# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000894189-23-000053
**Filing Date:** 2023-1
**Character Count:** 639873
**Document Hash:** 92c9e90a319dd3f19b3293d839fceae3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-23-000053.hdr.sgml**: 20230104

**ACCESSION NUMBER**: 0000894189-23-000053

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 30

**FILED AS OF DATE**: 20230104

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230104

**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:** 23503880

**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:** 23503879

**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

### Bridges Investment Fund (Series ID: S000079190)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000240112 | Bridges Investment Fund |  |

?xml version='1.0' encoding='ASCII'? ck0000811030-20211231

Filed with the U.S. Securities and Exchange Commission on January 3, 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. | 847 | [ | X | ] |

---

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X ] <br> Amendment No. <u>848</u> [ X ]

(Check appropriate box or boxes.)

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

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices) (Zip Code)

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

Jason F. Hadler

Professionally Managed Portfolios

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copy to:

Domenick Pugliese, Esq.

Sullivan & Worcester LLP

1633 Broadway, 32nd Floor

New York, New York 10019

It is proposed that this filing will become effective

☒ immediately upon filing pursuant to paragraph (b)

☐ on __________ pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on __________ pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on __________ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

[ ]&nbsp;&nbsp;&nbsp;&nbsp;this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**Explanatory Note:** This Post-Effective Amendment No. 847 to the Registration Statement of Professionally Managed Portfolios (the "Trust") is being filed to respond to SEC comments and make other non-material changes for one new series to the Trust: Bridges Investment Fund.

------

![ck0000811030-20211231_g1.jpg](ck0000811030-20211231_g1.jpg)

Ticker: BRGIX

PROSPECTUS

January 3, 2023

**As with all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission, nor has the Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | Page No. |
| **[SUMMARY SECTION](#icb580194e15a4263bdbbe4ae32893b9a_10)** |  |
| &nbsp;&nbsp;[Investment Objective](#icb580194e15a4263bdbbe4ae32893b9a_13) | [1](#icb580194e15a4263bdbbe4ae32893b9a_13) |
| &nbsp;&nbsp;Fees and Expenses of the Fund | #SectionPage# |
| &nbsp;&nbsp;[Annual Fund Operating Expenses](#icb580194e15a4263bdbbe4ae32893b9a_19) | [1](#icb580194e15a4263bdbbe4ae32893b9a_19) |
| &nbsp;&nbsp;[Portfolio Turnover](#icb580194e15a4263bdbbe4ae32893b9a_22) | [1](#icb580194e15a4263bdbbe4ae32893b9a_22) |
| &nbsp;&nbsp;[Principal Investment Strategies of the Fund](#icb580194e15a4263bdbbe4ae32893b9a_25) | [2](#icb580194e15a4263bdbbe4ae32893b9a_25) |
| &nbsp;&nbsp;[Principal Risks of Investing in the Fund](#icb580194e15a4263bdbbe4ae32893b9a_28) | [3](#icb580194e15a4263bdbbe4ae32893b9a_28) |
| &nbsp;&nbsp;[Performance](#icb580194e15a4263bdbbe4ae32893b9a_31) | [4](#icb580194e15a4263bdbbe4ae32893b9a_31) |
| &nbsp;&nbsp;[Purchase and Sale of Fund Shares](#icb580194e15a4263bdbbe4ae32893b9a_40) | [6](#icb580194e15a4263bdbbe4ae32893b9a_40) |
| &nbsp;&nbsp;[Tax Information](#icb580194e15a4263bdbbe4ae32893b9a_43) | [6](#icb580194e15a4263bdbbe4ae32893b9a_43) |
| **[MORE INFORMATION ABOUT THE FUND'S PRINCIPAL INVESTMENT STRATEGIES, INVESTMENT OBJECTIVES, PRINCIPAL RISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS](#icb580194e15a4263bdbbe4ae32893b9a_46)** | **[7](#icb580194e15a4263bdbbe4ae32893b9a_46)** |
| **[PRINCIPAL INVESTMENT STRATEGIES AND INVESTMENT OBJECTIVES](#icb580194e15a4263bdbbe4ae32893b9a_49)** | **[7](#icb580194e15a4263bdbbe4ae32893b9a_49)** |
| &nbsp;&nbsp;[Fund Objective](#icb580194e15a4263bdbbe4ae32893b9a_52) | [7](#icb580194e15a4263bdbbe4ae32893b9a_52) |
| &nbsp;&nbsp;[Principal Investment Strategies](#icb580194e15a4263bdbbe4ae32893b9a_55) | [7](#icb580194e15a4263bdbbe4ae32893b9a_55) |
| **[PRINCIPAL RISKS OF INVESTING IN THE FUND](#icb580194e15a4263bdbbe4ae32893b9a_58)** | **[9](#icb580194e15a4263bdbbe4ae32893b9a_58)** |
| **[DISCLOSURE OF PORTFOLIO HOLDINGS](#icb580194e15a4263bdbbe4ae32893b9a_61)** | **[12](#icb580194e15a4263bdbbe4ae32893b9a_61)** |
| **[MANAGEMENT OF THE FUND](#icb580194e15a4263bdbbe4ae32893b9a_64)** | **[13](#icb580194e15a4263bdbbe4ae32893b9a_64)** |
| &nbsp;&nbsp;[Investment Adviser](#icb580194e15a4263bdbbe4ae32893b9a_67) | [13](#icb580194e15a4263bdbbe4ae32893b9a_67) |
| &nbsp;&nbsp;[Portfolio Managers](#icb580194e15a4263bdbbe4ae32893b9a_70) | [13](#icb580194e15a4263bdbbe4ae32893b9a_70) |
| **[FUND SHAREHOLDER INFORMATION](#icb580194e15a4263bdbbe4ae32893b9a_73)** | **[14](#icb580194e15a4263bdbbe4ae32893b9a_73)** |
| &nbsp;&nbsp;[Valuing Fund Shares](#icb580194e15a4263bdbbe4ae32893b9a_79) | [14](#icb580194e15a4263bdbbe4ae32893b9a_79) |
| &nbsp;&nbsp;[Fair Value Pricing](#icb580194e15a4263bdbbe4ae32893b9a_82) | [14](#icb580194e15a4263bdbbe4ae32893b9a_82) |
| **[INVESTING IN THE FUND](#icb580194e15a4263bdbbe4ae32893b9a_85)** | **[15](#icb580194e15a4263bdbbe4ae32893b9a_85)** |
| &nbsp;&nbsp;[Account Options](#icb580194e15a4263bdbbe4ae32893b9a_88) | [15](#icb580194e15a4263bdbbe4ae32893b9a_88) |
| &nbsp;&nbsp;[Minimum Investment](#icb580194e15a4263bdbbe4ae32893b9a_91) | [15](#icb580194e15a4263bdbbe4ae32893b9a_91) |
| &nbsp;&nbsp;[Purchasing Shares](#icb580194e15a4263bdbbe4ae32893b9a_94) | [16](#icb580194e15a4263bdbbe4ae32893b9a_94) |
| &nbsp;&nbsp;[Automatic Investment Plan](#icb580194e15a4263bdbbe4ae32893b9a_97) | [18](#icb580194e15a4263bdbbe4ae32893b9a_97) |
| &nbsp;&nbsp;[Inactive Accounts and Lost Shareholders](#icb580194e15a4263bdbbe4ae32893b9a_100) | [19](#icb580194e15a4263bdbbe4ae32893b9a_100) |
| &nbsp;&nbsp;[Additional Account Policies](#icb580194e15a4263bdbbe4ae32893b9a_103) | [19](#icb580194e15a4263bdbbe4ae32893b9a_103) |
| **[SELLING SHARES OF THE FUND](#icb580194e15a4263bdbbe4ae32893b9a_106)** | **[20](#icb580194e15a4263bdbbe4ae32893b9a_106)** |
| &nbsp;&nbsp;[Signature Guarantees](#icb580194e15a4263bdbbe4ae32893b9a_109) | [20](#icb580194e15a4263bdbbe4ae32893b9a_109) |
| &nbsp;&nbsp;[Sale Proceeds](#icb580194e15a4263bdbbe4ae32893b9a_112) | [21](#icb580194e15a4263bdbbe4ae32893b9a_112) |
| &nbsp;&nbsp;[Telephone Redemptions of Share](#icb580194e15a4263bdbbe4ae32893b9a_115)s | [21](#icb580194e15a4263bdbbe4ae32893b9a_115) |
| &nbsp;&nbsp;[Redemptions Through a Broker](#icb580194e15a4263bdbbe4ae32893b9a_118) | [21](#icb580194e15a4263bdbbe4ae32893b9a_118) |
| &nbsp;&nbsp;[Redemption-in-Kind Transactions](#icb580194e15a4263bdbbe4ae32893b9a_121) | [22](#icb580194e15a4263bdbbe4ae32893b9a_121) |
| &nbsp;&nbsp;[Additional Redemption Policies](#icb580194e15a4263bdbbe4ae32893b9a_124) | [22](#icb580194e15a4263bdbbe4ae32893b9a_124) |
| **[FREQUENT TRADING OR MARKET TIMING](#icb580194e15a4263bdbbe4ae32893b9a_127)** | **[22](#icb580194e15a4263bdbbe4ae32893b9a_127)** |
| **[DISTRIBUTIONS AND TAXES](#icb580194e15a4263bdbbe4ae32893b9a_130)** | **[23](#icb580194e15a4263bdbbe4ae32893b9a_130)** |
| &nbsp;&nbsp;[Distributions](#icb580194e15a4263bdbbe4ae32893b9a_133) | [23](#icb580194e15a4263bdbbe4ae32893b9a_133) |
| &nbsp;&nbsp;[Distributions Options](#icb580194e15a4263bdbbe4ae32893b9a_136) | [24](#icb580194e15a4263bdbbe4ae32893b9a_136) |
| &nbsp;&nbsp;[Tax Consequences](#icb580194e15a4263bdbbe4ae32893b9a_139) | [24](#icb580194e15a4263bdbbe4ae32893b9a_139) |

---

------

---

| | |
|:---|:---|
| **[INQUIRIES](#icb580194e15a4263bdbbe4ae32893b9a_142)** | **[25](#icb580194e15a4263bdbbe4ae32893b9a_142)** |
| **[INDEX DESCRIPTIONS](#icb580194e15a4263bdbbe4ae32893b9a_145)** | **[25](#icb580194e15a4263bdbbe4ae32893b9a_145)** |
| **[FINANCIAL HIGHLIGHTS](#icb580194e15a4263bdbbe4ae32893b9a_148)** | **[26](#icb580194e15a4263bdbbe4ae32893b9a_148)** |
| **[PRIVACY POLICY NOTICE](#icb580194e15a4263bdbbe4ae32893b9a_151)** | **PPN-1** |

---

------

**SUMMARY SECTION**

**Investment Objective:** Bridges Investment Fund (the "Fund") seeks long-term capital appreciation, with a secondary objective of generating a modest amount of current income.

**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 tables and examples below.

---

| |
|:---|
| **Shareholder Fees**<br> (fees paid directly from your investment) |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
| Maximum Deferred Sales Charge (Load) on Reinvested Dividends and other Distributions |
| Redemption Fee (as a percentage of amount redeemed) |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<sup>(1)(2)</sup>(expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fees | 0.50% |
| Distribution (12b-1) Fees |  |
| Other Expenses<sup>(3)</sup> | 0.18% |
| Total Annual Fund Operating Expenses<sup>(4)</sup> | 0.68% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Annual Fund Operating Expenses have been restated to reflect current fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Bridges Investment Fund, Inc., a stand alone entity incorporated in the State of Nebraska (the "Predecessor Fund") until December 31, 2022, commenced reorganizing into the Fund following the close of business on December 30, 2022. The Fund commenced operations on January 3, 2023. Historical financial information relates to the Predecessor Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Other Expenses are based on estimated amounts for the current fiscal year for the Predecessor Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>Please note that the amount of Total Annual Fund Operating Expenses shown in the above table may differ from the Ratio of Net Expenses to Average Net Assets included in the "Financial Highlights" section of the statutory prospectus which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| $69 | $218 | $379 | $847 |

---

**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

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performance. The Fund is the successor to the Predecessor Fund. During the most recent fiscal year, the Predecessor Fund's portfolio turnover rate was 9.2% of the average value of its portfolio. For more information regarding the Predecessor Fund, please see the discussion under "Performance."

**Principal Investment Strategies of the Fund:** The Fund seeks to achieve its investment objectives by investing primarily in a diversified portfolio of common stocks, which Fund management believes offers the potential for increased earnings and dividends over time. Normally, such equity securities will represent 60% or more of the Fund's net assets. However, the overall asset allocation is set by Fund management's determination of the most attractive risk adjusted return opportunities available in both equity and fixed income securities.

The equity investment approach of Bridges Investment Management, Inc. ("BIM" or the "Adviser") emphasizes owning securities of the companies in the Fund which it believes offer the best potential for above-average, long-term capital appreciation. The Adviser's equity investment process focuses on identifying companies which have accelerating revenues, earnings growth, strong dividend growth potential, free cash flow growth, expanding margins and strong balance sheets. Market capitalization or company size is a result of this investment approach rather than an active investment consideration. Historically, the Fund has primarily owned equity securities in larger companies, although at any time, the Fund may own securities in small, medium, or large size companies. The Fund may also invest in common stocks which the Adviser believes may be cyclically depressed or undervalued, and therefore, may offer potential for capital appreciation. The Fund may, from time to time, have significant exposure to one or more sectors of the market. As of September 30, 2022, 40.5% of the Predecessor Fund's net assets were invested in securities of issuers within the information technology sector.

In pursuing these principal investment objectives, the Fund may invest up to 15% of its total assets in U.S. dollar-denominated securities of foreign issuers traded on U.S. exchanges, and up to 20% of its total assets in American Depositary Receipts ("ADRs") traded on U.S. exchanges or in the U.S. over-the-counter market.

In addition, to generate current income, as part of its principal strategy the Fund may acquire investment grade corporate bonds, debentures, U.S. Treasury bonds and notes, and preferred stocks. Historically, such fixed income securities have not constituted more than 40% of the market value of the Fund's portfolio and generally represent a small portion of the Fund's portfolio. When the Fund acquires fixed income securities, the Adviser primarily has two considerations that drive its maturity strategy. First, the Adviser will generally manage the weighted average life of the Fund's fixed income portfolio given its perception of where value lies at any point in time on the yield curve. Second, the Adviser will manage the weighted average life of the Fund's fixed income portfolio based on its intermediate to longer-term outlook for interest rates at any point in time.

The allocation of Fund investments among common stocks and other equity securities and bonds and other debt securities (including U.S. Treasury securities) is based on the Adviser's judgments about the potential returns and risks of each class. The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest levels and trends, and fundamental factors (such as price/earnings ratios or growth rates) of individual companies in which the Fund invests.

The Adviser may sell a security or reduce its position if the investment strategy is violated, a more attractively priced security is found, or the security becomes overvalued relative to the long-term expectation.

------

**Principal Risks of Investing in the Fund:** The risks associated with an investment in the Fund can increase during times of significant market volatility. There is the risk that you could lose all or a portion of your investment in the Fund. The following risks are considered principal to the Fund and could affect the value of your investment in the Fund:

<u>Equity Securities Risk.</u> Equity securities are susceptible to general stock market fluctuations which may result in volatile increases and decreases in value. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.

<u>Large-Cap Investment Risk.</u> Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors.

<u>Mid-Cap and Small-Cap Investment Risk.</u> Securities of mid-cap and small-cap companies may possess comparatively greater price volatility and less liquidity than the securities of companies that have larger market capitalizations.

<u>Sector Emphasis Risk.</u> From time to time, the Fund may invest 25% or more of its assets in one or more sectors subjecting the Fund to sector emphasis risk. This is the risk that the Fund is subject to a greater risk of loss as a result of adverse economic, business, or other developments affecting a specific sector that the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Information Technology Sector Risk*: The information technology sector can be significantly affected by rapid obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, government regulation, and general economic conditions.

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

<u>Asset allocation Risk</u>: The risk that the Fund's investment performance may depend, at least in part, on how its assets are allocated and reallocated among asset classes, sectors, underlying funds, and/or investments and that such allocation will focus on asset classes, sectors, underlying funds, or investments that perform poorly or underperform other asset classes, sectors, underlying funds, or available investments.

<u>Debt Securities Risks</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit Risk: The risk that an issuer of a fixed income security will fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength, the market's perception of an issuer's creditworthiness, or in a security's credit rating may affect a security's value. In addition, investments in sovereign debt involves a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of default. Investments in sovereign debt are also subject to the risk that the issuer will default independently of its sovereign. Below investment grade securities (high yield/junk bonds) have speculative characteristics, and changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those securities to make principal and interest payments than is the case with issuers of investment grade securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest Rate Risk: The risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. Bonds and other debt instruments typically have a positive duration. The value of a debt instrument with positive duration will generally decline if interest rates increase. Certain other investments, such as interest-only securities and certain derivative instruments, may have a negative duration. The value of instruments with a negative duration will generally decline if interest rates decrease. Inverse floaters, interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments.

<u>Foreign Securities and ADR Risk</u>. Investing in foreign securities and ADRs may involve increased risks including political and economic risks, greater volatility, currency fluctuations, higher transaction costs, and delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets.

<u>General Market Risk</u>*<u>.</u>* 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.

<u>Management Risk</u>: The Fund may not meet its investment objective based on the Adviser's success or failure to implement investment strategies for the Fund.

**Performance**: The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Predecessor Fund's performance from year to year and how the Predecessor Fund's average annual returns over time compare with those of a broad measure of market performance, as well as indices that reflect the market sectors in which the Fund invests. The returns presented reflect the performance of the Predecessor Fund. Prior to the commencement of the Fund's operations, the Fund operated as the Predecessor Fund. The Fund has adopted the performance of the Predecessor Fund as a result of a reorganization in which the Fund acquired all the assets and liabilities of the Predecessor Fund (the "Reorganization"). The closing of the Reorganization commenced after the close of business on December 30, 2022. Prior to the Reorganization, the Fund was a "shell" Fund with no assets and had not commenced operations. The Predecessor Fund had the same portfolio management

------

team, investment objectives and strategies as the Fund. The Predecessor Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**Total Return for the Calendar Years Ended December 31\***![ck0000811030-20211231_g2.jpg](ck0000811030-20211231_g2.jpg)

\* The Predecessor Fund's calendar year-to-date return as of September 30, 2022 was -31.02%.

The Predecessor Fund's highest and lowest returns for a calendar quarter during the 10-year period shown on the bar chart are a return of 26.30% for the quarter ended June 30, 2020, and -18.77% for the quarter ended March 31, 2020.

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Predecessor Fund**<br> (for the periods ended December 31, 2021) | | | |
|  | Past One<br>Year | Past Five<br>Years | Past Ten<br>Years |
| Return Before Taxes | 25.93% | 19.82% | 15.99% |
| Return After Taxes on Distributions | 23.94% | 18.71% | 15.13% |
| Return After Taxes on Distributions and Sale of Fund Shares | 16.66% | 15.95% | 13.33% |
| S&P 500<sup>®</sup> Index <br>(reflects no deduction for fees, expenses or taxes) | 28.71% | 18.47% | 16.55% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates 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, and 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").

**Management:** 

***Investment Adviser:*** Bridges Investment Management, Inc. is the investment adviser for the Fund.

***Portfolio Managers:*** Mr. Edson L. Bridges III, CFA, Chairman, President and Chief Executive Officer of the Adviser, serves as the lead portfolio manager of the Fund and served in that position for the Predecessor Fund from 1997-2022. Mr. Brian M. Kirkpatrick, CFA, Senior Vice President and director of

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the Adviser, serves as a portfolio manager of the Fund and served in that position for the Predecessor Fund from 2000-2022.

**Purchase and Sale of Fund Shares**: Investors may purchase Fund shares by mail (Bridges Investment Fund, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201-0701), or by telephone at 1-866-934-4700. You may redeem your shares of the Fund directly at any time by sending a letter of instruction signed by all account holders. Redemptions by telephone are permitted only if investors receive prior authorization. Transactions will only occur on days the New York Stock Exchange ("NYSE") is open. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly for information relative to the purchase or sale of Fund shares. The minimum initial amount of investment in the Fund is $1,000 for all accounts.

**Tax Information:** The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

**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), the Fund and/or the Adviser 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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**MORE INFORMATION ABOUT THE FUND'S PRINCIPAL INVESTMENT STRATEGIES, INVESTMENT OBJECTIVES, PRINCIPAL RISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS**

**PRINCIPAL INVESTMENT STRATEGIES AND INVESTMENT OBJECTIVES**

*Fund Objective*

The Fund's primary investment objective is long-term capital appreciation, with a secondary objective of generation of a modest amount of current income.

The Fund's investment objective is not a fundamental policy and may be changed by the Trust's Board of Trustees (the "Board") without a shareholder vote upon prior written notice to Fund shareholders. However, the Fund's objective has remained consistent since commencement of the Fund in 1963.

Bridges Investment Management, Inc. ("BIM" or "Adviser") serves as the Fund's investment adviser.

There is no assurance that the Fund will achieve its objectives.

*Principal Investment Strategies*

The Fund seeks to achieve its investment objectives by investing primarily in a diversified portfolio of common stocks, which Fund management believes offers the potential for increased earnings and dividends over time. Normally, such equity securities will represent 60% or more of the Fund's net assets. However, the overall asset allocation is set by Fund management's determination of the most attractive risk adjusted return opportunities available in both equity and fixed income securities. During the past five years, the total amount of net assets invested by the Fund in equity securities has been at least 90% in each year.

The Adviser's equity investment approach emphasizes owning securities of the companies in the Fund which it believes offer the best potential for above-average, long-term capital appreciation. The Adviser's equity investment process focuses on identifying companies which have accelerating revenues, earnings growth, strong dividend growth potential, free cash flow growth, expanding margins and strong balance sheets. Market capitalization or company size is a result of this investment approach rather than an active investment consideration. Historically, the Fund has primarily owned equity securities in larger companies, although at any time, the Fund may own securities in small, medium, or large size companies. The Fund considers small companies to be those with market capitalizations under $1 billion, medium size companies to be those with market capitalizations of $1 billion to $5 billion, and large companies to be those with market capitalizations in excess of $5 billion. The Fund may also invest in common stocks which the Adviser believes may be cyclically depressed or undervalued, and therefore, may offer potential for capital appreciation. The Fund may, from time to time, have significant exposure to one or more sectors of the market. As of September 30, 2022, 40.5% of the Predecessor Fund's net assets were invested in securities of issuers within the information technology sector.

In pursuing these principal investment objectives, the Fund may invest up to 15% of its total assets in U.S. dollar-denominated securities of foreign issuers traded on U.S. exchanges, and up to 20% of its total assets in ADRs traded on U.S. exchanges or in the U.S. over-the-counter market.

In addition, to generate current income, as part of its principal strategy, the Fund may acquire investment grade corporate bonds, debentures, U.S. Treasury bonds and notes, and preferred stocks. Historically, such fixed income securities have not constituted more than 40% of the market value of the Fund's portfolio and generally represent a small portion of the Fund's portfolio. Investment grade

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corporate bonds and preferred stocks are those securities which carry, at the time of purchase, a minimum rating of Baa from Moody's Investors Service<sup>®</sup>, Inc. ("Moody's") or BBB from S&P Global Ratings ("S&P"). During the past five years, the total invested by the Fund in debt and preferred stocks has been less than 10% in each year.

When the Fund acquires fixed income securities, the Adviser primarily has two considerations that drive its maturity strategy. First, the Adviser will generally manage the weighted average life of the Fund's fixed income portfolio given its perception of where value lies at any point in time on the yield curve. Second, the Adviser will manage the weighted average life of the Fund's fixed income portfolio based on its intermediate to longer-term outlook for interest rates at any point in time. Over time, the Fund's weighted average maturity will usually range between 5 and 12 years, with a shorter average maturity reflecting a more conservative posture (*i.e.*, interest rates are near trend low points and expected to rise) or, alternatively, a longer weighted average maturity reflecting a more constructive posture (*i.e.*, interest rates are near trend high points and may be expected to decline). These fixed income policy decisions are made in response to assessments as to the future direction of interest rates.

Convertible debentures and convertible preferred stocks usually carry a rating that is below investment grade for fixed income securities. For the purpose of managing the Fund's portfolio within the investment policy guidelines, these convertible securities are accorded the status of equities because they may be converted into common stock at the election of the holder. Accordingly, these assets do not fall within the Fund restrictions described in this section limiting the investment of Fund assets to normally no more than 40% in fixed income securities.

The allocation of Fund investments among common stocks and other equity securities and bonds and other debt securities (including U.S. Treasury securities) is based on the Adviser's judgments about the potential returns and risks of each type of security. The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest levels and trends, and fundamental factors (such as price/earnings ratios or growth rates) of individual companies in which the Fund invests.

The Adviser may sell a security or reduce its position if the investment strategy is violated, a more attractively priced security is found, or the security becomes overvalued relative to the long-term expectation.

Under unusual economic or financial market circumstances, the Fund may significantly increase the portion of Fund assets held in cash or U.S. government securities for temporary defensive purposes, and as a result, may not achieve its investment objectives. The Fund may maintain positions in cash or U.S. government securities (generally U.S. Treasury securities) for as long as such unusual market conditions exist, and the normal limitation that not more than 40% of the Fund's assets be invested in fixed income securities will not apply. In addition, in such circumstances, the Fund may invest in certain exchange-traded funds, the performance of which is intended to correspond, either positively or negatively, to the performance of a designated benchmark index (such as the S&P 500 Index), as a hedge against market volatility and a significant market decrease or increase. If the Fund takes a temporary defensive position, it may not be able to meet the stated investment objectives.

Except for temporary defensive positions, Fund investments will be made with the expectation that the securities will be held for the long-term. The Adviser will not purchase securities with a view toward rapid turnover for capital gains. However, the Adviser may sell securities for short-term or long-term capital gains or losses if new information becomes available or changes in market conditions indicate that selling a security is advisable.

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In addition to the investment objectives and policies disclosed above, the Fund adheres to certain other investment policy and selection restrictions which are set forth in the Statement of Additional Information ("SAI").

**PRINCIPAL RISKS OF INVESTING IN THE FUND**

There are risks associated with an investment in the Fund. There is no assurance the Fund will achieve its investment objectives, and the Fund could lose money. In such event, there is a risk you could lose all or a portion of your investment in the Fund. It is important that investors closely review and understand these risks before investing in the Fund. These and other risks are described below.

<u>Equity Securities Risk</u>

Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. Investor perceptions may impact the market and are based on various and unpredictable factors including expectations regarding government, economic, monetary, and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic, and banking crises. If you hold common stocks of any given issuer, you would generally be exposed to greater risk than if you hold preferred stock or debt obligations of the issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.

<u>Large-Cap Investment Risk</u> 

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.

<u>Small and Medium Capitalization Risk</u>

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

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<u>Sector Emphasis Risk</u> 

From time to time, the Fund may invest 25% or more of its assets in one or more sectors subjecting them to sector emphasis risk. This is the risk that the Fund is subject to greater risk of loss as a result of adverse economic, business, or other developments affecting a specific sector the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Sectors possess particular risks that may not affect other sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Information Technology Sector Risk* 

Information technology companies are generally subject to the risks of rapidly changing technologies; short product life cycles; fierce competition; aggressive pricing and reduced profit margins; the loss of patent, copyright, and trademark protections; cyclical market patterns; evolving industry standards; and frequent new product introductions. Information technology companies may be smaller and less experienced, companies, with limited product lines, markets, or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, especially those which are internet-related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

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

<u>Asset Allocation Risk</u>

The Fund's investment performance may depend, at least in part, on how its assets are allocated and reallocated among the asset classes, sectors, underlying funds and/or investments in which it invests. It is possible that the Adviser will focus on asset classes, sectors, underlying funds, or investments that perform poorly or underperform other asset classes, sectors, underlying funds, or available investments under various market conditions. You could lose money on your investment in the Fund as a result of these allocation decisions. To the extent that the Fund invests a significant portion of its assets in a single or limited number of asset classes, sectors, underlying funds, or investments, it will be particularly sensitive to the risks associated with the asset classes, sectors, funds, or investments in which it invests.

<u>Debt Securities Risks</u> 

Debt securities are subject to various risks including, among others, credit risk and interest rate risk. These risks can affect a security's price volatility to varying degrees, depending upon the nature of the instrument.

*Credit Risk*. Refers to the risk that an issuer or counterparty will fail to pay its obligations to the Fund when they are due. Financial strength and solvency of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security, other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security's or other instrument's credit quality or value and an issuer's or counterparty's ability to pay interest and principal when due. The values of securities also may decline for a number of other reasons that relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets.

*Interest Rate Risk*. Refers to the risk that the values of debt instruments held by a Fund will change in response to changes in interest rates. In general, the value of a fixed-income instrument with positive duration will generally decline if interest rates increase, whereas the value of an

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instrument with negative duration will generally decline if interest rates decrease. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to increases in interest rates than a similar instrument with a shorter duration. Duration is a measure of the expected life of a bond that is used to determine the sensitivity of an instrument's price to changes in interest rates. For example, the price of a bond fund with an average duration of three years generally would be expected to fall approximately 3% if interest rates rose by one percentage point. Inverse floaters, interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. Adjustable rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other things). During periods of increasing interest rates, changes in the interest rate payments of adjustable rate instruments may lag the changes in market interest rates or may have limits on the maximum increase in interest rates. Conversely, there may not be any limitations or caps on the adjustment down of interest rate payments during periods of declining market interest rates.

<u>Foreign Securities and ADR Risk</u> 

Investments in foreign securities and ADRs may involve more risks than U.S. investments. These additional risks may potentially include lower liquidity, greater price volatility, and risks related to adverse political, regulatory, market, or economic developments. Foreign companies also may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies and, as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy. Amounts realized on sales of or distributions with respect to foreign securities may be subject to high and potentially confiscatory levels of foreign taxation and withholding when compared to comparable transactions in U.S. securities. Investments in foreign securities involve exposure to fluctuations in foreign currency exchange rates. Such fluctuations may reduce the value of the investment. Foreign investments are also subject to risks including potentially higher withholding and other taxes, higher costs of custody and trading, trade settlement, custodial, and other operational risks and less stringent investor protection and disclosure standards in certain foreign markets. In addition, foreign markets can, and often do, perform differently than U.S. markets. Given the global interrelationships of today's economy, volatility, or threats to stability of any significant currency, such as occurred in the recent past with the European Monetary Union, or significant political instability, may affect other markets and affect the risk of an investment in the Fund. Changes in foreign tax laws, exchange controls, investment regulations and policies on nationalization and expropriation, as well as political instability may affect the operations of foreign companies and the value of their securities.

<u>General Market Risk</u> 

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 a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other

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governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of this pandemic to public health and business and market conditions, including exchange trading suspensions and closures, may continue to have a significant negative impact on the performance of a Fund's investments, increase the Fund's volatility, exacerbate pre-existing political, social and economic risks to the Fund, and negatively impact broad segments of businesses and populations. A Fund's operations may be interrupted as a result, which may contribute to the negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which a Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on the Fund's investment performance. The full impact of the COVID-19 pandemic, or other future epidemics or pandemics, is currently unknown.

<u>Management Risk</u> 

Management risk describes the Fund's ability to meet its investment objective based on the Adviser's success or failure to implement investment strategies for the Fund. The value of your investment in the Fund is subject to the effectiveness of the Adviser's research, analysis, and asset allocation among portfolio securities. If the Adviser's investment strategies do not produce the expected results, your investment could be diminished or even lost.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Fund discloses its complete portfolio holdings within 60 days of the most recent quarter end in its Annual Report and Semi-Annual Report to Fund shareholders. Portfolio holdings disclosures are also filed with the SEC on Form N-PORT, with quarter-end disclosures becoming publicly available 60 days after the end of each quarter. The <u>[Annual](http://www.sec.gov/Archives/edgar/data/0000014170/000089853122000106/bif-ncsra.htm)</u> and <u>[Semi-Annual](http://www.sec.gov/Archives/edgar/data/0000014170/000089853121000413/bif-ncsrs.htm)</u> Reports are available by contacting the Fund c/o U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin, 53202 or on the Fund's website at www.bridgesfund.com under "Resource Documents & Forms." In addition, the Fund discloses its quarter end holdings on its website at www.bridgesfund.com under "About the Fund" within 4 business days after the quarter end. The quarter end holdings for the Fund will remain posted on the Fund's website until updated with that quarter's new information the following year. Portfolio holdings information posted on the Fund's website may be separately provided to any person commencing the first business day after it is published on the website. A further 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 SAI.

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**MANAGEMENT OF THE FUND**

*Investment Adviser*

BIM provides investment services to the Fund and manages the investments of the Fund's assets in a manner it believes is consistent with the Fund's investment objectives, policies, and restrictions. BIM renders portfolio investment securities advice to individuals, personal trusts, pension, and profit sharing accounts, IRA rollovers, charitable organizations and foundations, corporations, and other account classifications. BIM is located at 13333 California Street, Suite 500, Omaha, Nebraska 68154. As of September 30, 2022, the Adviser had assets under management of approximately $7.6 billion.

BIM has served as the Fund's investment adviser since the Reorganization and previously served as the Predecessor Fund's investment adviser since April 2004, when it replaced Bridges Investment Counsel, Inc. ("BIC"), which managed the Predecessor Fund since its inception in 1963. Bridges Holding Company ("BHC") owns 100% of the equity of BIM. BHC is a holding company, owned primarily by MGI Holdings, Inc., a subsidiary of the McCarthy Group, LLC, an Omaha-based financial services company. Edson L. Bridges III, who has been responsible for the day-to-day management of the Fund's and Predecessor Fund's portfolio since April 17, 1997, currently serves as the Chairman, President and Chief Executive Officer of BIM.

Under the current investment advisory agreement ("Advisory Agreement"), the Fund compensates BIM for its investment advisory services at the annual rate of 0.50% of the Fund's average daily net assets, payable on a monthly basis. For the fiscal years ended December 31, 2021, and 2022, BIM received net management fees as a percentage of average daily net assets of 0.50% from the Predecessor Fund.

A discussion regarding the basis for the Board's approval of the Advisory Agreement between the Trust on behalf of the Fund will be available in the Fund's Annual Report to shareholders for the period ended December 31, 2022.

*Portfolio Managers*

Mr. Edson L. Bridges III, CFA, Chairman, President and Chief Executive Officer of BIM, is the lead portfolio manager and responsible for the day-to-day operation of the Fund's portfolio. Mr. Bridges dedicates his professional efforts towards securities research and portfolio management for BIM. Mr. Bridges has been employed in these areas of responsibility for all clients, including the Fund and the Predecessor Fund, for more than 38 years.

Mr. Brian M. Kirkpatrick, CFA, Senior Vice President and director of BIM, is a portfolio manager of the Fund and is capable of assuming the role of lead portfolio manager in instances where his decisions would be needed. Mr. Kirkpatrick previously served as the Executive Vice President of the Predecessor Fund, and has more than a 29-year career with the Bridges organization.

Investment selections made by BIM for the Fund are predicated upon research into general economic trends, studies of financial markets, and industry and company analyses. BIM obtains its security analysis information from several financial research organizations, which restrict the release of their reports primarily to institutional users such as banks, insurance companies, investment counselors, and trust companies.

The SAI provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers' ownership in the Fund.

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*Fund Expenses*

The Fund is responsible for its own operating expenses. In addition, the Adviser has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding any front-end or contingent deferred loads, taxes, interest expenses, brokerage commissions, acquired fund fees and expenses ("AFFE"), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation) in order to order to limit Net Annual Fund Operating Expenses to 1.05% of average daily net assets of the Fund (the "Expense Cap"). The Fund's net operating expenses may be higher to the extent that the Fund incurs expenses that are not covered in the fees and expenses table.

The Expense Cap will remain in effect through at least January 3, 2025 and may be automatically renewed for one-year successive terms and may be terminated, after expiration of the initial term, only by the Board. The Adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years from the date the fees were waived and/or expenses were paid. This reimbursement may be requested if the aggregate amount actually paid by the Fund toward operating expenses for such period (taking into account any reimbursement) does not exceed the lesser of the Expense Cap in place at the time of waiver or at the time of reimbursement.

**FUND SHAREHOLDER INFORMATION**

*Valuing Fund Shares*

Shares of the Fund are purchased and redeemed at the net asset value ("NAV") per share next determined following receipt of your order by the Fund or its authorized agent. The Fund calculates its NAV at the close of daily trading on the NYSE, normally 4:00 p.m. Eastern Time (3:00 p.m. Central Time), each day the NYSE is open for trading. The NAV of the Fund is obtained by dividing the value of the Fund's net assets by the total number of shares outstanding.

The calculation of the Fund's net assets is based on the current market value for its portfolio securities. The Fund normally obtains market values for its securities from ICE Data Services ("ICE") which uses reported last sales prices, current market quotations or valuations from computerized "matrix" systems that derive values based on comparable securities. Securities for which ICE does not provide a market value, ICE provides a market value that does not represent fair value in the judgment of the Adviser, or the Adviser believes is stale will be valued at fair value under procedures adopted by the Adviser. Securities with less than 60 days to maturity are valued using the amortized cost method.

*Fair Value Pricing*

Occasionally, reliable market quotations are not readily available or there may be events affecting the value of foreign securities or other securities held by the Fund that occur when regular trading on foreign exchanges is closed, but before trading on the NYSE is closed. The Board has designated the Adviser as its "valuation designee" under Rule 2a-5 of the 1940 Act, subject to its oversight. Fair value determinations are then made in good faith in accordance with procedures adopted by the Adviser. Generally, the fair value of a portfolio security or other asset shall be the amount that the owner of the security or asset might reasonably expect to receive upon its current sale. The net asset value of the Fund's shares may change on days when shareholders will not be able to purchase or redeem the Fund's shares.

Attempts to determine the fair value of securities introduce an element of subjectivity to the pricing of securities. As a result, the price of a security determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the market value of the security when trading resumes. If a reliable market quotation becomes available for a security

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formerly valued through fair valuation techniques, a Fund would compare the new market quotation to the fair value price to evaluate the effectiveness of its fair valuation procedures. If any significant discrepancies are found, a Fund may adjust its fair valuation procedures.

**INVESTING IN THE FUND**

*Account Options*

The Fund has several account options available including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uniform Transfers (Gifts) to Minor accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts for individuals, corporations or partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SIMPLE IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Traditional IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Roth IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coverdell Educational Savings Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Simplified Employee Pension Plans ("SEPs").

You may obtain the appropriate disclosure document, applicable forms and find additional information regarding account options by visiting the Fund's website at www.bridgesfund.com under "Resource Documents & Forms" or you may contact the Fund at 1-866-934-4700.

*Minimum Investment* 

The Fund has established a minimum of $1,000 for an initial investment. The Fund, at its discretion, may waive this minimum. Once the minimum initial investment of $1,000 has been made, you may choose to use the Fund's Automatic Investment Plan (described below) for subsequent investments. This minimum can be waived for intermediaries that allocate their clients to one or more of the Funds via model portfolios. This minimum can also be changed or waived by the Adviser at any time (or in certain cases, Trust Officers).

*USA PATRIOT Act*

The USA PATRIOT Act of 2001 requires financial institutions, including the Fund, to adopt certain policies and programs to prevent money laundering activities, including procedures to verify the identity of customers opening new accounts. When completing a new account application, you must supply the Fund your full name, date of birth, social security number and permanent street address to assist the Funds in verifying your identity. 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. Until such verification is made, the Fund may temporarily limit additional share purchases. In addition, the Fund may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. As required by law, the Fund may employ various procedures, such as comparing the information to fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct. Please contact the Transfer Agent at 1-866-934-4700 if you need additional assistance when completing your application.

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*Purchasing Shares*

Shares of the Fund are purchased at the NAV per share next determined following the receipt of your order in proper form by the Fund or its authorized agent. Proper form means that your purchase is complete and contains all necessary information including supporting documentation (such as Account Applications, trust documents, beneficiary designations, proper signatures and signature guarantees where applicable, etc.) and is accompanied by sufficient funds to pay for your investment. For assistance, you may contact the Fund by phone at 1-866-934-4700 or by sending an E-mail to: Fund@bridgestrust.com.

***By Mail:***

Initial Purchases

To purchase Fund shares you must complete and sign the Account Application, which is sent with this Prospectus, or may be obtained from the offices of the Fund, from the Fund's transfer agent, U.S. Bank Global Fund Services, (the "Transfer Agent"), or on the Fund's website at www.bridgesfund.com under "Resource Documents & Forms." Please review the Account Application for detailed information for executing and completing a purchase of shares of the Fund. The completed Account Application and a check made payable to Bridges Investment Fund or other means of payment to the Fund should be sent to the Transfer Agent as indicated below:

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| | |
|:---|:---|
| By Mail | By Overnight Or Express Mail |
| Bridges Investment Fund <br>c/o U.S. Bank Global Fund Services <br>P.O. Box 701 <br>Milwaukee, WI 53201-0701 | Bridges Investment Fund <br>c/o U.S. Bank Global Fund Services <br>615 East Michigan Street, 3rd floor <br>Milwaukee, WI 53202 |

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

With respect to purchases of Fund shares, the following conditions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)All of your purchases must be made in U.S. dollars, and the check(s) must be drawn on U.S. banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)No third party checks will be accepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The Fund does not accept currency, money orders, U.S. Treasury checks, traveler's checks, credit card checks or starter checks to purchase Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)If your purchase transaction is cancelled due to nonpayment, or your check does not clear, you will be held responsible for any loss the Fund or the Adviser incur and you will be subject to a returned check fee of $25. This $25 returned check fee will be redeemed from your account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The Fund is unable to accept post dated checks or any conditional order or payment.

Subsequent Purchases

Subsequent investments once you have opened your account may be made in the same manner as your initial purchase. There is no minimum amount unless you are enrolling in the Automatic Investment Plan. To invest by check, simply make your check payable to the Fund, write your account number on the check and send it together with the Invest by Mail form from your most recent confirmation statement

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received from the Transfer Agent. If you do not have the Invest by Mail form, include the Fund name, your name, address, and account on a separate piece of paper and send it along with your check to the address shown above.

Telephone Purchase

Investors may purchase additional shares of the Fund by calling 1-866-934-4700. If you did not decline this option on your account application, and your account has been open for at least 7 business days, telephone orders will be accepted via electronic funds transfer from your bank account through the Automated Clearing House (ACH) network. You must have banking information established on your account prior to making a purchase. If your order is received prior to 4 p.m. Eastern time, your shares will be purchased at the net asset value calculated on the day your order is placed.

Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone transaction.

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 will 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. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

***By Bank Wire Transfer:***

Shares may be purchased by bank wire transfer. Wired funds must be received prior to 4:00 p.m. Eastern Time (3:00 p.m. Central Time) to receive that day's NAV. The Fund and U.S. Bank, N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

Initial Investment

To make an initial purchase by wire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Call Bridges Investment Fund at 1-866-934-4700 to make arrangements with a telephone service representative to submit your completed Account Application via mail, overnight delivery or facsimile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon receipt of your completed Account 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 1-866-934-4700.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may then contact your bank to initiate the wire using the instructions you were given.

Subsequent Investments

Before sending your wire, please contact the Fund at 1-866-934-4700 to advise them of your intent to wire. This will ensure prompt and accurate credit upon receipt of your wire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact your bank to initiate the wire using the following instructions:

U.S. Bank, N.A.

777 East Wisconsin Avenue

Milwaukee, WI 53202

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ABA No. 075000022

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

Account Number. 112-952-137

For further credit to the Bridges Investment Fund

(Your name)

(Your account number)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your bank may charge a fee for such service.

***Purchase Through Financial Intermediaries***

Quasar Distributors, LLC ("Quasar" or "Distributor") serves as the distributor of the Fund's shares. The Distributor is located at 111 E Kilbourn Ave., Suite 2200, Milwaukee, W 53202.

You may purchase and redeem shares of the Fund through certain financial intermediaries that have made arrangements with the Fund or its Distributor to receive purchase and redemption orders. Such financial intermediaries are authorized to designate other intermediaries to receive purchase and redemption orders on behalf of the Fund. When you place your order with such a financial intermediary, or its designee, your order is treated as if you had placed it directly with the Transfer Agent, and you will pay or receive the next price calculated by the Fund. The financial intermediary holds your shares in an omnibus account in its (or its agent's) name, and the financial intermediary maintains your individual ownership records. The Adviser may pay the financial intermediary for maintaining these records as well as providing other shareholder services. The financial intermediary may charge you a fee for handling your order. The financial intermediary is responsible for processing your order correctly and promptly, keeping you advised regarding the status of your individual account, confirming your transactions and ensuring that you receive copies of the Fund's Prospectus or Summary Prospectus.

If you decide to purchase shares through a financial intermediary, please carefully review the program materials provided to you by your financial intermediary, because particular brokers may adopt policies or procedures that are separate from those described in this Prospectus.

Purchase requests submitted to a financial intermediary after the financial intermediary's imposed cut-off time may not be received by the Fund prior to the Fund's cut-off time at the close of regular trading (generally 4:00 p.m., Eastern time) on that day. Such purchase requests will be processed at the NAV calculated at the close of regular trading on the next day that the NYSE is open for business. For more information about your financial intermediary's rules and procedures, and whether your financial intermediary imposes cut-off times for the receipt of orders that are earlier than the cut-off times established by the Fund, you should contact your financial intermediary directly.

***Automatic Investment Plan***

The Fund's Automatic Investment Plan is available to existing shareholders of the Fund or new shareholders that satisfy the Fund's minimum initial investment of $1,000.

New shareholders electing to participate in the Fund's Automatic Investment Plan should complete the Automatic Investment Plan section on the Account Application. Existing shareholders should contact the Fund to obtain instructions for adding this option to a previously established account. All participants will be required to provide a voided check or savings deposit slip to initiate an Automatic Investment Plan.

After the initial minimum investment is met, the minimum amount required for each subsequent investment under the Automatic Investment Plan is $100. In order to participate in the Automatic Investment Plan, your bank must be a member of the Automated Clearing House ("ACH") network. You will be assessed a $25 fee if the automatic purchase cannot be made due to insufficient funds, stop payment, or for any other reason. You may terminate your participation in the Fund's Automatic

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Investment Plan at any time by calling the Fund at 1-866-934-4700, by written instruction to the Fund, or by calling the Transfer Agent. Any request for termination must be received at least five days prior to the effective date of the next withdrawal. In addition, if you redeem your account in full, any Automatic Investment Plan currently in effect for the account will be terminated.

You may receive assistance in setting up an Automatic Investment Plan by contacting the Fund at 1-866-934-4700.

***Inactive Accounts, Unclaimed Property and Lost Shareholders***

Your account may be transferred to your state of residence if no activity occurs within your account during an "inactivity period" as may be specified in your state's abandoned property laws. If the Fund is unable to locate a shareholder, it will determine whether the shareholder's account can legally be considered abandoned. The Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator when required in accordance with statutory requirements. A shareholder's last known address of record determines which state has jurisdiction. An incorrect address may cause an investor's account statements and other mailings to be returned to the Fund. The Fund and the Transfer Agent will not be liable to shareholders or their representatives for good faith compliance with state escheatment laws.

If you are a resident of the state of Texas, you may designate a representative to receive notification 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.

***Additional Account Policies***

Keep in mind that if we do not verify the identity of a customer through reasonable means, the account will be rejected or the customer will not be allowed to perform a transaction in the account until such information is received. In the rare event that the Transfer Agent is unable to verify your identity, the Fund reserves the right to redeem your account at the current day's net asset value.

It is the policy of the Fund not to accept orders for Fund shares under circumstances or in amounts considered to be disadvantageous to existing shareholders, and the Fund reserves the right to suspend the offering of shares for a period of time. Account Applications will only be accepted from residents of states in which the Fund shares have been registered or otherwise qualified for offer and sale.

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 of the United States, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses.

***Household Delivery of Shareholder Documents***

In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call the Fund toll-free at 1-866-934-4700 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

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**SELLING SHARES OF THE FUND**

You may redeem your shares of the Fund directly at any time by sending a letter of instruction signed by all account holders to:

Bridges Investment Fund

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

Shares of the Fund will be redeemed at the NAV per share next determined following the receipt of your letter of instruction in proper form by the Fund or its authorized agent. Proper form 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 with a signature guarantee, if applicable. Additional documents are required for certain types of redemptions such as redemptions from corporations, partnerships, or from accounts with executors, trustees, administrators or guardians. For assistance, you may contact the Fund by phone at 1-866-934-4700 or by sending an E-mail to: Fund@bridgestrust.com.

*Signature Guarantees*

Signature guarantees, from either Medallion program members or non-Medallion program members, are required for all requests to redeem shares with a value of more than $50,000 or if the redemption proceeds are to be mailed to an address other than that shown in your account registration. A signature guarantee will also be required for the following:

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

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

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

The Fund and/or the Transfer Agent may require a signature guarantee in other instances based on the circumstances relative to the particular situation. 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. The Fund 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 participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). The signature(s) should be in the name(s) of the stockholder as shown on the stock transfer records maintained by the Transfer Agent for the Fund. NOTARIZED SIGNATURES ARE NOT GUARANTEED SIGNATURES AND WILL NOT BE ACCEPTED BY THE FUND.

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*Sale Proceeds* 

In most instances, payment for shares redeemed will be made within one or two business days, but not later than seven days, from the time the Fund receives your written request in proper form. For investments that have been made by check or electronic funds transfer though the ACH network, payment for redemptions may be delayed until the Fund is reasonably satisfied that the purchase payment has been collected, which may take up to 15 calendar days. This delay will not apply if you purchased your shares via wire payment

The Fund sends checks for redemption proceeds via regular mail. The Fund will send redemption checks by overnight or priority mail upon request and at investor's expense. At your request, redemption proceeds will be wired or sent via electronic funds transfer though the ACH network to a pre-designated bank account. There is a $15 wire fee for each wire, which will be deducted from your bank account balance on dollar specific trades. You are also responsible for any fee that your bank may charge for receiving wires. The Fund will normally wire redemption proceeds to your bank the next business day after receiving the redemption request in proper form, which may include a signature guarantee. There is no charge when proceeds are sent via the ACH system; however, funds may not available in your account for two to three business days depending on your bank's policy on transfers.

*Telephone Redemption of Shares*

Proceeds redeemed by telephone will be mailed or sent via electronic funds transfer through the ACH network or wired only to an investor's address or bank of record as shown on the records of the transfer agent.

In order to arrange for telephone redemptions after an account has been opened or to change the bank account or address designated to receive redemption proceeds, a written request must be sent to the transfer agent. The request must be signed by each shareholder of the account and may require a signature guarantee, signature verification from a Signature Validation Program member, or other form of signature authentication from a financial institution source. Further documentation may be requested from corporations, executors, administrators, trustees and guardians.

Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time).

Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone transaction.

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 will 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. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

*Redemptions Through a Broker*

You may redeem shares at the NAV through a broker that has a relationship with the Distributor. If you sell shares through a broker, the broker is responsible for forwarding your order to the Transfer Agent in a timely manner. If you place an order with a broker that has a relationship with the Distributor and/or the Fund by 4:00 p.m. Eastern Time (3:00 p.m., Central Time) on a day when the NYSE is open for regular trading, you will receive that day's price. Generally, payment is directed to your brokerage

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account normally within three business days after a broker places your redemption order. Your broker may charge a fee for processing redemption requests.

*Redemption-in-Kind Transactions*

The Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any request for redemption by making payment in whole or in part in the form of securities. Such securities shall be readily marketable securities chosen by Fund management after considering various factors. Such redemptions in-kind may be used to satisfy redemption requests that represent a large percentage of the Fund's net assets to minimize the effect of large redemptions on the Fund and its remaining shareholders. Redemptions in-kind may also be used when the Adviser determines that existing conditions make cash payments undesirable, including during periods of stressed market conditions, or when there is a lack of availability of a line of credit or other similar temporary cash or cash equivalents or other liquidity mechanisms. If payment is made in securities, a shareholder may incur transaction expenses in converting these securities to cash. In addition, if the Fund effects a redemption in-kind, the redeeming shareholder will bear market, liquidity, and other risks associated with such securities. 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.

*Additional Redemption Policies*

Redemption privileges and payments may be suspended during periods when the NYSE is closed (other than weekends and holiday closings) or trading thereon is restricted, or for any period during which an emergency exists as a result of which (a) disposal by the Fund of securities owned by it is not reasonably practicable, or (b) it is not reasonably practicable for the Fund to fairly determine the value of its net assets, or for such other periods as the SEC may by order permit for the protection of the shareholders of the Fund. The SEC shall determine when trading on the NYSE is restricted and when an emergency exists. The Fund typically expects to meet redemption requests by paying out proceeds from cash or cash equivalent portfolio holdings, or by selling a portion of its portfolio securities, consistent with the management of the Fund. If the Fund sells securities to generate cash to meet your redemption request, delivery of redemption proceeds may be postponed until the first business day after the Fund receives the proceeds from the sale of such securities.

In addition, shareholders who have an IRA or other retirement plan must indicate on their written redemption request whether to withhold federal income tax. Redemption requests failing to indicate an election not to have tax withheld will generally be subject to 10% withholding. Shares held in IRA or other retirement plan accounts may be redeemed by telephone at 1-866-934-4700. Investors will be asked whether or not to withhold taxes from any distribution.

The Fund and the Transfer Agent do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the U.S. Bancorp Fund Services, LLC's post office box of applications, purchase orders or redemption requests does not constitute receipt by the Transfer Agent of the Fund. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

**FREQUENT TRADING OR MARKET TIMING**

The Fund is intended for long-term investors. Short-term "market-timers" who engage in frequent transactions and redemptions may disrupt the Fund's investment program and create additional transaction costs that are borne by all shareholders. 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

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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 Adviser, when the Adviser determines current market prices are not readily available. These policies 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, 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 Adviser 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. 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.

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 it will always be able to detect abusive trading practices that 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.

**DISTRIBUTIONS AND TAXES**

*Distributions*

The Fund will distribute to shareholders substantially all of the net income and net capital gains (collectively "distributions"), if any, realized from the sale of securities. Dividends will be paid on or about the last business day of March, June, September and December. Shareholders will be advised as to the source or sources of each distribution. A year-end payment of capital gains, if any amounts are earned between November 1 and October 31 in any given year, will be paid on or before December 31 to meet a special requirement of the Tax Reform Act of 1986, as amended ("1986 Act"). The Fund must declare a dividend amount payable before January 31 of the next year on December 31 in order to remit at least 98% of the net investment income for the calendar year to comply with the provisions of the 1986 Act. The amount of any distributions will depend upon and vary with changes in interest rates, dividend yields, investment selections of the Fund and many other unpredictable factors.

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*Distributions Options*

The Fund offers the following options with respect to distributions, if any, on shares held by you in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment Option: You may elect to have all dividends and capital gains distributions automatically reinvested at the NAV in additional shares of the Fund. If you do not indicate a choice on the Account Application, you will be assigned this option. Shares purchased under this option are entered on the stock transfer records maintained by the Transfer Agent. Written notice will be sent to shareholders electing this option showing the shareholder's holdings in the Fund after the reinvestment, as well as the dollar amount of the dividend or capital gains reinvestment and the NAV in effect for the purchases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Cash Option: You may elect to have your dividend and/or capital gains distributions paid in cash. You may elect your distribution option by checking the appropriate box on the Account Application. Cash distribution checks are typically mailed to shareholders within two days, but not later than seven days after payment.

You may change your previously selected distribution option from time to time by written instruction or by calling the Transfer Agent. Option changes should be submitted to the Transfer Agent at least five days prior to the record date of the distribution. If you elect to receive distributions and/or capital gains paid in cash and the U.S. Postal Service cannot deliver the check or if a check remains outstanding for six months, the Fund reserves the right to reinvest the distribution check in your account at the Fund's current NAV, and to reinvest all subsequent distributions.

*Tax Consequences* 

The following discussion of taxes is for general information only. You should consult with your own tax adviser about the particular federal, state and local tax consequences to you of investing in the Fund.

The Fund has complied with special provisions of the Internal Revenue Code of 1986, as amended pertaining to investment companies so that the Fund will not pay federal income taxes on amounts it distributes to shareholders, although shareholders will be taxed on distributions they receive. As a shareholder, you are subject to federal income tax on distribution of investment income and on short-term capital gains which are treated as ordinary income. Other capital gain distributions will be taxable to you at different maximum rates, depending upon their source and other factors. Dividends are taxable either as ordinary income, or, if so designated by the Fund, and provided that certain holding period and other requirements are met by both the Fund and the shareholder, taxable as "qualified dividend income" to individual shareholders at a maximum 23.8% U.S. federal income tax rate (which includes the 3.8% Medicare surcharge). Dividends and distributions are generally taxable regardless of whether you take payment in cash or reinvest them to buy additional Fund shares.

The Fund may be required to withhold federal income tax at a rate of 24% (backup withholding) from dividend payments, distributions, and redemption proceeds if you failed to furnish and certify that the Social Security or Tax Identification Number you provided is correct, and that you are not subject to backup withholding. In addition, you may be subject to backup withholding if you failed to report or underreported interest or dividend income you received, or if you failed to certify that you're not subject to backup withholding for underreporting of interest and dividends. The certification is included as part of the account application form.

There may be tax consequences to you upon the redemption (sale) of your Fund shares. You generally have a capital gain or loss from a disposition of shares. The amount of gain or loss and the tax

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rate will depend primarily upon how much you paid for your shares, the redemption (sale) price, and how long you held the shares.

Shareholders who are tax-exempt entities with respect to federal and state income taxes will not be subject to tax on the income and capital gains distributions from the Fund. If you invest through a tax-deferred retirement account, such as an IRA, you generally will not have to pay tax on dividends until they are distributed from the account. These accounts are subject to complex tax rules, and you should consult your tax adviser about investment through a tax-deferred account.

The Fund, through semi-annual shareholder reports, will inform you of the amount and generic nature of such income and capital gains. U.S. Bancorp Fund Services, LLC, through the annual Form 1099 or its substitute equivalent, will provide a report for each individual account within an appropriate time frame after the close of the Fund's fiscal year.

**INQUIRIES**

Shareholder inquiries for information or assistance in handling administrative matters should be directed to:

Bridges Investment Fund

c/o U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, Wisconsin 53202

1-866-934-4700

**Shareholder Derivative Actions** 

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

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

**INDEX DESCRIPTIONS**

**Please note that you cannot invest directly in an index, although you may invest in the underlying securities represented in the index. Index returns are adjusted to reflect the reinvestment of dividends on securities in the index, but do not reflect fees, expenses or taxes.**

The S&P 500<sup>®</sup> Index is a broadly based unmanaged composite of 500 stocks which is widely recognized as representative of price changes for the equity market in general.

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**FINANCIAL HIGHLIGHTS**

The financial highlights information presented for the Fund is the financial history of the Predecessor Fund, which has been reorganized into the Fund after the close of business on December 30, 2022. The Predecessor Fund remained a stand-alone fund through December 31, 2022, and the Fund commenced operations on January 3, 2023. Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not commenced operations.

The financial highlights table is intended to help you understand the Predecessor Fund's financial performance for the past five years, and for the six months ended June 30, 2022. Certain information reflects financial results for a single Predecessor Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Predecessor Fund (assuming reinvestment of all dividends and distributions). The information in this table has been audited by the Predecessor Fund's independent registered public accounting firm, Cohen & Company, Ltd., whose report, along with the Predecessor Fund's financial statements, is included in the most recent <u>[Annual Report](http://www.sec.gov/Archives/edgar/data/0000014170/000089853122000106/bif-ncsra.htm)</u> and <u>[Semi-Annual](https://www.sec.gov/Archives/edgar/data/14170/000089853122000358/bif-ncsrs.htm)[Report](https://www.sec.gov/Archives/edgar/data/14170/000089853122000358/bif-ncsrs.htm)</u>, which are available upon request or at the Fund's website at www.bridgesfund.com under "Resource Documents & Forms."

**BRIDGES INVESTMENT FUND**

<u>FINANCIAL HIGHLIGHTS</u>

For a Predecessor Fund share outstanding throughout the year

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the Six Months Ended June 30, 2022 (Unaudited) | | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | For the Six Months Ended June 30, 2022 (Unaudited) | | 2021 | 2020 | 2019 | 2018 | 2017 |
| Net asset value, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;beginning of year | $104.32 |  | $88.73 | $73.02 | $57.40 | $60.57 | $51.60 |
| <u>Income from investment operations:</u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(1)</sup> | (0.07) |  | (0.12) | 0.03 | 0.28 | 0.29 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;gain/(loss) on investments | (27.30) |  | 22.81 | 19.14 | 18.06 | (2.51) | 11.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investment operations | (27.37) |  | 22.69 | 19.17 | 18.34 | (2.22) | 11.28 |
| <u>Less dividends and distributions:</u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;investment income |  |  |  | (0.08) | (0.29) | (0.28) | (0.20) |
| &nbsp;&nbsp;&nbsp;Dividends from net |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;realized gain |  |  | (7.10) | (3.38) | (2.43) | (0.67) | (2.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  |  | (7.10) | (3.46) | (2.72) | (0.95) | (2.31) |
| Net asset value, end of year | $76.95 |  | $104.32 | $88.73 | $73.02 | $57.40 | $60.57 |
| <u>Total return</u> | (26.24)% | <sup>(2)</sup> | 25.93% | 26.44% | 32.13% | (3.76)% | 21.98% |
| <u>Supplemental data and ratios:</u> |  |  |  |  |  |  |  |
| Net assets, end of period |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(in thousands) | $194872 |  | $270124 | $238235 | $195798 | $151571 | $144610 |
| Ratio of net expenses to |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;average net assets: | 0.76% | <sup>(3)</sup> | 0.72% | 0.77% | 0.79% | 0.77% | 0.79% |
| Ratio of net investment income/(loss) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;to average net assets: | (0.07)% | <sup>(3)</sup> | (0.12)% | 0.05% | 0.42% | 0.40% | 0.35% |
| Portfolio turnover rate | 1.9% | <sup>(2)</sup> | 9.2% | 8.9% | 16.9% | 2.8% | 4.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Net investment income per share is calculated using the ending balances prior to consideration of adjustment for permanent book-to-tax differences.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Not Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Annualized.

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**PRIVACY POLICY NOTICE**

Protecting your privacy is important to Bridges Investment Fund and our employees. We want you to understand what information we collect and how we use it. In order to provide our shareholders with a broad range of financial products and services as effectively and conveniently as possible, we use technology to manage and maintain shareholder information. The following policy serves as a standard for all Bridges Investment Fund employees for the collection, use, retention, and security of nonpublic personal information.

**What Information We Collect**

In order to serve you better, we may collect nonpublic personal information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from you in connection with opening an account or establishing and maintaining a shareholder relationship with us, whether in writing or oral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions with us or our affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from third parties such as your accountants, attorneys, life insurance agents, family members, financial institutions, custodians, trustees and credit bureaus.

"Nonpublic personal information" is nonpublic information about you that we obtain in connection with providing a financial product or service to you. For example, nonpublic personal information includes the contents of your application, account balance, transaction history and the existence of a relationship with us.

**What Information We Disclose**

We do not disclose any nonpublic personal information about you to anyone, except as permitted by law. We are permitted to disclose nonpublic personal information about you to other third parties in certain circumstances. For example, we may disclose nonpublic personal information about you to third parties to assist us in servicing your account with us.

If you decide to close your account(s) or become an inactive shareholder, we will adhere to the privacy policies and practices as described in this notice.

**Our Security Procedures**

We also take steps to safeguard shareholder information. We restrict access to your personal and account information to those who need to know that information to provide products and services to you. Violators of these standards will be subject to disciplinary measures. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

------

**Bridges Investment Fund** 

January 3, 2023

Additional information about the Fund and its investment policies is contained in the SAI. The SAI is incorporated into this Prospectus by reference (meaning it is legally a part of this Prospectus). A current SAI is on file with the SEC.

Additional information about the Predecessor Fund's investments is available in the Predecessor Fund's Annual and Semi-Annual Reports to shareholders. Additional information about the Fund's investments will be available in the Fund's Annual and Semi-Annual reports to shareholders when available. In the Fund's Annual Report, you will find a discussion of market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year.

You may receive free copies of the SAI, the Annual and Semi-Annual Reports, request other information about the Fund, and receive answers to your questions about the Fund by accessing the Fund's website at www.bridgesfund.com under "Resource Documents & Forms" or contacting:

**Bridges Investment Fund**

c/o U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, Wisconsin 53201-701

1-866-934-4700

www.bridgesfund.com

Reports and other information about the Fund are also available on the EDGAR database on the SEC's Website (http://www.sec.gov), where they are listed under "Professionally Managed Portfolios." Copies can also be obtained, upon payment of a duplicating fee, by sending an e-mail to publicinfo@sec.gov.

SEC File No. 811-05037

------

![ck0000811030-20211231_g1.jpg](ck0000811030-20211231_g1.jpg)

Ticker: BRGIX

P.O. Box 542021

Omaha, Nebraska 68154

(402) 397-4700

(866) 934-4700

January 3, 2023

STATEMENT OF ADDITIONAL INFORMATION

This Statement of Additional Information ("SAI") dated January 3, 2023 is not a Prospectus. It should be read in conjunction with the prospectus of the Bridges Investment Fund (the "Fund"), a series of Professionally Managed Portfolios (the "Trust") dated January 3, 2023 (the "Prospectus"). The Fund is the successor to the Bridges Investment Fund, Inc. (the "Predecessor Fund"). This SAI is incorporated by reference into the Prospectus. In other words, it is legally part of the Prospectus. The audited financial statements for the Predecessor Fund for the year ended December 31, 2021, are herein incorporated by reference to the Predecessor Fund's <u>[Annual Report](http://www.sec.gov/Archives/edgar/data/0000014170/000089853122000106/bif-ncsra.htm)</u> to shareholders dated December 31, 2021. To receive a copy of the Prospectus or Predecessor Fund's Annual or Semi-Annual Reports to shareholders, without charge, visit the "Resource Documents & Forms" page of the Fund's website at www.bridgesfund.com, or write or call the Fund at the address or telephone number written above.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | Page No. |
| **[THE TRUST](#ic3a3e8f4c51548f4849724698c989353_7)** | **[1](#ic3a3e8f4c51548f4849724698c989353_7)** |
| **[INVESTMENT POLICIES, STRATEGIES AND RISKS](#ic3a3e8f4c51548f4849724698c989353_10)** | **[1](#ic3a3e8f4c51548f4849724698c989353_10)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Market and Regulatory Risk](#ic3a3e8f4c51548f4849724698c989353_13) | [2](#ic3a3e8f4c51548f4849724698c989353_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Special Risks Related to Cyber Security](#ic3a3e8f4c51548f4849724698c989353_1024) | [2](#ic3a3e8f4c51548f4849724698c989353_1024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Equities](#ic3a3e8f4c51548f4849724698c989353_1001) | [3](#ic3a3e8f4c51548f4849724698c989353_1001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fixed-Income Securities](#ic3a3e8f4c51548f4849724698c989353_16) | [3](#ic3a3e8f4c51548f4849724698c989353_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Foreign Securities](#ic3a3e8f4c51548f4849724698c989353_19) | [6](#ic3a3e8f4c51548f4849724698c989353_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investments in Other Investment Companies](#ic3a3e8f4c51548f4849724698c989353_25) | [7](#ic3a3e8f4c51548f4849724698c989353_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Investment Policies, Strategies, and Risks](#ic3a3e8f4c51548f4849724698c989353_28) | [8](#ic3a3e8f4c51548f4849724698c989353_28) |
| **[INVESTMENT LIMITATIONS](#ic3a3e8f4c51548f4849724698c989353_31)** | **[9](#ic3a3e8f4c51548f4849724698c989353_31)** |
| **[DISCLOSURE OF PORTFOLIO HOLDINGS](#ic3a3e8f4c51548f4849724698c989353_34)** | **[10](#ic3a3e8f4c51548f4849724698c989353_34)** |
| **[TRUSTEES AND EXECUTIVE OFFICERS](#ic3a3e8f4c51548f4849724698c989353_1098)** | **[12](#ic3a3e8f4c51548f4849724698c989353_1098)** |
| **[PROXY VOTING POLICIES AND PROCEDURES](#ic3a3e8f4c51548f4849724698c989353_1122)** | **[19](#ic3a3e8f4c51548f4849724698c989353_1122)** |
| **[CONTROL PERSONS, PRINCIPAL SHAREHOLDERS AND MANAGEMENT OWNERSHIP](#ic3a3e8f4c51548f4849724698c989353_1146)** | **[20](#ic3a3e8f4c51548f4849724698c989353_1146)** |
| **[THE FUND'S INVESTMENT ADVISER](#ic3a3e8f4c51548f4849724698c989353_1170)** | **[20](#ic3a3e8f4c51548f4849724698c989353_1170)** |
| **[PORTFOLIO MANAGERS](#ic3a3e8f4c51548f4849724698c989353_1194)** | **[22](#ic3a3e8f4c51548f4849724698c989353_1194)** |
| **[SERVICE PROVIDERS](#ic3a3e8f4c51548f4849724698c989353_1218)** | **[23](#ic3a3e8f4c51548f4849724698c989353_1218)** |
| **[BROKERAGE ALLOCATIONS AND OTHER PRACTICES](#ic3a3e8f4c51548f4849724698c989353_91)** | **[24](#ic3a3e8f4c51548f4849724698c989353_91)** |
| **[CAPITAL STOCK](#ic3a3e8f4c51548f4849724698c989353_94)** | **[25](#ic3a3e8f4c51548f4849724698c989353_94)** |
| **[PURCHASE, REDEMPTION, AND PRICING OF SHARES OFFERED](#ic3a3e8f4c51548f4849724698c989353_100)** | **[25](#ic3a3e8f4c51548f4849724698c989353_100)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Determining Net Asset Value](#ic3a3e8f4c51548f4849724698c989353_103) | [25](#ic3a3e8f4c51548f4849724698c989353_103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Redemption-in-Kind](#ic3a3e8f4c51548f4849724698c989353_1247) | [26](#ic3a3e8f4c51548f4849724698c989353_1247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Anti-Money Laundering](#ic3a3e8f4c51548f4849724698c989353_106) | [26](#ic3a3e8f4c51548f4849724698c989353_106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Inactivity Period](#ic3a3e8f4c51548f4849724698c989353_109) | [27](#ic3a3e8f4c51548f4849724698c989353_109) |
| **[DISTRIBUTIONS AND TAX INFORMATION](#ic3a3e8f4c51548f4849724698c989353_112)** | **[27](#ic3a3e8f4c51548f4849724698c989353_112)** |
| **[FINANCIAL STATEMENTS](#ic3a3e8f4c51548f4849724698c989353_115)** | **[30](#ic3a3e8f4c51548f4849724698c989353_115)** |
| **APPENDIX A** | **[31](#ic3a3e8f4c51548f4849724698c989353_1285)** |

---

------

**THE TRUST**

The Trust is a Massachusetts business trust organized on February 24, 1987 and is registered with the SEC as an open-end management investment company. Prior to May 1991, the Trust was known as the Avondale Investment Trust. The Trust's 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 Fund 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 themselves are unable to meet their obligations.

The Fund is a series of the Trust and its assets and liabilities are separate and distinct from other series issued by the Trust. Effective after the close of business on December 30, 2022, the Predecessor Fund commenced the reorganization process pursuant to which the Predecessor Fund was reorganized into the Fund (the "Reorganization"). The Predecessor Fund remained a stand-alone fund through December 31, 2022. The Fund commenced operations on January 3, 2023, on which date the shares of the Predecessor Fund were converted into shares of the Fund. Pursuant to the Reorganization, the Fund acquired all of the assets of the Predecessor Fund in exchange for shares of the Fund and assumption by the Fund of all liabilities of the Predecessor Fund. Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not commenced operations. The Fund has the same investment objectives and investment strategies as the Predecessor Fund. The Predecessor Fund is a Nebraska corporation organized on March 20, 1963 and registered with the SEC as an open-end, diversified investment management company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Predecessor Fund commenced investment operations on July 1, 1963, and shares of capital stock were first sold to the general public on December 7, 1963. The Predecessor Fund has conducted its business continuously since that year. Following the Reorganization, the Predecessor Fund ceased its operations as an investment company and intends to wind down all operations.

The Fund is managed by Bridges Investment Management, Inc. ("BIM" or the "Adviser"). BIM was organized as a Nebraska corporation in 1994 and registered with the SEC as an investment adviser in December 1999 and has served as investment adviser to the Predecessor Fund since 2004.

**INVESTMENT POLICIES, STRATEGIES AND RISKS**

The following information supplements the discussion of the Fund's investment objective and principal investment strategies as set forth in the Prospectus. There can be no assurance the Fund will

------

achieve its investment objective. The Fund may invest in the following types of investments as indicated, each of which is subject to certain risks, as discussed below.

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 changes or fluctuations 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 disproportionately impacted by the poor performance of relatively few securities despite the fund qualifying as a diversified fund under applicable federal securities laws.

The sections below describe, in greater detail than in the Prospectus, some of the different types of investments which may be made by the Fund and the different investment practices in which the Fund may engage.

***Market and Regulatory Risk***

Events in the financial markets and economy may cause volatility and uncertainty and affect performance. Such adverse effect on performance could include a decline in the value and liquidity of securities held by the Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in net asset value ("NAV"), and an increase in Fund expenses. It may also be unusually difficult to identify both investment risks and opportunities, in which case investment objectives may not be met. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and the Fund may lose value. 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.

***Special Risks Related to Cyber Security***

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.

***Equities***

<u>Common Stocks</u>

The Fund may invest in common stocks. Common stocks represent the residual ownership interest in the issuer and are entitled to the income and increase in the value of the assets and business of the entity after all of its obligations and preferred stock are satisfied. Common stocks generally have voting rights. Common stocks fluctuate in price in response to many factors including historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity.

<u>Convertible Securities</u>

The Fund may invest in convertible securities. Convertible securities include corporate bonds, notes and preferred stock that can be converted into or exchanged for a prescribed amount of common stock of the same or a different issue within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or dividends paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. While no securities investment is without some risk, investments in convertible securities generally entail less risk than the issuer's common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security. The market value of convertible securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. While convertible securities generally offer lower interest or dividend yields than nonconvertible debt securities of similar quality, they do enable the investor to benefit from increases in the market price of the underlying common stock. Convertible securities are accorded the status of equities by the Fund because they may be converted into common stock at the election of the holder.

***Fixed-Income Securities***

The Fund may invest in a wide range of fixed-income securities.

The Fund may invest in investment grade corporate bonds, debentures, U.S. Treasury bonds and notes, and preferred stocks. Investment grade securities are those rated BBB or better by S&P Global Ratings ("S&P<sup>®</sup>"), or Baa or better by Moody's Investors Service<sup>®</sup>, Inc. ("Moody's"). Subject to the limitation below, the Fund may also invest in lower-rated or high yield debt securities (commonly known as "junk bonds"), and the Fund may purchase bonds, debentures, and preferred stocks which have one or more interest or dividend payments in arrears, but, nevertheless, offer prospects of resuming the payment of the arrearage plus the current income rate. Such securities may offer a significant price improvement from a depressed level, thereby creating a capital gain potential similar to the advancement possible for common stock selections. The risk of owning this type of security is that income payments will not be resumed or that the principal will never be repaid.

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<u>Corporate Debt Securities</u>

Corporate debt securities are fixed-income securities issued by businesses to finance their operations, although corporate debt instruments may also include bank loans to companies. Notes, bonds, debentures and commercial paper are the most common types of corporate debt securities, with the primary difference being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured. The broad category of corporate debt securities includes debt issued by domestic companies of all kinds, including those with small-, mid- and large-capitalizations. Corporate debt may be rated investment grade or below investment grade and may carry variable or floating rates of interest.

Because of the wide range of types and maturities of corporate debt securities, as well as the range of creditworthiness of its issuers, corporate debt securities have widely varying potentials for return and risk profiles. For example, commercial paper issued by a large established domestic corporation that is rated investment grade may have a modest return on principal, but carries relatively limited risk. On the other hand, a long-term corporate note issued by a small foreign corporation from an emerging market country that has not been rated may have the potential for relatively large returns on principal, but carries a relatively high degree of risk.

Corporate debt securities carry both credit risk and interest rate risk. Credit risk is the risk that the Fund could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it is due. Some corporate debt securities that are rated below investment grade are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. The credit risk of a particular issuer's debt security may vary based on its priority for repayment. For example, higher-ranking (senior) debt securities have a higher priority than lower ranking (subordinated) securities. This means that the issuer might not make payments on subordinated securities while continuing to make payments on senior securities. In addition, in the event of bankruptcy, holders of higher-ranking senior securities may receive amounts otherwise payable to the holders of more junior securities. Interest rate risk is the risk that the value of certain corporate debt securities will tend to fall when interest rates rise. In general, corporate debt securities with longer terms tend to fall more in value when interest rates rise than corporate debt securities with shorter terms.

<u>Junk Bonds</u>

"Junk Bonds" generally offer a higher current yield than that available for higher-grade issues. However, lower-rated securities involve higher risks, in that they are especially subject to adverse changes in general economic conditions and in the industries in which the issuers are engaged, to changes in the financial condition of the issuers and to price fluctuations in response to changes in interest rates. During periods of economic downturn or rising interest rates, highly leveraged issuers may experience financial stress that could adversely affect their ability to make payments of interest and principal and increase the possibility of default. At times in recent years, the prices of many lower-rated debt securities declined substantially, reflecting an expectation that many issuers of such securities might experience financial difficulties. As a result, the yields on lower-rated debt securities rose dramatically, but such higher yields did not reflect the value of the income stream that holders of such securities expected, but rather, the risk that holders of such securities could lose a substantial portion of their value as a result of the issuers' financial restructuring or default. There can be no assurance that such declines will not recur. The market for lower-rated debt issues generally is thinner and less active than that for higher quality securities, which may limit the Fund's ability to sell such securities at fair value in response to changes in the economy or financial markets. Adverse publicity and investor perceptions may also decrease the values and liquidity of lower-rated securities, especially in a thinly traded market. Changes by recognized rating services in their rating of a fixed-income security may affect the value of these investments. The

------

Fund will not necessarily dispose of a security when its rating is reduced below the rating it carried at the time of purchase.

The Fund will not purchase junk bonds that have a credit quality rating lower than CC/Ca2 by either S&P<sup>®</sup> or Moody's, respectively, at the time of their acquisition for the Fund's portfolio. The Fund will limit its investments in junk bonds to no more than 5% of its assets, determined at the time of purchase.

The purchase of junk bonds is not a principal strategy of the Fund.

<u>Payment-In-Kind Securities and Strips</u>

Payment-in-kind securities allow the issuer, at its option, to make current interest payments on the bonds either in cash or in bonds. Both zero-coupon securities and payment-in-kind securities allow an issuer to avoid the need to generate cash to meet current interest payments. Even though such securities do not pay current interest in cash, the Fund nonetheless is required to accrue interest income on these investments and to distribute the interest income at least annually to shareholders. Thus, the Fund could be required at times to liquidate other investments to satisfy distribution requirements. The Fund may also invest in strips, which are debt securities whose interest coupons are taken out and traded separately after the securities are issued but otherwise are comparable to zero-coupon securities. Like zero-coupon securities and payment-in-kind securities, strips are generally more sensitive to interest rate fluctuations than interest paying securities of comparable term and quality.

<u>Preferred Stock</u>

The Fund may invest in preferred stock. A preferred stock blends the characteristics of a bond and common stock. It can offer the higher yield of a bond and has priority over common stock in equity ownership but does not have the seniority of a bond, and its participation in the issuer's growth may be limited. Preferred stock has preference over common stock in the receipt of dividends and in any residual assets after payment to creditors if the issuer is dissolved. Although the dividend is set at a fixed annual rate, in some circumstances it can be changed or omitted by the issuer.

<u>U.S. Government Securities</u>

U.S. government securities are high-quality instruments issued or guaranteed as to principal or interest by the U.S. Treasury or by an agency or instrumentality of the U.S. government. Not all U.S. government securities are backed by the full faith and credit of the United States. Some are backed by the right of the issuer to borrow from the U.S. Treasury; others are backed by discretionary authority of the U.S. government to purchase the agencies' obligations; while others are supported only by the credit of the instrumentality. In the case of securities not backed by the full faith and credit of the United States, the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment.

U.S. government securities include Treasury Bills (which mature within one year of the date they are issued), Treasury Notes (which have maturities of one to ten years), Treasury Bonds (which generally have maturities of more than 10 years) and U.S. agency securities (which have a variety of maturities). All U.S. Treasury securities are backed by the full faith and credit of the United States, whereas U.S. agency securities are not always supported by the full faith and credit of the United States. While the Fund may invest in U.S. government securities of any type, the Fund primarily invests in Treasury securities.

Yields on short-, intermediate- and long-term U.S. government securities are dependent on a variety of factors, including the general conditions of the money and bond markets, the size of a particular offering and the maturity of the obligation. Debt securities with longer maturities tend to produce higher capital appreciation and depreciation than obligations with shorter maturities and lower yields. The market value of U.S. government securities generally varies inversely with changes in the market interest

------

rates. An increase in interest rates, therefore, generally would reduce the market value of the Fund's portfolio investments in U.S. government securities, while a decline in interest rates generally would increase the market value of the Fund's portfolio investments in these securities.

<u>Zero-Coupon Securities</u>

Zero-coupon securities make no periodic interest payments, but are sold at a deep discount from their face value. The buyer recognizes a rate of return determined by the gradual appreciation of the security, which is redeemed at face value on a specified maturity date. The discount varies depending on the time remaining until maturity, as well as market interest rates, liquidity of the security, and the issuer's perceived credit quality. If the issuer defaults, the Fund may not receive any return on its investment. Because zero-coupon securities bear no interest and compound semiannually at the rate fixed at the time of issuance, their value generally is more volatile than the value of other fixed-income securities. Since zero-coupon bondholders do not receive interest payments, when interest rates rise, zero-coupon securities fall more dramatically in value than bonds paying interest on a current basis. When interest rates fall, zero-coupon securities rise more rapidly in value because the bonds reflect a fixed rate of return. An investment in zero-coupon and delayed interest securities may cause the Fund to recognize income and make distributions to shareholders before it receives any cash payments on its investment.

***Foreign Securities***

The Fund may invest in U.S. dollar-denominated securities of foreign issuers which are traded on U.S. exchanges, provided that the market value of such securities will not exceed 15% of the Fund's total assets, determined at the time of purchase. Foreign issuers are issuers organized and doing business principally outside the United States. Securities of foreign issuers in the form of American Depositary Receipts ("ADRs") that are regularly traded on recognized U.S. exchanges or in the U.S. over-the-counter market are not considered foreign securities for purposes of these limitations. The Fund, however, will not invest more than 20% of its total assets in such ADRs and will only invest in ADRs that are issuer sponsored. Although most ADRs are denominated in U.S. dollars, they are subject to the risk of fluctuation in the currency exchange rate if, as is often the case, the underlying securities are denominated in foreign currency. Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.

While investments in foreign securities are intended to reduce risk by providing further diversification, such investments involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. Although the Fund intends to invest in securities of foreign issuers domiciled in nations which the Fund's investment adviser considers as having stable and mature governments, these additional risks include: the possibility of adverse political and economic developments (including political or social instability, nationalization, expropriation or confiscatory taxation); the potentially adverse effects of unavailability of public information regarding issuers, reduced liquidity and the lack of uniform accounting, auditing and financial reporting standards or the application of standards that are different or less stringent than applied in the United States; and possibly limited access to the courts to enforce the Fund's rights as an investor.

***Brexit Risk***

Uncertainties surrounding the sovereign debt of a number of 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. On January 31, 2020, the UK left the EU (commonly known as "Brexit"). An agreement between the UK and the EU governing their future trade relationship became effective January 1, 2021, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Brexit has resulted in volatility in European and global markets and could have negative long-

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term impacts on financial markets in the UK and throughout Europe. There is still considerable uncertainty relating to the potential consequences of the exit, how the negotiations for new trade agreements will be conducted, and whether the UK's exit will increase the likelihood of other countries also departing the EU. During this period of uncertainty, the negative impact on not only the UK and European economies, but the broader global economy, could be significant, potentially resulting in increased market volatility and illiquidity, political, economic, and legal uncertainty, and lower economic growth for companies that rely significantly on Europe for their business activities and revenues.

***Investments in Other Investment Companies***

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 1940 Act. Investments in the securities of other investment companies will likely result in the duplication of advisory fees and certain other expenses. By investing in another investment company, 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.

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in securities of other registered investment companies. The acquisition of shares by the 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 those 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 those other registered investment companies regarding the terms of the investment.

In accordance with Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, the provisions of Section 12(d)(1) shall not apply to securities purchased or otherwise acquired by a fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment company is owned by a fund and all affiliated persons of a fund; and (ii) a 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 recently 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 new 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.

The investment in other investment companies is not a principal strategy of the Fund.

***Exchange-Traded Funds***

The Fund, may also invest in exchange traded funds ("ETFs"), the performance of which is intended to correspond to the performance of a designated benchmark index (such as the S&P 500<sup>®</sup> Index), as a hedge against market volatility and significant market decrease. ETFs are typically open-end investment companies that are bought and sold on a national securities exchange and may be actively managed or index-based. An ETF is similar to a traditional mutual fund, but trades at different prices

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during the day on a security exchange like a stock. Similar to investments in other investment companies discussed above, the Fund's investments in ETFs will involve duplication of advisory fees and other expenses since the Fund will be investing in another investment company. In addition, the Fund's investment in ETFs is also subject to its limitations on investments in investment companies discussed above. To the extent the Fund invests in ETFs that focus on a particular market segment or industry, the Fund will also be subject to the risks associated with investing in those sectors or industries. The shares of the ETFs in which the Fund will invest will be listed on a national securities exchange and the Fund will purchase or sell these shares on the secondary market at its current market price, which may be more or less than its NAV. Investors in the Fund should be aware that ETFs that seek to replicate a particular benchmark index are subject to "tracking risk," which is the risk that an ETF will not be able to replicate exactly the performance of the index it tracks.

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

To the extent the Fund invests in inverse and/or leveraged ETFs, it could be subject to the following additional risks in addition to those listed above:leveraging risk; swap counterparty credit risk; tracking error risk and trading risk. Increased brokerage fees related to the use of inverse and/or leveraged ETFs will not be reflected in the Fund's Fees and Expenses table in the Prospectus and the Fund's portfolio turnover rate would be understated as a result since these specific types of trades are carved out of the portfolio turnover ETFs are subject to the limitations on investment in investment company securities discussed below.

The investment in ETFs is not a principal strategy of the Fund.

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

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, they will comply with Rule 18f-4 under the 1940 Act.

***Other Investment Policies, Strategies, and Risks***

<u>Temporary Defensive Positions</u>

Under unusual economic or financial market circumstances, the Fund may significantly increase the portion of Fund assets held in cash or U.S. government securities for temporary defensive purposes, and as a result may not achieve its investment objectives. The Fund may maintain positions in cash or U.S. government securities (generally U.S. Treasury securities) for as long as such unusual market conditions exist and the normal limitation that not more than 40% of the Fund's assets be invested in fixed income securities will not apply. In addition, in such circumstances the Fund may invest in certain ETFs, the performance of which is intended to correspond, either positively or negatively, to the performance of a designated benchmark index (such as the S&P 500<sup>®</sup> Index), as a hedge against market volatility and significant decrease or increase.

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<u>Turnover</u>

Turnover measures the percentage of a fund's total portfolio market value that was purchased or sold during the period. A fund's turnover rate provides an indication of how transaction costs (which are not included in a fund's expenses), may affect a fund's performance. Also, funds with a high turnover may be more likely to distribute capital gains that may be taxable to shareholders.

Generally, the Fund makes each investment with the expectation that the security acquired will be held for the long term. The Fund will not purchase securities with a view towards rapid turnover for capital gains. Therefore, the Fund does not expect there to be material changes in its turnover rate as compared to the Predecessor Fund's turnover rates. In the 10 years ending December 31, 2021, the portfolio turnover rate for the Predecessor Fund ranged from a high of 26.6% in 2011 to a low of 2.8% in 2018. The median Predecessor Fund portfolio turnover for the past 10 years was 11.35% and the average portfolio turnover for such period was 10.9%. The Predecessor Fund's portfolio turnover rate for the years ended December 31, 2020 and 2021 was 8.9% and 9.2%, respectively. However, portfolio turnover rates could increase significantly in order to respond to turbulent conditions in the securities market.

**INVESTMENT LIMITATIONS**

The Predecessor Fund previously adopted, and in connection with the Reorganization, the Trust (on behalf of the Fund) has adopted, the following limitations as fundamental policies, which may not be changed without the affirmative vote of the holders of a "majority" of the outstanding voting securities of the Fund. Under the 1940 Act, the approval of a majority of the outstanding voting securities of the Fund requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the Fund; or (2) 67% or more of the shares of the Fund present at a shareholders' meeting if more than 50% of the outstanding shares are represented at the meeting in person or by proxy.

<u>As a matter of fundamental policy:</u>

The Fund shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Concentrate its investments in a particular industry or group of related industries by committing more than 25% of total assets to securities in any one industry or group of related industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Make investments which will cause more than 5% of the Fund's total assets (at the time of purchase) to be invested in the securities of any one issuer, except for investments in U.S. government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Acquire more than 10% of the voting stock of any one issuer and 10% of any one class of the outstanding securities of any one issuer through initial or subsequent investments. For the purposes of this restriction, all kinds of securities of a company representing debt are considered as a single class irrespective of their differences, and all kinds of preferred stock of a company are considered a single class irrespective of their differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Make investments which will cause more than 5% of the value of its total assets (at the time of purchase) to be invested in securities of issuers which have a record of less than three years of operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Issue any preferred stock or other senior securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Invest in companies for the purpose of exercising control or management.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Invest outside of the area of securities or purchase or sell real estate, commodities or commodity contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Make loans to other persons. (The acquisition of a portion of an issue of publicly distributed bonds, debentures, or other debt securities is not to be considered the making of a loan.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Borrow money, pledge, or mortgage its assets, except as a temporary measure, in which event total borrowings shall not exceed 10% of the value of its total assets. The Fund has never exercised the option to borrow money as a temporary measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Purchase securities on margin or make short sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Engage in the underwriting of the securities of other issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Purchase restricted or non-registered securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Purchase or sell put or call options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Invest in securities of other investment companies, except by purchase in open market, where no commission or profit to a sponsor or dealer results from such purchase other than a customary broker's commission, or where the acquisition is part of a plan or merger or consolidation.

Except with respect to borrowing, if a percentage or rating restriction on investment or use of assets set forth herein or in the Prospectus is adhered to at the time a transaction is effected, later changes in the percentage or rating resulting from any cause other than actions by the Fund will not be considered a violation of the Fund's investment restrictions.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust, on behalf of the Fund, has adopted portfolio disclosure policies ("Policies") that govern the timing and circumstances of the disclosure of the Fund's portfolio holdings to any person to ensure that such disclosure is in the best interests of the Fund's shareholders. The Adviser has also adopted a policy with respect to disclosure of portfolio holdings of the Fund (the "Adviser'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 Adviser's Policy (the "Disclosure Policies"). The Adviser 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 Adviser, distributor or any other affiliated person of the Fund, its Adviser or its distributor. After due consideration, the Adviser 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's shareholders and potential conflicts of interest in making such disclosures.

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

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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 each quarter-end in the Annual Report and Semi-Annual Report to Fund shareholders. Portfolio holdings disclosures are also filed with the SEC on Form N-PORT, with quarter-end disclosures becoming publicly available 60 days after the end of each month. These reports are available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov. The Fund also discloses its quarterly holdings on the Fund's website at www.bridgesfund.com under "About the Fund." The quarterly holdings are normally updated within 4 business days after the end of the most recent quarter. In addition, the Fund may provide its complete portfolio holdings at the same time that it is filed with the SEC.

The Fund's portfolio holdings may be disclosed between and among the following persons (collectively "Internal Parties") for legitimate business purposes within the scope of their official duties and responsibilities, subject to the continuing legal duties of confidentiality and not to trade on the basis of any material nonpublic information imposed under any applicable contracts, codes of ethics, laws, rules and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The distributor, fund accountant, administrator, transfer agent, or custodian to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An accounting firm or legal counsel hired by the Fund, the Adviser, or the Board of Trustees.

The Internal Parties may receive the Fund's portfolio holdings as frequently as daily, with no lag. The Board of Trustees believes that its policy regarding disclosure to Internal Parties is sufficient to provide the Fund and its shareholders with adequate protection.

In addition to the Fund's public disclosure on its website, the Fund's portfolio holdings may also be disclosed in response to a regulatory request, court order or other legal proceeding, or when necessary and appropriate with a legitimate business purpose to statistical or consulting agencies, pricing services, financial printers, proxy voting service providers and other third parties (collectively "Third Parties") that provide services to the Fund and/or Internal Parties. All Third Parties that receive the Fund's portfolio holdings are subject to the continuing legal duties of confidentiality and not to trade on the basis of any material nonpublic information imposed under any applicable contracts, codes of ethics, laws, rules and regulations. The frequency and lag with which the Fund's portfolio holdings may be disclosed to Third Parties is determined based on the facts and circumstances of the business purpose for the disclosure.

In the event of a conflict between the interests of the Fund and the interests of the Adviser or an affiliated person of the Adviser, the CCO of the Adviser, 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 Adviser who suspects a breach of this obligation must report the matter immediately to the Adviser's CCO or to his or her supervisor.

In no event shall the Adviser, 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.

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.

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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 the day-to-day operations of the Trust and its separate series. The current Trustees and executive officers of the Trust, their birth dates, positions with the Trust, terms of office with the Trust and length of time served, their principal occupations during 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). |
| 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 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 | Independent Director, Muzinich BDC, Inc. (2019 to present); Interested Trustee, Tidal ETF Trust (2018 to Present) (22 series); Former Interested Trustee, Direxion Funds (22 series), Direxion Shares ETF Trust (112 series) and Direxion Insurance Trust (2013 to 2018). |

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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** |
| 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 (financial advisor); formerly Sr. Managing Director, Growth Equities, Banc One Investment Advisors (financial adviser). | 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). |
| 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. |

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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** |
| 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. |
| 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. |
| 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 investment purposes.

**Additional Information Concerning the Board of Trustees**

*The Role of the Board*

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

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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 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

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

**Trust Committees**

The Trust has 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 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

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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. Because the Fund had not commenced operations, the Audit Committee has not met or taken any action with respect to the Fund as of the date of this SAI.

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. Because the Fund had not commenced operations, the QLCC has not met or taken any action with respect to the Fund as of the date of this SAI.

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

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, 2021.

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

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

As of December 31, 2021, neither the then Independent Trustees nor members of their immediate family, own securities beneficially or of record in the Fund, the Adviser, the Fund's principal underwriter, or any of their affiliates. Accordingly, as of that date, neither the then Independent Trustees nor members of their immediate family, have had a direct or indirect interest during the two most recently completed calendar years, the value of which exceeds $120,000, in the Adviser, the Fund's principal underwriter or any of its affiliates.

**Compensation**

Independent Trustees 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. All 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. These reimbursements are allocated among the 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. The table below sets forth the compensation estimated to be received by the Independent Trustees for the Fund's fiscal year ending December 31, 2023.

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| | | | | |
|:---|:---|:---|:---|:---|
| Name of Person/Position | Aggregate <br>Compensation <br>From the Fund | Pension or <br>Retirement Benefits <br>Accrued as Part of <br>Fund Expenses | Annual Benefits <br>Upon Retirement | Total <br>Compensation <br>from Fund and <br>Fund Complex<sup>(1)</sup> <br>Paid to Trustees |
| Kathleen T. Barr, <br>Independent Trustee | $3969 |  |  | $3969 |
| Eric W. Falkeis,<br>Independent Trustee | $4720 |  |  | $4720 |
| Steve J. Paggioli,<br>Independent Trustee | $3969 |  |  | $3969 |
| Ashi S. Parikh,<br>Independent Trustee | $3969 |  |  | $3969 |
| Cynthia M. Fornelli<br>Independent Trustee | $3969 |  |  | $3969 |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>There are currently numerous unaffiliated portfolios comprising the Trust. The term "Fund Complex" applies only to the Fund.

**Codes of Ethics**

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

**PROXY VOTING POLICIES AND PROCEDURES**

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 Adviser, subject to the Board's continuing oversight. The Proxy Policies require that the Adviser vote proxies received in a manner consistent with the best interests of the Fund and its shareholders. The Proxy Policies also require the Adviser to present to the Board, at least annually, the Adviser's Proxy Policies and a record of each proxy voted by the Adviser on behalf of the Fund, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest.

The Adviser has adopted Proxy Voting Policies that underscore the Adviser's concern that all proxy voting decisions be made in the best interest of the Fund's shareholders. A copy of the Adviser's Proxy Voting Policies is attached as Appendix A.

The Trust is required to file a Form N-PX, with the Fund's complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year. The actual voting records relating to portfolio securities during the most recent 12-month period ended June 30 are available without charge by calling toll-free (866) 934-4700, locally (402) 397-4700, by sending a written request to Bridges Investment Management, Inc., Attention: Nancy Dodge, P.O. Box 542021, Omaha, Nebraska 68154, by accessing the Fund's website at www.bridgesfund.com under "Resource Documents & Forms", or by accessing the Fund's Form N-PX on the SEC's website at www.sec.gov.

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**CONTROL PERSONS, PRINCIPAL SHAREHOLDERS AND** 

**MANAGEMENT OWNERSHIP**

A principal shareholder is any person who owns of record or beneficially owns 5% or more of the outstanding shares of the Fund. A control person is any person who owns beneficially or through controlled companies more than 25% of the voting securities of the Fund or acknowledges the existence of control.

As of December 16, 2022, the following shareholders were considered to be either a control person or principal shareholder of the Predecessor Fund:

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| | | |
|:---|:---|:---|
| ***Principal Holders of Predecessor Fund*** | ***Principal Holders of Predecessor Fund*** | ***Principal Holders of Predecessor Fund*** |
| Name and Address | % Ownership | Type of Ownership |
| c/o Reliance Trust Company WI<br>Maril & Co. FBO JC<br>4900 W. Brown Deer Road<br>Milwaukee, WI 53223-2422 | 45.38% | Record |
| c/o Reliance Trust Company WI<br>Mitra & Co. FBO JC<br>4900 W. Brown Deer Road<br>Milwaukee, WI 53223-2422 | 13.07% | Record |

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Effective after the close of business on December 30, 2022, the Predecessor Fund commenced the Reorganization process. The Predecessor Fund remained a stand-alone fund through December 31, 2022. The Fund commenced operations on January 3, 2023, on which date the shares of the Predecessor Fund were converted into shares of the Fund. Pursuant to the Reorganization, the Fund acquired all of the assets of the Predecessor Fund in exchange for shares of the Fund and assumption by the Fund of all liabilities of the Predecessor Fund. Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not commenced operations. As of the date of this SAI, the Trustees and Officers of the Trust as a group did not own more than 1% of the outstanding shares of the Predecessor Fund. Furthermore, neither the Trustees, nor members of their immediate family, own securities beneficially or of record in the Adviser, the Fund's principal underwriter, or any of their affiliates. Accordingly, neither the Trustees, nor members of their immediate family, have a direct or indirect interest, the value of which exceeds $120,000, in the Adviser, the Fund's principal underwriter or any of their affiliates.

**THE FUND'S INVESTMENT ADVISER**

Bridges Investment Management, Inc., PO Box 542021, Omaha, Nebraska, 68154, acts as investment adviser to the Fund pursuant to an investment advisory agreement (the "Advisory Agreement") with the Trust, on behalf of the Fund. BIM was organized as a Nebraska corporation in 1994 and registered with the SEC as an investment adviser in December 1999. Bridges Holding Company ("BHC") owns 100% of the equity of BIM. BHC is owned primarily by MGI Holdings, Inc. ("MGI"), a subsidiary of the McCarthy Group, LLC, an Omaha-based financial services company ("MGL").

After its initial two year period, the Advisory Agreement will continue in effect from year to year only if such continuance is specifically approved at least annually by (1) the Board or by vote of a majority of the Fund's outstanding voting securities, and (2) 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 upon 60 days' written notice to the Adviser when authorized either by a majority vote of the Fund's shareholders or by a vote of a

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majority of the Trustees, or by the Adviser upon 60 days' written notice to the Trust, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act). The Advisory Agreement provides that the Adviser shall not be liable under such agreement for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution of portfolio transactions for the Fund, except for willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties thereunder.

In consideration of the services provided by the Adviser pursuant to the Advisory Agreement, the Adviser is entitled to receive from the Fund a quarterly fee at an annualized rate of 0.50% of the Fund's average net assets. As of the date of this SAI, the Fund had not commenced operations and has not paid any advisory fees to the Adviser.

For its investment advisory services, the Predecessor Fund paid the Adviser a quarterly fee at an annualized rate of 0.50% of the Predecessor Fund's average net assets. In addition, the Predecessor Fund paid the Adviser an annual fee of $42,000 for providing certain administrative services to the Predecessor Fund.

The table below shows the amount of advisory and administrative services fees paid by the Predecessor Fund to the Adviser for fiscal years ended December 31 indicated below.

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| | | |
|:---|:---|:---|
| | **Advisory Fees** | **Administrative Services Fees** |
| 2021 | $1310089 | $42000 |
| 2020 | $1020134 | $42000 |
| 2019 | $900036 | $42000 |

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The Fund is responsible for its own operating expenses. The Adviser has contractually agreed to reduce fees and/or pay Fund expenses (excluding Acquired Fund Fees and Expense, interest expenses, taxes, and extraordinary expenses) in order to the limit Net Annual Fund Operating Expenses for shares of the Fund to 1.05% (the "Expense Cap"). The Fund's net operating expenses may be higher to the extent that the Fund incurs expenses that are not covered under the operating expenses limitation agreement. The current Expense Cap will remain in effect through January 3, 2025 and may be automatically renewed for one-year successive terms and may be terminated, after expiration of the initial term, only by the Board. The Adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years from the date the fees were waived and 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.

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**PORTFOLIO MANAGERS**

Mr. Edson L. Bridges III is the lead portfolio manager for the Fund and the Predecessor Fund. Mr. Brian M. Kirkpatrick serves as a portfolio manager for the Fund and the Predecessor Fund. The following provides information regarding other accounts that are managed by the portfolio managers as of September 30, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person** | **Total Number of Accounts** | **Total Assets <br>(in millions)** | **Total Number of Accounts with Performance Based Fees** | **Total Assets of Accounts with Performance Based Fees** |
| **<u>Edson L. Bridges III</u>** | **<u>Edson L. Bridges III</u>** | **<u>Edson L. Bridges III</u>** | **<u>Edson L. Bridges III</u>** | **<u>Edson L. Bridges III</u>** |
| Registered Investment Company | 1 | $179.5 | 0 | 0 |
| Other Pooled Investment Vehicles | 0 | 0 | 0 | 0 |
| Other Accounts | 0 | 0 | 0 | 0 |
| **<u>Brian M. Kirkpatrick</u>** | **<u>Brian M. Kirkpatrick</u>** | **<u>Brian M. Kirkpatrick</u>** | **<u>Brian M. Kirkpatrick</u>** | **<u>Brian M. Kirkpatrick</u>** |
| Registered Investment Company | 0 | 0 | 0 | 0 |
| Other Pooled Investment Vehicles | 0 | 0 | 0 | 0 |
| Other Accounts | 364 | $326.4 | 0 | 0 |

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In 2020, the Firm transitioned to a new operating model designed to efficiently accommodate Bridges Trust's growth, and create more time and space for the Firm's key investment people to focus on their respective areas of strength. Under the new operating model, Edson L. Bridges III (Ted) expanded his responsibilities as the Firm's CEO and as the Chief Investment Officer (CIO) of Bridges Trust. As CIO, Mr. Bridges leads the Firm's investment team, which includes the development of the Firm's capital markets investment strategy, investment solutions development, security research and portfolio management work. As the Firm's CEO, Mr. Bridges leads the development and implementation of Bridges Trust's long-term strategic initiatives, manages key client relationships, and is closely involved in the Firm's business development efforts. Mr. Bridges continues to be the lead portfolio manager of the Fund's portfolio, while transitioning some of the day-to-day responsibilities of individual portfolio management to other Bridges' portfolio managers.

These portfolio managers, including Mr. Kirkpatrick, manage accounts, which may share the Fund's primary investment objective of long-term capital appreciation, with a secondary objective of generation of a modest amount of current income. Because of the similarities in the investment objectives and strategies of the Fund and the other accounts, conflicts of interest may arise. As a result, the Adviser has adopted trade allocation procedures that, among other things, ensure that trades are allocated fairly and equitably between other accounts and the Fund consistent with the Adviser's fiduciary duty to each client. In determining a fair allocation, the Adviser takes into account a number of factors including, among other things, the Adviser's fiduciary duty to each client, any potential conflicts of interest, the size of the transactions, the relative size of a client's portfolio, cash available for investment and suitability.

Mr. Bridges III and Mr. Kirkpatrick are paid directly by the Adviser and are not paid by the Fund. Their compensation primarily consists of a base salary and a bonus. The portfolio managers' base salaries are generally reviewed annually and any increases are based on consideration of various factors, including, but not limited to, merit, cost of living increases, and employment market competition. Bonuses are primarily determined based on individual merit, which includes research productivity and the Adviser's profitability. Along with all other employees of the Adviser, Mr. Bridges III and Mr. Kirkpatrick may also participate in a 401(k) plan. The 401(k) plan offers a salary deferral option with a

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company match. The portfolio managers' salary, bonus or 401(k) match are not based on the performance of the Fund or the value of the Fund's assets.

Set forth below are the dollar ranges of Predecessor Fund shares beneficially owned by each portfolio manager as of September 30, 2022, using the following ranges: None, $1-$10,000, $10,001- $50,000, $50,001-$100,000, $100,001-$500,000, $500,001-$1,000,000, or Over $1,000,000:

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| | |
|:---|:---|
| **<u>Portfolio Manager</u>** | **<u>Dollar Range of Shares of the Predecessor Fund</u>** |
| Edson L. Bridges III | Over $1,000,000 |
| Brian M. Kirkpatrick | $500001-$1000000 |

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**SERVICE PROVIDERS**

**Administrator, Transfer Agent and Fund Accountant**

Pursuant to an administration agreement (the "Administration Agreement"), U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") 615 East Michigan Street, Milwaukee, Wisconsin 53202 acts as the Administrator to the Fund. Fund Services provides certain 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 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, and providing, at its own expense, office facilities, equipment and personnel necessary to carry out its duties. In this capacity, Fund Services does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or for any matter pertaining to the distribution of the Fund's shares.

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

For the fiscal years indicated below, the Predecessor Fund paid Fund Services' the following fees for its administrative services:

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| | | |
|:---|:---|:---|
| **Administration Fee Paid<br>During Fiscal Years Ended December 31,** | **Administration Fee Paid<br>During Fiscal Years Ended December 31,** | **Administration Fee Paid<br>During Fiscal Years Ended December 31,** |
| **<u>2021</u>** | **<u>2020</u>** | **<u>2019</u>** |
| $211528 | $198848 | $122987 |

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**Custodian**

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

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participate in revenue sharing arrangements with the service providers of mutual funds in which the Fund may invest.

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

Cohen & Company, Ltd. is the independent registered public accounting firm, providing audit services, tax services and assistance with respect to the preparation of the Fund's filings with the SEC.

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.

**BROKERAGE ALLOCATIONS AND OTHER PRACTICES**

Subject to the general supervision of the Board, the Adviser executes transactions in the Fund's portfolio of securities through a number of brokers to reflect the availability of security research information, execution and other open market services, and goodwill or other factors. The Fund has no plans to concentrate securities transaction orders with any single broker or group of brokers.

The total brokerage fees paid on securities transactions for the Predecessor Fund for the last three fiscal years were:

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| | | |
|:---|:---|:---|
| **Brokerage Fees Paid During Fiscal Years Ended December 31,** | **Brokerage Fees Paid During Fiscal Years Ended December 31,** | **Brokerage Fees Paid During Fiscal Years Ended December 31,** |
| **2021** | **2020** | **2019** |
| $6061 | $7600 | $7096 |

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There were no brokerage firms or individuals acting as brokers who were affiliated with the Predecessor Fund or Adviser. As of December 31, 2021, the Predecessor Fund did not own any securities of its regular broker dealers.

The disinterested Trustees of the Trust have agreed that the Adviser may cause the Fund to pay a member of an exchange, broker, or dealer an amount of commission for effecting a securities transaction by the Fund in excess of the amount of commission which would have been charged by another person for effecting such transactions, providing that the Adviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services ("third-party research") provided by such Exchange member, broker, or dealer subject only to the limitations and definitions contained in Section 28(e) of the Securities Exchange Act of 1934, as amended, and to a periodic review by the disinterested Trustees of the actions of the Adviser in directing the brokerage business of the Fund. Because of the practice of using securities transactions to purchase third-party research, the Fund may not receive the lowest possible aggregate execution cost with respect to any given brokerage transaction.

In addition, at each Board meeting, the Board reviews the brokerage commissions and fees paid with respect to securities transactions undertaken for the Fund's portfolio during the prior three-month period for the cost efficiency of the services provided by the brokerage firms involved, all of which brokerage firms are non-affiliated with the Fund and the Adviser.

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**CAPITAL STOCK**

Shares issued by the Fund have no preemptive, conversion or subscription rights. Shareholders have equal and exclusive rights as to dividends and distributions as declared by the Fund and to the net assets of the Fund upon liquidation or dissolution. The Fund, as separate series of the Trust, votes separately on matters affecting only the Fund (e.g., approval of the Advisory Agreement); all series of the Trust vote as a single class on matters affecting all series jointly or the Trust as a whole (e.g., election or removal of Trustees). Voting rights are not cumulative, so that the holders of more than 50% of the shares voting in any election of Trustees can, if they so choose, elect all of the Trustees. While the Trust is not required and does not intend to hold annual meetings of shareholders, such meetings may be called by the Trustees in their discretion or upon demand by the holders of 10% or more of the outstanding shares of the Trust, for the purpose of electing or removing Trustees.

**PURCHASE, REDEMPTION, AND PRICING OF SHARES OFFERED**

***Determining Net Asset Value***

The net asset value ("NAV") of the Fund's shares will fluctuate and is determined as of the close of trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern Time (3:00 Central Time), each day the NYSE is open for trading. However, the NAV of the Fund's shares may be determined on days the NYSE is closed or at times other than 4:00 p.m. if the Board of Trustees decides it is necessary.

The NYSE annually announces the days on which it will not be open for trading. The most recent announcement indicates that it will not be open for the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. However, the NYSE may close on days not included in that announcement.

The NAV 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, rounded to the nearest cent. An example of how the Predecessor Fund calculated its net asset value per share as of December 31, 2021 is as follows:

Net Assets = Net Asset Value Per Share <br> Shares Outstanding

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| | | |
|:---|:---|:---|
| $270123997 | = | $104.32 |
| 2589329 | = | $104.32 |

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The Fund's securities, including ADRs, which are traded on securities exchanges are valued at the last sale price on the exchange on which such securities are traded, as of the close of trading on the day the securities are being valued or, lacking any reported sales, at the last available bid price. Securities that are traded on more than one exchange are valued on the exchange determined by the Adviser to be the primary market. Securities primarily traded on the NASDAQ Global Market<sup>®</sup> for which market quotations are readily available shall be valued using the NASDAQ<sup>®</sup> Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the last available bid price. Over-the-counter ("OTC") securities which are not traded in the NASDAQ Global Market<sup>®</sup> shall be valued at the last sale price at the close of trading, or at the last available bid price if there has been no sale on such day. Securities and assets for

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which market quotations are not readily available are valued at fair value as determined under procedures adopted by the Adviser.

If the Fund's independent pricing service, Ice Data Services ("ICE"), prices short-term securities with 60 days or less remaining to maturity, the Fund will use the price given by IDC. Specific securities such as repurchase agreements and demand notes do not have vendor pricing available and will instead be amortized to maturity based on their cost to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60th day, based on the value determined on the 61st day.

Corporate debt securities are also priced by ICE. In determining the price, ICE will use information with respect to transactions in the securities being valued, quotations from dealers, market transactions in comparable securities, analyses and evaluations of various relationships between securities and yield to maturity information. If a price is not available from ICE, the security is priced at the bid. U.S. government and agency securities are valued at most recent bid prices. Corporate debt and U.S. government and agency securities for which prices are not readily available are valued at fair value as determined under procedures adopted by the Fund's Adviser.

The Board has designated the Adviser as its "valuation designee" under Rule 2a-5 of the 1940 Act, subject to its oversight. Fair value determinations are then made in good faith in accordance with procedures adopted by the Adviser.

***Redemption-in-Kind***

Under normal circumstances, the Fund does not intend to redeem shares in any form except cash. The Trust, however, has filed a notice of election under Rule 18f-1 of the 1940 Act that allows the Fund to redeem in-kind redemption requests during any 90-day period in excess of the lesser of $250,000 or 1% of the net assets of the Fund, valued at the beginning of such period. 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.

The Fund does not intend to hold any significant percentage of its portfolio in illiquid securities, although the Fund, like virtually all 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.

***Anti-Money Laundering***

The Fund is required to comply with various federal anti-money laundering laws and regulations. Consequently, the Fund may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Fund may be required to transfer the account or proceeds of the account to a government agency. In addition, pursuant to the Fund's

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Customer Identification Program, the Transfer Agent will complete a thorough review of all new opening account applications and will not transact business with any person or entity whose identity cannot be adequately verified.

***Inactivity Period***

Under certain circumstances, your mutual fund account may be subject to state escheatment laws, and your account may be transferred to the appropriate state if the Fund cannot locate you, or in certain states, if no activity occurs in the account within the time period specified by law. The Fund and the Transfer Agent will not be liable to shareholders or their representatives for good faith compliance with the escheatment laws.

**DISTRIBUTIONS AND TAX INFORMATION** 

**Distributions**

Net investment income generally consists of interest income and dividends received on investments, less expenses. Dividends will be paid on or about the last business day of March, June, September and December. Capital gain distributions from net profits from the sale of securities are generally made at least annually. 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 also will 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.

**Tax Information**

Each series of the Trust is treated as a separate entity for federal income tax purposes. The Fund has elected and intends to continue to qualify to be treated as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to comply with all applicable requirements regarding the source of its income, diversification of its assets, and the timing and amount of its distributions. If the Fund fails to qualify as a regulated investment company under Subchapter M, 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 deduction for dividends paid) and any net realized capital gains for each fiscal year in a manner that complies with the distribution requirements of the Code, so that the 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 at the Fund level. To avoid a nondeductible 4% excise tax, the Fund must also distribute (or be deemed to have distributed) by December 31 of each calendar year (i) at least 98% of its ordinary income for such 48 year, (ii) 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 (iii) any amounts from the prior calendar year that were not distributed and on which the Fund paid no federal excise 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

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companies, and other securities, with such other securities being limited in respect of any one issuer to an amount not greater than 5% of the value of the 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 must also distribute each taxable year sufficient dividends to its shareholders to claim a dividends paid deduction equal to at least the sum of 90% of the Fund's investment company taxable income before the dividends paid deduction (which generally includes dividends, interest, and the excess of net short-term capital gain over net long-term capital loss) and 90% of the Fund's net tax-exempt interest, if any. There can be no assurance that the Fund's distributions will be sufficient to eliminate all taxes at the Fund level in all years.

Distributions of net investment income and net short-term capital gains generally 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 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 dividends-received deduction to the extent the Fund reports the amount distributed as a qualifying dividend. The aggregate amount so reported as qualified dividend income or as eligible for the dividends received deduction 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, some but not all of the Fund's distributions may be eligible for treatment as qualified dividend income for non-corporate shareholders and 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, if any, may be reduced or eliminated if the Fund's shares held by an individual investor are held for less than 61 days, or if the Fund's shares held by a corporate investor are treated as debt-financed or are held for less than 46 days.

Federal taxes on the Fund's distribution of long-term capital gains are determined by how long the Fund owned the investments that generated the gains, not how long a shareholder has owned the Fund shares. There is no requirement that the Fund take into consideration an tax implications when implementing its investment strategy. Shareholders should note that the Fund may make taxable distributions of income and capital gains even when share values have declined.

For taxable years beginning after 2017 and before 2025, non-corporate taxpayers generally may deduct 20% of "qualified business income" derived either directly or through partnerships or S corporations. For this purpose, "qualified business income" generally includes ordinary real estate investment trust ("REIT") dividends and 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 the Fund, to the extent that the Fund invests in 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

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guidance will enable a fund to pass through to non-corporate shareholders the ability to claim this deduction.

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 the Fund are purchased (through reinvestment of distributions or otherwise) within 30 days before or after the redemption.

As of fiscal year end December 31, 2021, the Predecessor Fund did not have late year losses or capital loss carry-forwards available for federal income tax purposes, and did not utilize any short-term capital loss carry-forwards.

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 the Fund's 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 the Fund's shares may be subject to withholding of federal income tax at the rate of 24% in the case of non-exempt shareholders who fail to furnish the Fund with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if the IRS notifies the Fund that such backup withholding is required. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld. Non-corporate and other exempt shareholders should provide the Fund with their taxpayer identification numbers or certify their exempt status, as applicable, in order to avoid possible erroneous application of backup withholding. Backup withholding is not an additional tax and any additional amounts may be credited against a shareholder's ultimate federal 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). The 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 the 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 that 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 the rate of 30% (or a lower rate reduced by treaty).

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**FINANCIAL STATEMENTS**

The audited financial statements for the Predecessor Fund's fiscal year ended December 31, 2021, including the report of independent registered public accounting firm thereon are herein incorporated by reference to the Predecessor Fund's <u>[Annual Report](http://www.sec.gov/Archives/edgar/data/0000014170/000089853122000106/bif-ncsra.htm)</u> to shareholders dated December 31, 2021. To receive a copy of the Prospectus or Annual or Semi-Annual Reports to shareholders, without charge, visit the Fund's website at www.bridgesfund.com under "Resource Documents & Forms" or write to or call the Fund at the address or telephone number listed above.

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**APPENDIX A**

**BRIDGES INVESTMENT FUND**

**PROXY VOTING PROCEDURES**

**INTRODUCTION**

As part of the general investment management duties undertaken by the Bridges Investment Fund (the "Fund") the investment adviser, Bridges Investment Management, Inc. ("BIM"), the PMP Trust Board of Trustees has delegated the function of voting of proxies for Fund portfolio securities to BIM, subject to the Board's continuing oversight, and in accordance with the Fund's Proxy Voting Policy and Proxy Voting Procedures. The Fund Board of Trustees is responsible for updating the Fund's Proxy Voting Policy for new developments in corporate governance practices and changes in regulatory requirements.

The Fund authorizes BIM to exercise its proxy voting responsibilities with a goal of maximizing the long-term value of the Fund's investments. To that end, the Fund believes that the investment in a common stock of a company is a vote of affirmation in the management running that company and as such will in the vast majority of situations vote in line with the recommendation given by the Board of Directors and the management of the company.

Acting on behalf of the Fund, BIM may abstain from voting or decline to vote proxies where, in its opinion, the cost of voting the proxy exceeds the economic value of the expected effect of the vote on the Fund's investment.

**CONFLICTS OF INTEREST**

In situations where BIM or its affiliated parties have a material conflict of interest with respect to the voting of a Fund portfolio security, BIM will provide the Fund with full disclosure of the material conflict of interest, and forward the proxy to a Proxy subcommittee appointed by the PMP Trust's Board of Trustees, which shall be comprised solely of independent directors, for voting in accordance with the Fund's Proxy Voting Policy. A material conflict of interest shall refer a situation where BIM or an affiliated party of BIM, including its executive officers and directors, has a beneficial financial interest in, or is so closely linked, to the company or transaction with respect to which a vote is solicited, that the interest would reasonably be expected to exert an influence on the judgment of BIM or affiliated party with respect to such vote. As an example, a conflict of interest may occur where BIM manages the retirement plan assets of a publicly held company whose securities are held by the Fund.

**EXECUTIVE AND DIRECTOR COMPENSATION**

The Fund believes that appropriately designed equity-based compensation plans, approved by shareholders, can be an effective way to align the interests of long-term shareholders and the interests of management, directors and employees. Conversely, the Fund is opposed to plans that substantially dilute the shareholders' interest, provide participants with excessive awards, or have inherently objectionable features. The Fund believes common stock and restricted common stock grants awarded in lieu of cash bonuses are the most preferred means of providing incentive to management and best align the interests of insiders with shareholders. The Fund views stock options plans as the least desirable form of equity-based incentives because, unlike shareholders, the option holder has nothing at risk except opportunity costs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Fund will generally vote against plans where the potential dilution (including all equity-based plans) exceeds 15% of the shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Fund will generally vote against plans if annual option grants have exceeded 2% of shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Fund will generally vote against plans that have any of the following structural features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Ability to re-price underwater options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Ability to issue options with an exercise price below the stock's current market price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Ability to issue reload options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Automatic share replenishment ("evergreen") feature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Plans that can be amended without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Management having discretion in the granting of awards to non-employee directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Fund will generally support measures intended to promote long-term stock ownership by executives. These may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Requiring senior executives to hold a minimum amount of stock in the company (frequently expressed as a certain multiple of the executive's salary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Requiring stock acquired through option exercise to be held for a certain period of time (three years or longer is preferred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Using restricted stock grants instead of options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Fund generally supports expensing the fair value of option grants in order to recognize that value has been transferred to the option holder at the expense of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.the Fund will generally support the use of employee stock purchase plans provided those shares purchased under the plan are acquired for no less than 85% of their market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Fund will generally oppose the use of accelerated employment contracts that will result in total compensation (cash and present value of future payments, retirement benefits and equity-based awards) that exceeds three times annual compensation (salary and bonus) in the event of termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.If the Fund determines that executive or director total compensation is excessive compared to that of other similar companies, it may vote against any proposal that could result in increased compensation, or it may vote against the reelection of directors who are members of the board's compensation committee, or it may vote against the reelection of all directors.

**SHAREHOLDER RIGHTS**

The Fund believes that shareholders should have voting power equal to their equity interest in the company and should be able to approve (or reject) changes to the corporation's by-laws by a simple majority vote, to the extent permitted by state corporation or other applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Fund will generally support proposals to remove super-majority voting requirements for certain types of proposals. The Fund will generally vote against proposals to impose super-majority requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Fund will generally vote for proposals to lower barriers to shareholder action (e.g., limited rights to call special meetings, limited rights to act by written consent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Fund will generally vote against proposals for a separate class of stock with disparate voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Fund will generally vote for proposals to subject shareholder rights plans ("poison pills) to a shareholder vote. In evaluating these plans, we will be more likely to support arrangements with short-term (fewer than three years) sunset provisions, qualified bid/permitted offer provisions

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("chewable pills") and/or mandatory review by a committee of independent directors at least every three years (so-called "TIDE" provisions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Fund will generally support proposals to adopt cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The Fund supports the right of shareholders to vote on a confidential basis.

**CHANGES IN CORPORATE CONTROL**

The Fund generally opposes measures that are designed to prevent or obstruct corporate takeovers. Such measures tend to entrench current management. The Fund believes in free capital markets and that the potential transfer of corporate control through a takeover, hostile or otherwise, must be permitted to occur, if it is approved by the company's shareholders. However, the decision in each instance will be judged on its merits, as there may be cases where the structure of the original business should be protected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Fund will generally oppose the use of accelerated employment contracts that will result in total compensation (cash and present value of future payments, retirement benefits and equity-based awards) that exceeds three times annual compensation (salary and bonus) in the event of termination of employment following a change in control of a company. The Fund opposes such "golden parachute" plans because they impede potential takeovers that shareholders should be free to consider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Fund will generally vote against proposals to authorize preferred stock whose voting, conversion, dividend and other rights are determined at the discretion of the Board of Directors (commonly referred to as "blank check" preferred stock) and are intended to be issued in an anti-takeover situation. The Fund will generally support the authorization of preferred stock if provisions are included that limit the voting rights to one vote per share and shareholders are permitted to vote on the issuance of preferred if it is to be issued in a takeover situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Fund generally votes for the annual election of all directors and against classified boards. The Fund believes that the shareholders should have the right to vote on all directors annually. Classified boards can be used to delay or obstruct a takeover that is in the shareholders' best interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.When voting on a resolution to approve a corporate merger or acquisition, the Fund will make a determination of the merits of the proposed transaction based on the Fund's opinion of whether it will increase the long-term economic value of the shareholders' investment. The Fund may vote against such transactions where in its opinion the offer is at a price that is less than fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Fund will generally vote for resolutions endorsed by the board of directors regarding changes in the state of incorporation or increases in the authorization of common or preferred stock, unless in its opinion the purpose of the resolution is to obstruct a corporate takeover, reduce shareholders' rights or materially dilute the shareholders' voting or economic interests.

**ELECTION OF DIRECTORS**

The Fund will usually vote for the recommendations of the board of directors of the company soliciting proxies for directors, except when the board of directors has shown a history of approving poor corporate governance policies. The Fund will make a determination based on the past actions of such board of directors compared with the corporate governance standard outlined in the Fund's proxy voting policy. If the Fund determines that there is a deficiency in corporate governance policies, it may vote against certain directors, such as the members of a board committee or against all directors. The Fund will vote against all inside directors if independent directors do not comprise a majority of the board of

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directors. The Fund may also vote against any specific director if it has knowledge that the person has shown poor business judgment, is not qualified, or lacks personal integrity.

**APPROVAL OF INDEPENDENT AUDITORS**

The Fund will generally vote for the approval of the independent auditors, except where the audit and audit-related fees comprise less than 50% of the total fees paid by the company to the audit firm. The Fund believes the auditor's independence could be impaired if its non-audit fees are larger than its audit fees.

**CORPORATE/SOCIAL POLICY ISSUES**

The Fund believes that "ordinary business matters" are primarily the responsibility of management and should be approved solely by the corporation's board of directors. Proposals in this category, initiated by shareholders, typically request that the company disclose or amend certain business practices. The Fund will generally vote against these proposals unless it believes that the proposal has substantial economic implications which may favorably impact shareholder value.

**A.BRIDGES INVESTMENT FUND PROXY VOTING PROCEDURES**

**RESPONSIBILITY AND OVERSIGHT**

The Bridges Investment Fund ("Fund") PMP Board of Trustees, acting on behalf of the Fund, has the ultimate authority and responsibility with respect to the voting of proxies relating to Fund portfolio securities. As part of the general investment management duties undertaken by the Fund's investment adviser, Bridges Investment Management, Inc. ("BIM"), the PMP Board of Trustees has delegated the function of voting of proxies for Fund portfolio securities to BIM, subject to the Board's continuing oversight, and in accordance with the Fund's Proxy Voting Policy and Procedures. The PMP Board of Trustees is responsible for updating the Fund's Proxy Voting Policy for new developments in corporate governance practices and changes in regulatory requirements.

The Fund's investment manager, BIM, has established an Investment Committee, which is responsible for determining the Fund's votes on all proxies related to Fund portfolio securities. In most instances the Investment Committee will delegate the proxy vote determination to individual Committee members who are responsible for security analysis of the same portfolio securities. The Committee members will determine the proxy votes based on the Fund's Proxy Voting Policy. All questions not involving a conflict of interest regarding interpretation of Fund's Proxy Voting Policy are decided by a majority vote of the Investment Committee. In situations where there is a conflict of interest as set forth in the Fund's Proxy Voting Policy, a Proxy Subcommittee appointed by the PMP Board of Trustees shall decide the appropriate action.

The BIM Proxy Administrator reports to the BIM Operations Officer and is responsible for carrying out the proxy voting process. The BIM Operations Officer is responsible for ensuring that proxies are voted according to the BIM Investment Committee's directions, engaging and overseeing any third-party proxy voting vendors, maintaining required records, making required filings and sending required notices, and responding to requests for the Fund's Proxy Voting Policy and Procedures and proxy voting records.

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**DISCLOSURE OF PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD**

The Fund will disclose the Proxy Voting Policy and Procedures in the Fund's Statement of Additional Information, or as otherwise required by applicable law and Securities and Exchange Commission ("SEC") regulations. A copy of the Proxy Voting Policy and Procedures is also available (i) without charge, upon request, by calling the Fund at 800-939-8401, and (ii) on the SEC's website at <u>http://www.sec.gov</u>. The Fund shall send a copy of the Proxy Voting Policy and Procedures which have been requested within three business days of receipt of the request, by first-class mail or other means designed to ensure equally prompt delivery.

In accordance with SEC Rule 30b1-4, the Fund will file with the SEC its complete proxy voting record on an annual basis on Form N-PX, commencing for the period from July 1, 2003 through June 30, 2004, with Form N-PX to be filed by August 31 of each year. In addition, information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (after filing of Form N-PX) (i) without charge, by calling the Fund at 800-939-8401, and (ii) on the SEC's website at <u>http://www.sec.gov</u>. The Fund shall send a copy of its proxy voting record as disclosed in the most recently filed report on Form N-PX, and which has been requested, within three business days of receipt of the request, by first-class mail or other means designed to ensure equally prompt delivery.

**PROXY VOTING PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.BIM utilizes the services of a third party Proxy Service Vendor, Automated Data Processing (ADP), to assist in the processing of proxy voting of Fund portfolio securities. ADP also provides reports that confirm the proxies have been voted. The BIM Operations Officer will review the ADP reports to ensure that ADP has processed the proxy votes accurately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.With respect to Fund portfolio securities, the Proxy Administrator will instruct the trustee or custodian that receives the proxy materials from the issuer or its information agent to forward the materials to the BIM Proxy Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The BIM Proxy Administrator will sort the proxies by response date deadline and forward them to the appropriate BIM Investment Committee member that is responsible for the specific securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The BIM Investment Committee member will indicate the Fund's vote on each proxy resolution based on the Fund's Proxy Voting Policy. If the Committee member is unsure of how to vote any resolution, then he or she will consult with the BIM Investment Committee, which will decide by majority vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The BIM Investment Committee will maintain a list of securities in which there may be a conflict of interest as defined in the Fund Proxy Voting Policy. If the Committee member believes that there is a conflict of interest in voting a specific resolution on a proxy from a company on the Conflict of Interest List, or there may be a conflict of interest with respect to any particular proxy vote under the conflict of interest provisions of the Fund Proxy Voting Policy, then BIM shall submit the matter to a Proxy Subcommittee appointed by the Fund's Administrative and Nominating Committee, comprised solely of independent directors, which Subcommittee will decide by majority vote the appropriate action to take under the Fund Proxy Voting Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The indicated proxy votes are returned to the Proxy Administrator at least three days before the proxy response date deadline. The Proxy Administrator votes the proxies according to the indicated proxy vote prior to the proxy response date deadline.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Proxy Administrator will print a report from the Proxy Service Agent that confirms that all proxies were successfully voted.

**RECORDKEEPING**

As investment advisor to the Fund, BIM maintains records of proxies voted with respect to Fund portfolio securities pursuant to Section 204-2 of the Advisers Act. Such records include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A copy of the Fund's Proxy Voting Policy and Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Proxy statements received regarding Fund portfolio securities (this may be satisfied by relying on the SEC EDGAR system, available at www.sec.gov, or a third party if the party undertakes to provide a copy promptly on request);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A record of each vote cast (this may be satisfied by relying on a third party to make and retain, on behalf of BIM, a record of the vote cast, provided that the third party undertakes to provide a copy promptly upon request);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Each written request for the Fund Proxy Voting Policy and Procedures and Fund proxy voting records and the written response to any (written or oral) request for such records.

Proxy voting books and records must be maintained in an easily accessible place for a period of five years from the end of the fiscal year during which the last entry was made on such record, the first two years in BIM's office.

------

    

**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> |
| | (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 between the Trust, on behalf of the Bridges Investment Fund, and Bridges Investment Management, Inc.](bridgespmpinvestmentadviso.htm)</u> - **filed herewith**.  |
| (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> |
|  |  | (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> |

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(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>

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| | | |
|:---|:---|:---|
| | (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> |
|  | (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> |

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| | | |
|:---|:---|:---|
| | (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> |
|  | (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> |

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| | | | |
|:---|:---|:---|:---|
| | | (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](bridgespmpdistributionagmt.htm)[Distribution Agreement between the Trust, on behalf of the Bridges Investment Fund, and Quasar Distributors, LLC](bridgespmpdistributionagmt.htm)</u> - **filed herewith**.  |
| (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> |
|  | (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> |

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| (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> |
|  |  | (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> |

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| | | | |
|:---|:---|:---|:---|
| | (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> |
|  | (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> |

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| | | | |
|:---|:---|:---|:---|
| | (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>  |
| (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> |

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| | | |
|:---|:---|:---|
| (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> |
| (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>

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| | | |
|:---|:---|:---|
| | (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> |
| (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>  |

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| | | | |
|:---|:---|:---|:---|
| | | (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.](bridgespmpoela2023.htm)</u> - **filed herewith**. |
| | (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> |
| | | (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* |
|  | (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> |
|  |  | (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> |
|  |  | (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> |

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| | | | |
|:---|:---|:---|:---|
| (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> |
| (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> | <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> |

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| | | | |
|:---|:---|:---|:---|
| | (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> |
| | (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](bridgeslegalissuanceopinio.htm)</u> - **filed herewith.** |
| (j) | (i) |  | <u>[Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP](https://www.sec.gov/Archives/edgar/data/811030/000089418922009057/villereauditorconsent2022.htm)[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>[Con](bridgespmpauditorconsent1-.htm)[sent of Independent Registered Public Accounting Firm Cohen & Co., Ltd.](bridgespmpauditorconsent1-.htm)</u> - **filed herewith**. |
|  | (iii) |  | <u>[Consent of Independent Registered Public Accounting Firm Cohen & Co., Ltd. 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>[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> |
|  | (v) |  | <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> |

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| | | | |
|:---|:---|:---|:---|
| | (vi) | | <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> |
| | (vii) | | <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> |
| | (viii) | | <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> |
| | (ix) | | <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> |
| | (x) | | <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. | *Omitted Financial Statements* - None. |
| (l) |  | *Initial Capital Agreements* - None. | *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> |
|  |  | (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>

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| | | | |
|:---|:---|:---|:---|
| | (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> |
| (o) |  | *Reserved.* | *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, file 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 January 2020 is herein incorporated by reference from Post-Effective Amendment No. 786 to the Trust's Registration Statement on Form N-1A, file with the SEC on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/811030/000089418920001622/a2020januarycodeofethics-c.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> |

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(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.](bimcodeofethics93022.htm)</u> - **filed herewith**.

**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 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. Logan Capital International Fund, Series of Advisors Series Trust

15. Logan Capital Large Cap Core Fund, Series of Advisors Series Trust

16. Logan Capital Small Cap Growth Fund, Series of Advisors Series Trust

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

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

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

20. PIA High Yield Managed Account Completion Shares (MACS) Fund, Series of Advisors Series Trust

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

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

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

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

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

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

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

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

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

30. Scharf Fund, Series of Advisors Series Trust

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

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

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

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

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

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

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

38. The Aegis Funds

39. Allied Asset Advisors Funds

40. Angel Oak Funds Trust

41. Angel Oak Strategic Credit Fund

42. Barrett Opportunity Fund, Inc.

43. Bridges Investment Fund, Inc.

44. Brookfield Investment Funds

45. Buffalo Funds

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

47. DoubleLine Funds Trust

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

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

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

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

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

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

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

55. AAM Transformers ETF, Series of ETF Series Solutions

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

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

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

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

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

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

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

63. Carbon Strategy ETF, Series of ETF Series Solutions

64. ClearShares OCIO ETF, Series of ETF Series Solutions

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

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

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

68. Distillate US Fundamental Stability & Value ETF, Series of ETF Series Solutions

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

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

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

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72. iBET Sport Betting & Gaming ETF, Series of ETF Series Solutions

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

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

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

76. LHA Market State Tactical Beta Q ETF, Series of ETF Series Solutions

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

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

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

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

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

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

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

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

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

86. Premise Capital Diversified Tactical ETF, Series of ETF Series Solutions

87. PSYK ETF, Series of ETF Series Solutions

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

89. The Acquirers Fund, Series of ETF Series Solutions

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

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

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

93. U.S. Vegan Climate ETF, Series of ETF Series Solutions

94. First American Funds, Inc.

95. FundX Investment Trust

96. The Glenmede Fund, Inc.

97. The Glenmede Portfolios

98. The GoodHaven Funds Trust

99. Greenspring Fund, Incorporated

100. Harding, Loevner Funds, Inc.

101. Hennessy Funds Trust

102. Horizon Funds

103. Hotchkis & Wiley Funds

104. Intrepid Capital Management Funds Trust

105. Jacob Funds Inc.

106. The Jensen Quality Growth Fund Inc.

107. Kirr, Marbach Partners Funds, Inc.

108. AAF First Priority CLO Bond ETF, Series of Listed Funds Trust

109. Core Alternative ETF, Series of Listed Funds Trust

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

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

112. LKCM Funds

113. LoCorr Investment Trust

114. Lord Asset Management Trust

115. MainGate Trust

116. ATAC Rotation Fund, Series of Managed Portfolio Series

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

118. Ecofin Digital Payments Infrastructure Fund, Series of Managed Portfolio Series

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

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

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

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

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

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

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

126. Jackson Square Global Growth Fund, Series of Managed Portfolio Series

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

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

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

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

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

132. LK Balanced Fund, Series of Managed Portfolio Series

133. Muhlenkamp Fund, Series of Managed Portfolio Series

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

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

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

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

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

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

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

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

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

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

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

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

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

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

148. Argent Small Cap Fund, Series of Manager Directed Portfolios

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

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

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

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

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

154. Matrix Advisors Funds Trust

155. Matrix Advisors Value Fund, Inc.

156. Monetta Trust

157. Nicholas Equity Income Fund, Inc.

158. Nicholas Fund, Inc.

159. Nicholas II, Inc.

160. Nicholas Limited Edition, Inc.

161. Permanent Portfolio Family of Funds

162. Perritt Funds, Inc.

163. Procure ETF Trust II

164. Professionally Managed Portfolios

165. Prospector Funds, Inc.

166. Provident Mutual Funds, Inc.

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

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

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

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

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

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

173. Boston Partners Emerging Markets Long/Short Fund, Series of The RBB Fund, Inc.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

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

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

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

193. SGI U.S. Large Cap Equity VI Portfolio, Series of The RBB Fund, Inc.

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

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

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

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

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

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

200. RBC Funds Trust

201. Series Portfolios Trust

202. Thompson IM Funds, Inc.

203. TrimTabs ETF Trust

204. Trust for Advised Portfolios

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

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

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

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

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

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

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

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

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

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

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

216. USQ Core Real Estate Fund

217. Wall Street EWM Funds Trust

218. 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 |
|  | 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. 847 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 3rd day of January, 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. 847 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| <u>Kathleen T. Barr\*</u> | Trustee | January 3, 2023 |
| Kathleen T. Barr |  |  |
| <u>Eric W. Falkeis\*</u> | Trustee | January 3, 2023 |
| Eric W. Falkeis |  |  |
| <u>Steven J. Paggioli\*</u> | Trustee | January 3, 2023 |
| Steven J. Paggioli |  |  |
| <u>Ashi S. Parikh\*</u> | Trustee | January 3, 2023 |
| Ashi S. Parikh |  |  |
| <u>Cynthia M. Fornelli\*</u> | Trustee | January 3, 2023 |
| Cynthia M. Fornelli |  |  |
| <u>/s/Jason F. Hadler</u> | President and Principal | January 3, 2023 |
| Jason F. Hadler | Executive Officer |  |
| <u>/s/ Craig Benton</u> | Vice President, Treasurer and Principal | January 3, 2023 |
| Craig Benton | Financial and Accounting Officer |  |
| \*By: <u>/s/ Carl G. Gee</u> |  | January 3, 2023 |
| Carl G. Gee, Attorney-In Fact pursuant to Power of Attorney |  |  |

---

------

**EXHIBIT LIST**

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| EX.99.d(xiv) | <u>[Investment Advisory Agreement](bridgespmpinvestmentadviso.htm)</u> |
| EX.99.e(xii) | <u>[Form of Distribution Agreement](bridgespmpdistributionagmt.htm)</u> |
| EX.99.h(xv) | <u>[Operating Expenses Limitation Agreement](bridgespmpoela2023.htm)</u> |
| EX.99.i(xviii) | <u>[Opinion of Counsel](bridgeslegalissuanceopinio.htm)</u> |
| EX.99.j(ii) | <u>[Consent of Independent Registered Public Accounting Firm Cohen & Co., Ltd.](bridgespmpauditorconsent1-.htm)</u> |
| EX.99.p(xv) | <u>[Code of Ethics for Bridges Investment Management, Inc.](bimcodeofethics93022.htm)</u> |

---

## Ex-99.D(Xiv)

**PROFESSIONALLY MANAGED PORTFOLIOS**

**INVESTMENT ADVISORY AGREEMENT**

With

**BRIDGES INVESTMENT MANAGEMENT, INC.**

**THIS INVESTMENT ADVISORY AGREEMENT** is made as of the 3rd day of January, 2023, by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust"), on behalf of the series listed on Schedule A, which may be amended from time to time (each a "Fund"), and Bridges Investment Management, Inc. (the "Adviser").

WITNESSETH:

**WHEREAS**, the Trust is an open-end management investment company, registered as such under the Investment Company Act of 1940 (the "Investment Company Act"); and

**WHEREAS**, each Fund listed on Schedule A is a series of the Trust having separate assets and liabilities; and

**WHEREAS**, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") and is engaged in the business of supplying investment advice as an independent contractor; and

**WHEREAS**, the Trust desires to retain the Adviser to render advice and services to the Fund pursuant to the terms and provisions of this Agreement, and the Adviser desires to furnish said advice and services;

**NOW, THEREFORE**, in consideration of the covenants and the mutual promises hereinafter set forth, the parties to this Agreement, intending to be legally bound hereby, mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. APPOINTMENT OF ADVISER.** The Trust hereby employs the Adviser and the Adviser hereby accepts such employment, to render investment advice and related services with respect to the assets of the Fund for the period and on the terms set forth in this Agreement, subject to the supervision and direction of the Trust's Board of Trustees (the "Board of Trustees").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. DUTIES OF ADVISER.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **GENERAL DUTIES.** The Adviser shall act as investment adviser to the Fund and shall supervise investments of the Fund on behalf of the Fund in accordance with the investment objectives, policies and restrictions of the Fund as set forth in the Fund's and Trust's governing documents, including, without limitation, the Trust's Agreement and Declaration of Trust and By-Laws; the Fund's prospectus, statement of additional information and undertakings; and such other limitations, policies and procedures as the Trustees may impose from time to time and provide in writing to the Adviser (collectively, the "Investment Policies"). In providing such services, the Adviser shall at all times adhere to the provisions and

------

restrictions contained in the federal securities laws, applicable state securities laws, the Internal Revenue Code of 1986, the Uniform Commercial Code and other applicable law.

Without limiting the generality of the foregoing, the Adviser shall: (i) furnish the Fund with advice and recommendations with respect to the investment of the Fund's assets and the purchase and sale of portfolio securities and other investments for the Fund, including the taking of such steps as may be necessary to implement such advice and recommendations (*i.e*., placing the orders); (ii) manage and oversee the investments of the Fund, subject to the ultimate supervision and direction of the Trust's Board of Trustees; (iii) vote proxies for the Fund and file beneficial ownership reports required by Section 13(d) of the Securities Exchange Act of 1934 (the "1934 Act") for the Fund; (iv) maintain records relating to the advisory services provided by the Adviser hereunder required to be prepared and maintained by the Adviser or the Fund pursuant to applicable law; (v) furnish reports, statements and other data on securities, economic conditions and other matters related to the investment of the Fund's assets which the officers of the Trust may reasonably request; and (vi) render to the Trust's Board of Trustees such periodic and special reports with respect to the Fund's investment activities as the Board may reasonably request, including at least one in-person or videoconference appearance annually before the Board of Trustees. It is understood and agreed that the Adviser shall have no obligation to initiate litigation on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **BROKERAGE.** The Adviser shall be responsible for decisions to buy and sell securities for the Fund, for broker-dealer selection, and for negotiation of brokerage commission rates, provided that the Adviser shall not direct orders to an affiliated person of the Adviser without general prior authorization to use such affiliated broker or dealer from the Trust's Board of Trustees. In selecting a broker-dealer to execute each particular transaction, the Adviser may take the following factors, among others, into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Fund on a continuing basis. The price to the Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the portfolio execution services offered.

When the Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as of other clients, the Adviser, to the extent permitted by applicable laws and regulations, may aggregate orders of the Fund and those other clients for the purchase or sale of the security. In such event, allocation of

------

the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to such other clients.

The Trust authorizes and empowers the Adviser to open and maintain trading accounts in the name of a Fund and to execute for the Fund as its agent and attorney-in-fact standard institutional customer agreements with such broker or brokers as the Adviser shall select as provided herein. The Adviser shall cause all securities and other property purchased or sold for a Fund to be settled at the place of business of the Custodian or as the Custodian shall direct. All securities and other property of a Fund shall remain in the direct or indirect custody of the Custodian except as otherwise authorized by the Board.

The Adviser further shall have the authority to instruct the Custodian to pay cash for securities and other property delivered to the Custodian for a Fund and deliver securities and other property against payment for the Fund, and such other authority granted by the Trust from time to time. The Adviser shall not have authority to cause the Custodian to deliver securities and other property or pay cash to the Adviser except as expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. REPRESENTATIONS OF THE ADVISER.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall use its best judgment and efforts in rendering the advice and services to the Fund as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall maintain all licenses and registrations necessary to perform its duties hereunder in good order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser shall conduct its operations at all times in conformance with the Advisers Act, the Investment Company Act, and any other applicable state and/or self-regulatory organization regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser shall maintain errors and omissions insurance in an amount at least equal to that disclosed to the Board of Trustees in connection with their approval of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. INDEPENDENT CONTRACTOR.** The Adviser shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized to do so, have no authority to act for or represent the Trust or the Fund in any way, or in any way be deemed an agent for the Trust or for the Fund. It is expressly understood and agreed that the services to be rendered by the Adviser to the Fund under the provisions of this Agreement are not to be deemed exclusive, and that the Adviser may give advice and take action with respect to other clients, including affiliates of the Adviser, that may be similar or different from that given to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. ADVISER'S PERSONNEL.** The Adviser shall, at its own expense, maintain such staff and employ or retain such personnel and consult with such other persons as it shall from time to time determine to be necessary to the performance of its obligations under this Agreement. Without limiting the generality of the foregoing, the staff and personnel of the Adviser shall be deemed to include any compliance staff and personnel required by the Adviser and reasonably requested by the Board of Trustees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. EXPENSES.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to the operation of the Fund, the Adviser shall be responsible for (i) the Fund's organizational expenses; (ii) providing the personnel, office space and equipment reasonably necessary to perform its obligations hereunder; (iii) the expenses of printing and distributing extra copies of the Fund's prospectus, statement of additional information, and sales and advertising materials (but not the legal, auditing or accounting fees attendant thereto) to prospective investors (but not to existing shareholders) to the extent such expenses are not covered by any applicable plan adopted pursuant to Rule 12b-1 under the Investment Company Act (each, a "12b-1 Plan"); (iv) the costs of any special Board of Trustees meetings or shareholder meetings convened for the primary benefit of the Adviser; and (v) any costs of liquidating or reorganizing the Fund (unless such cost is otherwise allocated by the Board of Trustees). If the Adviser has agreed to limit the operating expenses of the Fund, the Adviser also shall be responsible on a monthly basis for any operating expenses that exceed the agreed upon expense limit, subject to the terms of such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund is responsible for and has assumed the obligation for payment of all of its expenses, other than as stated in Subparagraph 6(a) above, including but not limited to: fees and expenses incurred in connection with the issuance, registration and transfer of its shares; brokerage and commission expenses; all expenses of transfer, receipt, safekeeping, servicing and accounting for the cash, securities and other property of the Trust for the benefit of the Fund including all fees and expenses of its custodian, shareholder services agent and accounting services agent; interest charges on any borrowings; costs and expenses of pricing and calculating its daily net asset value and of maintaining its books of account required under the Investment Company Act; taxes, if any; a pro rata portion of expenditures in connection with meetings of the Fund's shareholders and the Board of Trustees that are properly payable by the Fund; salaries and expenses of officers of the Trust, including without limitation the Trust's Chief Compliance Officer, and fees and expenses of members of the Board of Trustees or members of any advisory board or committee who are not members of, affiliated with or interested persons of the Adviser; insurance premiums on property or personnel of the Fund which inure to its benefit, including liability and fidelity bond insurance; the cost of preparing and printing reports, proxy statements, prospectuses and statements of additional information of the Fund or other communications for distribution to existing shareholders which are covered by any 12b-1 Plan; legal, auditing and accounting fees; all or any portion of trade association dues or educational program expenses determined appropriate by the Board of Trustees; fees and expenses (including legal fees) of registering and maintaining registration of its shares for sale under applicable securities laws; all expenses of maintaining and servicing shareholder accounts, including all charges for transfer, shareholder recordkeeping, dividend disbursing, redemption, and other agents for the benefit of the Fund, if any; and all other charges and costs of its operation plus any extraordinary and non-recurring expenses, except as herein otherwise prescribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser may voluntarily or contractually absorb certain Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the Adviser incurs any costs by assuming expenses which are an obligation of the Fund as set forth herein, the Fund shall promptly reimburse the Adviser for such costs and expenses, except to the extent the Adviser has otherwise agreed to bear such expenses. To the extent the services for which the Fund is obligated to pay are performed by the Adviser, the Adviser shall be entitled to recover from such Fund to the extent of the Adviser's actual costs for providing such services. In determining the Adviser's actual costs, the Adviser may take into account an allocated portion of the salaries and overhead of personnel performing such services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that the Adviser pays fees in addition to any Fund distribution or servicing fees to financial intermediaries, including without limitation banks, broker-dealers, financial advisors, or pension administrators, for sub-administration, sub-transfer agency or any other shareholder servicing or distribution services associated with shareholders whose shares are held in omnibus or other group accounts, the Adviser shall report such payments regularly to the Trust on the amounts paid and the relevant financial institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. INVESTMENT ADVISORY AND MANAGEMENT FEE.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall pay to the Adviser, and the Adviser agrees to accept, as full compensation for all services furnished or provided to such Fund pursuant to this Agreement, an annual management fee at the rate set forth in <u>Schedule A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The management fee shall be accrued daily by the Fund and paid to the Adviser on the first business day of the succeeding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The initial fee under this Agreement shall be payable on the first business day of the first month following the effective date of this Agreement and shall be prorated as set forth below. If this Agreement is terminated prior to the end of any month, the fee to the Adviser shall be prorated for the portion of any month in which this Agreement is in effect which is not a complete month according to the proportion which the number of calendar days in the month during which the Agreement is in effect bears to the number of calendar days in the month, and shall be payable within ten (10) days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fee payable to the Adviser under this Agreement will be reduced to the extent of any receivable owed by the Adviser to the Fund and as required under any expense limitation applicable to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser voluntarily may reduce any portion of the compensation or reimbursement of expenses due to it pursuant to this Agreement and may agree to make payments to limit the expenses which are the responsibility of the Fund under this Agreement. Any such reduction or payment shall be applicable only to such specific reduction or payment and shall not constitute an agreement to reduce any future compensation or reimbursement due to the Adviser hereunder or to continue future payments. Any such reduction will be agreed to prior to accrual of the related expense or fee and will be estimated daily and reconciled and paid on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any such reductions made by the Adviser in its fees or payment of expenses which are the Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, within the following 36 months if the aggregate amount actually paid by the Fund toward the operating expenses for such period (taking into account the reimbursement) does not exceed the applicable limitation on Fund expenses. Under the expense limitation agreement, the Adviser may recoup reimbursements made of the Fund over the following 36 months. Any such reimbursement is also contingent upon Board of Trustees review and approval at time the reimbursement is made. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser may agree not to require payment of any portion of the compensation or reimbursement of expenses otherwise due to it pursuant to this Agreement. Any such agreement shall be applicable only with respect to the specific items covered thereby and shall not constitute an agreement not to require payment of any future compensation or reimbursement due to the Adviser hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. NO SHORTING; NO BORROWING.** The Adviser agrees that neither it nor any of its officers or employees shall take any short position in the shares of the Fund. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the Investment Company Act. The Adviser agrees that neither it nor any of its officers or employees shall borrow from the Fund or pledge or use the Fund's assets in connection with any borrowing not directly for the Fund's benefit. For this purpose, failure to pay any amount due and payable to the Fund for a period of more than thirty (30) days shall constitute a borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. CONFLICTS WITH TRUST'S GOVERNING DOCUMENTS AND APPLICABLE LAWS.** Nothing herein contained shall be deemed to require the Trust or the Fund to take any action contrary to the Trust's Agreement and Declaration of Trust, By-Laws, or any applicable statute or regulation, or to relieve or deprive the Board of Trustees of its responsibility for and control of the conduct of the affairs of the Trust and Fund. In this connection, the Adviser acknowledges that the Trustees retain ultimate plenary authority over the Fund and may take any and all actions necessary and reasonable to protect the interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. REPORTS AND ACCESS; APPROVAL.** (a) The Adviser agrees to supply such information to the Fund's administrator and to permit such compliance inspections by the Fund's administrator as shall be reasonably necessary to permit the administrator to satisfy its obligations and respond to the reasonable requests of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees to provide the Adviser such information about the Trust and the Fund as is necessary and appropriate for the Adviser to perform its services hereunder. Such information includes, but is not limited to, the Trust's Trust Agreement and Declaration of Trust and By-Laws and all compliance policies and procedures of the Trust. The Trust agrees to provide to the Adviser promptly any amendment to the foregoing and, if any such amendment would materially affect the services to be provided by the Adviser hereunder, the Trust agrees to provide the amendment to the Adviser prior to its adoption by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust represents and warrants that this Agreement has been authorized by the Board of Trustees and by shareholders in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. ADVISER'S LIABILITIES AND INDEMNIFICATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall have responsibility for the accuracy and completeness (and liability for the lack thereof) of the statements in the Fund's offering materials (including the prospectus, the statement of additional information, advertising and sales materials) relating to (i) the Adviser and its affiliates, (ii) the Fund's investment strategies and related risks, or (iii) other information, in each case only if supplied by the Adviser for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, the Adviser shall be liable to the Fund for any loss (including brokerage charges) incurred by the Fund as a result of any improper investment made by the Adviser in contradiction of the Investment Policies, other than losses or damages relating to lost profits.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties hereunder on the part of the Adviser, the Adviser shall not be subject to liability to the Trust or the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund. Notwithstanding the foregoing, federal securities laws and certain state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Trust, the Fund or any shareholder of the Fund may have under any federal securities law or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party to this Agreement shall indemnify and hold harmless the other party and the shareholders, directors, members, managers, agents, officers and employees of the other party (any such person, an "Indemnified Party") against any loss, liability, claim, damage or expense (including the reasonable cost of investigating and defending any alleged loss, liability, claim, damage or expenses and reasonable counsel fees incurred in connection therewith) (collectively, "Losses") arising out of the Indemnifying Party's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations or duties hereunder; provided, however, that nothing herein shall be deemed to protect any Indemnified Party against any Loss to which such Indemnified Party would otherwise be subject by reason of such party's willful misfeasance, bad faith or negligence in the performance of duties hereunder or by reason of reckless disregard of obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No provision of this Agreement shall be construed to protect any Trustee or officer of the Trust, or officer of the Adviser, from liability in violation of Sections 17(h) and (i) of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. NON-EXCLUSIVITY; TRADING FOR ADVISER'S OWN ACCOUNT.** The Trust's employment of the Adviser is not an exclusive arrangement. The Trust may from time to time employ other individuals or entities to furnish it with the services provided for herein. Likewise, the Adviser may act as investment adviser for any other person, and shall not in any way be limited or restricted from buying, selling or trading any securities for its or their own accounts or the accounts of others for whom it or they may be acting; provided, however, that the Adviser expressly represents that it will undertake no activities which, in its judgment, will adversely affect the performance of its obligations to the Fund under this Agreement; and provided further that the Adviser will adopt a code of ethics governing employee trading and trading for proprietary accounts that conforms to the requirements of the Investment Company Act and the Advisers Act and has been approved by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. TRANSACTIONS WITH OTHER INVESTMENT ADVISERS.** The Adviser is not an affiliated person of any investment adviser responsible for providing advice with respect to any other series of the Trust, or of any promoter, underwriter, officer, director, member of an advisory board or employee of any other series of the Trust. The Adviser shall not consult with the investment adviser of any other series of the Trust concerning transactions for the Fund or any other series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. TERM.** This Agreement shall become effective at the time the Fund commences operations pursuant to an effective amendment to the Trust's Registration Statement under the Securities Act of 1933 and shall remain in effect for a period of two (2) years, unless sooner terminated as hereinafter provided. This Agreement shall continue in effect thereafter for additional periods not exceeding one (l) year so long as such continuation is approved at least annually by (i) the Board of Trustees or by the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a majority of the Trustees of the Trust who are not parties to this Agreement nor interested persons thereof, cast in person at a meeting called for the

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purpose of voting on such approval. The terms "majority of the outstanding voting securities" and "interested persons" shall have the meanings set forth in the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. INTELLECTUAL PROPERTY LICENSE.** For so long as this Agreement remains effective, the Trust and the Fund shall have a non-transferable, non-exclusive license to use the names "**Bridges Investment Management, Inc.**", "**Bridges Investment Fund**", and "**www.bridgesfund.com**" (collectively, the "Adviser Names") solely in connection with the Trust and the Fund. The Trust and the Fund acknowledge that the Adviser Names and any derivatives or combinations thereof are the sole and exclusive property of the Adviser (or the Adviser's related entities), and the Trust and the Fund agree that they will not contest ownership or validity of the Adviser Names. The Trust and the Fund will use the Adviser Names according to the Adviser's trademark standards. The Adviser makes no representations or warranties in respect of the relative superiority of its rights in the Adviser Names to the rights of any third party in the Adviser Names. **Notwithstanding anything herein to the contrary, the Adviser shall have no liability to the Trust or the Fund for or in respect of any claim by any third party that the Trust or the Fund's use of the Adviser names infringes upon or otherwise violates any proprietary or other rights of such third party.** Within sixty (60) days from such time as this Agreement shall no longer be in effect, the Trust and Fund shall cease to use the Adviser Names and any other name connected with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. TERMINATION; NO ASSIGNMENT.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be terminated by the Trust on behalf of the Fund at any time without payment of any penalty, by the Board of Trustees or by vote of a majority of the outstanding voting securities of the Fund, upon sixty (60) days' written notice to the Adviser, and by the Adviser upon sixty (60) days' written notice to the Fund. In the event of a termination, the Adviser shall cooperate in the orderly transfer of the Fund's affairs and, at the request of the Board of Trustees, transfer, at the Fund's expense, any and all books and records of the Fund maintained by the Adviser on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall terminate automatically in the event of any transfer or assignment thereof, as defined in the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. NONPUBLIC PERSONAL INFORMATION.** Notwithstanding any provision herein to the contrary, the Adviser agrees on behalf of itself and its managers, members, officers, and employees (1) to treat confidentially and as proprietary information of the Trust (a) all records and other information relative to the Fund's prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("Regulation S-P"), promulgated under the Gramm-Leach-Bliley Act (the "G-L-B Act"); and (2) except after prior notification to and approval in writing by the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Adviser. Such written approval shall not be unreasonably withheld by the Trust and may not be withheld where the Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. ANTI-MONEY LAUNDERING COMPLIANCE.** The Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "AML Laws"), the Trust has adopted an Anti-Money Laundering Policy.

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The Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, as the same may apply to the Adviser, now and in the future; provided, however, that the Adviser shall not be liable in respect of any failure by it to comply with changes to the Trust's Anti-Money Laundering Policy of which it has not been notified in writing by the Trust a reasonable time in advance of the effectiveness of such changes. The Adviser further agrees to provide to the Trust and/or the administrator such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. CERTIFICATIONS; DISCLOSURE CONTROLS AND PROCEDURES.** The Adviser acknowledges that, in compliance with the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), and the implementing regulations promulgated thereunder, the Trust and the Fund are required to make certain certifications and have adopted disclosure controls and procedures. To the extent reasonably requested by the Trust, the Adviser agrees to use its best efforts to assist the Trust and the Fund in complying with the Sarbanes-Oxley Act and implementing the Trust's disclosure controls and procedures. The Adviser agrees to inform the Trust of any material development related to the Fund that the Adviser reasonably believes is relevant to the Fund's certification obligations under the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. SEVERABILITY.** If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. CAPTIONS.** The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. GOVERNING LAW.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to the conflict of laws principles of Delaware or any other jurisdiction; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act and the Advisers Act and any rules and regulations promulgated thereunder.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed by their duly authorized officers, all on the day and year first above written.

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| | |
|:---|:---|
| **PROFESSIONALLY MANAGED PORTFOLIOS** <br>on behalf of the series listed on Schedule A | **BRIDGES INVESTMENT MANAGEMENT, INC.** |
| By:&nbsp;&nbsp;&nbsp;&nbsp;__________________________________ | By: &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Brian M. Kirkpatrick</u> |
| Name:&nbsp;&nbsp;&nbsp;&nbsp;Jason F. Hadler | Name:&nbsp;&nbsp;&nbsp;&nbsp;Brian M. Kirkpatrick |
| Title:&nbsp;&nbsp;&nbsp;&nbsp;President | Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President |

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**SCHEDULE A**

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| | |
|:---|:---|
| **<u>Series of Professionally Managed Portfolios</u>** | **<u>Annual Fee Rate as a Percentage of Average Daily Net Assets</u>** |
| Bridges Investment Fund | 0.50% |

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## Ex-99.E(Xii)

**DISTRIBUTION AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT is made and entered into as of _______, 2022, by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Client") and Quasar Distributors, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Client is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is authorized to issue shares of beneficial interest ("Shares") in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

WHEREAS, the Client desires to retain the Distributor as principal underwriter in connection with the offering of the Shares of each series of the Client listed on Exhibit A hereto (as amended from time to time) (each a "Fund" and collectively the "Funds");

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

WHEREAS, this Agreement has been approved by a vote of the Client's board of [trustees/directors] (the "Board") and its disinterested [trustees/directors] in conformity with Section 15(c) of the 1940 Act; and

WHEREAS, the Distributor is willing to act as principal underwriter for the Client on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

1.&nbsp;&nbsp;&nbsp;&nbsp;**Appointment of Distributor**. The Client hereby appoints the Distributor as its principal underwriter for the distribution of Shares of the Funds, on the terms and conditions set forth in this Agreement, and the Distributor hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement.

2.&nbsp;&nbsp;&nbsp;&nbsp;**Services and Duties of the Distributor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor agrees to act as the principal underwriter of the Client for the distribution of the Shares of the Funds, upon the terms and at the current offering price (plus sales charge, if any) described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean the current prospectus, including the statement of additional information, as both may be amended or supplemented, relating to any of the Funds and included in the currently effective registration statement(s) or post-effective amendment(s) thereto (the "Registration Statement") of the Client under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;During the continuous public offering of Shares of the Funds, the Distributor shall use commercially reasonable efforts to distribute the Shares. All orders for Shares shall be made through financial intermediaries or submitted directly to the applicable Fund or its designated agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Client or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Shares in uncertificated form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall maintain membership with the National Securities Clearing Corporation ("NSCC") and any other similar successor organization to sponsor a participant number for the Funds so as to enable the Shares to be traded through NSCC's Fund/SERV System ("FundSERV"). The Client acknowledges and agrees that the Distributor shall not be responsible for any operational matters associated with FundSERV or Networking transactions, including but not limited to taking orders from financial intermediaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Funds other than as contained in the Prospectus and any marketing materials specifically approved by the Client or the investment adviser to the Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor agrees to review all proposed marketing materials provided by the Client for compliance with applicable Securities and Exchange Commission ("SEC") and FINRA advertising rules and regulations, and shall file with FINRA those marketing materials it believes are in compliance with such applicable laws and regulations. The Distributor agrees to furnish to the Client any comments provided by regulators with respect to such marketing materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp; At the request of the Client, the Distributor shall enter into the Standard Dealer Agreement (as defined below), and may, in its discretion, enter into non-standard dealer agreements with financial intermediaries as the Client may select, in order that such broker-dealers and other intermediaries may sell Shares of the Funds. The Fund's form of dealer agreement and/or selling agreement shall in a form similar to that attached at Exhibit C and shall be approved by the Client's Board ("Standard Dealer Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp;The Client acknowledges and agrees that the Distributor shall not be obligated to make any payments to any broker-dealers, other financial intermediaries or other third parties, unless (i) the Distributor has received an authorized corresponding payment from the applicable Fund's plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan") and (ii) such Plan been approved by the Client's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably requested by the Board, including reports regarding the use of 12b-1 payments received by the Distributor, if any.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor may enter into agreements ("Subcontracts") with qualified third parties to carry out some or all of the Distributor's obligations under this Agreement, with the prior written consent of the Client, such consent not to be unreasonably withheld; provided that execution of a Subcontract shall not relieve the Distributor of any of its responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;&nbsp;&nbsp;&nbsp;The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor undertakes to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants or obligations shall be read into this Agreement against the Distributor.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Duties of the Client.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Client agrees to redeem or repurchase Shares tendered by shareholders of the Funds in accordance with the Client's obligations in the Prospectus and the Registration Statement. The Client reserves the right to suspend such repurchase right upon written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The Client shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Client authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;The Client agrees to advise the Distributor promptly in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;of any material action, correspondence, or other communication by the Securities and Exchange Commission ("SEC") or its staff relating to the Funds, including requests by the SEC for amendments to the Registration Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the event of the issuance by the SEC of any stop-order suspending the effectiveness of the Registration Statement then in effect or the initiation of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;of the happening of any event which makes untrue any statement of a material fact made in the Prospectus or which requires the making of a change in such Prospectus in order to make the statements therein not misleading;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;in the event that it determines to suspend the sale of Shares at any time in response to conditions in the securities markets or otherwise or to suspend the redemption of Shares of any Fund at any time as permitted by the 1940 Act or the rules of the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;of the commencement of any material litigation or proceedings against the Client or any of its officers or directors in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;The Client shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including state blue sky laws, and shall notify the Distributor in writing of the states in which the Shares may be sold and of any changes to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;The Client agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp;The Client shall reasonably cooperate in the efforts of the Distributor to distribute the Shares. In addition, the Client shall keep the Distributor reasonably informed of its affairs related to the activities contemplated by this Agreement and shall provide to the Distributor from time to time copies of all information, financial statements, and other material that the Distributor may reasonably request for use in connection with the distribution of Shares, including, without limitation, certified copies of any financial statements prepared for the Client by its independent public accountants and such reasonable number of copies of the most current Prospectus, statement of additional information and annual and interim reports to shareholders as the Distributor may reasonably request. The Client shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor within one business day of any such filings. The Client represents that it will not use or authorize the use of any marketing materials unless and until such marketing materials have been approved and authorized for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp;The Client shall provide and cause each other agent or service provider to the Client, including the Client's transfer agent and investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;&nbsp;&nbsp;&nbsp;The Client shall not file any amendment to the Registration Statement or Prospectus that materially amends any provision therein which pertains to Distributor, the distribution of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Client's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Client may deem advisable, such right being in all respects absolute and unconditional.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;The Client shall not list the Distributor as the principal underwriter or distributor in any post-effective amendment to the Registration Statement, which is filed for the purpose of creating a new Fund, without receiving prior written permission from the Distributor. At or before such time as a new Fund becomes effective, Client and Distributor agree to amend this Agreement for purposes of updating Exhibit A.

4.&nbsp;&nbsp;&nbsp;&nbsp;**Representations and Warranties of the Client**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Client hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;it is duly organized and existing and in good standing under the laws of its jurisdiction of incorporation/organization and is registered as an open-end management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement has been duly authorized, executed and delivered by the Client and, when executed and delivered, will constitute a valid and legally binding obligation of the Client, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws/operating agreement or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Shares are validly authorized and, when issued in accordance with the description in the Prospectus, will be fully paid and nonassessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Registration Statement and Prospectus included therein have been prepared in conformity with the requirements of the 1933 Act and the 1940 Act and the rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the Registration Statement and Prospectus and any marketing materials prepared by the Client or its agent do not and shall not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that all statements or information furnished to the Distributor pursuant to this Agreement shall be true and correct in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;the Client owns, possesses, licenses or has other rights to use all patents, patent applications, trademarks and service marks, trademark and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual property (collectively, "Intellectual

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Property") necessary for or used in the conduct of the Client's business and for the offer, issuance, distribution and sale of the Shares in accordance with the terms of the Prospectus and this Agreement, and such Intellectual Property does not and will not breach or infringe the terms of any Intellectual Property owned, held or licensed by any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The Client has adopted policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Client (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use of, records and information relating to the Client and the owners of the Shares.

5.&nbsp;&nbsp;&nbsp;&nbsp;**Representations and Warranties of the Distributor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor hereby represents and warrants to the Client, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement has been duly authorized, executed and delivered by the Distributor and, when executed and delivered, will constitute a valid and legally binding obligation of the Distributor, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, operating agreement or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;In connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal or state laws and regulations to the extent such laws, rules, and regulations relate to Distributor's role as the principal underwriter of the Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall promptly notify the Client of the commencement of any material litigation or proceedings against the Distributor or any of its managers, officers or directors in connection with the issue and sale of any of the Shares.

6.&nbsp;&nbsp;&nbsp;&nbsp;**Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the Distributor's services in connection with the distribution of Shares of each Fund and Class thereof, the Distributor shall receive the compensation set forth in Exhibit B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Except as specified in Section 5A, the Distributor shall be entitled to no compensation or reimbursement of expenses from the Client for the services provided by the Distributor pursuant to this Agreement. Any such compensation or reimbursement of expenses shall be paid or reimbursed by the Fund's investment adviser pursuant to an Agreement between the investment adviser and the Distributor.

7.&nbsp;&nbsp;&nbsp;&nbsp;**Expenses**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Client shall bear all costs and expenses in connection with registration of the Shares with the SEC and the applicable states, as well as all costs and expenses in connection with the offering of the Shares and communications with shareholders of its Funds, including but not limited to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related marketing material, (iii) costs and expenses of the preparation, printing and mailing of annual and interim reports, proxy materials and other communications to shareholders of the Funds; and (iv) fees required in connection with the offer and sale of Shares in such jurisdictions as shall be selected by the Client pursuant to Section 3(D) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall only bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Liability</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall be under no duty to take any action except as specifically set forth herein or as may be specifically agreed to by the Distributor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp; The Distributor shall not be liable for any action taken or failure to act in good faith or reasonable reliance upon:

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;the advice of the Trust, or counsel to the Trust; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;any oral instruction which it receives and which it reasonably believes in good faith was transmitted by the person or persons authorized by the Board to give such oral instruction (the Distributor shall have no duty or obligation to make any inquiry or effort of certification of such oral instruction); |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;any written instruction or certified copy of any resolution of the Board, and the Distributor may rely upon the genuineness of any such document or copy thereof reasonably believed in good faith by the Distributor to have been validly executed; or |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;any signature, instruction, request, letter of transmittal, certificate, opinion of counsel, statement, instrument, report, notice, consent, order, or other document reasonably believed in good faith by the Distributor to be genuine and to have been signed or presented by the Trust or other proper party or parties; and the Distributor shall not be under any duty or obligation to inquire into the validity or invalidity or authority or lack thereof of any statement, oral or written instruction, resolution, signature, request, letter of transmittal, certificate, opinion of counsel, instrument, report, notice, consent, order, or any other document or instrument which the Distributor reasonably believes in good faith to be genuine. |

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9.&nbsp;&nbsp;&nbsp;&nbsp;**Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Client shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable and documented counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Distributor serving as distributor of the Funds pursuant to this Agreement and in accordance with the terms and conditions of this Agreement; (ii) the Client's material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Client's failure to comply in all material respects with any applicable securities laws or regulations; or (iv) any claim that the Registration Statement, Prospectus, shareholder reports, marketing materials or other information filed or made public by the Client (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading under the 1933 Act, or any other statute or the common law any violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Funds are sold, provided, however, that the Client's obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, Prospectus, annual or interim report, or any such marketing material in reasonable reliance upon and in conformity with information relating to the

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Distributor and furnished to the Client or its counsel by the Distributor in writing for use in such Registration Statement, Prospectus, annual or interim report, or any marketing materials. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Client or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall indemnify, defend and hold the Client, its affiliates, and each of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Client within the meaning of Section 15 of the 1933 Act (collectively, the "Client Indemnitees"), free and harmless from and against any and all Losses that any Client Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or based upon (i) the Distributor's material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Distributor's failure to comply in all material respects with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, marketing materials or other information filed or made public by the Client (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reasonable reliance upon, and in conformity with, information furnished to the Client by the Distributor in writing for use in such Registration Statement, Prospectus, marketing materials or other information filed or made public by the Client. In no event shall anything contained herein be so construed as to protect the Client against any liability to the Distributor to which the Client would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;Failure by the indemnified party to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects

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to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 9(a) or 9(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp;No person shall be obligated to provide indemnification under this Section 9 if such indemnification would be impermissible under the 1940 Act, the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be provided under this Section 9 to the maximum extent so permissible.

10.&nbsp;&nbsp;&nbsp;&nbsp;**Conversions; Dealer Agreement Indemnification**.

**A. &nbsp;&nbsp;&nbsp;&nbsp;Conversions.** The Client acknowledges and agrees that the Distributor may enter into, assume, or become a party to, certain dealer and/or selling agreements ("Conversion Agreement") as the result of the conversion of the Client to Distributor from another principal underwriter or distributor. Such Conversion Agreements may contain certain obligations or duties more appropriately allocated to the Funds' transfer agent, the Funds' adviser, or one of the Funds' other service providers. The Client agrees to perform, or cause to perform, any and all duties and obligations under those Conversion Agreements to the extent that such duties and obligations are not required to be performed by the Distributor under the Standard Dealer Agreement ("Non-Standard Duties").

B.&nbsp;&nbsp;&nbsp;&nbsp;**Non-Standard Dealer Agreements.** The Client acknowledges and agrees that the Distributor may enter into dealer and/or selling agreements ("Non-Standard Dealer Agreements") that contain certain representations, duties, undertakings and indemnification that are not included in the Standard Dealer Agreement, or lack certain representations, duties, and indemnification included in the Standard Dealer Agreement ("Non-Standard Obligations," and collectively with Non-Standard Duties, "Non-Standard Obligations"). The Client agrees to perform, or cause to perform, all such Non-Standard Obligations under any Non-Standard Dealer Agreement. For the avoidance of doubt, any dealer or selling agreement that materially deviates from the Standard Agreement shall be considered a "Non-Standard Dealer Agreement."

**C.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification.** To the extent that the Distributor (i) assumes, or becomes a party to, any Conversion Agreement, or (ii) after the review and approval by the Client, enters into any Non-Standard Dealer Agreement, the Client shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) any failure to perform any Non-Standard Obligations under any Conversion Agreement or Non-Standard Dealer Agreement; (b) any representations made by the Distributor in any Non-Standard Dealer Agreement or Conversion Agreement to the extent that the Distributor is not required to make such representations in the

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Standard Dealer Agreement; (c) any indemnification provided by the Distributor under a Conversion Agreement or Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification that the Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitee against any liability to the Client or its shareholders to which such Distributor Indemnitee would otherwise be subject by reason of its willful misfeasance, bad faith, or gross negligence in the performance or reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement to the extent that such duties and obligations are the responsibility of the Distributor in the Standard Dealer Agreement.

11.&nbsp;&nbsp;&nbsp;&nbsp;**Limitations on Damages**. Neither party shall be liable for any consequential, special or indirect losses or damages suffered by the other party, whether or not the likelihood of such losses or damages was known by the party.

12.&nbsp;&nbsp;&nbsp;&nbsp;**Force Majeure**. Neither party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, acts of nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause.

13.&nbsp;&nbsp;&nbsp;&nbsp;**Duration and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall become effective with respect to each Fund listed on Exhibit A hereof as of the date hereof and, with respect to each Fund not in existence on that date, on the date an amendment to Exhibit A to this Agreement relating to that Fund is executed. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect as to each Fund for successive one-year periods, provided such continuance is specifically approved at least annually by (i) the Client's Board or (ii) the vote of a majority of the outstanding voting securities of a Fund, in accordance with Section 15 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, with respect to a particular Fund (i) through a failure to renew this Agreement at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60 days' written notice, by either the Client through a vote of a majority of the members of the Board who are not interested persons, as that term is defined in the 1940 Act, and have no direct or indirect financial interest in the operation of this Agreement or by vote of a majority of the outstanding voting securities of a Fund, or by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement will automatically terminate in the event of its assignment.

14.&nbsp;&nbsp;&nbsp;&nbsp;**Anti-Money Laundering Compliance**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;Each of Distributor and Client acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects to the extent applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Each of Distributor and Client agrees that it will take such further steps, and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). Distributor undertakes that it will grant to the Client, the Client's anti-money laundering compliance officer and appropriate regulatory agencies, reasonable access to copies of Distributor's AML Operations, and related books and records to the extent they pertain to the Distributor's services hereunder. It is expressly understood and agreed that the Client and the Client's compliance officer shall have no access to any of Distributor's AML Operations, books or records pertaining to other clients or services of Distributor.

15.&nbsp;&nbsp;&nbsp;&nbsp;**Privacy**. In accordance with Regulation S-P, the Distributor will not disclose any non-public personal information, as defined in Regulation S-P, received from the Client or any Fund regarding any Fund shareholder; provided, however, that the Distributor may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to the Distributor. The Distributor shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Funds.

The Client represents to the Distributor that it has adopted a Statement of its privacy policies and practices as required by Securities and Exchange Commission Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

16.&nbsp;&nbsp;&nbsp;&nbsp;**Confidentiality**. During the term of this Agreement, the Distributor and the Client may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means information belonging to the Distributor or the Client which is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, customer lists, business plans, and all provisions of this Agreement. Confidential Information does not include: (i) information that was known to the receiving party before receipt thereof from or on behalf of the disclosing party; (ii) information that is disclosed to the receiving party by a third person who has a right to make such disclosure without any obligation of confidentiality to the party seeking to enforce its rights under this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement by the receiving party; or (iv)

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information that is independently developed by the receiving party or its employees or affiliates without reference to the disclosing party's information.

Each party will protect the other's Confidential Information with at least the same degree of care it uses with respect to its own Confidential Information, and will not use the other party's Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by any Agency; (ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or (ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and unless otherwise prohibited by law and will cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure. The parties agree that the procedures and restrictions set forth herein shall not apply to disclosures of Confidential Information to Distributor's applicable regulatory authorities in connection with routine regulatory examinations or requests for information with respect to which Distributor shall be permitted to disclose such Confidential Information necessary to respond to such examinations or requests. The Distributor will advise such regulatory authorities of the confidential nature of such information.

17.&nbsp;&nbsp;&nbsp;&nbsp;**Notices**. Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| (i) **To Distributor:**  | (ii) **If to the Client:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quasar Distributors, LLC<br>Attn: Legal Department<br>Three Canal Plaza, Suite 100<br>Portland, ME 04101<br>Telephone: (207) 553-7110<br>Email:legal@foreside.com<br>With a copy to: <br><u>dealerservices@acaglobal.com</u> | Professionally Managed Portfolios <br>Attn: <br>615 East Michigan Street <br>Milwaukee, WI 53202<br>Telephone:<br>Email: |

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18.&nbsp;&nbsp;&nbsp;&nbsp;**Modifications**. The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by the Distributor and the Client. If required under the 1940 Act, any such amendment must be approved by the Client's Board, including a majority of the Client's Board who are not interested persons, as such term is defined in the 1940 Act, of any party to this Agreement, by vote cast in person at a meeting for the purpose of voting on such amendment.

19.&nbsp;&nbsp;&nbsp;&nbsp;**Governing Law**. This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

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20.&nbsp;&nbsp;&nbsp;&nbsp;**Entire Agreement**. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

21.&nbsp;&nbsp;&nbsp;&nbsp;**Survival**. The provisions of Sections 6, 7, 8, 9, 10, 11, 14, 15, and 20 of this Agreement shall survive any termination of this Agreement.

22.&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous**. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

23.&nbsp;&nbsp;&nbsp;&nbsp;**Counterparts**. This Agreement may be executed by the parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

QUASAR DISTRIBUTORS, LLC

By: ____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teresa Cowan, President

PROFESSIONALLY MANAGED PORTFOLIOS

By: ________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name/Title

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EXHIBIT A

<u>Fund Names</u>

Bridges Investment Fund

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EXHIBIT B

<u>Compensation</u>

<u>SALES LOADS</u><sup>\*</sup><sup>:</sup>

1.&nbsp;&nbsp;&nbsp;&nbsp;With respect to Class A Shares (i) that part of the sales charge which is retained by the Distributor after reallowance of discounts to dealers as set forth, if required, in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of the offering, as amended.

2.&nbsp;&nbsp;&nbsp;&nbsp;With respect to Class C Shares (i) that part of any front-end sales charge which is retained by the Distributor after allowance of discounts to dealers as set forth, if required, in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of the offering, as amended, and (ii) the contingent deferred sales charge payable with respect to Class C Shares sold through the Distributor as set forth in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of sale of such Class C Shares.

3.&nbsp;&nbsp;&nbsp;&nbsp;With respect to Class I Shares, if any, the Distributor shall not be entitled to any compensation.

4.&nbsp;&nbsp;&nbsp;&nbsp;With respect to any future Class of Shares, the Distributor shall be entitled to such consideration as the Fund and the Distributor shall agree at the time such Class of Shares is established.

*\*All Sales Loads received by the Distributor shall be held to be used solely for distribution-related expenses and shall not be retained as profit.*

<u>12b-1 PAYMENTS</u>:

The Distributor shall be obligated to make 12b-1 payments only after, for so long as, and to the extent that the Distributor receives such payments from the applicable Fund.

*\*All 12b-1 payments received by the Distributor shall be held to be used solely for distribution-related expenses and shall not be retained as profit by the Distributor.*

&nbsp;&nbsp;&nbsp;&nbsp;

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**EXHIBIT C**

**QUASAR DISTRIBUTORS, LLC**

**DEALER AGREEMENT**

**PROFESSIONALLY MANAGED PORTFOLIOS**

This agreement is made and effective as of this _____ day of _________________, 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Professionally Managed Portfolios (the "<u>Company</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as an open-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>") in separate series as listed on Appendix A (each, a "<u>Fund</u>"), as amended by Distributor from time to time;

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Dealer desires to serve as a selected dealer of the Funds;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1.&nbsp;&nbsp;&nbsp;&nbsp;**Dealer.** Dealer represents that it is a broker-dealer properly registered and qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement and is a member in good standing of the Financial Industry Regulatory Authority ("<u>FINRA</u>") and the Securities Investor Protection Corporation ("<u>SIPC</u>"). Dealer agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Dealer shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Dealer's transactions in Shares. In addition, Dealer shall notify Distributor immediately in the event Dealer's status as a member of FINRA or SIPC changes. Dealer shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Funds.

2.&nbsp;&nbsp;&nbsp;&nbsp;**Qualification of Shares.** The Fund will make available to Dealer a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Dealer will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

3.&nbsp;&nbsp;&nbsp;&nbsp;**Orders.** All orders Dealer submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Dealer will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the applicable Fund prospectus (the "<u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein). As agent for its customers, Dealer shall not withhold placing customers' orders for any Shares so as to profit Dealer or its customers as a result of such withholding. Dealer is hereby authorized to: (i) place its orders directly with the Company for the purchase of Shares and (ii) tender Shares directly to the Company for redemption, in each case subject to

&nbsp;&nbsp;&nbsp;&nbsp;

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the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time. All purchase orders Dealer submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Dealer is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may provide to Dealer with respect to a Fund. All orders that are accepted for the purchase of Shares shall be executed at the next determined public offering price per share (i.e., the net asset value ("<u>NAV</u>") per share plus the applicable sales load, if any) and all orders for the redemption of Shares shall be executed at the next determined NAV per share and subject to any applicable redemption fee or contingent deferred sales load, in each case as described in the Prospectus.

4.&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Dealer is authorized to distribute to Dealer's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Dealer is not authorized to distribute, furnish or display any other sales or promotional material relating to a Fund without Distributor's prior written approval, but Dealer may identify the Funds in a listing of mutual funds available through Dealer to its customers. Unless otherwise mutually agreed in writing, Dealer shall deliver or cause to be delivered to each customer who purchases Shares from or through Dealer, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to such Funds and prepared by or on behalf of the Funds or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Dealer shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

5.&nbsp;&nbsp;&nbsp;&nbsp;**Sales Charges and Concessions.** On each purchase of Shares by Dealer (but not including the reinvestment of any dividends or distributions), Dealer shall be entitled to receive such dealer allowances, concessions, sales charges or other compensation, if any, as may be set forth in the Prospectus. Sales charge reductions and discounts may be available as provided in the Prospectus. To obtain any such reductions, the Company or its transfer agent must be notified promptly when a transaction or transactions would qualify for the reduced charge, and Dealer must submit information that is sufficient (in the discretion of the Company) to substantiate qualification therefor. The foregoing shall include advising Distributor of any Letter of Intent signed by Dealer's customer or of any Right of Accumulation available to such customer. If Dealer fails to so advise the Fund, Dealer will be liable for the return of any commissions plus interest thereon. Rights of Accumulation (including rights under a Letter of Intent) are available, if at all, only as set forth in the Prospectus, and Dealer authorizes any adjustment to its account (and will be liable for any refund) to the extent any allowance, discount or concession is made and the conditions therefor are not fulfilled. Each price is always subject to confirmation and will be based upon the NAV next determined after receipt of an order that is in good form. If any Shares purchased are tendered for redemption or repurchased by the Fund for any reason within seven (7) business days after confirmation of the purchase order for such Shares, Dealer shall promptly refund the full sales load or other concession, and Dealer will forfeit the right to receive any compensation allowable or payable to it on such Shares. The Fund reserves the right to waive sales charges. Dealer represents that it is eligible to receive any such sales charges and concessions paid to it under this section.

6.&nbsp;&nbsp;&nbsp;&nbsp;**Transactions in Shares.** With respect to all orders Dealer places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Company within three (3) business days after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Dealer cancels the trade for any reason, Dealer shall be responsible for any loss resulting to the Funds or to Distributor from Dealer's failure to make payments as aforesaid. Dealer shall not be entitled to any gains generated thereby. Dealer also assumes responsibility for any loss to a Fund caused by any order placed by Dealer on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Company and shall be subject to the Company's policies pertaining thereto,

&nbsp;&nbsp;&nbsp;&nbsp;

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which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Company's acceptance of any such order.

7.&nbsp;&nbsp;&nbsp;&nbsp;**Accuracy of Orders; Customer Signatures.** Dealer shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Dealer shall guarantee the signatures of its customers when such guarantee is required by the Company, and Dealer shall indemnify and hold harmless all persons, including Distributor and the Funds' transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8.&nbsp;&nbsp;&nbsp;&nbsp;**Indemnification.** Dealer shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Dealer of any provision of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Distributor shall indemnify and hold harmless Dealer and Dealer's officers, directors, agents and employees from and against any Losses resulting from (i) any breach by Distributor of any provision of this agreement or (ii) any untrue statement of a material fact set forth in a Fund's Prospectus or supplemental sales material provided to Dealer by Distributor (and used by Dealer on the terms and for the period specified by Distributor or stated in such material), or omission to state a material fact required to be stated therein to make the statements therein not misleading.

9.&nbsp;&nbsp;&nbsp;&nbsp;**Multi-Class Distribution Arrangements.** Dealer understands and acknowledges that the Funds may offer Shares in multiple classes. Dealer represents and warrants that it has established compliance procedures designed to ensure (i) that its customers are made aware of the terms of each available class of Shares, (ii) that each customer is offered only Shares that are suitable investments for him or her, (iii) that each customer is availed of the opportunity to obtain sales charge break points as detailed in the Prospectus, and (iv) proper supervision of its representatives in recommending and offering the Shares of multiple classes to its customers.

10.&nbsp;&nbsp;&nbsp;&nbsp;**Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Dealer shall cooperate with Distributor to satisfy AML due diligence policies of the Company and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Company to ensure compliance with AML Laws. Dealer also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

11.&nbsp;&nbsp;&nbsp;&nbsp;**Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

12.&nbsp;&nbsp;&nbsp;&nbsp;**Distribution and/or Service Fees.** Subject to and in accordance with the terms of each Prospectus and the Distribution Plan and/or Service Plan, if any, adopted by resolution of the Funds' board (the "<u>Board</u>") pursuant to Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix B, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for distribution, shareholder or administrative services, as described therein. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. If applicable, Dealer hereby

&nbsp;&nbsp;&nbsp;&nbsp;

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authorizes Distributor to pay Dealer's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.

13.&nbsp;&nbsp;&nbsp;&nbsp;**Order Processing.** In accordance with NASD Notice to Members 03-50 (reminding members of their responsibility to ensure that they have in place policies and procedures reasonably designed to detect and prevent the occurrence of mutual fund transactions that would violate Rule 22c-1 under the 1940 Act, FINRA Rule 2010 and other applicable rules and regulations), Dealer represents that it has reviewed its policies and procedures to ensure that they are adequate with respect to preventing violations of law and prospectus requirements related to timely order-taking and market timing activity, in that such policies and procedures prevent (i) the submission of any order received after the deadline for submission of orders in each day that are eligible for pricing at that day's NAV per share and (ii) the purchase of Shares by an individual or entity whose stated objectives are not consistent with the stated policies of a Fund in protecting the best interests of longer-term investors, particularly where such investor may be seeking market timing or arbitrage opportunities through such purchase. Dealer represents that it will be responsible for the collection and payment to the Company of any Redemption Fees based upon the terms outlined in the Company's prospectus.

14.&nbsp;&nbsp;&nbsp;&nbsp;**Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered as Dealer's main office from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

15.&nbsp;&nbsp;&nbsp;&nbsp;**Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Dealer's suspension or expulsion from FINRA will automatically terminate this agreement without notice. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

16. &nbsp;&nbsp;&nbsp;&nbsp;**Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Company without obtaining Dealer's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;**Notices.** All notices and other communications to Distributor shall be sent to it at Three Canal Plaza, Suite 100, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Dealer shall be sent to it at the address set forth below or at such other address as Dealer may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

18.&nbsp;&nbsp;&nbsp;&nbsp;**Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

19.&nbsp;&nbsp;&nbsp;&nbsp;**Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Dealer for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Dealer in contravention of Rule 12b-1(h) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;

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20.&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder Information.** Dealer shall comply with the requirements set forth on Appendix C regarding the provision of shareholder information pursuant to Rule 22c-2 of the 1940 Act.

21.&nbsp;&nbsp;&nbsp;&nbsp;**Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

22.&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

**QUASAR DISTRIBUTORS, LLC** 

By:&nbsp;&nbsp;&nbsp;&nbsp;

Name: &nbsp;&nbsp;&nbsp;&nbsp;

Title: &nbsp;&nbsp;&nbsp;&nbsp;

**[DEALER NAME]**

By:&nbsp;&nbsp;&nbsp;&nbsp;

Name: &nbsp;&nbsp;&nbsp;&nbsp;

Title: &nbsp;&nbsp;&nbsp;&nbsp;

Address of Dealer:

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

Operations Contact:

Name: _________________________________

Phone: _________________________________

Email: _________________________________

&nbsp;&nbsp;&nbsp;&nbsp;

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**APPENDIX A**

&nbsp;&nbsp;&nbsp;&nbsp;

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**APPENDIX B**

**QUASAR DISTRIBUTORS, LLC**

**DISTRIBUTION/SERVICE FEE AGREEMENT**

**PROFESSIONALLY MANAGED PORTFOLIOS**

This fee agreement ("<u>Agreement</u>") is made and effective as of this _____ day of _________________ 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Dealer have entered into a dealer agreement dated as of ____________ ("<u>Dealer Agreement</u>"), which entitles Dealer to serve as a selected dealer of certain Funds of the Professionally Managed Portfolios for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Dealer wish to confirm Distributor's and Dealer's understanding and agreement with respect to Rule 12b-1 payments to be made to Dealer in accordance with the Dealer Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. This Agreement confirms Distributor's and Dealer's understanding and agreement with respect to Rule 12b-1 payments to be made to Dealer in accordance with the Dealer Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Dealer Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Dealer pursuant to one or more distribution and service plans (the "<u>Plans</u>") adopted by certain of the Funds pursuant to Rule 12b-1 of the 1940 Act. Dealer shall furnish sales and marketing services and/or shareholder services to Dealer's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Funds, processing shareholder transactions, and providing any other shareholder services not otherwise provided by a Fund's transfer agent. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such Rule 12b-1 Plan payments or other dealer compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Dealer. If applicable, Dealer hereby authorizes Distributor to pay Dealer's Clearing Agent such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.

3. Any such fee payments shall reflect the amounts described in the Fund's prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Dealer whose records, as maintained by the Funds or the transfer agent, designate Dealer's firm as the customer's dealer of record. No such fee payments will be payable to Dealer with respect to Shares purchased by or through Dealer and redeemed by the Funds within seven (7) business days after the date of confirmation of such purchase. Dealer represents that Dealer is eligible to receive any such payments made to Dealer under the Plans.

4. Dealer agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

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5. Upon request, on a quarterly basis, Dealer shall furnish Distributor with a written report describing the amounts payable to Dealer pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Dealer shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Dealer pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans or in Rule 12b-1. This Agreement may be terminated, with respect to one or more Funds, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated with respect to any Fund upon a termination of the relevant Plan or the Dealer Agreement, if a Fund closes to new investments, or if Distributor's Distribution Agreement with the Funds terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Dealer Agreement.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

**QUASAR DISTRIBUTORS, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[DEALER NAME]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

By:&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;[Dealer address]

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**APPENDIX C**

**Information Regarding the Provision of Shareholder Information Pursuant to Rule 22c-2**

(a).&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Provide Information.** Dealer shall provide the Fund, upon request, the taxpayer identification number ("<u>TIN</u>"), if known, (or in the case of a non U.S. shareholder, if the TIN is unavailable, the International Taxpayer Identification Number or other government issued identifier) of any or all Shareholder(s) who have purchased, redeemed, transferred, or exchanged Shares held through an account with Dealer and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) or account (if known), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange of Shares held through an account maintained by the Dealer during the period covered by the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;**Period Covered by Request.** Requests must set forth a specific period, not to exceed 90 days from the date of the request, for which transaction information is sought. The Fund may request transaction information older than 90 days from the date of the request as it deems necessary to investigate compliance with policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;**Form and Timing of Response.** Dealer shall transmit the requested information that is on its books and records to the Fund or its designee promptly, but in any event not later than five business days, after receipt of a request. If the requested information is not on the Dealer's books and records, Dealer shall use best efforts to: (x) provide or arrange to provide to the Fund the requested information from shareholders who hold an account with an indirect intermediary, including a determination on whether any specific person about whom Dealer has received information, is itself a financial intermediary; or (y) if directed by the Fund, restrict or prohibit further purchases or exchanges of Shares by a shareholder who has been identified by the Fund as having engaged in transactions of Shares (directly or indirectly) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding securities issued by the Fund. In such instance, Dealer shall inform the Fund whether it plans to perform (x) or (y). Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties. To the extent practicable, the format for any transaction information provided to the Fund should be consistent with the NSCC Standardized Data Reporting Format. For purposes of this provision, an "indirect intermediary" has the same meaning as in SEC Rule 22c-2 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;**Limitations on Use of Information.** The Fund agrees not to use the information received for marketing or any other similar purpose without the prior written consent of the Dealer.

(b)&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Restrict Trading.** Dealer shall execute written instructions from the Fund to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund as having engaged in transactions of the Shares (directly or indirectly through the Dealer's account) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;**Form of Instructions.** Instructions must include the TIN, if known, and the specific restriction(s) to be executed. If the TIN is not known, the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Timing of Response. Dealer shall execute instructions as soon as reasonably practicable, but not later than five business days after receipt of the instructions by the Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;Confirmation by Dealer. Dealer must provide written confirmation to the Fund that instructions have been executed. Dealer shall provide confirmation as soon as reasonably practicable, but not later than ten business days after the instructions have been executed.

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(c)&nbsp;&nbsp;&nbsp;&nbsp;**Definitions.** For purposes of this Appendix C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Fund</u>" includes the fund's investment adviser, principal underwriter and transfer agent. The term does not include any "excepted funds" as defined in SEC Rule 22c-2(b) under the Investment Company Act of 1940 (the "<u>1940 Act</u>").<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Shares</u>" means the interests of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Shareholder</u>" means the beneficial owner of Shares, whether the Shares are held directly or by the Dealer in nominee name or, alternatively, for use with retirement plan recordkeepers, the term means the Plan participant notwithstanding that the Plan may be deemed to be the beneficial owner of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>written</u>" includes electronic writings and facsimile transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Dealer</u>" shall mean a "financial intermediary" as defined in SEC Rule 22c-2.

<sup>1</sup>. As defined in SEC Rule 22c-2(b), the term "excepted fund" means any: (1) money market fund; (2) fund that issues securities that are listed on a national exchange; and (3) fund that affirmatively permits short-term trading of its securities, if its prospectus clearly and prominently discloses that the fund permits short-term trading of its securities and that such trading may result in additional costs for the fund.

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**QUASAR DISTRIBUTORS, LLC**

**SELLING GROUP MEMBER AGREEMENT**

**PROFESSIONALLY MANAGED PORTFOLIOS**

This agreement is made and effective as of this _____ day of _________________, 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>") and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Professionally Managed Portfolios (the "<u>Company</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as an open-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>") in separate series as listed on Appendix A (each, a "<u>Fund</u>"), as amended by Distributor from time to time;

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Intermediary desires to serve as a selling group member of the Funds;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1.&nbsp;&nbsp;&nbsp;&nbsp;**Selling Group Member.** Intermediary represents that it is properly qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement. In addition, Intermediary agrees to comply with the rules of the Financial Industry Regulatory Authority ("<u>FINRA</u>") as if they were applicable to Intermediary in connection with its activities under this agreement. Intermediary agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Intermediary shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Intermediary's transactions in Shares. Intermediary shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Funds.

2.&nbsp;&nbsp;&nbsp;&nbsp;**Qualification of Shares.** The Fund will make available to Intermediary a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Intermediary will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

3.&nbsp;&nbsp;&nbsp;&nbsp;**Orders.** All orders Intermediary submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Intermediary will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the applicable Fund prospectus (the "<u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein). As agent for its customers, Intermediary shall not withhold placing customers' orders for any Shares so as to profit Intermediary or its customers as a result of such withholding. Intermediary is hereby authorized to: (i) place its orders directly with the Company for the purchase of Shares and (ii) tender Shares directly to the Company for redemption, in each case subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time. All purchase orders Intermediary submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Intermediary is not authorized to

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make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may provide to Intermediary with respect to a Fund. All orders that are accepted for the purchase of Shares shall be executed at the next determined public offering price per share (i.e., the net asset value ("<u>NAV</u>") per share plus the applicable sales load, if any) and all orders for the redemption of Shares shall be executed at the next determined NAV per share and subject to any applicable redemption fee, in each case as described in the Prospectus.

4.&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Intermediary is authorized to distribute to Intermediary's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Intermediary is not authorized to distribute, furnish or display any other sales or promotional material relating to a Fund without Distributor's prior written approval, but Intermediary may identify the Funds in a listing of mutual funds available through Intermediary to its customers. Unless otherwise mutually agreed in writing, Intermediary shall deliver or cause to be delivered to each customer who purchases Shares from or through Intermediary, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to such Funds and prepared by or on behalf of the Funds or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Intermediary shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

5.&nbsp;&nbsp;&nbsp;&nbsp;**Sales Charges and Concessions. [not applicable]**.

6.&nbsp;&nbsp;&nbsp;&nbsp;**Transactions in Shares.** With respect to all orders Intermediary places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Company within three (3) business days after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Intermediary cancels the trade for any reason, Intermediary shall be responsible for any loss resulting to the Funds or to Distributor from Intermediary's failure to make payments as aforesaid. Intermediary shall not be entitled to any gains generated thereby. Intermediary also assumes responsibility for any loss to a Fund caused by any order placed by Intermediary on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Company and shall be subject to the Company's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Company's acceptance of any such order.

7.&nbsp;&nbsp;&nbsp;&nbsp;**Accuracy of Orders; Customer Signatures.** Intermediary shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Intermediary shall guarantee the signatures of its customers when such guarantee is required by the Company, and Intermediary shall indemnify and hold harmless all persons, including Distributor and the Funds' transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8.&nbsp;&nbsp;&nbsp;&nbsp;**Indemnification.** Intermediary shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Intermediary of any provision of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Distributor shall indemnify and hold harmless Intermediary and Intermediary's officers, directors, agents and employees from and against any Losses resulting from (i) any breach by Distributor of any provision of this agreement or (ii) any untrue statement of a material fact set forth in a Fund's Prospectus or supplemental sales material provided to Intermediary by Distributor (and used by Intermediary on the terms and for the period specified by Distributor or stated in such material), or omission to state a material fact required to be stated therein to make the statements therein not misleading.

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9.&nbsp;&nbsp;&nbsp;&nbsp;**Multi-Class Distribution Arrangements.** Intermediary understands and acknowledges that the Funds may offer Shares in multiple classes. Intermediary represents and warrants that it has established compliance procedures designed to ensure (i) that its customers are made aware of the terms of each available class of Shares, (ii) that each customer is offered only Shares that are suitable investments for him or her, and (iii) proper supervision of its representatives in recommending and offering the Shares of multiple classes to its customers.

10.&nbsp;&nbsp;&nbsp;&nbsp;**Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Intermediary shall cooperate with Distributor to satisfy AML due diligence policies of the Company and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Company to ensure compliance with AML Laws. Intermediary also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

11.&nbsp;&nbsp;&nbsp;&nbsp;**Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

12.&nbsp;&nbsp;&nbsp;&nbsp;**Service Fees.** Subject to and in accordance with the terms of each Prospectus and the Distribution Plan and/or Service Plan, if any, adopted by resolution of the Funds' board (the "<u>Board</u>") pursuant to Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix B, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for shareholder or administrative services, as described therein. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent. Intermediary hereby represents that Intermediary is permitted under Applicable Laws to receive all payments for shareholder services contemplated herein.

13.&nbsp;&nbsp;&nbsp;&nbsp;**Order Processing.** Intermediary represents that it has reviewed its policies and procedures to ensure that they are adequate with respect to preventing violations of law and Prospectus requirements related to timely order-taking and market timing activity, in that such policies and procedures prevent (i) the submission of any order received after the deadline for submission of orders in each day that are eligible for pricing at that day's NAV per share and (ii) the purchase of Shares by an individual or entity whose stated objectives are not consistent with the stated policies of a Fund in protecting the best interests of longer-term investors, particularly where such investor may be seeking market timing or arbitrage opportunities through such purchase. Intermediary represents that it will be responsible for the collection and payment to the Company of any Redemption Fees based upon the terms outlined in the Company's Prospectus.

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14.&nbsp;&nbsp;&nbsp;&nbsp;**Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

15.&nbsp;&nbsp;&nbsp;&nbsp;**Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

16. &nbsp;&nbsp;&nbsp;&nbsp;**Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Company without obtaining Intermediary's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;**Notices.** All notices and other communications to Distributor shall be sent to it at Three Canal Plaza, Suite 100, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Intermediary shall be sent to it at the address set forth below or at such other address as Intermediary may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

18.&nbsp;&nbsp;&nbsp;&nbsp;**Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

19.&nbsp;&nbsp;&nbsp;&nbsp;**Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Intermediary for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Intermediary in contravention of Rule 12b-1(h) of the 1940 Act.

20.&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder Information.** Intermediary shall comply with the requirements set forth on Appendix C regarding the provision of shareholder information pursuant to Rule 22c-2 of the 1940 Act.

21.&nbsp;&nbsp;&nbsp;&nbsp;**Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

22.&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

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*[Signature Page Follows]*

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**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

**QUASAR DISTRIBUTORS, LLC**

By: _________________________________

Name: _________________________________

Title: _________________________________

**[INTERMEDIARY NAME]**

By:_________________________________

Name: _________________________________

Title: _________________________________

Address of Intermediary:

_________________________________

_________________________________

Operations Contact:

Name: _________________________________

Phone: _________________________________

Email: _________________________________

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**APPENDIX A**

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**APPENDIX B**

**QUASAR DISTRIBUTORS, LLC**

**SERVICE FEE AGREEMENT**

**PROFESSIONALLY MANAGED PORTFOLIOS**

This fee agreement ("<u>Agreement</u>") is made and effective as of this _____ day of _________________ 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Intermediary have entered into a selling group member agreement dated as of ____________ ("<u>Selling Group Member Agreement</u>"), which entitles Intermediary to serve as a selling group member of certain Funds of the Professionally Managed Portfolios for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Intermediary wish to confirm Distributor's and Intermediary's understanding and agreement with respect to Rule 12b-1 payments to be made to Intermediary in accordance with the Selling Group Member Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. This Agreement confirms Distributor's and Intermediary's understanding and agreement with respect to Rule 12b-1 payments to be made to Intermediary in accordance with the Selling Group Member Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Selling Group Member Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Intermediary pursuant to one or more distribution and service plans (the "<u>Plans</u>") adopted by certain of the Funds pursuant to Rule 12b-1 of the 1940 Act. Intermediary shall furnish sales and marketing services and/or shareholder services to Intermediary's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Funds, processing shareholder transactions, and providing any other shareholder services not otherwise provided by a Fund's transfer agent. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such Rule 12b-1 Plan payments or other compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's Clearing Agent such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent.

3. Any such fee payments shall reflect the amounts described in the Fund's Prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Intermediary whose records, as maintained by the Funds or the transfer agent, designate Intermediary's firm as the customer's intermediary of record. No such fee payments will be payable to Intermediary with respect to Shares purchased by or through Intermediary and redeemed by the Funds within seven (7) business days after the date of confirmation of such purchase. Intermediary represents that Intermediary is eligible to receive any such payments made to Intermediary under the Plans.

&nbsp;&nbsp;&nbsp;&nbsp;

------

4. Intermediary agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Intermediary shall furnish Distributor with a written report describing the amounts payable to Intermediary pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Intermediary shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Intermediary pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans or in Rule 12b-1. This Agreement may be terminated, with respect to one or more Funds, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated with respect to any Fund upon a termination of the relevant Plan or the Selling Group Member Agreement, if a Fund closes to new investments, or if Distributor's Distribution Agreement with the Funds terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Selling Group Member Agreement.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

**QUASAR DISTRIBUTORS, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INTERMEDIARY NAME]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

By:&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;[Intermediary address]

&nbsp;&nbsp;&nbsp;&nbsp;

------

**APPENDIX C**

**Information Regarding the Provision of Shareholder Information Pursuant to Rule 22c-2**

(a).&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Provide Information.** Intermediary shall provide the Fund, upon request, the taxpayer identification number ("<u>TIN</u>"), if known, (or in the case of a non U.S. shareholder, if the TIN is unavailable, the International Taxpayer Identification Number or other government issued identifier) of any or all Shareholder(s) who have purchased, redeemed, transferred, or exchanged Shares held through an account with Intermediary and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) or account (if known), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange of Shares held through an account maintained by the Intermediary during the period covered by the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;**Period Covered by Request.** Requests must set forth a specific period, not to exceed 90 days from the date of the request, for which transaction information is sought. The Fund may request transaction information older than 90 days from the date of the request as it deems necessary to investigate compliance with policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;**Form and Timing of Response.** Intermediary shall transmit the requested information that is on its books and records to the Fund or its designee promptly, but in any event not later than five business days, after receipt of a request. If the requested information is not on the Intermediary's books and records, Intermediary shall use best efforts to: (x) provide or arrange to provide to the Fund the requested information from shareholders who hold an account with an indirect intermediary, including a determination on whether any specific person about whom Intermediary has received information, is itself a financial intermediary; or (y) if directed by the Fund, restrict or prohibit further purchases or exchanges of Shares by a shareholder who has been identified by the Fund as having engaged in transactions of Shares (directly or indirectly) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding securities issued by the Fund. In such instance, Intermediary shall inform the Fund whether it plans to perform (x) or (y). Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties. To the extent practicable, the format for any transaction information provided to the Fund should be consistent with the NSCC Standardized Data Reporting Format. For purposes of this provision, an "indirect intermediary" has the same meaning as in SEC Rule 22c-2 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;**Limitations on Use of Information.** The Fund agrees not to use the information received for marketing or any other similar purpose without the prior written consent of the Intermediary.

(b)&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Restrict Trading.** Intermediary shall execute written instructions from the Fund to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund as having engaged in transactions of the Shares (directly or indirectly through the Intermediary's account) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;**Form of Instructions.** Instructions must include the TIN, if known, and the specific restriction(s) to be executed. If the TIN is not known, the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Timing of Response. Intermediary shall execute instructions as soon as reasonably practicable, but not later than five business days after receipt of the instructions by the Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;Confirmation by Intermediary. Intermediary must provide written confirmation to the Fund that instructions have been executed. Intermediary shall provide confirmation as soon as

&nbsp;&nbsp;&nbsp;&nbsp;

------

reasonably practicable, but not later than ten business days after the instructions have been executed.

(c)&nbsp;&nbsp;&nbsp;&nbsp;**Definitions.** For purposes of this Appendix C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Fund</u>" includes the fund's investment adviser, principal underwriter and transfer agent. The term does not include any "excepted funds" as defined in SEC Rule 22c-2(b) under the Investment Company Act of 1940 (the "<u>1940 Act</u>").<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Shares</u>" means the interests of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Shareholder</u>" means the beneficial owner of Shares, whether the Shares are held directly or by the Intermediary in nominee name or, alternatively, for use with retirement plan recordkeepers, the term means the Plan participant notwithstanding that the Plan may be deemed to be the beneficial owner of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>written</u>" includes electronic writings and facsimile transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Intermediary</u>" shall mean a "financial intermediary" as defined in SEC Rule 22c-2.

<sup>2</sup>. As defined in SEC Rule 22c-2(b), the term "excepted fund" means any: (1) money market fund; (2) fund that issues securities that are listed on a national exchange; and (3) fund that affirmatively permits short-term trading of its securities, if its prospectus clearly and prominently discloses that the fund permits short-term trading of its securities and that such trading may result in additional costs for the fund.

&nbsp;&nbsp;&nbsp;&nbsp;

## Ex-99.H(Xv)

**PROFESSIONALLY MANAGED PORTFOLIOS**

**OPERATING EXPENSES LIMITATION AGREEMENT**

**THIS OPERATING EXPENSES LIMITATION AGREEMENT** (the "Agreement") is effective as of the 3rd day of **<u>January</u>, <u>2023</u>**, by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust"), on behalf of the series listed on Appendix A, which may be amended from time to time (the "Funds"), a series of the Trust, and the Adviser of the Funds, Bridges Investment Management, Inc. (the "Adviser").

**WITNESSETH:**

**WHEREAS**, the Adviser renders advice and services to the Fund pursuant to the terms and provisions of an Investment Advisory Agreement between the Trust and the Adviser dated as of the 3rd day of **<u>January</u>, <u>2023</u>**, (the "Investment Advisory Agreement"); and

**WHEREAS**, pursuant to the Investment Advisory Agreement, the Fund is responsible for, and has assumed the obligation for, payment of certain all expenses that have not been assumed by the Adviser thereunder; and

**WHEREAS**, the Adviser desires to limit each Fund's Operating Expenses (as that term is defined in Paragraph 2 of this Agreement) pursuant to the terms and provisions of this Agreement, and the Trust (on behalf of the Funds) desires to allow the Adviser to implement those limits;

**NOW THEREFORE**, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. LIMIT ON OPERATING EXPENSES.** The Adviser hereby agrees to limit each Fund's current Operating Expenses to an annual rate, expressed as a percentage of the average annual net assets to the amount listed in <u>Appendix A</u> (the "Annual Limits"). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Adviser will pay to the Fund, on a monthly basis, the excess expense within fifteen (15) calendar days, or such other period as determined by the Board of Trustees of the Trust, of being notified that an excess expense payment is due. In the event that the Board of Trustees of the Trust determines that an excess expense payment due date be other than fifteen (15) calendar days, the Trust will provide the Adviser with ten (10) calendar days written notice prior to the implementation of such other excess expense payment due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. DEFINITION.** For purposes of this Agreement, the term "Operating Expenses" with respect to the Fund, is defined to include all expenses necessary or appropriate for the operation of the Fund, including the Adviser's investment advisory or management fee detailed in the Investment Advisory Agreement, and other expenses described in the Investment Advisory Agreement, but does not include any front-end or contingent deferred loads, taxes, interest expenses, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. REIMBURSEMENT OF FEES AND EXPENSES.** The Adviser retains its right to receive reimbursement of any excess expense payments paid by it pursuant to this Agreement under the same terms

------

and conditions as it is permitted to receive reimbursement of reductions of its investment management fee under the Investment Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. TERM.** This Agreement shall become effective simultaneously with the commencement of the Funds and shall remain in effect for a period of two years (the "Term"), after which the Agreement may be automatically renewed for one-year successive terms, unless sooner terminated as provided in Paragraph 5 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. TERMINATION.** After the expiration of the Term, this Agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Fund, upon sixty (60) days' written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board of Trustees of the Trust, which consent will not be unreasonably withheld. This Agreement will automatically terminate if the Investment Advisory Agreement is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. ASSIGNMENT.** This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. SEVERABILITY.** If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. GOVERNING LAW.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Massachusetts without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940, and the Investment Advisers Act of 1940, and any rules and regulations promulgated thereunder.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the day and year first above written.

---

| | |
|:---|:---|
| **PROFESSIONALLY MANAGED PORTFOLIOS <br>on behalf of the Funds listed on Schedule A** | **BRIDGES INVESTMENT MANAGEMENT, INC.** |
| By: _________________________________ | By: <u>/s/ Brian M. Kirkpatrick</u> |
| Name: Jason F. Hadler | Name: Brian M. Kirkpatrick |
| Title: President | Title: Sr. Vice President |

---

------

**<u>Appendix A</u>**

---

| | |
|:---|:---|
| **<u>Series of Professionally Managed Portfolios</u>** | **<u>Operating Expense Limit</u>** |
| Bridges Investment Fund | 1.05% |

---

## Ex-99.I(Xviii)

![sullivanheader.jpg](sullivanheader.jpg)

January 3, 2023

The Trustees of Professionally

Managed Portfolios

615 East Michigan Street

Milwaukee, WI 53202

Re: <u>Professionally Managed Portfolios – Bridges Investment Fund</u>

Ladies and Gentlemen:

You have requested our opinion, as your counsel, as to certain matters of Massachusetts law relating to the organization and shares of Professionally Managed Portfolios, a trust with transferable shares (the "<u>Trust</u>") established under Massachusetts law pursuant to an Amended and Restated Declaration of Trust dated June 13, 2005, as amended to date (the "<u>Declaration</u>"). We understand that our opinion is requested in connection with the filing by the Trust with the Securities and Exchange Commission (the "<u>SEC</u>") of Post-Effective Amendment No. 847 to its Registration Statement under the Securities Act of 1933, as amended, Registration No. 033-12213 and of Post-Effective Amendment No. 842 to its Registration Statement under the Investment Company Act of 1940, as amended, Registration No. 811-05037 (the "<u>Amendment</u>"), relating to the shares of beneficial interest, without par value (the "<u>Shares</u>"), of Bridges Investment Fund.

For purposes of rendering the opinions stated herein, we have examined and are familiar with the Declaration, and we have reviewed the forms of the prospectus (the "<u>Prospectus</u>") and statement of additional information (the "<u>SAI</u>") contained in the Amendment, records of the actions taken by yourselves as the Trustees of the Trust to authorize the issuance and sale of the Shares, the By-laws of the Trust, as currently in effect, certificates of officers of the Trust and of public officials as to matters of fact relevant to such opinions, and such other documents and instruments, certified or otherwise identified to our satisfaction, and such questions of law and fact, as we have considered necessary or appropriate for purposes of giving such opinions. We call to your attention that, in doing so, we have assumed the genuineness of the signatures on, and the authenticity of, all documents furnished to us, and the conformity to the originals of documents submitted to us as copies, which we have not independently verified.

Our opinion in paragraph 1 below with respect to the valid existence of the Trust in Massachusetts is based solely on a certificate to such effect issued by the Secretary of the Commonwealth of Massachusetts.

Based upon and subject to the foregoing, we hereby advise you that, in our opinion, under the laws of Massachusetts:

------

The Trustees of <br>Professionally Managed Portfolios<br>January 3, 2023 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is validly existing as a trust with transferable shares of the type commonly called a Massachusetts business trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust is authorized to issue an unlimited number of Shares; at any time after the effective date of the amendment to the Trust's Registration Statement on Form N-1A relating to the Shares, the Shares will have been duly and validly authorized by all requisite action of the Trustees of the Trust, and no action by the shareholders of the Trust is required in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Shares, when duly sold, issued and paid for as contemplated by the Prospectus and SAI, will be fully paid and non-assessable.

This letter expresses our opinions as to the provisions of the Declaration and the laws of Massachusetts applying to business trusts generally, but does not extend to the Massachusetts Securities Act or to federal securities or other laws.

This opinion is limited to the present laws of the Commonwealth of Massachusetts (as such laws are applied by courts located in Massachusetts) and to the present judicial interpretations thereof and to the facts as they presently exist. We express no opinion with respect to, or as to the effect of the laws of, any other jurisdiction.

All of the opinions set forth herein are rendered as of the date hereof, and we assume no obligation to update such opinions to reflect any facts or circumstances that may hereafter come to our attention or any changes in the law that may hereafter occur.

This opinion letter should be interpreted in accordance with the <u>Core Opinion Principles</u> issued by the Legal Opinions Committee of the American Bar Association's Business Law Section and the Working Group on Legal Opinions Foundation, as published in *The Business Lawyer*, 74 Bus. Law. 815 (2019).

This opinion is solely for the benefit of the Trust and its shareholders and may not be otherwise quoted or relied upon by any person or entity without our prior express written consent.

We consent to your filing this letter with the SEC as an exhibit to the N-1A, but we do not thereby concede that we come within the class of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,

/s/ Sullivan & Worcester LLP

SULLIVAN & WORCESTER LLP

## Ex-99.J(Ii)

![cohenlogo.jpg](cohenlogo.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated February 25, 2022, relating to the financial statements and financial highlights of Bridges Investment Fund for the year ended December 31, 2021, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

![cohensignature.jpg](cohensignature.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 3, 2023

## Ex-99.P(Xv)

**CODE OF ETHICS** 

**OF**

**BRIDGES INVESTMENT MANAGEMENT**

**Preamble**

Bridges Investment Management, Inc <u>("BIM"</u> or the <u>"Adviser")</u> intends that the provisions of the Code of Ethics be interpreted in a manner consistent with the requirements of SEC Rule 17j-1 and SEC Rule 204A-1, and in the event, any provisions of the Code of Ethics are inconsistent with the provisions of SEC Rule 204A-1 or SEC Rule 17j-1, that the provisions of Rule 204A-1 and Rule 17j-1 shall control.

**Section–1 - Definitions**

The following definitions establish the applicability of this Code of Ethics to various persons and situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"Adviser" means Bridges Investment Management, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"Access Person" shall have the meeting set forth in Rule 204A-1 and Rule 17j-1 and shall include the persons set forth on <u>Attachment I</u> hereto, which attachment shall be updated from time to time by the Chief Compliance Officer. All BIM employees and/or Directors are currently deemed to be Access Persons. If interns, temporary, and/or contract employees are deemed to have access to recommendations and information that necessitates categorization as an Access Person, they will be categorized as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"Advisory Person" shall have the meeting set forth in Rule 17j-1 and shall include the persons set forth on <u>Attachment I</u> hereto, which attachment shall be updated from time to time by the Chief Compliance Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"Affiliated Person" means: (i) a person directly or indirectly owning, controlling, or holding the power to vote, 5% or more of the outstanding voting securities of such other person; (ii) any person 5% or more of whose outstanding voting securities are directly or indirectly owned controlled or held with the power of vote by such other person; (iii) any person directly or indirectly controlling, controlled by, or under common control with such other person; (iv) any officer, director, partner, co-partner or employee of such other person; (v) if such other person is an investment company, any investment adviser thereof or any member of an advisory board thereof; and (vi) if such other person is an unincorporated investment company not having a Board of Directors, the depositor thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"Beneficial Ownership" shall be interpreted in the same manner as it would be in determining whether a person is the beneficial owner of a security for purposes of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder. This means that an Access Person should generally consider themself to have Beneficial Ownership in any Covered Security in which he or she has a direct or indirect pecuniary interest, which includes securities held by immediate family members who are living in such Access Person's household. In addition, an Access Person should consider himself or herself to have Beneficial Ownership in any securities held by another person where, by reason of any contract, arrangement, understanding or relationship, such Access Person has sole or shared voting or investment power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"BHC" means Bridges Holding Company, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"Chief Compliance Officer" means the Chief Compliance Officer of Bridges Investment Management, Inc. unless specifically stated otherwise.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"Client" means individuals and entities for which BIM provides investment management and other services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;"Covered Security" means a security as defined in Section 2(a)(36) of the Investment Company Act of the Investment Company Act as further defined below including but not limited to shares of Bridges Investment Fund and open-end investment companies for which BIM serves as investment adviser.

For purposes of this Code of Ethics, Covered Security does not include: (i) direct obligations of the government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements, and FDIC insured bank deposits; (iii) shares issued by open-end investment companies for which BIM does not serve as investment adviser; (iv) shares issued by money market funds; and (v) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds for which BIM does not serve as investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;"Disinterested Director" means a director of BHC who is deemed independent by the BIM Board of Directors and who at no time is an Access Person or Advisory Person (as such terms are defined in the Code of Ethics).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"Purchase or sale of a Covered Security" includes, inter alia, the writing of an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;"Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to rule 504 or rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp; "Security Held or to be Acquired" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Any Covered Security which, within the most recent 15 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;is or has been held by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;is being or has been considered by the Fund or Adviser for purchase by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in Section 1(j).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;"BHC" means Bridges Holding Company, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;"Security" means:

Any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

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**Section–2 - Exempted Transactions**

The prohibitions of Section 3A of this Code of Ethics shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Purchases or sales effected in any account over which an Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Purchases or sales of securities that are not eligible for purchase or sale by the Fund or BIM clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Purchases or sales which are non-volitional on the part of either the Access Person or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Purchases which are part of an automatic investment plan, as defined in SEC Rule 204A-1 and SEC Rule 17j-1 or purchases that are part of an employer's 401(k) plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of securities through stock dividends, dividend reinvestments, stock splits, mergers, spin-offs and other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Purchases or sales permitted by Section 10(1) of this Code.

**Section–3 - Prohibitions**

In determining the form and content of a prohibition, persons should bear in mind that Rule 17j-1 is not the exclusive source of restrictions on insider activities. Other provisions of the federal securities laws must also be considered. Employees of investment advisers, in particular, should be mindful of the anti-fraud and reporting provisions of the Investment Advisers Act of 1940 and the rules thereunder.

3A.&nbsp;&nbsp;&nbsp;&nbsp;No Access Person shall purchase or sell, directly or indirectly, any Covered Security in which they have,

or by reason of such transaction acquires, any direct or indirect Beneficial Ownership and which to his or her actual knowledge at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;is being considered for purchase or sale by the Fund or Clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;is being purchased or sold by the Fund or Clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been purchased or sold by the Fund or Clients within the past twenty-four hours;

*provided, however,* that this Section 3A shall not apply to the purchase or sale of shares of the Fund by Access Persons, and that for purposes of this section, the term "Covered Security" shall not include shares of the Fund. Notwithstanding such proviso, shares of the Fund shall be considered Covered Securities for all other purposes of the Code of Ethics unless otherwise expressly excluded.

3B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is unlawful for any Access Person or any other Affiliated Person of or principal underwriter for the Fund, or any Affiliated Person of BIM or principal underwriter for the Fund, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by the Fund:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;To employ any device, scheme, or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;To make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;To engage in any manipulative practice with respect to the Fund.

**Section–4 - Reporting Requirements of Access Persons**

4A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Reports Required.****&nbsp;&nbsp;&nbsp;&nbsp;*Unless excepted by paragraph 4B of this Section, every BIM Access Person will report to the Chief Compliance Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;***Initial Holdings Reports****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Not later than 10 days after the person becomes an Access Person, the Access Person shall complete the Initial Holdings Report, attached hereto as <u>Exhibit</u> 1 or the Holdings Report utilized within the electronic reporting system employed by BIM (e.g. MyRIACompliance) to the Chief Compliance Officer, which information shall be current as of a date no more than 45 days prior to the date the report is submitted. This report shall include all Covered Securities beneficially owned by the Access Person. Access Persons may attach account statements to the Initial Holdings Reports identified in Exhibit 1 and certify that all holdings were reflected in the account information provided to BIM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;A Disinterested Director of BHC who would be required to make a report solely by reason of being a Director of BHC need not make an initial report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Transaction Reports.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Not later than 30 days after the end of the calendar quarter, the Access Person shall complete the Quarterly Transactions Report, which shall include transactions in all Covered Securities beneficially owned by such Access Person by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Submitting a completed Quarterly Transaction Report to the Chief Compliance Officer attached hereto as <u>Exhibit 2</u>; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Submitting a Transaction Report utilized within the electronic reporting system employed by BIM (e.g. MyRIACompliance) to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;*Exceptions:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;An Access Person need not make a quarterly transaction report to the Chief Compliance Officer if the information in the report would duplicate information required to be recorded pursuant to other applicable rules and regulations or if the report would duplicate information contained in broker trade confirmations or account statements received by BIM with respect to the Access Person in the time period required.

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In lieu of such report, the Access Person shall certify that all quarterly transactions were reflected in the duplicate account information previously and properly delivered to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;A Disinterested Director who would be required to make a report solely by reason of being a director, need only make a quarterly transaction report if the director knew or, in the ordinary course of fulfilling his or her official duties, should have known that during the 15-day period immediately before or after the director's transaction in a Covered Security, the Fund purchased or sold the Covered Security, or the Fund or the Advisor considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;***Annual Holdings Reports****.* 

Each year, the Access Person shall complete the Annual Holdings Report with prior year-end holdings as of December 31, attached hereto as <u>Exhibit 3</u> or the Holdings Report within the electronic reporting system employed by BIM (e.g. MyRIACompliance) to the Chief Compliance Officer.

Annual Holdings Reports as of December 31 of each year will be due by January 31 of the following year or no later than 45 days after the end of the calendar year and include all Covered Securities beneficially owned by the Access Person.

An Access Person need not complete the Annual Holdings Report identified in <u>Exhibit 3</u> if the report would duplicate information contained in broker trade confirmations or account statements received by BIM with respect to the Access Person in the time period required.

In lieu of such report, the Access Person shall certify that all holdings were reflected in the duplicate account information previously delivered to BIM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;*Exceptions:*

A Disinterested Director who would be required to make a report solely by reason of being a director need not make an Annual Holdings Report.

4B.&nbsp;&nbsp;&nbsp;&nbsp;*Exceptions from All Reporting Requirements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;An Access Person shall not be required to make any reports under this Section with respect to transactions effected for, and Covered Securities held in, any account over which such person does not have any direct or indirect influence or control.

4C.&nbsp;&nbsp;&nbsp;&nbsp;*Review of Reports.* Reports required to be made by this Section 4 are to be submitted to the Chief Compliance Officer for review.

&nbsp;&nbsp;&nbsp;&nbsp;No person may review their own reports and to the extent this Code of Ethics requires action by a Chief Compliance Officer, such Chief Compliance Officer's responsibilities under this Code with respect to such reviews shall be carried out by another BIM Compliance Officer or an appropriate designee such as two officers, Assistant Chief Compliance Officer, Chief Investment Officer, Chief Operations Officer, or Chief Executive Officer.

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4D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Notification of Reporting Obligation.* BIM will identify all Access Persons who are required to make these reports and will inform those Access Persons of their reporting obligation.

4E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Disclaimer of Beneficial Ownership.* Any report required within this Section may contain a statement that the report shall not be construed as an admission that the person making the report that he or she has any direct or indirect Beneficial Ownership in the Covered Security to which the report relates.

4F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Recordkeeping.* BIM will maintain the following at its principal place of business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;A copy of each report made by an Access Person as required by this Section, including any information provided in lieu of the reports, will be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;A record of all persons, currently or within the past five years, who are or were required to make reports under Section 4, or who are or were responsible for reviewing these reports, will be maintained in an easily accessible place.

**Section–5 - Sanctions.**

Upon discovering a violation of this Code of Ethics, each person covered by this Code of Ethics shall promptly report any suspected violation to the Chief Compliance Officer . The Board of Directors or Chief Compliance Officer may impose such sanctions as it deems appropriate, including, inter alia*,* a letter of censure or suspension or termination of the employment of the violator. All material violations of this Code of Ethics and any sanctions imposed with respect thereto shall be reported periodically to the Board of Directors. Additionally, all code of ethics violations must be reported to the PMP Trust Chief Compliance Officer and Board of Trustees of PMP Trust no less frequently than quarterly.

**Section–6 - *Intentionally Omitted***

**Section–7 - General Fiduciary Principles**

The general fiduciary principles that govern personal investment activities of our covered individuals under this Code of Ethics are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the duty at all times to place the interest of Fund shareholders and Clients first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the requirement that all personal securities transactions be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any absence of an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the fundamental standard that BIM personnel should not take inappropriate advantage of their positions.

Furthermore, BIM agrees to act as a fiduciary with respect to client accounts. Section 206 of the Investment Advisers Act of 1940 prohibits Registered Investment Advisers from engaging in fraudulent, deceptive, or manipulative activities. BIM will put the client's best interests first. We will act with prudence (with the skill, care, diligence, and good judgment of a professional). We will not mislead, but rather provide conspicuous, full and fair disclosure of all important facts. We will fully disclose conflicts of interest and fairly manage them in the client's favor.

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**Section–8 - Applicability of Restrictions and Procedure**

This Code of Ethics applies to all Access Persons. All personal transactions involving Covered Securities is covered by this Code of Ethics, except as otherwise provided herein. Consistent with Rule 17j- 1, the category of Access Persons will be construed broadly to include immediate family members sharing the same household with respect to Section 3 (Trading Prohibitions) and Section 9 (Substantive Restrictions on Personal Investing Activities).

**Section–9 - Substantive Restrictions on Personal Investing Activities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Public Offerings.</u> This Code of Ethics prohibits any Advisory Person from directly or indirectly acquiring any Beneficial Ownership in any securities in an initial public offering in order to preclude any possibility of their profiting improperly from their positions on behalf of an investment company unless such transaction is preapproved as provided in Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limi</u><u>ted Offering.</u> This Code of Ethics requires express prior approval from BIM of any direct or indirect acquisition of Beneficial Ownership of any securities by Advisory Persons in a Limited Offering. This prior approval should take into account, among other factors, whether the investment opportunity should be reserved for the Fund and its shareholders or an investment advisory client, and whether the opportunity is being offered to an individual by virtue of their position with those companies. Advisory Persons who have been authorized to acquire securities in a Limited Offering should be required to disclose that investment when they play a part in the Fund's or investment advisory client's subsequent consideration of an investment in the issuer. In such circumstances, the Fund's decision to purchase securities of the issuer should be subject to an independent review by at least two officers of BIM with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Blackout Periods.</u> This Code of Ethics prohibits any Access Person from executing a securities transaction on a day during which any investment company in his or her complex has a pending "buy" or "sell" order in that same security until that order is executed or withdrawn. In addition, this Code of Ethics prohibits any Access Person from buying or selling a security within the past twenty-four hours before or after an investment company that they manage, or BIM clients, trades in that security. Any profits realized on trades within the proscribed periods should be required to be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>4. Ban on Short-Term Trading Profits.</u> This Code of Ethics prohibits all Advisory Persons from profiting on the purchase and sale, or sale and purchase, of the same or equivalent securities within 30 calendar days for accounts in which Access Person has control. Any profits realized on such short-term trades will be required to be disgorged. In exceptional situations resulting in de minimis profits from an Access Person's attempt to mitigate a loss or strategically rebalance their portfolio, the Chief Compliance Officer, Board, or two members of Senior Management will be permitted to evaluate the circumstances and waive the disgorgement requirement. Option trades executed in line with the exception set forth in Section 10.1(d) are exempted from the 30-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Gifts.</u> This Code of Ethics prohibits Advisory Persons from receiving any gifts of anything of more than *de minimis* value from any person or entity that does business with or on behalf of the Fund or BIM. For purposes of this Section, any gift with value in excess of $200 would not be considered *de minimis* and should be reported promptly to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Service as a Director.</u> This Code of Ethics prohibits Advisory Persons (as defined in Attachment I) from serving on the boards of directors of publicly traded companies, absent prior authorization based upon a determination that the board service would be consistent with the interests of Fund shareholders and BIM. In the relatively small number of instances in which board service is authorized, Advisory Persons

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serving as directors normally should be isolated from those making investment decisions through "Chinese Wall" or other procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted List.</u> The Advisor may from time to time establish a "restricted list" that includes the names of companies for which the Fund or BIM may have, or are in a position to receive, material, non-public information. Access Persons shall not trade or invest in the securities of any companies on the restricted list.

**Section 10 - Compliance Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Preclearance.</u> This Code of Ethics requires all Access Persons to "preclear" personal securities investments in Covered Securities before such transactions are initiated, except for the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exceptions:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Donations or other gifts of securities to qualified charitable organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Purchases or sale of exchange traded funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;*De minimis* transactions in large-cap issuers with a market capitalization of $5 billion if the value of such purchase or sale, together with the value of all of the Access Person's purchases or sales of securities of such large-cap issuer in any one-month period, would not exceed $100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Purchases or sales of call or put options that provide exposure only to a list of approved broadly diversified securities indices, and that the $100,000 limit noted in 10.1 (c) above shall apply to the notional value of the underlying option transaction, not just the face value of the option trade itself. The approved indices are limited to the S&P 500 Index, Dow Jones 30 Industrial Index, and Russell 3000 Index and any other broadly diversified securities indices approved by the Chief Compliance Officer.

Regardless of any exception to the preclearance requirement, all transactions in Covered Securities shall be reported pursuant to the quarterly reporting obligations identified in Section 4A(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Obtaining Preclearance Approval.</u> Access Persons shall complete the Preclearance Transactions Request form attached hereto as <u>Exhibit 4</u> or the Personal Trading Request within the electronic reporting system employed by BIM (e.g. MyRIACompliance)_and deliver it to the Chief Compliance Officer or an appropriate designee such as two officers, Chief Investment Officer, Chief Operations Officer, or Chief Executive Officer for preclearance approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Prohibition Against Self Approval.</u> No person may preclear his or her own trades, and to the extent this Code of Ethics requires action by a Chief Compliance Officer and the Chief Compliance Officer also engages in personal securities transactions, such Chief Compliance Officer's responsibilities under this Code with respect to such personal securities transactions shall be carried out by another BIM Compliance Officer or an appropriate designee such as two officers, Chief Investment Officer, Chief Operations Officer, or Chief Executive Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;<u>Preclearance Denials</u>. If any Access Person requests preclearance and are denied preclearance, such Access Person shall not execute a transaction in that issuer without preclearance for a period of 10 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Records of Securities Transactions.</u> This Code of Ethics requires all Access Persons to direct their brokers, or other financial intermediaries that may pay for, hold, or receive securities, to supply to the Chief Compliance Officer, on a timely basis, duplicate copies of confirmations of all personal securities transactions and copies of periodic statements for all securities accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with FINRA Rules.</u>&nbsp;&nbsp;&nbsp;&nbsp;Each Access Person is required to notify FINRA broker-dealers that they are an employee of BIM, a registered investment adviser, when opening a brokerage account with such broker-dealer. Access Persons are required to notify BIM, as appropriate, that they have initiated an account opening at a broker, bank or other financial intermediary, and each employee will acknowledge that written instructions have been given to the broker or financial intermediary to send regular or normal transaction confirmations and statements of account to BIM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Post-trade Monitoring.</u> BIM will implement appropriate procedures to monitor investment activity by Access Persons after preclearance has been granted. The system of procedures will seek to identify patterns of personal securities trading occurring before Fund or advisory clients trade and to determine if preclearance was appropriately sought before trading. The Chief Compliance Officer or their approved designee(s) will perform such monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certification of Compliance With Code of Ethics.</u> This Code of Ethics requires all Access Persons be required to certify annually that they have read and understand this Code and that they recognize that they are subject thereto. Further, Access Persons should be required to certify annually that they have complied with all of the requirements of this Code of Ethics and they have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;This Code of Ethics also requires BIM to certify, when adopting or making any material changes to its code, that it has adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Review by the Board of Trustees of the PMP Trust.</u> BIM will prepare a written annual report to the Board of Trustees of the PMP Trust, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;summarizes existing procedures concerning personal investing and any changes in the procedures made during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;identifies any violations requiring significant remedial action during the past year and the sanctions imposed in response to the violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;identifies any recommended changes in existing restrictions or procedures based upon the Fund's, Advisor's or principal underwriter's experience under the code of ethics, evolving industry practices, or developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;certifies that BIM has adopted procedures reasonably necessary to prevent Access Persons from violating its code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;&nbsp;&nbsp;BIM will maintain a copy of each report at its principal place of business for at least five years after the end of the fiscal year in which it was made, the first two years in an easily accessible place.

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**Section 11 - Authorizers for Preclearance**

The Chief Compliance Officer is the primary authorizing person for preclearance of personal securities transactions. In the absence or non-availability of the Chief Compliance Officer, preclearance authorization shall be carried out by another BIM Compliance Officer or an appropriate designee such as two officers, Chief Investment Officer, Chief Operations Officer, or Chief Executive Officer.

No person may preclear his or her own trades, and to the extent this Code of Ethics requires action by a Chief Compliance Officer and the Chief Compliance Officer also engages in personal securities transactions, such Chief Compliance Officer's responsibilities under this Code with respect to preclearance authorization shall be carried out by another BIM Compliance Officer or an appropriate designee such as two officers, Chief Investment Officer, Chief Operations Officer, or Chief Executive Officer.

**Section 12 - Filing of Reports by Access Persons and Other Persons and Entities**

Reports required to be filed under this Code of Ethics should be directed to the Chief Compliance Officer. The Chief Compliance Officer may delegate review functions of these materials to authorized employees of BIM or officers or agents elected or appointed by the Board of Directors.

**Section 13 - Discipline**

Employees and other persons who willfully violate this Code of Ethics may expect disciplinary action appropriate to the situation involved. Penalties applied by other investment advisers and investment companies are published in industry association communications and SEC releases. These disciplinary actions should be described as harsh in the context of our subject companies; nonetheless, they could form the basis of actions and fine assessments taken by the management and directors of the entities bound by this Code of Ethics.

**Section 14 - Confidentiality**

Reports that are filed by persons or entities under this Code of Ethics will be handled in a confidential manner. The information will be reviewed only by senior corporate officers on a need-to-know basis or by a certified public accountant or attorney or qualified parties authorized by the Board of Directors if BIM desires to retain outside reviewers to prepare summary reports.

**Section 15 - Adoption and Approval of Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;This Code will be approved by the Board of Trustees of PMP Trust. The Board of Trustees of PMP Trust will also approve any material changes to this Code no later than six months after the adoption of the material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;This Code will be reviewed and approved by the BIM Board of Directors at least annually and the Board of Directors will approve any material changes to this code no later than six months after adoption of the material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;BIM will maintain a copy of its current code of ethics and any code of ethics that was in effect within the past five years in an easily accessible place at its principal place of business.

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**Section 16 - Standards of Conduct for Access Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Access Persons <u>are expected</u> to adhere to the highest level of ethical standards in the conduct of their business, consistent with the long-standing history of high ethical conduct by the Bridges entities and their outstanding reputation for honesty, integrity and professionalism in treatment of clients. Access Persons <u>are required</u> to comply with all applicable state and federal laws and regulations, including federal securities laws, and general fiduciary principles as set forth in Section 7 of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The applicable federal securities laws Access Persons are required to comply with include the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, the Bank Secrecy Act, and all regulations adopted by the SEC or other federal regulatory agency pursuant thereto.

**Section 17 - Reporting Violations under the Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Reporting Violations to Chief Compliance Officer</u> - Violations, or suspected violations, of the Code of Ethics shall be reported to the Chief Compliance Officer for remedial action; provided, however, that if the suspected violation of the Code of Ethics is by the Chief Compliance Officer, or if the Chief Compliance Officer is unavailable within a reasonable period of time, the violation shall be reported to the Chairman, President, or one or more members of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u> - Reports of possible violations of the Code of Ethics will be treated confidentially to the extent permitted by law and investigated promptly and appropriately. Reports of possible violations may be submitted to the Chief Compliance Officer anonymously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Retaliation is Prohibited</u> - Retaliation against an individual who has reported a violation or suspected violation of the Code of Ethics is prohibited and shall constitute a further violation of the Code of Ethics.

**Section 18 – Outside Business Activities&nbsp;&nbsp;&nbsp;&nbsp;**

Employment of any outside business activity by an associated person of BIM may result in possible conflicts of interests for the associated person or for the firm and therefore must be reviewed and approved by the Chief Compliance Officer. In addition, outside business activities must be disclosed on Form U4 for those associates registered with FINRA or individual states and if applicable, the Form ADV. Outside activities which must be reviewed and approved include, but are not limited, to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Being employed or compensated by any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Being active in any other business including part-time, evening or weekend employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Serving as an officer, director, partner, or in some other similar capacity for any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Ownership interest in any non-publicly traded company or other private investments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;Any public speaking or writing activities.

Written approval from BIM for any of the above activities must be obtained by supervised persons prior to engaging in the activity. All supervised persons must complete and submit an Outside Business Activities Disclosure Form at the time such activities will begin. The Chief Compliance Officer or their designee will review outside business activities of supervised persons to determine if any activity could

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be a conflict of interest with the rules and regulations of the applicable regulatory authorities. In addition, activities will be reviewed to ensure they do not interfere with any of the supervised person's responsibilities with BIM.

Access Persons shall complete the Outside Business Activity Request Form (<u>Exhibit 5</u>) or the Outside Business Activities request utilized within the electronic reporting system employed by BIM (e.g. MyRIACompliance) and submit such requests for approval from the Chief Compliance Officer.

**Section 19 – Prohibited Service as a Director to Companies owned by Bridges Investment Fund**

**1)&nbsp;&nbsp;&nbsp;&nbsp;Background -** Investment professionals often have an extensive knowledge of companies in the industries in which they invest. They are attuned to identifying the factors that may distinguish the most successful companies from their peers. As such, these investment professionals are often sought by both private and public companies to serve either on an advisory panel or as a director of the company. The investment professionals often consider accepting these offers because it provides them expanded access to industry information and insight into the operation of companies in the industry. When an investment professional serving on either an advisory board or as a director of a company makes the decision to invest in that company, conflicts of interest may arise. Even when the investment professional has only the best interest of his shareholders in mind, to third parties the decision may appear tainted because of the investment professional's position as an insider. This status is most often evidenced by restrictions the company places on trading by its board members. Therefore, the Board of Professionally Managed Portfolios that oversees the Bridges Investment Fund has adopted the following policy regarding service as a director for which Bridges Investment Management abides.

**2)&nbsp;&nbsp;&nbsp;&nbsp;Policy -** BIM Access Persons and employees shall not serve as a director or member of an advisory board of a company that is held as an investment in a series of Professionally Management Portfolio Master Series Trust (i.e. Bridges Investment Fund). Further, BIM shall not invest the assets of such series in a company where an executive officer of BIM is also an investment professional currently serving as a director or member of an advisory board of such company

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**EXHIBIT 1**

**Initial Holdings Report**

![image_7.jpg](image_7.jpg)

**INITIAL HOLDINGS REPORT**

This report shall be completed no later than 10 days after the undersigned becomes an Access Person

and must be delivered to the Bridges Investment Management Chief Compliance Officer.

The information on this report will be disclosed to the Board of Directors to comply with the firm's and its affiliates' Code of Ethics policies. If you object to this sharing of information, notify the Chief Compliance Officer of your objection in writing at the time you submit your report.

Please complete the following for Covered Securities in which you had any direct or indirect beneficial ownership as of the date you became an Access Person with the information current as of a date no more than 45 days from the date of becoming an Access Person. If you require additional space, please attach additional forms or statements.

Account statements can be attached to satisfy identification of holdings.

**<u>Holdings:</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Title of Securities</u>** | **<u>Ticker or CUSIP</u>** | **<u># of Shares</u>** | **<u>Principal</u>**<br>**<u>(debt securities)</u>** | **<u>Broker/Bank/Dealer</u>** |

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*1 – Covered Security is defined in Section 2(a)(36) of the Investment Company Act as further defined within the Code of Ethics and includes most securities including but not limited to shares of Bridges Investment Fund. Exclusions include direct obligations of the government of the United States, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, FDIC insured bank deposits, money market funds, open-end investment company shares for which BIM does not serve as investment adviser.*

**<u>Account Institutions:</u>**

Please list the name of any financial institution with whom you maintain an account in which any securities were held for your direct or indirect benefit as of the date you became an employee.

I certify that the above information is true and correct to the best of my knowledge and belief.

Employee Signature: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp; Employee Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>/<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>/<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

www.bridgesinv.com **\|** p: (402) 397-4700

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**EXHIBIT 2**

**Quarterly Transaction Report**

![image_7.jpg](image_7.jpg)

**QUARTERLY TRANSACTION REPORT&nbsp;&nbsp;&nbsp;&nbsp;**Quarter 1 *☐&nbsp;&nbsp;&nbsp;&nbsp;Quarter 2 ☐ Quarter 3 ☐ Quarter 4 ☐*

Mark the applicable Quarter this report applies

Unless otherwise indicated, this Quarterly Transaction Report shall be completed no later than 30 days after the end of the calendar quarter.

The information in this report will be disclosed to the Board of Directors to comply with the firms' and its affiliates' Code of Ethics policies. If you object to this sharing of information, you should notify the Bridges Investment Management Chief Compliance Officer of your objection in writing at the time you submit your report.

**Please complete the following for transactions during the previous calendar quarter in Covered Securities in which you had any direct or indirect beneficial ownership interest. If you have additional transactions than the form provides space, please attach additional forms or the applicable brokerage statement(s).**

**If you do not have transactions to report or are not required to file this Quarter Transaction Report, please enter an "X" in the "I have no transactions to report box" and complete the remainder of the form.**

***☐&nbsp;&nbsp;&nbsp;&nbsp;****I have no transactions to report*

**<u>Transactions:</u>**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Date</u>** | **<u>Title of Security</u>** | **<u>Ticker or CUSIP</u>** | **<u>Number of Shares or Principal Amount</u>** | **<u>Buy or Sell</u>** | **<u>Price</u>** | **<u>Interest Rate and Maturity Date</u>**<br>**<u>(debt securities)</u>** | **<u>(Acct) Broker</u>** |

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*1 – Covered Security is defined in Section 2(a)(36) of the Investment Company Act as further defined within the Code of Ethics and includes most securities including but not limited to shares of Bridges Investment Fund. Exclusions include direct obligations of the government of the United States, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, FDIC insured bank deposits, money market funds, open-end investment company shares for which BIM does not serve as investment adviser. 2 -Principal amount, interest rate and maturity debt (for debt securities). 3-Purchase, Sale or any other type of acquisition or disposition. 4-Name of broker, dealer or bank through which the transaction was affected.*

<u>Account Institutions:</u> Please list the name of any financial institution with whom you maintain an account in which any securities were held for your direct or indirect benefit during the previous quarter.

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| | | | |
|:---|:---|:---|:---|
| <u>Financial Institution</u> | <u>Account Established Date</u> | <u>Financial Institution</u> | <u>Account Established Date</u> |

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I hereby certify that the above information is true and correct to the best of my knowledge and belief. This information is submitted on a confidential basis.

Employee Signature: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Employee Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>/<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>/<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

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**EXHIBIT 3**

**Annual Holdings Report**

![image_7.jpg](image_7.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;**ANNUAL HOLDINGS REPORT**

The information on this report will be disclosed to the Board of Directors to comply with the firm's and its affiliates' Code of Ethics policies. If you object to this sharing of information, notify the Bridges Investment Management Chief Compliance Officer of your objection in writing at the time you submit your report.

Please complete this report for Covered Securities in which you had any direct or indirect beneficial ownership as of December 31 of each year and submit the report by January 31 of the following year or no later than 45 days after the end of the calendar year. Please include all Covered Securities beneficially owned by the Access Person. If you require additional space, please attach additional forms or you may attach statements to satisfy the holdings reporting section.

**<u>Holdings:</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Title of Securities</u>** | **<u>Ticker or CUSIP</u>** | **<u># of Shares</u>** | **<u>Principal Amount</u>** | **<u>Broker/Bank/Dealer</u>** |

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*1 – Covered Security is defined in Section 2(a)(36) of the Investment Company Act as further defined within the Code of Ethics and includes most securities including but not limited to shares of Bridges Investment Fund. Exclusions include direct obligations of the government of the United States, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, FDIC insured bank deposits, money market funds, open-end investment company shares for which BIM does not serve as investment adviser.*

<u>Account Institutions:</u>

Please list the name of any financial institution with whom you maintain an account in which any securities were held for your direct or indirect benefit as of the date you became an employee.

I certify that the above information is true and correct to the best of my knowledge and belief.

Employee Signature: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Employee Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>/<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>/<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

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**EXHIBIT 4**

**Preclearance Transactions Report**

![image_10.jpg](image_10.jpg)

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**EXHIBIT 5**

**OUTSIDE BUSINESS ACTIVITY REPORTING FORM**

![image_11.jpg](image_11.jpg)

**Outside Business Activity - Reporting Form**

*Bridges Investment Management, Inc.*

**Employee Name:** ______________________________________________________________

As a registered investment adviser, *Bridges Investment Management, Inc.* has a fiduciary duty to provide full and fair disclosure to our clients. This disclosure includes any situations that may present a conflict of interest. In order to make sure that we provide proper disclosure to our clients, *Bridges Investment Management, Inc.* must retain a current record of all outside business activities conducted by supervised persons.

It is important that you notify us promptly if you are, or plan to be, involved in any outside business activity or employment.

Non-investment related activities that are exclusively charitable, civic, religious or fraternal and recognized as tax-exempt may be excluded unless you serve on the board of directors or have some other control capacity within the organization and the organization is a current or potential client. Notification must be made prior to engaging in any outside activities or employment.

The following information must be completed fully and accurately. Completion and submission of this Form will be considered your notification to *Bridges Investment Management, Inc.* of any outside business activities or employment that you will engage in. A copy of this Form should be retained for your records and changes should be reported promptly. A separate form should be completed for each activity.

1.&nbsp;&nbsp;&nbsp;&nbsp;Are you currently or do you plan to be involved in any outside business activity or serve on the board of directors of a charitable, civic, religious, fraternal tax-exempt organization or in some other control capacity within the organization of a current or potential client?

Yes _____ No _____ ***If yes, please answer the following questions***

2. Full legal name of the other business: _____________________________________________

3. Are you using a Doing Business As Name (d/b/a) with this outside activity?

Yes ___ No ___

If yes, d/b/a name: ________________________________________________________

4. Organizational status of business (i.e. corp, partnership, sole prop, LLC): ________________

5. Address of other business: _____________________________________________________

*Street city state zip*

6. Phone Number: (_____) ______ - ______________

7. Is this business investment related? Yes ___ No ___

8. Nature of other business (i.e. insurance agency, real estate, etc.): _________________

9. Which of the following describes your role:

W-2 employee __ 1099 employee __ Officer __ Director __ Manager __

Other (explain): ____________________________

10. Your position, title or relationship with company: ____________________________

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11. Date of employment: _________________

12. Are you: Full Time ___ Part Time ___

13. Your obligation to the other business:

Number of hours per month: _____ Number of hours during trading hours: __________

14. Briefly describe your primary duties relating to the other business:___

15. What products or services are offered through this business?

______________________________________________________________________________

16. How are you compensated by this business? _____________________________________

17. What is your estimated gross annual compensation from this activity/job? ___________

18. What percentage of your gross annual income does this represent? _______%

19. Please indicate your ownership interest: (Check all that apply)

None ______ 100% Owner ______

Partner (Partnership) Ownership: ____% General Partner ____ Limited Partner ____

Shareholder (Corporation) Ownership: ____% Majority ____ Minority ____

Member (LLC) Ownership: ____% Managing Member ____ Non-Managing Member ____

20. If you indicated an ownership interest in this business, what is the total dollar amount of such interest?

$_______________

21. Are any of your advisory clients also clients of this business? Yes ___ No ___

22. Do you maintain a separate bank account for this business? Yes ___ No ___

23 If you do not own 100% of this business, please complete the following:

Name(s) of other owners, their ownership percentage, and whether the individual or entity is now, or has ever been registered or licensed as an Investment Adviser (IA), Investment Adviser Representative (IAR), Broker-Dealer (BD), or Registered Representative (RR):

Name Percentage Registered

________________________________________ _______ % Yes ___ No ___

________________________________________ _______ % Yes ___ No ___

________________________________________ _______ % Yes ___ No ___

If any of the above listed owners is a business entity, do you have any ownership interest in that entity?

Yes ___ No ___ If yes, what percentage? _____%

Which entity? _______________________________________________________________

If any of the above individuals or entities are now or previously were registered with any of the following regulators: SEC, FINRA/NASD or state, as a RIA, IAR, BD, or RR (status), please complete the following:

Name &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Status &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jurisdiction

________________________________________ &nbsp;&nbsp;&nbsp;&nbsp;_______&nbsp;&nbsp;&nbsp;&nbsp; __________________

________________________________________ &nbsp;&nbsp;&nbsp;&nbsp;_______ &nbsp;&nbsp;&nbsp;&nbsp;__________________

________________________________________ &nbsp;&nbsp;&nbsp;&nbsp;_______ &nbsp;&nbsp;&nbsp;&nbsp;__________________

24. Is this activity currently disclosed on your Form U4? Yes ___ No ___

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I hereby certify that the information provided in this document is complete and accurate to the best of my knowledge. I authorize *Bridges Investment Management, Inc.* to investigate my outside business activities and contact any entities or individuals affiliated with such outside business activities. In addition, I authorize these entities or individuals to release to *Bridges Investment Management, Inc.* any information that it requests about my employment, affiliation and/or activities with this organization. I understand that I am responsible for providing current and accurate information to *Bridges Investment Management, Inc.*. If any of the above information changes or becomes inaccurate, I will promptly notify *Bridges Investment Management, Inc.*.

______________________________________________ __________________

Signature &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date

**Received and Reviewed:** 

Verifications/Notes/Comments:

________________________________ _________________

CCO Signature &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date

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