0000894189-13-003773.txt : 20130715 0000894189-13-003773.hdr.sgml : 20130715 20130715092133 ACCESSION NUMBER: 0000894189-13-003773 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130715 DATE AS OF CHANGE: 20130715 EFFECTIVENESS DATE: 20130715 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: 13967124 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: 13967125 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 S000004930 Osterweis Strategic Income Fund C000013345 Investor Class OSTIX 0000811030 S000004931 Osterweis Fund C000013346 Investor Class OSTFX 0000811030 S000029833 Osterweis Strategic Investment Fund C000091752 Investor Class OSTVX 0000811030 S000037845 Osterweis Institutional Equity Fund C000116767 Investor Class OSTEX 485BPOS 1 osterweis_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL Unassociated Document  

 
Filed with the U.S. Securities and Exchange Commission on July 15, 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
[
X
]
Pre-Effective Amendment No.
   
[
 
]
Post-Effective Amendment No.
519
 
[
X
]
 
and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940     [ X ]
Amendment No.
520
 
[
X
]
 
(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)
[
X
]
immediately upon filing pursuant to paragraph (b)
[
 
]
On (date) pursuant to paragraph (b)
[
 
]
60 days after filing pursuant to paragraph (a)(1)
[
 
]
on (date) pursuant to paragraph (a)(1)
[
 
]
75 days after filing pursuant to paragraph (a)(2)
[
 
]
on (date) pursuant to paragraph (a)(2) of Rule 485.

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

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 519 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. 518 on Form N-1A filed on June 28, 2013.  This PEA No. 519 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 518 to the Trust’s Registration Statement for its series: Osterweis Fund, Osterweis Strategic Income Fund, Osterweis Strategic Investment Fund and Osterweis Institutional Equity 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. 519 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 July 15, 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. 519 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
Title
Date
     
Dorothy A. Berry*
Trustee
July 15, 2013
Dorothy A. Berry
   
     
Wallace L. Cook*
Trustee
July 15, 2013
Wallace L. Cook
   
     
Eric W. Falkeis*
Trustee
July 15, 2013
Eric W. Falkeis
   
     
Carl A. Froebel*
Trustee
July 15, 2013
Carl A. Froebel
   
     
Steven J. Paggioli*
Trustee
July 15, 2013
Steven J. Paggioli
   
     
/s/ Elaine E. Richards
President and Principal
July 15, 2013
Elaine E. Richards
Executive Officer
 
     
Eric C. VanAndel*
Treasurer and Principal
July 15, 2013
Eric C. VanAndel
Financial and Accounting
Officer
 
     
*By:  /s/Elaine E. Richards
 
July 15, 2013
  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 ck0000811030-20130628.xml INSTANCE DOCUMENT 0000811030 2013-03-31 2013-03-31 0000811030 ck0000811030:S000004931Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000004931Member ck0000811030:C000013346Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000004931Member rr:AfterTaxesOnDistributionsMember ck0000811030:C000013346Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000004931Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000811030:C000013346Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000004931Member ck0000811030:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-03-31 2013-03-31 0000811030 ck0000811030:S000004930Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000004930Member ck0000811030:C000013345Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000004930Member rr:AfterTaxesOnDistributionsMember ck0000811030:C000013345Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000004930Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000811030:C000013345Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000004930Member ck0000811030:index_Barclays_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-03-31 2013-03-31 0000811030 ck0000811030:S000029833Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000029833Member ck0000811030:C000091752Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000029833Member rr:AfterTaxesOnDistributionsMember ck0000811030:C000091752Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000029833Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000811030:C000091752Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000029833Member ck0000811030:index_60_SP_500_Index40_Barclays_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-03-31 2013-03-31 0000811030 ck0000811030:S000037845Member 2013-03-31 2013-03-31 0000811030 ck0000811030:S000037845Member ck0000811030:C000116767Member 2013-03-31 2013-03-31 iso4217:USD xbrli:pure The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Osterweis Capital Management, LLC (the "Adviser") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding 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 Reduction for the Fund to 1.00% of the Fund's average net assets (the "Expense Cap"). The Expense Cap will remain in effect until at least June 30, 2014. The Agreement may be terminated at any time by the Board of Trustees upon 60 days' written notice to the Adviser, or by the Adviser with consent of the Board. The Adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years. This reimbursement may be requested if the aggregate amount actually paid by the Institutional Equity Fund toward operating expenses for the fiscal year (taking into account the reimbursement) does not exceed the Expense Cap. PROFESSIONALLY MANAGED PORTFOLIOS 485BPOS false 0000811030 2013-03-31 2013-06-28 2013-06-30 2013-06-30 Osterweis Fund OSTFX Example <div align="justify" 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. The Example assumes that you invest $10,000 in the 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% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 106 331 574 1271 ~ http://usbank.com/20130628/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000811030_S000004931Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.9pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There is the risk that you could lose all or a portion of your investment in the Fund. The following risks<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>could affect the value of your investment<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>in the Fund:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">General Market Risk:&#160;&#160;The risk that security market values may fluctuate, sometimes rapidly and unpredictably.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management Risk:&#160;&#160;The risk that the Adviser may fail to implement the Fund&#8217;s investment strategies and meet its investment objective.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-1" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Large Company Risk:&#160;&#160;Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-2" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Small and Medium Company Risk:&#160;&#160;Investing in securities of small- and medium-sized companies, even indirectly, may involve greater volatility than investing in larger and more established companies.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Foreign Securities and Emerging Markets Risk:&#160;&#160;Investing in foreign securities may involve increased risks due to political, social and economic developments abroad, and differences between U.S. and foreign regulatory practices. These risks are enhanced in emerging markets.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-4" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Master Limited Partnership Risk:&#160;&#160;Investing in MLPs entails risks related to potential changes in the U.S. tax code which could revoke the pass-through tax attributes that make MLPs marginally more attractive today compared to other investments, fluctuations in energy prices, decreases in the supply of or demand for energy commodities, decreases in demand for MLPs in rising interest rate environments and various other risks. Investments in general partnerships may be riskier than investments in limited partnerships.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-6" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Interest Rate Risk:&#160;&#160;The risk that interest rates may rise resulting in a decrease in the value of the securities held by the Fund, or that interest rates may fall resulting in an increase in the value of such securities.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-7" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Credit Risk:&#160;&#160;The risk that issuers of fixed income securities in which the Fund invests experience unanticipated financial problems causing their securities to decline in value.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-8" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">High Yield Securities (&#8220;Junk Bond&#8221;) Risk:&#160;&#160;Investing in fixed income securities that are rated below investment grade involves risks such as increased possibility of default, decreased liquidity of the security and changes in value based on public perception of the issuer.</font> </div> </td> </tr> </table> There is the risk that you could lose all or a portion of your investment in the Fund. 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 Osterweis Fund (the &#8220;Fund&#8221;) seeks long-term total returns.</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> -0.0200 0.0088 0.0000 0.0015 0.0001 0.0104 ~ http://usbank.com/20130628/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000811030_S000004931Member row primary compact * ~ ~ http://usbank.com/20130628/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000811030_S000004931Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Osterweis Fund invests primarily in common stocks of companies that Osterweis Capital Management, Inc. (the &#8220;Adviser&#8221;) believes offer superior investment value and opportunity for growth. The Fund may invest in companies of any size &#8211; large, medium and small. The Adviser focuses on companies that it believes to be undervalued or otherwise out-of-favor in the market, but that have attractive growth prospects. The Adviser places particular emphasis on the analysis of a company&#8217;s ability to generate free cash flow and the value-enhancing deployment of this cash, balance sheet strength and longer-term growth prospects.</font><br /> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Adviser also seeks under-researched, high-growth situations that it believes can be purchased at modest valuations as well as companies with substantial unrecognized asset value and improving earnings prospects.&#160;</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As such companies achieve greater visibility over time and their stocks are accorded valuations more in line with their growth rates, the Adviser may be inclined to regard them as candidates for sale.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other types of equity securities in which the Fund may invest include convertible securities and publicly traded Master Limited Partnerships (&#8220;MLPs&#8221;) that are generally energy or natural resource-related companies which may comprise up to 15% of the Fund&#8217;s assets. The Fund may also invest up to 30% of its assets in equity securities of foreign issuers and/or depositary receipts that are traded on domestic or foreign exchanges, including emerging markets.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition to taking temporary defensive positions in cash and short-term bonds from time to time, the Fund may invest up to 50% of its assets in fixed income securities, which include, but are not limited to U.S.&#160;government and agency debt, investment grade corporate debt and convertible debt. Up to 40% of the Fund&#8217;s assets may be invested in domestic high yield debt or &#8220;junk bonds&#8221; (higher-risk, lower-rated fixed income securities such as those rated lower than BBB- by S&amp;P or lower than Baa3 by Moody&#8217;s), although the Fund does not expect to maintain significant positions in such securities on a normal basis.</font> </div> Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year ended March 31, 2013, the Fund&#8217;s portfolio turnover rate was 24% of the average value of its portfolio.</font> </div> 0.24 Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Fund. The bar chart below illustrates how the Fund&#8217;s total returns have varied from year to year. The table below illustrates how the Fund&#8217;s average annual total returns over time compare with a domestic broad-based market index. The Fund&#8217;s past performance, before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund&#8217;s website at www.osterweis.com.</font> </div> Osterweis Fund Calendar Year Total Returns* 0.3313 0.1768 0.0908 0.1136 0.0468 -0.2923 0.3113 0.1243 -0.0429 0.1366 ~ http://usbank.com/20130628/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0000811030_S000004931Member column rr_ProspectusShareClassAxis compact ck0000811030_C000013346Member row primary compact * ~ Best Quarter: 0.1500 2009-06-30 Worst Quarter: -0.1828 2008-12-31 The Osterweis Fund's calendar year-to-date return 0.1437 2013-03-31 <table cellpadding="1" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="top" width="40%" style="BORDER-TOP: #000080 2px solid"> <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-WEIGHT: bold">Best Quarter:</font> </div> </td> <td valign="top" width="33%" style="TEXT-ALIGN: left; BORDER-TOP: #000080 2px solid"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2Q, 2009</font> </div> </td> <td valign="top" width="27%" style="TEXT-ALIGN: center; BORDER-TOP: #000080 2px solid"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">15.00%</font> </div> </td> </tr> <tr> <td valign="top" width="40%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </td> <td valign="top" width="33%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </td> <td valign="top" width="27%" style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </td> </tr> <tr> <td align="left" valign="top" width="40%" style="BORDER-BOTTOM: #000080 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Worst Quarter:</font> </div> </td> <td align="left" valign="top" width="33%" style="BORDER-BOTTOM: #000080 2px solid"> <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-WEIGHT: bold">4Q, 2008</font> </div> </td> <td valign="top" width="27%" style="BORDER-BOTTOM: #000080 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-18.28%</font> </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">* The <font style="DISPLAY: inline; FONT-WEIGHT: bold">Osterweis Fund&#8217;s</font> calendar year-to-date return as of March 31, 2013 was 14.37%.</font> </div> 0.1366 0.0256 0.0850 Return Before Taxes 0.1302 0.0231 0.0798 Return After Taxes on Distributions 0.0971 0.0216 0.0744 Return After Taxes on Distributions and Sale of Fund Shares 0.1600 0.0166 0.0710 S&P 500&#174; Index (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130628/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0000811030_S000004931Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;).</font> </div> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. The Fund's past performance, before and after taxes is not necessarily an indication of how the Fund will perform in the future. www.osterweis.com Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). The following performance information provides some indication of the risks of investing in the Fund. (reflects no deduction for fees, expenses or taxes) Average Annual Total Returns As of December 31, 2012 Osterweis Strategic Income Fund OSTIX Example <div align="justify" 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. The Example assumes that you invest $10,000 in the 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% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 95 296 515 1143 ~ http://usbank.com/20130628/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0000811030_S000004930Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There is the risk that you could lose all or a portion of your investment in the Fund. The following risks<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>could affect the value of your investment<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>in the Osterweis Strategic Income Fund:</font><br /> </div> <br/><table cellpadding="0" cellspacing="0" id="list-9" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">General Market Risk:&#160;&#160;The risk that security market values may fluctuate, sometimes rapidly and unpredictably.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-10" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management Risk:&#160;&#160;The risk that the Adviser may fail to implement the Fund&#8217;s investment strategies and meet its investment objectives.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-11" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Large Company Risk:&#160;&#160;Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-12" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Small and Medium Company Risk:&#160;&#160;Investing in securities of small- and medium-sized companies, even indirectly, may involve greater volatility than investing in larger and more established companies.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-13" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Foreign Securities and Emerging Markets Risk:&#160;&#160;Investing in foreign securities may involve increased risks due to political, social and economic developments abroad, as well as due to differences between U.S. and foreign regulatory practices. These risks are enhanced in emerging markets.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-14" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Interest Rate Risk: The risk that interest rates may rise resulting in a decrease in the value of the securities held by the Fund, or interest rates may fall resulting in an increase in the value of such securities.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-15" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Credit Risk:&#160;&#160;The risk that issuers of fixed income securities in which the Fund invests experience unanticipated financial problems causing their securities to decline in value.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-16" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">High Yield Securities (&#8220;Junk Bond&#8221;) Risk:&#160;&#160;Investing in fixed income securities that are rated below investment grade involves risks such as increased possibility of default, decreased liquidity of the security and changes in value based on public perception of the issuer.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-17" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Municipal Securities Risk:&#160;&#160;Investing in various municipal securities may involve risk related to the ability of the municipalities to continue to meet their obligations for the payment of interest and principal when due.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-18" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Sector Emphasis Risk:&#160;&#160;The Fund, from time to time, may invest 25% or more of its assets in one or more sectors subjecting the Fund to sector emphasis risk. This is the risk that the Fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-19" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Portfolio Turnover Risk: High portfolio turnover involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which may result in adverse tax consequences to the Fund&#8217;s shareholders.</font> </div> </td> </tr> </table> There is the risk that you could lose all or a portion of your investment in the Fund. Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Osterweis Strategic Income Fund (the &#8220;Fund&#8221;) seeks to preserve capital and attain long-term total returns through a combination of current income and moderate capital appreciation.</font> </div> Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <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> -0.0200 0.0077 0.0000 0.0014 0.0002 0.0093 ~ http://usbank.com/20130628/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0000811030_S000004930Member row primary compact * ~ ~ http://usbank.com/20130628/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0000811030_S000004930Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Osterweis Strategic Income Fund invests primarily in income bearing securities, including a wide range of debt and dividend-paying equity securities. Osterweis Capital Management, LLC (the &#8220;Adviser&#8221;) takes a strategic approach and may invest in a wide array of fixed income securities of various credit qualities (<font style="FONT-STYLE: italic; DISPLAY: inline">e.g.,</font> investment grade or non-investment grade) and maturities (<font style="FONT-STYLE: italic; DISPLAY: inline">e.g.,</font> long term, immediate or short term). The Adviser seeks to control risk through rigorous credit analysis, economic analysis, interest rate forecasts and sector trend review, and is not constrained by any particular duration or credit quality targets. The Fund&#8217;s fixed income investments may include, but are not limited to, U.S. Federal and Agency obligations, investment grade corporate debt, domestic high yield debt or &#8220;junk bonds&#8221; (higher-risk, lower-rated fixed income securities such as those rated lower than BBB- by S&amp;P or lower than Baa3 by Moody&#8217;s), floating-rate debt, convertible debt, collateralized debt, municipal debt, foreign debt (including emerging markets) and/or depositary receipts and preferred stock. The Fund may also invest up to 100% of its assets in foreign debt (including emerging markets) and/or depositary receipts. The Fund&#8217;s allocation among various fixed income securities will be made on the basis of the portfolio managers&#8217; assessment of opportunities for total return relative to the risk of each type of investment.</font><br /> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Adviser may sell a security when it believes doing so is appropriate and consistent with the Fund&#8217;s investment objectives and policies or when conditions affecting relevant markets, particular industries or individual issues warrant such action, regardless of the effect on the Fund&#8217;s portfolio turnover rate.</font> </div> Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year ended March 31, 2013, the Fund&#8217;s portfolio turnover rate was 82% of the average value of its portfolio.</font> </div> 0.82 Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Fund. The bar chart below illustrates how the Fund&#8217;s total returns have varied from year to year. The table below illustrates how the Fund&#8217;s average annual total returns over time compare with a domestic broad-based market index. The Fund&#8217;s past performance, before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund&#8217;s website at www.osterweis.com.</font> </div> Osterweis Strategic Income Fund Calendar Year Total Returns* 0.1656 0.0737 0.0269 0.0999 0.0343 -0.0554 0.2490 0.1014 0.0406 0.0855 ~ http://usbank.com/20130628/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0000811030_S000004930Member column rr_ProspectusShareClassAxis compact ck0000811030_C000013345Member row primary compact * ~ Best Quarter: 0.0800 2009-06-30 Worst Quarter: -0.0619 2008-12-31 The Osterweis Strategic Income Fund's calendar year-to-date return 0.0287 2013-03-31 <table cellpadding="1" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="top" width="12%" style="BORDER-TOP: #000080 2px solid"> <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-WEIGHT: bold">Best Quarter:</font> </div> </td> <td valign="top" width="10%" style="TEXT-ALIGN: left; BORDER-TOP: #000080 2px solid"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2Q, 2009</font> </div> </td> <td align="left" valign="top" width="8%" style="BORDER-TOP: #000080 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8.00%</font> </div> </td> </tr> <tr> <td valign="top" width="12%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </td> <td valign="top" width="10%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </td> <td valign="top" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </td> </tr> <tr> <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: #000080 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Worst Quarter:</font> </div> </td> <td align="left" valign="top" width="10%" style="BORDER-BOTTOM: #000080 2px solid"> <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-WEIGHT: bold">4Q, 2008</font> </div> </td> <td align="left" valign="top" width="8%" style="BORDER-BOTTOM: #000080 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-6.19%</font> </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">* The <font style="DISPLAY: inline; FONT-WEIGHT: bold">Osterweis Strategic Income Fund&#8217;s</font> calendar year-to-date return as of March&#160;31,&#160;2013 was 2.87%.</font> </div> 0.0855 0.0798 0.0793 Return Before Taxes 0.0652 0.0569 0.0565 Return After Taxes on Distributions 0.0552 0.0549 0.0550 Return After Taxes on Distributions and Sale of Fund Shares 0.0421 0.0595 0.0518 Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130628/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0000811030_S000004930Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;).</font> </div> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. The Fund's past performance, before and after taxes is not necessarily an indication of how the Fund will perform in the future. www.osterweis.com Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). The following performance information provides some indication of the risks of investing in the Fund. (reflects no deduction for fees, expenses or taxes) Average Annual Total Returns As of December 31, 2012 Osterweis Strategic Investment Fund OSTVX Example <div align="justify" 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. The Example assumes that you invest $10,000 in the 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% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the Expense Cap in the first year only).</font></div> 132 412 713 1568 ~ http://usbank.com/20130628/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact ck0000811030_S000029833Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.9pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There is the risk that you could lose all or a portion of your investment in the Fund. The following risks<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>could affect the value of your investment<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>in the Fund:</font><br /> </div> <br/><table cellpadding="0" cellspacing="0" id="list-20" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">General Market Risk:&#160;&#160;The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-21" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management Risk:&#160;&#160;The risk that the Adviser may fail to implement the Fund&#8217;s investment strategies and meet its investment objective. This risk includes the risk that the Adviser&#8217;s allocation decisions between equity and fixed income may be incorrect and result in lower performance than if the Fund&#8217;s allocation remained static.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-22" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Large Company Risk:&#160;&#160;Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors.&#160;&#160;Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-23" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Small and Medium Company Risk:&#160;&#160;Investing in securities of small-cap and mid-cap companies, even indirectly, may involve greater volatility than investing in larger and more established companies.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-24" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Foreign Securities and Emerging Markets Risk:&#160;&#160;Investing in foreign securities may involve increased risks due to political, social and economic developments abroad, and differences between U.S. and foreign regulatory practices. These risks are enhanced in emerging markets.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-25" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Master Limited Partnership Risk:&#160;&#160;Investing in MLPs entails risks related to potential changes in the U.S. tax code which could revoke the pass-through tax attributes that make MLPs marginally more attractive today compared to other investments, fluctuations in energy prices, decreases in the supply of or demand for energy commodities, decreases in demand for MLPs in rising interest rate environments and various other risks. Investments in general partnerships may be riskier than investments in limited partnerships.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-27" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Interest Rate Risk:&#160;&#160;The risk that interest rates may rise resulting in a decrease in the value of the fixed income securities held by the Fund, or that interest rates may fall resulting in an increase in the value of such securities.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-28" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Credit Risk:&#160;&#160;The risk that issuers of fixed income securities in which the Fund invests experience unanticipated financial problems causing their securities to decline in value.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-29" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">High Yield Securities (&#8220;Junk Bond&#8221;) Risk:&#160;&#160;Investing in fixed income securities that are rated below investment grade involves risks such as increased possibility of default, decreased liquidity of the security and changes in value based on public perception of the issuer.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-30" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Municipal Securities Risk:&#160;&#160;Investing in various municipal securities may involve risk related to the ability of the issuers of the municipal securities to continue to meet their obligations for the payment of interest and principal when due.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-31" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Sector Emphasis Risk:&#160;&#160;The Fund, from time to time, may invest 25% or more of its assets in one or more sectors subjecting the Fund to sector emphasis risk. This is the risk that the Fund is&#160;&#160;subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector that the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-32" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Portfolio Turnover Risk:&#160;&#160;High portfolio turnover involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which may result in adverse tax consequences to the Fund&#8217;s shareholders.</font> </div> </td> </tr> </table> There is the risk that you could lose all or a portion of your investment in the Fund. Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Osterweis Strategic Investment Fund (the &#8220;Fund&#8221;) seeks long-term total returns and capital preservation.</font> </div> Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <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> -0.0200 0.0100 0.0000 0.0029 0.0001 0.0130 ~ http://usbank.com/20130628/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact ck0000811030_S000029833Member row primary compact * ~ ~ http://usbank.com/20130628/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact ck0000811030_S000029833Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Shareholder Fees (fees paid directly from your investment) Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal period ended March 31, 2013, the Fund&#8217;s portfolio turnover rate was 129% of the average value of its portfolio.</font> </div> 1.29 Principal Investment Strategies <div style="TEXT-ALIGN: justify"> The Osterweis Strategic Investment Fund invests in both equity and fixed income securities that the Adviser believes can deliver attractive long-term returns and enhanced capital preservation. The allocation of assets between equity and fixed income securities is based on the opportunity set of each asset class, the Adviser&#8217;s assessment of the relative attractiveness of equities versus fixed income, and the Adviser&#8217;s overall view of the macroeconomic and market environment. The allocation is reviewed on an ongoing basis and adjustments are made as needed based on the Adviser&#8217;s assessment of the risk/reward profiles of individual securities and broad macro risk factors. Under normal market conditions, the minimum allocation to either fixed income (including cash) or equity securities is expected to be 25% of the Fund&#8217;s net assets; conversely, the maximum allocation to either fixed income (including cash) or equity securities at any given time is expected to be 75%. The Fund may invest up to half of its net assets in foreign securities (in developed and emerging markets) including in depositary receipts traded on foreign exchanges and without limitation in depositary receipts that are traded on domestic exchanges and that evidence ownership of foreign equity securities. The Fund&#8217;s investments in any one sector may exceed 25% of its net assets. </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Equity Investments</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In selecting equity investments, the Adviser focuses on the common stocks of companies that it believes offer superior investment value and opportunity for growth. The Adviser focuses on the securities of companies that it believes to be undervalued or otherwise out-of-favor in the market but that have attractive growth prospects. The Adviser places particular emphasis on the analysis of a company&#8217;s ability to generate free cash flow and the value-enhancing deployment of this cash, balance sheet strength and longer-term growth prospects. The Adviser also seeks under-researched, growth situations that it believes can be purchased at modest valuations as well as companies with substantial unrecognized assets and improving earnings prospects. As such companies achieve greater visibility over time and their stocks are accorded valuations more in line with the growth rates, the Adviser may be inclined to regard them as candidates for sale. The Fund may invest in equity securities of companies of all market capitalization sizes &#8211; large, medium, and small. In addition to common stock, the Fund may also invest in preferred stock, convertible securities and up to 15% of its assets in publicly traded Master Limited Partnerships (&#8220;MLPs&#8221;) that are generally energy or natural resource related companies.</font><br /> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Fixed Income Investments</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In selecting fixed income investments, the Adviser takes a strategic approach and may invest in a wide array of fixed income securities of various credit qualities and maturities. The Adviser seeks to control risk through rigorous credit analysis, economic analysis, interest rate forecasts and review of sector trends, and is not limited by any particular duration or credit quality targets or constraints. The Fund&#8217;s principal fixed income security investments will consist of U.S. Federal and Agency obligations, investment grade corporate debt, domestic high yield debt or &#8220;junk bonds&#8221; (higher-risk, lower-rated fixed income securities such as those rated lower than BBB- by S&amp;P or lower than Baa3 by Moody&#8217;s), floating-rate debt, convertible debt, collateralized debt, municipal debt, foreign debt (including emerging markets) and/or depositary receipts and preferred stock. Some of the securities listed above may be accompanied by a warrant, which is a right to acquire the issuer&#8217;s stock at a pre-determined price. The Fund may also invest in zero-coupon U.S. government debt, zero-coupon corporate debt and money market instruments. The Fund&#8217;s allocation among various fixed income securities will be made based on the portfolio managers&#8217; assessment of opportunities for total return relative to the risk of each type of investment, but generally there is no limit on any type of fixed income security, meaning that the Fund could have up to 75% of its net assets invested in junk bonds, for instance. The Fund will at times be invested in fixed income securities of varying maturities (<font style="FONT-STYLE: italic; DISPLAY: inline">e.g.</font>, long-term, intermediate or short-term) and credit qualities (<font style="FONT-STYLE: italic; DISPLAY: inline">e.g.</font>, investment grade or non-investment grade), while at other times the Fund may emphasize one particular maturity or credit quality.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Adviser will sell a security when it believes doing so is appropriate and consistent with the Fund&#8217;s investment objectives and policies or when conditions affecting relevant markets, particular industries or individual issues warrant such action.</font> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Fund. The bar chart below illustrates how the Fund&#8217;s total returns have varied from year to year. The table below illustrates how the Fund&#8217;s average annual total returns over time compare with a domestic broad-based market index. The Fund&#8217;s past performance, before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund&#8217;s website at www.osterweis.com.</font> </div> Osterweis Strategic Investment Fund Calendar Year Total Returns* 0.0163 0.1562 ~ http://usbank.com/20130628/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact ck0000811030_S000029833Member column rr_ProspectusShareClassAxis compact ck0000811030_C000091752Member row primary compact * ~ Best Quarter: 0.0809 2011-12-31 Worst Quarter: -0.1158 2011-09-30 The Osterweis Strategic Investment Fund's calendar year-to-date return 0.0934 2013-03-31 <table cellpadding="1" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="top" width="12%" style="BORDER-TOP: #000080 2px solid"> <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-WEIGHT: bold">Best Quarter:</font> </div> </td> <td align="left" valign="top" width="10%" style="BORDER-TOP: #000080 2px solid"> <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-WEIGHT: bold">4Q 2011</font> </div> </td> <td align="left" valign="top" width="8%" style="BORDER-TOP: #000080 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8.09%</font> </div> </td> </tr> <tr> <td valign="top" width="12%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </td> <td valign="top" width="10%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </td> <td valign="top" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </td> </tr> <tr> <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: #000080 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Worst Quarter:</font> </div> </td> <td align="left" valign="top" width="10%" style="BORDER-BOTTOM: #000080 2px solid"> <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-WEIGHT: bold">3Q 2011</font> </div> </td> <td align="left" valign="top" width="8%" style="BORDER-BOTTOM: #000080 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-11.58%</font> </div> </td> </tr> </table> <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-3" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 9pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font> </div> </td> <td> <div align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">* The <font style="DISPLAY: inline; FONT-WEIGHT: bold">Osterweis Strategic Investment Fund&#8217;s</font> calendar year-to-date return as of March&#160;31,&#160;2013 was 9.34%.</font> </div> </td> </tr> </table> 0.1562 0.1237 Return Before Taxes 0.1464 0.1147 Return After Taxes on Distributions 0.1040 0.1015 Return After Taxes on Distributions and Sale of Fund Shares 0.1131 0.1190 60% S&P 500&#174; Index/40% Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 2010-08-31 2010-08-31 ~ http://usbank.com/20130628/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact ck0000811030_S000029833Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;).</font> </div> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. The Fund's past performance, before and after taxes is not necessarily an indication of how the Fund will perform in the future. www.osterweis.com Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). The following performance information provides some indication of the risks of investing in the Fund. (reflects no deduction for fees, expenses or taxes) Average Annual Total Returns As of December 31, 2012 Osterweis Institutional Equity Fund OSTEX Example <div align="justify" 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 Osterweis Institutional Equity 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 and then redeem all of your shares at the end of those periods. 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 contractual Expense Cap for the first year only).</font></div> 103 377 672 1511 ~ http://usbank.com/20130628/role/ScheduleExpenseExampleTransposed20024 column dei_LegalEntityAxis compact ck0000811030_S000037845Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.9pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">There is the risk that you could lose all or a portion of your investment in the Fund. The following risks<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>could affect the value of your investment<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>in the Fund:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-33" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">General Market Risk:&#160;&#160;The risk that security market values may fluctuate, sometimes rapidly and unpredictably.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-34" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management Risk:&#160;&#160;The risk that the Adviser may fail to implement the Fund&#8217;s investment strategies and meet its investment objective.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-35" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Large Company Risk:&#160;&#160;Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-36" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Small and Medium Company Risk:&#160;&#160;Investing in securities of small- and medium-sized companies, even indirectly, may involve greater volatility than investing in larger and more established companies.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-37" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Foreign Securities and Emerging Markets Risk:&#160;&#160;Investing in foreign securities may involve increased risks due to political, social and economic developments abroad, and differences between U.S. and foreign regulatory practices. These risks are enhanced in emerging markets.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-38" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Master Limited Partnership Risk:&#160;&#160;Investing in MLPs entails risks related to potential changes in the U.S. tax code which could revoke the pass-through tax attributes that make MLPs marginally more attractive today compared to other investments, fluctuations in energy prices, decreases in the supply of or demand for energy commodities, decreases in demand for MLPs in rising interest rate environments and various other risks. Investments in general partnerships may be riskier than investments in limited partnerships.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-40" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Sector Emphasis Risk:&#160;&#160;The Fund, from time to time, may invest 25% or more of its assets in one or more sectors subjecting the Fund to sector emphasis risk. This is the risk that the Institutional Equity Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-41" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 27pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Health Care Sector Risk:&#160;&#160;A significant portion of the Fund&#8217;s assets may be invested in securities related to the Health Care sector, including developers, manufacturers and/or distributors of drugs or medical devices and health care facilities. The Health Care sector could be negatively affected by regulatory, political, and economic factors.</font> </div> </td> </tr> </table> There is the risk that you could lose all or a portion of your investment in the Fund. Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; FONT-WEIGHT: bold">Osterweis Institutional Equity Fund</font> (the &#8220;Fund&#8221;) seeks long-term total returns.</font> </div> Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <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> -0.0200 0.0085 0.0000 0.0041 0.0001 0.0127 -0.0026 0.0101 ~ http://usbank.com/20130628/role/ScheduleShareholderFees20022 column dei_LegalEntityAxis compact ck0000811030_S000037845Member row primary compact * ~ ~ http://usbank.com/20130628/role/ScheduleAnnualFundOperatingExpenses20023 column dei_LegalEntityAxis compact ck0000811030_S000037845Member row primary compact * ~ 2014-06-30 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Shareholder Fees (fees paid directly from your investment) Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal period (July 31, 2012 to March 31, 2013), the Fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio.</font><br /> </div> 0.20 Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Osterweis Institutional Equity Fund intends to invest approximately 95% of its net assets (plus any borrowings for investment purposes) in equity securities, under normal circumstances. The equity securities in which the Fund may invest will consist primarily of investments in common stocks, preferred stocks, convertible stocks, warrants, income trusts and other similar equity securities of companies that Osterweis Capital Management, LLC (the &#8220;Adviser&#8221;) believes offer superior investment value and opportunity for growth.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other types of equity securities in which the Fund may invest include publicly-traded Master Limited Partnerships (&#8220;MLPs&#8221;) that are generally energy or natural resource related companies, which may comprise up to 20% of the Fund&#8217;s assets. The Fund may also invest up to 40% of its assets in equity securities of foreign issuers and/or depositary receipts that are traded on domestic or foreign exchanges, including emerging markets.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund may invest in companies of any size &#8211; large, medium and small. The Adviser focuses on companies that it believes to be undervalued or otherwise out-of-favor in the market, but that have attractive growth prospects. The Adviser places particular emphasis on the analysis of a company&#8217;s ability to generate free cash flow and the value-enhancing deployment of this cash, balance sheet strength and longer-term growth prospects.</font><br /> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Adviser also seeks under-researched, high-growth situations that it believes can be purchased at modest valuations as well as companies with substantial unrecognized asset value and improving earnings prospects. As such companies achieve greater visibility over time and their stocks are accorded valuations more in line with their growth rates, the Adviser may be inclined to regard them as candidates for sale.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Institutional Equity Fund may, at times, invest greater than 25% of its net assets in the securities of companies in the same market sector. The Adviser will use its judgment and discretion regarding which sectors offer the greatest potential for long-term financial gain. This may, and likely will, change over time.</font><br /> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Because the Fund commenced operations on July 31, 2012, it does not have a full calendar year of performance to compare against a broad measure of market performance. Accordingly, performance information is not available. Performance information will be available after the Fund has been in operation for one 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&#8217;s website at www.osterweis.com or by calling the Fund toll-free at (866) 236-0050.</font> </div> www.osterweis.com Because the Fund commenced operations on July 31, 2012, 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. (866) 236-0050 EX-101.SCH 3 ck0000811030-20130628.xsd SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Osterweis Fund 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 020004 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020007 - Document - Risk/Return Summary {Unlabeled} - Osterweis Strategic Income Fund link:presentationLink link:definitionLink link:calculationLink 020008 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020009 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020010 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020011 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020012 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020014 - Document - Risk/Return Summary {Unlabeled} - Osterweis Strategic Investment Fund link:presentationLink link:definitionLink link:calculationLink 020015 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020016 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020017 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020018 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020019 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020021 - Document - Risk/Return Summary {Unlabeled} - Osterweis Institutional Equity Fund link:presentationLink link:definitionLink link:calculationLink 020022 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020023 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020024 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020006 - Disclosure - Risk/Return Detail Data {Elements} - Osterweis Fund link:presentationLink link:definitionLink link:calculationLink 020013 - Disclosure - Risk/Return Detail Data {Elements} - Osterweis Strategic Income Fund link:presentationLink link:definitionLink link:calculationLink 020020 - Disclosure - Risk/Return Detail Data {Elements} - Osterweis Strategic Investment Fund link:presentationLink link:definitionLink link:calculationLink 020025 - Disclosure - Risk/Return Detail Data {Elements} - Osterweis Institutional Equity Fund link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 ck0000811030-20130628_cal.xml CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ck0000811030-20130628_def.xml DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ck0000811030-20130628_lab.xml LABEL LINKBASE DOCUMENT EX-101.PRE 7 ck0000811030-20130628_pre.xml PRESENTATION LINKBASE DOCUMENT