company's and its shareholders long-term interests<br>• Align interests through remuneration, to ensure that senior executives and management interests are aligned with shareholders to maximize long-term value | &nbsp;&nbsp;&nbsp;• Engages in egregious activities that compromise shareholder value (i.e. extortion, bribery, securities fraud, and corruption<br>• Major opponents of federal climate change policies |

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**Sustainability Criteria – All Funds**

Boston Common integrates sustainability criteria into all phases of the investment process, from identifying the investable universe to stock selection and portfolio construction. We prefer firms with innovative approaches to the environmental and social challenges their industries, society and the world face, while pursuing advocacy and engagement initiatives to help improve portfolio companies' ESG performance.

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Boston Common proactively seeks to identify companies with strong ESG profiles. We evaluate companies on (E)nvironmental issues, looking for organizations that demonstrate a higher level of environmental responsibility than their peers and understand that natural resources are limited. We favor companies that conserve natural resources, reduce volume and toxicity of waste generated, and manage direct and indirect greenhouse gas emissions. We assess a company's commitment to (S)ocial standards including human rights, animal welfare, workplace health and safety, and fair treatment of employees globally. We also examine whether a company's standards for its vendors broaden the impact of its policies. Boston Common looks for companies that have demonstrated an overall higher level of accountability than their peers to all stakeholders, including providing safe, desirable, high-quality products or services and marketing them in responsible ways. We appraise companies' adherence to best practices in (G)overnance, including policies favoring transparency and accountability to shareholders, and a commitment to diversity.

We favor companies that have made changes in policies and programs to address past problems. Conversely, we look to avoid companies that are egregious violators of regulations, exhibit a pattern of negligence, or have a deteriorating record on measurable conduct. These criteria may be industry-specific, such that a company can be judged in relation to its peers.

In defining the investable universe, Boston Common recognizes that no company will outperform on all ESG criteria. We seek to identify companies with strengths in a reasonable number of ESG criteria and/or with the potential to make progress across the ESG spectrum. While seeking to rule out companies with the worst ESG records relative to industry peers, Boston Common looks for firms that are finding innovative solutions to problems faced by their industry.

We use our voice as a shareholders to raise environmental, social, and governance issues with the management of select portfolio companies through a variety of channels. These may include engaging in dialogue with management, participating in shareholder proposal filings, voting proxies in accordance with our proxy voting guidelines, and participating in the annual shareholder meeting process. Through this effort, we seek to encourage a company's management toward greater transparency, accountability, disclosure and commitment to ESG issues.

In order to prioritize the Adviser's focus and impact, Boston Common has established a three-year engagement framework with two to three key initiatives across our three sustainability pillars -environmental, social and governance. Boston Common continues to review these initiatives on an annual basis and track engagement impact through our reporting**.**

**Environment:** Promote the transition to a low carbon and sustainable future.

**Social:** Respect for human rights, and gender and income equality.

**Governance**: Advocate for ethical, transparent, inclusive and accountable corporate

culture.

In addition, we are focused on aligning our investments and our engagement activity with the United Nation's SDGs and the post 2030 sustainable development agenda. Finally, we tackle emerging issues such as gun violence, private prison labor and immigration detention.

Boston Common reviews ESG-related impacts by actively encouraging shareholders to participate in proxy voting. Boston Common reviews its custom proxy voting policy prior to the proxy season to ensure the Adviser's custom voting policy captures the desired corporate engagements' expectations. Boston Common reviews the proxy voting results with its proxy vendor's custom policy team at the end of the proxy season to ensure the expected outcomes were achieved.

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Additionally, Boston Common measures and monitors its ESG engagement related impact by compiling the results of its direct dialogue with various portfolio holdings and the shareholder proposals initiated by Boston Common. In addition, Boston Common participates in both dialogue and shareholder proposals initiated by various industry-led coalition groups.

While we seek to invest in companies that are working on innovative solutions to problems, we do not invest in stocks of companies simply because they advance sustainability. When our sustainability research generates investment ideas, we subject them to the structure and rigor of our traditional investment process, as with any other investment.

**Temporary Defensive Positions**

In order to respond to adverse market, economic, political or other conditions, a Fund may assume a temporary defensive position by reducing investments in equities and/or increasing investments in short-term fixed income securities. The Funds may also invest without limit in cash and high quality cash equivalents such as investment grade commercial paper and other money market instruments. During such times, the Funds may not achieve their investment objectives to the extent they make temporary and/or cash investments. A defensive position, taken at the wrong time, may have an adverse impact on a Fund's performance.

**Principal Risks of Investing in the Funds**

Following the table, each risk is explained to provide additional information regarding the principal risks that could affect the value of your investment:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **International Fund** | **US Equity Fund** | **Emerging Markets Fund** | **Value Fund** |
| Asia Investment Risk | **X** | | **X** | |
| Depositary Receipt Risk | **X** | **X** | **X** | **X** |
| Emerging Markets Risk | **X** | | **X** | |
| Equity Risk | **X** | **X** | **X** | **X** |
| ESG Policy Risk | **X** | **X** | **X** | **X** |
| ETF Trading Risk | | | **X** | **X** |
| Eurozone Investment Risk | **X** | | **X** | |
| Foreign Currency Risk | **X** | | **X** | |
| Foreign Securities Risk | **X** | | **X** | |
| Economic and Market Risk | **X** | **X** | **X** | **X** |
| Impact Investing Risk | **X** | **X** | **X** | **X** |
| Information Technology Risk | | **X** | | |
| Investments In Other Investment Companies | **X** | **X** | **X** | **X** |
| Large Companies Risk | **X** | **X** | **X** | **X** |
| Management Risk | **X** | **X** | **X** | **X** |
| Mid and Small-Capitalization Company Risk | | | **X** | **X** |
| New Fund Risk | | | | **X** |
| Real Estate Investment Trust Risk | | **X** | | **X** |
| Sector Focus Risk | | | **X** | **X** |
| United Kingdom Investment Risk | **X** | | | |
| Value Company Risk | | | | **X** |

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The principal risks of investing in a Fund that may adversely affect the Fund's net asset value ("NAV") or total return have previously been summarized in the "Summary Section." The principal risks of investing in a Fund are discussed in more detail below in order of relevance to the Fund.

**ESG Policy Risk.** The Funds' ESG policy could cause the Funds to perform differently compared to similar funds that do not have such a policy. This ESG policy may result in the Funds foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. The Funds will vote proxies in a manner that is consistent with their ESG criteria, which may not always be consistent with maximizing short-term performance of the issuer. A company's ESG performance or the Adviser's assessment of a company's ESG performance may change over time, which could cause a Fund to temporarily hold securities that do not comply with the Funds' responsible investments principles. There is a possibility that a company in a Fund's portfolio may engage in a merger or acquisition and such merger or acquisition could result in a Fund holding securities that do not comply with the Funds' responsible investments principles. In evaluating a company, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Adviser to incorrectly assess a company's ESG performance. Successful application of each Fund's responsible investment strategy will depend on the Adviser's skill in properly identifying and analyzing material ESG issues. ESG factors may be evaluated differently by different managers and may mean different things to different people.

**Emerging Markets and Related Risk.** Investments in emerging market countries may be subject to all of the risks of foreign investing generally and have additional heightened risks due to a less established legal, political, business and social frameworks to support securities markets. Emerging markets offer the prospect of higher returns with higher risk. The economies of emerging market countries have achieved a rudimentary level of development. Emerging markets also carry several types of investment risk, including market, political and currency risk, as well as the risk of nationalization. Some of the additional significant risks include:

• Less social, political and economic stability;

• Unpredictable changes in national policies on foreign investment, including restrictions on investment in issuers or industries deemed sensitive to national interests;

• Less transparent and established taxation policies;

• Less developed regulatory or legal structures governing private and foreign investments or allowing for judicial redress for injury to private property;

• Less familiarity with a capital market structure or market-oriented economy and more widespread corruption and fraud;

• Inadequate, limited and untimely financial reporting as accounting standards and auditing requirements may not correspond with standards generally accepted in the international capital markets;

• Less financial sophistication, creditworthiness, and/or resources possessed by, and less government regulation of, the financial institutions and issuers with which the Fund transacts;

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• Insolvency of local banking systems due to concentrated debtor risk, imprudent lending, the effect of inefficiency and fraud in bank transfers and other systemic risks;

• Less developed local banking infrastructure creating an inability to channel domestic savings to companies in need of finance which can therefore experience difficulty in obtaining working capital;

• Risk of government seizure of assets;

• Less government supervision and regulation of business and industry practices, stock exchanges, brokers and listed companies than in the United States;

• Greater concentration in a few industries resulting in greater vulnerability to regional and global trade conditions;

• Higher rates of inflation and more rapid and extreme fluctuations in inflation rates;

• Greater sensitivity to interest rate changes;

• Fraudulent activities of management;

• Increased volatility in currency exchange rates and potential for currency devaluations and/or currency controls;

• Greater debt burdens relative to the size of the economy;

• More delays in settling portfolio transactions and heightened risk of loss from shareholder registration and custody practices;

• Less assurance that favorable economic developments will not be slowed or reversed by unanticipated economic, political or social events in such countries;

• Trade embargoes, sanctions and other restrictions, which may, from time to time, be imposed by international bodies (for example, the United Nations) or sovereign states (for example, the United States) or their agencies on investments held or to be held by the Fund resulting in an investment or cash flows relating to an investment being frozen or otherwise suspended or restricted.

Because of the above factors, investments in emerging market countries are subject to greater price volatility and illiquidity than investments in developed markets.

**Foreign Securities Risk.** Foreign investments may be subject to more risks than U.S. investments. These additional risks may potentially include lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign companies also may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies Amounts realized on sales of or distributions with respect to foreign securities may be subject to high and potentially confiscatory levels of foreign taxation and withholding when compared to comparable transactions in U.S. securities. Investments in foreign securities involve exposure to fluctuations in foreign currency exchange rates. Such fluctuations may reduce the value of the investment. Foreign investments are also subject to risks including potentially higher withholding and other taxes, higher costs of custody and trading, trade settlement, custodial, and other operational risks and less stringent investor protection and disclosure

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standards in certain foreign markets. In addition, foreign markets can, and often do, perform differently than U.S. markets. Given the global interrelationships of today's economy, volatility or threats to stability of any significant currency, such as occurred in the recent past with the European Monetary Union, or significant political instability, may affect other markets and affect the risk of an investment in the Fund.

**Impact Investing Risk.** The Funds may not succeed in generating a positive ESG and/or social impact. The Funds' incorporation of ESG and/or social impact criteria into its investment process may cause a Fund to perform differently from a fund that uses a different methodology to identify and/or incorporate ESG and/or social impact criteria or relies solely or primarily on financial metrics. In addition,it may cause it to forego opportunities to buy certain securities that otherwise might be advantageous, or to sell securities when it might otherwise be advantageous to continue to hold these securities. The definition of "impact investing" will vary according to an investor's beliefs and values. There is no guarantee that Boston Common's definition of impact investing, ESG security selection criteria, or investment judgment will reflect the beliefs or values of any particular investor. To the extent Boston Common references third-party research and analytics in conducting its proprietary analysis, there is no guarantee that the data will be accurate. Third-party providers may be less effective at rating companies located in the emerging markets and ratings may not be available from time to time.

**Large Companies Risk.** Large company stock risk is the risk that stocks of larger companies may underperform relative to those of small- and mid-sized companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Risk of Focusing Investment on Region or Country.** Investing a significant portion of assets in one country or region makes the International Fund more dependent upon the political and economic circumstances of that particular country or region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eurozone Investment Risk (International Fund and Emerging Markets Fund) - Many countries in Europe are closely connected such that the social, economic and political events of one European country may have adverse effects across Europe. European countries that are members of the Economic and Monetary Union of the European Union ("EU") are subject to restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls. Member nations' compliance with these economic controls and monetary policies may significantly impact every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asia Investment Risk (Emerging Markets Fund) - Investments in countries in the Asian region will be impacted by the market conditions, legislative or regulatory changes, competition, or political, economic and other developments in Asia. Investments in China may subject the Fund to certain additional risks, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards. Hong Kong is one of the most significant global financial centers. Since 1997, when Great Britain transferred control of Hong Kong to the Chinese mainland government, Hong Kong has been a special administrative district of China but is governed by a regulatory scheme called the "Basic Law" designed to preserve autonomy in most matters (excluding defense and foreign affairs) until 2047. China has contractually committed that it will not alter Hong Kong's

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autonomy before 2047. Currently, Hong Kong is undergoing a period of political and social unrest relating to extradition treaties proposed in 2019. If China were to exercise authority to impose changes in Hong Kong, Hong Kong's economy and shares of companies trading on Hong Kong's securities markets would be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• United Kingdom Investment Risk (International Fund) - The United Kingdom trades heavily with other European countries and the United States, and the United Kingdom's economic growth, as well as the strength of the British pound, may be impacted by changes to the economic health of their key trading partners. The United Kingdom also relies heavily on the export of financial services. Accordingly, a slowdown in the financial services sector may have an adverse impact on the United Kingdom's economy.

**Value Company Risk.** The value investment approach entails the risk that the market will not recognize a security's intrinsic value for a long time, or that a stock Boston Common judges to be undervalued may actually be appropriately priced.

**Equity Securities Risk.** The Funds purchase equity securities, which subject them to equity securities risk. This is the risk that stock prices will fall over short or extended periods. Although the stock market has historically outperformed other asset classes over the long-term, the stock market tends to move in cycles. Individual stock prices may fluctuate drastically from day-to-day and may underperform other asset classes over an extended period. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. If you hold common stocks of any given issuer, you would generally be exposed to greater risk than if you hold preferred stock or convertible debt obligations of the issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.

*The remaining risks are considered "principal risks" of investing in the Funds, regardless of the order in which they appear.*

**Economic and Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets

**Mid and Small-Capitalization Company Risk.** The Emerging Markets Fund and the Value Fund may invest in the securities of mid-capitalization and small-capitalization companies which generally involve greater risk than investing in larger, more established companies. This greater risk is, in part, attributable to the fact that the securities of mid-capitalization and small-capitalization companies usually have more

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limited trading liquidity. Because mid-capitalization and small-capitalization companies generally have fewer shares outstanding than larger companies, it also may be more difficult to buy or sell significant amounts of such shares without unfavorable impact on prevailing prices. Additionally, securities of mid-capitalization and small-capitalization companies are typically subject to greater changes in earnings and business prospects than are larger, more established companies and typically there is less publicly available information concerning mid-capitalization and small-capitalization companies than for larger, more established companies. Although investing in securities of mid-capitalization and small-capitalization companies offers potential above-average returns if the companies are successful, there is a risk that the companies will not succeed and the prices of the companies' shares could significantly decline in value. Securities of mid-capitalization and small-capitalization companies, especially those whose business involves emerging products or concepts, may be more volatile due to their limited product lines, markets or financial resources and may lack management depth. Securities of mid-capitalization and small-capitalization companies also may be more volatile than larger companies or the market averages in general because of their general susceptibility to economic downturns.

**New Fund Risk.** There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. Liquidation of the Fund can be initiated without shareholder approval by the Board of Trustees if it determines that liquidation is in the best interest of shareholders. As a result, the timing of the Fund's liquidation may not be favorable.

**Management Risk.** Management risk describes the Funds' ability to meet their investment objectives based on the Adviser's success or failure at implementing investment strategies for the Funds. The value of your investment is subject to the effectiveness of the Adviser's research, analysis and asset allocation among portfolio securities. If the Adviser's investment strategies do not produce the expected results, your investment could be diminished.

**Depositary Receipt Risk.** Depositary receipts involve substantially identical risks to those associated with direct investment in securities of foreign issuers. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. In addition, holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders of a typical company in the event of a corporate action, such as an acquisition, merger or rights offering, and may experience difficulty in receiving company stockholder communications. There is no guarantee that a financial institution will continue to sponsor a depositary receipt, or that the depositary receipts will continue to trade on an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the value of your investment in the Fund.

**ETF Trading Risk.** To the extent that the Emerging Markets Fund and the Value Fund invests in ETFs, it is subject to additional risks that do not apply to conventional funds, including the risk that the market price of the ETF's shares may trade at a discount to its NAV. Also, an active secondary trading market for an ETF's shares may not develop or be maintained, or trading of an ETF's shares may be halted if the listing exchange deems such action appropriate. This could lead to a lack of market liquidity, thereby forcing the Funds to sell their shares in an underlying ETF for less than the shares' NAV. Further, an ETF's shares may be delisted from the securities exchange on which they trade. ETFs are also subject to the risks of the underlying securities or sectors the in which they invest. The price movement of an index-based ETF may not track the underlying index and may result in a loss.

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**Foreign Currency Risk.** Since the Emerging Markets Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, the Emerging Markets Fund may be affected by changes in foreign currency exchange rates (and exchange control regulations) which affect the value of investments in the Emerging Markets Fund and the accrued income and appreciation or depreciation of the investments. Changes in foreign currency exchange rates relative to the U.S. dollar will affect the U.S. dollar value of Emerging Markets Fund's assets denominated in that currency and the Emerging Markets Fund's returns on such assets as well as any temporary uninvested reserves in bank deposits in foreign currencies. In addition, the Emerging Markets Fund will incur costs in connection with conversions between various currencies. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including, but not limited to, changes in interest rates, actions by central banks or supranational entities such as the International Monetary Fund or managed adjustments in relative currency values and other protectionist measures imposed by foreign countries.

**Investments in Other Investment Companies.** Investments in other investment companies, including ETFs (which may, in turn, invest in stocks, bonds, and other financial vehicles), involve substantially the same risks as investing directly in the instruments held by these entities. However, the investment may involve duplication of certain fees and expenses. By investing in an investment company or ETF, a Fund becomes a shareholder of that fund. As a result, Funds' shareholders indirectly bear their proportionate share of the investment company's or ETF's fees and expenses which are paid by the Funds' as a shareholder of the fund. These fees and expenses are in addition to the fees and expenses that Funds' shareholders directly bear in connection with the Fund's own operations. If the investment company or ETF fails to achieve its investment objective, the Fund's investment in that fund may adversely affect the Funds' performance.

**Real Estate Investment Trusts Risk.** REITs are trusts that invest primarily in commercial real estate or real estate-related loans. By investing in publicly-traded REITs indirectly through the U.S. Equity Fund, shareholders will not only bear the proportionate share of the expenses of the U.S. Equity Fund, but will also indirectly bear similar expenses of underlying REITs. The U.S. Equity Fund may be subject to certain risks associated with the direct investments of the REITs, such as losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs generally depend on their ability to generate cash flow to make distributions to shareholders or unit holders and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986 as amended, (the "Code") or its failure to maintain exemption from registration under the Investment Company Act of 1940, as amended (the "1940 Act").

**Sector Focus Risk.** This is the risk that a Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector the U.S. Equity Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Sectors possess particular risks that may not affect other sectors.

**Information Technology Risk.** A Fund may at times invest a significant amount of its assets (more than 25%) in technology companies, representing various unrelated technology industries. Although technology companies are found among a broad range of industries, they often face unusually high price volatility and losses can be significant. Technology companies may be significantly affected by falling prices and profits and intense competition. In addition, the rate of

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technological change for technology companies is generally higher than for other companies, often requiring extensive and sustained investment in research and development, and exposing such companies to the risk of rapid product obsolescence. If a company does not perform as expected, the price of its stock could decline significantly. To the extent that the Fund makes investments in such companies, its share price is likely to be more volatile. The potential for wide variations in performance is based on the special risks described above that are common to technology companies.

**PORTFOLIO HOLDINGS INFORMATION**

A complete description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio holdings is available in the Funds' Statement of Additional Information ("SAI") and on the Funds' website at www.bostoncommonfunds.com.

**MANAGEMENT OF THE FUNDS**

**Investment Adviser**

The Funds have entered into an investment advisory agreement (the "Advisory Agreement") with Boston Common Asset Management, LLC, ("Boston Common" or the "Adviser") 200 State Street, 7<sup>th</sup> Floor, Boston, Massachusetts 02109, under which Boston Common manages the Funds' investments and business affairs subject to the supervision of the Board. The Adviser provides the Funds with advice on buying and selling securities. The Adviser also furnishes the Funds with office space and certain administrative services and provides most of the personnel needed by the Funds. As of September 30, 2025, the Adviser had approximately $3.9 billion in assets under management.

Under the Advisory Agreements, the Adviser is entitled to receive a monthly management fee for its investment advisory services as shown in the table below. The fee is calculated daily and payable monthly as a percentage of each Fund's average daily net assets. As further described below, each Fund is subject to an Expense Cap. For the fiscal year ended September 30, 2025, the Adviser was effectively paid, net of any waivers or any recoupment, the amounts shown in the table below:

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| | | |
|:---|:---|:---|
| **Fund** | **Management Fee** | **Management Fee Paid <br>After Fee Waiver or any Recoupments** |
| International Fund | 0.80% | 0.64% |
| U.S. Equity Fund | 0.75% | 0.63% |
| Emerging Markets Fund | 0.85% | 0.52% |
| Value Fund | 0.70% | N/A\* |

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\*As of the date of this Prospectus, the **Value Fund** has not commenced operations.

A discussion regarding the basis for the Board's approval of the International Fund, U.S. Equity Fund, and Emerging Markets Fund's Advisory Agreement is available in the Funds' <u>[Certified Shareholder](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[on Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)</u> for the fiscal year ended September 30, 2025. A discussion summarizing the basis on which the Board approved the Investment Advisory Agreement between the Adviser and the Trust with respect to the Value Fund will be available in the Fund's first Semi-Annual or Annual Report to Shareholders after launch.

The Adviser has contractually agreed to reduce its fees and/or pay expenses of the Funds to ensure that the Total Annual Fund Operating Expenses After Fee Reduction and/or Expense Reimbursement (excluding acquired fund fees and expenses, interest expense in connection with investment activities,

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taxes, extraordinary expenses, shareholder servicing fees and any other class specific expenses) will not exceed the amounts shown in the table below, through at least January 31, 2027. Any reduction in advisory fees or payment of expenses made by the Adviser is subject to reimbursement by the Funds if requested by the Adviser and the Board approves such reimbursement in subsequent years. The Adviser may be reimbursed for fee reductions and/or expense payments made in the prior three years from the date the fees were waived and/or expenses paid. The Adviser may request reimbursement if the aggregate amount actually paid by the Funds toward operating expenses for such period (taking into account the reimbursement) does not exceed the lesser of the Expense Caps 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. The current Expense Caps are in place indefinitely, but at a minimum through January 31, 2027. The Expense Cap agreements may be terminated at any time by the Board of Trustees upon 60 days' notice to the Adviser, or by the Adviser with the consent of the Board. The Expense Cap for each Fund is shown below:

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| | |
|:---|:---|
| **Fund** | **Expense Cap** |
| International Fund | 0.86% |
| U.S. Equity Fund | 1.00% |
| Emerging Markets Fund | 0.99% |
| Value Fund | 0.90% |

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**Portfolio Managers**

The Funds are managed by a team of investment professionals associated with the Adviser, each of whom brings particular expertise to the investment process. Geeta Aiyer, Matt Zalosh, Praveen Abichandani, Liz Su, Kim Ryan, and Matt Meade determine the overall investment strategies, sector and country allocations. The team members are jointly and primarily responsible for the day-to-day management of the Funds. Geeta Aiyer and Steven Heim determine each Fund's sustainability criteria and strategy.

**Geeta B. Aiyer, CFA**

*Founder & President*

Geeta founded Boston Common in 2002 and has worked with sustainable and responsible investing since 1988, helping shape the evolving definition of global sustainable investing. She participates in our investment research meetings and is also actively involved in setting the sustainability criteria for the Funds. Geeta received her M.B.A. from Harvard University and her B.A. and M.A. degrees from the University of Delhi, India.

**Praveen Abichandani, CFA** 

*Portfolio Manager*

Praveen joined Boston Common in 2004. As Portfolio Manager since 2012, he is jointly and primarily responsible for the day-to-day management of the Funds. Praveen conducts securities research and analysis, focusing on the telecommunications, materials and industrial sectors. Praveen began his career in equity research and corporate development in the telecom and media industries in 1990. Praveen received his M.B.A. from the University of Texas at Austin and his B.S. in Chemical Engineering from Osmania University in India.

**Matt Zalosh, CFA** 

*Portfolio Manager*

Matt joined Boston Common in 2003 and has served as Portfolio Manager since 2005. He is part of the securities research team responsible for the management of the Funds, focusing on the health care and financial services sectors. Matt has worked in the investment field since 1995, including a previous

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position with Dodge and Cox and State Street Research. He received his M.A. in International Relations from Johns Hopkins School of Advanced International Studies (SAIS), where he specialized in emerging markets. He received his B.A., cum laude, in Economics and International Studies from Colby College.

**Liz Su, CFA**

*Portfolio Manager*

Liz joined Boston Common in 2014. As Portfolio Manager, she is jointly and primarily responsible for the day-to-day management of the Emerging Markets Fund. Liz received her M.B.A. from MIT Sloan School of Management, her M.A. from Tufts University and her B.A. from Wuhan University (China).

**Kim Ryan, CFA**

*Portfolio Manager*

Kim joined Boston Common in 2023. Kim is a portfolio manager with research responsibilities within the global consumer staples and communication services sectors. She has over 20 years of experience as an analyst and portfolio manager. Before joining Boston Common in 2023, she was a senior portfolio manager with Wells Fargo's Social Impact Investing team from 2016 to 2023, where she co-managed multiple US large-cap ESG strategies that incorporated client values. She developed and co-managed a sustainable US REIT strategy that beat its benchmark over one–, three–and five-year periods. Kim oversaw portfolio construction, worked directly with the team's analysts, and communicated with clients and prospects. Before that, she was in a similar role as a partner with Nelson Capital Management, a wholly-owned subsidiary of Wells Fargo Private Bank, where she co-managed several predecessor strategies to Social Impact Investing. Kim began her career as an investment banking analyst with Alex. Brown's Media and Telecommunications group. She also managed multi-asset class portfolios for Wells Fargo Private Bank for several years.

**Matt Meade, CFA**

*Portfolio Manager*

Matt has been with Boston Commons since 2012, when he served as a Client Relationship Manager for the firm. In 2017, he served as a Global Equity Analyst before joining the Portfolio Management team in 2025. He is jointly responsible for the day-to-day management of the Impact U.S. Equity Fund.

The SAI provides additional information on the portfolio managers' compensation, other accounts they manage and their ownership of shares of the Funds.

**Prior Performance of the Adviser's Comparable Accounts – Boston Common ESG Impact U.S. Value Fund**

The following table sets forth data relating to the historical performance of the Boston Common All Account Value Composite (the "Boston Common U.S. Value Composite"), a composite of all of the fully discretionary, fee paying accounts managed by Boston Common which have substantially similar investment objectives, policies and strategies as the Boston Common ESG Impact U.S. Value Fund, as compared to the Fund's benchmark index, the Russell 1000® Value Index.

The performance information for the Boston Common U.S. Value Composite represents the gross total return of the accounts included in the Boston Common U.S. Value Composite as adjusted to reflect all applicable account fees including the highest advisory fee charged by Boston Common for this investment strategy. Since the operating expenses incurred by the accounts included in the Boston Common U.S. Value Composite are lower than the expected operating expenses of the Fund, the performance results of the Boston Common U.S. Value Composite would be higher to what Fund

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performance would have been. The Boston Common U.S. Value Composite is not a mutual fund registered with the SEC and, thus, is not subject to the requirements of the 1940 Act or Subchapter M of the Code, which, if imposed, could have affected its performance. Boston Common claims compliance with the Global Investment Performance Standards (GIPS®). The CFA Institute created and administers the GIPS® Standards. The performance calculation method used for the Boston Common U.S. Value Composite conforms with the GIPS® Standards and it therefore differs from the SEC performance standards applicable to SEC registered investment companies, such as the Fund. Investors should be aware that the use of a methodology different from that used to calculate the performance of the Fund could result in differing performance data.

**The investment results presented below are not those of the Boston Common ESG Impact U.S. Value Fund and are not intended to predict or suggest returns that might be experienced by the Fund or an individual investor having an interest in the Fund. These total return figures represent past performance and do not indicate future results, which will vary.**

**ANNUAL TOTAL RETURNS FOR THE BOSTON COMMON U.S. VALUE COMPOSITE AND** 

**THE RUSSELL 1000**<sup>®</sup> **VALUE INDEX**

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| | | |
|:---|:---|:---|
| **Calendar Year Returns** | **Boston Common U.S. Value Composite** | **Russell 1000**<sup>®</sup> **Value Index\*** |
| 2025 | 12.82% | 15.91% |
| 2024 | 16.01% | 14.37% |
| 2023 | 5.90% | 11.50% |
| 2022 | -7.10% | -7.50% |
| 2021 | 23.30% | 25.2%% |
| 2020 | 14.10% | 2.80% |
| 2019 | 28.90% | 26.50% |
| 2018 | -8.80% | -8.30% |
| 2017 | 17.70% | 13.70% |
| 2016 | 13.00% | 17.30% |

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns For the period ended December 31, 2025** | **1 Year** | **5 Years** | **10 Years** |
| Boston Common U.S. Value Composite | 12.82% | 9.47% | 10.57% |
| Russell 1000<sup>®</sup> Value Index<sup>\*</sup><br>(reflects no deduction for fees, expenses and taxes) | 15.91% | 11.33% | 10.53% |

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<sup>\*</sup> The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price to book value ratios and lower expected growth values. A direct investment in an index is not possible

**SHAREHOLDER INFORMATION**

**Pricing of Fund Shares**

The Funds sell their shares at NAV. The NAV is determined by dividing the value of the Funds' securities, cash and other assets, minus all liabilities, by the number of shares outstanding (assets – liabilities / number of shares = NAV). The NAV takes into account the expenses and fees of the Funds, including management, administration and other fees, which accrue daily. The Funds' share price is calculated as of the close of regular trading (generally 4:00 p.m. Eastern time) on each day that the New York Stock Exchange ("NYSE") is open for business.

All shareholder transaction orders received in good order (as described below under "How to Buy Shares") by U.S. Bancorp Fund Services, LLC ("Transfer Agent"), the Funds' transfer agent, or an

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authorized financial intermediary by 4:00 p.m. Eastern time will be processed at that day's NAV. Transaction orders received after 4:00 p.m. Eastern time will receive the next day's NAV. The Funds' NAV, however, may be calculated earlier if trading on the NYSE is restricted, or as permitted by the SEC. The Funds do not determine the NAV of their shares on any day when the NYSE is not open for trading, such as weekends and certain national holidays as disclosed in the SAI (even if there is sufficient trading in its portfolio securities on such days to materially affect the NAV per share). In certain cases, the Funds may make fair value determinations made as described below under procedures as adopted by the Adviser.

**Fair Value Pricing**

Occasionally, reliable market quotations are not readily available or there may be events affecting the value of foreign securities or other securities held by the Funds that occur when regular trading on a foreign exchange is closed, but before trading on the NYSE is closed (a "Significant Event"). The Board has designated the Adviser as its "valuation designee" under Rule 2a-5 of the 1940 Act, subject to its oversight. Fair value determinations are then made in good faith in accordance with procedures adopted by the Adviser. Generally, the fair value of a portfolio security or other assets shall be the amount that the owner of the security or asset might reasonably expect to receive upon its current sale. The net asset value of a Fund's shares may change on days when shareholders will not be able to purchase or redeem a Fund's shares. To help determine whether a Significant Event has occurred with respect to securities traded principally in foreign markets for the International Fund, a third party service provider has been engaged to systematically recommend the adjustment of closing market prices of non-U.S. securities based upon changes in a designated U.S. securities market index occurring from the time of the close of the relevant foreign market and the close of trading on the NYSE.

Attempts to determine the fair value of securities introduce an element of subjectivity to the pricing of securities. As a result, the price of a security determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the market value of the security when trading resumes. If a reliable market quotation becomes available for a security formerly valued through fair valuation techniques, the Funds would compare the new market quotation to the fair value price to evaluate the effectiveness of its fair valuation procedures. If any significant discrepancies exist, the Funds may adjust their fair valuation procedures.

**How to Buy Shares**

To purchase shares of the Funds, you must make a minimum initial or subsequent investment as listed in the table below:

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| | | |
|:---|:---|:---|
| **Minimum Investments** | **To Open A New Account** | **To Add to <br>An Existing Account** |
| Regular Accounts | $10000 | $1000 |
| Retirement, Tax-Deferred and UGMA/UTMA Accounts | $10000 | $1000 |

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You may purchase shares by completing an account application. Your order will not be accepted until the completed account application is received by the Funds or the Transfer Agent. Shares are purchased at the NAV next determined after the Transfer Agent receives your order in good order. "Good order" means your purchase request includes: (1) the name of the Fund, (2) the dollar amount of shares to be purchased, (3) your purchase application or investment stub, and (4) a check payable to "Boston Common Funds." Account applications will not be accepted unless they are accompanied by payment in U.S. dollars drawn on a U.S. financial institution. The Funds will not accept payment in cash or money

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orders. To prevent check fraud, the Funds will not accept third party checks, U.S. Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares. The Funds are unable to accept postdated checks or any conditional order or payment. If your payment is not received or if you pay with a check that does not clear, your purchase will be canceled. If your check is returned for any reason, a $25 fee will be assessed against your account. You will also be responsible for any losses suffered by the Funds as a result. The Funds do not issue share certificates. The Funds reserve the right to reject any purchase in whole or in part. The minimum investment requirements may be reduced from time to time by the Funds.

The Funds have not registered shares for sale outside of the United States. The Funds generally do not sell shares to investors residing outside of the United States, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses.

**USA PATRIOT Act.** The USA PATRIOT Act of 2001 requires financial institutions, including the Funds, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify the identity of customers opening new accounts. When completing the account application, you must supply your full name, date of birth, social security number and permanent street address. Mailing addresses containing only a P.O. Box will not be accepted. Until such verification is made, the Funds may temporarily limit additional share purchases. In addition, the Funds may close an account if they are unable to verify a shareholder's identity. As required by law, the Funds may employ various procedures, such as comparing the information to fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct. Corporate, trust and other entity accounts require further documentation. If you are opening an account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. Please contact the Transfer Agent at 1-877-777-6944 if you need additional assistance when completing your account application.

If the Funds do not have a reasonable belief of the identity of a shareholder, the account application will be rejected and you will not be allowed to perform a transaction in the account until such information is received. In the rare event that the Transfer Agent is unable to verify your identity, the Fund reserves the right to redeem your account at the current day's net asset value. Only persons with a valid social security number or tax identification number and permanent U.S. street address may open accounts.

By Mail. To purchase Fund shares by mail, simply complete the enclosed account application and mail it with a check made payable to Boston Common Funds to:

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| | |
|:---|:---|
| **For Regular Mail Delivery:**<br>Boston Common Funds<br>c/o U.S. Bank Global Fund Services<br>P.O. Box 219252<br>Kansas City, MO 64121-9252 | **For Overnight Delivery:**<br>Boston Common Funds<br>c/o U.S. Bank Global Fund Services<br>801 Pennsylvania Ave, Suite 219252<br>Kansas City, MO 64105-1307 |

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**NOTE:&nbsp;&nbsp;&nbsp;&nbsp; The Funds do not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at the Transfer Agent's post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent of the Funds. Receipt of purchase orders is based on when the order is received at the Transfer Agent's offices.**

If you are making a subsequent purchase, detach the stub that is attached to the account statement you will receive after each transaction and mail it with a check made payable to "Boston Common Funds" to the Transfer Agent in the envelope provided with your statement or to the address noted above. You

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should write your account number on the check. If you do not have the stub from your account statement, include your name, address and account number on a separate piece of paper.

**By Telephone.** Unless you have declined telephone options on the account application, you may purchase additional shares by telephoning the Funds toll free at 1-877-777-6944. If your account has been open for 7 business days, telephone orders, in the amount of $1,000 or more, are acceptable via electronic funds transfer from your bank account through the Automated Clearing House ("ACH") network. You must have banking information established on your account prior to making a purchase. Only bank accounts held at domestic institutions that are ACH members may be used for telephone transactions. If the Funds receive your order prior to 4:00 p.m. Eastern time, the Transfer Agent will purchase shares at the NAV next calculated on the day of your purchase order. For security reasons, requests by telephone may be recorded. Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time).

**By Wire**

**Initial Investment.** If you are making an initial investment in the Funds, before you wire funds, please contact the Transfer Agent at 1-877-777-6944 to arrange with a service representative to submit your completed account application via overnight delivery or facsimile. Upon receipt of your account application, the Transfer Agent will establish an account for you and a service representative will contact you to provide your new account number and wiring instructions. If you no dot receive this information within one business day, you may call the Transfer Agent at the number above.

Once your account is established, you may instruct your bank to initiate the wire using the instructions given by the service representative. Prior to sending the wire purchase, please contact the Transfer Agent at 1-877-777-6944 to advise of your wire and to ensure proper credit upon receipt. It is essential that your bank include the name of the Funds, your name and account number in all wire instructions.

**Subsequent Investment.** If you are making a subsequent purchase, your bank should wire funds as indicated below. Before each wire purchase, please contact the Funds to advise of your intent to wire funds. This will ensure prompt and accurate credit upon receipt of your wire. It is essential that your bank include the name of the Funds and your name and account number in all wire instructions. If you have questions about how to invest by wire, you may call the Transfer Agent. Your bank may charge you a fee for sending a wire to the Funds.

Your bank should transmit funds by wire to:

U.S. Bank N.A.

777 E. Wisconsin Avenue

Milwaukee, WI 53202

ABA Routing Number 075000022

For credit to U.S. Bancorp Fund Services, LLC

DDA #112-952-137

for further credit to [insert Fund name]

[shareholder name and account number]

Wired funds must be received prior to 4:00 p.m., Eastern time, to be eligible for same day pricing. Neither the Funds, or U.S. Bank, N.A., the Funds' custodian, are responsible for the consequences of delays resulting from the banking or Federal Reserve wire system or from incomplete wiring instructions. If you have questions about how to invest by wire, you may contact the Funds by telephoning toll free at 1-877-777-6944.

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**Through a Financial Intermediary.** You may buy and sell shares of the Funds through certain financial intermediaries and their agents that have made arrangements with the Funds and are authorized to buy and sell shares of the Funds (collectively, "Financial Intermediaries"). Financial Intermediaries may have different investment minimum requirements than those outlined in this prospectus. Additionally, Financial Intermediaries may aggregate several customer accounts to accumulate the requisite initial investment minimum. Please consult your Financial Intermediary for their account policies. Your order's price will be at the Funds' NAV next determined after a Financial Intermediary receives it. The Funds will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a broker's authorized designee, receives the order. A Financial Intermediary may hold your shares in an omnibus account in the Financial Intermediary's name and the Financial Intermediary may maintain your individual ownership records. The Funds may pay the Financial Intermediary for maintaining individual ownership records as well as providing other shareholder services. Financial intermediaries may charge fees for the services they provide to you in connection with processing your transaction order or maintaining your account with them. Financial Intermediaries are responsible for placing your order correctly and promptly with the Funds, forwarding payment promptly, as well as ensuring that you receive copies of the Funds' Prospectus. If you transmit your order to these Financial Intermediaries before the close of regular trading (generally 4:00 p.m., Eastern time) on a day that the NYSE is open for business, your order will be priced at the Funds' NAV next computed after it is received by the Financial Intermediary. Investors should check with their Financial Intermediary to determine if it is subject to these arrangements.

**Retirement Plans.** The Funds offer an IRA plan. You may obtain information about opening an IRA account by calling 1-877-777-6944. If you wish to open a Keogh, Section 403(b) or other retirement plan, please contact your Financial Intermediary.

**How to Sell Shares**

In general, orders to sell or "redeem" shares may be placed directly with the Funds, the Transfer Agent or your Financial Intermediary. You may redeem part or all of your shares at the next determined NAV after the Funds receive your order. You should request your redemption prior to the close of the NYSE, generally 4:00 p.m., Eastern time, to obtain that day's closing NAV. Redemption requests received after the close of the NYSE are treated as though received on the next business day.

**By Mail.** You may redeem your shares by simply sending a written request to the Transfer Agent. Please provide the name of the Funds, your account number and state the number of shares or dollar amount you would like redeemed. All of the shareholders whose names appear on the account registration should sign the letter. Redemption requests will not become effective until the Transfer Agent receives all documents in good order. "Good order" means your redemption request includes: (1) the name of the Fund, (2) the dollar amount of shares to be redeemed, (3) the account number and (4) signatures by all of the shareholders whose names appear on the account registration. Additional documents are required for certain types of shareholders, such as corporations, partnerships, executors, trustees, administrators, or guardians (i.e., corporate resolutions, or trust documents indicating proper authorization). Shareholders should contact the Transfer Agent for further information concerning documentation required for redemption of Fund shares.

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| | |
|:---|:---|
| **For Regular Mail Delivery:**<br>Boston Common Funds<br>c/o U.S. Bank Global Fund Services<br>P.O. Box 219252<br>Kansas City, MO 64121-9252 | **For Overnight Delivery:**<br>Boston Common Funds<br>c/o U.S. Bank Global Fund Services<br>801 Pennsylvania Ave, Suite 219252<br>Kansas City, MO 64105-1307 |

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**NOTE:&nbsp;&nbsp;&nbsp;&nbsp; The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the Transfer Agent's post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent of the Funds. Receipt of purchase orders is based on when the order is received at the Transfer Agent's offices.** 

Shareholders who have an IRA or other retirement plan must indicate on their written redemption request whether to withhold federal income tax. Redemption requests failing to indicate an election not to have tax withheld will generally be subject to a 10% withholding tax. Shares held in IRA accounts may be redeemed by telephone at 1-877-777-6944. Investors will be asked whether or not to withhold taxes from any distribution.

**By Telephone and by Wire.** Unless you have declined telephone options on the account application, you may redeem by telephone. You may redeem up to $50,000 in shares by calling the Transfer Agent at 1-877-777-6944 before the close of trading on the NYSE, normally 4:00 p.m., Eastern Time. The Transfer Agent will mail redemption proceeds to the address that appears on the Transfer Agent's records. At your request, redemption proceeds will be wired or sent via electronic funds transfer through the ACH network to a pre-designated bank account. The minimum amount for wiring is $1,000. There is a $15 wire charge for each wire, which will be deducted from your account balance on dollar specific trades. There is no charge when proceeds are sent via the ACH system; however, funds may not be available in your account for two to three days. The Transfer Agent will not make telephone redemptions if you notify the Transfer Agent of a change of address within 15 days before the redemption request.

Once you place a telephone transaction, you cannot cancel or modify it after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). During periods of high market activity, you may encounter longer than usual wait times. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. You may make your redemption request in writing.

Prior to executing an instruction received to redeem funds by telephone, the Funds and the Transfer Agent will use reasonable procedures to confirm that the telephone instructions are genuine. These procedures may include recording the telephone call and asking the caller for a form of personal identification. If the Funds and the Transfer Agent follow these procedures, they will not be liable for any loss, expense, or cost arising out of any telephone redemption request that is reasonably believed to be genuine. This includes any fraudulent or unauthorized request. The Funds may change, modify or terminate these telephone and wire redemption privileges at any time upon at least a 60-day notice to shareholders. If an account has more than one owner or authorized person, the Funds will accept telephone instructions from any one owner or authorized person.

**Through a Financial Intermediary.** You may redeem Fund shares through your Financial Intermediary. Redemptions made through a Financial Intermediary may be subject to procedures established by that institution. Your Financial Intermediary is responsible for sending your order to the Funds and for crediting your account with the proceeds. For redemptions through Financial Intermediaries, orders will process at the NAV next effective after receipt by the Funds or Financial Intermediary of the order. Please keep in mind that your Financial Intermediary may charge additional fees for its services. Investors should check with their Financial Intermediary to determine if it is subject to these arrangements.

**Systematic Withdrawal Plan.** As another convenience, you may redeem your Fund shares through the Systematic Withdrawal Plan ("SWP"). Under the SWP, you may choose to receive a specified dollar amount, generated from the redemption of shares in your account, on a monthly, quarterly or annual basis. In order to participate in the SWP, your account balance must be at least $10,000 and each withdrawal

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amount must be for a minimum of $100. If you elect this method of redemption, the Funds will send a check to your address of record, or will end the payment via electronic funds transfer through the ACH network, directly to your bank account. For payment through the ACH network, your bank must be an ACH member and your Fund account must maintain your bank account information. The Funds may terminate the SWP at any time. You may also elect to terminate your participation in the SWP at any time by contacting the Transfer Agent sufficiently in advance of the next withdrawal.

A withdrawal under the plan involves a redemption of shares and may result in a gain or loss for federal income tax purposes. In addition, if the amount withdrawn exceeds the dividends credited to your account, the account ultimately may deplete. To establish the SWP, complete the "Systematic Withdrawal Plan" section of the Funds' account application. Please call 1-877-777-6944 for additional information regarding the Funds' SWP.

**Redemption Fees.** The Funds are intended for long-term investors. Short-term "market-timers" that engage in frequent purchases and redemptions can disrupt the Funds' investment program and create additional transaction costs that are borne by all shareholders. For these reasons, the Funds will assess a 2.00% fee on the redemption and exchange of Fund shares held for 30 calendar days or less. The Funds deduct the redemption fee from your proceeds and retain it for the benefit of long-term shareholders. The "first in, first out" ("FIFO") method is used to determine the holding period; this means that if you purchase shares on different days, the shares you held longest will be redeemed first for purposes of determining whether the redemption fee applies.

This fee does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)shares purchased through reinvested dividends or capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Fund redemptions under the Funds' SWP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the redemption of shares previously purchased under an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)the involuntary redemption of low balance accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)sales of Fund shares made in connection with non-discretionary portfolio rebalancing associated with certain asset-allocation programs managed by fee-based investment advisers, certain wrap accounts and certain retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)minimum required distributions from retirement accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)premature distributions from retirement accounts due to the disability or health of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)redemptions resulting in the settlement of an estate due to the death of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)conversion of shares from one share class to another in the same Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)taking out a distribution or loan from a defined contribution plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)to effect, through a redemption and subsequent purchase, an account registration change within the same Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)redemptions in connection with charitable investment pool accounts.

In addition, the Funds retain the right to waive the redemption fee in circumstances the Funds deem reasonable. The Funds reserve the right to change the terms and amount of this fee upon at least 60 days' notice to shareholders.

Although the Funds have the goal of applying this redemption fee to most redemptions of shares held for 30 days or less, the Funds may not always be able to track short-term trading effected through Financial Intermediaries in non-disclosed or omnibus accounts. The Funds have entered into Information Sharing Agreements with such Financial Intermediaries as described under "Tools to Combat Frequent Transactions," which contractually require such Financial Intermediaries to provide the Funds with information relating to their customers investing in the Funds through non-disclosed or omnibus accounts. The Funds cannot guarantee the accuracy of the information provided to them from Financial

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Intermediaries and may not always be able to track short-term trading effected through these Financial Intermediaries. In addition, because the Funds are required to rely on information from the Financial Intermediary as to the applicable redemption fee, the Funds cannot ensure that the Financial Intermediary is always imposing such fee on the underlying shareholder in accordance with the Funds' policies.

**Exchanging Shares**

You may exchange some or all of your shares in any Boston Common Fund for shares in the same share class of an identically registered account of any other Boston Common Fund. Any new account established through an exchange will be subject to the minimum investment requirements described above. The Transfer Agent will execute exchanges based on the relative NAV of the shares exchanged. Your exchange is a sale of shares for federal income tax purposes, on which you may realize a taxable gain or loss. Since an exchange is a sale of shares, redemption fees may apply. This exchange privilege may be terminated or modified by a Fund at any time upon a 60-day notice to shareholders. Call the Funds (toll-free) at 1-877-777-6944 to learn more about exchanges.

**ACCOUNT AND TRANSACTION POLICIES**

**Waiver or Reduction of Investment Minimum.** Although not limited to the list below, the Adviser (or in certain cases, Trust Officers) may waive or reduce the initial minimum investment in any of following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retirement, defined benefit and pension plans with plan assets of at least $25 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank or Trust companies investing for their own accounts or acting in a fiduciary or similar capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Institutional clients of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustees and Officers of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees of the Adviser and its affiliates and their immediate families (i.e., parent, child, spouse, domestic partner, sibling, step or adopted relationships, grandparent, grandchild and Uniform Gift or Transfer to Minors Act accounts naming qualifying persons).

**Payment of Redemption Proceeds.** The Funds typically send redemption proceeds on the next business day (a day when the NYSE is open for normal business) after the redemption request is received in good order and prior to market close, regardless of whether the redemption proceeds are sent via check, wire, or automated clearing house ("ACH") transfer. Under unusual circumstances, the Funds may suspend redemptions, or postpone payment for up to seven days, as permitted by federal securities law.

The Funds typically expect that they will hold cash or cash equivalents to meet redemption requests. The Funds may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of a Fund. In situations in which investment holdings in cash or cash equivalents are not sufficient to meet redemption requests or when the sale of portfolio securities is not sufficient to meet redemption requests, a Fund will typically borrow money through its line of credit. These redemption methods will be used regularly and may also be used in stressed market conditions. The Funds reserve the right to pay redemption proceeds to you in whole or in part through a redemption in-kind as described under "Redemption In-Kind" below. Redemptions in-kind are typically used to meet redemption requests that are a large percentage of a Fund's net assets in order to minimize the effect of large redemptions on the Fund and its remaining shareholders. Redemptions in-kind may be used regularly in such circumstances and may also be used in stressed market conditions.

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Before selling recently purchased shares, please note that if the Transfer Agent has not yet collected payment for the shares you are selling, it may delay sending the proceeds until the payment is collected, which may take up to 15 calendar days from the purchase date. Shareholders can avoid this delay by utilizing the wire purchase option. Furthermore, there are certain times when you may be unable to sell the Funds' shares or receive proceeds. Specifically, the Funds may suspend the right to redeem shares or postpone the date of payment upon redemption for more than three business days for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)any period during which the NYSE is closed (other than customary weekend or holiday closings) or trading on the NYSE is restricted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)any period during which an emergency exists as a result of which disposal by the Funds of securities owned by them is not reasonably practicable or it is not reasonably practicable for the Funds fairly to determine the value of their net assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)such other periods as the SEC may permit for the protection of the Funds' shareholders.

Redemption proceeds will be sent to the address of record. The Funds will not be responsible for interest lost on redemption amounts due to lost or misdirected mail. If you request the Transfer Agent to send the proceeds of redemption to an address other than the address of record, or if you change the address of record within 15 days of the redemption request, the request must be in writing with your signature guaranteed.

**Low Balance Accounts.** The Funds may redeem the shares in your account if the value of your account is less than $10,000 because of redemptions you have made. This does not apply to retirement plan or Uniform Gifts or Transfers to Minors Act accounts. The Transfer Agent will notify you that the value of your account is less than $10,000 before making an involuntary redemption. You will then have 30 days in which to make an additional investment to bring the value of your account to at least $10,000 before the Funds take any action.

**Redemption In-Kind.** The Funds have reserved the right to pay redemption proceeds to you in whole or in part by a distribution of securities from the Funds' portfolio (a "redemption in-kind"). It is not expected that the Funds would do so except during unusual market conditions or if the redemption amount is large enough to affect the Funds' operations (*e.g.,* if it represents more than 1% of the Funds' assets). A redemption in-kind is a taxable event to you. If the Funds pay your redemption proceeds by a distribution of securities, you could incur brokerage or other charges in converting the securities to cash. A redemption in-kind is treated as a taxable transaction and a sale of the redeemed shares, generally resulting in capital gain or loss to you, subject to certain loss limitation rules.

**Signature Guarantees.** Signature guarantees may be required for certain redemption requests. A signature guarantee assures that your signature is genuine and protects you from unauthorized account transactions.

A signature guarantee, from either a Medallion program member or a non-Medallion program member, of each owner is required in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For all redemption requests in excess of $50,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a redemption request is received by the Transfer Agent and the account address has changed within the last 15 calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When requesting a change in ownership on your account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When redemption proceeds are payable or sent to any person, address or bank account not on record.

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In addition to the situations described above, the Funds and/or the Transfer Agent may require a signature guarantee in other instances based on the facts and circumstances relative to the particular situation. Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source. A notary public is not an acceptable signature guarantor. The Adviser also reserves the right to waive the signature guarantee requirement based upon the circumstances.

**Householding.** In an effort to decrease costs, the Funds will start reducing the number of duplicate prospectuses and certain other shareholder documents you receive by sending only one copy of each to those addresses shared by two or more accounts. Call toll-free at 1-888-688-1299 to request individual copies of these documents; or if your shares are held through a Financial Intermediary, please contact them directly. The Funds will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.

**Unclaimed Property/Lost Shareholder.** It is important that the Funds maintain a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the investor or rightful owner of the account. If the Funds are unable to locate the investor, then they will determine whether the investor's account can legally be considered abandoned. Your mutual fund account may be transferred to your state of residence if no activity occurs within your account during the "inactivity period" specified in your State's abandoned property laws. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent toll-free at 1-877-777-6944 at least annually to ensure your account remains in active status. If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.

**TOOLS TO COMBAT FREQUENT TRANSACTIONS**

The Board has adopted a policy regarding excessive trading. The Funds discourage excessive, short-term trading and other abusive trading practices and the Funds may use a variety of techniques to detect and discourage abusive trading practices. These steps may include, among other things, monitoring trading activity, imposing redemption fees and using fair value pricing, under procedures as adopted by the Adviser when the Adviser determines that current market prices are not readily available. As approved by the Board, these techniques may change from time to time as determined by the Funds in their sole discretion.

In an effort to discourage abusive trading practices and minimize harm to the Funds and their shareholders, the Funds reserve the right, in their sole discretion, to reject any purchase order, in whole or in part, for any reason (including, without limitation, purchases by persons whose trading activity in Fund shares is believed by the Adviser to be harmful to the Funds) and without prior notice. The Funds may decide to restrict purchase and sale activity in their shares based on various factors, including whether frequent purchase and sale activity will disrupt portfolio management strategies and adversely affect the Funds' performance or whether the shareholder has conducted four round trip transactions within a 12-

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month period. Although the Funds have designed these efforts to discourage abusive trading practices, these tools cannot eliminate the possibility that such activity will occur. The Funds seek to exercise their judgment in implementing these tools to the best of their ability in a manner that they believe is consistent with shareholder interests. Except as noted in the Prospectus, the Funds apply all restrictions uniformly in all applicable cases.

Due to the complexity and subjectivity involved in identifying abusive trading activity and the volume of shareholder transactions the Funds handle, there can be no assurance that the Funds' efforts will identify all trades or trading practices that may be considered abusive. In particular, since the Funds receive purchase and sale orders through Financial Intermediaries that use group or omnibus accounts, the Funds cannot always detect frequent trading. However, the Funds will work with Financial Intermediaries as necessary to discourage shareholders from engaging in abusive trading practices and to impose restrictions on excessive trades. In this regard, the Funds have entered into information sharing agreements with Financial Intermediaries, pursuant to which these intermediaries are required to provide to the Funds, at the Funds' request, certain information relating to their customers investing in the Funds through non-disclosed or omnibus accounts. The Funds will use this information to attempt to identify abusive trading practices. Financial Intermediaries are contractually required to follow any instructions from the Funds to restrict or prohibit future purchases from shareholders that are found to have engaged in abusive trading in violation of the Funds' policies. However, the Funds cannot guarantee the accuracy of the information provided to them from Financial Intermediaries and cannot ensure that it will always be able to detect abusive trading practices that occur through non-disclosed and omnibus accounts. As a consequence, the Funds' ability to monitor and discourage abusive trading practices in omnibus accounts may be limited.

**SERVICE FEES**

The Funds may pay service fees to intermediaries such as banks, broker-dealers, financial advisers or other financial institutions, for sub-administration, sub-transfer agency and other shareholder services associated with shareholders whose shares are held of record in omnibus, other group accounts or accounts traded through registered securities clearing agents.

The Funds have policies and procedures in place for the monitoring of payments to broker-dealers and other financial intermediaries for the following non-distribution activities: sub-transfer agent, administrative, and other shareholder servicing services.

The Adviser, out of its own resources, and without additional cost to the Funds or their shareholders, may provide additional cash payments or non-cash compensation to intermediaries who sell shares of the Funds, including affiliates of the Adviser. Such payments and compensation are in addition to any sales charges and service fees paid by the Funds. The Funds will generally make these additional cash payments to intermediaries that provide shareholder servicing, marketing support and/or access to sales meetings, sales representatives and management representatives of the intermediary. Cash compensation may also be paid to intermediaries for inclusion of the Funds on a sales list, including a preferred or select sales list, in other sales programs or as an expense reimbursement in cases where the intermediary provides shareholder services to the Funds' shareholders. The Adviser may also pay cash compensation in the form of finder's fees that vary depending on the Fund and the dollar amount of the shares sold.

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**DIVIDENDS AND DISTRIBUTIONS**

The Funds will make distributions of dividends and capital gains, if any, at least annually. The Funds will make a distribution of any undistributed capital gains earned during the 12-month period ended October 31 on or about December 31 of each year. The Funds may make an additional payment of dividends or distributions if the Funds deem it desirable at other times during any year.

The Funds will reinvest all distributions in shares of the Funds unless you choose one of the following options: (1) receive dividends in cash; and/or (2) receive capital gains in cash. Dividends are taxable whether reinvested in additional shares or received in cash. If you wish to change your distribution option, write or call the Transfer Agent in advance of the payment date for the distribution. If you elect to receive distributions and/or capital gains paid in cash, and the U.S. Postal Service cannot deliver your check, or if a check remains uncashed for six months, the Funds reserve the right to reinvest the distribution check in your account at the Funds' then current NAV and to reinvest all subsequent distributions.

**TAX CONSEQUENCES**

The Funds have elected and intend to continue to qualify to be taxed as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As regulated investment companies, the Funds will not be subject to federal income tax if they distribute their income as required by the tax law and satisfy certain other requirements that are described in the SAI. The Funds generally intend to operate in a manner such that they will not be liable for federal income or excise taxes on taxable income and capital gains distributed to shareholders. The Funds intend to make distributions of ordinary income and capital gains. In general, Fund distributions are taxable to you (unless your investment is through a qualified retirement plan), as either ordinary income or capital gain depending on the source of the Funds' income. Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains. The rate you pay on capital gains distributions from the Funds will depend on how long the Funds held the securities that generated the gains, not how long you owned your Fund shares. There is no requirement that the Funds take into consideration any tax implications when implementing their investment strategy. A portion of the ordinary income dividends paid to you by the Funds may be qualified dividends eligible for taxation at long-term capital gain rates. An additional federal tax of 3.8% on net investment income applies to taxpayers with adjusted gross incomes above $200,000 for single filers and $250,000 for married joint filers and generally will apply to dividends and capital gains from an investment in the Funds. You will be taxed in the same manner whether you receive your dividends and capital gain distributions in cash or reinvest them in additional Fund shares. Shareholders should note that the Funds may make taxable distributions of income and capital gains even when share values have declined.

For taxable years beginning after 2017 and before 2025, non-corporate taxpayers generally may deduct 20% of "qualified business income" derived either directly or through partnerships or S corporations. For this purpose, "qualified business income" generally includes ordinary real estate investment trust ("REIT") dividends and certain income from publicly traded partnerships. Regulations issued by the United States Treasury allow non-corporate shareholders of a Fund to benefit from the 20% deduction with respect to net REIT dividends received by the Fund if the Fund meets certain reporting requirements, but do not permit any such deduction with respect to publicly traded partnerships.

Dividends declared by the Funds in October, November or December to shareholders of record on a specified date in such a month and paid in January will be treated as paid in December of the previous year for tax purposes. Each year, you will receive a statement that shows the tax status of distributions you received the previous year.

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The Funds (or your broker) will report to shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions of net capital gain, the portion of dividends which may qualify for the dividends received deduction for corporations, and the portion of dividends which may qualify for treatment as qualified dividend income, which is taxable to non-corporate shareholders at rates of up to 20%.

Distributions from a Fund's net capital gain will be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their Shares.

Qualified dividend income includes, in general and, subject to certain holding period and other requirements, dividend income from taxable domestic corporations and certain foreign corporations.

Subject to certain limitations, eligible foreign corporations include those incorporated in possessions of the United States, those incorporated in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. Dividends received by a Fund from an ETF, an underlying fund taxable as a RIC, or a REIT may be treated as qualified dividend income generally only to the extent so reported by such ETF, underlying fund, or REIT. If 95% or more of a Fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, the Fund may report all distributions of such income as qualified dividend income.

Fund dividends will not be treated as qualified dividend income if a Fund does not meet holding period and other requirements with respect to dividend paying stocks in its portfolio, and the shareholder does not meet holding period and other requirements with respect to the Shares on which the dividends were paid. Distributions by a Fund of its net short-term capital gains will be taxable as ordinary income. Distributions from a Fund's net capital gain will be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their Shares. Distributions may be subject to state and local taxes.

In the case of corporate shareholders, certain dividends received by a Fund from U.S. corporations (generally, dividends received by a Fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend to be eligible. Capital gain dividends distributed to a Fund from REITs and other RICs are not eligible for the dividends-received deduction. To qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their Shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to acquire or otherwise incur debt attributable to Shares, they may be denied a portion of the dividends-received deduction with respect to those Shares.

All distributions generally reduce the NAV of a Fund's shares by the amount of the distribution. If you purchase shares prior to a distribution, the distribution will be taxable to you even though economically it may represent a partial return of your investment.

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Sale of your Fund shares is a taxable event for you. Depending on the purchase price and the sale price of the shares you sell, and any other adjustments to your tax basis for your shares, you may have a gain or a loss on the transaction. A loss on shares held for six months or less will be taxed as a long-term capital loss to the extent of any long-term capital gain dividend received on such shares. You are responsible for any tax liabilities generated by your transaction.

By law, the Funds must withhold as backup withholding a percentage (currently 24%) of your taxable distributions and redemption proceeds if you do not provide your correct Social Security or taxpayer identification number and certify that you are not subject to backup withholding, or if the Internal Revenue Service instructs the Funds to do so.

Additional information concerning the taxation of the Funds and their shareholders is contained in the Statement of Additional Information. Because each person's tax situation is unique, we urge you to consult your tax professional about federal, state, local or foreign tax consequences of an investment in the Funds.

**SHAREHOLDER DERIVATIVE ACTIONS**

The governing instruments of the Fund state that shareholders have power to the same extent as the stockholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the shareholders.

The Trust's Declaration of Trust provides that the Business Litigation Section of the Superior Court of the Commonwealth of Massachusetts sitting in Suffolk County, Massachusetts shall be the exclusive forum in which certain types of litigation may be brought. Any person purchasing or otherwise acquiring or holding any interest in shares of beneficial interest of the Trust shall be (i) deemed to have notice of and consented to the provisions of this provision, and (ii) deemed to have waived any argument relating to the inconvenience of the judicial forum referenced above in connection with any action or proceeding described in provision. This provision does not apply to federal security law claims.

**INDEX DESCRIPTIONS**

The **MSCI EAFE**<sup>®</sup> **Index** is a free-float adjusted market capitalization index that is designed to measure developed market equity performance of developed markets in approximately 21 countries, excluding the United States and Canada. The Index's performance results are presented net of estimated foreign withholding taxes on dividends, interest and capital gains. The withholding tax rates are those applicable to Luxembourg holding companies.

The **MSCI EM Index** is a float-adjusted market capitalization index that is designed to measure equity market performance in 27 global emerging markets. The Index's performance results are presented net of estimated foreign withholding taxes on dividends, interest, and capital gains.

The **S&P 500**<sup>®</sup> **Index** is a broad market index of the 500 largest U.S. large cap companies.

The **Russell 1000 Value Index** is a stock market index that tracks the highest-ranking 1,000 stocks in the Russell 3000 Index, which represent about 93% of the total market capitalization of that index.

Direct investment in an index is not possible.

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**FINANCIAL HIGHLIGHTS**

The tables below illustrate the Funds' financial performance for the periods shown. Certain information reflects financial results for a single Fund share. "Total return" illustrates how much your investment in a Fund would have increased or decreased during each period, assuming you had reinvested all dividends and distributions. This information has been audited by Tait, Weller & Baker LLP, the Funds' Independent Registered Public Accounting firm. Their report and the Funds' financial statements are included in the <u>[Certi](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[fied Shareholder](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[on Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)</u>, which is available upon request. Financial Highlights are not available at this time for the Value Fund as it had not commenced investment operations as of the date of this Prospectus.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BOSTON COMMON ESG IMPACT INTERNATIONAL FUND** | **BOSTON COMMON ESG IMPACT INTERNATIONAL FUND** | **BOSTON COMMON ESG IMPACT INTERNATIONAL FUND** | **BOSTON COMMON ESG IMPACT INTERNATIONAL FUND** | **BOSTON COMMON ESG IMPACT INTERNATIONAL FUND** | **BOSTON COMMON ESG IMPACT INTERNATIONAL FUND** | **BOSTON COMMON ESG IMPACT INTERNATIONAL FUND** | **BOSTON COMMON ESG IMPACT INTERNATIONAL FUND** | **BOSTON COMMON ESG IMPACT INTERNATIONAL FUND** | **BOSTON COMMON ESG IMPACT INTERNATIONAL FUND** | **BOSTON COMMON ESG IMPACT INTERNATIONAL FUND** |
| **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** |  | **2024** |  | **2023** |  | **2022** |  | **2021** |  |
| **PER SHARE DATA:** |  |  |  |  |  |  |  |  |  |  |
| Net asset value, beginning of year | $35.07 |  | $28.93 |  | $25.04 |  | $38.56 |  | $32.48 |  |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.57 |  | 0.52 |  | 0.56 |  | 0.62 |  | 0.40 |  |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.26 |  | 6.35 |  | 3.69 |  | (12.89) |  | 5.92 |  |
| Total from investment operations | 2.83 |  | 6.87 |  | 4.25 |  | (12.27) |  | 6.32 |  |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income | (0.84) |  | (0.73) |  | (0.36) |  | (0.65) |  | (0.24) |  |
| Net realized gains |  |  |  |  |  |  | (0.60) |  |  |  |
| Total distributions | (0.84) |  | (0.73) |  | (0.36) |  | (1.25) |  | (0.24) |  |
| 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> |
| Net asset value, end of year | $37.06 |  | $35.07 |  | $28.93 |  | $25.04 |  | $38.56 |  |
| Total return | 8.46% |  | 24.09% |  | 16.98% |  | (32.85)% |  | 19.48% |  |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $305974 |  | $422260 |  | $474234 |  | $414237 |  | $495197 |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 1.02% | <sup>(d)</sup> | 1.01% | <sup>(d)</sup> | 0.97% |  | 0.97% |  | 0.97% |  |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 0.86% | <sup>(d)</sup> | 0.87% | <sup>(d)</sup> | 0.86% |  | 0.90% | <sup>(e)</sup> | 0.97% |  |
| Ratio of net investment income (loss) to average net assets | 1.70% |  | 1.65% |  | 1.86% |  | 1.91% |  | 1.07% |  |
| Portfolio turnover rate | 30% |  | 30% |  | 31% |  | 22% |  | 24% |  |

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

&nbsp;&nbsp;&nbsp;&nbsp;<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d)</sup>Includes interest expenses of $11,595 or less than 0.005% for the year ended September 30, 2025. $47,906 or 0.01% for the year ended September 30, 2024.

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **BOSTON COMMON ESG IMPACT U.S. EQUITY FUND** | **BOSTON COMMON ESG IMPACT U.S. EQUITY FUND** | **BOSTON COMMON ESG IMPACT U.S. EQUITY FUND** | **BOSTON COMMON ESG IMPACT U.S. EQUITY FUND** | **BOSTON COMMON ESG IMPACT U.S. EQUITY FUND** | **BOSTON COMMON ESG IMPACT U.S. EQUITY FUND** | **BOSTON COMMON ESG IMPACT U.S. EQUITY FUND** | **BOSTON COMMON ESG IMPACT U.S. EQUITY FUND** |
| **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each year** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** |  | **2023** | **2022** |  | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |  |
| Net asset value, beginning of year | $71.91 | $53.73 |  | $48.44 | $61.96 |  | $47.97 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.16 | 0.21 |  | 0.32 | 0.15 |  | 0.08 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 9.67 | 18.89 |  | 8.12 | (10.92) |  | 14.10 |
| Total from investment operations | 9.83 | 19.10 |  | 8.44 | (10.77) |  | 14.18 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |  |
| Net investment income | (0.27) | (0.30) |  | (0.12) | (0.06) |  | (0.19) |
| Net realized gains | (4.05) | (0.62) |  | (3.03) | (2.69) |  |  |
| Total distributions | (4.32) | (0.92) |  | (3.15) | (2.75) |  | (0.19) |
| Redemption fee per share |  |  |  |  | 0.00 | <sup>(c)</sup> |  |
| Net asset value, end of year | $77.42 | $71.91 |  | $53.73 | $48.44 |  | $61.96 |
| Total return | 14.18% | 35.93% |  | 17.90% | (18.38)% |  | 29.62% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $74193 | $66073 |  | $53858 | $46670 |  | $57492 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 1.12% | 1.17% | <sup>(d)</sup> | 1.17% | 1.14% |  | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 1.00% | 1.00% | <sup>(d)</sup> | 1.00% | 1.00% |  | 1.00% |
| Ratio of net investment income (loss) to average net assets | 0.22% | 0.34% |  | 0.60% | 0.25% |  | 0.13% |
| Portfolio turnover rate | 25% | 17% |  | 32% | 29% |  | 19% |

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

&nbsp;&nbsp;&nbsp;&nbsp;<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d)</sup>Includes interest expenses of $1,187 or less than 0.005% for the year ended September 30, 2024.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **BOSTON COMMON ESG IMPACT EMERGING MARKETS FUND** | **BOSTON COMMON ESG IMPACT EMERGING MARKETS FUND** | **BOSTON COMMON ESG IMPACT EMERGING MARKETS FUND** | **BOSTON COMMON ESG IMPACT EMERGING MARKETS FUND** | **BOSTON COMMON ESG IMPACT EMERGING MARKETS FUND** | **BOSTON COMMON ESG IMPACT EMERGING MARKETS FUND** | **BOSTON COMMON ESG IMPACT EMERGING MARKETS FUND** | **BOSTON COMMON ESG IMPACT EMERGING MARKETS FUND** |
| **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year** | **FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year** |
| | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Period** <br>**Ended September**<br>**30,** <br>**2021**<sup>(a)</sup> |
|  | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Period** <br>**Ended September**<br>**30,** <br>**2021**<sup>(a)</sup> |
|  | **2025** |  | **2024** |  | **2023** | **2022** | **Period** <br>**Ended September**<br>**30,** <br>**2021**<sup>(a)</sup> |
| **PER SHARE DATA:** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $24.55 |  | $19.73 |  | $18.02 | $25.02 | $25.00 |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.32 |  | 0.32 |  | 0.29 | 0.35 | 0.02 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.03 |  | 4.95 |  | 1.82 | (7.24) |  |
| Total from investment operations | 4.35 |  | 5.27 |  | 2.11 | (6.89) | 0.02 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |  |
| Net investment income | (0.51) |  | (0.45) |  | (0.40) | (0.11) |  |
| Total distributions | (0.51) |  | (0.45) |  | (0.40) | (0.11) |  |
| Redemption fee per share | 0.00 | <sup>(d)</sup> | 0.00 | <sup>(d)</sup> |  |  |  |
| Net asset value, end of period | $28.39 |  | $24.55 |  | $19.73 | $18.02 | $25.02 |
| Total return<sup>(e)</sup> | 18.23% |  | 27.16% |  | 11.72% | (27.64)% | 0.08% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $97232 |  | $63972 |  | $38018 | $21042 | $751 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(f)</sup> | 1.32% | <sup>(g)</sup> | 1.45% |  | 1.68% | 1.94% | 63.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(f)</sup> | 0.99% | <sup>(g)</sup> | 0.99% |  | 0.99% | 0.99% | 0.99% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 1.33% |  | 1.50% |  | 1.43% | 1.58% | 2.75% |
| Portfolio turnover rate<sup>(e)</sup> | 27% |  | 25% |  | 20% | 36% | 0% |

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

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

&nbsp;&nbsp;&nbsp;&nbsp;<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(g)</sup>Includes interest expenses of $135 or less than 0.005% for the year ended September 30, 2025.

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**PRIVACY NOTICE**

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

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

• Information you give us orally; and

• Information about your transactions with us or others.

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

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

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**Boston Common Funds**

You can find more information about the Funds in the following documents:

**Statement of Additional Information:** The SAI provides additional details about the investments and techniques of the Funds and certain other additional information. A current SAI is on file with the SEC and is herein incorporated into this Prospectus by reference. It is legally considered a part of this Prospectus.

**Annual/Semi-Annual Reports:** Additional information about the Funds' investments is available in the Funds' Annual and Semi-Annual Reports to shareholders and in Form N-CSR. In the Funds' <u>[Annual R](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000811030/000113322824011034/bc-efp11419_ncsr.htm)[eport](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000811030/000113322824011034/bc-efp11419_ncsr.htm)[,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000811030/000113322824011034/bc-efp11419_ncsr.htm)</u> you will find a discussion of market conditions and investment strategies that significantly affected the Funds' performance during their last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

You can obtain free copies of these documents, request other information and discuss your questions about the Funds by contacting the Funds at:

**Boston Common Funds**

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, MO 64121-9252

1-877-777-6944

http://www.bostoncommonfunds.com

Shareholder reports and other information about the Funds are available:

▪ Free of charge from the Funds' website at http://www.bostoncommonfunds.com.

▪ Free of charge from the SEC's EDGAR database on the SEC's website at http://www.sec.gov.

▪ For a fee, by e-mail request to publicinfo@sec.gov.

(The Trust's SEC Investment Company Act file number is 811-05037)

**STATEMENT OF ADDITIONAL INFORMATION**

January 31, 2026

**Boston Common Funds**

**Boston Common ESG Impact International Fund**

***TICKER:* BCAIX**

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

***TICKER:* BCAMX**

**Boston Common ESG Impact Emerging Markets Fund**

***TICKER:* BCEMX**

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

***TICKER:* BCVIX (Not available for purchase)**

Boston Common Asset Management, LLC

200 State Street, 7<sup>th</sup> Floor

Boston, Massachusetts 02109

1.877.777.6944 <u>http://www.bostoncommonfunds.com/</u>

This Statement of Additional Information ("SAI") is not a prospectus and it should be read in conjunction with the Prospectus dated January 31, 2026, as may be revised, of Boston Common ESG Impact International Fund (the "International Fund"), Boston Common ESG Impact U.S. Equity Fund (the "U.S. Equity Fund"), Boston Common ESG Impact Emerging Markets Fund ("Emerging Markets Fund") and Boston Common ESG Impact U.S. Value Fund (the "Value Fund"), (each a "Fund," and collectively, the "Funds"), each a series of Professionally Managed Portfolios (the "Trust"). Boston Common Asset Management, LLC (the "Adviser") is the Investment Adviser to the Funds. Copies of the Prospectus are available by calling the number listed above.

The U.S. Equity Fund, International Fund, and Emerging Markets Fund's most recent <u>[Certified Shareholder Report on Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)</u> to shareholders is available, without charge, upon request by calling the number listed above. The financial statements, accompanying notes and report of the independent registered public accounting firm appearing in the <u>[Certifie](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[d Shareholder](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[on Form N](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)</u> are incorporated into this SAI by reference to the U.S. Equity Fund, International Fund, and Emerging Markets Fund's <u>[Certified Shareholder Report on Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)</u> dated September 30, 2025 as filed with the Securities and Exchange Commission (the "SEC"). Investors in the Value Fund will be informed of the Value Fund's progress through periodic reports. Financial statements certified by an independent registered public accounting firm will be submitted to shareholders at least annually. Since the Value Fund had not commenced operations as of the date of this SAI, financial statements are not currently available. The Annual Report for the Value Fund will become available after the Value Fund has commenced investment operations and has completed its fiscal year.

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [THE TRUST](#i0dc1bbd8f27447cba0ebf957ae22988f_7) | [3](#i0dc1bbd8f27447cba0ebf957ae22988f_7) |
| [INVESTMENT POLICIES AND RISKS](#i0dc1bbd8f27447cba0ebf957ae22988f_10) | [3](#i0dc1bbd8f27447cba0ebf957ae22988f_10) |
| [INVESTMENT RESTRICTIONS](#i0dc1bbd8f27447cba0ebf957ae22988f_13) | [12](#i0dc1bbd8f27447cba0ebf957ae22988f_13) |
| [PORTFOLIO TURNOVER](#i0dc1bbd8f27447cba0ebf957ae22988f_16) | [13](#i0dc1bbd8f27447cba0ebf957ae22988f_16) |
| [PORTFOLIO HOLDINGS INFORMATION](#i0dc1bbd8f27447cba0ebf957ae22988f_19) | [13](#i0dc1bbd8f27447cba0ebf957ae22988f_19) |
| [TRUSTEES AND EXECUTIVE OFFICERS](#i0dc1bbd8f27447cba0ebf957ae22988f_22) | [14](#i0dc1bbd8f27447cba0ebf957ae22988f_22) |
| [PROXY VOTING POLICY](#i0dc1bbd8f27447cba0ebf957ae22988f_25) | [25](#i0dc1bbd8f27447cba0ebf957ae22988f_25) |
| [CONTROL PERSONS, PRINCIPAL SHAREHOLDERS, AND MANAGEMENT](#i0dc1bbd8f27447cba0ebf957ae22988f_28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[OWNERSHIP](#i0dc1bbd8f27447cba0ebf957ae22988f_28) | [26](#i0dc1bbd8f27447cba0ebf957ae22988f_28) |
| [THE FUNDS' INVESTMENT ADVISER](#i0dc1bbd8f27447cba0ebf957ae22988f_31) | [27](#i0dc1bbd8f27447cba0ebf957ae22988f_31) |
| [PORTFOLIO MANAGERS](#i0dc1bbd8f27447cba0ebf957ae22988f_34) | [29](#i0dc1bbd8f27447cba0ebf957ae22988f_34) |
| [SERVICE PROVIDERS](#i0dc1bbd8f27447cba0ebf957ae22988f_37) | [31](#i0dc1bbd8f27447cba0ebf957ae22988f_37) |
| [EXECUTION OF PORTFOLIO TRANSACTIONS](#i0dc1bbd8f27447cba0ebf957ae22988f_40) | [32](#i0dc1bbd8f27447cba0ebf957ae22988f_40) |
| [CAPITAL STOCK](#i0dc1bbd8f27447cba0ebf957ae22988f_43) | [33](#i0dc1bbd8f27447cba0ebf957ae22988f_43) |
| [DETERMINATION OF SHARE PRICE](#i0dc1bbd8f27447cba0ebf957ae22988f_46) | [34](#i0dc1bbd8f27447cba0ebf957ae22988f_46) |
| [ADDITIONAL PURCHASE AND REDEMPTION INFORMATION](#i0dc1bbd8f27447cba0ebf957ae22988f_49) | [35](#i0dc1bbd8f27447cba0ebf957ae22988f_49) |
| [DISTRIBUTIONS AND TAX INFORMATION](#i0dc1bbd8f27447cba0ebf957ae22988f_52) | [37](#i0dc1bbd8f27447cba0ebf957ae22988f_52) |
| [PRINCIPAL UNDERWRITER AND DISTRIBUTOR](#i0dc1bbd8f27447cba0ebf957ae22988f_55) | [41](#i0dc1bbd8f27447cba0ebf957ae22988f_55) |
| [MARKETING AND SUPPORT PAYMENTS](#i0dc1bbd8f27447cba0ebf957ae22988f_58) | [41](#i0dc1bbd8f27447cba0ebf957ae22988f_58) |
| [FINANCIAL STATEMENTS](#i0dc1bbd8f27447cba0ebf957ae22988f_61) | [42](#i0dc1bbd8f27447cba0ebf957ae22988f_61) |
| [APPENDIX A](#i0dc1bbd8f27447cba0ebf957ae22988f_64) | [43](#i0dc1bbd8f27447cba0ebf957ae22988f_64) |

---

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**THE TRUST**

The Trust is a Massachusetts business trust organized on February 24, 1987 and is registered with the SEC as an open-end management investment company. Prior to May 1991, the Trust was known as the Avondale Investment Trust. The Trust's Second Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust") permits the Trust's Board of Trustees (the "Board") to issue an unlimited number of full and fractional shares of beneficial interest, without par value, which may be issued in any number of series. The Trust consists of various series that represent separate investment portfolios. The Board may from time to time issue other series, the assets and liabilities of which will be separate and distinct from any other series. This SAI relates only to the Funds.

The shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable as partners for its obligations. However, the Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of the Trust.

The Declaration of Trust also provides for indemnification and reimbursement of expenses out of the Funds' assets for any shareholder held personally liable for obligations of the Funds or the Trust. The Declaration of Trust provides that the Trust shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the Funds or the Trust and satisfy any judgment thereon. All such rights are limited to the assets of the Funds. The Declaration of Trust further provides that the Trust may maintain appropriate insurance (for example, fidelity bonding and errors and omissions insurance) for the protection of the Trust, its shareholders, trustees, officers, employees and agents to cover possible tort and other liabilities. However, the activities of the Trust as an investment company would not likely give rise to liabilities in excess of the Trust's total assets. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which both inadequate insurance exists and the Funds themselves are unable to meet their obligations.

The **International Fund** commenced operations on December 29, 2010. The **U.S. Equity Fund** commenced operations on April 30, 2012. The **Emerging Markets Fund** commenced operations on September 20, 2021. As of the date of this SAI, the **Value Fund** had not yet commenced operations.

The Funds do not hold themselves out as related to any other series within the Trust for purposes of investment and investor services, nor do they share the same investment adviser with any other series of the Trust. The Funds' Prospectus and this SAI are a part of the Trust's Registration Statement filed with the SEC. Copies of the Trust's complete Registration Statement may be obtained from the SEC upon payment of the prescribed fee or may be accessed free of charge at the SEC's website at http://www.sec.gov.

**INVESTMENT POLICIES AND RISKS**

The Funds are diversified. This means that for 75% of its total assets, each Fund may not invest more than 5% of its total assets in securities of a single issuer or hold more than 10% of the outstanding voting shares of a single issuer. Under applicable federal securities laws, the diversification of a mutual fund's holdings is measured at the time a fund purchases a security. However, if a fund purchases a security and holds it for a period of time, the security may become a larger percentage of the fund's total assets due to movements in the financial markets. If the market affects several securities held by a fund, the fund may have a greater percentage of its assets invested in securities of fewer issuers. Accordingly, a fund would be subject to the risk that its performance may be hurt disproportionately by the poor performance of relatively few securities despite the fund qualifying as a diversified fund under applicable federal securities laws.

The following information supplements the discussion of each Fund's investment objective and policies as set forth in its Prospectus. The Funds may invest in the following types of investments, each of which is subject to certain risks, as discussed below.

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**Market and Regulatory Risk**

Events in the financial markets and economy may cause volatility and uncertainty and affect performance. Such adverse effect on performance could include a decline in the value and liquidity of securities held by the Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in net asset value ("NAV"), and an increase in Fund expenses. It may also be unusually difficult to identify both investment risks and opportunities, in which case investment objectives may not be met. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. It is impossible to predict whether or for how long such market events will continue, particularly if they are unprecedented, unforeseen or widespread events or conditions, pandemics, epidemics, and other similar circumstances in one or more countries or regions. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply and for extended periods, and you could lose money.

Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments. Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and may in some instances contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. In addition, economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected.

**Equity Securities**

The Funds may invest in equity securities consistent with each Fund's investment objective and strategies. Common stocks, preferred stocks and convertible securities are examples of equity securities.

All investments in equity securities are subject to market risks that may cause their prices to fluctuate over time. Historically, the equity markets have moved in cycles and the value of the securities in a Fund's portfolio may fluctuate substantially from day to day. Owning an equity security can also subject a Fund to the risk that the issuer may discontinue paying dividends.

To the extent a Fund invests in the equity securities of small- or medium-size companies, it will be exposed to the risks of small- and medium-sized companies. Such companies have narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies. Furthermore, those companies often have limited product lines or services. In addition, because these stocks are not well-known to the investing public, do not have significant institutional ownership and are followed by relatively few security analysts, there will normally be less publicly available information concerning these securities compared to what is available for the securities of larger companies. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, can decrease the value and liquidity of these securities when held by a Fund. As a result, as compared to larger-sized companies, the performance of smaller-sized companies can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund's portfolio.

*Common Stock.*

A common stock represents a proportionate share of the ownership of a company and its value is based on the success of the company's business, any income paid to stockholders, the value of its assets, and general market conditions. In addition to the general risks set forth above, investments in common

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stocks are subject to the risk that in the event a company in which a Fund invests is liquidated, the holders of preferred stock and creditors of that company will be paid in full before any payments are made to a Fund as a holder of that company's common stock. It is possible that all assets of that company will be exhausted before any payments are made to a Fund.

*Preferred Stock.*

Preferred stocks are equity securities that often pay dividends at a specific rate and have a preference over common stocks in dividend payments and liquidation of assets. A preferred stock has a blend of the characteristics of a bond and common stock. It can offer the higher yield of a bond and has priority over common stock in equity ownership, but does not have the seniority of a bond and, unlike common stock, its participation in the issuer's growth may be limited. Although the dividend is set at a fixed annual rate, in some circumstances it can be changed or omitted by the issuer.

*Convertible Securities.*

The Funds may invest in convertible securities. Convertible securities (such as debt securities or preferred stock) may be converted into or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or dividends paid on preferred stock until the convertible stock matures or is redeemed, converted or exchanged. While no securities investment is without some risk, investments in convertible securities generally entail less risk than the issuer's common stock. However, the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security. In addition to the general risk associated with equity securities discussed above, the market value of convertible securities is also affected by prevailing interest rates, the credit quality of the issuer and any call provisions. While convertible securities generally offer lower interest or dividend yields than nonconvertible debt securities of similar quality, they do enable the investor to benefit from increases in the market price of the underlying common stock.

*Warrants.*

The Funds may invest in warrants. A warrant, which is issued by the underlying issuer, gives the holder a right to purchase at any time during a specified period a predetermined number of shares of common stock at a fixed price. Unlike convertible debt securities or preferred stock, warrants do not pay a fixed dividend. Investments in warrants involve certain risks, including the possible lack of a liquid market for resale of the warrants, potential price fluctuations as a result of speculation or other factors and failure of the price of the underlying security to reach, or have reasonable prospects of reaching, a level at which the warrant can be prudently exercised (in which event the warrant may expire without being exercised, resulting in a loss of a Fund's entire investment therein).

**Repurchase Agreements**

The Funds may enter into repurchase agreements with respect to their portfolio securities. The Funds do not intend to enter into such agreements at this time. Should the Funds' intent to invest in repurchase agreements change, each Fund will invest no more than 10% of each Fund's assets in such agreements. Pursuant to such agreements, a Fund acquires securities from financial institutions such as banks and broker-dealers as are deemed to be creditworthy by the Adviser, subject to the seller's agreement to repurchase and the Fund's agreement to resell such securities at a mutually agreed upon date and price. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates (which may be more or less than the rate on the underlying portfolio security). The seller under a repurchase agreement will be required to maintain the value of the underlying securities at not less than 102% of the repurchase price under the agreement. If the seller defaults on its repurchase obligation, a Fund will suffer a loss to the extent that the proceeds from a sale of the underlying securities are less than the repurchase price under the agreement. Bankruptcy or insolvency of such a defaulting seller may cause a Fund's rights with respect to such securities to be delayed or limited. Repurchase agreements are considered to be loans under the Investment Company Act

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of 1940, as amended ("the 1940 Act"). The Funds may enter into repurchase agreements of short durations, from overnight to one week, although the underlying securities would generally have longer maturities. The Funds may not enter into a repurchase agreement with more than seven days to maturity if, as a result, more than 15% of the value of its net assets would be invested in illiquid securities including such repurchase agreements.

**Illiquid Investments and Restricted Securities**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule 22e-4 under the 1940 Act, a Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Each Fund has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4. The 15% limit shall be observed continuously. In the event that more than 15% of its net assets are invested in illiquid investments, a Fund will make such reports as required under the liquidity risk management program and will seek to reduce its holdings of illiquid investments within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may purchase certain restricted securities that can be resold to institutional investors and which may be determined to not be illiquid investments pursuant to the Fund's liquidity risk management program. In many cases, those securities are traded in the institutional market under Rule 144A under the 1933 Act and are called Rule 144A securities.

&nbsp;&nbsp;&nbsp;&nbsp;Investments in illiquid investments involve more risks than investments in similar securities that are readily marketable. Illiquid investments may trade at a discount from comparable, more liquid investments. Investment of a Fund's assets in illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly acute where a Fund's operations require cash, such as when the Fund has net redemptions, and could result in the Fund borrowing to meet short-term cash requirements or incurring losses on the sale of illiquid investments.

&nbsp;&nbsp;&nbsp;&nbsp;Illiquid investments are often restricted securities sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. In many cases, the privately placed securities may not be freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. To the extent privately placed securities may be resold in privately negotiated transactions, the prices realized from the sales could be less than those originally paid by a Fund or less than the fair value of the securities. In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Private placement investments may involve investments in smaller, less seasoned issuers, which may involve greater risks than investments in more established companies. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group. In making investments in private placement securities, a Fund may obtain access to material non-public information, which may restrict the Fund's ability to conduct transactions in those securities.

**Foreign Securities**

The International Fund and the Emerging Markets Fund may each invest up to 100% of its total assets in securities of foreign issuers, including in depositary receipts. The U.S. Equity Fund and Value

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Fund may invest up to 20% of its assets in depositary receipts such as American Depositary Receipts ("ADR").

From time to time, the International Fund and the Emerging Markets Fund may each invest a significant portion of its assets in the securities of a single country or region. Substantial investment in a single country or region will subject the International Fund, to a greater extent, to the risks associated with investments in that region or country. The International Fund will also be subject to the risks that its return will be more dependent on the economic performance of that country or region than funds that are not so concentrated.

*American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts.*

Among the means through which the Funds may invest in foreign securities is the purchase of ADRs, European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs"). Generally, ADRs, in registered form, are denominated in U.S. dollars and are designed for use in the U.S. securities markets, while EDRs and GDRs, in bearer form, may be denominated in other currencies and are designed for use in European or other foreign securities markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities. EDRs and GDRs are European and Global receipts evidencing a similar arrangement. ADRs, EDRs and GDRs may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts of the deposited securities. For purposes of the Funds' investment policies, ADRs, EDRs and GDRs are deemed to have the same classification as the underlying securities they represent. Thus, an ADR, EDR or GDR representing ownership of common stock will be treated as common stock.

*Risks of Investing in Foreign Securities.*

Investing in foreign securities, including in depositary receipts, involves certain risks not ordinarily associated with investments in securities of domestic issuers. Foreign securities markets have, for the most part, substantially less volume than the U.S. markets and securities of many foreign companies are generally less liquid and their prices more volatile than securities of U.S. companies. There is generally less government supervision and regulation of foreign exchanges, brokers and issuers than in the U.S. The rights of investors in certain foreign countries may be more limited than those of shareholders of U.S. issuers and a Fund may have greater difficulty taking appropriate legal action to enforce its rights in a foreign court than in a U.S. court. Investing in foreign securities also involves risks associated with government, economic, monetary, and fiscal policies (such as the adoption of protectionist trade measures), possible foreign withholding taxes on dividends and interest payable to a Fund, possible taxes on trading profits, inflation, interest rates, economic expansion or contraction, and global or regional political, economic or banking crises. Furthermore, there is the risk of possible seizure, nationalization or expropriation of the foreign issuer or foreign deposits and the possible adoption of foreign government restrictions, such as exchange controls. Also, foreign issuers are not necessarily subject to uniform accounting, auditing and financial reporting standards, practices, and requirements comparable to those applicable to domestic issuers and, as a result, there may be less publicly available information on such foreign issuers than is available from a domestic issuer.

*Additional Risks of Emerging Markets.* 

In addition, the International Fund and the Emerging Markets Fund may each invest in foreign securities of companies that are located in developing or emerging markets. Investing in securities of issuers located in these markets may pose greater risks not typically associated with investing in more established markets, such as increased risk of social, political and economic instability. Emerging market countries typically have smaller securities markets than developed countries and therefore less liquidity and greater price volatility than more developed markets. Securities traded in emerging markets may also

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be subject to risks associated with the lack of modern technology, poor infrastructures, the lack of capital base to expand business operations and the inexperience of financial intermediaries, custodians and transfer agents. Emerging market countries are also more likely to impose restrictions on the repatriation of an investor's assets and even where there is no outright restriction on repatriation, the mechanics of repatriations may delay or impede a Fund's ability to obtain possession of its assets. As a result, there may be an increased risk or price volatility associated with the Fund's investments in emerging market countries, which may be magnified by currency fluctuations. The foregoing risks may be even greater in frontier markets. Frontier markets are countries with investable stock markets that are less established than those in the emerging markets. The economies of frontier market countries generally are smaller than those of traditional emerging market countries, and frontier capital markets and legal systems are typically less developed.

*Tax Risks.* 

Dividends and interest payable on a Fund's foreign securities may be subject to foreign withholding tax. The Funds may also be subject to foreign taxes on its trading profits. Some countries may also impose a transfer or stamp duty on certain securities transactions. The imposition of these taxes will increase the cost to a Fund of investing in those countries that impose these taxes. Such taxes are not expected to be offset by credits or deductions available to shareholders in the Funds under U.S. tax law, and thus will likely reduce the net return to a Fund's shareholders.

*Foreign Currency Risk.* 

To the extent the Funds invest in securities denominated in foreign currencies, the Funds will be subject to the risk that a change in the value of any such currency against the U.S. dollar will result in a corresponding change in the U.S. dollar value of a Fund's assets denominated in that currency. Investing in foreign denominated securities may also result in transaction costs incurred in connection with conversions between various currencies. In addition, only a limited market currently exists for hedging transactions relating to currencies in certain emerging markets and securities transactions undertaken in foreign markets may not be settled promptly, subjecting the Funds to the risk of fluctuating currency exchange rates pending settlement.

**Use of Derivatives, Hedging and Income Transactions**

The Funds are prohibited from investing in derivatives, excluding certain currency and interest rate hedging transactions. This restriction is not fundamental and may be changed by a Fund without a shareholder vote. If a Fund does determine to invest in derivatives in the future, it will comply with Rule 18f-4 under the 1940 Act.

**Short-Term Investments**

The Funds may invest in any of the following securities and instruments:

*Certificates of Deposit, Bankers' Acceptances and Time Deposits.* 

The Funds may hold certificates of deposit, bankers' acceptances and time deposits. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning in effect that the bank unconditionally agrees to pay the face value of the instrument on maturity. Certificates of deposit and bankers' acceptances acquired by the Funds will be dollar-denominated obligations of domestic banks, savings and loan associations or financial institutions which, at the time of purchase, have capital, surplus and undivided profits in excess of $100 million (including assets of both domestic and foreign branches), based on latest published reports, or less than $100 million if the principal amount of such bank obligations are fully insured by the U.S. government.

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In addition to buying certificates of deposit and bankers' acceptances, the Funds also may make interest-bearing time or other interest-bearing deposits in commercial or savings banks. Time deposits are non-negotiable deposits maintained at a banking institution for a specified period of time at a specified interest rate.

*Commercial Paper and Short-Term Notes.* 

The Funds may invest a portion of their assets in commercial paper and short-term notes. Commercial paper consists of unsecured promissory notes issued by corporations. Commercial paper and short-term notes will normally have maturities of less than nine months and fixed rates of return, although such instruments may have maturities of up to one year.

Commercial paper and short-term notes will consist of issues rated at the time of purchase A- or higher by S&P<sup>®</sup>, "Prime-1" or "Prime-2" by Moody's, or similarly rated by another nationally recognized statistical rating organization or, if unrated, will be determined by the Adviser to be of comparable quality. These rating symbols are described in the Appendix.

*Agency Obligations.* 

The Funds may make short-term investments in agency obligations, such as the Export-Import Bank of the United States, Tennessee Valley Authority, Resolution Funding Corporation, Farmers Home Administration, Federal Home Loan Banks, Federal Intermediate Credit Banks, Federal Farm Credit Banks, Federal Land Banks, Federal Housing Administration, FNMA, Federal Home Loan Mortgage Corporation, and the Student Loan Marketing Association. Some, such as those of the Export-Import Bank of United States, are supported only by the right of the issuer to borrow from the Treasury; others, such as those of the FNMA, are supported by only the discretionary authority of the U.S. government to purchase the agency's obligations; still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. No assurance can be given that the U.S. government would provide financial support to U.S. government-sponsored instrumentalities because it is not obligated to do so by law.

As of September 7, 2008, the Federal Housing Finance Agency ("FHFA") was appointed to be the Conservator of the FHLMC and the FNMA for an indefinite period. In accordance with the Federal Housing Finance Regulatory Reform Act of 2008 and the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as Conservator, the FHFA will control and oversee these entities until the FHFA deems them financially sound and solvent. During the Conservatorship, each entity's obligations are expected to be paid in the normal course of business. Although no express guarantee exists for the debt or mortgage-backed securities issued by these entities, the U.S. Department of Treasury, through a secured lending credit facility and a Senior Preferred Stock Purchase Agreement, has attempted to enhance the ability of these entities to meet their obligations.

**Other Investment Companies**

The Funds may invest their assets in the securities of other registered investment companies, including money market mutual funds, subject to the limitations set forth in the 1940 Act. Investments in the securities of other investment companies will likely result in the duplication of advisory fees and certain other expenses. By investing in another investment company, a Fund becomes a shareholder of that investment company. As a result, Fund shareholders indirectly will bear a Fund's proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund's own operations.

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in securities of other registered investment companies. The acquisition of shares by the Funds in other registered investment companies is therefore subject to the restrictions of Section 12(d)(1) of the 1940 Act, except as may be permitted by a rule that permits the Funds to invest those other registered investment companies beyond the limits of Section 12(d)(1), subject to certain terms and conditions.

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In accordance with Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, the provisions of Section 12(d)(1) shall not apply to securities purchased or otherwise acquired by a Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment company (other than money market funds) is owned by the Fund and all affiliated persons of the Fund; and (ii) the Fund is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering price including a sales load or service fee that exceeds the limits set forth in Rule 2341 of the Conduct Rules of the Financial Industry Regulatory Authority ("FINRA") applicable to a fund of funds (*e.g.*, 8.5%).

Additionally, Rule 12d1-4 permits more types of fund of fund arrangements without an exemptive order, subject to certain conditions, including limits on control and voting of acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures.

*Exchange-Traded Funds.*

Each Fund may also invest in shares of ETFs. ETFs are investment companies which seek to replicate the performance, before fees and expenses, of an underlying index of securities. An ETF is similar to a traditional mutual fund, but trades at different prices during the day on a securities exchange like a stock. Similar to investments in other investment companies discussed above, a Fund's investments in ETFs will involve duplication of advisory fees and other expenses since the Fund will be investing in another investment company. In addition, a Fund's investment in ETFs is also subject to its limitations on investments in investment companies discussed above. To the extent a Fund invests in ETFs which focus on a particular market segment or industry, the Fund will also be subject to the risks associated with investing in those sectors or industries. The shares of the ETFs in which the Funds will invest will be listed on a national securities exchange and the Funds will purchase or sell these shares on the secondary market at their current market price, which may be more or less than their net asset value.

As a purchaser of ETF shares on the secondary market, the Funds will be subject to the market risk associated with owning any security whose value is based on market price. ETF shares historically have tended to trade at or near their net asset value, but there is no guarantee that they will continue to do so. Unlike traditional mutual funds, shares of an ETF may be purchased and redeemed directly from the ETFs only in large blocks and only through participating organizations that have entered into contractual agreements with the ETF. The Funds do not expect to enter into such agreements and therefore will not be able to purchase and redeem its ETF shares directly from the ETF.

**Borrowing**

Currently, the 1940 Act permits a Fund to borrow money from banks in amounts of up to one-third of the Fund's total assets (including the amount borrowed). To the extent permitted by the 1940 Act, or the rules and regulations thereunder, a Fund may also borrow an additional 5% of its total assets without regard to the foregoing limitation for temporary purposes, such as the clearance of portfolio transactions. To limit the risks attendant to borrowing, the 1940 Act requires a Fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of a Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase a Fund's investment portfolio is known as "leveraging." Borrowing, especially when used for leverage, may cause the value of a Fund's shares to be more volatile than if the Fund did not borrow. This is because borrowing tends to magnify the effect of any increase or decrease in the value of a Fund's portfolio holdings. Borrowed money thus creates an opportunity for greater gains, but also greater losses. To repay borrowings, a Fund may have to sell securities at a time and at a price that is unfavorable to the Fund. There also are costs associated with borrowing money, and these costs would offset and could eliminate the Fund's net investment income in any given period.

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The use of borrowing by a Fund involves special risk considerations that may not be associated with other funds having similar objectives and policies. Since substantially all of a Fund's assets fluctuate in value, while the interest obligation resulting from a borrowing will be fixed by the terms of the Fund's agreement with its lender, the net asset value per share of the Fund will tend to increase more when its portfolio securities increase in value and to decrease more when its portfolio assets decrease in value than would otherwise be the case if the Fund did not borrow funds. In addition, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the return earned on borrowed funds. Under adverse market conditions, a Fund might have to sell portfolio securities to meet interest or principal payments at a time when fundamental investment considerations would not favor such sales. Each Fund will reduce its borrowing amount within three days, if that Fund's asset coverage falls below the amount required by the 1940 Act.

**Securities Lending**

Each Fund reserves the right, pending receipt of Board approval, to lend securities from its portfolio to brokers, dealers and financial institutions (but not individuals) to increase the return on its portfolio. The SEC currently requires that the following conditions must be met whenever a Fund's portfolio securities are loaned: (1) the Fund must receive at least 100% cash collateral from the borrower; (2) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (3) the Fund must be able to terminate the loan at any time; (4) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities, and any increase in market value; (5) the Fund may pay only reasonable custodian fees approved by the Board in connection with the loan; (6) while voting rights on the loaned securities may pass to the borrower, the Board must terminate the loan and regain the right to vote the securities if a material event adversely affecting the investment occurs, and (7) the Fund may not loan its portfolio securities so that the value of the loaned securities is more than one-third of its total asset value, including collateral received from such loans. These conditions may be subject to future modifications that the SEC may impose. Such loans will be terminable at any time upon specified notice.

There is a risk that a Fund will incur a loss if the institution with which it has engaged in a portfolio loan transaction breaches its agreement with the Fund. In addition, neither Fund will enter into any portfolio security lending arrangement having a duration of longer than one year. The principal risk of portfolio lending is potential default or insolvency of the borrower. In either of these cases, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. As part of participating in a lending program, a Fund will invest its cash collateral only in investments that are consistent with the investment objectives, principal investment strategies and investment policies of the Fund. All investments made with the cash collateral received are subject to the risks associated with such investments. If such investments lose value, the Fund will have to cover the loss when repaying the collateral. Any income or gains and losses from investing and reinvesting any cash collateral delivered by a borrower shall be at the Fund's risk.

Any loans of portfolio securities are fully collateralized based on values that are marked-to-market daily. Any securities that a Fund may receive as collateral will not become part of the Fund's investment portfolio at the time of the loan and, in the event of a default by the borrower, the Fund will, if permitted by law, dispose of such collateral, except for such part thereof that is a security in which the Fund is permitted to invest. During the time securities are on loan, the borrower will pay the Fund any accrued income on those securities, and the Fund may invest the cash collateral and earn income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral.

**Special Risks Related to Cyber Security**

The Funds and their service providers are susceptible to cyber security risks that include, among other things, theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial of service attacks; unauthorized access to relevant systems,

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compromises to networks or devices that the Funds and their service providers use to service the Funds' operations; or operational disruption or failures in the physical infrastructure or operating systems that support the Funds and their service providers. Cyber-attacks against or security breakdowns of the Funds or their service providers may adversely impact the Funds and their shareholders, potentially resulting in, among other things, financial losses; the inability of Funds shareholders to transact business and the Funds to process transactions; inability to calculate the Funds' NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance costs. The Funds may incur additional costs for cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities in which the Funds invest, which may cause the Funds' investment in such issuers to lose value. There can be no assurance that the Funds or their service providers will not suffer losses relating to cyber-attacks or other information security breaches in the future.

**Temporary Investments**

The Funds may take temporary defensive measures that are inconsistent with a Fund's normal investment policies and strategies in response to adverse market, economic, political, or other conditions as determined by the Adviser. Such measures could include, but are not limited to, investments in (1) highly liquid short-term fixed income securities issued by the U.S. government and its agencies, commercial paper, and bank certificates of deposit; (2) repurchase agreements involving any such securities; and (3) other money market instruments.

**INVESTMENT RESTRICTIONS**

The Trust (on behalf of the Funds) has adopted the following restrictions as fundamental policies, which may not be changed without the affirmative vote of the holders of a "majority" of the outstanding voting securities of a Fund. Under the 1940 Act, the "vote of the holders of a majority of the outstanding voting securities" means the vote of the holders of the lesser of (1) 67% of the shares of a Fund represented at a meeting at which the holders of more than 50% of a Fund's outstanding shares are represented or (2) more than 50% of the outstanding shares of a Fund. Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Borrow money or issue senior securities, except through reverse repurchase agreements or otherwise as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority. Generally, issuing senior securities is prohibited under the 1940 Act; however, certain exceptions apply such as in the case of reverse repurchase agreements, borrowing, and certain other leveraging transactions. For purposes of this limitation, entering into repurchase agreements, lending securities and acquiring any debt security are not deemed to be the making of loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Act as underwriter (except to the extent the Fund may be deemed to be an underwriter in connection with the sale of securities in its investment portfolio);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Invest 25% or more of its net assets, calculated at the time of purchase and taken at market value, in securities of issuers in any one industry or groups of industries (other than U.S. government securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Purchase or sell real estate, unless acquired as a result of ownership of securities (although the Fund may purchase and sell securities that are secured by real estate and securities of companies that invest or deal in real estate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments. This limitation shall not prevent the Fund from purchasing, selling, or entering into futures contracts, or acquiring securities or other instruments and options thereon backed by, or related to, physical commodities; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Make loans (except purchases of debt securities consistent with the investment policies of the Fund). For purposes of this limitation, entering into repurchase agreements, lending securities and acquiring any debt security are not deemed to be the making of loans.

**PORTFOLIO TURNOVER**

Although the Funds generally will not invest for short-term trading purposes, portfolio securities may be sold without regard to the length of time they have been held when, in the opinion of the Adviser, investment considerations warrant such action. Portfolio turnover rate is calculated by dividing (1) the lesser of purchases or sales of portfolio securities for the fiscal year by (2) the monthly average of the value of portfolio securities owned during the fiscal year. A 100% turnover rate would occur if all the securities in a Fund's portfolio, with the exception of securities whose maturities at the time of acquisition were one year or less, were sold and either repurchased or replaced within one year. A high rate of portfolio turnover (100% or more) generally leads to higher transaction costs and may result in a greater number of taxable transactions. For the fiscal years ended September 30, the Funds had the following portfolio turnover rates. (See "Execution of Portfolio Transactions".)

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| | | |
|:---|:---|:---|
| **Portfolio Turnover Rate** | **Portfolio Turnover Rate** | **Portfolio Turnover Rate** |
| | **2025** | **2024** |
| International Fund | 30% | 30% |
| U.S. Equity Fund | 25% | 17% |
| Emerging Markets Fund | 27% | 25% |
| Value Fund<sup>(1)</sup> | N/A | N/A |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As of the date of this SAI, the **Value Fund** had not yet commenced operations.

**PORTFOLIO HOLDINGS INFORMATION**

The Trust, on behalf of the Funds, has adopted portfolio holdings disclosure policies that govern the timing and circumstances of disclosure of portfolio holdings of the Funds. The Adviser has also adopted a policy with respect to disclosure of portfolio holdings of the Funds (the "Adviser's Policy"). Information about the Funds' portfolio holdings will not be distributed to any third party except in accordance with the portfolio holdings policies and the Adviser's Policy (the "Disclosure Policies"). The Adviser and the Board considered the circumstances under which the Funds' portfolio holdings may be disclosed under the Disclosure Policies and the actual and potential material conflicts that could arise in such circumstances between the interests of the Funds' shareholders and the interests of the Adviser, distributor or any other affiliated person of the Funds, their Adviser or their distributor. After due consideration, the Adviser and the Board determined that the Funds have a legitimate business purpose for disclosing portfolio holdings to persons described in the Disclosure Policies, including mutual fund rating or statistical agencies, or persons performing similar functions, and internal parties involved in the investment process, administration or custody of the Funds. Pursuant to the Disclosure Policies, the Trust's Chief Compliance Officer ("CCO"), President and Treasurer are each authorized to consider and authorize dissemination of portfolio holdings information to additional third parties, after considering the best interests of the shareholders and potential conflicts of interest in making such disclosures.

The Board exercises continuing oversight of the disclosure of the Funds' portfolio holdings by (1) overseeing the implementation and enforcement of the Disclosure Policies, Codes of Ethics and other relevant policies of the Funds' and their service providers by the Trust's CCO, (2) by considering reports and recommendations by the Trust's CCO concerning any material compliance matters (as defined in Rule 38a-1 under the 1940 Act), and (3) by considering to approve any amendment to these Disclosure

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Policies. The Board reserves the right to amend the Disclosure Policies at any time without prior notice in their sole discretion.

Disclosure of the Funds' complete holdings is required to be made quarterly within 60 days of the end of each period covered by the <u>[Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)</u> and <u>[Semi-Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825006166/bcf-efp15866_ncsrs.htm)</u>to Funds shareholders and in the quarterly holdings report on Part F of Form N-PORT, with quarter-end disclosures being made public 60 days after the end of each fiscal quarter. These reports are available, free of charge, on the EDGAR database on the SEC's website at http://www.sec.gov. Portfolio holdings information may be separately provided to any person, including rating and ranking organizations such as Lipper and Morningstar, at the same time that it is filed with the SEC or one day after it is first published on the Funds' website. The Funds disclose their top 10 holdings on their website at http://www.bostoncommonfunds.com within 10 business days after the close of the calendar quarter. The Funds also disclose their full holdings on their website within 30 days after the end of the calendar quarter.

In addition, material non-public holdings information may be provided without lag as part of the normal investment activities of the Funds to each of the following entities which, by explicit agreement or by virtue of their respective duties to the Funds, are required to maintain the confidentiality of the information disclosed: fund administrator, fund accountant, custodian, transfer agent, auditors, counsel to the Adviser, Funds or the Board, broker-dealers (in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities) and regulatory authorities. Portfolio holdings information not publicly available with the SEC or through the Funds' website may only be provided to additional third parties, including mutual fund ratings or statistical agencies, in accordance with the Disclosure Policies, when the Funds have a legitimate business purpose, and the third-party recipient is subject to a confidentiality agreement that includes a duty not to trade on non-public information.

In no event shall the Adviser, their affiliates or employees, or the Funds receive any direct or indirect compensation in connection with the disclosure of information about a Funds' portfolio holdings.

There can be no assurance that the Disclosure Policies and these procedures will protect the Funds from potential misuse of that information by individuals or entities to which it is disclosed.

**TRUSTEES AND EXECUTIVE OFFICERS**

The Board is responsible for the overall management of the Trust, including general supervision and review of the investment activities of the Funds. The Board, in turn, elects the officers of the Trust, who are responsible for administering the day-to-day operations of the Trust and its separate series. The current trustees and officers of the Trust, their year of birth, positions with the Trust, terms of office with the Trust and length of time served, their principal occupations for the past five years and other directorships are set forth in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Address** | **Position with<br>the Trust** | **Term of Office**<sup>(2)</sup> **and Length of Time Served** | **Principal Occupation During Past Five Years** | **Number of Portfolios**<br>**in Fund Complex**<sup>(3)</sup><br>**Overseen by Trustees** | **Other Directorships Held During the Past 5 Years** |
| **Interested Trustees of the Trust** | **Interested Trustees of the Trust** | **Interested Trustees of the Trust** | **Interested Trustees of the Trust** | **Interested Trustees of the Trust** | **Interested Trustees of the Trust** |
| Eric W. Falkeis<sup>(4)</sup><br>(born 1973)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | Trustee | Indefinite Term;<br>Since September 2011. | Chief Operating Officer, Tidal Financial Group (2024 to present); formerly, Chief Growth Officer, Tidal Financial Group (2022 to 2023); Chief Executive Officer, Tidal ETF Services LLC (2018 to present); formerly, Chief Operating Officer, Direxion Funds (2013 to 2018); formerly, Senior Vice President and Chief Financial Officer (and other positions), U.S. Bancorp Fund Services, LLC (1997 to 2013). |  | Independent Director, Muzinich Corporate Lending Income Fund, Inc. (2023 to present); Interested Trustee, Tidal Trust II (2022 to present) (41 series); Independent Director, Muzinich BDC, Inc. (2019 to present); Interested Trustee, Tidal Trust I (2018 to Present) (40 series). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Address** | **Position with**<br>**the Trust**<sup>(1)</sup> | **Term of Office**<sup>(2)</sup> **and Length of Time Served** | **Principal Occupation During Past Five Years** | **Number of Portfolios**<br>**in Fund Complex**<sup>(3)</sup><br>**Overseen by Trustees** | **Other Directorships Held During the Past 5 Years** |
| **Independent Trustees of the Trust** | **Independent Trustees of the Trust** | **Independent Trustees of the Trust** | **Independent Trustees of the Trust** | **Independent Trustees of the Trust** | **Independent Trustees of the Trust** |
| Kathleen T. Barr<br>(born 1955)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | Trustee <br>Chairperson of the Board | Indefinite Term;<br>Since November 2018.<br>Indefinite Term; Since February 2023. | Retired; Member of Governing Council, Independent Directors Council, including past term of Chair (since 2016); Member of ICI Board of Governors (since 2019); formerly, President, owner of a registered investment adviser, Productive Capital Management, Inc. (2010 to 2013); formerly, Chief Administrative Officer, Senior Vice President and Senior Managing Director of Allegiant Asset Management Company (merged with PNC Capital Advisors, LLC in 2009); formerly, Chief Administrative Officer, Chief Compliance Officer and Senior Vice President of PNC Funds and PNC Advantage Funds (f/k/a Allegiant Funds) (registered investment companies). | 4 | Independent Director, Muzinich Corporate Lending Income Fund, Inc. (2023 to present); Independent Director, Muzinich BDC, Inc. (2019 to present); Independent Trustee (2013 to present) and Chair of the Board (2025 to Present) for the William Blair Funds (19 series). |
| Steven J. Paggioli<br>(born 1950)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | Trustee<br>Chair of Nominating and Governance Committee | Indefinite Term;<br>Since May 1991. | Consultant; formerly, Executive Vice President, Investment Company Administration, LLC (mutual fund administrator). | 4 | Independent Director, Muzinich Corporate Lending Income Fund, Inc. (2023 to present); Independent Director, Muzinich BDC, Inc. (2019 to present); Independent Trustee, AMG Funds (1993 to 2025) (34 series). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Address** | **Position with**<br>**the Trust**<sup>(1)</sup> | **Term of Office**<sup>(2)</sup> **and Length of Time Served** | **Principal Occupation During Past Five Years** | **Number of Portfolios**<br>**in Fund Complex**<sup>(3)</sup><br>**Overseen by Trustees** | **Other Directorships Held During the Past 5 Years** |
| Ashi S. Parikh<br>(born 1966)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | Trustee<br>Chair of Investment Committee | Indefinite Term;<br>Since June 2020. | President and Chief Investment Officer, Venturi Private Wealth (investment management firm) (2022 to present); formerly, Chief Executive and Chief Investment Officer and various other positions, RidgeWorth Investments, LLC (global investment management firm) (2006 to 2017); formerly, Chief Investment Officer Institutional Growth Equities, Eagle Asset Management (investment management firm); formerly Sr. Managing Director, Growth Equities, Banc One Investment Advisors (investment management firm). | 4 | Board of Directors Member, Investment Working Group, The Ohio State University Endowments and Foundation (2016 to present); Board of Directors, World Methodist Council, Investment Committee (2018 to present); Independent Trustee, PNC Funds (2018 to 2019) (32 series); Interested Trustee, RidgeWorth Funds (2014 to 2017) (35 series). |
| Cynthia M. Fornelli<br>(born 1960)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | Trustee<br>Chair of Audit Committee | Indefinite Term; Since January 2022. | Independent Director of TriplePoint Venture Growth BDC Corp. (2019 to present); Retired; formerly, Executive Director of the Center for Audit Quality (2007-2019); formerly, Senior Vice President of Regulatory Conflicts Management at Bank of America (2005-2007); formerly, Deputy Director, Division of Investment Management with the U.S. Securities and Exchange Commission (1998-2005). | 4 | Independent Director, TriplePoint Private Venture Credit, Inc. (2020 to present); Independent Director, TriplePoint Venture Growth BDC (2020 to present). |
| **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Address** | **Position with**<br>**the Trust**<sup>(1)</sup> | **Term of Office**<sup>(2)</sup> **and Length of Time Served** | **Principal Occupation During Past Five Years** | **Number of Portfolios**<br>**in Fund Complex**<sup>(3)</sup><br>**Overseen by Trustees** | **Other Directorships Held During the Past 5 Years** |
| Jason F. Hadler <br>(born 1975)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | President & Principal Executive Officer | Indefinite Term; Since September 2021. | Senior Vice President and Head of Client Experience, U.S. Bank Global Fund Services since March 2022; Senior Vice President and Head of Fund Services Fund Administration Department, U.S. Bank Global Fund Services (December 2003-March 2022). | Not <br>Applicable. | Not <br>Applicable. |
| Elaine E. Richards<br>(born 1968)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | Secretary & Vice President | Indefinite Term;<br>Since September 2024. | Senior Vice President, U.S. Bank Global Fund Services since July 2007. | Not <br>Applicable. | Not <br>Applicable. |
| Craig Benton<br>(born 1985)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | Treasurer & Vice President | Indefinite Term;<br>Since December 2021. | Assistant Treasurer of the Trust (2016-2021); Assistant Vice President, U.S. Bank Global Fund Services since November 2007. | Not <br>Applicable. | Not <br>Applicable. |
| Nicholas A. Moll<br>(born 1998)<br>c/o U.S. Bank<br>Global Fund<br>Services<br>615 East Michigan<br>Street<br>Milwaukee, WI<br>53202 | Assistant Treasurer | Indefinite Term;<br>Since November 2024. | Mutual Funds<br>Administrator, U.S. Bank Global Fund Services since December 2022. | Not <br>Applicable. | Not <br>Applicable. |
| Kathryn E. LaPlante Johnson<br>(born 1998)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | Assistant Treasurer | Indefinite Term; Since November 2023. | Mutual Funds Administrator, U.S. Bank Global Fund Services since June 2020; Business Administration Student, 2017-2021. | Not <br>Applicable. | Not <br>Applicable. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Address** | **Position with**<br>**the Trust**<sup>(1)</sup> | **Term of Office**<sup>(2)</sup> **and Length of Time Served** | **Principal Occupation During Past Five Years** | **Number of Portfolios**<br>**in Fund Complex**<sup>(3)</sup><br>**Overseen by Trustees** | **Other Directorships Held During the Past 5 Years** |
| Keana Hang<br>(born 1999)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | Assistant Treasurer | Indefinite Term; Since May 2025. | Mutual Funds Administrator, U.S. Bank Global Fund Services since February 2022; Economics student, 2017-2021. | Not <br>Applicable. | Not <br>Applicable. |
| Gazala Khan<br>(born 1969)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street Milwaukee, WI 53202 | Chief Compliance Officer<br>Anti-Money Laundering Officer | Indefinite Term;<br>Since November 2022. | Vice President and Compliance Officer, U.S. Bank Global Fund Services since July 2022; Chief Compliance Officer Matthews Asia Fund (May 2019-July 15, 2022); Chief Compliance Officer GS Trust/VIT (June 2009-May 2019); Vice President GSAM (May 2005-June 2009); Staff Accountant, SEC Office of Compliance Inspection and Examination (1999-2005). | Not <br>Applicable. | Not <br>Applicable. |

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<sup>(1)</sup> All Trustees of the Trust who are not "interested persons" of the Trust as defined under the 1940 Act ("Independent Trustees").

<sup>(2)</sup> Under the terms of the Board's retirement policy, a Trustee shall retire at the end of the calendar year in which he or she reaches the age of 78.

<sup>(3)</sup> The Trust is comprised of numerous series managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Funds. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes.

<sup>(4)</sup> Mr. Falkeis is considered an "interested person" of the Trust due to his position as Chief Executive Officer of Tidal ETF Services LLC, a Tidal Financial Group company and an affiliate of the Tidal Investments LLC. Tidal Investments LLC serves as investment sub-adviser to certain Funds within the Trust.

**Additional Information Concerning the Board of Trustees**

*The Role of the Board*

The Board oversees the management and operations of the Trust. Like all mutual funds, the day-to-day management and operation of the Trust is the responsibility of the various service providers to the Trust, such as the Adviser, the Distributor, the Administrator, the Custodian, and the Transfer Agent, each of whom is discussed in greater detail in this Statement of Additional Information. The Board has appointed various senior employees of the Administrator as officers of the Trust, with responsibility to monitor and report to the Board on the Trust's operations. In conducting this oversight, the Board receives regular reports from these officers and the service providers. For example, the Treasurer reports as to financial reporting matters and the President reports as to matters relating to the Trust's operations. In addition, the Adviser provides regular reports on the investment strategy and performance of the Funds. The Board has appointed a Chief Compliance Officer who administers the Trust's compliance program and regularly reports to the Board as to compliance matters. These reports are provided as part of formal "Board Meetings" which are typically held quarterly, in person, and involve the Board's review of recent

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operations. In addition, various members of the Board also meet with management in less formal settings, between formal "Board Meetings," to discuss various topics. In all cases, however, the role of the Board and of any individual Trustee is one of oversight and not of management of the day-to-day affairs of the Trust and its oversight role does not make the Board a guarantor of the Trust's investments, operations or activities.

*Board Structure, Leadership*

The Board has structured itself in a manner that it believes allows it to perform its oversight function effectively. It has established four standing committees: the Nominating and Governance Committee, the Investment Committee, and the Audit Committee, which also serves as the Qualified Legal Compliance Committee, which are discussed in greater detail below under "Trust Committees." The Board is comprised of a majority (80%) of Trustees who are Independent Trustees. The Independent Trustees have engaged their own independent counsel to advise them on matters relating to their responsibilities in connection with the Trust. The Nominating and Governance Committee, Audit Committee and Qualified Legal Compliance Committee are comprised of all of the Independent Trustees. The Chairperson of the Board is an Independent Trustee. The Trust has appointed Kathleen Barr, an Independent Trustee, as Chairperson of the Board, and she acts as a liaison with the Trust's service providers, officers, legal counsel, and other Trustees between meetings, helps to set Board meeting agendas, and serves as Chairperson during executive sessions of the Independent Trustees and Mr. Falkeis. The Board has determined not to combine the Chairperson position and the principal executive officer position and has appointed a Vice President of the Administrator as the President of the Trust, who routinely interacts with the unaffiliated investment advisers of the Trust and comprehensively manages the operational aspects of the funds in the Trust. The Board reviews its structure and the structure of its committees annually. The Board has determined that the structure of the Independent Chairperson, the composition of the Board, and the function and composition of its various committees are appropriate means to address any potential conflicts of interest that may arise.

*Board Oversight of Risk Management*

As part of its oversight function, the Board receives and reviews various risk management reports and discusses these matters with appropriate management and other personnel. Because risk management is a broad concept comprised of many elements (e.g., investment risk, issuer and counterparty risk, compliance risk, operational risks, business continuity risks, etc.), the oversight of different types of risks is handled in different ways. For example, the Audit Committee meets with the Treasurer and the Trust's independent registered public accounting firm to discuss, among other things, the internal control structure of the Trust's financial reporting function. The Board meets regularly with the Chief Compliance Officer to discuss compliance and operational risks and how they are managed. The Board also receives reports from the Adviser as to investment risks of the Fund. In addition to these reports, from time to time the Board receives reports from the Administrator and the Adviser as to enterprise risk management.

*Information about Each Trustee's Qualification, Experience, Attributes or Skills* 

The Board believes that each of the Trustees has the qualifications, experience, attributes and skills ("Trustee Attributes") appropriate to their continued service as Trustees of the Trust in light of the Trust's business and structure. In addition to a demonstrated record of business and/or professional accomplishment, each of the Trustees has served on the Board for a number of years. They have substantial board experience and, in their service to the Trust, have gained substantial insight as to the operation of the Trust. They have demonstrated a commitment to discharging their oversight duties as trustees in the interests of shareholders. The Board annually conducts a "self-assessment" wherein the effectiveness of the Board and individual Trustees is reviewed.

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In addition to the information provided in the chart above, below is certain additional information concerning each particular Trustee and his/her Trustee Attributes. The information is not all-inclusive. Many Trustee Attributes involve intangible elements, such as intelligence, integrity, work ethic, the ability to work together, the ability to communicate effectively, the ability to exercise judgment, to ask incisive questions, and commitment to shareholder interests.

Ms. Barr's Trustee Attributes include her substantial mutual fund experience, including her role as Chair of the Governing Council for the Independent Directors Council and member of the ICI Board of Governors. She has executive experience as the former owner of a registered investment adviser (Productive Capital Management, Inc.), as the Chief Administrative Officer, Senior Vice President and Senior Managing Director of Allegiant Asset Management Company (merged with PNC Capital Advisors LLC in 2009), and as the Chief Administrative Officer, Chief Compliance Officer and Senior Vice President of PNC Funds and PNC Advantage Funds (f/k/a Allegiant Funds). Ms. Barr also currently serves on the board of several registered investment companies. Ms. Barr has been determined to qualify as an Audit Committee financial expert for the Trust. Ms. Barr's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Trustees led to the Board's conclusion that she possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

Mr. Falkeis' Trustee Attributes include his substantial ETF and mutual fund experience and his experience with financial, accounting, investment and regulatory matters through his former position as Senior Vice President and Chief Financial Officer (and other positions) of U.S. Bancorp Fund Services, LLC, a full-service provider to ETFs, mutual funds and alternative investment products. Mr. Falkeis currently serves as Chief Operating Officer and Chief Executive Officer of Tidal ETF Services LLC, (2018 to present), formerly, Chief Growth Officer of Tidal Financial Group, and he has experience consulting with investment advisers regarding the legal structure of investment companies, distribution channel analysis, marketing and actual distribution of those funds. Mr. Falkeis also has substantial managerial, operational and risk oversight experience through his former positions as Chief Operating Officer and Trustee of the Direxion Funds and the Direxion Exchange Traded Funds. Mr. Falkeis' experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Trustees led to the Board's conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

Mr. Paggioli's Trustee Attributes include his substantial mutual fund and investment advisory experience. Mr. Paggioli is an independent consultant on investment company and investment advisory matters. He has held a number of senior positions with mutual fund and investment advisory organizations and related businesses, including Executive Vice President, Director and Principal of the Wadsworth Group (fund administration, distribution transfer agency and accounting services). He serves on the boards of several investment management companies and advisory firms. He is a member of the Board of Governors of the Investment Company Institute and of the Governing Council of the Independent Directors Council. He has served on various industry association and self-regulatory committees and formerly worked on the staff of the SEC. Mr. Paggioli has been determined to qualify as an Audit Committee financial expert for the Trust. The Board believes Mr. Paggioli's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Trustees led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

Mr. Parikh's Trustee Attributes include his substantial investment and executive experience in the asset management industry, including his position as Chief Executive Officer and Chief Investment Officer of RidgeWorth Investments (global investment management firm with over $41 billion in assets). He has also served as a Trustee of several investment trusts (including private investment trusts). Mr. Parikh has ongoing responsibility as a member of the Investment Working Group as part of the Board of Directors for the Ohio State University Endowments & Foundation, as well as an ongoing position as a member of the Investment Committee for the World Methodist Council Endowment Fund (a charitable

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religious foundation). Mr. Parikh has been determined to qualify as an Audit Committee financial expert for the Trust. The Board believes Mr. Parikh possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

Ms. Fornelli's Trustee Attributes include her substantial governance, legal, regulatory and business experience, including her role as an Independent Director of TriplePoint Venture Growth BDC Corp and TriplePoint Private Venture Credit, Inc. She has broad leadership experience in strategy formulation, corporate governance and risk management. She has executive experience as the Executive Director of Center for Audit Quality (2007-2019), Senior Vice President of Regulatory and Conflicts Management at Bank of America (2005-2007) and Deputy Director, Division of Investment Management with the US Securities and Exchange Commission (1998-2005). Ms. Fornelli has been determined to qualify as an Audit Committee financial expert for the Trust. The Board believes Ms. Fornelli's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Trustees led to the conclusion that she possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

**Trust Committees**

The Trust has four standing committees: the Nominating and Governance Committee, the Investment Committee and the Audit Committee, which also serves as the Qualified Legal Compliance Committee ("QLCC").

The Nominating and Governance Committee, comprised of all of the Independent Trustees, is responsible for seeking and reviewing candidates for consideration as nominees for Trustees and meets only as necessary. The Nominating and Governance Committee is also responsible for, among other things, assisting the Board in its oversight of the Trust's compliance program under Rule 38a-1 under the 1940 Act, reviewing and making recommendations regarding Independent Trustee compensation and the Trustees' annual "self-assessment." The Nominating and Governance Committee has appointed Independent Trustee Steve Paggioli as the Chairperson of the Committee. The Nominating and Governance Committee will consider nominees nominated by shareholders. Recommendations for consideration by shareholders by the Nominating Committee should be sent to the President of the Trust in writing together with the appropriate biographical information concerning each such proposed Nominee, and such recommendation must comply with the notice provisions set forth in the Trust By-Laws. In general, to comply with such procedures, such nominations, together with all required biographical information, must be delivered to and received by the President of the Trust at the principal executive offices of the Trust not later than 120 days and no more than 150 days prior to the shareholder meeting at which any such nominee would be voted on. The Nominating and Governance Committee met once during the Fund's last fiscal year with respect to the Fund.

The Investment Committee is comprised of all of the Trustees. The Investment Committee has appointed Independent Trustee Ashi Parikh as the Chairperson of the Committee. The Investment Committee generally meets on a quarterly basis to review performance of the various series of the Trust and report back to the Board. The Investment Committee incepted as of January 1, 2025 and met two times with respect to the Funds during the Funds' last fiscal year.

The Audit Committee is comprised of all of the Independent Trustees. The Audit Committee has appointed Independent Trustee Cynthia Fornelli as the Chairperson of the Committee. The Audit Committee generally meets on a quarterly basis with respect to the various series of the Trust, and may meet more frequently. The function of the Audit Committee, with respect to each series of the Trust, is to review the scope and results of the audit of such series' financial statements and any matters bearing on the audit or the financial statements, and to ensure the integrity of the series' pricing and financial reporting. The Audit Committee met once with respect to the Fund during the Fund's last fiscal year.

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The function of the QLCC is to receive reports from an attorney retained by the Trust of evidence of a material violation by the Trust or by any officer, director, employee or agent of the Trust. The QLCC did not meet with respect to the Funds during the Funds' last fiscal year.

**Trustee Ownership of Fund Shares and Other Interests**

The following table shows the amount of shares in the Funds and the amount of shares in other portfolios of the Trust owned by the Trustees as of the calendar year ended December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Dollar Range of U.S.<br>Equity Fund Shares** | **Dollar Range of<br>International Fund<br>Shares** | **Dollar Range of**<br>**Emerging Markets Fund**<br>**Shares** | **Dollar Range of**<br>**Value Fund**<sup>(1)</sup><br>**Shares** | **Aggregate Dollar<br>Range of Fund Shares<br>in the Trust** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Eric W. Falkeis<sup>(2)</sup> |  |  |  |  | $10001-$50000 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Kathleen T. Barr |  |  |  |  | $50001-$100000 |
| Steven J. Paggioli |  |  |  |  | Over $100,000 |
| Ashi S. Parikh |  |  |  |  | Over $100,000 |
| Cynthia M. Fornelli |  |  |  |  |  |

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<sup>(1)</sup> As of the date of this SAI, the **Value Fund** had not yet commenced operations.

<sup>(2)</sup> As of January 1, 2026 Eric W. Falkeis is an Interested Trustee.

Furthermore, neither the Independent Trustees nor members of their immediate family, own securities beneficially or of record in the Adviser, the Funds' principal underwriter, or any of their affiliates. Accordingly, during the two most recently completed calendar years, neither the Independent Trustees nor members of their immediate family have had a direct or indirect interest during the two most recently completed calendar years, the value of which exceeds $120,000, in the Adviser, the Funds' principal underwriter or any of its affiliates.

**Compensation**

Effective January 1, 2026, the Independent Trustees were due to receive an annual retainer of $160,000 and Mr. Falkeis, as an Interested Trustee, was due to receive an annual retainer of $150,000, allocated among each of the various portfolios comprising the Trust. All trustees were due to receive an additional $12,000 per regularly scheduled Board meeting, and an additional $3,500 per special meeting, paid by the Trust or applicable advisors/portfolios, as well as reimbursement for expenses incurred in connection with attendance at Board meetings. The Chairperson of the Audit Committee receives additional compensation of $20,000 annually, the Chairperson of the Nominating and Governance Committee receives additional compensation of $10,000 annually, the Chair person of the Investment Committee receives additional compensation of $10,000 annually, and the Chairperson of the Board of Trustees receives additional compensation of $45,000 annually, and such compensation is also allocated among each of the various portfolios comprising the Trust.

From January 1, 2025 through December 31, 2025, the Trustees were due to receive an annual retainer of $150,000 allocated among each of the various portfolios comprising the Trust, an additional $10,000 per regularly scheduled Board meeting, and an additional $3,500 per special meeting, paid by the Trust or applicable advisors/portfolios, as well as reimbursement for expenses incurred in connection with attendance at Board meetings. The Chairperson of the Audit Committee receives additional compensation of $20,000 annually, the Chairperson of the Nominating and Governance Committee receives additional compensation of $10,000 annually, the Chairperson of the Investment Committee receives additional compensation of $10,000 annually, and the Chairperson of the Board of Trustees receives additional compensation of $30,000 annually, and such compensation is also allocated among each of the various portfolios comprising the Trust.

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Trustees receive additional fees from the applicable portfolios for any special meetings at rates assessed by the Trustees depending on the length of the meeting and whether in-person attendance is required. All Trustees will be reimbursed for expenses in connection with each Board meeting attended, which reimbursement is allocated among applicable portfolios of the Trust. The Trust has no pension or retirement plan. No other entity affiliated with the Trust pays any compensation to the Trustees. Set forth below is the rate of compensation received by the following Trustees for the fiscal year ended September 30, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Person/Position** | **Aggregate<br>Compensation<br>From the<br>International<br>Fund** | **Aggregate<br>Compensation<br>From the U.S.<br>Equity Fund** | **Aggregate**<br>**Compensation**<br>**From the Emerging Markets Fund** | **Aggregate**<br>**Compensation**<br>**From the Value Fund**<sup>(2)</sup> | **Pension or<br>Retirement<br>Benefits<br>Accrued as<br>Part of<br>Fund<br>Expenses** | **Estimated<br>Annual<br>Benefits<br>Upon<br>Retirement** | **Total**<br>**Compensation**<br>**from Funds**<br>**and Fund**<br>**Complex**<br>**Paid to**<br>**Trustees** |
| Kathleen T. Barr, Independent Trustee | $6677 | $5588 | $5595 |  |  |  | $17860 |
| Eric W. Falkeis, <br>Interested Trustee<sup>(3)</sup> | $5689 | $4551 | $4558 |  |  |  | $14799 |
| Steven J. Paggioli, Independent Trustee | $5427 | $4338 | $4345 |  |  |  | $14110 |
| Ashi S. Parikh, Independent Trustee | $5644 | $4516 | $4523 |  |  |  | $14683 |
| Cynthia M. Fornelli<br>Independent Trustee | $5974 | $4782 | $4790 |  |  |  | $15546 |

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<sup>(1)</sup> There are currently numerous portfolios comprising the Trust. The term "Fund Complex" applies only to the Funds. For the fiscal year ended September 30, 2025, Trustees' fees and expenses in the amount of $1,045,100 were incurred by the Trust.

<sup>(2)</sup> As of the date of this SAI, the **Value Fund** had not yet commenced operations.

<sup>(3)</sup> As of January 1, 2026.

**Codes of Ethics**

The Trust and the Adviser have each adopted separate Codes of Ethics pursuant to Rule 17j-1 under the 1940 Act. These Codes permit, subject to certain conditions, access persons of the Adviser to invest in securities that may be purchased or held by the Fund. The Distributor, as defined below, relies on the principal underwriter's exception under Rule 17j-1(c)(3), of the 1940 Act, specifically where the Distributor is not affiliated with the Trust or the Adviser, and no officer, director or general partner of the Distributor serves as an officer, director or general partner of the Trust or the Adviser.

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**PROXY VOTING POLICY**

The Board has adopted Proxy Voting Policies and Procedures (the "Policies") on behalf of the Trust which delegate the responsibility for voting proxies to the Adviser, subject to the Board's continuing oversight. The Policies require that the Adviser vote proxies received in a manner consistent with the best interests of the Funds and their shareholders. The Policies also require the Adviser to present to the Board, at least annually, the Adviser's Proxy Policies (as defined below) and a record of each proxy voted by the Adviser on behalf of a Fund, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest. The Adviser has also adopted the following Proxy Voting Policies and Procedures ("Adviser's Proxy Policies").

The Adviser's proxy voting guidelines are designed to promote best global corporate governance practices wherever possible. The guidelines advocate for increased board independence, disclosure, transparency and management accountability to shareholders. To achieve these objectives, Boston Common does not always vote with the recommendations of management.

The Adviser pays particular attention to nominations for boards of directors. For U.S. companies, the Adviser may vote against the election of the board of directors if after the election the board does not include both a female and a racial minority, females will not represent 30% or more of the directors, or if the board is not comprised of a majority of independent directors. For non-U.S. companies, the Adviser may vote against the election of the board of directors in Canada, United Kingdom, Ireland, Australia and Europe if after the election the board does not include at least one racial minority and females will not represent 30% of more of the directors. For non-U.S. companies in India, the Adviser may vote against the election of the board of directors if after the election the board does not include at least two females. In all other regions, the Adviser may vote against the election of the board of directors if after the election the board does not include at least one female.

The Adviser carefully evaluates the merit of shareholder-sponsored resolutions and will likely vote in favor of resolutions that encourage management to increase disclosure, transparency and accountability on corporate governance, social, and environmental issues. For example, the Adviser generally supports resolutions requiring increased disclosure on a company's policies and practices relating to the environment, executive compensation, human rights, and labor and employment, and gender pay gap and climate change proposals. The Adviser also files shareholder proposals related to these issues on behalf of its clients. The Adviser may vote against any item that would tend to give a company's management a "blank check" or that would encourage the entrenchment of management. Examples include classified boards, restrictions against cumulative voting, establishment of different classes of stock, excessive compensation, poor stewardship, golden parachutes, or any activity that could be viewed as a "poison pill" maneuver. This would also include proposals that seek to expand the number of options, reprice options, or other actions that would excessively dilute common stock shares.

The Adviser's policy is to resolve any conflicts of interest to the clients' benefit. The Adviser's investment team is consulted if a question or potential conflict arises between the Adviser and its client. The Adviser also uses its proxy administrator, Institutional Shareholder Services (ISS), to vote proxies according to specific, pre-determined, custom guidelines. The retention of ISS is one way in which the Adviser resolves potential conflicts between its interests and those of its clients.

The Trust is required to file a Form N-PX, with each Fund's complete proxy voting record for the 12 months ended June 30, no later than August 31st of each year. Form N-PX for each Fund will be available without charge, upon request, by calling toll-free (877) 777-6944 and on the SEC's website at http://www.sec.gov.

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**CONTROL PERSONS, PRINCIPAL SHAREHOLDERS, AND MANAGEMENT OWNERSHIP**

A principal shareholder is any person who owns of record or beneficially owns 5% or more of the outstanding shares of the Fund. A control person is any person who owns beneficially or through controlled companies more than 25% of the voting securities of the Fund or acknowledges the existence of control. As of January 1, 2026 the Trustees and Officers of the Trust as a group did not own any of the outstanding shares of the Funds. Furthermore, neither the Trustees, nor members of their immediate family, own securities beneficially or of record in the Adviser, the Funds' principal underwriter, or any of their affiliates. Accordingly, neither the Trustees, nor members of their immediate family, have a direct or indirect interest, the value of which exceeds $120,000, in the Adviser, the Funds' principal underwriter or any of their affiliates. As of January 1, 2026, the following shareholders were considered to be either a control person or principal shareholder of the Funds:

**<u>Control Persons of the International Fund</u>**

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership** |
| Charles Schwab & Co. Inc.<br>211 Main Street<br>San Francisco, CA 94105-1905 | 48.04% | Record |

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**<u>Principal Shareholders of the International Fund</u>**

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership** |
| SEI Private Trust Company<br>Attn Mutual Fund Administrator<br>c/o Principal Financial ID 636<br>One Freedom Valley Drive<br>Oaks, PA 19456-9989 | 13.26% | Record |
| CAPINCO c/o US Bank NA<br>1555 N. Rivercenter Dr., Suite 302<br>Milwaukee, WI 53212-3958 | 9.90% | Record |
| National Financial Services, LLC<br>499 Washington Blvd. Fl 4th<br>Jersey City, NJ 07310-1995 | 8.85% | Record |

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**<u>Control Persons of the U.S. Equity Fund</u>**

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership** |
| Charles Schwab & Co. Inc.<br>211 Main Street<br>San Francisco, CA 94105-1905 | 53.23% | Record |

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**<u>Principal Shareholders of the U.S. Equity Fund</u>**

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership** |
| CAPINCO c/o US Bank NA<br>1555 N. Rivercenter Dr., Suite 302<br>Milwaukee, WI 53212-3958 | 14.88% | Record |
| JP Morgan Securities LLC<br>575 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-1616 | 8.05% | Record |

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**<u>Control Persons of the Emerging Markets Fund</u>**

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership** |
| Charles Schwab & Co. Inc.<br>211 Main Street<br>San Francisco, CA 94105-1905 | 33.22% | Record |

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**<u>Principal Shareholders of the Emerging Markets Fund</u>**

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership** |
| Washinco<br>1555 N. RiverCenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 20.90% | Record |
| PERSHING LLC<br>P.O. Box 2052<br>Jersey City, NJ 07303-2052 | 18.21% | Record |
| National Financial Services, LLC<br>499 Washington Blvd. Fl 4th<br>Jersey City, NJ 07310-1995 | 14.73% | Record |
| CAPINCO c/o US Bank NA<br>1555 N. Rivercenter Dr., Suite 302<br>Milwaukee, WI 53212-3958 | 11.13% | Record |

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**THE FUNDS' INVESTMENT ADVISER**

As stated in the Prospectus, investment advisory services are provided to the Funds by Boston Common Asset Management, LLC, the Adviser, pursuant to an investment advisory agreement (the "Advisory Agreement") with the Trust. The Adviser's address is 200 State Street, 7<sup>th</sup> Floor, Boston, Massachusetts 02109. There are no control persons of the Adviser.

The Advisory Agreement continues in effect from year to year only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Funds' outstanding voting securities and by a majority of the Independent Trustees, who are not parties to the Advisory Agreement or interested persons of any such party, in each case cast in person at a meeting called for the purpose of voting on the Advisory Agreement. The Advisory Agreement is terminable without penalty by the Trust on behalf of each Fund on not more than 60 days', or less than 30 days', written notice to the Adviser when authorized either by a majority vote of a Fund's shareholders or by a vote of a majority of the Trustees, or by the Adviser on not more than 60 days', or less than 30 days', written notice to the Trust, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act). The Advisory Agreement provides that the Adviser shall not be liable under such agreement for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution of portfolio transactions for a Fund, except for willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties thereunder.

After its initial two-year term, the Advisory Agreement will continue in effect from year to year only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Value Fund's outstanding voting securities and by a majority of the Independent Trustees, who are not parties to the Advisory Agreement or interested persons of any such party, in each case cast in person at a meeting called for the purpose of voting on the Advisory Agreement. The Advisory Agreement is terminable without penalty by the Trust on behalf of the Fund on not more than 60 days', or less than 30 days', written notice to the Adviser when authorized either by a majority vote of the Fund's shareholders or by a vote of a majority of the Trustees, or by the Adviser on not more than 60 days', or less than 30

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days', written notice to the Trust, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act). The Advisory Agreement provides that the Adviser shall not be liable under such agreement for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution of portfolio transactions for the Fund, except for willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties thereunder.

In consideration of the services provided by the Adviser pursuant to the Advisory Agreement, the Adviser is entitled to receive an investment advisory fee from each Fund computed daily and paid monthly, at an annual rate of 0.85% for the Emerging Markets Fund, 0.80% for the International Fund, 0.75% for the U.S. Equity Fund, and 0.70% for the Value Fund. However, the Adviser may voluntarily agree to reduce a portion of the fees payable to it on a month-to-month basis.

Each Fund is responsible for its own operating expenses. The Adviser has contractually agreed to reduce fees and/or pay Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, tax, and extraordinary expenses) in order to the limit the Fund's Total Annual Fund Operating Expenses to 0.86% for the International Fund, 1.00% for the U.S. Equity Fund, 0.99% for the Emerging Markets Fund and 0.90% for the Value Fund (the "Expense Caps"). The Expense Caps will remain in effect through at least January 31, 2027, except for the Value Fund which will remain in effect through at least January 31, 2028, as shown in the Example contained in the Prospectus and may continue thereafter for an indefinite period, as determined by the Board. The Adviser is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three years. Any such reimbursement is subject to the Board's review and approval. This reimbursement may be requested by the Adviser if the aggregate amount actually paid by the Fund toward operating expenses for such period (taking into account the reimbursement) does not exceed the lesser of the Expense Caps in place at the time of waiver or at the time of reimbursement.

The International Fund paid the following fees to the Adviser for the fiscal periods shown:

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| | | | |
|:---|:---|:---|:---|
| **International Fund<br>Fiscal Year Ended** | **Fees Accrued** | **Fees (Waived) /<br>Recouped** | **Net Fees Paid to Adviser** |
| **September 30, 2025** | $2680600 | $(522486) | $2158114 |
| **September 30, 2024** | $3492145 | $(625207) | $2866938 |
| **September 30, 2023** | $3927551 | $(530073) | $3397478 |

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The U.S. Equity Fund paid the following fees to the Adviser for the fiscal periods shown:

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| | | | |
|:---|:---|:---|:---|
| **U.S. Equity Fund<br>Fiscal Year Ended** | **Fees Accrued** | **Fees (Waived) /<br>Recouped** | **Net Fees Paid to Adviser** |
| **September 30, 2025** | $516987 | $(82368) | $434619 |
| **September 30, 2024** | $460969 | $(105576) | $355393 |
| **September 30, 2023** | $389807 | $(88702) | $301105 |

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The Emerging Markets Fund<sup>(1)</sup> paid the following fees to the Adviser for the fiscal periods shown:

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| | | | |
|:---|:---|:---|:---|
| **Emerging Markets Fund<br>Fiscal Year Ended** | **Fees Accrued** | **Fees (Waived) /<br>Recouped** | **Net Fees Paid to Adviser** |
| **September 30, 2025** | $616750 | $(237986) | $378764 |
| **September 30, 2024** | $428820 | $(232015) | $196805 |
| **September 30, 2023** | $266878 | $(217379) | $49499 |

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<sup>(1)</sup> The Emerging Markets Fund commenced operations on September 20, 2021.

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**PORTFOLIO MANAGERS**

An investment team is responsible for the day-to-day management of the Funds. The members of the investment team include: Geeta B. Aiyer, CFA, Matt Zalosh, CFA, Praveen Abichandani, CFA, Liz Su, CFA, Kim Ryan, CFA, and Matt Meade, CFA. The following provides information regarding other accounts managed by the investment team as of September 30, 2025. Asset amounts are approximate and have been rounded.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category of Account** | **Total Number of<br>Accounts Managed** | **Total Assets in<br>Accounts Managed** | **Number of<br>Accounts for<br>which<br>Advisory Fee is<br>Based on<br>Performance** | **Assets in<br>Accounts for<br>which Advisory<br>Fee is Based on<br>Performance** |
| **Geeta B. Aiyer, CFA** | | | | |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 2 | $219938310 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 105 | $189945293 | 0 | $0 |
| **Matt Zalosh, CFA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | 1 | $549140158 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 6 | $819028755 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 162 | $912126583 | 0 | $0 |
| **Praveen Abichandani, CFA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | 1 | $549140158 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 6 | $547536887 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 463 | $1823916287 | 0 | $0 |
| **Liz Su, CFA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | 1 | $549140158 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 3 | $287723247 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 3 | $77604933 | 0 | $0 |
| **Kim Ryan, CFA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | 1 | $549140158 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 1 | $219938310 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 301 | $913789703 | 0 | $0 |
| **Matt Meade, CFA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Registered Investment Companies | 0 | $0 | 0 | $0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category of Account** | **Total Number of<br>Accounts Managed** | **Total Assets in<br>Accounts Managed** | **Number of<br>Accounts for<br>which<br>Advisory Fee is<br>Based on<br>Performance** | **Assets in<br>Accounts for<br>which Advisory<br>Fee is Based on<br>Performance** |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 196 | $723844410 | 0 | $0 |

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*Portfolio Managers' Compensation.* Portfolio managers are compensated with base salaries and bonuses consistent with industry standards. Salaries are not based on the performance of the Funds or their overall net assets. Portfolio managers each receive a bonus based on the Adviser's profitability. The Adviser also allows the employees to participate in a profit-sharing plan, which receives a discretionary annual contribution from the Adviser's income stream. The profit-sharing plan is invested in the Adviser's investment strategies so that the employees participate in the risks and rewards of the clients. From time to time, senior employees may receive ownership interest in the advisory firm and may receive dividends associated with such interest.

*Portfolio Managers' Ownership Interest in the Funds.*

The following indicates the dollar range of beneficial ownership of the Funds' shares by the portfolio managers as of September 30, 2025 using the following ranges: None; $1-$10,000; $10,001-$50,000; $50,001-$100,000; $100,001-$500,000; $500,001-$1,000,000; and over $1,000,000:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity Securities in the International Fund Beneficially Owned** | **Dollar Range of Equity Securities in the U.S. Equity Fund Beneficially Owned** | **Dollar Range of Equity Securities in the Emerging Markets Fund Beneficially Owned** | **Dollar Range of Equity Securities in the Value Fund**<sup>(1)</sup> **Beneficially Owned** |
| Geeta B. Aiyer, CFA | $10001-$50000 | $100001-$500000 |  |  |
| Matt Zalosh, CFA | $100001-$500000 | $100001-$500000 | $50001-$100000 |  |
| Praveen Abichandani, CFA | $100001-$500000 | $100001-$500000 |  |  |
| Liz Su, CFA | $100001-$500000 | $10001-$50000 | $100001-$500000 |  |
| Kim Ryan, CFA | $1-$10000 |  | $1-$10000 |  |
| Matt Meade, CFA | $1-$10000 | $1-$10000 |  |  |

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<sup>(1)</sup> As of the date of this SAI, the Value Fund had not yet commenced operations.

*Managing Conflicts of Interest*. Actual or apparent material conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one investment account or in other circumstances. Portfolio managers of the Funds may be presented with potential conflicts of interests in the allocation of investment opportunities, the allocation of their time and investment ideas and the allocation of aggregated orders among the Funds' accounts and other accounts managed by the portfolio managers, affiliated client accounts, and any accounts in which the portfolio managers may have personal investments. As described above, the portfolio managers participate in the profit-sharing plan and therefore are entitled to earnings proportionate to their respective ownership interests in the plan. The Adviser believes such inherent conflicts of interest in managing accounts for various clients are controlled and mitigated by the Adviser' Trade Allocation Policy, Code of Ethics and other compliance policies and procedures to which the portfolio managers are subject.

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**SERVICE PROVIDERS**

**Administrator, Fund Accountant, Transfer Agent and Dividend Disbursing Agent**

Pursuant to an administration agreement (the "Administration Agreement"), U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") 615 East Michigan Street, Milwaukee, Wisconsin 53202, acts as the administrator to the Funds. Fund Services provides certain services to the Funds including, among other responsibilities, coordinating the negotiation of contracts and fees with, and the monitoring of performance and billing of, the Funds' independent contractors and agents; preparation for signature by an officer of the Trust of all documents required to be filed for compliance by the Trust and the Funds with applicable laws and regulations, excluding those of the securities laws of various states; arranging for the computation of performance data, including NAV and yield; responding to shareholder inquiries; and arranging for the maintenance of books and records of the Funds, and providing, at its own expense, office facilities, equipment and personnel necessary to carry out its duties. In this capacity, Fund Services does not have any responsibility or authority for the management of the Funds, the determination of investment policy, or for any matter pertaining to the distribution of a Fund's shares.

Pursuant to the Administration Agreement, as compensation for its services, Fund Services receives from the Funds, a fee based on the Funds' current average daily net assets. Fund Services also is entitled to certain out-of-pocket expenses. Fund Services also acts as fund accountant, transfer agent and dividend disbursing agent under separate agreements. Additionally, Fund Services provides Chief Compliance Officer ("CCO") services to the Trust under a separate agreement. The cost for the Chief Compliance Officer's services is charged to the Funds and approved by the Board annually.

During the fiscal years ended September 30 shown below, each Fund paid the following administration fees:

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| | | | |
|:---|:---|:---|:---|
| | **Administration Fees** | **Administration Fees** | **Administration Fees** |
| **Fund** | **2025** | **2024** | **2023** |
| International Fund | $220462 | $285368 | $252317 |
| U.S. Equity Fund | $63367 | $68066 | $55548 |
| Emerging Markets Fund | $64586 | $68779 | $56279 |
| Value Fund<sup>(1)</sup> | N/A | N/A | N/A |

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<sup>(1)</sup> As of the date of this SAI, the **Value Fund** had not yet commenced operations.

**Custodian**

U.S. Bank N.A., is the custodian of the assets of the Funds (the "Custodian") pursuant to a custody agreement between the Custodian and the Trust, whereby the Custodian provides services for fees on a transactional basis plus out-of-pocket expenses. The Custodian's address is 1555 N. RiverCenter Drive, Suite 302, Milwaukee, Wisconsin 53212. The Custodian does not participate in decisions relating to the purchase and sale of securities by the Funds. Fund Services and U.S. Bank N.A are affiliated entities under the common control of U.S. Bancorp. The Custodian and its affiliates may participate in revenue sharing arrangements with the service providers of mutual funds in which the Funds may invest.

**Independent Registered Public Accounting Firm and Legal Counsel**

Tait, Weller & Baker LLP, Two Liberty Place, 50 South 16<sup>th</sup> Street, Suite 2900, Philadelphia, Pennsylvania 19102 is the independent registered public accounting firm, providing audit services, tax

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services and assistance with respect to the preparation of filings with the U.S. Securities and Exchange Commission for the Funds.

Sullivan & Worcester LLP, 1251 Avenue of the Americas, 19th Floor, New York, New York 10020, serves as legal counsel to the Trust. Sullivan & Worcester also serves as independent legal counsel to the Board of Trustees.

**EXECUTION OF PORTFOLIO TRANSACTIONS**

Pursuant to the Advisory Agreement, the Adviser determines which securities are to be purchased and sold by each Fund and which broker-dealers are eligible to execute a Fund's portfolio transactions. Purchases and sales of securities in the over-the-counter market will generally be executed directly with a "market-maker" unless, in the opinion of the Adviser, a better price and execution can otherwise be obtained by using a broker for the transaction.

Purchases of portfolio securities for the Funds also may be made directly from issuers or from underwriters. Where possible, purchase and sale transactions will be effected through dealers (including banks) that specialize in the types of securities which a Fund will be holding, unless better executions are available elsewhere. Dealers and underwriters usually act as principal for their own accounts. Purchases from underwriters will include a concession paid by the issuer to the underwriter and purchases from dealers will include the spread between the bid and the asked price. If the execution and price offered by more than one dealer or underwriter are comparable, the order may be allocated to a dealer or underwriter that has provided research or other services as discussed below.

In placing portfolio transactions, the Adviser will seek best execution. The full range and quality of services will be considered in making this determination, such as the size of the order, the difficulty of execution, the operational facilities of the firm involved, the firm's risk in positioning a block of securities, and other factors, such as the research and other services provided by the broker-dealer. In those instances where it is reasonably determined that more than one broker-dealer can offer the best execution, the Adviser considers such information, which is in addition to and not in lieu of the services required to be performed by it under the Advisory Agreement with the Funds, to be useful in varying degrees, but of indeterminable value. Portfolio transactions may be placed with broker-dealers who sell shares of the Funds subject to rules adopted by the Financial Industry Regulatory Authority ("FINRA") and the SEC.

In accordance with Section 28(e) under the Securities and Exchange Act of 1934, the Adviser may cause the Funds to pay a higher commission to a broker-dealer that provides it with brokerage and research services in a "soft-dollar" arrangement, even if the services it receives in exchange are not directly useful to the Funds and may be useful to the Adviser in advising other clients. It does this when it determines in good faith that the higher commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker. In selecting brokers, the Adviser seeks competitively-priced brokerage services where the broker-dealer can provide value-added, company-specific, and thematic industry research, including meetings with management and conferences. However, where research products or services are provided through "soft dollar" arrangements, there is a conflict between the Adviser's interests and clients' interests because the Adviser does not have to pay for the research, research products and services that are paid for with soft-dollar credits. The Adviser mitigates this conflict of interest by periodically examining the value of the services provided by the brokers with whom it does business and the amount of brokerage given to these brokers as opposed to execution-only brokers. A particular client may not receive a direct benefit from the Adviser's use of that client's commission dollars to obtain soft dollar benefits. For example, a client invested solely in U.S. securities would not benefit from research on foreign markets that the Adviser obtained through soft dollars. Likewise, a client invested only in international securities would not benefit from research on U.S. markets obtained through soft dollars. The Adviser's use of soft dollars is designed to fall within the safe harbor provisions of Section 28(e) of the Securities and Exchange Act.

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Often, identical securities will be acceptable for both a Fund and one or more of the Adviser's client accounts or mutual funds. In such event, the position of a Fund and such client account(s) or mutual funds in the same issuer may vary and the length of time that each may choose to hold its investment in the same issuer may likewise vary. However, to the extent any of these client accounts or mutual fund seeks to acquire the same security as a Fund at the same time, a Fund may not be able to acquire as large a portion of such security as it desires, or it may have to pay a higher price or obtain a lower yield for such security. Similarly, a Fund may not be able to obtain as high a price for, or as large an execution of, an order to sell any particular security at the same time. If one or more of such client accounts or mutual fund simultaneously purchases or sells the same security that a Fund is purchasing or selling, each day's transactions in such security will be allocated between such Fund and all such client accounts or mutual funds in a manner deemed equitable by the Adviser, taking into account the respective sizes of the accounts and the amount being purchased or sold. It is recognized that in some cases this system could have a detrimental effect on the price or value of the security insofar as the Funds are concerned. In other cases, however, it is believed that the ability of a Fund to participate in volume transactions may produce better executions for such Fund.

The Funds do not effect securities transactions through brokers in accordance with any formula, nor do they effect securities transactions through brokers for selling shares of the Funds. However, as stated above, broker-dealers who execute brokerage transactions may effect purchases of shares of a Fund for their customers.

During the fiscal years ended September 30 shown below, each Fund paid the following brokerage commissions.

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| | | | |
|:---|:---|:---|:---|
| **Brokerage Commissions** | **Brokerage Commissions** | **Brokerage Commissions** | **Brokerage Commissions** |
| **Fund** | **2025** | **2024** | **2023** |
| International Fund | $309900 | $366421 | $295249 |
| U.S. Equity Fund | $8651 | $7218 | $9130 |
| Emerging Markets Fund | $53566 | $36781 | $27436 |
| Value Fund<sup>(1)</sup> | N/A | N/A | N/A |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>As of the date of this SAI, the **Value Fund** had not yet commenced operations.

The following was paid to firms for research, statistical or other services provided to the Adviser:

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| | |
|:---|:---|
| **Brokerage Commissions Used For Research:** | **Brokerage Commissions Used For Research:** |
| International Fund | $146583.86 |
| U.S. Equity Fund | $6484.97 |
| Emerging Markets Fund | $30966.72 |

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As of the close of the fiscal period ended September 30, 2025, the International Fund owned $4,082,342 in securities in the Macquarie Group Ltd; the Emerging Markets and U.S. Equity Funds did not own any securities of their regular broker-dealers as defined by Rule 10b-1 under the 1940 Act.

**CAPITAL STOCK**

Shares issued by the Funds have no preemptive, conversion or subscription rights. Shareholders have equal and exclusive rights as to dividends and distributions as declared by the Funds and to the net assets of the Funds upon liquidation or dissolution. The Funds, each a separate series of the Trust, vote separately on matters affecting only the Funds (*e.g.*, approval of the Advisory Agreement); all series of the Trust vote as a single class on matters affecting all series jointly or the Trust as a whole (*e.g.*, election or removal of Trustees). Voting rights are not cumulative, so that the holders of more than 50% of the

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shares voting in any election of Trustees can, if they so choose, elect all of the Trustees. While the Trust is not required and does not intend to hold annual meetings of shareholders, such meetings may be called by the Trustees in their discretion, or upon demand by the holders of 10% or more of the outstanding shares of the Trust, for the purpose of electing or removing Trustees.

**DETERMINATION OF SHARE PRICE**

The NAV per share of a Fund is determined as of the close of regular trading on the New York Stock Exchange (the "NYSE") (generally 4:00 p.m., Eastern time), each day the NYSE is open for trading. The NYSE annually announces the days on which it will not be open for trading. It is expected that the NYSE will not be open for trading on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

Generally, a Fund's investments are valued at market value or, in the absence of a market value, at fair value as determined in good faith pursuant to procedures approved by the Adviser. Pursuant to those procedures, the Adviser considers, among other things: (1) the last sales price on the securities exchange, if any, on which a security is primarily traded; (2) the mean between the bid and asked prices; (3) price quotations from an approved pricing service, and (4) other factors as necessary to determine a fair value under certain circumstances.

Securities primarily traded on U.S. national or foreign securities exchanges for which market quotations are readily available shall be valued at either the last reported sale price on the day of valuation, or the exchange's official closing price, if applicable. If there has been no sale on such day, then the mean between the bid and asked prices will be used. Securities and assets for which market quotations are not readily available (including restricted securities which are subject to limitations as to their sale) are valued at fair value as determined in good faith under procedures approved by or under the direction of the Adviser.

Short-term debt obligations, including short-term debt obligations having a maturity of less than 60 days, are valued at the mean evaluated price supplied by a pricing service.

The securities in a Fund's portfolio, including ADRs, EDRs and GDRs, which are traded on securities exchanges are valued at the last sale price on the exchange on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any reported sales, at the mean between the last available bid and asked price. Securities that are traded on more than one exchange are valued on the exchange determined by the Adviser to be the primary market.

The Funds may invest in foreign securities, and as a result, the calculation of a Fund's NAV may not take place contemporaneously with the determination of the prices of certain of the Fund's securities used in the calculation. Occasionally, events which affect the values of such securities and such exchange rates may occur between the times at which they are determined and the close of the NYSE and will therefore not be reflected in the computation of a Fund's NAV. If events materially affecting the value of such securities occur during such period, then these securities may be valued at their fair value as determined in good faith under procedures established by and under the supervision of the Board as described above. Portfolio securities that are traded both on an exchange and in the OTC market will be valued according to the broadest and most representative market. All assets and liabilities initially expressed in foreign currency values will be converted into U.S. dollar values at the mean between the bid and offered quotations of the currencies against U.S. dollars as last quoted by any recognized dealer. When portfolio securities are traded, the valuation will be the last reported sale price on the day of valuation.

For foreign securities traded on foreign exchanges, the Trust has selected ICE Data Service's Fair Value Information Services ("FVIS") to provide pricing data with respect to foreign security holdings

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held by the Funds. 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 a Fund's securities traded on those foreign exchanges. Each Fund utilizes 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 compared to movements in various indices and the price of the security's corresponding American Depositary Receipt, 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 a Fund 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.

All other assets of the Funds are valued in such manner as the Board in good faith deems appropriate to reflect their fair value.

**ADDITIONAL PURCHASE AND REDEMPTION INFORMATION**

The information provided below supplements the information contained in the Funds' Prospectuses regarding the purchase and redemption of Fund shares.

**How to Buy Shares**

In addition to purchasing shares directly from the Funds, you may purchase shares of the Funds through certain financial intermediaries and their agents that have made arrangements with the Fund and are authorized to buy and sell shares of the Fund (collectively, "Financial Intermediaries"). Investors should contact their Financial Intermediary directly for appropriate instructions, as well as information pertaining to accounts and any service or transaction fees that may be charged. If you transmit your order to these Financial Intermediaries before the close of regular trading (generally 4:00 p.m., Eastern time) on a day that the NYSE is open for business, your order will be priced at a Fund's NAV next computed after it is received by the Financial Intermediary. Investors should check with their Financial Intermediary to determine if it participates in these arrangements.

The public offering price of Fund shares is its NAV. Shares are purchased at the public offering price next determined after Fund Services receives your order in good order as discussed in the Funds' Prospectuses. In order to receive that day's public offering price, Fund Services must receive your order in good order before the close of regular trading on the NYSE, normally 4:00 p.m., Eastern time.

The Trust reserves the right in its sole discretion (1) to suspend the continued offering of a Fund's shares, (2) to reject purchase orders in whole or in part when in the judgment of the Adviser or the distributor such rejection is in the best interest of a Fund, and (3) to reduce or waive the minimum for initial and subsequent investments for certain fiduciary accounts or under circumstances where certain economies can be achieved in sales of a Fund's shares.

**How to Sell Shares and Delivery of Redemption Proceeds**

You can sell your Fund shares any day the NYSE is open for regular trading. The Funds typically send redemption proceeds on the next business day (a day when the NYSE is open for normal business) after the redemption request is received in good order and prior to market close, regardless of whether the redemption proceeds are sent via check, wire, or automated clearing house (ACH) transfer. Under unusual circumstances, the Funds may suspend redemptions, or postpone payment for up to seven days, as permitted by federal securities law.

The Funds typically expect that they will hold cash or cash equivalents to meet redemption requests. The Funds may also use the proceeds from the sale of portfolio securities to meet redemption

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requests if consistent with the management of the Funds. In situations in which investment holdings in cash or cash equivalents are not sufficient to meet redemption requests or when the sale of portfolio securities is not sufficient to meet redemption requests, a Fund will typically borrow money through its line of credit. These redemption methods will be used regularly and may also be used in stressed market conditions. The Funds reserve the right to pay redemption proceeds to you in whole or in part through a redemption in-kind as described under "Redemptions In-Kind" below. Redemptions in-kind are typically used to meet redemption requests that are a large percentage of a Fund's net assets in order to minimize the effect of large redemptions on a Fund and its remaining shareholders. Redemptions in-kind may be used regularly in such circumstances and may also be used in stressed market conditions.

A Fund may suspend the right of redemption or postpone the date of payment during any period when (a) trading on the NYSE is restricted as determined by the SEC or the NYSE is closed for other than weekends and holidays; (b) an emergency exists as determined by the SEC making disposal of portfolio securities or valuation of net assets of a Fund not reasonably practicable; or (c) for such other period as the SEC may permit for the protection of a Fund's shareholders.

The value of shares on redemption or repurchase may be more or less than the investor's cost, depending upon the market value of a Fund's portfolio securities at the time of redemption or repurchase. As with all investments, the purchase of shares in the Funds involve the risk of loss.

**Telephone Redemptions**

Shareholders with telephone transactions privileges established on their account may redeem Fund shares by telephone. Upon receipt of any instructions or inquiry by telephone from a person claiming to be the shareholder, a Fund or its authorized agent may carry out the instructions and/or respond to the inquiry, consistent with the shareholder's previously established account service options. For joint accounts, instructions or inquires from either party will be carried out without prior notice to the other account owners. In acting upon telephone instructions, the Funds and their agents use procedures that are reasonably designed to ensure that such instructions are genuine. These include recording all telephone calls, requiring pertinent information about the account and sending written confirmation of each transaction to the registered owner.

Fund Services will employ these and other reasonable procedures to confirm that instructions communicated by telephone are genuine. If Fund Services fails to employ reasonable procedures, a Fund and Fund Services may be liable for any losses due to unauthorized or fraudulent instructions. If these procedures are followed, however, to the extent permitted by applicable law, neither the Funds nor their agents will be liable for any loss, liability, cost or expense arising out of any redemption request, including any fraudulent or unauthorized request. For additional information, contact Fund Services.

During periods of unusual market changes and shareholder activity, you may experience delays in contacting Fund Services by telephone. In this event, you may wish to submit a written redemption request, as described in the Prospectus or contact your investment representative. Telephone redemption privileges may be modified or terminated without notice.

**Redemptions In-Kind**

The Trust has elected to be governed by Rule 18f-1 under the 1940 Act so that the Funds are obligated to redeem their shares solely in cash up to the lesser of $250,000 or 1% of its net asset value during any 90-day period for any shareholder of a Fund. The Funds have reserved the right to pay the redemption price of their shares in excess of the amounts specified by the rule, either totally or partially, by a distribution-in-kind of portfolio securities (instead of cash). The securities so distributed would be valued at the same amount as that assigned to them in calculating the net asset value for the shares being sold. If a shareholder receives a distribution in-kind, the shareholder could incur brokerage or other charges in converting the securities to cash and would bear any market risks associated with such

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securities until they are converted into cash. Distributions in-kind generally are taxable events for shareholders.

A Fund, like virtually all mutual funds, may from time to time hold a small percentage of securities that are illiquid. In the unlikely event a Fund were to elect to make an in-kind redemption, the Fund expects that it would follow the normal Trust protocol of making such distribution by way of a pro rata distribution of securities that are traded on a public securities market or are otherwise considered liquid pursuant to the Funds' liquidity policies and procedures. Except as otherwise may be approved by the Trustees, the securities that would not be included in an in-kind distribution include (1) unregistered securities which, if distributed, would be required to be registered under the Securities Act of 1933 (the "1933 Act"), as amended; (2) securities issued by entities in countries which (a) restrict or prohibit the holding of securities by non-nationals other than through qualified investment vehicles, such as a fund, or (b) permit transfers of ownership of securities to be effected only by transactions conducted on a local stock exchange; and (3) certain Fund assets that, although they may be liquid and marketable, must be traded through the marketplace or with the counterparty to the transaction in order to effect a change in beneficial ownership.

**DISTRIBUTIONS AND TAX INFORMATION**

**Distributions**

Dividends from net investment income of each Fund and distributions from net profits from the sale of securities are generally made annually. Also, each Fund expects to distribute any undistributed net investment income on or about December 31 of each year. Any net capital gains realized through the twelve months ended October 31 of each year will also be distributed by December 31 of each year.

In January of each year, the Funds will issue to each shareholder a statement of the federal income tax status of all distributions made during the previous year. The form and character of each distribution will be specified by the Fund in a notice to shareholders.

**Tax Information**

Each series of the Trust is treated as a separate entity for federal income tax purposes. Each Fund has elected and intends to continue to qualify to be treated as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to comply with all applicable requirements regarding the source of its income, diversification of its assets, and the timing and amount of its distributions. If a Fund fails to qualify as a regulated investment company under Subchapter M, it will be taxed as a regular corporation. It is the Funds' policy to distribute to their shareholders all of their net investment income and any net realized capital gains for each fiscal year in a manner that complies with the distribution requirements of the Code, so that the Funds will not be subject to any federal income tax or excise taxes based on net income. However, the Funds can give no assurance that their distributions will be sufficient to eliminate all taxes in every year. To avoid the nondeductible 4% excise tax, each Fund must distribute (or be deemed to have distributed) by December 31 of each calendar year (1) at least 98% of its ordinary income for such year, (2) at least 98.2% of the excess of its realized capital gains over its realized capital losses for the one-year period ending on October 31 during such year and (3) any amounts from the prior calendar year that were not distributed and on which a Fund paid no federal income tax.

In order to qualify as a regulated investment company, each Fund must, among other things, derive at least 90% of its gross income each year from dividends, interest, payments with respect to loans of stock and securities, gains from the sale or other disposition of stock or securities or foreign currency gains related to investments in stock or securities, or other income (generally including gains from options, futures or forward contracts) derived with respect to the business of investing in stock, securities or currency, and net income derived from an interest in a qualified publicly traded partnership. Each

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Fund must also satisfy the following two asset diversification tests. At the end of each quarter of each taxable year, (i) at least 50% of the value of each Fund's total assets must be represented by cash and cash items (including receivables), U.S. Government securities, the securities of other regulated investment companies, and other securities, with such other securities being limited in respect of any one issuer to an amount not greater than 5% of the value of the Funds' total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Funds' total assets may be invested in the securities of any one issuer (other than U.S. Government securities or the securities of other regulated investment companies), the securities of any two or more issuers (other than the securities of other regulated investment companies) that a Fund controls (by owning 20% or more of their outstanding voting stock) and that are determined to be engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships. Each Fund must also distribute each taxable year sufficient dividends to its shareholders to claim a dividends-paid deduction equal to at least the sum of 90% of the Fund's investment company taxable income (which generally includes dividends, interest, and the excess of net short-term capital gain over net long-term capital loss) before the dividends paid deduction and 90% of the Fund's net tax-exempt interest, if any.

A Fund's ordinary income generally consists of interest and dividend income, less expenses. Net realized capital gains for a fiscal period are computed by taking into account any capital loss carryforward of a Fund.

Net capital losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. The Funds at the most recent fiscal year ended September 30, 2025 had no post-October losses or late year losses. At September 30, 2025, the International Fund has $24,077,594 of short-term capital loss carryforwards and $18,273,940 of long-term capital loss carryforwards, which do not expire. At September 30, 2025, the Emerging Markets Fund has $3,202,707 of short-term capital loss carryforwards and $1,881,729 of long-term capital loss carryforwards, which do not expire.

Distributions of net investment income and net short-term capital gains are taxable to shareholders as ordinary income. A Fund may make taxable distributions to shareholders even during periods in which the share price has declined. For individual shareholders, a portion of the distributions paid by a Fund may be qualified dividends eligible under current law for taxation at long-term capital gain rates to the extent a Fund reports the amount distributed as a qualifying dividend and holding period requirements are met. In the case of corporate shareholders, a portion of the distributions may qualify for the intercorporate dividends-received deduction to the extent a Fund reports the amount distributed as a qualifying dividend. The aggregate amount so reported to either individual or corporate shareholders cannot, however, exceed the aggregate amount of qualifying dividends received by the applicable Fund for its taxable year. In view of the Funds' investment policies, it is expected that dividends from domestic corporations will be part of the Funds' gross income and that, accordingly, part of the distributions by the Funds may be eligible for treatment as qualified income for individual shareholders and for the dividends-received deduction for corporate shareholders. However, the portion of the Funds' gross income attributable to qualifying dividends is largely dependent on the Funds' investment activities for a particular year and therefore cannot be predicted with any certainty. The deduction, if any, may be reduced or eliminated if Fund shares held by an individual investor are held less than 61 days, or if Fund shares held by a corporate investor are treated as debt-financed or are held for fewer than 46 days.

Any long-term capital gain distributions are taxable to shareholders as long-term capital gains regardless of the length of time they have held their shares. Capital gains distributions are not eligible for the dividends-received deduction referred to in the previous paragraph. Distributions of ordinary income and net realized capital gains will be taxable as described above, whether received in shares or in cash. Shareholders who choose to receive distributions in the form of additional shares will have a cost basis for federal income tax purposes in each share so received equal to the NAV of a share on the reinvestment date. Distributions are generally taxable when received. However, distributions declared in October,

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November or December to shareholders of record on a date in such a month and paid the following January are taxable as if received on December 31 of the prior year. Distributions are includable in alternative minimum taxable income in computing liability for the alternative minimum tax of a shareholder who is an individual. There is no requirement that a Fund take into consideration any tax implications when implementing its investment strategy.

For taxable years beginning after 2017 and before 2025, non-corporate taxpayers generally may deduct 20% of "qualified business income" derived either directly or through partnerships or S corporations. For this purpose, "qualified business income" generally includes ordinary real estate investment trust ("REIT") dividends and certain income from publicly traded partnerships. Regulations recently adopted by the United States Treasury allow non-corporate shareholders of a Fund to benefit from the 20% deduction with respect to net REIT dividends received by the Fund if the Fund meets certain reporting requirements, but do not permit any such deduction with respect to publicly traded partnerships.

The Funds may be subject to foreign withholding taxes on dividends and interest earned with respect to securities of foreign corporations.

Under the Code, the Funds will be required to report to the Internal Revenue Service ("IRS") all distributions of ordinary income and capital gains as well as gross proceeds from the redemption or exchange of portfolio shares, except in the case of exempt shareholders, which includes most corporations. Pursuant to the backup withholding provisions of the Code, distributions of taxable income and capital gains and proceeds from the redemption of portfolio shares may be subject to withholding of federal income tax at the rate of 24% in the case of non-exempt shareholders who fail to furnish the Funds with their correct taxpayer identification numbers and with required certifications regarding their status under the federal income tax law or if the IRS notifies the Funds that such backup withholding is required. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld. Corporate and other exempt shareholders should provide the Funds with their taxpayer identification numbers or certify their exempt status in order to avoid possible erroneous application of backup withholding. Backup withholding is not an additional tax and any amounts withheld may be credited against a shareholder's ultimate federal income tax liability if proper documentation is provided. Each Fund reserves the right to refuse to open an account for any person failing to provide a certified taxpayer identification number.

If more than 50% in value of a Fund's total assets at the end of its fiscal year is invested in stock or securities of foreign corporations, the Fund may elect to pass through to its shareholders the pro rata share of all foreign income taxes paid by the Fund. If this election is made, shareholders will be (1) required to include in their gross income their pro rata share of the Funds' foreign source income (including any foreign income taxes paid by the Funds), and (2) entitled either to deduct their share of such foreign taxes in computing their taxable income or to claim a credit for such taxes against their U.S. income tax, subject to certain limitations under the Code, including certain holding period requirements. In this case, shareholders will be informed in writing by the Funds at the end of each calendar year regarding the availability of any credits on and the amount of foreign source income (including or excluding foreign income taxes paid by the Funds) to be included in their income tax returns. If not more than 50% in value of a Fund's total assets at the end of its fiscal year is invested in stock or securities of foreign corporations, the Fund will not be entitled under the Code to pass through to its shareholders their pro rata share of the foreign taxes paid by the Fund. In this case, these taxes will be taken as a deduction by the Fund.

The use of hedging strategies, such as entering into forward contracts, involves complex rules that will determine the character and timing of recognition of the income received in connection therewith by the Funds. Income from foreign currencies (except certain gains therefrom that may be excluded by future regulations) and income from transactions in forward contracts derived by a Fund with respect to its

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business of investing in securities or foreign currencies will qualify as permissible income under Subchapter M of the Code.

Any security or other position entered into or held by a Fund that substantially diminishes the Fund's risk of loss from any other position held by a Fund may constitute a "straddle" for federal income tax purposes. In general, straddles are subject to certain rules that may affect the amount, character and timing of the Fund's gains and losses with respect to straddle positions by requiring, among other things, that the loss realized on disposition of one position of a straddle be deferred until gain is realized on disposition of the offsetting position; that the Fund's holding period in certain straddle positions not begin until the straddle is terminated (possibly resulting in the gain being treated as short–term capital gain rather than long–term capital gain); and that losses recognized with respect to certain straddle positions, which would otherwise constitute short–term capital losses, be treated as long–term capital losses. Various elections are available to the Funds that may mitigate the effects of the straddle rules.

Certain forward contracts that are subject to Section 1256 of the Code ("Section 1256 Contracts") and that are held by the Funds at the end of the taxable year generally will be required to be "marked-to-market" for federal income tax purposes; that is, deemed to have been sold at market value. Sixty percent of any net gain or loss recognized on these deemed sales and from any actual sales of Section 1256 Contracts will be treated as long–term capital gain or loss, and the balance will be treated as short–term capital gain or loss.

Section 988 of the Code contains special tax rules applicable to certain foreign currency transactions that may affect the amount, timing and character of income, gain or loss recognized by the Funds. Under these rules, foreign exchange gain or loss realized with respect to foreign currency forward contracts is treated as ordinary income or loss. Some part of a Fund's gain or loss on the sale or other disposition of shares of a foreign corporation may, because of changes in foreign currency exchange rates, be treated as ordinary income or loss under Section 988 of the Code rather than as capital gain or loss.

Distributions and the transactions referred to in the preceding paragraphs may be subject to state and local income taxes, and the tax treatment thereof may differ from the federal income tax treatment.

**The Foreign Account Tax Compliance Act ("FATCA").** A 30% withholding tax on your Fund's ordinary income distributions generally applies if paid to a foreign entity unless: (i) if the foreign entity is a "foreign financial institution," it undertakes certain due diligence, reporting, withholding and certification obligations, (ii) if the foreign entity is not a "foreign financial institution," it identifies certain of its U.S. investors or (iii) the foreign entity is otherwise excepted under FATCA. If applicable and subject to any relevant intergovernmental agreements, withholding under FATCA is required generally with respect to certain distributions from your Fund. If withholding is required under FATCA on a payment related to your shares, investors that otherwise would not be subject to withholding (or that otherwise would be entitled to a reduced rate of withholding) on such payment generally will be required to seek a refund or credit from the IRS to obtain the benefits of such exemption or reduction. The Funds will not pay any additional amounts in respect to amounts withheld under FATCA. You should consult your tax adviser regarding the effect of FATCA based on your individual circumstances.

The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to U.S. citizens or residents and U.S. domestic corporations, partnerships, trusts and estates. Each shareholder who is not a U.S. person should consider the U.S. and foreign tax consequences of ownership of shares of a Fund, including the possibility that such a shareholder may be subject to a U.S. withholding tax at a rate of 30 percent (or at a lower rate under an applicable income tax treaty) on a Fund's distributions.

In addition, the foregoing discussion of tax law is based on existing provisions of the Code, existing and proposed regulations thereunder, and current administrative rulings and court decisions, all of which are subject to change. Any such changes could affect the validity of this discussion. The

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discussion also represents only a general summary of tax law and practice currently applicable to the Funds and certain shareholders therein, and, as such, is subject to change. In particular, the consequences of an investment in shares of the Funds under the laws of any state, local or foreign taxing jurisdictions are not discussed herein. The Funds do not expect to seek any rulings from the IRS or any opinions of counsel with respect to any tax issues. Each prospective investor should consult his or her own tax adviser to determine the application of the tax law and practice to his or her own particular circumstances.

The advice herein was prepared for the Funds. Any person reviewing this discussion should seek advice based on such person's particular circumstances from an independent tax adviser.

**PRINCIPAL UNDERWRITER AND DISTRIBUTOR**

Quasar Distributors, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101 ("Quasar"), serves as principal underwriter and distributor for shares of the Funds in a continuous public offering of each Fund's shares. Pursuant to a distribution agreement between each Fund and Quasar, Quasar provides certain administration services and promotes and arranges for the sale of each Fund's shares. Quasar is registered as a broker-dealer under the Securities Exchange Act of 1934 and is a member of FINRA.

The distribution agreement continues in effect for periods not exceeding one year if approved at least annually by (1) the Board or the vote of a majority of the outstanding shares of the applicable Fund (as defined in the 1940 Act) and (2) a majority of the Trustees who are not interested persons of any such party, in each case cast in person at a meeting called for the purpose of voting on such approval. The agreement may be terminated without penalty by the parties thereto upon a 60-day written notice, and is automatically terminated in the event of its assignment as defined in the 1940 Act.

**MARKETING AND SUPPORT PAYMENTS**

The Adviser, out of its own resources and without additional cost to the Funds or their shareholders, may provide additional cash payments or other compensation to certain financial intermediaries who sell shares of the Funds. Such payments may be divided into categories as follows:

**Support Payments**

Payments may be made by the Adviser to certain Financial Intermediaries in connection with the eligibility of the Funds to be offered in certain programs and/or in connection with meetings between the Funds' representatives and Financial Intermediaries and their sales representatives. The Adviser may make cash payments to Financial Intermediaries for providing shareholder servicing, marketing and support and/or access to sales meetings, sale representatives and management representatives of the Financial Intermediaries. Such meetings may be held for various purposes, including providing education and training about the Funds and other general financial topics to assist Financial Intermediaries' sales representatives in making informed recommendations to, and decisions on behalf of, their clients. Cash compensation may also be paid to Financial Intermediaries for inclusion of the Funds on a sales list, including a preferred or select sales list, in other sales programs or as an expense reimbursement in cases where the Financial Intermediary provides shareholder services to the Funds' shareholders. Currently the Adviser provides a variety of financial intermediary channels to investors who seek to invest in the Funds. With regard to the Emerging Markets Fund, as of the date of this SAI, the Adviser does not have agreements with any firms to pay such Support Payments. Future Support Payments may be structured in three ways: (1) as a percentage of net sales; (2) as a percentage of net assets; and/or (3) a flat fee.

During the Funds' fiscal year, the following financial intermediaries were paid out of the Adviser's revenues:

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---

| |
|:---|
| &nbsp;&nbsp;**Platform Fee-Mutual Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;BMO Global Asset Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab AMSA Billing |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCS Financial Services |
| &nbsp;&nbsp;&nbsp;&nbsp;National Financial Services, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;Pershing LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Capital Markets Corp |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Financial Svcs c/o BNY Mellon |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Brokerage Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Financial Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch, Pierce, Fenner & Smith  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raymond James |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS |

---

The Funds have an agreement to pay administrative fees to Wells Fargo Bank N.A. but to date; no compensation has been paid under this agreement. The Adviser may also pay cash compensation in the form of finder's fees that vary depending on the Fund and the dollar amount of the shares sold. To date, no compensation has been paid to these organizations. The Adviser may also pay cash compensation in the form of finder's fees that vary depending on the Fund and the dollar amount of the shares sold.

**Entertainment, Conferences and Events**

The Adviser also may pay cash or non-cash compensation to sales representatives of financial intermediaries in the form of (1) occasional gifts; (2) occasional meals, tickets or other entertainment; and/or (3) sponsorship support for the financial intermediary's client seminars and cooperative advertising. In addition, the Adviser may pay for exhibit space or sponsorships at regional or national events of financial intermediaries.

The prospect of receiving, or the receipt of additional payments or other compensation as described above by financial intermediaries may provide such intermediaries and/or their salespersons with an incentive to favor sales of shares of the Funds, and other mutual funds whose affiliates make similar compensation available, over sale of shares of mutual funds (or non-mutual fund investments) not making such payments. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to each Funds' shares.

**FINANCIAL STATEMENTS**

Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. The <u>[Certified Shareholder](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[o](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[n Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)</u> for the Funds for the fiscal year ended September 30, 2025 is available, without charge, upon request by calling 1-877-777-6944, and the financial statements, accompanying notes and report of the independent registered public accounting firm appearing therein are incorporated by reference into this SAI. The <u>[Certified Shareholder](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[on Fo](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[rm N-](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)[CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825013193/bc-efp19077_ncsr.htm)</u> for the Funds was filed on Form N-CSR with the SEC on December 4, 2025.

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**APPENDIX A**

***<u>Commercial Paper Ratings</u>***

**<u>Standard & Poor's</u>**

A Standard & Poor's commercial paper rating is a current assessment of the likelihood of timely payment of debt having an original maturity of no more than 365 days. Ratings are graded into several categories, ranging from 'A' for the highest-quality obligations to 'D' for the lowest. These categories are as follows:

**A-1** - This designation indicates that the degree of safety regarding timely payment is strong. Those issues determined to possess extremely strong safety characteristics are denoted with a plus sign (+) designation.

**A-2** - Capacity for timely payment on issues with this designation is satisfactory. However, the relative degree of safety is not as high as for issues designated 'A-1'.

**A-3** - Issues carrying this designation have an adequate capacity for timely payment. They are, however, more vulnerable to the adverse effects of changes in circumstances than obligations carrying the higher designations.

**B** - Issues rated 'B' are regarded as having only speculative capacity for timely payment.

**C** - This rating is assigned to short-term debt obligations with a doubtful capacity for payment.

**D** – Debt rated 'D' is in payment default. The 'D' rating category is used when interest payments of principal payments are not made on the date due, even if the applicable grace period has not expired, unless Standard & Poor's believes such payments will be made during such grace period.

**<u>Moody's</u>**

Moody's short-term debt ratings are opinions on the ability of issuers to punctually repay senior debt obligations. These obligations have an original maturity not exceeding one year, unless explicitly noted. Moody's employs the following three designations, all judged to be investment grade to indicate the relative repayment ability of rated issuers:

**Prime-1** - Issuers rated Prime-1 (or supporting institutions) have a superior ability for repayment of senior short-term debt obligations. Prime-1 repayment ability will often be evidenced by many of the following characteristics: leading market positions in well-established industries; high rates of return on funds employed; conservative capitalization structure with moderate reliance on debt and ample asset protection; broad margins in earnings coverage of fixed financial charges and high internal cash generation; and well-established access to a range of financial markets and assured sources of alternate liquidity.

**Prime-2** - Issuers rated Prime-2 (or supporting institutions) have a strong ability for repayment of senior short-term debt obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Earnings trends and coverage ratios, while sound, may be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained.

**Prime-3** - Issuers rated Prime-3 (or supporting institutions) have an acceptable ability for repayment of senior short-term debt obligations. The effect of industry characteristics and market compositions may be more pronounced. Variability in earnings and profitability may result in changes in the level of debt protection measurements and may require relatively high financial leverage. Adequate alternate liquidity is maintained.

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**Not Prime** - Issuers rated Not Prime do not fall within any of the Prime rating categories. Issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

**<u>Short-Term Credit Ratings</u>**

&nbsp;&nbsp;&nbsp;&nbsp;An ***S&P Global Ratings*** short-term issue credit rating is generally assigned to those obligations considered short-term in the relevant market. The following summarizes the rating categories used by S&P Global Ratings for short-term issues:

&nbsp;&nbsp;&nbsp;&nbsp;"A-1" - A short-term obligation rated "A-1" is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

&nbsp;&nbsp;&nbsp;&nbsp;"A-2" - A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;"A-3" - A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;"B" - A short-term obligation rated "B" is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

&nbsp;&nbsp;&nbsp;&nbsp;"C" - A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;"D" - A short-term obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed exchange offer.

&nbsp;&nbsp;&nbsp;&nbsp;Local Currency and Foreign Currency Ratings - S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer will differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;"NR" - This indicates that a rating has not been assigned or is no longer assigned.

&nbsp;&nbsp;&nbsp;&nbsp;***Moody's Investors Service ("Moody's")*** short-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

&nbsp;&nbsp;&nbsp;&nbsp;Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

&nbsp;&nbsp;&nbsp;&nbsp;"P-1" - Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

&nbsp;&nbsp;&nbsp;&nbsp;"P-2" - Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

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&nbsp;&nbsp;&nbsp;&nbsp;"P-3" - Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

&nbsp;&nbsp;&nbsp;&nbsp;"NP" - Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

&nbsp;&nbsp;&nbsp;&nbsp;"NR" - Is assigned to an unrated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;***Fitch, Inc. / Fitch Ratings Ltd. ("Fitch")*** short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to obligations whose initial maturity is viewed as "short-term" based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets. The following summarizes the rating categories used by Fitch for short-term obligations:

&nbsp;&nbsp;&nbsp;&nbsp;"F1" - Securities possess the highest short-term credit quality. This designation indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

&nbsp;&nbsp;&nbsp;&nbsp;"F2" - Securities possess good short-term credit quality. This designation indicates good intrinsic capacity for timely payment of financial commitments.

&nbsp;&nbsp;&nbsp;&nbsp;"F3" - Securities possess fair short-term credit quality. This designation indicates that the intrinsic capacity for timely payment of financial commitments is adequate.

&nbsp;&nbsp;&nbsp;&nbsp;"B" - Securities possess speculative short-term credit quality. This designation indicates minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;"C" - Securities possess high short-term default risk. Default is a real possibility.

&nbsp;&nbsp;&nbsp;&nbsp;"RD" - Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

&nbsp;&nbsp;&nbsp;&nbsp;"D" - Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

&nbsp;&nbsp;&nbsp;&nbsp;Plus (+) or minus (-) - The "F1" rating may be modified by the addition of a plus (+) or minus (-) sign to show the relative status within that major rating category.

&nbsp;&nbsp;&nbsp;&nbsp;"NR" - Is assigned to an unrated issue of a rated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;The ***DBRS® Ratings Limited ("DBRS")*** short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner. Ratings are based on quantitative and qualitative considerations relevant to the issuer and the relative ranking of claims. The R-1 and R-2 rating categories are further denoted by the sub-categories "(high)", "(middle)", and "(low)".

&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes the ratings used by DBRS for commercial paper and short-term debt:

&nbsp;&nbsp;&nbsp;&nbsp;"R-1 (high)" - Short-term debt rated "R-1 (high)" is of the highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

&nbsp;&nbsp;&nbsp;&nbsp;"R-1 (middle)" - Short-term debt rated "R-1 (middle)" is of superior credit quality. The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from "R-1 (high)" by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

&nbsp;&nbsp;&nbsp;&nbsp;"R-1 (low)" - Short-term debt rated "R-1 (low)" is of good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

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&nbsp;&nbsp;&nbsp;&nbsp;"R-2 (high)" - Short-term debt rated "R-2 (high)" is considered to be at the upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

&nbsp;&nbsp;&nbsp;&nbsp;"R-2 (middle)" - Short-term debt rated "R-2 (middle)" is considered to be of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

&nbsp;&nbsp;&nbsp;&nbsp;"R-2 (low)" - Short-term debt rated "R-2 (low)" is considered to be at the lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;"R-3" - Short-term debt rated "R-3" is considered to be at the lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

&nbsp;&nbsp;&nbsp;&nbsp;"R-4" - Short-term debt rated "R-4" is considered to be of speculative credit quality. The capacity for the payment of short-term financial obligations as they fall due is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;"R-5" - Short-term debt rated "R-5" is considered to be of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due.

&nbsp;&nbsp;&nbsp;&nbsp;"D" - Short-term debt rated "D" is assigned when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to "D" may occur. DBRS may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

**<u>Long-Term Credit Ratings</u>**

&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes the ratings used by S&P Global Ratings for long-term issues:

&nbsp;&nbsp;&nbsp;&nbsp;"AAA" - An obligation rated "AAA" has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

&nbsp;&nbsp;&nbsp;&nbsp;"AA" - An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

&nbsp;&nbsp;&nbsp;&nbsp;"A" - An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

&nbsp;&nbsp;&nbsp;&nbsp;"BBB" - An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;"BB," "B," "CCC," "CC" and "C" - Obligations rated "BB," "B," "CCC," "CC" and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

&nbsp;&nbsp;&nbsp;&nbsp;"BB" - An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;"B" - An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB", but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

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&nbsp;&nbsp;&nbsp;&nbsp;"CCC" - An obligation rated "CCC" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;"CC" - An obligation rated "CC" is currently highly vulnerable to nonpayment. The "CC" rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

&nbsp;&nbsp;&nbsp;&nbsp;"C" - An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

&nbsp;&nbsp;&nbsp;&nbsp;"D" - An obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to "D" if it is subject to a distressed exchange offer.

&nbsp;&nbsp;&nbsp;&nbsp;Plus (+) or minus (-) - The ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

&nbsp;&nbsp;&nbsp;&nbsp;"NR" - This indicates that a rating has not been assigned, or is no longer assigned.

&nbsp;&nbsp;&nbsp;&nbsp;Local Currency and Foreign Currency Risks - S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. An issuer's foreign currency rating will differ from its local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;***Moody's*** long-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of one year or more. Such ratings reflect both on the likelihood of default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. The following summarizes the ratings used by Moody's for long-term debt:

&nbsp;&nbsp;&nbsp;&nbsp;"Aaa" - Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;"Aa" - Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;"A" - Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;"Baa" - Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;"Ba" - Obligations rated "Ba" are judged to be speculative and are subject to substantial credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;"B" - Obligations rated "B" are considered speculative and are subject to high credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;"Caa" - Obligations rated "Caa" are judged to be speculative of poor standing and are subject to very high credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;"Ca" - Obligations rated "Ca" are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

&nbsp;&nbsp;&nbsp;&nbsp;"C" - Obligations rated "C" are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

&nbsp;&nbsp;&nbsp;&nbsp;Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from "Aa" through "Caa." The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the

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modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

&nbsp;&nbsp;&nbsp;&nbsp;"NR" - Is assigned to unrated obligations.

&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes long-term ratings used by Fitch:

&nbsp;&nbsp;&nbsp;&nbsp;"AAA" - Securities considered to be of the highest credit quality. "AAA" ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

&nbsp;&nbsp;&nbsp;&nbsp;"AA" - Securities considered to be of very high credit quality. "AA" ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

&nbsp;&nbsp;&nbsp;&nbsp;"A" - Securities considered to be of high credit quality. "A" ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

&nbsp;&nbsp;&nbsp;&nbsp;"BBB" - Securities considered to be of good credit quality. "BBB" ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

&nbsp;&nbsp;&nbsp;&nbsp;"BB" - Securities considered to be speculative. "BB" ratings indicate that there is an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

&nbsp;&nbsp;&nbsp;&nbsp;"B" - Securities considered to be highly speculative. "B" ratings indicate that material credit risk is present.

&nbsp;&nbsp;&nbsp;&nbsp;"CCC" - A "CCC" rating indicates that substantial credit risk is present.

&nbsp;&nbsp;&nbsp;&nbsp;"CC" - A "CC" rating indicates very high levels of credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;"C" - A "C" rating indicates exceptionally high levels of credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;Defaulted obligations typically are not assigned "RD" or "D" ratings but are instead rated in the "CCC" to "C" rating categories, depending on their recovery prospects and other relevant characteristics. Fitch believes that this approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

&nbsp;&nbsp;&nbsp;&nbsp;Plus (+) or minus (-) may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the "AAA" obligation rating category, or to corporate finance obligation ratings in the categories below "CCC".

&nbsp;&nbsp;&nbsp;&nbsp;"NR" - Is assigned to an unrated issue of a rated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;The ***DBRS*** long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligation has been issued. Ratings are based on quantitative and qualitative considerations relevant to the issuer, and the relative ranking of claims. All rating categories other than AAA and D also contain subcategories "(high)" and "(low)". The absence of either a "(high)" or "(low)" designation indicates the rating is in the middle of the category. The following summarizes the ratings used by DBRS for long-term debt:

&nbsp;&nbsp;&nbsp;&nbsp;"AAA" - Long-term debt rated "AAA" is of the highest credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

&nbsp;&nbsp;&nbsp;&nbsp;"AA" - Long-term debt rated "AA" is of superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from "AAA" only to a small degree. Unlikely to be significantly vulnerable to future events.

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&nbsp;&nbsp;&nbsp;&nbsp;"A" - Long-term debt rated "A" is of good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than "AA." May be vulnerable to future events, but qualifying negative factors are considered manageable.

&nbsp;&nbsp;&nbsp;&nbsp;"BBB" - Long-term debt rated "BBB" is of adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

&nbsp;&nbsp;&nbsp;&nbsp;"BB" - Long-term debt rated "BB" is of speculative, non-investment grade credit quality. The capacity for the payment of financial obligations is uncertain. Vulnerable to future events.

&nbsp;&nbsp;&nbsp;&nbsp;"B" - Long-term debt rated "B" is of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet financial obligations.

&nbsp;&nbsp;&nbsp;&nbsp;"CCC", "CC" and "C" - Long-term debt rated in any of these categories is of very highly speculative credit quality. In danger of defaulting on financial obligations. There is little difference between these three categories, although "CC" and "C" ratings are normally applied to obligations that are seen as highly likely to default, or subordinated to obligations rated in the "CCC" to "B" range. Obligations in respect of which default has not technically taken place but is considered inevitable may be rated in the "C" category.

&nbsp;&nbsp;&nbsp;&nbsp;"D" - A security rated "D" is assigned when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to "D" may occur. DBRS may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

**<u>Municipal Note Ratings</u>**

&nbsp;&nbsp;&nbsp;&nbsp;An ***S&P Global Ratings*** U.S. municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization schedule - the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Source of payment - the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

&nbsp;&nbsp;&nbsp;&nbsp;Municipal Short-Term Note rating symbols are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;"SP-1" - A municipal note rated "SP-1" exhibits a strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

&nbsp;&nbsp;&nbsp;&nbsp;"SP-2" - A municipal note rated "SP-2" exhibits a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;"SP-3" - A municipal note rated "SP-3" exhibits a speculative capacity to pay principal and interest.

&nbsp;&nbsp;&nbsp;&nbsp;"D" - This rating is assigned upon failure to pay the note when due, completion of a distressed exchange offer, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

&nbsp;&nbsp;&nbsp;&nbsp;***Moody's*** uses the global short-term Prime rating scale (listed above under Short-Term Credit Ratings) for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer's self-liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;For other short-term municipal obligations, Moody's uses one of two other short-term rating scales, the Municipal Investment Grade ("MIG") and Variable Municipal Investment Grade ("VMIG") scales provided below.

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&nbsp;&nbsp;&nbsp;&nbsp;Moody's uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less. Under certain circumstances, Moody's uses the MIG scale for bond anticipation notes with maturities of up to five years.

&nbsp;&nbsp;&nbsp;&nbsp;MIG Scale

&nbsp;&nbsp;&nbsp;&nbsp;"MIG-1" - This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

&nbsp;&nbsp;&nbsp;&nbsp;"MIG-2" - This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

&nbsp;&nbsp;&nbsp;&nbsp;"MIG-3" - This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

&nbsp;&nbsp;&nbsp;&nbsp;"SG" - This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

&nbsp;&nbsp;&nbsp;&nbsp;"NR" - Is assigned to an unrated obligation.

&nbsp;&nbsp;&nbsp;&nbsp;In the case of variable rate demand obligations ("VRDOs"), a two-component rating is assigned: a long or short-term debt rating and a demand obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interests payments. The short-term demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments associated with the purchase-price-upon demand feature ("demand feature") of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input the short-term Counterparty Risk Assesment of the support provider, or the long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG Ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade.

&nbsp;&nbsp;&nbsp;&nbsp;Moody's typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is less than every three years. If the frequency of the demand feature is less than three years but the purchase price is payable only with remarketing proceeds, the short-term demand obligation rating is "NR".

&nbsp;&nbsp;&nbsp;&nbsp;"VMIG-1" - This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;"VMIG-2" - This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;"VMIG-3" - This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;"SG" - This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;"NR" - Is assigned to an unrated obligation.

**<u>About Credit Ratings</u>**

An ***S&P Global Ratings*** issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the

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obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities.

***Fitch's*** credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations. Fitch credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in accordance with the terms on which they invested. Fitch's credit ratings cover the global spectrum of corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national entities) and the securities or other obligations they issue, as well as structured finance securities backed by receivables or other financial assets.

Credit ratings provided by ***DBRS*** are forward-looking opinions about credit risk which reflect the creditworthiness of an issuer, rated entity, security and/or obligation. Credit ratings are not statements of fact. While historical statistics and performance can be important considerations, credit ratings are not based solely on such; they include subjective considerations and involve expectations for future performance that cannot be guaranteed. To the extent that future events and economic conditions do not match expectations, credit ratings assigned to issuers, entities, securities and/or obligations can change. Credit ratings are also based on approved and applicable methodologies ("Methodologies"), which are periodically updated and when material changes are deemed necessary, this may also lead to rating changes.

Credit ratings typically provide an opinion on the risk that investors may not be repaid in accordance with the terms under which the obligation was issued. In some cases, credit ratings may also include consideration for the relative ranking of claims and recovery, should default occur. Credit ratings are meant to provide opinions on relative measures of risk and are not based on expectations of any specific default probability, nor are they meant to predict such.

The data and information on which DBRS bases its opinions is not audited or verified by DBRS, although, DBRS conducts a reasonableness review of information received and relied upon in accordance with its Methodologies and policies.

DBRS uses rating symbols as a concise method of expressing its opinion to the market, but there are a limited number of rating categories for the possible slight risk differentials that exist across the rating spectrum and DBRS does not assert that credit ratings in the same category are of "exactly" the same quality.

**PART C**

**Boston Common Funds**

**OTHER INFORMATION**

**Item 28. Exhibits**

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| | | | |
|:---|:---|:---|:---|
| (a) | <u>[Second Amended and Restated Agreement and Declaration of Trust dated November 13, 2024 is herein incorporated by reference from Post-Effective Amendment No. 880 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 20, 2024.](https://www.sec.gov/Archives/edgar/data/811030/000089418924006798/secondamendedandrestatedde.htm)</u> | <u>[Second Amended and Restated Agreement and Declaration of Trust dated November 13, 2024 is herein incorporated by reference from Post-Effective Amendment No. 880 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 20, 2024.](https://www.sec.gov/Archives/edgar/data/811030/000089418924006798/secondamendedandrestatedde.htm)</u> | <u>[Second Amended and Restated Agreement and Declaration of Trust dated November 13, 2024 is herein incorporated by reference from Post-Effective Amendment No. 880 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 20, 2024.](https://www.sec.gov/Archives/edgar/data/811030/000089418924006798/secondamendedandrestatedde.htm)</u> |
| (b) | <u>[Amended and Restated By-Laws, amended as of February 16, 2022, is herein incorporated by reference from Post-Effective Amendment No. 833 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 28, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922001605/pmpgeneral-byxlaws_v2final.htm)</u> | <u>[Amended and Restated By-Laws, amended as of February 16, 2022, is herein incorporated by reference from Post-Effective Amendment No. 833 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 28, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922001605/pmpgeneral-byxlaws_v2final.htm)</u> | <u>[Amended and Restated By-Laws, amended as of February 16, 2022, is herein incorporated by reference from Post-Effective Amendment No. 833 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 28, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922001605/pmpgeneral-byxlaws_v2final.htm)</u> |
| (c) | *Instruments Defining Rights of Security Holders* are herein incorporated by reference from the Trust's <u>[Declaration of Trust](https://www.sec.gov/Archives/edgar/data/811030/000089418905001816/declartrust.htm)</u> and <u>[By-Laws](https://www.sec.gov/Archives/edgar/data/811030/000089418922001605/pmpgeneral-byxlaws_v2final.htm)</u>. | *Instruments Defining Rights of Security Holders* are herein incorporated by reference from the Trust's <u>[Declaration of Trust](https://www.sec.gov/Archives/edgar/data/811030/000089418905001816/declartrust.htm)</u> and <u>[By-Laws](https://www.sec.gov/Archives/edgar/data/811030/000089418922001605/pmpgeneral-byxlaws_v2final.htm)</u>. | *Instruments Defining Rights of Security Holders* are herein incorporated by reference from the Trust's <u>[Declaration of Trust](https://www.sec.gov/Archives/edgar/data/811030/000089418905001816/declartrust.htm)</u> and <u>[By-Laws](https://www.sec.gov/Archives/edgar/data/811030/000089418922001605/pmpgeneral-byxlaws_v2final.htm)</u>. |
| (d) | *Investment Advisory Agreements* | *Investment Advisory Agreements* | *Investment Advisory Agreements* |
|  | (i) | <u>[Investment Advisory Agreement dated October 31, 2016, between the Trust, on behalf of the Boston Common](https://www.sec.gov/Archives/edgar/data/811030/000089418917000446/advsry_agrmt.htm)[Fu](https://www.sec.gov/Archives/edgar/data/811030/000089418917000446/advsry_agrmt.htm)[nds](https://www.sec.gov/Archives/edgar/data/811030/000089418917000446/advsry_agrmt.htm)[, and Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 696 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 30, 2017.](https://www.sec.gov/Archives/edgar/data/811030/000089418917000446/advsry_agrmt.htm)</u> | <u>[Investment Advisory Agreement dated October 31, 2016, between the Trust, on behalf of the Boston Common](https://www.sec.gov/Archives/edgar/data/811030/000089418917000446/advsry_agrmt.htm)[Fu](https://www.sec.gov/Archives/edgar/data/811030/000089418917000446/advsry_agrmt.htm)[nds](https://www.sec.gov/Archives/edgar/data/811030/000089418917000446/advsry_agrmt.htm)[, and Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 696 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 30, 2017.](https://www.sec.gov/Archives/edgar/data/811030/000089418917000446/advsry_agrmt.htm)</u> |
|  |  | (A) | <u>[Amendment dated October 1, 2017 to the Investment Advisory Agreement dated October 31, 2016, between the Trust, on behalf of the Boston Common Funds, and Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 729 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 29, 2018.](https://www.sec.gov/Archives/edgar/data/811030/000089418918000487/invadvagre.htm)</u> |
|  |  | (B) | <u>[Amendment dated February 26, 2020 to Schedule A of the Investment Advisory Agreement dated October 31, 2016, between the Trust, on behalf of the Boston Common Funds, and Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 825 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 10, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exdxbbcamendmenttoschedule.htm)</u> |
|  |  | (C) | <u>[Form of Amendment to Schedule A of the Investment Advisory Agreement dated October 31, 2016, between the Trust, on behalf of the Boston Common Funds, and Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 849 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 27, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)</u> |
| (e) | <u>[Distribution Agreement dated November 9, 2010, between the Trust, on behalf of the Boston Common Funds, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/dist_agmnt.htm)</u> | <u>[Distribution Agreement dated November 9, 2010, between the Trust, on behalf of the Boston Common Funds, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/dist_agmnt.htm)</u> | <u>[Distribution Agreement dated November 9, 2010, between the Trust, on behalf of the Boston Common Funds, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/dist_agmnt.htm)</u> |
|  | (A) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Boston Common Asset Management, LLC, dated March 31, 2020, is herein incorporated by reference from Post-Effective Amendment No. 807 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 29, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)</u> | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Boston Common Asset Management, LLC, dated March 31, 2020, is herein incorporated by reference from Post-Effective Amendment No. 807 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 29, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)</u> |
|  | (B) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Boston Common Asset Management, LLC, dated September 30, 2021, is herein incorporated by reference from Post-Effective Amendment No. 830 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 28, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922000677/exeixabostoncommon-genstar.htm)</u> | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Boston Common Asset Management, LLC, dated September 30, 2021, is herein incorporated by reference from Post-Effective Amendment No. 830 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 28, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922000677/exeixabostoncommon-genstar.htm)</u> |

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| | | | |
|:---|:---|:---|:---|
| | (C) | <u>[First Amendment to the Novated Distribution Agreement by and between Quasar Distributors, LLC and Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 843 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 15, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922008320/ex99eviiic-bostoncommonxfi.htm)</u> | <u>[First Amendment to the Novated Distribution Agreement by and between Quasar Distributors, LLC and Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 843 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 15, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922008320/ex99eviiic-bostoncommonxfi.htm)</u> |
| (f) | *Bonus or Profit Sharing Contracts* — None. | *Bonus or Profit Sharing Contracts* — None. | *Bonus or Profit Sharing Contracts* — None. |
| (g) | <u>[Amended and Restated Custody Agreement dated June 22, 2006, amended and restated as of May 15, 2013, between the Trust and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust's Registration Statement on Form N-1A, filed with the SEC on May 31, 2013.](https://www.sec.gov/Archives/edgar/data/811030/000089418913003277/custody-a_agrmt.htm)</u> | <u>[Amended and Restated Custody Agreement dated June 22, 2006, amended and restated as of May 15, 2013, between the Trust and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust's Registration Statement on Form N-1A, filed with the SEC on May 31, 2013.](https://www.sec.gov/Archives/edgar/data/811030/000089418913003277/custody-a_agrmt.htm)</u> | <u>[Amended and Restated Custody Agreement dated June 22, 2006, amended and restated as of May 15, 2013, between the Trust and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust's Registration Statement on Form N-1A, filed with the SEC on May 31, 2013.](https://www.sec.gov/Archives/edgar/data/811030/000089418913003277/custody-a_agrmt.htm)</u> |
|  | (A) | <u>[Amendment dated November 9, 2010 to the Custody Agreement dated June 22, 2006,](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-cust_agmnt.htm)[as amended](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-cust_agmnt.htm)[and restated](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-cust_agmnt.htm)[,](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-cust_agmnt.htm)[between the Trust, on behalf of the Boston Common Funds, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-cust_agmnt.htm)</u> | <u>[Amendment dated November 9, 2010 to the Custody Agreement dated June 22, 2006,](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-cust_agmnt.htm)[as amended](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-cust_agmnt.htm)[and restated](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-cust_agmnt.htm)[,](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-cust_agmnt.htm)[between the Trust, on behalf of the Boston Common Funds, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-cust_agmnt.htm)</u> |
|  | (B) | <u>[Amendment dated July 26, 2021 to the Custody Agreement dated June 22, 2006, as amended](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exgviiabostoncommon-amende.htm)[and restated](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exgviiabostoncommon-amende.htm)[, between the Trust, on behalf of the Boston Common Funds, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 825 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 10, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exgviiabostoncommon-amende.htm)</u> | <u>[Amendment dated July 26, 2021 to the Custody Agreement dated June 22, 2006, as amended](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exgviiabostoncommon-amende.htm)[and restated](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exgviiabostoncommon-amende.htm)[, between the Trust, on behalf of the Boston Common Funds, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 825 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 10, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exgviiabostoncommon-amende.htm)</u> |
|  | (C) | <u>[Form of Amendment to the Custody Agreement dated June 22, 2006, as amended](https://www.sec.gov/Archives/edgar/data/811030/000089418922008320/ex99gvib-bostoncommonxamen.htm)[and restated](https://www.sec.gov/Archives/edgar/data/811030/000089418922008320/ex99gvib-bostoncommonxamen.htm)[, between the Trust, on behalf of the Boston Common Funds, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 843 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 15, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922008320/ex99gvib-bostoncommonxamen.htm)</u> | <u>[Form of Amendment to the Custody Agreement dated June 22, 2006, as amended](https://www.sec.gov/Archives/edgar/data/811030/000089418922008320/ex99gvib-bostoncommonxamen.htm)[and restated](https://www.sec.gov/Archives/edgar/data/811030/000089418922008320/ex99gvib-bostoncommonxamen.htm)[, between the Trust, on behalf of the Boston Common Funds, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 843 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 15, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922008320/ex99gvib-bostoncommonxamen.htm)</u> |
| (h) | *Other Material Contracts* | *Other Material Contracts* | *Other Material Contracts* |
|  | (i) | <u>[Fund Administration Servicing Agreement dated June 22, 2006, between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 16, 2006.](https://www.sec.gov/Archives/edgar/data/811030/000089418906002561/pmp_fundadmnagmt.htm)</u> | <u>[Fund Administration Servicing Agreement dated June 22, 2006, between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 16, 2006.](https://www.sec.gov/Archives/edgar/data/811030/000089418906002561/pmp_fundadmnagmt.htm)</u> |
|  |  | (A) | <u>[Amendment dated November 9, 2010 to the Fund Administration Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Boston Common Funds, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-admin_agmnt.htm)</u> |
|  |  | (B) | <u>[Amendment dated July 26, 2021 to the Fund Administration Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Boston Common ESG Impact Emerging Markets Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 825 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 10, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exhie1bostoncommon-amendme.htm)</u> |
|  |  | (C) | <u>[Form of Amendment to the Fund Administration Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Boston Common ESG Impact U.S. Value Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 843 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 15, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922008320/ex99hie2bostoncommon-amend.htm)</u> |
|  |  | (D) | <u>[Addendum dated October 21, 2024 to the Fund Administration Servicing Agreement dated June 22, 2006, between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 884 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 21, 2025.](https://www.sec.gov/Archives/edgar/data/811030/000089418925000246/addendumtofundadministrati.htm)</u> |
|  | (ii) | <u>[Fund Accounting Servicing Agreement dated June 22, 2006, between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 16, 2006.](https://www.sec.gov/Archives/edgar/data/811030/000089418906002561/pmp_fundacctagmt.htm)</u> | <u>[Fund Accounting Servicing Agreement dated June 22, 2006, between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 16, 2006.](https://www.sec.gov/Archives/edgar/data/811030/000089418906002561/pmp_fundacctagmt.htm)</u> |

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| | | |
|:---|:---|:---|
| | (A) | <u>[Amendment dated November 9, 2010 to the Fund Accounting Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Boston Common Funds, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-accnt_agmnt.htm)</u> |
| | (B) | <u>[Amendment dated July 26, 2021 to the Fund Accounting Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Boston Common ESG Impact Emerging Markets Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 825 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 10, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exhiie1bostoncommon-amendm.htm)</u> |
| | (C) | <u>[Form of Amendment to the Fund Accounting Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Boston Common ESG Impact U.S. Value Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 843 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 15, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922008320/ex99hiie2bostoncommon-amen.htm)</u> |
| (iii) | <u>[Transfer Agent Servicing Agreement dated June 22, 2006, between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 16, 2006.](https://www.sec.gov/Archives/edgar/data/811030/000089418906002561/pmp_taagmt.htm)</u> | <u>[Transfer Agent Servicing Agreement dated June 22, 2006, between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 16, 2006.](https://www.sec.gov/Archives/edgar/data/811030/000089418906002561/pmp_taagmt.htm)</u> |
|  | (A) | <u>[Amendment dated November 9, 2010 to the Transfer Agent Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Boston Common Funds, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-ta_agmnt.htm)</u> |
|  | (B) | <u>[Amendment dated July 26, 2021 to the Transfer Agent Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Boston Common ESG Impact Emerging Markets Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 825 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 10, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exhiiie1bostoncommon-amend.htm)</u> |
|  | (C) | <u>[Form of Amendment to the Transfer Agent Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Boston Common ESG Impact Emerging Markets Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 843 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 15, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922008320/ex99hiiie2bostoncommon-ame.htm)</u> |
| (iv) | <u>[Operating Expenses Limitation Agreement dated October 31, 2016, between the Trust, on behalf of the Boston Common Funds, and Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 696 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 30, 2017.](https://www.sec.gov/Archives/edgar/data/811030/000089418917000446/expense_agrmt.htm)</u> | <u>[Operating Expenses Limitation Agreement dated October 31, 2016, between the Trust, on behalf of the Boston Common Funds, and Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 696 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 30, 2017.](https://www.sec.gov/Archives/edgar/data/811030/000089418917000446/expense_agrmt.htm)</u> |
|  | (A) | <u>[Amended Appendix A to the Operating Expenses Limitation Agreement dated October 31, 2016, between the Trust, on behalf of the Boston Common ESG Impact Emerging Markets Fund, and Boston Common Asset Management is herein incorporated by reference from Post-Effective Amendment No. 825 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 10, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exhxibbcamendedappendixaoe.htm)</u> |
|  | (B) | <u>[Form of Amended Appendix A to the Operating Expenses Limitation Agreement dated October 31, 2016, between the Trust, on behalf of the Boston Common ESG Impact U.S. Value Fund, and Boston Common Asset Management is herein incorporated by reference from Post-Effective Amendment No. 849 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 27, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exixcamendedappendixtoexpe.htm)</u> |
| (v) | <u>[Power of Attorney for Jason F. Hadler dated September 1, 2021, is herein incorporated by reference from Post-Effective Amendment No. 825 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 10, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exjixbostoncommonpoa8-2021.htm)</u> | <u>[Power of Attorney for Jason F. Hadler dated September 1, 2021, is herein incorporated by reference from Post-Effective Amendment No. 825 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 10, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exjixbostoncommonpoa8-2021.htm)</u> |
| (vi) | <u>[Power of Attorney for Kathleen T. Barr dated January 1, 2022, is herein incorporated by reference from Post-Effective Amendment No. 829 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 26, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjiipoa2022-kbarr.htm)</u> | <u>[Power of Attorney for Kathleen T. Barr dated January 1, 2022, is herein incorporated by reference from Post-Effective Amendment No. 829 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 26, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjiipoa2022-kbarr.htm)</u> |

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| | | |
|:---|:---|:---|
| | (vii) | <u>[Power of Attorney for Eric W. Falkeis dated January 1, 2022, is herein incorporated by reference from Post-Effective Amendment No. 829 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 26, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjiiipoa2022efalkeis.htm)</u> |
| | (viii) | <u>[Power of Attorney for Steven J. Paggioli dated January 1, 2022, is herein incorporated by reference from Post-Effective Amendment No. 829 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 26, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjivpoa2022spaggioli.htm)</u> |
| | (ix) | <u>[Power of Attorney for Ashi S. Parikh dated January 1, 2022, is herein incorporated by reference from Post-Effective Amendment No. 829 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 26, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjvpoa2022aparikh.htm)</u> |
| | (x) | <u>[Power of Attorney for Cynthia M. Fornelli dated January 1, 2022, is herein incorporated by reference from Post-Effective Amendment No. 829 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 26, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjvipoa2022cfornelli.htm)</u> |
| | (xi) | <u>[Power of Attorney for Craig Benton dated January 1, 2022, is herein incorporated by reference from Post-Effective Amendment No. 829 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 26, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjviipoa2022cbenton.htm)</u> |
| (i) | *Legal Opinions* | *Legal Opinions* |
|  | (i) | <u>[Opinion](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/opin_boston.htm)[of Counsel dated December 29, 2010, by Sullivan & Worcester for the Boston Common Funds is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/opin_boston.htm)</u> |
|  | (ii) | <u>[Consent of Counsel dated December 29, 2010, by Paul](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/consent_legal.htm)[Hast](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/consent_legal.htm)[ings](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/consent_legal.htm)[LLP for the Boston Common Funds is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.](https://www.sec.gov/Archives/edgar/data/811030/000089418910004687/consent_legal.htm)</u> |
|  | (iii) | <u>[Opinion and Consent of Counsel dated September 10, 2021, by Sullivan & Worcester for the Boston Common ESG Impact Emerging Markets Fund is herein incorporated by reference from Post-Effective Amendment No. 825 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 10, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exixibopinionandconsentofc.htm)</u> |
| (j) | <u>[Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP —](bostoncommonconsent9-30x25.htm)</u>**<u>[F](bostoncommonconsent9-30x25.htm)[iled herewith](bostoncommonconsent9-30x25.htm)</u>**<u>[.](bostoncommonconsent9-30x25.htm)</u> | <u>[Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP —](bostoncommonconsent9-30x25.htm)</u>**<u>[F](bostoncommonconsent9-30x25.htm)[iled herewith](bostoncommonconsent9-30x25.htm)</u>**<u>[.](bostoncommonconsent9-30x25.htm)</u> |
| (k) | *Omitted Financial Statements* — None. | *Omitted Financial Statements* — None. |
| (l) | *Initial Capital Agreements* — None. | *Initial Capital Agreements* — None. |
| (m) | *Rule 12b-1 Plan* — Not applicable. | *Rule 12b-1 Plan* — Not applicable. |
| (n) | *Rule 18f-3 Plan* — Not applicable. | *Rule 18f-3 Plan* — Not applicable. |
| (o) | *Reserved.* | *Reserved.* |
| (p) | *Codes of Ethics.* | *Codes of Ethics.* |

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(i) <u>[Code of Ethics for the Trust (Professionally Managed Portfolios) is herein incorporated by reference from Post-Effective Amendment No. 829 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 26, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922000477/pmpcodeofethicsrevised-.htm)</u>

(ii) <u>[Code of Ethics for Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 729 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 29, 2018.](https://www.sec.gov/Archives/edgar/data/811030/000089418918000487/coe.htm)</u>

(iii) Code of Ethics for Access Persons of Quasar Distributors, LLC — not applicable.

**Item 29. Persons Controlled by or Under Common Control with Registrant**

&nbsp;&nbsp;&nbsp;&nbsp;No person is directly or indirectly controlled by or under common control with the Registrant.

**Item 30. Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Article VII of the Registrant's Declaration of Trust, Article VI of Registrant's Amended and Restated Bylaws, and Paragraph 6 of the Distribution Agreement, each previously filed as indicated in Item 28 above. With respect to the Registrant, the general effect of these provisions is to indemnify any person (Trustee, director, officer, employee or agent, among others) who was or is a party to any proceeding by reason of their actions performed in their official or duly authorized capacity on behalf of the Trust. With respect to the distributor, the general effect of the relevant provisions is to indemnify those entities for claims arising out of any untrue statement or material fact contained in the Funds' Registration Statement, reports to shareholders or advertising and sales literature.

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule 484 under the Securities Act of 1933, as amended, (the "1933 Act") the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the 1933 Act may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue."

**Item 31. Business and Other Connections of Investment Adviser**

&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Adviser (Boston Common Asset Management, LLC), the response to this Item is incorporated by reference to the Adviser's Uniform Application for Investment Adviser Registration ("Form ADV") on file with the SEC (File No. 801-61564). The Adviser's Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov.

**Item 32. Principal Underwriter.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;Quasar Distributors, LLC, the Registrant's principal underwriter, acts as principal underwriter for the following investment companies:

&nbsp;&nbsp;&nbsp;&nbsp;1. Abacus FCF ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;2. Advisor Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;3. Antares Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;4. Capital Advisors Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;5. Chase Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;6. Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;7. Edgar Lomax Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;8. Huber Large Cap Value Fund, Series of Advisors Series Trust

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&nbsp;&nbsp;&nbsp;&nbsp;9. Huber Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;10. Huber Select Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;11. Huber Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;12. Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;13. Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;14. Medalist Partners Short Duration Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;15. O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;16. PIA BBB Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;17. PIA High Yield (MACS) Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;18. PIA High Yield Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;19. PIA MBS Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;20. PIA Short-Term Securities Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;21. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;22. Poplar Forest Partners Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;23. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;24. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;25. Pzena International Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;26. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;27. Pzena Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;28. Reverb ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;29. Scharf ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;30. Scharf Global Opportunity ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;31. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;32. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;33. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;34. The Aegis Funds

&nbsp;&nbsp;&nbsp;&nbsp;35. Allied Asset Advisors Funds

&nbsp;&nbsp;&nbsp;&nbsp;36. Angel Oak Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;37. Angel Oak Strategic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;38. Brookfield Infrastructure Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;39. Brookfield Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;40. Buffalo Funds

&nbsp;&nbsp;&nbsp;&nbsp;41. RJ Eagle GCM Dividend Select Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;42. RJ Eagle Municipal Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;43. RJ Eagle Vertical Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;44. DoubleLine Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;45. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;46. AAM Brentview Dividend Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;47. AAM Crescent CLO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;48. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;49. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;50. AAM Sawgrass U.S. Large Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;51. AAM Sawgrass U.S. Small Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;52. AAM SLC Low Duration Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;53. AAM Todd International Intrinsic Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;54. AAM Transformers ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;55. Acquirers Deep Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;56. Aptus April Buffer, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;57. Aptus Collared Investment Opportunity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;58. Aptus Deferred Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;59. Aptus Defined Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;60. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;61. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;62. Aptus International Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;63. Aptus January Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;64. Aptus July Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;65. Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;66. Aptus Large Cap Upside ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;67. Aptus October Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;68. Bahl & Gaynor Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;69. Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

------

&nbsp;&nbsp;&nbsp;&nbsp;70. Bahl & Gaynor Small Cap Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;71. BTD Capital Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;72. Carbon Strategy ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;73. ClearShares OCIO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;74. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;75. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;76. Colterpoint Net Lease Real Estate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;77. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;78. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;79. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;80. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;81. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;82. Hoya Capital Housing ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;83. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;84. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;85. LHA Risk-Managed Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;86. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;87. Opus Small Cap Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;88. The Acquirers Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;89. The Brinsmere Fund - Conservative ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;90. The Brinsmere Fund - Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;91. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;92. U.S. Global JETS ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;93. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;94. U.S. Global Technology and Aerospace & Defense ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;95. US Vegan Climate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;96. Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;97. Vest 2 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;98. First American Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;99. FundX Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;100. The Glenmede Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;101. The GoodHaven Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;102. Harding, Loevner Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;103. Hennessy Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;104. Horizon Funds

&nbsp;&nbsp;&nbsp;&nbsp;105. Hotchkis & Wiley Funds

&nbsp;&nbsp;&nbsp;&nbsp;106. Intrepid Capital Management Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;107. Jacob Funds Inc.

&nbsp;&nbsp;&nbsp;&nbsp;108. The Jensen Quality Growth Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;109. Kirr, Marbach Partners Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;110. Core Alternative ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;111. Optimized Equity Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;112. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;113. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;114. LKCM Funds

&nbsp;&nbsp;&nbsp;&nbsp;115. LoCorr Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;116. MainGate Trust

&nbsp;&nbsp;&nbsp;&nbsp;117. ATAC Rotation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;118. Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;119. Kensington Active Advantage Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;120. Kensington Defender Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;121. Kensington Dynamic Allocation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;122. Kensington Hedged Premium Income ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;123. Kensington Managed Income Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;124. LK Balanced Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;125. Leuthold Core ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;126. Leuthold Core Investment Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;127. Leuthold Global Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;128. Leuthold Grizzly Short Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;129. Leuthold Select Industries ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;130. Muhlenkamp Fund, Series of Managed Portfolio Series

------

&nbsp;&nbsp;&nbsp;&nbsp;131. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;132. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;133. Olstein All Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;134. Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;135. Port Street Quality Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;136. Prospector Capital Appreciation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;137. Prospector Opportunity Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;138. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;139. Reinhart International PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;140. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;141. Tremblant Global ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;142. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;143. Hood River Emerging Markets Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;144. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;145. Hood River New Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;146. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;147. SanJac Alpha Core Plus Bond ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;148. SanJac Alpha Low Duration ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;149. SWP Growth & Income ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;150. Vert Global Sustainable Real Estate ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;151. Mason Capital Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;152. Matrix Advisors Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;153. Monetta Trust

&nbsp;&nbsp;&nbsp;&nbsp;154. Nicholas Equity Income Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;155. Nicholas Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;156. Nicholas II, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;157. Nicholas Limited Edition, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;158. Oaktree Diversified Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;159. Permanent Portfolio Family of Funds

&nbsp;&nbsp;&nbsp;&nbsp;160. Perritt Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;161. Procure ETF Trust II

&nbsp;&nbsp;&nbsp;&nbsp;162. Professionally Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;163. Provident Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;164. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;165. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;166. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;167. Aquarius International Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;168. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;169. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;170. Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;171. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;172. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;173. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;174. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;175. F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;176. F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;177. F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;178. F/m Callable Tax-Free Municipal ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;179. F/m Compoundr High Yield Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;180. F/m Compoundr U.S. Aggregate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;181. F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;182. F/m Emerald Special Situations ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;183. F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;184. F/m Investments Large Cap Focused Fund Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;185. F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;186. F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;187. F/m US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;188. F/m US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;189. F/m US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;190. F/m US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;191. F/m US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

------

&nbsp;&nbsp;&nbsp;&nbsp;192. F/m US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;193. F/m US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;194. F/m US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;195. F/m US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;196. F/m US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;197. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;198. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;199. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;200. Motley Fool Innovative Growth Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;201. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;202. Motley Fool Momentum Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;203. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;204. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;205. Motley Fool Value Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;206. MUFG Japan Small Cap Active ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;207. Oakhurst Fixed Income Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;208. Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;209. SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;210. SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;211. SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;212. SGI Enhanced Market Leaders ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;213. SGI Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;214. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;215. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;216. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;217. SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;218. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;219. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;220. WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;221. The RBB Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;222. RBC Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;223. Rockefeller Municipal Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;224. SEG Partners Long/Short Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;225. Series Portfolios Trust

&nbsp;&nbsp;&nbsp;&nbsp;226. Thompson IM Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;227. Tortoise Capital Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;228. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;229. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;230. CrossingBridge Low Duration High Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;231. CrossingBridge Nordic High Income Bond Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;232. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;233. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;234. RiverPark Strategic Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;235. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;236. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;237. Jensen Quality MidCap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;238. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;239. Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;240. Wall Street EWM Funds Trust

(b)&nbsp;&nbsp;&nbsp;&nbsp;The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, ME 04101.

------

---

| | | | |
|:---|:---|:---|:---|
| <u>Name</u> | <u>Address</u> | <u>Position with Underwriter</u> | <u>Position with Registrant</u> |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, Maine 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301, Portland, Maine 04101 | Secretary |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, Maine 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

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

**Item 33. Location of Accounts and Records**

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended (the "1940 Act") are maintained at the following locations:

---

| | |
|:---|:---|
| **Records Relating to:** | **Are located at:** |
| Registrant's Fund Administrator, Fund Accountant and Transfer Agent | U.S. Bancorp Fund Services, LLC<br>615 East Michigan Street, 3<sup>rd</sup> Floor<br>Milwaukee, Wisconsin 53202 |
| Registrant's Custodian | U.S. Bank National Association<br>1555 N. RiverCenter Drive, Suite 302 <br>Milwaukee, Wisconsin 53212 |
| Registrant's Distributor | Quasar Distributors, LLC<br>190 Middles Street, Suite 301<br>Portland, Maine 04101 |
| Registrant's Investment Adviser | Boston Common Asset Management, LLC<br>200 State Street, 7th Floor <br>Boston, Massachusetts 02109 |

---

**Item 34. Management Services**

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

**Item 35. Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No.900 to its Registration Statement on Form N-1A to be signed below on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 27th day of January, 2026.

Professionally Managed Portfolios

By: <u>/s/ Jason F. Hadler</u>

Jason F. Hadler

President

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment No.900 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| <u>Kathleen T. Barr\*</u> | Trustee | January 27, 2026 |
| Kathleen T. Barr |  |  |
| <u>Eric W. Falkeis\*</u> | Trustee | January 27, 2026 |
| Eric W. Falkeis |  |  |
| <u>Steven J. Paggioli\*</u> | Trustee | January 27, 2026 |
| Steven J. Paggioli |  |  |
| <u>Ashi S. Parikh\*</u> | Trustee | January 27, 2026 |
| Ashi S. Parikh |  |  |
| <u>Cynthia M. Fornelli\*</u> | Trustee | January 27, 2026 |
| Cynthia M. Fornelli |  |  |
| <u>/s/ Jason F. Hadler</u> | President and Principal | January 27, 2026 |
| Jason F. Hadler | Executive Officer |  |
| <u>/s/ Craig Benton</u> | Vice President, Treasurer and Principal | January 27, 2026 |
| Craig Benton | Financial and Accounting Officer |  |
| \*By: <u>/s/ Jason F. Hadler</u> |  | January 27, 2026 |
| Jason F. Hadler, Attorney-In Fact pursuant to Power of Attorney |  |  |

---

------

**EXHIBIT LIST**

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| EX.99.(j) | <u>[Consent of Independent Registered Public Accounting Firm](bostoncommonconsent9-30x25.htm)</u> |

---

## Ex-99.(J)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment #900 and Amendment #901 to the Registration Statement on Form N-1A of Professionally Managed Portfolios and to the use of our report dated November 26, 2025 on the financial statements and financial highlights of Boston Common ESG Impact International Fund, Boston Common ESG Impact U.S. Equity Fund and Boston Common ESG Impact Emerging Markets Fund, each a series of Professionally Managed Portfolios. Such financial statements and financial highlights appear in the 2025 Annual Financial Statements in Form N-CSR, which is incorporated by reference into the Registration Statement.

**s/ TAIT, WELLER & BAKER LLP** 

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

**Philadelphia, Pennsylvania**

**January 27, 2026**

<br>