M&A - PROFESSIONALLY MANAGED PORTFOLIOS

Form Type: 497

Filing Date: 2025-06-04

Corporate Action: Merger

Type: New

Accession Number: 000089418925004319

Filing Summary: The document is a supplement dated June 4, 2025, to the Statutory Prospectus and Statement of Additional Information for the Akre Focus Fund, announcing a planned conversion from a mutual fund to an exchange-traded fund (ETF) pending shareholder approval. The Board of Trustees approved the Reorganization on May 21, 2025, with a special meeting of shareholders scheduled for August 28, 2025, to vote on the proposal. The conversion is expected to occur on or about September 26, 2025, and aims to qualify as a tax-free reorganization under the Internal Revenue Code. Shareholders of the Mutual Fund will need to hold their shares in brokerage accounts that can accept ETF shares by the cutoff date of September 22, 2025. The document outlines the benefits of the ETF structure including tax efficiency, trading flexibility, and management fee structure changes, providing detailed information on fee comparisons between the Mutual Fund and ETF. It also discusses the implications of share class consolidation prior to the conversion, including that the Mutual Fund will dissolve following the completion of the Reorganization, with ETF shares issued to qualifying shareholders based on their investment proportions in the Mutual Fund.