N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-07737
The Purisima Funds
(Exact name of registrant as specified in charter)
5525 NW Fisher Creek Dr. Camas, Washington					98607
(Address of principal executive offices)					(Zip code)
U.S. Bancorp Fund Services, LLC 2020 E. Financial Way, Suite 100 Glendora, California 91741
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(650) 851-3334
Date of fiscal year end:	August 31
Date of reporting period:		February 28, 2014

Item 1. Reports to Stockholders.

Semi-Annual Report (Unaudited)
February 28, 2014

The Purisima Total Return Fund

Table of Contents

A Letter to Our Shareholders	2
Sector Breakdown	6
Expense Example	6
Schedule of Investments	8
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	18
Other Information	27
Trustees and Officer Information	32
Privacy Notice	36

Investment Objectives

Purisima Total Return Fund

The Purisima Total Return Fund ("the Fund") seeks a high total return. (Total return includes capital appreciation, dividend and interest income, and distributions).

Each Fund reserves the right to reject any order for the purchase of its shares or to limit or suspend, without prior notice, the offering of its shares. The required minimum investments may be waived in the case of certain qualified retirement plans. The Funds will not accept your account if you are investing for another person as attorney-in-fact. The Funds also will not accept accounts with a "Power of Attorney" in the registration section of the Purchase Application.

1

A Letter to Our Shareholders

Welcome to the semi-annual report for the Purisima Total Return Fund for the six-month period ending February 28, 2014. The Fund's primary investment objective is seeking a high total return for shareholders.

Market Review and Outlook

In the six months since our last report, global stocks have routinely marched to new highs, as economic reality surprised too-dour investors. For the period, the MSCI World Index rose 14.7%. The fund slightly underperformed this mark, rising 14.4%.

Fund Positioning

Geographically, the Fund's underweights to Canada, Australia and Japan and overweights to Denmark benefited returns, while underweights to Spain and Italy detracted from returns. Stock selection in the United States and Denmark boosted performance, while selection in France, the United Kingdom, Switzerland, Japan and Germany detracted.

On a sector basis, the Fund's overweights to Information Technology and Health Care and underweights to Energy and Consumer Staples contributed positively to returns, but an underweight to Industrials detracted. Sector stock selection in Materials benefited fund performance.

Mega-cap stocks (those with market caps exceeding the MSCI World's weighted average market cap) lagged smaller stocks for much of 2013 but outperformed in Q4. While only hindsight will tell whether this was the beginning of the extended period of mega-cap dominance we expect, this nascent trend is encouraging, and we believe mega-cap stocks' best days are ahead.

Outlook

We believe the bull market has plenty of room to run. Entering calendar year 2014, most professional market prognosticators' forecasts were clustered in the mid-single digits — almost none were very positive or negative. Many bears are just now starting to shed their gloom, but they still forecast timid positive returns, while fear of heights has dampened the bulls' enthusiasm. Typically, when the bears get less bearish and the bulls less bullish, markets will surprise both camps. This implies the likelihood down-a-lot scenario begins sometime this year is higher. However, we don't see any risks big, surprising or likely enough to upend the many positive divers at work.

On the economic front, in our view, the eventual end of the Fed's quantitative easing (QE) bond purchase program should enable the U.S. to grow faster. Note, our view on QE is the opposite of what you'll read from most sources, who seem to argue QE's end is potentially bad for stocks and the economy. We believe QE is a negative, as buying long-term Treasurys and mortgage-backed securities depresses long-term interest rates. Banks' loan profits are largely determined by the gap between short- and long-term interest rates. With the Fed Funds Target

2

Rate pinned in a 0% - 0.25% range, lower long-term rates makes the gap narrower, reducing loan profitability. Lower profitability likely makes banks less eager to lend, reducing the supply of available credit. The Fed itself has long viewed a wider yield spread as a positive leading economic indicator, and it is a component of the Leading Economic Index (LEI)⁽ⁱ⁾ — a powerful, yet underappreciated gauge of the economy's future direction. Today, the LEI is high and rising — in part due to a widening yield spread.

Speculation the Fed would reduce bond purchases began in May 2013. Long-term interest rates rose more than 100 basis points⁽ⁱⁱ⁾ in the aftermath and haven't revisited early May's lows.⁽ⁱⁱⁱ⁾ Higher interest rates haven't discouraged borrowing, nor have they weighed on growth. Total household credit grew in Q3 and Q4 2013, the first two quarters of growth in this expansion.^(iv) U.S. GDP accelerated in the back half of 2013 relative to the first, and stocks boomed. When the Fed announced it would officially begin tapering QE in December, reducing asset purchases from $85 billion to $75 billion, stocks didn't much flinch and Treasury rates remained relatively stable. Markets similarly sighed in January, when the Fed announced a further $10 billion reduction would begin in February. Markets largely discounted the minor moves — a small step in the right direction — well before they happened.

Yet many still cite the tepid pace of economic growth as an impediment to big stock market gains. Though gangbusters growth isn't a requirement for stock market returns — as 2013 demonstrated — accelerating global growth and corporate earnings in 2014 should keep the bull market going. LEIs in most countries are high and rising thanks to steepening yield curves globally. The UK is gaining steam, most Emerging Markets continue growing, and the eurozone recovery continues.

The political climate remains favorable, with gridlock persisting in the most competitive advanced economies and free-market reforms continuing in many Emerging Markets. The U.S. Congress set a new record for inactivity in 2013, and legislation should be similarly rare in 2014 as lawmakers gear up for November's midterm elections. Some fret Congressional fecklessness, but markets prefer a do-nothing Congress. Gridlock dramatically reduces the likelihood of big, controversial legislation that tends to spook investors.

Sentiment does not seem to appreciate this favorable backdrop. As Sir John Templeton said, "Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria." In our view, sentiment is far from the euphoria that typifies most market peaks.

i  The Leading Economic Index, published and maintained by The Conference Board (available at their website, www.conferenceboard.org), is a compilation of several key economic indicators believed to move in advance of economic cycles.

ii  A basis point is one hundredth of a percentage point, or 0.01%.

iii  Source: Factset, as of 03/14/2014. 10-year US Treasury yields were 1.63% on 05/02/2013 and rose to 2.74% by 07/09/2013. Lowest rate seen since was 2.50% on 10/23/2013. Average yields from 07/09/2013 to 02/28/2014 were 2.74%.

iv  Source: Federal Reserve Bank of St. Louis, Federal Reserve Board of Governors, as of 11/18/2013.

3

Investors are seemingly stuck between optimism and skepticism. Valuations substantiate this. The forward 12-month price-to-earnings ratio^(v) of the MSCI World Index is in line with its historical average. Typically, valuations expand markedly later in bull markets — sentiment gradually improves as investors gain confidence in stocks and the economy's future prospects, making them willing to pay a larger premium for a share of these profits, lifting markets higher.

Difficult as this is for some to believe, a correction could aid the process. We didn't have a correction in 2013, but might in 2014. It's rare — and difficult — for dour folks to shake their skepticism by simply noticing the world is better than they believed. However, if stocks were to experience a meaningful correction over a few weeks or months, the pessimists may believe they were proven correct — and become convinced markets have finally dealt with their concern.

While forecasting much beyond 12-18 months is folly, today's half-skeptical, half-optimistic sentiment implies this bull market is far from done. Typically, bull markets will drive on until reaching a state where euphoric investors aren't noticing deteriorating fundamentals — sapping the bull of its strength — or an external factor cuts it short. We do not believe we are near the former and, while we constantly look for signs of the latter, we see no evidence any shocking surprise with the power to derail the bull lurks.

Thank you, as always, for being clients.

Sincerely,

Kenneth L. Fisher
Chairman and Chief Investment Officer
Fisher Investments

Opinions expressed above are those of Kenneth L. Fisher and are subject to change, are not guaranteed and should not be considered investment advice.

Past performance does not guarantee future results.

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security.

Mutual fund investing involves risk of loss. Principal loss is possible. The Fund may use short sales of securities, which involve the risk that losses may exceed the original amount invested. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods. These risks

v  The price-to-earnings ratio is a measure of valuation calculated by dividing the company's share price by its earnings per share.

4

are greater for emerging markets. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investments in debt securities typically decrease in value when interest rates rise. This risk is greater for longer-term debt securities.

The MSCI World Index is a broad-based unmanaged capitalization-weighted stock index designed to measure global developed market equity performance. It consists of 23 developed market country indices. One cannot invest directly in an index.

This material must be preceded or accompanied by a prospectus.

Fisher Investments is the Adviser to The Purisima Funds. The Purisima Funds are distributed by Quasar Distributors, LLC 03/14

5

Sector Breakdown⁽¹⁾ (Unaudited)

Purisima Total Return Fund
Financials	20.81	%
Information Technology	18.85	%
Consumer Discretionary	15.64	%
Health Care	13.76	%
Exchange Traded Notes	12.69	%
Industrials	7.12	%
Consumer Staples	5.21	%
Energy	3.68	%
Materials	1.87	%
Mutual Funds	0.35	%
Telecommunication Services	0.02	%
Total	100.00	%

⁽¹⁾  Percentage of Total Investments as of February 28, 2014.

Important Information

The following disclosure provides important information regarding the Fund's Expense Example. Refer to this information when reviewing the Expense Example for the Fund.

Expense Example (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period indicated and held for the entire period from September 1, 2013 to February 28, 2014, for the Total Return Fund.

Actual Expenses

The information in the table under the heading "Actual Performance" provides information about actual account values and actual expenses. You may use the information in these columns together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the row entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

6

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical Performance (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Fund's actual returns. Hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees. Therefore, the information under the heading "Hypothetical Performance (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Purisima Total Return Fund	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (09/01/13)	$	1,000.00	$	1,000.00
Ending Account Value (02/28/14)	$	1,143.70	$	1,018.16
Expenses Paid During Period(1)	$	7.11	$	6.69

⁽¹⁾  Expenses are equal to the Fund's expense ratio for the six month period of 1.34% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

7

Purisima Total Return Fund
Schedule of Investments

February 28, 2014 (Unaudited)

Number of Shares			Value
COMMON STOCKS: 86.37%
Canada: 1.29%
	69,700	Royal Bank of Canada	$	4,533,288
China: 0.33%
	635	Baidu.com – ADR (a)		108,541
	157,025	Bank Of China Ltd.		65,962
	48,000	Beijing Capital International Airport Co. Ltd.		36,369
	48,000	Brilliance China Automotive Holdings Ltd.		73,108
	100,400	China Construction Bank Corp.		68,955
	4,500	China Mobile Ltd.		42,764
	19,000	China Pacific Insurance Group Co. Ltd.		65,247
	18,625	China Resources Enterprise Ltd.		52,439
	35,000	CITIC Securities Co. Ltd.		72,611
	7,800	Hengan International Group Co. Ltd.		84,678
	95,000	Industrial & Commercial Bank of China		56,922
	96,000	Lenovo Group Ltd.		102,426
	8,500	Ping An Insurance Group Co.		69,058
	3,200	Tencent Holdings Ltd.		256,683
				1,155,763
Denmark: 2.12%
	37,375	Novo Nordisk A/S – ADR		1,776,434
	119,775	Novo Nordisk A/S – Class B		5,709,057
				7,485,491
France: 5.40%
	21,235	L'Oreal SA		3,597,886
	24,400	L'Oreal SA – ADR		824,720
	41,175	LVMH Moet Hennessy Louis Vuitton SA		7,664,047
	66,580	Sanofi		6,922,857
				19,009,510

The accompanying notes are an integral part of these financial statements.
8

Number of Shares			Value
Germany: 5.78%
	29,825	BASF SE	$	3,434,189
	70,450	Daimler AG		6,565,791
	58,315	SAP AG		4,710,405
	42,400	Siemens AG		5,662,853
				20,373,238
Hong Kong: 0.11%
	14,050	AIA Group Ltd.		68,706
	5,000	Cheung Kong Holdings Ltd.		78,345
	3,400	Hong Kong Exchanges and Clearing Ltd.		52,749
	20,800	Sands China Ltd.		173,946
	8,000	Shangri-La Asia Ltd.		13,360
				387,106
India: 0.13%
	9,450	Cipla Ltd. – GDR		58,657
	1,750	Dr. Reddy's Laboratories Ltd. – ADR		80,325
	2,810	HDFC Bank Ltd. – ADR		94,388
	700	Infosys Ltd. – ADR		43,169
	1,165	Reliance Industries Ltd. – GDR		30,080
	11,475	Tata Global Beverages Ltd. – GDR		25,892
	3,300	Tata Motors Ltd. – ADR		115,104
				447,615
Indonesia: 0.06%
	58,000	Bank Mandiri Tbk PT		45,465
	68,500	Bank Rakyat Tbk PT		54,728
	38,500	Jasa Marga Persero Tbk PT		17,826
	24,000	Semen Gresik Tbk PT		31,010
	149,500	Telekomunikasi Indonesia Persero Tbk PT		29,941
	15,500	Unilever Indonesia Tbk PT		38,152
				217,122
Japan: 1.56%
	47,775	Toyota Motor Corp. – ADR		5,508,458
Malaysia: 0.02%
	22,600	CIMB Group Holdings BHD		49,387
	7,500	Genting BHD		23,119
				72,506

The accompanying notes are an integral part of these financial statements.
9

Number of Shares			Value
Philippines: 0.02%
	16,780	Metropolitan Bank & Trust Co.	$	30,827
	1,810	SM Investments Corp.		28,142
				58,969
Singapore: 0.03%
	8,300	DBS Group Holdings Ltd.		108,165
South Korea: 0.26%
	2,750	Hynix Semiconductor, Inc.		99,824
	140	Hyundai Heavy Industries Co. Ltd.		28,787
	225	Hyundai Mobis		66,077
	455	Hyundai Motor Co.		104,426
	1,040	KB Financial Group, Inc.		38,872
	840	KT&G Corp.		61,535
	220	LG Chem Ltd.		52,450
	177	NAVER Corp.		135,465
	165	Samsung Electronics Co. Ltd.		208,511
	670	Samsung Life Insurance Co. Ltd.		63,391
	910	Shinhan Financial Group Co. Ltd.		37,892
	235	SK Innovation Co. Ltd. (a)		29,389
				926,619
Switzerland: 3.70%
	76,100	Novartis AG		6,355,367
	310,550	UBS AG (a)		6,662,966
				13,018,333
Taiwan: 0.11%
	13,204	Advanced Semiconductor Engineering, Inc. – ADR		65,624
	39,247	Fubon Financial Holdings Co. Ltd.		54,859
	40,458	Hon Hai Precision Industry Co. Ltd.		112,168
	41,800	Taiwan Semiconductor Manufacturing Co. Ltd.		149,000
				381,651
Thailand: 0.02%
	6,550	Bangkok Bank PCL		34,512
	8,600	Bangkok Dusit Medical Services PCL		33,741
	25,000	Charoen Pokphand Foods PCL		20,881
				89,134

The accompanying notes are an integral part of these financial statements.
10

Number of Shares			Value
United Kingdom: 6.43%
	94,000	BHP Billiton PLC	$	3,035,584
	106,020	GlaxoSmithKline PLC – ADR		5,930,759
	741,400	HSBC Holdings PLC		7,817,736
	3,600,225	Lloyds Banking Group PLC (a)		4,975,494
	158,700	Lloyds Banking Group PLC – ADR (a)		887,133
				22,646,706
United States: 59.00%
	24,840	Amazon.com, Inc. (a)		8,994,564
	109,930	American Express Co.		10,034,410
	16,700	Apple, Inc.		8,788,208
	391,450	Bank Of America Corp.		6,470,669
	52,475	Berkshire Hathaway, Inc. – Class B (a)		6,075,555
	32,075	Chevron Corp.		3,699,210
	128,140	Cisco Systems, Inc.		2,793,452
	124,700	Citigroup, Inc.		6,064,161
	113,950	Comcast Corp. – Class A		5,890,075
	53,825	Exxon Mobil Corp.		5,181,733
	324,320	General Electric Co.		8,260,430
	7,315	Google, Inc. – Class A (a)		8,892,480
	189,845	Intel Corp.		4,700,562
	34,075	International Business Machines Corp.		6,309,668
	109,835	Johnson & Johnson		10,118,000
	151,435	JPMorgan Chase & Co.		8,604,537
	50,850	McDonald's Corp.		4,838,378
	175,795	Microsoft Corp.		6,734,706
	107,350	Oracle Corp.		4,198,458
	48,750	PepsiCo, Inc.		3,903,413
	347,455	Pfizer, Inc.		11,156,780
	81,090	Procter & Gamble Co.		6,378,539
	108,575	Qualcomm, Inc.		8,174,612
	42,430	Schlumberger Ltd.		3,945,990
	6,100	The Boeing Co.		786,412
	84,495	The Coca-Cola Co.		3,227,709
	89,675	The Home Depot, Inc.		7,356,040
	90,775	The Walt Disney Co.		7,335,528
	86,030	United Technologies Corp.		10,067,231
	41,430	Visa, Inc. – Class A		9,360,694

The accompanying notes are an integral part of these financial statements.
11

Number of Shares			Value
United States (continued)
	203,785	Wells Fargo & Co.	$	9,459,700
				207,801,904
	TOTAL COMMON STOCKS (Cost $231,131,193)		$	304,221,578
EXCHANGE TRADED NOTES: 12.61%
	28,625	Barclays + FI Enhanced Europe 50		3,592,724
	113,650	Barclays + FI Enhanced Global High Yield		13,262,944
	78,700	Credit Suisse FI Enhanced Europe 50		10,209,743
	41,700	FI Enhanced Global High Yield		4,886,823
	264,125	UBS AG FI Enhanced Big Cap Growth		12,459,040
				44,411,274
	TOTAL EXCHANGE TRADED NOTES (Cost $32,870,625)		$	44,411,274
SHORT-TERM INVESTMENTS: 0.35%
Mutual Funds: 0.35%
	1,228,289	SEI Daily Income Trust Government Fund		1,228,289
	TOTAL SHORT-TERM INVESTMENTS (Cost $1,228,289)		$	1,228,289
	TOTAL INVESTMENTS: 99.33% (Cost $265,230,107)			349,861,141
	Other Assets in Excess of Liabilities: 0.67%			2,364,799
		TOTAL NET ASSETS: 100.00%	$	352,225,940

ADR - American Depository Receipt.

GDR - Global Depository Receipt.

(a) Non-Income Producing.

The accompanying notes are an integral part of these financial statements.
12

Industry	% of Net Assets
Commercial Banks		14.05	%
Pharmaceuticals		13.66	%
Exchange Traded Notes		12.61	%
IT Services		4.46	%
Software		4.44	%
Industrial Conglomerates		3.96	%
Media		3.76	%
Automobiles		3.51	%
Communications Equipment		3.11	%
Aerospace & Defense		3.08	%
Consumer Finance		2.85	%
Internet Software & Services		2.67	%
Internet & Catalog Retail		2.55	%
Oil, Gas & Consumable Fuels		2.54	%
Technology Hardware, Storage & Peripherals		2.52	%
Textiles, Apparel & Luxury Goods		2.18	%
Specialty Retail		2.09	%
Beverages		2.03	%
Capital Markets		1.91	%
Household Products		1.82	%
Diversified Financial Services		1.76	%
Semiconductors & Semiconductor Equipment		1.48	%
Hotels, Restaurants & Leisure		1.43	%
Personal Products		1.28	%
Energy Equipment & Services		1.12	%
Chemicals		0.99	%
Metals & Mining		0.86	%
Insurance		0.08	%
Electronic Equipment, Instruments & Components		0.03	%
Real Estate Management & Development		0.02	%
Auto Components		0.02	%
Tobacco		0.02	%
Transportation Infrastructure		0.02	%
Food & Staples Retailing		0.01	%
Food Products		0.01	%
Wireless Telecommunication Services		0.01	%
Health Care Providers & Services		0.01	%
Construction Materials		0.01	%
Diversified Telecommunication Services		0.01	%
Machinery		0.01	%
Total Investment in Securities		98.98	%
Cash Equivalent		0.35	%
Other Assets in Excess of Liabilities		0.67	%
TOTAL NET ASSETS		100.00	%

The accompanying notes are an integral part of these financial statements.
13

Purisima Total Return Fund
Statement of Assets and Liabilities

February 28, 2014 (Unaudited)

ASSETS:
Investments at value (cost $265,230,107)	$	349,861,141
Foreign currency at value (cost $15,612)		15,166
Receivables:
Receivable for investments sold		1,899,643
Receivable for Fund shares sold		188,947
Interest and dividends receivable		1,070,731
Prepaid expenses		71,190
Total Assets		353,106,818
LIABILITIES:
Payable for Fund shares redeemed		254,104
Payable to the Adviser (Note 3)		265,702
Accrued distribution fees (Note 4)		228,481
Accrued fund administration, fund accounting, transfer agent and custody fees		110,246
Accrued expenses		22,345
Total Liabilities		880,878
NET ASSETS	$	352,225,940
Number of shares issued and outstanding (unlimited shares authorized, $0.01 par value)		15,403,951
Net asset value, redemption price and offering price per share	$	22.87
COMPONENTS OF NET ASSETS:
Paid-in capital	$	261,084,818
Undistributed net investment income		777,057
Accumulated net realized gain on investments		5,723,432
Net unrealized appreciation/depreciation on:
Investments		84,631,034
Foreign currency		9,599
Net Assets	$	352,225,940

The accompanying notes are an integral part of these financial statements.
14

Purisima Total Return Fund
Statement of Operations

For the Six Months Ended February 28, 2014 (Unaudited)

INVESTMENT INCOME:
Dividend income(1)	$	3,131,858
Interest income		292
Total Investment Income		3,132,150
EXPENSES:
Investment advisory fees (Note 3)		1,761,158
Distribution fees (Note 4)		158,504
Administration fees (Note 3)		137,593
Transfer agent fees		72,531
Custody fees		62,805
Fund accounting fees		61,324
Miscellaneous expenses		50,437
Reports to shareholders		14,939
Registration fees		13,265
Trustees fees		12,027
Audit fees		8,931
Legal fees		1,570
Interest expense		9
Total expenses		2,355,093
Net investment income		777,057
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on:
Investments		14,039,139
Foreign currency transactions		(6,464	)
Change in net unrealized appreciation/depreciation on:
Investments		32,384,474
Foreign currency transactions		11,950
Net realized and unrealized gain on investments and foreign currency		46,429,099
Net increase in net assets resulting from operations	$	47,206,156

(1)  Net of $112,908 in foreign withholding taxes.

The accompanying notes are an integral part of these financial statements.
15

Purisima Total Return Fund
Statement of Changes in Net Assets

	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013
OPERATIONS:
Net investment income	$	777,057		$	3,446,071
Net realized gain (loss) on:
Investments		14,039,139			7,086,697
Foreign currency transactions		(6,464	)		(90,718	)
Change in net unrealized appreciation/depreciation on:
Investments		32,384,474			32,627,406
Foreign currency transactions		11,950			(23,801	)
Net increase in net assets resulting from operations		47,206,156			43,045,655
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,574,894	)		(4,498,664	)
From net realized gain on investments		(13,294,874	)		(2,670,531	)
Net decrease in net assets resulting from distributions paid		(15,869,768	)		(7,169,195	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		12,040,962			27,138,252
Proceeds from reinvestment of distributions		15,022,938			6,720,245
Cost of shares redeemed		(47,617,865	)		(90,865,856	)
Net decrease from capital share transactions		(20,553,965	)		(57,007,359	)
Total increase (decrease) in net assets		10,782,423			(21,130,899	)
NET ASSETS:
Beginning of period		341,443,517			362,574,416
End of period (includes undistributed net investment income of $777,057and $2,574,894 respectively)	$	352,225,940		$	341,443,517
CHANGE IN CAPITAL SHARES:
Shares outstanding, beginning of period		16,324,820			19,167,716
Shares sold		539,786			1,345,495
Shares issued on reinvestment of distributions		677,931			344,805
Shares repurchased		(2,138,586	)		(4,533,196	)
Net decrease in capital shares		(920,869	)		(2,842,896	)
Shares Outstanding, end of period		15,403,951			16,324,820

The accompanying notes are an integral part of these financial statements.
16

Purisima Total Return Fund
Financial Highlights

For a capital share outstanding throughout each period.

The following information should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this Semi-Annual Report.

	Six Months Ended February 28,			Year Ended August 31,
	2014(1)			2013			2012			2011			2010			2009
Net asset value, beginning of the period	$	20.92		$	18.92		$	19.08		$	16.14		$	16.24		$	20.25
Income from investment operations:
Net investment income		0.06			0.20	(2)		0.20			0.20			0.14			0.19
Net realized and unrealized gain (loss) on investments		2.92			2.20			(0.17	)		2.88			(0.06	)		(3.79	)
Total income (loss) from investment operations		2.98			2.40			0.03			3.08			0.08			(3.60	)
Less distributions:
From net investment income		(0.17	)		(0.25	)		(0.19	)		(0.14	)		(0.17	)		(0.12	)
From net realized gain		(0.86	)		(0.15	)		–			–			(0.01	)		(0.29	)
Total distributions		(1.03	)		(0.40	)		(0.19	)		(0.14	)		(0.18	)		(0.41	)
Net asset value, end of period	$	22.87		$	20.92		$	18.92		$	19.08		$	16.14		$	16.24
Total return		14.37	%(3)		12.87	%		0.21	%		19.05	%		0.42	%		(17.37	%)
Ratios/supplemental data:
Net assets, end of period (millions)	$	352.2		$	341.4		$	362.6		$	388.7		$	343.2		$	361.4
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed or recouped		1.34	%(4)		1.35	%		1.36	%		1.34	%		1.35	%		1.51	%
After fees waived and expenses absorbed or recouped		1.34	%(4)		1.35	%		1.36	%		1.34	%		1.36	%		1.50	%
Ratio of net investment income to average net assets		0.44	%(4)		0.97	%		0.99	%		0.92	%		0.75	%		1.37	%
Portfolio turnover rate		11.89	%(3)		12.54	%		101.90	%		35.06	%		10.82	%		22.04	%

⁽¹⁾  Unaudited.

⁽²⁾  Per share net investment income has been calculated using the daily average share method.

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

⁽⁵⁾  Net of fees waived.

The accompanying notes are an integral part of these financial statements.
17

Purisima Total Return Fund

Notes to Financial Statements

February 28, 2014 (Unaudited)

NOTE 1 – ORGANIZATION

The Purisima Funds (the "Trust") was organized as a Delaware statutory trust on June 27, 1996 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company issuing its shares in series. Each series represents a distinct portfolio with its own investment objectives and policies. The accompanying financial statements include the Total Return Fund (the "Fund"), which commenced operations on October 28, 1996, one of the two portfolios comprising the Trust. Fisher Asset Management, LLC (doing business as Fisher Investments) (the "Adviser") serves as the investment adviser to the Funds.

The investment objective of the Total Return Fund is as follows:

The Total Return Fund is a diversified fund and seeks a high total return. The Fund seeks to achieve its objective by investing in a portfolio allocated between domestic and foreign common stocks, fixed-income securities, money market instruments and other equity-type securities. The Fund's investments in different types of securities may vary significantly.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

A.  Security Valuation. Investments in securities traded on a national securities exchange are valued at the last sales price on the business day as of which such value is being determined. If on a particular day, an exchange-listed security does not trade, then the mean between the bid and asked prices will be used. Foreign exchange traded equity securities are valued based upon the price on the exchange or market on which they trade as of the close of business of such market or exchange immediately preceding the time the Fund's net asset value is determined. Investments in securities traded on the NASDAQ Global Market, the NASDAQ Global Select Market and the NASDAQ Capital Market will be valued at the NASDAQ Official Closing Price ("NOCP"), which may not necessarily represent the last sale price. Securities traded on an exchange or NASDAQ for which there have been no sales and other over-the-counter securities are valued at the closing price. Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees or their designee, taking into consideration: (I) fundamental analytical data relating to the investment; (II) the nature and duration of restrictions on disposition of the securities; and (III) an evaluation of the forces which influence the market in which these securities are purchased and sold. Debt securities with remaining maturities of 60

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days or less are valued at amortized cost which, when combined with accrued interest, approximates market value.

B.  Foreign Currency Translation. The Fund's records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Fund does not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

C.  Federal Income and Excise Taxes. The Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its income to its shareholders. Therefore, no federal income or excise tax provision is required.

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon its current interpretations of the tax rules and regulation that exist in the markets in which it invests.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely then not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2010 – 2012), or expected to be taken in the Fund's 2013 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal and State of California. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

D.  Security Transactions, Investment Income and Distributions. Security transactions are accounted for on trade date. Dividend income and distributions to shareholders are recorded on the ex-dividend date and interest income is recognized on the accrual basis. Realized gains and losses are evaluated on the bases of identified costs.

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E.  Use of Estimates. The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

F.  Concentration of Risk. Investments in securities of non-U.S. issues in certain countries involve special investment risks. These risks may include but are not limited to, investment restrictions, adverse political, social and economic developments, government involvement in the private sector, limited and less reliable investor information, lack of liquidity, certain local tax law considerations, and limited regulation of the securities markets.

G.  Securities Sold Short. To the extent the Fund engages in selling securities short, it is obligated to replace a security borrowed by purchasing the same security at the current market value. The Fund would incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund would realize a gain if the price of the security declines between those dates.

The Fund is required to establish a margin account with the broker lending the security sold short. While the short sale is outstanding, the broker retains the proceeds of the short sale and the Fund must also maintain a deposit with the broker consisting of cash having a value equal to a specified percentage of the value of the securities sold short.

H.  Exchange-Traded Notes, Index-Linked Notes and Similar Instruments. The Fund may invest in leveraged and unleveraged exchange-traded notes, index-linked notes and similar instruments (collectively known as "Linked Notes"), which are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy minus applicable fees. Some Linked Notes are traded on an exchange (e.g., the New York Stock Exchange) during normal trading hours. Other Linked Notes may be directly sold by the issuer, such as a larger broker-dealer, and are not traded. At maturity, the issuer pays to the investor a cash amount equal to the principal amount, subject to the applicable market benchmark or strategy factor. Linked Notes that are not traded may be subject to a holding period until maturity during which an early redemption fee or other charges may apply.

Linked Notes are subject to credit risk and the value of a Linked Note may drop because of a downgrade in the issuer's credit rating, despite the underlying market benchmark or strategy remaining unchanged. Linked Notes may not make periodic coupon payments or provide principal protection. The value of a Linked Note may also be influenced by time to maturity, level of supply and demand for the Linked Note, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset. The issuer of a Linked Note may not

20

be required to maintain the listing and there can be no assurance that a secondary market will exist for a Linked Note. In addition, no assurance can be given that the Internal Revenue Service will accept, or a court will uphold, how the Fund characterizes and treats Linked Notes for tax purposes. Some Linked Notes that use leverage may multiply the market effect on the value of the instrument and, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Leveraged Linked Notes are subject to the same risks, such as greater volatility, costs and the potential for increased losses, as other instruments that use leverage in any form.

A Linked Note that is tied to a specific market benchmark or strategy may not be able to replicate and maintain exactly the composition and relative weighting of securities, commodities or other components in the applicable market benchmark or strategy. The market value of Linked Notes may differ from their market benchmark or strategy because the supply and demand in the market for Linked Notes at any point in time is not always identical to the supply and demand in the market for the securities, commodities or other components underlying the market benchmark or strategy that the Linked Note seeks to track. As a result, there may be times when a traded Linked Note trades at a premium or discount to its market benchmark or strategy.

I.  Accounting for Derivatives. The Fund is required to disclose additional information regarding use of derivatives. This is the risk that an investment in derivatives may not correlate completely to the performance of the underlying securities and may be volatile and that the insolvency of the counterparty to a derivative instrument could cause the Fund to lose all or substantially all of its investment in the derivative instrument, as well as the benefits derived therefrom.

The Fund currently invests in derivatives to give the Fund additional exposure to the Russell 1000 Growth Index without investing directly in each of the underlying securities of the index.

J.  Reclassification of Capital Accounts. Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent difference be reclassified between financial and tax reporting. These reclassifications are primarily related to gains or losses on foreign currency and foreign tax gains and have no effect on net assets or net asset value per share. For the fiscal year ended August 31, 2013, the Total Return Fund decreased accumulated undistributed net investment income by $90,718, and increased accumulated net realized gain on investments by $90,718.

K.  Indemnification Obligations. Under the Fund's organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred or that would be covered by other parties.

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L.  Line of Credit. The Fund has a Loan Agreement with U.S. Bank N.A. Under the terms of the Loan Agreement, the Fund's borrowings cannot exceed the lesser of $8,000,000 or 33 1/3% of the net assets of the Fund. The interest rate paid on the Loan equals the prime rate per annum, payable monthly.

  Borrowing activity under the Loan Agreement for the six months ended February 28, 2014, was as follows:

Maximum Amount Outstanding		Interest Expense		Amount Outstanding at February 28, 2014		Average Amount Outstanding		Average Interest Rate
$	114,000	$	9	$	–	$	630		2.75	%

NOTE 3 – COMMITMENTS, OTHER RELATED PARTY TRANSACTIONS AND OTHER SERVICE PROVIDERS

The Fund has an Investment Management Agreement with the Adviser to provide investment advisory services to the Fund. The Adviser furnishes all investment advice, office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Adviser is entitled to a monthly fee at the annual rate of 1.00% of the Fund's average daily net assets.

The Fund is responsible for its own operating expenses. The Adviser has contractually agreed to limit the Fund's total expenses (exclusive of brokerage, interest, taxes, dividends on securities sold short, acquired fund fees, and extraordinary expenses) to not more than 1.50% of the average daily net assets.

Any fee withheld and/or any Fund expense absorbed by the Adviser pursuant to an agreed upon expense cap shall be reimbursed by the Fund to the Adviser, if so requested by the Adviser, anytime before the end of the third fiscal year following the year to which the fee reduction, waiver, or expense absorption relates, provided the aggregate amount of the Fund's current operating expenses for such fiscal year does not exceed the applicable limitation on Fund expenses in place at the time the expenses were waived. Any such reimbursement is also contingent upon Board of Trustees review and approval prior to the time the reimbursement is initiated. The Fund must pay its current ordinary operating expenses before the Adviser is entitled to any reimbursement of fees and/or expenses. For the six months ended February 28, 2014, the Advisor had previously recouped all fees previously waived and expenses absorbed from the Total Return Fund.

U.S. Bank, N.A. serves as the Fund's Custodian. U.S. Bancorp Fund Services, LLC ("USBFS"), an affiliate of U.S. Bank, N.A., serves as the Administrator, Fund Accountant and Transfer Agent. In its capacity as the Fund's Administrator, USBFS provides general fund management including corporate secretarial services, coordinates the preparation of materials for the Board of Trustees, assists with the annual audit of the Fund's financial statements, monitors the Fund's compliance with federal and state regulations as well as investment restrictions, coordinates the payment of Fund expenses and monitors expense accruals, prepares

22

financial statements and non-investment related statistical data and makes required tax reporting calculations. For the six months ended February 28, 2014, Purisima Total Return Fund paid USBFS $137,593 for services rendered in its capacity as the Trust's Administrator.

Quasar Distributors, LLC, an affiliate of U.S. Bank, N.A. and USBFS, serves as principal underwriter of the Fund and acts as the Fund's distributor in a continuous public offering of the Fund's shares.

NOTE 4 – SERVICE AND DISTRIBUTION PLAN

The Trust has adopted a Service and Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Total Return Fund is authorized to pay expenses incurred for the purpose of financing activities, including the employment of other dealers, intended to result in the sale of shares of the Fund. The fee accrues at an annual rate not to exceed 0.25% of the Fund's average daily net assets. For the six months ended February 28, 2014, the Fund incurred $158,504 in distribution fees. Quasar Distributors, LLC, an affiliate of U.S. Bank, N.A. and USBFS, serves as distributor of the Fund pursuant to a Distribution Agreement with the Trust.

NOTE 5 – INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of securities, excluding U.S. Government securities and short-term investments, for the six months ended February 28, 2014 were as follows:

Fund	Purchases		Sales
Total Return Fund	$	41,721,069	$	79,108,786

NOTE 6 – OTHER DERIVATIVES INFORMATION

At February 28, 2014, the Fund had invested in exchange traded notes reflected in the Statement of Assets and Liabilities as follows:

	Statement of Assets and Liabilities Location	Fair Value Amount
Exchange Traded Notes	Investments at value	$	44,411,274

For the six months ended February 28, 2014, the effect of the exchange traded notes on the Fund's Statement of Operations was as follows:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation on Investments
Exchange Traded Notes	$	2,475,411	$	7,903,538

NOTE 7 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions

23

(unobservable inputs). These inputs are used in determining the value of each Fund's investments and are summarized in the following fair value hierarchy:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions, based on the best information available, about the assumptions a market participant would use in valuing the asset or liability.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purpose, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of February 28, 2014 for the Fund's assets and liabilities measured at fair value:

Description	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	304,137,029	$	84,549	$	–	$	304,221,578
Exchange Traded Notes		44,411,274		–		–		44,411,274
Total Equity		348,548,303		84,549		–		348,632,852
Short-Term Investments		1,228,289		–		–		1,228,289
Total Investments in Securities*	$	349,776,592	$	84,549	$	–	$	349,861,141

*  Please refer to the Schedule of Investments for country breakdown.

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As of February 28, 2014, there were no transfers between Levels 1, 2 and 3. The Fund did not hold any Level 3 securities during the six month period ended February 28, 2014. It is the Fund's policy to record transfers at the end of the reporting period.

NOTE 8 – FEDERAL INCOME TAX MATTERS

The difference between the book and tax basis components of the distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. These differences are primarily attributable to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on passive foreign investment companies and return of capital distributions and income adjustments recognized for tax purposes on real estate investment trusts. Short-term gains distributions reported in the Statements of Changes of Net Assets, if any, are reported as ordinary income for federal tax purposes.

As of August 31, 2013, the Fund's most recent fiscal year end, the components of distributable earnings on a tax basis were as follows:

	Total Return
Cost of investments for tax purposes	$	289,341,460
Gross tax unrealized appreciation	$	56,653,237
Gross tax unrealized depreciation		(5,266,400	)
Net unrealized currency appreciation		(2,351	)
Net tax unrealized appreciation		51,384,486
Undistributed ordinary income		5,884,302
Undistributed long-term capital gains		2,535,946
Total distributable earnings		8,420,248
Other accumulated loss		–
Total accumulated gain	$	59,804,734

The tax character of distributions paid during the six months ended February 28, 2014 and the fiscal year ended August 31, 2013 were as follows:

	Ordinary Income		Long Term Capital Gains
Total Return Fund
2/28/2014	$	5,884,346	$	9,985,422
8/31/2013	$	4,812,521	$	2,356,674

NOTE 9 – RECENT ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update 2011-11 Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"). Effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, ASU 2011-11 is intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. At this time, Management is evaluating the implications of ASU 2011-11 and its impact on the financial statements.

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NOTE 10 – SUBSEQUENT EVENTS

The Fund is required to recognize in the financial statements the effect of all subsequent events that provide additional evidence about conditions that existed at the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

26

Other Information

BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

On November 7, 2013, the Board of Trustees (the "Board") performed its annual review and renewal of the Investment Management Agreement for the Total Return Fund for the one-year period commencing December 1, 2013. The Board, including the Independent Trustees, took into consideration information provided at the meeting, as well as a wide variety of materials relating to the services provided by the Adviser. Extensive information was provided to the Board in response to a detailed request for information sent to the Adviser by legal counsel to the Fund. That information included reports on the financial condition of the Adviser, the services, operations and personnel of the Adviser, compliance procedures, investment performance, brokerage and portfolio transactions, distribution and marketing plans and other information relating to the nature, extent and quality of services provided by the Adviser to the Fund. In addition, the Board discussed and reviewed information regarding the Fund's investment results, as well as advisory fee and expense comparisons. The Board's Independent Trustees met separately to discuss the various factors summarized below.

In deciding to renew the Agreement, the Board did not identify any single factor or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.

1.  Nature, Extent and Quality of Services

The Adviser, its personnel and its resources. The Board considered the depth and quality of the Adviser's investment management process, including its sophisticated methodology; the experience, capability and integrity of its senior management and other personnel, especially the Adviser's Investment Policy Committee and personnel who directly support the Fund; the longevity and relatively low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Board discussed the quality of the services provided by the Adviser and noted that the quarterly report from the Adviser was extremely sophisticated and thorough. The Board commented on the high quality of the independent capital markets research conducted by the Adviser and reported to the Board on a regular basis. The Board's consensus was that the Adviser was open about its thinking on the management of the Fund and very available to address any questions or concerns the Board may have from time to time. The Board also considered that the Adviser made available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board further considered the Adviser's continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems. The Board also observed that the Adviser had maintained the quality of services provided to the Fund despite the continued relatively small share of the Adviser's assets under management represented by the Fund, which has been consistently less than one percent.

27

Other Services. The Board considered the Adviser's policies, procedures and systems to ensure compliance with applicable laws and regulations and its commitment to these programs; its efforts to keep the Board informed; and its attention to matters that may involve conflicts of interest with the Fund.

The Board concluded that the nature, extent and quality of the services provided by the Adviser has benefited and should continue to benefit the Fund and its shareholders.

2.  Investment Performance

The Board considered the Fund's pursuit of its investment objective and the investment results of the Fund in light of its objective. The Board compared the Fund's total returns with various independent securities price indexes (the Standard & Poor's 500 Stock Price Index, the MSCI World Index, the MSCI EAFE Index and the Russell 1000 Growth Index) and mutual fund peer groups objectively compiled using data from Morningstar, Inc., and noted the performance of the Fund during various periods compared to those indexes and peer groups. The Board noted the wide range of funds and strategies against which the Fund was being compared, not all of which are directly comparable by objective or strategy. The Board found that for the one, three, five and ten year periods, the Fund's performance was below the median. However, the Board also reviewed performance since inception and found that the Fund had outperformed several benchmarks including the MSCI World Index, MSCI EAFE Index and Russell 1000 Growth Index. The Board discussed the adviser's plan to improve performance. The Board noted that it was comfortable with the strategy and investment style of the Fund and determined that underperformance was largely related to the timing of implementation of that strategy. The Board will continue to monitor performance, but also understands the challenges of recent market conditions.

The Board concluded that the Adviser's services to the Fund have provided some value compared to the lowest performing funds in the peer group for certain periods, and have generated a positive return for the period since inception. The Board also continues to see value in the Adviser's services and the potential for improvement of relative performance for future periods.

3.  Advisory Fees and Total Expenses

The Board reviewed the advisory fees and total expenses of the Fund and compared such amounts with the average fee and expense levels of other funds in an applicable group of peer funds compiled using data from Morningstar, Inc. The Board observed that the Fund's advisory fees were at the high end for the peer group and 0.20% above the median fees, and total expenses were at the median expense levels of the comparable funds in the peer group. The Board further noted that the Fund has operated below its expense limit in some recent fiscal periods. The Board concluded that the level of the fees charged by the Adviser benefits the Fund and its shareholders overall. The Board then considered the fees charged to the Fund compared to the Adviser's private clients. The Board considered as part of a detailed comparison the extra burden of administration,

28

public reporting, compliance, deadlines, risk and regulations associated with the Fund that do not apply to the private accounts. The Board determined that the respective mutual fund peer groups provided a better comparison and it found the Fund's fees reasonable.

4.  Adviser, Costs, Level of Profits and Economies of Scale

The Board discussed the Adviser's costs of providing services to the Fund, as well as the resulting level of profits to the Adviser. The Board considered the Adviser's need to invest in technology, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements. The Board noted that at its present asset size, breakpoints in the Fund's advisory fee structure were not practicable, but that economies of scale in the cost of operations, to the extent they exist, effectively were being shared given the Adviser's past waiver of fees in respect of the Fund, and the Fund's ability to benefit from the much larger scale of the Adviser's business for other clients.

The Board received an oral presentation from the Adviser on its overall level of profitability and specifically with respect to the Fund, and acknowledged the limited usefulness of the information given the Fund's relatively small size compared to the rest of the Adviser's assets under management and the reasonability of the Fund's fees and expenses. The Board concluded that the Fund's cost structure is reasonable.

5.  Ancillary Benefits

The Board considered a variety of other benefits received by the Adviser, including possible ancillary benefits to itself or its institutional management business. The Board noted that the Adviser does not use third-party soft dollar products from trades by the Fund, and noted that the small relative size of the Fund compared to the Adviser's other business would suggest minimal possible fallout benefits.

6.  Conclusions

Based on its review, including consideration of each of the factors referred to above, the Board concluded that the Agreement is fair and reasonable to the Fund and its shareholders, that the Fund's shareholders received, and should receive, reasonable value in return for the advisory fees paid to the Adviser by the Fund, and that the renewal of the Agreement was in the best interests of the Fund and its shareholders.

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Purisima Total Return Fund
Other Information

PROXY VOTING PROCEDURES (UNAUDITED)

The Adviser votes proxies relating to portfolio securities in accordance with procedures that have been approved by the Trust's Board of Trustees. You may obtain a description of these procedures, free of charge, by calling toll-free 1-800-841-0199. This information is also available through the Securities and Exchange Commission's website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to the portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling toll-free 1-800-841-0199. This information is also available through the Securities and Exchange Commission's website at http://www.sec.gov.

FORM N-Q DISCLOSURE (UNAUDITED)

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters on Form N-Q. The Fund's Form N-Q is available without charge, upon request, by calling 1-800-841-0199. Furthermore, you can obtain the Form N-Q on the SEC's website at www.sec.gov.

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Purisima Total Return Fund
Trustees and Officer Information (Unaudited)

The Board of Trustees is responsible for the overall management of the Trust's business. The Board of Trustees approves all significant agreements between the Trust and persons or companies furnishing services to it, including all agreements with the Adviser, Administrator, Custodian and Transfer Agent. The Board of Trustees delegates the day-to-day operations of the Trust to its Officers, subject to the Fund's investment objective and policies and to general supervision by the Board of Trustees. The Statement of Additional Information includes additional information about the Trust's Trustees and is available, without charge, by calling 1-800-841-0199.

The Trustees and Officers of the Trust, their business addresses and principal occupations during the past five years are:

Name, Address, Date of Birth	Position(s) Held with Trust	Year Elected1		Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held
Kenneth L. Fisher* (born 1950) 5525 NW Fisher Creek Dr. Camas, WA 98607	President		1996	Chief Executive Officer and majority shareholder of Fisher Investments, Inc., the sole shareholder of the Adviser, and has served in such capacities since the incorporation of the Adviser in 1986. Prior thereto, he was the founder of Fisher Investments, a sole proprietorship which commenced operations in 1979.		N/A		None
Pierson E. Clair III (born 1948) 5525 NW Fisher Creek Dr. Camas, WA 98607	Trustee		1996	President and Chief Executive Officer of Brown & Haley since 1998 (fine confectioners); Vice President of Blummer Chocolate Company from 1980 to 1997, where he had been employed since 1970.		2	Signature Foods, Inc.
Scott LeFevre (born 1957) 5525 NW Fisher Creek Dr. Camas, WA 98607	Trustee		2001	Sole proprietor of LeFevre Capital Management.		2		None
Alfred D. McKelvy, Jr. (born 1948) 5525 NW Fisher Creek Dr. Camas, WA 98607	Trustee		2003	Executive Director of the law firm of Berding & Weil, LLP since 1990.		2	Diablo Valley Bank; East Bay BOMA.
Bryan F. Morse (born 1952) 5525 NW Fisher Creek Dr. Camas, WA 98607	Trustee		1996	Retired. Prior to retirement, sole proprietor of Bryan F. Morse, RIA, a registered investment adviser from 1990 to 2010.		2		None

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33

Name, Address, Date of Birth	Position(s) Held with Trust	Year Elected1		Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held
Grover T. Wickersham (born 1949) 5525 NW Fisher Creek Dr. Camas, WA 98607	Trustee		1996	Attorney in private practice in Palo Alto, California. Prior to entering private practice in June of 1981, served as a Branch Chief of the Los Angeles Regional Office of the U.S. Securities and Exchange Commission.		2		None
Tom Fishel (born 1960) 5525 NW Fisher Creek Dr. Camas, WA 98607	Chief Compliance Officer		2005	Chief Compliance Officer of the Adviser. Vice President of Charles Schwab & Co., Inc. from 1995 to 2004, where he had been employed since 1983.
Katherine Taylor (born 1966) 5525 NW Fisher Creek Dr. Camas, WA 98607	Treasurer		2011	Group Vice President of Finance and Treasurer of the Advisor where she has been employed since 2003.
Nicole Gerrard Lightner (born 1970) 5525 NW Fisher Creek Dr. Camas, WA 98607	Secretary		2011	In-house legal counsel for the Adviser since 2006 and Secretary of the Adviser since 2008. Prior to joining the Adviser, she was an attorney at Paul Hastings LLP from 2000-2006 and at a Canadian law firm from 1998-2000.

¹  Trustees and officers of the Funds serve until their resignation, removal or retirement.

*  "Interested person" of the Trust, as defined in the 1940 Act.

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35

PRIVACY NOTICE

FACTS	WHAT DOES THE PURISIMA FUNDS DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and payment history • Account balances and account transactions • Assets and transaction history When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons The Purisima Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does The Purisima Funds share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	No
For our affiliates' everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes – information about your creditworthiness	No	No
For nonaffiliates to market to you	No	No

Questions?	Call 1-800-550-1071
Who we are
Who is providing this notice?	The Purisima Funds

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What we do
How does The Purisima Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. The Purisima Funds has adopted internal policies to protect your non-public personal information.
How does The Purisima Funds collect my personal information?	We collect your personal information, for example, when you • Open an account or provide account information • Make deposits or withdrawals from your account or make a wire transfer • Give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only • sharing for affiliates' everyday business purposes-information about your creditworthiness • affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. • Our affiliate is Fisher Investments.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. • The Purisima Funds does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. • The Purisima Funds does not jointly market.
Other important information

This privacy notice applies to individual consumers who are customers or former customers. This privacy notice replaces all previous notices of our consumer privacy policy, and may be amended at any time. We will keep you informed of changes or amendments as required by law.

37

The Purisima Funds

Semi-Annual Report

February 28, 2014 (Unaudited)

The Purisima All-Purpose Fund

Table of Contents

A Letter to Our Shareholders	1
Sector Breakdown	2
Expense Example	3
Schedule of Investments	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statement of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	10
Other Information	18
Trustees and Officer Information	22
Privacy Notice	24

A Letter to Our Shareholders

Welcome to the semi-annual report for the Purisima All-Purpose Fund for the six-month period ending February 28, 2014. The Fund seeks positive total returns over the long-term regardless of market conditions in the U.S. and foreign equity markets. During the period, the Fund was primarily invested in U.S. government securities and cash equivalents.

Thank you for your continued interest and support.

Sincerely,

Kenneth L. Fisher

Chairman and Chief Investment Officer

Fisher Investments

Opinions expressed above are those of Kenneth L. Fisher and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security.

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security.

Mutual fund investing involves risk. Principal loss is possible. The Fund may use short sales of securities, which involve the risk that losses may exceed the original amount invested. Derivative securities, which derive their performance from the performance of an underlying asset, index, interest rate or currency exchange rate can be volatile and involve various types and degrees of risks. Depending on the characteristics of the particular derivative, it could become illiquid. The Fund may also use options and futures contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund may invest in debt securities which typically decrease in value when interest rates rise. This risk is greater for longer-term debt securities. The fund may invest in small capitalization companies which tend to have limited liquidity and greater price volatility than larger-capitalization companies. The Fund may use leverage, which may adversely impact performance. Because the funds may invest in ETFs, they are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares.

The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. An investment in the Fund is not suitable for all investors.

This material must be preceded or accompanied by a prospectus.

Fisher Investments is the Adviser to The Purisima Funds. The Purisima Funds are distributed by Quasar Distributors, LLC. 03/14

1

Sector Breakdown(1) (Unaudited)

Purisima All-Purpose Fund
U.S. Treasury Obligations	83.30	%
Mutual Funds	16.70
Total	100.00	%

(1)Percentage of Total Investments as of February 28, 2014.

2

Important Information

The following disclosure provides important information regarding the Fund’s Expense Example. Please refer to this information when reviewing the Expense Example for the Fund.

Expense Example (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period indicated and held for the entire period from September 1, 2013 to February 28, 2014 for the Purisima All-Purpose Fund.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Fund’s actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

3

EXPENSE EXAMPLE (Unaudited)

Purisima All-Purpose Fund	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (09/01/13)	$	1,000.00	$	1,000.00
Ending Account Value (02/28/14)	$	993.70	$	1,017.36
Expenses Paid During Period(1)	$	7.41	$	7.50

(1)Expenses are equal to the Fund’s annualized expense ratio of 1.50%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

4

Purisima All-Purpose Fund

Schedule of Investments

February 28, 2014 (Unaudited)

Principal Amount			Value
		U.S. TREASURY NOTES: 63.42%
$	30,000	2.375%, 08/31/2014	$	30,337
		TOTAL U.S. TREASURY NOTES (Cost $30,319)	30,337
Number of Shares			Value
		MUTUAL FUNDS: 12.72%
6,084		SEI Daily Income Trust Government Fund	6,084
		TOTAL MUTUAL FUNDS (Cost $6,084)	6,084
		TOTAL INVESTMENTS: 76.14% (Cost $36,403)	36,421
		Other Assets in Excess of Liabilities: 23.86%	11,414
		TOTAL NET ASSETS: 100.00%	$	47,835

The accompanying notes are an integral part of these financial statements.

5

Purisima All-Purpose Fund

Statement of Assets and Liabilities

February 28, 2014 (Unaudited)

ASSETS:
Investments at value (cost $36,403)	$	36,421
Interest and dividends receivable	2
Receivable from Adviser	14,115
Prepaid expenses	13,286
Total Assets	63,824
LIABILITIES:
Accrued fund administration, fund accounting, transfer agent and custody fees	15,103
Accrued expenses	886
Total Liabilities	15,989
NET ASSETS	$	47,835
Number of shares issued and outstanding (unlimited shares authorized, $0.01 par value)	5,041
Net asset value, redemption price and offering price per share	$	9.49
COMPONENTS OF NET ASSETS:
Paid-in capital	$	48,569
Undistributed net investment loss	(752		)
Net unrealized appreciation on investments	18
Net Assets	$	47,835

The accompanying notes are an integral part of these financial statements.

6

Purisima All-Purpose Fund

Statement of Operations

For the Six Months Ended February 28, 2014 (Unaudited)

INVESTMENT INCOME:
Interest income	$	37
Total Investment Income	37
EXPENSES:
Investment advisory fees (Note 3)	238
Administration fees (Note 3)	19,527
Fund accounting fees	17,718
Trustees fees	12,027
Registration fees	10,781
Transfer agent fees	7,434
Audit fees	2,216
Custody fees	1,521
Legal fees	898
Reports to shareholders	523
Miscellaneous expenses	254
Total expenses	73,137
Expenses waived and reimbursed by Adviser (Note 3)	(72,780		)
Net expenses	357
Net investment loss	(320		)
UNREALIZED LOSS ON INVESTMENTS:
Change in net unrealized appreciation/depreciation on investments	(1		)
Net unrealized loss on investments	(1		)
Net decrease in net assets resulting from operations	$	(321	)

The accompanying notes are an integral part of these financial statements.

7

Purisima All-Purpose Fund

Statement of Changes in Net Assets

	Six Months Ended February 28, 2014 (Unaudited)			Year Ended August 31, 2013
OPERATIONS:
Net investment loss	$	(320	)	$	(662	)
Change in net unrealized appreciation/depreciation on investments	(1		)	19
Net decrease in net assets resulting from operations	(321		)	(643		)
CAPITAL SHARE TRANSACTIONS:
Cost of shares redeemed	—			(75		)
Net decrease from capital share transactions	—			(75		)
Total decrease in net assets	(321		)	(718		)
NET ASSETS:
Beginning of period	48,156			48,874
End of period	$	47,835		$	48,156
Undistributed net investment loss	$	(752	)	$	(432	)
CHANGE IN CAPITAL SHARES:
Shares outstanding, beginning of period	5,041			5,049
Shares repurchased	—			(8		)
Net decrease in capital shares	—			(8		)
Shares outstanding, end of period	5,041			5,041

The accompanying notes are an integral part of these financial statements.

8

Purisima All-Purpose Fund

Financial Highlights

For a capital share outstanding throughout each period.

The following information should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this Semi-Annual Report.

	For the Six Months Ended			Year Ended August 31,
	February 28, 2014(1)			2013			2012			2011			2010			2009
Net asset value, beginning of the period	$	9.55		$	9.68		$	9.82		$	9.95		$	10.19		$	10.27
Income (loss) from investment operations:
Net investment income (loss)	(0.07		)	(0.13		)(2)	(0.14		)	(0.10		)	(0.10		)	0.19
Net realized and unrealized gain (loss) on investments	0.01			—			—		(3)	(0.03		)	—			0.08
Total income (loss) from investment operations	(0.06		)	(0.13		)	(0.14		)	(0.13		)	(0.10		)	0.27
Less distributions:
From net investment income	—			—			—			—			(0.14		)	(0.35		)
From net realized gain	—			—			—			—			—			—		(3)
Total distributions	—			—			—			—			(0.14		)	(0.35		)
Net asset value, end of period	$	9.49		$	9.55		$	9.68		$	9.82		$	9.95		$	10.19
Total return	(0.63		)%(4)	(1.34		)%	(1.43		)%	(1.31		)%	(0.96		)%	2.71		%
Ratios/supplemental data:
Net assets, end of period (thousands)	$	47.8		$	48.2		$	48.9		$	49.5		$	50.2		$	50.7
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed or recouped	307.26		%(5)	310.49		%	315.77		%	304.53		%	294.12		%	357.92		%
After fees waived and expenses absorbed or recouped	1.50		%(5)	1.50		%	1.50		%	1.50		%	1.50		%	1.50		%
Ratio of net investment income (loss) to average net assets(6)	(1.34		)%(5)	(1.37		)%	(1.40		)%	(1.06		)%	(0.96		)%	2.28		%
Portfolio turnover rate	0.00		%(4)	0.00		%	0.00		%	0.00		%	0.00		%	0.00		%

(1)Unaudited.

(2)Per share net investment loss has been calculated using the daily average share method.

(3)Amount represents less than $0.01 per share.

(4)Not Annualized.

(5)Annualized.

(6)Net of fees waived.

The accompanying notes are an integral part of these financial statements.

9

PURISIMA ALL-PURPOSE FUND

NOTES TO FINANCIAL STATEMENTS

February 28, 2014 (Unaudited)

NOTE 1— ORGANIZATION

The Purisima Funds (the “Trust”) was organized as a Delaware statutory trust on June 27, 1996 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company issuing shares in series, each series represents a distinct portfolio with its own investment objectives and policies. The accompanying financial statements include the Purisima All-Purpose Fund (the “Fund”), a non-diversified fund which commenced operations on November 1, 2005. The Fund is one of the two portfolios comprising the Trust. Fisher Asset Management, LLC (doing business as Fisher Investments) (the “Adviser”) serves as the investment adviser to the Fund.

The investment objective of the Fund is as follows:

The Fund seeks positive total returns over the long-term regardless of market conditions in the U.S. and foreign equity markets. The Fund may invest in foreign and/or domestic securities, derivatives, money market instruments, fixed-income securities, shares of other mutual funds, exchange-traded funds and other equity-like securities. From its inception through February 28, 2014, the Fund has invested exclusively in U.S. government securities and cash equivalents.

For the six months ended February 28, 2014, the Fund invested 12.72% of its net assets in the SEI Daily Income Trust Government Fund. The SEI Daily Income Trust Government invests in U.S. Government securities. The Financial Statements of the SEI Daily Income Trust Government Fund, including disclosure of the risks, performance, expenses or other information is available through the SEC website at http://www.sec.gov.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

A.Security Valuation. Investments in securities traded on a national securities exchange are valued at the last sales price on the business day as of which such value is being determined. If on a particular day, an exchange-listed security does not trade, then the mean between the bid and asked prices will be used. Foreign exchange traded equity securities are valued based upon the price on the exchange or market on which they trade as of the close of business of such market or exchange immediately preceding the time the Fund’s net asset value is determined Investments in securities traded on the NASDAQ Global Market, the NASDAQ Global Select Market and the NASDAQ Capital Market will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. Securities traded on an exchange or NASDAQ for which there have been no sales and other over-the-counter securities are valued at the closing price. Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees or their designee, taking into consideration: (I) fundamental analytical data relating to the investment; (II) the nature and duration of

10

restrictions on disposition of the securities; and (III) an evaluation of the forces which influence the market in which these securities are purchased and sold. Debt securities with remaining maturities of 60 days or less are valued at amortized cost which, when combined with accrued interest, approximates market value.

B.Foreign Currency Translation. The Fund’s records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Fund does not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

C.Federal Income and Excise Taxes. The Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income or excise tax provision is required.

In order to avoid imposition of the excise tax applicable to regulated investment companies, the Fund intends to declare each year as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon its current interpretations of the tax rules and regulation that exist in the markets in which it invests.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely then not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on

11

returns filed for open tax years (2010 – 2012), or expected to be taken in the Fund’s 2013 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal and State of California. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

D.Security Transactions, Investment Income and Distributions. Security transactions are accounted for on the trade date. Dividend income and distributions to shareholders are recorded on the ex-dividend date and interest income is recognized on the accrual basis. Realized gains and losses are evaluated on the bases of identified costs.

E.Use of estimates. The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

F.Concentration of Risk. Investments in securities of non-U.S. issues in certain countries involve special investment risks. These risks may include, but are not limited to, investment restrictions, adverse political, social and economic developments, government involvement in the private sector, limited and less reliable investor information, lack of liquidity, certain local tax law considerations, and limited regulation of the securities markets.

G.Options. Exchange traded options are valued at the last reported sale price at the close of the exchange on which the security is primarily traded. Certain markets are not closed at the time that a Fund prices portfolio securities. In these situations, snapshot prices are provided by the individual pricing services or other alternate sources at the close of the NYSE as appropriate. If no sales are reported, the mean between the last reported bid and asked prices will be used. Non-exchange traded options will also be valued at the mean between bid and asked prices. “Fair value” of other private options is valued after consulting with the Adviser using a mathematical model.

Options purchased are recorded as investments; options written (sold) are accounted for as liabilities. When an option expires, the premium (original option value) is realized as a gain if the option was written or as a loss if the option was purchased. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is realized as a gain or loss. When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, the difference between the premium and the cost to close the position is realized as a gain or loss. The Fund may purchase options which are included in the Fund’s Schedules of Investments and subsequently marked to market to reflect the current value of the option. At February 28, 2014, the Fund had no options outstanding.

12

H.Securities Sold Short. To the extent the Fund engages in selling securities short, they are obligated to replace a security borrowed by purchasing the same security at the current market value. The Fund would incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund would realize a gain if the price of the security declines between those dates.

The Fund is required to establish a margin account with the broker lending the security sold short. While the short sale is outstanding, the broker retains the proceeds of the short sale and the Fund must also maintain a deposit with the broker consisting of cash having a value equal to a specified percentage of the value of the securities sold short.

I.Exchange-Traded Notes, Index-Linked Notes and Similar Instruments. The Fund may invest in leveraged and unleveraged exchange-traded notes, index-linked notes and similar instruments (collectively known as “Linked Notes”), which are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy minus applicable fees. Some Linked Notes are traded on an exchange (e.g., the New York Stock Exchange) during normal trading hours. Other Linked Notes may be directly sold by the issuer, such as a larger broker-dealer, and are not traded. At maturity, the issuer pays to the investor a cash amount equal to the principal amount, subject to the applicable market benchmark or strategy factor. Linked Notes that are not traded may be subject to a holding period until maturity during which an early redemption fee or other charges may apply.

Linked Notes are subject to credit risk and the value of a Linked Note may drop because of a downgrade in the issuer’s credit rating, despite the underlying market benchmark or strategy remaining unchanged. Linked Notes may not make periodic coupon payments or provide principal protection. The value of a Linked Note may also be influenced by time to maturity, level of supply and demand for the Linked Note, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer’s credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset. The issuer of a Linked Note may not be required to maintain the listing and there can be no assurance that a secondary market will exist for a Linked Note. In addition, no assurance can be given that the Internal Revenue Service will accept, or a court will uphold, how the Fund characterizes and treats Linked Notes for tax purposes. Some Linked Notes that use leverage may multiply the market effect on the value of the instrument and, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Leveraged Linked Notes are subject to the same risks, such as greater volatility, costs and the potential for increased losses, as other instruments that use leverage in any form.

A Linked Note that is tied to a specific market benchmark or strategy may not be able to replicate and maintain exactly the composition and relative weighting of securities, commodities or other components in the applicable market benchmark or strategy. The market value of Linked Notes may differ from their market benchmark or strategy because the supply and demand in the market for Linked Notes at any point in time is not always identical to the supply and demand in the market for the securities, commodities or other

13

components underlying the market benchmark or strategy that the Linked Note seeks to track. As a result, there may be times when a traded Linked Note trades at a premium or discount to its market benchmark or strategy.

J.Indemnification Obligations. Under the Fund’s organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred or that would be covered by other parties.

NOTE 3 — COMMITMENTS, OTHER RELATED PARTY TRANSACTIONS AND OTHER SERVICE PROVIDERS

The Fund has an Investment Management Agreement with the Adviser to provide investment advisory services to the Fund. The Adviser furnishes all investment advice, office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Adviser is entitled to a monthly fee at the annual rate of 1.00% of the Fund’s average daily net assets.

The Fund is responsible for its own operating expenses. The Adviser has contractually agreed to limit the Fund’s total expenses (exclusive of brokerage, interest, taxes, dividends on securities sold short and extraordinary expenses) to not more than 1.50% of the average daily net assets.

Any fee withheld or voluntarily reduced and/or any Fund expense absorbed by the Adviser pursuant to an agreed upon expense cap shall be reimbursed by the Fund to the Adviser, if so requested by the Adviser, anytime before the end of the third fiscal year following the year to which the fee reduction, waiver, or expense absorption relates, provided the aggregate amount of the Fund’s current operating expenses for such fiscal year does not exceed the applicable limitation on Fund expenses. Any such reimbursement is also contingent upon Board of Trustees review and approval prior to the time the reimbursement is initiated. The Fund must pay its current ordinary operating expenses before the Adviser is entitled to any reimbursement of fees and/or expenses. For the six months ended February 28, 2014, the Adviser earned $238 in advisory fees.

For the six months ended February 28, 2014, the Adviser reimbursed the Fund $72,780 to limit its total expenses to not more than 1.50% of the average daily net assets.

As of February 28, 2014, the Adviser may recapture a portion of the following amounts that have been paid and/or waived on behalf of the Fund no later than the date as stated below:

Fund	August 31, 2014		August 31, 2015		August 31, 2016		August 31, 2017
All-Purpose Fund	$	151,032	$	154,468	$	149,800	$	72,780

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U.S. Bank, N.A. serves as the Fund’s Custodian. U.S. Bancorp Fund Services, LLC (“USBFS”), an affiliate of U.S. Bank, N.A., serves as the Administrator, Fund Accountant and Transfer Agent. In its capacity as the Fund’s Administrator, USBFS provides general fund management including corporate secretarial services, coordinates the preparation of materials for the Board of Trustees, assists with the annual audit of the Fund’s financial statements, monitors the Fund’s compliance with federal and state regulations as well as investment restrictions, coordinates the payment of Fund expenses and monitors expense accruals, prepares financial statements and non-investment related statistical data and makes required tax reporting calculations. During the six months ended February 28, 2014, the Fund paid USBFS $19,527 for services rendered in its capacity as the Fund’s Administrator.

Quasar Distributors, LLC, an affiliate of U.S. Bank, N.A. and USBFS, serves as principal underwriter of the Fund and acts as the Fund’s distributor, pursuant to a Distribution Agreement with the Trust, in a continuous public offering of the Fund’s shares.

NOTE 4 — SERVICE AND DISTRIBUTION PLAN

The Trust has adopted a Service and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund is authorized to pay expenses incurred for the purpose of distribution activities, including the engagement of other dealers, intended to result in the sale of shares of the Fund. The fee accrues at an annual rate not to exceed 0.25% of the Fund’s average daily net assets. For the six months ended February 28, 2014, the Fund did not utilize the Plan.

NOTE 5 — INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of securities, excluding short-term investments, for the six months ended February 28, 2014, were as follows:

Fund	Purchases		Sales
Purisima All-Purpose Fund	$	0	$	0

NOTE 6 — FAIR VALUE OF FINANCIAL INSTRUMENTS

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of each Fund’s investments and are summarized in the following fair value hierarchy:

Level 1 — Quoted prices in active markets for identical securities

Level 2 — Evaluated prices based on other significant observable inputs (including quoted prices for similar securities, foreign security indices, foreign exchange rates, fair value estimates for foreign securities and changes in benchmark securities indices)

Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety

15

of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purpose, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of February 28, 2014, for the Fund’s assets and liabilities measured at fair value:

Description	Level 1		Level 2		Level 3		Total
Fixed Income
U.S. Treasury Notes	$	—	$	30,337	$	—	$	30,337
Total Fixed Income	—		30,337		—		30,337
Short-Term Investments	6,084		—		—		6,084
Total Investments in Securities	$	6,084	$	30,337	$	—	$	36,421

As of February 28, 2014, there were no transfers between Levels 1, 2 and 3. The Fund did not hold any Level 3 securities during the six month period ended February 28, 2014. It is the Fund’s policy to record transfers at the end of the reporting period.

NOTE 7 — FEDERAL INCOME TAX MATTERS

The difference between the book and tax basis components of the distributable earnings relates principally to the timing of recognition of income and gains for federal income tax purposes. These differences, if any, are primarily attributable to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on passive foreign investment companies and return of capital distributions and income adjustments recognized for tax purposes on real estate investment trusts. Short-term gains distributions reported in the Statements of Changes of Net Assets, if any, are reported as ordinary income for federal tax purposes. For the year ended August 31, 2013, the Fund’s most recent fiscal year end, the Fund decreased undistributed net investment loss and paid-in capital by $694 and $694, respectively.

As of August 31, 2013, the Fund’s most recent fiscal year end, the components of distributable earnings on a tax basis were as follows:

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	All-Purpose
Cost of investments for tax purposes	$	45,384
Gross tax unrealized appreciation	$	19
Gross tax unrealized depreciation	––
Net tax unrealized appreciation	$	19
Undistributed long-term gains	$	—
Other accumulated gains (losses)	(432		)
Total accumulated earnings (losses)	$	(413	)

The Fund did not pay any distributions during the six months ended February 28, 2014, or the fiscal years ended August 31, 2013 and August 31, 2012.

In order to meet certain excise tax requirements, the Fund is required to measure and distribute annually, net capital gains realized during the twelve month period ending October 31st. Under current tax regulations, the Fund is permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1st through the end of the fiscal year. Under the Act the Fund may also defer any realized late-year ordinary losses as occurring on the first day of the following fiscal year. Late-year ordinary losses represent ordinary losses realized on investment transactions after December and specified losses (ordinary losses from sale, exchange or other disposition of property, net foreign currency losses and net passive foreign investment mark to market losses) realized on investments transactions after October. As of August 31, 2013, the Fund’s most recent fiscal year end, the Fund deferred, on a tax basis, post December late-year losses of $432.

NOTE 8 — RECENT ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update 2011-11 Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). Effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, ASU 2011-11 is intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. At this time, Management is evaluating the implications of ASU 2011-11 and its impact on the financial statements.

NOTE 9 — SUBSEQUENT EVENTS

The Fund is required to recognize in the financial statements the effect of all subsequent events that provide additional evidence about conditions that existed at the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclosed the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

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PURISIMA ALL-PURPOSE FUND

Other Information

BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

On November 7, 2013, the Board of Trustees (the “Board”) performed its annual review and renewal of the Investment Management Agreement for the Purisima All-Purpose Fund for the one-year period commencing December 1, 2013. The Board, including the Independent Trustees, took into consideration information provided at the meeting, as well as a wide variety of materials relating to the services provided by the Adviser. Extensive information was provided to the Board in response to a detailed request for information sent to the Adviser by legal counsel to the Fund. That information included reports on the financial condition of the Adviser, the services, operations and personnel of the Adviser, compliance procedures, investment performance, brokerage and portfolio transactions, distribution and marketing plans and other information relating to the nature, extent and quality of services provided by the Adviser to the Fund. In addition, the Board discussed and reviewed information regarding the Fund’s investment results, as well as advisory fee and expense comparisons. The Board’s Independent Trustees met separately to discuss the various factors summarized below.

In deciding to renew the Agreement, the Board did not identify any single factor or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.

The Board recognized that the Fund has engaged in only minimal investment activities since its inception because its primary use has been reserved as an investment when the Adviser takes a defensive posture with respect to the securities markets. To date, the Fund has remained invested in U.S. Treasury securities and cash, with only an executive officer of the Adviser as its shareholder.

1.             Nature, Extent and Quality of Services

The Adviser, its personnel and its resources. The Board considered the depth and quality of the Adviser’s investment management process, including its sophisticated methodology; the experience, capability and integrity of its senior management and other personnel, especially the Adviser’s Investment Policy Committee and personnel who directly support the Fund; the longevity and relatively low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Board discussed the quality of the services provided by the Adviser and noted that the quarterly report from the Adviser was extremely sophisticated and thorough. The Board commented on the high quality of the independent capital markets research conducted by the Adviser and reported to the Board on a regular basis. The Board’s consensus was that the Adviser was open about its thinking on the management of the Fund and very available to address any questions or concerns the Board may have from time to time. The Board also considered that the Adviser made available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board further considered the Adviser’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems. The Board

18

also observed that there had been no decline in the quality of services provided to the Fund despite the growth of the Adviser’s other client business and the continued de minimis size of the Fund.

Other Services. The Board considered the Adviser’s policies, procedures and systems to ensure compliance with applicable laws and regulations and its commitment to these programs; its efforts to keep the Board informed; and its attention to matters that may involve conflicts of interest with the Fund.

The Board concluded that the nature, extent and quality of the services provided by the Adviser has benefited and should continue to benefit the Fund and its shareholders, especially upon its broader use under the circumstances contemplated by the Adviser.

2.              Investment Performance

The Board considered the Fund’s pursuit of its investment objective and the investment results of the Fund in light of its objective. The Board compared the Fund’s total returns with a peer group of mutual funds objectively compiled using data from Morningstar, Inc., and noted that the performance of the Fund was somewhat less as compared to its peer group as the Fund remained invested in cash equivalent securities.

The Board recognized that the Fund’s proposed defensive posture has not yet been implemented and the peer group funds, referred to as specialty equity funds, would serve as a better comparison at that time.

The Board concluded that the Adviser’s performance record in managing the Fund indicates that its continued management has benefited and should continue to benefit the Fund and its shareholders.

3.              Advisory Fees and Total Expenses

The Board reviewed the advisory fees and total expenses of the Fund and compared such amounts with the average fee and expense levels of other funds in an applicable group of peer funds compiled using data from Morningstar, Inc. The Board observed that the Fund’s advisory fees and total expenses were reasonable compared to the median fee and expense levels of the comparable funds in the indices (meaning at or below the median). The Board noted that the Adviser had waived (and is continuing to waive) significant fees in respect of the Fund to maintain an overall expense limitation, thus indicating a substantial investment by the Adviser in that Fund. The Board concluded that the reasonable level of the fees charged by the Adviser benefits the Fund and its shareholders. The Board then considered the fees charged to the Fund compared to the Adviser’s private clients, but agreed it was not an applicable comparison given the unique nature of the fund and the extra burden of administration, public reporting, compliance, deadlines, risk and regulations associated with the Fund that do not apply to the private accounts. The Board determined that the respective peer groups provided a better comparison and it found the Fund’s fees reasonable.

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4.              Adviser, Costs, Level of Profits and Economies of Scale

The Board discussed the Adviser’s costs of providing services to the Fund, as well as the resulting level of profits to the Adviser. The Board noted the substantial subsidy by the Adviser to maintain the Fund’s contractual expense level. The Board considered the Adviser’s need to invest in technology, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements. The Board noted that at its present asset size, breakpoints in the Fund’s advisory fee structure were not practicable, and that no economies of scale applied. The Board concluded that the Fund’s cost structure is reasonable.

5.              Ancillary Benefits

The Board considered a variety of other benefits received by the Adviser, including possible ancillary benefits to itself or its institutional management business. The Board noted that the Adviser does not use third-party soft dollar products from trades by the Fund, and noted that the small relative size of the Fund compared to the Adviser’s other business would suggest minimal possible fallout benefits.

6.              Conclusions

Based on its review, including consideration of each of the factors referred to above, the Board concluded that the Agreement is fair and reasonable to the Fund and its shareholders, that the Fund’s shareholders received, and should receive, reasonable value in return for the advisory fees paid to the Adviser by the Fund, and that the renewal of the Agreement was in the best interests of the Fund and its shareholders.

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Other Information

PROXY VOTING PROCEDURES (Unaudited)

The Adviser votes proxies relating to portfolio securities in accordance with procedures that have been approved by the Trust’s Board of Trustees. You may obtain a description of these procedures, free of charge, by calling toll-free 1-800-841-0199. This information is also available through the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to the portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling toll-free 1-800-841-0199. This information is also available through the Securities and Exchange Commission’s website at http://www.sec.gov.

FORM N-Q DISCLOSURE (Unaudited)

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters on Form N-Q. The Fund’s Form N-Q is available without charge, upon request, by calling 1-800-841-0199. Furthermore, you can obtain the Form N-Q on the SEC’s website at www.sec.gov.

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Trustees and Officer Information (Unaudited)

The Board of Trustees is responsible for the overall management of the Trust’s business. The Board of Trustees approves all significant agreements between the Trust and persons or companies furnishing services to it, including all agreements with the Adviser, Administrator, Custodian and Transfer Agent. The Board of Trustees delegates the day-to-day operations of the Trust to its Officers, subject to the Fund’s investment objective and policies and to general supervision by the Board of Trustees. The Statement of Additional Information includes additional information about the Trust’s Trustees and is available, without charge, by calling 1-800-841-0199.

The Trustees and Officers of the Trust, their business addresses and principal occupations during the past five years are:

				Number of
				Portfolios in
				Fund
				Complex	Other
Name, Address, Date of Birth	Position(s) Held with Trust	Year Elected(1)	Principal Occupation(s) During Past Five Years	Overseen by Director	Director-ships Held
Kenneth L. Fisher* (born 1950) 5525 NW Fisher Creek Dr. Camas, WA 98607	President	1996	Chief Executive Officer and majority shareholder of Fisher Investments, Inc., the sole shareholder of the Adviser, and has served in such capacities since the incorporation of the Adviser in 1986. Prior thereto, he was the founder of Fisher Investments, a sole proprietorship which commenced operations in 1979.	N/A	None
Pierson E. Clair III (born 1948) 5525 NW Fisher Creek Dr. Camas, WA 98607	Trustee	1996	President and Chief Executive Officer of Brown & Haley since 1998 (fine confectioners); Vice President of Blummer Chocolate Company from 1980 to 1997, where he had been employed since 1970.	2	Signature Foods, Inc.
Scott LeFevre (born 1957) 5525 NW Fisher Creek Dr. Camas, WA 98607	Trustee	2001	Sole proprietor of LeFevre Capital Management.	2	None
Alfred D. McKelvy, Jr. (born 1948) 5525 NW Fisher Creek Dr. Camas, WA 98607	Trustee	2003	Executive Director of the law firm of Berding & Weil, LLP since 1990.	2	Diablo Valley Bank; East Bay BOMA.
Bryan F. Morse (born 1952) 5525 NW Fisher Creek Dr. Camas, WA 98607	Trustee	1996	Retired. Prior to retirement, sole proprietor of Bryan F. Morse, RIA, a registered investment adviser from 1990 to 2010.	2	None
Grover T. Wickersham (born 1949) 5525 NW Fisher Creek Dr. Camas, WA 98607	Trustee	1996	Attorney in private practice in Palo Alto, California. Prior to entering private practice in June of 1981, served as a Branch Chief of the Los Angeles Regional Office of the U.S. Securities and Exchange Commission.	2	None
Tom Fishel (born 1960) 5525 NW Fisher Creek Dr. Camas, WA 98607	Chief Compliance Officer	2005	Chief Compliance Officer of the Adviser. Vice President of Charles Schwab & Co., Inc. from 1995 to 2004, where he had been employed since 1983.
Katherine Taylor (born 1966) 5525 NW Fisher Creek Dr. Camas, WA 98607	Treasurer	2011	Group Vice President of Finance and Treasurer of the Advisor where she has been employed since 2003.

(1) Trustees and officers of the Funds serve until their resignation, removal or retirement.

* “Interested person” of the Trust, as defined in the 1940 Act.

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				Number of
				Portfolios in
				Fund
				Complex	Other
Name, Address, Date of Birth	Position(s) Held with Trust	Year Elected(2)	Principal Occupation(s) During Past Five Years	Overseen by Director	Director-ships Held
Nicole Gerrard Lightner (born 1970) 5525 NW Fisher Creek Dr. Camas, WA 98607	Secretary	2011	In-house legal counsel for the Adviser since 2006 and Secretary of the Adviser since 2008. Prior to joining the Adviser, she was an attorney at Paul Hastings LLP from 2000-2006 and at a Canadian law firm from 1998-2000.

(2) Trustees and officers of the Funds serve until their resignation, removal or retirement.

23

FACTS	WHAT DOES THE PURISIMA FUNDS DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ·      Social Security number ·      Account balances and account transactions ·      Assets and transaction history When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons The Purisima Funds chooses to share; and whether you can limit this sharing.

Reasons we share your personal information	Does The Purisima Funds Share?	Can you limit sharing?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes— to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	No
For our affiliates’ everyday business purposes— information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes— information about your creditworthiness	No	No
For nonaffiliates to market to you	No	No
Questions?     Call 1-800-550-1071

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Page 2

Who we are
Who is providing this notice?	The Purisima Funds
What we do
How does The Purisima Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does The Purisima Funds collect my personal information?	We collect your personal information, for example, when you ·      Open an account ·      Provide account information ·      Make deposits or withdrawals from your account ·      Use your credit or debit card ·      Make a wire transfer We also collect your personal information from third parties, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only Sharing for affiliates’ everyday business purposes-information about your creditworthiness Affiliates from using your information to market to you Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ·      THE PURISIMA FUNDS does not share information with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ·      THE PURISIMA FUNDS does not joint market.

Other important information

This notice applies to individual consumers who are customers or former customers. This notice replaces all previous notices of our consumer privacy policy, and may be amended at any time. We will keep you informed of changes or amendments as required by law.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

1

Item 11. Controls and Procedures.

(a)The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.  Not applicable.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(b)Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  Furnished herewith.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Purisima Funds
By	/s/ Kenneth L. Fisher
	Kenneth L. Fisher, President
Date	4/28/2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Kenneth L. Fisher
	Kenneth L. Fisher, President
Date	4/28/2014
By	/s/ Katherine Taylor
	Katherine Taylor, Treasurer
Date	4/28/2014

3

EX-99.CERT

EX.99.CERT

CERTIFICATIONS

I, Kenneth L. Fisher, certify that:

1.I have reviewed this report on Form N-CSR of The Purisima Funds;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	4/28/2014	/s/ Kenneth L. Fisher
		Kenneth L. Fisher
		President

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CERTIFICATIONS

I, Katherine Taylor, certify that:

1.I have reviewed this report on Form N-CSR of The Purisima Funds;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	4/28/2014	/s/ Katherine Taylor
		Katherine Taylor
		Treasurer

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EX-99.906CERT

EX.99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of The Purisima Funds, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of The Purisima Funds for the period ended February 28, 2013 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Purisima Funds for the stated period.

/s/ Kenneth L. Fisher		/s/ Katherine Taylor
Kenneth L. Fisher		Katherine Taylor
President, The Purisima Funds		Treasurer, The Purisima Funds
Dated:	4/28/2014	Dated:	4/28/2014

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by The Purisima Funds for purposes of Section 18 of the Securities Exchange Act of 1934.

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