485BPOS

Filed with the U.S. Securities and Exchange Commission on November 21, 2012

1933 Act Registration File No. 33-12213

1940 Act File No. 811-05037

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	x
Pre-Effective Amendment No.	¨
Post-Effective Amendment No. 481	x
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	x
Amendment No. 482	x

(Check appropriate box or boxes.)

PROFESSIONALLY MANAGED PORTFOLIOS

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin  53202

(Address of Principal Executive Offices) (Zip Code)

(Registrant’s Telephone Numbers, Including Area Code) (626) 914-7363

Elaine E. Richards, Esq.

Professionally Managed Portfolios

2020 E. Financial Way, Ste. 100

Glendora, CA 91741

(Name and Address of Agent for Service)

Copies to:

Domenick Pugliese, Esq.

Paul Hastings LLP

Park Avenue Tower

75 East 55th Street

New York, NY 10022

It is proposed that this filing will become effective

ý	immediately upon filing pursuant to paragraph (b)
o	on ______________ pursuant to paragraph (b)
o	60 days after filing pursuant to paragraph (a)(1)
o	on ______________ pursuant to paragraph (a)(1)
o	75 days after filing pursuant to paragraph (a)(2)
o	on ______________ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

[  ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 481 to the Professionally Managed Portfolios (the “Trust”) Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 476 on Form N-1A filed November 1, 2012.  This PEA No. 481 is filed for the sole purpose of submitting the XBRL exhibit for the risk return summary first provided in PEA No. 476 to the Trust’s Registration Statement for its series: DSM Large Cap Growth Fund and DSM Global Growth Fund.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 481 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 481 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Glendora and State of California, on the 21st day of November, 2012.

Professionally Managed Portfolios

By:  /s/ Eric W. Falkeis                               

Eric W. Falkeis

President

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 481 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature	Title	Date
Steven J. Paggioli*	Trustee	March 21, 2012
Steven J. Paggioli
Dorothy A. Berry*	Trustee	November 21, 2012
Dorothy A. Berry
Wallace L. Cook*	Trustee	November 21, 2012
Wallace L. Cook
Carl A. Froebel*	Trustee	November 21, 2012
Carl A. Froebel
Eric W. Falkeis*	President and Trustee	November 21, 2012
Eric W. Falkeis
Patrick J. Rudnick*	Treasurer and Principal	November 21, 2012
Patrick J. Rudnick	Financial and Accounting Officer
*By: /s/ Elaine E. Richards		November 21, 2012
Elaine E. Richards, Attorney-In Fact  pursuant to Power of Attorney

1

EXHIBIT LIST

Exhibit	Exhibit No.
Instance Document	EX-101.INS
Schema Document	EX-101.SCH
Calculation Linkbase Document	EX-101.CAL
Definition Linkbase Document	EX-101.DEF
Label Linkbase Document	EX-101.LAB
Presentation Linkbase Document	EX-101.PRE

2

XML

Label	Element	Value
Risk Return [Abstract]	rr_RiskReturnAbstract
ProspectusDate	rr_ProspectusDate	Nov. 01, 2012
DSM Global Growth Fund (Second Prospectus Summary) | DSM Global Growth Fund
Risk Return [Abstract]	rr_RiskReturnAbstract
Risk/Return [Heading]	rr_RiskReturnHeading	DSM Global Growth Fund
Objective [Heading]	rr_ObjectiveHeading	Investment Objective
Objective, Primary [Text Block]	rr_ObjectivePrimaryTextBlock	The DSM Global Growth Fund (the "DSM Global Growth Fund" or "Fund") seeks long-term capital appreciation.
Expense [Heading]	rr_ExpenseHeading	Fees and Expenses of the Fund
Expense Narrative [Text Block]	rr_ExpenseNarrativeTextBlock	This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text]	rr_ShareholderFeesCaption	Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text]	rr_OperatingExpensesCaption	Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments)
Portfolio Turnover [Heading]	rr_PortfolioTurnoverHeading	Portfolio Turnover
Portfolio Turnover [Text Block]	rr_PortfolioTurnoverTextBlock	The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above Example, affect the Fund's performance. During the most recent fiscal period (March 28, 2012 through June 30, 2012), the Fund's portfolio turnover rate was 9% of the average value of its portfolio.
Portfolio Turnover, Rate	rr_PortfolioTurnoverRate	9.00%
Other Expenses, New Fund, Based on Estimates [Text]	rr_OtherExpensesNewFundBasedOnEstimates	Other expenses and acquired fund fees and expenses are based on estimated amounts for the current fiscal year.
Expense Example [Heading]	rr_ExpenseExampleHeading	Example
Expense Example Narrative [Text Block]	rr_ExpenseExampleNarrativeTextBlock	This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the Expense Cap only in the first year).
Expense Example by, Year, Caption [Text]	rr_ExpenseExampleByYearCaption	Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Strategy [Heading]	rr_StrategyHeading	Principal Investment Strategies
Strategy Narrative [Text Block]	rr_StrategyNarrativeTextBlock	Permissible Securities. Under normal circumstances, the Fund will primarily invest its net assets in equity securities of large capitalization companies. Equity securities include, but are not limited to, common stocks, preferred stocks, securities convertible into common stocks, rights and warrants. The Fund has no limit on the amount of its assets it can invest in equity securities of domestic or foreign companies, including those in emerging markets; however, under normal circumstances, at least 40% of the Fund's net assets will be invested in securities of foreign companies, and at any time, no less than 30% of the Fund's net assets will be invested in the securities of foreign companies. The Fund invests in U.S. and foreign issuers and has no specific policy on the number of different countries in which it will invest but intends to invest in at least three different countries. A large capitalization company is one that has a market capitalization of more than U.S. $10 billion at the time of purchase. The Fund may also invest up to 40% of its net assets in equity securities of companies that have a market capitalization below U.S. $10 billion at the time of purchase. The Fund generally will contain 35 to 55 equity securities. From time to time, the Fund may invest more than 25% of its assets in issuers connected to China, and in issuers in other newly-developed trading markets, which involves certain risks and special considerations not typically associated with investment in more developed economies or markets. The Fund is a non-diversified fund and may, from time to time, have significant exposure to one or more issuers, industries, geographic regions or sectors of the global economy.The Fund may invest greater than 25% of its assets in the following sectors: consumer discretionary, consumer staples, energy, financials, health care, industrials, materials, technology and telecommunications services. Management Process. The Advisor manages the Fund using a bottom-up, "idea-driven," growth-style with a long-term (i.e., three-year) investment horizon. This means in general terms that the Advisor identifies companies, one-by-one, which the Advisor believes exhibit certain growth characteristics. For instance, the Advisor may select companies that have growing businesses with solid fundamentals, attractive profitability, and successful managements. These companies will typically have projected revenue and earnings growth as determined by Advisor in excess of 10% and are often expected to have higher returns on equity and assets than average businesses. Generally, these businesses will be generating free cash flow and will have financial returns that are stable or rising, driven by improving business fundamentals. The Advisor generally sells a stock when its projected future return becomes unattractive relative to the rest of the portfolio or the investable universe.
Risk [Heading]	rr_RiskHeading	Principal Risks
Risk Narrative [Text Block]	rr_RiskNarrativeTextBlock	There is the risk that you could lose all or a portion of your money on your investment in the Fund. The Fund is subject to many of the risks common to mutual funds that invest in equity securities of domestic and foreign companies. You may lose money by investing in this Fund. In particular, the following risks could affect the value of your investment: o China Risk. China risks include: greater government control over the economy,     political and legal uncertainty, currency fluctuations or exchange limitations,   the risk that China's government may decide not to continue to support economic   reform programs and the risk of nationalization or expropriation of assets.   Information about issuers in emerging markets, including China, may not be as   complete, accurate or timely as information about listed companies in other   more developed economies or markets. o Equity Market Risk. Common stocks are susceptible to general stock market         fluctuations and to volatile increases and decreases in value. If the market      prices of the securities owned by the Fund fall, the value of your investment     in the Fund will decline. o Foreign Securities and Emerging Markets Risks. The performance of foreign         securities depends on the political and economic environments and other overall   economic conditions in the countries where the Fund invests. Emerging markets     involve greater risk and volatility than more developed markets. Some emerging   markets countries may have fixed or managed currencies that are not free-floating   against the U.S. dollar. Certain of these currencies have experienced, and may   experience in the future, substantial fluctuations or a steady devaluation   relative to the U.S. dollar. o General Market Risk. The stock market declines or stocks in the Fund's portfolio   may not increase their earnings at the rate anticipated. o Growth Style Investment Risk. Growth-oriented funds may underperform when value   investing is in favor. In addition, growth securities typically trade at higher   multiples of current earnings than other securities and, therefore, may be more   sensitive to changes in current or expected earnings than other equity            securities and may be more volatile. o Large Cap Company Risk. Large cap companies may be unable to respond quickly to   new competitive challenges, such as changes in technology and consumer tastes,   may be more prone to global economic risks, and also may not be able to attain   the high growth rate of successful smaller companies, especially during           extended periods of economic expansion. o Management Risk. The Advisor's investment strategy does not achieve the Fund's   objective or the Advisor does not implement the strategy properly. o New Fund Risk. The Fund is new with no operating history and there can be no      assurance that the Fund will grow to or maintain an economically viable size. o Non-Diversification Risk. A non-diversified fund may hold a significant           percentage of its assets in the securities of fewer companies or even one         company, and therefore events effecting those companies have a greater impact     on the Fund than on a diversified fund. o Regulatory Risk. Changes in government regulations may adversely affect the       value of a security. o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one   sector of the market exposes the Fund to greater market risk and potential        monetary losses than if those assets were spread among various sectors. o Small and Mid-Sized Company Stock Risk. Small to mid-sized company stocks have   historically been subject to greater investment risk than large company stocks.   The prices of small to mid-sized company stocks tend to be more volatile and      less liquid than large company stocks. Small and mid-sized companies may have     no or relatively short operating histories, or be newly formed public companies.   Some of these companies have aggressive capital structures, including high debt   levels, or are involved in rapidly growing or changing industries and/or new   technologies, which pose additional risks.
Risk Lose Money [Text]	rr_RiskLoseMoney	There is the risk that you could lose all or a portion of your money on your investment in the Fund.
Risk Nondiversified Status [Text]	rr_RiskNondiversifiedStatus	A non-diversified fund may hold a significant percentage of its assets in the securities of fewer companies or even one company, and therefore events effecting those companies have a greater impact on the Fund than on a diversified fund.
Bar Chart and Performance Table [Heading]	rr_BarChartAndPerformanceTableHeading	Performance
Performance Narrative [Text Block]	rr_PerformanceNarrativeTextBlock	Because the Fund commenced operations on March 28, 2012, it does not have a full calendar year of performance to compare against a broad measure of market performance. Accordingly, performance information is not available. Performance information will be available after the Fund has been in operation for one full calendar year. At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance. Updated performance information is available on the Fund's website at www.dsmfunds.com or by calling the Fund toll-free at 1-877-862-9555.
Performance One Year or Less [Text]	rr_PerformanceOneYearOrLess	Because the Fund commenced operations on March 28, 2012, it does not have a full calendar year of performance to compare against a broad measure of market performance.
Performance Availability Phone [Text]	rr_PerformanceAvailabilityPhone	1-877-862-9555
Performance Availability Website Address [Text]	rr_PerformanceAvailabilityWebSiteAddress	www.dsmfunds.com
DSM Global Growth Fund (Second Prospectus Summary) | DSM Global Growth Fund | Retail Class
Risk Return [Abstract]	rr_RiskReturnAbstract
Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)	rr_RedemptionFeeOverRedemption	(1.00%)
Management Fees	rr_ManagementFeesOverAssets	0.90%
Distribution (12b-1) Fees	rr_DistributionAndService12b1FeesOverAssets	0.25%
Other Expenses	rr_OtherExpensesOverAssets	17.51%	[1]
Total Annual Fund Operating Expenses	rr_ExpensesOverAssets	18.66%
Fee Waiver/Expense Reimbursement	rr_FeeWaiverOrReimbursementOverAssets	(17.21%)	[2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	rr_NetExpensesOverAssets	1.45%
Fee Waiver or Reimbursement over Assets, Date of Termination	rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination	2014-03-07
Expense Example, with Redemption, 1 Year	rr_ExpenseExampleYear01	148
Expense Example, with Redemption, 3 Years	rr_ExpenseExampleYear03	2,165

[1] Other expenses and acquired fund fees and expenses are based on estimated amounts for the current fiscal year.

[2] The Advisor has contractually agreed to reduce its fees and pay Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, dividends on short positions and extraordinary expenses) in order to limit the Fund's Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement to 1.45% of the average daily net assets of the Retail Class (the "Expense Cap") through March 7, 2014. To the extent that the Advisor waives its fees and absorbs expenses to satisfy this Expense Cap, it may seek repayment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or absorbed, subject to the Expense Cap.

XML

DSM Global Growth Fund (First Prospectus Summary) | DSM Global Growth Fund

DSM Global Growth Fund

Investment Objective

The DSM Global Growth Fund (the "Global Growth Fund" or "Fund") seeks long-term
capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	DSM Global Growth Fund Institutional Class
Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)	1.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments)

Annual Fund Operating Expenses		DSM Global Growth Fund Institutional Class
Management Fees		0.90%
Other Expenses	[1]	17.51%
Total Annual Fund Operating Expenses		18.41%
Fee Waiver/Expense Reimbursement	[2]	(17.21%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.20%

Example

This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated. The Example also
assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same (taking into account the Expense Cap only in
the first year).

Although your actual costs may be higher or lower, under these assumptions, your costs would be:

Expense Example (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years
DSM Global Growth Fund Institutional Class	122	2,100

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in annual fund operating expenses or in the above Example, affect the Fund's
performance. During the most recent fiscal period (March 28, 2012 through June
30, 2012), the Fund's portfolio turnover rate was 9% of the average value of
its portfolio.

Principal Investment Strategies

Permissible Securities. Under normal circumstances, the Fund will primarily
invest its net assets in equity securities of large capitalization companies.
Equity securities include, but are not limited to, common stocks, preferred
stocks, securities convertible into common stocks, rights and warrants. The
Fund has no limit on the amount of its assets it can invest in equity
securities of domestic or foreign companies, including those in emerging
markets; however, under normal circumstances, at least 40% of the Fund's net
assets will be invested in securities of foreign companies, and at any time, no
less than 30% of the Fund's net assets will be invested in the securities of
foreign companies. The Fund invests in U.S. and foreign issuers and has no
specific policy on the number of different countries in which it will invest but
intends to invest in at least three different countries. A large capitalization
company is one that has a market capitalization of more than U.S. $10 billion at
the time of purchase. The Fund may also invest up to 40% of its net assets in
equity securities of companies that have a market capitalization below U.S.
$10 billion at the time of purchase. The Fund generally will contain 35 to 55
equity securities. From time to time, the Fund may invest more than 25% of its
assets in issuers connected to China, and in issuers in other newly-developed
trading markets, which involves certain risks and special considerations not
typically associated with investment in more developed economies or markets. The
Fund is a non-diversified fund and may, from time to time, have significant
exposure to one or more issuers, industries, geographic regions or sectors of
the global economy. The Fund may invest greater than 25% of its assets in the
following sectors: consumer discretionary, consumer staples, energy, financials,
health care, industrials, materials, technology and telecommunications services.
  
Management Process. The Advisor manages the Fund using a bottom-up, "idea-driven,"
growth-style with a long-term (i.e., three-year) investment horizon. This means
in general terms that the Advisor identifies companies, one-by-one, which the
Advisor believes exhibit certain growth characteristics. For instance, the
Advisor may select companies that have growing businesses with solid fundamentals,
attractive profitability, and successful managements. These companies will
typically have projected revenue and earnings growth as determined by Advisor in
excess of 10% and are often expected to have higher returns on equity and assets
than average businesses. Generally, these businesses will be generating free cash
flow and will have financial returns that are stable or rising, driven by
improving business fundamentals. The Advisor generally sells a stock when its
projected future return becomes unattractive relative to the rest of the portfolio
or the investable universe.

Principal Risks

There is the risk that you could lose all or a portion of your money on your
investment in the Fund. The Fund is subject to many of the risks common to
mutual funds that invest in equity securities of domestic and foreign
companies. You may lose money by investing in this Fund. In particular, the
following risks could affect the value of your investment:

o China Risk. China risks include: greater government control over the economy,  
  political and legal uncertainty, currency fluctuations or exchange limitations,
  the risk that China's government may decide not to continue to support economic
  reform programs and the risk of nationalization or expropriation of assets.
  Information about issuers in emerging markets, including China, may not be as
  complete, accurate or timely as information about listed companies in other more
  developed economies or markets.

o Equity Market Risk. Common stocks are susceptible to general stock market      
  fluctuations and to volatile increases and decreases in value. If the market   
  prices of the securities owned by the Fund fall, the value of your investment  
  in the Fund will decline.

o Foreign Securities and Emerging Markets Risks. The performance of foreign      
  securities depends on the political and economic environments and other overall
  economic conditions in the countries where the Fund invests. Emerging markets  
  involve greater risk and volatility than more developed markets. Some emerging
  markets countries may have fixed or managed currencies that are not free-floating
  against the U.S. dollar. Certain of these currencies have experienced, and may
  experience in the future, substantial fluctuations or a steady devaluation
  relative to the U.S. dollar.

o General Market Risk. The stock market declines or stocks in the Fund's         
  portfolio may not increase their earnings at the rate anticipated.

o Growth Style Investment Risk. Growth-oriented funds may underperform when value
  investing is in favor. In addition, growth securities typically trade at higher
  multiples of current earnings than other securities and, therefore, may be more
  sensitive to changes in current or expected earnings than other equity         
  securities and may be more volatile.

o Large Cap Company Risk. Large cap companies may be unable to respond quickly to
  new competitive challenges, such as changes in technology and consumer tastes,
  may be more prone to global economic risks, and also may not be able to attain
  the high growth rate of successful smaller companies, especially during        
  extended periods of economic expansion.

o  Management Risk. The Advisor's investment strategy does not achieve the      
   Fund's objective or the Advisor does not implement the strategy properly.

o New Fund Risk. The Fund is new with no operating history and there can be no   
  assurance that the Fund will grow to or maintain an economically viable size.

o Non-Diversification Risk. A non-diversified fund may hold a significant        
  percentage of its assets in the securities of fewer companies or even one      
  company, and therefore events effecting those companies have a greater impact  
  on the Fund than on a diversified fund.

o Regulatory Risk. Changes in government regulations may adversely affect the    
  value of a security.

o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one
  sector of the market exposes the Fund to greater market risk and potential     
  monetary losses than if those assets were spread among various sectors.

o Small and Mid-Sized Company Stock Risk. Small to mid-sized company stocks have
  historically been subject to greater investment risk than large company stocks.
  The prices of small to mid-sized company stocks tend to be more volatile and   
  less liquid than large company stocks. Small and mid-sized companies may have  
  no or relatively short operating histories, or be newly formed public companies.
  Some of these companies have aggressive capital structures, including high debt
  levels, or are involved in rapidly growing or changing industries and/or new
  technologies, which pose additional risks.

Performance

Because the Fund commenced operations on March 28, 2012, it does not have a full
calendar year of performance to compare against a broad measure of market
performance. Accordingly, performance information is not available. Performance
information will be available after the Fund has been in operation for one full
calendar year. At that time, the performance information will provide some
indication of the risks of investing in the Fund by comparing it against a broad
measure of market performance. Updated performance information is available on
the Fund's website at www.dsmfunds.com or by calling the Fund toll-free at
1-877-862-9555.

[1] Other expenses are based on estimated amounts for the current fiscal year.

[2] The Advisor has contractually agreed to reduce its fees and pay Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, dividends on short positions and extraordinary expenses) in order to limit the Fund's Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement to 1.20% of the average daily net assets of the Institutional Class (the "Expense Cap") through March 7, 2014. To the extent that the Advisor waives its fees and absorbs expenses to satisfy this Expense Cap, it may seek repayment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or absorbed, subject to the Expense Cap.