PROFESSIONALLY MANAGED PORTFOLIOS, 497, 1999-11-01

PROFESSIONALLY MANAGED PORTFOLIOS
497, 1999-11-01

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                            PZENA FOCUSED VALUE FUND,
                   SERIES OF PROFESSIONALLY MANAGED PORTFOLIOS

                        SUPPLEMENT DATED NOVEMBER 1, 1999
                       TO PROSPECTUS DATED AUGUST 27, 1999



THE  FOLLOWING  SUPPLEMENTS  THE SECTION  "SHAREHOLDER  INFORMATION - HOW TO BUY
SHARES, BY WIRE" ON PAGE 8 OF THE PROSPECTUS.

Effective immediately,  the wiring instructions for the Pzena Focused Value Fund
have been  changed.  The wiring  instructions  on page 8 are  replaced  with the
following:

WIRE INSTRUCTIONS:
                             Firstar Bank, N.A. Cinti/Trust
                             ABA Routing #0420-0001-3
                             Pzena Focused Value Fund
                             DDA #485776710
                             Account name (shareholder name):
                             Shareholder account number