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Form 497K PROFESSIONALLY MANAGED

July 29, 2021 2:37 PM EDT

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Hodges Fund
Retail Class Ticker HDPMX

(the “Fund”)
a series of Professionally Managed Portfolios (the “Trust”)
Supplement dated July 29, 2021 to
Summary Prospectus dated July 29, 2021
Effective September 1, 2021, the Hodges Fund’s management fee and Expense Cap will return to 0.85% and 0.93%, respectively.

As of September 1, 2020, Hodges Capital Management, Inc. (the “Advisor”), contractually agreed to lower its management fee from 0.85% to 0.82% of the Hodges Fund’s average daily net assets. This one-year temporary contractual waiver is in effect until August 31, 2021. In addition, as of September 1, 2020, Hodges Capital Management, Inc. (the “Advisor”), contractually agreed to waive a portion or all of its management fees and pay the Fund’s expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class-specific expenses) in order to limit Total Annual Fund Operating Expenses to 0.90% of average daily net assets of the Hodges Fund (the “Expense Cap”). The Advisor has waived its right to receive reimbursement of the portion of its management fees waived pursuant to the temporary advisory fee waiver agreement.


Please retain this Supplement with the Summary Prospectus.




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