485BPOS
2012-08-31
0000811030
2012-12-31
PROFESSIONALLY MANAGED PORTFOLIOS
false
2012-12-28
2012-12-31
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 17% <br />of the average value of its portfolio.</tt>
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<tt>The Villere Balanced Fund (the "Fund") seeks to achieve long-term capital growth<br />consistent with preservation of capital and balanced by current income.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same (taking into account the Expense Cap only in the first<br />year).</tt>
reflects no deduction for fees, expenses or taxes
<tt>Under normal market conditions, the Fund pursues its investment objective by<br />principally investing in a combination of common stocks of domestic companies<br />with a minimum market capitalization of $150 million at the time of purchase, as<br />well as high quality fixed-income obligations (i.e., U.S. government and<br />corporate bonds, notes and bills). The Fund invests 60% to 70% of its assets in<br />equity securities selected primarily for their growth potential and 30% to 40%<br />of its assets in equity and fixed-income securities selected primarily for their<br />income potential.<br /> <br />In selecting investments, the Adviser places a greater emphasis on the income<br />component of the Fund's portfolio than might be the case for a traditional<br />equity fund. Under normal market conditions, the Fund will invest at least 25%<br />of its assets in fixed-income securities. Fixed-income securities will primarily<br />be investment grade, with maturities generally ranging from three to ten years,<br />with an average maturity of approximately four years. The Fund may also invest<br />up to 10% in domestic high yield debt or "junk bonds" (higher-risk, lower-rated<br />fixed income securities such as those rated lower than BBB- by S&P or lower than<br />Baa3 by Moody's).<br /> <br />A stock will be considered for sale by the Fund when its price-to-earnings ratio<br />substantially exceeds its growth rate or when other factors indicate to the<br />Adviser that its competitive advantage is lost. The Adviser may sell a<br />fixed-income security when there is perceived deterioration in the credit<br />fundamentals of the issuer or if the Adviser believes it would be appropriate to<br />do so in order to readjust the duration of the Fund's investment<br />portfolio. Sales may also be made when consecutive quarterly disappointments<br />occur such as the company not meeting the Adviser's goals in revenue, earnings<br />or cash flow.</tt>
Villere Balanced Fund
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement do not correlate to the Ratio of Expenses to Average
Net Assets After Fees Waived/Recouped provided in the "Financial
Highlights" section of the statutory prospectus due to a change in
the Expense Cap.
Example
After tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objective
The Fund's past performance, before and after taxes, is not necessarily an indication of
how the Fund will perform in the future.
As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund.
Principal Risks of Investing in the Fund
Shareholder Fees (fees paid directly from your investment) None
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
0.17
Actual after-tax returns depend on your situation and may differ from those shown.
Furthermore, the after-tax returns shown are not relevant to those who hold their
shares through tax-deferred arrangements such as 401(k) plans or individual
retirement accounts ("IRAs").
Calendar Year Total Return
Performance
<tt>After tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on your situation and may differ from<br />those shown. Furthermore, the after-tax returns shown are not relevant to those<br />who hold their shares through tax-deferred arrangements such as 401(k) plans or<br />individual retirement accounts ("IRAs").</tt>
The bar chart below illustrates how the Fund's total returns have varied from year to year.
<tt>During the period shown in the bar chart, the Fund's highest quarterly return<br />was 22.54% for the quarter ended June 30, 2009, and the lowest quarterly return<br />was -20.01% for the quarter ended December 31, 2008.</tt>
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2011
Portfolio Turnover
<tt>As with all mutual funds, there is the risk that you could lose all or a portion<br />of your investment in the Fund. The following are the principal risks that could<br />affect the value of your investment:<br /> <br />·  General Market Risk: The market price of a security may fluctuate, sometimes  <br />   rapidly and unpredictably. These fluctuations may cause a security to be worth<br />   less than its cost when originally purchased or less than it was worth at an  <br />   earlier time.        <br /> <br />·  Management Risk: The Adviser may fail to implement the Fund's investment      <br />   strategies and meet its investment objective.       <br /> <br />·  Interest and Credit Risk of Fixed-Income Securities: Interest rates may rise, <br />   resulting in a decrease in the value of the securities held by the Fund, or   <br />   may fall resulting in an increase in the value of such securities. Also,      <br />   fixed-income securities with longer maturities generally entail greater risk  <br />   than those with shorter maturities. Issuers of fixed-income securities might  <br />   be unable to make principal and interest payments when due. <br /> <br />·  Small- and Medium-Sized Companies Risk: Investing in securities of smaller    <br />   companies including micro-cap, small-cap, medium-cap and less seasoned        <br />   companies often involve greater volatility than investing in larger, more     <br />   established companies and these securities may be less liquid than other      <br />   securities.                                                                   <br />  <br />·  High Yield ("Junk Bond") Risk: The value of fixed income securities held by   <br />   the Fund that are rated below investment grade are subject to additional risk <br />   factors such as increased possibility of default, decreased liquidity of the  <br />   security and changes in value based on public perception of the issuer.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
www.villere.com
<tt>The following performance information provides some indication of the risks of<br />investing in the Fund. The bar chart below illustrates how the Fund's total<br />returns have varied from year to year. The table below illustrates how the<br />Fund's average annual total returns for the 1-year, 5-year and 10-year periods<br />compare with that of a broad-based securities index and additional indices<br />provided to offer a broader market perspective. The Fund's past performance,<br />before and after taxes, is not necessarily an indication of how the Fund will<br />perform in the future. Updated performance information is available on the<br />Fund's website at www.villere.com.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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S&P 500® Index (65%)/Barclays Capital Intermediate Government/Credit Bond Index (35%) (reflects no deduction for fees, expenses or taxes)
0.0367
0.0228
0.0404
Barclays Capital Intermediate Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes)
0.0580
0.0588
0.0520
Lipper Balanced Fund Index (reflects no deduction for taxes)
0.0074
0.0180
0.0413
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
0.0211
-0.0025
0.0292
Return After Taxes on Distributions and Sale of Fund Shares
0.0634
0.0418
0.0558
Return After Taxes on Distributions
0.0835
0.0455
0.0608
VILLX
-0.1285
lowest quarterly retur
highest quarterly return
2012-09-30
Return Before Taxes
103
2009-06-30
319
-0.2001
0.1517
-0.0001
0.2116
1226
553
0.0237
0.2254
0.0885
0.0026
-0.2785
0.0075
2014-04-01
2008-12-31
0.3134
0.0505
0.0334
The Fund's year-to-date return
0.0885
0.3364
0.00
0.0650
0.0100
0.0101
0.0590
0.1401
0000811030
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2012-12-31
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2012-12-31
2012-12-31
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2012-12-31
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2012-12-31
pure
iso4217:USD
The Fund's year-to-date return as of the most recent calendar quarter ended September 30, 2012 was 14.01%.
"Other Expenses" includes Acquired Fund Fees and Expenses ("AFFE"), which are indirect fees and expenses that funds incur from investing in the shares of other mutual funds. The Total Annual Fund Operating Expenses for the Fund in the table above differs from the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of the statutory prospectus because the audited information in the "Financial Highlights" reflects the operating expenses and does not include indirect expenses such as AFFE.
St. Denis J. Villere & Company, LLC (the "Adviser") has contractually agreed to reduce its fees and/or pay the Fund's expenses (excluding AFFE, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement of the Fund to 0.99% (the "Expense Caps). If the Fund experienced any AFFE, interest expense, taxes or extraordinary expenses, those amounts would be shown in addition to the Expense Caps. The Expense Cap will remain in effect at least until April 1, 2014. The Adviser is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three fiscal years as long as such reimbursement does not cause the Fund's Operating Expenses to exceed the Expense Cap. Any such reimbursement is subject to Board review and approval. The Operating Expenses Limitation Agreement may be terminated at any time by the Board upon 60 days' written notice to the Adviser, or by the Adviser with the consent of the Board.
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not correlate to the Ratio of Expenses to Average Net Assets After Fees Waived/Recouped provided in the "Financial Highlights" section of the statutory prospectus due to a change in the Expense Cap.