CSMD / Professionally Managed Portfolios - Congress SMid Growth ETF - Depositi SEC, Relazione annuale, dichiarazione di delega

Your Vote is Needed to Convert the Mutual Fund to an ETF

Filed by Professionally Managed Portfolios (SEC File No. 333-288295) pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-6 under the Securities Exchange Act of 1934, as amended Subject Company: Akre Focus Fund SEC File No. 811-05037 THIS LETTER RELATES TO YOUR INVESTMENT IN THE AKRE FOCUS FUND August XX, 2025 Dear Valued Shareholder, I am writin

Akre Focus Fund Level 1 Answering Machine Message

Filed by Professionally Managed Portfolios (SEC File No. 333-288295) pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-6 under the Securities Exchange Act of 1934, as amended Subject Company: Akre Focus Fund SEC File No. 811-05037 Akre Focus Fund Level I Call Guide (CONFIRM RECEIPT OF PROXY MATERIALS) Good (morning, afternoon, evening). My nam

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. 2 [X] Post-Effective Amendment No. __ [ ] (Check appropriate box or boxes) PROFESSIONALLY MAN

As filed with the U.S. Securities and Exchange Commission on July 24, 2025 Registration No. 333-288295 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. 2 [X] Post-Effective Amendment No. [ ] (Check appropriate box or boxes) PROFESSIONALLY MANAGED PORTFOLIOS (Exact Name of Registrant as Speci

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. 1 [X] Post-Effective Amendment No. __ [ ] (Check appropriate box or boxes) PROFESSIONALLY MAN

As filed with the U.S. Securities and Exchange Commission on July 16, 2025 Registration No. 333-288295 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. 1 [X] Post-Effective Amendment No. [ ] (Check appropriate box or boxes) PROFESSIONALLY MANAGED PORTFOLIOS (Exact Name of Registrant as Speci

[PROXY ID NUMBER HERE]

[PROXY ID NUMBER HERE] [BAR CODE HERE] [CUSIP HERE] PROXY CARD SIGN, DATE AND VOTE ON THE REVERSE SIDE PROXY VOTING OPTIONS YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES YOU OWN.

POWER OF ATTORNEY

POWER OF ATTORNEY Each undersigned Trustee of Professionally Managed Portfolios (the “'Trust”) hereby appoints Craig Benton, Elaine E.

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. __ [ ] Post-Effective Amendment No. __ [ ] (Check appropriate box or boxes) PROFESSIONALLY MA

As filed with the U.S. Securities and Exchange Commission on June 24, 2025 Registration No. 333-[ ] U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. [ ] Post-Effective Amendment No. [ ] (Check appropriate box or boxes) PROFESSIONALLY MANAGED PORTFOLIOS (Exact Name of Registrant as Specified

4919-2012-5262, v.1

4919-2012-5262, v.1 [date] Professionally Managed Portfolios on behalf of its series, Akre Focus Fund Professionally Managed Portfolios on behalf of its series, Akre Focus ETF 615 East Michigan Street Milwaukee, Wisconsin 53202 Re: Reorganization of Akre Focus Fund into Akre Focus ETF Ladies and Gentlemen: You have asked for our opinion as to certain Federal income tax consequences of the transact

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the references to our firm in the Registration Statement on Form N-14 of Professionally Managed Portfolios and to the use of our report dated September 26, 2024 on the financial statements and financial highlights of the Akre Focus Fund, a series of Professionally Managed Portfolios.

June [ ], 2025

June [ ], 2025 Akre Focus ETF, a series of Professionally Managed Portfolios (the “Acquiring Fund”) 615 East Michigan Street Milwaukee, WI 53202 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 “Trust”) established under Massachusetts law pursuant to the Second Amended and Restated Declaration of Trust dated November 13, 2024, as amended to date (the “Declaration”).

Otter Creek Long/Short Opportunity Fund

Otter Creek Long/Short Opportunity Fund Schedule of Investments July 31, 2024 (Unaudited) COMMON STOCKS - 98.

Otter Creek Long/Short Opportunity Fund

Otter Creek Long/Short Opportunity Fund Schedule of Investments January 31, 2025 (Unaudited) COMMON STOCKS - 98.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PROFESSIONALLY MANAGED PORTFOLIOS (Exact name o

As filed with the Securities and Exchange Commission on January 21, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

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Professionally Managed Portfolios 777 East Wisconsin Ave Milwaukee, Wisconsin 53202 January 7, 2025 VIA EDGAR TRANSMISSION Valerie Lithotomos U.

Are Focus Fund Schedule of Investments October 31, 2024 (Unaudited)

Are Focus Fund Schedule of Investments October 31, 2024 (Unaudited) COMMON STOCKS - 89.

Professionally Managed Portfolios

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 December 18, 2024 VIA EDGAR TRANSMISSION Ms. Megan Miller U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, D.C. 20549 Re: Professionally Managed Portfolios (the “Trust”) Securities Act Registration No: 033-12213 Investment Co

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PROFESSIONALLY MANAGED PORTFOLIOS (Exact name o

As filed with the Securities and Exchange Commission on September 6, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

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Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 777 East Wisconsin Avenue Milwaukee, WI 53202 August 29, 2024 VIA EDGAR TRANSMISSION Kim McManus United States Securities and Exchange Commission Division of Investment Management 100 F Street N.E. Washington, D.C. 20549 Re: Professionally Managed Portfolios (the “Trust”) File Nos.: 033-12213 and 811-05037 Congress Intermediate B

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PROFESSIONALLY MANAGED PORTFOLIOS (Exact name o

As filed with the Securities and Exchange Commission on May 17, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

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Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 777 East Wisconsin Avenue Milwaukee, WI 53202 May 14, 2024 VIA EDGAR TRANSMISSION Valerie Lithotomos United States Securities and Exchange Commission Division of Investment Management 100 F Street N.E. Washington, D.C. 20549 Re: Professionally Managed Portfolios (the “Trust”) File Nos.: 33-12213 and 811-05037 Otter Creek Focus St

Filed by JOHCM Funds Trust pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule

Filed by JOHCM Funds Trust pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule 14a-6(b) under the Securities and Exchange Act of 1934, as amended.

Filed by JOHCM Funds Trust pursuant to Rule 425 under the Securities Act of

Filed by JOHCM Funds Trust pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule 14a-6(b) under the Securities and Exchange Act of 1934, as amended.

PLEASE VOTE TODAY

Filed by Professionally Managed Portfolios pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule 14a-6(b) under the Securities and Exchange Act of 1934, as amended.

Trillium ESG Global Equity Fund Trillium ESG Small/Mid Cap Fund Each a Series of Professionally Managed Portfolios (“Trillium Funds”) Answering Machine Script

Filed by Professionally Managed Portfolios pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule 14a-6(b) under the Securities and Exchange Act of 1934, as amended.

Template Email for Financial Advisors and other Intermediary Investors

Filed by Professionally Managed Portfolios pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule 14a-6(b) under the Securities and Exchange Act of 1934, as amended.

PLEASE VOTE TODAY

425 Filed by JOHCM Funds Trust pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule 14a-6(b) under the Securities and Exchange Act of 1934, as amended.

OFFICES OF U.S. BANK GLOBAL FUND SERVICES 615 EAST MICHIGAN STREET MILWAUKEE, WISCONSIN 53202

Filed by Professionally Managed Portfolios pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule 14a-6(b) under the Securities and Exchange Act of 1934, as amended.

Trillium ESG Global Equity Fund Trillium ESG Small/Mid Cap Fund Each a Series of Professionally Managed Portfolios (“Trillium Funds”) Answering Machine Script

425 Filed by JOHCM Funds Trust pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule 14a-6(b) under the Securities and Exchange Act of 1934, as amended.

Trillium ESG Global Equity Fund

Filed by Professionally Managed Portfolios pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule 14a-6(b) under the Securities and Exchange Act of 1934, as amended.

OCTOBER 5, 2023 @ 11:30 AM (CT)

425 Filed by JOHCM Funds Trust pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule 14a-6(b) under the Securities and Exchange Act of 1934, as amended.

Filed by JOHCM Funds Trust pursuant to Rule 425 under the Securities Act of

425 Filed by JOHCM Funds Trust pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed under Rule 14a-6(b) under the Securities and Exchange Act of 1934, as amended.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PROFESSIONALLY MANAGED PORTFOLIOS (Exact name o

As filed with the Securities and Exchange Commission on August 21, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

Series ID Series Name FYE Reviewed S000004945 Trillium ESG Global Equity Fund 6/30/2022 S000050271 Trillium ESG Small/Mid Cap Fund 6/30/2022 S000026760 Akre Focus Fund 7/31/2022 S000070633 Boston Common ESG Impact Emerging Markets Fund 9/30/2022 S000

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 777 East Wisconsin Avenue Milwaukee, WI 53202 May 17, 2023 VIA EDGAR TRANSMISSION Ms. Megan Miller U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Professionally Managed Portfolios (the “Trust”) File Nos.: 33-12213 and 811-05037 Dear Ms. Miller: This correspondenc

CONGRESS MID CAP GROWTH FUND

CONGRESS MID CAP GROWTH FUND SCHEDULE OF INVESTMENTS at January 31, 2023 (Unaudited) Shares Value COMMON STOCKS: 97.

CONGRESS SMALL CAP GROWTH FUND

CONGRESS SMALL CAP GROWTH FUND SCHEDULE OF INVESTMENTS at January 31, 2023 (Unaudited) Shares Value COMMON STOCKS: 96.

Otter Creek Long/Short Opportunity Fund

NPORT-EX 2 ottercreek.htm OTTER CREEK LONG/SHORT OPPORTUNITY FUND 1/31/23 PART F EXHIBIT HTML Otter Creek Long/Short Opportunity Fund SCHEDULE OF INVESTMENTS at January 31, 2023 (Unaudited) Shares Value COMMON STOCKS: 65.0% Asset Management & Custody Banks: 4.8% 260,054 Blackstone Secured Lending Fund $ 6,397,328 231,191 Blue Owl Capital, Inc. - Class A 2,908,383 9,305,711 Building Products: 4.3%

CONGRESS LARGE CAP GROWTH FUND

CONGRESS LARGE CAP GROWTH FUND SCHEDULE OF INVESTMENTS at January 31, 2023 (Unaudited) Shares Value COMMON STOCKS: 98.

Becker Value Equity Fund

Becker Value Equity Fund SCHEDULE OF INVESTMENTS at January 31, 2023 (Unaudited) Shares Value COMMON STOCKS: 97.

HODGES FUND

HODGES FUND SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 92.

HODGES SMALL INTRINSIC VALUE FUND

HODGES SMALL INTRINSIC VALUE FUND SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 94.

HODGES SMALL CAP FUND

NPORT-EX 2 smallcap.htm HODGES SMALL CAP FUND 12/31/2022 PART F HTML HODGES SMALL CAP FUND SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 97.8% Airlines: 1.8% 200,000 Frontier Group Holdings, Inc. 1 $ 2,054,000 100,000 Hawaiian Holdings, Inc. 1 1,026,000 3,080,000 Apparel: 2.0% 200,000 On Holding AG - Class A 1 3,432,000 Apparel & Shoe Retail: 3.8% 52,500 Boot

HODGES BLUE CHIP EQUITY INCOME FUND

NPORT-EX 2 bluechip.htm HODGES BLUE CHIP EQUITY INCOME FUND 12/31/2022 PART F HTML HODGES BLUE CHIP EQUITY INCOME FUND SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 100.4% Auto Manufacturers: 1.9% 4,000 Tesla, Inc. 1 $ 492,720 Banks: 3.5% 7,000 JPMorgan Chase & Co. 938,700 Beverages: 4.1% 6,000 PepsiCo, Inc. 1,083,960 Biotechnology: 3.0% 3,000 Amgen, Inc. 787

OSTERWEIS TOTAL RETURN FUND

OSTERWEIS TOTAL RETURN FUND SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) Principal Amount Value Bonds: 74.

OSTERWEIS GROWTH & INCOME FUND

OSTERWEIS GROWTH & INCOME FUND SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) Shares Value Common Stocks: 60.

OSTERWEIS STRATEGIC INCOME FUND

OSTERWEIS STRATEGIC INCOME FUND SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) Shares Value Common Stocks: 3.

Boston Common ESG Impact U.S. Equity Fund

Boston Common ESG Impact U.S. Equity Fund Schedule of Investments December 31, 2022 (Unaudited) Shares Value COMMON STOCKS - 97.4% Communication Services - 7.5% 300 Alphabet, Inc. - Class A 1 $ 26,469 23,400 Alphabet, Inc. - Class C 1 2,076,282 2,707 Netflix, Inc. 1 798,240 21,169 Verizon Communications, Inc. 834,059 50 Walt Disney Company 4,344 3,739,394 Consumer Discretionary - 11.2% 3,485 Advan

Boston Common ESG Impact International Fund

Boston Common ESG Impact International Fund Schedule of Investments December 31, 2022 (Unaudited) Shares Value COMMON STOCKS - 99.

OSTERWEIS EMERGING OPPORTUNITY FUND

OSTERWEIS EMERGING OPPORTUNITY FUND SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) Shares Value Common Stocks: 93.

OSTERWEIS FUND

OSTERWEIS FUND SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) Shares Value Common Stocks: 89.

Boston Common ESG Impact Emerging Markets Fund

Boston Common ESG Impact Emerging Markets Fund Schedule of Investments December 31, 2022 (Unaudited) Shares Value COMMON STOCKS - 95.

OSTERWEIS SUSTAINABLE CREDIT FUND

OSTERWEIS SUSTAINABLE CREDIT FUND SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) Principal Amount Value Bonds: 59.

OSTERWEIS SHORT DURATION CREDIT FUND

OSTERWEIS SHORT DURATION CREDIT FUND SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) Principal Amount Value Bonds: 61.

Villere Balanced Fund

Villere Balanced Fund SCHEDULE OF INVESTMENTS at November 30, 2022 (Unaudited) Shares Value COMMON STOCKS: 71.

Villere Equity Fund

Villere Equity Fund SCHEDULE OF INVESTMENTS at November 30, 2022 (Unaudited) Shares Value COMMON STOCKS: 93.

Akre Focus Fund

Akre Focus Fund SCHEDULE OF INVESTMENTS at October 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 96.

MUZINICH CREDIT OPPORTUNITIES FUND

MUZINICH CREDIT OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS at September 30, 2022 (Unaudited) Principal Amount† Value CORPORATE BONDS: 59.

MUZINICH U.S. HIGH YIELD CREDIT FUND

MUZINICH U.S. HIGH YIELD CREDIT FUND SCHEDULE OF INVESTMENTS at September 30, 2022 (Unaudited) Principal Amount Value CORPORATE BONDS: 90.3% Aerospace/Defense: 1.5% Spirit AeroSystems Inc $ 150,000 7.500%, 4/15/25 $ 141,542 TransDigm Inc 300,000 6.250%, 3/15/26 291,507 433,049 Airlines: 2.1% American Airlines Inc 50,000 11.750%, 7/15/25 52,296 American Airlines Inc/AAdvantage Loyalty IP Ltd 175,00

MUZINICH LOW DURATION FUND

NPORT-EX 2 lowduration.htm MUZINICH LOW DURATION FUND 9/30/22 PART F EXHIBIT MUZINICH LOW DURATION FUND SCHEDULE OF INVESTMENTS at September 30, 2022 (Unaudited) Principal Amount† Value CORPORATE BONDS: 77.9% Aerospace/Defense: 0.4% Rolls-Royce PLC EUR 3,000,000 0.875%, 5/9/24 $ 2,694,326 Airlines: 3.5% Air France-KLM EUR 1,300,000 3.875%, 7/1/26 1,042,593 American Airlines Inc/AAdvantage Loyalty

Trillium Mutual Funds

NPORT-EX 2 esg-global.htm TRILLIUM ESG GLOBAL EQUITY FUND PART F 9.30.22 Trillium Mutual Funds Trillium ESG Global Equity Fund SCHEDULE OF INVESTMENTS at September 30, 2022 (Unaudited) Shares Value COMMON STOCKS: 98.1% Automobiles & Components: 1.6% 60,260 Aptiv PLC (Ireland) (a) $ 4,712,934 153,820 BYD Co. Ltd. (China) 3,789,442 156,580 Cie Generale des Etablissements Michelin SCA (France) 3,508,

Trillium Mutual Funds

Trillium Mutual Funds Trillium ESG Small/Mid Cap Fund SCHEDULE OF INVESTMENTS at September 30, 2022 (Unaudited) Shares Value COMMON STOCKS: 99.

Otter Creek Long/Short Opportunity Fund

Otter Creek Long/Short Opportunity Fund SCHEDULE OF INVESTMENTS at July 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 51.

CONGRESS LARGE CAP GROWTH FUND

CONGRESS LARGE CAP GROWTH FUND SCHEDULE OF INVESTMENTS at July 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 98.

CONGRESS MID CAP GROWTH FUND

CONGRESS MID CAP GROWTH FUND SCHEDULE OF INVESTMENTS at July 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 98.

Otter Creek Long/Short Opportunity Fund

Otter Creek Long/Short Opportunity Fund SCHEDULE OF INVESTMENTS at July 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 51.

CONGRESS SMALL CAP GROWTH FUND

CONGRESS SMALL CAP GROWTH FUND SCHEDULE OF INVESTMENTS at July 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 95.

Becker Value Equity Fund

Becker Value Equity Fund SCHEDULE OF INVESTMENTS at July 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 98.

YOUR VOTE IS IMPORTANT

425 1 osterweis425.htm 425 Filed by Professionally Managed Portfolios (SEC File No. 333-265863) pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-6 under the Securities Exchange Act of 1934, as amended Subject Company: Northern Lights Fund Trust Zeo Short Duration Income Fund Zeo Sustainable Credit Fund SEC File No. 811-21720 On Behalf of the

PROPOSALS BEING VOTED ON

425 1 zeoccscriptsfinal425.htm 425 Filed by Professionally Managed Portfolios (SEC File No. 333-265863) pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-6 under the Securities Exchange Act of 1934, as amended Subject Company: Northern Lights Fund Trust Zeo Short Duration Income Fund Zeo Sustainable Credit Fund SEC File No. 811-21720 On Behalf

If Yes: [READ PROPOSALS AND FOLLOW Q&A FROM PROXY]

Filed by Professionally Managed Portfolios (SEC File No. 333-265863) pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-6 under the Securities Exchange Act of 1934, as amended Subject Company: Northern Lights Fund Trust Zeo Short Duration Income Fund Zeo Sustainable Credit Fund SEC File No. 811-21720 EMAIL: PRIOR TO PROXY MAILING TO VOTING ADVI

HODGES FUND

NPORT-EX 2 hodges.htm HODGES FUND 6/30/2022 PART F HTML HODGES FUND SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) Shares Value COMMON STOCKS: 99.3% Airlines: 4.0% 550,000 Frontier Group Holdings, Inc. 1 $ 5,153,500 Apparel: 2.4% 170,000 On Holding AG - Class A 1 3,007,300 Auto Manufacturers: 2.0% 80,000 General Motors Co. 1 2,540,800 Banks: 2.9% 95,000 Wells Fargo & Co. 3,721,150 Building M

HODGES SMALL CAP FUND

NPORT-EX 2 smallcap.htm HODGES SMALL CAP FUND 6/30/2022 PART F HTML HODGES SMALL CAP FUND SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) Shares Value COMMON STOCKS: 100.6% Airlines: 3.1% 250,000 Frontier Group Holdings, Inc. 1 $ 2,342,500 200,000 Hawaiian Holdings, Inc. 1 2,862,000 5,204,500 Apparel & Shoe Retail: 1.7% 130,000 Shoe Carnival, Inc. 2,809,300 Automobile Retail: 0.2% 3,000 Ameri

HODGES SMALL INTRINSIC VALUE FUND

NPORT-EX 2 smallintrinsic.htm HODGES SMALL INTRINSIC VALUE FUND 6/30/2022 PART F HTML HODGES SMALL INTRINSIC VALUE FUND SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) Shares Value COMMON STOCKS: 97.3% Apparel: 3.0% 11,000 Delta Apparel, Inc. 1 $ 312,070 30,000 Fossil Group, Inc. 1 155,100 467,170 Banks: 13.2% 4,000 BancFirst Corp. 382,840 15,000 First Foundation, Inc. 307,200 13,000 Hilltop

HODGES BLUE CHIP EQUITY INCOME FUND

NPORT-EX 2 bluechip.htm HODGES BLUE CHIP EQUITY INCOME FUND 6/30/2022 PART F HTML HODGES BLUE CHIP EQUITY INCOME FUND SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) Shares Value COMMON STOCKS: 99.2% Banks: 4.2% 12,500 Bank of America Corp. $ 389,125 6,000 JPMorgan Chase & Co. 675,660 1,064,785 Beverages: 3.9% 6,000 PepsiCo, Inc. 999,960 Building Products Retail: 5.9% 3,250 The Home Depot, In

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Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 August 25, 2022 VIA EDGAR TRANSMISSION Ms. Lauren Hamilton Mr. Ryan Sutcliffe U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, D.C. 20549 Re: Professionally Managed Portfolios (the ?Trust?) Securities Act Registration No: 333

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Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 August 25, 2022 VIA EDGAR TRANSMISSION Ms. Lauren Hamilton Mr. Ryan Sutcliffe U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, D.C. 20549 Re: Professionally Managed Portfolios (the ?Trust?) Securities Act Registration No: 333

OSTERWEIS TOTAL RETURN FUND

OSTERWEIS TOTAL RETURN FUND SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) Principal Amount Value Bonds: 68.

OSTERWEIS STRATEGIC INCOME FUND

OSTERWEIS STRATEGIC INCOME FUND SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) Shares Value Common Stocks: 3.

OSTERWEIS EMERGING OPPORTUNITY FUND

OSTERWEIS EMERGING OPPORTUNITY FUND SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) Shares Value Common Stocks: 84.

OSTERWEIS FUND

OSTERWEIS FUND SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) Shares Value Common Stocks: 81.

OSTERWEIS GROWTH & INCOME FUND

OSTERWEIS GROWTH & INCOME FUND SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) Shares Value Common Stocks: 60.

Boston Common ESG Impact International Fund

Boston Common ESG Impact International Fund Schedule of Investments June 30, 2022 (Unaudited) Shares Value COMMON STOCKS - 97.

Boston Common ESG Impact U.S. Equity Fund

NPORT-EX 2 pmp-equity3.htm Boston Common ESG Impact U.S. Equity Fund Schedule of Investments June 30, 2022 (Unaudited) Shares Value COMMON STOCKS - 98.6% Communication Services - 9.5% 9 Alphabet, Inc. - Class A 1 $ 19,613 1,170 Alphabet, Inc. - Class C 1 2,559,316 2,963 Netflix, Inc. 1 518,140 11,985 The New York Times Company - Class A 334,382 22,265 Verizon Communications, Inc. 1,129,949 50 Walt

Boston Common ESG Impact Emerging Markets Fund

NPORT-EX 2 pmp-emerging3.htm Boston Common ESG Impact Emerging Markets Fund Schedule of Investments June 30, 2022 (Unaudited) Shares Value COMMON STOCKS - 96.5% Communication Services - 7.5% 80,621 Advanced Info Service PLC $ 452,473 1,239,225 Telkom Indonesia Persero Tbk PT 333,370 19,987 SK Telecom Company Ltd. - ADR 446,110 10,506 Tencent Holdings Ltd. 475,556 19,987 SK Telecom Company Ltd. - A

Opinion and Consent of Sullivan & Worcester LLP regarding the validity of shares to be issued by the Registrant

EX-99.11 4 legalityofsharesopinionzeo.htm OPINION AND CONSENT OF SULLIVAN & WORCESTER LLP August 19, 2022 Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund, each a series of Professionally Managed Portfolios (the “Acquiring Funds”) 615 East Michigan Street Milwaukee, WI 53202 Ladies and Gentlemen: You have requested our opinion, as your counsel, as to certain matters of Ma

Average Annual Total Returns As of December 31, 2021

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 August 19, 2022 VIA EDGAR TRANSMISSION Mr. Ryan Sutcliffe U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, D.C. 20549 Re: Professionally Managed Portfolios (the “Trust”) Securities Act Registration No: 033-12213 Investment Co

Form of Proxy Card

Please fold here ? Do not separate OSTERWEIS CAPITAL MANAGEMENT On Behalf of the Zeo Funds SPECIAL MEETING OF SHAREHOLDERS ON SEPTEMBER 28, 2022 Special Meeting to be held live via the Internet - please visit www.

Opinion of Sullivan & Worcester LLP regarding certain tax matters

[date] , 2022 PROFESSIONALLY MANAGED PORTFOLIOS and the two Series of such Trust named in Appendix A 615 East Michigan Street Milwaukee, Wisconsin 53202 NORTHERN LIGHTS FUND TRUST and the two Series of such Trust named in Appendix B 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 Re: Reorganization of two Series of a Delaware Statutory Trust into two corresponding Series of a Massachusetts Business Trust Ladies and Gentlemen: You have asked for our opinion as to certain Federal income tax consequences of the transaction described below.

Consent of Independent Registered Public Accounting Firm - (Tait, Weller & Baker)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the references to our firm in the Registration Statement on Form N-14 of Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund, each a series of Professionally Managed Portfolios. /s/ TAIT, WELLER & BAKER LLP Philadelphia, Pennsylvania August 16, 2022

Agreement and Plan of Reorganization was filed as Appendix A to the Combined Proxy Statement and Prospectus previously filed with Registrant’s

As filed with the Securities and Exchange Commission on August 19, 2022 1933 Act Registration File No.

Consent of Independent Registered Public Accounting Firm - (Cohen & Co.)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of our report dated June 24, 2022, relating to the financial statements and financial highlights of Zeo Short Duration Income Fund and Zeo Sustainable Credit Fund, each a series of Northern Lights Fund Trust, for the year or period ended April 30, 2022, and to the references to our firm under the headings ?Other Service Providers?, ?Questions and Answers? and ?Representations and Warranties? in the combined proxy statement and prospectus.

Operating Expenses Limitation Agreement

EX-99.13.A.I 6 osterweiszeofundsoela10082.htm FORM OF OPERATING EXPENSES LIMITATION AGREEMENT PROFESSIONALLY MANAGED PORTFOLIOS OPERATING EXPENSES LIMITATION AGREEMENT THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the day of October, 2022, by and between Professionally Managed Portfolios, a Massachusetts business trust (the “Trust”), on behalf of the series list

* * * * * *

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 August 19, 2022 VIA EDGAR TRANSMISSION Ms. Lauren Hamilton Mr. Ryan Sutcliffe U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, D.C. 20549 Re: Professionally Managed Portfolios (the ?Trust?) Securities Act Registration No: 333

Form of Amendment to the Distribution Agreement

FIRST AMENDMENT TO DISTRIBUTION AGREEMENT This first amendment (?Amendment?) to the Distribution Agreement (the ?Agreement?) dated as of September 30th, 2021 by and among Professionally Managed Portfolios (?Fund Company?), Osterweis Capital Management, Inc.

Amendment to Schedule A of the Investment Advisory Agreement

SCHEDULE A to the PROFESSIONALLY MANAGED PORTFOLIOS INVESTMENT ADVISORY AGREEMENT With Osterweis Capital Management, LLC Series of Professionally Managed Portfolios Annual Fee Rate as a Percentage of Average Daily Net Assets Osterweis Strategic Income Fund 1.

Professionally Managed Portfolios

CORRESP 12 filename12.htm Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 July 20, 2022 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, D.C. 20549 Re: Professionally Managed Portfolios (the “Trust”) Securities Act Registration No: 333-265863 Investm

Form of Proxy Card

Please fold here — Do not separate OSTERWEIS CAPITAL MANAGEMENT On Behalf of the Zeo Funds SPECIAL MEETING OF SHAREHOLDERS ON September 28, 2022 Special Meeting to be held live via the Internet - please visit www.

Consent of Independent Registered Public Accounting Firm - (Cohen & Co.)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of our report dated June 24, 2022, relating to the financial statements and financial highlights of Zeo Short Duration Income Fund and Zeo Sustainable Credit Fund, each a series of Northern Lights Fund Trust, for the year or period ended April 30, 2022, and to the references to our firm under the headings “Questions and Answers”, “Other Service Providers” and “Representations and Warranties”.

Consent of Independent Registered Public Accounting Firm - (Tait, Weller & Baker)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the references to our firm in the Registration Statement on Form N-14 of Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund, each a series of Professionally Managed Portfolios. /s/ Tait, Weller & Baker LLP Philadelphia, Pennsylvania July 19, 2022

Form of Investment Advisory Agreement between Northern Lights Fund Trust and Osterweis Capital Management, LLC was previously filed with Registrant’s amended Form N-14 with the SEC on July 20, 2022 and is incorporated herein by reference.

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS FUND TRUST and OSTERWEIS CAPITAL MANAGEMENT, LLC AGREEMENT, made as of [XXX], 2022, between Northern Lights Fund Trust, a Delaware statutory trust (the "Trust"), and Osterweis Capital Management, LLC a California Limited Liability Company (the "Adviser") located at One Maritime Plaza, Suite 800 San Francisco, CA 941111.

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. 1 [X] Post-Effective Amendment No. [ ] PROFESSIONALLY MANAGED PORTFOLIOS (Exact Name of Regist

As filed with the Securities and Exchange Commission on July 20, 2022 1933 Act Registration File No.

Villere Equity Fund

Villere Equity Fund SCHEDULE OF INVESTMENTS at May 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 96.

Villere Balanced Fund

Villere Balanced Fund SCHEDULE OF INVESTMENTS at May 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 74.

Akre Focus Fund

Akre Focus Fund SCHEDULE OF INVESTMENTS at April 30, 2022 (Unaudited) Shares Value COMMON STOCKS: 94.

Form of Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC was previously filed with Registrant’s Form N-14 with the SEC on June 27, 2022, and is incorporated herein by reference.

AMENDMENT TO THE PROFESSIONALLY MANAGED PORTFOLIOS FUND ADMINISTRATION SERVICING AGREEMENT THIS AMENDMENT, dated as of the day of , 2022, to the Fund Administration Servicing Agreement, dated as of June 22, 2006, as amended (the "Agreement"), is entered into by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust") on behalf of its separate series, the Osterweis Funds and U.

Form of Amendment to the Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC was previously filed with Registrant’s Form N-14 with the SEC on June 27, 2022, and is incorporated herein by reference.

AMENDMENT TO THE PROFESSIONALLY MANAGED PORTFOLIOS TRANSFER AGENT SERVICING AGREEMENT THIS AMENDMENT dated as of the day of 2022, to the Transfer Agent Servicing Agreement, dated as of June 22, 2006, as amended (the "Agreement"), is entered into by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust"), on behalf of its separate series, the Osterweis Funds, and U.

Consent of Independent Registered Public Accounting Firm - (Cohen & Co.)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of our report dated June 29, 2021, relating to the financial statements and financial highlights of Zeo Short Duration Income Fund and Zeo Sustainable Credit Fund, each a series of Northern Lights Fund Trust, for the year or period ended April 30, 2021, and to the references to our firm under the headings “Other Service Providers” and “Questions and Answers”.

Form of Proxy Card

Please fold here — Do not separate OSTERWEIS CAPITAL MANAGEMENT On Behalf of the Zeo Funds SPECIAL MEETING OF SHAREHOLDERS ON AUGUST 31, 2022 Special Meeting to be held live via the Internet - please visit www.

was previously filed with Registrant’s Form N-14 with the SEC on June 27, 2022, and is incorporated herein by reference.

INTERIM INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS FUND TRUST and OSTERWEIS CAPITAL MANAGEMENT, LLC AGREEMENT (the "Agreement"), made as of May 1, 2022 between Northern Lights Fund Trust, a Delaware statutory trust (the "Trust"), and Osterweis Capital Management, LLC a California Limited Liability Company (the "Adviser") located at One Maritime Plaza, Suite 800 San Francisco, CA 941111.

Professionally Managed Portfolios

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 June 27, 2022 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, D.C. 20549 Re: Professionally Managed Portfolios (the “Trust”) Securities Act Registration No: 333- Investment Company Act Registration No:

Power of Attorney between was previously filed with Registrant’s Form N-14 with the SEC on June 27, 2022, and is incorporated herein by reference.

POWER OF ATTORNEY Each undersigned Trustee of Professionally Managed Portfolios (the “Trust”) hereby appoints Jason F.

Opinion and Consent of Sullivan & Worcester LLP

June 24, 2022 Osterweis Short Duration Credit Income Fund and Osterweis Sustainable Credit Fund, each a series of Professionally Managed Portfolios (the “Acquiring Funds”) 615 East Michigan Street Milwaukee, WI 53202 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 “Trust”) established under Massachusetts law pursuant to an Amended and Restated Declaration of Trust dated June 13, 2005, as amended to date (the “Declaration”).

Form of Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank, N.A. was previously filed with Registrant’s Form N-14 with the SEC on June 27, 2022, and is incorporated herein by reference.

AMENDMENT TO THE PROFESSIONALLY MANAGED PORTFOLIOS AMENDED AND RESTATED CUSTODY AGREEMENT THIS AMENDMENT, dated as of the day of , 2022, to the Amended and Restated Custody Agreement, originally made and entered into as of June 22, 2006, and amended and restated as of May 15, 2013 (the "Agreement"), is entered into by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust"), on behalf of its separate series, the Osterweis Funds, listed on Amended Exhibit F attached hereto (as amended from time to time), and U.

Form of Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC was previously filed with Registrant’s Form N-14 with the SEC on June 27, 2022, and is incorporated herein by reference.

AMENDMENT TO THE PROFESSIONALLY MANAGED PORTFOLIOS FUND ACCOUNTING SERVICING AGREEMENT THIS AMENDMENT, dated as of the day of , 2022, to the Fund Accounting Servicing Agreement, dated as of June 22, 2006, as amended (the "Agreement"), is entered into by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust"), on behalf of its separate series, the Osterweis Funds and U.

was previously filed with Registrant’s Form N-14 with the SEC on June 27, 2022, and is incorporated herein by reference.

NORTHERN LIGHTS FUND TRUST OPERATING EXPENSES LIMITATION AGREEMENT OSTERWEIS CAPITAL MANAGEMENT, LLC THIS OPERATING EXPENSES LIMITATION AGREEMENT (the "Agreement") is effective as of the 1st day of May, 2022 by and between NORTHERN LIGHTS FUND TRUST, a Delaware statutory trust (the "Trust"), on behalf of Zeo Short Duration Income Fund and Zeo Sustainable Credit Fund (collectively referred to as the "Funds") a series of the Trust, and the Advisor of the Funds, Osterweis Capital Management, LLC (the "Advisor").

Form of Opinion of Sullivan & Worcester LLP regarding certain tax matters was previously filed with Registrant’s Form N-14 with the SEC on June 27, 2022, and is incorporated herein by reference.

[date] , 2022 PROFESSIONALLY MANAGED PORTFOLIOS and the two Series of such Trust named in Appendix A 615 East Michigan Street Milwaukee, Wisconsin 53202 NORTHERN LIGHTS FUND TRUST and the two Series of such Trust named in Appendix B 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 Re: Reorganization of two Series of a Delaware Statutory Trust into two corresponding Series of a Massachusetts Business Trust Ladies and Gentlemen: You have asked for our opinion as to certain Federal income tax consequences of the transaction described below.

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. [ ] Post-Effective Amendment No. [ ] PROFESSIONALLY MANAGED PORTFOLIOS (Exact Name of Registra

N-14 1 osterweisn14.htm N-14 As filed with the Securities and Exchange Commission on June 27, 2022 1933 Act Registration File No. 333- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. [ ] Post-Effective Amendment No. [ ] PROFESSIONALLY MANAGED PORTFOLIOS (Exact Name of Registrant as Specified

Consent of Independent Registered Public Accounting Firm - (Tait, Weller & Baker)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the references to our firm in the Registration Statement on Form N-14 of Osterweis Short Duration Credit Fund and Osterweis Sustainable Credit Fund, each a series of Professionally Managed Portfolios. /s/ Tait, Weller & Baker LLP Philadelphia, Pennsylvania June 23, 2022

MUZINICH U.S. HIGH YIELD CREDIT FUND

MUZINICH U.S. HIGH YIELD CREDIT FUND SCHEDULE OF INVESTMENTS at March 31, 2022 (Unaudited) Principal Amount Value CORPORATE BONDS: 93.4% Airlines: 3.7% American Airlines Inc 175,000 11.750%, 7/15/25 $ 204,490 American Airlines Inc/AAdvantage Loyalty IP Ltd 175,000 5.500%, 4/20/26 176,576 250,000 5.750%, 4/20/29 249,406 Delta Air Lines Inc 275,000 7.375%, 1/15/26 298,953 VistaJet Malta Finance PLC

MUZINICH CREDIT OPPORTUNITIES FUND

MUZINICH CREDIT OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS at March 31, 2022 (Unaudited) Principal Amount† Value CORPORATE BONDS: 73.

MUZINICH LOW DURATION FUND

NPORT-EX 2 low-duration.htm MUZINICH LOW DURATION FUND 3/31/22 PART F EXHIBIT MUZINICH LOW DURATION FUND SCHEDULE OF INVESTMENTS at March 31, 2022 (Unaudited) Principal Amount† Value CORPORATE BONDS: 84.8% Airlines: 3.9% Air France-KLM EUR 700,000 3.000%, 7/1/24 $ 752,263 EUR 300,000 3.875%, 7/1/26 303,667 American Airlines Inc/AAdvantage Loyalty IP Ltd 2,045,000 5.500%, 4/20/26 2,063,415 Cathay P

Trillium Mutual Funds

Trillium Mutual Funds Trillium ESG Small/Mid Cap Fund SCHEDULE OF INVESTMENTS at March 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 98.

Trillium Mutual Funds

Trillium Mutual Funds Trillium ESG Global Equity Fund SCHEDULE OF INVESTMENTS at March 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 97.

CONGRESS MID CAP GROWTH FUND

CONGRESS MID CAP GROWTH FUND SCHEDULE OF INVESTMENTS at January 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 98.

Otter Creek Long/Short Opportunity Fund

Otter Creek Long/Short Opportunity Fund SCHEDULE OF INVESTMENTS at January 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 50.

Becker Value Equity Fund

Becker Value Equity Fund SCHEDULE OF INVESTMENTS at January 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 96.

CONGRESS SMALL CAP GROWTH FUND

CONGRESS SMALL CAP GROWTH FUND SCHEDULE OF INVESTMENTS at January 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 92.

CONGRESS LARGE CAP GROWTH FUND

CONGRESS LARGE CAP GROWTH FUND SCHEDULE OF INVESTMENTS at January 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 98.

HODGES FUND

HODGES FUND SCHEDULE OF INVESTMENTS at December 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 95.

HODGES SMALL INTRINSIC VALUE FUND

HODGES SMALL INTRINSIC VALUE FUND SCHEDULE OF INVESTMENTS at December 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 93.

HODGES BLUE CHIP EQUITY INCOME FUND

HODGES BLUE CHIP EQUITY INCOME FUND SCHEDULE OF INVESTMENTS at December 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 99.

HODGES SMALL CAP FUND

HODGES SMALL CAP FUND SCHEDULE OF INVESTMENTS at December 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 99.

Boston Common ESG Impact U.S. Equity Fund

Boston Common ESG Impact U.S. Equity Fund Schedule of Investments December 31, 2021 (Unaudited) Shares Value COMMON STOCKS - 99.5% Communication Services - 11.6% 9 Alphabet, Inc. - Class A 1 $ 26,073 1,195 Alphabet, Inc. - Class C 1 3,457,840 2,128 Netflix, Inc. 1 1,281,992 10,605 The New York Times Company - Class A 512,222 21,790 Verizon Communications, Inc. 1,132,208 4,650 Walt Disney Company 7

Boston Common ESG Impact Emerging Markets Fund

Boston Common ESG Impact Emerging Markets Fund Schedule of Investments December 31, 2021 (Unaudited) Shares Value COMMON STOCKS - 95.

Boston Common ESG Impact International Fund

Boston Common ESG Impact International Fund Schedule of Investments December 31, 2021 (Unaudited) Shares Value COMMON STOCKS - 97.

OSTERWEIS TOTAL RETURN FUND

OSTERWEIS TOTAL RETURN FUND SCHEDULE OF INVESTMENTS at December 31, 2021 (Unaudited) Principal Amount Value Bonds: 91.

OSTERWEIS FUND

OSTERWEIS FUND SCHEDULE OF INVESTMENTS at December 31, 2021 (Unaudited) Shares Value Common Stocks: 98.

OSTERWEIS STRATEGIC INCOME FUND

OSTERWEIS STRATEGIC INCOME FUND SCHEDULE OF INVESTMENTS at December 31, 2021 (Unaudited) Shares Value Common Stocks: 2.

OSTERWEIS EMERGING OPPORTUNITY FUND

OSTERWEIS EMERGING OPPORTUNITY FUND SCHEDULE OF INVESTMENTS at December 31, 2021 (Unaudited) Shares Value Common Stocks: 93.

TCM SMALL CAP GROWTH FUND

TCM SMALL CAP GROWTH FUND SCHEDULE OF INVESTMENTS at December 31, 2021 (Unaudited) Shares Value COMMON STOCKS - 96.

OSTERWEIS GROWTH AND INCOME FUND

OSTERWEIS GROWTH AND INCOME FUND SCHEDULE OF INVESTMENTS at December 31, 2021 (Unaudited) Shares Value Common Stocks: 71.

Villere Balanced Fund

Villere Balanced Fund SCHEDULE OF INVESTMENTS at November 30, 2021 (Unaudited) Shares Value COMMON STOCKS: 74.

Villere Equity Fund

Villere Equity Fund SCHEDULE OF INVESTMENTS at November 30, 2021 (Unaudited) Shares Value COMMON STOCKS: 91.

Akre Focus Fund

Akre Focus Fund SCHEDULE OF INVESTMENTS at October 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 97.

MUZINICH U.S. HIGH YIELD CREDIT FUND

MUZINICH U.S. HIGH YIELD CREDIT FUND SCHEDULE OF INVESTMENTS at September 30, 2021 (Unaudited) Principal Amount Value CORPORATE BONDS: 92.6% Aerospace/Defense: 0.3% TransDigm Inc $ 75,000 5.500%, 11/15/27 $ 77,630 Airlines: 3.0% American Airlines Inc 175,000 11.750%, 7/15/25 216,781 American Airlines Inc/AAdvantage Loyalty IP Ltd 100,000 5.500%, 4/20/26 105,250 175,000 5.750%, 4/20/29 188,790 Delt

MUZINICH HIGH INCOME FLOATING RATE FUND

MUZINICH HIGH INCOME FLOATING RATE FUND SCHEDULE OF INVESTMENTS at September 30, 2021 (Unaudited) Principal Amount† Value CORPORATE BONDS: 4.

Trillium Mutual Funds

Trillium Mutual Funds Trillium ESG Small/Mid Cap Fund SCHEDULE OF INVESTMENTS at September 30, 2021 (Unaudited) Shares Value COMMON STOCKS: 98.

Trillium Mutual Funds

Trillium Mutual Funds Trillium ESG Global Equity Fund SCHEDULE OF INVESTMENTS at September 30, 2021 (Unaudited) Shares Value COMMON STOCKS: 98.

MUZINICH CREDIT OPPORTUNITIES FUND

MUZINICH CREDIT OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS at September 30, 2021 (Unaudited) Principal Amount† Value CORPORATE BONDS: 80.

MUZINICH LOW DURATION FUND

MUZINICH LOW DURATION FUND SCHEDULE OF INVESTMENTS at September 30, 2021 (Unaudited) Principal Amount† Value CORPORATE BONDS: 81.

Voya Investment Management to acquire the investment advisory business of Tygh Capital Management

NEWS RELEASE Voya Investment Management to acquire the investment advisory business of Tygh Capital Management Transaction represents Voya's commitment to delivering alpha to clients and continued investment in its equity capabilities NEW YORK, Nov.

Otter Creek Long/Short Opportunity Fund

Otter Creek Long/Short Opportunity Fund SCHEDULE OF INVESTMENTS at July 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 78.

CONGRESS MID CAP GROWTH FUND

CONGRESS MID CAP GROWTH FUND SCHEDULE OF INVESTMENTS at July 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 99.

CONGRESS LARGE CAP GROWTH FUND

CONGRESS LARGE CAP GROWTH FUND SCHEDULE OF INVESTMENTS at July 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 99.

CONGRESS SMALL CAP GROWTH FUND

NPORT-EX 2 pmp-smallcap.htm CONGRESS SMALL CAP GROWTH FUND 7/31/21 PART F EXHIBIT HTML CONGRESS SMALL CAP GROWTH FUND SCHEDULE OF INVESTMENTS at July 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 97.0% Aerospace & Defense: 3.9% 50,000 Mercury Systems, Inc. 1 $ 3,300,000 80,000 Vectrus, Inc. 1 3,623,200 6,923,200 Auto Components: 2.8% 30,500 Fox Factory Holding Corp. 1 4,926,970 Banks: 2.6% 95,0

Becker Value Equity Fund

Becker Value Equity Fund SCHEDULE OF INVESTMENTS at July 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 97.

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CORRESP 1 filename1.htm Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, CA 91741 September 9, 2021 VIA EDGAR TRANSMISSION Ryan Sutcliffe United States Securities and Exchange Commission Division of Investment Management 100 F Street N.E. Washington, D.C. 20549 Re: Professionally Managed Portfolios (the “Trust”) Securities Act Regist

* * * * * *

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, CA 91741 September 7, 2021 VIA EDGAR TRANSMISSION Ryan Sutcliffe United States Securities and Exchange Commission Division of Investment Management 100 F Street N.E. Washington, D.C. 20549 Re: Professionally Managed Portfolios (the “Trust”) Securities Act Registration No: 33-12213 Inve

OSTERWEIS GROWTH & INCOME FUND

OSTERWEIS GROWTH & INCOME FUND SCHEDULE OF INVESTMENTS at June 30, 2021 (Unaudited) Shares Value Common Stocks: 70.

OSTERWEIS FUND

OSTERWEIS FUND SCHEDULE OF INVESTMENTS at June 30, 2021 (Unaudited) Shares Value Common Stocks: 97.

OSTERWEIS EMERGING OPPORTUNITY FUND

OSTERWEIS EMERGING OPPORTUNITY FUND SCHEDULE OF INVESTMENTS at June 30, 2021 (Unaudited) Shares Value Common Stocks: 96.

OSTERWEIS STRATEGIC INCOME FUND

OSTERWEIS STRATEGIC INCOME FUND SCHEDULE OF INVESTMENTS at June 30, 2021 (Unaudited) Shares Value Common Stocks: 3.

OSTERWEIS TOTAL RETURN FUND

OSTERWEIS TOTAL RETURN FUND SCHEDULE OF INVESTMENTS at June 30, 2021 (Unaudited) Principal Amount Value Bonds: 91.

HODGES SMALL INTRINSIC VALUE FUND

HODGES SMALL INTRINSIC VALUE FUND SCHEDULE OF INVESTMENTS at June 30, 2021 (Unaudited) Shares Value COMMON STOCKS: 95.

HODGES FUND

HODGES FUND SCHEDULE OF INVESTMENTS at June 30, 2021 (Unaudited) Shares Value COMMON STOCKS: 92.

CAN SLIM® TACTICAL GROWTH FUND

CAN SLIM® TACTICAL GROWTH FUND SCHEDULE OF INVESTMENTS AT JUNE 30, 2021 (Unaudited) Shares Value COMMON STOCKS: 82.

HODGES BLUE CHIP EQUITY INCOME FUND

HODGES BLUE CHIP EQUITY INCOME FUND SCHEDULE OF INVESTMENTS at June 30, 2021 (Unaudited) Shares Value COMMON STOCKS: 99.

TCM SMALL CAP GROWTH FUND

TCM SMALL CAP GROWTH FUND SCHEDULE OF INVESTMENTS at June 30, 2021 (Unaudited) Shares Value COMMON STOCKS - 94.

HODGES SMALL CAP FUND

HODGES SMALL CAP FUND SCHEDULE OF INVESTMENTS at June 30, 2021 (Unaudited) Shares Value COMMON STOCKS: 98.

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CORRESP 1 filename1.htm Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, CA 91741 August 24, 2021 VIA EDGAR TRANSMISSION Ryan Sutcliffe United States Securities and Exchange Commission Division of Investment Management 100 F Street N.E. Washington, D.C. 20549 Re: Professionally Managed Portfolios (the “Trust”) Securities Act Registra

Boston Common ESG Impact International Fund

Boston Common ESG Impact International Fund Schedule of Investments June 30, 2021 (Unaudited) Shares Value COMMON STOCKS - 96.

Boston Common ESG Impact U.S. Equity Fund

Boston Common ESG Impact U.S. Equity Fund Schedule of Investments June 30, 2021 (Unaudited) Shares Value COMMON STOCKS - 98.5% Communication Services - 11.5% 9 Alphabet, Inc. - Class A 1 $ 21,976 1,299 Alphabet, Inc. - Class C 1 3,255,710 1,863 Netflix, Inc. 1 984,055 10,605 The New York Times Company - Class A 461,848 21,790 Verizon Communications, Inc. 1,220,894 4,650 Walt Disney Company 817,330

Villere Equity Fund

Villere Equity Fund SCHEDULE OF INVESTMENTS at May 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 93.

Villere Balanced Fund

Villere Balanced Fund SCHEDULE OF INVESTMENTS at May 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 70.

Akre Focus Fund

Akre Focus Fund SCHEDULE OF INVESTMENTS at April 30, 2021 (Unaudited) Shares Value COMMON STOCKS: 97.

MUZINICH U.S. HIGH YIELD CORPORATE BOND FUND

MUZINICH U.S. HIGH YIELD CORPORATE BOND FUND SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited) Principal Amount Value CORPORATE BONDS: 96.3% Aerospace/Defense: 1.1% Bombardier Inc $ 125,000 6.000%, 10/15/22 $ 125,234 TransDigm Inc 95,000 6.250%, 3/15/26 100,810 75,000 5.500%, 11/15/27 77,644 303,688 Airlines: 1.8% American Airlines Inc/AAdvantage Loyalty IP Ltd 50,000 5.500%, 4/20/26 52,188 25

MUZINICH HIGH INCOME FLOATING RATE FUND

MUZINICH HIGH INCOME FLOATING RATE FUND SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited) Principal Amount† Value CORPORATE BONDS: 5.

MUZINICH CREDIT OPPORTUNITIES FUND

MUZINICH CREDIT OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited) Principal Amount† Value CORPORATE BONDS: 75.

MUZINICH LOW DURATION FUND

MUZINICH LOW DURATION FUND SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited) Principal Amount† Value CORPORATE BONDS: 81.

Trillium Mutual Funds

Trillium Mutual Funds Trillium ESG Global Equity Fund SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 96.

Trillium Mutual Funds

Trillium Mutual Funds Trillium ESG Small/Mid Cap Fund SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 99.

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Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, CA 91741 April 23, 2021 VIA EDGAR TRANSMISSION Ryan Sutcliffe United States Securities and Exchange Commission Division of Investment Management 100 F Street N.E. Washington, D.C. 20549 Re: Professionally Managed Portfolios (the “Trust”) Securities Act Registration No: 33-12213 Investm

CONGRESS LARGE CAP GROWTH FUND

CONGRESS LARGE CAP GROWTH FUND SCHEDULE OF INVESTMENTS at January 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 99.

CONGRESS SMALL CAP GROWTH FUND

CONGRESS SMALL CAP GROWTH FUND SCHEDULE OF INVESTMENTS at January 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 99.

CONGRESS MID CAP GROWTH FUND

CONGRESS MID CAP GROWTH FUND SCHEDULE OF INVESTMENTS at January 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 99.

Otter Creek Long/Short Opportunity Fund

Otter Creek Long/Short Opportunity Fund SCHEDULE OF INVESTMENTS at January 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 62.

Becker Value Equity Fund

Becker Value Equity Fund SCHEDULE OF INVESTMENTS at January 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 96.

OSTERWEIS STRATEGIC INCOME FUND

OSTERWEIS STRATEGIC INCOME FUND SCHEDULE OF INVESTMENTS at December 31, 2020 (Unaudited) Shares Value Common Stocks: 3.

OSTERWEIS EMERGING OPPORTUNITY FUND

OSTERWEIS EMERGING OPPORTUNITY FUND SCHEDULE OF INVESTMENTS at December 31, 2020 (Unaudited) Shares Value Common Stocks: 93.

HODGES BLUE CHIP EQUITY INCOME FUND

HODGES BLUE CHIP EQUITY INCOME FUND SCHEDULE OF INVESTMENTS at December 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 98.

HODGES SMALL INTRINSIC VALUE FUND

HODGES SMALL INTRINSIC VALUE FUND SCHEDULE OF INVESTMENTS at December 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 99.

HODGES FUND

HODGES FUND SCHEDULE OF INVESTMENTS at December 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 87.

OSTERWEIS TOTAL RETURN FUND

OSTERWEIS TOTAL RETURN FUND SCHEDULE OF INVESTMENTS at December 31, 2020 (Unaudited) Principal Amount Value Bonds: 95.

HODGES SMALL CAP FUND

HODGES SMALL CAP FUND SCHEDULE OF INVESTMENTS at December 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 99.

OSTERWEIS FUND

OSTERWEIS FUND SCHEDULE OF INVESTMENTS at December 31, 2020 (Unaudited) Shares Value Common Stocks: 98.

OSTERWEIS STRATEGIC INVESTMENT FUND

OSTERWEIS STRATEGIC INVESTMENT FUND SCHEDULE OF INVESTMENTS at December 31, 2020 (Unaudited) Shares Value Common Stocks: 69.

TCM SMALL CAP GROWTH FUND

TCM SMALL CAP GROWTH FUND SCHEDULE OF INVESTMENTS at December 31, 2020 (Unaudited) Shares Value COMMON STOCKS - 96.

CAN SLIM® TACTICAL GROWTH FUND

CAN SLIM® TACTICAL GROWTH FUND SCHEDULE OF INVESTMENTS AT DECEMBER 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 72.

Boston Common ESG Impact International Fund

Boston Common ESG Impact International Fund Schedule of Investments December 31, 2020 (Unaudited) Shares Value COMMON STOCKS - 95.

Boston Common ESG Impact U.S. Equity Fund

Boston Common ESG Impact U.S. Equity Fund Schedule of Investments December 31, 2020 (Unaudited) Shares Value COMMON STOCKS - 98.2% Communication Services - 11.1% 9 Alphabet, Inc. - Class A1 $ 15,774 1,284 Alphabet, Inc. - Class C1 2,249,414 1,129 Netflix, Inc.1 610,484 10,380 The New York Times Company - Class A 537,373 21,335 Verizon Communications, Inc. 1,253,431 4,555 Walt Disney Company 825,27

Villere Balanced Fund

Villere Balanced Fund SCHEDULE OF INVESTMENTS at November 30, 2020 (Unaudited) Shares Value COMMON STOCKS: 62.

Villere Equity Fund

Villere Equity Fund SCHEDULE OF INVESTMENTS at November 30, 2020 (Unaudited) Shares Value COMMON STOCKS: 82.

Akre Focus Fund

Akre Focus Fund SCHEDULE OF INVESTMENTS at October 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 92.

Trillium Mutual Funds

Trillium Mutual Funds Trillium ESG Global Equity Fund SCHEDULE OF INVESTMENTS at September 30, 2020 (Unaudited) Shares Value COMMON STOCKS: 99.

Trillium Mutual Funds

Trillium Mutual Funds Trillium ESG Small/Mid Cap Fund SCHEDULE OF INVESTMENTS at September 30, 2020 (Unaudited) Shares Value COMMON STOCKS: 98.

MUZINICH CREDIT OPPORTUNITIES FUND

MUZINICH CREDIT OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS at September 30, 2020 (Unaudited) Principal Amount† Value CORPORATE BONDS: 85.

MUZINICH HIGH INCOME FLOATING RATE FUND

MUZINICH HIGH INCOME FLOATING RATE FUND SCHEDULE OF INVESTMENTS at September 30, 2020 (Unaudited) Principal Amount† Value CORPORATE BONDS: 3.

MUZINICH LOW DURATION FUND

MUZINICH LOW DURATION FUND SCHEDULE OF INVESTMENTS at September 30, 2020 (Unaudited) Principal Amount† Value CORPORATE BONDS: 86.

MUZINICH U.S. HIGH YIELD CORPORATE BOND FUND

MUZINICH U.S. HIGH YIELD CORPORATE BOND FUND SCHEDULE OF INVESTMENTS at September 30, 2020 (Unaudited) Principal Amount Value CORPORATE BONDS: 91.6% Aerospace/Defense: 0.5% Bombardier Inc $ 150,000 6.000%, 10/15/22 $ 139,687 TransDigm Inc 170,000 6.250%, 3/15/26 177,744 317,431 Airlines: 0.7% Delta Air Lines Inc / SkyMiles IP Ltd 50,000 4.500%, 10/20/25 51,386 100,000 4.750%, 10/20/28 103,976 Mile

- PART F

Boston Common ESG Impact U.S. Equity Fund Schedule of Investments June 30, 2020 (Unaudited) Shares Value COMMON STOCKS - 96.7% Communication Services - 11.6% 9 Alphabet, Inc. - Class A 1 $ 12,762 1,434 Alphabet, Inc. - Class C 1 2,027,117 1,099 Netflix, Inc. 1 500,089 10,055 The New York Times Company - Class A 422,612 20,430 Verizon Communications, Inc. 1,126,306 4,410 Walt Disney Company 491,759

- PART F

Boston Common ESG Impact International Fund Schedule of Investments June 30, 2020 (Unaudited) Shares Value COMMON STOCKS - 97.

Professionally Managed Portfolios

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 October 27, 2020 VIA EDGAR TRANSMISSION United States Securities and Exchange Commission Division of Investment Management 100 “F” Street, N.E. Washington, D.C. 20549 Re: Professionally Managed Portfolios (the “Trust”) File Nos.: 33-12213 and 811-05037 Dear Sir or Mada

Otter Creek Long/Short Opportunity Fund

Otter Creek Long/Short Opportunity Fund SCHEDULE OF INVESTMENTS AT JULY 31 ,2020 (Unaudited) Shares Value COMMON STOCKS: 59.

CONGRESS SMALL CAP GROWTH FUND

CONGRESS SMALL CAP GROWTH FUND SCHEDULE OF INVESTMENTS at July 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 99.

CONGRESS LARGE CAP GROWTH FUND

CONGRESS LARGE CAP GROWTH FUND SCHEDULE OF INVESTMENTS at July 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 99.

CONGRESS MID CAP GROWTH FUND

CONGRESS MID CAP GROWTH FUND SCHEDULE OF INVESTMENTS at July 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 99.

Becker Value Equity Fund

Becker Value Equity Fund SCHEDULE OF INVESTMENTS at July 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 94.

HODGES SMALL INTRINSIC VALUE FUND

HODGES SMALL INTRINSIC VALUE FUND SCHEDULE OF INVESTMENTS at June 30, 2020 (Unaudited) Shares Value COMMON STOCKS: 85.

HODGES BLUE CHIP EQUITY INCOME FUND

HODGES BLUE CHIP EQUITY INCOME FUND SCHEDULE OF INVESTMENTS at June 30, 2020 (Unaudited) Shares Value COMMON STOCKS: 91.

HODGES SMALL CAP FUND

HODGES SMALL CAP FUND SCHEDULE OF INVESTMENTS at June 30, 2020 (Unaudited) Shares Value COMMON STOCKS: 97.

HODGES FUND

HODGES FUND SCHEDULE OF INVESTMENTS at June 30, 2020 (Unaudited) Shares Value COMMON STOCKS: 90.

OSTERWEIS EMERGING OPPORTUNITY FUND

OSTERWEIS EMERGING OPPORTUNITY FUND SCHEDULE OF INVESTMENTS at June 30, 2020 (Unaudited) Shares Value Common Stocks: 92.

OSTERWEIS STRATEGIC INVESTMENT FUND

OSTERWEIS STRATEGIC INVESTMENT FUND SCHEDULE OF INVESTMENTS at June 30, 2020 (Unaudited) Shares Value Common Stocks: 67.

OSTERWEIS TOTAL RETURN FUND

OSTERWEIS TOTAL RETURN FUND SCHEDULE OF INVESTMENTS at June 30, 2020 (Unaudited) Principal Amount Value Bonds: 92.

CAN SLIM® SELECT GROWTH FUND

CAN SLIM® SELECT GROWTH FUND SCHEDULE OF INVESTMENTS AT JUNE 30, 2020 (Unaudited) Shares Value COMMON STOCKS: 65.

OSTERWEIS FUND

OSTERWEIS FUND SCHEDULE OF INVESTMENTS at June 30, 2020 (Unaudited) Shares Value Common Stocks: 96.

OSTERWEIS STRATEGIC INCOME FUND

OSTERWEIS STRATEGIC INCOME FUND SCHEDULE OF INVESTMENTS at June 30, 2020 (Unaudited) Shares Value Common Stocks: 2.

TCM SMALL CAP GROWTH FUND

TCM SMALL CAP GROWTH FUND SCHEDULE OF INVESTMENTS at June 30, 2020 (Unaudited) Shares Value COMMON STOCKS - 93.

PROFESSIONALLY MANAGED PORTFOLIOS California Office 2020 East Financial Way Glendora, CA 91741 Wisconsin Office 615 East Michigan Street Milwaukee, WI 53202

PROFESSIONALLY MANAGED PORTFOLIOS California Office 2020 East Financial Way Glendora, CA 91741 Wisconsin Office 615 East Michigan Street Milwaukee, WI 53202 August 11, 2020 VIA EDGAR TRANSMISSION Christopher Bellacicco United States Securities and Exchange Commission Division of Investment Management 100 F Street N.

Akre Focus Fund

Akre Focus Fund SCHEDULE OF INVESTMENTS at April 30, 2020 (Unaudited) Shares Value COMMON STOCKS: 89.

Villere Balanced Fund

Villere Balanced Fund SCHEDULE OF INVESTMENTS at May 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 68.

Villere Equity Fund

Villere Equity Fund SCHEDULE OF INVESTMENTS at May 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 78.

- DEFA14A

SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [ ] Definitive Proxy Statement [X] Definitive Additional Materials [ ] Soliciting Material under Rule 14a-12 PROFESSIONALLY MANAGED PORTFOLIOS (Name of Registrant as Specified In Its Charter) Payment of Filing Fee (Check the appropriate box): [X] No fee required.

- DEFA14A

SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [ ] Definitive Proxy Statement [X] Definitive Additional Materials [ ] Soliciting Material under Rule 14a-12 PROFESSIONALLY MANAGED PORTFOLIOS (Name of Registrant as Specified In Its Charter) Payment of Filing Fee (Check the appropriate box): [X] No fee required.

MUZINICH LOW DURATION FUND

MUZINICH LOW DURATION FUND SCHEDULE OF INVESTMENTS at March 31, 2020 (Unaudited) Principal Amount† Value CORPORATE BONDS: 80.

Trillium Mutual Funds

Trillium Mutual Funds Trillium ESG Global Equity Fund SCHEDULE OF INVESTMENTS at March 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 97.

Trillium Mutual Funds

Trillium Mutual Funds Trillium ESG Small/Mid Cap Fund SCHEDULE OF INVESTMENTS at March 31, 2020 (Unaudited) Shares Value COMMON STOCKS: 95.

MUZINICH CREDIT OPPORTUNITIES FUND

MUZINICH CREDIT OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS at March 31, 2020 (Unaudited) Principal Amount† Value CORPORATE BONDS: 90.

- DEFA14A

SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [ ] Definitive Proxy Statement [X] Definitive Additional Materials [ ] Soliciting Material under Rule 14a-12 PROFESSIONALLY MANAGED PORTFOLIOS (Name of Registrant as Specified In Its Charter) Payment of Filing Fee (Check the appropriate box): [X] No fee required.

- DEFA14A

Osterweis Fund Proxy 2020 Script & Emails SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [ ] Definitive Proxy Statement [X] Definitive Additional Materials [ ] Soliciting Material under Rule 14a-12 PROFESSIONALLY MANAGED PORTFOLIOS (Name of Registrant as Specified In Its Charter) Payment of Filing Fee (Check the appropriate box): [X] No fee required.

MUZINICH U.S. HIGH YIELD CORPORATE BOND FUND

MUZINICH U.S. HIGH YIELD CORPORATE BOND FUND SCHEDULE OF INVESTMENTS at March 31, 2020 (Unaudited) Principal Amount Value CORPORATE BONDS: 89.0% Aerospace/Defense: 0.2% Bombardier Inc $ 125,000 6.000%, 10/15/22 1 $ 94,687 Airlines: 0.2% VistaJet Malta Finance PLC / XO Management Holding Inc 100,000 10.500%, 6/1/24 1 81,501 Automotive & Auto Parts: 1.5% American Axle & Manufacturing Inc 215,000 6.2

MUZINICH HIGH INCOME FLOATING RATE FUND

MUZINICH HIGH INCOME FLOATING RATE FUND SCHEDULE OF INVESTMENTS at March 31, 2020 (Unaudited) Principal Amount† Value CORPORATE BONDS: 5.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

DEF 14A 1 tcmdef14aproxystatement.htm DEF 14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement. o Confidential, for use of the Commission

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 May 8, 2020 Via EDGAR Transmission Ms. Valerie Lithotomos: Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Re: Professionally Managed Portfolios (the “Trust”) File Nos.: 33-12213 and 811-05037 TCM Small Cap Growth Fund (the “Fund”) Dear Ms. Lithotomos:

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 May 8, 2020 Via EDGAR Transmission Ms. Valerie Lithotomos: Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Re: Professionally Managed Portfolios (the “Trust”) File Nos.: 33-12213 and 811-05037 Otter Creek Long/Short Opportunity Fund (the “Fund”) Dear M

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 May 8, 2020 Via EDGAR Transmission Ms. Valerie Lithotomos: Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Re: Professionally Managed Portfolios (the “Trust”) File Nos.: 33-12213 and 811-05037 Osterweis Fund (the “Fund”) Dear Ms. Lithotomos: This corre

- DEF 14A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement. o Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). x Def

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

DEF 14A 1 ottercreekdef14aproxystate.htm DEF 14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement. o Confidential, for use of the Commissi

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement. o Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). x Def

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

DEF 14A 1 osterweisdef14aproxystatem.htm DEF 14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement. o Confidential, for use of the Commissi

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202

Professionally Managed Portfolios c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 May 8, 2020 Via EDGAR Transmission Ms. Valerie Lithotomos: Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Re: Professionally Managed Portfolios (the ?Trust?) File Nos.: 33-12213 and 811-05037 Trillium ESG Mutual Funds (the ?Funds?) Dear Ms. Lithotomos