# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000894189-26-012348
**Filing Date:** 2026-4
**Character Count:** 5704
**Document Hash:** dc02c58d64df0224beed6b2c4040a542
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-012348.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0000894189-26-012348

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**EFFECTIVENESS DATE**: 20260421

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-12213
- **FILM NUMBER:** 26877988

**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 Balanced Fund (Series ID: S000004946)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Investor Class | VILLX         | C000013362 |

---

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

---

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

---

## Series and Classes Contracts Data

### Villere Balanced Fund (Series ID: S000004946)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000013362 | Investor Class | VILLX           |

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

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

Filed pursuant to Rule 497(e)

File Nos. 033-12213; 811-05037

![villerelogo.jpg](villerelogo.jpg)

**Villere Balanced Fund**

***TICKER: VILLX***

**Villere Equity Fund**

***TICKER: VLEQX***

**(each a series of Professionally Managed Portfolios)**

    

**Supplement dated April 21, 2026**

**to the Statutory Prospectus and Statement of Additional Information**

**each dated December 29, 2025**

The Board of Trustees (the "Board") of Professionally Managed Portfolios (the "Trust"), based upon the recommendation of St. Denis J. Villere & Co. LLC (the "Adviser"), the investment adviser to the Villere Balanced Fund and Villere Equity Fund (the "Funds"), has determined to close and liquidate the Funds. The Board concluded that it would be in the best interest of the Funds and their shareholders that the Funds be closed to new purchases on April 24, 2026 (the "Closing Date") and liquidated as series of the Trust effective as of the close of business on June 15, 2026 (the "Liquidation Date").

The Board approved a Plan of Liquidation (the "Plan") that determines the manner in which the Funds will be liquidated. Pursuant to the Plan and in anticipation of the Funds' liquidation, the Funds will be closed to new purchases, effective on the Closing Date, after which the Funds' assets may be entirely invested in money market instruments or held in cash or cash equivalents. Accordingly, the Funds will no longer be pursuing their respective investment objectives. Any distributions declared to shareholders of the Funds after the Closing Date and until the close of trading on the New York Stock Exchange on the Liquidation Date will be distributed in cash. Although the Funds will be closed to new purchases as of the Closing Date, you may continue to redeem your shares of the Funds until the Liquidation Date, as described in "How to Sell Shares" in the Funds' Prospectus.

Pursuant to the Plan, if the Funds have not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed and you will receive proceeds representing your proportionate interest in the net assets of the Funds as of the Liquidation Date after the Funds have paid or provided for all taxes, expenses, and any other liabilities, subject to any required withholdings. As is the case with any redemption of Fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. The Adviser will bear all of the expenses incurred in carrying out the Plan.

FOR SHAREHOLDERS WHO HOLD AN IRA DIRECTLY WITH THE FUNDS: If your IRA is held directly with the Funds, through the Funds' transfer agent, the closing of the Funds will result in the closure of your IRA. You may contact the Funds' transfer agent by telephone at 1-866-209-1129 for instructions on performing a trustee-to-trustee transfer, if you intend to transfer your IRA holdings to another IRA provider via a trustee-to-trustee transfer prior to June 15, 2026. If the Fund does not receive an acceptance of transfer from another IRA provider prior to June 15, 2026, your investment in the Fund(s) will be liquidated as a distribution from your IRA, with 10% federal withholding on June 15, 2026 (state withholding may also apply). If you do not perform a trustee-to-trustee transfer prior to distribution, you may still qualify to perform an "indirect rollover" within 60 days from the date you receive your proceeds. You should consult with your tax advisor on the consequences of this redemption and distribution to you. Shareholder inquiries should be directed to the Funds at 1-866-209-1129.

**\* \* \* \* \***

**Please retain this supplement for future reference.**

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