0000894189-13-003361.txt : 20130607 0000894189-13-003361.hdr.sgml : 20130607 20130607133135 ACCESSION NUMBER: 0000894189-13-003361 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130607 DATE AS OF CHANGE: 20130607 EFFECTIVENESS DATE: 20130607 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: 13899881 BUSINESS ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5348 MAIL ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONALLY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000811030 IRS NUMBER: 566415270 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05037 FILM NUMBER: 13899882 BUSINESS ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5348 MAIL ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 0000811030 S000040757 Villere Equity Fund C000126505 Institutional Class Shares VLEQX 485BPOS 1 villere_bxbrl.htm POST EFFECTIVE AMENTMENT FOR XBRL Unassociated Document

 
Filed with the U.S. Securities and Exchange Commission on June 7, 2013

1933 Act Registration File No.   033-12213
1940 Act File No. 811-05037
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
   
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Post-Effective Amendment No.
516
 
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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.
517
 
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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.
Paul Hastings LLP
Park Avenue Tower
75 East 55th Street
New York, NY 10022

It is proposed that this filing will become effective (check appropriate box)
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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. 516 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. 515 on Form N-1A filed on May 31, 2013.  This PEA No. 516 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 515 to the Trust’s Registration Statement.
 
 
 
 

 
 
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. 516 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 June 7, 2013.

Professionally Managed Portfolios

By:  /s/ Elaine E. Richards                               
Elaine E. Richards
President


      Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 516 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
June 7, 2013
Dorothy A. Berry
   
     
Wallace L. Cook*
Trustee
June 7, 2013
Wallace L. Cook
   
     
Eric W. Falkeis*
Trustee
June 7, 2013
Eric W. Falkeis
   
     
Carl A. Froebel*
Trustee
June 7, 2013
Carl A. Froebel
   
     
Steven J. Paggioli*
Trustee
June 7, 2013
Steven J. Paggioli
   
     
/s/ Elaine E. Richards
President and Principal
June 7, 2013
Elaine E. Richards
Executive Officer
 
     
Eric C. VanAndel*
Treasurer and Principal
June 7, 2013
Eric C. VanAndel
Financial and Accounting
Officer
 
     
*By:  /s/ Elaine E. Richards
 
June 7, 2013
  Elaine E. Richards, Attorney-In Fact
  pursuant  to Power of Attorney
     
 

 
 
1

 
 
INDEX TO EXHIBITS

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


 

 
 
 
 
 
2
 

EX-101.INS 2 ck0000811030-20130531.xml INSTANCE DOCUMENT 0000811030 2012-10-31 2012-10-31 0000811030 ck0000811030:S000040757Member 2012-10-31 2012-10-31 0000811030 ck0000811030:S000040757Member ck0000811030:C000126505Member 2012-10-31 2012-10-31 xbrli:pure iso4217:USD "Other Expenses" are based on estimated customary Fund expenses for the current fiscal year. St. Denis J. Villere & Company, LLC (the "Adviser") has contractually agreed to reduce its fees and/or pay the Fund's expenses (excluding Acquired Fund Fees and Expenses ("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 1.25% (the "Expense Cap"). If the Fund experienced any AFFE, interest expense, taxes or extraordinary expenses, those amounts would be shown in addition to the Expense Cap. The Expense Cap will remain in effect at least until December 31, 2014. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Villere Equity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Villere Equity Fund (the “Fund”) seeks to achieve long-term growth.
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 Portfolio 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 2014-12-31
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 fund operating expenses or in the Example, affect the Fund’s performance.  As the Fund is new, it does not have any portfolio turnover as of the date of this Prospectus.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "Other Expenses" are based on estimated customary Fund expenses for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Cap only in the first year).
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 strives to be fully invested at all times.  Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities.  The Adviser utilizes a bottom-up approach to select domestic equity securities that it believes will offer growth regardless of the economic cycle, interest rates or political climate.  The Fund may invest in companies of any capitalization size.  The Fund primarily invests in common stocks of approximately 20 to 30 companies, but may also invest in preferred stocks, rights and warrants, and may occasionally invest in initial public offerings of companies.  The Fund may invest up to 10% of its assets in foreign securities through American Depositary Receipts (“ADRs”).

A stock will be considered for sale by the Fund when its price-to-earnings ratio substantially exceeds its growth rate or when other factors indicate to the Adviser that its competitive advantage is lost.  Sales may also be made when consecutive quarterly disappointments occur, such as the company not meeting the Adviser’s goals in revenue, earnings or cash flow.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund.  The following are the principal risks that could affect the value of your investment:

·  
General Market Risk:  The market price of a security may fluctuate, sometimes rapidly and unpredictably.  These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.

·  
Equity Market Risk:  Equity investments are susceptible to general stock market fluctuations and to volatile increases and decreases in value.  Investor perceptions may impact the market and are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.

·  
Management Risk:  The Adviser may fail to implement the Fund’s investment strategies and meet its investment objective.

·  
Small- and Medium-Sized Companies Risk:  Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies often involve greater volatility than investing in larger, more established companies and these securities may be less liquid than other securities.

·  
Growth Style Investment Risk:  Growth-oriented funds may underperform when value investing is in favor.  In addition, growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

·  
ADR Risk:  The performance of foreign securities depends on the political, social, and economic environments and other overall economic conditions.  The Fund may invest its assets in securities of foreign issuers in the form of ADRs, which are securities representing securities of foreign issuers.  A purchaser of unsponsored depositary receipts may not have unlimited voting rights and may not receive as much information about the issuer of the underlying securities as with a sponsored depositary receipt.

·  
Initial Public Offering (“IPO”) Risk:  IPO share prices can be volatile and fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, a limited number of shares available for trading, and limited operating history and/or information about the issuer.  The purchase of IPO shares may involve high transaction costs.  IPO shares are subject to market risk and liquidity risk.

·  
New Fund Risk:  The Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size.
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance.  Accordingly, performance information is not available.  Performance information will be shown below after the Fund has been in operation for one calendar year.  At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance.  Updated performance information will also be available on the Fund’s website at www.villere.com or by calling the Fund toll-free at 1-866-209-1129.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-866-209-1129
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.villere.com
Institutional Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Management Fee rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.60% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.35%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.10%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.25% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 128
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 418
[1] "Other Expenses" are based on estimated customary Fund expenses for the current fiscal year.
[2] St. Denis J. Villere & Company, LLC (the "Adviser") has contractually agreed to reduce its fees and/or pay the Fund's expenses (excluding Acquired Fund Fees and Expenses ("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 1.25% (the "Expense Cap"). If the Fund experienced any AFFE, interest expense, taxes or extraordinary expenses, those amounts would be shown in addition to the Expense Cap. The Expense Cap will remain in effect at least until December 31, 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.
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Villere Equity Fund
Villere Equity Fund
Investment Objective
The Villere Equity Fund (the “Fund”) seeks to achieve long-term growth.
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
Villere Equity Fund
Institutional Class Shares
Redemption Fee (as a percentage of amount redeemed less than 60 days from purchase) 2.00%
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Villere Equity Fund
Institutional Class Shares
Management Fee 0.75%
Distribution and Service (12b-1) Fee none
Other Expenses [1] 0.60%
Total Annual Fund Operating Expenses 1.35%
Fee Waiver and/or Expense Reimbursement (0.10%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 1.25%
[1] "Other Expenses" are based on estimated customary Fund expenses for the current fiscal year.
[2] St. Denis J. Villere & Company, LLC (the "Adviser") has contractually agreed to reduce its fees and/or pay the Fund's expenses (excluding Acquired Fund Fees and Expenses ("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 1.25% (the "Expense Cap"). If the Fund experienced any AFFE, interest expense, taxes or extraordinary expenses, those amounts would be shown in addition to the Expense Cap. The Expense Cap will remain in effect at least until December 31, 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.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Cap only in the first year).
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example (USD $)
One Year
Three Years
Villere Equity Fund Institutional Class Shares
128 418
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.  As the Fund is new, it does not have any portfolio turnover as of the date of this Prospectus.
Principal Investment Strategies
The Fund strives to be fully invested at all times.  Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities.  The Adviser utilizes a bottom-up approach to select domestic equity securities that it believes will offer growth regardless of the economic cycle, interest rates or political climate.  The Fund may invest in companies of any capitalization size.  The Fund primarily invests in common stocks of approximately 20 to 30 companies, but may also invest in preferred stocks, rights and warrants, and may occasionally invest in initial public offerings of companies.  The Fund may invest up to 10% of its assets in foreign securities through American Depositary Receipts (“ADRs”).

A stock will be considered for sale by the Fund when its price-to-earnings ratio substantially exceeds its growth rate or when other factors indicate to the Adviser that its competitive advantage is lost.  Sales may also be made when consecutive quarterly disappointments occur, such as the company not meeting the Adviser’s goals in revenue, earnings or cash flow.
Principal Risks of Investing in the Fund
As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund.  The following are the principal risks that could affect the value of your investment:

·  
General Market Risk:  The market price of a security may fluctuate, sometimes rapidly and unpredictably.  These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.

·  
Equity Market Risk:  Equity investments are susceptible to general stock market fluctuations and to volatile increases and decreases in value.  Investor perceptions may impact the market and are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.

·  
Management Risk:  The Adviser may fail to implement the Fund’s investment strategies and meet its investment objective.

·  
Small- and Medium-Sized Companies Risk:  Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies often involve greater volatility than investing in larger, more established companies and these securities may be less liquid than other securities.

·  
Growth Style Investment Risk:  Growth-oriented funds may underperform when value investing is in favor.  In addition, growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

·  
ADR Risk:  The performance of foreign securities depends on the political, social, and economic environments and other overall economic conditions.  The Fund may invest its assets in securities of foreign issuers in the form of ADRs, which are securities representing securities of foreign issuers.  A purchaser of unsponsored depositary receipts may not have unlimited voting rights and may not receive as much information about the issuer of the underlying securities as with a sponsored depositary receipt.

·  
Initial Public Offering (“IPO”) Risk:  IPO share prices can be volatile and fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, a limited number of shares available for trading, and limited operating history and/or information about the issuer.  The purchase of IPO shares may involve high transaction costs.  IPO shares are subject to market risk and liquidity risk.

·  
New Fund Risk:  The Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size.
Performance
Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance.  Accordingly, performance information is not available.  Performance information will be shown below after the Fund has been in operation for one calendar year.  At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance.  Updated performance information will also be available on the Fund’s website at www.villere.com or by calling the Fund toll-free at 1-866-209-1129.
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Document and Entity Information
0 Months Ended
Oct. 31, 2012
Risk/Return:  
Document Type 485BPOS
Document Period End Date Oct. 31, 2012
Registrant Name PROFESSIONALLY MANAGED PORTFOLIOS
Central Index Key 0000811030
Amendment Flag false
Document Creation Date May 31, 2013
Document Effective Date May 31, 2013
Prospectus Date May 31, 2013
Villere Equity Fund | Institutional Class Shares
 
Risk/Return:  
Trading Symbol VLEOX