0000811030 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:C000117199Member 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:C000117200Member 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member rr:RiskNotInsuredMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member rr:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:EquitySecuritiesRiskMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:DepositaryReceiptRiskMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:ETFTradingRiskMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:ForeignRiskMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:LargeCapCompanyRiskMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:ManagementRiskMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:GeneralMarketRiskMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:REITRiskMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:SmallAndMidCapCompanyRiskMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member rr:AfterTaxesOnDistributionsMember ck0000811030:C000117199Member 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000811030:C000117199Member 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:Russell1000ValueIndexreflectsnodeductionsforfeesexpensesandtaxesIndexMember 2025-02-28 2025-02-28 0000811030 ck0000811030:S000037988Member ck0000811030:Russell3000TotalReturnReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember 2025-02-28 2025-02-28 pure iso4217:USD 485BPOS 2024-10-31 0000811030 false -0.0703 0.1860 0.1514 -0.1356 0.2305 0.0405 0.2924 -0.0745 0.0946 0.1606 2025-02-25 N-1A PROFESSIONALLY MANAGED PORTFOLIOS Becker Value Equity Fund BVEFX BVEIX 2025-02-28 2025-02-28 Investment Objective <div style="margin-bottom:13.8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The investment objective of the Becker Value Equity Fund (the “Fund”) is long-term capital appreciation.</span></div> Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional Shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker. Shareholder Fees (fees paid directly from your investment) -0.0100 -0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0 0 0.0049 0.0039 0.0104 0.0094 -0.0026 -0.0026 0.0078 0.0068 February 28, 2026 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 contractual Expense Cap for the first year only). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 80 305 549 1247 69 274 495 1131 Portfolio Turnover <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">20%</span> of the average value of its portfolio. 0.20 Principal Investment Strategies <div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">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 may invest in securities of companies of any size or market capitalization that present opportunities for value.</span></div><div style="margin-bottom:13.8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">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.</span></div> 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”). Principal Risks 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. <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.15pt">Value Investing Risk.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.15pt">Equity Securities Risk.</span> 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. <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.15pt">Depositary Receipt Risk.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%"> The risks of depositary receipts include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk. Unsponsored ADRs, which </span>are issued by a depositary bank without the participation or consent of the issuer, involve additional risks because U.S. reporting requirements do not apply, and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends. <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.15pt">ETF Trading Risk.</span> To the extent the Fund invests in ETFs, it is subject to additional risks that do not apply to mutual funds, including the risk 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 the Fund’s ability to sell its shares of an ETF. Where all or portion of the ETF’s underlying securities trade in a market that is closed when the market in which the ETF shares and listed in trading is open, there may be changes between the last quote and the closed foreign market and the value of such security during the ETF’s domestic trading day. <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.15pt">Foreign Risk.</span> 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. <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.15pt">Large-Cap Company Risk.</span> 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. <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.15pt">Management Risk.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.15pt">General Market Risk.</span> 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 issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or expectations for deflation); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.15pt">REIT Risk.</span> 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. <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%;padding-left:14.15pt">Small- and Mid-Cap Company Risk.</span> 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. Performance <div style="margin-bottom:13.8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">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 returns for 1, 5, and 10 years compare with those of a value-style securities market index and the returns of a broad-based market index. 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.beckercap.com/mutual-fund.</span></div> The table below shows how the Fund’s average annual returns for 1, 5, and 10 years compare with those of a value-style securities market index and the returns of a broad-based market index. 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. www.beckercap.com/mutual-fund Retail Class Annual Total Returns (years ended December 31) <div style="margin-bottom:5pt;margin-top:5pt;padding-left:72pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:71.345%"><tr><td style="width:1.0%"></td><td style="width:16.932%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.227%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.039%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.402%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:45pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">4th Quarter, 2020 16.56%</span></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1st Quarter, 2020 -23.78%</span></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div> Best Quarter: 2020-12-31 0.1656 Worst Quarter: 2020-03-31 -0.2378 Average Annual Total Returns (for the periods ended December 31, 2024) Return Before Taxes 0.1606 0.0960 0.0788 Return After Taxes on Distributions 0.1448 0.0758 0.0612 Return After Taxes on Distributions and Sale of Fund Shares 0.1072 0.0731 0.0597 Return Before Taxes 0.1614 0.0969 0.0800 Russell 1000® Value Index (reflects no deductions for fees, expenses and taxes) (reflects no deductions for fees, expenses and taxes) 0.1437 0.0868 0.0849 Russell 3000® Total Return (reflects no deductions for fees, expenses and taxes) (reflects no deductions for fees, expenses and taxes) 0.2381 0.1386 0.1255 <div style="margin-bottom:12.7pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">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).</span></div>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. 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. 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”). 2025-02-28 2025-02-28 2025-02-28 2025-02-28 2025-02-25 2025-02-25 2025-02-25 2025-02-25 2025-02-25 2025-02-25 2025-02-25 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; extraordinary litigation expenses; Rule 12b-1 fees; shareholder servicing fees; and any other class-specific expenses) so that Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not exceed 0.68% of the Fund’s average daily net assets (the “Expense Cap”). The Expense Cap is indefinite, and will remain in effect at least through February 28, 2026. 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 from the date the fees were waived and/or expenses were paid.  This reimbursement may be requested if the aggregate amount actually paid by the Fund toward operating expenses for such period (taking into account any reimbursement) does not exceed the lesser of the Expense Cap in place at the time of waiver or at the time of reimbursement.