485BPOS
2012-06-30
0000811030
2012-11-01
PROFESSIONALLY MANAGED PORTFOLIOS
false
2012-11-01
2012-11-01
A non-diversified fund may hold a significant percentage of its assets in the securities of fewer companies or even one company, and therefore events effecting those companies have a greater impact on the Fund than on a diversified fund.
<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 may<br />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 above Example, affect the Fund's<br />performance. During the most recent fiscal period (March 28, 2012 through June<br />30, 2012), the Fund's portfolio turnover rate was 9% of the average value of its<br />portfolio.</tt>
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<tt>The DSM Global Growth Fund (the "DSM Global Growth Fund" or "Fund") seeks<br />long-term capital appreciation.</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. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same (taking into account the Expense Cap only in<br />the first year).</tt>
<tt>Permissible Securities. Under normal circumstances, the Fund will primarily<br />invest its net assets in equity securities of large capitalization<br />companies. Equity securities include, but are not limited to, common stocks,<br />preferred stocks, securities convertible into common stocks, rights and<br />warrants. The Fund has no limit on the amount of its assets it can invest in<br />equity securities of domestic or foreign companies, including those in emerging<br />markets; however, under normal circumstances, at least 40% of the Fund's net<br />assets will be invested in securities of foreign companies, and at any time, no<br />less than 30% of the Fund's net assets will be invested in the securities of<br />foreign companies. The Fund invests in U.S. and foreign issuers and has no<br />specific policy on the number of different countries in which it will invest but<br />intends to invest in at least three different countries. A large capitalization<br />company is one that has a market capitalization of more than U.S. $10 billion at<br />the time of purchase. The Fund may also invest up to 40% of its net assets in<br />equity securities of companies that have a market capitalization below U.S. $10<br />billion at the time of purchase. The Fund generally will contain 35 to 55 equity<br />securities. From time to time, the Fund may invest more than 25% of its assets<br />in issuers connected to China, and in issuers in other newly-developed trading<br />markets, which involves certain risks and special considerations not typically<br />associated with investment in more developed economies or markets. The Fund is a<br />non-diversified fund and may, from time to time, have significant exposure to<br />one or more issuers, industries, geographic regions or sectors of the global<br />economy.The Fund may invest greater than 25% of its assets in the following<br />sectors: consumer discretionary, consumer staples, energy, financials, health<br />care, industrials, materials, technology and telecommunications services. <br /> <br />Management Process. The Advisor manages the Fund using a bottom-up,<br />"idea-driven," growth-style with a long-term (i.e., three-year) investment<br />horizon. This means in general terms that the Advisor identifies companies,<br />one-by-one, which the Advisor believes exhibit certain growth<br />characteristics. For instance, the Advisor may select companies that have<br />growing businesses with solid fundamentals, attractive profitability, and<br />successful managements. These companies will typically have projected revenue<br />and earnings growth as determined by Advisor in excess of 10% and are often<br />expected to have higher returns on equity and assets than average<br />businesses. Generally, these businesses will be generating free cash flow and<br />will have financial returns that are stable or rising, driven by improving<br />business fundamentals. The Advisor generally sells a stock when its projected<br />future return becomes unattractive relative to the rest of the portfolio or the<br />investable universe.</tt>
DSM Global Growth Fund
Example
Other expenses and acquired fund fees and expenses are based on estimated amounts for the current fiscal year.
Because the Fund commenced operations on March 28, 2012, it does not have a full calendar year of performance to compare against a broad measure of market performance.
Investment Objective
There is the risk that you could lose all or a portion of your money on your investment in the Fund.
Principal Risks
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may be higher or lower, under these assumptions, your costs would be:
0.09
Performance
1-877-862-9555
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments)
Portfolio Turnover
<tt>There is the risk that you could lose all or a portion of your money on your<br />investment in the Fund. The Fund is subject to many of the risks common to<br />mutual funds that invest in equity securities of domestic and foreign<br />companies. You may lose money by investing in this Fund. In particular, the<br />following risks could affect the value of your investment:<br /> <br />o China Risk. China risks include: greater government control over the economy,  <br />  political and legal uncertainty, currency fluctuations or exchange limitations,<br />  the risk that China's government may decide not to continue to support economic<br />  reform programs and the risk of nationalization or expropriation of assets. <br />  Information about issuers in emerging markets, including China, may not be as <br />  complete, accurate or timely as information about listed companies in other <br />  more developed economies or markets. <br /><br />o Equity Market Risk. Common stocks are susceptible to general stock market      <br />  fluctuations and to volatile increases and decreases in value. If the market   <br />  prices of the securities owned by the Fund fall, the value of your investment  <br />  in the Fund will decline. <br /><br />o Foreign Securities and Emerging Markets Risks. The performance of foreign      <br />  securities depends on the political and economic environments and other overall<br />  economic conditions in the countries where the Fund invests. Emerging markets  <br />  involve greater risk and volatility than more developed markets. Some emerging <br />  markets countries may have fixed or managed currencies that are not free-floating <br />  against the U.S. dollar. Certain of these currencies have experienced, and may <br />  experience in the future, substantial fluctuations or a steady devaluation <br />  relative to the U.S. dollar. <br /><br />o General Market Risk. The stock market declines or stocks in the Fund's portfolio <br />  may not increase their earnings at the rate anticipated. <br /><br />o Growth Style Investment Risk. Growth-oriented funds may underperform when value<br />  investing is in favor. In addition, growth securities typically trade at higher<br />  multiples of current earnings than other securities and, therefore, may be more<br />  sensitive to changes in current or expected earnings than other equity         <br />  securities and may be more volatile. <br /><br />o Large Cap Company Risk. Large cap companies may be unable to respond quickly to<br />  new competitive challenges, such as changes in technology and consumer tastes, <br />  may be more prone to global economic risks, and also may not be able to attain <br />  the high growth rate of successful smaller companies, especially during        <br />  extended periods of economic expansion. <br /><br />o Management Risk. The Advisor's investment strategy does not achieve the Fund's <br />  objective or the Advisor does not implement the strategy properly. <br /><br />o New Fund Risk. The Fund is new with no operating history and there can be no   <br />  assurance that the Fund will grow to or maintain an economically viable size. <br /><br />o Non-Diversification Risk. A non-diversified fund may hold a significant        <br />  percentage of its assets in the securities of fewer companies or even one      <br />  company, and therefore events effecting those companies have a greater impact  <br />  on the Fund than on a diversified fund. <br /><br />o Regulatory Risk. Changes in government regulations may adversely affect the    <br />  value of a security. <br /><br />o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one <br />  sector of the market exposes the Fund to greater market risk and potential     <br />  monetary losses than if those assets were spread among various sectors. <br /><br />o Small and Mid-Sized Company Stock Risk. Small to mid-sized company stocks have <br />  historically been subject to greater investment risk than large company stocks.<br />  The prices of small to mid-sized company stocks tend to be more volatile and   <br />  less liquid than large company stocks. Small and mid-sized companies may have  <br />  no or relatively short operating histories, or be newly formed public companies. <br />  Some of these companies have aggressive capital structures, including high debt <br />  levels, or are involved in rapidly growing or changing industries and/or new <br />  technologies, which pose additional risks.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
www.dsmfunds.com
<tt>Because the Fund commenced operations on March 28, 2012, it does not have a full<br />calendar year of performance to compare against a broad measure of market<br />performance. Accordingly, performance information is not available. Performance<br />information will be available after the Fund has been in operation for one full<br />calendar year. At that time, the performance information will provide some<br />indication of the risks of investing in the Fund by comparing it against a broad<br />measure of market performance. Updated performance information is available on<br />the Fund's website at www.dsmfunds.com or by calling the Fund toll-free at<br />1-877-862-9555.</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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DSMWX
148
2165
-0.1721
-0.0100
0.1751
0.0090
2014-03-07
0.0025
0.0145
0.1866
A non-diversified fund may hold a significant percentage of its assets in the
securities of fewer companies or even one company, and therefore events effecting
those companies have a greater impact on the Fund than on a diversified fund.
<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 may<br />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 <br />in annual fund operating expenses or in the above Example, affect the Fund's<br />performance. During the most recent fiscal period (March 28, 2012 through June<br />30, 2012), the Fund's portfolio turnover rate was 9% of the average value of <br />its portfolio.</tt>
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<tt>The DSM Global Growth Fund (the "Global Growth Fund" or "Fund") seeks long-term<br />capital appreciation.</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. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same (taking into account the Expense Cap only in<br />the first year).</tt>
<tt>Permissible Securities. Under normal circumstances, the Fund will primarily<br />invest its net assets in equity securities of large capitalization companies. <br />Equity securities include, but are not limited to, common stocks, preferred <br />stocks, securities convertible into common stocks, rights and warrants. The <br />Fund has no limit on the amount of its assets it can invest in equity <br />securities of domestic or foreign companies, including those in emerging <br />markets; however, under normal circumstances, at least 40% of the Fund's net<br />assets will be invested in securities of foreign companies, and at any time, no<br />less than 30% of the Fund's net assets will be invested in the securities of<br />foreign companies. The Fund invests in U.S. and foreign issuers and has no<br />specific policy on the number of different countries in which it will invest but<br />intends to invest in at least three different countries. A large capitalization<br />company is one that has a market capitalization of more than U.S. $10 billion at<br />the time of purchase. The Fund may also invest up to 40% of its net assets in<br />equity securities of companies that have a market capitalization below U.S.<br />$10 billion at the time of purchase. The Fund generally will contain 35 to 55<br />equity securities. From time to time, the Fund may invest more than 25% of its<br />assets in issuers connected to China, and in issuers in other newly-developed<br />trading markets, which involves certain risks and special considerations not<br />typically associated with investment in more developed economies or markets. The<br />Fund is a non-diversified fund and may, from time to time, have significant<br />exposure to one or more issuers, industries, geographic regions or sectors of<br />the global economy. The Fund may invest greater than 25% of its assets in the<br />following sectors: consumer discretionary, consumer staples, energy, financials,<br />health care, industrials, materials, technology and telecommunications services.<br />  <br />Management Process. The Advisor manages the Fund using a bottom-up, "idea-driven," <br />growth-style with a long-term (i.e., three-year) investment horizon. This means <br />in general terms that the Advisor identifies companies, one-by-one, which the <br />Advisor believes exhibit certain growth characteristics. For instance, the <br />Advisor may select companies that have growing businesses with solid fundamentals, <br />attractive profitability, and successful managements. These companies will <br />typically have projected revenue and earnings growth as determined by Advisor in <br />excess of 10% and are often expected to have higher returns on equity and assets <br />than average businesses. Generally, these businesses will be generating free cash <br />flow and will have financial returns that are stable or rising, driven by <br />improving business fundamentals. The Advisor generally sells a stock when its <br />projected future return becomes unattractive relative to the rest of the portfolio <br />or the investable universe.</tt>
DSM Global Growth Fund
Example
Other expenses are based on estimated amounts for the current fiscal year.
Because the Fund commenced operations on March 28, 2012, it does not have a
full calendar year of performance to compare against a broad measure of market
performance.
Investment Objective
There is the risk that you could lose all or a portion of your money on your investment in the Fund.
Principal Risks
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may be higher or lower, under these assumptions, your costs would be:
0.09
Performance
1-877-862-9555
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments)
Portfolio Turnover
<tt>There is the risk that you could lose all or a portion of your money on your<br />investment in the Fund. The Fund is subject to many of the risks common to<br />mutual funds that invest in equity securities of domestic and foreign<br />companies. You may lose money by investing in this Fund. In particular, the<br />following risks could affect the value of your investment:<br /> <br />o China Risk. China risks include: greater government control over the economy,  <br />  political and legal uncertainty, currency fluctuations or exchange limitations,<br />  the risk that China's government may decide not to continue to support economic<br />  reform programs and the risk of nationalization or expropriation of assets. <br />  Information about issuers in emerging markets, including China, may not be as <br />  complete, accurate or timely as information about listed companies in other more <br />  developed economies or markets. <br /><br />o Equity Market Risk. Common stocks are susceptible to general stock market      <br />  fluctuations and to volatile increases and decreases in value. If the market   <br />  prices of the securities owned by the Fund fall, the value of your investment  <br />  in the Fund will decline. <br /><br />o Foreign Securities and Emerging Markets Risks. The performance of foreign      <br />  securities depends on the political and economic environments and other overall<br />  economic conditions in the countries where the Fund invests. Emerging markets  <br />  involve greater risk and volatility than more developed markets. Some emerging <br />  markets countries may have fixed or managed currencies that are not free-floating <br />  against the U.S. dollar. Certain of these currencies have experienced, and may <br />  experience in the future, substantial fluctuations or a steady devaluation <br />  relative to the U.S. dollar. <br /><br />o General Market Risk. The stock market declines or stocks in the Fund's         <br />  portfolio may not increase their earnings at the rate anticipated. <br /><br />o Growth Style Investment Risk. Growth-oriented funds may underperform when value<br />  investing is in favor. In addition, growth securities typically trade at higher<br />  multiples of current earnings than other securities and, therefore, may be more<br />  sensitive to changes in current or expected earnings than other equity         <br />  securities and may be more volatile. <br /><br />o Large Cap Company Risk. Large cap companies may be unable to respond quickly to<br />  new competitive challenges, such as changes in technology and consumer tastes, <br />  may be more prone to global economic risks, and also may not be able to attain <br />  the high growth rate of successful smaller companies, especially during        <br />  extended periods of economic expansion. <br /><br />o  Management Risk. The Advisor's investment strategy does not achieve the      <br />   Fund's objective or the Advisor does not implement the strategy properly. <br /><br />o New Fund Risk. The Fund is new with no operating history and there can be no   <br />  assurance that the Fund will grow to or maintain an economically viable size. <br /><br />o Non-Diversification Risk. A non-diversified fund may hold a significant        <br />  percentage of its assets in the securities of fewer companies or even one      <br />  company, and therefore events effecting those companies have a greater impact  <br />  on the Fund than on a diversified fund. <br /><br />o Regulatory Risk. Changes in government regulations may adversely affect the    <br />  value of a security. <br /><br />o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one <br />  sector of the market exposes the Fund to greater market risk and potential     <br />  monetary losses than if those assets were spread among various sectors. <br /><br />o Small and Mid-Sized Company Stock Risk. Small to mid-sized company stocks have <br />  historically been subject to greater investment risk than large company stocks.<br />  The prices of small to mid-sized company stocks tend to be more volatile and   <br />  less liquid than large company stocks. Small and mid-sized companies may have  <br />  no or relatively short operating histories, or be newly formed public companies. <br />  Some of these companies have aggressive capital structures, including high debt <br />  levels, or are involved in rapidly growing or changing industries and/or new <br />  technologies, which pose additional risks.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
www.dsmfunds.com
<tt>Because the Fund commenced operations on March 28, 2012, it does not have a full<br />calendar year of performance to compare against a broad measure of market<br />performance. Accordingly, performance information is not available. Performance<br />information will be available after the Fund has been in operation for one full<br />calendar year. At that time, the performance information will provide some<br />indication of the risks of investing in the Fund by comparing it against a broad<br />measure of market performance. Updated performance information is available on<br />the Fund's website at www.dsmfunds.com or by calling the Fund toll-free at<br />1-877-862-9555.</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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DSMGX
122
2100
-0.1721
-0.0100
0.1751
0.0090
2014-03-07
0.0120
0.1841
A non-diversified fund may hold a significant percentage of its assets in the
securities of one company, and therefore it may be more sensitive to market
changes than a diversified fund.
<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 may<br />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 above example, affect the Fund's<br />performance. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 59% of the average value of its portfolio.</tt>
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<tt>The DSM Large Cap Growth Fund (the "Large Cap Growth Fund" or "Fund") seeks<br />long-term capital appreciation.</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. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same (taking into account the Expense Cap only in<br />the first year).</tt>
reflects no deduction for fees, expenses or taxes
<tt>Permissible Securities. Under normal circumstances, the Fund will invest at<br />least 80% of its net assets (plus any borrowings for investment purposes) in<br />equity securities of large cap companies. Equity securities include, but are <br />not limited to, common stocks, preferred stocks, securities convertible into <br />common stocks, rights and warrants. The Fund currently defines a "large cap <br />company" as one that has a market capitalization of more than $10 billion. <br />The Fund may also invest up to 20% of its net assets in equity securities of <br />issuers that have market capitalizations outside the defined large-cap level <br />at the time of purchase. In addition, the Fund may invest up to 20% of its <br />assets in equity securities of foreign companies through, but not limited to, <br />American Depositary Receipts or similar securities. The Fund's portfolio <br />generally will contain 25-35 stocks. The Fund is a non-diversified fund and <br />may, from time to time, have a significant exposure to one or more issuers, <br />industries or sectors of the economy.<br />  <br />Management Process. The Advisor manages the Fund using a bottom-up,<br />"idea-driven," growth-style with a long-term (i.e., three-year) investment<br />horizon. This means in general terms that the Advisor identifies companies,<br />one-by-one, which the Advisor believes exhibit certain quality characteristics. <br />For instance, the Advisor selects companies that have growing businesses with <br />solid fundamentals, attractive profitability, and successful managements. <br />Companies will typically have projected revenue and earnings growth in excess <br />of 10% and will often have higher returns on equity and assets than the average <br />businesses. Generally, these businesses will be generating free cash flow and <br />will have financial returns that are stable or rising, driven by improving <br />business fundamentals. The Advisor generally sells a stock when its projected <br />future return becomes unattractive relative to the rest of the portfolio or <br />the investable universe.</tt>
DSM Large Cap Growth Fund
The 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
provided in the Financial Highlights Section of the statutory Prospectus, which reflects
the operating expenses of the Fund and does not include acquired fund fees and expenses.
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.
There is the risk that you could lose all or a portion of your money on your investment in the Fund.
Principal Risks
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may be higher or lower, under these assumptions, your costs would be:
The "Return After Taxes on Distributions and Sale of Fund Shares" may be higher
than other return figures because when a capital loss occurs upon redemption of
Fund shares, a tax deduction is provided that benefits the investor.
0.59
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 Returns
Performance
<tt>As of the date of this Prospectus, the Retail Class has not commenced operations. <br />Performance shown above reflects the performance of the Institutional Class shares. <br />Returns for the Retail Class shares and the Indexes shown in the Since Inception <br />column are as of the Institutional Class shares' inception date (August 28, 2009).<br /> <br />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 taxes. <br />Actual after-tax returns depend on your situation and may differ from those shown. <br />Furthermore, the after-tax returns shown are not relevant to those who hold their <br />shares through tax-deferred arrangements such as 401(k) plans or individual <br />retirement accounts ("IRAs"). The "Return After Taxes on Distributions and Sale <br />of Fund Shares" may be higher than other return figures because when a capital <br />loss occurs upon redemption of Fund shares, a tax deduction is provided that <br />benefits the investor.</tt>
The bar chart below illustrates how the Fund's total returns have varied year to year since inception.
<tt>The Fund's year-to-date return as of September 30, 2012 was 19.66%. <br /><br />Highest Quarterly Return: 3Q, 2010 17.10% <br /><br />Lowest Quarterly Return:  3Q, 2011 -14.47%</tt>
Effective May 16, 2012, the Advisor reduced its management fees from 1.00% to 0.75% of the Fund's average daily net assets. Accordingly, Total Annual Fund Operating Expenses have been restated to reflect current fees.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments)
Average Annual Total Returns as of December 31, 2011
Portfolio Turnover
<tt>There is the risk that you could lose all or a portion of your money on your<br />investment in the Fund. The following risks could affect the value of your<br />investment: <br /><br />o Equity Market Risk. Common stocks are susceptible to general stock market      <br />  fluctuations and to volatile increases and decreases in value. <br /><br />o Foreign Securities Risk. Foreign securities involve additional risks, including<br />  currency-rate fluctuations, political and economic instability, differences in <br />  financial reporting standards, less-strict regulation of securities markets and<br />  less liquidity and more volatility than domestic markets, which may result in  <br />  delays in settling securities transactions. <br /><br />o General Market Risk. The stock market declines or stocks in the Fund's portfolio <br />  may not increase their earnings at the rate anticipated.<br /><br />o Growth Style Investment Risk. Growth-oriented funds may underperform when value<br />  investing is in favor. <br /><br />o Large Cap Company Risk. Large cap companies may be unable to respond quickly to<br />  new competitive challenges, such as changes in technology and consumer tastes, <br />  may be more prone to global economic risks, and also may not be able to attain <br />  the high growth rate of successful smaller companies, especially during        <br />  extended periods of economic expansion. <br /><br />o Management Risk. The Advisor's investment strategy does not achieve the Fund's <br />  objective or the Advisor does not implement the strategy properly. <br /><br />o Non-Diversification Risk. A non-diversified fund may hold a significant percentage <br />  of its assets in the securities of one company, and therefore it may be more <br />  sensitive to market changes than a diversified fund. <br /><br />o Regulatory Risk. Changes in government regulations may adversely affect the    <br />  value of a security. <br /><br />o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one <br />  sector of the market exposes the Fund to greater market risk and potential     <br />  monetary losses than if those assets were spread among various sectors.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
www.dsmfunds.com
<tt>The following performance information provides some indication of the risks of<br />investing in the Fund. As of the date of this Prospectus, the Retail Class has<br />not commenced operations. For that reason, the performance information below is<br />that of the Fund's Institutional Class. The bar chart below illustrates how the<br />Fund's total returns have varied year to year since inception. The table below<br />illustrates how the Fund's average annual total returns for the 1-year and since<br />inception periods compare with that of a broad-based securities index and an<br />additional index provided to offer a broader market perspective. The Fund's past<br />performance, before and after taxes, is not necessarily an indication of how the<br />Fund will perform in the future. Updated performance information is available on<br />the Fund's website at www.dsmfunds.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 (reflects no deduction for fees, expenses or taxes)
0.0211
0.1119
2009-08-28
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes)
0.0264
0.1325
2009-08-28
Return After Taxes on Distributions and Sale of Fund Shares
-0.0045
0.0999
2009-08-28
Return After Taxes on Distributions
-0.0234
0.1136
2009-08-28
N/A
Lowest Quarterly Return:
Highest Quarterly Return:
2012-09-30
Return Before Taxes
122
2010-09-30
458
-0.1447
-0.0049
0.2236
2113
-0.0100
896
0.1710
-0.0114
0.0069
0.0075
2013-10-31
2011-09-30
The Fund's year-to-date return
-0.0114
0.0025
0.0120
0.0169
0.1200
2009-08-28
0.1966
A non-diversified fund may hold a significant percentage of its assets in
the securities of one company, and therefore it may be more sensitive to
market changes than a diversified fund.
<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 may<br />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 above Example, affect the Fund's<br />performance. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 59% of the average value of its portfolio.</tt>
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<tt>The DSM Large Cap Growth Fund (the "Large Cap Growth Fund" or "Fund") seeks<br />long-term capital appreciation.</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. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same (taking into account the Expense Cap only in<br />the first year).</tt>
reflects no deduction for fees, expenses or taxes
<tt>Permissible Securities. Under normal circumstances, the Fund will invest at<br />least 80% of its net assets (plus any borrowings for investment purposes) in<br />equity securities of large cap companies. Equity securities include, but are <br />not limited to, common stocks, preferred stocks, securities convertible into <br />common stocks, rights and warrants. The Fund currently defines a "large cap <br />company" as one that has a market capitalization of more than $10 billion. <br />The Fund may also invest up to 20% of its net assets in equity securities of <br />issuers that have market capitalizations outside the defined large-cap level <br />at the time of purchase. In addition, the Fund may invest up to 20% of its <br />assets in equity securities of foreign companies through, but not limited to, <br />American Depositary Receipts or similar securities. The Fund's portfolio <br />generally will contain 25-35 stocks. The Fund is a non-diversified fund and <br />may, from time to time, have a significant exposure to one or more issuers, <br />industries or sectors of the economy.<br /> <br />Management Process. The Advisor manages the Fund using a bottom-up,<br />"idea-driven," growth-style with a long-term (i.e., three-year) investment<br />horizon. This means in general terms that the Advisor identifies companies,<br />one-by-one, which the Advisor believes exhibit certain quality characteristics. <br />For instance, the Advisor selects companies that have growing businesses with <br />solid fundamentals, attractive profitability, and successful managements. <br />Companies will typically have projected revenue and earnings growth in excess <br />of 10% and will often have higher returns on equity and assets than the average <br />businesses. Generally, these businesses will be generating free cash flow and <br />will have financial returns that are stable or rising, driven by improving <br />business fundamentals. The Advisor generally sells a stock when its projected <br />future return becomes unattractive relative to the rest of the portfolio or <br />the investable universe.</tt>
DSM Large Cap Growth Fund
The 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 provided in the Financial Highlights Section of
the statutory Prospectus, which reflects the operating expenses of the
Fund and does not include acquired fund fees and expenses.
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.
There is the risk that you could lose all or a portion of your money on your investment in the Fund.
Principal Risks
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may be higher or lower, under these assumptions, your costs would be:
The "Return After Taxes on Distributions and Sale of Fund Shares" may be higher
than other return figures because when a capital loss occurs upon redemption of
Fund shares, a tax deduction is provided that benefits the investor.
0.59
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 Returns
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 taxes. <br />Actual after-tax returns depend on your situation and may differ from those shown. <br />Furthermore, the after-tax returns shown are not relevant to those who hold their <br />shares through tax-deferred arrangements such as 401(k) plans or individual <br />retirement accounts ("IRAs"). The "Return After Taxes on Distributions and Sale <br />of Fund Shares" may be higher than other return figures because when a capital <br />loss occurs upon redemption of Fund shares, a tax deduction is provided that <br />benefits the investor.</tt>
The bar chart below illustrates how the Fund's total returns have varied year to year since inception.
<tt>The Fund's year-to-date return as of September 30, 2012 was 20.0%.<br /><br />Highest Quarterly Return: 3Q, 2010 17.10% <br /><br />Lowest Quarterly Return:  3Q, 2011 -14.47%</tt>
Effective May 16, 2012, DSM Capital Partners LLC (the "Advisor") reduced its management fees from 1.00% to 0.75% of the Fund's average daily net assets. Accordingly, Total Annual Fund Operating Expenses have been restated to reflect current fees.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments)
Average Annual Total Returns as of December 31, 2011
Portfolio Turnover
<tt>There is the risk that you could lose all or a portion of your money on your<br />investment in the Fund. The following risks could affect the value of your<br />investment:<br /> <br />o Equity Market Risk. Common stocks are susceptible to general stock market      <br />  fluctuations and to volatile increases and decreases in value. <br /><br />o Foreign Securities Risk. Foreign securities involve additional risks, including<br />  currency-rate fluctuations, political and economic instability, differences in <br />  financial reporting standards, less-strict regulation of securities markets and<br />  less liquidity and more volatility than domestic markets, which may result in  <br />  delays in settling securities transactions. <br /><br />o General Market Risk. The stock market declines or stocks in the Fund's portfolio <br />  may not increase their earnings at the rate anticipated. <br /><br />o Growth Style Investment Risk. Growth-oriented funds may underperform when value<br />  investing is in favor. <br /><br />o Large Cap Company Risk. Large cap companies may be unable to respond quickly to<br />  new competitive challenges, such as changes in technology and consumer tastes, <br />  may be more prone to global economic risks, and also may not be able to attain <br />  the high growth rate of successful smaller companies, especially during        <br />  extended periods of economic expansion. <br /><br />o Management Risk. The Advisor's investment strategy does not achieve the Fund's <br />  objective or the Advisor does not implement the strategy properly. <br /><br />o Non-Diversification Risk. A non-diversified fund may hold a significant percentage <br />  of its assets in the securities of one company, and therefore it may be more <br />  sensitive to market changes than a diversified fund. <br /><br />o Regulatory Risk. Changes in government regulations may adversely affect the    <br />  value of a security. <br /><br />o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one <br />  sector of the market exposes the Fund to greater market risk and potential     <br />  monetary losses than if those assets were spread among various sectors.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
www.dsmfunds.com
<tt>The following performance information provides some indication of the risks <br />of investing in the Fund. The bar chart below illustrates how the Fund's <br />total returns have varied year to year since inception. The table below <br />illustrates how the Fund's average annual total returns for the 1-year and <br />since inception periods compare with that of a broad-based securities index <br />and an additional index provided to offer a broader market perspective. The <br />Fund's past performance, before and after taxes, is not necessarily an <br />indication of how the Fund will perform in the future. Updated performance <br />information is available on the Fund's website at www.dsmfunds.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 (reflects no deduction for fees, expenses or taxes)
0.0211
0.1119
2009-08-28
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes)
0.0264
0.1325
2009-08-28
Return After Taxes on Distributions and Sale of Fund Shares
-0.0045
0.0999
2009-08-28
Return After Taxes on Distributions
-0.0234
0.1136
2009-08-28
DSMLX
Lowest Quarterly Return:
Highest Quarterly Return:
2012-09-30
Return Before Taxes
97
2010-09-30
356
-0.1447
-0.0049
0.2236
1637
-0.0100
691
0.1710
-0.0114
0.0069
0.0075
2013-10-31
2011-09-30
The Fund's year-to-date return
-0.0114
0.00
0.0095
0.0144
0.1200
2009-08-28
0.200
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Effective May 16, 2012, DSM Capital Partners LLC (the "Advisor") reduced its management fees from 1.00% to 0.75% of the Fund's average daily net assets. Accordingly, Total Annual Fund Operating Expenses have been restated to reflect current fees.
The Advisor has contractually agreed to reduce its fees and/or pay Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, dividends on short positions and extraordinary expenses) in order to limit the Fund's Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement to 0.95% of the average daily net assets of the Institutional Class (the "Expense Cap") through October 31, 2013. To the extent that the Advisor waives its fees and/or absorbs expenses to satisfy this Expense Cap, it may seek repayment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or absorbed, subject to the Expense Cap. Prior to May 16, 2012, the Large Cap Growth Fund Institutional Class's Expense Cap was 1.10%.
The 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 provided in the Financial Highlights Section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.
Effective May 16, 2012, the Advisor reduced its management fees from 1.00% to 0.75% of the Fund's average daily net assets. Accordingly, Total Annual Fund Operating Expenses have been restated to reflect current fees.
The Advisor has contractually agreed to reduce its fees and/or pay Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, dividends on short positions and extraordinary expenses) in order to limit the Fund's Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement to 1.20% of the average daily net assets of the Institutional Class (the "Expense Cap") through October 31, 2013. To the extent that the Advisor waives its fees and/or absorbs expenses to satisfy this Expense Cap, it may seek repayment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or absorbed, subject to the Expense Cap. Prior to May 16, 2012, the Large Cap Growth Fund Retail Class's Expense Cap was 1.35%.
Other expenses are based on estimated amounts for the current fiscal year.
The Advisor has contractually agreed to reduce its fees and pay Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, dividends on short positions and extraordinary expenses) in order to limit the Fund's Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement to 1.20% of the average daily net assets of the Institutional Class (the "Expense Cap") through March 7, 2014. To the extent that the Advisor waives its fees and absorbs expenses to satisfy this Expense Cap, it may seek repayment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or absorbed, subject to the Expense Cap.
Other expenses and acquired fund fees and expenses are based on estimated amounts for the current fiscal year.
The Advisor has contractually agreed to reduce its fees and pay Fund expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, dividends on short positions and extraordinary expenses) in order to limit the Fund's Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement to 1.45% of the average daily net assets of the Retail Class (the "Expense Cap") through March 7, 2014. To the extent that the Advisor waives its fees and absorbs expenses to satisfy this Expense Cap, it may seek repayment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or absorbed, subject to the Expense Cap.