We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
MR Cooper Group (delisted) | NASDAQ:WMIH | 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% | 1.31 | 0.62 | 1.56 | 0 | 01:00:00 |
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
|
[
|
X
|
]
|
||
Pre-Effective Amendment No.
|
[
|
]
|
|||
Post-Effective Amendment No.
|
558
|
[
|
X
|
]
|
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
|
[
|
X
|
]
|
|||
Amendment No.
|
559
|
[
|
X
|
]
|
Elaine E. Richards, Esq.
|
Professionally Managed Portfolios
|
2020 E. Financial Way, Ste. 100
|
Glendora, CA 91741
|
Domenick Pugliese, Esq.
|
Paul Hastings LLP
|
Park Avenue Tower
|
75 East 55
th
Street
|
New York, NY 10022
|
[
|
]
|
immediately upon filing pursuant to paragraph (b)
|
|
[
|
X
|
]
|
On
January 31, 2014
pursuant to paragraph (b)
|
[
|
]
|
60 days after filing pursuant to paragraph (a)(1)
|
|
[
|
]
|
on (date) pursuant to paragraph (a)(1)
|
|
[
|
]
|
75 days after filing pursuant to paragraph (a)(2)
|
|
[
|
]
|
on (date) pursuant to paragraph (a)(2) of Rule 485.
|
[
|
]
|
This post-effective amendment designates a new effective date for a previously filed post- effective amendment.
|
SUMMARY SECTION
|
1
|
|||||
This important section summarizes the Funds’ investments, risks, fees and past performance.
|
1
|
|||||
7
|
||||||
13
|
||||||
19
|
||||||
24
|
||||||
30
|
||||||
MORE ABOUT THE FUNDS’ INVESTMENT
OBJECTIVES, STRATEGIES AND RISKS |
36
|
|||||
This section provides details about the Funds’ investment strategies and risks.
|
36
|
|||||
36
|
||||||
40
|
||||||
41
|
||||||
45
|
||||||
MANAGEMENT OF THE FUNDS
|
46
|
|||||
Review this section for information about the organizations and people who oversee the Funds.
|
46
|
|||||
47
|
||||||
47
|
||||||
48
|
||||||
48
|
||||||
SHAREHOLDER INFORMATION
|
49
|
|||||
This section explains how shares are valued and how to purchase and sell shares.
|
49
|
|||||
49
|
||||||
49
|
||||||
53
|
||||||
55
|
||||||
57
|
||||||
DISTRIBUTIONS AND TAXES
|
58
|
|||||
This section generally describes when you may receive dividend distributions and the tax consequences.
|
58
|
|||||
58
|
||||||
FINANCIAL HIGHLIGHTS
|
59
|
|||||
Review this section for details on selected financial statements of the Funds.
|
||||||
60
|
||||||
PRIVACY NOTICE
|
INSIDE BACK COVER
|
1 |
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX Upgrader Fund
|
$
194
|
$
606
|
$
1,044
|
$
2,262
|
2 |
Because markets change, the Advisor actively manages the Fund’s portfolio using a proprietary investment strategy called Upgrading, which seeks to capture global market trends. The Advisor invests in the Underlying Funds that it considers to be in synch with current market leadership. The Advisor sells an Underlying Fund when it believes that the Underlying Fund is no longer performing in synch with current market leadership or if a new Underlying Fund is judged more attractive than a current holding. |
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 classifies the pool of Underlying Funds into four risk/return categories:
▪ Aggressive Equity Underlying Funds
▪ Core Equity Underlying Funds
▪ Total Return Underlying Funds
▪ Bond Underlying Funds
|
3 |
●
|
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.
|
●
|
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.
|
●
|
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.
|
●
|
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. The Fund must also pay its pro rata portion of an investment company’s fees and expenses.
|
4 |
Best and Worst Quarters
|
|||
Best Quarter
|
Q3 2009
|
19.68%
|
|
Worst Quarter
|
Q4 2008
|
-22.45%
|
Average Annual Total Returns as of December 31, 2013
|
||||
FundX Upgrader Fund – FUNDX
|
1 Year
|
5 Years
|
10 Years
|
|
Return Before Taxes
|
29.56%
|
14.06%
|
7.17%
|
|
Return After Taxes on Distributions
|
29.31%
|
13.99%
|
6.59%
|
|
Return After Taxes on Distributions and Sale of Fund Shares
|
16.85%
|
11.30%
|
5.78%
|
|
S&P 500
®
Index (reflects no deduction for fees, expenses or taxes)
|
32.39%
|
17.94%
|
7.41%
|
5 |
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2001 (the Fund’s inception)
|
Jason Browne
|
Chief Investment Officer and Portfolio Manager
|
2001 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager
|
2001 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2001 (the Fund’s inception)
|
Sean McKeon
|
Portfolio Manager
|
2001 (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 Flexible Income Fund
|
$156
|
$488
|
$843
|
$1,844
|
7 |
Because markets change, the Advisor actively manages the Fund’s portfolio using a proprietary investment strategy called Upgrading, which seeks to capture global market trends. The Advisor invests in the Underlying Funds that it considers to be in synch with current market leadership. The Advisor sells an Underlying Fund when it believes that the Underlying Fund is no longer performing in synch with current market leadership or if a new Underlying Fund is judged more attractive than a current holding. |
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 classifies the pool of Underlying Funds into four risk/return categories:
▪ Aggressive Equity Underlying Funds
▪ Core Equity Underlying Funds
▪ Total Return Underlying Funds
▪ Bond Underlying Funds
|
Flexible Income
Depending on the Advisor’s perception of the bond market, the Fund will shift among bond funds of varying maturity, credit quality and regional exposure.
|
For temporary defensive purposes under abnormal market or economic conditions, the Fund may hold all or a portion of its assets in money market instruments, money market funds or U.S. government repurchase agreements. To the extent the Fund is invested in such defensive investment, the Fund may not achieve its investment objective. |
8 |
|
●
|
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.
|
|
●
|
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. The Fund must also pay its pro rata portion of an investment company’s fees and expenses.
|
9 |
10 |
Best and Worst Quarters
|
||
Best Quarter
|
Q3 2009
|
6.06%
|
Worst Quarter
|
Q3 2011
|
-3.85%
|
Average Annual Total Returns as of December 31, 2013
|
|||
1 Year
|
5 Years
|
10 Years
|
|
FundX Flexible Income Fund - INCMX
|
|||
Return Before Taxes
|
3.68%
|
5.68%
|
4.84%
|
Return After Taxes on Distributions
|
1.42%
|
4.17%
|
3.49%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
2.34%
|
3.92%
|
3.34%
|
Barclays Capital Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
|
-2.02%
|
4.44%
|
4.55%
|
BofA Merrill Lynch 3-Month US Treasury Bill Index
|
0.70%
|
0.12%
|
1.68%
|
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2002 (the Fund’s inception)
|
Jason Browne
|
Chief Investment Officer and Portfolio Manager
|
2002 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Sean McKeon
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
11 |
To Open
Your Account
|
To Add to
Your Account
|
|
Regular Accounts
|
$1,000
|
$100
|
Retirement Accounts
|
$1,000
|
$100
|
Automatic Investment Accounts
|
$500
|
$100
|
12 |
13 |
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX Conservative Upgrader Fund
|
$189
|
$626
|
$1,090
|
$2,374
|
Because markets change, the Advisor actively manages the Fund’s portfolio using a proprietary investment strategy called Upgrading, which seeks to capture global market trends. The Advisor invests in the Underlying Funds that it considers to be in synch with current market leadership. The Advisor sells an Underlying Fund when it believes that the Underlying Fund is no longer performing in synch with current market leadership or if a new Underlying Fund is judged more attractive than a current holding.
|
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 classifies the pool of Underlying Funds into four risk/return categories:
▪ Aggressive Equity Underlying Funds
▪ Core Equity Underlying Funds
▪ Total Return Underlying Funds
▪ Bond Underlying Funds
|
14 |
|
●
|
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.
|
|
●
|
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.
|
|
●
|
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.
|
|
●
|
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.
|
15 |
|
●
|
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. The Fund must also pay its pro rata portion of an investment company’s fees and expenses.
|
Best and Worst Quarters
|
||
Best Quarter
|
Q3 2009
|
14.73%
|
Worst Quarter
|
Q4 2008
|
-12.91%
|
16 |
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2002 (the Fund’s inception)
|
Jason Browne
|
Chief Investment Officer and Portfolio Manager
|
2002 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Sean McKeon
|
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
|
17 |
18 |
19 |
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX Aggressive Upgrader Fund
|
$
197
|
$
638
|
$
1,106
|
$
2,399
|
Because markets change, the Advisor actively manages the Fund’s portfolio using a proprietary investment strategy called Upgrading, which seeks to capture global market trends. The Advisor invests in the Underlying Funds that it considers to be in synch with current market leadership. The Advisor sells an Underlying Fund when it believes that the Underlying Fund is no longer performing in synch with current market leadership or if a new Underlying Fund is judged more attractive than a current holding.
|
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 classifies the pool of Underlying Funds into four risk/return categories:
▪
Aggressive Equity Underlying Funds
▪
Core Equity Underlying Funds
▪
Total Return Underlying Funds
▪
Bond Underlying Funds
|
20 |
●
|
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.
|
●
|
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.
|
●
|
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.
|
●
|
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. The Fund must also pay its pro rata portion of an investment company’s fees and expenses.
|
21 |
Best and Worst Quarters
|
||
Best Quarter
|
Q3 2009
|
19.22%
|
Worst Quarter
|
Q4 2008
|
-21.88%
|
Average Annual Total Returns as of December 31, 2013
|
|||
1 Year
|
5 years
|
10 Years
|
|
FundX Aggressive Upgrader Fund - HOTFX
|
|||
Return Before Taxes
|
29.49%
|
14.11%
|
7.43%
|
Return After Taxes on Distributions
|
29.38%
|
14.08%
|
6.96%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
16.72%
|
11.35%
|
6.01%
|
S&P 500
®
Index (reflects no deduction for fees, expenses or taxes)
|
32.39%
|
17.94%
|
7.41%
|
22 |
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2002 (the Fund’s inception)
|
Jason Browne
|
Chief Investment Officer and Portfolio Manager
|
2002 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2002 (the Fund’s inception)
|
Sean McKeon
|
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
|
23 |
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX Tactical Upgrader Fund
|
$
147
|
$
485
|
$
847
|
$
1,866
|
24 |
Because markets change, the Advisor actively manages the Fund’s equity portfolio using a proprietary investment strategy called Upgrading, which seeks to capture global market trends. The Advisor invests in the Underlying Funds that it considers to be in synch with current market leadership. The Advisor sells an Underlying Fund when it believes that the Underlying Fund is no longer performing in synch with current market leadership or if a new Underlying Fund is judged to be more attractive than a current holding. |
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 classifies the pool of Underlying Funds into four risk/return categories:
▪
Aggressive Equity Underlying Funds
▪
Core Equity Underlying Funds
▪
Total Return Underlying Funds
▪
Bond Underlying Funds
|
Hedging
The level of the portfolio’s hedge will vary depending on the Advisor’s perception of the market’s level of risk.
|
In an attempt to balance the risk inherent in equity-based mutual funds, the Tactical Fund will attempt to buffer its stock market exposure with a variety of hedging techniques, such as raising cash and using options. The level at which the portfolio is hedges will vary depending on the Advisor’s perception of the market’s level of risk at any given time.
|
25 |
|
●
|
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, including the Advisor’s success at implementing hedging techniques to lower portfolio volatility.
|
|
●
|
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.
|
|
●
|
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.
|
|
●
|
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.
|
|
●
|
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.
|
|
●
|
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.
|
|
●
|
Portfolio Turnover Risk – The Tactical Fund’s Upgrading strategy, and in particular, the hedging strategy 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.
|
|
●
|
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.
|
26 |
|
●
|
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.
|
|
●
|
Options Risk – Selling call options can reduce the risk of owing equity funds or ETFs, but it limits the opportunity to profit from a rise in the stock market in exchange for the cash received for selling the call option. The Fund also risks losing all or part of the cash paid for purchasing put options. The effectiveness of the Fund’s options-based risk management strategy may be lessened if the Underlying Funds held do not correlate to the performance of the indexes or ETFs underlying its option positions.
|
FundX Tactical Upgrader Fund - TACTX
|
Best and Worst Quarters
|
||
Best Quarter
|
Q3 2009
|
6.34%
|
Worst Quarter
|
Q3 2011
|
-2.31%
|
27 |
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2008 (the Fund’s inception)
|
Jason Browne
|
Chief Investment Officer and Portfolio Manager
|
2008 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager
|
2008 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2008 (the Fund’s inception)
|
Sean McKeon
|
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
|
28 |
30 |
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX Tactical Total Return Fund
|
$
165
|
$
765
|
$
1,391
|
$
3,078
|
Because markets change, the Advisor actively manages the Fund’s portfolio using a proprietary investment strategy called Upgrading, which seeks to capture global market trends. The Advisor invests in the Underlying Funds that it considers to be in synch with current market leadership. The Advisor sells an Underlying Fund when it believes that the Underlying Fund is no longer performing in synch with current market leadership or if a new Underlying Fund is judged more attractive than a current holding. | 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 classifies the pool of Underlying Funds into four categories: | ||||
▪ | Aggressive Equity Underlying Funds | |||
▪ | Core Equity Underlying Funds | |||
▪ | Total Return Underlying Funds | |||
▪ | Bond Underlying Funds |
31 |
Hedging | To manage risk, the Tactical Total Return Fund attempts to buffer its stock and bond market exposure with a variety of hedging techniques, such as raising cash and using options. The level at which the portfolio is hedged will vary depending on the Advisor’s perception of the market’s level of risk at any given time. | |
The level of the portfolio’s hedge will vary depending on the Advisor’s perception of the markets level of risk. |
|
●
|
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, including the Advisor’s success at implementing hedging techniques to lower portfolio volatility.
|
|
●
|
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.
|
|
●
|
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.
|
|
●
|
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.
|
|
●
|
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.
|
|
●
|
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.
|
32 |
|
●
|
Portfolio Turnover Risk – The Tactical Total Return Fund’s Upgrading strategy, and in particular, the hedging strategy 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.
|
|
●
|
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.
|
|
●
|
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. The Fund must also pay its pro rata portion of an investment company’s fees and expenses.
|
|
●
|
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.
|
|
●
|
Options Risk – Selling call options can reduce the risk of owing equity funds or ETFs, but it limits the opportunity to profit from a rise in the stock market in exchange for the cash received for selling the call option. The Fund also risks losing all or part of the cash paid for purchasing put options. The effectiveness of the Fund’s options-based risk management strategy may be lessened if the Underlying Funds held do not correlate to the performance of the indexes or ETFs underlying its option positions.
|
|
●
|
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.
|
|
●
|
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.
|
33 |
FundX Tactical Total Return Fund - TOTLX
|
Best and Worst Quarters
|
||
Best Quarter
|
Q3 2010
|
3.89%
|
Worst Quarter
|
Q3 2011
|
-2.95%
|
Average Annual Total Returns as of December 31, 2013
|
||
1 Year
|
Since
Inception |
|
FundX Tactical Total Return Fund - TOTLX
|
(5/29/09)
|
|
Return Before Taxes
|
4.46%
|
4.48%
|
Return After Taxes on Distributions
|
3.14%
|
3.61%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
2.69%
|
3.34%
|
S&P 500
®
Index (reflects no deduction for fees, expenses or taxes)
|
32.39%
|
18.92%
|
Barclays Capital Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
|
-2.02%
|
4.55%
|
BofA Merrill Lynch 3-Month US Treasury Bill Index
|
0.07%
|
0.12%
|
34 |
Name
|
Title
|
Managed the Fund Since
|
Janet Brown
|
President and Portfolio Manager
|
2009 (the Fund’s inception)
|
Jason Browne
|
Chief Investment Officer and Portfolio Manager
|
2009 (the Fund’s inception)
|
Bernard Burke
|
Portfolio Manager
|
2009 (the Fund’s inception)
|
Martin DeVault
|
Portfolio Manager
|
2009 (the Fund’s inception)
|
Sean McKeon
|
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
|
35 |
36 |
Aggressive Equity Funds
|
Aggressive
Equity Underlying Funds include equity funds invested in small- or mid-sized companies. These funds may focus on special investments, industries or market sectors. Many of these funds may lack diversification by focusing on a few industry sectors or concentrating their portfolios in a few individual holdings, in the hopes of achieving above-average returns. International funds may concentrate in a particular country or region, including emerging markets or economies not considered mature. These funds mostly hold common stocks, but may contain convertible bonds or other instruments. These funds may use investing techniques such as leveraging, margin, short positions or use of derivative instruments such as options or futures in ways that may likely to increase volatility.
|
||
Core Equity Funds
|
Core Equity Underlying Funds are generally comprised of diversified equity portfolios invested in well-established companies. Such portfolios may include some fixed-income instruments such as bonds, convertibles, preferred stock or cash and may have flexibility to move to large cash positions. International (foreign) or global (foreign and domestic) funds tend to invest in larger companies in mature economies (
e.g.
, Europe & Japan).
|
||
Total Return (or Balanced) Funds
|
Total Return Underlying Funds may employ a wide variety of investment strategies, including blending equity securities with fixed income instruments, and techniques designed to provide steady returns with dampened volatility, such as market neutral long/short, arbitrage or other approaches. Because Total Return Underlying Funds are not fully invested in bonds, these funds typically have less credit and interest rate risk. Often these funds hold income-generating instruments, such as bonds, to lower portfolio volatility. Some of these funds may use derivative instruments such as futures, put options or short selling to a limited extent to lessen volatility.
|
||
Bond/Fixed-Income Funds
|
Bond Underlying Funds have a primary objective of current income and preservation of capital. These funds are divided into sub-categories of fixed-income securities based on credit quality, duration and maturity. It is not the Advisor’s intention to purchase funds to achieve a particular tax result.
|
37 |
38 |
39 |
40 |
41 |
42 |
43 |
44 |
45 |
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.
|
0.99%
|
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.
|
0.99%
|
FundX Tactical Upgrader Fund
|
1.00%
|
0.99%
|
FundX Tactical Total Return Fund
|
1.00%
|
0.01%
|
46 |
Amount of Fees
Rebated by U.S. Bank as a % of Average Net Assets |
|
FundX Upgrader Fund
|
0.02%
|
FundX Flexible Income Fund
|
0.02%
|
FundX Conservative Upgrader Fund
|
0.01%
|
FundX Aggressive Upgrader Fund
|
0.02%
|
FundX Tactical Upgrader Fund
|
0.00%
|
FundX Tactical Total Return Fund
|
0.00%
|
47 |
Name
|
Title
|
Tenure with the Advisor
|
Janet Brown
|
President and Portfolio Manager
|
1978
|
Jason Browne
|
Chief Investment Officer and Portfolio Manager
|
2000
|
Bernard Burke
|
Portfolio Manager
|
1992
|
Martin DeVault
|
Portfolio Manager
|
1992
|
Sean McKeon
|
Portfolio Manager
|
1990
|
48 |
To Open
Your Account
|
To Add to
Your Account
|
||
Regular Accounts
|
$1,000
|
$100
|
|
Retirement Accounts
|
$1,000
|
$100
|
|
Automatic Investment Accounts
|
$500
|
$100
|
49 |
50 |
51 |
52 |
53 |
54 |
55 |
|
●
|
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.
|
56 |
57 |
58 |
59 |
60 |
FundX Upgrader Fund
|
Financial Highlights
For a capital share outstanding throughout each period/year
|
(1)
|
Recognition of net investment income (loss) 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%, 1.24%, 1.23%, 1.22%, 1.20%, and 1.11% for the period/years ended September 30, 2013, September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009, and October 31, 2008, respectively.
|
(6)
|
Including credits for expenses paid indirectly, the ratio of net investment income (loss) to average net assets would have been 0.35% 0.54%, (0.04)%, 0.07%, 0.52%, and 1.83% for the period/years ended September 30, 2013, September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009, and October 31, 2008, 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.
|
61 |
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 0.95%, 0.94%, 0.92%, 0.94%, 0.97%, and 0.94% for the period/years ended September 30, 2013, September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009 and October 31, 2008, respectively.
|
(5)
|
Including credits for expenses paid indirectly, the ratio of net investment income to average net assets would have been 3.39% 2.91%, 3.75%, 3.03%, 3.03% and 3.81% for the period/years ended September 30, 2013, September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009 and October 31, 2008, 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.
|
62 |
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 1.41%, 1.36%, 1.30%, 1.35%, 1.32% and 1.24% for the period/years ended September 30, 2013, September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009 and October 31, 2008, respectively.
|
|
(6)
|
Including credits for expenses paid indirectly, the ratio of net investment income to average net assets would have been 1.72%, 1.50%, 1.85%, 1.29%, 1.72% and 2.15%for the period/years ended September 30, 2013, September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009 and October 31, 2008, 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.
|
63 |
FundX Aggressive Upgrader Fund
|
Financial Highlights
For a capital share outstanding throughout each period/year
|
|
(1)
|
Recognition of net investment income (loss) 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 1.34%, 1.32%, 1.30%, 1.30%, 1.30% and 1.20% for the period/years ended September 30, 2013, September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009 and October 31, 2008, respectively.
|
|
(5)
|
Including credits for expenses paid indirectly, the ratio of net investment loss to average net assets would have been 0.15%, 0.01%, (0.40)%, 0.10%, 0.39% and 1.79% for the period/years ended September 30, 2013, September 30, 2012, September 30, 2011, October 31, 2010, October 31, 2009 and October 31, 2008, 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.
|
64 |
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 1.38%, 1.36%, 1.45%, 1.42% and 1.25% for the periods/years ended September 30, 2013, 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 (0.22)%, (0.46)%, (1.01)%, 0.77% and 0.72% for the periods/years ended September 30, 2013, 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.
|
65 |
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 1.48% 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 1.21% 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.
|
66 |
|
●
|
Information we receive about you on applications or other forms,
|
|
●
|
Information you give us orally, and
|
|
●
|
Information about your transactions with us or others.
|
|
●
|
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.
|
FundX Upgrader Fund -
FUNDX
FundX Flexible Income Fund -
INCMX
FundX Conservative Upgrader Fund -
RELAX
FundX Aggressive Upgrader Fund -
HOTFX
FundX Tactical Upgrader Fund -
TACTX
FundX Tactical Total Return Fund -
TOTLX
|
3
|
||
4
|
||
22
|
||
24
|
||
25
|
||
26
|
||
33
|
||
36
|
||
40
|
||
41
|
||
43
|
||
43
|
||
44
|
||
46
|
||
49
|
||
49
|
||
50
|
||
51
|
||
53
|
(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).
|
4.
|
Purchase or sell real estate, commodities or commodity contracts.
|
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.)
|
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.
|
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
|
2013
|
2012
|
||
Upgrader Fund
|
201%
|
128%
|
||
Flexible Income Fund
|
101%
|
79%
|
||
Conservative Fund
|
144%
|
122%
|
||
Aggressive Fund
|
207%
|
139%
|
||
Tactical Fund
|
408%
|
438%
|
||
Tactical Total Return Fund
|
261%
|
213%
|
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. (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.
|
|||||
Eric W. Falkeis
(3)
(born 1973)
c/o U.S. Bancorp Fund Services, LLC
2020 E. Financial Way
Suite 100
Glendora, CA 91741
|
Trustee
|
Indefinite Term;
Since September 2011.
|
President and Chief Operating Officer, Direxion Funds, since 2013; formerly, Senior Vice President and Chief Financial Officer (and other positions), U.S. Bancorp Fund Services, LLC from 1997-2013.
|
8
|
None.
|
|||||
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.
|
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 |
|||||
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.
|
|||||
Officers of the Trust
|
||||||||||
Elaine E. Richards
(born 1968)
c/o U.S. Bancorp Fund Services, LLC
2020 E. Financial Way
Suite 100
Glendora, CA 91741
|
President
Secretary
|
Indefinite Term;
Since March 2013
Indefinite Term;
Since February 2008.
|
Vice President and Legal Compliance Officer, U.S. Bancorp Fund Services, LLC, since July 2007.
|
Not
Applicable |
Not
Applicable
|
|||||
Eric C. VanAndel
(born 1975)
c/o U.S. Bancorp Fund Services, LLC
615 East Michigan St.
Milwaukee, WI 53202
|
Treasurer
|
Indefinite Term;
Since April 2013.
|
Vice President, U.S. Bancorp Fund Services, LLC, since April 2005.
|
Not
Applicable.
|
Not
Applicable.
|
|||||
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
, except for the ETF Aggressive Upgrader Fund and the ETF Upgrader Fund, which are offered in a separate prospectus,
for purposes of investment and investor services, nor do they share the same investment advisor with any other series.
|
(3)
|
Prior to March 8, 2013, Mr. Falkeis was an “interested person” of the Trust as defined by the 1940 Act by virtue of the fact that he was an interested person of Quasar Distributors, LLC who acts as principal underwriter to the series of the Trust.
|
Amount Invested Key
|
|
A. |
$0
|
B. |
$1-$10,000
|
C. |
$10,001-$50,000
|
D. |
$50,001-$100,000
|
E. |
over $100,000
|
Aggregate Compensation From the FundX
|
|||||||
Name of
Person/Position |
Upgrader
Fund |
Flexible
Income
Fund |
Conservative
Fund |
Aggressive
Fund |
Tactical
Fund |
Tactical
Total Return Fund |
Total Compensation
from the Funds and Fund Complex (1) Paid to Trustees |
Dorothy A. Berry, Independent Trustee
|
$1,529
|
$1,247
|
$1,011
|
$1,072
|
$1,014
|
$917
|
$8,627
|
Wallace L. Cook, Independent Trustee
|
$1,263
|
$995
|
$769
|
$827
|
$773
|
$680
|
$6,671
|
Eric W. Falkeis,
Independent Trustee
(2)
|
$875
|
$701
|
$875
|
$584
|
$557
|
$486
|
$4,721
|
Carl A. Froebel, Independent Trustee
|
$1,263
|
$995
|
$769
|
$827
|
$773
|
$680
|
$6,671
|
Steve J. Paggioli, Independent Trustee
|
$1,263
|
$995
|
$769
|
$827
|
$773
|
$680
|
$6,671
|
(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, 2013, Trustees’ fees and expenses in the amount of $251,988 were allocated to the Trust.
|
(2)
|
Prior to March 8, 2013, Mr. Falkeis was an “interested” Trustee of the Trust, and received no compensation.
|
Name and Address
|
% Ownership
|
Type of Ownership
|
Charles Schwab & Co. Inc.
Special Custody Account FBO Customers
101 Montgomery St.
San Francisco, CA 94104-4151
|
43.68%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers
200 Liberty St.
New York, NY 10281-1003
|
21.83%
|
Record
|
TD Ameritrade Inc.
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
9.76%
|
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
|
61.76%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers
200 Liberty St.
New York, NY 10281-1003
|
19.08%
|
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
|
6.99%
|
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
|
42.49%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers
200 Liberty St.
New York, NY 10281-1003
|
21.50%
|
Record
|
TD Ameritrade Inc.
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
15.45%
|
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
|
37.85%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers
200 Liberty St.
New York, NY 10281-1003
|
28.47%
|
Record
|
TD Ameritrade Inc.
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
8.49%
|
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
|
87.48%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers
200 Liberty St.
New York, NY 10281-1003
|
7.01%
|
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
|
64.93%
|
Record
|
TD Ameritrade Inc.
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
25.34%
|
Record
|
|
Annual Advisory Fee
|
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.
|
FundX Tactical Upgrader Fund
|
1.00%
|
FundX Tactical Total Return Fund
|
1.00%
|
Upgrader Fund
|
||||
2013
|
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$2,505,136
|
$2,647,000
|
$3,114,177
|
$3,722,947
|
Fees (Waived)/Recouped
|
($4,891)
|
$0
|
$0
|
$0
|
Net Advisory Fee Paid
|
$2,500,245
|
$2,647,000
|
$3,114,177
|
$3,722,947
|
Flexible Income Fund
|
||||
2013
|
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$982,335
|
$1,015,450
|
$1,109,897
|
$1,124,604
|
Fees (Waived)/Recouped
|
$0
|
$0
|
$0
|
$0
|
Net Advisory Fee Paid
|
$982,335
|
$1,015,450
|
$1,109,897
|
$1,124,604
|
Conservative Fund
|
||||
2013
|
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$438,959
|
$517,349
|
$633,656
|
$606,032
|
Fees (Waived)/Recouped
|
($6,121)
|
$0
|
$0
|
$0
|
Net Advisory Fee Paid
|
$432,838
|
$517,349
|
$633,656
|
$606,032
|
Aggressive Fund
|
||||
2013
|
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$682,778
|
$765,753
|
$885,086
|
$1,121,987
|
Fees (Waived)/Recouped
|
($5,695)
|
$0
|
$0
|
$0
|
Net Advisory Fee Paid
|
$677,083
|
$765,753
|
$885,086
|
$1,121,987
|
Tactical Fund
|
||||
2013
|
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$441,260
|
$412,875
|
$276,736
|
$411,001
|
Fees (Waived)/Recouped
|
($3,774)
|
$0
|
$1,773
|
$(1,773)
|
Net Advisory Fee Paid
|
$437,486
|
$412,875
|
$278,509
|
$409,228
|
Tactical Total Return Fund
|
||||
2013
|
2012
|
2011
(2)
|
2010
|
|
Fees Accrued
|
$72,423
|
$75,145
|
$51,393
|
$63,919
|
Fees (Waived)/Recouped
|
($71,834)
|
$53,193
|
$(51,393)
(3)
|
$(63,919)
(1)
|
Net Advisory Fee Paid
|
$589
|
$21,952
|
$0
|
$0
|
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
|
573
|
$353,233,291
|
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
|
Tactical
Fund |
Tactical
Total Return Fund |
||
Janet Brown
|
G.
|
E.
|
A.
|
F.
|
G.
|
E.
|
|
Jason Browne
|
B.
|
B.
|
B.
|
B.
|
E.
|
B.
|
|
Bernard Burke
|
D.
|
A.
|
A.
|
C.
|
A.
|
A.
|
|
Martin DeVault
|
E.
|
E.
|
C.
|
D.
|
C.
|
C.
|
|
Sean McKeon
|
F.
|
E.
|
C.
|
D.
|
D.
|
A.
|
|
(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.
|
2013
|
|
Upgrader Fund
|
$24,000
|
Flexible Income Fund
|
$24,000
|
Conservative Fund
|
$24,000
|
Aggressive Fund
|
$24,000
|
Tactical Fund
|
$24,000
|
Tactical Total Return Fund
|
$24,000
|
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 |
SUMMARY SECTION
|
||||||
This important section summarizes the Funds’ investments, risks, fees and past performance.
|
2
|
|||||
8
|
||||||
MORE ABOUT THE FUNDS’ INVESTMENT OBJECTIVES, STRATEGIES AND RISKS
|
14
|
|||||
This section provides details about the Funds’ investment strategies and risks.
|
14
|
|||||
14
|
||||||
17
|
||||||
18
|
||||||
21
|
||||||
MANAGEMENT OF THE FUNDS
|
22
|
|||||
Review this section for information about the organizations and people who oversee the Funds.
|
22
|
|||||
23
|
||||||
23
|
||||||
24
|
||||||
24
|
||||||
SHAREHOLDER INFORMATION
|
25
|
|||||
This section explains how shares are valued and how to purchase and sell shares.
|
25
|
|||||
25
|
||||||
25
|
||||||
29
|
||||||
31
|
||||||
33
|
||||||
DISTRIBUTIONS AND TAXES
|
34
|
|||||
This section generally describes when you may receive dividend distributions and the tax consequences.
|
34
|
|||||
34
|
||||||
35
|
||||||
FINANCIAL HIGHLIGHTS
|
||||||
Review this section for details on selected financial statements of the Funds. |
36
|
|||||
INSIDE BACK COVER
|
||||||
2 |
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
FundX ETF Aggressive Upgrader Fund
|
$
164
|
$
723
|
$
1,
308
|
$
2,
897
|
In managing the Fund, the Advisor uses a proprietary Upgrading investment strategy to select Underlying Funds and to manage the portfolio consistent with the Fund’s investment objective. Using this strategy, the Advisor classifies Underlying Funds according to their risk and performance characteristics. Four different classes of Underlying Funds are categorized according to this system, ranging from Aggressive Equity Underlying Funds, which are the most aggressive funds with the highest risk but also the highest reward potential, to Bond Underlying Funds, which have the lowest risk but also the lowest reward potential. See “More about the Funds’ Investment Objectives, Strategies and Risks—The Advisor’s Classification Process of Underlying Funds” for more information on this system.
|
Upgrading
|
3 |
|
●
|
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%
|
Average Annual Total Returns as of December 31, 2013
|
||||||
1 Year
|
5 Years
|
Since
Inception |
||||
FundX ETF Aggressive Upgrader Fund – UNBOX
|
(1/31/07)
|
|||||
Return Before Taxes
|
18.81%
|
10.29%
|
2.97%
|
|||
Return After Taxes on Distributions
|
18.78%
|
10.25%
|
2.85%
|
|||
Return After Taxes on Distributions and Sale of Fund Shares
|
10.66%
|
8.19%
|
2.29%
|
|||
S&P 500
®
Index (reflects no deduction for fees, expenses or taxes)
|
32.39%
|
17.94%
|
5.98%
|
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 ETF Upgrader Fund
|
|
Annual Fund Operating Expenses
(1)
(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
|
1.36%
|
Acquired Fund (Underlying Fund) Fees and Expenses
(2)
|
0.26%
|
Total Annual Fund Operating Expenses
|
2.62%
|
Expense Reduction/Reimbursement
|
-1.11%
|
Total Annual Fund Operating Expenses After Expense Reduction/Reimbursement
|
1.51%
|
(1)
FundX Investment Group (the “Advisor”) has contractually agreed to reduce its fees and/or pay the ETF Upgrader Fund’s expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Operating Expenses After Expense Reduction/Reimbursement for shares of the ETF Upgrader Fund to 1.50% of the Fund’s average net assets (the “Expense Cap”). The Expense Cap will remain in effect indefinitely and at least until January 31, 2015. A reimbursement may be requested by the Advisor if the aggregate amount actually paid by the Fund toward operating expenses for such fiscal year (taking into account any reimbursement) does not exceed the Expense Cap. The Agreement may be terminated at any time by the Board of Trustees upon 60 days’ notice to the Advisor, or by the Advisor with the consent of the Board.
(2)
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 ETF Upgrader Fund
|
$
154
|
$
709
|
$
1,
291
|
$
2,872
|
In managing the Fund, the Advisor uses a proprietary Upgrading investment strategy to select Underlying Funds and to manage the portfolio consistent with the Fund’s investment objective. Using this strategy, the Advisor classifies Underlying Funds according to their risk and performance characteristics. Four different classes of Underlying Funds are categorized according to this system, ranging from Aggressive Equity Underlying Funds, which are the most aggressive funds with the highest risk but also the highest reward potential, to Bond Underlying Funds, which have the lowest risk but also the lowest reward potential. See “More about the Funds’ Investment Objectives, Strategies and Risks—The Advisor’s Classification Process of the Underlying Funds” for more information on this system. |
Upgrading
|
9 |
|
●
|
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
|
Aggressive Equity Funds
|
Aggressive
Equity Underlying Funds include equity funds invested in small- or mid-sized companies. These funds may focus on special investments, industries or market sectors. Many of these funds may lack diversification by focusing on a few industry sectors or concentrating their portfolios in a few individual holdings, in the hopes of achieving above-average returns. International funds may concentrate in a particular country or region, including emerging markets or economies not considered mature. These funds mostly hold common stocks, but may contain convertible bonds or other instruments. These funds may use investing techniques such as leveraging, margin, short positions or use of derivative instruments such as options or futures in ways that may likely to increase volatility.
|
|
Core Equity Funds
|
Core Equity Underlying Funds are generally comprised of diversified equity portfolios invested in well-established companies. Such portfolios may include some fixed-income instruments such as bonds, convertibles, preferred stock or cash and may have flexibility to move to large cash positions. International (foreign) or global (foreign and domestic) funds tend to invest in larger companies in mature economies (
e.g.
, Europe & Japan).
|
|
Total Return (or Balanced) Funds
|
Total Return Underlying Funds may employ a wide variety of investment strategies, including blending equity securities with fixed income instruments, and techniques designed to provide steady returns with dampened volatility, such as market neutral long/short, arbitrage or other approaches. Because Total Return Underlying Funds are not fully invested in bonds, these funds typically have less credit and interest rate risk. Often these funds hold income-generating instruments, such as bonds, to lower portfolio volatility. Some of these funds may use derivative instruments such as futures, put options or short selling to a limited extent to lessen volatility.
|
|
Bond/Fixed-Income Funds
|
Bond Underlying Funds have a primary objective of current income and preservation of capital. These funds are divided into sub-categories of fixed-income securities based on credit quality, duration and maturity. It is not the Advisor’s intention to purchase funds to achieve a particular tax result.
|
Annual Advisory Fee
|
Net Advisory Fee Received
(after waivers or recoupments)
|
|
FundX ETF Aggressive Upgrader Fund
|
1.00%
|
0.80%
|
FundX ETF Upgrader Fund
|
1.00%
|
0.88%
|
Amount of Fees
Rebated by U.S. Bank as a % of Average Net Assets |
|
FundX ETF Aggressive Upgrader Fund
|
0.00%
|
FundX ETF Upgrader Fund
|
0.00%
|
Name
|
Title
|
Tenure with the Advisor
|
Janet Brown
|
President and Portfolio Manager
|
1978
|
Jason Browne
|
Chief Investment Officer and Portfolio Manager
|
2000
|
Bernard Burke
|
Portfolio Manager
|
1992
|
Martin DeVault
|
Portfolio Manager
|
1992
|
Sean McKeon
|
Portfolio Manager
|
1990
|
To Open
Your Account
|
To Add to
Your Account
|
|||
Regular Accounts
|
$1,000
|
$100
|
||
Retirement Accounts
|
$1,000
|
$100
|
||
Automatic Investment Accounts
|
$500
|
$100
|
Regular Mail
[Name of Fund]
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
|
Overnight Delivery
[Name of Fund]
c/o U.S. Bancorp Fund Services, LLC
615 E. Michigan Street, Third Floor
Milwaukee, WI 53202
|
NOTE: The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bancorp Fund Services, LLC post office box, of purchase orders or redemption requests does not constitute receipt by the transfer agent of the Funds. Additionally, there may be a delay in processing your purchase or redemption order.
|
Regular Mail
[Name of Fund]
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
|
Overnight Delivery
[Name of Fund]
c/o U.S. Bancorp Fund Services, LLC
615 E. Michigan Street, Third Floor
Milwaukee, WI 53202
|
NOTE: The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bancorp Fund Services, LLC post office box, of purchase orders or redemption requests does not constitute receipt by the transfer agent of the Funds. Additionally, there may be a delay in processing your purchase or redemption order.
|
|
●
|
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 ETF Aggressive Upgrader Fund
|
||||||
Financial Highlights
For a capital share outstanding throughout each period/Year
|
(1)
|
Recognition of net investment income (loss) 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.
|
**
|
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.
|
(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.
|
**
|
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.
|
|
●
|
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.
|
3
|
||
3
|
||
22
|
||
24
|
||
24
|
||
26
|
||
32
|
||
34
|
||
37
|
||
38
|
||
40
|
||
40
|
||
41
|
||
43
|
||
45
|
||
46
|
||
47
|
||
48
|
||
50
|
(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.
|
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.)
|
4. |
Purchase or sell commodities or commodity contracts.
|
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.
|
Portfolio Turnover Rate
|
||||
Fund
|
2013
|
2012
|
||
ETF Aggressive Fund
|
403%
|
256%
|
||
ETF Upgrader Fund
|
297%
|
221%
|
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. (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.
|
|||||
Eric W. Falkeis
(3)
(born 1973)
c/o U.S. Bancorp Fund Services, LLC
2020 E. Financial Way
Suite 100
Glendora, CA 91741
|
Trustee
|
Indefinite Term;
Since September 2011.
|
President and Chief Operating Officer, Direxion Funds, since 2013; formerly, Senior Vice President and Chief Financial Officer (and other positions), U.S. Bancorp Fund Services, LLC since 1997.
|
8
|
None.
|
|||||
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.
|
(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
, except for the FundX Aggressive Upgrader Fund, the FundX Upgrader Fund, the FundX Conservative Upgrader Fund, the FundX Tactical Upgrader Fund, the FundX Tactical Total Return Fund, and the FundX Flexible Income Fund, which are offered in a separate prospectus,
for purposes of investment and investor services, nor do they share the same investment advisor with any other series.
|
(3)
|
Prior to March 8, 2013, Mr. Falkeis was an
“
interested person
”
of the Trust as defined by the 1940 Act by virtue of the fact that he was an interested person of Quasar Distributors, LLC who acts as principal underwriter to the series of the Trust.
|
Amount Invested Key
|
|||
A.
|
$0
|
||
B.
|
$1-$10,000
|
||
C.
|
$10,001-$50,000
|
||
D.
|
$50,001-$100,000
|
||
E.
|
over $100,000
|
Name and Address
|
% Ownership
|
Type of Ownership
|
Charles Schwab & Co. Inc.
Special Custody Account FBO Customers
101 Montgomery St.
San Francisco, CA 94104-4151
|
45.78%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers
200 Liberty St.
New York, NY 10281-1003
|
30.20%
|
Record
|
TD Ameritrade Inc.
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
7.60%
|
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
|
42.60%
|
Record
|
National Financial Services, LLC
For the Benefit of Our Customers
200 Liberty St.
New York, NY 10281-1003
|
21.92%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership
|
Pershing LLC
P.O. Box 2052
Jersey City, NY 07303-2052
|
13.51%
|
Record
|
Annual Advisory Fee
|
||
FundX ETF Aggressive Upgrader Fund
|
1.00%
|
|
FundX ETF Upgrader Fund
|
1.00%
|
ETF Aggressive Fund
|
||||
2013
|
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$84,699
|
$132,430
|
$199,301
|
$303,298
|
Fees (Waived)/Recouped
|
($67,828)
|
($38,748)
|
$(14,441)
|
$(17,022)
|
Net Advisory Fee Paid
|
$16,871
|
$93,682
|
$184,860
|
$286,276
|
ETF Upgrader Fund
|
||||
2013
|
2012
|
2011
(1)
|
2010
|
|
Fees Accrued
|
$79,805
|
$60,977
|
$63,961
|
$79,904
|
Fees (Waived)/Recouped
|
($70,603)
|
($60,977)
(2)
|
$(58,069)
|
$(69,947)
|
Net Advisory Fee Paid
|
$9,202
|
$0
|
$5,892
|
$9,957
|
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
|
573
|
$353,233,291
|
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) |
||
ETF Aggressive Fund
|
ETF Upgrader Fund
|
||
Janet Brown
|
D.
|
F.
|
|
Jason Browne
|
B.
|
B.
|
|
Bernard Burke
|
A.
|
A.
|
|
Martin DeVault
|
D.
|
C.
|
|
Sean McKeon
|
A.
|
C.
|
Administration Fee Paid
|
||||
2013
|
2012
|
2011
(1)
|
2010
|
|
ETF Aggressive Fund | $10,390 | $11,436 | $11,277 | $16,783 |
ETF Upgrader Fund | $10,723 | $10,225 |
$9,148
|
$10,000
|
|
(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
|
||||
2013
|
2012
|
2011
(2)
|
2010
|
|
ETF Aggressive Fund
|
$19,655.15
|
$18,633
|
$22,180
|
$84,991
(1)
|
ETF Upgrader Fund |
$10,011
|
$6,015
|
$9,058
|
$18,351
(1)
|
2013
|
|
ETF Aggressive Fund
|
$24,000
|
ETF Upgrader Fund
|
$24,000
|
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 16, 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.
|
|
(x)(A)
|
Amendment to Schedule A to the Investment Advisory Agreement dated November 11, 2013, between the Trust, on behalf of the Hodges Small Intrinsic Value Fund, the Small-Mid Cap Fund, and Hodges Capital Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.
|
|
(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.
|
|
(xx)(B)
|
Amended Schedule A dated August 13, 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, DSM Global Growth & Income Fund, and DSM Capital Partners LLC is herein incorporated by reference from Post-Effective Amendment No. 533 to the Trust’s Registration Statement on Form N-1A, is herein incorporated by reference from Post-Effective Amendment No. 533 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 10, 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.
|
|
(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.
|
|
(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.
|
|
(xxiv)(A)
|
Amended Schedule A dated April 30, 2013, to 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. 506 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 25, 2013.
|
|
(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.
|
(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.
|
|
(xxvii)
|
Investment Advisory Agreement between the Trust, on behalf of the Villere Equity Fund and St. Denis J. Villere & Co., Inc. is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 31, 2013.
|
|
(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.
|
|
(xxix)
|
Investment Advisory Agreement dated December 30, 2013, between the Trust, on behalf of the Otter Creek Long/Short Opportunity Fund and Otter Creek Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.
|
|
(xxx)
|
Investment Advisory Agreement dated December 31, 2013, between the Trust, on behalf of the Balter Long/Short Equity Fund and Balter Liquid Alternatives, LLC is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(xxx)(A)
|
Investment Sub-Advisory Agreement dated December 31, 2013, between Balter Liquid Alternatives, LLC and Apis Capital Advisors, LLC on behalf of the Balter Long/Short Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(xxx)(B)
|
Investment Sub-Advisory Agreement dated December 31, 2013, between Balter Liquid Alternatives, LLC and Midwood Capital Management, LLC on behalf of the Balter Long/Short Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(xxxi)
|
Investment Advisory Agreement dated December 31, 2013, between the Trust, on behalf of the BP Capital TwinLine Energy Fund, the BP Capital TwinLine MLP Fund and BP Capital Fund Advisors, LLC is herein incorporated by reference from Post-Effective Amendment No. 554 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 31, 2013.
|
|
(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.
|
(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 16, 2006.
|
|
(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.
|
|
(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.
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(iv)(C)
|
Third Amendment dated November 11, 2013, to the Distribution Agreement dated June 1, 2006, as amended November 28, 2007, between the Trust on behalf of its series, the Hodges Funds and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
(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, filed with the SEC on June 26, 2007.
|
|
(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.
|
(viii)(A)
|
First Amendment to the Distribution Agreement between the Trust, on behalf of the Villere Funds and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 31, 2013.
|
|
(viii)(B)
|
Second Amendment to the Distribution Agreement dated July 1, 2013, between the Trust, on behalf of the Villere Funds and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 545 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 13, 2013.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(xi)(C)
|
Third Amendment dated August 13, 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, DSM Small-Mid Cap Growth Fund, and DSM Global Growth & Income Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 533 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 10, 2013.
|
|
(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.
|
|
(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.
|
|
(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.
|
(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.
|
|
(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.
|
|
(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.
|
|
(xviii)
|
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.
|
|
(xix)
|
Distribution Agreement dated November 11, 2013, between the Trust, on behalf the Otter Creek Long/Short Opportunity Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.
|
|
(xx)
|
Distribution Agreement dated November 11, 2013, between the Trust, on behalf of Balter Long/Short Equity Fund and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(xxi)
|
Distribution Agreement dated November 11, 2013, between the Trust, on behalf of the BP Capital TwinLine Energy Fund, the BP Capital MLP Fund and
Foreside Fund Services, LLC
is herein incorporated by reference from Post-Effective Amendment No. 554 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 31, 2013.
|
|
(f)
|
Bonus or Profit Sharing Contracts – None.
|
|
(g)
|
Amended and Restated Custody Agreement dated June 22, 2006, amended and restated as of May 15, 2013, between the Trust and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 31, 2013.
|
|
(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 16, 2006.
|
|
(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.
|
|
(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.
|
|
(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.
|
(iii)(A)
|
Amendment to the Custody Agreement on behalf of the Hodges Small Intrinsic Value Fund and the Small-Mid Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(ix)
|
Amendment to the Custody Agreement on behalf of the DSM Large Cap Growth Fund, DSM Global Growth Fund, DSM Small-Mid Cap Growth Fund, and DSM Global Growth & Income Fund is herein incorporated by reference from Post-Effective Amendment No. 533 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 10, 2013.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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.
|
(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.
|
|
(xix)
|
Amendment to the Custody Agreement, on behalf of the Villere Funds is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 31, 2013.
|
|
(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.
|
|
(xxi)
|
Amendment to the Custody Agreement dated November 11, 2013, on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.
|
|
(xxii)
|
Amendment to the Custody Agreement dated November 11, 2013, on behalf of the Balter Long/Short Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(xxiii)
|
Amendment to the Custody Agreement dated November 11, 2013, on behalf of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund is herein incorporated by reference from Post-Effective Amendment No. 554 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 31, 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 16 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 16, 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)
|
Amendment 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, DSM Small-Mid Cap Growth Fund, and DSM Global Growth & Income Fund is herein incorporated by reference from Post-Effective Amendment No. 533 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 10, 2013.
|
|
(i)(G)
|
Amendment dated June 19, 2013, to the Fund Administration Servicing Agreement dated June 22, 2006, on behalf of the Hodges Funds between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.
|
|
(i)(G)(1)
|
Amendment to the Fund Administration Servicing Agreement on behalf of the Hodges Small Intrinsic Value Fund, and the Small-Mid Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.
|
|
(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 dated September 13, 2013, on behalf of the Villere Funds is herein incorporated by reference from Post-Effective Amendment No. 545 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 13, 2013.
|
|
(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.
|
|
(i)(Q)
|
Amendment to the Fund Administration Servicing Agreement dated November 11, 2013, on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.
|
|
(i)(R)
|
Amendment to the Fund Administration Servicing Agreement dated November 11, 2013, on behalf of the Balter Long/Short Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(i)(S)
|
Amendment to the Fund Administration Servicing Agreement dated November 11, 2013, on behalf of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund is herein incorporated by reference from Post-Effective Amendment No. 554 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 31, 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 16, 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 16, 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)(C)(2)
|
Amendment to the Fund Accounting Servicing Agreement on behalf of the Hodges Small Intrinsic Value Fund, and the Small-Mid Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.
|
|
(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, DSM Small-Mid Cap Growth Fund, and DSM Global Growth & Income Fund is herein incorporated by reference from Post-Effective Amendment No. 533 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 10, 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.
|
|
(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.
|
|
(ii)(O)
|
Amendment to the Fund Accounting Servicing Agreement, on behalf of the Villere Funds is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 31, 2013.
|
(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.
|
|
(ii)(Q)
|
Amendment to the Fund Accounting Servicing Agreement, on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.
|
|
(ii)(R)
|
Amendment to the Fund Accounting Servicing Agreement, on behalf of the Balter Long/Short Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(ii)(S)
|
Amendment to the Fund Accounting Servicing Agreement, on behalf of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund is herein incorporated by reference from Post-Effective Amendment No. 554 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 31, 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 16, 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 16, 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.
|
|
(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.
|
|
(iii)(C)(2)
|
Amendment to the Transfer Agent Servicing Agreement on behalf of the Hodges Small Intrinsic Value Fund and the Small-Mid Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.
|
|
(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, DSM Small-Mid Cap Growth Fund, and DSM Global Growth & Income Fund is herein incorporated by reference from Post-Effective Amendment No. 533 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 10, 2013.
|
|
(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.
|
|
(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.
|
|
(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.
|
|
(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 Funds is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 31, 2013.
|
|
(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.
|
|
(iii)(Q)
|
Amendment to the Transfer Agent Servicing Agreement, on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.
|
|
(iii)(R)
|
Amendment to the Transfer Agent Servicing Agreement, on behalf of the Balter Long/Short Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
(iii)(S)
|
Amendment to the Transfer Agent Servicing Agreement, on behalf of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund is herein incorporated by reference from Post-Effective Amendment No. 554 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 31, 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.
|
|
(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.
|
|
(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)(C)(4)
|
Amended Appendix to Operating Expenses Limitation Agreement, between the Trust, on behalf of the Hodges Funds is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.
|
(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, filed 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)
|
Amended and Restated Operating Expenses Limitation Agreement dated January 26, 2010, with amended Schedule A between the Trust, on behalf of the DSM Funds, 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)
|
Amendment to Schedule A dated August 13, 2013, 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. 533 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 10, 2013.
|
|
(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)(P)(1)
|
Amended Appendix A dated April 30, 2013, of the 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. 506 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 25, 2013.
|
|
(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. is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 31, 2013.
|
|
(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.
|
|
(iv)(T)(1)
|
Shareholder Servicing Plan adopted by the Trust, on behalf of the McKinley Diversified Income Fund on March 1, 2013 is herein incorporated by reference from Post-Effective Amendment No. 524 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 7, 2013.
|
(iv)(U)
|
Operating Expenses Limitation Agreement, between the Trust, on behalf of the Otter Creek Long/Short Opportunity Fund, dated December 30, 2013, is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.
|
|
(iv)(V)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of the Balter Long/Short Equity Fund, dated December 31, 2013 is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(iv)(V)(1)
|
Shareholder Servicing Plan adopted by the Trust, on behalf of the Balter Long/Short Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(iv)(W)
|
Operating Expenses Limitation Agreement between the Trust, on behalf of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund is herein incorporated by reference from Post-Effective Amendment No. 554 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 31, 2013.
|
|
(iv)(W)(1)
|
Shareholder Servicing Plan adopted by the Trust, on behalf of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund is herein incorporated by reference from Post-Effective Amendment No. 554 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 31, 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 March 26, 2013, 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 March 26, 2013, 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.
|
|
(xxiii)
|
Opinion of Counsel dated May 31, 2013, by Sullivan & Worcester LLP for the Villere Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May 31, 2013.
|
|
(xxiii)(A)
|
Consent of Counsel dated May 31, 2013, by Paul Hastings LLP for the Villere Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 515 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on May
31, 2013.
|
|
(xxiv)
|
Opinion of Counsel dated October 10, 2013, by Sullivan & Worcester LLP for the DSM Global Growth & Income Fund is herein incorporated by reference from Post-Effective Amendment No. 533 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 10, 2013.
|
|
(xxiv)(A)
|
Consent of Counsel dated October 10, 2013, by Paul Hastings LLP for the DSM Global Growth & Income Fund is herein incorporated by reference from Post-Effective Amendment No. 533 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 10, 2013.
|
|
(xxv)
|
Opinion of Counsel dated December 17, 2013, by Sullivan & Worcester LLP for the Hodges Small Intrinsic Value Fund and the Hodges Small-Mid Cap Fund is herein incorporated by reference from Post-Effective Amendment No. 546 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 17, 2013.
|
(ii)
|
Amended and Restated Rule 12b-1 Distribution Plan adopted 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 adopted 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 adopted 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, the DSM Global Growth Fund, DSM Small-Mid Cap Growth Fund, and DSM Global Growth & Income Fund is herein incorporated by reference from Post-Effective Amendment No. 533 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 10, 2013.
|
|
(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.
|
|
(ix)
|
Rule 12b-1 Distribution Plan adopted by the Trust, on behalf of the McKinley Diversified Income Fund is herein incorporated by reference from Post-Effective Amendment No. 524 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 7, 2013.
|
|
(x)
|
Rule 12b-1 Distribution Plan adopted by the Trust, on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.
|
|
(xi)
|
Rule 12b-1 Distribution Plan adopted by the Trust, on behalf of the Balter Long/Short Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(xii)
|
Rule 12b-1 Distribution Plan adopted by the Trust, on behalf of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund is herein incorporated by reference from Post-Effective Amendment No. 554 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 31, 2013.
|
|
(n)
|
(i)
|
Rule 18f-3 Plan dated August 14, 2008, adopted 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, adopted 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 and amended on March 1, 2013 and August 13, 2013, adopted by the Trust on behalf of the DSM Large Cap Growth Fund, the DSM Global Growth Fund, DSM Small-Mid Cap Growth Fund, and DSM Global Growth & Income Fund is herein incorporated by reference from Post-Effective Amendment No. 533 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 10, 2013.
|
|
(iv)
|
Rule 18f-3 Plan dated August 3, 2009, 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.
|
|
(v)
|
Rule 18f-3 Plan dated April 30, 2010 and revised August 14, 2012, adopted 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, 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.
|
|
(vii)
|
Rule 18f-3 Plan dated March 12, 2012, 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.
|
|
(viii)
|
Rule 18f-3 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.
|
|
(ix)
|
Rule 18f-3 Plan dated March 1, 2013, adopted by the Trust on behalf of the McKinley Diversified Income Fund is herein incorporated by reference from Post-Effective Amendment No. 524 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 7, 2013.
|
|
(x)
|
Rule 18f-3 Plan dated November 12, 2013, adopted by the Trust on behalf of the Otter Creek Long/Short Opportunity Fund is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.
|
|
(xi)
|
Rule 18f-3 Plan dated November 12, 2013, adopted by the Trust on behalf of the Balter Long/Short Equity Fund is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(xii)
|
Rule 18f-3 Plan dated November 12, 2013, adopted by the Trust on behalf of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund is herein incorporated by reference from Post-Effective Amendment No. 554 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 31, 2013.
|
|
(o)
|
Reserved.
|
|
(p)
|
(i)
|
Code of Ethics for FundX Investment Group, 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 –
filed herewith
|
(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, Inc. is herein incorporated by reference from Post-Effective Amendment No. 540 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on October 30, 2013.
|
|
(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)
|
Revised Code of Ethics for Contravisory Investment Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 506 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 25, 2013.
|
|
(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. is herein incorporated by reference from Post-Effective Amendment No. 508 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on April 29, 2013.
|
|
(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)
|
Revised Code of Ethics for the Trust (Professionally Managed Portfolios) is herein incorporated by reference from Post-Effective Amendment No. 545 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 13, 2013.
|
|
(xx)
|
Revised Code of Ethics for St. Denis J. Villere & Company, LLC is herein incorporated by reference from Post-Effective Amendment No. 545 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 13, 2013.
|
(xxi)
|
Code of Ethics for McKinley Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 524 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on August 7, 2013.
|
|
(xxii)
|
Code of Ethics for Otter Creek Management, Inc. is herein incorporated by reference from Post-Effective Amendment No. 547 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 24, 2013.
|
|
(xxiii)
|
Code of Ethics for Balter Liquid Alternatives, LLC is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(xxiv)
|
Code of Ethics for Apis Capital Advisors, LLC is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(xxv)
|
Code of Ethics for Midwood Capital Management, LLC is herein incorporated by reference from Post-Effective Amendment No. 548 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 30, 2013.
|
|
(xxvi)
|
Code of Ethics for BP Capital Fund Advisors, LLC is herein incorporated by reference from Post-Effective Amendment No. 554 to the Trust’s Registration Statement on Form N-1A, filed with the SEC on December 31, 2013.
|
Academy Funds Trust
|
Jensen Portfolio, Inc.
|
||
Advisors Series Trust
|
Kirr Marbach Partners Funds, Inc.
|
||
Aegis Funds
|
KKR Alternative Corporate Opportunities Fund P
|
||
Aegis Value Fund, Inc.
|
KKR Series Trust
|
||
Allied Asset Advisors Funds
|
Litman Gregory Funds Trust
|
||
Alpine Equity Trust
|
LKCM Funds
|
||
Alpine Income Trust
|
LoCorr Investment Trust
|
||
Alpine Series Trust
|
Loeb King Trust
|
||
Appleton Funds
|
Lord Asset Management Trust
|
||
Barrett Opportunity Fund, Inc.
|
MainGate Trust
|
||
Brandes Investment Trust
|
Managed Portfolio Series
|
||
Bridge Builder Trust
|
Matrix Advisors Value Fund, Inc.
|
||
Bridges Investment Fund, Inc.
|
Merger Fund
|
||
Brookfield Investment Funds
|
Monetta Trust
|
||
Brown Advisory Funds
|
Nicholas Family of Funds, Inc.
|
||
Buffalo Funds
|
Permanent Portfolio Family of Funds, Inc.
|
||
Capital Guardian Funds Trust
|
Perritt Funds, Inc.
|
||
Cushing Funds Trust
|
PRIMECAP Odyssey Funds
|
||
DoubleLine Funds Trust
|
Professionally Managed Portfolios
|
||
ETF Series Solutions
|
Prospector Funds, Inc.
|
||
Evermore Funds Trust
|
Provident Mutual Funds, Inc.
|
||
FactorShares Trust
|
Purisima Funds
|
||
First American Funds, Inc.
|
Rainier Investment Management Mutual Funds
|
||
First American Investment Funds, Inc.
|
RBC Funds Trust
|
||
First American Strategy Funds, Inc.
|
SCS Financial Funds
|
||
Glenmede Fund, Inc.
|
Stone Ridge Trust
|
||
Glenmede Portfolios
|
Thompson IM Funds, Inc.
|
||
Greenspring Fund, Inc.
|
TIFF Investment Program, Inc.
|
||
Guinness Atkinson Funds
|
Trust for Professional Managers
|
||
Harding Loevner Funds, Inc.
|
Trust for Advised Portfolios
|
||
Hennessy Funds Trust
|
USA Mutuals
|
||
Hennessy Funds, Inc.
|
USFS Funds Trust
|
||
Hennessy Mutual Funds, Inc.
|
Wall Street Fund, Inc.
|
||
Hennessy SPARX Funds Trust
|
Westchester Capital Funds
|
||
Hotchkis & Wiley Funds
|
Wexford Trust/PA
|
||
Intrepid Capital Management Funds Trust
|
Wisconsin Capital Funds, Inc.
|
||
IronBridge Funds, Inc.
|
WY Funds
|
||
Jacob Funds, Inc.
|
YCG Funds
|
1.
|
AdvisorShares Trust
|
2.
|
American Beacon Funds
|
3.
|
American Beacon Select Funds
|
4.
|
Avenue Mutual Funds Trust
|
5.
|
BP Capital TwinLine Energy Fund, Series of Professionally Managed Portfolios
|
6.
|
BP Capital TwinLine MLP Fund, Series of Professionally Managed Portfolios
|
7.
|
Bridgeway Funds, Inc.
|
8.
|
Broadmark Funds
|
9.
|
Capital Innovations Global Agri, Timber, Infrastructure Fund, Series of Investment Managers Series Trust
|
10.
|
Center Coast MLP Focus Fund, Series of Investment Managers Series Trust
|
11.
|
Chilton Realty Income & Growth Fund, Series of Investment Managers Series Trust
|
12.
|
Direxion Shares ETF Trust
|
13.
|
Exchange Traded Concepts Trust II
|
14.
|
FlexShares Trust
|
15.
|
Forum Funds
|
16.
|
Forum Funds II
|
17.
|
FQF Trust
|
18.
|
FSI Low Beta Absolute Return Fund
|
19.
|
Gottex Multi-Alternatives Fund - I
|
20.
|
Gottex Multi-Alternatives Fund - II
|
21.
|
Gottex Multi-Asset Endowment Fund - I
|
22.
|
Gottex Multi-Asset Endowment Fund – II
|
23.
|
Gottex Trust
|
24.
|
Henderson Global Funds
|
25.
|
Infinity Core Alternative Fund
|
26.
|
Ironwood Institutional Multi-Strategy Fund LLC
|
27.
|
Ironwood Multi-Strategy Fund LLC
|
28.
|
Liberty Street Horizon Fund, Series of Investment Managers Series Trust
|
29.
|
Manor Investment Funds
|
30.
|
Nomura Partners Funds, Inc.
|
31.
|
Performance Trust Mutual Funds, Series of Trust for Professional Managers
|
32.
|
Pine Grove Alternative Fund
|
33.
|
Pine Grove Alternative Institutional Fund
|
34.
|
Plan Investment Fund, Inc.
|
35.
|
PMC Funds, Series of Trust for Professional Managers
|
36.
|
Precidian ETFs Trust
|
37.
|
Quaker Investment Trust
|
38.
|
Renaissance Capital Greenwich Funds
|
39.
|
RevenueShares ETF Trust
|
40.
|
Salient MF Trust
|
41.
|
Scotia Institutional Funds
(f/k/a DundeeWealth Funds)
|
42.
|
Sound Shore Fund, Inc.
|
43.
|
Steben Select Multi-Strategy Fund
|
44.
|
The Roxbury Funds
|
45.
|
Toroso Newfound Tactical Allocation Fund, Series of Investment Managers Series Trust
|
46.
|
Turner Funds
|
47.
|
Wintergreen Fund, Inc.
|
Name
|
Address
|
Position with Underwriter
|
Position with Registrant
|
|||
Mark A. Fairbanks
|
Three Canal Plaza, Suite 100, Portland, ME 04101
|
President and Manager
|
None
|
|||
Richard J. Berthy
|
Three Canal Plaza, Suite 100, Portland, ME 04101
|
Vice President, Treasurer and Manager
|
None
|
|||
Jennifer E. Hoopes
|
Three Canal Plaza, Suite 100, Portland, ME 04101
|
Secretary
|
None
|
|||
Nanette K. Chern
|
Three Canal Plaza, Suite 100, Portland, ME 04101
|
Vice President and Chief Compliance Officer
|
None
|
|||
Lisa S. Clifford
|
Three Canal Plaza, Suite 100, Portland, ME 04101
|
Vice President and Managing Director of Compliance
|
None
|
|||
Nishant Bhatnagar
|
Three Canal Plaza, Suite 100, Portland, ME 04101
|
Assistant Secretary
|
None
|
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
|
|
With respect to BP Capital TwinLine Energy Fund and
BP Capital MLP Fund
|
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
|
|
Registrant’s Investment Advisers
|
||
Akre Capital Management, LLC
2 West Marshall Street
Middleburg, Virginia 20118
|
||
Balter Liquid Alternatives, LLC
125 High Street
Oliver Street Tower, Suite 802
Boston, Massachusetts 02110
|
||
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
|
||
BP Capital Fund Advisors, LLC
817 Preston Road, Suite 260
Dallas, Texas 75225
|
||
Congress Asset Management Company
Two Seaport Lane
Boston, Massachusetts 02210
|
Records Relating to:
|
Are located at:
|
|
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
|
||
Otter Creek Management, Inc.
222 Lakeview Avenue, Suite 1100
West Palm Beach, Florida 33401
|
||
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
|
||
Windowpane Advisors, L.L.C.
550 West “C” Street, Suite 960
San Diego, California 92101
|
||
Registrant’s Investment Sub-Advisers
|
||
Apis Capital Advisors, LLC
90 Park Avenue, 18
th
Floor
New York, New York 10016
|
||
Hellman, Jordan Management Co., Inc.
125 High Street, Suite 800
Boston, Massachusetts 02110
|
||
Midwood Capital Management, LLC
20 Custom House Street, Suite 1610
Boston, Massachusetts 02110
|
Professionally Managed Portfolios | |||
|
By:
|
/s/ Elaine E. Richards | |
Elaine E. Richards | |||
President | |||
Signature
|
Title
|
Date
|
|||
Dorothy A. Berry*
|
Trustee
|
January 31, 2014
|
|||
Dorothy A. Berry
|
|||||
Wallace L. Cook*
|
Trustee
|
January 31, 2014
|
|||
Wallace L. Cook
|
|||||
Eric W. Falkeis*
|
Trustee
|
January 31, 2014
|
|||
Eric W. Falkeis
|
|||||
Carl A. Froebel*
|
Trustee
|
January 31, 2014
|
|||
Carl A. Froebel
|
|||||
Steven J. Paggioli*
|
Trustee
|
January 31, 2014
|
|||
Steven J. Paggioli
|
|||||
/s/ Elaine E. Richards
|
President and Principal
|
January 31, 2014
|
|||
Elaine E. Richards
|
Executive Officer
|
||||
Eric C. VanAndel
*
|
Treasurer and Principal
|
January 31, 2014
|
|||
Eric C. VanAndel
|
Financial and Accounting
Officer
|
*By:
|
/s/ Elaine E. Richards |
January 31, 2014
|
||||
Elaine E. Richards, Attorney-In Fact
pursuant to Power of Attorney
|
Exhibit
Number
|
Description
|
||
EX.99.j
|
Consent of Independent Registered Public Accounting Firm
|
||
EX.99.p.i
|
Code of Ethics for FundX Investment Group, 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
|
1 Year WMIH Corp. Chart |
1 Month WMIH Corp. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions