485BPOS
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PROFESSIONALLY MANAGED PORTFOLIOS
false
2012-11-21
2013-01-20
<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 portfolio operating expenses or in the example, affect the Fund's<br />performance. During the most recent fiscal year, the Fund's turnover rate was<br />28% of the average value of its portfolio.</tt>
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<tt>The Portfolio 21 Global Equity Fund (the "Fund") seeks long-term capital growth.</tt>
<tt>This Example is intended to help you compare the costs of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same (taking into account the contractual Expense Caps only in the<br />first year).</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund invests primarily in common stocks of companies that the Advisor<br />believes are leaders in managing environmental risks and opportunities, <br />have above average growth potential, and are reasonably valued. Under normal <br />market conditions, at least 80% of the Fund's net assets (plus any borrowings <br />for investment purposes) will be invested in equity securities. The Fund <br />invests globally and has exposure to emerging and developed markets. The Fund <br />may invest in companies of any size, and seeks diversification by country and <br />economic sector.<br /> <br />The Fund generally will invest at least 40% of its net assets in foreign<br />companies. Foreign companies are those that either maintain their principal<br />place of business outside of the United States, have their securities traded <br />on non-U.S. exchanges or were formed under the laws of non-U.S. countries. <br />Foreign companies may include companies doing business in the United States <br />but meet the general criteria of a foreign company described above. The Fund <br />will invest in at least three different countries outside of the United States.<br /> <br />The Fund's foreign holdings may include companies domiciled in emerging markets<br />as well as companies domiciled in developed markets. There is no limit to the<br />percent of the Fund's foreign holdings that may be invested in either emerging<br />or developed markets and therefore the Fund may be invested entirely in companies <br />from emerging markets.<br /> <br />A security will be sold within a reasonable period of time if the company no<br />longer meets the Advisor's environmental evaluation criteria or if the company<br />no longer meets the Advisor's minimum financial standards.</tt>
SUMMARY SECTION
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 a risk that you could lose all or a portion of your investment in the Fund.
Principal Investment Risks
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may 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 the return figures because when a capital loss occurs
upon redemption of fund shares, a tax deduction is provided that
benefits the investor.
0.28
Furthermore, the after-tax returns shown are not relevant to those who
hold their shares through tax-deferred arrangements such as 401(k)
plans or Individual Retirement Accounts ("IRAs").
Calendar Year Total Return Class R
Performance
<tt>Class I shares of the Fund commenced operations on March 30, 2007. Performance shown <br />for Class I shares for periods prior to its inception reflects the performance of <br />Class R shares, adjusted to reflect Class I expenses.<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 the return figures because when a capital loss <br />occurs upon redemption of fund shares, a tax deduction is provided that benefits <br />the investor.</tt>
The following performance information provides some indication of the risks
of investing in the Fund. The bar chart below illustrates how the Fund's
Class R shares total returns have varied from year to year. The table below
illustrates how the Fund's average annual total returns for 1, 5, and 10-year
periods compare with that of a broad-based securities index and an additional
index provided to offer a broader market perspective.
<tt>During the period shown in the bar chart, the Fund's Class R shares' highest<br />quarterly return was 20.42% for the quarter ended June 30, 2009, and the <br />lowest quarterly return was -20.69% for the quarter ended September 30, 2002.</tt>
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2012
Portfolio Turnover
<tt>There is a risk that you could lose all or a portion of your investment in the<br />Fund. The following principal risks can affect the value of your investment: <br /><br />·  Equity Risk - Common stocks are susceptible to general stock market           <br />   fluctuations and to volatile increases and decreases in value. <br /><br />·  General Market Risk: The market price of a security may fluctuate, sometimes  <br />   rapidly and unpredictably. These fluctuations may cause a security to be worth<br />   less than its cost when originally purchased or less than it was worth at an  <br />   earlier time. <br /><br />·  Small- and Medium-Sized Company Risk: Investing in securities of small- and   <br />   medium-sized companies, even indirectly, may involve greater volatility than  <br />   investing in larger and more established companies. <br /><br />·  Management Risk: The Advisor may fail to implement the Fund's investment      <br />   strategies and meet its investment objective. <br /><br />·  Foreign Securities and Emerging Markets Risk: Foreign securities involve      <br />   increased risks due to political, social and economic developments abroad, <br />   as well as due to differences between U.S. and foreign regulatory practices. <br />   These risks are enhanced in emerging markets. <br /><br />·  Environmental Policy Risk: The Fund's environmental sustainability policy     <br />   could cause it to underperform compared to similar funds that do not have <br />   such a policy. Accordingly, the Fund may forego opportunities to buy certain       <br />   securities when it might otherwise be advantageous to do so, or may sell      <br />   securities for environmental reasons when it might be otherwise disadvantageous <br />   for it to do so.</tt>
Fees and Expenses of the Fund
Actual after-tax returns depend on your situation and may differ from those shown.
Principal Investment Strategies
www.portfolio21.com
<tt>The following performance information provides some indication of the risks of<br />investing in the Fund. The bar chart below illustrates how the Fund's Class R<br />shares total returns have varied from year to year. The table below illustrates<br />how the Fund's average annual total returns for 1, 5, and 10-year periods<br />compare with that of a broad-based securities index and an additional index<br />provided to offer a broader market perspective. The Fund's past performance,<br />before and after taxes, is not necessarily an indication of how the Fund will<br />perform in the future. Updated performance information is available on the<br />Fund's website at www.portfolio21.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)
MCSI World Index NR (reflects no deduction for fees and expenses)
MSCI World IndexSM (reflects no deduction for fees, expenses or taxes)
Return After Taxes on Distributions and Sale of Fund Shares
Return After Taxes on Distributions
PORIX
Return Before Taxes
119
372
1420
-0.0200
644
0.0022
0.0095
2014-10-31
0.0000
0.0117
PORTX
lowest quarterly return
highest quarterly return
2012-09-30
Return Before Taxes
150
2009-06-30
465
-0.2069
0.1587
0.0930
1757
-0.0200
803
0.1041
0.2042
0.0027
-0.3552
0.0095
2014-10-31
2002-09-30
0.3115
0.0601
year-to-date return
-0.0804
0.3218
0.0025
0.0147
0.2438
0.0989
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Portfolio 21 (the "Advisor") has contractually agreed to reduce its fees and/or pay the Fund's expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Portfolio Operating Expenses for Class R shares and Class I shares of the Fund to 1.50% and 1.20%, respectively, of each class' average net assets (the "Expense Caps"). The Expense Caps will remain in effect until at least October 31, 2014. The Agreement may be terminated at any time by the Board upon 60 days' written notice to the Advisor, or by the Advisor with the consent of the Board. The Advisor may request recoupment for management fee waivers and/or Fund expense payments made in the prior three fiscal years.
Effective immediately, the Fund is adding the MCSI World Index NR as a supplemental index.
Effective immediately, due to the global nature of the Fund's investments, the Fund will no longer use the S&P 500® Index as a benchmark for its returns.
The Fund's year-to-date return for Class R shares as of September 30, 2012 was 9.89%.