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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mhi Hospitality Corp. (MM) | NASDAQ:MDH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.047 | 0 | 01:00:00 |
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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[
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X
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]
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Pre-Effective Amendment No.
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[
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]
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Post-Effective Amendment No.
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501
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[
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X
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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[
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X
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]
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Amendment No.
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502
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[
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X
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]
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Elaine E. Richards, Esq.
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Professionally Managed Portfolios
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2020 E. Financial Way, Ste. 100
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Glendora, CA 91741
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Domenick Pugliese, Esq.
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Paul Hastings LLP
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Park Avenue Tower
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75 East 55
th
Street
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New York, NY 10022
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[
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]
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immediately upon filing pursuant to paragraph (b)
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[
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]
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On (date) pursuant to paragraph (b)
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[
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X
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]
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60 days after filing pursuant to paragraph (a)(1)
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[
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]
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on (date) pursuant to paragraph (a)(1)
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[
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75 days after filing pursuant to paragraph (a)(2)
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[
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on (date) pursuant to paragraph (a)(2) of Rule 485.
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[
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]
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This post-effective amendment designates a new effective date for a previously filed post- effective amendment.
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SUMMARY SECTION
This important section summarizes the Funds’ investments, risks, fees and past performance.
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1
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1
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6
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11
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17
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22
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28
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34
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40
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MORE ABOUT THE FUNDS’ INVESTMENT OBJECTIVES, STRATEGIES AND RISKS
This section provides details about the Funds’ investment strategies and risks.
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47
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47
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47
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55
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||||
56
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||||
60
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||||
MANAGEMENT OF THE FUNDS
Review this section for information about the organizations and people who oversee the Funds.
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61
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61
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62
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62
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||||
63
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||||
63
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SHAREHOLDER INFORMATION
This section explains how shares are valued and how to purchase and sell shares.
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64
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64
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64
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64
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||||
68
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||||
70
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||||
72
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||||
DISTRIBUTIONS AND TAXES
|
73
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|||
This section generally describes when you may receive dividend distributions and the tax consequences.
|
73
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|||
73
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||||
INDEX DESCRIPTIONS
|
75
|
|||
FINANCIAL HIGHLIGHTS
Review this section for details on selected financial statements of the Funds.
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76
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INSIDE BACK COVER
|
||||
FundX Upgrader Fund
|
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
|
Management Fee
|
1.00%
|
Distribution (Rule 12b-1) Fees
|
None
|
Other Expenses
|
0.24%
|
Acquired Fund (Underlying Fund) Fees and Expenses
(1)
|
0.46%
|
Total Annual Fund Operating Expenses
|
1.70%
|
(1)
The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX Upgrader Fund
|
$
173
|
$
538
|
$
927
|
$
2,019
|
Upgrading | |
When a fund begins to lag its peers, the Advisor redeems
the shares and directs the proceeds to a better performing alternative. |
|
●
|
General Market Risk – General market risk is the risk that the value of a Fund’s shares will fluctuate based on the performance of the securities held by the Underlying Funds it owns. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.
|
|
●
|
Management Risk – Management risk describes the Upgrader Fund’s ability to meet its investment objective based on the Advisor’s success or failure to implement investment strategies for the Upgrader Fund.
|
|
●
|
Foreign Securities Risk – The Underlying Funds held by the Upgrader Fund may have significant investments in foreign securities. Foreign securities risk entails risk relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.
|
|
●
|
Emerging Markets Risk – In addition to the foreign securities risks mentioned above, emerging markets are generally more volatile and less liquid.
|
|
●
|
Non-Diversification Risk – While the Upgrader Fund is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
|
|
●
|
Derivative Risk – Some Underlying Funds may use derivative instruments which derive their value from the value of an underlying asset, currency or index. The value of derivatives may rise or fall more rapidly than other investments and it is possible to lose more than the initial amount invested.
|
|
●
|
Leverage Risk – Some Underlying Funds may borrow money for leveraging and will incur interest expense.
|
|
●
|
Short Sales Risk – The Underlying Funds may engage in short sales which could cause an Underlying Fund’s investment performance to suffer if it is required to close out a short position earlier than it had intended.
|
|
●
|
Small Company Risk – The Underlying Funds may invest in securities of small companies, which involves greater volatility than investing in larger and more established companies.
|
|
●
|
Concentration and Sector Emphasis Risk – Because the Underlying Funds may hold a limited number of issuers, they may become concentrated in one or more sectors at any given time, subjecting the Upgrader Fund to sector concentration risk.
|
|
●
|
Interest Rate and Credit Risk – Interest rates may rise resulting in a decrease in the value of the securities held by the Underlying Funds or may fall resulting in an increase in the value of such securities.
|
|
●
|
High-Yield Securities (Junk Bonds) Risk – The value of fixed-income securities held by the Underlying Funds that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security and changes in value based on public perception of the issuer.
|
|
●
|
ETF Trading Risk – Because the Upgrader Fund invests in ETFs, it is 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 the ETFs trade, which may impact a Fund’s ability to sell its shares of an ETF.
|
|
●
|
Portfolio Turnover Risk – To the extent the Upgrader Fund invests in ETFs, it may be subject to the risks of having a high portfolio turnover rate. High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities.
|
|
●
|
Upgrading Strategy Risk – The Upgrader Fund employs an Upgrading strategy whereby it continually seeks to invest in the top-performing securities at a given time. When investment decisions are based on near-term performance, however, the Upgrader Fund may be exposed to the risk of buying Underlying Funds immediately following a sudden, brief surge in performance that may be followed by a subsequent drop in market value.
|
●
|
Underlying Funds Risk – The risks associated with the Upgrader Fund include the risks related to each Underlying Fund in which the Upgrader Fund invests. Although the Upgrader Fund seeks to reduce the risk of your investment by diversifying among mutual funds and ETFs that invest in stocks and, in some cases, bonds, there are inherent risks of investing in various asset classes.
|
|
Best and Worst Quarters
|
||
Best Quarter
|
Q3 2009
|
19.68%
|
Worst Quarter
|
Q4 2008
|
-22.45%
|
Average Annual Total Returns as of December 31, 2012
|
|||||||
FundX Upgrader Fund – FUNDX
|
1 Year
|
5 Years
|
10 Years
|
||||
Return Before Taxes
|
12.97%
|
-3.00%
|
7.46%
|
||||
Return After Taxes on Distributions
|
12.94%
|
-3.44%
|
6.90%
|
||||
Return After Taxes on Distributions and Sale of Fund Shares
|
8.45%
|
-2.63%
|
6.45%
|
||||
S&P 500
®
Index (reflects no deduction for fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
||||
Dow Jones Global Index (reflects no deduction for fees, expenses or taxes)
|
16.59%
|
-0.46%
|
8.74%
|
To Open
Your Account
|
To Add to
Your Account
|
||||
Regular Accounts
|
$1,000
|
$100
|
|||
Retirement Accounts
|
$1,000
|
$100
|
|||
Automatic Investment Accounts
|
$500
|
$100
|
5 |
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX Flexible Income Fund
|
$149
|
$464
|
$802
|
$1,757
|
Upgrading
When a fund begins to lag its peers, the Advisor redeems the shares and directs the proceeds to a better performing alternative.
|
|
●
|
General Market Risk – General market risk is the risk that the value of a Fund’s shares will fluctuate based on the performance of the securities held by the Underlying Funds it owns. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.
|
|
●
|
Management Risk – Management risk describes the Flexible Income Fund’s ability to meet its investment objective based on the Advisor’s success or failure to implement investment strategies for the Flexible Income Fund.
|
|
●
|
Foreign Securities Risk – The Underlying Funds held by the Flexible Income Fund may have significant investments in foreign securities. Foreign securities risk entails risk relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.
|
|
●
|
Emerging Markets Risk – In addition to the foreign securities risks mentioned above, emerging markets are generally more volatile and less liquid.
|
|
●
|
Non-Diversification Risk – While the Flexible Income Fund is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
|
|
●
|
Derivative Risk – Some Underlying Funds may use derivative instruments which derive their value from the value of an underlying asset, currency or index. The value of derivatives may rise or fall more rapidly than other investments and it is possible to lose more than the initial amount invested.
|
|
●
|
Leverage Risk – Some Underlying Funds may borrow money for leveraging and will incur interest expense.
|
|
●
|
Interest Rate and Credit Risk – Interest rates may rise resulting in a decrease in the value of the securities held by the Underlying Funds or may fall resulting in an increase in the value of such securities.
|
|
●
|
High-Yield Securities (Junk Bond) Risk – The value of fixed-income securities held by the Underlying Funds that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security and changes in value based on public perception of the issuer.
|
|
●
|
ETF Trading Risk – Because the Flexible Income Fund invests in ETFs, it is 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 the ETFs trade, which may impact a Fund’s ability to sell its shares of an ETF.
|
|
●
|
Portfolio Turnover Risk – To the extent the Flexible Income Fund invests in ETFs, it may be subject to the risks of having a high portfolio turnover rate. High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities.
|
|
●
|
Upgrading Strategy Risk – The Flexible Income Fund employs an Upgrading strategy whereby it continually seeks to invest in the top-performing securities at a given time. When investment decisions are based on near-term performance, however, the Flexible Income Fund may be exposed to the risk of buying Underlying Funds immediately following a sudden, brief surge in performance that may be followed by a subsequent drop in market value.
|
|
●
|
Underlying Funds Risk – The risks associated with the Flexible Income Fund include the risks related to each Underlying Fund in which the Flexible Income Fund invests. Although the Flexible Income Fund seeks to reduce the risk of your investment by diversifying among mutual funds and ETFs that invest in stocks and, in some cases, bonds, there are inherent risks of investing in various asset classes.
|
Best and Worst Quarters
|
||
Best Quarter
|
Q4 2003
|
6.30%
|
Worst Quarter
|
Q3 2011
|
-3.85%
|
Average Annual Total Returns as of December 31, 2012
|
|||||||
1 Year
|
5 Years
|
10 Years
|
|||||
FundX Flexible Income Fund - INCMX
|
|||||||
Return Before Taxes
|
7.22%
|
4.87%
|
6.00%
|
||||
Return After Taxes on Distributions
|
5.89%
|
3.54%
|
4.80%
|
||||
Return After Taxes on Distributions and Sale of Fund Shares
|
4.82%
|
3.42%
|
4.52%
|
||||
Barclays Capital Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
|
4.22%
|
5.95%
|
5.18%
|
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2002 (the Fund’s inception)
|
Sean McKeon
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager and Chief Compliance Officer
|
2002 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Jason Browne
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
To Open
Your Account
|
To Add to
Your Account
|
||||
Regular Accounts
|
$1,000
|
$100
|
|||
Retirement Accounts
|
$1,000
|
$100
|
|||
Automatic Investment Accounts
|
$500
|
$100
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX Conservative Upgrader Fund
|
$188
|
$584
|
$1,005
|
$2,179
|
Upgrading
|
|
When a fund begins to lag its
peers, the Advisor redeems
the shares and directs the proceeds to a better performing alternative. |
|
●
|
General Market Risk – General market risk is the risk that the value of a Fund’s shares will fluctuate based on the performance of the securities held by the Underlying Funds it owns. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.
|
|
●
|
Management Risk – Management risk describes the Conservative Fund’s ability to meet its investment objective based on the Advisor’s success or failure to implement investment strategies for the Conservative Fund.
|
|
●
|
Foreign Securities Risk – The Underlying Funds held by the Conservative Fund may have significant investments in foreign securities. Foreign securities risk entails risk relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.
|
|
●
|
Emerging Markets Risk – In addition to the foreign securities risks mentioned above, emerging markets are generally more volatile and less liquid.
|
|
●
|
Non-Diversification Risk – While the Conservative Fund is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
|
|
●
|
Derivative Risk - Some Underlying Funds may use derivative instruments which derive their value from the value of an underlying asset, currency or index. The value of derivatives may rise or fall more rapidly than other investments and it is possible to lose more than the initial amount invested.
|
|
●
|
Leverage Risk – Some Underlying Funds may borrow money for leveraging and will incur interest expense.
|
|
●
|
Small Company Risk – The Underlying Funds may invest in securities of small companies, which involves greater volatility than investing in larger and more established companies.
|
|
●
|
Concentration and Sector Emphasis Risk – Because the Underlying Funds may hold a limited number of issuers, they may become concentrated in one or more sectors at any given time, subjecting the Conservative Fund to sector concentration risk.
|
|
●
|
Interest Rate and Credit Risk – Interest rates may rise resulting in a decrease in the value of the securities held by the Underlying Funds or may fall resulting in an increase in the value of such securities.
|
|
●
|
High-Yield Securities (Junk Bond) Risk – The value of fixed-income securities held by the Underlying Funds that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security and changes in value based on public perception of the issuer.
|
|
●
|
ETF Trading Risk – Because the Conservative Fund invests in ETFs, it is 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 the ETFs trade, which may impact a Fund’s ability to sell its shares of an ETF.
|
|
●
|
Portfolio Turnover Risk – To the extent the Conservative Fund invests in ETFs, it may be subject to the risks of having a high portfolio turnover rate. High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities.
|
|
●
|
Upgrading Strategy Risk – The Conservative Fund employs an Upgrading strategy whereby it continually seeks to invest in the top-performing securities at a given time. When investment decisions are based on near-term performance, however, the Conservative Fund may be exposed to the risk of buying Underlying Funds immediately following a sudden, brief surge in performance that may be followed by a subsequent drop in market value.
|
|
●
|
Underlying Funds Risk – The risks associated with the Conservative Fund include the risks related to each Underlying Fund in which the Conservative Fund invests. Although the Conservative Fund seeks to reduce the risk of your investment by diversifying among mutual funds and ETFs that invest in stocks and, in some cases, bonds, there are inherent risks of investing in various asset classes.
|
Best and Worst Quarters
|
||
Best Quarter
|
Q2 2003
|
15.52%
|
Worst Quarter
|
Q4 2008
|
-12.91%
|
Average Annual Total Returns as of December 31, 2012
|
|||||||
1 Year
|
5 Years
|
10 Years
|
|||||
FundX Conservative Upgrader Fund – RELAX
|
|||||||
Return Before Taxes
|
9.45%
|
0.91%
|
7.58%
|
||||
Return After Taxes on Distributions
|
9.03%
|
0.27%
|
6.90%
|
||||
Return After Taxes on Distributions and Sale of Fund Shares
|
6.23%
|
0.55%
|
6.44%
|
||||
S&P 500
®
Index (reflects no deduction for fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
||||
Dow Jones Global Index (reflects no deduction for fees, expenses or taxes)
|
16.59%
|
-0.46%
|
8.74%
|
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2002 (the Fund’s inception)
|
Sean McKeon
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager and Chief Compliance Officer
|
2002 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Jason Browne
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
To Open
Your Account
|
To Add to
Your Account
|
||||
Regular Accounts
|
$1,000
|
$100
|
|||
Retirement Accounts
|
$1,000
|
$100
|
|||
Automatic Investment Accounts
|
$500
|
$100
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX Aggressive Upgrader Fund
|
$
187
|
$
581
|
$
1,000
|
$
2,168
|
Upgrading
|
|
When a fund begins to lag its
peers, the Advisor redeems the shares and directs the
proceeds to a better
performing alternative. |
|
●
|
General Market Risk – General market risk is the risk that the value of a Fund’s shares will fluctuate based on the performance of the securities held by the Underlying Funds it owns. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.
|
|
●
|
Management Risk – Management risk describes the Aggressive Fund’s ability to meet its investment objective based on the Advisor’s success or failure to implement investment strategies for the Aggressive Fund.
|
|
●
|
Foreign Securities Risk – The Underlying Funds held by the Aggressive Fund may have significant investments in foreign securities. Foreign securities risk entails risk relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.
|
|
●
|
Emerging Markets Risk – In addition to the foreign securities risks mentioned above, emerging markets are generally more volatile and less liquid.
|
|
●
|
Non-Diversification Risk – While the Aggressive Fund is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
|
|
●
|
Derivative Risk – Some Underlying Funds may use derivative instruments which derive their value from the value of an underlying asset, currency or index. The value of derivatives may rise or fall more rapidly than other investments and it is possible to lose more than the initial amount invested.
|
|
●
|
Leverage Risk – Some Underlying Funds may borrow money for leveraging and will incur interest expense.
|
|
●
|
Short Sales Risk –The Underlying Funds may engage in short sales which could cause an Underlying Fund’s investment performance to suffer if it is required to close out a short position earlier than it had intended.
|
|
●
|
Small Company Risk – The Underlying Funds may invest in securities of small companies, which involves greater volatility than investing in larger and more established companies.
|
|
●
|
Concentration and Sector Emphasis Risk – Because the Underlying Funds may hold a limited number of issuers, they may become concentrated in one or more sectors at any given time, subjecting the Aggressive Fund to sector concentration risk.
|
|
●
|
ETF Trading Risk – Because the Aggressive Fund invests in ETFs, it is 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 the ETFs trade, which may impact a Fund’s ability to sell its shares of an ETF.
|
|
●
|
Portfolio Turnover Risk – To the extent the Aggressive Fund invests in ETFs, it may be subject to the risks of having a high portfolio turnover rate. High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities.
|
|
●
|
Upgrading Strategy Risk – The Aggressive Fund employs an Upgrading strategy whereby it continually seeks to invest in the top-performing securities at a given time. When investment decisions are based on near-term performance, however, the Aggressive Fund may be exposed to the risk of buying Underlying Funds immediately following a sudden, brief surge in performance that may be followed by a subsequent drop in market value.
|
|
●
|
Underlying Funds Risk – The risks associated with the Aggressive Fund include the risks related to each Underlying Fund in which the Aggressive Fund invests. Although the Aggressive Fund seeks to reduce the risk of your investment by diversifying among mutual funds and ETFs that invest in stocks and, in some cases, bonds, there are inherent risks of investing in various asset classes.
|
Best and Worst Quarters
|
||
Best Quarter
|
Q2 2003
|
21.13%
|
Worst Quarter
|
Q4 2008
|
-21.88%
|
Average Annual Total Returns as of December 31, 2012
|
|||||||
1 Year
|
5 years
|
10 Years
|
|||||
FundX Aggressive Upgrader Fund - HOTFX
|
|||||||
Return Before Taxes
|
14.65%
|
-3.27%
|
8.41%
|
||||
Return After Taxes on Distributions
|
14.65%
|
-3.73%
|
7.95%
|
||||
Return After Taxes on Distributions and Sale of Fund Shares
|
9.52%
|
-2.87%
|
7.34%
|
||||
S&P 500
®
Index (reflects no deduction for fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
||||
Dow Jones Global Index (reflects no deduction for fees, expenses or taxes)
|
16.59%
|
-0.46%
|
8.74%
|
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2002 (the Fund’s inception)
|
Sean McKeon
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager and Chief Compliance Officer
|
2002 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Jason Browne
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
To Open
Your Account
|
To Add to
Your Account
|
||||
Regular Accounts
|
$1,000
|
$100
|
|||
Retirement Accounts
|
$1,000
|
$100
|
|||
Automatic Investment Accounts
|
$500
|
$100
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX ETF Aggressive Upgrader Fund
|
$
181
|
$
621
|
$
1,087
|
$
2,377
|
Upgrading | |
When a fund begins to lag its
peers, the Advisor redeems the shares and directs the proceeds to a better performing alternative. |
|
●
|
General Market Risk – General market risk is the risk that the value of a Fund’s shares will fluctuate based on the performance of the securities held by the Underlying Funds it owns. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.
|
|
●
|
Management Risk – Management risk describes the ETF Aggressive Fund’s ability to meet its investment objective based on the Advisor’s success or failure to implement investment strategies for the ETF Aggressive Fund.
|
|
●
|
ETF Trading Risk – Because the ETF Aggressive Fund invests in ETFs, it is 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 the ETFs trade, which may impact a Fund’s ability to sell its shares of an ETF.
|
|
●
|
Foreign Securities Risk – The Underlying Funds held by the ETF Aggressive Fund may have significant investments in foreign securities. Foreign securities risk entails risk relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.
|
|
●
|
Emerging Markets Risk – In addition to the foreign securities risks mentioned above, emerging markets are generally more volatile and less liquid.
|
|
●
|
Non-Diversification Risk – While the ETF Aggressive Fund is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
|
|
●
|
Small Company Risk – The Underlying Funds may invest in securities of small companies, which involves greater volatility than investing in larger and more established companies.
|
|
●
|
Concentration and Sector Emphasis Risk – Because the Underlying Funds may hold a limited number of issuers, they may become concentrated in one or more sectors at any given time, subjecting the ETF Aggressive Fund to sector concentration risk.
|
|
●
|
Upgrading Strategy Risk – The ETF Aggressive Fund employs an Upgrading strategy whereby it continually seeks to invest in the top-performing ETFs at a given time. When investment decisions are based on near-term performance, however, the ETF Aggressive Fund may be exposed to the risk of buying Underlying Funds immediately following a sudden, brief surge in performance that may be followed by a subsequent drop in market value.
|
|
●
|
Underlying Funds Risk – The risks associated with the ETF Aggressive Fund include the risks related to each Underlying Fund in which the ETF Aggressive Fund invests. Although the ETF Aggressive Fund seeks to reduce the risk of your investment by diversifying among mutual funds and ETFs that invest in stocks and, in some cases, bonds, there are inherent risks of investing in various asset classes.
|
|
●
|
Short Sales Risk –The Underlying Funds may engage in short sales which could cause an Underlying Fund’s investment performance to suffer if it is required to close out a short position earlier than it had intended.
|
|
●
|
Interest Rate and Credit Risk – Interest rates may rise resulting in a decrease in the value of the securities held by the Underlying Funds or may fall resulting in an increase in the value of such securities.
|
|
●
|
High-Yield Securities (Junk Bond) Risk – The value of fixed-income securities held by the Underlying Funds that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security and changes in value based on public perception of the issuer.
|
|
●
|
Derivative Risk - Some Underlying Funds may use derivative instruments which derive their value from the value of an underlying asset, currency or index. The value of derivatives may rise or fall more rapidly than other investments and it is possible to lose more than the initial amount invested.
|
|
●
|
Leverage Risk - Some Underlying Funds may borrow money for leveraging and will incur interest expense.
|
|
●
|
Portfolio Turnover Risk - High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities.
|
Best and Worst Quarters
|
|||
Best Quarter
|
Q3 2009
|
17.41%
|
|
Worst Quarter
|
Q4 2008
|
-21.74%
|
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2007 (the Fund’s inception)
|
Sean McKeon
|
Portfolio Manager
|
2007 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager and Chief Compliance Officer
|
2007 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2007 (the Fund’s inception)
|
Jason Browne
|
Portfolio Manager
|
2007 (the Fund’s inception)
|
To Open
Your Account
|
To Add to
Your Account
|
||||
Regular Accounts
|
$1,000
|
$100
|
|||
Retirement Accounts
|
$1,000
|
$100
|
|||
Automatic Investment Accounts
|
$500
|
$100
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX ETF Upgrader Fund
|
$
178
|
$
759
|
$
1,366
|
$
3,007
|
Upgrading |
When a fund begins to lag its peers, the Advisor redeems the shares and directs the proceeds to a better performing alternative . |
|
●
|
General Market Risk – General market risk is the risk that the value of a Fund’s shares will fluctuate based on the performance of the securities held by the Underlying Funds it owns. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.
|
|
●
|
Management Risk – Management risk describes the ETF Upgrader Fund’s ability to meet its investment objective based on the Advisor’s success or failure to implement investment strategies for the ETF Upgrader Fund.
|
|
●
|
ETF Trading Risk – Because the ETF Upgrader Fund invests in ETFs, it is 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 the ETFs trade, which may impact a Fund’s ability to sell its shares of an ETF.
|
|
●
|
Foreign Securities Risk – The Underlying Funds held by the ETF Upgrader Fund may have significant investments in foreign securities. Foreign securities risk entails risk relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.
|
|
●
|
Emerging Markets Risk – In addition to the foreign securities risks mentioned above, emerging markets are generally more volatile and less liquid.
|
|
●
|
Non-Diversification Risk – While the ETF Upgrader Fund is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
|
|
●
|
Small Company Risk – The Underlying Funds may invest in securities of small companies, which involves greater volatility than investing in larger and more established companies.
|
|
●
|
Concentration and Sector Emphasis Risk – Because the Underlying Funds may hold a limited number of issuers, they may become concentrated in one or more sectors at any given time, subjecting the ETF Upgrader Fund to sector concentration risk.
|
|
●
|
Upgrading Strategy Risk – The ETF Upgrader Fund employs an Upgrading strategy whereby it continually seeks to invest in the top-performing ETFs at a given time. When investment decisions are based on near-term performance, however, the ETF Upgrader Fund may be exposed to the risk of buying Underlying Funds immediately following a sudden, brief surge in performance that may be followed by a subsequent drop in market value.
|
|
●
|
Underlying Funds Risk – The risks associated with the ETF Upgrader Fund include the risks related to each Underlying Fund in which the ETF Upgrader Fund invests. Although the ETF Upgrader Fund seeks to reduce the risk of your investment by diversifying among mutual funds and ETFs that invest in stocks and, in some cases, bonds, there are inherent risks of investing in various asset classes.
|
|
●
|
Short Sales Risk –The Underlying Funds may engage in short sales which could cause an Underlying Fund’s investment performance to suffer if it is required to close out a short position earlier than it had intended.
|
|
●
|
Interest Rate and Credit Risk – Interest rates may rise resulting in a decrease in the value of the securities held by the Underlying Funds or may fall resulting in an increase in the value of such securities.
|
|
●
|
High-Yield Securities (Junk Bond) Risk – The value of fixed-income securities held by the Underlying Funds that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security and changes in value based on public perception of the issuer.
|
|
●
|
Derivative Risk – Some Underlying Funds may use derivative instruments which derive their value from the value of an underlying asset, currency or index. The value of derivatives may rise or fall more rapidly than other investments and it is possible to lose more than the initial amount invested.
|
|
●
|
Leverage Risk – Some Underlying Funds may borrow money for leveraging and will incur interest expense.
|
|
●
|
Portfolio Turnover Risk – High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities.
|
Best and Worst Quarters
|
||
Best Quarter
|
Q3 2009
|
18.68%
|
Worst Quarter
|
Q4 2008
|
-23.46%
|
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2007 (the Fund’s inception)
|
Sean McKeon
|
Portfolio Manager
|
2007 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager and Chief Compliance Officer
|
2007 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2007 (the Fund’s inception)
|
Jason Browne
|
Portfolio Manager
|
2007 (the Fund’s inception)
|
To Open
Your Account
|
To Add to
Your Account
|
||||
Regular Accounts
|
$1,000
|
$100
|
|||
Retirement Accounts
|
$1,000
|
$100
|
|||
Automatic Investment Accounts
|
$500
|
$100
|
FundX Tactical Upgrader Fund
|
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
|
Management Fee
|
1.00%
|
Distribution (Rule 12b-1) Fees
|
None
|
Other Expenses
|
0.36%
|
Acquired Fund (Underlying Fund) Fees and Expenses
(1)
|
0.14%
|
Total Annual Fund Operating Expenses
|
1.50%
|
(1)
The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX Tactical Upgrader Fund
|
$
153
|
$
476
|
$
823
|
$
1,801
|
Upgrading | |
When a fund begins to lag its peers , the Advisor redeems the shares and directs the proceeds to a better performing alternative . |
The Advisor’s Tactical Model | |
The Advisor uses models that measure market conditions based on a variety of factors including sentiment, trends, momentum, valuations, monetary influences, and other variables that combined, create a broad measure of the current stock market environment. This broad measure is scored and the Advisor uses this score to determine when an investor would historically have been rewarded for making tactical shifts between being fully invested and hedged. |
|
●
|
General Market Risk – General market risk is the risk that the value of a Fund’s shares will fluctuate based on the performance of the securities held by the Underlying Funds it owns. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.
|
|
●
|
Management Risk – Management risk describes the Tactical Fund’s ability to meet its investment objective based on the Advisor’s success or failure to implement investment strategies for the Tactical Fund. This risk includes risks associated with the use of the Tactical Model which may not accurately predict future market conditions, or the proper time to change allocation ratios. To the extent the model does not work as intended, the Fund may experience a greater loss or a lower return than if the model had not been used. The availability of data from the model is an important component of the Advisor’s ability to execute its strategy.
|
|
●
|
Underlying Funds Risk – The risks associated with the Tactical Fund include the risks related to each Underlying Fund in which the Tactical Fund invests. Although the Tactical Fund seeks to reduce the risk of your investment by diversifying among mutual funds and ETFs that invest in stocks and, in some cases, bonds, there are inherent risks of investing in various asset classes.
|
|
●
|
Aggressive Investment Technique Risk – The Underlying Funds, particularly some ETFs, may use investment techniques considered to be aggressive, including using futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments.
|
|
|
Foreign Securities Risk – The Underlying Funds held by the Tactical Fund may have significant investments in foreign securities. Foreign securities risk entails risk relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.
|
|
●
|
Emerging Markets Risk – In addition to the foreign securities risks mentioned above, emerging markets are generally more volatile and less liquid.
|
|
●
|
Non-Diversification Risk – While the Tactical Fund itself is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
|
|
●
|
Derivative Risk – The Fund and some Underlying Funds may use derivative instruments which derive their value from the value of an underlying asset, currency or index. The value of derivatives may rise or fall more rapidly than other investments and it is possible to lose more than the initial amount invested.
|
|
●
|
Leverage Risk – Some Underlying Funds may borrow money for leveraging and will incur interest expense.
|
|
●
|
Portfolio Turnover Risk – The Tactical Fund’s Upgrading strategy, and in particular, the Tactical Model employed by the Advisor may result in high portfolio turnover from time to time. High portfolio turnover may cause the Tactical Fund to incur higher transaction costs than would be the case if the Tactical Fund had lower portfolio turnover.
|
|
●
|
Small Company Risk – The Underlying Funds may invest in securities of small companies, which involves greater volatility than investing in larger and more established companies.
|
|
●
|
Concentration and Sector Emphasis Risk – Some of the Underlying Funds may have particular emphasis in one or more sectors, subjecting that Underlying Fund to sector emphasis risk. Sector emphasis risk is the possibility that a certain sector may underperform other sectors or the market as a whole.
|
|
●
|
Short Sales Risk –The Underlying Funds may engage in short sales which could cause an Underlying Fund’s investment performance to suffer if it is required to close out a short position earlier than it had intended.
|
|
●
|
Upgrading Strategy Risk – The Tactical Fund employs an Upgrading strategy whereby it continually seeks to invest in the top-performing securities at a given time. When investment decisions are based on near-term performance, however, the Tactical Fund may be exposed to the risk of buying Underlying Funds immediately following a sudden, brief surge in performance that may be followed by a subsequent drop in market value.
|
|
●
|
Interest Rate and Credit Risk – Interest rates may rise resulting in a decrease in the value of the securities held by the Underlying Funds or may fall resulting in an increase in the value of such securities.
|
|
●
|
High-Yield Securities (Junk Bonds) Risk – The value of fixed-income securities held by the Underlying Funds that are rated below investment grade (junk bonds) are subject to additional risk factors such as increased possibility of default, illiquidity of the security and changes in value based on public perception of the issuer.
|
|
●
|
ETF Trading Risk – Because the Tactical Fund invests in ETFs, it is 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 the ETFs trade, which may impact a Fund’s ability to sell its shares of an ETF.
|
Best and Worst Quarters
|
||
Best Quarter
|
Q3 2009
|
6.34%
|
Worst Quarter
|
Q3 2011
|
-2.31%
|
Average Annual Total Returns as of December 31, 2012
|
||||
1 Year
|
Since Inception
|
|||
FundX Tactical Upgrader Fund - TACTX
|
(2/29/08)
|
|||
Return Before Taxes
|
2.66%
|
-4.89%
|
||
Return After Taxes on Distributions
|
2.66%
|
-4.94%
|
||
Return After Taxes on Distributions and Sale of Fund Shares
|
1.73%
|
-4.10%
|
||
S&P 500
®
Index (reflects no deduction for fees, expenses or taxes)
|
16.00%
|
3.73%
|
||
Dow Jones Global Index (reflects no deduction for fees, expenses or taxes)
|
16.59%
|
1.16%
|
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2008 (the Fund’s inception)
|
Sean McKeon
|
Portfolio Manager
|
2008 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager and Chief Compliance Officer
|
2008 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2008 (the Fund’s inception)
|
Jason Browne
|
Portfolio Manager
|
2008 (the Fund’s inception)
|
To Open
Your Account
|
To Add to
Your Account
|
||||
Regular Accounts
|
$1,000
|
$100
|
|||
Retirement Accounts
|
$1,000
|
$100
|
|||
Automatic Investment Accounts
|
$500
|
$100
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX Tactical Total Return Fund
|
$
181
|
$
708
|
$
1,262
|
$
2,773
|
Upgrading | |
When a fund begins to lag its peers, the Advisor redeems the shares and directs the proceeds to a better performing alternative . |
The Advisor’s Tactical Model | |
The Advisor uses models that measure market conditions based on a variety of factors including sentiment, trends, momentum, valuations, monetary influences, and other variables that combined, create a broad measure of the current stock market environment. This broad measure is scored and the Advisor uses this score to determine when an investor would historically have been rewarded for making tactical shifts between being fully invested and hedged. |
|
●
|
General Market Risk – General market risk is the risk that the value of a Fund’s shares will fluctuate based on the performance of the securities held by the Underlying Funds it owns. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.
|
|
●
|
Management Risk – Management risk describes the Tactical Total Return Fund’s ability to meet its investment objective based on the Advisor’s success or failure to implement investment strategies for the Tactical Total Return Fund. This risk includes risks associated with the use of the Tactical Model which may not accurately predict future market conditions, or the proper time to change allocation ratios. To the extent the model does not work as intended, the Fund may experience a greater loss or a lower return than if the model had not been used. The availability of data from the model is an important component of the Advisor’s ability to execute its strategy.
|
|
●
|
Underlying Funds Risk – The risks associated with the Tactical Total Return Fund include the risks related to each Underlying Fund in which the Tactical Total Return Fund invests. Although the Tactical Total Return Fund seeks to reduce the risk of your investment by diversifying among mutual funds and ETFs that invest in stocks and, in some cases, bonds, there are inherent risks of investing in various asset classes.
|
|
●
|
Aggressive Investment Technique Risk – The Underlying Funds, particularly some ETFs, may use investment techniques considered to be aggressive, including using futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments.
|
|
●
|
Upgrading Strategy Risk – The Tactical Total Return Fund employs an Upgrading strategy whereby it continually seeks to invest in the top-performing securities at a given time. When investment decisions are based on near-term performance, however, the Tactical Total Return Fund may be exposed to the risk of buying Underlying Funds immediately following a sudden, brief surge in performance that may be followed by a subsequent drop in market value.
|
|
●
|
Foreign Securities Risk – The Underlying Funds held by the Tactical Total Return Fund may have significant investments in foreign securities. Foreign securities risk entails risk relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.
|
|
●
|
Emerging Markets Risk – In addition to the foreign securities risks mentioned above, emerging markets are generally more volatile and less liquid.
|
|
●
|
Non-Diversification Risk – While the Tactical Total Return Fund itself is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
|
|
●
|
Derivative Risk – The Fund and some Underlying Funds may use derivative instruments which derive their value from the value of an underlying asset, currency or index. The value of derivatives may rise or fall more rapidly than other investments and it is possible to lose more than the initial amount invested.
|
|
●
|
Mortgage- and Asset-Backed Securities Risk – The Underlying Funds may invest in mortgage- and asset-backed securities, which represent “pools” of mortgages or other assets, including consumer loans or receivables held in trust. In a period of rising interest rates, these securities may exhibit additional volatility.
|
|
●
|
Leverage Risk – Some Underlying Funds may borrow money for leveraging and will incur interest expense.
|
|
●
|
Portfolio Turnover Risk – The Tactical Total Return Fund’s Upgrading strategy, and in particular, the Tactical Model employed by the Advisor may result in high portfolio turnover from time to time. High portfolio turnover may cause the Tactical Total Return Fund to incur higher transaction costs than would be the case if the Tactical Total Return Fund had lower portfolio turnover.
|
|
●
|
Small Company Risk – The Underlying Funds may invest in securities of small companies, which involves greater volatility than investing in larger and more established companies.
|
|
●
|
Concentration and Sector Emphasis Risk – Some of the Underlying Funds may have particular emphasis in one or more sectors, subjecting that Underlying Fund to sector emphasis risk. Sector emphasis risk is the possibility that a certain sector may underperform other sectors or the market as a whole.
|
|
●
|
Short Sales Risk –The Underlying Funds may engage in short sales which could cause an Underlying Fund’s investment performance to suffer if it is required to close out a short position earlier than it had intended.
|
|
●
|
Interest Rate and Credit Risk – Interest rates may rise resulting in a decrease in the value of the securities held by the Underlying Funds or may fall resulting in an increase in the value of such securities.
|
|
●
|
High-Yield Securities (Junk Bonds) Risk – The value of fixed-income securities held by the Underlying Funds that are rated below investment grade (junk bonds) are subject to additional risk factors such as increased possibility of default, illiquidity of the security and changes in value based on public perception of the issuer.
|
|
●
|
ETF Trading Risk – Because the Tactical Total Return Fund invests in ETFs, it is 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 the ETFs trade, which may impact a Fund’s ability to sell its shares of an ETF.
|
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2009 (the Fund’s inception)
|
Sean McKeon
|
Portfolio Manager
|
2009 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager and Chief Compliance Officer
|
2009 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2009 (the Fund’s inception)
|
Jason Browne
|
Portfolio Manager
|
2009 (the Fund’s inception)
|
Minimum Investments |
To Open
Your Account
|
To Add to
Your Account
|
|||
Regular Accounts
|
$1,000
|
$100
|
|||
Retirement Accounts
|
$1,000
|
$100
|
|||
Automatic Investment Accounts
|
$500
|
$100
|
|
(1)
|
classifying Underlying Funds by risk;
|
|
(2)
|
ranking the Underlying Funds based on performance using the Advisor’s proprietary methodology; and
|
|
(3)
|
adjusting a Fund’s portfolio holdings to Upgrade from under-performing Underlying Funds to those that rank higher as a result of this analysis.
|
The
term
investment grade
refers to the credit quality of fixed-income securities as established by a recognized rating agency, such as Standard & Poor’s ® . |
Annual Advisory Fee
|
Net Advisory Fee Received
(after waivers or recoupments)
|
|
FundX Upgrader Fund
|
1.00% on assets up to $500 million, 0.90% on assets between $500 million and $750 million, 0.80% on assets between $750 million and $1 billion, and 0.70% on assets over $1 billion.
|
1.00%
|
FundX Flexible Income Fund
|
0.70%
|
0.70%
|
FundX Conservative Upgrader Fund
|
1.00% on assets up to $500 million, 0.90% on assets between $500 million and $750 million, 0.80% on assets between $750 million and $1 billion, and 0.70% on assets over $1 billion.
|
1.00%
|
FundX Aggressive Upgrader Fund
|
1.00% on assets up to $500 million, 0.90% on assets between $500 million and $750 million, 0.80% on assets between $750 million and $1 billion, and 0.70% on assets over $1 billion.
|
1.00%
|
FundX ETF Aggressive Upgrader Fund
|
1.00%
|
0.71%
|
FundX ETF Upgrader Fund
|
1.00%
|
0.00%
|
FundX Tactical Upgrader Fund
|
1.00%
|
1.00%
|
FundX Tactical Total Return Fund
|
1.00%
|
0.29%
|
Amount of
Fees Rebated by U.S. Bank
as a % of Average Net
Assets
|
|
FundX Upgrader Fund
|
0.01%
|
FundX Flexible Income Fund
|
0.01%
|
FundX Conservative Upgrader Fund
|
0.01%
|
FundX Aggressive Upgrader Fund
|
0.01%
|
FundX ETF Aggressive Upgrader Fund
|
0.00%
|
FundX ETF Upgrader Fund
|
0.00%
|
FundX Tactical Upgrader Fund
|
0.01%
|
FundX Tactical Total Return Fund
|
0.00%
|
Name | Title |
Tenure with the Advisor
|
|||||
Janet Brown
|
President and Portfolio Manager
|
1978
|
|||||
Sean McKeon
|
Portfolio Manager
|
1990
|
|||||
Bernard Burke
|
Portfolio Manager and Chief Compliance Officer
|
1992
|
|||||
Martin DeVault
|
Portfolio Manager
|
1992
|
|||||
Jason Browne
|
Portfolio Manager
|
2000
|
To Open
Your Account
|
To Add to
Your Account
|
||||
Regular Accounts
|
$1,000
|
$100
|
|||
Retirement Accounts
|
$1,000
|
$100
|
|||
Automatic Investment Accounts
|
$500
|
$100
|
|
●
|
For all redemption requests in excess of $100,000;
|
|
●
|
If a change of address request has been received by the Transfer Agent within the last 30 days;
|
|
●
|
If ownership is being changed on your account; and
|
|
●
|
When redemption proceeds are payable or sent to any person, address or bank account not on record.
|
FundX Upgrader Fund
|
Financial Highlights
For a capital share outstanding throughout each period/year
|
(1)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(2)
|
Includes advisor reimbursement by affiliates from net realized loss on investments on the disposal of investments in violation of restrictions. Excluding this effect, the total return would have been (42.69)%.
|
(3)
|
Amount is less than $0.01.
|
(4)
|
Does not include expenses of investment companies in which the Fund invests.
|
(5)
|
Including credits for expenses paid indirectly, the ratio of expenses to average net assets would have been 1.24%, 1.23%, 1.22%, 1.20%, 1.11% and 1.11% for the period/years ended September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009, October 31, 2008 and October 31, 2007, respectively.
|
(6)
|
Including credits for expenses paid indirectly, the ratio of net investment income (loss) to average net assets would have been 0.54%, (0.04)%, 0.07%, 0.52%, 1.83% and 0.89% for the period/years ended September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009, October 31, 2008 and October 31, 2007, respectively.
|
(7)
|
Calculated using the average shares outstanding method.
|
^
|
Not Annualized.
|
+
|
Annualized.
|
*
|
Effective September 30, 2011, the Fund changed its fiscal year end from October 31 to September 30. The information presented is for the period from November 1, 2010 to September 30, 2011.
|
FundX Flexible Income Fund
|
Financial Highlights
For a capital share outstanding throughout each period/year
|
(1)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(2)
|
Amount is less than $0.01.
|
(3)
|
Does not include expenses of investment companies in which the Fund invests.
|
(4)
|
Including credits for expenses paid indirectly, the ratio of expenses to average net assets would have been 0.94%, 0.92%, 0.94%, 0.97%, 0.94% and 0.93% for the period/years ended September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009, October 31, 2008 and October 31, 2007, respectively.
|
(5)
|
Including credits for expenses paid indirectly, the ratio of net investment income to average net assets would have been 2.91%, 3.75%, 3.03%, 3.03%, 3.81% and 4.35% for the period/years ended September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009, October 31, 2008 and October 31, 2007, respectively.
|
(6)
|
Calculated using the average shares outstanding method.
|
^
|
Not Annualized.
|
+
|
Annualized.
|
*
|
Effective September 30, 2011, the Fund changed its fiscal year end from October 31 to September 30. The information presented is for the period from November 1, 2010 to September 30, 2011.
|
FundX Conservative Upgrader Fund
|
Financial Highlights
For a capital share outstanding throughout each period/year
|
(1)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(2)
|
Includes advisor reimbursement by affiliates from net realized loss on investments on the disposal of investments in violation of restrictions. Excluding this effect, the total return would have been (27.83)%.
|
(3)
|
Amount is less than $0.01.
|
(4)
|
Does not include expenses of investment companies in which the Fund invests.
|
(5)
|
Including credits for expenses paid indirectly, the ratio of expenses to average net assets would have been 1.36%, 1.30%, 1.35%, 1.32%, 1.24% and 1.25% for the period/years ended September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009, October 31, 2008 and October 31, 2007, respectively.
|
(6)
|
Including credits for expenses paid indirectly, the ratio of net investment income to average net assets would have been 1.50%, 1.85%, 1.29%, 1.72%, 2.15% and 1.36% for the period/years ended September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009, October 31, 2008 and October 31, 2007, respectively.
|
(7)
|
Calculated using the average shares outstanding method.
|
^
|
Not Annualized.
|
+
|
Annualized.
|
*
|
Effective September 30, 2011, the Fund changed its fiscal year end from October 31 to September 30. The information presented is for the period from November 1, 2010 to September 30, 2011.
|
FundX Aggressive Upgrader Fund
|
Financial Highlights
For a capital share outstanding throughout each period/year
|
(1)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(2)
|
Amount is less than $0.01.
|
(3)
|
Does not include expenses of investment companies in which the Fund invests.
|
(4)
|
Including credits for expenses paid indirectly, the ratio of expenses to average net assets would have been 1.32%, 1.30%, 1.30%, 1.30%, 1.20% and 1.20% for the period/years ended September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009, October 31, 2008 and October 31, 2007, respectively.
|
(5)
|
Including credits for expenses paid indirectly, the ratio of net investment loss to average net assets would have been 0.01%, (0.40)%, 0.10%, 0.39%, 1.79% and 0.74% for the period/years ended September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009, October 31, 2008 and October 31, 2007, respectively.
|
(6)
|
Calculated using the average shares outstanding method.
|
^
|
Not Annualized.
|
+
|
Annualized.
|
*
|
Effective September 30, 2011, the Fund changed its fiscal year end from October 31 to September 30. The information presented is for the period from November 1, 2010 to September 30, 2011.
|
FundX ETF Aggressive Upgrader Fund
|
Financial Highlights
For a capital share outstanding throughout each period/Year
|
(1)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(2)
|
Amount is less than $0.01.
|
(3)
|
Does not include expenses of investment companies in which the Fund invests.
|
(4)
|
Calculated using the average shares outstanding method.
|
^
|
Not annualized.
|
+
|
Annualized.
|
*
|
Fund commenced operations on January 31, 2007.
|
**
|
Effective September 30, 2011, the Fund changed its fiscal year end from October 31 to September 30. The information presented is for the period from November 1, 2010 to September 30, 2011.
|
FundX ETF Upgrader Fund
|
Financial Highlights
For a capital share outstanding throughout each period/year
|
(1)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(2)
|
Includes advisor reimbursement by affiliates from net realized loss on investments on the disposal of investments in violation of restrictions. Excluding this effect, the total return would have been (41.74)%.
|
(3)
|
Does not include expenses of investment companies in which the Fund invests.
|
(4)
|
Calculated using the average shares outstanding method.
|
^
|
Not annualized.
|
+
|
Annualized.
|
*
|
Fund commenced operations on January 31, 2007.
|
**
|
Effective September 30, 2011, the Fund changed its fiscal year end from October 31 to September 30. The information presented is for the period from November 1, 2010 to September 30, 2011.
|
FundX Tactical Upgrader Fund
|
Financial Highlights
For a capital share outstanding throughout each period/year
|
(1)
|
Amount is less than $0.01.
|
(2)
|
Including credits for expenses paid indirectly, the ratio of expenses to average net assets would have been 1.36%, 1.45%, 1.42% and 1.25% for the periods/years ended September 30, 2012, September 30, 2011, October 31, 2010 and October 31, 2009, respectively.
|
(3)
|
Including credits for expenses paid indirectly, the ratio of net investment income to average net assets would have been (0.46)%, (1.01)%, 0.77% and 0.72% for the periods/years ended September 30, 2012, September 30, 2011, October 31, 2010 and October 31, 2009, respectively.
|
(4)
|
Calculated using the average shares outstanding method.
|
(5)
|
Does not include expenses of investment companies in which the Fund invests.
|
^
|
Not annualized.
|
+
|
Annualized.
|
*
|
Fund commenced operations February 29, 2008.
|
**
|
Effective September 30, 2011, the Fund changed its fiscal year end from October 31 to September 30. The information presented is for the period from November 1, 2010 to September 30, 2011.
|
FundX Tactical Total Return Fund
|
Financial Highlights
For a capital share outstanding throughout each period/year
|
(1)
|
Amount is less than $0.01.
|
|
(2)
|
Including credits for expenses paid indirectly, the ratio of expenses to average net assets would have been 1.50% and 1.48% for the period/year ended September 30, 2011 and October 31, 2010, respectively.
|
|
(3)
|
Including credits for expenses paid indirectly, the ratio of net investment income to average net assets would have been 0.44% and 1.17% for the period/year ended September 30, 2011 and October 31, 2010, respectively.
|
|
(4)
|
Calculated using the average shares outstanding method.
|
^
|
Not annualized.
|
+
|
Annualized.
|
*
|
Fund commenced operations May 29, 2009.
|
**
|
Effective September 30, 2011, the Fund changed its fiscal year end from October 31 to September 30. The information presented is for the period from November 1, 2010 to September 30, 2011.
|
|
●
|
Information we receive about you on applications or other forms,
|
|
●
|
Information you give us orally, and
|
|
●
|
Information about your transactions with us or others.
|
FundX Upgrader Fund –
FUNDX
FundX Flexible Income Fund -
INCMX
FundX Conservative Upgrader Fund -
RELAX
FundX Aggressive Upgrader Fund -
HOTFX
FundX ETF Aggressive Upgrader Fund -
UNBOX
FundX ETF Upgrader Fund -
REMIX
FundX Tactical Upgrader Fund -
TACTX
FundX Tactical Total Return Fund -
TOTLX
|
|
●
|
Statement of Additional Information (“SAI”):
The SAI of the Funds provides more detailed information about the investments and techniques of the Fund and certain other additional information. A current SAI is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally a part of the Prospectus.
|
|
●
|
Annual and Semi-Annual Reports:
Additional information about the Funds’ investments is available in the Funds’ Annual and Semi-Annual Reports to shareholders. In the Funds’ Annual Report, you will find a discussion of market conditions and investment strategies that significantly affected each Fund’s performance during its last fiscal year.
|
·
|
Free of charge from the Fund’s website at www.upgraderfunds.com.
|
·
|
Free of charge from the SEC’s EDGAR database on the SEC’s website at http://www.sec.gov.
|
·
|
For a fee, by writing to the Public Reference Room of the SEC, Washington, D.C. 20549-1520.
|
·
|
For a fee, by email request at www.publicinfo@sec.gov.
|
|
(1940 Act File Number 811-05037)
|
(1)
|
Successful use of most Financial Instruments depends upon the investment advisor’s ability to predict movements of the overall securities markets, which requires different skills than predicting changes in the prices of individual securities. The ordinary spreads between prices in the cash and futures markets, due to the differences in the natures of those markets, are subject to distortion. Due to the possibility of distortion, a correct forecast of stock market trends by an investment advisor may still not result in a successful transaction. The investment advisor may be incorrect in its expectations as to the extent of market movements or the time span within which the movements will take place which, thus, may result in the strategy being unsuccessful.
|
(2)
|
Options and futures prices can diverge from the prices of their underlying instruments. Options and futures prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded, and from imposition of daily price fluctuation limits or trading halts.
|
(3)
|
As described below, a Fund or an Underlying Fund might be required to maintain assets as “cover,” maintain segregated accounts or make margin payments when it takes positions in Financial Instruments involving obligations to third parties (
e.g.
, Financial Instruments other than purchased options). If an Underlying Fund were unable to close out its positions in such Financial Instruments, it might be required to continue to maintain such assets or accounts or make such payments until the position expired or matured. These requirements might impair the Underlying Fund’s ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or require that an Underlying Fund sell a portfolio security at a disadvantageous time. An Underlying Fund’s ability to close out a position in a Financial Instrument prior to expiration or maturity depends on the existence of a liquid secondary market or, in the absence of such a market, the ability and willingness of the other party to the transaction (the “counter-party”) to enter into a transaction closing out the position. Therefore, there is no assurance that any position can be closed out at a time and price that is favorable to an Underlying Fund.
|
|
Assets used as cover or held in an account cannot be sold while the position in the corresponding Financial Instrument is open, unless they are replaced with other appropriate assets. As a result, the commitment of a large portion of an Underlying Fund’s assets to cover or hold in accounts could impede portfolio management or the Underlying Fund’s ability to meet redemption requests or other current obligations.
|
(4)
|
Losses may arise due to unanticipated market price movements, lack of a liquid secondary market for any particular instrument at a particular time or due to losses from premiums paid by an Underlying Fund on options transactions.
|
2.
|
(a) Borrow money, except for temporary or emergency purposes. Any such borrowing will be made only if, immediately thereafter, there is asset coverage of at least 300% of all borrowings.
|
|
(b)
|
Mortgage, pledge or hypothecate up to 33 1/3% of its assets except in connection with any such borrowings.
|
3.
|
Purchase securities on margin, participate on a joint or joint and several basis in any securities trading account or underwrite securities. (This does not preclude a Fund from obtaining such short-term credit as may be necessary for the clearance of purchases and sales of its portfolio securities).
|
5.
|
With respect to the Upgrader Fund and the Flexible Income Fund, invest more than 25% of its total assets in the securities of any specific industry (other than investment companies). The Aggressive Fund and the Conservative Fund may concentrate their investments in any one industry or sector if, as a result, no more than 70% and 50%, respectively, of each Fund’s assets will be invested in such industry or sector.
|
6.
|
Issue senior securities, as defined in the 1940 Act, except that this restriction shall not be deemed to prohibit a Fund from (a) making any permitted borrowings, mortgages or pledges, or (b) entering into repurchase transactions.
|
7.
|
With respect to 75% of its total assets, invest more than 5% of its total assets in securities of a single issuer or hold more than 10% of the voting securities of such issuer. (Does not apply to investment in the securities of the U.S. government, its agencies or instrumentalities or securities of other investment companies.)
|
2.
|
Invest, in the aggregate, more than 15% of its net assets in securities with legal or contractual restrictions on resale, securities that are not readily marketable and repurchase agreements with more than seven days to maturity.
|
3.
|
With respect to fundamental investment restriction 2(a) above, the Fund will not purchase portfolio securities while outstanding borrowings exceed 5% of its assets.
|
1.
|
Make loans to others, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by a Fund.
|
2.
|
(a) Borrow money or issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by a Fund.
|
|
(b) Mortgage, pledge or hypothecate any of a Fund’s assets except in connection with any such borrowings and only with respect to 33 1/3% of its assets.
|
3.
|
Purchase securities on margin, participate on a joint or joint and several basis in any securities trading account or underwrite securities. (Does not preclude a Fund from obtaining such short-term credit as may be necessary for the clearance of purchases and sales of its portfolio securities.)
|
5.
|
Purchase or sell real estate; however, a Fund may invest in debt securities secured by real estate or interests therein or issued by companies which invest in real estate or interest therein, including real estate investment trusts.
|
6.
|
With respect to each Fund, invest more than 25% of its net assets in any one industry or group of industries, except that the Funds will invest more than 25% of their net assets in other investment companies, including exchange-traded funds.
|
7.
|
With respect to 75% of a Fund’s total assets, invest more than 5% of its total assets in securities of a single issuer or hold more than 10% of the voting securities of such issuer. (Does not apply to investment in the securities of the U.S. government, its agencies or instrumentalities or securities of other investment companies.)
|
1.
|
Invest in any issuer for purposes of exercising control or management.
|
2.
|
Invest, more than 15% of a Fund’s net assets, taken at the time of investment in illiquid securities.
|
3.
|
With respect to fundamental investment restriction 2 above, a Fund will not purchase portfolio securities while outstanding borrowings exceed 5% of its assets.
|
4.
|
Each Fund will not invest in any Underlying Fund if, as a result of such investment, the securities held by the Underlying Fund and the securities held by all other Underlying Funds in the Fund’s portfolio, would cause the Fund to become concentrated (more 25% of its net assets) in any one industry or group of industries.
|
1.
|
Make loans to others, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund.
|
2.
|
(a) Purchase securities on margin, borrow money or issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund.
|
|
(b) Mortgage, pledge or hypothecate any of its assets except in connection with any such borrowings and only with respect to 33 1/3% of its assets. Initial or variation for futures contracts will be deemed to be pledges of the Fund’s assets
|
3.
|
Act as an underwriter of securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933 as amended, in disposing of a portfolio security.
|
4.
|
Purchase commodities or commodity contracts (other than futures contracts).
|
5.
|
Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments. This limitation shall not prevent the Fund from investing in securities or other instruments back by real estate or securities issued by an company engaged in the real estate business.
|
6.
|
Invest 25% or more of the market value of its assets in the securities of companies engaged in any one industry or group of related industries (other than investment companies). This restriction does not apply to investments in the securities of the U.S. government, its agencies or instrumentalities.
|
7.
|
With respect to 75% of its total assets, invest more than 5% of its total assets in securities of a single issuer or hold more than 10% of the voting securities of such issuer. (Does not apply to investment in the securities of the U.S. government, its agencies or instrumentalities or securities of other investment companies.)
|
1.
|
Invest in any issuer for purposes of exercising control or management.
|
2.
|
Invest, in the aggregate, more than 15% of its net assets in securities with legal or contractual restrictions on resale, securities that are not readily marketable and repurchase agreements with more than seven days to maturity.
|
3.
|
With respect to fundamental investment restriction 2(a) above, the Fund will not purchase portfolio securities while outstanding borrowings exceed 5% of its assets.
|
4.
|
Each Fund will not invest in any Underlying Fund if, as a result of such investment, the securities held by the Underlying Fund and the securities held by all other Underlying Funds in the Fund’s portfolio, would cause the Fund to become concentrated (more 25% of its net assets) in any one industry or group of industries.
|
Portfolio Turnover Rate
|
||||
Fund
|
2012
|
2011
(1)
|
||
Upgrader Fund
|
128%
|
153%
|
||
Flexible Income Fund
|
79%
|
141%
|
||
Conservative Fund
|
122%
|
165%
|
||
Aggressive Fund
|
139%
|
153%
|
||
ETF Aggressive Fund
|
256%
|
208%
|
||
ETF Upgrader Fund
|
221%
|
282%
|
||
Tactical Fund
|
438%
|
589%
(2)
|
||
Tactical Total Return Fund
|
213%
|
297%
|
(1)
Effective September 30, 2011, the Funds changed their fiscal year end from October 31 to September 30. The information presented is for the period from November 1, 2010 to September 30, 2011.
|
(2)
The Tactical Fund experienced a significant increase in portfolio turnover from the 2010 fiscal year to the 2011 fiscal year due to the Fund’s response to heightened market volatility.
|
Name, Address
And Age
|
Position with
the Trust
|
Term of Office and
Length of Time Served |
Principal Occupation
During Past Five Years |
Number of
Portfolios in Fund Complex (2) Overseen by Trustees |
Other
Directorships Held During the Past 5 Years |
|||||
Independent Trustees of the Trust
(1)
|
||||||||||
Dorothy A. Berry
(born 1943)
c/o U.S. Bancorp Fund Services, LLC
2020 E. Financial Way
Suite 100
Glendora, CA 91741
|
Chairman and Trustee
|
Indefinite Term
Since May 1991.
|
Formerly, President, Talon Industries, Inc. (administrative, management and business consulting); formerly, Executive Vice President and Chief Operating Officer, Integrated Asset Management (investment adviser and manager) and formerly, President, Value Line, Inc. (investment advisory and financial publishing firm).
|
8
|
Director,
PNC Funds, Inc.
|
|||||
Wallace L. Cook
(born 1939)
c/o U.S. Bancorp Fund Services, LLC
2020 E. Financial Way
Suite 100
Glendora, CA 91741
|
Trustee
|
Indefinite Term
Since May 1991.
|
Investment Consultant; formerly, Chief Executive Officer, Rockefeller Trust Co., (prior thereto Senior Vice President), and Managing Director, Rockefeller & Co. (Investment Manager and Financial Advisor); formerly, Senior Vice President, Norton Simon, Inc.
|
8
|
The Dana Foundation; The University of Virginia Law School Foundation.
|
|||||
Name, Address
And Age
|
Position with
the Trust
|
Term of Office and
Length of Time Served |
Principal Occupation
During Past Five Years |
Number of
Portfolios in Fund Complex (2) Overseen by Trustees |
Other
Directorships Held During the Past 5 Years |
Carl A. Froebel
(born 1938)
c/o U.S. Bancorp Fund Services, LLC
2020 E. Financial Way
Suite 100
Glendora, CA 91741
|
Trustee
|
Indefinite Term
Since May 1991.
|
Formerly, President and Founder, National Investor Data Services, Inc. (investment related computer software).
|
8
|
None.
|
|||||
Steven J. Paggioli
(born 1950)
c/o U.S. Bancorp Fund Services, LLC
2020 E. Financial Way
Suite 100
Glendora, CA 91741
|
Trustee
|
Indefinite Term
Since May 1991.
|
Consultant, since July 2001; formerly, Executive Vice President, Investment Company Administration, LLC (mutual fund administrator).
|
8
|
Independent Trustee, The Managers Funds, Managers AMG Funds, Aston Funds; Advisory Board Member, Sustainable Growth Advisers, LP; Independent Director, Chase Investment Counsel.
|
|||||
Interested Trustee and Officers of the Trust
|
||||||||||
Eric W. Falkeis
(3)
(born 1973)
c/o U.S. Bancorp Fund Services, LLC
615 East Michigan St.
Milwaukee, WI 53202
|
President
Trustee
|
Indefinite Term;
Since January 2011.
Indefinite Term;
Since September 2011.
|
Senior Vice President and Chief Financial Officer (and other positions), U.S. Bancorp Fund Services, LLC since 1997.
|
8
|
None.
|
|||||
Patrick J. Rudnick
(born 1973)
c/o U.S. Bancorp Fund Services, LLC
615 East Michigan St.
Milwaukee, WI 53202
|
Treasurer
|
Indefinite Term;
Since November 2009.
|
Vice President, U.S. Bancorp Fund Services, LLC, since 2006; formerly, Manager, PricewaterhouseCoopers LLP (1999-2006).
|
Not
Applicable.
|
Not
Applicable.
|
|||||
Elaine E. Richards
(born 1968)
c/o U.S. Bancorp Fund Services, LLC
2020 E. Financial Way
Suite 100
Glendora, CA 91741
|
Secretary
|
Indefinite Term;
Since February 2008.
|
Vice President and Legal Compliance Officer, U.S. Bancorp Fund Services, LLC, since July 2007.
|
Not
Applicable |
Not
Applicable
|
Name, Address
And Age
|
Position with
the Trust
|
Term of Office and
Length of Time Served |
Principal Occupation
During Past Five Years |
Number of
Portfolios in Fund Complex (2) Overseen by Trustees |
Other
Directorships Held During the Past 5 Years |
Donna Barrette
(born 1966)
c/o U.S. Bancorp Fund Services, LLC
615 East Michigan St.
Milwaukee, WI 53202
|
Chief Compliance Officer
Anti-Money Laundering Officer
Vice President
|
Indefinite Term:
Since July 2011.
Indefinite Term:
Since July 2011.
Indefinite Term:
Since July 2011. |
Senior Vice President and Compliance Officer, U.S. Bancorp Fund Services, LLC since August 2004.
|
Not
Applicable.
|
Not
Applicable.
|
(1)
|
The Trustees of the Trust are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
|
(2)
|
The Trust is comprised of numerous series managed by unaffiliated investment advisers. The term “Fund Complex” applies to the Funds. The Funds do not hold themselves out as related to any other series within the Trust for purposes of investment and investor services, nor do they share the same investment advisor with any other series.
|
(3)
|
Mr. Falkeis is an “interested person” of the Trust as defined by the 1940 Act. Mr. Falkeis is an interested Trustee of the Trust by virtue of the fact that he is an interested person of Quasar Distributors, LLC who acts as principal underwriter to the series of the Trust.
|
Aggregate Compensation From the FundX
|
|||||||||
Name of
Person/Position |
Upgrader
Fund |
Flexible
Income Fund |
Conservative
Fund |
Aggressive
Fund
|
ETF
Aggressive Fund |
ETF
Upgrader Fund |
Tactical
Fund |
Tactical
Total Return Fund |
Total
Compensation from the Funds and Fund Complex (1) Paid to Trustees |
Dorothy A. Berry,
Independent Trustee |
$1,850
|
$1,519
|
$1,240
|
$1,347
|
$1,140
|
$993
|
$1,165
|
$953
|
$10,208
|
Wallace L. Cook,
Independent Trustee |
$1,492
|
$1,225
|
$1,000
|
$1,086
|
$920
|
$801
|
$940
|
$769
|
$8,232
|
Carl A. Froebel,
Independent Trustee |
$1,492
|
$1,225
|
$1,000
|
$1,086
|
$920
|
$801
|
$940
|
$769
|
$8,232
|
Steve J. Paggioli,
Independent Trustee |
$1,492
|
$1,225
|
$1,000
|
$1,086
|
$920
|
$801
|
$940
|
$769
|
$8,232
|
Eric W. Falkeis,
Interested
Trustee (2) |
None
|
None
|
None
|
None
|
None
|
None
|
None
|
None
|
None
|
(1)
|
There are currently numerous unaffiliated portfolios comprising the Trust. The term “Fund Complex” applies only to the Funds. For the fiscal year ended September 30, 2012, Trustees’ fees and expenses in the amount of $212,000 were allocated to the Trust.
|
(2)
|
The Interested Trustee does not receive compensation from the Trust for his service as Trustee.
|
Name and Address
|
% Ownership
|
Type of Ownership
|
Charles Schwab & Co. Inc.
Special Custody Account FBO Customers 101 Montgomery St. San Francisco, CA 94104-4151 |
43.35%
|
Record
|
TD Ameritrade Inc.
For the Exclusive Benefit of our Clients P.O. Box 2226
Omaha, NE 68103-2226
|
40.11%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers 200 Liberty St. New York, NY 10281-1003 |
22.93%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership
|
Charles Schwab & Co. Inc.
Special Custody Account FBO Customers 101 Montgomery St. San Francisco, CA 94104-4151 |
59.23%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers 200 Liberty St. New York, NY 10281-1003 |
18.97%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership
|
TD Ameritrade Inc.
For the Exclusive Benefit of our Clients P.O. Box 2226 Omaha, NE 68103-2226 |
7.68%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership
|
Charles Schwab & Co. Inc.
Special Custody Account FBO Customers 101 Montgomery St. San Francisco, CA 94104-4151 |
44.50%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers 200 Liberty St. New York, NY 10281-1003 |
22.59%
|
Record
|
TD Ameritrade Inc.
For the Exclusive Benefit of our Clients P.O. Box 2226 Omaha, NE 68103-2226 |
11.57%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership
|
Charles Schwab & Co. Inc.
Special Custody Account FBO Customers 101 Montgomery St. San Francisco, CA 94104-4151 |
40.11%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers 200 Liberty St. New York, NY 10281-1003 |
28.13%
|
Record
|
TD Ameritrade Inc.
For the Exclusive Benefit of our Clients P.O. Box 2226 Omaha, NE 68103-2226 |
7.80%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership
|
Charles Schwab & Co. Inc.
Special Custody Account FBO Customers 101 Montgomery St. San Francisco, CA 94104-4151 |
43.84%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers 200 Liberty St. New York, NY 10281-1003 |
30.56%
|
Record
|
TD Ameritrade Inc.
For the Exclusive Benefit of our Clients P.O. Box 2226 Omaha, NE 68103-2226 |
9.96%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership
|
Charles Schwab & Co. Inc.
Special Custody Account FBO Customers 101 Montgomery St. San Francisco, CA 94104-4151 |
55.29%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers 200 Liberty St. New York, NY 10281-1003 |
14.87%
|
Record
|
Pershing LLC
P.O. Box 2052 Jersey City, NY 07303-2052 |
13.42%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership
|
Charles Schwab & Co. Inc.
Special Custody Account FBO Customers 101 Montgomery St. San Francisco, CA 94104-4151 |
85.86%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership
|
National Financial Services, LLC
For the Benefit of Our Customers 200 Liberty St. New York, NY 10281-1003 |
6.04%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership
|
Charles Schwab & Co. Inc.
Special Custody Account FBO Customers 101 Montgomery St. San Francisco, CA 94104-4151 |
67.22%
|
Record
|
TD Ameritrade Inc.
For the Exclusive Benefit of our Clients P.O. Box 2226 Omaha, NE 68103-2226 |
20.69%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers 200 Liberty St. New York, NY 10281-1003 |
7.82%
|
Record
|
Annual Advisory Fee
|
|
FundX Upgrader Fund
|
1.00% on assets up to $500 million, 0.90% on assets between $500 million and $750 million, 0.80% on assets between $750 million and $1 billion, and 0.70% on assets over $1 billion.
|
FundX Flexible Income Fund
|
0.70%
|
FundX Conservative Upgrader Fund
|
1.00% on assets up to $500 million, 0.90% on assets between $500 million and $750 million, 0.80% on assets between $750 million and $1 billion, and 0.70% on assets over $1 billion.
|
FundX Aggressive Upgrader Fund
|
1.00% on assets up to $500 million, 0.90% on assets between $500 million and $750 million, 0.80% on assets between $750 million and $1 billion, and 0.70% on assets over $1 billion.
|
Annual Advisory Fee
|
|
FundX ETF Aggressive Upgrader Fund
|
1.00%
|
FundX ETF Upgrader Fund
|
1.00%
|
FundX Tactical Upgrader Fund
|
1.00%
|
FundX Tactical Total Return Fund
|
1.00%
|
Upgrader Fund
|
|||
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$2,647,000
|
$3,114,177
|
$3,722,947
|
Fees (Waived)/Recouped
|
$0
|
$0
|
$0
|
Net Advisory Fee Paid
|
$2,647,000
|
$3,114,177
|
$3,722,947
|
Flexible Income Fund
|
|||
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$1,015,450
|
$1,109,897
|
$1,124,604
|
Fees (Waived)/Recouped
|
$0
|
$0
|
$0
|
Net Advisory Fee Paid
|
$1,015,450
|
$1,109,897
|
$1,124,604
|
Conservative Fund
|
|||
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$517,349
|
$633,656
|
$606,032
|
Fees (Waived)/Recouped
|
$0
|
$0
|
$0
|
Net Advisory Fee Paid
|
$517,349
|
$633,656
|
$606,032
|
Aggressive Fund
|
|||
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$765,753
|
$885,086
|
$1,121,987
|
Fees (Waived)/Recouped
|
$0
|
$0
|
$0
|
Net Advisory Fee Paid
|
$765,753
|
$885,086
|
$1,121,987
|
ETF Aggressive Fund
|
|||
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$132,430
|
$199,301
|
$303,298
|
Fees (Waived)/Recouped
|
$38,748
|
$(14,441)
|
$(17,022)
|
Net Advisory Fee Paid
|
$93,682
|
$184,860
|
$286,276
|
ETF Upgrader Fund
|
|||
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$60,977
|
$63,961
|
$79,904
|
Fees (Waived)/Recouped
|
$61,029
|
$(58,069)
|
$(69,947)
|
Net Advisory Fee Paid
|
$0
|
$5,892
|
$9,957
|
Tactical Fund
|
|||
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$412,875
|
$276,736
|
$411,001
|
Fees (Waived)/Recouped
|
$0
|
$1,773
|
$(1,773)
|
Net Advisory Fee Paid
|
$412,875
|
$278,509
|
$409,228
|
Tactical Total Return Fund
|
|||
2012
|
2011
(2)
|
2010
|
|
Fees Accrued
|
$75,145
|
$51,393
|
$63,919
|
Fees (Waived)/Recouped
|
$53,193
|
$(51,393)
(3)
|
$(63,919)
(1)
|
Net Advisory Fee Paid
|
$21,952
|
$0
|
$0
|
(1)
|
The Advisor waived fees and paid Fund expenses in a total amount of $64,004 for 2010.
|
(2)
|
Effective September 30, 2011, the Fund changed its fiscal year end from October 31 to September 30. The information presented is for the period from November 1, 2010 to September 30, 2011.
|
(3)
|
The Advisor waived fees and paid Fund expenses in a total amount of $75,547 for 2011.
|
Category of
Account
|
Total Number of
Accounts Managed
|
Total Assets in
Accounts Managed
|
Number of
Accounts for
which Advisory
Fee is Based on
Performance
|
Assets in
Accounts for
which Advisory
Fee is Based on
Performance
|
Other Registered Investment Companies
|
0
|
$0
|
0
|
$0
|
Other Pooled Investment Vehicles
|
0
|
$0
|
0
|
$0
|
Other Accounts
|
559
|
$324,233,291
|
0
|
$0
|
Amount Invested Key
|
|
A.
|
None
|
B.
|
$1-$10,000
|
C.
|
$10,001-$50,000
|
D.
|
$50,001-$100,000
|
E.
|
$100,001-$500,000
|
F.
|
$500,001-$1,000,000
|
G.
|
Over $1,000,000
|
Name of
Portfolio
Manager
|
Dollar Range of Equity Securities in the each Fund
(None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001-$500,000-$500,001-$1,000,000,
Over $1,000,000) |
|||||||
Upgrader
Fund
|
Flexible
Income
Fund
|
Conservative
Fund
|
Aggressive
Fund
|
ETF
Aggressive
Fund
|
ETF
Upgrader
Fund
|
Tactical
Fund
|
Tactical
Total
Return
Fund
|
|
Janet Brown
|
G.
|
F.
|
A.
|
F.
|
D.
|
F.
|
F.
|
E.
|
Jason Browne
|
B.
|
B.
|
B.
|
B.
|
B.
|
B.
|
E.
|
B.
|
Bernard Burke
|
C.
|
A.
|
A.
|
A.
|
A.
|
A.
|
A.
|
A.
|
Martin DeVault
|
E.
|
C.
|
D.
|
C.
|
D.
|
C.
|
C.
|
C.
|
Sean McKeon
|
E.
|
E.
|
C.
|
D.
|
A.
|
C.
|
D.
|
A.
|
Administration Fee Paid
|
|||
2012
|
2011
(1)
|
2010
|
|
Upgrader Fund
|
$162,847
|
$175,715
|
$207,904
|
Flexible Income Fund
|
$94,733
|
$89,433
|
$89,536
|
Conservative Fund
|
$34,480
|
$35,748
|
$33,881
|
Aggressive Fund
|
$51,067
|
$49,942
|
$62,607
|
ETF Aggressive Fund
|
$11,436
|
$11,277
|
$16,783
|
ETF Upgrader Fund
|
$10,225
|
$9,148
|
$10,000
|
Tactical Fund
|
$24,817
|
$15,637
|
$22,703
|
Tactical Total Return Fund
|
$7,521
|
$6,864
|
$7,500
|
|
(
1
)
|
Effective September 30, 2011, the Fund changed its fiscal year end from October 31 to September 30. The information presented is for the period from November 1, 2010 to September 30, 2011.
|
Brokerage Fees Paid
|
|||
2012
|
2011
(
2
)
|
2010
|
|
Upgrader Fund
|
$91,319.82
|
$140,699
|
$146,462
(
1
)
|
Flexible Income Fund
|
$11,921
|
$16,526
|
$28,376
|
Conservative Fund
|
$9,809
|
$17,638
|
$12,024
|
Aggressive Fund
|
$37,987
|
$46,622
|
$53,985
(
1
)
|
ETF Aggressive Fund
|
$18,633
|
$22,180
|
$84,991
(
1
)
|
ETF Upgrader Fund
|
$6,015
|
$9,058
|
$18,351
(
1
)
|
Tactical Fund
|
$255,531
|
$85,568
|
$266,706
|
Tactical Total Return Fund
|
$25,444
|
$9,011
|
$22,349
|
Firm
|
Dollar Amount
|
||
Charles Schwab
|
$
|
914,725.51 | |
National Financial
|
$
|
493,859.05 | |
Ameritrade
|
$
|
346,249.60 | |
Vanguard
|
$
|
36,640.21 | |
Pershing, LLC
|
$
|
9,440.71 | |
Orion
|
$
|
547.98 |
(a)
|
Amended and Restated Agreement and Declaration of Trust is herein incorporated by reference from Post-Effective Amendment No. 211 to Professionally Managed Portfolios’ (the “Trust”) Registration Statement on Form N-1A, filed with the Securities and Exchange Commission (“SEC”) on July 27, 2005.
|
|
(b)
|
Amended and Restated By-Laws are herein incorporated by reference from Post-Effective Amendment No. 148 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 18, 2003.
|
|
(c)
|
Instruments Defining Rights of Security Holders are herein incorporated by reference from the Trust’s Declaration of Trust and Bylaws.
|
|
(d)
|
(i)
|
Investment Advisory Agreement dated September 2, 2008, between the Trust on behalf of the CAN SLIM
®
Select Growth Fund, and NorthCoast Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 322 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 28, 2008.
|
(ii)
|
Amended and Restated Investment Advisory Agreement dated August 31, 2006, between the Trust, on behalf of the FundX Upgrader Fund, the FundX Aggressive Upgrader Fund, the FundX Conservative Upgrader Fund and the FundX Flexible Income Fund, and FundX Investment Group f/k/a DAL Investment Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
|
|
(iii)
|
Investment Advisory Agreement dated January 31, 2007 between the Trust on behalf of the FundX ETF Upgrader Fund and the FundX ETF Aggressive Upgrader Fund and FundX Investment Group f/k/a DAL Investment Company, LLC, is herein incorporated by reference from Post-Effective Amendment No. 277 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 31, 2007.
|
|
(iv)
|
Investment Advisory Agreement dated February 20, 2008 between the Trust, on behalf of the FundX Tactical Upgrader Fund and FundX Investment Group f/k/a DAL Investment Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 308 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 28, 2008.
|
|
(v)
|
Investment Advisory Agreement dated May 29, 2009 between the Trust, on behalf of the FundX Tactical Total Return Fund and FundX Investment Group f/k/a DAL Investment Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 346 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 29, 2009.
|
|
(vi)
|
Amended and Restated Investment Advisory Agreement dated August 31, 2006 between the Trust, on behalf of the Hodges Fund, and Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
|
|
(vii)
|
Investment Advisory Agreement dated December 7, 2007 between the Trust, on behalf of the Hodges Small Cap Fund and Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 300 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 18, 2007.
|
|
(viii)
|
Investment Advisory Agreement dated August 31, 2009 between the Trust, on behalf of the Hodges Blue Chip 25 Fund and Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
(ix)
|
Investment Advisory Agreement dated August 31, 2009 between the Trust, on behalf of the Hodges Equity Income Fund and Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
|
(x)
|
Investment Advisory Agreement dated August 31, 2009 between the Trust, on behalf of the Hodges Pure Contrarian Fund and Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
|
(xi)
|
Amended and Restated Investment Advisory Agreement dated July 27, 2008 between the Trust, on behalf of The Osterweis Fund, and Osterweis Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 317 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 30, 2008.
|
|
(xii)
|
Amended and Restated Investment Advisory Agreement dated July 27, 2008 between the Trust, on behalf of The Osterweis Strategic Income Fund, and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 317 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 30, 2008.
|
|
(xiii)
|
Investment Advisory Agreement dated August 31, 2010 between the Trust, on behalf of The Osterweis Strategic Investment Fund, and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.
|
|
(xiv)
|
Investment Advisory Agreement dated July 31, 2012 between the Trust, on behalf of the Osterweis Institutional Equity Fund, and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 465 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 31, 2012.
|
|
(xv)
|
Amended and Restated Investment Advisory Agreement dated March 1, 2007 between the Trust, on behalf of Portfolio 21, and Portfolio 21 Investments, formerly Progressive Investment Management Corporation, is herein incorporated by reference from Post-Effective Amendment No. 281 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 27, 2007.
|
|
(xvi)
|
Amended and Restated Investment Advisory Agreement between the Trust, on behalf of the TCM Small Cap Growth Fund and the TCM Small-Mid Cap Growth Fund, and Tygh Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 285 to the Trust’s Registration Statement on Form N-1A, file with the SEC on June 26, 2007.
|
|
(xvii)
|
Amended and Restated Investment Advisory Agreement dated August 31, 2006 between the Trust, on behalf of the Villere Balanced Fund, and St. Denis J. Villere & Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
|
|
(xviii)
|
Investment Advisory Agreement dated March 31, 2009 between the Trust, on behalf of the Congress Large Cap Growth Fund, and Congress Asset Management Company is herein incorporated by reference from Post-Effective Amendment No. 339 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 31, 2009.
|
|
(xviii)(A)
|
Amendment to Schedule A of the Investment Advisory Agreement dated August 14, 2012, between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund, and Congress Asset Management Company is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
|
|
(xix)
|
Investment Advisory Agreement dated May 1, 2009 between the Trust, on behalf of the Jordan Opportunity Fund, and Windowpane Advisors, L.L.C. is herein incorporated by reference from Post-Effective Amendment No. 343 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 1, 2009.
|
(xix)(A)
|
Investment Sub-Advisory Agreement dated May 1, 2009, between Hellman, Jordan Management Co., Inc. and Windowpane Advisors, L.L.C. on behalf of the Jordan Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 343 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 1, 2009.
|
|
(xx)
|
Investment Advisory Agreement dated August 31, 2009, between the Trust, on behalf of the DSM Large Cap Growth Fund, and DSM Capital Partners LLC is herein incorporated by reference from Post-Effective Amendment No. 357 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
(xx)(A)
|
Amended Schedule A dated March 28, 2013, to Investment Advisory Agreement dated August 31, 2009, between the Trust, on behalf of the DSM Large Cap Growth Fund, DSM Global Growth Fund, DSM Small-Mid Cap Growth Fund, and DSM Capital Partners LLC is herein incorporated by reference from Post-Effective Amendment No. 500 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 28, 2013.
|
|
(xxi)
|
Investment Advisory Agreement dated August 31, 2009, between the Trust, on behalf of the Akre Focus Fund, and Akre Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
|
|
(xxii)
|
Investment Advisory Agreement dated December 29, 2010, between the Trust, on behalf of the Boston Common International Fund and Boston Common U.S. Equity Fund, and Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.
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(xxiii)
|
Investment Advisory Agreement dated April 6, 2011, between the Trust, on behalf of the GoodHaven Fund and GoodHaven Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 398 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 6, 2011.
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(xxiv)
|
Investment Advisory Agreement dated June 29, 2011, between the Trust, on behalf of the Contravisory Strategic Equity Fund and Contravisory Investment Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
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(xxv)
|
Form of Investment Advisory Agreement dated March 12, 2012, between the Trust, on behalf of the Muzinich Funds and Muzinich & Co., Inc. is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
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(xxvi)
|
Interim Investment Advisory Agreement dated January 18, 2013, between the Trust, on behalf of the Becker Value Equity Fund and Becker Capital Management, Inc. is herein incorporated by reference from Post Effective Amendment No. 494 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 28, 2013.
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(xxvii)
|
Investment Advisory Agreement between the Trust, on behalf of the Villere Equity Fund and St. Denis J. Villere & Co., Inc. – to be filed by amendment.
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(xxviii)
|
Investment Advisory Agreement dated March 27, 2013, between the Trust, on behalf of the McKinley Diversified Income Fund and McKinley Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 498 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 26, 2013.
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(e)
|
(i)
|
Distribution Agreement dated May 19, 2008, between the Trust, on behalf of the CAN SLIM
®
Select Growth Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 322 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 28, 2008.
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(ii)
|
Distribution Agreement dated July 5, 2006, between the Trust, on behalf of the FundX Upgrader Fund, the FundX Aggressive Upgrader Fund, the FundX Conservative Upgrader Fund and the FundX Flexible Income Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
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(ii)(A)
|
Amendment to Exhibit A of the Distribution Agreement dated January 11, 2007, between the Trust, on behalf of the FundX ETF Upgrader Fund and the FundX ETF Aggressive Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 277 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 31, 2007.
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(ii)(B)
|
Amendment to Exhibit A of the Distribution Agreement dated February 5, 2008, between the Trust on behalf of the FundX Tactical Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 308 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 28, 2008.
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(iii)
|
Distribution Agreement dated February 24, 2009, between the Trust, on behalf of the FundX Tactical Total Return Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 346 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 29, 2009.
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(iv)
|
Distribution Agreement dated June 1, 2006, between the Hodges Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 259 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 30, 2006.
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(iv)(A)
|
Amendment to Exhibit A of the Distribution Agreement dated November 28, 2007, between the Trust on behalf of the Hodges Small Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 300 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 18, 2007.
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(iv)(B)
|
Second Amendment dated June 15, 2009, to the Distribution Agreement dated June 1, 2006, as amended November 28, 2007, between the Trust on behalf of the Hodges Blue Chip 25 Fund, the Hodges Equity Income Fund and the Hodges Pure Contrarian Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
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(v)
|
Distribution Agreement dated July 10, 2006, between the Trust, on behalf of The Osterweis Fund and The Osterweis Strategic Income Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
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(v)(A)
|
First Amendment dated July 19, 2010, to the Distribution Agreement dated July 10, 2006 between the Trust, on behalf of The Osterweis Strategic Investment Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.
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(v)(B)
|
Second Amendment dated May 1, 2012, to the Distribution Agreement dated July 10, 2006 between the Trust, on behalf of the Osterweis Institutional Equity Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 465 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 31, 2012.
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(vi)
|
Distribution Agreement dated July 7, 2006, between the Trust, on behalf of the Portfolio 21, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
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(vii)
|
Distribution Agreement dated June 26, 2006, between the Trust, on behalf of the TCM Small Cap Growth Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
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(vii)(A)
|
Amendment to the Distribution Agreement between the Trust, on behalf of the TCM Small-Mid Cap Growth Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 285 to the Trust’s Registration Statement on Form N-1A, file with the SEC on June 26, 2007.
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(viii)
|
Distribution Agreement dated June 26, 2006, between the Trust, on behalf of the Villere Balanced Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
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(ix)
|
Distribution Agreement dated February 24, 2009, between the Trust, on behalf of the Congress Large Cap Growth Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 339 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 31, 2009.
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(ix)(A)
|
Amendment to the Distribution Agreement between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
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(x)
|
Form of Distribution Agreement between the Trust, on behalf of the Jordan Opportunity Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 331 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 22, 2009.
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(xi)
|
Distribution Agreement dated June 15, 2009, between the Trust, on behalf of the DSM Large Cap Growth Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 357 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
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(xi)(A)
|
First Amendment dated March 5, 2012, to the Distribution Agreement dated June 15, 2009, between the Trust and Quasar Distributors, LLC, on behalf of the DSM Global Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 444 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 5, 2012.
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(xi)(B)
|
Second Amendment dated March 1, 2013, to the Distribution Agreement dated June 15, 2009, between the Trust, on behalf of the DSM Large Cap Growth Fund, DSM Global Growth Fund, and DSM Small-Mid Cap Growth Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 500 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 28, 2013.
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(xii)
|
Distribution Agreement dated August 3, 2009, between the Trust, on behalf of the Akre Focus Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
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(xiii)
|
Distribution Agreement dated November 9, 2010, between the Trust, on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund, and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.
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(xiv)
|
Distribution Agreement dated February 16, 2011, between the Trust, on behalf of the GoodHaven Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 398 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 6, 2011.
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(xv)
|
Distribution Agreement dated May 19, 2011, between the Trust, on behalf of the Contravisory Strategic Equity Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
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(xvi)
|
Distribution Agreement dated March 1, 2012, between the Trust, on behalf of the Muzinich Funds and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
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(xvii)
|
Distribution Agreement dated August 14, 2012, between the Trust, on behalf of the Becker Value Equity Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.
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(xviii)
|
Distribution Agreement between the Trust, on behalf of the Villere Equity Fund and Quasar Distributors, LLC – to be filed by amendment.
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(xix)
|
Distribution Agreement between the Trust, on behalf of the McKinley Diversified Income Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 498 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 26, 2013.
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(f)
|
Bonus or Profit Sharing Contracts – None.
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(g)
|
Custody Agreement dated June 22, 2006, between the Trust and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
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(i)
|
Addendum to the Custody Agreement dated August 17, 2006, on behalf of the FundX Upgrader Fund, the FundX Aggressive Upgrader Fund, the FundX Conservative Upgrader Fund and the FundX Flexible Income Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
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(i)(A)
|
Addendum to the Custody Agreement dated January 11, 2007, on behalf of the FundX ETF Upgrader Fund and the FundX ETF Aggressive Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 277 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 31, 2007.
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(ii)
|
Amendment to the Custody Agreement on behalf of the TCM Small Cap Growth Fund and TCM Small-Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 438 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 30, 2012.
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(iii)
|
Addendum to the Custody Agreement on behalf of the Hodges Small Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 300 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 18, 2007.
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(iv)
|
Addendum to the Custody Agreement on behalf of the FundX Tactical Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 308 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 28, 2008.
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(v)
|
Addendum to the Custody Agreement on behalf of the CAN SLIM
®
Select Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 320 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 29, 2008.
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(vi)
|
Amendment to the Custody Agreement on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, and the Congress Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
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(vii)
|
Form of Amendment to the Custody Agreement on behalf of the Jordan Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 331 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 22, 2009.
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(viii)
|
Amendment to the Custody Agreement on behalf of the FundX Tactical Total Return Fund is herein incorporated by reference from Post-Effective Amendment No. 346 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 29, 2009.
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(ix)
|
Amendment to the Custody Agreement on behalf of the DSM Large Cap Growth Fund, DSM Global Growth Fund, and DSM Small-Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 500 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 28, 2013.
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(x)
|
Amendment to the Custody Agreement on behalf of the Hodges Blue Chip 25 Fund, the Hodges Equity Income Fund and the Hodges Pure Contrarian Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
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(xi)
|
Amendment to the Custody Agreement on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 427 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on November 18, 2011.
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(xii)
|
Amendment to the Custody Agreement on behalf of The Osterweis Strategic Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.
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(xii)(A)
|
Amendment to the Custody Agreement on behalf of the Osterweis Institutional Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 465 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 31, 2012.
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(xiii)
|
Amendment to the Custody Agreement on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.
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(xiv)
|
Amendment to the Custody Agreement on behalf of the GoodHaven Fund is herein incorporated by reference from Post-Effective Amendment No. 398 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 6, 2011.
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(xv)
|
Amendment to the Custody Agreement on behalf of the Contravisory Strategic Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
|
|
(xvi)
|
Amendment to the Custody Agreement on behalf of the Villere Balanced Fund is herein incorporated by reference from Post-Effective Amendment No. 432 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 20, 2011.
|
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(xvii)
|
Amendment to the Custody Agreement on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
|
|
(xvii)(A)
|
Custodian Agreement on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
|
|
(xviii)
|
Amendment to the Custody Agreement dated August 14, 2012, on behalf of the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.
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(xix)
|
Amendment to the Custody Agreement, on behalf of the Villere Equity Fund – to be filed by amendment.
|
|
(xx)
|
Amendment to the Custody Agreement, on behalf of the McKinley Diversified Income Fund is herein incorporated by reference from Post-Effective Amendment No. 498 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 26, 2013.
|
|
(h)
|
(i)
|
Fund Administration Servicing Agreement dated June 22, 2006, between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13 2006.
|
(i)(A)
|
Addendum to the Fund Administration Servicing Agreement dated August 17, 2006, on behalf of the FundX Upgrader Fund, the FundX Aggressive Upgrader Fund, the FundX Conservative Upgrader Fund and the FundX Flexible Income Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
|
|
(i)(A)(1)
|
Addendum to the Fund Administration Servicing Agreement dated January 11, 2007, on behalf of the FundX ETF Upgrader Fund and the FundX ETF Aggressive Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 277 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 31, 2007.
|
|
(i)(A)(2)
|
Addendum to the Fund Administration Servicing Agreement on behalf of the FundX Tactical Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 308 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 28, 2008.
|
|
(i)(A)(3)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the FundX Tactical Total Return Fund is herein incorporated by reference from Post-Effective Amendment No. 346 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 29, 2009.
|
|
(i)(B)
|
Addendum to the Fund Administration Servicing Agreement on behalf of the TCM Small-Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 285 to the Trust’s Registration Statement on Form N-1A, file with the SEC on June 26, 2007.
|
|
(i)(C)
|
Addendum to the Fund Administration Servicing Agreement on behalf of the Hodges Small Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 300 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 18, 2007.
|
|
(i)(D)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund and the Congress Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
|
|
(i)(E)
|
Form of Amendment to the Fund Administration Servicing Agreement on behalf of the Jordan Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 331 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 22, 2009.
|
|
(i)(F)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the DSM Large Cap Growth Fund, DSM Global Growth Fund, and DSM Small-Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 500 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 28, 2013.
|
|
(i)(G)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the Hodges Blue Chip 25 Fund, the Hodges Equity Income Fund and the Hodges Pure Contrarian Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
|
(i)(H)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
|
|
(i)(I)
|
Amendment to the Fund Administration Servicing Agreement on behalf of The Osterweis Strategic Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.
|
|
(i)(I)(1)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the Osterweis Institutional Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 465 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 31, 2012.
|
|
(i)(J)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.
|
(i)(K)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the GoodHaven Fund is herein incorporated by reference from Post-Effective Amendment No. 398 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 6, 2011.
|
|
(i)(L)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the Contravisory Strategic Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
|
|
(i)(M)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the Villere Balanced Fund is herein incorporated by reference from Post-Effective Amendment No. 432 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 20, 2011.
|
|
(i)(N)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
|
|
(i)(O)
|
Amendment to the Fund Administration Servicing Agreement dated August 14, 2012, on behalf of the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.
|
|
(i)(P)
|
Amendment to the Fund Administration Servicing Agreement dated March 1, 2013, on behalf of the McKinley Diversified Income Fund is herein incorporated by reference from Post-Effective Amendment No. 498 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 26, 2013.
|
|
(ii)
|
Fund Accounting Servicing Agreement dated June 22, 2006, between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
|
|
(ii)(A)
|
Addendum to the Fund Accounting Servicing Agreement dated August 17, 2006, on behalf of the FundX Upgrader Fund, the FundX Aggressive Upgrader Fund, the FundX Conservative Upgrader Fund and the FundX Flexible Income Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
|
|
(ii)(A)(1)
|
Addendum to the Fund Accounting Servicing Agreement dated January 11, 2007, on behalf of the FundX ETF Upgrader Fund and the FundX ETF Aggressive Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 277 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 31, 2007.
|
|
(ii)(A)(2)
|
Addendum to the Fund Accounting Servicing Agreement on behalf of the FundX Tactical Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 308 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 28, 2008.
|
|
(ii)(A)(3)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the FundX Tactical Total Return Fund is herein incorporated by reference from Post-Effective Amendment No. 346 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 29, 2009.
|
|
(ii)(B)
|
Addendum to the Fund Accounting Servicing Agreement on behalf of the TCM Small-Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 285 to the Trust’s Registration Statement on Form N-1A, file with the SEC on June 26, 2007.
|
|
(ii)(C)
|
Addendum to the Fund Accounting Servicing Agreement on behalf of the Hodges Small Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 300 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 18, 2007.
|
|
(ii)(C)(1)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the Hodges Blue Chip 25 Fund, the Hodges Equity Income Fund and the Hodges Pure Contrarian Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
(ii)(D)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund and the Congress Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
|
|
(ii)(E)
|
Form of the Amendment to Fund Accounting Servicing Agreement on behalf of the Jordan Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 331 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 22, 2009.
|
|
(ii)(F)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the DSM Large Cap Growth Fund, DSM Global Growth Fund, and DSM Small-Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 500 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 28, 2013.
|
|
(ii)(G)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
|
|
(ii)(H)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of The Osterweis Strategic Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.
|
|
(ii)(H)(1)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the Osterweis Institutional Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 465 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 31, 2012.
|
|
(ii)(I)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.
|
|
(ii)(J)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the GoodHaven Fund is herein incorporated by reference from Post-Effective Amendment No. 398 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 6, 2011.
|
|
(ii)(K)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the Contravisory Strategic Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
|
|
(ii)(L)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the Villere Balanced Fund is herein incorporated by reference from Post-Effective Amendment No. 432 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 20, 2011.
|
|
(ii)(M)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
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(ii)(N)
|
Amendment to the Fund Accounting Servicing Agreement dated August 14, 2012, on behalf of the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.
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|
(ii)(O)
|
Amendment to the Fund Accounting Servicing Agreement, on behalf of the Villere Equity Fund – to be filed by amendment.
|
|
(ii)(P)
|
Amendment to the Fund Accounting Servicing Agreement, on behalf of the McKinley Diversified Income Fund is herein incorporated by reference from Post-Effective Amendment No. 498 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 26, 2013.
|
|
(iii)
|
Transfer Agent Servicing Agreement dated June 22, 2006, between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
|
(iii)(A)
|
Addendum to the Transfer Agent Servicing Agreement dated August 17, 2006, on behalf of the FundX Upgrader Fund, the FundX Aggressive Upgrader Fund, the FundX Conservative Upgrader Fund and the FundX Flexible Income Fund, and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
|
|
(iii)(A)(1)
|
Addendum to the Transfer Agent Servicing Agreement dated January 11, 2007, on behalf of the FundX ETF Upgrader Fund and the FundX ETF Aggressive Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 277 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 31, 2007.
|
|
(iii)(A)(2)
|
Addendum to the Transfer Agent Servicing Agreement on behalf of the FundX Tactical Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 308 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 28, 2008.
|
|
(iii)(A)(3)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the FundX Tactical Total Return Fund is herein incorporated by reference from Post-Effective Amendment No. 346 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 29, 2009.
|
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(iii)(B)
|
Addendum to the Transfer Agent Servicing Agreement on behalf of the TCM Small-Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 285 to the Trust’s Registration Statement on Form N-1A, file with the SEC on June 26, 2007.
|
|
(iii)(C)
|
Addendum to the Transfer Agent Servicing Agreement on behalf of the Hodges Small Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 300 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 18, 2007.
|
|
(iii)(C)(1)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the Hodges Blue Chip 25 Fund, the Hodges Equity Income Fund and the Hodges Pure Contrarian Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
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(iii)(D)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund and the Congress Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
|
|
(iii)(E)
|
Form of Amendment to the Transfer Agent Servicing Agreement on behalf of the Jordan Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 331 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 22, 2009.
|
|
(iii)(F)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the DSM Large Cap Growth Fund, DSM Global Growth Fund, and DSM Small-Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 500 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 28, 2013.
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(iii)(G)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
|
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(iii)(H)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of The Osterweis Strategic Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.
|
|
(iii)(H)(1)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the Osterweis Institutional Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 465 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 31, 2012.
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(iii)(I)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.
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|
(iii)(J)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the GoodHaven Fund is herein incorporated by reference from Post-Effective Amendment No. 398 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 6, 2011.
|
(iii)(K)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the Contravisory Strategic Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
|
|
(iii)(L)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the Villere Balanced Fund is herein incorporated by reference from Post-Effective Amendment No. 432 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 20, 2011.
|
|
(iii)(M)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
|
|
(iii)(N)
|
Amendment to the Transfer Agent Servicing Agreement dated August 14, 2012, on behalf of the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.
|
|
(iii)(O)
|
Amendment to the Transfer Agent Servicing Agreement, on behalf of the Villere Equity Fund – to be filed by amendment.
|
|
(iii)(P)
|
Amendment to the Transfer Agent Servicing Agreement, on behalf of the McKinley Diversified Income Fund is herein incorporated by reference from Post-Effective Amendment No. 498 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 26, 2013.
|
|
(iv)(A)
|
Operating Expenses Limitation Agreement dated September 2, 2008, between the Trust, on behalf of the CAN SLIM
®
Select Growth Fund, and NorthCoast Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 322 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 28, 2008.
|
|
(iv)(B)
|
Operating Expenses Limitation Agreement dated June 21, 2002, between the Trust, on behalf of the FundX Upgrader Fund, and FundX Investment Group f/k/a DAL Investment Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 163 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 13, 2004.
|
|
(iv)(B)(1)
|
Operating Expenses Limitation Agreement dated June 21, 2002, between the Trust, on behalf of the FundX Aggressive Upgrader Fund, the FundX Conservative Upgrader Fund and the FundX Flexible Income Fund, and FundX Investment Group f/k/a DAL Investment Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 163 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 13, 2004.
|
|
(iv)(B)(2)
|
Operating Expenses Limitation Agreement dated January 31 2007, between the Trust on behalf of the FundX ETF Upgrader Fund and the FundX ETF Aggressive Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 277 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 31, 2007.
|
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(iv)(B)(3)
|
Operating Expenses Limitation Agreement dated February 20, 2008, between the Trust, on behalf of the FundX Tactical Upgrader Fund, and FundX Investment Group f/k/a DAL Investment Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 308 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 28, 2008.
|
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(iv)(B)(4)
|
Operating Expenses Limitation Agreement dated May 29, 2009, between the Trust, on behalf of the FundX Tactical Total Return Fund, and FundX Investment Group f/k/a DAL Investment Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 346 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 29, 2009.
|
|
(iv)(C)
|
Operating Expenses Limitation Agreement dated December 7, 2007, as amended August 14, 2008, between the Trust, on behalf of the
Hodges Small Cap Fund, and
Hodges Capital Management, Inc. is herein incorporated be reference from Post Effective Amendment No. 324 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on September 30, 2008
.
|
(iv)(C)(1)
|
Operating Expenses Limitation Agreement dated August 31, 2009, between the Trust, on behalf of the Hodges Blue Chip 25 Fund, and
Hodges Capital Management, Inc.
is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
|
(iv)(C)(2)
|
Operating Expenses Limitation Agreement dated August 31, 2009, between the Trust, on behalf of the Hodges Equity Income Fund, and
Hodges Capital Management, Inc.
is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
|
(iv)(C)(3)
|
Operating Expenses Limitation Agreement dated August 31, 2009, between the Trust, on behalf of the Hodges Pure Contrarian Fund, and
Hodges Capital Management, Inc.
is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
|
(iv)(D)
|
Operating Expenses Limitation Agreement dated August 30, 2002, between the Trust, on behalf of The Osterweis Strategic Income Fund, and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 154 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 30, 2003.
|
|
(iv)(E)
|
Operating Expenses Limitation Agreement dated August 31, 2010, between the Trust, on behalf of The Osterweis Strategic Investment Fund, and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.
|
|
(iv)(E)(1)
|
Operating Expenses Limitation Agreement dated July 31, 2012, between the Trust, on behalf of the Osterweis Institutional Equity Fund, and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 465 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 31, 2012.
|
|
(iv)(F)
|
Operating Expenses Limitation Agreement dated March 1, 2007, between the Trust, on behalf of Portfolio 21, and Portfolio 21 Investments, formerly Progressive Investment Management Corporation, is herein incorporated by reference from Post-Effective Amendment No. 281 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 27, 2007.
|
|
(iv)(G)
|
Operating Expenses Limitation Agreement dated August 31, 2006, between the Trust, on behalf of the TCM Small Cap Growth Fund, and Tygh Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 268 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 13, 2006.
|
|
(iv)(H)
|
Operating Expenses Limitation Agreement dated June 29, 2007, between the Trust, on behalf of the TCM Small-Mid Cap Growth Fund, and Tygh Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 285 to the Trust’s Registration Statement on Form N-1A, file with the SEC on June 26, 2007.
|
|
(iv)(I)
|
Operating Expenses Limitation Agreement dated August 7, 2002, between the Trust, on behalf of the Villere Balanced Fund, and St. Denis J. Villere & Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 160 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 16, 2003.
|
|
(iv)(J)
|
Operating Expenses Limitation Agreement dated March 31, 2009, between the Trust, on behalf of the Congress Large Cap Growth Fund, and Congress Asset Management Company is herein incorporated by reference from Post-Effective Amendment No. 339 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 31, 2009.
|
|
(iv)(K)
|
Amendment to Appendix A dated August 14, 2012 of the Operating Expenses Limitation Agreement dated March 31, 2009, between the Trust, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund, the Congress Mid Cap Growth Fund, and Congress Asset Management Company is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
|
(iv)(L)
|
Amendment to Appendix A dated March 28, 2013, to the Amended and Restated Operating Expenses Limitation Agreement dated January 26, 2010, between the Trust, on behalf of the DSM Large Cap Growth Fund, and DSM Capital Partners LLC is herein incorporated by reference from Post-Effective Amendment No. 500 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 28, 2013.
|
|
(iv)(L)(1)
|
Amended Appendix A of the Amended and Restated Operating Expenses Limitation Agreement dated January 26, 2010, between the Trust, on behalf of the DSM Funds, and DSM Capital Partners LLC is herein incorporated by reference from Post-Effective Amendment No. 476 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on November 1, 2012.
|
|
(iv)(M)
|
Operating Expenses Limitation Agreement dated August 31, 2009, between the Trust, on behalf of the Akre Focus Fund, and Akre Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
|
|
(iv)(M)(1)
|
Shareholder Servicing Plan adopted by the Trust, on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
|
|
(iv)(N)
|
Operating Expenses Limitation Agreement dated December 29, 2010, between the Trust, on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund, and Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.
|
|
(iv)(N)(1)
|
Amended Appendix A dated January 31, 2013, of the Operating Expenses Limitation Agreement dated December 29, 2010, between the Trust, on behalf of the Boston Common International Fund and the Boston Common U.S. Equity Fund, and Boston Common Asset Management is herein incorporated by reference from Post-Effective Amendment No. 488 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 25, 2013.
|
|
(iv)(O)
|
Amended and Restated Support Services Agreement dated April 6, 2011 and amended November 5, 2012, between the Trust, on behalf of the GoodHaven Fund, and GoodHaven Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 497 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 25, 2013.
|
|
(iv)(P)
|
Operating Expenses Limitation Agreement dated June 29, 2011, between the Trust, on behalf of the Contravisory Strategic Equity Fund, and Contravisory Investment Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
|
|
(iv)(Q)
|
Operating Expenses Limitation Agreement dated March 12, 2012, between the Trust, on behalf of the Muzinich Funds, and Muzinich & Co., Inc. is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
|
|
(iv)(Q)(1)
|
Shareholder Servicing Plan adopted by the Trust, on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
|
|
(iv)(R)
|
Interim Operating Expenses Limitation Agreement dated January 18, 2013, between the Trust, on behalf of the Becker Value Equity Fund, and Becker Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 494 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 28, 2013.
|
|
(iv)(R)(1)
|
Shareholder Servicing Plan adopted by the Trust, on behalf of the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.
|
(iv)(S)
|
Operating Expenses Limitation Agreement, between the Trust, on behalf of the Villere Equity Fund, and St. Denis J. Villere & Co., Inc. – to be filed by amendment.
|
(iv)(T)
|
Operating Expenses Limitation Agreement, between the Trust, on behalf of the McKinley Diversified Income Fund, and McKinley Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 498 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 26, 2013.
|
|
(i)
|
(i)
|
Opinion and Consent of Counsel dated September 21, 2005, by Goodwin Procter LLP for the CAN SLIM
®
Select Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 227 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on September 21, 2005.
|
(ii)(A)
|
Opinion and Consent of Counsel dated September 12, 2005, by Goodwin Procter LLP for the FundX Stock Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 228 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on September 26, 2005.
|
|
(ii)(A)(1)
|
Opinion and Consent of Counsel dated June 24, 2002, by Goodwin Procter LLP for the FundX Aggressive Upgrader Fund, the FundX Conservative Upgrader Fund and the FundX Flexible Income Fund is herein incorporated by reference from Post-Effective Amendment No. 133 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2002.
|
|
(ii)(A)(2)
|
Opinion and Consent of Counsel dated June 5, 2002, by Paul Hastings LLP for the FundX Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 132 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 21, 2002.
|
|
(ii)(A)(3)
|
Opinion and Consent of Counsel dated January 31, 2007, by Goodwin Procter LLP for the FundX ETF Upgrader Fund and the FundX ETF Aggressive Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 277 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 31, 2007.
|
|
(ii)(A)(4)
|
Opinion and Consent of Counsel dated February 21, 2008, by Goodwin Procter LLP for the FundX Tactical Upgrader Fund is herein incorporated by reference from Post-Effective Amendment No. 308 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 28, 2008.
|
|
(iii)
|
Opinion and Consent of Counsel dated July 22, 1999, by Paul Hastings LLP for the Hodges Fund is herein incorporated by reference from Post-Effective Amendment No. 75 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 26, 1999.
|
|
(iii)(A)
|
Opinion and Consent of Counsel dated December 18, 2007, by Goodwin Procter LLP for the Hodges Small Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 300 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 18, 2007.
|
|
(iv)
|
Opinion and Consent of Counsel dated July 22, 1999, by Paul Hastings LLP for The Osterweis Fund is herein incorporated by reference from Post-Effective Amendment No. 74 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 26, 1999.
|
|
(iv)(A)
|
Opinion and Consent of Counsel dated August 21, 2002, by Paul Hastings LLP for The Osterweis Strategic Income Fund is herein incorporated by reference from Post-Effective Amendment No. 142 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 22, 2002.
|
|
(v)
|
Opinion and Consent of Counsel dated December 19, 2000, by Paul Hastings LLP for Portfolio 21 is herein incorporated by reference from Post-Effective Amendment No. 110 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 20, 2000.
|
|
(vi)
|
Opinion and Consent of Counsel dated September 28, 2004, by Goodwin Procter LLP for the TCM Small Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 175 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on September 30, 2004.
|
|
(vi)(A)
|
Opinion and Consent of Counsel dated June 26, 2007, by Goodwin Procter LLP for the TCM Small-Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 285 to the Trust’s Registration Statement on Form N-1A, file with the SEC on June 26, 2007.
|
(vii)
|
Opinion and Consent of Counsel dated June 5, 2002, by Paul Hastings LLP for the Villere Balanced Fund is herein incorporated by reference from Post-Effective Amendment No. 130 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 7, 2002.
|
|
(viii)
|
Opinion of Counsel dated March 31, 2009, by Paul Hastings LLP for the Congress Large Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 339 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 31, 2009.
|
|
(viii)(A)
|
Consent of Counsel dated March 31, 2009, by Paul Hastings LLP for the Congress Large Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 339 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 31, 2009.
|
|
(viii)(B)
|
Opinion of Counsel dated October 30, 2012, by Sullivan & Worcester for the Congress All Cap Opportunity Fund and the Congress Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
|
|
(viii)(C)
|
Consent of Counsel dated October 30, 2012, by Paul Hastings LLP for the Congress All Cap Opportunity Fund and the Congress Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
|
|
(ix)
|
Opinion of Counsel dated May 1, 2009, by Goodwin Procter LLP for the Jordan Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 343 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 1, 2009.
|
|
(ix)(A)
|
Consent of Counsel dated May 1, 2009, by Paul Hastings LLP for the Jordan Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 343 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 1, 2009.
|
|
(x)
|
Opinion of Counsel dated May 29, 2009, by Paul Hastings LLP for the FundX Tactical Total Return Fund is herein incorporated by reference from Post-Effective Amendment No. 346 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 29, 2009.
|
|
(x)(A)
|
Consent of Counsel dated May 29, 2009, by Paul Hastings LLP for the FundX Tactical Total Return Fund is herein incorporated by reference from Post-Effective Amendment No. 346 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 29, 2009.
|
|
(xi)
|
Opinion of Counsel dated August 31, 2009, by Paul Hastings LLP for the DSM Large Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 357 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
|
(xi)(A)
|
Consent of Counsel dated August 31, 2009, by Paul Hastings LLP for the DSM Large Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 357 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
|
(xii)
|
Opinion of Counsel dated August 31, 2009, by Paul Hastings LLP for the Hodges Blue Chip 25 Fund, the Hodges Equity Income Fund and the Hodges Pure Contrarian Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
|
(xii)(A)
|
Consent of Counsel dated August 31, 2009, by Paul Hastings LLP for the Hodges Blue Chip 25 Fund, the Hodges Equity Income Fund and the Hodges Pure Contrarian Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
|
(xiii)
|
Opinion of Counsel dated August 27, 2009, by Paul Hastings LLP for the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
|
|
(xiii)(A)
|
Consent of Counsel dated August 27, 2009, by Paul Hastings LLP for the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
|
|
(xiii)(B)
|
Opinion of Counsel dated August 31, 2009, by Sullivan & Worcester LLP for the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 359 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on September 11, 2009.
|
(xiv)
|
Opinion of Counsel dated August 31, 2010, by Sullivan & Worcester LLP for The Osterweis Strategic Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.
|
|
(xiv)(A)
|
Consent of Counsel dated August 31, 2010, by Paul Hastings LLP for The Osterweis Strategic Investment Fund is herein incorporated by reference from Post-Effective Amendment No. 384 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2010.
|
|
(xiv)(B)
|
Opinion of Counsel dated July 30, 2012, by Sullivan & Worcester LLP for the Osterweis Institutional Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 465 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 31, 2012.
|
|
(xiv)(C)
|
Consent of Counsel dated July 30, 2012, by Paul Hastings LLP for the Osterweis Institutional Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 465 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 31, 2012.
|
|
(xv)
|
Opinion of Counsel dated December 29, 2010, by Sullivan & Worcester LLP for the Boston Common International Fund and the Boston Common U.S. Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.
|
|
(xv)(A)
|
Consent of Counsel dated December 29, 2010, by Paul Hastings LLP for the Boston Common International Fund and the Boston Common U.S. Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.
|
|
(xvi)
|
Opinion of Counsel dated April 1, 2011, by Sullivan & Worcester LLP for the GoodHaven Fund is herein incorporated by reference from Post-Effective Amendment No. 398 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 6, 2011.
|
|
(xvi)(A)
|
Consent of Counsel dated April 6, 2011, by Paul Hastings LLP for the GoodHaven Fund is herein incorporated by reference from Post-Effective Amendment No. 398 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 6, 2011.
|
|
(xvii)
|
Opinion of Counsel dated June 28, 2011, by Sullivan & Worcester LLP for the Contravisory Strategic Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
|
|
(xvii)(A)
|
Consent of Counsel dated June 28, 2011, by Paul Hastings LLP for the Contravisory Strategic Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
|
|
(xviii)
|
Opinion of Counsel dated March 7, 2012, by Sullivan & Worcester LLP for the DSM Global Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 444 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 5, 2012.
|
|
(xviii)(A)
|
Consent of Counsel dated March 7, 2012, by Paul Hastings LLP for the DSM Global Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 444 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 5, 2012.
|
|
(xix)
|
Opinion of Counsel dated March 12, 2012, by Sullivan & Worcester LLP for the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
|
|
(xix)(A)
|
Consent of Counsel dated March 12, 2012, by Paul Hastings LLP for the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
|
|
(xx)
|
Opinion of Counsel dated August 24, 2012, by Sullivan & Worcester LLP for the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.
|
(xx)(A)
|
Consent of Counsel dated August 24, 2012 by Paul Hastings LLP for the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.
|
|
(xxi)
|
Opinion of Counsel dated March 25, 2013, by Sullivan & Worcester LLP for the McKinley Diversified Income Fund is herein incorporated by reference from Post-Effective Amendment No. 498 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 26, 2013.
|
|
(xxi)(A)
|
Consent of Counsel
dated
__________
,
by Paul Hastings LLP for the McKinley Diversified Income Fund is herein incorporated by reference from Post-Effective Amendment No. 498 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 26, 2013.
|
|
(xxii)
|
Opinion of Counsel dated March 25, 2013, by Sullivan & Worcester LLP for the DSM Small-Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 500 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 28, 2013.
|
|
(xxii)A
|
Consent of Counsel dated
_______,
by Paul
Hastings LLP for the DSM Small-Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 500 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 28, 2013.
|
|
(j)
|
(i)
|
Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP – to be filed by amendment
|
(ii)
|
Power of Attorney for Dorothy Berry dated March 8, 2010, is herein incorporated by reference from Post-Effective Amendment No. 373 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 31, 2010.
|
|
(iii)
|
Power of Attorney for Wallace Cook dated March 8, 2010, is herein incorporated by reference from Post-Effective Amendment No. 373 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 31, 2010.
|
|
(iv)
|
Power of Attorney for Eric Falkeis dated March 8, 2010, is herein incorporated by reference from Post-Effective Amendment No. 373 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 31, 2010.
|
|
(v)
|
Power of Attorney for Carl Froebel dated March 8, 2010, is herein incorporated by reference from Post-Effective Amendment No. 373 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 31, 2010.
|
|
(vi)
|
Power of Attorney for Steve Paggioli dated March 8, 2010, is herein incorporated by reference from Post-Effective Amendment No. 373 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 31, 2010.
|
|
(vii)
|
Power of Attorney for Patrick Rudnick dated March 8, 2010, is herein incorporated by reference from Post-Effective Amendment No. 373 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 31, 2010.
|
|
(k)
|
Omitted Financial Statements – None.
|
|
(l)
|
Initial Capital Agreements – None.
|
|
(m)
|
(i)
|
Share Marketing Plan pursuant to Rule 12b-1 by the Trust on behalf of the CAN SLIM
®
Select Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 320 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 29, 2008.
|
(ii)
|
Amended and Restated Rule 12b-1 Distribution Plan by the Trust on behalf of the Hodges Fund is herein incorporated by reference from Post-Effective Amendment No. 288 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 23, 2007.
|
|
(ii)(A)
|
Rule 12b-1 Distribution Plan by the Trust on behalf of the Hodges Small Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 300 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 18, 2007.
|
|
(ii)(B)
|
Rule 12b-1 Distribution and Shareholder Servicing Plan adopted by the Trust, on behalf of the Hodges Blue Chip 25 Fund, the Hodges Equity Income Fund and the Hodges Pure Contrarian Fund is herein incorporated by reference from Post-Effective Amendment No. 358 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 31, 2009.
|
(iii)
|
Rule 12b-1 Distribution Plan by the Trust on behalf of Portfolio 21 is herein incorporated by reference from Post-Effective Amendment No. 24 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 16, 1996.
|
|
(iv)
|
Rule 12b-1 Distribution Plan adopted by the Trust and revised on August 14, 2012, on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund and the Congress Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
|
|
(v)
|
Rule 12b-1 Distribution and Shareholder Servicing Plan adopted by the Trust, on behalf of the DSM Large Cap Growth Fund and the DSM Global Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 444 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 5, 2012.
|
|
(vi)
|
Rule 12b-1 Distribution and Shareholder Servicing Plan adopted by the Trust, on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
|
|
(vii)
|
Rule 12b-1 Distribution Plan adopted by the Trust, on behalf of the Contravisory Strategic Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
|
|
(viii)
|
Rule 12b-1 Distribution Plan adopted by the Trust, on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
|
|
(n)
|
(i)
|
Rule 18f-3 Plan dated August 14, 2008, by the Trust on behalf of the Hodges Fund and the Hodges Small Cap Fund is herein incorporated be reference from Post Effective Amendment No. 324 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on September 30, 2008.
|
(ii)
|
Rule 18f-3 Plan dated March 1, 2007, by the Trust on behalf of Portfolio 21 is herein incorporated by reference from Post-Effective Amendment No. 281 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on February 29, 2007.
|
|
(iii)
|
Amended and Restated Rule 18f-3 Plan dated March 2, 2012, by the Trust on behalf of the DSM Large Cap Growth Fund and the DSM Global Growth is herein incorporated by reference from Post-Effective Amendment No. 444 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 5, 2012.
|
|
(iv)
|
Rule 18f-3 Plan dated August 3, 2009, by the Trust on behalf of the Akre Focus Fund is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
|
|
(v)
|
Rule 18f-3 Plan dated April 30, 2010 and revised August 14, 2012, by the Trust on behalf of the Congress Large Cap Growth Fund, the Congress All Cap Opportunity Fund and the Congress Mid Cap Growth Fund is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
|
|
(vi)
|
Rule 18f-3 Plan dated May, 2011, by the Trust on behalf of the Contravisory Strategic Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
|
|
(vii)
|
Rule 18f-3 Plan dated March 12, 2012, by the Trust on behalf of the Muzinich Funds is herein incorporated by reference from Post-Effective Amendment No. 446 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 12, 2012.
|
|
(viii)
|
Rule 18f-3 Plan by the Trust on behalf of the Becker Value Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.
|
|
(o)
|
Reserved.
|
(p)
|
(i)
|
Code of Ethics for FundX Investment Group f/k/a DAL Investment Company, LLC, on behalf of the FundX Upgrader Fund, the FundX Flexible Income Fund, the FundX Conservative Upgrader Fund, the FundX Aggressive Upgrader Fund, the FundX ETF Aggressive Upgrader Fund, the FundX ETF Upgrader Fund, the FundX Tactical Upgrader Fund and the FundX Tactical Total Return Fund is herein incorporated by reference from Post-Effective Amendment No. 490 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 31, 2013.
|
(ii)
|
Code of Ethics for Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 462 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 25, 2012.
|
|
(iii)
|
Code of Ethics for NorthCoast Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 463 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 26, 2012.
|
|
(iv)
|
Code of Ethics for Osterweis Capital Management, Inc. and Osterweis Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 380 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on July 28, 2010.
|
|
(v)
|
Code of Ethics for Portfolio 21 Investments is herein incorporated by reference from Post-Effective Amendment No. 474 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 26, 2012.
|
|
(vi)
|
Code of Ethics for Tygh Capital Management, Inc. dated June 2012 is herein incorporated by reference from Post-Effective Amendment No. 489 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 25, 2013.
|
|
(vii)
|
Code of Ethics for St. Denis J. Villere & Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 244 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 22, 2005.
|
|
(viii)
|
Code of Ethics for Congress Asset Management Company is herein incorporated by reference from Post-Effective Amendment No. 375 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 31, 2012.
|
|
(ix)
|
Code of Ethics for Windowpane Advisors, L.L.C. is herein incorporated by reference from Post-Effective Amendment No. 343 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 1, 2009.
|
|
(x)
|
Code of Ethics for Hellman, Jordan Management Company, Inc. is herein incorporated by reference from Post-Effective Amendment No. 343 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 1, 2009.
|
|
(xi)
|
Code of Ethics for DSM Capital Partners LLC is herein incorporated by reference from Post-Effective Amendment No. 476 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on November 1, 2012.
|
|
(xii)
|
Code of Ethics for Akre Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 356 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2009.
|
|
(xiii)
|
Code of Ethics for Boston Common Asset Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 391 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 29, 2010.
|
|
(xiv)
|
Revised Code of Ethics for GoodHaven Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 497 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 25, 2013.
|
|
(xv)
|
Code of Ethics for Contravisory Investment Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 408 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on June 28, 2011.
|
|
(xvi)
|
Code of Ethics for the Distributor, Quasar Distributors, LLC, is herein incorporated by reference from Post-Effective Amendment No. 302 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on January 23, 2008.
|
(xvii)
|
Code of Ethics for Muzinich & Co., Inc. – to be filed by amendment.
|
|
(xviii)
|
Code of Ethics for Becker Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 471 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 27, 2012.
|
|
(xix)
|
Code of Ethics for the Trust (Professionally Managed Portfolios) is herein incorporated by reference from Post-Effective Amendment No. 445 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 5, 2012.
|
|
(xx)
|
Revised Code of Ethics for St. Denis J. Villere & Company, LLC – to be filed by amendment.
|
|
(xxi)
|
Code of Ethics for McKinley Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 498 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on March 26, 2013.
|
Academy Funds Trust
|
Intrepid Capital Management Funds Trust
|
||
Advisors Series Trust
|
IronBridge Funds, Inc.
|
||
Aegis Funds
|
Jacob Funds, Inc.
|
||
Aegis Value Fund, Inc.
|
Jacob Funds II
|
||
Allied Asset Advisors Funds
|
Jensen Portfolio, Inc.
|
||
Alpine Equity Trust
|
Kirr Marbach Partners Funds, Inc.
|
||
Alpine Income Trust
|
Litman Gregory Funds Trust
|
||
Alpine Series Trust
|
LKCM Funds
|
||
Artio Global Investment Funds
|
LoCorr Investment Trust
|
||
Artio Select Opportunities Fund, Inc.
|
Lord Asset Management Trust
|
||
Barrett Opportunity Fund, Inc.
|
MainGate Trust
|
||
Brandes Investment Trust
|
Managed Portfolio Series
|
||
Brandywine Blue Fund, Inc.
|
Matrix Advisors Value Fund, Inc.
|
||
Brandywine Fund, Inc.
|
Merger Fund
|
||
Bridges Investment Fund, Inc.
|
Monetta Fund, Inc.
|
||
Brookfield Investment Funds
|
Monetta Trust
|
||
Brown Advisory Funds
|
Nicholas Family of Funds, Inc.
|
||
Buffalo Funds
|
Permanent Portfolio Family of Funds, Inc.
|
||
Country Mutual Funds Trust
|
Perritt Funds, Inc.
|
||
Cushing Funds Trust
|
PRIMECAP Odyssey Funds
|
||
DoubleLine Funds Trust
|
Professionally Managed Portfolios
|
||
Empiric Funds, Inc.
|
Prospector Funds, Inc.
|
||
ETF Series Solutions
|
Provident Mutual Funds, Inc.
|
||
Evermore Funds Trust
|
Purisima Funds
|
||
FactorShares Trust
|
Rainier Investment Management Mutual Funds
|
||
First American Funds, Inc.
|
RBC Funds Trust
|
||
First American Investment Funds, Inc.
|
SCS Financial Funds
|
||
First American Strategy Funds, Inc.
|
Stone Ridge Trust
|
||
Glenmede Fund, Inc.
|
Thompson IM Funds, Inc.
|
||
Glenmede Portfolios
|
TIFF Investment Program, Inc.
|
||
Greenspring Fund, Inc.
|
Trust for Professional Managers
|
||
Guinness Atkinson Funds
|
USA Mutuals
|
||
Harding Loevner Funds, Inc.
|
USFS Funds Trust
|
||
Hennessy Funds Trust
|
Wall Street Fund, Inc.
|
||
Hennessy Funds, Inc.
|
Wexford Trust/PA
|
||
Hennessy Mutual Funds, Inc.
|
Wisconsin Capital Funds, Inc.
|
||
Hennessy SPARX Funds Trust
|
WY Funds
|
||
Hotchkis & Wiley Funds
|
YCG Funds
|
Records Relating to:
|
Are located at:
|
Registrant’s Fund Administrator, Fund Accountant and Transfer Agent
|
U.S. Bancorp Fund Services, LLC
615 East Michigan Street, 3
rd
Floor
Milwaukee, Wisconsin 53202
|
Registrant’s Custodian
|
U.S. Bank National Association
1555 N. River Center Drive, Suite 302
Milwaukee, Wisconsin 53212
|
Registrant’s Distributor
|
Quasar Distributors, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
|
Registrant’s Investment Advisers
|
|
Akre Capital Management, LLC
2 West Marshall Street
Middleburg, Virginia 20118
|
|
Becker Capital Management, Inc.
1211 SW Fifth Avenue, Suite 2185
Portland, Oregon 97204
|
|
Boston Common Asset Management, LLC
84 State Street, Suite 1000
Boston, Massachusetts 02109
|
|
Congress Asset Management Company
Two Seaport Lane
Boston, Massachusetts 02210
|
|
Contravisory Investment Management, Inc.
120 Longwater Drive, Suite 100
Norwell, Massachusetts 02061
|
|
FundX Investment Group f/k/a
DAL Investment Company, LP
235 Montgomery Street, Suite 1049
San Francisco, California 94104
|
|
DSM Capital Partners LLC
320 East Main Street
Mount Kisco, New York 10549
|
|
GoodHaven Capital Management, LLC
4940 S.W. 83rd Street
Miami, Florida 33143
|
|
Hodges Capital Management, Inc.
2905 Maple Avenue
Dallas, Texas 75201
|
|
McKinley Capital Management, LLC
3301 “C” Street, Suite 500
Anchorage, Alaska 99503
|
|
Muzinich & Co., Inc.
450 Park Avenue
New York, New York 10022
|
|
NorthCoast Asset Management, LLC
6 Glenville Street
Greenwich, Connecticut 06831
|
|
Osterweis Capital Management, Inc.
Osterweis Capital Management, LLC
One Maritime Plaza, Suite 800
San Francisco, California 94111
|
|
Portfolio 21 Investments (formerly Progressive Investment Management Corporation)
721 N.W. Ninth Avenue, Suite 250
Portland, Oregon 97209
|
|
Tygh Capital Management, Inc.
1211 SW Fifth Avenue, Suite 2100
Portland, Oregon 97204
|
St. Denis J. Villere & Co., LLC
601 Poydras Street, Suite 1808
New Orleans, Louisiana 70130
|
|
Records Relating to:
|
Are located at:
|
Windowpane Advisors, L.L.C.
550 West “C” Street, Suite 960
San Diego, California 92101
|
|
Registrant’s Investment Sub-Advisers
|
|
Hellman, Jordan Management Co., Inc.
125 High Street, Suite 800
Boston, Massachusetts 02110
|
Professionally Managed Portfolios | |||
By: | /s/ Elaine E. Richards | ||
Elaine E. Richards | |||
President |
Signature
|
Title
|
Date
|
||||
Steven J. Paggioli*
|
Trustee
|
March 28, 2013
|
||||
Steven J. Paggioli
|
||||||
Dorothy A. Berry*
|
Trustee
|
March 28, 2013
|
||||
Dorothy A. Berry
|
||||||
Wallace L. Cook*
|
Trustee
|
March 28, 2013
|
||||
Wallace L. Cook
|
||||||
Carl A. Froebel*
|
Trustee
|
March 28, 2013
|
||||
Carl A. Froebel
|
||||||
Eric W. Falkeis*
|
Trustee
|
March 28, 2013
|
||||
Eric W. Falkeis
|
||||||
/s/ Elaine E. Richards
|
President and Principal
|
March 28, 2013
|
||||
Elaine E. Richards
|
Executive Officer
|
|||||
Patrick J. Rudnick
*
|
Treasurer and Principal
|
March 28, 2013
|
||||
Patrick J. Rudnick
|
Financial and Accounting Officer
|
|||||
*By: |
/s/ Elaine E. Richards
|
|
March 28, 2013
|
|||
Elaine E. Richards, Attorney-In Fact
pursuant to Power of Attorney |
1 Year Mhi Hospitality Corp. (MM) Chart |
1 Month Mhi Hospitality Corp. (MM) Chart |
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