0000894189-13-000902.txt : 20130219 0000894189-13-000902.hdr.sgml : 20130219 20130214174628 ACCESSION NUMBER: 0000894189-13-000902 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130215 DATE AS OF CHANGE: 20130214 EFFECTIVENESS DATE: 20130215 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-12213 FILM NUMBER: 13616484 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 S000004945 Portfolio 21 Global Equity Fund C000013361 Retail Class PORTX C000042370 Institutional Class PORIX 497 1 p21_cxbrl.htm DEFINITIVE MATERIALS FOR XBRL p21_cxbrl.htm

 
Filed Pursuant to Rule 497(c)
1933 Act File No. 33-12213
1940 Act File No. 811-05037
 
 
PROFESSIONALLY MANAGED PORTFOLIOS

On behalf of Professionally Managed Portfolios (the “Trust”) and pursuant to Rule 497(c) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the definitive form of Prospectus for Portfolio 21 Global Equity Fund, which was filed pursuant to Rule 497(c) on January 25, 2013.  The purpose of this filing is to submit the 497(c) filing dated January 25, 2013 in XBRL for the Portfolio 21 Global Equity Fund.
 
The XBRL exhibits attached hereto consist of the following:
 
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

 

 
 
 

EX-101.INS 2 ck0000811030-20130125.xml INSTANCE DOCUMENT 0000811030 2012-06-30 2012-06-30 0000811030 ck0000811030:S000004945Member ck0000811030:S000004945Member 2012-06-30 2012-06-30 0000811030 ck0000811030:S000004945Member ck0000811030:S000004945Member ck0000811030:C000013361Member 2012-06-30 2012-06-30 0000811030 ck0000811030:S000004945Member ck0000811030:S000004945Member ck0000811030:C000042370Member 2012-06-30 2012-06-30 0000811030 ck0000811030:S000004945Member ck0000811030:S000004945Member rr:AfterTaxesOnDistributionsMember ck0000811030:C000013361Member 2012-06-30 2012-06-30 0000811030 ck0000811030:S000004945Member ck0000811030:S000004945Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000811030:C000013361Member 2012-06-30 2012-06-30 0000811030 ck0000811030:S000004945Member ck0000811030:S000004945Member ck0000811030:index_MSCI_World_IndexSM_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-06-30 2012-06-30 0000811030 ck0000811030:S000004945Member ck0000811030:S000004945Member ck0000811030:index_MCSI_World_Index_NR_reflects_no_deduction_for_fees_and_expensesMember 2012-06-30 2012-06-30 0000811030 ck0000811030:S000004945Member ck0000811030:S000004945Member ck0000811030:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-06-30 2012-06-30 iso4217:USD xbrli:pure PROFESSIONALLY MANAGED PORTFOLIOS Other false 0000811030 2012-06-30 2013-01-25 2013-01-25 2013-01-20 Portfolio 21 Global Equity Fund PORTX PORIX Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Portfolio&#160;21 Global Equity Fund (the &#8220;Fund&#8221;) seeks long-term capital growth.</font> </div> Principal Investment Strategies <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund invests primarily in common stocks of companies that Portfolio 21 (the &#8220;Advisor&#8221;) believes are leaders in managing environmental risks and opportunities, have above average growth potential, and are reasonably valued.&#160;&#160;Under normal market conditions, at least 80% of the Fund&#8217;s net assets (plus any borrowings for investment purposes) will be invested in equity securities.&#160;&#160;The Fund invests globally and has exposure to emerging and developed markets.&#160;&#160;The Fund may invest in companies of any size, and seeks diversification by country and economic sector.</font></font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund generally will invest at least 40% of its net assets in foreign companies. Foreign companies are those that either maintain their principal place of business outside of the United States, have their securities traded on non-U.S. exchanges or were formed under the laws of non-U.S. countries. Foreign companies may include companies doing business in the United States but meet the general criteria of a foreign company described above.&#160;&#160;The Fund will invest in at least three different countries outside of the United States.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund&#8217;s foreign holdings may include companies domiciled in emerging markets as well as companies domiciled in developed markets.&#160;&#160;There is no limit to the percent of the Fund&#8217;s foreign holdings that may be invested in either emerging or developed markets and therefore the Fund may be invested entirely in companies from emerging markets.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Advisor believes that the best long-term investments are found in companies with above-average financial characteristics and growth potential that also excel at managing environmental risks and opportunities and societal impact.&#160;&#160;The Advisor believes that a company&#8217;s understanding of environmental principles demonstrates the qualities of innovation and leadership that create a distinct competitive advantage and build long-term value.&#160;&#160;Therefore, the Advisor conducts fundamental research to find companies with attractive environmental, societal, and financial attributes.&#160;&#160;In conducting <font style="DISPLAY: inline">fundamental research the Advisor combines traditional investment information with proprietary environmental analysis.&#160;&#160;The Advisor believes that this creates a complete picture of how each company behaves commercially and how it deals with existing and emerging environmental risks and opportunities.&#160;&#160;</font>The Advisor considers a company&#8217;s position on various factors such as ecological limits, environmental stewardship, environmental strategies, stance on human rights and equality, societal impact as well as its corporate governance practices.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Advisor believes that finding companies that meet its financial and environmental standards is an important part of the process, but that it is also critical to make investments at reasonable valuations.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">A security will be sold within a reasonable period of time if the company no longer meets the Advisor&#8217;s environmental evaluation criteria or if the company no longer meets the Advisor&#8217;s minimum financial standards.</font> </div> Principal Investment Risks <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">There is a risk that you could lose all or a portion of your investment in the Fund.&#160;&#160;The following principal risks can affect the value of your investment:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list" width="100%" style="TEXT-ALIGN: justify; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top" style="TEXT-ALIGN: justify;"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity Risk &#8211; Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-0" width="100%" style="TEXT-ALIGN: justify; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top" style="TEXT-ALIGN: justify;"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">General Market Risk:&#160;&#160;The market price of a security may fluctuate, sometimes rapidly and unpredictably.&#160;&#160;These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-1" width="100%" style="TEXT-ALIGN: justify; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top" style="TEXT-ALIGN: justify;"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Small- and Medium-Sized Company Risk:&#160;&#160;Investing in securities of small- and medium-sized companies, even indirectly, may involve greater volatility than investing in larger and more established companies.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-2" width="100%" style="TEXT-ALIGN: justify; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top" style="TEXT-ALIGN: justify;"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Management Risk:&#160;&#160;The Advisor may fail to implement the Fund&#8217;s investment strategies and meet its investment objective.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" width="100%" style="TEXT-ALIGN: justify; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top" style="TEXT-ALIGN: justify;"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Foreign Securities and Emerging Markets Risk:&#160;&#160;Foreign securities involve increased risks due to political, social and economic developments abroad, as well as due to differences between United States and foreign regulatory practices.&#160;&#160;These risks are enhanced in emerging markets.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-5" width="100%" style="TEXT-ALIGN: justify; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top" style="TEXT-ALIGN: justify;"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Environmental Policy Risk:&#160;&#160;The Fund&#8217;s environmental sustainability policy could cause it to underperform compared to similar funds that do not have such a policy.&#160;&#160;Accordingly, the Fund may forego opportunities to buy certain securities when it might otherwise be advantageous to do so, or may sell securities for environmental reasons when it might be otherwise disadvantageous for it to do so.</font> </div> </td> </tr> </table> There is a risk that you could lose all or a portion of your investment in the Fund. Example <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">This Example is intended to help you compare the costs of investing in</font> the Fund <font style="DISPLAY: inline">with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in</font> the Fund <font style="DISPLAY: inline">for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that</font> the Fund&#8217;s <font style="DISPLAY: inline">operating expenses remain the same (taking into account the contractual Expense Caps only in the first&#160;year).</font></font></div> 150 465 803 1757 119 372 644 1420 ~ http://portfolio21.com/20130125/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000811030_S000004945Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0200 -0.0200 0.0095 0.0095 0.0025 0.0000 0.0027 0.0022 0.0147 0.0117 ~ http://portfolio21.com/20130125/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000811030_S000004945Member row primary compact * ~ ~ http://portfolio21.com/20130125/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000811030_S000004945Member row primary compact * ~ Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">The following performance information provides some indication of the risks of investing in the Fund.&#160;&#160;The bar chart below illustrates how the Fund&#8217;s Class R shares total returns have varied from year to year.&#160;&#160;The table below illustrates how the Fund&#8217;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.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.</font>portfolio21.com<font style="DISPLAY: inline">.</font></font> </div> Calendar Year Total Return* Class R 0.3218 0.1587 0.0601 0.2438 0.1041 -0.3552 0.3115 0.0930 -0.0804 0.1517 ~ http://portfolio21.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0000811030_S000004945Member row primary compact * ~ highest quarterly return 0.2042 2009-06-30 lowest quarterly return -0.2069 2002-09-30 year-to-date return 0.0989 2012-09-30 <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">During the period shown in the bar chart, the Fund&#8217;s Class R shares&#8217; highest quarterly return was 20.42% for the quarter ended June 30, 2009, and the lowest quarterly return was -20.69% for the quarter ended September&#160;30, 2002.</font> </div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-family: times new roman; font-size: 9pt;"><font style="font-family: times new roman; font-size: 9pt;">* The Fund&#8217;s year-to-date return for Class R shares as of September 30, 2012 was 9.89%.</font></font></font> </div> 0.1517 -0.0043 0.0812 0.1519 -0.0038 0.0815 0.1028 -0.0021 0.0736 0.1551 -0.0013 0.0816 0.1654 -0.0060 0.0808 0.1583 -0.0118 0.0872 0.1600 0.0166 0.0710 2007-03-30 ~ http://portfolio21.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0000811030_S000004945Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Effective immediately, the Fund is adding the MCSI World Index NR as a supplemental index.&#160;&#160;The MSCI World Index<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">SM</font> better reflects the global nature of the Fund&#8217;s investments.&#160;&#160;Also, effective immediately, due to the global nature of the Fund&#8217;s investments, the Fund will no longer use the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold">&#174;</font> Index as a benchmark for its returns, as the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index is comprised of mostly U.S.&#160;companies.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Class I shares of the Fund commenced operations on March 30, 2007.&#160;&#160;Performance shown for Class I shares for periods prior to its inception reflects the performance of Class R shares, adjusted to reflect Class I expenses.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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.&#160;&#160;Actual after-tax returns depend on your situation and may differ from those shown.&#160;&#160;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 (&#8220;IRAs&#8221;).&#160;&#160;The &#8220;Return After Taxes on Distributions&#8221; may be higher than the &#8220;Return Before Taxes&#8221; figures because the Fund receives dividends on securities that are net of foreign taxes. Such taxes are eligible for pass through of foreign tax credits.&#160;&#160;Shareholders can use the foreign tax credits to reduce their tax liability.&#160;&#160;With a reduced tax liability, the shareholders are then able to reinvest more of the dividends allowing for a higher return.</font> </div> 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. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Effective immediately, the Fund is adding the MCSI World Index NR as a supplemental index. The MSCI World IndexSM better reflects the global nature of the Fund's investments. Also, 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, as the S&P 500 Index is comprised of mostly U.S. companies. www.portfolio21.com 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"). 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. Actual after-tax returns depend on your situation and may differ from those shown. (reflects no deduction for fees, expenses or taxes) The "Return After Taxes on Distributions" may be higher than the "Return Before Taxes" figures because the Fund receives dividends on securities that are net of foreign taxes. Average Annual Total Returns as of December 31, 2012 Portfolio Turnover <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s turnover rate was 28% of the average value of its portfolio.</font> </div> 0.28 EX-101.SCH 3 ck0000811030-20130125.xsd SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Portfolio 21 Global Equity Fund link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020006 - Disclosure - Risk/Return Detail Data {Elements} - Portfolio 21 Global Equity Fund link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 ck0000811030-20130125_cal.xml CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ck0000811030-20130125_def.xml DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ck0000811030-20130125_lab.xml LABEL LINKBASE DOCUMENT EX-101.PRE 7 ck0000811030-20130125_pre.xml PRESENTATION LINKBASE DOCUMENT XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 9 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
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Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 20, 2013
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Portfolio 21 Global Equity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Portfolio 21 Global Equity Fund (the “Fund”) seeks long-term capital growth.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s turnover rate was 28% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 28.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual Expense Caps only in the first year).
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund invests primarily in common stocks of companies that Portfolio 21 (the “Advisor”) believes are leaders in managing environmental risks and opportunities, have above average growth potential, and are reasonably valued.  Under normal market conditions, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in equity securities.  The Fund invests globally and has exposure to emerging and developed markets.  The Fund may invest in companies of any size, and seeks diversification by country and economic sector.

The Fund generally will invest at least 40% of its net assets in foreign companies. Foreign companies are those that either maintain their principal place of business outside of the United States, have their securities traded on non-U.S. exchanges or were formed under the laws of non-U.S. countries. Foreign companies may include companies doing business in the United States but meet the general criteria of a foreign company described above.  The Fund will invest in at least three different countries outside of the United States.

The Fund’s foreign holdings may include companies domiciled in emerging markets as well as companies domiciled in developed markets.  There is no limit to the percent of the Fund’s foreign holdings that may be invested in either emerging or developed markets and therefore the Fund may be invested entirely in companies from emerging markets.

The Advisor believes that the best long-term investments are found in companies with above-average financial characteristics and growth potential that also excel at managing environmental risks and opportunities and societal impact.  The Advisor believes that a company’s understanding of environmental principles demonstrates the qualities of innovation and leadership that create a distinct competitive advantage and build long-term value.  Therefore, the Advisor conducts fundamental research to find companies with attractive environmental, societal, and financial attributes.  In conducting fundamental research the Advisor combines traditional investment information with proprietary environmental analysis.  The Advisor believes that this creates a complete picture of how each company behaves commercially and how it deals with existing and emerging environmental risks and opportunities.  The Advisor considers a company’s position on various factors such as ecological limits, environmental stewardship, environmental strategies, stance on human rights and equality, societal impact as well as its corporate governance practices.

The Advisor believes that finding companies that meet its financial and environmental standards is an important part of the process, but that it is also critical to make investments at reasonable valuations.

A security will be sold within a reasonable period of time if the company no longer meets the Advisor’s environmental evaluation criteria or if the company no longer meets the Advisor’s minimum financial standards.
Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
There is a risk that you could lose all or a portion of your investment in the Fund.  The following principal risks can affect the value of your investment:

·  
Equity Risk – Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value.

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

·  
Small- and Medium-Sized Company Risk:  Investing in securities of small- and medium-sized companies, even indirectly, may involve greater volatility than investing in larger and more established companies.

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

·  
Foreign Securities and Emerging Markets Risk:  Foreign securities involve increased risks due to political, social and economic developments abroad, as well as due to differences between United States and foreign regulatory practices.  These risks are enhanced in emerging markets.

·  
Environmental Policy Risk:  The Fund’s environmental sustainability policy could cause it to underperform compared to similar funds that do not have such a policy.  Accordingly, the Fund may forego opportunities to buy certain securities when it might otherwise be advantageous to do so, or may sell securities for environmental reasons when it might be otherwise disadvantageous for it to do so.
Risk Lose Money [Text] rr_RiskLoseMoney There is a risk that you could lose all or a portion of your investment in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
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.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.portfolio21.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex Effective immediately, the Fund is adding the MCSI World Index NR as a supplemental index. The MSCI World IndexSM better reflects the global nature of the Fund's investments. Also, 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, as the S&P 500 Index is comprised of mostly U.S. companies.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.portfolio21.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Return* Class R
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock
* The Fund’s year-to-date return for Class R shares as of September 30, 2012 was 9.89%.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
During the period shown in the bar chart, the Fund’s Class R shares’ highest quarterly return was 20.42% for the quarter ended June 30, 2009, and the lowest quarterly return was -20.69% for the quarter ended September 30, 2002.
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 9.89%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.42%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2002
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.69%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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").
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Actual after-tax returns depend on your situation and may differ from those shown.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The "Return After Taxes on Distributions" may be higher than the "Return Before Taxes" figures because the Fund receives dividends on securities that are net of foreign taxes.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
Effective immediately, the Fund is adding the MCSI World Index NR as a supplemental index.  The MSCI World IndexSM better reflects the global nature of the Fund’s investments.  Also, 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, as the S&P 500® Index is comprised of mostly U.S. companies.

Class I shares of the Fund commenced operations on March 30, 2007.  Performance shown for Class I shares for periods prior to its inception reflects the performance of Class R shares, adjusted to reflect Class I expenses.

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.  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”).  The “Return After Taxes on Distributions” may be higher than the “Return Before Taxes” figures because the Fund receives dividends on securities that are net of foreign taxes. Such taxes are eligible for pass through of foreign tax credits.  Shareholders can use the foreign tax credits to reduce their tax liability.  With a reduced tax liability, the shareholders are then able to reinvest more of the dividends allowing for a higher return.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns as of December 31, 2012
MSCI World IndexSM (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.54%
5 Years rr_AverageAnnualReturnYear05 (0.60%)
10 Years rr_AverageAnnualReturnYear10 8.08%
MCSI World Index NR (reflects no deduction for fees and expenses)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 15.83%
5 Years rr_AverageAnnualReturnYear05 (1.18%)
10 Years rr_AverageAnnualReturnYear10 8.72%
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
10 Years rr_AverageAnnualReturnYear10 7.10%
Retail Class
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Management Fee rr_ManagementFeesOverAssets 0.95%
Distribution and Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.27%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.47%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 150
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 465
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 803
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,757
Annual Return 2003 rr_AnnualReturn2003 32.18%
Annual Return 2004 rr_AnnualReturn2004 15.87%
Annual Return 2005 rr_AnnualReturn2005 6.01%
Annual Return 2006 rr_AnnualReturn2006 24.38%
Annual Return 2007 rr_AnnualReturn2007 10.41%
Annual Return 2008 rr_AnnualReturn2008 (35.52%)
Annual Return 2009 rr_AnnualReturn2009 31.15%
Annual Return 2010 rr_AnnualReturn2010 9.30%
Annual Return 2011 rr_AnnualReturn2011 (8.04%)
Annual Return 2012 rr_AnnualReturn2012 15.17%
1 Year rr_AverageAnnualReturnYear01 15.17%
5 Years rr_AverageAnnualReturnYear05 (0.43%)
10 Years rr_AverageAnnualReturnYear10 8.12%
Retail Class | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 15.19%
5 Years rr_AverageAnnualReturnYear05 (0.38%)
10 Years rr_AverageAnnualReturnYear10 8.15%
Retail Class | After Taxes on Distributions and Sales
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.28%
5 Years rr_AverageAnnualReturnYear05 (0.21%)
10 Years rr_AverageAnnualReturnYear10 7.36%
Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Management Fee rr_ManagementFeesOverAssets 0.95%
Distribution and Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.22%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.17%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 119
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 372
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 644
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,420
1 Year rr_AverageAnnualReturnYear01 15.51%
5 Years rr_AverageAnnualReturnYear05 (0.13%)
10 Years rr_AverageAnnualReturnYear10 8.16%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 30, 2007
XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Portfolio 21 Global Equity Fund | Portfolio 21 Global Equity Fund
Portfolio 21 Global Equity Fund
Investment Objective
The Portfolio 21 Global Equity Fund (the “Fund”) seeks long-term capital growth.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Portfolio 21 Global Equity Fund
Retail Class
Institutional Class
Redemption Fee (as a percentage of amount redeemed within 60 days of purchase) 2.00% 2.00%
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Portfolio 21 Global Equity Fund
Retail Class
Institutional Class
Management Fee 0.95% 0.95%
Distribution and Service (12b-1) Fee 0.25% none
Other Expenses 0.27% 0.22%
Total Annual Fund Operating Expenses 1.47% 1.17%
Example
This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual Expense Caps only in the first year).
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example Portfolio 21 Global Equity Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Retail Class
150 465 803 1,757
Institutional Class
119 372 644 1,420
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s turnover rate was 28% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests primarily in common stocks of companies that Portfolio 21 (the “Advisor”) believes are leaders in managing environmental risks and opportunities, have above average growth potential, and are reasonably valued.  Under normal market conditions, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in equity securities.  The Fund invests globally and has exposure to emerging and developed markets.  The Fund may invest in companies of any size, and seeks diversification by country and economic sector.

The Fund generally will invest at least 40% of its net assets in foreign companies. Foreign companies are those that either maintain their principal place of business outside of the United States, have their securities traded on non-U.S. exchanges or were formed under the laws of non-U.S. countries. Foreign companies may include companies doing business in the United States but meet the general criteria of a foreign company described above.  The Fund will invest in at least three different countries outside of the United States.

The Fund’s foreign holdings may include companies domiciled in emerging markets as well as companies domiciled in developed markets.  There is no limit to the percent of the Fund’s foreign holdings that may be invested in either emerging or developed markets and therefore the Fund may be invested entirely in companies from emerging markets.

The Advisor believes that the best long-term investments are found in companies with above-average financial characteristics and growth potential that also excel at managing environmental risks and opportunities and societal impact.  The Advisor believes that a company’s understanding of environmental principles demonstrates the qualities of innovation and leadership that create a distinct competitive advantage and build long-term value.  Therefore, the Advisor conducts fundamental research to find companies with attractive environmental, societal, and financial attributes.  In conducting fundamental research the Advisor combines traditional investment information with proprietary environmental analysis.  The Advisor believes that this creates a complete picture of how each company behaves commercially and how it deals with existing and emerging environmental risks and opportunities.  The Advisor considers a company’s position on various factors such as ecological limits, environmental stewardship, environmental strategies, stance on human rights and equality, societal impact as well as its corporate governance practices.

The Advisor believes that finding companies that meet its financial and environmental standards is an important part of the process, but that it is also critical to make investments at reasonable valuations.

A security will be sold within a reasonable period of time if the company no longer meets the Advisor’s environmental evaluation criteria or if the company no longer meets the Advisor’s minimum financial standards.
Principal Investment Risks
There is a risk that you could lose all or a portion of your investment in the Fund.  The following principal risks can affect the value of your investment:

·  
Equity Risk – Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value.

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

·  
Small- and Medium-Sized Company Risk:  Investing in securities of small- and medium-sized companies, even indirectly, may involve greater volatility than investing in larger and more established companies.

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

·  
Foreign Securities and Emerging Markets Risk:  Foreign securities involve increased risks due to political, social and economic developments abroad, as well as due to differences between United States and foreign regulatory practices.  These risks are enhanced in emerging markets.

·  
Environmental Policy Risk:  The Fund’s environmental sustainability policy could cause it to underperform compared to similar funds that do not have such a policy.  Accordingly, the Fund may forego opportunities to buy certain securities when it might otherwise be advantageous to do so, or may sell securities for environmental reasons when it might be otherwise disadvantageous for it to do so.
Performance
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.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.portfolio21.com.
Calendar Year Total Return* Class R
Bar Chart
* The Fund’s year-to-date return for Class R shares as of September 30, 2012 was 9.89%.
During the period shown in the bar chart, the Fund’s Class R shares’ highest quarterly return was 20.42% for the quarter ended June 30, 2009, and the lowest quarterly return was -20.69% for the quarter ended September 30, 2002.
Average Annual Total Returns as of December 31, 2012
Average Annual Returns Portfolio 21 Global Equity Fund
1 Year
5 Years
10 Years
Inception Date
Retail Class
15.17% (0.43%) 8.12%  
Institutional Class
15.51% (0.13%) 8.16% Mar. 30, 2007
After Taxes on Distributions Retail Class
15.19% (0.38%) 8.15%  
After Taxes on Distributions and Sales Retail Class
10.28% (0.21%) 7.36%  
MSCI World IndexSM (reflects no deduction for fees, expenses or taxes)
16.54% (0.60%) 8.08%  
MCSI World Index NR (reflects no deduction for fees and expenses)
15.83% (1.18%) 8.72%  
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
16.00% 1.66% 7.10%  
Effective immediately, the Fund is adding the MCSI World Index NR as a supplemental index.  The MSCI World IndexSM better reflects the global nature of the Fund’s investments.  Also, 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, as the S&P 500® Index is comprised of mostly U.S. companies.

Class I shares of the Fund commenced operations on March 30, 2007.  Performance shown for Class I shares for periods prior to its inception reflects the performance of Class R shares, adjusted to reflect Class I expenses.

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.  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”).  The “Return After Taxes on Distributions” may be higher than the “Return Before Taxes” figures because the Fund receives dividends on securities that are net of foreign taxes. Such taxes are eligible for pass through of foreign tax credits.  Shareholders can use the foreign tax credits to reduce their tax liability.  With a reduced tax liability, the shareholders are then able to reinvest more of the dividends allowing for a higher return.