# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000894189-25-006623
**Filing Date:** 2025-8
**Character Count:** 5766
**Document Hash:** b622fa7b4bd4a5c7e29ac3fd5226c9fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006623.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0000894189-25-006623

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-12213
- **FILM NUMBER:** 251280763

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-218-3770

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AVONDALE INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19910529

## Series and Classes Contracts Data

### Villere Equity Fund (Series ID: S000040757)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000126505 | Investor Class | VLEQX           |

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| |
|:---|
| ![villerebalancedfund1a.jpg](villerebalancedfund1a.jpg) |
| **Villere Equity Fund** |
| **TICKER: VLEQX** |

---

    

**Supplement dated August 29, 2025 to the** 

**Summary Prospectus dated December 29, 2024**

On August 13, 2025, the Board of Trustees (the "Board") of the Trust approved an amendment to the operating expense limitation agreement between the Trust, on behalf of the Villere Equity Fund (the "Equity Fund") and St. Denis J. Villere & Company, LLC (the "Adviser"), pursuant to which the Adviser has agreed to reduce the the Equity Fund's operating expense limit from 1.15% to 1.05%, effective September 1, 2025.

*The relevant information under the section entitled "Summary Section - Villere Equity Fund, is deleted and replaced with the following:*

**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 Equity Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and expense example below.

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| | |
|:---|:---|
| **Shareholder Fees**<br> *(fees paid directly from your investment)* | |
| Redemption Fee<br>(as a percentage of amount redeemed less than 60 days from purchase) | 2.00% |

---

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| | |
|:---|:---|
| **Annual Portfolio Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fee | 0.75% |
| Distribution and Service (12b-1) Fee |  |
| Other Expenses | 0.59% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.02% |
| Total Annual Fund Operating Expenses | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | -0.29% |
| Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 1.07% |

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<sup>(1)</sup> Acquired Fund Fees and Expenses ("AFFE") are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, including money market funds and other mutual funds, closed end funds, business development companies or certain exchange-traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE.

<sup>(2)</sup> St. Denis J. Villere & Company (the "Adviser") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement to 1.05% of

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the Fund's average daily net assets (the "Expense Cap"). The Expense Cap is indefinite, but will remain in effect until at least December 29, 2026. The Expense Cap may be terminated at any time by the Trust's Board of Trustees (the "Board") upon 60 days' notice to the Adviser, or by the Adviser with consent of the Board. The Adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years from the date the fees were waived and/or expenses were paid. This reimbursement may be requested if the aggregate amount actually paid by the Fund toward operating expenses for such period (taking into account any reimbursement) does not exceed the lesser of the Expense Caps in place at the time of waiver or at the time of reimbursement.

**Example**

This Example is intended to help you compare the cost of investing in the Equity Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Equity Fund for the time periods indicated and then redeem (sell) all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Equity Fund's operating expenses remain the same (taking into account the contractual Expense Cap for the first 16 months only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| <u>One Year</u> | <u>Three Years</u> | <u>Five Years</u> | <u>Ten Years</u> |
| $109 | $392 | $707 | $1601 |

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**Please retain this Supplement with your Summary Prospectus.**