485BPOS
2012-08-31
0001019946
2012-12-31
PURISIMA FUNDS
false
2012-12-28
2012-12-31
Because the Fund is non-diversified, it may invest in the securities of a
limited number of issuers. To the extent that the Fund invests a significant
percentage of its assets in a limited number of issuers, the Fund is subject
to the risks of investing in those few issuers, and may be more susceptible
to a single adverse economic or regulatory occurrence.
<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 0% <br />of the average value of its portfolio.</tt>
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<tt>The Purisima All-Purpose Fund (the "Fund") seeks positive total returns over <br />the long-term regardless of market conditions in the U.S. and foreign equity<br />markets.</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. This Example assumes that you <br />invest $10,000 in the Fund for the time periods indicated; you redeem all of <br />your shares at the end of those periods; your investment has a 5% return each <br />year; and the Fund's operating expenses remain the same.</tt>
reflects no deductions for fees, expenses or taxes
<tt>The Fund anticipates most of the time it will maintain a flexible strategy<br />ranging from defensive to exposure to global equity markets. A defensive<br />strategy is intended to reduce losses from declines in certain markets or <br />even to profit from those market declines. In pursuing either strategy, the <br />Fund may hold domestic and/or foreign (including emerging markets) securities <br />and other instruments that may include derivatives (including futures, options <br />on futures, swaps and exchange-traded notes), money market instruments, <br />common stocks (including small-capitalization stocks) and other equity-like <br />securities (preferred stock, warrants, rights, and depositary receipts), <br />fixed-income securities (including U.S. Government obligations, sovereign <br />and high-yield debt), shares of other mutual funds and exchange-traded funds. <br />The Fund may also sell securities short. The Fund's investments in different <br />types of securities may vary significantly based on current and anticipated <br />market conditions.<br /> <br />As a non-diversified fund, the Fund seeks to achieve its objective through<br />exposure to various sectors, asset classes and countries by investing in a<br />diverse portfolio of domestic and/or foreign (including emerging markets)<br />securities and other instruments that may include derivatives (including<br />futures, options on futures, swaps and exchange-traded notes), money market<br />instruments, common stocks (including small-capitalization stocks) and other<br />equity-like securities (i.e., preferred stock, warrants, rights, and depositary<br />receipts), fixed-income securities (including U.S. government obligations,<br />sovereign and high yield debt), shares of other mutual funds, and<br />exchange-traded funds. The Fund may also sell securities short. The Fund's<br />investments in different types of securities may vary significantly based on<br />current or anticipated market conditions. <br /><br />Note: As of the date of this Prospectus, 100% of the Fund's assets are invested<br />in money market instruments and U.S. Government obligations and have been so<br />invested since the Fund's inception in November 2005.</tt>
SUMMARY SECTION
The "Total Annual Fund Operating Expenses" in the table above do
not correlate to the "Ratio of expenses to average net assets:
Before fees waived" in the Financial Highlights section of this
Prospectus, which does not include the Fund's acquired fund fees
and expenses ("AFFE").
Example:
After tax returns are calculated using the historically highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
Investment Objective
Of course, past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
The value of any investment in the Fund will change with market conditions, and investors may lose money.
Principal Investment Risks
Shareholder Fees (fees paid directly from your investment)
Although your actual costs could be higher or lower, based on these assumptions your costs would be:
The "Return After Taxes on Distributions and Sale of Fund Shares" may
be higher than other figures because when a capital loss occurs upon
redemption of Fund shares, a tax deduction is provided that benefits
the investor.
0.00
Actual after-tax returns depend on your tax situation and may differ from
those shown. After-tax returns shown are not relevant to those who hold
their Fund shares through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts ("IRAs").
The Purisima All-Purpose Fund (as of December 31)
Performance
<tt>After tax returns are calculated using the historically highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on your tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to those <br />who hold their Fund shares through tax-deferred arrangements, such as 401(k) <br />plans or individual retirement accounts ("IRAs"). The "Return After Taxes <br />on Distributions and Sale of Fund Shares" may be higher than other figures <br />because when a capital loss occurs upon redemption of Fund shares, a tax <br />deduction is provided that benefits the investor.</tt>
The following performance information indicates some of the risks of
investing in the Fund. The bar chart shows how the Fund's total return
has varied from year to year since its inception. The table shows how
the Fund's average annual returns for 1 year, 5 years, and since its
inception compare with those of a broad-based market index.
<tt>The Fund's year-to-date return as of September 30, 2012 was -1.02%. <br /><br />The Purisima All-Purpose Fund's highest & lowest quarterly returns:    <br />     Highest         1.97%                    Qtr ended 6/30/2006 <br />     Lowest          -0.41%                  Qtr ended 12/31/2011</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (for the periods ended December 31, 2011)
Portfolio Turnover
<tt>The value of any investment in the Fund will change with market conditions, and<br />investors may lose money. The Fund is not appropriate for all investors, and is<br />not meant to be a complete investment program. Market conditions can cause<br />securities to lose money rapidly and unpredictably.<br /> <br />o  General Market Risk: General market risk is the risk that the market value of <br />   a security may fluctuate, sometimes rapidly and unpredictably. These fluctuations <br />   may cause a security to be worth less than its cost when originally purchased or <br />   less than it was worth at an earlier time. General market risk may affect a <br />   single issuer, industry, sector of the economy or the market as a whole.                                                            <br /><br />o  Derivatives Risks: The Fund may make use of futures, options, swaps and       <br />   exchange-traded notes, which are derivatives and employ specialized trading   <br />   techniques such as options trading to increase its exposure to certain        <br />   selected securities. Derivatives are subject to a number of risks, such as    <br />   liquidity risk, interest rate risk, market risk, credit risk, counterparty    <br />   risk and management risk. They also involve the risk of mispricing or improper<br />   valuation and the risk that changes in the value of the derivative may not    <br />   correlate perfectly with the underlying asset, rate or index. The Fund        <br />   predominantly employs these techniques as hedging tools but may on occasion   <br />   use these techniques speculatively to enhance returns. These techniques are   <br />   riskier than many investment strategies and may result in greater volatility  <br />   for the Fund. Derivative risks include the risk that losses could be greater  <br />   than the amount invested.<br /><br />o  Trading Halt Risks: Certain major exchanges on which options and futures      <br />   contracts are traded, such as the Chicago Mercantile Exchange, have established <br />   limits on how much an option or futures contract may decline over various time <br />   periods within a day. If an option or futures contract's price declines more <br />   than the established limits, trading on the exchange is halted on that instrument. <br />   If a trading halt occurs before the close of a trading day, the Fund may not be <br />   able to purchase or sell options or futures contracts. In such an event, the <br />   Fund also may be required to use a "fair-value" method to price its outstanding <br />   contracts.                       <br /><br />o  Non-Diversification Risks: Because the Fund is non-diversified, it may invest <br />   in the securities of a limited number of issuers. To the extent that the Fund <br />   invests a significant percentage of its assets in a limited number of issuers,<br />   the Fund is subject to the risks of investing in those few issuers, and may be<br />   more susceptible to a single adverse economic or regulatory occurrence.       <br /><br />o  Allocation Risks: The Adviser may allocate the Fund's assets in ways that will<br />   not perform as well as the general market. <br /><br />o  Stock Risks: Because stocks are generally more volatile than fixed-income     <br />   securities, the risk of losses is often higher for funds holding stocks than  <br />   for those investing only in fixed-income securities. Recently, the financial  <br />   markets have experienced a period of extreme stress, which has resulted in    <br />   unusual and extreme volatility in the equity markets and in the prices of     <br />   individual stocks. In some cases, the prices of stocks of individual companies<br />   have been negatively impacted even though there may be little or no apparent  <br />   degradation in the financial conditions or prospects of that company. These   <br />   market conditions add significantly to the risk of short-term volatility of a <br />   fund. <br /><br />o  Fixed-Income Securities Risks: The Fund may purchase investment grade and high<br />   yield debt securities. Investment grade securities are those securities that  <br />   at the time of purchase are rated within the four highest rating categories by<br />   Moody's Investors Service, Inc. ("Moody's") (Baa or higher), Standard & Poor's<br />   Corporation ("S&P") (BBB or higher), or other nationally recognized securities<br />   ratings organizations) or securities that are unrated but deemed by the Adviser <br />   to be comparable in quality to instruments that are so rated. Obligations rated <br />   in the lowest of the top four ratings, though considered investment grade, are <br />   considered to have speculative characteristics, and changes in economic <br />   conditions or other circumstances are more likely to lead to a weakened capacity <br />   to make principal and interest payments than is the case with higher rated <br />   securities. Subsequent to its purchase by the Fund, a rated security may cease <br />   to be rated, or its rating may be reduced below the minimum rating required for <br />   purchase by the Fund. The Adviser will consider such an event in determining <br />   whether the Fund should continue to hold the security, but such an event will <br />   not require the Fund to dispose of the security. <br /><br />o  Large Company Risks: Larger, more established companies may be unable to      <br />   respond quickly to new competitive challenges like changes in consumer tastes <br />   or innovative smaller competitors. Also, large-cap companies are sometimes    <br />   unable to attain the high growth rates of successful, smaller companies,      <br />   especially during extended periods of economic expansion. <br /><br />o  Smaller Capitalization Companies Risks: The Fund may invest a substantial     <br />   portion of its assets in companies with modest capitalization, as well as     <br />   start-up companies. While the Adviser believes that small and medium-sized    <br />   companies as well as start-up companies can at times provide greater growth   <br />   potential than larger, more mature companies, investing the securities of     <br />   these companies also involves greater risk, potential price volatility and    <br />   cost. These companies often involve higher risks because they lack the        <br />   management experience, financial resources, product diversification, markets, <br />   distribution channels and competitive strengths of larger companies. In       <br />   addition, in many instances, the frequency and volume of their trading is     <br />   substantially less than are typical of larger companies. Therefore, the       <br />   securities of smaller companies as well as start-up companies may be subject  <br />   to wider price fluctuations. Trading in securities of these companies tends to<br />   be more costly compared to larger companies. As a result, the Fund could incur<br />   a loss even if it sells such a security shortly after its acquisition. When   <br />   making large sales, the Fund may have to sell portfolio holdings at discounts <br />   from quoted prices or may have to make a series of small sales over an        <br />   extended period of time due to the trading volume of smaller company          <br />   securities. <br /><br />o  ETF Risks: ETFs may trade at a discount to the aggregate value of the         <br />   underlying securities and although expense ratios for ETFs are generally low, <br />   frequent trading of ETFs by the Fund can generate brokerage expenses. In      <br />   addition, an ETF may not replicate exactly the performance of the benchmark   <br />   index it seeks to track for a number of reasons, including transaction costs  <br />   incurred by the ETF, the temporary unavailability of certain index securities <br />   in the secondary market or discrepancies between the ETF and the index with   <br />   respect to the weighting of securities or the number of securities            <br />   held. Shareholders of the Fund will indirectly be subject to the fees and     <br />   expenses of the individual ETFs in which the Fund invests. <br /><br />o  Leverage Risks: This is the risk that leverage may cause the effect of an     <br />   increase or decrease in the value of the Fund's portfolio securities to be    <br />   magnified and the value of shares of the Fund to be more volatile than if     <br />   leverage was not used. Leverage may result from certain transactions,         <br />   including the use of derivatives and borrowing. <br /><br />o  Foreign Investing Risks: The Fund may purchase foreign securities, including  <br />   equity-like securities and fixed-income securities. These securities may      <br />   involve additional risks, including the possibility that political, economic  <br />   or social instability in the foreign country in which a security is issued    <br />   might significantly lower its valuation. Foreign issuers are not subject to   <br />   the same reporting and regulatory requirements found in the United States. <br />   Also, changes in the value of foreign currencies versus the U.S. dollar can <br />   affect the value of the Fund's foreign investments. For example, a decline <br />   in the value of a foreign currency will reduce the value of foreign investments <br />   denominated in that currency. <br /><br />o  High Portfolio Turnover Risks: The Adviser may use the Fund as a vehicle to   <br />   help manage the investments of the Adviser's separate account and other       <br />   clients. Because the Adviser may cause large investments to be made in and out<br />   of the Fund relative to its size during such periods, the Fund's assets could <br />   vary significantly from time to time. These changes in asset size could cause <br />   the Fund to incur relatively high transaction costs in managing its portfolio <br />   investments, such as increased brokerage commissions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following performance information indicates some of the risks of investing<br />in the Fund. The bar chart shows how the Fund's total return has varied from<br />year to year since its inception. The table shows how the Fund's average annual<br />returns for 1 year, 5 years, and since its inception compare with those of a<br />broad-based market index. Of course, past performance (before and after taxes)<br />is not necessarily an indication of how the Fund will perform in the future.</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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Merrill Lynch U.S. Treasury Bills 0-3 Months Index (reflects no deductions for fees, expenses or taxes)
0.0010
0.0148
0.0209
Return after taxes on distributions and sale of Fund shares
-0.0120
0.0170
0.0171
Return after taxes on distributions
-0.0141
0.0102
0.0165
PURLX
Lowest
Highest
0.00
2012-09-30
Return before taxes
163
2006-06-30
505
-0.0041
-3.1437
-0.0100
1900
0.00
871
0.0677
0.0197
-0.0141
3.1477
0.0404
0.0100
2022-11-30
2011-12-31
0.0082
0.0180
year-to-date
-0.0141
0.0000
0.0150
3.1587
0.0747
0.0273
-0.0102
0.0010
0.00
<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 <br />101.09% of the average value of its portfolio.</tt>
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<tt>The Purisima Total Return Fund (the "Fund") seeks a high total return. <br />(Total return includes capital appreciation, dividend and interest <br />income, and distributions.)</tt>
<tt>This Example is intended to help you compare the cost of investing in the <br />Fund with the cost of investing in other mutual funds. This Example assumes <br />that you invest $10,000 in the Fund for the time periods indicated; you <br />redeem all of your shares at the end of those periods; your investment has <br />a 5% return each year; and the Fund's operating expenses remain the same.</tt>
reflects no deductions for fees, expenses or taxes
<tt>The Fund seeks to achieve its objective by investing in a portfolio allocated<br />between domestic and foreign common stocks and other equity-like securities,<br />i.e., preferred stock, warrants, rights and depositary receipts. The Fund's<br />investments in different types of securities may vary significantly.<br />  <br />o  Domestic Stock Selection Strategy: Style selection is a high priority, and the<br />   Adviser evaluates various criteria, such as large-capitalization stocks versus<br />   small-capitalization stocks and growth versus value stocks.                   <br /><br />The Adviser believes that a significant portion of the return on an investment<br />in a stock is derived from a weighted exposure to the market's styles. Style is<br />defined as the combination of market capitalization size (i.e., large-, mid-,<br />and small-cap) and valuation (low/"value" or high/"growth"). The resulting six<br />styles are:<br /><br />                              M LARGE-CAP LARGE-CAP<br />                              A   VALUE    GROWTH  <br />                              R           <br />                              K           <br />                              E           <br />                              T  MID-CAP   MID-CAP <br />                                  VALUE    GROWTH  <br />                              C           <br />                              A           <br />                              P           <br />                                SMALL-CAP SMALL-CAP<br />                                  VALUE    GROWTH  <br />                                          <br />                                     VALUATION <br /><br />The Adviser believes that, for extended periods, the market favors certain<br />styles over others. This favoritism rotates, with all styles leading (and<br />lagging) at various times. The Adviser also believes that this selection is <br />more important in achieving investment returns than individual stock or manager<br />selection. The Adviser's domestic strategy attempts to identify which style the<br />investment cycle will favor and then seeks to purchase superior stocks within<br />it.<br /><br />The Adviser will consider, among other things, the potential for favorable total<br />return, the sector-, industry-, or style-specific risks of the stock, level of<br />liquidity, issuer-specific fundamentals such as strategic advantages relative to<br />peers, management execution of issuer strategy, and relative valuation and<br />financial condition of the issuer, the existence of any significant known<br />adverse uncertainty, and other operational risks when determining which domestic<br />securities to purchase. In determining which securities to sell, the Adviser<br />will consider, among other things, whether an overall outlook for equity markets<br />prompts a defensive portfolio allocation, whether strategic shifts in a sector<br />or style allocation require such a sale to achieve the desired portfolio<br />composition, or whether company specific fundamentals cause securities to no<br />longer match the strategic attributes for which they were originally<br />purchased. The Adviser may also sell securities based upon the need for a<br />complete sale or reduction of a position for risk control or diversification<br />purposes.<br /> <br />o  Foreign Stock Selection Strategy:  The Fund invests largely in common stocks  <br />   of foreign issuers. The Fund also invests in foreign securities through       <br />   American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). In <br />   addition, the Fund may invest in the securities of issuers located in emerging<br />   markets. Like its domestic stock selection strategy, the Adviser uses style   <br />   selection to make investment decisions regarding foreign stocks for the       <br />   Fund. Country selection also is a high priority, and the Adviser generally    <br />   evaluates countries on a contrarian basis by avoiding those considered to be  <br />   too popular or "overbought" by investors. After eliminating or reducing the   <br />   Fund's exposure to those countries, the Adviser tries to identify foreign     <br />   countries with strong underlying economic fundamentals, such as expected      <br />   growth rates and earning yields, and with stable political and financial      <br />   infrastructure. Once these markets are isolated, the Adviser searches for top <br />   tier companies within them. The foreign portfolio is constructed by favoring  <br />   stocks from countries with positive economic factors. The Adviser believes    <br />   that by using this top-down approach of considering broadly the desirability  <br />   of investing in a certain market first, and then the desirability of investing<br />   in specific companies within that market, value is added by controlling risk. <br />  <br />When determining which foreign securities to purchase, the Adviser will consider<br />country-and region-specific factors (including such factors as economic condition, <br />political climate, and investor sentiment), in addition to those factors that are <br />considered when determining which domestic securities to purchase. The Adviser <br />will decide which foreign securities to sell based upon the same factors that <br />would be considered when determining which domestic securities to sell.</tt>
SUMMARY SECTION
Example:
After tax returns are calculated using the historically highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
Investment Objective
The value of any investment in the Fund will change with market conditions, and investors may lose money.
Principal Investment Risks
Shareholder Fees (fees paid directly from your investment)
Although your actual costs could be higher or lower, based on these assumptions your costs would be:
The "Return After Taxes on Distributions and Sale of Fund Shares" may
be higher than other figures because when a capital loss occurs upon
redemption of Fund shares, a tax deduction is provided that benefits
the investor.
1.0109
Actual after-tax returns depend on your tax situation and may differ from
those shown. After-tax returns shown are not relevant to those who hold
their Fund shares through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts ("IRAs").
The Purisima Total Return Fund (as of December 31)
Performance
<tt>After tax returns are calculated using the historically highest individual<br />federal marginal income tax rates and do not reflect the impact of state <br />and local taxes. Actual after-tax returns depend on your tax situation and <br />may differ from those shown. After-tax returns shown are not relevant to <br />those who hold their Fund shares through tax-deferred arrangements, such <br />as 401(k) plans or individual retirement accounts ("IRAs"). The "Return <br />After Taxes on Distributions and Sale of Fund Shares" may be higher than <br />other figures because when a capital loss occurs upon redemption of Fund <br />shares, a tax deduction is provided that benefits the investor.</tt>
The following performance information indicates some of the risks of
investing in the Fund. The bar chart shows how the Fund's total return
has varied from year to year. The table shows how the Fund's average
annual returns for 1, 5 and 10 years compare with those of a broad-based
market index.
<tt>The Fund's year-to-date return as of September 30, 2012 was 4.98%.<br /><br />The Purisima Total Return Fund's highest & lowest quarterly returns:  <br />      Highest            21.10%     Qtr ended 6/30/2009<br />      Lowest            -22.68%     Qtr ended 12/31/2008</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (for the periods ended December 31, 2011)
Portfolio Turnover
<tt>The value of any investment in the Fund will change with market conditions, and<br />investors may lose money. The Fund is not appropriate for all investors. Market<br />conditions can cause securities to lose money rapidly and unpredictably. <br /><br />o  General Market Risk: General market risk is the risk that the market value of <br />   a security may fluctuate, sometimes rapidly and unpredictably. These fluctuations <br />   may cause a security to be worth less than its cost when originally purchased or <br />   less than it was worth at an earlier time. General market risk may affect a <br />   single issuer, industry, sector of the economy or the market as a whole.                                                            <br /><br />   Stock Risks: Because stocks are generally more volatile than fixed-income<br />   securities, the risk of loss is often higher for funds holding stocks than for<br />   those investing only in fixed-income securities. Recently, the financial markets<br />   have experienced a period of extreme stress, which has resulted in unusual and<br />   extreme volatility in the equity markets and in the prices of individual<br />   stocks. In some cases, the prices of stocks of individual companies have been<br />   negatively impacted even though there may be little or no apparent degradation<br />   in the financial conditions or prospects of that company. These market<br />   conditions add significantly to the risk of short term volatility of a fund.<br /> <br />o  Style Risks: The Adviser may misjudge investment styles and invest the      <br />   Fund's assets in styles that will not perform as well as other styles or as <br />   well as the general market.                                                 <br /><br />o  Value Style Risk: Value stocks can perform differently from the market as a   <br />   whole and from other types of stocks. Value stocks may be purchased based upon<br />   the belief that a given security may be out of favor. Value investing seeks to<br />   identify stocks that have depressed valuations, based upon a number of factors<br />   that are thought to be temporary in nature, and to sell them at superior      <br />   profits when their prices rise in response to resolution of the issues that   <br />   caused the valuation of the stock to be depressed. While certain value stocks <br />   may increase in value more quickly during periods of anticipated economic     <br />   upturn, they may also lose value more quickly in periods of anticipated       <br />   economic downturn. Furthermore, there is the risk that the factors that caused<br />   the depressed valuations are longer term or even permanent in nature, and that<br />   there will not be any rise in valuation. Finally, there is the increased risk <br />   in such situations that such companies may not have sufficient resources to   <br />   continue as ongoing businesses, which would result in the stock of such       <br />   companies potentially becoming worthless. <br /><br />o  Growth Style Risk: Growth stocks can perform differently from the market as a <br />   whole and from other types of stocks. Growth stocks may be designated as such <br />   and purchased based on the premise that the market will eventually reward a   <br />   given company's long-term earnings growth with a higher stock price when that <br />   company's earnings grow faster than both inflation and the economy in general. <br />   Thus a growth style investment strategy attempts to identify companies whose <br />   earnings may grow or are growing at a rate faster than inflation and the economy. <br />   While growth stocks may react differently to issuer, political, market and <br />   economic developments than the market as a whole and other types of stocks <br />   by rising in price in certain environments, growth stocks also tend to be <br />   sensitive to changes in the earnings of their underlying companies and more <br />   volatile than other types of stocks, particularly over the short term. <br />   Furthermore, growth stocks may be more expensive relative to their current <br />   earnings or assets compared to the values of other stocks, and if earnings <br />   growth expectations become more moderate, their valuations may return to more <br />   typical norms, causing their stock prices to fall. Finally, during periods of <br />   adverse economic and market conditions, the stock prices of growth stocks may <br />   fall despite favorable earnings trends.  <br /><br />o  Capitalization Risk: Large-cap companies as a group could fall out of favor   <br />   with the market, causing the Fund to underperform investments that focus on   <br />   small- or mid-cap companies. Investment in small- and mid-cap companies,      <br />   however, may involve more risks than investing in larger, more established    <br />   companies. Small- and mid-cap companies may have limited product lines or     <br />   markets. They may be less financially secure than larger, more established    <br />   companies. They may depend on a small number of key personnel. Should a       <br />   product fail, or if management changes, or if there are other adverse         <br />   developments, the Fund's investment in a small- or mid-cap company may lose   <br />   substantial value. <br /><br />o  Foreign Investing Risk: The Fund invests in foreign securities. These         <br />   securities may involve additional risks, including the possibility of         <br />   political, economic or social instability in the foreign country a security is<br />   issued in, which might significantly lower its valuation. Foreign issuers are <br />   not subject to the same reporting and regulatory requirements found in the    <br />   United States. Also, changes in the value of foreign currencies versus the    <br />   U.S. dollar can affect the value of the Fund's foreign investments. For       <br />   example, a decline in the value of a foreign currency will reduce the value of<br />   foreign investments denominated in that currency. <br /><br />o  Emerging Market Risks: Risks are greater for investments in emerging markets. <br />   Emerging market countries tend to have economic, political and legal systems  <br />   that are less fully developed and are less stable than those of more developed<br />   countries. In addition, trading volumes of emerging market securities may be  <br />   lower and may result in limited liquidity and extreme price volatility.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
Of course, past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
<tt>The following performance information indicates some of the risks of investing<br />in the Fund. The bar chart shows how the Fund's total return has varied from<br />year to year. The table shows how the Fund's average annual returns for 1, 5 <br />and 10 years compare with those of a broad-based market index. Of course, past<br />performance (before and after taxes) is not necessarily an indication of how the<br />Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.purisima.com/role/OperatingExpensesData_S000005935Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.purisima.com/role/PerformanceTableData_S000005935Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.purisima.com/role/ShareholderFeesData_S000005935Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
MSCI World Index (reflects no deductions for fees, expenses or taxes)
-0.0554
-0.0237
0.0362
Return after taxes on distributions and sale of Fund shares
-0.0493
-0.0121
0.0249
Return after taxes on distributions
-0.0801
-0.0185
0.0261
PURIX
-0.2196
Lowest
Highest
0.00
2012-09-30
Return before taxes
139
2009-06-30
434
-0.2268
0.0784
0.1474
1646
0.00
750
0.1243
0.2110
-0.0787
0.0028
-0.4295
0.0100
2008-12-31
0.3618
-0.0158
0.0873
year-to-date return
-0.0787
0.3528
0.0009
0.0278
0.0137
0.1505
0.0498
0.00
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2012-12-31
2012-12-31
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2012-12-31
2012-12-31
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2012-12-31
2012-12-31
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2012-12-31
2012-12-31
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2012-12-31
2012-12-31
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2012-12-31
2012-12-31
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2012-12-31
2012-12-31
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2012-12-31
2012-12-31
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2012-12-31
2012-12-31
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2012-12-31
2012-12-31
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2012-12-31
2012-12-31
pure
iso4217:USD
The "Total Annual Fund Operating Expenses" in the table above do not correlate to the "Ratio of expenses to average net assets: Before fees waived" in the Financial Highlights section of this Prospectus, which does not include the Fund's acquired fund fees and expenses ("AFFE").
Fisher Asset Management, LLC (the "Adviser"), doing business as Fisher Investments is contractually obligated to limit the Fund's total annual operating expenses to 1.50% of the Fund's average daily net assets through November 30, 2022 (excluding taxes, interests, brokerage commissions, AFFE and extraordinary expenses). The Board of Trustees of The Purisima Funds (the "Trust") can terminate this contract at any time upon 60 days' written notice to the Adviser. Additionally, the Adviser may decline to renew this contract by written notice to the Trust at least 30 days before its annual renewal date. Pursuant to this contract, the Adviser may request recoupment for management fee waivers and/or Fund expense payments made during the most recent three fiscal years.