Jul. 28, 2021

Hodges Fund

Retail Class Ticker HDPMX

Hodges Small Cap Fund

Retail Class Ticker HDPSX

Institutional Class Ticker HDSIX

(each a “Fund” and collectively, the “Funds”)

each a series of Professionally Managed Portfolios (the “Trust”)

Supplement dated July 28, 2021 to

Statutory Prospectus dated July 29, 2021

Effective September 1, 2021, the Hodges Fund’s management fee and Expense Cap will return to 0.85% and 0.90%, respectively. Effective September 1, 2021, the Hodges Small Cap Fund’s management fee and Expense Cap will return to 0.85% and 1.12%, 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 each of the Hodges Fund and the Hodges Small Cap 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 Funds 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, and 1.12% of average daily net assets of the Hodges Small Cap Fund, respectively (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 Prospectus.

Hodges Fund

Hodges Small Cap Fund