# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000894189-23-001699
**Filing Date:** 2023-2
**Character Count:** 414767
**Document Hash:** 315e0ff3905ff1e4b0fdbcc10c0a973b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-23-001699.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000894189-23-001699

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROFESSIONALLY MANAGED PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000811030
- **IRS NUMBER:** 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:** 23686283

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7363

**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
- **IRS NUMBER:** 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:** 23686282

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7363

**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

### Becker Value Equity Fund (Series ID: S000037988)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000117199 | Retail Class        | BVEFX           |
| C000117200 | Institutional Class | BVEIX           |

?xml version='1.0' encoding='ASCII'? ck0000811030-20221031

Filed with the U.S. Securities and Exchange Commission on February 28, 2023

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. | 852 | [ | X | ] |

---

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X ] <br> Amendment No. <u>853</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, WI 53202

(Address of Principal Executive Offices, including Zip Code)

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

Jason F. Hadler

Professionally Managed Portfolios

777 East Wisconsin Avenue

Milwaukee, WI 53202

(Name and Address of Agent for Service)

Copy to:

Domenick Pugliese, Esq.

Sullivan & Worcester, LLP

1633 Broadway, 32nd Floor

New York, NY 10019

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

---

| | |
|:---|:---|
| X | immediately upon filing pursuant to paragraph (b) |
|  | On (date) 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. 852 ("Amendment") to the registration statement of Professionally Managed Portfolios (the "Trust") on Form N-1A ("Registration Statement") is being filed to add the audited financial statements and certain related financial information for the fiscal year ended October 31, 2022 for one series of the Trust: Becker Value Equity Fund.

    

![ck0000811030-20221031_g1.jpg](ck0000811030-20221031_g1.jpg)

Becker Value Equity Fund

**Retail Class: BVEFX** 

**Institutional Class: BVEIX** 

**PROSPECTUS**

**February 28, 2023**

1211 SW Fifth Avenue, Suite 2185

Portland, OR 97204

1-800-551-3998

www.beckercap.com/mutual-fund

**The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **<u>Page</u>** | **<u>Page</u>** |
| [SUMMARY SECTION](#i596643f959bc4c6fa42c96045f3b4101_10) | [1](#i596643f959bc4c6fa42c96045f3b4101_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#i596643f959bc4c6fa42c96045f3b4101_13) | [1](#i596643f959bc4c6fa42c96045f3b4101_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fees and Expenses of the Fund](#i596643f959bc4c6fa42c96045f3b4101_16) | [1](#i596643f959bc4c6fa42c96045f3b4101_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Turnover](#i596643f959bc4c6fa42c96045f3b4101_19) | [2](#i596643f959bc4c6fa42c96045f3b4101_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#i596643f959bc4c6fa42c96045f3b4101_22) | [2](#i596643f959bc4c6fa42c96045f3b4101_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#i596643f959bc4c6fa42c96045f3b4101_25) | [2](#i596643f959bc4c6fa42c96045f3b4101_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Performance](#i596643f959bc4c6fa42c96045f3b4101_28) | [4](#i596643f959bc4c6fa42c96045f3b4101_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Management](#i596643f959bc4c6fa42c96045f3b4101_34) | [5](#i596643f959bc4c6fa42c96045f3b4101_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Purchase and Sale of Fund Shares](#i596643f959bc4c6fa42c96045f3b4101_37) | [5](#i596643f959bc4c6fa42c96045f3b4101_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Information](#i596643f959bc4c6fa42c96045f3b4101_40) | [6](#i596643f959bc4c6fa42c96045f3b4101_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Payments to Broker-Dealers and Other Financial Intermediaries](#i596643f959bc4c6fa42c96045f3b4101_43) | [6](#i596643f959bc4c6fa42c96045f3b4101_43) |
| [ADDITIONAL INFORMATION ABOUT THE FUND'S INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS](#i596643f959bc4c6fa42c96045f3b4101_46) | [7](#i596643f959bc4c6fa42c96045f3b4101_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#i596643f959bc4c6fa42c96045f3b4101_49) | [7](#i596643f959bc4c6fa42c96045f3b4101_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies of the Fund](#i596643f959bc4c6fa42c96045f3b4101_52) | [7](#i596643f959bc4c6fa42c96045f3b4101_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#i596643f959bc4c6fa42c96045f3b4101_55) | [8](#i596643f959bc4c6fa42c96045f3b4101_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Who May Want to Invest in the Fund](#i596643f959bc4c6fa42c96045f3b4101_58) | [10](#i596643f959bc4c6fa42c96045f3b4101_58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Holdings Information](#i596643f959bc4c6fa42c96045f3b4101_61) | [10](#i596643f959bc4c6fa42c96045f3b4101_61) |
| [ADDITIONAL INFORMATION ABOUT MANAGEMENT OF THE FUND](#i596643f959bc4c6fa42c96045f3b4101_64) | [10](#i596643f959bc4c6fa42c96045f3b4101_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Advisor](#i596643f959bc4c6fa42c96045f3b4101_67) | [10](#i596643f959bc4c6fa42c96045f3b4101_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#i596643f959bc4c6fa42c96045f3b4101_70) | [11](#i596643f959bc4c6fa42c96045f3b4101_70) |
| [ACCOUNT INFORMATION](#i596643f959bc4c6fa42c96045f3b4101_73) | [12](#i596643f959bc4c6fa42c96045f3b4101_73) |
| [SHAREHOLDER SERVICING FEES AND OTHER PAYMENTS](#i596643f959bc4c6fa42c96045f3b4101_76) | [22](#i596643f959bc4c6fa42c96045f3b4101_76) |
| [DISTRIBUTIONS AND TAXES](#i596643f959bc4c6fa42c96045f3b4101_79) | [22](#i596643f959bc4c6fa42c96045f3b4101_79) |
| [INDEX DESCRIPTIONS](#i596643f959bc4c6fa42c96045f3b4101_82) | [24](#i596643f959bc4c6fa42c96045f3b4101_82) |
| [FINANCIAL HIGHLIGHTS](#i596643f959bc4c6fa42c96045f3b4101_85) | [25](#i596643f959bc4c6fa42c96045f3b4101_85) |
| [PRIVACY POLICY](#i596643f959bc4c6fa42c96045f3b4101_88) | [27](#i596643f959bc4c6fa42c96045f3b4101_88) |
| [FOR MORE INFORMATION](#i596643f959bc4c6fa42c96045f3b4101_91) | [28](#i596643f959bc4c6fa42c96045f3b4101_91) |

---

------

**SUMMARY SECTION**

**Investment Objective**

The investment objective of the Becker Value Equity Fund (the "Fund") is long-term capital appreciation.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional Shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

**Shareholder Fees** 

*(fees paid directly from your investment)*

---

| | | |
|:---|:---|:---|
| | **Retail** | **Institutional** |
| Redemption Fees <br>*(as a percentage of the amount redeemed within 30 days of purchase)* | 1.00% | 1.00% |

---

**Annual Fund Operating Expenses** 

*(expenses that you pay each year as a percentage of the value of your investment)*

---

| | | |
|:---|:---|:---|
| | **Retail** | **Institutional** |
| Management Fees | 0.55% | 0.55% |
| Distribution (12b-1) Fees |  |  |
| Other Expenses *(including shareholder servicing plan fees of 0.10% for Retail Class)* | 0.38% | 0.27% |
| Total Annual Fund Operating Expenses | 0.93% | 0.82% |
| Fee Waiver/Expense Reimbursement | -0.15% | -0.14% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement<sup>(1)</sup> | 0.78% | 0.68% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Becker Capital Management, Inc. (the "Advisor"), has contractually agreed to reduce its management fee and/or reimburse certain expenses (excluding brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividend expenses on securities sold short; taxes; any indirect expenses, such as Acquired Fund Fees and Expenses; extraordinary litigation expenses; Rule 12b-1 fees; shareholder servicing fees; and any other class-specfic expenses) so that Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not exceed 0.68% of the Fund's average daily net assets (the "Expense Cap"). The Expense Cap is indefinite, and will remain in effect at least through February 28, 2024. The Agreement may be terminated at any time by the Board of Trustees upon 60 days notice to the Advisor, or by the Advisor with consent of the Board. The Advisor 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.

*Expense Example*

The Example below 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 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 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:

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **3 years** | **5 years** | **10 years** |
| Retail Class | $80 | $271 | $478 | $1075 |
| Institutional Class | $69 | $248 | $441 | $1001 |

---

*Portfolio Turnover*

The 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 example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs a value strategy and invests primarily in common and preferred stocks whose market prices do not reflect their true values, as determined by the Advisor. The Advisor utilizes a bottom-up approach to stock selection, focusing on company fundamentals. The Advisor typically invests in companies with sound fundamentals that the Advisor believes are selling at discounted valuations and have low price-to-earnings ("P/E") ratios. The Advisor primarily selects stocks of companies with market capitalizations exceeding $10 billion, although the Fund may invest in securities of companies of any size or market capitalization that present opportunities for value.

The Fund strives to be fully invested at all times. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. Equity securities in which the Fund may invest include common stock and common stock equivalents (such as rights, warrants and convertible securities), equity exchange-traded funds ("ETFs"), preferred stock, and equity real estate investment trusts ("REITs"). The Fund may also invest up to 15% of its assets in foreign securities, including in emerging markets, through American Depositary Receipts ("ADRs"). ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. The Advisor may sell a security for a variety of reasons, including, without limitation: (1) a security subsequently fails to meet the Advisor's initial investment criteria; (2) an issuer specific event, such as an acquisition or recapitalization that changes the fundamental operations of the company; (3) upon comparative analysis, a new security is judged more attractive than a current holding; or (4) views change of the individual holdings as well as the general market.

**Principal Risks**

All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Fund's returns and share price will fluctuate, and you may lose money by investing 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 Investing Risk.** The Fund emphasizes a "value" style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on "value" securities may not move in tandem with the returns on other styles of investing or the stock market in general.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Securities Risk.** The price of equity securities may rise or fall because of economic or political changes or changes in a company's financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund's portfolio or the securities market as a whole, such as changes in economic or political conditions.

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.** The risks of depositary receipts include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk. Unsponsored ADRs, which are issued by a depositary bank without the participation or consent of the issuer, involve additional risks because U.S. reporting requirements do not apply, and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends.

&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 Risk.** Foreign securities involve increased risks due to political, social and economic developments abroad, as well as due to differences between U.S. and foreign regulatory practices. These risks are enhanced in emerging markets which are generally more volatile and less liquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Large-Cap Company Risk.** Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, 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.** If the Advisor's perception of the value of a company is not realized in the expected time frame, the Fund's overall performance may suffer. The portfolio managers' management practices, investment strategies, and choice of investments might not work to produce the desired results, and the Fund might underperform other comparable funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* General 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); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of COVID-19 as a global pandemic, which has resulted in a public health crisis, disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **REIT Risk.** REITs may be subject to certain risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Small- and Mid-Cap Company Risk.** Stocks of small- and mid-cap companies may be riskier than stocks of larger companies, because many of these companies are young and have a limited track record. Their securities may trade less frequently and in more limited volume than those of more mature companies. As a result, small and mid-cap stocks may be significantly more volatile than larger-cap stocks. Small and mid-cap companies also may lack the managerial, financial or other resources necessary to implement their business plans or succeed in the face of competition. It may be difficult to sell a small or mid-cap stock, and this lack of market liquidity can adversely affect the Fund's ability to realize the market price of a stock, especially during periods of rapid market decline.

**Performance**

The bar chart below shows how the Fund's investment results have varied from year-to-year as represented by the performance of the Retail Class shares. The table below shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a value-style broad-based securities market index. This information provides some indication of the risks of investing in the Fund. Past performance information is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.beckercap.com/mutual-fund.

Effective at the close of business on August 24, 2012, the Becker Value Equity Fund, a series of Unified Series Trust (the "Predecessor Fund"), reorganized into the Fund, a series of Professionally Managed Portfolios. Performance information shown prior to the close of business on August 24, 2012 is that of the Predecessor Fund. Additionally, the Fund has adopted the Financial Statements of the Predecessor Fund.

**Retail Class Annual Total Returns** (years ended December 31)

![ck0000811030-20221031_g2.jpg](ck0000811030-20221031_g2.jpg)

---

| | |
|:---|:---|
| Best Quarter: | 4th Quarter, 2020 16.56% |
| Worst Quarter: | 1st Quarter, 2020, -23.78% |

---

------

**Average Annual Total Returns** (*for the periods ended December 31, 2022*)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Becker Value Equity Fund**<br>**Retail Class** | **1 Year** | **5 Years** | **10 Years** | **Since Inception**<br>**(11/3/03)**<br> |
| Return Before Taxes | -7.45% | 5.77% | 9.81% | 8.34% |
| Return After Taxes on Distributions | -9.18% | 4.13% | 8.06% | 7.13% |
| Return After Taxes on Distributions and Sale of Fund Shares | -3.19% | 4.34% | 7.71% | 6.77% |
| **Institutional Class\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | -7.37% | 5.88% | 9.96% | 8.54% |
| **Russell 1000**<sup>®</sup> **Value Index** (reflects no deductions for fees, expenses and taxes) | -7.54% | 6.67% | 10.29% | 8.11% |

---

Retail Class shares commenced operations on November 3, 2003. Institutional Class shares commenced operations on September 2, 2011.

\*Performance shown prior to September 2, 2011, the inception of Institutional Class shares, reflects the performance of the Retail Class shares, adjusted to reflect Institutional Class expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). The index returns presented above assume reinvestment of all distributions and exclude the effect of taxes and fees (if expenses and taxes were deducted, the actual returns of the Index would be lower).

The "Return After Taxes on Distributions" shows the effect of taxable distributions (dividends and capital gains distributions), but assumes that you still hold Fund shares at the end of the period.

**Portfolio Management**

***Investment Advisor*** – Becker Capital Management, Inc.

***Portfolio Managers*** – The Advisor's equity investment team is responsible for managing the Fund. The following members of the team are responsible for the day-to-day management of the Fund.

---

| | | |
|:---|:---|:---|
| **Name** | **Title with Becker Capital Management** | **Managed the Fund Since** |
| Patrick E. Becker, Jr. | Portfolio Manager and Analyst | Inception (2003) |
| Blake Howells, CFA | Portfolio Manager and Analyst | 2019 |
| Steve Laveson | Portfolio Manager and Analyst | Inception (2003) |
| Thomas (T.J.) McConville | Portfolio Manager and Analyst | 2014 |
| Andy Murray, CFA | Portfolio Manager and Analyst | 2014 |
| Sid Parakh | Portfolio Manager and Analyst | 2016 |

---

**Purchase and Sale of Fund Shares**

Investors may purchase or redeem Fund shares on any business day by written request via mail (Becker Value Equity Fund, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201-0701), by wire transfer, or by telephone at 1-800-551-3998 (toll free). Investors who wish to purchase or redeem Fund shares through a

------

broker-dealer should contact the broker-dealer directly. The minimum initial and subsequent investment amounts in the Fund are as follows:

---

| | | |
|:---|:---|:---|
| **Account Types** | **To Open<br>Your Account** | **To Add<br>to Your Account** |
| Institutional Class | $100000 | $100 |
| Retail Class | $2500 | $100 |

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**Tax Information**

The Fund's distributions are taxable and are taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan, IRA or 529 college savings plan. Tax-deferred arrangements may be taxed later upon withdrawal of monies from those accounts.

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

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

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**ADDITIONAL INFORMATION ABOUT THE FUND'S <br>INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT STRATEGIES <br>AND RELATED RISKS**

**Investment Objective**

The Fund's investment objective is to seek long-term capital appreciation. The Fund's investment objective is non-fundamental and may be changed without shareholder approval upon at least a 60-day written notice to shareholders. There is no assurance that the Fund will achieve its investment objective.

**Principal Investment Strategies of the Fund**

The Fund employs a value strategy and invests primarily in common and preferred stocks of U.S. companies whose market prices do not reflect their true values, as determined by the Advisor. The Advisor utilizes a bottom-up approach to stock selection, focusing on companies with sound fundamentals that are undervalued and trade at low price-to-earnings ("P/E") ratios, but the Advisor does not invest exclusively in companies with low P/E ratios. Companies may be undervalued due to market or economic conditions, unfavorable developments affecting the company, temporary earnings declines, or other factors.

The Fund strives to be fully invested at all times. Under normal circumstances, the Fund invests at least 80% of its assets (plus any borrowings for investment purposes) in equity securities. This investment policy may not be changed without at least 60 days prior written notice to shareholders. Equity securities in which the Fund may invest include common stock and common stock equivalents (such as rights, warrants and convertible securities), ETFs that invest primarily in equity securities, preferred stock, and equity REITs. The Fund may also invest up to 15% of its assets in foreign securities, including in emerging markets, through ADRs, which are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities issued by a foreign company.

The Advisor believes indicators of value include, without limitation, strong cash flow, excellent market position, competitive advantage, favorable prospects for growth, quality management, and a low risk profile. The Advisor also prefers significant management ownership of, or recent management investment in a company, since these factors are often indicative of management's belief that the company has strong potential value. These indicators of value may produce buying opportunities at attractive prices compared to historical or market P/E ratios, book value, return on equity, or price/free cash flow. The Advisor believes that buying such securities at a price that is below their true worth may achieve greater returns for the Fund than those generated by paying premium prices for companies currently in favor in the market. The Fund will generally select stocks of companies with market capitalizations exceeding $10 billion although the Fund may invest in securities of companies of any size or market capitalization. Although the Fund primarily invests in large-cap companies, outstanding small- and mid-cap companies will not be excluded because of size if they present opportunities for value.

The Fund will not seek to realize profits by anticipating short-term market movements. The Advisor intends to purchase securities only for the long-term. As a result, the Advisor believes the Fund will typically have a low turnover, which should help minimize short-term capital gains and postpone long-term capital gains. When the Advisor deems that changes will benefit the Fund, portfolio turnover will not be a limiting factor. While the Fund's portfolio turnover will vary from year to year based upon market conditions and factors affecting the particular securities held in the portfolio, it is anticipated that the Fund's average portfolio turnover will not exceed 50% annually. The Advisor may sell a security for a variety of reasons, including, without limitation: (1) a security subsequently fails to meet the Advisor's initial investment criteria; (2) an issuer specific event, such as an acquisition or recapitalization that changes the fundamental operations of the company; (3) upon comparative analysis, a new security is judged more attractive than a current holding; or (4) views change of the individual holdings as well as the general market.

**Cash Holdings and Temporary Defensive Positions.** For temporary defensive purposes, the Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies, in attempting to respond to adverse market, economic, political or other conditions. For example, the Fund may hold

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up to 100% of its assets in short-term U.S. government securities, ETFs that do not invest primarily in equity securities, money market instruments, securities of other no-load mutual funds or repurchase agreements. To the extent consistent with the Fund's principal strategies as described above, including its policy to invest at least 80% of its assets in equity securities during normal market conditions, the Fund may also invest in such instruments at any time to maintain liquidity or pending selection of investments in accordance with its investment strategies. Such instruments include convertible debt, money market funds, investment grade short-term money market instruments including U.S. government and agency securities, other fixed income securities, commercial paper, certificates of deposit, repurchase agreements, and other cash equivalents. By keeping some cash or cash equivalents, the Fund may be able to avoid realizing gains and losses from selling stocks when there are shareholder redemptions. As a result of engaging in these temporary measures, the Fund may not achieve its investment objective.

**Principal Risks**

All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Fund's returns and share price will fluctuate, and you may lose money by investing in the Fund. These risks are discussed in more detail below in order of relevance to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Value Investing Risk.** A company may be undervalued due to market or economic conditions, temporary earnings declines, unfavorable developments affecting the company and other factors, or because it is associated with a market sector that generally is out of favor with investors. Undervalued stocks tend to be inexpensive relative to their earnings or assets compared to other types of stock. However, these stocks can continue to be inexpensive for long periods of time and may not realize their full economic value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Equity Securities Risk.** The price of equity securities may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund's portfolio or the securities market as a whole, such as changes in economic or political conditions. Equity securities are subject to "stock market risk" meaning that stock prices in general (or in particular, the prices of the types of securities in which the Fund invests) may decline over short or extended periods of time. When the value of the Fund's securities goes down, your investment in the Fund decreases in value.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• General 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); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of COVID-19 as a global pandemic, which has resulted in a public health crisis, disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Management Risk.** The Advisor's value-oriented approach may fail to produce the intended results. If the Advisor's perception of the value of a company is not realized in the expected time frame, the Fund's overall performance may suffer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Large-Cap Company Risk.** The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small- and Mid-Cap Company Risk.** Stocks of small- and mid-cap companies are more risky than stocks of larger companies. Many of these companies are young and have a limited track record. Their securities may trade less frequently and in more limited volume than those of more mature companies. As a result, small and mid-cap stocks may be significantly more volatile than larger-cap stocks. Small and mid-cap companies also may lack the managerial, financial or other resources necessary to implement their business plans or succeed in the face of competition. The prospects for a company or its industry may deteriorate because of a variety of factors, including disappointing operating results or changes in the competitive environment. It may be difficult to sell a small or mid-cap stock, and this lack of market liquidity can adversely affect the Fund's ability to realize the market price of a stock, especially during periods of rapid market decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk.** Foreign securities may experience more rapid and extreme changes in value than securities of U.S. companies because a limited number of companies represent a small number of industries. Foreign issuers are not subject to the same degree of regulation as U.S. issuers. Also, nationalization, expropriation or confiscatory taxation or political changes could adversely affect the Fund's investments in a foreign company. The risks of foreign investing may be greater in the case of investments in companies located in emerging markets, which may exhibit greater price volatility and have less liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Depositary Receipt Risk.** ADRs do not eliminate all of the risks associated with direct investment in the securities of foreign issuers. Sponsored ADRs are issued with the support of the issuer of the foreign stock underlying the ADRs and carry all of the rights of common shares, including voting rights. The underlying securities of the ADRs in the Fund's portfolio are usually denominated or quoted in currencies other than the U.S. Dollar. As a result, changes in foreign currency exchange rates may affect the value of the Fund's portfolio. In addition, because the underlying securities of ADRs trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the securities underlying the ADRs may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **REIT Risk.** When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate, such as: (1) possible declines in the value of real estate, (2) adverse general and local economic conditions, (3) possible lack of availability of mortgage funds, (4) changes in interest rates, and (5) environmental problems. In addition, REITs are subject to certain other risks related specifically to their structure and focus such as: (a) dependency upon management skills; (b) limited diversification; (c) the risks of locating and managing financing for projects; (d) heavy cash flow dependency; (e) possible default by borrowers; (f) the costs and potential losses of self-liquidation of one or more holdings; (g) the possibility of failing to maintain exemptions from securities registration; and, (h) in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **ETF Risk.** If the Fund invests in an ETF, it will indirectly bear its proportionate share of any fees and expenses payable directly by the ETF. Therefore, the Fund will incur higher expenses, which may be duplicative, than if the Fund did not invest in ETFs. In addition, the Fund may be affected by losses of the ETFs and the level of risk arising from its investment practices (such as the use of leverage by the ETFs). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. ETFs also are subject to the following risks that do not apply to non-exchange traded funds: (1) an ETF's shares

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may trade at a market price that is above or below their net asset value; (2) an active trading market for an ETF's shares may not develop or be maintained; (3) the ETF may employ an investment strategy that utilizes high leverage ratios; or (4) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally. 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.

**Who May Want to Invest in the Fund**

The Fund may be suitable for long-term investors who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are seeking a fund with a value investment strategy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Can tolerate the risks associated with common stock investments.

**Portfolio Holdings Information**

A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's Statement of Additional Information ("SAI").

**ADDITIONAL INFORMATION ABOUT MANAGEMENT OF THE FUND**

**Advisor**

Becker Capital Management, Inc., 1211 SW Fifth Avenue, Suite 2185, Portland, OR 97204, www.beckercap.com, serves as investment advisor to the Fund. Becker has been providing portfolio management services since 1976. The Advisor utilizes a value-oriented investment style to provide equity and fixed income portfolio management to a select group of private wealth clients and institutional clients. As of December 31, 2022, Becker managed $3.9 billion in assets. The Advisor is 100% employee-owned.

The Advisor is entitled to receive an annual fee equal to 0.55% of the average daily net assets of the Fund. The Advisor has contractually agreed to waive its fee and reimburse certain operating expenses of the Fund, but only to the extent necessary so that Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement, excluding brokerage fees and commissions, borrowing costs (such as (a) interest expense and (b) dividends on securities sold short), any indirect expenses (such as fees and expenses of acquired funds), extraordinary litigation expenses, Rule 12b-1 fees, shareholder servicing fees and any other class-specfic expenses, do not exceed 0.68% of the average daily net assets (the "Expense Cap") of the Fund. The Expense Cap is indefinite, and will remain in effect through at least February 28, 2024. Any reduction in advisory fees or payment of expenses made by the Advisor is subject to reimbursement by the Fund if requested by the Advisor, and the Board approves such reimbursement. The Advisor may request reimbursement of previously waived fees and paid expenses from the Fund for three years from the date the fees were waived and/or expenses 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. The Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. The Agreement may be terminated at any time by the Board of Trustees upon 60 days' written notice to the Advisor, or by the Advisor with the consent of the Board.

The Fund's annual report to shareholders for the fiscal year ended October 31, 2022 contains information about the factors that the Board of Trustees considered in approving the Fund's management agreement.

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**Portfolio Managers**

The Advisor's equity investment team is responsible for making investment recommendations for the Fund. The Advisor's portfolio managers and analysts have an average of more than 30 years industry experience, including more than 20 years with the Advisor.

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| | | |
|:---|:---|:---|
| **Portfolio Manager/Analyst** | **Length of Service with the Fund** | **Business Experience During the Past Five Years** |
| Patrick E. Becker, Jr. | Since Inception in 2003 | Mr. Becker joined the Advisor in 1996 and has over 31 years of experience as an investment professional. Prior to joining the Advisor, Mr. Becker was Vice President for Grove Securities. Mr. Becker received a B.A. in Business Administration from the University of Portland. |
| Blake Howells, CFA | Since 2019 | Mr. Howells joined Becker Capital in 1998. He helps oversee the company's investment process, manages portfolios, and is an equity analyst. Prior to joining the firm, Mr. Howells was a Vice President with U.S. Bancorp's National Accounts Division. He currently is the Chair of the Board of Directors for the Providence Childrens Health Foundation. B.S., University of Oregon. |
| Steve Laveson | Since Inception in 2003 | Mr. Laveson joined the Advisor in 1995 and has over 53 years of experience as an investment professional. Prior to joining the Advisor, Mr. Laveson was a senior analyst and portfolio manager with Crabbe Huson, Neuberger & Berman, Rosenkranz, Ehrenkrantz, Lyon & Ross and Montgomery Securities. He graduated with a B.S. in Chemical Engineering from Massachusetts Institute of Technology and a Master's in Economics from University of California, Santa Barbara. |
| Thomas (T.J.) McConville | Since 2014 | Mr. McConville joined the Advisor in 2013 and has over 16 years of experience as an investment professional. Prior to joining the Advisor, T.J. served as a Senior Research Associate at Raymond James and Associates covering the consumer sector from 2008 to 2013. Prior to that, he covered a variety of industries at Raymond James. Mr. McConville graduated from Florida Southern College with a dual degree in Economics and Finance and received a M.B.A. from University of Florida. |
| Andy Murray, CFA | Since 2014 | Mr. Murray joined the Advisor in 2013 and has over 22 years of experience as an investment professional. Prior to joining the Advisor, Mr. Murray most recently served as a senior member of the North American Equities team at Alliance Trust, PLC and covered a variety of industries. He received a M.A. from University of Edinburgh. |
| Sid Parakh | Since 2016 | Mr. Parakh joined the Advisor in 2015 and has 19 years of investment industry experience. Prior to joining the firm, Mr. Parakh headed the Value Equity Research team within the Wealth Management division at Robert W. Baird (through its acquisition of McAdams Wright Ragen). Mr. Parakh started his career as a trader on the Indian stock market. Mr. Parakh received his B.E. in Chemical Engineering from Pune, India. He received his MBA from Willamette University. |

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The Fund's Statement of Additional Information ("SAI") provides information about each portfolio manager's compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of shares of the Fund.

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**ACCOUNT INFORMATION**

**Description of Classes**

The following table lists the key features of the Fund's Retail Class and Institutional Class shares.

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| | | |
|:---|:---|:---|
| | **Retail Class** | **Institutional Class** |
| **Minimum Initial Investment** | $2500 | $100000 |
| **Subsequent Minimum Investment** | $100 | $100 |
| **Waiver/Reduction of Investment Minimums** | The Advisor may waive or reduce the initial or subsequent minimum investment amounts in certain circumstances. | Although not limited to the list below, the Advisor (or in certain cases, Trust Officers) may waive or reduce the initial or subsequent minimum investment amounts in any of following circumstances:<br>• Retirement, defined benefit and pension plans with plan assets of at least $25 million;<br>• Bank or Trust companies investing for their own accounts or acting in a fiduciary or similar capacity;<br>• Institutional clients of the Advisor;<br>• Trustees and Officers of the Trust; and<br>• Employees of the Advisor 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). |
| **Fees** | • **Redemption Fee** of 1.00% if shares are redeemed less than 30 days from purchase (with some exceptions)<br>• **Shareholder Services Fee** equal to 0.10% of the average daily net assets of the Fund's Retail Class.  | • **Redemption Fee** of 1.00% if shares are redeemed less than 30 days from purchase (with some exceptions).  |
| **Conversion Feature** | Subject to the Advisor's approval, if investors currently holding Retail Class shares meet the criteria for eligible investors and would like to convert to Institutional Class shares, there are no tax consequences and investors are not subject to the redemption fees. To inquire about converting your Retail Class shares to Institutional Class shares, please call 1-800-551-3998. |  |
| **Eligible Investors** | Offered to individual investors through mutual fund supermarkets or other platforms offered by broker-dealers, 401(k) plans, banks, or trust companies that have entered into a selling agreement with the Fund's distributor, or directly through the distributor. | Institutional Class shares can be purchased directly through the distributor or other financial institutions, which may charge transaction fees with respect to your purchase. |

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**Special Instructions for Institutional Class Shares**

The Fund offers Institutional Class shares primarily for direct investment by investors such as pension and profit-sharing plans, employee benefit trusts, endowments, foundations and corporations. Institutional Class shares may also be offered through Financial Intermediaries (defined below) that charge their customers transaction or other

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distribution or service fees with respect to their customers' investments in the Fund. If you are purchasing shares through a Financial Intermediary, you must follow the procedures established by your Financial Intermediary. Your Financial Intermediary is responsible for sending your purchase order and wiring payment to the Transfer Agent. Your Financial Intermediary holds the shares in your name and receives all confirmations of purchases and sales. Financial Intermediaries placing orders for themselves or on behalf of their customers should call the Fund toll free at 1-800-551-3998, or follow the instructions under "Purchase By Mail," "Purchase By Telephone" and "Purchase By Wire."

As indicated in the table above, the minimum initial investment for Institutional Class shares may be waived or reduced by the Advisor at any time. Additionally, the Advisor may aggregate accounts together in order to meet the investment minimum.

**General Information**

You may purchase or sell (redeem) the Fund's shares at the net asset value of a share ("NAV"), minus any applicable redemption fee, next calculated after the Transfer Agent receives your request in good order (as described below under "How to Buy Shares"). For instance, if the Transfer Agent receives your purchase request in good order after 4:00 p.m., Eastern Time, your transaction will be priced at the next business day's NAV. The Fund cannot accept orders that request a particular day or price for the transaction or any other special conditions.

**When and How NAV is Determined**

The Fund calculates its NAV as of the close of the New York Stock Exchange ("NYSE") (normally, 4:00 p.m., Eastern Time) on each weekday except days when the NYSE is closed. The time at which the NAV is calculated may change in case of an emergency. For more information, please see "NYSE Holiday Schedule" below.

The Fund's NAV is determined by taking the market value of the Fund's total assets, subtracting the Fund's liabilities and then dividing the result (net assets) by the number of the Fund's shares outstanding.

The Fund values securities for which market quotations are readily available at current market value other than certain short-term securities, which are valued at amortized cost. Exchange-traded securities for which market quotations are readily available are valued using the last reported sales price provided by independent pricing services as of the close of trading on the NYSE (normally, 4:00 p.m., Eastern Time) on each Fund business day. In the absence of sales, such securities are valued at the mean of the last bid and ask price. Non-exchange-traded securities for which quotations are readily available are generally valued at the mean between the current bid and asked price. Fixed income securities may be valued at prices supplied by the Fund's pricing agent based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Investments in other open-end regulated investment companies are valued at their NAV. If the Fund invests in securities that trade on foreign securities markets on days other than the Fund business day, the value of the Fund's portfolio may change on days that shareholders will not be able to purchase or redeem Fund Shares.

The Fund values securities at fair value pursuant to procedures adopted by the Advisor if market quotations are not readily available or the Advisor believes that the prices or values available are unreliable. The Board has designated the Advisor as its "valuation designee" under Rule 2a-5 of the 1940 Act, subject to its oversight. Market quotations may not be readily available or may be unreliable if, among other things: (1) the exchange on which the Fund portfolio security is principally traded closes early; (2) trading in a particular portfolio security was halted during the day and did not resume prior to the time as of which the Fund calculates its NAV; or (3) events occur after the close of the securities markets on which the Fund's portfolio securities primarily trade but before the time as of which the Fund calculates its NAV.

Fair value pricing is based on subjective factors and as a result, the fair value price of a security may differ from the security's market price and may not be the price at which the security may be sold. Fair valuation could result in a different NAV than a NAV determined by using market quotes.

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***NYSE Holiday Schedule.*** The NYSE is open every day, Monday through Friday, except when the following holidays are celebrated: New Year's Day, Martin Luther King, Jr. Day (the third Monday in January), President's Day (the third Monday in February), Good Friday, Memorial Day (the last Monday in May), Juneteenth National Independence Day, Independence Day, Labor Day (the first Monday in September), Thanksgiving Day (the fourth Thursday in November), and Christmas Day. Exchange holiday schedules are subject to change without notice. The NYSE may close early on the day before each of these holidays and the day after Thanksgiving Day.

To the extent the Fund's portfolio investments trade in markets on days when the Fund is not open for business, the Fund's assets may vary on those days. In addition, trading in certain portfolio investments may not occur on days the Fund is open for business. If the exchange or market on which the Fund's underlying investments are primarily traded closes early, the NAV may be calculated prior to its normal calculation time. For example, the primary trading markets for the Fund may close early on the day before certain holidays and the day after Thanksgiving.

**How to Buy Shares**

You may purchase shares of the Fund by completing an account application. Your order will not be accepted until the completed account application is received by 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 "Becker Value Equity Fund." Account applications will not be accepted unless they are accompanied by payment in U.S. dollars, drawn on a domestic (United States) financial institution. If your payment 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 Fund as a result. The Fund does not issue share certificates. The Fund reserves the right to reject any purchase in whole or in part. The Fund and the Advisor also reserve the right to accept in-kind contributions of securities in exchange for shares of the Fund.

The Fund will not accept payment in cash or money orders. In addition, to prevent check fraud, the Fund generally does not accept third party checks, U.S. Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares. The Fund is unable to accept post-dated checks or any conditional order or payment.

***Minimum Investments.*** To purchase shares of the Fund, you must make a minimum initial investment for each applicable class as listed in the table on page 9. The minimum investment requirements may be waived from time to time.

**Checks** For all accounts, including individual, sole proprietorship, joint, Uniform Gifts to Minors Act ("UGMA") or Uniform Transfers to Minors Act ("UTMA") accounts, the check must be made payable to "Becker Value Equity Fund." A $25 charge may be imposed on any returned checks.

**ACH** Refers to the "Automated Clearing House" System maintained by the Federal Reserve Bank, which allows banks to process checks, transfer funds and perform other tasks. Your financial institution may charge you a fee for this service.

**Wires** Instruct your financial institution with whom you have an account to make a Federal Funds wire payment to us. Your financial institution may charge you a fee for this service.

In compliance with the USA PATRIOT Act of 2001, please note that the Transfer Agent will verify certain information on your account application as part of the Fund's Anti-Money Laundering Program. As requested on the account application, you must supply your full name, date of birth, social security number and permanent street address. If you are opening the 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. Mailing addresses containing only a P.O. Box will not be accepted. Please contact the Transfer Agent at 1-800-551-3998 if you need additional assistance when completing your account application.

If the Fund does not have a reasonable belief of the identity of a shareholder, the account application will be rejected or you will not be allowed to perform a transaction on the account until such information is received. In the

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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.

Shares of the Fund have not been registered for sale outside of the United States. The Fund generally does not sell shares to investors residing outside 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.

***Purchasing By Mail.*** To purchase the Fund's shares by mail, complete and sign the account application and mail it, along with a check made payable to the "Becker Value Equity Fund" to:

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| | |
|:---|:---|
| **Regular Mail**<br>*Becker Value Equity Fund* <br>c/o U.S. Bank Global Fund Services<br>P.O. Box 701<br>Milwaukee, WI 53201-0701 | **Overnight or Express Mail**<br>*Becker Value Equity Fund*<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street, 3rd Floor<br>Milwaukee, WI 53202-5207 |

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*The Fund does 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. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.* 

If you are making a subsequent purchase, detach the Invest by Mail form that is attached to the confirmation statement you will receive after each transaction and mail it with a check made payable to the "Becker Value Equity Fund" in the envelope provided with your statement or to the address noted above. You 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.

***Purchasing By Telephone. Initial Investment.*** See *"Purchasing By Wire."*

***Subsequent Investments.*** If your completed and signed account application has been received by the Fund and your account has been open for at least 7 business days, you may purchase additional shares by telephoning the Fund toll free at 1-800-551-3998 (unless you declined telephone purchase privileges on your Account application). Telephone orders will be accepted via electronic funds transfer from your pre-designated bank account through the ACH network. You must have banking information established on your account prior to making a purchase by telephone. Only bank accounts held at domestic institutions that are ACH members may be used for telephone transactions. If your order is received prior to 4:00 p.m., Eastern Time, shares will be purchased at the NAV next calculated. For security reasons, requests by telephone may be recorded. Once you place a telephone transaction request, it cannot be cancelled or modified 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 higher than usual wait times. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. If you are unable to contact the Fund by telephone, you may make your request in writing.

***Purchasing By Wire****.*

***Initial Investment.*** If you are making your first investment in the Fund, before you wire funds, please contact the Transfer Agent by phone to make arrangements with a telephone service representative to submit your completed account application via mail, overnight delivery or facsimile. Upon receipt of your completed application, your account will be established and a service representative will contact you to provide your new account number and wiring instructions. If you do not receive this information within one business day, you may call the Transfer Agent at 1-800-551-3998.

Once your account has been established, you may instruct your bank to initiate the wire using the instructions you were given. Prior to sending the wire, please call the Transfer Agent at 1-800-551-3998 to advise of your wire to

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ensure proper credit upon receipt. Your bank must include the name of the Fund, your name and account number so that your wire can be correctly applied.

***Subsequent Investments.*** If you are making a subsequent purchase, your bank should wire funds as indicated below. Before each wire purchase, you should be sure to notify the Transfer Agent at 1-800-551-3998 to advise them of your intent to wire funds. **It is essential that your bank include the name of the Fund and your name and account number in all wire instructions.** Your bank may charge you a fee for sending a wire to the Fund.

Your bank should transmit immediately available funds by wire in your name 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:&nbsp;&nbsp;&nbsp;&nbsp;Becker Value Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Registration

&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Account Number

Wired funds must be received prior to 4:00 p.m., Eastern Time, to be eligible for same day pricing. Neither the Fund nor U.S. Bank N.A. is 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 call the Fund at 1-800-551-3998.

***Purchasing Through Financial Intermediaries.*** You may buy and sell shares of the Fund 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"). 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 will be priced at the Fund's NAV next computed after it is received by a Financial Intermediary and accepted by the Fund. 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 Fund 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 Fund, forwarding payment promptly, as well as ensuring that you receive copies of the Fund's Prospectus. If you transmit your order with 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 Fund's NAV next computed after it is received by the Financial Intermediary. The Fund 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. Investors should check with their Financial Intermediary to determine if it is subject to these arrangements.

***Purchasing Through the Automatic Investment Plan. Subsequent Investments.*** For your convenience, the Fund offers an Automatic Investment Plan ("AIP"). Under this AIP, after your initial minimum investment, you authorize the Fund to withdraw from your personal checking or savings account each month an amount that you wish to invest, which must be at least $100. If you wish to enroll in the AIP, complete the appropriate section on the Account application. Your signed Account application must be received at least 7 business days prior to the initial transaction. A $25 fee will be imposed if your AIP transaction is returned for any reason. The Fund may terminate or modify this privilege at any time. You may terminate your participation in the AIP at any time by notifying the Transfer Agent sufficiently in advance of the next withdrawal. Please contact your financial institution to determine if it is an ACH member. Your financial institution must be an ACH member in order for you to participate in the AIP.

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The AIP is a method of using dollar cost averaging as an investment strategy that involves investing a fixed amount of money at regular time intervals. However, a program of regular investment cannot ensure a profit or protect against a loss as a result of declining markets. By continually investing the same amount, you will be purchasing more shares when the price is low and fewer shares when the price is high. Please call 1-800-551-3998 for additional information regarding the Fund's AIP.

***Retirement Plans.*** The Fund offers IRA plans. You may obtain information about opening an IRA by calling 1-800-551-3998. 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 can be placed directly with the Fund; however if you purchased your shares through a financial intermediary, your redemption order must be placed with that same authorized intermediary. You may redeem part or all of your shares at the next determined NAV after the Fund receives 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 will be treated as though received on the next business day.

***By Mail.*** You may redeem your shares by simply sending in a written request to the Transfer Agent. You should give your account number and state whether you want all or some of your shares redeemed. The letter should be signed by all of the shareholders whose names appear on the account registration and, if necessary, should include a signature guarantee(s). No redemption request will become effective until all documents have been received in good order by the Transfer Agent. "Good order" means your redemption request includes: (1) the name of the Fund, (2) the number of shares or dollar amount 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 at 1-800-551-3998 for further information concerning documentation required for a redemption of Fund shares.

Shareholders who have an IRA or other retirement plan must indicate on their 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.

Redemption requests in writing should be sent to:

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| | |
|:---|:---|
| **Regular Mail**<br>*Becker Value Equity Fund* <br>c/o U.S. Bank Global Fund Services<br>P.O. Box 701<br>Milwaukee, WI 53201-0701 | **Overnight or Express Mail**<br>*Becker Value Equity Fund*<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street, 3rd Floor<br>Milwaukee, WI 53202-5207 |

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*The Fund does 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. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.*

***By Telephone and Wire.*** You may redeem Fund shares unless you declined telephone redemption privileges on your account application. Once a telephone transaction has been placed, it cannot be cancelled or modified 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 higher 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.

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You may redeem up to $100,000 in shares by calling the Fund at 1-800-551-3998 prior to the close of trading on the NYSE, generally, 4:00 p.m., Eastern Time. Redemption proceeds will be sent via check on the next business day to the address of record on your account. Per your request, redemption proceeds may be wired (minimum of $5,000) or may be sent via electronic funds transfer through the ACH network, to your pre-designated bank account. There is a $15 wire charge per wire which will be deducted from your account balance on dollar specific trades or from the proceeds on complete redemptions and share specific trades. There is no charge for proceeds sent via the ACH network; however, most ACH transfers require two to three days for the bank account to receive credit. Telephone redemptions cannot be made if you notify the Transfer Agent of a change of address within 30 days before the redemption request.

Before executing an instruction received by telephone, the Transfer Agent will use reasonable procedures to confirm that the telephone instructions are genuine. The telephone call may be recorded and the caller may be asked to verify certain personal identification information. If the Fund or its agents follow these procedures, they cannot be held liable for any loss, expense or cost arising out of any telephone redemption request that is reasonably believed to be genuine. This includes fraudulent or unauthorized requests. The Fund may change, modify or terminate these telephone redemption privileges at any time upon at least 60 days' written notice to shareholders. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person. If you have a retirement account, you may not redeem shares by telephone.

***Through Financial Intermediaries.*** 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 Fund and for crediting your account with the proceeds. For redemptions through Financial Intermediaries, orders will be processed at the NAV next effective after receipt of the order by a Financial Intermediary. Please keep in mind that your Financial Intermediary may charge additional fees for its services.

***Through the Systematic Withdrawal Plan.*** As another convenience, you may redeem Fund shares through the Systematic Withdrawal Plan ("SWP"), if you own shares with a value of at least $10,000. Under the SWP, shareholders or their Financial Intermediaries may request that a predetermined amount be sent to them each month, each quarter or annually. If you elect this method of redemption, the minimum amount that may be withdrawn each month is $250. If you elect this method of redemption, the Fund will send a check directly to your address of record, or will send the payments directly to a pre-authorized bank account by electronic funds transfer via the ACH network. For payment through the ACH network, your bank must be an ACH member and your bank account information must be maintained on your Fund account. This SWP may be terminated or modified by a shareholder or the Fund at any time without charge or penalty. You may also elect to terminate your participation in this SWP at any time by contacting the Transfer Agent sufficiently in advance of the next withdrawal.

A withdrawal under the SWP involves a redemption of the Fund's 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 be depleted. To establish the SWP, complete the "Systematic Withdrawal Plan" section of the Fund's account application. Please call 1-800-551-3998 for additional information regarding the Fund's SWP.

**Account and Transaction Policies**

***Fund Rights.*** The Fund may temporarily suspend (during unusual market conditions) or discontinue any service or privilege, including automatic investments, systematic withdrawals and wire redemption privileges.

***Timing of Receiving Redemption Proceeds.*** 

The Fund typically sends 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 Fund may suspend redemptions, or postpone payment for up to seven days, as permitted by federal securities law.

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The Fund typically expects that it will hold cash or cash equivalents to meet redemption requests. The Fund may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the 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, the 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 Fund reserves 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 the 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 in such circumstances and may also be used in stressed market conditions.

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 Fund shares or receive proceeds. Specifically, the Fund may suspend the right to redeem shares or postpone the date of payment upon redemption for more than three business days (1) for any period during which the NYSE is closed (other than customary weekend or holiday closings) or trading on the NYSE is restricted; (2) for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (3) for such other periods as the SEC may permit for the protection of the Fund's shareholders.

Redemption requests will be sent to the address of record. The Fund will not be responsible for interest lost on redemption amounts due to lost or misdirected mail. If the proceeds of redemption are requested to be sent to an address other than the address of record, or if the address of record has been changed within 30 days of the redemption request, the request must be in writing with your signature guaranteed.

***Redemptions In-Kind.*** The Fund reserves the right to pay redemption proceeds to you in whole or in part by a distribution of securities from the Fund's portfolio (a "redemption in-kind"). It is not expected that the Fund would do so except during unusual market conditions or if the redemption amount is large enough to affect the Fund's operations. A redemption in-kind is a taxable event to you. If the Fund pays your redemption proceeds by a distribution of securities, you could incur brokerage or other charges in converting the securities to cash and will bear any market risks associated with such securities until they are converted into 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.

***Redemption Fees.*** The Fund is intended for long-term investors. Short-term "market-timers" that engage in frequent purchases and redemptions can disrupt the Fund's investment program and create additional transaction costs that are borne by all of the Fund's shareholders. For these reasons, the Fund will assess a 1.00% fee on the redemption of Fund shares held for 30 days or less. The Fund uses the "first in first out" ("FIFO") method 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 short-term trading fee applies. The redemption fee is deducted from your proceeds and is retained by the Fund for the benefit of its long-term shareholders.

This fee does not apply to:

• shares purchased through reinvested dividends or capital gains;

• Fund redemptions under the Fund's SWP;

• the redemption of shares previously purchased under an AIP;

• the involuntary redemption of low balance accounts;

• sales of Fund shares made in connection with non-discretionary portfolio rebalancing associated with certain asset-allocation programs managed by fee-based investment advisors, certain wrap accounts and retirement plans;

• minimum required distributions from retirement accounts;

• premature distributions from retirement accounts due to the disability or health of the shareholder;

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• redemptions resulting in the settlement of an estate due to the death of the shareholder;

• conversion of shares from one share class to another in the same Fund;

• taking out a distribution or loan from a defined contribution plan;

• to effect, through a redemption and subsequent purchase, an account registration change within the same Fund;

or

• redemptions in connection with charitable investment pool accounts.

The Fund reserves the right to change the terms and amount of this fee upon at least 60 days' notice to shareholders.

Although the Fund has the goal of applying this redemption fee to most redemptions of shares held for 30 days or less, the Fund may not always be able to track short-term trading effected through Financial Intermediaries in non-disclosed or omnibus accounts. While the Fund has 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 Fund with information relating to its customers investing in the Fund through non-disclosed or omnibus accounts, the Fund cannot guarantee the accuracy of the information provided to them from Financial Intermediaries and may not always be able to track short-term trading effected through these Financial Intermediaries. In addition, because the Fund is required to rely on information provided by the Financial Intermediary as to the applicable redemption fee, the Fund cannot ensure that the Financial Intermediary is always imposing such fee on the underlying shareholder in accordance with the Fund's policies.

***Tools to Combat Frequent Transactions.*** The Board has adopted a policy regarding excessive trading. The Fund discourages excessive, short-term trading and other abusive trading practices that may disrupt portfolio management strategies and harm performance. The Fund takes steps to reduce the frequency and effect of these activities in the Fund. These steps may include, among other things, monitoring trading activity, imposing redemption fees, if necessary, or using fair value pricing when appropriate, under procedures as adopted by the Advisor, when the Advisor determines current market prices are not readily available. These techniques may change from time to time as determined by the Fund in its sole discretion.

In an effort to discourage abusive trading practices and minimize harm to the Fund and its shareholders, the Fund reserves the right, in its sole discretion, to reject any purchase order or exchange request, in whole or in part, for any reason (including, without limitation, purchases by persons whose trading activity in the Fund's shares is believed by the Advisor to be harmful to the Fund) and without prior notice. The Fund may decide to restrict purchase and sale activity in its shares based on various factors, including whether frequent purchase and sale activity will disrupt portfolio management strategies and adversely affect the Fund's performance or whether the shareholder has conducted four round trip transactions within a 12-month period. Although these efforts are designed to discourage abusive trading practices, these tools cannot eliminate the possibility that such activity will occur. The Fund seeks to exercise its judgment in implementing these tools to the best of its ability in a manner that it believes is consistent with shareholder interests. Except as noted in the Prospectus, the Fund applies 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 Fund handles, there can be no assurance that the Fund's efforts will identify all trades or trading practices that may be considered abusive. In particular, since the Fund receives purchase and sale orders through Financial Intermediaries that use group or omnibus accounts, the Fund cannot always detect frequent trading. However, the Fund 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 Fund has entered into information sharing agreements with Financial Intermediaries pursuant to which these intermediaries are required to provide to the Fund, at its request, certain information relating to its customers investing in the Fund through non-disclosed or omnibus accounts. The Fund will use this information to attempt to identify abusive trading practices. Financial Intermediaries are contractually required to follow any instructions from the Fund to restrict or prohibit future purchases from shareholders that are found to have engaged in abusive trading in violation of the Fund's policies. However, the Fund cannot guarantee the accuracy of the information provided to it from Financial Intermediaries and cannot ensure that they will always be able to detect abusive trading practices that

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occur through non-disclosed and omnibus accounts. As a consequence, the Fund's ability to monitor and discourage abusive trading practices in omnibus accounts may be limited.

***Signature Guarantees.*** The Fund and/or Transfer Agent may require a *signature guarantee* for certain requests. A signature guarantee assures that your signature is genuine and protects you from unauthorized 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 $100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a redemption is received by the Transfer Agent and the account address has changed within the last 30 calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When ownership is being changed on your account;

&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;

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.

In addition to the situations described above, the Fund and/or Transfer Agent may require a signature guarantee in other instances based on the circumstances relative to the particular situation. The Advisor reserves the right to waive any signature requirement at its discretion. 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"). *A notary public is not an acceptable signature guarantor.*

***Low Balance Accounts.*** The Fund may redeem the shares in your account and send you the proceeds if the value of your account is less than $1,000 ($500 for IRAs) as a result of redemptions you have made. You will be notified that the value of your account is less than the amount mentioned above before the Fund makes an involuntary redemption. You will then have 60 days in which to make an additional investment to bring the value of your account to at least $1,000 ($500 for IRAs) before the Fund takes any action.

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

***Unclaimed Property/Lost Shareholder.*** It is important that the Fund 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 Fund. Based upon statutory requirements for returned mail, the Fund will attempt to locate the investor or rightful owner of the account. If the Fund is 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 Fund is 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 1-800-551-3998 at least annually to ensure your account remains in active status.

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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.

**SHAREHOLDER SERVICING FEES AND OTHER PAYMENTS**

The Fund has adopted a Shareholder Servicing Plan on behalf of the Retail Class. Under the Shareholder Servicing Plan, the Retail Class is authorized to pay the Advisor an annual shareholder servicing fee of 0.10% of the Retail Class's average daily net assets. The Advisor uses this fee to finance certain activities related to servicing and maintaining shareholder accounts.

In addition to paying fees under the Plan, the Fund may pay service fees to Financial Intermediaries such as banks, broker-dealers, financial advisors or other financial institutions, including affiliates of the Advisor, 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 Fund has policies and procedures in place for the monitoring of payments to broker-dealers and other financial intermediaries for sub-transfer agent, administrative, and other shareholder servicing services.

The Advisor or distributor, out of its own resources, and without additional cost to the Fund or its shareholders, may provide additional cash payments or non-cash compensation to Financial Intermediaries who sell shares of the Fund, including affiliates of the Advisor. Such payments and compensation are in addition to the service fees paid by the Fund. These additional cash payments are generally made to Financial Intermediaries that provide shareholder servicing, marketing support and/or access to sales meetings, sales representatives and management representatives of the Financial Intermediary. Cash compensation may also be paid to Financial Intermediaries for inclusion of the Fund 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 Fund's shareholders. The Advisor or distributor may also pay cash compensation in the form of finder's fees that vary depending on the dollar amount of the shares sold.

**DISTRIBUTIONS AND TAXES**

**Dividends and Distributions**

Dividends from net investment income and distributions from net capital gains from the sale of securities are distributed at least annually. Net investment income generally consists of interest income and dividends received on investments, less expenses.

The Fund typically distributes any undistributed net investment income each December. Any net capital gains realized through the period ended October 31 of each year also are typically distributed by December 31 of each year. The Fund may make additional payments of dividends or distributions if it deems it desirable at other times during the year.

All distributions will be reinvested in Fund shares unless you choose one of the following options: (1) receive dividends in cash, while reinvesting capital gain distributions in additional Fund shares; (2) reinvest dividends in additional Fund shares and receive capital gain distributions in cash; or (3) receive all dividends and capital gain distributions in cash. If you wish to change your distribution option, write or call the Transfer Agent in advance of the payment date of the distribution. If you elect to receive dividends 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 Fund reserves the right to reinvest the distribution check in your account at the Fund's then-current net asset value and to reinvest all subsequent distributions. Distributions made by the Fund will be taxable to shareholders whether received in additional shares or in cash.

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**Tax Consequences**

The Fund has elected and intends to continue to qualify to be taxed as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a regulated investment company, the Fund will not be subject to federal income tax if it distributes its income as required by the tax law and satisfies certain other requirements that are described in the SAI. The Fund generally operates in a manner such that it will not be liable for federal income or excise taxes on its taxable income and capital gains distributed to shareholders.

The Fund intends to distribute dividends and capital gains. In general, Fund distributions are taxable to shareholders as ordinary income or qualified dividend income as further discussed in the SAI. The rate of tax you pay on capital gain distributions will depend on how long the Fund held the securities that generated the gains, not on how long you owned your Fund shares. There is no requirement that the Fund take into consideration any tax implications when implementing its strategy. 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 Fund may make taxable distributions of income and capital gains even when share values have declined.

Dividends declared by the Fund in October, November or December to shareholders of record on a specified date in such a month and paid during January of the following year will be treated as paid in December for tax purposes.

All distributions generally reduce the NAV of the 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 return of your investment.

Sale of your Fund shares is a taxable event for you. You generally will have a taxable gain or loss on the sale, with the amount determined by comparing the sale price of the shares you sell to your adjusted tax basis at the time of such sale, which generally will be your purchase price with certain adjustments. You are responsible for paying any tax liabilities generated by your transaction. Deductibility of capital losses are subject to certain limitations. Distributions of dividends and capital gains on the sale of your shares in the Fund generally are included in net investment income, which is subject to a 3.8% Medicare tax for taxpayers in the higher federal income tax brackets.

By law, the Fund 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 Fund to do so.

The Fund does not intend to seek any opinions of counsel or rulings from the Internal Revenue Service on any tax issues and the IRS may challenge the Fund's tax positions. Any person reviewing this discussion should seek advice based on such person's particular circumstances from an independent tax advisor. Additional information concerning the taxation of the Fund and its shareholders is contained in the SAI.

**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.

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**INDEX DESCRIPTIONS**

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 Index companies with lower price-to-book ratios and lower expected growth values.

Direct investment in an index is not possible.

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**FINANCIAL HIGHLIGHTS**

The following table is intended to help you better understand the financial performance of the shares of the Fund for the periods shown. Certain information reflects financial results for a single Retail Class or Institutional Class share. Total return represents the rate you would have earned (or lost) on an investment in the Retail Class or Institutional Class shares of the Fund, assuming reinvestment of all dividends and distributions. Tait, Weller & Baker LLP, is the Fund's independent registered public accounting firm. The information has been audited by Tait, Weller & Baker LLP, whose report, along with the Fund's financial statements, is included in the Fund's <u>[annual report to shareholders](https://www.sec.gov/Archives/edgar/data/811030/000089853123000018/bvef-ncsra.htm)</u>.

**Becker Value Equity Fund**

**FINANCIAL HIGHLIGHTS** For a capital share outstanding throughout each year<br>

**Retail Class**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2022** | **2021** | | **2020** | | **2019** | | **2018** | |
| Net asset value, beginning of year | $23.59 | $16.43 |  | $17.94 |  | $18.66 |  | $19.42 |  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income (loss) <sup>1</sup> | 0.23 | 0.31 |  | 0.33 |  | 0.34 |  | 0.33 |  |
| Net realized and unrealized |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;gain (loss) on investments | (1.60) | 7.31 |  | (1.43) |  | 0.36 |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.37) | 7.62 |  | (1.10) |  | 0.70 |  | 0.23 |  |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |  |  |  |
| Distributions from |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;net investment income | (0.28) | (0.46) |  | (0.41) |  | (0.36) |  | (0.28) |  |
| Distributions from net realized gain (loss) | (2.33) |  |  |  |  | (1.06) |  | (0.71) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.61) | (0.46) |  | (0.41) |  | (1.42) |  | (0.99) |  |
| Proceeds from redemption fees |  | 0.00 | <sup>2</sup> | 0.00 | <sup>2</sup> | 0.00 | <sup>2</sup> | 0.00 | <sup>2</sup> |
| Net asset value, end of year | $19.61 | $23.59 |  | $16.43 |  | $17.94 |  | $18.66 |  |
| &nbsp;&nbsp;&nbsp;Total return | (6.63)% | 47.10% |  | (6.36)% |  | 4.64% |  | 0.99% |  |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |  |  |
| Net assets, end of year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(000's omitted) | $28743 | $33722 |  | $25880 |  | $55948 |  | $94554 |  |
| Portfolio turnover rate | 28% | 28% |  | 34% |  | 37% |  | 38% |  |
| Ratios to average net assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before fees waived | 0.93% | 0.88% |  | 0.88% |  | 0.80% |  | 0.78% |  |
| &nbsp;&nbsp;&nbsp;Expenses after fees waived | 0.78% | 0.78% |  | 0.78% |  | 0.78% |  | 0.78% |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.13% | 1.48% |  | 1.94% |  | 1.99% |  | 1.69% |  |

---

1Calculated using the average shares outstanding method.

2Does not round to $0.01 or $(0.01), as applicable.

------

**Becker Value Equity Fund**

**FINANCIAL HIGHLIGHTS** For a capital share outstanding throughout each year<br>

**Institutional Class**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2022** | **2021** | | **2020** | | **2019** | | **2018** | |
| Net asset value, beginning of year | $23.67 | $16.49 |  | $18.01 |  | $18.73 |  | $19.49 |  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income <sup>1</sup> | 0.25 | 0.33 |  | 0.35 |  | 0.36 |  | 0.35 |  |
| Net realized and unrealized |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;gain (loss) on investments | (1.59) | 7.33 |  | (1.43) |  | 0.37 |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.34) | 7.66 |  | (1.08) |  | 0.73 |  | 0.25 |  |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |  |  |  |
| Distributions from |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;net investment income (loss) | (0.31) | (0.48) |  | (0.44) |  | (0.39) |  | (0.30) |  |
| Distributions from net realized gain | (2.33) |  |  |  |  | (1.06) |  | (0.71) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.64) | (0.48) |  | (0.44) |  | (1.45) |  | (1.01) |  |
| Proceeds from redemption fees |  | 0.00 | <sup>2</sup> | 0.00 | <sup>2</sup> | 0.00 | <sup>2</sup> | 0.00 | <sup>2</sup> |
| Net asset value, end of year | $19.69 | $23.67 |  | $16.49 |  | $18.01 |  | $18.73 |  |
| &nbsp;&nbsp;&nbsp;Total return | (6.51)% | 47.22% |  | (6.27)% |  | 4.76% |  | 1.11% |  |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |  |  |
| Net assets, end of year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(000's omitted) | $73741 | $116680 |  | $84483 |  | $226701 |  | $280779 |  |
| Portfolio turnover rate | 28% | 28% |  | 34% |  | 37% |  | 38% |  |
| Ratios to average net assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before fees waived | 0.82% | 0.78% |  | 0.78% |  | 0.70% |  | 0.68% |  |
| &nbsp;&nbsp;&nbsp;Expenses after fees waived | 0.68% | 0.68% |  | 0.68% |  | 0.68% |  | 0.68% |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.23% | 1.57% |  | 2.03% |  | 2.09% |  | 1.78% |  |

---

1Calculated using the average shares outstanding method.

2Does not round to $0.01 or $(0.01), as applicable.

------

**PRIVACY POLICY**

The Fund collects non-public personal information about you from the following sources:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information you give us orally; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility. 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 personal information with the same high degree of confidentiality.

In the event that you hold shares of the 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 non-public personal information would be shared with unaffiliated third parties.

------

**FOR MORE INFORMATION**

You can find additional information about the Fund in the following documents:

**Annual and Semi Annual Reports:** While the Prospectus describes the Fund's potential investments, the Annual and Semi Annual Reports detail the Fund's actual investments as of their report dates. The reports also may include a discussion by the Fund's Advisor of recent market conditions, economic trends, and investment strategies that significantly affected the Fund's performance during the reporting period.

**Statement of Additional Information (SAI):** The SAI supplements the Prospectus and contains detailed information about the Fund and its investment restrictions, risks and policies and operations, including the Fund's policies and procedures relating to the disclosure of portfolio holdings by the Fund's affiliates. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated into this prospectus by reference, which means it is considered part of this Prospectus.

You can get free copies of the current SAI and the Fund's Annual and Semi Annual Reports, by contacting Shareholder Services at 1-800-551-3998. You may also request other information about the Fund and make shareholder inquiries. Alternatively, the Fund's SAI and Annual and Semi Annual reports will also be made available, free of charge, at the Fund's Internet site at www.beckercap.com/mutual-fund.

You may also obtain reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

Investment Company Act #811-05037

**BECKER VALUE EQUITY FUND** 

**Retail Class (BVEFX)**

**Institutional Class (BVEIX)**

A Series of Professionally Managed Portfolios

**STATEMENT OF ADDITIONAL INFORMATION**

February 28, 2023

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the Becker Value Equity Fund's Prospectus dated February 28, 2023. The Becker Value Equity Fund (the "Fund"), advised by Becker Capital Management, Inc., is a series of Professionally Managed Portfolios (the "Trust").

The Fund's most recent <u>[A](https://www.sec.gov/Archives/edgar/data/811030/000089853123000018/bvef-ncsra.htm)[nnual](https://www.sec.gov/Archives/edgar/data/811030/000089853123000018/bvef-ncsra.htm)[R](https://www.sec.gov/Archives/edgar/data/811030/000089853123000018/bvef-ncsra.htm)[eport](https://www.sec.gov/Archives/edgar/data/811030/000089853123000018/bvef-ncsra.htm)[to shareholders](https://www.sec.gov/Archives/edgar/data/811030/000089853123000018/bvef-ncsra.htm)</u> is available, without charge, upon request by calling the number provided below. The financial statements, accompanying notes and report of independent registered public accounting firm appearing in the Annual Report are incorporated into this SAI by reference to the Fund's Annual Report to Shareholders for the fiscal year ended October 31, 2022, as filed with the Securities and Exchange Commission ("SEC"). A free copy of the Prospectus or Annual Report can be obtained by writing the transfer agent at U.S. Bancorp Fund Services, LLC, P.O. Box 701, Milwaukee, Wisconsin 53201-0701, or by calling Shareholder Services at 1-800-551-3998.

------

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| | **Page** |
| **[DESCRIPTION OF THE TRUST, THE PREDECESSOR FUND AND THE FUND](#i69088759b59c48f1be84388fd2c0c0a0_7)** | **[3](#i69088759b59c48f1be84388fd2c0c0a0_7)** |
| **[ADDITIONAL INFORMATION ABOUT THE FUND'S INVESTMENTS AND RISK CONSIDERATIONS](#i69088759b59c48f1be84388fd2c0c0a0_10)** | **[5](#i69088759b59c48f1be84388fd2c0c0a0_10)** |
| **[INVESTMENT ADVISOR](#i69088759b59c48f1be84388fd2c0c0a0_13)** | **[17](#i69088759b59c48f1be84388fd2c0c0a0_13)** |
| **[TRUSTEES AND EXECUTIVE OFFICERS](#i69088759b59c48f1be84388fd2c0c0a0_16)** | **[21](#i69088759b59c48f1be84388fd2c0c0a0_16)** |
| **[CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#i69088759b59c48f1be84388fd2c0c0a0_19)** | **[30](#i69088759b59c48f1be84388fd2c0c0a0_19)** |
| **[PORTFOLIO TURNOVER](#i69088759b59c48f1be84388fd2c0c0a0_22)** | **[31](#i69088759b59c48f1be84388fd2c0c0a0_22)** |
| **[PORTFOLIO TRANSACTIONS AND BROKERAGE](#i69088759b59c48f1be84388fd2c0c0a0_25)** | **[32](#i69088759b59c48f1be84388fd2c0c0a0_25)** |
| **CODES OF ETHICS** | **[33](#i69088759b59c48f1be84388fd2c0c0a0_534)** |
| **[DISCLOSURE OF PORTFOLIO HOLDINGS](#i69088759b59c48f1be84388fd2c0c0a0_28)** | **[33](#i69088759b59c48f1be84388fd2c0c0a0_28)** |
| **[PROXY VOTING POLICY](#i69088759b59c48f1be84388fd2c0c0a0_31)** | **[35](#i69088759b59c48f1be84388fd2c0c0a0_31)** |
| **[DETERMINATION OF NET ASSET VALUE](#i69088759b59c48f1be84388fd2c0c0a0_34)** | **[36](#i69088759b59c48f1be84388fd2c0c0a0_34)** |
| **[REDEMPTION IN-KIND](#i69088759b59c48f1be84388fd2c0c0a0_37)** | **[36](#i69088759b59c48f1be84388fd2c0c0a0_37)** |
| **[CUSTODIAN](#i69088759b59c48f1be84388fd2c0c0a0_40)** | **[37](#i69088759b59c48f1be84388fd2c0c0a0_40)** |
| **[FUND SERVICES](#i69088759b59c48f1be84388fd2c0c0a0_43)** | **[37](#i69088759b59c48f1be84388fd2c0c0a0_43)** |
| **[INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND LEGAL COUNSEL](#i69088759b59c48f1be84388fd2c0c0a0_46)** | **[38](#i69088759b59c48f1be84388fd2c0c0a0_46)** |
| **[DISTRIBUTOR](#i69088759b59c48f1be84388fd2c0c0a0_49)** | **[38](#i69088759b59c48f1be84388fd2c0c0a0_49)** |
| **[SHAREHOLDER SERVICES PLAN](#i69088759b59c48f1be84388fd2c0c0a0_52)** | **[39](#i69088759b59c48f1be84388fd2c0c0a0_52)** |
| **[DISTRIBUTIONS AND TAX INFORMATION](#i69088759b59c48f1be84388fd2c0c0a0_55)** | **[40](#i69088759b59c48f1be84388fd2c0c0a0_55)** |
| **[MARKETING AND SUPPORT PAYMENTS](#i69088759b59c48f1be84388fd2c0c0a0_58)** | **[44](#i69088759b59c48f1be84388fd2c0c0a0_58)** |
| **[FINANCIAL STATEMENTS](#i69088759b59c48f1be84388fd2c0c0a0_61)** | **[45](#i69088759b59c48f1be84388fd2c0c0a0_61)** |

---

------

**DESCRIPTION OF THE TRUST, THE PREDECESSOR FUND AND THE FUND**

<u>The Trust</u>. The Trust is a Massachusetts business trust organized on February 24, 1987, and is registered with the Securities and Exchange Commission ("SEC") as an open-end management investment company. Prior to May 1991, the Trust was known as the Avondale Investment Trust. The Trust's 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 Fund.

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 Fund's assets for any shareholder held personally liable for obligations of the Fund 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 Fund or the Trust and satisfy any judgment thereon. All such rights are limited to the assets of the Fund. 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 Fund itself is unable to meet its obligations.

<u>The Predecessor Fund</u>. The Becker Value Equity Fund was organized as a diversified series of Unified Series Trust on June 9, 2003 and commenced operations on November 3, 2003 (the "Predecessor Fund"). The investment advisor to the Predecessor Fund and the Fund is Becker Capital Management, Inc. (the "Advisor"). Effective at the close of business on August 24, 2012, the Predecessor Fund was reorganized into a newly formed series of the Trust with the same name, the Becker Value Equity Fund (the "Fund").

<u>The Fund</u>. The Fund commenced operations as a series of the Trust on August 27, 2012. The Fund currently offers two classes of shares, Retail Class and Institutional Class. Each share of the Fund represents an equal proportionate interest in the assets and liabilities belonging to the Fund with each other share and is entitled to such dividends and distributions out of income belonging to the Fund as are declared by the Trustees. Expenses attributable to any class are borne by that class. On matters that affect the Fund as a whole, each class has the same voting and other rights and preferences as any other class. On matters that affect only one class, only shareholders of that class may vote. Each class votes separately on matters affecting only that class, or expressly required to be voted on separately by state or federal law. Shares of each class of a series have the same voting and other rights and preferences as the other classes and

------

series of the Trust for matters that affect the Trust as a whole. The Fund may offer additional classes of shares in the future.

The Fund does not issue share certificates. All shares are held in non-certificate form registered on the books of the Fund and the Fund's transfer agent, U.S. Bancorp Fund Services, LLC (the "Transfer Agent") for the account of the shareholder. The shares do not have cumulative voting rights or any preemptive or conversion rights, and the Trustees have the authority from time to time to divide or combine the shares of any series into a greater or lesser number of shares of that series so long as the proportionate beneficial interest in the assets belonging to that series and the rights of shares of any other series are in no way affected. In case of any liquidation of a series, the holders of shares of the series being liquidated will be entitled to receive as a class a distribution out of the assets, net of the liabilities, belonging to that series. Expenses attributable to any series are borne by that series. Any general expenses of the Trust not readily identifiable as belonging to a particular series are allocated by or under the direction of the Trustees in such manner as the Trustees determine to be fair and equitable. No shareholder is liable to further calls or to assessment by the Trust without his or her express consent.

For information concerning the purchase and redemption of shares of the Fund, see "How to Buy Shares" and "How to Redeem Shares" in the Fund's Prospectus. For a description of the methods used to determine the share price and value of the Fund's assets, see "Determination of Net Asset Value" in the Fund's Prospectus and this SAI.

The Fund may authorize one or more brokers to receive on its behalf purchase and redemption orders. Such brokers would be authorized to designate other intermediaries to receive purchase and redemption orders on the Fund's behalf. The Fund 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.

Customer orders will be priced at the net asset value of the applicable share class next computed after they are received by an authorized broker or the broker's authorized designee and accepted by the Fund. The performance of the Fund may be compared in publications to the performance of various indices and investments for which reliable performance data is available. The performance of the Fund may be compared in publications to averages, performance rankings, or other information prepared by recognized mutual fund statistical services. The Fund's annual report contains additional performance information and will be made available to investors upon request and without charge.

The Fund does not hold itself out as related to any other series within the Trust for purposes of investment and investor services, nor does it share the same investment advisor with any other series of the Trust. The Fund's 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 www.sec.gov.

------

**ADDITIONAL INFORMATION ABOUT THE FUND'S INVESTMENTS AND RISK CONSIDERATIONS**

The Fund is diversified. This means that for 75% of its total assets, the 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.

This section contains additional information regarding some of the investments the Fund may make and some of the techniques it may use.

**<u>Market and Regulatory Risk.</u>** 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.

------

**<u>Special Risks Related to Cyber Security.</u>** The Fund and its 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, compromises to networks or devices that the Fund and its service providers use to service the Fund's operations; or operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers. Cyber attacks against or security breakdowns of the Fund or its service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses; the inability of Fund shareholders to transact business and the Fund to process transactions; inability to calculate the Fund's NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund 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 Fund invests, which may cause the Fund's investment in such issuers to lose value. There can be no assurance that the Fund or its service providers will not suffer losses relating to cyber attacks or other information security breaches in the future.

**<u>Common Stock and Common Stock Equivalents.</u>** Equity securities in which the Fund will invest include common stock and common stock equivalents (such as rights and warrants, and convertible securities). Warrants are instruments that entitle the holder to buy underlying equity securities at a specific price for a specific period of time. A warrant tends to be more volatile than its underlying securities and ceases to have value if it is not exercised prior to its expiration date. In addition, changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying securities. Rights are similar to warrants, but normally have shorter durations.

**<u>Convertible Securities.</u>** A convertible security is a bond, debenture, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock. The Fund may invest in convertible securities rated B or higher by S&P Global Ratings ("S&P") or by Moody's Investors Services, Inc. ("Moody's"), or if unrated, determined by the Advisor to be of comparable quality. Generally, investments in securities in the lower rating categories provide higher yields but involve greater volatility of price and risk of loss of principal and interest than investments in securities with higher ratings. Securities rated lower than Baa by Moody's or BBB by S&P are considered speculative. In addition, lower ratings reflect a greater possibility of an adverse change in the financial conditions affecting the ability of the issuer to make payments of principal and interest. The market price of lower-rated securities generally responds to short-term corporate and market developments to a greater extent than higher-rated securities which react primarily to fluctuations in the general level of interest rates. Lower-rated securities will also be affected by the market's perception of their credit quality and the outlook for economic growth.

In the past, economic downturns or an increase in interest rates have under certain circumstances caused a higher incidence of default by the issuers of these securities and may do so in the future, especially in the case of highly leveraged issuers.

------

The prices for these securities may be affected by legislative and regulatory developments. For example, federal rules were adopted that required savings and loan associations gradually to reduce their holdings of high-yield securities. An effect of this legislation may be to significantly depress the prices of outstanding lower-rated-securities. The market for lower-rated securities may be less liquid than the market for higher-rated securities. Furthermore, the liquidity of lower-rated securities may be affected by the market's perception of their credit quality. Therefore, judgment may at times play a greater role in valuing these securities than in the case of higher-rated securities, and it also may be more difficult during certain adverse market conditions to sell lower-rated securities at their fair value to meet redemption requests or to respond to changes in the market.

If the rating of a security by S&P or Moody's drops below B the Advisor will dispose of the security as soon as practicable (depending on market conditions) unless the Advisor determines based on its own credit analysis that the security provides the opportunity of meeting the Fund's objective without presenting excessive risk. The Advisor will consider all factors which it deems appropriate, including ratings, in making investment decisions for the Fund and will attempt to minimize investment risk through conditions and trends. While the Advisor may refer to ratings, it does not rely exclusively on ratings, but makes its own independent and ongoing review of credit quality.

**<u>Other Investment Companies.</u>** The Fund may invest in the securities of other registered investment companies, including money market mutual funds, subject to the limitations set forth in the Investment Company Act of 1940, as amended, (the "1940 Act"). Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, Fund shareholders indirectly will bear the 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.

The Fund currently intends to limit its investments in securities issued by other investment companies so that not more than 3% of the outstanding voting stock of any one investment company (other than money market fund) will be owned by the Fund, or it affiliated persons, as a whole. In addition to the advisory and operational fees the Fund bears directly in connection with its own operation, the Fund would also bear its pro rata portion of each other investment company's advisory and operational expenses.

Section 12(d)(1)(A) of the 1940 Act restricts investments by registered investment companies in securities of other registered investment companies. The acquisition of shares by the Fund 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 Rule and/or an exemptive order obtained by the other registered investment companies that permits the Fund to invest in the other registered investment companies beyond the limits of Section 12(d)(1), subject to certain terms and conditions, including that the Fund enter into an agreement with the other registered investment companies regarding the terms of the investment.

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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 the 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%).

The SEC adopted revisions to the rules permitting funds to invest in other investment companies to streamline and enhance the regulatory framework applicable to fund of funds arrangements. While Rule 12d1-4 permits more types of fund of fund arrangements without an exemptive order, it imposes new 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.

*<u>Exchange Traded Funds</u>*

The Fund may also invest in exchange-traded funds ("ETFs"). When the Fund invests in ETFs, it will indirectly bear its proportionate share of any fees and expenses payable directly by the ETF. In connection with its investments in ETFs, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by losses of an underlying ETF and the level of risk arising from such ETF's investment practices. The Fund has no control over the investments and related risks taken by the ETFs in which it invests. ETFs in particular are also subject to the following additional risks: (i) the ETF's shares may trade at a market price that is above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; or (iv) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally. To the extent these ETFs invest in smaller capitalization companies, the Fund's investment is subject to the risks associated with smaller companies. The earnings and prospects of smaller companies are more volatile than larger companies. Smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller companies may have limited markets, product lines or financial resources and may lack management experience. To the extent the Fund invests in a sector product, the Fund is subject to the risks associated with that sector. Additionally, the Fund may invest in new exchange-traded shares as they become available. For purposes of determining the amount of Fund assets invested in equity and/or fixed income securities, the Fund will consider ETFs that invest primarily in equity securities to be equity securities, and those that invest primarily in fixed income securities will be deemed fixed income securities.

**<u>Foreign Securities.</u>** The Fund may also invest in foreign securities, including through American Depositary Receipts ("ADRs") and other dollar-denominated foreign securities.

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ADRs are receipts, issued by domestic banks, for shares of a foreign-based company that entitle the holder to dividends and capital gains on the underlying security. In addition to ADRs, certain other foreign securities may be denominated in U.S. dollars and trade on domestic stock exchanges. Foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. Securities of foreign companies may experience more rapid and extreme changes in value than securities of U.S. companies because a limited number of companies represent a small number of industries. Many foreign countries lack uniform accounting and disclosure standards comparable to those applicable to U.S. companies, and it may be more difficult to obtain reliable information regarding an issuer's financial condition and operations. When the Fund invests in ADRs or other dollar-denominated foreign securities, it generally will not be subject to currency risk.

Investing abroad also involves different political and economic risks. Foreign investments may be affected by actions of foreign governments adverse to the interests of U.S. investors, including the possibility of expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to repatriate assets or convert currency into U.S. dollars, or other government intervention. There may be a greater possibility of default by foreign governments or foreign government-sponsored enterprises. Investments in foreign countries also involve a risk of local political, economic or social instability, military action or unrest, or adverse diplomatic developments. There is no assurance that the Advisor will be able to anticipate or counter these potential events and their impacts on the Fund's share price.

While the Fund intends to invest primarily in foreign companies located in developed countries, it may also invest in developing or emerging market securities. The considerations noted above regarding the risk of investing in foreign securities are generally more significant for investments in emerging or developing countries, such as countries in Eastern Europe, Latin America, South America or Southeast Asia. These countries may have relatively unstable governments and securities markets in which only a small number of securities trade. Markets of developing or emerging countries may generally be more volatile than markets of developed countries. Investment in these markets may involve significantly greater risks, as well as the potential for greater gains.

**<u>Brexit.</u>** Uncertainties surrounding the sovereign debt of a number of European Union ("EU") countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world. If one or more countries leave the EU or the EU dissolves, the world's securities markets likely will be significantly disrupted. In January 2020, the United Kingdom ("UK") left the EU, commonly referred to as "Brexit," and the UK ceased to be a member of the EU. Following a transition period during which the EU and the UK Government engaged in a series of negotiations regarding the terms of the UK's future relationship with the EU, the EU and the UK Government signed an agreement on December 30, 2020 regarding the economic relationship between the UK and the EU. This agreement became effective on May 1, 2021. The UK and the EU also negotiated a Memorandum of Understanding, which creates a framework for voluntary regulatory cooperation in financial services between the UK and the EU. There is significant market uncertainty regarding Brexit's ramifications, and the range and potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict. This long-term uncertainty may affect other countries in the EU and elsewhere, and may cause volatility within the EU, triggering prolonged economic

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downturns in certain European countries. In addition, Brexit may create additional and substantial economic stresses for the UK, including a contraction of the UK economy and price volatility in UK stocks, decreased trade, capital outflows, devaluation of the British pound, wider corporate bond spreads due to uncertainty, and declines in business and consumer spending as well as foreign direct investment. Brexit may also adversely affect UK-based financial firms that have counterparties in the EU or participate in market infrastructure (trading venues, clearing houses, settlement facilities) based in the EU. These events and the resulting market volatility may have an adverse effect on the performance of the Fund.

**<u>Preferred Stock.</u>** Preferred stock has a preference in liquidation (and, generally dividends) over common stock but is subordinated in liquidation to debt. As a general rule the market value of preferred stocks with fixed dividend rates and no conversion rights varies inversely with interest rates and perceived credit risk, with the price determined by the dividend rate. Some preferred stocks are convertible into other securities, (for example, common stock) at a fixed price and ratio or upon the occurrence of certain events. The market price of convertible preferred stocks generally reflects an element of conversion value. Because many preferred stocks lack a fixed maturity date, these securities generally fluctuate substantially in value when interest rates change; such fluctuations often exceed those of long term bonds of the same issuer. Some preferred stocks pay an adjustable dividend that may be based on an index, formula, auction procedure or other dividend rate reset mechanism. In the absence of credit deterioration, adjustable rate preferred stocks tend to have more stable market values than fixed rate preferred stocks. All preferred stocks are also subject to the same types of credit risks of the issuer as corporate bonds. In addition, because preferred stock is junior to debt securities and other obligations of an issuer, deterioration in the credit rating of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar yield characteristics. Preferred stocks may be rated by S&P and Moody's although there is no minimum rating which a preferred stock must have (and a preferred stock may not be rated) to be an eligible investment for the Fund. The Advisor expects, however, that generally the preferred stocks in which the Fund invests will be rated at least BBB by S&P or Baa by Moody's or, if unrated, of comparable quality in the opinion of the Advisor. Moody's rating with respect to preferred stocks does not purport to indicate the future status of payments of dividends.

**<u>Repurchase Agreements.</u>** A repurchase agreement is a short-term investment in which the purchaser (i.e., the Fund) acquires ownership of an obligation issued by the U.S. government or by an agency of the U.S. government ("U.S. Government Obligations") (which may be of any maturity) and the seller agrees to repurchase the obligation at a future time at a set price, thereby determining the yield during the purchaser's holding period (usually not more than seven days from the date of purchase). Any repurchase transaction in which the Fund engages will require full collateralization of the seller's obligation during the entire term of the repurchase agreement. In the event of a bankruptcy or other default of the seller, the Fund could experience both delays in liquidating the underlying security and losses in value. However, the Fund intends to enter into repurchase agreements only with its custodian, other banks with assets of $1 billion or more and registered securities dealers determined by the Advisor to be creditworthy. The Advisor monitors the creditworthiness of the banks and securities dealers with which the Fund engages in repurchase transactions.

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**<u>Borrowing.</u>** Currently, the 1940 Act permits the 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, the 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 the 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 the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase the Fund's investment portfolio is known as "leveraging." Borrowing, especially when used for leverage, may cause the value of the 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 the Fund's portfolio holdings. Borrowed money thus creates an opportunity for greater gains, but also greater losses. To repay borrowings, the 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.

The use of borrowing by the Fund involves special risk considerations that may not be associated with other funds having similar objectives and policies. Since substantially all of the 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, the 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. The Fund will reduce its borrowing amount within three days, if t Fund's asset coverage falls below the amount required by the 1940 Act.

**<u>Securities Lending.</u>** The Fund reserves the right, pending receipt of Board approval, to lend securities from its portfolio to brokers, dealers and financial institutions (but not individuals) in order to increase the return on its portfolio, subject to a maximum of 33% of the Fund's net assets. 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 modification. Such loans will be terminable at any time upon specified notice. The Fund might experience the risk of loss if the institution with which it has engaged in a portfolio loan

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transaction breaches its agreement with the Fund. In addition, the Fund will not 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, the 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, the Fund may be required to invest in collateralized debt or other securities that bear the risk of loss of principal. In addition, all investments made with the 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 loans of portfolio securities are fully collateralized based on values that are marked-to-market daily. Any securities that the 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.

**<u>Use of Derivatives, Hedging and Income Transactions.</u>** The Fund is prohibited from investing in derivatives, excluding certain currency and interest rate hedging transactions. This restriction is not fundamental and may be changed by the Fund without a shareholder vote. If the Fund does determine to invest in derivatives in the future, it will comply with Rule 18f-4 under the 1940 Act.

**<u>Illiquid Investments and Restricted Securities.</u>** Pursuant to Rule 22e-4 under the 1940 Act, the 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 the 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. The Fund has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4. The 15% limits are applied as of the date the Fund purchases an illiquid investment. It is possible that the Fund's holding of illiquid investment could exceed the 15% limit, for example as a result of market developments or redemptions.

The Fund may purchase certain restricted securities that can be resold to institutional investors and which may be determined not to 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.

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 the 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 the Fund's operations require cash, such as

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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.

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 the 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 the 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, the Fund may obtain access to material non-public information, which may restrict the Fund's ability to conduct transactions in those securities.

**<u>Real Estate Investment Trusts.</u>** The Fund may invest in real estate investment trusts ("REITs"). A REIT is a corporation or business trust that invests substantially all of its assets in interests in real estate. Equity REITs are those which purchase or lease land and buildings and generate income primarily from rental income. Equity REITs may also realize capital gains (or losses) when selling property that has appreciated (or depreciated) in value. Mortgage REITs are those which invest in real estate mortgages and generate income primarily from interest payments on mortgage loans. Hybrid REITs generally invest in both real property and mortgages. Equity REITs will be treated as equity securities for purposes of calculating the percentage of the Fund's assets invested in equity securities. Mortgage REITs and hybrid REITs (which invest in mortgages and real property) will be treated as fixed income securities for purposes of calculating the percentage of the Fund's assets invested in fixed income securities.

REITs are generally subject to risks associated with direct ownership of real estate, such as decreases in real estate values or fluctuations in rental income caused by a variety of factors, including increases in interest rates, increases in property taxes and other operating costs, casualty or condemnation losses, possible environmental liabilities and changes in supply and demand for properties. Risks associated with REIT investments include the fact that equity and mortgage REITs are dependent upon specialized management skills and are not fully diversified. These characteristics subject REITs to the risks associated with financing a limited number of projects. They are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. Additionally, equity REITs may be affected by any changes in the value of the underlying property owned by the trusts, and mortgage REITs may be affected by the quality of any credit extended.

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**<u>Short-Term Investments.</u>** The Fund may invest in any of the following securities and instruments:

*<u>Debt Securities</u>*

The Fund may invest in corporate and U.S. Government debt securities. Corporate debt securities include, but are not limited to, debt obligations offered by public or private corporations either registered or unregistered. The market value of such securities may fluctuate in response to interest rates and the creditworthiness of the issuer. The Fund may invest in debt securities that are non-investment grade or are in default.

U.S. Government debt securities include direct obligations of the U.S. Government and obligations issued by U.S. Government agencies and instrumentalities. Although certain securities issued by the U.S. Government, its agencies or instrumentalities are backed by the full faith and credit of the U.S. Government, others are supported only by the credit of that agency or instrumentality. There is no guarantee that the U.S. Government will provide support to such agencies or instrumentalities and such securities may involve risk of loss of principal and interest. In addition, a security backed by the U.S. Treasury or the full faith and credit of the U.S. Government is guaranteed only as to the timely payment of interest and principal when held to maturity. The current market prices for such securities are not guaranteed and will fluctuate. Certain U.S. Government agency securities or securities of U.S. Government-sponsored entities are backed by the right of the issuer to borrow from the U.S. Treasury, or are supported only by the credit of the issuer or instrumentality. While the U.S. Government provides financial support to those U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so and those securities are neither guaranteed nor issued by the U.S. Government. In the case of securities backed by the full faith and credit of the U.S. Government, shareholders are primarily exposed to interest rate risk. The ratings for debt securities are described in Appendix A.

*<u>Municipal Securities</u>*

The Fund may invest in municipal securities. Municipal securities are issued by the states, territories and possessions of the United States, their political subdivisions (such as cities, counties and towns) and various authorities (such as public housing or redevelopment authorities), instrumentalities, public corporations and special districts (such as water, sewer or sanitary districts) of the states, territories, and possessions of the United States or their political subdivisions. In addition, municipal securities include securities issued by or on behalf of public authorities to finance various privately operated facilities, such as industrial development bonds, that are backed only by the assets and revenues of the non-governmental user (such as hospitals and airports).

Municipal securities are issued to obtain funds for a variety of public purposes, including general financing for state and local governments, or financing for specific projects or public facilities. Municipal securities are classified as general obligation or revenue bonds or notes. General obligation securities are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue securities are payable from revenue derived from a particular facility, class of facilities, or the proceeds of a special excise tax or other specific revenue source, but not from the issuer's general taxing power. The Fund will not invest more than 25% of its total assets in a single type of revenue bond. Private activity bonds

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and industrial revenue bonds do not carry the pledge of the credit of the issuing municipality, but generally are guaranteed by the corporate entity on whose behalf they are issued.

Municipal leases are entered into by state and local governments and authorities to acquire equipment and facilities such as fire and sanitation vehicles, telecommunications equipment, and other assets. Municipal leases (which normally provide for title to the leased assets to pass eventually to the government issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt-issuance limitations of many state constitutions and statutes are deemed to be inapplicable because of the inclusion in many leases or contracts of "non-appropriation" clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis.

*<u>Certificates of Deposit, Bankers' Acceptances and Time Deposits</u>*

The Fund 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 Fund 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.

In addition to buying certificates of deposit and bankers' acceptances, the Fund 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.

*<u>Commercial Paper and Short-Term Notes</u>*

The Fund may invest a portion of its 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 Advisor to be of comparable quality. These rating symbols are described in the Appendix.

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**INVESTMENT LIMITATIONS**

**<u>Fundamental.</u>** The investment limitations described below have been adopted by the Trust with respect to the Fund and are fundamental ("Fundamental"), *i.e.*, they may not be changed without the affirmative vote of a majority of the outstanding shares of the Fund. As used in the Prospectus and the Statement of Additional Information, the term "majority of the outstanding shares" of the Fund means the lesser of (1) 67% or more of the outstanding shares of the Fund present at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Borrowing Money.** The Fund will not borrow money, except (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of the Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 5% of the Fund's total assets at the time when the borrowing is made. This limitation does not preclude the Fund from entering into reverse repurchase transactions, provided that the Fund has an asset coverage of 300% for all borrowings and repurchase commitments of the Fund pursuant to reverse repurchase transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Senior Securities.** The Fund will not issue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance or sale of a senior security by the Fund, provided that the Fund's engagement in such activities is consistent with or permitted by the Investment Company Act of 1940, as amended (the "1940 Act"), the rules and regulations promulgated thereunder or interpretations of the Securities and Exchange Commission or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Underwriting.** The Fund will not act as underwriter of securities issued by other persons. This limitation is not applicable to the extent that, in connection with the disposition of portfolio securities (including restricted securities), the Fund may be deemed an underwriter under certain federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Real Estate.** The Fund will not purchase or sell real estate. This limitation is not applicable to investments in marketable securities which are secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Commodities.** The Fund will not purchase or sell commodities unless acquired as a result of ownership of securities or other investments. This limitation does not preclude the Fund from purchasing or selling options or futures contracts, from investing in securities or other instruments backed by commodities or from investing in companies which are engaged in a commodities business or have a significant portion of their assets in commodities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Loans.** The Fund will not make loans to other persons, except (a) by loaning portfolio securities, (b) by engaging in repurchase agreements, or (c) by purchasing nonpublicly offered debt securities. For purposes of this limitation, the term "loans" shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures or other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Concentration.** The Fund will not invest 25% or more of its total assets in a particular industry or group of industries. This limitation is not applicable to investments in obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities or repurchase agreements with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Diversification.** With respect to 75% of its total assets, the Fund will not purchase securities issued by any one issuer (other than cash, cash items, or securities issued or guaranteed by the government of the United States or its agencies or instrumentalities) if, as a result at the time of such purchase, more than 5% of the value of its total assets would be invested in the securities of that issuer, or if it would own more than 10% of the outstanding voting securities of that issuer.

With respect to the percentages adopted by the Trust as maximum limitations on the Fund's investment policies and limitations, an excess above the fixed percentage will not be a violation of the policy or limitation unless the excess results immediately and directly from the acquisition of any security or the action taken. This paragraph does not apply to the borrowing policy set forth in paragraph 1 above.

Notwithstanding any of the foregoing limitations, any investment company, whether organized as a trust, association or corporation, or a personal holding company, may be merged or consolidated with or acquired by the Trust, provided that if such merger, consolidation or acquisition results in an investment in the securities of any issuer prohibited by said paragraphs, the Trust shall, within ninety days after the consummation of such merger, consolidation or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as shall bring the total investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

**INVESTMENT ADVISOR**

The Advisor is Becker Capital Management, Inc., 1211 SW Fifth Avenue, Suite 2185, Portland, Oregon 97204. The Advisor is 100% employee-owned.

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 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', nor less than 30 days', written notice to the Advisor 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 Advisor on not more than 60 days', nor less than 30 days', written notice to the Trust, and will automatically

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terminate in the event of its "assignment" (as defined in the 1940 Act). The Advisory Agreement provides that the Advisor 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 Advisor pursuant to the Advisory Agreement, the Advisor is entitled to receive from the Fund an investment advisory fee computed daily and paid monthly, based on a rate equal to 0.55% of the Fund's average daily net assets as specified in the Fund's Prospectus. The Advisor may voluntarily agree to reduce a portion of the fees payable to it on a month-to-month basis.

The following table describes the advisory fees paid to the Advisor by the Fund during the periods indicated.

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| **Fiscal Year Ended** | **Advisory Fees Accrued** | **Fee Waiver and Expense Reimbursement** | **Net Advisory Fees Paid** |
| October 31, 2019 | $1789499 | $(78054) | $1711445 |
| October 31, 2020 | $973719 | $(171997) | $801722 |
| October 31, 2021 | $763058 | $(143772) | $619286 |
| October 31, 2022 | $692010 | $(175841) | $516169 |

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The Fund is responsible for its own operating expenses. The Advisor has contractually agreed to reduce fees and/or pay Fund expenses (excluding Acquired Fund Fees and Expense, interest expense in connection with investment activities, tax, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class-specific expenses) in order to the limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for shares of the Fund to 0.68% of the Fund's average net assets (the "Expense Cap"). The Expense Cap is indefinite, but will remain in effect at least until February 28, 2024, as shown in the Example contained in the Prospectus and may continue thereafter for an indefinite period, as determined by the Board. The Advisor is permitted 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. Any such reimbursement is subject to the Board's review and approval. This reimbursement may be requested by the Advisor if the aggregate amount actually paid by the Fund toward operating expenses for such period (taking into account the reimbursement) does not exceed the lesser of the Expense Cap in place at the time of waiver or at the time of reimbursement.

**About the Portfolio Managers**

The Fund is managed by a portfolio management team including Patrick Becker, Jr., Blake Howells, Steve Laveson, Thomas (T.J.) McConville, Andy Murray and Sid Parakh (collectively referred to as the "Portfolio Managers"). As of October 31, 2022, the Portfolio

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Managers were responsible for the management of the following types of accounts in addition to the Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Total Accounts By Type** | **Total Assets By Account Type** | **Number of Accounts by Type Subject to a Performance Fee** | **Total Assets By Account Type Subject to a Performance Fee** |
| Patrick Becker, Jr. | Investment Companies: 1<br>Pooled Investment Vehicles: 0<br>Other Accounts: 453 | Investment Companies: $102 million<br>Pooled Investment Vehicles: 0<br>Other Accounts: $1,145 million | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 | Investment Companies: 0 <br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 |
| Blake Howells | Investment Companies: 1<br>Pooled Investment Vehicles: 0<br>Other Accounts: 230 | Investment Companies: $102 million<br>Pooled Investment Vehicles: 0<br>Other Accounts: $592 million | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 |
| Steve Laveson | Investment Companies: 1<br>Pooled Investment Vehicles: 0<br>Other Accounts: 5 | Investment Companies: $102 million<br>Pooled Investment Vehicles: 0<br>Other Accounts: $65 million | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 |
| Thomas (T.J.) McConville | Investment Companies: 1<br>Pooled Investment Vehicles: 0<br>Other Accounts: 35 | Investment Companies: $102 million<br>Pooled Investment Vehicles: 0<br>Other Accounts: $316 million | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 |
| Andy Murray | Investment Companies: 1<br>Pooled Investment Vehicles: 0<br>Other Accounts: 77 | Investment Companies: $102 million<br>Pooled Investment Vehicles: 0<br>Other Accounts: $603 million | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 |
| Sid Parakh | Investment Companies: 1<br>Pooled Investment Vehicles: 0<br>Other Accounts: 21 | Investment Companies: $102 million<br>Pooled Investment Vehicles: 0<br>Other Accounts: $53 million | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 |

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Each Portfolio Manager is compensated for his or her services by the Advisor. The Portfolio Managers' compensation consists of a fixed salary and a discretionary bonus based on the following: (1) the Portfolio Manager's overall contribution to client portfolios and the firm's success, and (2) the annual pre-tax performance of the aggregate accounts managed by such Portfolio Manager (including the Fund) as compared to the performance of an appropriate benchmark. For example, the pre-tax annual performance of the Advisor's Large Cap Value portfolios are compared to that of the Russell 1000<sup>®</sup> Value Index, and the bonuses of the Portfolio Managers are determined accordingly. Like all employees of the Advisor, Portfolio Managers participate in the Advisor's profit sharing and pension plans.

It is generally the Advisor's policy that investment decisions for all accounts managed by a Portfolio Manager be made based on a consideration of each account's respective investment objectives and policies, and other needs and requirements affecting the account. Each Portfolio Manager typically manages accounts with similar investment strategies and, therefore, the Advisor does not anticipate conflicts of interests as a result of differing investment strategies.

Conflicts may arise as a result of a Portfolio Manager's dual role in managing the Fund and other client accounts with respect to his or her allocation of time among such clients. However, because of the similarities in the investment strategies of the various accounts, many of the Portfolio Managers' duties overlap. As a result of combining responsibilities such as research and stock selection, each Portfolio Manager has the ability to provide both the Fund and other clients with more thorough research and stock selection.

To the extent that the Fund and another of the Advisor's clients seek to acquire the same security at about the same time, the Fund may not be able to acquire as large a position in such security as it desires or it may have to pay a higher price for the security. Similarly, the Fund may not be able to obtain as large an execution of an order to sell or as high a price for any particular portfolio security if the other client desires to sell the same portfolio security at the same time. On the other hand, if the same securities are bought or sold at the same time by more than one client, the resulting participation in volume transactions could produce better executions for the Fund. In addition, the Advisor has adopted policies and procedures that are designed to address potential conflicts of interest relating to the allocation of investment opportunities by its managers. In the event that more than one client wants to purchase or sell the same security on a given date, the purchases and sales will normally be made on a pro rata average price per share basis.

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The following table shows the dollar range of equity securities beneficially owned by the Portfolio Managers in the Fund as of October 31, 2022.

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity Securities in the Fund** |
| Patrick Becker, Jr. | Over $1,000,000 |
| Blake Howells | Over $1,000,000 |
| Steve Laveson | $100001 - $500000 |
| T.J. McConville | $100001 - $500000 |
| Andy Murray | $500001 - $1000000 |
| Sid Parakh | $100001 - $500000 |

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**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 Fund. 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, Address<br>And Age** | **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 | Indefinite Term;<br>Since November 2018. | Retired; Chair of the Governing Council, Independent Directors Council (since 2020); 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). | 1 | Independent Director, Muzinich BDC, Inc. (2019 to present); Independent Trustee for the William Blair Funds (2013 to present) (19 series). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<br>And Age** | **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** |
| Eric W. Falkeis<br>(born 1973)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | Trustee<br>Chairperson | Indefinite Term;<br>Since September 2011.<br>Indefinite Term; Since August 2019. | Chief Growth Officer, Tidal Financial Group (2022 to present); 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). | 1 | Interested Trustee, Tidal ETF Trust II (2022 to present) ([ ] series); Independent Director, Muzinich BDC, Inc. (2019 to present); Interested Trustee, Tidal ETF Trust (2018 to Present) (36 series); Former Interested Trustee, Direxion Funds (22 series), Direxion Shares ETF Trust (112 series) and Direxion Insurance Trust (2013 to 2018). |
| 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 | Indefinite Term;<br>Since May 1991. | Consultant; formerly, Executive Vice President, Investment Company Administration, LLC (mutual fund administrator). | 1 | Independent Director, Muzinich BDC, Inc. (2019 to present); Independent Trustee, AMG Funds (1993 to present) (42 series). |
| 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 | Indefinite Term;<br>Since June 2020. | Investment professional; 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). | 1 | 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). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<br>And Age** | **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** |
| Cynthia M. Fornelli<br>(born 1960)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street Milwaukee, WI 53202 | Trustee | 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). | 1 | Independent Director, TriplePoint Private Venture Credit, Inc. (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** |
| 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 Fund Services Fund Administration Department, U.S. Bank Global Fund Services since December 2003. | Not <br>Applicable. | Not <br>Applicable. |
| Carl G. Gee, Esq.<br>(born 1990)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street Milwaukee, WI 53202 | Secretary & Vice President | Indefinite Term;<br>Since February 2021. | Assistant Secretary of the Trust (2020-2021); Assistant Vice President and Counsel, U.S. Bank Global Fund Services since August 2016; Summer Associate, Husch Blackwell LLP (2015); Law Clerk, Brady Corporation (global printing systems, labels and safety products company) (2014-2015). | 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 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. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<br>And Age** | **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** |
| Melissa Breitzman<br>(born 1983)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street Milwaukee, WI 53202 | Assistant Treasurer | Indefinite Term;<br>Since August 2016. | Assistant Vice President, U.S. Bank Global Fund Services since June 2005. | Not <br>Applicable. | Not <br>Applicable. |
| Kyle J. Buscemi<br>(born 1996)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI<br>53202 | Assistant Treasurer | Indefinite Term;<br>Since June 2022. | Mutual Funds Administrator, U.S. Bank Global Fund Services since June 2018; Business Administration Student, 2014-2018. | Not <br>Applicable. | Not <br>Applicable. |
| Jennifer N. Smith<br>(born 1985)<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street<br>Milwaukee, WI 53202 | Assistant<br>Treasurer | Indefinite Term; Since February 2023. | Mutual Funds Administrator, U.S. Bank Global Fund Services since 2007. | 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 Fund. The Fund does not hold itself out as related to any other series within the Trust for purposes of investment and investor services, nor does it share the same investment adviser with any other series.

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**<u>Additional Information Concerning the Board of Trustees</u>**

*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 Fund. 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 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 three standing committees, a Nominating and Governance Committee, an Audit Committee, and a Qualified Legal Compliance Committee, which are discussed in greater detail below under "Trust Committees." The Board is entirely comprised of Trustees who are Independent Trustees, which are Trustees that are not affiliated with the Adviser, the principal underwriter, or their affiliates. 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 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. 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

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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.

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. The Board believes Ms. Barr'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.

Mr. Falkeis' Trustee Attributes include his substantial 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 Executive Officer of Tidal ETF Services LLC (2018 to present), and he has experience consulting with investment advisers regarding the legal structure of investment companies, distribution channel analysis, marketing

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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 has been determined to qualify as an Audit Committee financial expert for the Trust. The Board believes Mr. Falkeis' 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. 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 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

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to the conclusion that she possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

**<u>Trust Committees</u>**

The Trust has three standing committees: the Nominating and Governance 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 has appointed Independent Trustee Kathleen Barr 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 one time during the Fund's last fiscal year with respect to the Fund.

The Audit Committee is comprised of all of the Independent Trustees. 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 one time with respect to the Fund during the Fund's last fiscal year.

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 during the Fund's last fiscal year with respect to the Fund.

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**<u>Trustee Ownership of Fund Shares and Other Interests</u>**

The following table shows the amount of shares in the Fund and the amount of shares in other portfolios of the Trust owned by the Trustees as of the calendar year ended December 31, 2022.

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

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<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Ms. Fornelli was appointed as an Independent Trustee as of January 1, 2022.

As of December 31, 2022, neither the Independent Trustees nor members of their immediate family, own securities beneficially or of record in the Advisor, the Fund's 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, the value of which exceeds $120,000, in the Advisor, the Fund's principal underwriter or any of its affiliates.

**<u>Compensation</u>**

Effective February 16, 2022, Independent Trustees were due to receive an annual retainer of $142,000 allocated among each of the various portfolios comprising the Trust, an additional $8,000 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 Board receives an additional annual retainer of $21,000 also allocated among each of the various portfolios comprising the Trust. Independent 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 Independent Trustees for the fiscal year ended. October 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person/Position** | **Aggregate Compensation From the Fund** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from Fund and Fund Complex**<sup>(1)</sup> **Paid to Trustees** |
| Kathleen T. Barr, Independent Trustee | $3817 |  |  | $3817 |
| Wallace L. Cook, Independent Trustee<sup>(2)</sup> | $741 |  |  | $741 |
| Eric W. Falkeis, Independent Trustee | $4633 |  |  | $4633 |
| Carl A. Froebel, Independent Trustee<sup>(2)</sup> | $741 |  |  | $741 |
| Steve J. Paggioli, Independent Trustee | $3817 |  |  | $3817 |
| Ashi S. Parikh, Independent Trustee | $3817 |  |  | $3817 |
| Cynthia Fornelli, Independent Trustee<sup>(3)</sup> | $3817 |  |  | $3817 |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>There are currently numerous portfolios comprising the Trust. The term "Fund Complex" applies only to the Fund. For the fiscal year ended October 31, 2022, Trustees' fees and expenses in the amount of $980,397 were incurred by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Mr. Cook and Mr. Froebel retired as of December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Prior to her appointment as a Trustee, Ms. Fornelli was paid as a consultant to the Trust between January 1, 2021 and January 1, 2022.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of the Fund. A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of the Fund or acknowledges the existence of such control. As a controlling shareholder, each of these persons could control the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the management agreement with the Advisor. As of January 31, 2023, the following shareholders were considered to be either a control person or principal shareholder of the Fund:

**Principal Shareholders of the Becker Value Equity Fund Retail Class:**

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership** |
| National Financial Services LLC<br>For the Exclusive Benefit of our Customers<br>Attn: Mutual Funds Dept., 4th Floor <br>499 Washington Blvd. <br>Jersey City, NJ 07310-1995 | 33.85% | Record |
| Charles Schwab & Co., Inc.<br>Special Custody Account FBO Customers<br>Attn: Mutual Funds<br>211 Main Street<br>San Francisco, CA 94105-1901 | 29.80% | Record |
| Vantagepoint IRAs<br>c/o Missionsquare Retirement<br>777 North Capitol Street NE<br>Washington, D.C. 20002-4239 | 8.41% | Record |

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership** |
| TD Ameritrade Inc.<br>For the Exclusive Benefit of our Clients<br>P.O. Box 2226<br>Omaha, NE 68103-2226 | 6.92% | Record |

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**Principal Shareholders of the Becker Value Equity Fund Institutional Class:**

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership** |
| Charles Schwab & Co., Inc.<br>Special Custody Account FBO Customers <br>Attn: Mutual Funds<br>211 Main Street<br>San Francisco, CA 94105-1901 | 28.55% | Record |
| Becker Capital Management Inc.<br>FBO Customers<br>1211 SW 5TH Ave Ste 2185<br>Portland, OR 97204-3740 | 19.98% | Record |
| LDC Trust<br>Wilsonville, OR 97070-9315 | 7.69% | Beneficial |

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**Principal Control Persons of the Becker Equity Value Fund**

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership** |
| Charles Schwab & Co., Inc.<br>Special Custody Account FBO Customers <br>Attn: Mutual Funds<br>211 Main Street<br>San Francisco, CA 94105-1901 | 28.94% | Record |

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As of January 31, 2023, the officers and trustees of the Trust as a group did not own any shares of the Fund.

**PORTFOLIO TURNOVER**

Although the Fund 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 Advisor, investment considerations warrant such action. The Fund's portfolio turnover rate is a measure of the Fund's portfolio activity, and is calculated by dividing the lesser of purchases or sales of securities by the average value of the portfolio securities held during the period. 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.

The Fund had the following portfolio turnover rates for the last two fiscal years ended October 31:

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| | |
|:---|:---|
| **2022** | **2021** |
| 28% | 28% |

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**PORTFOLIO TRANSACTIONS AND BROKERAGE**

Subject to policies established by the Board of Trustees of the Trust, the Advisor is responsible for the Fund's portfolio decisions and the placing of the Fund's portfolio transactions. In placing portfolio transactions, the Advisor seeks the best qualitative execution for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer. The Advisor generally seeks favorable prices and commission rates that are reasonable in relation to the benefits received.

The Advisor is specifically authorized to select brokers or dealers who also provide brokerage and research services to the Fund and/or the other accounts over which the Advisor exercises investment discretion and to pay such brokers or dealers a commission in excess of the commission another broker or dealer would charge if the Advisor determines in good faith that the commission is reasonable in relation to the value of the brokerage and research services provided. The determination may be viewed in terms of a particular transaction or the Advisor's overall responsibilities with respect to the Trust and to other accounts over which it exercises investment discretion. For example, the Advisor has oral and written soft dollar agreements with broker-dealers to provide research services such as Bloomberg, a software program that is used by the Advisor's trading department to research and determine which broker-dealers have been active in a particular issue or have posted indication of interest in purchasing or selling a security. The Advisor also receives numerous research reports and news services, including Baseline Financial Services' research software and Bloomberg trading and research terminals, which are news, research and trading software products that allow the Advisor's portfolio managers, analysts and traders to screen, search and research both current and future holdings, monitor news, research trading activity and volume and monitor clients' portfolio holdings. Research services include supplemental research, securities and economic analyses, statistical services and information with respect to the availability of securities or purchasers or sellers of securities and analyses of reports concerning performance of accounts. All such research is of the type described in Section 28(e) of the Securities Exchange Act of 1934, as amended.

The research services and other information furnished by brokers through whom the Fund effects securities transactions may also be used by the Advisor in servicing all of its accounts. Similarly, research and information provided by brokers or dealers serving other clients may be useful to the Advisor in connection with its services to the Fund. Although research services and other information are useful to the Fund and the Advisor, it is not possible to place a dollar value on the research and other information received. It is the opinion of the Board of Trustees and the Advisor that the review and study of the research and other information will not reduce the overall cost to the Advisor of performing its duties to the Fund under the Agreement.

The following table describes the brokerage transactions directed to brokers during the fiscal year ended October 31, 2022, due to research services provided to the Advisor.

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| | |
|:---|:---|
| **Amount of Transactions** | **Brokerage Commissions** |
| $45359459 | $8326 |

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Over-the-counter transactions may be placed with broker-dealers if the Advisor is able to obtain best execution (including commissions and price). Over-the-counter transactions may also be placed directly with principal market makers. Fixed income securities are normally purchased directly from the issuer, an underwriter or a market maker. Purchases include a concession paid by the issuer to the underwriter and the purchase price paid to a market maker may include the spread between the bid and asked prices.

The following table describes the brokerage commissions paid by the Fund for the fiscal years indicated.

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| | | |
|:---|:---|:---|
| **October 31, 2020** | **October 31, 2021** | **October 31, 2022** |
| $109365 | $54441 | $59723 |

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As of the fiscal year ended October 31, 2022, the Fund owned $2,741,037 of JP Morgan Chase & Co. shares, and $2,981,734 of Goldman Sachs Group, Inc., each a regular broker/dealer of the Fund.

**CODES OF ETHICS**

The Trust and the Advisor 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 Advisor 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 in Rule 17j-1(c)(3) under the 1940 Act, specifically where the Distributor is not affiliated with the Trust or the Advisor, and no officer, director or general partner of the Distributor serves as an officer, director or general partner of the Trust or the Advisor.

**DISCLOSURE OF PORTFOLIO HOLDINGS** 

The Trust, on behalf of the Fund, has adopted a portfolio holdings disclosure policy that governs the timing and circumstances of disclosure of portfolio holdings of the Fund. The Advisor has also adopted a policy with respect to disclosure of portfolio holdings of the Fund (the "Advisor's Policy"). Information about the Fund's portfolio holdings will not be distributed to any third party except in accordance with the portfolio holdings policies and the Advisor's Policy (the "Disclosure Policies"). The Advisor and the Board considered the circumstances under which the Fund's 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 Fund's shareholders and the interests of the Advisor, distributor or any other affiliated person of the Fund, its Advisor or its distributor. After due consideration, the Advisor and the Board determined that the Fund has 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 Fund. 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 Fund shareholders and potential conflicts of interest in making such disclosures.

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The Board exercises continuing oversight of the disclosure of the Fund's portfolio holdings by (1) overseeing the implementation and enforcement of the Disclosure Policies, Codes of Ethics and other relevant policies of the Fund and its 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 the Disclosure Policies. The Board reserves the right to amend the Disclosure Policies at any time without prior notice to shareholders in its sole discretion.

Disclosure of the Fund's complete holdings is required to be made quarterly within 60 days of the end of each period covered by the annual report and semi-annual report to Fund shareholders. Monthly portfolio disclosures are filed quarterly with the SEC on 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 www.sec.gov. The Fund discloses its quarterly portfolio holdings on its website at www.beckercap.com/mutalfund within 15 business days after the quarter-end. The quarter-end portfolio holdings for the Fund will remain posted on the website until the following quarter-end portfolio holdings are posted. Portfolio holdings information posted on the Fund's website may be separately provided to any person, commencing on the day after it is first published on the Fund's website. In addition, the Fund may provide its complete portfolio holdings at the same time that it is filed with the SEC.

In the event of a conflict between the interests of the Fund and the interests of Advisor or an affiliated person of the Advisor, the CCO of the Advisor, in consultation with the Trust's CCO, shall make a determination in the best interests of the Fund, and shall report such determination to the Board at the end of the quarter in which such determination was made. Any employee of the Advisor who suspects a breach of this obligation must report the matter immediately to the Advisor's CCO or to his or her supervisor.

In addition, material non-public holdings information may be provided without lag as part of the normal investment activities of the Fund to each of the following entities, which, by explicit agreement or by virtue of their respective duties to the Fund, are required to maintain the confidentiality of the information disclosed, including a duty not to trade on non-public information: the fund administrator, fund accountant, custodian, transfer agent, auditors, counsel to the Fund 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 Fund's website may only be provided to additional third parties, including mutual fund ratings or statistical agencies, in accordance with the Disclosure Policies, when the Fund has 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 Advisor, its affiliates or employees, the Fund, or any other party receive any direct or indirect compensation in connection with the disclosure of information about the Fund's portfolio holdings.

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There can be no assurance that the Disclosure Policies will protect the Fund from potential misuse of portfolio holdings information by individuals or entities to which it is disclosed.

From time to time, the Advisor may make additional disclosure of the Fund's portfolio holdings on the Fund's website. Shareholders can access the Fund's website at www.beckercap.com/mutual-fund for additional information about the Fund, including, without limitation, the periodic disclosure of its portfolio holdings.

**PROXY VOTING POLICY**

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

The Advisor has adopted the Glass Lewis Proxy Voting Guidelines Summary. The Glass Lewis guidelines provide that certain proxy issues should be reviewed on a case-by-case basis, including, but not limited to, director elections, corporate governance, executive and director compensation, shareholder rights and social and environmental issues, and outline the factors that the Advisor should consider in determining whether a proposal deserves support. For example, the Glass Lewis guidelines provide that the Advisor should vote against management proposals that seek to limit shareholder rights or insulate management and directors from liability for violating their duty of care to shareholders. In uncontested director elections, the Glass Lewis guidelines direct the Advisor to consider factors, among others, such as the company's long-term performance compared to an index, and whether a majority of the directors would be independent from management. Under the Advisor's proxy voting policy, the Advisor's Investment Committee may vote proxies in a manner that does not conform to the Glass Lewis guidelines, provided that the vote is reviewed and approved by the Advisor's Chief Executive Officer.

The Trust's policy provides that, if a conflict of interest between the Advisor or its affiliates and the Fund arises with respect to any proxy, the Advisor must fully disclose the conflict to the Board of Trustees and vote the proxy in accordance with the Board's instructions.

You may obtain a copy of the Trust's and the Advisor's proxy voting policy by calling Shareholder Services at 1-800-551-3998 to request a copy from the Fund's Chief Compliance Officer, or by writing to U.S Bancorp Fund Services, LLC, the Fund's transfer agent, at: U.S. Bancorp Fund Services, LLC P.O. Box 701, Milwaukee, Wisconsin 53201-0701. A copy of the policies will be mailed to you within three days of your request. You also may obtain a copy of the policies from Fund documents filed with the SEC, which are available on the SEC's website at www.sec.gov. The actual voting records relating to portfolio securities during the most recent 12-month period ended June 30 are filed by the Fund with the SEC on Form N-PX.

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The Fund's proxy voting record is also available to shareholders free of charge upon request by calling or writing the Fund as described above or from the SEC's website.

**DETERMINATION OF NET ASSET VALUE**

The net asset value of each class of shares of the Fund is determined at the close of trading (normally, 4:00 p.m., Eastern time) on each day the Trust is open for business and on any other day on which there is sufficient trading in the Fund's securities to materially affect the net asset value. The Trust is open for business on every day on which the New York Stock Exchange is open for trading. The NYSE is closed on Saturdays, Sundays and the following holidays: New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving and Christmas. For a description of the methods used to determine the net asset value (share price) see "Determination of Net Asset Value" in the Prospectus.

Equity securities generally are valued by using market quotations furnished by a pricing service when the Advisor believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities primarily traded on U.S. national 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 pursuant to procedures approved by the Advisor.

Fixed income securities are valued by a pricing service when the Advisor believes such prices are accurate and reflect the fair market value of such securities. If the Advisor decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor. 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 Fund's net asset value per share is computed by dividing the value of the securities held by the Fund plus any cash or other assets (including interest and dividends accrued but not yet received) minus all liabilities (including accrued expenses) by the total number of shares in the Fund outstanding at such time.

**REDEMPTION IN-KIND**

The Trust has elected to be governed by Rule 18f-1 under the 1940 Act so that the Fund is obligated to redeem its 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 the Fund. The Fund has reserved the right to pay the redemption price of its shares in excess of $250,000 or 1% of the Fund's net asset

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value, 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 NAV 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 securities until they are converted into 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.

The Fund does not intend to hold any significant percentage of its portfolio in illiquid securities, although the Fund, like most mutual funds, may from time to time hold a small percentage of securities that are illiquid. In the unlikely event the Fund were to elect to make an in-kind redemption, the Fund expects that it would follow the 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 Fund's 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.

**CUSTODIAN**

U.S. Bank N.A. is the Custodian for the Fund and safeguards and controls the Fund's cash and securities, determines income and collects interest on Fund investments. The Custodian's address is 1555 North RiverCenter Drive, Suite 302, Milwaukee, Wisconsin 53212. The Custodian does not participate in decisions relating to the purchase and sale of securities by the Fund. 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 Fund may invest.

**FUND SERVICES**

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 transfer agent, fund accountant and administrator to the Fund pursuant to an administration agreement (the "Administration Agreement"). Fund Services provides certain administrative services to the Fund, including, among other responsibilities, coordinating the negotiation of contracts and fees with, and the monitoring of performance and billing of, the Fund's 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 Fund's 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 Fund's, and providing, at its own expense, office

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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 Fund's, the determination of investment policy, or for any matter pertaining to the distribution of Fund shares.

The Fund paid the following amount to Fund Services pursuant to its Administration Agreement for the fiscal years ended October 31:

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| | | | |
|:---|:---|:---|:---|
| | **2020** | **2021** | **2022** |
| Administrative Fees | $99695 | $77251 | $83718 |

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Pursuant to the Administration Agreement, Fund Services will receive a portion of fees from the Fund as part of a bundled-fees agreement for services performed as Administrator and Fund Accountant. Additionally, Fund Services provides Chief Compliance Officer services to the Trust under a separate agreement. The cost for the Chief Compliance Officer's services is charged to the Fund and approved by the Board annually.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND LEGAL COUNSEL**

Tait, Weller & Baker LLP, Two Liberty Place, 50 South 16th Street, Suite 2900, Philadelphia, Pennsylvania 19102 is the independent registered public accounting firm, providing audit services, tax services and assistance with respect to the preparation of filings with the U.S. Securities and Exchange Commission for the Fund. Prior to August 24, 2012, the Predecessor Fund was audited by another independent registered public accounting firm.

Sullivan & Worcester LLP, 1633 Broadway, 32nd Floor, New York, New York 10019, serves as legal counsel to the Trust. Sullivan & Worcester also serves as independent legal counsel to the Board of Trustees.

**DISTRIBUTOR**

Quasar Distributors, LLC, 111 East Kilbourn Avenue, Suite 2200, Milwaukee, Wisconsin 53202 ("Quasar"), serves as the Fund's principal underwriter in a continuous public offering of the Fund's shares. Pursuant to a distribution agreement between the Fund and Quasar (the "Distribution Agreement"), Quasar acts as the Fund's principal underwriter and distributor and provides certain administration services and promotes and arranges for the sale of the Fund's shares. Quasar is a registered broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority ("FINRA").

The Distribution Agreement between the Fund and Quasar will continue in effect only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Fund's outstanding voting securities and, in either case, by a majority of the Independent Trustees. The Distribution Agreement is terminable without penalty by the Trust on behalf of the Fund on 60 days' written notice when authorized either by a majority vote of the Fund's shareholders or by vote of a majority of the Board, including a majority of the Independent

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Trustees, or by Quasar on 60 days' written notice, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act).

**SHAREHOLDER SERVICES PLAN**

The Fund has adopted a Shareholder Services Plan with respect to Retail Class shares, pursuant to which the Fund pays an annual fee of 0.10% of the average daily net assets of the Fund's Retail Class shares to the Advisor to compensate financial intermediaries who provide administrative services to the Retail Class shareholders. Financial intermediaries eligible to receive payments under the Shareholder Services Plan include mutual fund supermarkets or other platforms offered by broker-dealers, 401(k) plans and/or trust companies that provide administrative and shareholder account services to Retail Class shareholders. The Plan requires that the Fund, its distributor and/or the Advisor enter into a written agreement with a financial intermediary describing the administrative services to be provided to the Fund's Retail Class shareholders before the Advisor can compensate the financial intermediary pursuant to the Shareholder Services Plan.

For purposes of the Shareholder Services Plan, administrative services include, but are not limited to (a) processing and issuing confirmations concerning orders to purchase, redeem and exchange Retail Class shares; (b) receiving and transmitting funds representing the purchase price or redemption proceeds of Retail Class shares; (c) forwarding shareholder communications such as prospectus updates, proxies and shareholder reports; (d) acting, or arranging for another party to act, as recordholder and nominee of all Retail Class shares beneficially owned by the intermediary's customers; (e) providing sub-accounting with respect to Retail Class shares of the Fund beneficially owned by the intermediary's customers or the information necessary for sub-accounting, including establishing and maintaining individual accounts and records with respect to Retail Class shares owned by each customer; (f) providing periodic statements to each customer showing account balances and transactions during the relevant period; (g) processing dividend payments; (h) receiving, tabulating and transmitting proxies; (i) providing the necessary computer hardware and software which links the intermediary's systems to the Fund's account management system; (k) providing software that aggregates the customer's orders and establishes an order to purchase or redeem shares of the Fund based on established target levels for the customer's demand deposit accounts; (l) providing periodic statements showing a customer's account balances and, to the extent practicable, integrating such information with other customer transactions otherwise effected through or with the financial intermediary; and/or (m) furnishing (either separately or on an integrated basis with other reports sent to a customer by the intermediary) monthly and year-end statements and confirmations of purchases, and redemptions.

The Fund paid the following amounts in Shareholder Services Plan fees for the period ended October 31 shown below:

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| | | | |
|:---|:---|:---|:---|
| **Shareholder Servicing Plan Fees Paid** | **2022** | **2021** | **2020** |
| **Becker Value Equity Fund** | $30681 | $31595 | $36594 |

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**DISTRIBUTIONS AND TAX INFORMATION**

**Distributions.**

Dividends of net investment income and distributions of net capital gains from the sale of securities generally are made annually, as described in the Prospectus. Also, the Fund typically distributes any undistributed net investment income on or about December 31 of each year. Any net capital gains realized through the period ended October 31 of each year will also typically be distributed by December 31 of each year.

Each distribution by the Fund is accompanied by a brief explanation of the form and character of the distribution. In January of each year, the Fund will issue to each shareholder a statement of the federal income tax status of all distributions that relate to the previous year.

A dividend or distribution paid shortly after a purchase of shares by a shareholder would represent, in substance, a partial return of capital (to the extent it is paid on the shares so purchased), even though it would be subject to income taxes.

**Tax Information.**

Each series of the Trust is treated as a separate entity for federal income tax purposes. The Fund has elected 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, the diversification of its assets, and the timing and amount of its distributions. If the Fund fails to qualify as a regulated investment company under Subchapter M of the Code, it will be taxed as a regular corporation. The Fund's policy is to distribute to its shareholders all of its investment company taxable income before the income distribution deduction and any net realized capital gains for each fiscal year in a manner that complies with the distribution requirements applicable to regulated investment companies under the Code, so that the Fund will not be subject to any federal income or excise taxes. However, the Fund can give no assurances that its distributions will be sufficient to eliminate all taxes in every year. In order to avoid a nondeductible 4% excise tax, the 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 12-month period ending on October 31 during such year and (3) any amounts from the prior calendar year that were not distributed and on which the Fund paid no federal income tax.

In order to qualify as a regulated investment company, the 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. The 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 the 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

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greater than 5% of the value of the Fund's 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 Fund's 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 the 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. The Fund also must 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) calculated before the dividends paid deduction, and 90% of the Fund's net tax-exempt interest, if any.

The 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 the Fund. At October 31, 2022, the Fund had no late year losses or capital loss carry-forwards.

Distributions of net investment income and net short-term capital gains are taxable to shareholders as ordinary income. The 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 the Fund may be qualified dividends currently eligible for taxation at long-term capital gain rates to the extent the Fund reports the amount distributed as a qualifying dividend and certain holding period requirements are met. In the case of corporate shareholders, a portion of the distributions may qualify for the inter-corporate dividends-received deduction to the extent the Fund reports the amount distributed as a qualifying dividend and certain holding period requirements are met. The aggregate amount so reported to either individual or corporate shareholders cannot, however, exceed the aggregate amount of qualifying dividends received by the Fund for its taxable year. In view of the Fund's investment policy, it is expected that dividends from domestic corporations will be part of the Fund's gross income and that, accordingly, part of the distributions by the Fund may be eligible for treatment as qualified dividend income by individual shareholders (taxable for federal purposes at long-term capital gains rates) or for the dividends-received deduction for corporate shareholders. However, the portion of the Fund's gross income attributable to qualifying dividends is largely dependent on the Fund's investment activities for a particular year and therefore cannot be predicted with any certainty. The deduction may be reduced or eliminated if the Fund shares held by an individual investor are held for less than 61 days, or if the Fund shares held by a corporate investor are treated as debt-financed or are held for less than 46 days.

Upcoming distributions generally increase the NAV of the Fund. If you buy shares shortly before a distribution, the price you pay will reflect the value of the upcoming distribution, which will nonetheless be taxable to you. Although distributions generally are taxable when received, certain distributions declared in October, November or December and paid in the following January are taxed as if received in the prior December.

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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 income derived from master limited partnership ("MLP") investments. Non-corporate shareholders can claim the qualified business income deduction with respect to REIT dividends received by the Fund if the Fund meets certain holding period and reporting requirements. There is currently no mechanism for a Fund, to the extent that the Fund invests in REITs or MLPs, to pass through to non-corporate shareholders the character of income derived from MLP investments so as to allow such shareholders to claim this deduction. It is uncertain whether future legislation or other guidance will enable a Fund to pass through to non-corporate shareholders the ability to claim this deduction.

The Fund may be subject to foreign taxes and withholding on dividends and interest earned with respect to securities of foreign corporations. Based on the principal investment strategies of the Fund, it is not expected that the Fund will be eligible to pass through to shareholders any credits or deductions with respect to such foreign taxes. The Fund may also be subject to foreign income taxes on gains recognized on the disposition of foreign securities.

Redemption of Fund shares may result in recognition of a taxable gain or loss. Any loss realized upon redemption of shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gains during such six-month period. Any loss realized upon a redemption may be disallowed under certain wash sale rules to the extent shares of a Fund are purchased (through reinvestment of distributions or otherwise) within 30 days before or after the redemption.

Under the Code, the Fund 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 Fund shares, except in the case of exempt shareholders, which includes most corporations. Pursuant to the backup withholding provisions of the Code, distributions of any taxable income and capital gains and proceeds from the redemption of Fund shares may be subject to withholding of federal income tax (currently at a rate of 24%) in the case of non-exempt shareholders who fail to furnish the Fund with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law. 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 Fund 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 amount withheld may be credited against a shareholder's ultimate federal income tax liability if proper documentation is provided. The Fund reserves the right to refuse to open an account for any person failing to provide a certified taxpayer identification number.

In addition to the federal income tax, certain individuals, trusts and estates may be subject to a Medicare tax of 3.8%. The Medicare tax is imposed on the lesser of: (i) the taxpayer's investment income, net of deductions properly allocable to such income, or (ii) the amount by which the taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married

------

individuals filing separately). Each Fund's distributions are includable in a shareholder's investment income for purposes of this Medicare tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this Medicare tax.

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 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, estates the income of which is subject to United States federal income taxation regardless of its source and trusts that (1) are subject to the primary supervision of a court within the United States and one or more United States persons have authority to control all substantial decisions of the trust or (2) have a valid election in effect under applicable United States Treasury regulations to be treated as a United States person. Each shareholder who is not a U.S. person should consider the U.S. and foreign tax consequences of ownership of shares of the Fund, including the possibility that such a shareholder may be subject to a U.S. withholding tax at a rate of 30% (or at a lower rate under an applicable income tax treaty) on Fund distributions.

**The Foreign Account Tax Compliance Act ("FATCA").** A 30% withholding tax on the Fund's 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, withholding under FATCA is required generally with respect to income distributions from the 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 Fund will not pay any additional amounts in respect to amounts withheld under FATCA. You should consult your tax advisor regarding the effect of FATCA based on your individual circumstances.

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

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

**MARKETING AND SUPPORT PAYMENTS**

The Advisor, out of its own resources and without additional cost to the Fund or its shareholders, may provide additional cash payments or other compensation to certain Financial Intermediaries who sell shares of the Fund. The Advisor does not currently intend to make such payments, but reserves the right to initiate payments in the future without notice to shareholders. These payments may be divided into categories as follows:

**Support Payments.**

Payments may be made by the Advisor to certain Financial Intermediaries in connection with the eligibility of the Fund to be offered in certain programs and/or in connection with meetings between the Fund's representatives and Financial Intermediaries and their sales representatives. Such meetings may be held for various purposes, including providing education and training about the Fund and other general financial topics to assist Financial Intermediaries' sales representatives in making informed recommendations to, and decisions on behalf of, their clients.

**Entertainment, Conferences and Events.**

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

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

---

| |
|:---|
| **Firm** |
| Charles Schwab |
| Fidelity Investments |
| Mid Atlantic |
| National Financial Services (Fidelity Brokerage) |
| Pershing |
| Principal Financial Group |
| TD Ameritrade Clearing |
| MSCS Financial |
| Vanguard Marketing Corporation |

---

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 Fund, 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 the Fund shares.

As of the date of this SAI, the Advisor 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.

**FINANCIAL STATEMENTS**

The <u>[Annual Report](https://www.sec.gov/Archives/edgar/data/811030/000089853123000018/bvef-ncsra.htm)[to shareholders](https://www.sec.gov/Archives/edgar/data/811030/000089853123000018/bvef-ncsra.htm)</u> for the Fund for the fiscal year ended October 31, 2022, is available, without charge, upon request by calling 1-800-551-3998, and the financial statements, accompanying notes, and report of the Independent Registered Public Accounting Firm appearing therein are incorporated by reference into this SAI.

    

**Professionally Managed Portfolios (the "Trust")**

**PART C**

**OTHER INFORMATION** 

**Item 28. Exhibits**

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| | | | |
|:---|:---|:---|:---|
| (a) |  | <u>[Amended and Restated Agreement and Declaration of Trust dated June 13, 2005 is herein incorporated by reference from Post-Effective Amendment No. 211 to Professionally Managed Portfolios' (the "Trust") Registration Statement on Form N-1A, filed with the Securities and Exchange Commission ("SEC") on July 27, 2005.](https://www.sec.gov/Archives/edgar/data/811030/000089418905001816/declartrust.htm)</u> | <u>[Amended and Restated Agreement and Declaration of Trust dated June 13, 2005 is herein incorporated by reference from Post-Effective Amendment No. 211 to Professionally Managed Portfolios' (the "Trust") Registration Statement on Form N-1A, filed with the Securities and Exchange Commission ("SEC") on July 27, 2005.](https://www.sec.gov/Archives/edgar/data/811030/000089418905001816/declartrust.htm)</u> |
|  | (i) |  | <u>[Amendment dated June 1, 2015 to the Amended and Restated Declaration of Trust dated June 13, 2005 is herein incorporated by reference from Post-Effective Amendment No. 636 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 24, 2015.](https://www.sec.gov/Archives/edgar/data/811030/000089418915003027/declaration.htm)</u> |
|  | (ii) |  | <u>[Amendment dated November 23, 2015 to the Amended and Restated Declaration of Trust dated June 13, 2005 is herein incorporated by reference from Post-Effective Amendment No. 653 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 17, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915006395/declar.htm)</u> |
|  | (iii) |  | <u>[Certificate of Amendment dated February 16, 2022 to the Amended and Restated Declaration of Trust dated June 13, 2005 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418922001605/pmpcertofamendtodecoftrust.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.](http://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.](http://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>[Bylaws](https://www.sec.gov/Archives/edgar/data/811030/000089418903000153/bylaws.txt)</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>[Bylaws](https://www.sec.gov/Archives/edgar/data/811030/000089418903000153/bylaws.txt)</u>. |
| (d) |  | *Investment Advisory Agreements* | *Investment Advisory Agreements* |
|  | (i) |  | <u>[Investment Advisory Agreement dated October 31, 2011, between the Trust, on behalf of the series listed on Schedule A, which may be amended from time to time (each a "Fund"), and Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 585 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 29, 2014.](http://www.sec.gov/Archives/edgar/data/811030/000089418914003379/invadv_agrmt.htm)</u> |
|  |  | (A) | <u>[Amendment to Schedule A to the Investment Advisory Agreement dated November 11, 2013, between the Trust, on behalf of the Hodges Small Intrinsic Value Fund, and Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.](http://www.sec.gov/Archives/edgar/data/811030/000089418913006838/scha-advsy_agrmt.htm)</u> |
|  | (ii) |  | <u>[Amended and Restated Investment Advisory Agreement dated January 1, 2016, between the Trust, on behalf of The Osterweis Fund, and Osterweis Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 688 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916013225/ocminc-advsry_agrmt.htm)</u> |
|  |  | (A) | <u>[Amendment dated April 1, 2017, to the Amended and Restated Investment Advisory Agreement dated January 1, 2016, between the Trust, on behalf of the Osterweis Fund, and Osterweis Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 711 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 30, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917003337/inc-advsry_agrmt.htm)</u> |
|  |  |  | <u>[Amendment to Schedule A to the Investment Advisory Agreement dated June 17, 2021, between the Trust, on behalf of the Osterweis Fund and Osterweis Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 819 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 30, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921004207/iaaamendementtoschedulea-o.htm)</u> |
|  | (iii) |  | <u>[Amended and Restated Investment Advisory Agreement dated January 1, 2016, between the Trust, on behalf of the Osterweis Strategic Income Fund, and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 688 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916013225/ocmllc-advsry_agrmt.htm)</u> |
|  |  | (A) | <u>[Amendment to Schedule A to the Investment Advisory Agreement dated June 17, 2021, between the Trust, on behalf of the Osterweis Strategic Income Fund, Osterweis Strategic Investment Fund (currently being renamed Osterweis Growth & Income Fund), Osterweis Emerging Opportunity Fund, Osterweis Total Return Fund and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 819 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 30, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921004207/investmentadvisoryagmtamen.htm)</u> |
|  |  | (B) | <u>[Amendment dated April 1, 2017, to the Amended and Restated Investment Advisory Agreement dated January 1, 2016, between the Trust, on behalf of Osterweis Strategic Income Fund, Osterweis Strategic Investment Fund, Osterweis Institutional Equity Fund, Osterweis Emerging Opportunity Fund, Osterweis Total Return Fund, and Osterweis Capital Management, is herein incorporated by reference from Post-Effective Amendment No. 711 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 30, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917003337/llc-advsry_agrmt.htm)</u> |

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| | | |
|:---|:---|:---|
| (iv) |  | <u>[Amendment to Schedule A of the Investment Advisory Agreement between the Trust, on behalf of the Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund, and Osterweis Capital Management, LLC, is herein incorporated by reference from Post-Effective Amendment No. 841 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 7, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007481/investadvagmtamendschedaoc.htm)</u>  |
| (v) |  | <u>[Investment Advisory Agreement dated June 30, 2020, between the Trust, on behalf of the Trillium ESG Global Equity Fund, the Trillium ESG Small/Mid-Cap Fund, and Trillium Asset Management, LLC](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/investmentadvisoryagre.htm)[, is herein incorporated by reference from P](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/investmentadvisoryagre.htm)[ost-Effective Amen](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/investmentadvisoryagre.htm)[dment No. 802 to the Trust's Registratio](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/investmentadvisoryagre.htm)[n Statement](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/investmentadvisoryagre.htm)[on Form N-1A, file](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/investmentadvisoryagre.htm)[d with the SEC on October 29, 2020](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/investmentadvisoryagre.htm)[.](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/investmentadvisoryagre.htm)</u> |
| (vi) |  | <u>[Amended and Restated Investment Advisory Agreement between the Trust, on behalf of the TCM Small Cap Growth Fund and Tygh Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 285 to the Trust's Registration Statement on Form N-1A, file with the SEC on June 26, 2007.](http://www.sec.gov/Archives/edgar/data/811030/000089418907001778/invadvagrmt.htm)</u> |
|  | (A) | <u>[Amendment dated October 1, 2017 to the Investment Advisory Agreement dated August 31, 2006, between the Trust, on behalf of the TCM Small Cap Growth Fund, and Tygh Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 728 to the Trust's Registration Statement on Form N-1A, file with the SEC on January 26, 2018.](http://www.sec.gov/Archives/edgar/data/811030/000089418918000416/invadvagr.htm)</u> |
|  | (B) | <u>[Interim Investment Advisory Agreement dated January 1, 2022, between the Trust, on behalf of the TCM Small Cap Growth Fund, and Voya Investment Management Co. LLC, 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exdvibinvestmentadvisoryag.htm)</u> |
| (vii) |  | <u>[Amended and Restated Investment Advisory Agreement, dated as of August 31, 2006, by and between the Trust, on behalf of the Villere Balanced Fund series and St. Denis J. Villere & Company, 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 13, 2006.](http://www.sec.gov/Archives/edgar/data/811030/000089418906002561/villere_invstadvagmt.htm)</u> |
|  | (A) | <u>[Amendment to the Investment Advisory Agreement dated September 1, 2017, between the Trust, on behalf of the Villere Balanced Fund, and St. Denis J. Villere & Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 725 to the Trust's Registration Statement on Form N-1A, file with the SEC on December 18, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917006632/invadvagrmntbf.htm)</u> |
|  | (B) | <u>[Investment Advisory Agreement dated May 31, 2013 between the Trust, on behalf of the Villere Equity Fund and St. Denis J. Villere & Co., Inc. 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418913003277/advsy_agrmt.htm)</u> |
|  | (C) | <u>[Amendment to the Investment Advisory Agreement dated November 1, 2017 between the Trust, on behalf of the Villere Equity Fund and St. Denis J. Villere & Co., Inc. is herein incorporated by reference from Post-Effective Amendment No. 725 to the Trust's Registration Statement on Form N-1A, file with the SEC on December 18, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917006632/invadvagrmentef.htm)</u> |
| (viii) |  | <u>[Investment Advisory Agreement dated March 31, 2009, between the Trust, on behalf of the Congress Large Cap Growth Fund, and Congress Asset Management Company is herein incorporated by reference from Post-Effective Amendment No. 339 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 31, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909001036/invadagmt.htm)</u> |
|  | (A) | <u>[Amendment dated August 14, 2012 to Schedule A of the Investment Advisory Agreement dated March 31, 2009, between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund, and Congress Asset Management Company is herein incorporated by reference from Post-Effective Amendment No. 475 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912006088/advsy_agmt.htm)</u> |
|  | (B) | <u>[Amendment dated January 1, 2018 to the Investment Advisory Agreement dated March 31, 2009 between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund, the Congress Small Cap Growth Fund and Congress Asset Management Company is herein incorporated by reference from Post-Effective Amendment No. 710 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917003195/inv-advagmt_dxiib.htm)</u> |
|  | (C) | <u>[Form of Amendment to Schedule A of the Investment Advisory Agreement dated March 31, 2009, between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund, the Congress Small Cap Growth Fund, and Congress Asset Management Company, LLP is herein incorporated by reference from Post-Effective Amendment No. 710 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917003195/invadv-scheda_dxiic.htm)</u> |
| (ix) |  | <u>[Investment Advisory Agreement dated August 31, 2009 between the Trust, on behalf of the Akre Focus Fund, and Akre Capital Management, LLC, is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002727/investment_advisory.htm)</u> |

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| | | | |
|:---|:---|:---|:---|
| | | (A) | <u>[Amendment to the Investment Advisory Agreement dated August 1, 2017, between the Trust, on behalf of the Akre Focus Fund, and Akre Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 722 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 17, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917006119/invstadvagrmnt.htm)</u> |
| | (x) | | <u>[Investment Advisory Agreement dated October 31, 2016, between the Trust, on behalf of the Boston Common International Fund and Boston Common U.S. Equity Fund, 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418917000446/advsry_agrmt.htm)</u> |
| | | (A) | <u>[Amendment to the Investment Advisory Agreement dated October 1, 2017, between the Trust, on behalf of the Boston Common International Fund and Boston Common U.S. Equity Fund, 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418918000487/invadvagre.htm)</u> |
| | | (B) | <u>[Amendment to Schedule A to the Investment Advisory Agreement dated February 26, 2020, between the Trust, on behalf of the Boston Common ESG Impact Emerging Markets Fund, and Boston Common Asset Management, LLC](http://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exdxbbcamendmenttoschedule.htm)[,](http://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exdxbbcamendmenttoschedule.htm)[is herein incorporated by reference from Post-Effective Amendment No. 825 to the Trust](http://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exdxbbcamendmenttoschedule.htm)['s Registration Statement on Form N](http://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exdxbbcamendmenttoschedule.htm)[-1A](http://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exdxbbcamendmenttoschedule.htm)[, filed with the SEC on September 10, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exdxbbcamendmenttoschedule.htm)</u> |
| | | (C) | <u>[Form of](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[A](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[mendment to Schedule A to the Investme](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[nt](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[Advisory Agreement dated ____, 2023,](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[betwe](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[en the Trust, on behalf](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[of the Boston Common ESG Impact U.S. V](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[alue Fund, and Boston Common As](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[set Management, LLC](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[, is he](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[re](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[in incorporated by reference from Post-Effective Amendment No. 849 to the Trust's Registration Statement on Form N-](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[1A, file](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[d w](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)[ith the SEC on January 27, 2023.](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exxcamendmenttoscheduleato.htm)</u> |
| | (xi) | | |
| | | (A) | <u>[Amended Schedule A dated May 30, 2018 to the Investment Advisory Agreement dated March 12, 2012, between the Trust, on behalf of the Muzinich Funds and Muzinich & Co., Inc. is herein incorporated by reference from Post-Effective Amendment No. 763 to the Trust's Registration Statement on Form N-1A, filed with the SEC on April 30, 2019.](http://www.sec.gov/Archives/edgar/data/811030/000089418919002454/ex99dxvarevschatoiaa.htm)</u> |
| | (xii) | | <u>[Investment Advisory Agreement dated April 24, 2013, between the Trust, on behalf of the Becker Value Equity Fund and Becker Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 563 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 27, 2014.](http://www.sec.gov/Archives/edgar/data/811030/000089418914000957/advsy_agrmt.htm)</u> |
| | (xiii) | | <u>[Investment Advisory Agreement dated February 27, 2015, between the Trust, on behalf of the Otter Creek Long/Short Opportunity Fund and Otter Creek Advisors, LLC is herein incorporated by reference from Post-Effective Amendment No. 613 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 27, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915001095/advsry_agrmt.htm)</u> |
| | (xiv) | | <u>[Investment Advisory Agreement dated January 3, 2023 between the Trust, on behalf of the Bridges Investment Fund, and Bridges Investment Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 847 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 3, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923000053/bridgespmpinvestmentadviso.htm)</u>  |
| (e) |  | *Underwriting Contracts* | *Underwriting Contracts* |
|  | (i) |  | <u>[Distribution Agreement dated June 1, 2006, between the Hodges Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 259 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 30, 2006.](http://www.sec.gov/Archives/edgar/data/811030/000089418906001573/distrib_agree.htm)</u> |
|  |  | (A) | <u>[Amendment to Exhibit A of the Distribution Agreement dated November 28, 2007, between the Trust on behalf of the Hodges Small Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 300 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 18, 2007.](http://www.sec.gov/Archives/edgar/data/811030/000089418907003653/distagmt.htm)</u> |
|  |  | (B) | <u>[Second Amendment dated June 15, 2009, to the Distribution Agreement dated June 1, 2006, as amended November 28, 2007, between the Trust on behalf of the Hodges Blue Chip 25 Fund, and the Hodges Equity Income Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002913/distribution_amend.htm)</u> |
|  |  | (C) | <u>[Third Amendment dated November 11, 2013, to the Distribution Agreement dated June 1, 2006, as amended November 28, 2007, between the Trust on behalf of its series, the Hodges Funds and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.](http://www.sec.gov/Archives/edgar/data/811030/000089418913006838/distri_agrmt.htm)</u> |

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(D) <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios Trust, on behalf of the Hodges Mutual Funds, and Hodges Capital Management, INC., dated March 31, 2020 is herein incorporated by reference from Post-Effective Amendment No. 796 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 29. 2020.](http://www.sec.gov/Archives/edgar/data/811030/000089418920005772/hodgesnovationagreement.htm)</u>

(E) <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios Trust, on behalf of the Hodges Mutual Funds, and Hodges Capital Management, Inc. dated October 2021 is herein incorporated by reference from Post-Effective Amendment No. 837 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 22, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922005002/exeie-hodgesnovationagreem.htm)</u>

---

| | | |
|:---|:---|:---|
| (ii) |  | <u>[Distribution Agreement dated July 10, 2006, between the Trust, on behalf of the Osterweis Fund and the Osterweis Strategic Income Fund, and Quasar Distributors, 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 13, 2006.](http://www.sec.gov/Archives/edgar/data/811030/000089418906002561/osterws_distagmt.htm)</u> |
|  | (A) | <u>[First Amendment dated July 19, 2010, to the Distribution Agreement dated July 10, 2006, between the Trust, on behalf of the Osterweis Strategic Investment Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.](http://www.sec.gov/Archives/edgar/data/811030/000089418910003489/amnd_distagmnt.htm)</u> |
|  | (B) | <u>[Second Amendment dated May 1, 2012, to the Distribution Agreement dated July 10, 2006, between the Trust, on behalf of the Osterweis Institutional Equity Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 465 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 31, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912004132/amend_distagmnt.htm)</u> |
|  | (C) | <u>[Third Amendment dated November 15, 2016, to the Distribution Agreement dated July 10, 2006, between the Trust, on behalf of the Osterweis Funds, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 688 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916013225/distri_agrmt.htm)</u> |
|  | (D) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Osterweis Capital Management, Inc. dated March 31, 2020 is herein incorporated by reference from Post-Effective Amendment No. 793 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 29, 2020.](http://www.sec.gov/Archives/edgar/data/811030/000089418920005062/osterweisnovationagreement.htm)</u> |
|  | (E) | <u>[Amendment to the Distribution Agreement between the Trust, on behalf of the Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund, and Quasar Distributors, LLC, is herein incorporated by reference from Post-Effective Amendment No. 841 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 7, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007481/osterweisamenddistagmt2022.htm)</u> |
|  | (F) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Osterweis Capital Management, Inc. dated October 2021 is herein incorporated by reference from Post-Effective Amendment No. 836 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 30, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922004652/osterweisnovationagmt2021.htm)</u> |
| (iii) |  | <u>[Distribution Agreement dated July 13, 2015, between the Trust, on behalf of the Trillium Funds and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 641 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 30, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915003623/distri_agrmt.htm)</u> |
|  | (A) | <u>[First Amendment dated March 3, 2017 to the Distribution Agreement dated July 13, 2015, between the Trust, on behalf of the Trillium Funds and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 720 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 31, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917005797/distagree.htm)</u> |
|  | (B) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Trillium Asset Management, LLC dated March 31, 2020](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/trilliumdistributionag.htm)[is herein incorporated by reference from Post-Effective Amendment No. 802 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 29, 2020](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/trilliumdistributionag.htm)[.](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/trilliumdistributionag.htm)</u> |
|  | (C) | <u>[Second Amendment, dated October 1, 2020 to the Distribution Agreement dated July 13, 2015, between the Trust, on behalf of the Trillium Funds and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/a2020101trillium-quasa.htm)[is herein incorporated by reference from Post-Effective Amendment No. 802 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 29, 2020](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/a2020101trillium-quasa.htm)[.](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/a2020101trillium-quasa.htm)</u> |
|  | (D) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios, and Trillium Asset Management, LLC dated September 30, 2021 is herein incorporated by reference from Post-Effective Amendment No. 826 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 29, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921007697/trilliumnovationagmt2021.htm)</u> |
| (iv) |  | <u>[Distribution Agreement dated June 26, 2006, between the Trust, on behalf of the TCM Small Cap Growth Fund, and Quasar Distributors, 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 13, 2006.](http://www.sec.gov/Archives/edgar/data/811030/000089418906002561/tcm_distagmt.htm)</u> |
|  | (A) | <u>[Novat](http://www.sec.gov/Archives/edgar/data/811030/000089418921000364/tyghdistributionagreement2.htm)[io](http://www.sec.gov/Archives/edgar/data/811030/000089418921000364/tyghdistributionagreement2.htm)[n Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Tygh Capital Management, Inc., dated March 31, 2020 is herein incorporated by reference from Post-Effective Amendment No. 806 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 26, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921000364/tyghdistributionagreement2.htm)</u> |

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| | | |
|:---|:---|:---|
| | (B) | <u>[Novation Agreement by and](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exevanovationagreement-tcm.htm)[between Q](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exevanovationagreement-tcm.htm)[uasar Distributors, LLC, Professionally Managed Portfolios and](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exevanovationagreement-tcm.htm)[Tygh Capital](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exevanovationagreement-tcm.htm)[Management](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exevanovationagreement-tcm.htm)[,](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exevanovationagreement-tcm.htm)[Inc.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exevanovationagreement-tcm.htm)[dated](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exevanovationagreement-tcm.htm)[September 30, 2021](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exevanovationagreement-tcm.htm)[,](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exevanovationagreement-tcm.htm)[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.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exevanovationagreement-tcm.htm)</u> |
| (v) |  | <u>[Distribution Agreement dated June 26, 2006, between the Trust, on behalf of the Villere Balanced Fund, and Quasar Distributors, 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 13, 2006.](http://www.sec.gov/Archives/edgar/data/811030/000089418906002561/villere_distagmt.htm)</u> |
|  | (A) | <u>[First Amendment to the Distribution Agreement between the Trust, on behalf of the Villere Funds and Quasar Distributors, LLC 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418913003277/distri_agrmt.htm)</u> |
|  | (B) | <u>[Second Amendment to the Distribution Agreement dated July 1, 2013, between the Trust, on behalf of the Villere Funds and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 545 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 13, 2013.](http://www.sec.gov/Archives/edgar/data/811030/000089418913006809/distri.htm)</u> |
|  | (C) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and St. Denis J. Villere & Co., dated March 31, 2020 is herein incorporated by reference from Post-Effective Amendment No. 804 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 17, 2020.](http://www.sec.gov/Archives/edgar/data/811030/000089418920009666/exhibit-villerenovatio.htm)</u> |
|  | (D) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and St. Denis J. Villere & Co., dated September 30, 2021 is herein incorporated by reference from Post-Effective Amendment No. 828 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 16, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921008835/villerenovationagmt2021.htm)</u> |
| (vi) |  | <u>[Distribution Agreement dated February 24, 2009, between the Trust, on behalf of the Congress Large Cap Growth Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 339 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 31, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909001036/distagmt.htm)</u> |
|  | (A) | <u>[Amendment dated August 14, 2012 to the Distribution Agreement dated February 24, 2009, between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 475 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912006088/distri_agmt.htm)</u> |
|  | (B) | <u>[Second Amendment dated ______, 2017 to the Distribution Agreement dated February 24, 2009, between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund and the Congress Small Cap Growth Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 710 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917003195/amend2-distagmnt_eviib.htm)</u> |
|  | (C) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Manged Portfolios and Congress Asset Management Company, LLP dated March 31, 2020 is herein incorporated by reference from Post-Effective Amendment No. 811 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 26, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001234/congressamdistributionagre.htm)</u> |
|  | (D) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Congress Asset Management Company, LLP dated _____________, 2022 is herein incorporated by reference from Post-Effective Amendment No. 831 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 24, 2022.](http://www.sec.gov/Archives/edgar/data/811030/000089418922001362/exevid-novationagreementco.htm)</u> |
| (vii) |  | <u>[Distribution Agreement dated August 3, 2009, between the Trust, on behalf of the Akre Focus Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002727/distribution.htm)</u> |
|  | (A) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Akre Capital Management, dated March 31, 2020, is herein incorporated by reference from Post-Effective Amendment No. 803 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 18, 2020.](https://www.sec.gov/Archives/edgar/data/811030/000089418920009095/akredistributionagreem.htm)</u> |
|  | (B) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Akre Capital Management dated September 30, 2021 is herein incorporated by reference from Post-Effective Amendment No. 827 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 17, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921008079/akrenovationagmt2021.htm)</u> |
| (viii) |  | <u>[Distribution Agreement dated November 9, 2010, between the Trust, on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund, 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418910004687/dist_agmnt.htm)</u> |
|  | (A) | <u>[N](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[ovation Ag](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[reement](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[b](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[y and](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[between](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[Quasar Distributors, LLC,](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[Professionally Managed Portfolios an](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[d](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[Boston Common](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[Asset Management, dated March 31, 202](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[0 is herein incorporated by reference](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[fr](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[om Post-Ef](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[fective No. 807 to the](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[Trust's](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[Registration Stat](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[e](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[ment on Form N-1A](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[, filed with the SEC on J](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[a](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[n](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[u](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[a](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[ry 29](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[, 2021](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)[.](http://www.sec.gov/Archives/edgar/data/811030/000089418921000576/bostoncommondistributionag.htm)</u> |

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| | | | |
|:---|:---|:---|:---|
| | | (B) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Boston Common Asset Management, LLC dated September 30, 2021](http://www.sec.gov/Archives/edgar/data/811030/000089418922000677/exeixabostoncommon-genstar.htm)[is herein incorporated by refe](http://www.sec.gov/Archives/edgar/data/811030/000089418922000677/exeixabostoncommon-genstar.htm)[rence from Post-Effective No.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000677/exeixabostoncommon-genstar.htm)[830](http://www.sec.gov/Archives/edgar/data/811030/000089418922000677/exeixabostoncommon-genstar.htm)[to](http://www.sec.gov/Archives/edgar/data/811030/000089418922000677/exeixabostoncommon-genstar.htm)[the Trust's Registration](http://www.sec.gov/Archives/edgar/data/811030/000089418922000677/exeixabostoncommon-genstar.htm)[Statement on Form N-1A, filed w](http://www.sec.gov/Archives/edgar/data/811030/000089418922000677/exeixabostoncommon-genstar.htm)[ith the SEC on January 28, 2022.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000677/exeixabostoncommon-genstar.htm)</u> |
| | | (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> |
| | (ix) | | <u>[Distribution Agreement dated March 1, 2012, between the Trust, on behalf of the Muzinich Funds and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912001419/dist.htm)</u> |
| | | (A) | <u>[First Amendment dated May 24, 2016 to the Distribution Agreement dated March 1, 2012, between the Trust, on behalf of the Muzinich Funds and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 675 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010193/distri_agrmt.htm)</u> |
| | | (B) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Muzinich & Co., Inc. dated March 31, 2020 is herein incorporated by reference from Post-Effective Amendment No. 790 to the Trust's Registration Statement on Form N-1A, filed with the SEC on April 29, 2020.](http://www.sec.gov/Archives/edgar/data/811030/000089418920003196/muzinich-signedxdistributi.htm)</u> |
| | | (C) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Muzinich & Co., Inc. dated September 30, 2021 is herein incorporated by reference from Post-Effective Amendment No. 834 to the Trust's Registration Statement on Form N-1A, filed with the SEC on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922003404/muzinichnovationagmt2021.htm)</u> |
| | (x) | | <u>[Distribution Agreement dated August 14, 2012, between the Trust, on behalf of the Becker Value Equity Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912004833/distri_.htm)</u> |
| | | (A) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Becker Capital Management, Inc, dated March 31, 2020 is herein incorporated by reference from Post-Effective Amendment No. 809 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 25, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerdistributionagreemen.htm)</u> |
| | | (B) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Becker Capital Management, Inc., dated September 30, 2021 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418922001605/beckernovationagmt2021.htm)</u> |
| | (xi) | | <u>[First Amendment to the Distribution Agreement dated March 3, 2017, between the Trust, on behalf the Otter Creek Long/Short Opportunity Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 733 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 27, 2018.](http://www.sec.gov/Archives/edgar/data/811030/000089418918001208/distagr.htm)</u> |
| | | (A) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Otter Creek Advisors, LLC, dated March 31, 2020 is herein incorporated by reference from Post-Effective Amendment No. 810 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 25, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001140/ottercreeknovationagreement.htm)</u> |
| | | (B) | <u>[Novation Agreement by and between Quasar Distributors, LLC, Professionally Managed Portfolios and Otter Creek Advisors, LLC, dated _________, 2022 is herein incorporated by reference from Post-Effective Amendment No. 832 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 25, 2022.](http://www.sec.gov/Archives/edgar/data/811030/000089418922001423/exexib-novationagreementot.htm)</u> |
| | (xii) | | <u>[Form of Distribution Agreement between the Trust, on behalf of the Bridges Investment Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 847 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 3, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923000053/bridgespmpdistributionagmt.htm)</u>  |
| (f) |  | *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.](http://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.](http://www.sec.gov/Archives/edgar/data/811030/000089418913003277/custody-a_agrmt.htm)</u> |
|  | (i) |  | <u>[Amendment to the Custody Agreement on behalf of the TCM Small Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 438 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 30, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912000441/amend_custagmnt.htm)</u> |
|  | (ii) |  | <u>[Amendment to the Custody Agreement on behalf of the Hodges Fund, Hodges Small Intrinsic Value Fund, Hodges Small Cap Fund and Hodges Blue Chip Equity Income Fund is herein incorporated by reference from Post-Effective Amendment No. 680 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 28, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010668/custody_agmnt.htm)</u> |

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| | | |
|:---|:---|:---|
| (iii) |  | <u>[Amendment to the Amended and Restated Custody Agreement on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund and the Congress Small Cap Growth Fund, dated February 9, 2018 is herein incorporated by reference from Post-Effective Amendment No. 734 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 28, 2018.](http://www.sec.gov/Archives/edgar/data/811030/000089418918001325/cstdyagr.htm)</u> |
|  | (A) | <u>[Form of Amendment dated _____, 2017 to the Amended and Restated Custody Agreement, dated June 22, 2006, between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund and the Congress Small Cap Growth Fund, and U.S. Bank N.A. is herein incorporated by reference from Post-Effective Amendment No. 710 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917003195/foa-custagmt_giva.htm)</u> |
| (iv) |  | <u>[Amendment to the Custody Agreement on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 427 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 18, 2011.](http://www.sec.gov/Archives/edgar/data/811030/000089418911005103/amend_custagmnt.htm)</u> |
| (v) |  | <u>[Amendment to the Custody Agreement on behalf of the Osterweis Funds is herein incorporated by reference from Post-Effective Amendment No. 688 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916013225/custody_agrmt.htm)</u> |
|  | (A) | <u>[Amendment to the Amended and Restated Custody Agreement on behalf of the Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund is herein incorporated by reference from Post-Effective Amendment No. 841 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 7, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007481/osterweis-amendmastercusto.htm)</u> |
| (vi) |  | <u>[Amendment to the Custody Agreement on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-cust_agmnt.htm)</u> |
|  | (A) | <u>[Amendment to the Custody Agreement on behalf of 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exgviiabostoncommon-amende.htm)</u> |
|  | (B) | <u>[Amendment to the Custody Agreement on behalf of Boston Common ESG Impact U.S. Value Fund 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> |

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| | | | |
|:---|:---|:---|:---|
| | (vii) | | <u>[Amended Exhibit O to the Custody Agreement on behalf of the Villere Balanced Fund is herein incorporated by reference from Post-Effective Amendment No. 653 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 17, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915006395/custody_agrmt.htm)</u> |
| | (viii) | | <u>[Amendment to the Custody Agreement on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912001419/amend_cust.htm)</u> |
| | | (A) | <u>[Custodian Agreement on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912001419/custodian.htm)</u> |
| | | (B) | <u>[Amendment to the Custody Agreement on behalf of the Muzinich Low Duration Fund is herein incorporated by reference from Post-Effective Amendment No. 675 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010193/custody_agrmt.htm)</u> |
| | (ix) | | <u>[Amendment to the Custody Agreement dated October 16, 2020, on behalf of the Becker Value Equity Fund](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastercustodyagre.htm)[is herein incorporated by refe](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastercustodyagre.htm)[rence from Post-Effective Amen](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastercustodyagre.htm)[dment No. 809 to the Trust's Registration Statement on Form N-1A, filed with the SEC](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastercustodyagre.htm)[on February 25, 20](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastercustodyagre.htm)[21.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastercustodyagre.htm)</u> |
| | (x) | | <u>[Amendment to the Custody Agreement, on behalf of the Villere Funds 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418913003277/custody.htm)</u> |
| | (xi) | | <u>[Form of Amendment to the Custody Agreement dated February __, 2020, on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 810 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 25, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001140/ottercreekarcustodyagreeme.htm)</u> |
| | (xii) | | <u>[Amended Exhibit H to the Amended and Restated Custody Agreement dated May 15, 2013, on behalf of the Portfolio 21 Global Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 590 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 27, 2014.](http://www.sec.gov/Archives/edgar/data/811030/000089418914005112/custody_agrmt.htm)</u> |
| | (xiii) | | <u>[Amendment to the Custody Agreement dated July 13, 2015, on behalf of the Trillium Funds is herein incorporated by reference from Post-Effective Amendment No. 641 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 30, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915003623/custody_agrmt.htm)</u> |
| | (xiv) | | <u>[Form of Amendment to the Amended and Restated Custody Agreement on behalf of the Bridges Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 839 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 30, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007367/bridgespmp-amendmasterarcu.htm)</u> |
| (h) | (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.](http://www.sec.gov/Archives/edgar/data/811030/000089418906002561/pmp_fundadmnagmt.htm)</u> |

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| | | | |
|:---|:---|:---|:---|
| | (A) | | <u>[Amendment to the Fund Administration Servicing Agreement on behalf of the Hodges Fund, the Hodges Small Cap Fund, the Hodges Small Intrinsic Value Fund and the Hodges Blue Chip Equity Income Fund is herein incorporated by reference from Post-Effective Amendment No. 680 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 28, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010668/fund-admin_agmnt.htm)</u> |
| | (B) | | <u>[Amendment dated February 9, 2018 to the Fund Administration Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund and the Congress Small Cap Growth Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 374 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 28, 2018.](http://www.sec.gov/Archives/edgar/data/811030/000089418918001325/fndadmseragr.htm)</u> |
| | (C) | | <u>[Amendment to the Fund Administration Servicing Agreement on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002727/administration_amend.htm)</u> |
| | (D) | | <u>[Amendment to the Fund Administration Servicing Agreement on behalf of the Osterweis Funds is herein incorporated by reference from Post-Effective Amendment No. 688 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916013225/fndadmin_agrmt.htm)</u> |
| | | (1) | <u>[Amendment to the Fund Administration Servicing Agreement on behalf of the Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund is herein incorporated by reference from Post-Effective Amendment No. 841 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 7, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007481/exhid1amendmasterfundadmin.htm)</u>  |
| | (E) | | <u>[Amendment to the Fund Administration Servicing Agreement on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-admin_agmnt.htm)</u> |
| | | (1) | <u>[Amendment to the Fund Administration Servicing Agreement on behalf of 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exhie1bostoncommon-amendme.htm)</u> |
| | | (2) | <u>[Amendment to the Fund Administration Servicing Agreement on behalf of the Boston Common ESG Impact U.S. Value Fund 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> |
| | (F) | | <u>[Amendment to the Fund Administration Servicing Agreement dated September 13, 2013, on behalf of the Villere Funds is herein incorporated by reference from Post-Effective Amendment No. 545 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 13, 2013.](http://www.sec.gov/Archives/edgar/data/811030/000089418913006809/fndadmin_agrmt.htm)</u> |
| | (G) | | <u>[Amendment to the Fund Administration Servicing Agreement on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912001419/amend_fndadmin.htm)</u> |
| | | (1) | <u>[Amendment to the Fund Administration Servicing Agreement on behalf of the Muzinich Low Duration Fund is herein incorporated by reference from Post-Effective Amendment No. 675 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010193/fndadmin_agrmt.htm)</u> |
| | (H) | | <u>[Amendment to the Fund Administration Servicing Agreement dated October 16, 2020, on behalf of the Becker Value Equity Fund](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundadminag.htm)[is herein](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundadminag.htm)[incorporated by reference from Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundadminag.htm)[8](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundadminag.htm)[09 to the](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundadminag.htm)[Trust's Registration Statement on](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundadminag.htm)[Form N-1A, filed with the SEC on February 25, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundadminag.htm)</u> |
| | (I) | | <u>[Form of Amendment to the Fund Administration Servicing Agreement dated February __, 2020, on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 810 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 25, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001140/ottercreekamendedfundadmin.htm)</u> |
| | (J) | | <u>[Amendment to the Fund Administration Servicing Agreement dated March 25, 2013, on behalf of the Portfolio 21 Global Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 590 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 27, 2014.](http://www.sec.gov/Archives/edgar/data/811030/000089418914005112/fndadmn_agrmt.htm)</u> |
| | (K) | | <u>[Amendment to the Fund Administration Servicing Agreement dated July 13, 2015, on behalf of the Trillium Funds - is herein incorporated by reference from Post-Effective Amendment No. 641 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 30, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915003623/fndadmin_agrmt.htm)</u> |
| | (L) | | <u>[Form of Amendment to the Fund Administration Servicing Agreement on behalf of the Bridges Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 839 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 30, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007367/bridgespmp-amendmasterfundb.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.](http://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.](http://www.sec.gov/Archives/edgar/data/811030/000089418906002561/pmp_fundacctagmt.htm)</u> |

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| | | |
|:---|:---|:---|
| (A) |  | <u>[Amendment to the Fund Accounting Servicing Agreement on behalf of the Hodges Fund, the Hodges Small Cap Fund, Hodges Small Intrinsic Value Fund and the Hodges Blue Chip Income Fund is herein incorporated by reference from Post-Effective Amendment No. 680 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 28, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010668/fund-acctng_agmnt.htm)</u> |
| (B) |  | <u>[Amendment dated February 9, 2018 to the Fund Accounting Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund and the Congress Small Cap Growth Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 374 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 28, 2018.](http://www.sec.gov/Archives/edgar/data/811030/000089418918001325/fndacctgaservagr.htm)</u> |
| (C) |  | <u>[Form of Amendment dated August __, 2020 to the Fund Accounting Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Akre Focus Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 803 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 18, 2020.](https://www.sec.gov/Archives/edgar/data/811030/000089418920009095/exhiic1122020-akrefund.htm)</u> |
| (D) |  | <u>[Amendment to the Fund Accounting Servicing Agreement on behalf of the Osterweis Funds is herein incorporated by reference from Post-Effective Amendment No. 688 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916013225/fndacct_agrmt.htm)</u> |
|  | (1) | <u>[Amendment to the Fund Accounting Servicing Agreement on behalf of the Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund is herein incorporated by reference from Post-Effective Amendment No. 841 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 7, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007481/exhiid1amendmasterfundacct.htm)</u>  |
| (E) |  | <u>[Amendment to the Fund Accounting Servicing Agreement on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-accnt_agmnt.htm)</u> |
|  | (1) | <u>[Amendment to the Fund Accounting Servicing Agreement on behalf of 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/exhiie1bostoncommon-amendm.htm)</u> |
|  | (2) | <u>[Amendment to the Fund Accounting Servicing Agreement on behalf of Boston Common ESG Impact U.S. Value Fund 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>  |
| (F) |  | <u>[Amendment to the Fund Accounting Servicing Agreement on behalf of the Villere Balanced Fund is herein incorporated by reference from Post-Effective Amendment No. 432 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 20, 2011.](http://www.sec.gov/Archives/edgar/data/811030/000089418911005694/amendfndacctng_agmnt.htm)</u> |
| (G) |  | <u>[Amendment to the Fund Accounting Servicing Agreement on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912001419/amend_fndacctng.htm)</u> |
|  | (1) | <u>[Amendment to the Fund Accounting Servicing Agreement on behalf of the Muzinich Low Duration Fund is herein incorporated by reference from Post-Effective Amendment No. 675 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010193/fndacct_agrmt.htm)</u> |
| (H) |  | <u>[Amendment to the Fund Accounting Servicing Agreement dated October 16, 2020, on behalf of the Becker Value Equity Fund](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundaccount.htm)[is herein incorporated by reference from Post](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundaccount.htm)[-Effective Amendment No. 809 to the Trust's Registration Statement on Form N-1A, filed with the SEC on Februa](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundaccount.htm)[ry 25, 20](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundaccount.htm)[21.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmasterfundaccount.htm)</u> |
| (I) |  | <u>[Amendment to the Fund Accounting Servicing Agreement, on behalf of the Villere Funds 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418913003277/fndacct_agrmt.htm)</u> |
| (J) |  | <u>[Form of Amendment to the Fund Accounting Servicing Agreement, dated February ___, 2020, on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 810 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 25, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001140/ottercreekamendedfundaccou.htm)</u> |
| (K) |  | <u>[Amendment to the Fund Accounting Servicing Agreement dated April 4, 2012, on behalf of the Portfolio 21 Global Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 590 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 27, 2014.](http://www.sec.gov/Archives/edgar/data/811030/000089418914005112/fndacct_agrmt.htm)</u> |
| (L) |  | <u>[Amendment to the Fund Accounting Servicing Agreement dated July 13, 2015, on behalf of the Trillium Funds - is herein incorporated by reference from Post-Effective Amendment No. 641 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 30, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915003623/fndacct_agrmt.htm)</u> |
| (M) |  | <u>[Form of Amendment to the Fund Accounting Servicing Agreement on behalf of the Bridges Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 839 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 30, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007367/bridgespmp-amendmasterfund.htm)</u>  |

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| | | | |
|:---|:---|:---|:---|
| (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.](http://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.](http://www.sec.gov/Archives/edgar/data/811030/000089418906002561/pmp_taagmt.htm)</u> |
|  | (A) |  | <u>[Amendment to the Transfer Agent Servicing Agreement on behalf of the Hodges Fund, the Hodges Small Intrinsic Value Fund, the Hodges Small Cap Fund and the Hodges Blue Chip Equity Income Fund is herein incorporated by reference from Post-Effective Amendment No. 680 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 28, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010668/ta_agmnt.htm)</u> |
|  | (B) |  | <u>[Amendment dated February 9, 2018 to the Transfer Agent Servicing Agreement dated June 22, 2006, between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund and the Congress Small Cap Growth Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 374 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 28, 2018.](http://www.sec.gov/Archives/edgar/data/811030/000089418918001325/taservagr.htm)</u> |
|  | (C) |  | <u>[Amendment to the Transfer Agent Servicing Agreement on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002727/transfer_amend.htm)</u> |
|  |  | (1) | <u>[Amendment to the Transfer Agent Servicing Agreement on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 803 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 18, 2020.](https://www.sec.gov/Archives/edgar/data/811030/000089418920009095/a1122020-akretransfera.htm)</u> |
|  | (D) |  | <u>[Amendment to the Transfer Agent Servicing Agreement on behalf of the Osterweis Funds is herein incorporated by reference from Post-Effective Amendment No. 688 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916013225/ta_agrmt.htm)</u> |
|  |  | (1) | <u>[Amendment to the Transfer Agent Servicing Agreement on behalf of the Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund is herein incorporated by reference from Post-Effective Amendment No. 841 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 7, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007481/osterweis-amendmastertrans.htm)</u> |
|  | (E) |  | <u>[Amendment to the Transfer Agent Servicing Agreement on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418910004687/amend-ta_agmnt.htm)</u> |
|  |  | (1) | <u>[Amendment to the Transfer Agent Servicing Agreement on behalf of 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/exhiiie1bostoncommon-amend.htm)</u> |
|  |  | (2) | <u>[Amendment to the Transfer Agent Servicing Agreement on behalf of Boston Common ESG Impact U.S. Value Fund 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/811030/000089418922008320/0000894189-22-008320-index.htm)</u> |
|  | (F) |  | <u>[Amendment to the Transfer Agent Servicing Agreement on behalf of the Villere Balanced Fund is herein incorporated by reference from Post-Effective Amendment No. 432 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 20, 2011.](http://www.sec.gov/Archives/edgar/data/811030/000089418911005694/amendta_agmnt.htm)</u> |
|  | (G) |  | <u>[Amendment to the Transfer Agent Servicing Agreement on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912001419/amend_tagmnt.htm)</u> |
|  |  | (1) | <u>[Amendment to the Transfer Agent Servicing Agreement on behalf of the Muzinich Low Duration Fund is herein incorporated by reference from Post-Effective Amendment No. 675 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010193/ta_agrmt.htm)</u> |
|  | (H) |  | <u>[Amendment to the Transfer Agent Servicing Agreement dated October 16, 2020, on behalf of the Becker Value Equity Fund](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastertransferage.htm)[is herein i](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastertransferage.htm)[ncorporate](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastertransferage.htm)[d by reference from Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastertransferage.htm)[No. 809 to the Trust's Registration Stat](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastertransferage.htm)[ement on Form N-1A, filed with the SEC on](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastertransferage.htm)[February 25, 20](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastertransferage.htm)[21.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckerpmpmastertransferage.htm)</u> |
|  | (I) |  | <u>[Amendment to the Transfer Agent Servicing Agreement, on behalf of the Villere Funds 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418913003277/ta_agrmt.htm)</u> |
|  | (J) |  | <u>[Form of Amendment to the Transfer Agent Servicing Agreement, dated February ___, 2020 on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 810 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 25, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001140/ottercreekamendedtransfera.htm)</u> |
|  | (K) |  | <u>[Amendment to the Transfer Agent Servicing Agreement dated November 16, 2009, on behalf of the Portfolio 21 Global Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 590 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 27, 2014.](http://www.sec.gov/Archives/edgar/data/811030/000089418914005112/ta_agrmt.htm)</u> |

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(L) <u>[Amendment to the Transfer Agent Servicing Agreement dated July 13, 2015, on behalf of the Trillium Funds - is herein incorporated by reference from Post-Effective Amendment No. 641 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 30, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915003623/ta_agrmt.htm)</u>

(M) <u>[Form of Amendment to the Transfer Agent Servicing Agreement on behalf of the Bridges Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 839 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 30, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007367/bridgespmp-amendtransferag.htm)</u>

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| | | |
|:---|:---|:---|
| (iv) |  | <u>[Operating Expenses Limitation Agreement dated October 31, 2011, between the Trust, on behalf of the series of the Trust listed on Appendix A which may be amended from time to time (each "Fund"), and the Advisor of the Funds, Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 585 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 29, 2014.](http://www.sec.gov/Archives/edgar/data/811030/000089418914003379/expense_agrmt.htm)</u> |
|  | (A) | <u>[Operating Expenses Limitation Agreement dated September 1, 2020, between the Trust, on behalf of the Hodge Blue Chip Equity Income Fund and the Hodges Small Intrinsic Value Fund (each "Fund"), and the Advisor of the Funds, Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 821 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 28, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921004775/hodgesopexagmtbluechipintr.htm)</u> |
|  | (B) | <u>[Operating Expenses Limitation Agreement dated September 1, 2021, between the Trust, on behalf of the Hodges Fund and Hodges Small Cap Fund (each "Fund"), and the Advisor of the Funds, Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 821 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 28, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921004775/hodgesopexagmtjuly2021v3ho.htm)</u> |
| (v) |  | <u>[Operating Expenses Limitation Agreement dated January 1, 2016, between the Trust, on behalf of the Osterweis Institutional Equity Fund, and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 688 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916013225/expense_agrmt.htm)</u> |
|  | (A) | <u>[Amendment to Appendix A dated June 21, 2019 of the Operating Expenses Limitation Agreement dated January 1, 2016 between the Trust, on behalf of the Osterweis Emerging Opportunity Fund, Osterweis Total Return Fund, and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 765 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 28, 2019.](http://www.sec.gov/Archives/edgar/data/811030/000089418919003961/appendixatooela.htm)</u> |
|  | (B) | <u>[Amendment to the Operating Expenses Limitation Agreement on behalf of the Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund is herein incorporated by reference from Post-Effective Amendment No. 841 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 7, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007481/osterweiszeofundsoela10-20.htm)</u>  |
| (vi) |  | <u>[Operating Expenses Limitation Agreement dated August 7, 2002, between the Trust, on behalf of the Villere Balanced Fund, and St. Denis J. Villere & Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 160 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 16, 2003.](http://www.sec.gov/Archives/edgar/data/811030/000089418903001850/operexpense.txt)</u> |
| (vii) |  | <u>[Operating Expenses Limitation Agreement dated February 28, 2021, between the Trust, on behalf of the Congress Large Cap Growth Fund, Congress Mid Cap Growth Fund, Congress Small Cap Growth Fund, and Congress Asset Management Company is herein incorporated by reference from Post-Effective Amendment No. 811 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 26, 2021](http://www.sec.gov/Archives/edgar/data/811030/000089418921001234/congressaroela2282021confi.htm)</u>. |
| (viii) |  | <u>[Operating Expenses Limitation Agreement dated November 28, 2020, between the Trust, on behalf of the Akre Focus Fund, and Akre Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 844 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 18, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922008429/akreoela11-2020.htm)</u> |
|  | (A) | <u>[Revised Shareholder Servicing Plan dated August 17-18, 2015, adopted by the Trust, on behalf of the Akre Focus is herein incorporated by reference from Post-Effective Amendment No. 722 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 17, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917006119/shareservplan.htm)</u> |
| (ix) |  | <u>[Operating Expenses Limitation Agreement dated October 31, 2016, between the Trust, on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund, 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418917000446/expense_agrmt.htm)</u> |
|  | (A) | <u>[Amended Appendix A dated January 31, 2013, of the Operating Expenses Limitation Agreement dated December 29, 2010, between the Trust, on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund, and Boston Common Asset Management is herein incorporated by reference from Post-Effective Amendment No. 488 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 25, 2013.](http://www.sec.gov/Archives/edgar/data/811030/000089418913000513/amd-expense_agrmt.htm)</u> |
|  | (B) | <u>[Amended Appendix A dated September 1, 2021, of the Operating Expenses Limitation Agreement dated December 29, 2010, 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exhxibbcamendedappendixaoe.htm)</u> |

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|:---|:---|:---|
| | (C) | <u>[Form of Amended Appendix A dated _______, 2023, of the Operating Expenses Limitation Agreement dated December 29, 2010, 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exixcamendedappendixtoexpe.htm)</u> |
| (x) |  | <u>[Amended and Restated Operating Expenses Limitation Agreement dated April 30, 2021, between the Trust, on behalf of the Muzinich Funds, and Muzinich & Co., Inc.](http://www.sec.gov/Archives/edgar/data/811030/000089418921002772/muzinicharoela4302021confi.htm)[is herein incorporated by reference](http://www.sec.gov/Archives/edgar/data/811030/000089418921002772/muzinicharoela4302021confi.htm)[from](http://www.sec.gov/Archives/edgar/data/811030/000089418921002772/muzinicharoela4302021confi.htm)[Po](http://www.sec.gov/Archives/edgar/data/811030/000089418921002772/muzinicharoela4302021confi.htm)[st-Effective Amendment No. 815 t](http://www.sec.gov/Archives/edgar/data/811030/000089418921002772/muzinicharoela4302021confi.htm)[o the Trust's Registra](http://www.sec.gov/Archives/edgar/data/811030/000089418921002772/muzinicharoela4302021confi.htm)[tion Statement on Form N-1A, filed with the SEC on Ap](http://www.sec.gov/Archives/edgar/data/811030/000089418921002772/muzinicharoela4302021confi.htm)[r](http://www.sec.gov/Archives/edgar/data/811030/000089418921002772/muzinicharoela4302021confi.htm)[il 30, 2021](http://www.sec.gov/Archives/edgar/data/811030/000089418921002772/muzinicharoela4302021confi.htm)[.](http://www.sec.gov/Archives/edgar/data/811030/000089418921002772/muzinicharoela4302021confi.htm)</u> |
|  | (A) | <u>[Shareholder Servicing Plan adopted by the Trust, on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912001419/shrhldr_plan.htm)</u> |
|  | (B) | <u>[Revised Appendix A dated December 27, 2019 of the Operating Expenses Limitation Agreement dated March 12, 2012, between the Trust, on behalf of the Muzinich Funds, and Muzinich & Co., Inc., is herein incorporated by reference from Post-Effective Amendment No. 790 to the Trust's Registration Statement on Form N-1A, filed with the SEC on April 29, 2020.](http://www.sec.gov/Archives/edgar/data/811030/000089418920003196/hivi2revisedappendixaoela0.htm)</u>  |
|  | (C) | <u>[Revised Schedule A dated December 27, 2019 of the Shareholder Servicing Plan adopted by the Trust on behalf of the Muzinich Funds, is herein incorporated by reference from Post-Effective Amendment No. 790 to the Trust's Registration Statement on Form N-1A, filed with the SEC on April 29, 2020.](http://www.sec.gov/Archives/edgar/data/811030/000089418920003196/hivi3revisedscheduleatothe.htm)</u>  |
| (xi) |  | <u>[Operating Expenses Limitation Agreement dated February 28, 2021, between the Trust, on behalf of the Becker Value Equity Fund, and Becker Capital Management, Inc.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckeraroela22821usbconfid.htm)[is herein incorporated by reference from Post-](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckeraroela22821usbconfid.htm)[Effec](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckeraroela22821usbconfid.htm)[tive Amendment No.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckeraroela22821usbconfid.htm)[8](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckeraroela22821usbconfid.htm)[09 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 25, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/beckeraroela22821usbconfid.htm)</u> |
|  | (A) | <u>[Shareholder Servicing Plan adopted by the Trust, on behalf of the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 660 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 26, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916007887/serv_plan.htm)</u> |
| (xii) |  | <u>[Operating Expenses Limitation Agreement, between the Trust, on behalf of the Villere Equity Fund, and St. Denis J. Villere & Co., Inc. 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418913003277/expense_agrmt.htm)</u> |
| (xiii) |  | <u>[Operating Expenses Limitation Agreement dated February 28, 2021 between the Trust, on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 810 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 25, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001140/ottercreekoperatingexpense.htm)</u> |
| (xiv) |  | <u>[Operating Expenses Limitation Agreement dated October 31, 2020, between the Trust, on behalf of the Trillium Funds, and Trillium Asset Management, LLC](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/operatingexpenseagreem.htm)[is herein incorporated by reference from Post-Effective Amendment No. 802 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 29, 2020](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/operatingexpenseagreem.htm)[.](http://www.sec.gov/Archives/edgar/data/811030/000089418920008708/operatingexpenseagreem.htm)</u> |
|  | (A) | <u>[Shareholder Servicing Plan adopted by the Trust, on behalf of the Trillium Funds is herein incorporated by reference from Post-Effective Amendment No. 641 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 30, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915003623/service_plan.htm)</u> |
| (xv) |  | <u>[Operating Expenses Limitation Agreement between the Trust, on behalf of the Bridges Investment Fund and Bridges Investment Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 847 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 3, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923000053/bridgespmpoela2023.htm)</u> |
| (xvi) |  | <u>[Form of Securities Lending Agreement between the Trust, on behalf of the Trillium Funds, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 826 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 29, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921007697/trilliumsecuritieslendinga.htm)</u> |
|  | (A) | <u>[Amendment to Securities Lending Agreement dated December 31, 2020, between the Trust, on behalf of the Trillium Funds, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 826 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 29, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921007697/trilliumamendseclendingagmt.htm)</u> |
| (xvii) |  | <u>[Securities Lending Agreement between the Trust, on behalf of the Akre Focus Fund, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 827 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 17, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921008079/akresecuritieslendingagmt.htm)</u> |
|  | (A) | <u>[Amendment to Securities Lending Agreement dated October 15, 2020, between the Trust, on behalf of the Akre Focus Fund, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 827 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 17, 2021.](https://www.sec.gov/Archives/edgar/data/811030/000089418921008079/akreamendseclendingagmt.htm)</u>  |
| (xviii) |  | <u>[Securities Lending Agreement between the Trust, on behalf of the Villere Funds, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 828 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 16, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921008835/villeresecuritieslendingag.htm)</u> |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | (A) | | <u>[Amendment to Securities Lending Agreement dated October 20, 2020, between the Trust, on behalf of the Villere Funds, and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 828 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 16, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921008835/villereamendsecuritieslend.htm)</u> |
| (i) |  | *Legal Opinions* | *Legal Opinions* | *Legal Opinions* |
|  | (i) | <u>[Opinion and Consent of Counsel dated July 22, 1999, by Paul Hastings LLP for the Hodges Fund is herein incorporated by reference from Post-Effective Amendment No. 75 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 26, 1999.](http://www.sec.gov/Archives/edgar/data/811030/000095014799000774/0000950147-99-000774.txt)</u> | <u>[Opinion and Consent of Counsel dated July 22, 1999, by Paul Hastings LLP for the Hodges Fund is herein incorporated by reference from Post-Effective Amendment No. 75 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 26, 1999.](http://www.sec.gov/Archives/edgar/data/811030/000095014799000774/0000950147-99-000774.txt)</u> | <u>[Opinion and Consent of Counsel dated July 22, 1999, by Paul Hastings LLP for the Hodges Fund is herein incorporated by reference from Post-Effective Amendment No. 75 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 26, 1999.](http://www.sec.gov/Archives/edgar/data/811030/000095014799000774/0000950147-99-000774.txt)</u> |
|  |  | (A) |  | <u>[Opinion and Consent of Counsel dated December 18, 2007, by Goodwin Procter LLP for the Hodges Small Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 300 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 18, 2007.](http://www.sec.gov/Archives/edgar/data/811030/000089418907003653/opinion.htm)</u> |
|  | (ii) |  | <u>[Opinion and Consent of Counsel dated July 22, 1999, by Paul Hastings LLP for the Osterweis Fund is herein incorporated by reference from Post-Effective Amendment No. 74 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 26, 1999.](http://www.sec.gov/Archives/edgar/data/811030/000095014799000769/0000950147-99-000769.txt)</u> | <u>[Opinion and Consent of Counsel dated July 22, 1999, by Paul Hastings LLP for the Osterweis Fund is herein incorporated by reference from Post-Effective Amendment No. 74 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 26, 1999.](http://www.sec.gov/Archives/edgar/data/811030/000095014799000769/0000950147-99-000769.txt)</u> |
|  |  | (A) |  | <u>[Opinion and Consent of Counsel dated August 21, 2002, by Paul Hastings LLP for The Osterweis Strategic Income Fund is herein incorporated by reference from Post-Effective Amendment No. 142 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 22, 2002.](http://www.sec.gov/Archives/edgar/data/811030/000089418902000968/legalopinion.txt)</u> |
|  | (iii) |  | <u>[Opinion and Consent of Counsel dated December 19, 2000, by Paul Hastings LLP for the Portfolio 21 Global Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 110 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 20, 2000.](http://www.sec.gov/Archives/edgar/data/811030/000095014700500289/exb_9.txt)</u> | <u>[Opinion and Consent of Counsel dated December 19, 2000, by Paul Hastings LLP for the Portfolio 21 Global Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 110 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 20, 2000.](http://www.sec.gov/Archives/edgar/data/811030/000095014700500289/exb_9.txt)</u> |
|  | (iv) |  | <u>[Opinion and Consent of Counsel dated June 5, 2002, by Paul Hastings LLP for the Villere Balanced Fund is herein incorporated by reference from Post-Effective Amendment No. 130 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 7, 2002.](http://www.sec.gov/Archives/edgar/data/811030/000089418902000648/villopinion.txt)</u> | <u>[Opinion and Consent of Counsel dated June 5, 2002, by Paul Hastings LLP for the Villere Balanced Fund is herein incorporated by reference from Post-Effective Amendment No. 130 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 7, 2002.](http://www.sec.gov/Archives/edgar/data/811030/000089418902000648/villopinion.txt)</u> |
|  | (v) |  | <u>[Opinion of Counsel dated March 31, 2009, by Paul Hastings LLP for the Congress Large Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 339 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 31, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909001036/lglopinion.htm)</u> | <u>[Opinion of Counsel dated March 31, 2009, by Paul Hastings LLP for the Congress Large Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 339 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 31, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909001036/lglopinion.htm)</u> |
|  |  | (A) |  | <u>[Consent of Counsel dated March 31, 2009, by Paul Hastings LLP for the Congress Large Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 339 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 31, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909001036/consent.htm)</u> |
|  |  | (B) |  | <u>[Opinion of Counsel dated October 30, 2012, by Sullivan & Worcester LLP for the Congress All Cap Opportunity Fund and the Congress Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 475 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912006088/opinion.htm)</u> |
|  |  | (C) |  | <u>[Consent of Counsel dated October 30, 2012, by Paul Hastings LLP for the Congress All Cap Opportunity Fund and the Congress Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 475 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912006088/consent_.htm)</u> |
|  |  | (D) |  | <u>[Opinion and Consent dated June 21, 2017, by Sullivan & Worcester LLP for the Congress Small Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 710 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917003195/opinion_iviid.htm)</u> |
|  |  |  | (1) | <u>[Consent of Counsel dated June 21, 2017, by Schiff Hardin LLP for the Congress Small Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 710 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917003195/cnsnt-schiff_iviid1.htm)</u> |
|  | (vi) |  | <u>[Opinion of Counsel dated August 31, 2009, by Paul Hastings LLP for the Hodges Blue Chip 25 Fund and the Hodges Equity Income Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002913/opinion_counsel.htm)</u> | <u>[Opinion of Counsel dated August 31, 2009, by Paul Hastings LLP for the Hodges Blue Chip 25 Fund and the Hodges Equity Income Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002913/opinion_counsel.htm)</u> |
|  |  | (A) |  | <u>[Consent of Counsel dated August 31, 2009, by Paul Hastings LLP for the Hodges Blue Chip 25 Fund and the Hodges Equity Income Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002913/consent_counsel.htm)</u> |
|  | (vii) |  | <u>[Opinion of Counsel dated August 27, 2009, by Paul Hastings LLP for the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002727/opinion_counsel.htm)</u> | <u>[Opinion of Counsel dated August 27, 2009, by Paul Hastings LLP for the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002727/opinion_counsel.htm)</u> |
|  |  | (A) |  | <u>[Consent of Counsel dated August 27, 2009, by Paul Hastings LLP for the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002727/consent_counsel.htm)</u> |
|  |  | (B) |  | <u>[Opinion of Counsel dated August 31, 2009, by Sullivan & Worcester LLP for the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 359 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 11, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909003113/opinion_counsel.htm)</u> |

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|:---|:---|:---|
| (viii) |  | <u>[Opinion of Counsel dated August 31, 2010, by Sullivan & Worcester LLP for the Osterweis Strategic Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.](http://www.sec.gov/Archives/edgar/data/811030/000089418910003489/opinion_sw.htm)</u> |
|  | (A) | <u>[Consent of Counsel dated August 31, 2010, by Paul Hastings LLP for the Osterweis Strategic Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.](http://www.sec.gov/Archives/edgar/data/811030/000089418910003489/cosent.htm)</u> |

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|:---|:---|:---|
| (ix) |  | <u>[Opinion of Counsel dated December 29, 2010, by Sullivan & Worcester LLP for the Boston Common International Fund and the Boston Common U.S. Equity Fund 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418910004687/opin_boston.htm)</u> |
|  | (A) | <u>[Consent of Counsel dated December 29, 2010, by Paul Hastings LLP for the Boston Common International Fund and the Boston Common U.S. Equity Fund 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418910004687/consent_legal.htm)</u> |
|  | (B) | <u>[Opinion and Consent of Counsel dated September 10, 2021, by Sullivan & Worcester LLP 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exixibopinionandconsentofc.htm)</u> |
| (x) |  | <u>[Opinion of Counsel dated March 12, 2012, by Sullivan & Worcester LLP for the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912001419/legal_opnion.htm)</u> |
|  | (A) | <u>[Consent of Counsel dated March 12, 2012, by Paul Hastings LLP for the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912001419/consent.htm)</u> |
|  | (B) | <u>[Opinion of Counsel dated June 29, 2016, by Sullivan & Worcester LLP for the Muzinich Low Duration Fund is herein incorporated by reference from Post-Effective Amendment No. 675 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010193/opinion.htm)</u> |
|  | (C) | <u>[Consent of Counsel dated June 29, 2016, by Schiff Hardin LLP for the Muzinich Low Duration Fund is herein incorporated by reference from Post-Effective Amendment No. 675 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010193/consent.htm)</u> |
| (xi) |  | <u>[Opinion of Counsel dated August 24, 2012, by Sullivan & Worcester LLP for the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912004833/opinion.htm)</u> |
|  | (A) | <u>[Consent of Counsel dated August 24, 2012 by Paul Hastings LLP for the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912004833/hastings-consent.htm)</u> |
| (xii) |  | <u>[Opinion of Counsel dated May 31, 2013, by Sullivan & Worcester LLP for the Villere Equity Fund 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418913003277/opinion-sw.htm)</u> |
|  | (A) | <u>[Consent of Counsel dated May 31, 2013, by Paul Hastings LLP for the Villere Equity Fund 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418913003277/consent.htm)</u> |
| (xiii) |  | <u>[Opinion of Counsel dated December 17, 2013, by Sullivan & Worcester LLP for the Hodges Small Intrinsic Value Fund is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.](http://www.sec.gov/Archives/edgar/data/811030/000089418913006838/opinion_agrmt.htm)</u> |
|  | (A) | <u>[Consent of Counsel dated December 17, 2013, by Paul Hastings LLP for the Hodges Small Intrinsic Value Fund is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.](http://www.sec.gov/Archives/edgar/data/811030/000089418913006838/consent.htm)</u> |
| (xiv) |  | <u>[Opinion of Counsel dated December 24, 2013, by Sullivan & Worcester LLP for the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.](http://www.sec.gov/Archives/edgar/data/811030/000089418913006982/lgop.htm)</u> |
|  | (A) | <u>[Consent of Counsel dated December 24, 2013, by Paul Hastings LLP for the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.](http://www.sec.gov/Archives/edgar/data/811030/000089418913006982/counsel.htm)</u> |
| (xv) |  | <u>[Consent of Counsel dated November 28, 2016 by Schiff Hardin LLP for the Osterweis Emerging Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 688 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916013225/consent.htm)</u> |
|  | (A) | <u>[Opinion of Counsel dated December 20, 2016 by Sullivan & Worcester LLP for the Osterweis Total Return Fund is herein incorporated by reference from Post-Effective Amendment No. 692 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 20, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916013557/legal-op.htm)</u> |

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|:---|:---|:---|
| | (xvi) | <u>[Consent of Counsel dated December 20, 2016 by Schiff Hardin LLP for the Osterweis Total Return Fund is herein incorporated by reference from Post-Effective Amendment No. 692 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 20, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916013557/consent.htm)</u> |
| | (xvii) | <u>[Opinion of Counsel by Sullivan & Worcester LLP for the Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund is herein incorporated by reference from Post-Effective Amendment No. 841 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 7, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007481/exixviiosterweislegalissua.htm)</u>  |
| | (xviii) | <u>[Opinion of Counsel by Sullivan & Worcester LLP for the Bridges Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 847 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 3, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923000053/bridgeslegalissuanceopinio.htm)</u> |
| | (xix) | <u>[Opinion of Counsel by Sullivan & Worcester LLP for the Boston Common ESG Impact U.S. Value Fund 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exixixbostoncommonusvaluel.htm)</u> |
| (j) | (i) | <u>[Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP for Villere Balanced Fund and Villere Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 846 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 16, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922009057/villereauditorconsent2022.htm)</u> |
|  | (ii) | <u>[Consent of Independent Registered Public Accounting Firm Cohen & Co., Ltd. for Bridges Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 847 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 3, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923000053/bridgespmpauditorconsent1-.htm)</u> |
|  | (iii) | <u>[Consent of Independent Registered Public Accounting Firm Cohen & Co., Ltd. for Zeo Short Duration Fund and Zeo Sustainable Credit Fund is herein incorporated by reference from Post-Effective Amendment No. 841 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 7, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922007481/exjiiauditorconsentzeo.htm)</u> |
|  | (iv) | <u>[Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP for the Boston Common Funds 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418923000678/exjivbostoncommon-auditorc.htm)</u> |
|  | (v) | <u>[Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP for Otter Creek Long Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 850 to the Trust's Registration Statement on Form N-1A filed with the SEC on February 23, 2023.](http://www.sec.gov/Archives/edgar/data/811030/000089418923001390/ottercreekauditorconsent20.htm)</u> |
|  | (vi) | <u>[Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP for the Congress Funds is herein incorporated by reference from Post-Effective Amendment No. 851 to the Trust's Registration Statement on Form N-1A filed with the SEC on February 24, 2023.](http://www.sec.gov/Archives/edgar/data/811030/000089418923001423/congressauditorconsent2023.htm)</u> |
|  | (vii) | Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP **<u>[- filed herewith](beckerauditorconsent2023.htm)[.](beckerauditorconsent2023.htm)</u>** |
|  | (viii) | <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.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjiipoa2022-kbarr.htm)</u> |
|  | (ix) | <u>[Power of Attorney for Eric 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjiiipoa2022efalkeis.htm)</u> |
|  | (x) | <u>[Power of Attorney for Steve 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjiiipoa2022efalkeis.htm)</u> |
|  | (xi) | <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.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjvpoa2022aparikh.htm)</u> |
|  | (xii) | <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.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjvipoa2022cfornelli.htm)</u> |
|  | (xiii) | <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.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/exjviipoa2022cbenton.htm)</u> |
|  | (xiv) | <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.](http://www.sec.gov/Archives/edgar/data/811030/000089418921006561/exjixbostoncommonpoa8-2021.htm)</u> |
| (k) |  | *Omitted Financial Statements* - None. |
| (l) |  | *Initial Capital Agreements* - None. |
| (m) | (i) | <u>[Amended and Restated Rule 12b-1 Distribution Plan adopted by the Trust on behalf of the Hodges Fund is herein incorporated by reference from Post-Effective Amendment No. 288 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 23, 2007.](http://www.sec.gov/Archives/edgar/data/811030/000089418907002001/distributionpln.htm)</u> |

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| | | (A) | <u>[Rule 12b-1 Distribution Plan adopted by the Trust on behalf of the Hodges Small Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 300 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 18, 2007.](http://www.sec.gov/Archives/edgar/data/811030/000089418907002001/distributionpln.htm)</u> |
| | | (B) | <u>[Rule 12b-1 Distribution and Shareholder Servicing Plan adopted by the Trust, on behalf of the Hodges Blue Chip 25 Fund and the Hodges Equity Income Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002913/rule_12b-1.htm)</u> |
| | (ii) | | <u>[Rule 12b-1 Distribution Plan adopted by the Trust on behalf of the Portfolio 21 Global Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 24 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 16, 1996.](http://www.sec.gov/Archives/edgar/data/811030/0000811030-96-000002.txt)</u> |
| | (iii) | | <u>[Rule 12b-1 Distribution and Shareholder Servicing Plan adopted by the Trust on behalf of the Congress Large Cap Growth Fund, Congress All Cap Opportunity Fund, Congress Mid Cap Growth Fund and Congress Small Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 710 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917003195/rule12b_miv.htm)</u> |
| | (iv) | | <u>[Rule 12b-1 Distribution and Shareholder Servicing Plan adopted by the Trust, on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.](http://www.sec.gov/Archives/edgar/data/811030/000089418909002727/rule_12b-1.htm)</u> |
| | (v) | | <u>[Rule 12b-1 Distribution Plan adopted by the Trust and revised on May 23, 2016, on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 675 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 29, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916010193/plan_12b1.htm)</u> |
| | | (A) | <u>[Revised Schedule A to the Rule 12b-1 Distribution Plan on behalf of the Muzinich Funds dated December 27, 2019 is herein incorporated by reference from Post-Effective Amendment No. 790 to the Trust's Registration Statement on Form N-1A, filed with the SEC on April 29, 2020.](http://www.sec.gov/Archives/edgar/data/811030/000089418920003196/oviarevisedscheduleamuzini.htm)</u> |
| | (vi) | | <u>[Rule 12b-1 Distribution Plan adopted by the Trust, on behalf of the Otter Creek Long/Short Opportunity is herein incorporated by reference from Post-Effective Amendment No. 613 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 27, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915001095/plan12b1_agrmt.htm)</u> |
| | (vii) | | <u>[Rule 12b-1 Distribution Plan adopted by the Trust, on behalf of the Trillium Funds is herein incorporated by reference from Post-Effective Amendment No. 641 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 30, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915003623/rule_12b1.htm)</u> |
| (n) | (i) |  | <u>[Rule 18f-3 Plan dated August 14, 2008, adopted by the Trust on behalf of the Hodges Fund and the Hodges Small Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 324 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 30, 2008.](http://www.sec.gov/Archives/edgar/data/811030/000089418908003185/mltplclspln.htm)</u> |
|  | (ii) |  | <u>[Rule 18f-3 Plan dated March 1, 2007, adopted by the Trust on behalf of the Portfolio 21 Global Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 281 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 28, 2007.](http://www.sec.gov/Archives/edgar/data/811030/000089418907000576/plan18f3.htm)</u> |

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| | | |
|:---|:---|:---|
| (iii) |  | <u>[Revised Rule 18f-3 Plan dated November 15-16, 2018, adopted by the Trust on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 749 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 16. 2018.](http://www.sec.gov/Archives/edgar/data/811030/000089418918006284/rule-18f_3.htm)</u> |
| (iv) |  | <u>[Rule 18f-3 Plan dated April 30, 2010 and revised August 14, 2012, adopted by the Trust on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund and the Congress Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 475 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912006088/plan_18f3.htm)</u> |
|  | (A) | <u>[Amended Appendix A to the Multiple Class Plan adopted by the Trust pursuant to Rule 18f-3 on behalf of the Congress Large Cap Growth Fund, Congress All Cap Opportunity Fund, Congress Mid Cap Growth Fund and Congress Small Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 710 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 21, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917003195/rule18f-3_niva.htm)</u> |
| (v) |  | <u>[Rule 18f-3 Plan dated March 12, 2012 and revised on May 30, 2018, adopted by the Trust on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 763 to the Trust's Registration Statement on Form N-1A, filed with the SEC on April 30, 2019.](http://www.sec.gov/Archives/edgar/data/811030/000089418919002454/ex99nv18f3plan.htm)</u> |
|  | (A) | <u>[Revised Appendix A to Rule 18f-3 Plan on behalf of the Muzinich Funds dated December 27, 2019 is herein incorporated by reference from Post-Effective Amendment No. 790 to the Trust's Registration Statement on Form N-1A, filed with the SEC on April 29, 2020.](http://www.sec.gov/Archives/edgar/data/811030/000089418920003196/nvarevisedappatomuzinichmu.htm)</u>  |
| (vi) |  | <u>[Rule 18f-3 Plan adopted by the Trust on behalf of the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.](http://www.sec.gov/Archives/edgar/data/811030/000089418912004833/plan_18f3.htm)</u> |
| (vii) |  | <u>[Rule 18f-3 Plan dated November 18, 2014, adopted by the Trust on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 613 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 27, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915001095/plan18f3_agrmt.htm)</u> |
| (viii) |  | <u>[Rule 18f-3 Plan dated November 18, 2014, adopted by the Trust on behalf of the Trillium Funds - is herein incorporated by reference from Post-Effective Amendment No. 641 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 30, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915003623/rule_18f3.htm)</u> |

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| | | |
|:---|:---|:---|
| (o) |  | *Reserved.* |
| (p) | (i) | <u>[Code of Ethics for Hodges Capital Management, Inc. and First Dallas Securities Inc. as Amended and Restated January, 2014 is herein incorporated by reference from Post-Effective Amendment No. 640 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 28, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915003506/coe.htm)</u> |
|  | (ii) | <u>[Code of Ethics for Osterweis Capital Management, Inc. and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 711 to the Trust's Registration Statement on Form N-1A, filed with the SEC on June 30, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917003337/coe.htm)</u> |
|  | (iii) | <u>[Code of Ethics for Trillium Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 685 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 28, 2016.](http://www.sec.gov/Archives/edgar/data/811030/000089418916012631/coe.htm)</u> |
|  | (iv) | <u>[Code of Ethics for St. Denis J. Villere & Company, LLC (revised 2017) is herein incorporated by reference from Post-Effective Amendment No. 725 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 18, 2017.](http://www.sec.gov/Archives/edgar/data/811030/000089418917006632/coe.htm)</u> |
|  | (v) | <u>[Revised Code of Ethics for Congress Asset Management, updated March 2022 is herein incorporated by reference from Post-Effective Amendment No. 851 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 24, 2023.](http://www.sec.gov/Archives/edgar/data/811030/000089418923001423/exhibitpvcongressrevisedco.htm)</u> |
|  | (vi) | <u>[Revised Code of Ethics for Akre Capital Management, LLC dated July 28, 2014 is herein incorporated by reference from Post-Effective Amendment No. 595 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 21, 2014.](http://www.sec.gov/Archives/edgar/data/811030/000089418914005592/rev_coe.htm)</u> |
|  | (vii) | <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.](http://www.sec.gov/Archives/edgar/data/811030/000089418918000487/coe.htm)</u> |
|  | (viii) | <u>[Code of Ethics for the Distributor, Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 568 to the Trust's Registration Statement on Form N-1A, filed with the SEC on March 25, 2014.](http://www.sec.gov/Archives/edgar/data/811030/000089418914001407/coe_2014.htm)</u> |
|  | (ix) | <u>[Code of Ethics for Muzinich & Co., Inc. is herein incorporated by reference from Post-Effective Amendment No. 508 to the Trust's Registration Statement on Form N-1A, filed with the SEC on April 29, 2013.](http://www.sec.gov/Archives/edgar/data/811030/000089418913002367/coe.htm)</u> |
|  | (x) | <u>[Code of Ethics for Becker Capital Management, Inc., updated January 1, 2021](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/codeofethics2021.htm)[is herein incorporated by reference from Post](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/codeofethics2021.htm)[-Effective Amendment No. 809 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 25, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001122/codeofethics2021.htm)</u> |
|  | (xi) | <u>[Revised 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.](http://www.sec.gov/Archives/edgar/data/811030/000089418922000477/pmpcodeofethicsrevised-.htm)</u> |
|  | (xii) | <u>[Revised Code of Ethics for St. Denis J. Villere & Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 545 to the Trust's Registration Statement on Form N-1A, filed with the SEC on December 13, 2013.](http://www.sec.gov/Archives/edgar/data/811030/000089418913006809/coe-villere.htm)</u> |
|  | (xiii) | <u>[Code of Ethics for Otter Creek Management, Inc. and Otter Creek Advisors, LLC, updated July 2020 is herein incorporated by reference from Post-Effective Amendment No. 810 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 25, 2021.](http://www.sec.gov/Archives/edgar/data/811030/000089418921001140/ottercreekcodeofethicsjuly.htm)</u> |
|  | (xiv) | <u>[Code of Ethics for Trillium Asset Management, LLC - is herein incorporated by reference from Post-Effective Amendment No. 641 to the Trust's Registration Statement on Form N-1A, filed with the SEC on July 30, 2015.](http://www.sec.gov/Archives/edgar/data/811030/000089418915003623/coe.htm)</u> |
|  | (xv) | <u>[Code of Ethics for Bridges Investment Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 847 to the Trust's Registration Statement on Form N-1A, filed with the SEC on January 3, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923000053/bimcodeofethics93022.htm)</u> |

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**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**

Reference is made to Article VII of the Registrant's Declaration of Trust (previously filed with the Registration Statement on Form N-1A (File No. 33-12213) on December 29, 1995), Article VI of Registrant's Amended and Restated Bylaws (previously filed with the Registration Statement on Form N-1A (File No. 33-12213) on February 18, 2003), and Paragraph 6 of the Distribution Agreement (previously filed with the Registration Statement on Form N-1A (File No. 33-12213 on June 15, 2009). 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

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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 Advisers, the response to this Item will be incorporated by reference to the Advisers' Uniform Applications for Investment Adviser Registration ("Form ADV") on file with the SEC. Each 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:

1. American Trust Allegiance Fund, Series of Advisors Series Trust

2. Capital Advisors Growth Fund, Series of Advisors Series Trust

3. Chase Growth Fund, Series of Advisors Series Trust

4. Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

5. Edgar Lomax Value Fund, Series of Advisors Series Trust

6. First Sentier American Listed Infrastructure Fund, Series of Advisors Series Trust

7. First Sentier Global Listed Infrastructure Fund, Series of Advisors Series Trust

8. Fort Pitt Capital Total Return Fund, Series of Advisors Series Trust

9. Huber Large Cap Value Fund, Series of Advisors Series Trust

10. Huber Mid Cap Value Fund, Series of Advisors Series Trust

11. Huber Select Large Cap Value Fund, Series of Advisors Series Trust

12. Huber Small Cap Value Fund, Series of Advisors Series Trust

13. Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

14. O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

15. PIA BBB Bond Fund, Series of Advisors Series Trust

16. PIA High Yield Fund, Series of Advisors Series Trust

17. PIA High Yield (MACS) Fund, Series of Advisors Series Trust

18. PIA MBS Bond Fund, Series of Advisors Series Trust

19. PIA Short-Term Securities Fund, Series of Advisors Series Trust

20. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

21. Poplar Forest Partners Fund, Series of Advisors Series Trust

22. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

23. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

24. Pzena International Value Fund, Series of Advisors Series Trust

25. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

26. Pzena Small Cap Value Fund, Series of Advisors Series Trust

27. Reverb ETF, Series of Advisors Series Trust

28. Scharf Fund, Series of Advisors Series Trust

29. Scharf Global Opportunity Fund, Series of Advisors Series Trust

30. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

31. Semper MBS Total Return Fund, Series of Advisors Series Trust

32. Semper Short Duration Fund, Series of Advisors Series Trust

33. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

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34. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

35. VegTech Plant-based Innovation & Climate ETF, Series of Advisors Series Trust

36. The Aegis Funds

37. Allied Asset Advisors Funds

38. Angel Oak Funds Trust

39. Angel Oak Strategic Credit Fund

40. Barrett Opportunity Fund, Inc.

41. Bridges Investment Fund, Inc.

42. Brookfield Investment Funds

43. Buffalo Funds

44. Cushing<sup>®</sup> Mutual Funds Trust

45. DoubleLine Funds Trust

46. EA Series Trust *(f/k/a Alpha Architect ETF Trust)*

47. Ecofin Tax-Advantaged Social Impact Fund, Inc. *(f/k/a Tortoise Tax-Advantaged Social Infrastructure Fund, Inc.)*

48. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

49. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

50. AAM S&P 500 Emerging Markets High Dividend Value ETF, Series of ETF Series Solutions

51. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

52. AAM S&P Developed Markets High Dividend Value ETF, Series of ETF Series Solutions

53. AAM Transformers ETF, Series of ETF Series Solutions

54. AlphaClone Alternative Alpha ETF, Series of ETF Series Solutions

55. AlphaMark Actively Managed Small Cap ETF, Series of ETF Series Solutions

56. Aptus Collared Income Opportunity ETF, Series of ETF Series Solutions

57. Aptus Defined Risk ETF, Series of ETF Series Solutions

58. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

59. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

60. Blue Horizon BNE ETF, Series of ETF Series Solutions

61. Carbon Strategy ETF, Series of ETF Series Solutions

62. ClearShares OCIO ETF, Series of ETF Series Solutions

63. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

64. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

65. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

66. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

67. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

68. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

69. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

70. Hoya Capital Housing ETF, Series of ETF Series Solutions

71. iBET Sports Betting & Gaming ETF, Series of ETF Series Solutions

72. International Drawdown Managed Equity ETF, Series of ETF Series Solutions

73. LHA Market State Alpha Seeker ETF, Series of ETF Series Solutions

74. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

75. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

76. Loncar Cancer Immunotherapy ETF, Series of ETF Series Solutions

77. Loncar China BioPharma ETF, Series of ETF Series Solutions

78. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

79. Nationwide Dow Jones<sup>®</sup> Risk-Managed Income ETF, Series of ETF Series Solutions

80. Nationwide Nasdaq-100 Risk-Managed Income ETF, Series of ETF Series Solutions

81. Nationwide Russell 2000<sup>®</sup> Risk-Managed Income ETF, Series of ETF Series Solutions

82. Nationwide S&P 500<sup>®</sup> Risk-Managed Income ETF, Series of ETF Series Solutions

83. NETLease Corporate Real Estate ETF, Series of ETF Series Solutions

84. Opus Small Cap Value ETF, Series of ETF Series Solutions

85. PSYK ETF, Series of ETF Series Solutions

86. Roundhill Acquirers Deep Value ETF, Series of ETF Series Solutions

87. The Acquirers Fund, Series of ETF Series Solutions

88. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

89. U.S. Global JETS ETF, Series of ETF Series Solutions

90. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

91. US Vegan Climate ETF, Series of ETF Series Solutions

92. First American Funds, Inc.

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93. FundX Investment Trust

94. The Glenmede Fund, Inc.

95. The Glenmede Portfolios

96. The GoodHaven Funds Trust

97. Greenspring Fund, Incorporated

98. Harding, Loevner Funds, Inc.

99. Hennessy Funds Trust

100. Horizon Funds

101. Hotchkis & Wiley Funds

102. Intrepid Capital Management Funds Trust

103. Jacob Funds Inc.

104. The Jensen Quality Growth Fund Inc.

105. Kirr, Marbach Partners Funds, Inc.

106. Core Alternative ETF, Series of Listed Funds Trust

107. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

108. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

109. LKCM Funds

110. LoCorr Investment Trust

111. Lord Asset Management Trust

112. MainGate Trust

113. ATAC Rotation Fund, Series of Managed Portfolio Series

114. Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

115. Ecofin Global Energy Transition Fund, Series of Managed Portfolio Series

116. Ecofin Global Renewables Infrastructure Fund, Series of Managed Portfolio Series

117. Ecofin Global Water ESG Fund, Series of Managed Portfolio Series

118. Ecofin Sustainable Water Fund, Series of Managed Portfolio Series

119. Great Lakes Disciplined Equity Fund, Series of Managed Portfolio Series

120. Great Lakes Large Cap Value Fund, Series of Managed Portfolio Series

121. Great Lakes Small Cap Opportunity Fund, Series of Managed Portfolio Series

122. Jackson Square Large-Cap Growth Fund, Series of Managed Portfolio Series

123. Jackson Square SMID-Cap Growth Fund, Series of Managed Portfolio Series

124. Kensington Active Advantage Fund, Series of Managed Portfolio Series

125. Kensington Dynamic Growth Fund, Series of Managed Portfolio Series

126. Kensington Managed Income Fund, Series of Managed Portfolio Series

127. LK Balanced Fund, Series of Managed Portfolio Series

128. Muhlenkamp Fund, Series of Managed Portfolio Series

129. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

130. Nuance Concentrated Value Long Short Fund, Series of Managed Portfolio Series

131. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

132. Port Street Quality Growth Fund, Series of Managed Portfolio Series

133. Principal Street High Income Municipal Fund, Series of Managed Portfolio Series

134. Principal Street Short Term Municipal Fund, Series of Managed Portfolio Series

135. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

136. Reinhart International PMV Fund, Series of Managed Portfolio Series

137. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

138. Tortoise MLP & Energy Income Fund, Series of Managed Portfolio Series

139. Tortoise MLP & Pipeline Fund, Series of Managed Portfolio Series

140. Tortoise North American Pipeline Fund, Series of Managed Portfolio Series

141. V-Shares MSCI World ESG Materiality and Carbon Transition ETF, Series of Managed Portfolio Series

142. V-Shares US Leadership Diversity ETF, Series of Managed Portfolio Series

143. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

144. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

145. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

146. Mar Vista Strategic Growth Fund, Series of Manager Directed Portfolios

147. Vert Global Sustainable Real Estate Fund, Series of Manager Directed Portfolios

148. Matrix Advisors Funds Trust

149. Matrix Advisors Value Fund, Inc.

150. Monetta Trust

151. Nicholas Equity Income Fund, Inc.

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152. Nicholas Fund, Inc.

153. Nicholas II, Inc.

154. Nicholas Limited Edition, Inc.

155. Permanent Portfolio Family of Funds

156. Perritt Funds, Inc.

157. Procure ETF Trust II

158. Professionally Managed Portfolios

159. Prospector Funds, Inc.

160. Provident Mutual Funds, Inc.

161. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

162. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

163. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

164. Aquarius International Fund, Series of The RBB Fund, Inc.

165. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

166. Boston Partners Emerging Markets Dynamic Equity Fund, Series of The RBB Fund, Inc.

167. Boston Partners Emerging Markets Fund, Series of The RBB Fund, Inc.

168. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

169. Boston Partners Global Long/Short Fund, Series of The RBB Fund, Inc.

170. Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

171. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

172. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

173. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

174. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

175. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

176. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

177. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

178. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

179. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

180. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

181. Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

182. SGI Global Equity Fund, Series of The RBB Fund, Inc.

183. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

184. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

185. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

186. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

187. SGI U.S. Small Cap Equity Fund, Series of The RBB Fund, Inc.

188. US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

189. US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

190. US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

191. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

192. WPG Partners Small/Micro Cap Value Fund, Series of The RBB Fund, Inc.

193. The RBB Fund Trust

194. RBC Funds Trust

195. Series Portfolios Trust

196. Thompson IM Funds, Inc.

197. TrimTabs ETF Trust

198. Trust for Advised Portfolios

199. Barrett Growth Fund, Series of Trust for Professional Managers

200. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

201. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

202. CrossingBridge Low Duration High Yield Fund, Series of Trust for Professional Managers

203. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

204. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

205. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

206. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

207. Jensen Quality Value Fund, Series of Trust for Professional Managers

208. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

209. Terra Firma US Concentrated Realty Fund, Series of Trust for Professional Managers

210. USQ Core Real Estate Fund

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211. Wall Street EWM Funds Trust

212. Wisconsin Capital Funds, Inc.

(b)&nbsp;&nbsp;&nbsp;&nbsp;To the best of Registrant's knowledge, the directors and executive officers of Quasar Distributors, LLC are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | **<u>Address</u>** | **<u>Position with Underwriter</u>** | **<u>Position with Registrant</u>** |
| Teresa Cowan | 111 E. Kilbourn Ave, Suite 2200 <br>Milwaukee, WI 53202 | President/Manager |  |
| Chris Lanza | Three Canal Plaza, Suite 100<br>Portland, ME 04101 | Vice President |  |
| Kate Macchia | Three Canal Plaza, Suite 100<br>Portland, ME 04101 | Vice President |  |
| Jennifer A. Brunner | 111 E. Kilbourn Ave, Suite 2200 <br>Milwaukee, WI 53202 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100 <br>Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 111 E. Kilbourn Ave, Suite 2200 <br>Milwaukee, WI 53202 | Treasurer |  |

---

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

**Item 33. Location of Accounts and Records**

&nbsp;&nbsp;&nbsp;&nbsp;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>111 E. Kilbourn Ave., Suite 2200<br>Milwaukee, Wisconsin 53202 |
| Registrant's Investment Advisers |  |
|  | Akre Capital Management, LLC<br>2 West Marshall Street <br>Middleburg, Virginia 20118 |
|  | Becker Capital Management, Inc.<br>1211 SW Fifth Avenue, Suite 2185<br>Portland, Oregon 97204 |
|  | Boston Common Asset Management, LLC<br>200 State Street, 7th Floor<br>Boston, Massachusetts 02109 |
|  | Bridges Investment Management, Inc.<br>13333 California Street, Suite 500<br>Omaha, Nebraska 68154 |
|  | Congress Asset Management Company<br>Two Seaport Lane<br>Boston, Massachusetts 02210 |

---

------

---

| | |
|:---|:---|
| **Records Relating to:** | **Are located at:** |
|  | Hodges Capital Management, Inc.<br>2905 Maple Avenue<br>Dallas, Texas 75201 |
|  | Muzinich & Co., Inc.<br>450 Park Avenue<br>New York, New York 10022 |
|  | Osterweis Capital Management, Inc.<br>Osterweis Capital Management, LLC<br>One Maritime Plaza, Suite 800<br>San Francisco, California 94111 |
|  | Otter Creek Advisors, LLC<br>11300 US Highway 1, Suite 500<br>Palm Beach Gardens, Florida 33401 |
|  | Trillium Asset Management, LLC<br>Two Financial Center<br>60 South Street, Suite 1100<br>Boston, Massachusetts 02111 |
|  | St. Denis J. Villere & Co., LLC<br>601 Poydras Street, Suite 1808<br>New Orleans, Louisiana 70130 |

---

**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. 852 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 28th day of February, 2023.

Professionally Managed Portfolios

By: <u>/s/ Jason F. Hadler&nbsp;&nbsp;&nbsp;&nbsp;</u>

Jason F. Hadler

President

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment No. 852 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 | February 28, 2023 |
| Kathleen T. Barr |  |  |
| <u>Eric W. Falkeis\*</u> | Trustee | February 28, 2023 |
| Eric W. Falkeis |  |  |
| <u>Steven J. Paggioli\*</u> | Trustee | February 28, 2023 |
| Steven J. Paggioli |  |  |
| <u>Ashi S. Parikh\*</u> | Trustee | February 28, 2023 |
| Ashi S. Parikh |  |  |
| <u>Cynthia M. Fornelli\*</u> | Trustee | February 28, 2023 |
| Cynthia M. Fornelli |  |  |
| <u>/s/Jason F. Hadler</u> | President and Principal | February 28, 2023 |
| Jason F. Hadler | Executive Officer |  |
| <u>/s/ Craig Benton</u> | Vice President, Treasurer and Principal | February 28, 2023 |
| Craig Benton | Financial and Accounting Officer |  |
| \*By: <u>/s/ Carl G. Gee</u> |  | February 28, 2023 |
| Carl G. Gee, Attorney-In Fact pursuant to Power of Attorney |  |  |

---

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**EXHIBIT LIST**

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| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| EX.99.j(vii) | <u>[Consent of Independent Registered Public Accounting Firm](beckerauditorconsent2023.htm)</u> |

---

## Ex-99.J(Vii)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment #852 to the Registration Statement on Form N-1A of Professionally Managed Portfolios and to the use of our report dated December 29, 2022 on the financial statements and financial highlights of the Becker Value Equity Fund, a series of Professionally Managed Portfolios. Such financial statements and financial highlights appear in the 2022 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**February 28, 2023**

<br>