0000894189-13-002150.txt : 20130418 0000894189-13-002150.hdr.sgml : 20130418 20130418084835 ACCESSION NUMBER: 0000894189-13-002150 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130418 DATE AS OF CHANGE: 20130418 EFFECTIVENESS DATE: 20130418 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: 13768236 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: 13768237 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 S000040228 DSM Small-Mid Cap Growth Fund C000125036 Institutional Class DSMMX C000125037 Retail Class 485BPOS 1 dsm_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL dsm_bxbrl.htm

 
Filed with the U.S. Securities and Exchange Commission on April 18, 2013

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.
503
 
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and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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X
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Amendment No.
504
 
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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 No. 503 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. 500 on Form N-1A filed on March 28, 2013.  This PEA No. 503 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 500 to the Trust’s Registration Statement for its series: the DSM Small-Mid Cap Growth Fund.

 
 
 

 
 
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. 503 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 April 18, 2013.

Professionally Managed Portfolios

By:  /s/ Elaine E. Richards                            
Elaine E. Richards
President


      Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 503 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
April 18, 2013
Steven J. Paggioli
     
       
Dorothy A. Berry*
 
Trustee
April 18, 2013
Dorothy A. Berry
     
       
Wallace L. Cook*
 
Trustee
April 18, 2013
Wallace L. Cook
     
       
Carl A. Froebel*
 
Trustee
April 18, 2013
Carl A. Froebel
     
       
Eric W. Falkeis*
 
Trustee
April 18, 2013
Eric W. Falkeis
     
       
/s/ Elaine E. Richards
 
President and Principal
April 18, 2013
Elaine E. Richards
 
Executive Officer
 
       
Eric VanAndel*
 
Treasurer and Principal
April 18, 2013
Eric VanAndel
 
Financial and Accounting
Officer
 
       
*By:  /s/ Elaine E. Richards
   
April 18, 2013
  Elaine E. Richards, Attorney-In Fact
  pursuant  to Power of Attorney
       
 
 
 
 

 

 
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 ck0000811030-20130328.xml INSTANCE DOCUMENT 0000811030 2012-10-31 2012-10-31 0000811030 ck0000811030:S000040228_35Member ck0000811030:S000040228Member 2012-10-31 2012-10-31 0000811030 ck0000811030:S000040228_35Member ck0000811030:S000040228Member ck0000811030:C000125036Member 2012-10-31 2012-10-31 0000811030 ck0000811030:S000040228_297Member ck0000811030:S000040228Member 2012-10-31 2012-10-31 0000811030 ck0000811030:S000040228_297Member ck0000811030:S000040228Member ck0000811030:C000125037Member 2012-10-31 2012-10-31 xbrli:pure iso4217:USD Other expenses are based on estimated customary Fund expenses for the current fiscal year. DSM Capital Partners LLC (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 Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement to 1.15% of average daily net assets of the Fund's Institutional Class shares through March 28, 2014 (the "Expense Cap"). To the extent that the Advisor waives its fees and absorbs expenses to satisfy the 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. DSM Capital Partners LLC (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 Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement to 1.40% of average daily net assets of the Fund's Retail Class shares through March 28, 2014 (the "Expense Cap"). To the extent that the Advisor waives its fees and absorbs expenses to satisfy the 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. 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There is the risk that you could lose all or a portion of your money on your investment in the Fund. Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Permissible Securities.&#160;&#160;</font><font style="DISPLAY: inline">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small and mid-sized capitalization companies.&#160;&#160;</font>Equity securities include, but are not limited to, common stocks, preferred stocks, securities convertible into common stocks, rights and warrants.&#160;&#160;The Fund currently considers a small and mid-sized capitalization company to be one that has a market capitalization of between $500 million and $10 billion at the time of purchase.&#160;&#160;Companies whose capitalization rise above this level after purchase continue to be considered small or mid-sized companies for purposes of the 80% policy.&#160;&#160;The Fund may also invest up to 20% of its net assets in equity securities of issuers that have market capitalizations outside the defined small and mid-sized level at the time of purchase.&#160;&#160;In addition, the Fund may invest up to 20% of its assets in equity securities of foreign companies through, but not limited to, American Depositary Receipts or similar securities.&#160;&#160;The Fund generally will contain 35 to 55 equity securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">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.&#160;&#160;</font>The Fund may invest greater than 25% of its assets in any market sector (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.,&#160;</font>consumer discretionary, consumer staples, energy, financials, health care, industrials, materials, information technology, telecommunications services, and utilities).&#160;&#160;Currently, the Advisor expects to invest more than 25% of the Fund&#8217;s net assets in the consumer discretionary sector.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Process.&#160;&#160;</font>The Advisor manages the Fund using a bottom-up, &#8220;idea-driven,&#8221; growth-style with a long-term (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.,&#160;</font>minimum of three-years) investment horizon.&#160;&#160;This means in general terms that the Advisor identifies companies which it believes exhibit certain growth characteristics.&#160;&#160;For instance, the Advisor may select companies that it believes have growing businesses with solid fundamentals, attractive profitability, and successful managements.&#160;&#160;These companies will typically have projected revenue and earnings growth as determined by the Advisor in excess of 10% and are often expected to have higher returns on equity and assets than average businesses.&#160;&#160;Generally, these businesses will be generating free cash flow and will have financial returns that are stable or rising, driven by improving business fundamentals.&#160;&#160;The Advisor generally sells a stock when it believes its projected future return becomes unattractive relative to the rest of the portfolio or the investable universe.</font> </div> Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0100 0.0090 0.0164 0.0254 -0.0139 0.0115 ~ http://usb.com/20130328/role/ScheduleShareholderFees20001 column dei_DocumentInformationDocumentAxis compact ck0000811030_S000040228_35Member column dei_LegalEntityAxis compact ck0000811030_S000040228Member row primary compact * ~ ~ http://usb.com/20130328/role/ScheduleAnnualFundOperatingExpenses20002 column dei_DocumentInformationDocumentAxis compact ck0000811030_S000040228_35Member column dei_LegalEntityAxis compact ck0000811030_S000040228Member row primary compact * ~ 2014-03-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments) Other expenses are based on estimated customary Fund expenses for the current fiscal year. Shareholder Fees (fees paid directly from your investment) Example <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the Expense Cap for the first year only).</font></div> 117 516 ~ http://usb.com/20130328/role/ScheduleExpenseExampleTransposed20003 column dei_DocumentInformationDocumentAxis compact ck0000811030_S000040228_35Member column dei_LegalEntityAxis compact ck0000811030_S000040228Member row primary compact * ~ Although your actual costs may be higher or lower, under these assumptions, your costs would be: Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DSM Small-Mid Cap Growth Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation.</font> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Accordingly, performance information is not available.&#160;&#160;Performance information will be available after the Fund has been in operation for one calendar year.&#160;&#160;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.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.dsmfunds.com or by calling the Fund toll-free at 1-877-862-9555.</font> </div> 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. 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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 affecting those companies have a greater impact on the Fund than on a diversified fund. Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Permissible Securities.&#160;&#160;</font><font style="DISPLAY: inline">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small and mid-sized capitalization companies.&#160;&#160;</font>Equity securities include, but are not limited to, common stocks, preferred stocks, securities convertible into common stocks, rights and warrants.&#160;&#160;The Fund currently considers a small and mid-sized capitalization company to be one that has a market capitalization of between $500 million and $10 billion at the time of purchase.&#160;&#160;Companies whose capitalization rise above this level after purchase continue to be considered small or mid-sized companies for purposes of the 80% policy.&#160;&#160;The Fund may also invest up to 20% of its net assets in equity securities of issuers that have market capitalizations outside the defined small and mid-sized level at the time of purchase.&#160;&#160;In addition, the Fund may invest up to 20% of its assets in equity securities of foreign companies through, but not limited to, American Depositary Receipts or similar securities.&#160;&#160;The Fund generally will contain 35 to 55 equity securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">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.&#160;&#160;</font>The Fund may invest greater than 25% of its assets in any market sector (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.,&#160;</font>consumer discretionary, consumer staples, energy, financials, health care, industrials, materials, information technology, telecommunications services, and utilities).&#160;&#160;Currently, the Advisor expects to invest more than 25% of the Fund&#8217;s net assets in the consumer discretionary sector.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Process.&#160;&#160;</font>The Advisor manages the Fund using a bottom-up, &#8220;idea-driven,&#8221; growth-style with a long-term (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.,&#160;</font>minimum of three-years) investment horizon.&#160;&#160;This means in general terms that the Advisor identifies companies which it believes exhibit certain growth characteristics.&#160;&#160;For instance, the Advisor may select companies that it believes have growing businesses with solid fundamentals, attractive profitability, and successful managements.&#160;&#160;These companies will typically have projected revenue and earnings growth as determined by the Advisor in excess of 10% and are often expected to have higher returns on equity and assets than average businesses.&#160;&#160;Generally, these businesses will be generating free cash flow and will have financial returns that are stable or rising, driven by improving business fundamentals.&#160;&#160;The Advisor generally sells a stock when it believes its projected future return becomes unattractive relative to the rest of the portfolio or the investable universe.</font> </div> Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0100 0.0090 0.0025 0.0164 0.0279 -0.0139 0.0140 ~ http://usb.com/20130328/role/ScheduleShareholderFees20006 column dei_DocumentInformationDocumentAxis compact ck0000811030_S000040228_297Member column dei_LegalEntityAxis compact ck0000811030_S000040228Member row primary compact * ~ ~ http://usb.com/20130328/role/ScheduleAnnualFundOperatingExpenses20007 column dei_DocumentInformationDocumentAxis compact ck0000811030_S000040228_297Member column dei_LegalEntityAxis compact ck0000811030_S000040228Member row primary compact * ~ 2014-03-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments) Other expenses are based on estimated customary Fund expenses for the current fiscal year. Shareholder Fees (fees paid directly from your investment) Example <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the Expense Cap for the first year only).</font></div> 143 593 ~ http://usb.com/20130328/role/ScheduleExpenseExampleTransposed20008 column dei_DocumentInformationDocumentAxis compact ck0000811030_S000040228_297Member column dei_LegalEntityAxis compact ck0000811030_S000040228Member row primary compact * ~ Although your actual costs may be higher or lower, under these assumptions, your costs would be: Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DSM Small-Mid Cap Growth Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation.</font> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Accordingly, performance information is not available.&#160;&#160;Performance information will be available after the Fund has been in operation for one calendar year.&#160;&#160;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.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.dsmfunds.com or by calling the Fund toll-free at 1-877-862-9555.</font> </div> 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. 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. 1-877-862-9555 www.dsmfunds.com Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the above Example, affect the Fund&#8217;s performance.&#160;&#160;</font>The Advisor anticipates the Fund&#8217;s portfolio turnover rate to be greater than 100% in a given year; however the rate may vary depending on market conditions in any given year.</font> </div> 1.00 EX-101.SCH 3 ck0000811030-20130328.xsd SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - DSM Small-Mid Cap Growth Fund (Institutional Class) link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020005 - Document - Risk/Return Summary {Unlabeled} - DSM Small-Mid Cap Growth Fund (Retail Class) link:presentationLink link:definitionLink link:calculationLink 020006 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020007 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020008 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Disclosure - Risk/Return Detail Data {Elements} - DSM Small-Mid Cap Growth Fund (Institutional Class) link:presentationLink link:definitionLink link:calculationLink 020009 - Disclosure - Risk/Return Detail Data {Elements} - DSM Small-Mid Cap Growth Fund (Retail Class) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 ck0000811030-20130328_cal.xml CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ck0000811030-20130328_def.xml DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ck0000811030-20130328_lab.xml LABEL LINKBASE DOCUMENT EX-101.PRE 7 ck0000811030-20130328_pre.xml PRESENTATION LINKBASE DOCUMENT XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; 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DSM Small-Mid Cap Growth Fund | DSM Small-Mid Cap Growth Fund
DSM Small-Mid Cap Growth Fund
Investment Objective
The DSM Small-Mid Cap Growth Fund (the “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 Small-Mid Cap 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 Small-Mid Cap Growth Fund
Institutional Class
Management Fees 0.90%
Other Expenses [1] 1.64%
Total Annual Fund Operating Expenses 2.54%
Fee Waiver/Expense Reimbursement [2] (1.39%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.15%
[1] Other expenses are based on estimated customary Fund expenses for the current fiscal year.
[2] DSM Capital Partners LLC (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 Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement to 1.15% of average daily net assets of the Fund's Institutional Class shares through March 28, 2014 (the "Expense Cap"). To the extent that the Advisor waives its fees and absorbs expenses to satisfy the 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.
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 for the first year only).
Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Expense Example (USD $)
1 Year
3 Years
DSM Small-Mid Cap Growth Fund Institutional Class
117 516
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.  The Advisor anticipates the Fund’s portfolio turnover rate to be greater than 100% in a given year; however the rate may vary depending on market conditions in any given year.
Principal Investment Strategies
Permissible Securities.  Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small and mid-sized capitalization companies.  Equity securities include, but are not limited to, common stocks, preferred stocks, securities convertible into common stocks, rights and warrants.  The Fund currently considers a small and mid-sized capitalization company to be one that has a market capitalization of between $500 million and $10 billion at the time of purchase.  Companies whose capitalization rise above this level after purchase continue to be considered small or mid-sized companies for purposes of the 80% policy.  The Fund may also invest up to 20% of its net assets in equity securities of issuers that have market capitalizations outside the defined small and mid-sized level at the time of purchase.  In addition, the Fund may invest up to 20% of its assets in equity securities of foreign companies through, but not limited to, American Depositary Receipts or similar securities.  The Fund generally will contain 35 to 55 equity securities.

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 any market sector (i.e., consumer discretionary, consumer staples, energy, financials, health care, industrials, materials, information technology, telecommunications services, and utilities).  Currently, the Advisor expects to invest more than 25% of the Fund’s net assets in the consumer discretionary sector.

Management Process.  The Advisor manages the Fund using a bottom-up, “idea-driven,” growth-style with a long-term (i.e., minimum of three-years) investment horizon.  This means in general terms that the Advisor identifies companies which it believes exhibit certain growth characteristics.  For instance, the Advisor may select companies that it believes have growing businesses with solid fundamentals, attractive profitability, and successful managements.  These companies will typically have projected revenue and earnings growth as determined by the 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 it believes 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.  In particular, the following risks could affect the value of your investment in the Fund:

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

·  
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
m id-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.
 

·  
Equity Market Risk. Equity investments 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.
 

·  
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.
 

·  
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.

·  
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 affecting those companies have a greater impact on the Fund than on a diversified fund.
 

·  
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.
 

·  
Consumer Discretionary Sector Risk.  Companies in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, and therefore, their success is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence.
 

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

·  
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
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 available 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 is available on the Fund’s website at www.dsmfunds.com or by calling the Fund toll-free at 1-877-862-9555.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading DSM Small-Mid Cap Growth Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The DSM Small-Mid Cap Growth Fund (the “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)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-03-28
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.  The Advisor anticipates the Fund’s portfolio turnover rate to be greater than 100% in a given year; however the rate may vary depending on market conditions in any given year.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 100.00%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based on estimated customary Fund expenses 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 for the first year only).
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 invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small and mid-sized capitalization companies.  Equity securities include, but are not limited to, common stocks, preferred stocks, securities convertible into common stocks, rights and warrants.  The Fund currently considers a small and mid-sized capitalization company to be one that has a market capitalization of between $500 million and $10 billion at the time of purchase.  Companies whose capitalization rise above this level after purchase continue to be considered small or mid-sized companies for purposes of the 80% policy.  The Fund may also invest up to 20% of its net assets in equity securities of issuers that have market capitalizations outside the defined small and mid-sized level at the time of purchase.  In addition, the Fund may invest up to 20% of its assets in equity securities of foreign companies through, but not limited to, American Depositary Receipts or similar securities.  The Fund generally will contain 35 to 55 equity securities.

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 any market sector (i.e., consumer discretionary, consumer staples, energy, financials, health care, industrials, materials, information technology, telecommunications services, and utilities).  Currently, the Advisor expects to invest more than 25% of the Fund’s net assets in the consumer discretionary sector.

Management Process.  The Advisor manages the Fund using a bottom-up, “idea-driven,” growth-style with a long-term (i.e., minimum of three-years) investment horizon.  This means in general terms that the Advisor identifies companies which it believes exhibit certain growth characteristics.  For instance, the Advisor may select companies that it believes have growing businesses with solid fundamentals, attractive profitability, and successful managements.  These companies will typically have projected revenue and earnings growth as determined by the 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 it believes 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.  In particular, the following risks could affect the value of your investment in the Fund:

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

·  
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
m id-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.
 

·  
Equity Market Risk. Equity investments 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.
 

·  
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.
 

·  
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.

·  
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 affecting those companies have a greater impact on the Fund than on a diversified fund.
 

·  
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.
 

·  
Consumer Discretionary Sector Risk.  Companies in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, and therefore, their success is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence.
 

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

·  
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 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 affecting 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