Ten years ago, Portfolio 21 (PORTX) began investing in companies selected for their 21st Century “green” acumen. Now, ten years later, the financial performance of this global investing strategy has been very competitive.

Portfolio 21 integrates environmental selection criteria into its financial screens. The fund manages for ecological risks as well as opportunities. Portfolio 21 invests in companies designing ecologically superior products, using renewable energy, and developing efficient production methods. CEO and CIO, Leslie Christian, explains, “The fund’s investment strategy recognizes environmental sustainability as a fundamental human challenge and a tremendous business opportunity.”

Portfolio 21’s financial performance and green investing approach have attracted attention among retail and institutional investors. The Wall Street Journal recently cited Portfolio 21’s established track record, noting that it is one of the few green funds “broad and diversified enough to be used as a core holding in an investment portfolio.” (“The Price of Green,” The Wall Street Journal, 10/5/09).

In its ten-year history, Portfolio 21 has only experienced one month of negative cash outflows. Fund assets are now $298 million invested in 108 companies in 20 countries. A profile on each company illustrating the green approach is available at www.portfolio21.com.

FUND PERFORMANCE as of 9/30/093rd Qtr 20091 Year3 Years(avg annual)5 Years(avg annual)10 Years(avg annual)Since inception (9/30/99)(avg annual)Portfolio 2116.35%4.85%-0.43%6.26%3.89%3.89%MSCI World Index17.57%-1.64%-3.80%4.07%1.40%1.40%S&P 500 Index15.61%-6.91%-5.43%1.01%-0.16%-0.16%Expense Ratio: 1.51%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance date current to the most recent month-end may be obtained by calling 877-351-4115 or by visiting www.portfolio21.com. The Fund will assess a 2.00% fee on certain redemptions for shares purchased and held for less than 2 months. Performance data does not reflect the redemption fee. If it had, returns would be lower.

Portfolio 21 returns are compared with the MSCI World Equity Index. We use this index as a benchmark because Portfolio 21 is a global fund, investing in stocks throughout the world. Portfolio 21 does not attempt to replicate the MSCI World Equity Index. However, comparing performance results with a benchmark is helpful to identify relevant market conditions and fluctuations. The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. The S&P 500 Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. One cannot invest directly in an index.

Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund also invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Fund’s environmental policy could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not have an environmental policy.

The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 877-351-4115, or visiting http://www.portfolio21.com. Read it carefully before investing.

Investment performance reflects fee waivers in effect. In the absence of such waivers total return would be reduced.

Distributed by Quasar Distributors, LLC. (10/09)