0000894189-18-001639.txt : 20180313 0000894189-18-001639.hdr.sgml : 20180313 20180313144312 ACCESSION NUMBER: 0000894189-18-001639 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 16 FILED AS OF DATE: 20180313 DATE AS OF CHANGE: 20180313 EFFECTIVENESS DATE: 20180313 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: 18686151 BUSINESS ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 626-914-7363 MAIL ADDRESS: STREET 1: 615 EAST MICHIGAN STREET 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: 18686152 BUSINESS ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 626-914-7363 MAIL ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 0000811030 S000037988 Becker Value Equity Fund C000117199 Retail Class BVEFX C000117200 Institutional Class BVEIX 485BPOS 1 pmp-becker_485bxbrl.htm POST EFFECTIVE AMENDMENT - RULE 485B FOR XBRL


Filed with the U.S. Securities and Exchange Commission on March 13, 2018

1933 Act Registration File No.   033-12213
1940 Act File No. 811-05037
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
   
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Post-Effective Amendment No.
735
 
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X
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and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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 X    
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Amendment No.
736
 
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 X
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(Check appropriate box or boxes)

PROFESSIONALLY MANAGED PORTFOLIOS
(Exact Name of Registrant as Specified in Charter)
 
615 East Michigan Street
Milwaukee, WI  53202
(Address of Principal Executive Offices, including Zip Code)
 
Registrant’s Telephone Number, including Area Code:  (626) 914-7363
 
Elaine E. Richards, Esq.
Professionally Managed Portfolios
2020 E. Financial Way, Ste. 100
Glendora, CA 91741
(Name and Address of Agent for Service)
 
Copy to:
Domenick Pugliese, Esq.
Schiff Hardin LLP
666 Fifth Avenue, Suite 1700
New York, NY 10103

It is proposed that this filing will become effective (check appropriate box)
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X
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immediately upon filing pursuant to paragraph (b)
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On (date) pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on (date) pursuant to paragraph (a)(2) of Rule 485.

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

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 735 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. 732 on Form N‑1A filed on February 27, 2018.  This PEA No. 735 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 732 to the Trust’s Registration Statement for the Trust’s series:  Becker Value 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. 735 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 March 13, 2018.

 
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. 735 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
March 13, 2018
Dorothy A. Berry
   
     
Wallace L. Cook*
Trustee
March 13, 2018
Wallace L. Cook
   
     
Eric W. Falkeis*
Trustee
March 13, 2018
Eric W. Falkeis
   
     
Carl A. Froebel*
Trustee
March 13, 2018
Carl A. Froebel
   
     
Steven J. Paggioli*
Trustee
March 13, 2018
Steven J. Paggioli
   
     
/s/ Elaine E. Richards
President and Principal
March 13, 2018
Elaine E. Richards
Executive Officer
 
     
Aaron J. Perkovich*
Treasurer and Principal
March 13, 2018
Aaron J. Perkovich
Financial and Accounting Officer
 
     
*By: /s/Elaine E. Richards
 
March 13, 2018
 Elaine E. Richards, Attorney-In Fact
 pursuant to Power of Attorney
     


INDEX TO EXHIBITS

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





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(the "Advisor"), has contractually agreed to reduce its management fee and/or reimburse certain expenses (excluding brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividend expenses on securities sold short; taxes; any indirect expenses, such as Acquired Fund Fees and Expenses; and extraordinary litigation expenses) so that Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not exceed 0.78% for the Retail Class and 0.68% for the Institutional Class of each class' respective average daily net assets (the "Expense Caps"). The Expense Caps will remain in effect at least through February 28, 2019. The Agreement may be terminated at any time by the Board of Trustees upon 60 days notice to the Advisor, or by the Advisor with consent of the Board. The Advisor 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 Fund toward operating expenses for the such period (taking into account any reimbursement) does not exceed the lesser of the Expense Caps in place at the time of waiver or at the time of reimbursement. The Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement do not correlate to the Ratio of Expenses to Average Net Assets After Fees Waived/Recouped and Expenses Absorbed 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. Performance shown prior to September 2, 2011, the inception of Institutional Class shares, reflects the performance of the Retail Class shares, adjusted to reflect Institutional Class expenses. PROFESSIONALLY MANAGED PORTFOLIOS 485BPOS false 0000811030 2017-10-31 2018-02-27 2018-02-28 2018-02-28 Becker Value Equity Fund BVEFX BVEIX Fees and Expenses of the Fund <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</div> -0.0100 -0.0100 0.0055 0.0055 0.0000 0.0000 0.0024 0.0014 0.0079 0.0069 -0.0001 -0.0001 0.0078 0.0068 ~ http://usbank.com/20180227/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000811030_S000037988Member row primary compact * ~ ~ http://usbank.com/20180227/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000811030_S000037988Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) The Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement do not correlate to the Ratio of Expenses to Average Net Assets After Fees Waived/Recouped and Expenses Absorbed 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. 2019-02-28 Performance <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"> The bar chart below shows how the Fund's investment results have varied from year-to-year as represented by the performance of the Retail Class shares.&#160; The table below shows how the Fund's average annual total returns compare over time to those of a value-style broad-based securities market index and a secondary index provided to offer a broader market perspective.&#160; This information provides some indication of the risks of investing in the Fund.&#160; Past performance information is not necessarily an indication of how the Fund will perform in the future.&#160; Updated performance information is available on the Fund's website at www.beckervaluefunds.com. </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Effective at the close of business on August&#160;24, 2012, the Becker Value Equity Fund, a series of Unified Series Trust (the "Predecessor Fund"), reorganized into the Fund, a series of Professionally Managed Portfolios.&#160; Performance information shown prior to the close of business on August&#160;24, 2012 is that of the Predecessor Fund.&#160; Additionally, the Fund has adopted the Financial Statements of the Predecessor Fund.</div> Retail Class Annual Total Return (years ended December 31) -0.3053 0.2692 0.1217 -0.0064 0.1566 0.3640 0.1120 -0.0703 0.1860 0.1514 ~ http://usbank.com/20180227/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0000811030_S000037988Member column rr_ProspectusShareClassAxis compact ck0000811030_C000117199Member row primary compact * ~ Best Quarter: 0.1705 2009-06-30 Worst Quarter: -0.2187 2008-12-31 <table border="0" cellpadding="0" cellspacing="0" id="z2c1b7f1b7f0142c4923c94ec6bdf5650" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 80%; margin-left: auto; margin-right: auto;"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 53.85%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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Value Index (reflects no deductions for fees, expenses and taxes) 0.2183 0.1579 0.0850 0.0899 S&P 500&#174; Index (reflects no deductions for fees, expenses and taxes) 2003-11-03 2011-09-02 2003-11-03 2003-11-03 ~ http://usbank.com/20180227/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0000811030_S000037988Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes.&#160; Actual after-tax returns depend on an investor's tax situation and may differ from those shown.&#160; After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").&#160; The index returns presented above assume reinvestment of all distributions and exclude the effect of taxes and fees (if expenses and taxes were deducted, the actual returns of the Index would be lower).</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify"> The "Return After Taxes on Distributions" shows the effect of taxable distributions (dividends and capital gains distributions), but assumes that you still hold Fund shares at the end of the period.&#160; The "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund's shares were sold at the end of the specified period. </div> Average Annual Total Returns (for the periods ended December 31, 2017) Past performance information is not necessarily an indication of how the Fund will perform in the future. (reflects no deductions for fees, expenses and taxes) After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). This information provides some indication of the risks of investing in the Fund. www.beckervaluefunds.com Principal Risks <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective.&#160; An investment in the Fund is not insured or guaranteed by any government agency.&#160; As with any mutual fund investment, the Fund's returns and share price will fluctuate, and you may lose money by investing in the Fund.&#160; Below are some of the specific risks of investing in the Fund.</div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z25b6ef7da7bb4416956f36f1ed1d77b6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt"> &#183; </div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">General Market Risk. </font>&#160;Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issues in other countries or regions.&#160; Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, terrorism, regulatory events and government controls. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z1fb183bfea354d8cad56062c1a0d022a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt"> &#183; </div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Value Investing Risk.</font>&#160; The Fund emphasizes a "value" style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on "value" securities may not move in tandem with the returns on other styles of investing or the stock market in general. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z009b06b97a844fdb9c61e6b55fa048af" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt"> &#183; </div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Equity Securities Risk</font>.&#160; The price of equity securities may rise or fall because of economic or political changes or changes in a company's financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund's portfolio or the securities market as a whole, such as changes in economic or political conditions. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="ze443ea6c9a5f4886b84edbc5fc374fbb" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Management Risk.</font>&#160; If the Advisor's perception of the value of a company is not realized in the expected time frame, the Fund's overall performance may suffer.&#160; The portfolio managers' management practices, investment strategies, and choice of investments might not work to produce the desired results, and the Fund might underperform other comparable funds.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zd23d25585ea54f5fa7057d8b170aa316" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Large-Cap Company Risk</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">.</font>&#160; Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z437dd9c4816e424a8d526d13e465a04a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Small- and Mid-Cap Company Risk.</font>&#160; Stocks of small- and mid-cap companies may be riskier than stocks of larger companies, because many of these companies are young and have a limited track record.&#160; Their securities may trade less frequently and in more limited volume than those of more mature companies.&#160; As a result, small and mid-cap stocks may be significantly more volatile than larger-cap stocks.&#160; Small and mid-cap companies also may lack the managerial, financial or other resources necessary to implement their business plans or succeed in the face of competition.&#160; It may be difficult to sell a small or mid-cap stock, and this lack of market liquidity can adversely affect the Fund's ability to realize the market price of a stock, especially during periods of rapid market decline.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zebd300a0b2bd40f39c5be3542ab01c9c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt"> &#183; </div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Foreign Risk.</font>&#160; Foreign securities involve increased risks due to political, social and economic developments abroad, as well as due to differences between U.S.&#160;and foreign regulatory practices.&#160; These risks are enhanced in emerging markets which are generally more volatile and less liquid. When the Fund invests in ADRs as a substitute for an investment directly in the underlying foreign shares, the Fund is exposed to the risk that the ADRs may not provide a return that corresponds precisely with that of the underlying foreign shares. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z05d8636735a845099a12febd6af47e9e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">REIT Risk</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">.</font>&#160; REITs may be subject to certain risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z2b915d43f044493ab29f2021bbac32f5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: auto"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ETF Trading Risk.</font>&#160; If the Fund invests in ETFs, it is subject to additional risks that do not apply to other mutual funds that do not invest in ETFs, including the risks that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which the ETFs trade, which may impact a Fund's ability to sell its shares of an ETF.&#160; If the Fund invests in ETFs, it will indirectly bear its proportionate share of any fees and expenses payable directly by the ETF.&#160; Therefore, the Fund would incur higher expenses, which may be duplicative, than if the Fund did not invest in ETFs.</div> </td> </tr> </table> As with any mutual fund investment, the Fund's returns and share price will fluctuate, and you may lose money by investing in the Fund. Portfolio Turnover <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&#160; 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.&#160; These costs, which are not reflected in annual operating expenses or in the Example above, affect the Fund's performance.&#160; During the most recent fiscal year, the Fund's portfolio turnover rate was 34% of the average value of its portfolio. </div> 0.34 Expense Example <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; 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.&#160; The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the Expense Caps for one year only).</div> 80 251 438 977 69 220 383 858 ~ http://usbank.com/20180227/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000811030_S000037988Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Investment Objective <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The investment objective of the Becker Value Equity Fund (the "Fund") is long-term capital appreciation.</div> Principal Investment Strategies <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Fund employs a value strategy and invests primarily in common and preferred stocks whose market prices do not reflect their true values, as determined by the Advisor.&#160; The Advisor utilizes a bottom-up approach to stock selection, focusing on company fundamentals.&#160; The Advisor typically invests in companies with sound fundamentals that the Advisor believes are selling at discounted valuations and have low price-to-earnings ("P/E") ratios.&#160; The Advisor primarily selects stocks of companies with market capitalizations exceeding $10&#160;billion, although the Fund invests in securities of companies of any size or market capitalization that present opportunities for value.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"> The Fund strives to be fully invested at all times.&#160; Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities.&#160; Equity securities in which the Fund may invest include common stock and common stock equivalents (such as rights, warrants and convertible securities), equity exchange-traded funds ("ETFs"), preferred stock, and equity real estate investment trusts ("REITs").&#160; The Fund may also invest up to 15% of its assets in foreign securities, including in emerging markets, through American Depositary Receipts ("ADRs").&#160; ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares.&#160; The Advisor may sell a security for a variety of reasons, including, without limitation:&#160; (1)&#160;a security subsequently fails to meet the Advisor's initial investment criteria; (2)&#160;an issuer specific event, such as an acquisition or recapitalization that changes the fundamental operations of the company; (3)&#160;upon comparative analysis, a new security is judged more attractive than a current holding; or (4)&#160;views change of the individual holdings as well as the general market. </div> EX-101.SCH 3 ck0000811030-20180227.xsd XBRL TAXONOMY EXTENSION SCHEMA 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Becker Value Equity 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 020006 - Disclosure - Risk/Return Detail Data {Elements} - Becker Value Equity Fund link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 ck0000811030-20180227_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 ck0000811030-20180227_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 ck0000811030-20180227_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 7 ck0000811030-20180227_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 9 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information
Total
Prospectus:  
Document Type 485BPOS
Document Period End Date Oct. 31, 2017
Registrant Name PROFESSIONALLY MANAGED PORTFOLIOS
Central Index Key 0000811030
Amendment Flag false
Document Creation Date Feb. 27, 2018
Document Effective Date Feb. 28, 2018
Prospectus Date Feb. 28, 2018
Becker Value Equity Fund | Retail Class  
Prospectus:  
Trading Symbol BVEFX
Becker Value Equity Fund | Institutional Class  
Prospectus:  
Trading Symbol BVEIX
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Becker Value Equity Fund
Becker Value Equity Fund
Investment Objective
The investment objective of the Becker Value Equity Fund (the "Fund") is long-term capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees - Becker Value Equity Fund
Retail Class
Institutional Class
Redemption Fees (as a percentage of the amount redeemed within 30 days of purchase) 1.00% 1.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Becker Value Equity Fund
Retail Class
Institutional Class
Management Fees 0.55% 0.55%
Distribution (12b-1) Fees none none
Other Expenses (including shareholder servicing plan fees of 0.10% for Retail Class) 0.24% 0.14%
Total Annual Fund Operating Expenses 0.79% 0.69%
Fee Waiver/Expense Reimbursement (0.01%) (0.01%)
Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement [1],[2] 0.78% 0.68%
[1] Becker Capital Management, Inc. (the "Advisor"), has contractually agreed to reduce its management fee and/or reimburse certain expenses (excluding brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividend expenses on securities sold short; taxes; any indirect expenses, such as Acquired Fund Fees and Expenses; and extraordinary litigation expenses) so that Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not exceed 0.78% for the Retail Class and 0.68% for the Institutional Class of each class' respective average daily net assets (the "Expense Caps"). The Expense Caps will remain in effect at least through February 28, 2019. The Agreement may be terminated at any time by the Board of Trustees upon 60 days notice to the Advisor, or by the Advisor with consent of the Board. The Advisor 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 Fund toward operating expenses for the such period (taking into account any reimbursement) does not exceed the lesser of the Expense Caps in place at the time of waiver or at the time of reimbursement.
[2] The Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement do not correlate to the Ratio of Expenses to Average Net Assets After Fees Waived/Recouped and Expenses Absorbed 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.
Expense Example
The Example below 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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the Expense Caps for one year only).
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example - Becker Value Equity Fund - USD ($)
1 year
3 years
5 years
10 years
Retail Class 80 251 438 977
Institutional Class 69 220 383 858
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual operating expenses or in the Example above, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 34% of the average value of its portfolio.
Principal Investment Strategies
The Fund employs a value strategy and invests primarily in common and preferred stocks whose market prices do not reflect their true values, as determined by the Advisor.  The Advisor utilizes a bottom-up approach to stock selection, focusing on company fundamentals.  The Advisor typically invests in companies with sound fundamentals that the Advisor believes are selling at discounted valuations and have low price-to-earnings ("P/E") ratios.  The Advisor primarily selects stocks of companies with market capitalizations exceeding $10 billion, although the Fund invests in securities of companies of any size or market capitalization that present opportunities for value.

The Fund strives to be fully invested at all times.  Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities.  Equity securities in which the Fund may invest include common stock and common stock equivalents (such as rights, warrants and convertible securities), equity exchange-traded funds ("ETFs"), preferred stock, and equity real estate investment trusts ("REITs").  The Fund may also invest up to 15% of its assets in foreign securities, including in emerging markets, through American Depositary Receipts ("ADRs").  ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares.  The Advisor may sell a security for a variety of reasons, including, without limitation:  (1) a security subsequently fails to meet the Advisor's initial investment criteria; (2) an issuer specific event, such as an acquisition or recapitalization that changes the fundamental operations of the company; (3) upon comparative analysis, a new security is judged more attractive than a current holding; or (4) views change of the individual holdings as well as the general market.
Principal Risks
All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective.  An investment in the Fund is not insured or guaranteed by any government agency.  As with any mutual fund investment, the Fund's returns and share price will fluctuate, and you may lose money by investing in the Fund.  Below are some of the specific risks of investing in the Fund.

·
General Market Risk.  Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issues in other countries or regions.  Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, terrorism, regulatory events and government controls.

·
Value Investing Risk.  The Fund emphasizes a "value" style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on "value" securities may not move in tandem with the returns on other styles of investing or the stock market in general.

·
Equity Securities Risk.  The price of equity securities may rise or fall because of economic or political changes or changes in a company's financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund's portfolio or the securities market as a whole, such as changes in economic or political conditions.

·
Management Risk.  If the Advisor's perception of the value of a company is not realized in the expected time frame, the Fund's overall performance may suffer.  The portfolio managers' management practices, investment strategies, and choice of investments might not work to produce the desired results, and the Fund might underperform other comparable funds.

·
Large-Cap Company Risk.  Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

·
Small- and Mid-Cap Company Risk.  Stocks of small- and mid-cap companies may be riskier than stocks of larger companies, because many of these companies are young and have a limited track record.  Their securities may trade less frequently and in more limited volume than those of more mature companies.  As a result, small and mid-cap stocks may be significantly more volatile than larger-cap stocks.  Small and mid-cap companies also may lack the managerial, financial or other resources necessary to implement their business plans or succeed in the face of competition.  It may be difficult to sell a small or mid-cap stock, and this lack of market liquidity can adversely affect the Fund's ability to realize the market price of a stock, especially during periods of rapid market decline.

·
Foreign Risk.  Foreign securities 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 which are generally more volatile and less liquid. When the Fund invests in ADRs as a substitute for an investment directly in the underlying foreign shares, the Fund is exposed to the risk that the ADRs may not provide a return that corresponds precisely with that of the underlying foreign shares.

·
REIT Risk.  REITs may be subject to certain risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income.

·
ETF Trading Risk.  If the Fund invests in ETFs, it is subject to additional risks that do not apply to other mutual funds that do not invest in ETFs, including the risks that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which the ETFs trade, which may impact a Fund's ability to sell its shares of an ETF.  If the Fund invests in ETFs, it will indirectly bear its proportionate share of any fees and expenses payable directly by the ETF.  Therefore, the Fund would incur higher expenses, which may be duplicative, than if the Fund did not invest in ETFs.
Performance
The bar chart below shows how the Fund's investment results have varied from year-to-year as represented by the performance of the Retail Class shares.  The table below shows how the Fund's average annual total returns compare over time to those of a value-style broad-based securities market index and a secondary index provided to offer a broader market perspective.  This information provides some indication of the risks of investing in the Fund.  Past performance information is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund's website at www.beckervaluefunds.com.

Effective at the close of business on August 24, 2012, the Becker Value Equity Fund, a series of Unified Series Trust (the "Predecessor Fund"), reorganized into the Fund, a series of Professionally Managed Portfolios.  Performance information shown prior to the close of business on August 24, 2012 is that of the Predecessor Fund.  Additionally, the Fund has adopted the Financial Statements of the Predecessor Fund.
Retail Class Annual Total Return (years ended December 31)
Bar Chart
Best Quarter:
2nd Quarter, 2009, 17.05%
Worst Quarter:
4th Quarter, 2008, -21.87%
Average Annual Total Returns (for the periods ended December 31, 2017)
Average Annual Returns - Becker Value Equity Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Retail Class Retail Class Return Before Taxes 15.14% 14.00% 8.15% 9.26% Nov. 03, 2003
Institutional Class Institutional Class Return Before Taxes 15.23% [1] 14.20% [1] 8.38% [1] 9.50% [1] Sep. 02, 2011
After Taxes on Distributions | Retail Class Retail Class Return After Taxes on Distributions 13.81% 12.14% 7.06% 8.21%  
After Taxes on Distributions and Sale of Fund Shares | Retail Class Retail Class Return After Taxes on Distributions and Sale of Fund Shares 9.65% 10.96% 6.39% 7.51%  
Russell 1000® Value Index (reflects no deductions for fees, expenses and taxes) Russell 1000® Value Index (reflects no deductions for fees, expenses and taxes) 13.66% 14.04% 7.10% 8.62% Nov. 03, 2003
S&P 500® Index (reflects no deductions for fees, expenses and taxes) S&P 500® Index (reflects no deductions for fees, expenses and taxes) 21.83% 15.79% 8.50% 8.99% Nov. 03, 2003
[1] Performance shown prior to September 2, 2011, the inception of Institutional Class shares, reflects the performance of the Retail Class shares, adjusted to reflect Institutional Class expenses.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor's tax situation and may differ from those shown.  After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").  The index returns presented above assume reinvestment of all distributions and exclude the effect of taxes and fees (if expenses and taxes were deducted, the actual returns of the Index would be lower).

The "Return After Taxes on Distributions" shows the effect of taxable distributions (dividends and capital gains distributions), but assumes that you still hold Fund shares at the end of the period.  The "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund's shares were sold at the end of the specified period.

XML 12 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Becker Value Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Becker Value Equity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The investment objective of the Becker Value Equity Fund (the "Fund") is long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Feb. 28, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual operating expenses or in the Example above, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 34% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 34.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement do not correlate to the Ratio of Expenses to Average Net Assets After Fees Waived/Recouped and Expenses Absorbed 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.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
The Example below 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's operating expenses remain the same (taking into account the Expense Caps for one year only).
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund employs a value strategy and invests primarily in common and preferred stocks whose market prices do not reflect their true values, as determined by the Advisor.  The Advisor utilizes a bottom-up approach to stock selection, focusing on company fundamentals.  The Advisor typically invests in companies with sound fundamentals that the Advisor believes are selling at discounted valuations and have low price-to-earnings ("P/E") ratios.  The Advisor primarily selects stocks of companies with market capitalizations exceeding $10 billion, although the Fund invests in securities of companies of any size or market capitalization that present opportunities for value.

The Fund strives to be fully invested at all times.  Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities.  Equity securities in which the Fund may invest include common stock and common stock equivalents (such as rights, warrants and convertible securities), equity exchange-traded funds ("ETFs"), preferred stock, and equity real estate investment trusts ("REITs").  The Fund may also invest up to 15% of its assets in foreign securities, including in emerging markets, through American Depositary Receipts ("ADRs").  ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares.  The Advisor may sell a security for a variety of reasons, including, without limitation:  (1) a security subsequently fails to meet the Advisor's initial investment criteria; (2) an issuer specific event, such as an acquisition or recapitalization that changes the fundamental operations of the company; (3) upon comparative analysis, a new security is judged more attractive than a current holding; or (4) views change of the individual holdings as well as the general market.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective.  An investment in the Fund is not insured or guaranteed by any government agency.  As with any mutual fund investment, the Fund's returns and share price will fluctuate, and you may lose money by investing in the Fund.  Below are some of the specific risks of investing in the Fund.

·
General Market Risk.  Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issues in other countries or regions.  Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, terrorism, regulatory events and government controls.

·
Value Investing Risk.  The Fund emphasizes a "value" style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on "value" securities may not move in tandem with the returns on other styles of investing or the stock market in general.

·
Equity Securities Risk.  The price of equity securities may rise or fall because of economic or political changes or changes in a company's financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund's portfolio or the securities market as a whole, such as changes in economic or political conditions.

·
Management Risk.  If the Advisor's perception of the value of a company is not realized in the expected time frame, the Fund's overall performance may suffer.  The portfolio managers' management practices, investment strategies, and choice of investments might not work to produce the desired results, and the Fund might underperform other comparable funds.

·
Large-Cap Company Risk.  Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

·
Small- and Mid-Cap Company Risk.  Stocks of small- and mid-cap companies may be riskier than stocks of larger companies, because many of these companies are young and have a limited track record.  Their securities may trade less frequently and in more limited volume than those of more mature companies.  As a result, small and mid-cap stocks may be significantly more volatile than larger-cap stocks.  Small and mid-cap companies also may lack the managerial, financial or other resources necessary to implement their business plans or succeed in the face of competition.  It may be difficult to sell a small or mid-cap stock, and this lack of market liquidity can adversely affect the Fund's ability to realize the market price of a stock, especially during periods of rapid market decline.

·
Foreign Risk.  Foreign securities 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 which are generally more volatile and less liquid. When the Fund invests in ADRs as a substitute for an investment directly in the underlying foreign shares, the Fund is exposed to the risk that the ADRs may not provide a return that corresponds precisely with that of the underlying foreign shares.

·
REIT Risk.  REITs may be subject to certain risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income.

·
ETF Trading Risk.  If the Fund invests in ETFs, it is subject to additional risks that do not apply to other mutual funds that do not invest in ETFs, including the risks that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which the ETFs trade, which may impact a Fund's ability to sell its shares of an ETF.  If the Fund invests in ETFs, it will indirectly bear its proportionate share of any fees and expenses payable directly by the ETF.  Therefore, the Fund would incur higher expenses, which may be duplicative, than if the Fund did not invest in ETFs.
Risk Lose Money [Text] rr_RiskLoseMoney As with any mutual fund investment, the Fund's returns and share price will fluctuate, and you may lose money by investing in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The bar chart below shows how the Fund's investment results have varied from year-to-year as represented by the performance of the Retail Class shares.  The table below shows how the Fund's average annual total returns compare over time to those of a value-style broad-based securities market index and a secondary index provided to offer a broader market perspective.  This information provides some indication of the risks of investing in the Fund.  Past performance information is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund's website at www.beckervaluefunds.com.

Effective at the close of business on August 24, 2012, the Becker Value Equity Fund, a series of Unified Series Trust (the "Predecessor Fund"), reorganized into the Fund, a series of Professionally Managed Portfolios.  Performance information shown prior to the close of business on August 24, 2012 is that of the Predecessor Fund.  Additionally, the Fund has adopted the Financial Statements of the Predecessor Fund.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns This information provides some indication of the risks of investing in the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.beckervaluefunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance information is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Retail Class Annual Total Return (years ended December 31)
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock
Best Quarter:
2nd Quarter, 2009, 17.05%
Worst Quarter:
4th Quarter, 2008, -21.87%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 17.05%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (21.87%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deductions for fees, expenses and taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor's tax situation and may differ from those shown.  After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").  The index returns presented above assume reinvestment of all distributions and exclude the effect of taxes and fees (if expenses and taxes were deducted, the actual returns of the Index would be lower).

The "Return After Taxes on Distributions" shows the effect of taxable distributions (dividends and capital gains distributions), but assumes that you still hold Fund shares at the end of the period.  The "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund's shares were sold at the end of the specified period.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (for the periods ended December 31, 2017)
Becker Value Equity Fund | Russell 1000® Value Index (reflects no deductions for fees, expenses and taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Russell 1000® Value Index (reflects no deductions for fees, expenses and taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 13.66%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 14.04%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.10%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.62%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Nov. 03, 2003
Becker Value Equity Fund | S&P 500® Index (reflects no deductions for fees, expenses and taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500® Index (reflects no deductions for fees, expenses and taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 15.79%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.50%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.99%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Nov. 03, 2003
Becker Value Equity Fund | Retail Class  
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses (including shareholder servicing plan fees of 0.10% for Retail Class) rr_OtherExpensesOverAssets 0.24%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.79%
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%)
Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement rr_NetExpensesOverAssets 0.78% [1],[2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 80
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 251
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 438
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 977
Annual Return 2008 rr_AnnualReturn2008 (30.53%)
Annual Return 2009 rr_AnnualReturn2009 26.92%
Annual Return 2010 rr_AnnualReturn2010 12.17%
Annual Return 2011 rr_AnnualReturn2011 (0.64%)
Annual Return 2012 rr_AnnualReturn2012 15.66%
Annual Return 2013 rr_AnnualReturn2013 36.40%
Annual Return 2014 rr_AnnualReturn2014 11.20%
Annual Return 2015 rr_AnnualReturn2015 (7.03%)
Annual Return 2016 rr_AnnualReturn2016 18.60%
Annual Return 2017 rr_AnnualReturn2017 15.14%
Label rr_AverageAnnualReturnLabel Retail Class Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.14%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 14.00%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.15%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.26%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Nov. 03, 2003
Becker Value Equity Fund | Retail Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Retail Class Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 13.81%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 12.14%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.06%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.21%
Becker Value Equity Fund | Retail Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Retail Class Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 9.65%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 10.96%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.39%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 7.51%
Becker Value Equity Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses (including shareholder servicing plan fees of 0.10% for Retail Class) rr_OtherExpensesOverAssets 0.14%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.69%
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%)
Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement rr_NetExpensesOverAssets 0.68% [1],[2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 69
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 220
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 383
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 858
Label rr_AverageAnnualReturnLabel Institutional Class Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.23% [3]
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 14.20% [3]
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.38% [3]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.50% [3]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Sep. 02, 2011
[1] Becker Capital Management, Inc. (the "Advisor"), has contractually agreed to reduce its management fee and/or reimburse certain expenses (excluding brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividend expenses on securities sold short; taxes; any indirect expenses, such as Acquired Fund Fees and Expenses; and extraordinary litigation expenses) so that Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not exceed 0.78% for the Retail Class and 0.68% for the Institutional Class of each class' respective average daily net assets (the "Expense Caps"). The Expense Caps will remain in effect at least through February 28, 2019. The Agreement may be terminated at any time by the Board of Trustees upon 60 days notice to the Advisor, or by the Advisor with consent of the Board. The Advisor 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 Fund toward operating expenses for the such period (taking into account any reimbursement) does not exceed the lesser of the Expense Caps in place at the time of waiver or at the time of reimbursement.
[2] The Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement do not correlate to the Ratio of Expenses to Average Net Assets After Fees Waived/Recouped and Expenses Absorbed 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.
[3] Performance shown prior to September 2, 2011, the inception of Institutional Class shares, reflects the performance of the Retail Class shares, adjusted to reflect Institutional Class expenses.
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