0000894189-12-006381.txt : 20121121 0000894189-12-006381.hdr.sgml : 20121121 20121121172210 ACCESSION NUMBER: 0000894189-12-006381 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121121 DATE AS OF CHANGE: 20121121 EFFECTIVENESS DATE: 20121121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONALLY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000811030 IRS NUMBER: 566415270 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-12213 FILM NUMBER: 121221865 BUSINESS ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5348 MAIL ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONALLY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000811030 IRS NUMBER: 566415270 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05037 FILM NUMBER: 121221866 BUSINESS ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5348 MAIL ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 0000811030 S000038710 Congress All Cap Opportunity Fund C000119244 Retail Class CACOX C000119245 Institutional Class IACOX 0000811030 S000038711 Congress Mid Cap Growth Fund C000119246 Retail Class CMIDX C000119247 Institutional Class IMIDX 485BPOS 1 congress_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL Unassociated Document

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

1933 Act Registration File No.   033-12213
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
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Pre-Effective Amendment No.
   
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Post-Effective Amendment No.
480
 
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and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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Amendment No.
481
 
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(Check appropriate box or boxes)

PROFESSIONALLY MANAGED PORTFOLIOS
(Exact Name of Registrant as Specified in Charter)
 
615 East Michigan Street
Milwaukee, WI  53202
(Address of Principal Executive Offices, including Zip Code)
 
Registrant’s Telephone Number, 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)
 
Copy 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 (check appropriate box)
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immediately upon filing pursuant to paragraph (b)
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On (date) pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:
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This post-effective amendment designates a new effective date for a previously filed post- effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 480 to the Registration Statement of Professionally Managed Portfolios (the “Trust”) on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 475 on Form N-1A filed on October 31, 2012.  This PEA No. 480 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 475 to the Trust’s Registration Statement.
 
 
 
 

 
 
SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 480 to its Registration Statement on Form N-1A to be signed below on its behalf by the undersigned, duly authorized, in the City of Glendora and State of California, on November 21, 2012.

Professionally Managed Portfolios

By:  Eric W. Falkeis*                                
Eric W. Falkeis
Trustee and President


     Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 480 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
November 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*
 
Trustee and President
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

 

 
INDEX TO EXHIBITS

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
 
 

EX-101.INS 2 ck0000811030-20121031.xml INSTANCE DOCUMENT 485BPOS 2012-10-31 0000811030 2012-10-31 PROFESSIONALLY MANAGED PORTFOLIOS false 2012-10-31 2012-10-31 <tt>The Mid Cap Fund pays transaction costs, such as commissions, when it buys and<br />sells securities (or "turns over" its portfolio). A higher portfolio turnover<br />rate may indicate higher transaction costs and may result in higher taxes when<br />Fund shares are held in a taxable account. These costs, which are not reflected<br />in annual fund operating expenses or in the example, affect the Fund's performance.</tt> <div style="display:none">~ http://www.congressasset.com/role/ExpenseExample_S000038711Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Congress Mid Cap Growth Fund (the "Mid Cap Fund") seeks long-term capital<br />appreciation.</tt> <tt>The Example below is intended to help you compare the cost of investing in the<br />Mid Cap Fund with the cost of investing in other mutual funds. This Example<br />assumes that you invest $10,000 in the Mid Cap Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. <br />The Example also assumes that your investment has a 5% annual return each <br />year and that the Fund's operating expenses remain the same (taking into <br />account the Expense Caps for the first two years).</tt> <tt>The Mid Cap Fund seeks to achieve its investment objective by investing at least<br />80% of its net assets (plus any borrowings for investment purposes) in equity<br />securities of mid-capitalization companies. The Fund may invest any portion of<br />the remaining 20% of its net assets in equity securities of small-capitalization<br />and large-capitalization companies. The Fund invests primarily in publicly<br />traded stocks of U.S. companies which the Advisor considers to have a mid-size<br />market capitalization. The Fund considers a company to be a mid-cap company if<br />it has a market capitalization, at the time of purchase, between $1 billion and<br />$5 billion. The Fund may also invest from time to time in equity securities of<br />large-capitalization companies (i.e., those with capitalizations over $5 billion) <br />and equity securities of small-capitalization companies (i.e., those with <br />capitalizations of less than $1 billion). The Fund may invest up to 10% of its <br />total assets in the securities of foreign issuers, including American Depositary <br />Receipts ("ADRs"). The Fund invests in companies that Congress Asset Management <br />Company, LLP (the "Advisor") believes are experiencing or will experience earnings <br />growth. The Advisor employs a "bottom-up" approach to research and stock selection, <br />which means that the Advisor bases its investments on a company's future prospects <br />and not on any significant economic or market cycle. The Advisor also uses a <br />growth-style approach to selecting securities with a focus on high quality companies. <br />The Advisor's fundamental approach emphasizes earnings growth and free cash flow. <br />The Advisor may sell a security for a number of reasons including, but not limited <br />to, if a determination is made that the security no longer meets its investment <br />criteria or if a new security is judged more attractive than a current holding.</tt> Congress Mid Cap Growth Fund Example Other expenses are based on estimated amounts for the current fiscal year. Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance. Investment Objective There is a risk that you could lose all or a portion of your investment in the Fund. Principal Risks of Investing in the Fund Shareholder Fees (Fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance Information 1-888-688-1299 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>There is a risk that you could lose all or a portion of your investment in the<br />Fund. The principal risks of an investment in the Fund include:<br /> <br />&#xB7;&#xA0;&#xA0;Equity Market Risk: Common stocks are susceptible to general stock market&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;fluctuations and to volatile increases and decreases in value. The stock&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;market may experience declines or stocks in the Fund's portfolio may not&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;increase their earnings at the rate anticipated. <br /><br />&#xB7;&#xA0;&#xA0;General Market Risk: The market price of a security may fluctuate, sometimes&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;rapidly and unpredictably. These fluctuations may cause a security to be worth<br />&#xA0;&#xA0;&#xA0;less than its cost when originally purchased or less than it was worth at an&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;earlier time. <br /><br />&#xB7;&#xA0;&#xA0;Growth Style Investment Risk: Growth stocks fall out of favor with investors. <br /><br />&#xB7;&#xA0;&#xA0;Management Risk: The portfolio manager's judgment as to the growth potential&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;or value of a stock proves to be wrong. <br /><br />&#xB7;&#xA0;&#xA0;Small and Medium Company Risk: Securities of small and medium cap companies&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;may possess comparatively greater price volatility and less liquidity than the<br />&#xA0;&#xA0;&#xA0;securities of companies that have larger market capitalizations and/or that&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;are traded on major stock exchanges. <br /><br />&#xB7;&#xA0;&#xA0;Foreign Markets Risk: Foreign securities, including ADRs, involve additional&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;risks, including currency-rate fluctuations, political and economic instability, <br />&#xA0;&#xA0;&#xA0;differences in financial reporting standards, and less-strict regulation of <br />&#xA0;&#xA0;&#xA0;securities markets. <br /><br />&#xB7;&#xA0;&#xA0;Regulatory Risk: Changes in government regulations may adversely affect the&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;value of a security. <br /><br />&#xB7;&#xA0;&#xA0;New Fund Risk: The Fund is new with no operating history, and there can be no <br />&#xA0;&#xA0;&#xA0;assurance that the Fund will grow to or maintain an economically viable size.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.congressasset.com/funds <tt>Because the Fund recently commenced operations, it does not have a full calendar<br />year of performance to compare against a broad measure of market performance. <br />Accordingly, performance information is not available. Performance information <br />will be shown below after the Fund has been in operation for one calendar year. <br />At that time, the performance information will provide some indication of the <br />risks of investing in the Fund by comparing it against a broad measure of market <br />performance. Updated performance information will also be available on the Fund's <br />website at www.congressasset.com/funds or by calling the Fund toll-free at <br />1-888-688-1299.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Mid Cap Fund.</tt> <div style="display:none">~ http://www.congressasset.com/role/OperatingExpensesData_S000038711Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.congressasset.com/role/ShareholderFeesData_S000038711Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> IMIDX 77 552 -0.0147 -0.0100 0.0162 0.0060 2014-10-31 0.0000 0.0075 0.0222 CMIDX 102 629 -0.0147 -0.0100 0.0162 0.0060 2014-10-31 0.0025 0.0100 0.0247 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.</tt> <div style="display:none">~ http://www.congressasset.com/role/ExpenseExample_S000038710Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Congress All Cap Opportunity Fund (the "All Cap Opportunity Fund") seeks<br />long-term capital appreciation.</tt> <tt>The Example below is intended to help you compare the cost of investing in the<br />All Cap Opportunity Fund with the cost of investing in other mutual funds. This<br />Example assumes that you invest $10,000 in the All Cap Opportunity Fund for the<br />time periods indicated and then redeem all of your shares at the end of those<br />periods. The Example also assumes that your investment has a 5% annual return<br />each year and that the Fund's operating expenses remain the same (taking into<br />account the Expense Caps for the first two years).</tt> <tt>The All Cap Opportunity Fund seeks to achieve its objective by investing at<br />least 80% of its net assets (plus borrowings for investment purposes) in equity<br />securities. The Fund's investment premise is that market inefficiencies exist<br />between fixed income and equity valuations which, if properly identified, can<br />lead to investment opportunities which can be exploited. An analysis of a<br />company's entire capital structure can provide a unique insight into a purchase<br />or sell decision of a particular stock. Congress Asset Management Company, LLP<br />("the Advisor") seeks to uncover these inefficiencies for the Fund, and identify<br />equity investment opportunities which may provide the opportunity for long term<br />capital appreciation. The Fund invests primarily in publicly traded stocks of<br />U.S. companies, irrespective of market capitalization size or industry sector. <br />The All Cap Opportunity Fund may invest up to 20% of its total assets in <br />investment-grade debt securities, such as commercial paper or corporate debt<br />securities. Additionally, the Fund may invest up to 20% of its total assets <br />in the securities of foreign issuers, including American Depositary Receipts<br />("ADRs"). The All Cap Opportunity Fund is "opportunistic" and may focus its<br />investments in securities and industries that the Advisor believes are poised <br />to experience earnings growth. The Advisor may sell a security for a number <br />of reasons including, but not limited to a determination that the security no<br />longer meets its investment criteria or if a new security is judged to be more<br />attractive than a current holding.</tt> Congress All Cap Opportunity Fund Example Other expenses are based on estimated amounts for the current fiscal year. Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance. Investment Objective There is a risk that you could lose all or a portion of your investment in the Fund. Principal Risks of Investing in the All Cap Opportunity Fund Shareholder Fees (Fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance Information 1-888-688-1299 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>There is a risk that you could lose all or a portion of your investment in the<br />Fund. The principal risks of an investment in the Fund include:<br /><br />&#xB7;&#xA0;&#xA0;Equity Market Risk: Common stocks are susceptible to general stock market&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;fluctuations and to volatile increases and decreases in value. The stock&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;market may experience declines or stocks in a Fund's portfolio may not&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;increase their earnings at the rate anticipated. <br /><br />&#xB7;&#xA0;&#xA0;General Market Risk: The market price of a security may fluctuate, sometimes&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;rapidly and unpredictably. These fluctuations may cause a security to be worth<br />&#xA0;&#xA0;&#xA0;less than its cost when originally purchased or less than it was worth at an&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;earlier time. <br /><br />&#xB7;&#xA0;&#xA0;Management Risk: The portfolio manager's ability to identify valuation&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;inefficiencies and its judgment as to the growth potential or value of a stock<br />&#xA0;&#xA0;&#xA0;proves to be wrong. <br /><br />&#xB7;&#xA0;&#xA0;Small and Medium Company Risk: Securities of small and medium cap companies&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;may possess comparatively greater price volatility and less liquidity than the<br />&#xA0;&#xA0;&#xA0;securities of companies that have larger market capitalizations and/or that&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;are traded on major stock exchanges. <br /><br />&#xB7;&#xA0;&#xA0;Foreign Investment Risk: Foreign securities, including ADRs, involve additional <br />&#xA0;&#xA0;&#xA0;risks, including currency-rate fluctuations, political and economic instability, <br />&#xA0;&#xA0;&#xA0;differences in financial reporting standards, and less-strict regulation of <br />&#xA0;&#xA0;&#xA0;securities markets. <br /><br />&#xB7;&#xA0;&#xA0;Debt/Fixed Income Securities Risk: An increase in interest rates typically&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;causes a fall in the value of the debt securities in which the Fund may&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;invest. The value of your investment in the Fund may change in response to&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;changes in the credit ratings of the Fund's portfolio of debt securities. <br /><br />&#xB7;&#xA0;&#xA0;Regulatory Risk: Changes in government regulations may adversely affect the&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;value of a security. <br /><br />&#xB7;&#xA0;&#xA0;New Fund Risk: The Fund is new with no operating history, and there can be no <br />&#xA0;&#xA0;&#xA0;assurance that the Fund will grow to or maintain an economically viable size.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.congressasset.com/funds <tt>Because the Fund recently commenced operations, it does not have a full calendar<br />year of performance to compare against a broad measure of market performance. <br />Accordingly, performance information is not available. Performance information <br />will be shown below after the Fund has been in operation for one calendar year. <br />At that time, the performance information will provide some indication of the <br />risks of investing in the Fund by comparing it against a broad measure of market <br />performance. Updated performance information will also be available on the Fund's <br />website at www.congressasset.com/funds or by calling the Fund's toll-free at <br />1-888-688-1299.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the All Cap Opportunity Fund.</tt> <div style="display:none">~ http://www.congressasset.com/role/OperatingExpensesData_S000038710Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.congressasset.com/role/ShareholderFeesData_S000038710Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> IACOX 77 552 -0.0147 -0.0100 0.0162 0.0060 2014-10-31 0.0000 0.0075 0.0222 CACOX 102 629 -0.0147 -0.0100 0.0162 0.0060 2014-10-31 0.0025 0.0100 0.0247 0000811030 ck0000811030:SummaryS000038710Memberck0000811030:S000038710Memberck0000811030:C000119244Member 2012-10-31 2012-10-31 0000811030 ck0000811030:SummaryS000038710Memberck0000811030:S000038710Memberck0000811030:C000119245Member 2012-10-31 2012-10-31 0000811030 ck0000811030:SummaryS000038710Memberck0000811030:S000038710Member 2012-10-31 2012-10-31 0000811030 ck0000811030:SummaryS000038711Memberck0000811030:S000038711Memberck0000811030:C000119246Member 2012-10-31 2012-10-31 0000811030 ck0000811030:SummaryS000038711Memberck0000811030:S000038711Memberck0000811030:C000119247Member 2012-10-31 2012-10-31 0000811030 ck0000811030:SummaryS000038711Memberck0000811030:S000038711Member 2012-10-31 2012-10-31 0000811030 2012-10-31 2012-10-31 iso4217:USD pure Other expenses are based on estimated amounts for the current fiscal year. Congress Asset Management Company, LLP (the "Advisor") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding the expenses associated with the Fund's investment in other investment companies referred to as "Acquired Fund Fees and Expenses," interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Fund to 1.00% of the Fund's Retail Class shares' and 0.75% for the Institutional Class shares' average net assets, (the "Expense Caps"). The Expense Caps are indefinite, and will remain in effect until at least October 31, 2014. The Agreement may be terminated at any time by the Board of Trustees upon 60 days' written notice to the Advisor, or by the Advisor with the consent of the Board. Congress Asset Management Company, LLP (the "Advisor") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding the expenses associated with the Fund's investment in other investment companies referred to as "Acquired Fund Fees and Expenses," interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Mid Cap Fund to 1.00% of the Mid Cap Fund's Retail Class shares' and Institutional Class shares' average net assets, (the "Expense Caps"). The Expense Caps are indefinite, and will remain in effect until at least October 31, 2014. The Agreement may be terminated at any time by the Board of Trustees upon 60 days' written notice to the Advisor, or by the Advisor with the consent of the Board. 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Congress All Cap Opportunity Fund (Prospectus Summary) | Congress All Cap Opportunity Fund
Congress All Cap Opportunity Fund
Investment Objective
The Congress All Cap Opportunity Fund (the "All Cap Opportunity 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 All Cap Opportunity Fund.
Shareholder Fees (Fees paid directly from your investment)
Shareholder Fees Congress All Cap Opportunity Fund
Retail Class
Institutional Class
Redemption Fee (as a percentage of amount redeemed within 90 days of purchase) 1.00% 1.00%
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Congress All Cap Opportunity Fund
Retail Class
Institutional Class
Management Fees 0.60% 0.60%
Distribution and Service (12b-1) Fees 0.25% none
Other Expenses [1] 1.62% 1.62%
Total Annual Fund Operating Expenses 2.47% 2.22%
Fee Waiver and/or Expense Reimbursement (1.47%) (1.47%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 1.00% 0.75%
[1] Other expenses are based on estimated amounts for the current fiscal year.
[2] Congress Asset Management Company, LLP (the "Advisor") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding the expenses associated with the Fund's investment in other investment companies referred to as "Acquired Fund Fees and Expenses," interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Fund to 1.00% of the Fund's Retail Class shares' and 0.75% for the Institutional Class shares' average net assets, (the "Expense Caps"). The Expense Caps are indefinite, and will remain in effect until at least October 31, 2014. The Agreement may be terminated at any time by the Board of Trustees upon 60 days' written notice to the Advisor, or by the Advisor with the consent of the Board.
Example
The Example below is intended to help you compare the cost of investing in the
All Cap Opportunity Fund with the cost of investing in other mutual funds. This
Example assumes that you invest $10,000 in the All Cap Opportunity Fund for the
time periods indicated and then redeem all of your shares at the end of those
periods. The Example also assumes that your investment has a 5% annual return
each year and that the Fund's operating expenses remain the same (taking into
account the Expense Caps for the first two years).
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Congress All Cap Opportunity Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Retail Class
102 629
Institutional Class
77 552
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 rate
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 example, affect the Fund's performance.
Principal Investment Strategies
The All Cap Opportunity Fund seeks to achieve its objective by investing at
least 80% of its net assets (plus borrowings for investment purposes) in equity
securities. The Fund's investment premise is that market inefficiencies exist
between fixed income and equity valuations which, if properly identified, can
lead to investment opportunities which can be exploited. An analysis of a
company's entire capital structure can provide a unique insight into a purchase
or sell decision of a particular stock. Congress Asset Management Company, LLP
("the Advisor") seeks to uncover these inefficiencies for the Fund, and identify
equity investment opportunities which may provide the opportunity for long term
capital appreciation. The Fund invests primarily in publicly traded stocks of
U.S. companies, irrespective of market capitalization size or industry sector.
The All Cap Opportunity Fund may invest up to 20% of its total assets in
investment-grade debt securities, such as commercial paper or corporate debt
securities. Additionally, the Fund may invest up to 20% of its total assets
in the securities of foreign issuers, including American Depositary Receipts
("ADRs"). The All Cap Opportunity Fund is "opportunistic" and may focus its
investments in securities and industries that the Advisor believes are poised
to experience earnings growth. The Advisor may sell a security for a number
of reasons including, but not limited to a determination that the security no
longer meets its investment criteria or if a new security is judged to be more
attractive than a current holding.
Principal Risks of Investing in the All Cap Opportunity Fund
There is a risk that you could lose all or a portion of your investment in the
Fund. The principal risks of an investment in the Fund include:

·  Equity Market Risk: Common stocks are susceptible to general stock market     
   fluctuations and to volatile increases and decreases in value. The stock      
   market may experience declines or stocks in a Fund's portfolio may not        
   increase their earnings at the rate anticipated.

·  General Market Risk: The market price of a security may fluctuate, sometimes  
   rapidly and unpredictably. These fluctuations may cause a security to be worth
   less than its cost when originally purchased or less than it was worth at an  
   earlier time.

·  Management Risk: The portfolio manager's ability to identify valuation        
   inefficiencies and its judgment as to the growth potential or value of a stock
   proves to be wrong.

·  Small and Medium Company Risk: Securities of small and medium cap companies   
   may possess comparatively greater price volatility and less liquidity than the
   securities of companies that have larger market capitalizations and/or that   
   are traded on major stock exchanges.

·  Foreign Investment Risk: Foreign securities, including ADRs, involve additional
   risks, including currency-rate fluctuations, political and economic instability,
   differences in financial reporting standards, and less-strict regulation of
   securities markets.

·  Debt/Fixed Income Securities Risk: An increase in interest rates typically    
   causes a fall in the value of the debt securities in which the Fund may       
   invest. The value of your investment in the Fund may change in response to    
   changes in the credit ratings of the Fund's portfolio of debt securities.

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

·  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.
Performance Information
Because the Fund recently commenced operations, 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 shown below after the Fund has been in operation for one 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 will also be available on the Fund's
website at www.congressasset.com/funds or by calling the Fund's toll-free at
1-888-688-1299.
XML 12 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 31, 2012
Congress All Cap Opportunity Fund (Prospectus Summary) | Congress All Cap Opportunity Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Congress All Cap Opportunity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Congress All Cap Opportunity Fund (the "All Cap Opportunity 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 All Cap Opportunity 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 investment)
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 rate
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 example, affect the Fund's performance.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the
All Cap Opportunity Fund with the cost of investing in other mutual funds. This
Example assumes that you invest $10,000 in the All Cap Opportunity Fund for the
time periods indicated and then redeem all of your shares at the end of those
periods. The Example also assumes that your investment has a 5% annual return
each year and that the Fund's operating expenses remain the same (taking into
account the Expense Caps for the first two years).
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The All Cap Opportunity Fund seeks to achieve its objective by investing at
least 80% of its net assets (plus borrowings for investment purposes) in equity
securities. The Fund's investment premise is that market inefficiencies exist
between fixed income and equity valuations which, if properly identified, can
lead to investment opportunities which can be exploited. An analysis of a
company's entire capital structure can provide a unique insight into a purchase
or sell decision of a particular stock. Congress Asset Management Company, LLP
("the Advisor") seeks to uncover these inefficiencies for the Fund, and identify
equity investment opportunities which may provide the opportunity for long term
capital appreciation. The Fund invests primarily in publicly traded stocks of
U.S. companies, irrespective of market capitalization size or industry sector.
The All Cap Opportunity Fund may invest up to 20% of its total assets in
investment-grade debt securities, such as commercial paper or corporate debt
securities. Additionally, the Fund may invest up to 20% of its total assets
in the securities of foreign issuers, including American Depositary Receipts
("ADRs"). The All Cap Opportunity Fund is "opportunistic" and may focus its
investments in securities and industries that the Advisor believes are poised
to experience earnings growth. The Advisor may sell a security for a number
of reasons including, but not limited to a determination that the security no
longer meets its investment criteria or if a new security is judged to be more
attractive than a current holding.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the All Cap Opportunity Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock There is a risk that you could lose all or a portion of your investment in the
Fund. The principal risks of an investment in the Fund include:

·  Equity Market Risk: Common stocks are susceptible to general stock market     
   fluctuations and to volatile increases and decreases in value. The stock      
   market may experience declines or stocks in a Fund's portfolio may not        
   increase their earnings at the rate anticipated.

·  General Market Risk: The market price of a security may fluctuate, sometimes  
   rapidly and unpredictably. These fluctuations may cause a security to be worth
   less than its cost when originally purchased or less than it was worth at an  
   earlier time.

·  Management Risk: The portfolio manager's ability to identify valuation        
   inefficiencies and its judgment as to the growth potential or value of a stock
   proves to be wrong.

·  Small and Medium Company Risk: Securities of small and medium cap companies   
   may possess comparatively greater price volatility and less liquidity than the
   securities of companies that have larger market capitalizations and/or that   
   are traded on major stock exchanges.

·  Foreign Investment Risk: Foreign securities, including ADRs, involve additional
   risks, including currency-rate fluctuations, political and economic instability,
   differences in financial reporting standards, and less-strict regulation of
   securities markets.

·  Debt/Fixed Income Securities Risk: An increase in interest rates typically    
   causes a fall in the value of the debt securities in which the Fund may       
   invest. The value of your investment in the Fund may change in response to    
   changes in the credit ratings of the Fund's portfolio of debt securities.

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

·  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.
Risk Lose Money [Text] rr_RiskLoseMoney There is a risk that you could lose all or a portion of your investment in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Because the Fund recently commenced operations, 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 shown below after the Fund has been in operation for one 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 will also be available on the Fund's
website at www.congressasset.com/funds or by calling the Fund's toll-free at
1-888-688-1299.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Fund recently commenced operations, 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 1-888-688-1299
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.congressasset.com/funds
Congress All Cap Opportunity Fund (Prospectus Summary) | Congress All Cap Opportunity Fund | Retail Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Redemption Fee (as a percentage of amount redeemed within 90 days of purchase) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.62% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.47%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.47%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.00% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-10-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 629
Congress All Cap Opportunity Fund (Prospectus Summary) | Congress All Cap Opportunity Fund | Institutional Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Redemption Fee (as a percentage of amount redeemed within 90 days of purchase) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.62% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.22%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.47%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.75% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-10-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 77
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 552
[1] Other expenses are based on estimated amounts for the current fiscal year.
[2] Congress Asset Management Company, LLP (the "Advisor") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding the expenses associated with the Fund's investment in other investment companies referred to as "Acquired Fund Fees and Expenses," interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Fund to 1.00% of the Fund's Retail Class shares' and 0.75% for the Institutional Class shares' average net assets, (the "Expense Caps"). The Expense Caps are indefinite, and will remain in effect until at least October 31, 2014. The Agreement may be terminated at any time by the Board of Trustees upon 60 days' written notice to the Advisor, or by the Advisor with the consent of the Board.
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XML 14 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Congress Mid Cap Growth Fund (Prospectus Summary) | Congress Mid Cap Growth Fund
Congress Mid Cap Growth Fund
Investment Objective
The Congress Mid Cap Growth Fund (the "Mid Cap 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 Mid Cap Fund.
Shareholder Fees (Fees paid directly from your investment)
Shareholder Fees Congress Mid Cap Growth Fund
Retail Class
Institutional Class
Redemption Fee (as a percentage of amount redeemed within 90 days of purchase) 1.00% 1.00%
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Congress Mid Cap Growth Fund
Retail Class
Institutional Class
Management Fees 0.60% 0.60%
Distribution and Service (12b-1) Fees 0.25% none
Other Expenses [1] 1.62% 1.62%
Total Annual Fund Operating Expenses 2.47% 2.22%
Fee Waiver and/or Expense Reimbursement (1.47%) (1.47%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 1.00% 0.75%
[1] Other expenses are based on estimated amounts for the current fiscal year.
[2] Congress Asset Management Company, LLP (the "Advisor") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding the expenses associated with the Fund's investment in other investment companies referred to as "Acquired Fund Fees and Expenses," interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Mid Cap Fund to 1.00% of the Mid Cap Fund's Retail Class shares' and Institutional Class shares' average net assets, (the "Expense Caps"). The Expense Caps are indefinite, and will remain in effect until at least October 31, 2014. The Agreement may be terminated at any time by the Board of Trustees upon 60 days' written notice to the Advisor, or by the Advisor with the consent of the Board.
Example
The Example below is intended to help you compare the cost of investing in the
Mid Cap Fund with the cost of investing in other mutual funds. This Example
assumes that you invest $10,000 in the Mid Cap Fund for the time periods
indicated and then redeem all of your shares at the end of those periods.
The Example also assumes that your investment has a 5% annual return each
year and that the Fund's operating expenses remain the same (taking into
account the Expense Caps for the first two years).
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Congress Mid Cap Growth Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Retail Class
102 629
Institutional Class
77 552
Portfolio Turnover
The Mid Cap Fund pays transaction costs, such as commissions, when it buys and
sells securities (or "turns over" its portfolio). A higher portfolio turnover
rate 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 example, affect the Fund's performance.
Principal Investment Strategies
The Mid Cap Fund seeks to achieve its investment objective by investing at least
80% of its net assets (plus any borrowings for investment purposes) in equity
securities of mid-capitalization companies. The Fund may invest any portion of
the remaining 20% of its net assets in equity securities of small-capitalization
and large-capitalization companies. The Fund invests primarily in publicly
traded stocks of U.S. companies which the Advisor considers to have a mid-size
market capitalization. The Fund considers a company to be a mid-cap company if
it has a market capitalization, at the time of purchase, between $1 billion and
$5 billion. The Fund may also invest from time to time in equity securities of
large-capitalization companies (i.e., those with capitalizations over $5 billion)
and equity securities of small-capitalization companies (i.e., those with
capitalizations of less than $1 billion). The Fund may invest up to 10% of its
total assets in the securities of foreign issuers, including American Depositary
Receipts ("ADRs"). The Fund invests in companies that Congress Asset Management
Company, LLP (the "Advisor") believes are experiencing or will experience earnings
growth. The Advisor employs a "bottom-up" approach to research and stock selection,
which means that the Advisor bases its investments on a company's future prospects
and not on any significant economic or market cycle. The Advisor also uses a
growth-style approach to selecting securities with a focus on high quality companies.
The Advisor's fundamental approach emphasizes earnings growth and free cash flow.
The Advisor may sell a security for a number of reasons including, but not limited
to, if a determination is made that the security no longer meets its investment
criteria or if a new security is judged more attractive than a current holding.
Principal Risks of Investing in the Fund
There is a risk that you could lose all or a portion of your investment in the
Fund. The principal risks of an investment in the Fund include:

·  Equity Market Risk: Common stocks are susceptible to general stock market     
   fluctuations and to volatile increases and decreases in value. The stock      
   market may experience declines or stocks in the Fund's portfolio may not      
   increase their earnings at the rate anticipated.

·  General Market Risk: The market price of a security may fluctuate, sometimes  
   rapidly and unpredictably. These fluctuations may cause a security to be worth
   less than its cost when originally purchased or less than it was worth at an  
   earlier time.

·  Growth Style Investment Risk: Growth stocks fall out of favor with investors.

·  Management Risk: The portfolio manager's judgment as to the growth potential  
   or value of a stock proves to be wrong.

·  Small and Medium Company Risk: Securities of small and medium cap companies   
   may possess comparatively greater price volatility and less liquidity than the
   securities of companies that have larger market capitalizations and/or that   
   are traded on major stock exchanges.

·  Foreign Markets Risk: Foreign securities, including ADRs, involve additional  
   risks, including currency-rate fluctuations, political and economic instability,
   differences in financial reporting standards, and less-strict regulation of
   securities markets.

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

·  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.
Performance Information
Because the Fund recently commenced operations, 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 shown below after the Fund has been in operation for one 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 will also be available on the Fund's
website at www.congressasset.com/funds or by calling the Fund toll-free at
1-888-688-1299.
XML 15 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Oct. 31, 2012
Registrant Name dei_EntityRegistrantName PROFESSIONALLY MANAGED PORTFOLIOS
Central Index Key dei_EntityCentralIndexKey 0000811030
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Oct. 31, 2012
Document Effective Date dei_DocumentEffectiveDate Oct. 31, 2012
Congress All Cap Opportunity Fund (Prospectus Summary) | Congress All Cap Opportunity Fund | Retail Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CACOX
Congress All Cap Opportunity Fund (Prospectus Summary) | Congress All Cap Opportunity Fund | Institutional Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol IACOX
Congress Mid Cap Growth Fund (Prospectus Summary) | Congress Mid Cap Growth Fund | Retail Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CMIDX
Congress Mid Cap Growth Fund (Prospectus Summary) | Congress Mid Cap Growth Fund | Institutional Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol IMIDX
XML 16 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 31, 2012
Congress Mid Cap Growth Fund (Prospectus Summary) | Congress Mid Cap Growth Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Congress Mid Cap Growth Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Congress Mid Cap Growth Fund (the "Mid Cap 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 Mid Cap 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 investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Mid Cap Fund pays transaction costs, such as commissions, when it buys and
sells securities (or "turns over" its portfolio). A higher portfolio turnover
rate 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 example, affect the Fund's performance.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The Example below is intended to help you compare the cost of investing in the
Mid Cap Fund with the cost of investing in other mutual funds. This Example
assumes that you invest $10,000 in the Mid Cap Fund for the time periods
indicated and then redeem all of your shares at the end of those periods.
The Example also assumes that your investment has a 5% annual return each
year and that the Fund's operating expenses remain the same (taking into
account the Expense Caps for the first two years).
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Mid Cap Fund seeks to achieve its investment objective by investing at least
80% of its net assets (plus any borrowings for investment purposes) in equity
securities of mid-capitalization companies. The Fund may invest any portion of
the remaining 20% of its net assets in equity securities of small-capitalization
and large-capitalization companies. The Fund invests primarily in publicly
traded stocks of U.S. companies which the Advisor considers to have a mid-size
market capitalization. The Fund considers a company to be a mid-cap company if
it has a market capitalization, at the time of purchase, between $1 billion and
$5 billion. The Fund may also invest from time to time in equity securities of
large-capitalization companies (i.e., those with capitalizations over $5 billion)
and equity securities of small-capitalization companies (i.e., those with
capitalizations of less than $1 billion). The Fund may invest up to 10% of its
total assets in the securities of foreign issuers, including American Depositary
Receipts ("ADRs"). The Fund invests in companies that Congress Asset Management
Company, LLP (the "Advisor") believes are experiencing or will experience earnings
growth. The Advisor employs a "bottom-up" approach to research and stock selection,
which means that the Advisor bases its investments on a company's future prospects
and not on any significant economic or market cycle. The Advisor also uses a
growth-style approach to selecting securities with a focus on high quality companies.
The Advisor's fundamental approach emphasizes earnings growth and free cash flow.
The Advisor may sell a security for a number of reasons including, but not limited
to, if a determination is made that the security no longer meets its investment
criteria or if a new security is judged more attractive than a current holding.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock There is a risk that you could lose all or a portion of your investment in the
Fund. The principal risks of an investment in the Fund include:

·  Equity Market Risk: Common stocks are susceptible to general stock market     
   fluctuations and to volatile increases and decreases in value. The stock      
   market may experience declines or stocks in the Fund's portfolio may not      
   increase their earnings at the rate anticipated.

·  General Market Risk: The market price of a security may fluctuate, sometimes  
   rapidly and unpredictably. These fluctuations may cause a security to be worth
   less than its cost when originally purchased or less than it was worth at an  
   earlier time.

·  Growth Style Investment Risk: Growth stocks fall out of favor with investors.

·  Management Risk: The portfolio manager's judgment as to the growth potential  
   or value of a stock proves to be wrong.

·  Small and Medium Company Risk: Securities of small and medium cap companies   
   may possess comparatively greater price volatility and less liquidity than the
   securities of companies that have larger market capitalizations and/or that   
   are traded on major stock exchanges.

·  Foreign Markets Risk: Foreign securities, including ADRs, involve additional  
   risks, including currency-rate fluctuations, political and economic instability,
   differences in financial reporting standards, and less-strict regulation of
   securities markets.

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

·  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.
Risk Lose Money [Text] rr_RiskLoseMoney There is a risk that you could lose all or a portion of your investment in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Because the Fund recently commenced operations, 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 shown below after the Fund has been in operation for one 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 will also be available on the Fund's
website at www.congressasset.com/funds or by calling the Fund toll-free at
1-888-688-1299.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Fund recently commenced operations, 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 1-888-688-1299
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.congressasset.com/funds
Congress Mid Cap Growth Fund (Prospectus Summary) | Congress Mid Cap Growth Fund | Retail Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Redemption Fee (as a percentage of amount redeemed within 90 days of purchase) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.62% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.47%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.47%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.00% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-10-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 629
Congress Mid Cap Growth Fund (Prospectus Summary) | Congress Mid Cap Growth Fund | Institutional Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Redemption Fee (as a percentage of amount redeemed within 90 days of purchase) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.62% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.22%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.47%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.75% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-10-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 77
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 552
[1] Other expenses are based on estimated amounts for the current fiscal year.
[2] Congress Asset Management Company, LLP (the "Advisor") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding the expenses associated with the Fund's investment in other investment companies referred to as "Acquired Fund Fees and Expenses," interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Mid Cap Fund to 1.00% of the Mid Cap Fund's Retail Class shares' and Institutional Class shares' average net assets, (the "Expense Caps"). The Expense Caps are indefinite, and will remain in effect until at least October 31, 2014. The Agreement may be terminated at any time by the Board of Trustees upon 60 days' written notice to the Advisor, or by the Advisor with the consent of the Board.
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