0001288607 2011-12-31 2011-12-31 0001288607 cik0001288607:S000010392Member 2011-12-31 2011-12-31 0001288607 cik0001288607:S000010392Member cik0001288607:C000028711Member 2011-12-31 2011-12-31 0001288607 cik0001288607:S000010392Member rr:AfterTaxesOnDistributionsMember cik0001288607:C000028711Member 2011-12-31 2011-12-31 0001288607 cik0001288607:S000010392Member rr:AfterTaxesOnDistributionsAndSalesMember cik0001288607:C000028711Member 2011-12-31 2011-12-31 0001288607 cik0001288607:S000010392Member cik0001288607:index_SP_500Index_does_not_reflect_any_fees_and_expensesMember 2011-12-31 2011-12-31 xbrli:pure iso4217:USD Acquired Fund Fees represents the total fees and operating expenses of the Underlying Funds and is not a direct expense incurred by the Fund or deducted from Fund assets. Because this number does not represent a direct operating expense of the Fund, the operating expenses set forth in the Fund's financial statements and other areas of this prospectus do not include this figure. R.W. Rogé & Company, Inc. (the "Adviser") has agreed contractually to waive its management fee and to reimburse expenses (other than expenses relating to dividends on securities sold short, extraordinary or non-recurring expenses and expenses relating to Underlying Funds), at least until June 30, 201 3 , such that total annual fund operating expenses do not exceed 1.99% of the Fund's average daily net assets subject to possible recoupment from the Fund in future years on a rolling three year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. No reimbursement amount will be paid to the Adviser in any fiscal quarter unless the Board of Trustees of Rogé Partners Funds (the "Trust") has determined in advance that a reimbursement is in the best interest of the Fund and its shareholders. Subject to annual approval by a majority of the non-interested Trustees of the Board, this arrangement will remain in effect at least until June 30, 201 3 unless and until the Adviser or a majority of the non-interested Trustees of the Board terminate this agreement upon 90 days notice. Roge Partners Funds 485BPOS false 0001288607 2011-12-31 2012-10-25 2012-10-29 2012-10-29 Roge Partners Funds Principal Investment Strategies: The Fund is non-diversified under federal securities laws. The principal investment strategy of the Fund is to invest in i) open-end and closed-end management investment companies and, to a minor extent, unit investment trusts (collectively, the “Underlying Funds”); and ii) <strike/>, equity securities of U.S. and foreign companies, including American Depositary Receipts (“ADRs”).  Underlying Funds may include exchange-traded funds (“ETFs”) that can be either open-end management investment companies or unit investment trusts, and are generally designed to provide investment results that correspond to a securities index.  Equity securities in which the Fund may invest include, but are not limited to, common and preferred stock, and convertible securities, including rated and unrated securities, of U.S. and foreign companies.  The Fund may purchase ADRs that are issued in cooperation with the foreign company whose stock underlies the ADRs (“sponsored ADRs”) or ADRs that are issued without the involvement of the foreign company whose stock underlies the ADR (“unsponsored ADRs”). The Fund may only invest up to 25% of its net assets in foreign equity securities listed on a foreign exchange.  The Adviser considers a combination of broad economic and financial indicators as well as the analyses of specific issuers to assess risk vs. return of prospective equity investments. The proportion of Fund assets invested in Underlying Funds or directly in equities may vary depending on a number of factors, including investment strategies, market conditions and outlook for the global economy.   Selling Strategy The Adviser may desire to sell Underlying Funds if there is a key management change, a change in investment philosophy by the Underlying Fund’s adviser, or if it is perceived that there has been a change in the global economic environment or the investment company no longer meets the needs of the Adviser’s portfolio strategy.   The Adviser may sell an equity security of a U.S. or foreign company in which the Fund has invested when the Adviser believes, based on its evaluation, that such equity security has met its price target.   <strike></strike> Principal Investment Risks: Some of the principal risks that the Fund is exposed to are investment management risk, foreign exposure risk, and stock market volatility.  Investment management risk is the risk that the investment advisers of the Underlying Funds may make investment decisions that are detrimental to the performance of the Fund.  To the extent that the Fund invests in foreign securities, the Fund will be subject to several risks associated with these types of securities, which include, but are not limited to, currency risk (fluctuations in currency exchange rates), country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability or the movement of assets), different trading practices, less government supervision and less publicly available information. <strike></strike>The Fund’s <strike></strike>direct investments in equity securities <strike></strike>will be subject to the volatility of the stock market and the risk that the price of a security will rise or fall due to changing economic, political or market conditions.  Due to the Fund’s investment strategies, the Fund is exposed to other risks as well.   As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  Although the Fund will strive to meet its objective, there is no assurance that it will.  The principal risks of the Fund are market risk, foreign risk, economic risk, illiquid securities risk, and investment management risk. The Fund is subject to the following principal risks: · Stock Market Volatility.  Stock markets are volatile and there is a risk that the price of a security will rise or fall due to changing economic, political or market conditions, as well as company-specific factors.  Consequently, the value of your investment in the Fund will go up and down, which means that you could lose money. · Issuer-Specific Changes.  The value of a specific security or an Underlying Fund can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.  The value of securities of smaller issuers can be more volatile than that of larger issuers.  The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.   · Issuer Risk. The value of a security may decline for a number of reasons that directly relate to the issuer, such as management, performance, financial leverage and reduced demand for the issuer's products or services. · Growth Stock Risk.  Investors often expect growth companies to increase their earnings at a certain rate. If these expectations are not met, investors can punish the stocks inordinately, even if earnings do increase. In addition, growth stocks typically lack the dividend yield that can cushion stock prices in market downturns. · Value Stock Risk   Value stocks involve the risk that they may never reach what the manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth. They also may decline in price, even though in theory they are already undervalued. Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, the Fund's performance may sometimes be lower or higher than that of other types of funds (such as those emphasizing growth stocks). · Small Company Risk. Small companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the Fund's ability to sell these securities. These companies may have limited product lines, markets or financial resources, or may depend on a limited management group. Some of the Fund’s investments will rise and fall based on investor perception rather than economic factors. Other investments, including special situations, are made in anticipation of future products and services or events whose delay or cancellation could cause the stock price to drop. · Investment Management Risk.  When the Fund invests in Underlying Funds there is a risk that the investment advisers of those Underlying Funds may make investment decisions that are detrimental to the performance of the Fund. · Underlying Fund Strategies.  When the Fund invests in Underlying Funds that use margin, leverage, short sales and other forms of financial derivatives, such as options and futures, an investment in the Fund may be more volatile than investments in other mutual funds.  Short sales are speculative investments and will cause the Fund to lose money if the value of a security sold short by the Fund, or an Underlying Fund in which the Fund invests, does not go down as the Adviser expects. · Shares of Other Investment Companies Risk.  The Fund may invest in shares of other mutual funds as a means to pursue its investment objectives.  As a result of this policy, your cost of investing in the Fund may be substantially higher than the cost of investing directly in Underlying Fund shares.  You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund’s direct fees and expenses.  Furthermore, the use of this strategy could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes payable by you.  In addition, certain prohibitions on the acquisition of mutual fund shares by the Fund may prevent the Fund from allocating its investments in the manner the Adviser considers optimal. The Fund intends to purchase Underlying Funds that are either no-load or waive the sales load for purchases made by the Fund.  The Fund will not purchase Underlying Funds that charge a sales load upon redemption, but the Fund may purchase Underlying Funds that have an early redemption fee similar to the Fund.  In the event that an Underlying Fund charges a redemption fee, then you will indirectly bear the expense by investing in the Fund.  · Non-Diversification Risks. Because the Fund is non-diversified, each holding will have a greater impact on the Fund’s total return, and the Fund’s share value could fluctuate more than if more securities were held in the portfolios. · Foreign Exposure.  Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.  Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.  In addition to the Foreign risk we are exposed to through our Direct Investments, some of the Underlying Funds may have a greater exposure to foreign risk through their direct investments which would further expose the Fund to this risk. · ADR Risk.  ADRs may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary. A depositary may establish an unsponsored facility without participation by the issuer of the deposited security. Holders of unsponsored ADRs generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities. · Currency Exchange Rates.Foreign securities may be issued and traded in foreign currencies.  As a result, their values may be affected by changes in exchange rates between foreign currencies and the U.S. dollar, as well as between currencies of counties other than the U.S.  For example, if the value of the U.S. dollar goes up compared to a foreign currency, an investment traded in that foreign currency will go down in value because it will be worth fewer U.S. dollars. · Political and Economic Developments.The political, economic and social structures of some foreign countries in which the Fund invests may be less stable and more volatile than those in the U.S.  Investments in these countries may be subject to the risk of internal and external conflicts, currency devaluations, foreign ownership limitations and tax increases.  It is possible that a government may take over the assets or operations of a company or impose restrictions on the exchange or export of currency or other assets.  Some countries also may have different legal systems that my make it difficult for the Fund to vote proxies, exercise shareholder rights, and pursue legal remedies with respect to their foreign investments, Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and the value of the Fund’s investments, in non-U.S. countries, These factors are extremely difficult, if not impossible, to predict and take into account with respect to the Fund’s investments. · Trading Practices.Brokerage commissions and other fees may be higher for foreign securities.  Government supervision and regulation of foreign stock exchanges, currency markets, trading systems and brokers may be less than in the U.S.  The procedures and rules governing foreign transactions and custody (holding of the Fund’s assets) also may involve delays in payment, delivery or recovery of money or investments. · Availability of Information.Foreign companies may not be subject to the same disclosure, accounting, auditing and financial reporting standards and practices as U.S. companies.  Thus, there may be less information publicly available about foreign companies than about most U.S. companies. · Limited Markets.Certain foreign securities may be less liquid (harder to sell) and more volatile than many U.S. securities.  This means that the Fund may at times be unable to sell foreign securities at favorable prices. · Emerging Markets.The risks of foreign investments typically are greater in less developed countries, sometimes referred to as emerging markets.  For example, political and economic structures in these countries may be less established and may change rapidly.  These countries also are more likely to experience high levels of inflation, deflation or currency devaluation, which can harm their economies and securities markets and increase volatility.  In fact, short-term volatility in these markets and declines of 50% or more are not uncommon.  Restrictions on currency trading that may be imposed by emerging market countries will have an adverse effect on the value of the securities of companies that trade or operate in such countries. · Portfolio Turnover Risk. The frequency of the Fund’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in a Portfolio’s performance.   As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Because the Fund is non-diversified, each holding will have a greater impact on the Fund's total return, and the Fund's share value could fluctuate more than if more securities were held in the portfolios. Investment Objective: The investment objective of the Fund is to seek total return.    Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 237 <strike/>% of the average value of its portfolio. 2.37 Performance:  The bar chart and table below help show the returns and risks of investing in the Rogé Partners Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the yearly performance of the Fund’s shares over the lifetime of the Fund. The performance table compares the performance of the Fund over time to the performance of a broad measure of market performance. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.   Performance Bar Chart For Calendar Years Ended December 31 0.1005 0.2092 0.0277 -0.4110 0.1886 0.1621 -0.0498 ~ http://www.rogepartnersfunds.com/20121025/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact cik0001288607_S000010392Member column rr_ProspectusShareClassAxis compact cik0001288607_C000028711Member row primary compact * ~ Best Quarter: 0.1561 2009-06-30 Worst Quarter: -0.2517 2008-12-31 Calendar Year to September 30, 2012 0.1068 2012-09-30 <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="595" align="center"> <tr style="FONT-SIZE: 0px"> <td width="194"> </td> <td width="190"> </td> <td width="191"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="194"> Best Quarter: </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="171"> June 30, 2009 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="172"> 15.61% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="194"> Worst Quarter: </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="171"> December 31, 2008 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="172"> (25.17)% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="575" colspan="3"> Calendar Year to September 30, 2012 <strike></strike>         10.68%   <strike></strike> </td> </tr> </table> Performance Table -0.0498 -0.0450 0.0215 -0.0498 -0.0479 0.0185 -0.0324 -0.0381 0.0181 0.0211 -0.0025 0.0358 2004-10-01 ~ http://www.rogepartnersfunds.com/20121025/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact cik0001288607_S000010392Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns were 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 an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <strike></strike> After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the yearly performance of the Fund's shares over the lifetime of the Fund. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. (does not reflect any fees and expenses) Average Annual Total Returns (For periods ended December 31, 2011) Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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. 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0131 0.0060 0.0291 -0.0032 0.0259 ~ http://www.rogepartnersfunds.com/20121025/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0001288607_S000010392Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://www.rogepartnersfunds.com/20121025/role/ScheduleOperatingExpenses20002 column dei_LegalEntityAxis compact cik0001288607_S000010392Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-06-30 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees represents the total fees and operating expenses of the Underlying Funds and is not a direct expense incurred by the Fund or deducted from Fund assets. Because this number does not represent a direct operating expense of the Fund, the operating expenses set forth in the Fund's financial statements and other areas of this prospectus do not include this figure. Shareholder Fees (fees paid directly from your investment) Example:  This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. 262 871 1505 3210 ~ http://www.rogepartnersfunds.com/20121025/role/ScheduleExpenseExample20003 column dei_LegalEntityAxis compact cik0001288607_S000010392Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 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, except that the Year 1 example and the first year of the Year 3 example below reflect the effect of the Adviser's expense limitation agreement. Although your actual costs may be higher or lower, based on these assumptions your costs would be: