0000894189-12-006382.txt : 20121121 0000894189-12-006382.hdr.sgml : 20121121 20121121172313 ACCESSION NUMBER: 0000894189-12-006382 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121121 DATE AS OF CHANGE: 20121121 EFFECTIVENESS DATE: 20121121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONALLY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000811030 IRS NUMBER: 566415270 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-12213 FILM NUMBER: 121221945 BUSINESS ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5348 MAIL ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONALLY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000811030 IRS NUMBER: 566415270 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05037 FILM NUMBER: 121221946 BUSINESS ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5348 MAIL ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 0000811030 S000026437 DSM Large Cap Growth Fund C000079331 Retail Class C000079332 Institutional Class DSMLX 0000811030 S000036307 DSM Global Growth Fund C000111047 Retail Class DSMWX C000111048 Institutional Class DSMGX 485BPOS 1 dsm_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL Unassociated Document

Filed with the U.S. Securities and Exchange Commission on November 21, 2012
 
1933 Act Registration File No. 33-12213
1940 Act File No. 811-05037
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
Pre-Effective Amendment No.         
¨
Post-Effective Amendment No. 481
x
and
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 482
x

 
(Check appropriate box or boxes.)
 
 
PROFESSIONALLY MANAGED PORTFOLIOS
(Exact Name of Registrant as Specified in Charter)
 
615 East Michigan Street
Milwaukee, Wisconsin  53202
(Address of Principal Executive Offices) (Zip Code)
 
(Registrant’s Telephone Numbers, Including Area Code) (626) 914-7363
 
Elaine E. Richards, Esq.
Professionally Managed Portfolios
2020 E. Financial Way, Ste. 100
Glendora, CA 91741
(Name and Address of Agent for Service)
 
Copies to:
 
Domenick Pugliese, Esq.
Paul Hastings LLP
Park Avenue Tower
75 East 55th Street
New York, NY 10022
 
It is proposed that this filing will become effective
 
ý
immediately upon filing pursuant to paragraph (b)
o
on ______________  pursuant to paragraph (b)
o
60 days after filing pursuant to paragraph (a)(1)
o
on ______________  pursuant to paragraph (a)(1)
o
75 days after filing pursuant to paragraph (a)(2)
o
on ______________  pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

[  ]
this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 481 to the Professionally Managed Portfolios (the “Trust”) Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 476 on Form N-1A filed November 1, 2012.  This PEA No. 481 is filed for the sole purpose of submitting the XBRL exhibit for the risk return summary first provided in PEA No. 476 to the Trust’s Registration Statement for its series: DSM Large Cap Growth Fund and DSM Global Growth Fund.

 
 
 

 
 
SIGNATURES


     Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 481 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 481 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Glendora and State of California, on the 21st day of November, 2012.

Professionally Managed Portfolios

By:  /s/ Eric W. Falkeis                               
Eric W. Falkeis
President

     Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 481 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
 
Title
Date
       
Steven J. Paggioli*
 
Trustee
March 21, 2012
Steven J. Paggioli
     
       
Dorothy A. Berry*
 
Trustee
November 21, 2012
Dorothy A. Berry
     
       
Wallace L. Cook*
 
Trustee
November 21, 2012
Wallace L. Cook
     
       
Carl A. Froebel*
 
Trustee
November 21, 2012
Carl A. Froebel
     
       
Eric W. Falkeis*
 
President and Trustee
November 21, 2012
Eric W. Falkeis
     
       
Patrick J. Rudnick*
 
Treasurer and Principal
November 21, 2012
Patrick J. Rudnick
 
Financial and Accounting Officer
 
       
*By: /s/ Elaine E. Richards
   
November 21, 2012
 Elaine E. Richards, Attorney-In Fact
 pursuant to Power of Attorney
       
 
 
1

 

 
EXHIBIT LIST

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

 
 
 
 
 
 
 
2
 

EX-101.INS 2 ck0000811030-20120630.xml INSTANCE DOCUMENT 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> <div style="display:none">~ http://www.dsmfunds.com/role/ExpenseExample_S000036307Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <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,&#xA0;&#xA0;<br />&#xA0;&#xA0;political and legal uncertainty, currency fluctuations or exchange limitations,<br />&#xA0;&#xA0;the risk that China's government may decide not to continue to support economic<br />&#xA0;&#xA0;reform programs and the risk of nationalization or expropriation of assets. <br />&#xA0;&#xA0;Information about issuers in emerging markets, including China, may not be as <br />&#xA0;&#xA0;complete, accurate or timely as information about listed companies in other <br />&#xA0;&#xA0;more developed economies or markets. <br /><br />o Equity Market Risk. Common stocks are susceptible to general stock market&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fluctuations and to volatile increases and decreases in value. If the market&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;prices of the securities owned by the Fund fall, the value of your investment&#xA0;&#xA0;<br />&#xA0;&#xA0;in the Fund will decline. <br /><br />o Foreign Securities and Emerging Markets Risks. The performance of foreign&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities depends on the political and economic environments and other overall<br />&#xA0;&#xA0;economic conditions in the countries where the Fund invests. Emerging markets&#xA0;&#xA0;<br />&#xA0;&#xA0;involve greater risk and volatility than more developed markets. Some emerging <br />&#xA0;&#xA0;markets countries may have fixed or managed currencies that are not free-floating <br />&#xA0;&#xA0;against the U.S. dollar. Certain of these currencies have experienced, and may <br />&#xA0;&#xA0;experience in the future, substantial fluctuations or a steady devaluation <br />&#xA0;&#xA0;relative to the U.S. dollar. <br /><br />o General Market Risk. The stock market declines or stocks in the Fund's portfolio <br />&#xA0;&#xA0;may not increase their earnings at the rate anticipated. <br /><br />o Growth Style Investment Risk. Growth-oriented funds may underperform when value<br />&#xA0;&#xA0;investing is in favor. In addition, growth securities typically trade at higher<br />&#xA0;&#xA0;multiples of current earnings than other securities and, therefore, may be more<br />&#xA0;&#xA0;sensitive to changes in current or expected earnings than other equity&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities and may be more volatile. <br /><br />o Large Cap Company Risk. Large cap companies may be unable to respond quickly to<br />&#xA0;&#xA0;new competitive challenges, such as changes in technology and consumer tastes, <br />&#xA0;&#xA0;may be more prone to global economic risks, and also may not be able to attain <br />&#xA0;&#xA0;the high growth rate of successful smaller companies, especially during&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;extended periods of economic expansion. <br /><br />o Management Risk. The Advisor's investment strategy does not achieve the Fund's <br />&#xA0;&#xA0;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&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;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&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;percentage of its assets in the securities of fewer companies or even one&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;company, and therefore events effecting those companies have a greater impact&#xA0;&#xA0;<br />&#xA0;&#xA0;on the Fund than on a diversified fund. <br /><br />o Regulatory Risk. Changes in government regulations may adversely affect the&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;value of a security. <br /><br />o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one <br />&#xA0;&#xA0;sector of the market exposes the Fund to greater market risk and potential&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;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 />&#xA0;&#xA0;historically been subject to greater investment risk than large company stocks.<br />&#xA0;&#xA0;The prices of small to mid-sized company stocks tend to be more volatile and&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;less liquid than large company stocks. Small and mid-sized companies may have&#xA0;&#xA0;<br />&#xA0;&#xA0;no or relatively short operating histories, or be newly formed public companies. <br />&#xA0;&#xA0;Some of these companies have aggressive capital structures, including high debt <br />&#xA0;&#xA0;levels, or are involved in rapidly growing or changing industries and/or new <br />&#xA0;&#xA0;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> <div style="display:none">~ http://www.dsmfunds.com/role/OperatingExpensesData_S000036307Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dsmfunds.com/role/ShareholderFeesData_S000036307Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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> <div style="display:none">~ http://www.dsmfunds.com/role/ExpenseExample_S000036307Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <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 />&#xA0;&#xA0;<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,&#xA0;&#xA0;<br />&#xA0;&#xA0;political and legal uncertainty, currency fluctuations or exchange limitations,<br />&#xA0;&#xA0;the risk that China's government may decide not to continue to support economic<br />&#xA0;&#xA0;reform programs and the risk of nationalization or expropriation of assets. <br />&#xA0;&#xA0;Information about issuers in emerging markets, including China, may not be as <br />&#xA0;&#xA0;complete, accurate or timely as information about listed companies in other more <br />&#xA0;&#xA0;developed economies or markets. <br /><br />o Equity Market Risk. Common stocks are susceptible to general stock market&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fluctuations and to volatile increases and decreases in value. If the market&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;prices of the securities owned by the Fund fall, the value of your investment&#xA0;&#xA0;<br />&#xA0;&#xA0;in the Fund will decline. <br /><br />o Foreign Securities and Emerging Markets Risks. The performance of foreign&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities depends on the political and economic environments and other overall<br />&#xA0;&#xA0;economic conditions in the countries where the Fund invests. Emerging markets&#xA0;&#xA0;<br />&#xA0;&#xA0;involve greater risk and volatility than more developed markets. Some emerging <br />&#xA0;&#xA0;markets countries may have fixed or managed currencies that are not free-floating <br />&#xA0;&#xA0;against the U.S. dollar. Certain of these currencies have experienced, and may <br />&#xA0;&#xA0;experience in the future, substantial fluctuations or a steady devaluation <br />&#xA0;&#xA0;relative to the U.S. dollar. <br /><br />o General Market Risk. The stock market declines or stocks in the Fund's&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;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 />&#xA0;&#xA0;investing is in favor. In addition, growth securities typically trade at higher<br />&#xA0;&#xA0;multiples of current earnings than other securities and, therefore, may be more<br />&#xA0;&#xA0;sensitive to changes in current or expected earnings than other equity&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;securities and may be more volatile. <br /><br />o Large Cap Company Risk. Large cap companies may be unable to respond quickly to<br />&#xA0;&#xA0;new competitive challenges, such as changes in technology and consumer tastes, <br />&#xA0;&#xA0;may be more prone to global economic risks, and also may not be able to attain <br />&#xA0;&#xA0;the high growth rate of successful smaller companies, especially during&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;extended periods of economic expansion. <br /><br />o&#xA0;&#xA0;Management Risk. The Advisor's investment strategy does not achieve the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;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&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;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&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;percentage of its assets in the securities of fewer companies or even one&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;company, and therefore events effecting those companies have a greater impact&#xA0;&#xA0;<br />&#xA0;&#xA0;on the Fund than on a diversified fund. <br /><br />o Regulatory Risk. Changes in government regulations may adversely affect the&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;value of a security. <br /><br />o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one <br />&#xA0;&#xA0;sector of the market exposes the Fund to greater market risk and potential&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;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 />&#xA0;&#xA0;historically been subject to greater investment risk than large company stocks.<br />&#xA0;&#xA0;The prices of small to mid-sized company stocks tend to be more volatile and&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;less liquid than large company stocks. Small and mid-sized companies may have&#xA0;&#xA0;<br />&#xA0;&#xA0;no or relatively short operating histories, or be newly formed public companies. <br />&#xA0;&#xA0;Some of these companies have aggressive capital structures, including high debt <br />&#xA0;&#xA0;levels, or are involved in rapidly growing or changing industries and/or new <br />&#xA0;&#xA0;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> <div style="display:none">~ http://www.dsmfunds.com/role/OperatingExpensesData_S000036307Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dsmfunds.com/role/ShareholderFeesData_S000036307Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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> <div style="display:none">~ http://www.dsmfunds.com/role/ExpenseExample_S000026437Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dsmfunds.com/role/BarChartData_S000026437Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <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 />&#xA0;&#xA0;<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:&#xA0;&#xA0;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&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fluctuations and to volatile increases and decreases in value. <br /><br />o Foreign Securities Risk. Foreign securities involve additional risks, including<br />&#xA0;&#xA0;currency-rate fluctuations, political and economic instability, differences in <br />&#xA0;&#xA0;financial reporting standards, less-strict regulation of securities markets and<br />&#xA0;&#xA0;less liquidity and more volatility than domestic markets, which may result in&#xA0;&#xA0;<br />&#xA0;&#xA0;delays in settling securities transactions. <br /><br />o General Market Risk. The stock market declines or stocks in the Fund's portfolio <br />&#xA0;&#xA0;may not increase their earnings at the rate anticipated.<br /><br />o Growth Style Investment Risk. Growth-oriented funds may underperform when value<br />&#xA0;&#xA0;investing is in favor. <br /><br />o Large Cap Company Risk. Large cap companies may be unable to respond quickly to<br />&#xA0;&#xA0;new competitive challenges, such as changes in technology and consumer tastes, <br />&#xA0;&#xA0;may be more prone to global economic risks, and also may not be able to attain <br />&#xA0;&#xA0;the high growth rate of successful smaller companies, especially during&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;extended periods of economic expansion. <br /><br />o Management Risk. The Advisor's investment strategy does not achieve the Fund's <br />&#xA0;&#xA0;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 />&#xA0;&#xA0;of its assets in the securities of one company, and therefore it may be more <br />&#xA0;&#xA0;sensitive to market changes than a diversified fund. <br /><br />o Regulatory Risk. Changes in government regulations may adversely affect the&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;value of a security. <br /><br />o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one <br />&#xA0;&#xA0;sector of the market exposes the Fund to greater market risk and potential&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;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> <div style="display:none">~ http://www.dsmfunds.com/role/OperatingExpensesData_S000026437Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dsmfunds.com/role/PerformanceTableData_S000026437Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dsmfunds.com/role/ShareholderFeesData_S000026437Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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> <div style="display:none">~ http://www.dsmfunds.com/role/ExpenseExample_S000026437Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dsmfunds.com/role/BarChartData_S000026437Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <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:&#xA0;&#xA0;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&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;fluctuations and to volatile increases and decreases in value. <br /><br />o Foreign Securities Risk. Foreign securities involve additional risks, including<br />&#xA0;&#xA0;currency-rate fluctuations, political and economic instability, differences in <br />&#xA0;&#xA0;financial reporting standards, less-strict regulation of securities markets and<br />&#xA0;&#xA0;less liquidity and more volatility than domestic markets, which may result in&#xA0;&#xA0;<br />&#xA0;&#xA0;delays in settling securities transactions. <br /><br />o General Market Risk. The stock market declines or stocks in the Fund's portfolio <br />&#xA0;&#xA0;may not increase their earnings at the rate anticipated. <br /><br />o Growth Style Investment Risk. Growth-oriented funds may underperform when value<br />&#xA0;&#xA0;investing is in favor. <br /><br />o Large Cap Company Risk. Large cap companies may be unable to respond quickly to<br />&#xA0;&#xA0;new competitive challenges, such as changes in technology and consumer tastes, <br />&#xA0;&#xA0;may be more prone to global economic risks, and also may not be able to attain <br />&#xA0;&#xA0;the high growth rate of successful smaller companies, especially during&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;extended periods of economic expansion. <br /><br />o Management Risk. The Advisor's investment strategy does not achieve the Fund's <br />&#xA0;&#xA0;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 />&#xA0;&#xA0;of its assets in the securities of one company, and therefore it may be more <br />&#xA0;&#xA0;sensitive to market changes than a diversified fund. <br /><br />o Regulatory Risk. Changes in government regulations may adversely affect the&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;value of a security. <br /><br />o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one <br />&#xA0;&#xA0;sector of the market exposes the Fund to greater market risk and potential&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;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> <div style="display:none">~ http://www.dsmfunds.com/role/OperatingExpensesData_S000026437Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dsmfunds.com/role/PerformanceTableData_S000026437Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dsmfunds.com/role/ShareholderFeesData_S000026437Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 0000811030 ck0000811030:SummaryS000026437-1Memberck0000811030:S000026437Memberck0000811030:C000079332Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000026437-1Memberck0000811030:S000026437Memberrr:AfterTaxesOnDistributionsMemberck0000811030:C000079332Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000026437-1Memberck0000811030:S000026437Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000811030:C000079332Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000026437-1Memberck0000811030:S000026437Memberck0000811030:RRINDEX00001Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000026437-1Memberck0000811030:S000026437Memberck0000811030:RRINDEX00002Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000026437-1Memberck0000811030:S000026437Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000026437-2Memberck0000811030:S000026437Memberck0000811030:C000079331Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000026437-2Memberck0000811030:S000026437Memberrr:AfterTaxesOnDistributionsMemberck0000811030:C000079331Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000026437-2Memberck0000811030:S000026437Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000811030:C000079331Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000026437-2Memberck0000811030:S000026437Memberck0000811030:RRINDEX00001Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000026437-2Memberck0000811030:S000026437Memberck0000811030:RRINDEX00002Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000026437-2Memberck0000811030:S000026437Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000036307-1Memberck0000811030:S000036307Memberck0000811030:C000111048Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000036307-1Memberck0000811030:S000036307Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000036307-2Memberck0000811030:S000036307Memberck0000811030:C000111047Member 2012-11-01 2012-11-01 0000811030 ck0000811030:SummaryS000036307-2Memberck0000811030:S000036307Member 2012-11-01 2012-11-01 0000811030 2012-11-01 2012-11-01 pure iso4217:USD 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. 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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Nov. 01, 2012
DSM Global Growth Fund (Second Prospectus Summary) | DSM Global Growth Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading DSM Global Growth Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The DSM Global Growth Fund (the "DSM Global Growth Fund" or "Fund") seeks
long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the above Example, affect the Fund's
performance. During the most recent fiscal period (March 28, 2012 through June
30, 2012), the Fund's portfolio turnover rate was 9% of the average value of its
portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 9.00%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses and acquired fund fees and expenses are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated. The Example also
assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same (taking into account the Expense Cap only in
the first year).
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Permissible Securities. Under normal circumstances, the Fund will primarily
invest its net assets in equity securities of large capitalization
companies. Equity securities include, but are not limited to, common stocks,
preferred stocks, securities convertible into common stocks, rights and
warrants. The Fund has no limit on the amount of its assets it can invest in
equity securities of domestic or foreign companies, including those in emerging
markets; however, under normal circumstances, at least 40% of the Fund's net
assets will be invested in securities of foreign companies, and at any time, no
less than 30% of the Fund's net assets will be invested in the securities of
foreign companies. The Fund invests in U.S. and foreign issuers and has no
specific policy on the number of different countries in which it will invest but
intends to invest in at least three different countries. A large capitalization
company is one that has a market capitalization of more than U.S. $10 billion at
the time of purchase. The Fund may also invest up to 40% of its net assets in
equity securities of companies that have a market capitalization below U.S. $10
billion at the time of purchase. The Fund generally will contain 35 to 55 equity
securities. From time to time, the Fund may invest more than 25% of its assets
in issuers connected to China, and in issuers in other newly-developed trading
markets, which involves certain risks and special considerations not typically
associated with investment in more developed economies or markets. The Fund is a
non-diversified fund and may, from time to time, have significant exposure to
one or more issuers, industries, geographic regions or sectors of the global
economy.The Fund may invest greater than 25% of its assets in the following
sectors: consumer discretionary, consumer staples, energy, financials, health
care, industrials, materials, technology and telecommunications services.

Management Process. The Advisor manages the Fund using a bottom-up,
"idea-driven," growth-style with a long-term (i.e., three-year) investment
horizon. This means in general terms that the Advisor identifies companies,
one-by-one, which the Advisor believes exhibit certain growth
characteristics. For instance, the Advisor may select companies that have
growing businesses with solid fundamentals, attractive profitability, and
successful managements. These companies will typically have projected revenue
and earnings growth as determined by Advisor in excess of 10% and are often
expected to have higher returns on equity and assets than average
businesses. Generally, these businesses will be generating free cash flow and
will have financial returns that are stable or rising, driven by improving
business fundamentals. The Advisor generally sells a stock when its projected
future return becomes unattractive relative to the rest of the portfolio or the
investable universe.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock There is the risk that you could lose all or a portion of your money on your
investment in the Fund. The Fund is subject to many of the risks common to
mutual funds that invest in equity securities of domestic and foreign
companies. You may lose money by investing in this Fund. In particular, the
following risks could affect the value of your investment:

o China Risk. China risks include: greater government control over the economy,  
  political and legal uncertainty, currency fluctuations or exchange limitations,
  the risk that China's government may decide not to continue to support economic
  reform programs and the risk of nationalization or expropriation of assets.
  Information about issuers in emerging markets, including China, may not be as
  complete, accurate or timely as information about listed companies in other
  more developed economies or markets.

o Equity Market Risk. Common stocks are susceptible to general stock market      
  fluctuations and to volatile increases and decreases in value. If the market   
  prices of the securities owned by the Fund fall, the value of your investment  
  in the Fund will decline.

o Foreign Securities and Emerging Markets Risks. The performance of foreign      
  securities depends on the political and economic environments and other overall
  economic conditions in the countries where the Fund invests. Emerging markets  
  involve greater risk and volatility than more developed markets. Some emerging
  markets countries may have fixed or managed currencies that are not free-floating
  against the U.S. dollar. Certain of these currencies have experienced, and may
  experience in the future, substantial fluctuations or a steady devaluation
  relative to the U.S. dollar.

o General Market Risk. The stock market declines or stocks in the Fund's portfolio
  may not increase their earnings at the rate anticipated.

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

o Large Cap Company Risk. Large cap companies may be unable to respond quickly to
  new competitive challenges, such as changes in technology and consumer tastes,
  may be more prone to global economic risks, and also may not be able to attain
  the high growth rate of successful smaller companies, especially during        
  extended periods of economic expansion.

o Management Risk. The Advisor's investment strategy does not achieve the Fund's
  objective or the Advisor does not implement the strategy properly.

o New Fund Risk. The Fund is new with no operating history and there can be no   
  assurance that the Fund will grow to or maintain an economically viable size.

o Non-Diversification Risk. 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.

o Regulatory Risk. Changes in government regulations may adversely affect the    
  value of a security.

o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one
  sector of the market exposes the Fund to greater market risk and potential     
  monetary losses than if those assets were spread among various sectors.

o Small and Mid-Sized Company Stock Risk. Small to mid-sized company stocks have
  historically been subject to greater investment risk than large company stocks.
  The prices of small to mid-sized company stocks tend to be more volatile and   
  less liquid than large company stocks. Small and mid-sized companies may have  
  no or relatively short operating histories, or be newly formed public companies.
  Some of these companies have aggressive capital structures, including high debt
  levels, or are involved in rapidly growing or changing industries and/or new
  technologies, which pose additional risks.
Risk Lose Money [Text] rr_RiskLoseMoney There is the risk that you could lose all or a portion of your money on your investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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. Accordingly, performance information is not available. Performance
information will be available after the Fund has been in operation for one full
calendar year. At that time, the performance information will provide some
indication of the risks of investing in the Fund by comparing it against a broad
measure of market performance. Updated performance information is available on
the Fund's website at www.dsmfunds.com or by calling the Fund toll-free at
1-877-862-9555.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess 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.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-877-862-9555
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.dsmfunds.com
DSM Global Growth Fund (Second Prospectus Summary) | DSM Global Growth Fund | Retail Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 17.51% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 18.66%
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (17.21%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.45%
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-03-07
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 148
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,165
[1] Other expenses and acquired fund fees and expenses are based on estimated amounts for the current fiscal year.
[2] 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.
XML 10 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
DSM Global Growth Fund (First Prospectus Summary) | DSM Global Growth Fund
DSM Global Growth Fund
Investment Objective
The DSM Global Growth Fund (the "Global Growth Fund" or "Fund") seeks long-term
capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
DSM Global Growth Fund
Institutional Class
Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) 1.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments)
Annual Fund Operating Expenses
DSM Global Growth Fund
Institutional Class
Management Fees 0.90%
Other Expenses [1] 17.51%
Total Annual Fund Operating Expenses 18.41%
Fee Waiver/Expense Reimbursement [2] (17.21%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.20%
[1] Other expenses are based on estimated amounts for the current fiscal year.
[2] 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.
Example
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated. The Example also
assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same (taking into account the Expense Cap only in
the first year).
Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
DSM Global Growth Fund Institutional Class
122 2,100
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in annual fund operating expenses or in the above Example, affect the Fund's
performance. During the most recent fiscal period (March 28, 2012 through June
30, 2012), the Fund's portfolio turnover rate was 9% of the average value of
its portfolio.
Principal Investment Strategies
Permissible Securities. Under normal circumstances, the Fund will primarily
invest its net assets in equity securities of large capitalization companies.
Equity securities include, but are not limited to, common stocks, preferred
stocks, securities convertible into common stocks, rights and warrants. The
Fund has no limit on the amount of its assets it can invest in equity
securities of domestic or foreign companies, including those in emerging
markets; however, under normal circumstances, at least 40% of the Fund's net
assets will be invested in securities of foreign companies, and at any time, no
less than 30% of the Fund's net assets will be invested in the securities of
foreign companies. The Fund invests in U.S. and foreign issuers and has no
specific policy on the number of different countries in which it will invest but
intends to invest in at least three different countries. A large capitalization
company is one that has a market capitalization of more than U.S. $10 billion at
the time of purchase. The Fund may also invest up to 40% of its net assets in
equity securities of companies that have a market capitalization below U.S.
$10 billion at the time of purchase. The Fund generally will contain 35 to 55
equity securities. From time to time, the Fund may invest more than 25% of its
assets in issuers connected to China, and in issuers in other newly-developed
trading markets, which involves certain risks and special considerations not
typically associated with investment in more developed economies or markets. The
Fund is a non-diversified fund and may, from time to time, have significant
exposure to one or more issuers, industries, geographic regions or sectors of
the global economy. The Fund may invest greater than 25% of its assets in the
following sectors: consumer discretionary, consumer staples, energy, financials,
health care, industrials, materials, technology and telecommunications services.
  
Management Process. The Advisor manages the Fund using a bottom-up, "idea-driven,"
growth-style with a long-term (i.e., three-year) investment horizon. This means
in general terms that the Advisor identifies companies, one-by-one, which the
Advisor believes exhibit certain growth characteristics. For instance, the
Advisor may select companies that have growing businesses with solid fundamentals,
attractive profitability, and successful managements. These companies will
typically have projected revenue and earnings growth as determined by Advisor in
excess of 10% and are often expected to have higher returns on equity and assets
than average businesses. Generally, these businesses will be generating free cash
flow and will have financial returns that are stable or rising, driven by
improving business fundamentals. The Advisor generally sells a stock when its
projected future return becomes unattractive relative to the rest of the portfolio
or the investable universe.
Principal Risks
There is the risk that you could lose all or a portion of your money on your
investment in the Fund. The Fund is subject to many of the risks common to
mutual funds that invest in equity securities of domestic and foreign
companies. You may lose money by investing in this Fund. In particular, the
following risks could affect the value of your investment:

o China Risk. China risks include: greater government control over the economy,  
  political and legal uncertainty, currency fluctuations or exchange limitations,
  the risk that China's government may decide not to continue to support economic
  reform programs and the risk of nationalization or expropriation of assets.
  Information about issuers in emerging markets, including China, may not be as
  complete, accurate or timely as information about listed companies in other more
  developed economies or markets.

o Equity Market Risk. Common stocks are susceptible to general stock market      
  fluctuations and to volatile increases and decreases in value. If the market   
  prices of the securities owned by the Fund fall, the value of your investment  
  in the Fund will decline.

o Foreign Securities and Emerging Markets Risks. The performance of foreign      
  securities depends on the political and economic environments and other overall
  economic conditions in the countries where the Fund invests. Emerging markets  
  involve greater risk and volatility than more developed markets. Some emerging
  markets countries may have fixed or managed currencies that are not free-floating
  against the U.S. dollar. Certain of these currencies have experienced, and may
  experience in the future, substantial fluctuations or a steady devaluation
  relative to the U.S. dollar.

o General Market Risk. The stock market declines or stocks in the Fund's         
  portfolio may not increase their earnings at the rate anticipated.

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

o Large Cap Company Risk. Large cap companies may be unable to respond quickly to
  new competitive challenges, such as changes in technology and consumer tastes,
  may be more prone to global economic risks, and also may not be able to attain
  the high growth rate of successful smaller companies, especially during        
  extended periods of economic expansion.

o  Management Risk. The Advisor's investment strategy does not achieve the      
   Fund's objective or the Advisor does not implement the strategy properly.

o New Fund Risk. The Fund is new with no operating history and there can be no   
  assurance that the Fund will grow to or maintain an economically viable size.

o Non-Diversification Risk. 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.

o Regulatory Risk. Changes in government regulations may adversely affect the    
  value of a security.

o Sector-Focus Risk. Investing a significant portion of the Fund's assets in one
  sector of the market exposes the Fund to greater market risk and potential     
  monetary losses than if those assets were spread among various sectors.

o Small and Mid-Sized Company Stock Risk. Small to mid-sized company stocks have
  historically been subject to greater investment risk than large company stocks.
  The prices of small to mid-sized company stocks tend to be more volatile and   
  less liquid than large company stocks. Small and mid-sized companies may have  
  no or relatively short operating histories, or be newly formed public companies.
  Some of these companies have aggressive capital structures, including high debt
  levels, or are involved in rapidly growing or changing industries and/or new
  technologies, which pose additional risks.
Performance
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. Accordingly, performance information is not available. Performance
information will be available after the Fund has been in operation for one full
calendar year. At that time, the performance information will provide some
indication of the risks of investing in the Fund by comparing it against a broad
measure of market performance. Updated performance information is available on
the Fund's website at www.dsmfunds.com or by calling the Fund toll-free at
1-877-862-9555.