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Repositioning Your Portfolio One Step at a Time. Can Active Strategies Be Tax Efficient? Q&A: Smaller Accounts FUNDX UPGRADER.

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Insights and Updates on the FundX Upgrader Funds

FUNDX UPGRADER

F

U

N

D

S

Repositioning Your

Portfolio

One Step at a Time

Can Active Strategies

Be Tax Efficient?

Q&A:

Smaller Accounts

(2)

2

Many investors know the Upgrading strategy from NoLoad FundX newsletter.

The Upgrading strategy follows market leadership by seeking to keep assets

in the best-performing noload mutual funds and ETFs at all times.

The FundX Upgrader Funds are mutual funds that are managed using this

Upgrading strategy.

The Funds are intended for investors who prefer to have the Upgrading

strategy implemented for them by professionals rather than following the

Upgrading strategy on their own.

Go anywhere funds that invest exclusively

in exchange traded funds (ETFs).

ETF Funds

FUNDX UNBOX HOTFX REMIX RELAX TACTX

FundX ETF

Upgrader Fund

FUNDX UNBOX HOTFX REMIX RELAX TACTX

FundX ETF Aggressive

Upgrader Fund

Funds that use options and other tools to

buffer the ebbs and flows of market volatility.

Hedged Funds

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX TOTLX

FundX Tactical

Upgrader Fund

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX

TOTLX

FundX Tactical

Total Return Fund

Flagship Upgrader Funds

Simple, Diversified, Actively Managed

One-fund solutions for growth or stability. Investors in the FundX Upgrader Funds access a

full portfolio of mutual funds and ETFs in one fund purchase.

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX TOTLX

FundX

Upgrader Fund

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX TOTLX

FundX Aggressive

Upgrader Fund

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX TOTLX

FundX Conservative

Upgrader Fund

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX

TOTLX

FundX Flexible

Income Fund

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3 UPGRADER Spring 2011 Upgraderfunds.com

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus con-tains this and other important information about the investment company, and it may be obtained by calling 866-455-3863, or visiting Upgraderfunds.com. Read it carefully before investing.

Mutual fund investing involves risk. Principal loss is possible. Because most of the Funds are “fund of funds”, an investor will indirectly bear the principal risks of the underlying funds, including but not limited to, risks associated with smaller companies, foreign securities, emerging markets, non-diversification, high yield bonds, fixed income investments and short sales. Each of the Funds will bear its share of the fees and expenses of the underlying funds. Shareholders will pay higher expenses than would be the case if making direct investments in the underlying funds.

Small-and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies.

Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods.

Investments in debt securities typically decrease in value when interest rates rise.This risk is usually greater for longer-term debt securities.

Additional Risks Associated with the FundX Tactical Upgrader Fund:

Non-Diversification Risk –The Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified. If an Underlying Fund

focuses its investments in a limited number of issuers, its NAV per share, market price and total returns may fluctuate more or fall greater in times of weaker markets than a more diversified mutual fund.

Short Sales Risk –The Underlying Funds may engage in short sales, which could result in such a fund’s investment performance suffering if it is required to close out a

short position earlier than it had intended.

Additional Risks Associated with the FundX ETF Upgrader Funds:

ETF Trading Risk – Because the funds invest in ETFs, they are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market

price of an ETF’s shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. While the funds are no-load, management and other expenses still apply. Please refer to the prospectus for further details.

The FundX Upgrader Funds are distributed by Quasar Distributors, LLC.

What’s Inside

Steps to Reposition

Your Portfolio

Page 6-7

Can Active Strategies

Be Tax Efficient?

Page 8-9

Q&A: Smaller

Accounts

Page 12

The

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Dear Fellow Shareholders,

In the first quarter, markets bravely shrugged off one daunting crisis after another, recovered from the first correction of 2011, and marched forward. Stocks at home did better than abroad, and both did better than bonds. Who could have guessed?

Recent world events confirmed for me, once again, that it’s impossible to know what the future holds. Two months ago no one knew that Japan would suffer as it has, or that revolutions in North Africa and unrest in the Middle East would be contagious.

Further, even if you could foresee world events, predicting how the markets react is guesswork. The ubiquitous advice on the direction of markets and interest rates from a variety of pundits is rarely helpful. How do you differentiate the short-term fluctuations, often caused by impulsive investor reactions, from the long-term market trends that are driven by corporate earnings, interest rates and inflation?

Consider how difficult it is to select a portfolio of funds for long-term investment, based on what is knowable at the present time. Historical performance records are knowable, as are expense ratios and a variety of other facts, but neither expense ratios nor long-term performance have proven successful in predicting future fund returns.

We feel that recent performance returns and a plan for what to buy and sell can help. Then, it’s a matter of sticking to your discipline. Since no one can know in advance what the markets will do, we believe the best approach is to methodically align with what’s working in the current environment, be alert to changing conditions and change your portfolio in response. We believe the Upgrading strategy is a valuable tool – it’s a disciplined investment approach that leads us to continually re-position with the funds and ETFs that have brought in the best returns in the current market environment.

In this issue, you’ll see how an active strategy like Upgrading can be tax efficient. We agree with the old saying, “the best way to good after-tax returns is to start with good pre-tax returns,” but there’s more to it than that. In our opinion, being active is an advantage because we realize gains and losses as we go, and realized losses can be used to offset future taxable gains. More on page 8. The Upgrader Funds are straight-forward solutions for smaller accounts. On pages 6-7, learn how to transition to a portfolio mix that may be right for you. Once your portfolio is properly allocated, let us do the Upgrading for you.

Remember, we’re very happy to hear from you with any questions. Warm regards,

Janet M. Brown

Shareholder Letter

No One Can

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5 UPGRADER Spring 2011 Upgraderfunds.com

Despite a worldwide stream of bad news - including natural disaster and political strife - U.S. stock markets ended higher in the first quarter. After a 7% rise in the first six weeks of the year, the S&P 500 experienced a 6.3% pullback over the course of a month, spooked first by the prospect of higher oil prices triggered by unrest in North Africa, followed by the tragic news of Japan’s earthquake and tsunami.

But even as more troubling financial news trickled in, the markets reversed course in the final two weeks and gained back more than they had lost. The S&P 500 Index ended up 5.9% for the quarter and 15.1% for the previous 12 months. The MSCI EAFE International Index ended the quarter up a less-robust 3.4%, and 10.4% for the trailing 12 months.

Equities: Core and Speculative

Funds and ETFs

By the end of 2010 our core equity holdings had already shed most non-U.S. exposure. We sold the last of the international and global funds in the first quarter.

Holdings among the core group of funds in the portfolio also moved away from some growth funds and into more value-oriented offerings, including Fidelity Value (FDVLX) and iShares Mid-Cap S&P 400 Value (IJJ) as well as growth and value blends such as Cambiar Opportunity (CAMWX).

Among our speculative fund holdings, foreign funds were also sold, including all

remaining emerging markets funds. The portfolios moved into several sector funds and ETFs focused on natural resources, basic materials and energy.

Fixed Income

Despite a rocky bond market, INCMX proved quite resilient, showing less volatility than the Barclays Aggregate Bond index.

We made a number of changes to the portfolio over the quarter.

Emerging market bond funds were eliminated – they had been 5% of the portfolio at the start of the year – and the weightings to short term and strategic bond funds were lowered.

Exposure to high yields increased from 19% to 23%. Yields on high yield corporate bond funds are currently in the 6+% range, which is not high by historical standards. But that yield has provided a cushion not available from government bonds. Although high yields went through a rough patch when the equity market suffered in early March, overall they added considerable value to the portfolio this past quarter.

We consider the use of hybrid or total return funds, such as Permanent Portfolio (PRPFX) and Merger (MERFX), to be sound alternatives to ordinary bond funds at times. Their weight increased from 14% to 24% during the quarter.

First Quarter Review

In both

equity

and fixed

income

portfolios,

we sold

emerging

market

funds.

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The MSCI EAFE Index (Morgan Stanley Capital International, Europe, AustralAsia and Far East) is an unmanaged index of over 1000 foreign common stock prices including the reinvestment of dividends. It is widely recognized as a benchmark for measuring the performance of international value funds.

You cannot invest directly in an index. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. The Barclays Aggregate Bond Index is an unmanaged index generally representative of intermediate-term government bonds, investment grade corporate debt securities and mortgage-backed securities.

References to other funds should not be interpreted as an offer of these securities.

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Transitioning your portfolio can be daunting - whether you’re looking to add to your growth potential by taking on more risk, or seeking to buffer yourself by adding to bonds. The dramatic market shifts we’ve seen these past few years have made investors wary of making changes to their portfolios for fear the market might be on the brink of a major run-up or an abrupt sell-off.

Whether you are looking to increase risk or lower it, we suggest setting a plan and shifting your portfolio allocations gradually. Here’s how:

Map Out Your Course

The first step is to determine how you ultimately want to be invested. Consider what mix of equities and fixed income may be appropriate for your long-term goals and your own tolerance for risk.

Once you’ve determined how you want to allocate your portfolio, consider what funds you’ll use for this allocation.

The FundX Upgrader Funds provide vehicles to accommodate a variety of risk levels and investment goals in one fund purchase. Each FundX Upgrader Fund holds an actively managed portfolio of other mutual funds and ETFs. When used in combination with one another, we believe they can match most investors’ needs. For example, if you are in cash today and you ultimately want to be 40% in stocks and 60% in bonds, consider using the FundX Upgrader Fund (FUNDX) for your allocation to stocks and the FundX Flexible Income Fund (INCMX) for bonds. You might invest 10% in FUNDX and 15% in INCMX today, and repeat this every two weeks. After six weeks you would be 100% invested at your target allocation.

If your target is 60% equities and 40% fixed income, you might opt to simply buy the FundX Conservative Upgrader Fund (RELAX). That fund invests in stock funds and bond funds at that 60/40 mix. You could set up a similar investment schedule, but you’d only need to purchase shares in one fund.

Invest Gradually

Whether you are 100% in cash and hoping to eventually be entirely invested in stocks, or you are currently invested in bonds but know that you ultimately need exposure to stocks for growth, invest gradually.

By investing little by little, you’ll avoid trying to guess the ‘right’ time to invest, and you’ll be prompted to take action regardless of near term market activity.

Why Not Invest All At Once?

Most investors are simply too paralyzed by uncertainty to plunge their entire portfolio into the market in one day. Spreading out the investments over weeks or months essentially spreads the risk of buying at an inopportune time.

By investing

little by

little, you’ll

avoid trying

to guess the

‘right’ time

to invest.

Repositioning Your Portfolio

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3. Invest in steps. Schedule several purchases over

coming weeks or months.

2. Consider which funds you’ll use to reach your target exposure.

1. Determine your target allocation to stocks, bonds and cash.

7 UPGRADER Spring 2011 Upgraderfunds.com

If you invest part of your money and the market rallies, you can feel good knowing at least some of your assets are participating. If you invest a portion and the market goes down, you can feel relieved that not all your money was committed, and you can now buy at lower prices. Either way, you have shifted from inaction to action.

One Step at a Time

If you’ve been out of the market for some time, you may find that even relatively minor market shifts can feel scary. We spoke with an investor who moved some of his cash into bonds in the fall. But when bonds sold off in November 2010, he panicked, sold his positions, realized losses and ended up back on the sidelines, feeling even more nervous about getting invested again. This is why it’s important to consider how to get invested in a way that helps you feel protected no matter what direction the market takes.

Periodic investment plans do not assure a profit and do not protect against loss in declining markets.

3 Steps

to Adjusting

Your Portfolio

Investment 1 ($25K):

Buy $10,000 FUNDX

Buy $15,000 INCMX

10% FUNDX 15% INCMX 75% Cash 20% FUNDX 30% INCMX 50% Cash 40% FUNDX 60% INCMX 30% FUNDX 45% INCMX 25% Cash

Final Investment:

Buy $10,000 FUNDX

Buy $15,000 INCMX

Investment 2:

Buy $10,000 FUNDX

Buy $15,000 INCMX

10% FUNDX 15% INCMX 75% Cash 20% FUNDX 30% INCMX 50% Cash 40% FUNDX 60% INCMX 30% FUNDX 45% INCMX 25% Cash 10% FUNDX 15% INCMX 75% Cash 20% FUNDX 30% INCMX 50% Cash 40% FUNDX 60% INCMX 30% FUNDX 45% INCMX 25% Cash 10% FUNDX 15% INCMX 75% Cash 20% FUNDX 30% INCMX 50% Cash 40% FUNDX 60% INCMX 30% FUNDX 45% INCMX 25% Cash

Investment 3:

Buy $10,000 FUNDX

Buy $15,000 INCMX

Example:

Investing Over Time

An investor has a target of 40% fixed income

and 60% equities.

The investor chooses to use FundX Upgrader

Fund (FUNDX) and FundX Flexible Income Fund.

Rather than invest all $100,000 at once, the

investor elects to invest in four stages, as

shown below:

1.

2.

3.

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Mutual fund investors with taxable accounts are often advised to look for low turnover funds and passively-managed strategies because it’s assumed that funds that don’t trade very much will realize fewer capital gains, leading to lower taxes and hence a higher return. This is sometimes true. But that approach puts the tax cart in front of the investment horse. We believe that the best predictor of after-tax return is pre-tax return. Managing a portfolio to achieve strong long-term returns makes more sense than making taxes your chief priority.

Turnover and Taxes

Keep in mind that low turnover doesn’t always result in low taxes. For one example, in 2008 many shareholders redeemed their mutual fund shares in the face of a fast-declining market. Many low turnover funds were forced to sell shares of their long term holdings in order to accommodate liquidations, thus realizing larger taxable gains. Actively managed funds may have higher portfolio turnover but these funds can often meet shareholder redemptions by realizing smaller gains or even losses (which can then be used to offset future gains).

Actively Managed Funds Can be Tax Efficient

Moreover, an active investment approach does not necessarily lead to an excessive tax burden. The FundX Upgrader Funds are actively managed funds that attempt to take advantage of changing market leadership. Nevertheless, FUNDX has historically been quite tax efficient, distributing primarily long term capital gains (which are taxed at a lower rate than short term capital gains). This is because we commonly hold high-ranking funds and ETFs longer than 12 months, whereas the funds we sell in less than that time tend to have had lower returns or even losses.

Before and After Tax Returns

In the table on page 9 we show the pre-tax and post-tax returns of the FundX Upgrader Fund (FUNDX) for the one and five year periods and since inception November 1, 2001 through March 31, 2011. For one year, the difference between pre-and after-tax returns is only slight when we assume the shares aren’t sold (taxes on distributions only). When the shares are sold within one year, the gains are treated as short term and are taxed at a higher rate. When we look back at five years and since inception, the difference is less than one percentage point.

An important factor to keep in mind is the tax-loss carry-forward that is built into the current FUNDX share price. Because our active strategy prompted us to sell funds as they fell in our ranking system, we realized capital losses. Some of those realized losses have yet to be used to offset capital gains. As a result, Morningstar.com notes that “potential capital gains exposure” for the fund is a negative 25.82%.

Low turnover

doesn’t always

mean lower

taxes.

FundX Upgrader Fund ( FUNDX )

Average Annual Total Returns

Periods ending 3/31/2011

Can Active Strategies

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9 UPGRADER Spring 2011 Upgraderfunds.com

Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or IRA. Remember, the Fund’s past performance, before and after taxes, is not necessarily how the Fund will perform in the future.

0%

3%

6%

9%

12%

15%

Since Inception 11/1/01

5 Yr

1 Yr

13.76% 13.75% 1.00% 1.31%

Return Before Taxes

Return After Taxes on Distributions

8.96%

1.74%

6.83%

Return After Taxes on Distributions

and Sale of Fund Shares

5.83%

6.21%

Gross expense ratio: 1.97% Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance current to the most recent month end may be obtained by calling 866-455-3863 or visiting www.upgraderfunds.com. Performance data shown does not reflect the 2.00% redemption fee imposed on shares redeemed within 30 days. If it did, total returns would be reduced.

FundX Upgrader Fund ( FUNDX )

Average Annual Total Returns

Periods ending 3/31/2011

In other words, we can realize gains totaling over 25% of the current value of the portfolio (as of March 31) before we will have the need to distribute capital gains from our own trading activity.

Now, that’s tax efficiency.

Remember, you can turn to the prospectus to find the before and after tax returns for all of the FundX Upgrader Funds.

Where to Find

After Tax Performance

Prospectus – A fund’s prospectus shows before and after tax returns, looking at both the returns after taxes on distributions and returns after selling the fund shares.

Morningstar – Morningstar also provides before and after tax returns. Look up a fund and then click on Tax.

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Q: I have been managing my own portfolio of mutual funds and ETFs using the NoLoad FundX newsletter. My dilemma now is building a portfolio for a small IRA. Building a portfolio of 10 or more funds means taking very small positions, and doesn’t seem practical.

A: Managing smaller accounts can be challenging. Since most mutual funds have minimum investments of $2,500-$5,000, a smaller portfolio may only be able to hold a handful of mutual funds and lack the diversification of a larger portfolio. Trading fees may be low at a discount broker, but as a percent of each transaction, those fees can add up. Including a fixed income component to your portfolio means adding even more funds to the mix.

This is where using one or more of the FundX Upgrader Funds can be a very viable remedy. With as little as a $1,000 purchase, you can access a complete portfolio of underlying mutual funds. To understand this, think of the FundX Upgrader Fund (FUNDX), which held over 30 funds and ETFs at the end of March.

Imagine if you were able to invest that $1,000 in the 30 underlying funds and ETFs that FUNDX owned. It would mean buying just $100 worth of Rydex S&P Equal Weight ETF (RSP) – the largest position in the portfolio – and buying a $10 in iShares S&P North American Natural Resources (IGE).

Given the minimum investment requirements of most funds, it would be impossible to construct a portfolio with such small positions in so many funds, but that’s just the kind of diversification provided by a single $1,000 position in an Upgrader Fund. Because FUNDX primarily invests in core, diversified growth funds, we believe it can serve as the foundation of a growth portfolio. For investors looking to add fixed income to their portfolios, the FundX Flexible Income Fund (INCMX) provides investors with a mix of bond funds and ETFs in a single purchase – and INCMX can also be used as a stabilizing component of a balanced portfolio.

Access to Market Trends

The portfolios of the FundX Upgrader Funds are actively managed and the funds’ portfolios change in response to changing market conditions. The Funds seek to take advantage of market trends and are able to easily move among different areas of opportunity as they arise, such as large cap and small cap, value and growth, and international and domestic.

Q&A:

Smaller

Accounts

Access to

over 30

funds and

ETFs with

as little as

$1,000

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2010

57%

North America

Latin America

Europe

Asia

2011

97%

2010

8%

2011

0%

2010

20%

2011

1%

2010

15%

2011

2%

Allocation of HOTFX as of March 2010 vs March 2011. Data from Morningstar

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

The FundX Upgrader Funds’ allocations change over time. The Funds’ portfolios may rotate between growth and value styles, small and large capitalizations and international and domestic markets.

The map, above, compares the geographic exposure of the FundX Aggressive Upgrader Fund (HOTFX) at two different dates, at the end of March 2010 and March 2011. Our ranking system, based on current performance, determines which mutual funds and ETFs to sell and which to buy each month. In other words, we invest based on what is actually happening - strength is

revealed in current performance - not what we think may happen. We believe returns provide the best directives on what to own. In 2010 a large portion of the portfolio – over 40% – was in foreign stock funds. About 24% of the total was invested in emerging markets, including 8% in Latin America and 10% in developing Asian economies. By March 31, 2011 most of the portfolio had “returned home.” Better relative performance in the US led us to re-direct the portfolio into domestic funds and ETFs, and a scant 3% of the portfolio is currently in non-U.S. holdings.

Just because the FundX Upgrader Funds’ portfolios are positioned domestically as of March 31, 2011 doesn’t mean we have a negative outlook on foreign markets. The Funds’ portfolio allocations are merely a reflection of where our performance-based ranks are leading us. We fully expect to invest in foreign funds again, once they rise back up our ranks.

A salient feature of our strategy is adaptability. Our strategy leads the portfolios of the FundX Upgrader Funds to whatever corners of the globe opportunity presents itself.

Questions? You can contact DAL directly at (800) 763-8639 11 Upgraderfunds.com

The FundX Upgrader Funds are global, go-anywhere funds.

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Our Flagship Funds:

Making Investing Simple

Save Time

When you invest in the FundX Upgrader Funds, DAL’s money managers monitor the funds and the market and make any necessary portfolio changes.

Track Market Leadership Trends

DAL’s Upgrading strategy aims to track major market trends. We change the portfolios of the FundX Up-grader Funds in response to changing market leadership. The Funds can move easily among different areas of the market as new opportunities arise, including large cap and small cap, value and growth, international and domestic.

Tap into Experienced Management

DAL has been managing portfolios of noload funds since 1969. Our shareholders come to us for our ability to systematically execute the NoLoad FundX Upgrading methodology in a disciplined manner.

One Fund Solutions – Or Use In Combination

The flagship FundX Upgrader Funds are based on DAL’s most popular models for growth and stability. For some investors, these funds can be one fund solutions. Other investors may use these funds in combination to create a portfolio that’s right for them.

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX TOTLX

FundX

Upgrader Fund

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX TOTLX

FundX Aggressive

Upgrader Fund

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX TOTLX

FundX Conservative

Upgrader Fund

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX

TOTLX

FundX Flexible

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13 Upgraderfunds.com

Uses Options and Other Tools to Hedge

The Tactical Upgrader funds use Upgrading for fund and ETF selection, but are not always fully invested. Instead, we monitor a variety of factors including market action, sentiment, valuations and monetary conditions and may raise cash, hedge using options and/or inverse ETFs, write covered calls seeking to generate income and provide modest protection, and buy options in periods of portfolio transition.

Participates in the Stock Market with

Managed Risk

These funds attempt to provide a less volatile alternative to our fully invested strategies and may be used either to diversify a portfolio of our other funds – or as a stand-alone vehicle for investors who don’t feel comfortable being fully invested but also want to invest for long-term growth.

Invests Exclusively in ETFs

All of the FundX Upgrader funds include ETFs, but REMIX and UNBOX invest exclusively in exchange traded funds (ETFs). ETFs are popular because they don’t have trading restrictions, generally have lower expenses than traditional mutual funds, and can be traded intra-day.

Exposure to Market Sectors & Strategies

ETFs offer a relatively low cost way to get exposures to most markets and sectors. But investors still need to decide which ETFS to own and when to buy and sell them. We add value by making these decisions for you and implementing them in a disciplined way based on our Upgrading strategy.

No Trading Restrictions for ETFs

Because there are no trading restrictions for ETFs, the ETF Aggressive Upgrader fund may have unlimited exposure to speculative and aggressive ETFs – and is therefore our most aggressive and often the least diversified Upgrader fund. REMIX is designed to be a moderate growth portfolio of ETFs.

Upgrading Hedge Cash Options Covered Calls

Questions? You can contact DAL directly at (800) 763-8639

ETF Funds

Hedged Funds

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX TOTLX

FundX ETF

Upgrader Fund

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX TOTLX

FundX ETF Aggressive

Upgrader Fund

FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX TOTLX FUNDX UNBOX HOTFX REMIX RELAX TACTX INCMX TOTLX

FundX Tactical

Upgrader Fund

FundX Tactical

Total Return Fund

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Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance current to the most recent month end may be obtained by calling 866-455-3863 or visiting www.upgraderfunds.com. Performance data shown does not reflect the 2.00% redemption fee imposed on shares . If it did, total returns would be reduced. (The redemption fee for the FundX ETF Upgrader Funds (REMIX and UNBOX) was removed as of August 10, 2010.)

Net Expense Ratio is the sum of the Fund’s management fee and other operating expenses, such as administrative and accounting costs, minus any possible fee waivers. The net expense ratio does not include acquired fund fees. Net Expense Ratio for the ETF Upgrader, ETF Aggressive Upgrader, and Tactical Total Return Fund reflect contractual fee waivers in effect through February 28, 2012.

Gross Expense Ratio is the sum of a Fund’s management fee, other expenses, and the expenses of the underlying funds in the FundX Upgrader Fund portfolios. The gross expense ratio does not take into account fee waivers.

For a detailed breakdown on expenses, please visit: http://upgraderfunds.com/expenses.cfm.

Average Annual

Total Returns Since Inception

Inception Date Expense Gross Ratio

Net Expense Ratio

to 3/31/2011

1 mo 3 mo 6 mo 1 Yr 5 Yr Avg Ann Return Cumulative Return

Flagship Funds

Fundx Upgrader Fund FUNDX 1.48 7.08 17.47 13.76 1.74 6.83 86.18 11/1/01 1.93

1.22

S&P 500 Index 0.01 5.76 16.97 15.31 2.55 4.12 46.19 From 11/1/01 Fundx Aggressive Upgrader HOTFX 2.10 8.20 18.86 15.29 2.05 8.47 103.61 7/1/02 2.02

1.30

Fundx Conservative Upgrader RELAX 0.62 4.62 10.62 10.90 3.80 7.14 82.88 7/1/02 2.02

1.35

S&P 500 Index 0.01 5.76 16.97 15.31 2.55 5.68 62.09 From 7/1/02

Fundx Flexible Income INCMX 0.19 2.07 2.81 7.60 5.87 6.44 72.58 7/1/02 1.49

0.94

Barclay US Agg Bond Index 0.06 0.42 -0.88 5.12 6.03 5.31 57.33 From 7/1/02

ETF Funds

FundX ETF Aggressive Upgrader UNBOX 2.79 8.64 20.82 14.20

N/A

1.43 6.10 1/31/07 1.95

1.50

FundX ETF Upgrader REMIX 1.80 7.63 16.56 13.74 -2.03 -8.17 1/31/07 2.76

1.50

S&P 500 Index 0.01 5.76 16.97 15.31 0.12 0.49 From 1/31/07

Hedged Funds

FundX Tactical Upgrader TACTX 1.47 3.49 7.97 10.98

N/A

-8.48 -23.92 2/29/08 1.82

1.42

S&P 500 Index 0.01 5.76 16.97 15.31 2.05 6.46 From 2/29/08

FundX Tactical Total Return TOTLX 0.83 2.73 4.96 8.08 6.93 13.11 5/29/09 2.94

1.50

50% S&P 500 / 50% Barc Agg 0.03 3.09 7.89 10.74 15.45 30.23 From 5/29/09

Current Net Returns

Net of Fees and Expenses

(15)

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance current to the most recent month end may be obtained by calling 866-455-3863 or visiting www.upgraderfunds.com. Performance data shown does not reflect the 2.00% redemption fee imposed on shares redeemed within 30 days . If it did, total returns would be reduced.

2002 2003 2004 2005 2006 2007 2008 2009 2010

Flagship Funds

Fundx Upgrader FundFUNDX -15.07 33.13 13.21 14.14 20.80 15.06 -42.37 23.29 12.20 Fundx Aggressive UpgraderHOTFX 41.81 10.69 17.62 20.33 19.14 -43.33 23.27 11.74 Fundx Conservative UpgraderRELAX 29.07 12.85 7.83 17.72 7.37 -26.61 19.81 10.91 Fundx Flexible IncomeINCMX 15.78 4.93 1.99 8.55 4.99 -0.23 9.06 7.54

ETF Funds

FundX ETF Aggressive UpgraderUNBOX -39.54 20.08 8.40

FundX ETF UpgraderREMIX -41.59 17.10 11.97

Hedged Funds

FundX Tactical Upgrader TACTX 2.86 7.83

FundX Tactical Total ReturnTOTLX 6.08

Indexes

Barclay US Agg Bond Index 6.91 4.34 2.43 4.33 6.97 5.24 5.93 6.54 S&P 500 Index -22.10 28.66 10.88 4.90 15.72 5.43 -37.03 26.41 14.76

Yearly Total Returns

Net of Fees and Expenses

Call our San Francisco office to speak directly to a portfolio manager. We’re available Monday through Friday, from 8:30am – 4:30 pm pacific time. Whether your investing $1,000 or $100,000, we’re here to help.

Questions? Comments?

Call DAL Investment Company at (800) 763-8639

Want to get The Upgrader in email format?

Just visit our website below to request a copy via email and stop receiving paper copies.

www.upgraderfunds.com/upgrader

Go Paperless

15 Upgraderfunds.com Questions? You can contact DAL directly at (800) 763-8639

(16)

FundX Upgrader Fund ( FUNDX )

Our Flagship Growth Fund

SECTOR & FOREIGN EXPOSURE

Domestic 94.98% Foreign 5.02% Financial Services 16.31% Industrial Materials 15.38% Energy 11.08% Consumer Goods 10.01% Consumer Services 9.66% Healthcare 8.75% Hardware 7.78% Business Services 6.66% Software 4.44% Telecommunications 3.40% Utilities 3.40% Media 3.13%

QUICK INFO

Inception Date: Nov 1, 2001 Ticker: FUNDX

Assets: $364.0 Million

Redemption Fee: 2% under 30 days Minimum Investment: $1,000

ALLOCATION & PERFORMANCE

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 866-455-3863. Performance data shown does not reflect the 2.00% redemption fee imposed on shares redeemed within 30 days. If it did, total returns would be reduced.

The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. You cannot

PERFORMANCE % TO 3/31/11

Average Annual Total Returns Cumulative

Return Since Inception Inception Date Gross Expense Ratio *Net Expense Ratio

1 Year 5 Years Since Inception

FUNDX 13.76 1.74 6.83 86.18 11/1/01 1.93 1.22

S&P 500 Index 15.31 2.55 4.12 46.19

BlackRock Glb Rsrcs I SGLSX 1.10 Energy Select Sector SP XLE 1.28 Fidelity Adv Industrial FCLIX 1.02

iShrs Russell 2000 Gr I IWO 2.49 iShrs S&P MidC 400 Gr IJK 1.81

iShrs S&P N. Am Nat Res IGE 1.01 iShrs Trust DJ Basic Ma IYM 1.14

Rydex S&P Midcap 400 Pu RFG 5.23

Semiconductor HOLDRs SMH 0.96

TRPrice New Horizon PRNHX 2.22 Turner MidCap Growth In TMGEX 2.19

US Glb Inv Global Res PSPFX 1.06 US Glb Inv Wrd Precious UNWPX 0.98

Vanguard Sm Cap Gr ETF VBK 2.44 WellsF Adv Discovery In WFDSX 2.40 WellsF Adv Growth SGRNX 2.57

Speculative Funds 29.90%

Alliance Bernstein SmMi ABYSX 3.25 Ariel Fund ARGFX 8.60 Calamos Growth Inst CGRIX 1.09

Cambiar Opportunity Ins CAMWX 4.53 Fairholme Fund FAIRX 2.40 Fidelity Adv Div Growth FDGIX 4.38

Fidelity Blue Chip Gr FBGRX 4.35

Fidelity Value Fund FDVLX 1.31

iShrs Russell MidCp Val IWS 8.91 iShrs S&P MidC 400 Idx IJH 5.12 iShrs S&P MidC 400 Val IJJ 5.09 Matthews Asian Gro & In MACSX 0.00 PIMCO StocksPLUS Total PSPTX 1.11 Rydex S&P Equal Weighte RSP 9.94 S&P MidCap 400 SPDR MDY 9.37 WellsF Adv Opportunity WOFNX 0.27

Core Funds 69.72% Cash CASH 0.38%

Fund holdings and class allocations are subject to change and should not be considered a recommendation to buy or sell any of the underlying funds.

Funds in bold type were added to the portfolio in the last quarter.

FUNDX offers a popular growth portfolio made up of core, diversified funds and ETFs with limited exposure to more speculative funds and ETFs. FUNDX is designed to serve as the foundation of a well-diversified portfolio.

Who Should Consider Investing in this Fund? Investors who want

to participate in stock market growth with limited exposure to more aggressive funds.

Complete Portfolio

as of 3/31/2011 0.38% Cash 69.72% Core 29.90% Speculative Risk -50% 0% 50% 100% 150% 3/31/11 '09 '10 '08 '07 '06 '05 '04 '03 '02 11/1/01 FUNDX 86.18% S&P 500 46.19%

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Upgraderfunds.com

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 866-455-3863. Performance data shown does not reflect the 2.00% redemption fee imposed on shares redeemed within 30 days. If it did, total returns would be reduced.

The Barclays Aggregate Bond Index is an unmanaged index generally representative of intermediate-term government bonds, investment grade corporate debt securities and mortgage-backed securities. You cannot invest directly in an index. *The advisor has contractually agreed to reduce its fees and/or pay each Fund’s expenses through February 28, 2011. The figures shown represent the net expense ratios without Acquired Fund Fees and Expenses and are after the effects of fee waivers, recoupments and rebated fees. Please see page 2 for the risks associated with investing in these funds.

ALLOCATION & PERFORMANCE

FundX Flexible Income Fund

(

INCMX

)

Our Flagship Fixed Income Fund

Fund holdings and class allocations are subject to change and should not be considered a recommendation to buy or sell any of the underlying funds.

Funds in bold type were added to the portfolio in the last quarter.

Calamos Market Neutral CMNIX 4.98 Gateway Fund Y GTEYX 4.84

Manning & Napier Pro Bl MNCIX 4.12 Merger Fund MERFX 5.17

Permanent Portfolio PRPFX 5.47

Total Return 24.58%

Weitz Shrt-Intm Term Fi WEFIX 2.82

Short 2.82%

Baird Aggregate Bond - BAGIX 3.91 Metropolitan West Total MWTIX 5.78 Western Asset Core Bd F WAPIX 5.82

Intermediate 15.51%

BlackRock Strat Inc Opp BSIIX 5.06 JHancock Strategic Inc JSTIX 5.29 Loomis Sayles Bond Fund LSBDX 7.29

Lord Abbett Bond LBNYX 3.57

Pioneer Strategic Inc Y STRYX 5.20

Strategic 26.41%

Fidelity Capital Income FAGIX 7.30 MainStay High Yield Cor MHYIX 10.59 SPDR Barclays Cap Hi Yl JNK 5.10

High Yield 22.99%

Alliance Bernstein Glb ANAYX 4.95

Templeton Global Bond TGBAX 2.33

World 7.28%

Cash CASH 0.41%

PERFORMANCE % TO 3/31/11

Average Annual Total Returns Cumulative

Return Since Inception Inception Date Gross Expense Ratio *Net Expense Ratio

1 Year 5 Years InceptionSince

INCMX 7.60 5.87 6.44 72.58 7/1/02 1.49 0.94

Barc Agg Bond Idx 5.12 6.03 5.31 57.33

QUICK INFO

Inception Date: July 1, 2002 Ticker: INCMX

Assets: $172.6 Million

Redemption Fee: 2% under 30 days Minimum Investment: $1,000

INCMX invests primarily in bond funds of varying maturity and credit quality, targeting those areas excelling in the current market environment. The Fund aims to control downside risk by limiting exposure to more volatile areas of the bond market.

Who Should Consider Investing in this Fund? Investors looking for a

dynamic and flexible approach to fixed income.

Complete Portfolio

as of 3/31/2011 0.41% Cash 2.82% Short 24.58% Total Return 15.51% Intermediate 26.41% Strategic 22.99% High Yield 7.28% World 17 UPGRADER Spring 2011 Risk

Barc Agg Bond 57.33% INCMX 72.58% 0% 20% 40% 60% 80% 3/31/11 '09 '10 '08 '07 '06 '05 '04 '03 7/1/02

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FundX Conservative Upgrader Fund

( RELAX )

Our Flagship Balanced Fund

QUICK INFO

Inception Date: July 1, 2002 Ticker: RELAX

Assets: $74.1 Million

Redemption Fee: 2% under 30 days Minimum Investment: $1,000

SECTOR & FOREIGN EXPOSURE

Domestic 97.02% Foreign 2.98% Financial Services 20.05% Industrial Materials 14.36% Consumer Goods 10.56% Energy 9.42% Consumer Services 8.79% Healthcare 8.24% Hardware 7.05% Business Services 6.30% Utilities 4.35% Telecommunications 3.83% Media 3.69% Software 3.36%

Alliance Bernstein LrgC APGYX 3.03

Alliance Bernstein SmMi ABYSX 3.17

Ariel Fund ARGFX 6.40 Calamos Growth Inst CGRIX 2.31

Cambiar Opportunity Ins CAMWX 5.01 Fairholme Fund FAIRX 1.57

Fidelity Adv Div Growth FDGIX 4.96 Fidelity Blue Chip Gr FBGRX 3.13

Fidelity Value Fund FDVLX 1.81

iShrs Russell MidCp Val IWS 7.25 iShrs S&P MidC 400 Val IJJ 6.04 PIMCO StocksPLUS Total PSPTX 3.40 Rydex S&P Equal Weighte RSP 5.26 S&P MidCap 400 SPDR MDY 6.94

Core Funds 60.28%

Calamos Market Neutral CMNIX 2.01 Gateway Fund Y GTEYX 2.03

Manning & Napier Pro Bl MNCIX 2.02 Merger Fund MERFX 1.96

Permanent Portfolio PRPFX 2.05

Total Return Funds 10.07%

Alliance Bernstein Glb ANAYX 1.73 Baird Aggregate Bond - BAGIX 0.72 BlackRock Strat Inc Opp BSIIX 1.67 Fidelity Capital Income FAGIX 3.84 Loomis Sayles Bond Fund LSBDX 3.13

Lord Abbett Bond Debent LBNYX 1.06

MainStay High Yield Cor MHYIX 3.92 Metropolitan West Low D MWLIX 1.68 Metropolitan West Total MWTIX 1.97 Pioneer Strategic Inc Y STRYX 1.89 SPDR Barclays Cap Hi Yl JNK 1.60

TCW Total Rtn Bond Fund TGLMX 2.27 Templeton Global Bond TGBAX 0.82

Western Asset Core Bd F WAPIX 2.91

Bond Funds 29.21%

CASH 0.44%

Fund holdings and class allocations are subject to change and should not be considered a recommendation to buy or sell any of the underlying funds.

Funds in bold type were added to the portfolio in the last quarter.

Risk

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 866-455-3863. Performance data shown does not reflect the 2.00% redemption fee imposed on shares redeemed within 30 days. If it did, total returns would be reduced.

The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. You cannot invest directly in an index. *The figures shown represent the net expense ratios without Acquired Fund Fees

0.44% Cash 60.28% Core 29.21% Bond Funds 10.07% Total Return

Complete Portfolio

as of 3/31/2011

RELAX offers a classic asset allocation mix of 60% equities and 40% fixed income. The Fund has no exposure to more speculative equity funds and also has limited exposure to more volatile areas of the bond market.

Who Should Consider Investing

in this Fund? Investors looking for a

balance between the growth potential of an equity fund and the lower volatility of a fixed income fund.

ALLOCATION & PERFORMANCE

PERFORMANCE % TO 3/31/11

Average Annual Total Returns Cumulative

Return Since Inception Inception Date Gross Expense Ratio *Net Expense Ratio

1 Year 5 Years InceptionSince

RELAX 10.90 3.80 7.14 82.88 7/1/02 2.02 1.35 S&P 500 Index 15.31 2.55 5.68 62.09 RELAX 82.88% S&P 500 62.09% -25% 0% 25% 50% 75% 100% 3/31/11 '09 '10 '08 '07 '06 '05 '04 '03 7/1/02

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19 UPGRADER Spring 2011 Upgraderfunds.com

FundX Aggressive Upgrader Fund

( HOTFX )

Our Flagship Aggressive Growth Fund

SECTOR & FOREIGN EXPOSURE

Domestic 94.19% Foreign 5.81% Energy 15.60% Industrial Materials 15.35% Financial Services 11.81% Consumer Services 9.96% Healthcare 9.28% Consumer Goods 9.04% Hardware 8.70% Business Services 6.33% Software 5.42% Telecommunications 3.61% Media 2.66% Utilities 2.24% Inception Date: Jul 1, 2002

Ticker: HOTFX Assets: $102.6 Million

Redemption Fee: 2% under 30 days Minimum Investment: $1,000

QUICK INFO

Fund holdings and class allocations are subject to change and should not be considered a recommendation to buy or sell any of the underlying funds.

Funds in bold type were added to the portfolio in the last quarter.

AmCen Heritage ATHIX 4.77

BlackRock Glb Rsrcs I SGLSX 2.11 Energy Select Sector SP XLE 4.04

iShrs Russell 2000 Gr I IWO 5.10 iShrs S&P MidC 400 Gr IJK 4.42

iShrs S&P N. Am Nat Res IGE 2.59 iShrs Silver Trust SLV 2.64 iShrs Trust DJ Basic Ma IYM 2.12

Rydex S&P Midcap 400 Pu RFG 8.30

Semiconductor HOLDRs SMH 1.94

TRPrice New Horizon PRNHX 2.25 Turner MidCap Growth In TMGEX 2.21

US Glb Inv Global Res PSPFX 1.77 US Glb Inv Wrd Precious UNWPX 1.73 Vanguard Extended Marke VXF 2.08

Vanguard Sm Cap Gr ETF VBK 5.86 WellsF Adv Discovery In WFDSX 4.24 WellsF Adv Growth SGRNX 2.11

Speculative Funds 60.28%

Ariel Fund ARGFX 6.25

Cambiar Opportunity Ins CAMWX 3.11 Fairholme Fund FAIRX 1.36 Fidelity Adv Div Growth FDGIX 2.91

iShrs Russell MidCp Val IWS 6.41

iShrs S&P MidC 400 Val IJJ 3.79

Rydex S&P Equal Weighte RSP 8.29 S&P MidCap 400 SPDR MDY 7.30

Core Funds 39.42%

Cash CASH 0.30%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 866-455-3863. Performance data shown does not reflect the 2.00% redemption fee imposed on shares redeemed within 30 days. If it did, total returns would be reduced.

The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. You cannot invest directly in an index. *The figures shown represent the net expense ratios without Acquired Fund Fees and Expenses. Please see page 2 for the risks associated with investing in these funds.

0.30% Cash 60.28% Speculative 39.42% Core

Complete Portfolio

as of 3/31/2011 Risk

HOTFX invests primarily in speculative funds and ETFs in the hope of achieving higher potential returns over time. HOTFX also maintains a meaningful allocation to core, diversified funds and ETFs.

Who Should Consider Investing

in this Fund? Investors who want to

enhance their growth potential. HOTFX can be an aggressive component of a more diversified growth portfolio or a core holding for investors willing to withstand above-average volatility.

ALLOCATION & PERFORMANCE

PERFORMANCE % TO 3/31/11

Average Annual Total Returns Cumulative

Return Since Inception Inception Date Gross Expense Ratio *Net Expense Ratio

1 Year 5 Years Since Inception HOTFX 15.29 2.05 8.47 103.61 7/1/02 2.02 1.30 S&P 500 Index 15.31 2.55 5.68 62.09 HOTFX 103.61% S&P 500 62.09% -50% 0% 50% 100% 150% 200% 3/31/11 '09 '10 '08 '07 '06 '05 '04 '03 7/1/02

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Complete Portfolio

as of 3/31/2011

FundX ETF Aggressive Upgrader Fund

An Aggressive Growth Fund that Invests Exclusively in ETFs

(

UNBOX

)

ALLOCATION & PERFORMANCE

SECTOR & FOREIGN EXPOSURE

Domestic 93.78% Foreign 6.22% Energy 24.62% Hardware 12.80% Industrial Materials 10.91% Healthcare 9.09% Financial Services 8.90% Consumer Services 7.96% Consumer Goods 7.94% Software 6.22% Business Services 6.00% Telecommunications 3.46% Media 1.14% Utilities 0.96%

QUICK INFO

Inception Date: Jan 31, 2007 Ticker: UNBOX

Assets: $22.8 Million Redemption Fee: None Minimum Investment: $1,000

PERFORMANCE % TO 3/31/11

Average Annual Total Returns Cumulative

Return Since Inception Inception Date Gross Expense Ratio *Net Expense Ratio

1 Year Since Inception

UNBOX 14.20 1.43 6.10 1/31/07 1.95 1.50

S&P 500 Index 15.31 0.12 0.49

Energy Select Sector SP XLE 6.07 iShrs MSCI Canada Idx EWC 3.87

iShrs Russell 2000 Gr I IWO 11.66

iShrs Russell 2000 Idx IWM 2.78

iShrs Russell MidCp Gr IWP 4.73 iShrs S&P MidC 400 Gr IJK 7.38

iShrs S&P N. Am Nat Res IGE 7.34

iShrs S&P SmCp 600 Gr IJT 5.56 iShrs Silver Trust SLV 8.69 Rydex S&P Midcap 400 Pu RFG 7.52

Semiconductor HOLDRs SMH 5.63 Vanguard Energy ETF VDE 5.75 Vanguard Extended Marke VXF 5.20

Vanguard Sm Cap Gr ETF VBK 6.34 Vanguard SmC ETF VB 10.98

Speculative ETFs 99.50%

Cash CASH 0.50 %

Fund holdings and class allocations are subject to change and should not be considered a recommendation to buy or sell any of the underlying funds.

Funds in bold type were added to the portfolio in the last quarter.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 866-455-3863.

The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. You cannot invest directly in an index. *The figures shown represent the net expense ratios without Acquired Fund Fees and Expenses. Please see page 2 for the risks associated with investing in these funds.

The advisor has contractually agreed to reduce its fees and/or pay each Fund’s expenses through February

0.50% Cash

99.50%

Speculative

Risk

UNBOX offers an ETF-only portfolio that is unconstrained by risk or style. The Fund may be 100% invested in speculative ETFs or it may have exposure to more diversified equity ETFs or even fixed income ETFs.

Who Should Consider Investing in

this Fund? Investors who want to enhance

their growth potential. UNBOX can be an aggressive component of a more diver-sified growth portfolio or a core holding for investors willing to withstand above-average volatility. 3/31/11 '09 '10 '08 '07 1/31/07 S&P 500 0.49% UNBOX 6.10% -50% -25% 0% 25% 50%

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Complete Portfolio

as of 3/31/2011

21 UPGRADER Spring 2011 Upgraderfunds.com

FundX ETF Upgrader Fund

( REMIX)

A Moderate Growth Fund that Invests Exclusively in ETFs

SECTOR & FOREIGN EXPOSURE

Domestic 98.22% Foreign 1.78% Financial Services 16.77% Industrial Materials 14.15% Energy 14.00% Consumer Goods 9.85% Healthcare 8.88% Consumer Services 8.29% Hardware 8.03% Business Services 6.06% Utilities 4.57% Software 4.42% Telecommunications 3.28% Media 1.70%

QUICK INFO

Inception Date: Jan 31, 2007 Ticker: REMIX

Assets: $7.7 Million Redemption Fee: None Minimum Investment: $1,000

ALLOCATION & PERFORMANCE

Energy Select Sector SP XLE 1.88 iShrs MSCI Canada Idx EWC 0.88

iShrs Russell 2000 Gr I IWO 3.74

iShrs Russell 2000 Idx IWM 0.88

iShrs Russell MidCp Gr IWP 2.07 iShrs S&P MidC 400 Gr IJK 1.59

iShrs S&P N. Am Nat Res IGE 2.02

iShrs S&P SmCp 600 Gr IJT 1.86 iShrs Silver Trust SLV 2.09 Rydex S&P Midcap 400 Pu RFG 2.60

Semiconductor HOLDRs SMH 1.49 Vanguard Energy ETF VDE 1.98 Vanguard Extended Marke VXF 1.54

Vanguard Sm Cap Gr ETF VBK 1.80 Vanguard SmC ETF VB 3.10

Speculative ETFs 29.52%

iShrs Russell 1000 Gr I IWF 9.41 iShrs Russell MidCp Val IWS 11.27

iShrs S&P 500 Val Idx IVE 3.81

iShrs S&P MidC 400 Val IJJ 10.37

Rydex S&P Equal Weighte RSP 9.83

S&P MidCap 400 SPDR MDY 24.99

Core ETFs 69.68%

Cash 0.8O%

PERFORMANCE % TO 3/31/11

Average Annual Total Returns Cumulative Return Since Inception Inception Date Gross Expense Ratio *Net Expense Ratio 1 Year Since Inception REMIX 13.74 -2.03 -8.17 1/31/07 2.76 1.50 S&P 500 Index 15.31 0.12 0.49

FundX ETF Aggressive Upgrader Fund

(

UNBOX

)

An Aggressive Growth Fund that Invests Exclusively in ETFs

Fund holdings and class allocations are subject to change and should not be considered a recommendation to buy or sell any of the underlying funds.

Funds in bold type were added to the portfolio in the last quarter.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 866-455-3863.

The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. You cannot invest directly in an index. *The figures shown represent the net expense ratios without Acquired Fund Fees and Expenses. Please see page 2 for the risks associated with investing in these funds.

The advisor has contractually agreed to reduce its fees and/or pay each Fund’s expenses through February 28, 2012. 0.80% Cash 69.68% Core 29.52% Speculative Risk

REMIX has the same investment objective as the FundX Upgrader Fund (FUNDX) but uses exclusively ETFs. REMIX invests primarily in core, diversified ETFs with limited exposure to more speculative ETFs.

Who Should Consider Investing in

this Fund? Investors who want to

participate in stock market growth using only ETFs.

S&P 500 0.49% REMIX -8.17% 3/31/11 '09 '10 '08 '07 1/31/07 -50% -25% 0% 25% 50%

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Complete Portfolio

as of 3/31/2011

QUICK INFO

Inception Date: Feb 29, 2008 Ticker: TACTX

Assets: $96.8 Million

Redemption Fee: 2% under 30 days Minimum Investment: $2,500

QUICK INFO

Inception Date: Feb 29, 2008 Ticker: TACTX

Assets: $30.2 Million

Redemption Fee: 2% under 30 days Minimum Investment: $1,000

PERFORMANCE % TO 3/31/11

Average Annual Total Returns Cumulative

Return Since Inception Inception Date Gross Expense Ratio *Net Expense Ratio

1 Year InceptionSince

TACTX 10.98 -8.48 -23.92 2/29/08 1.82 1.42

S&P 500 Index 15.31 2.05 6.46

FundX Tactical Upgrader Fund

(

TACTX

)

A Hedged Equity Fund

Fund holdings and class allocations are subject to change and should not be considered a recommendation to buy or sell any of the underlying funds.

Funds in bold type were added to the portfolio in the last quarter.

SECTOR & FOREIGN EXPOSURE

Domestic 99.77% Foreign 0.23% Energy 19.38% Financial Services 15.93% Industrial Materials 13.73% Consumer Goods 9.92% Consumer Services 8.54% Healthcare 7.91% Business Services 7.16% Hardware 4.93% Media 3.65% Utilities 3.65% Software 3.16% Telecommunications 2.04%

Energy Select Sector SP XLE 2.64 iShrs S&P N. Am Nat Res IGE 3.10

Speculative Funds 5.73%

Ariel Fund ARGFX 5.39

iShrs S&P MidC 400 Idx IJH 6.53 Rydex S&P Equal Weighte RSP 6.67

S&P MidCap 400 SPDR MDY 11.87

Core Funds 30.47%

US Treas Bill 5/26/11 33.06 US Treas Bill 8/18/11 13.22 Cash 18.46

Cash & Equivalents 64.74%

IGE US 4/16/11 Call 44 -0.10 IGE US 4/16/11 Call 45 -0.07 IJH US 4/16/11 Call 95 -0.27 IWM US 4/16/11 Put 78 -0.01 IWO US 4/16/11 Put 87 -0.01 IWO US 4/16/11 Put 88 -0.01 MDY US 4/16/11 Call 177 -0.26 MDY US 4/16/11 Put 163 -0.01 MDY US 4/16/11 Put 177 -0.05 RSP US 4/16/11 Call 49 -0.11 RSP US 4/16/11 Call 50 -0.06 SPY US 4/16/11 Put 130 0.21 XLE US 4/16/11 Call 75 -0.17 XLE US 4/16/11 Put 77 -0.02 Options -0.94%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 866-455-3863. Performance data shown does not reflect the 2.00% redemption fee imposed on shares redeemed within 30 days. If it did, total returns would be reduced.

The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. You cannot invest directly in an index. *The figures shown represent the net expense ratios without Acquired Fund Fees

-0.94% Options 64.74% Cash & Equivalents 30.47% Core 5.73% Speculative Risk Risk

ALLOCATION & PERFORMANCE

TACTX uses options and other tools to hedge its equity exposure against potential market volatility.

Who Should Consider Investing in this

Fund? Investors who want a proactive risk

managed portfolio of equities.

3/31/11 '09 '10 '08 2/29/08 S&P 500 6.46% TACTX -23.92% -60% -40% -20% 0% 20%

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Complete Portfolio

as of 3/31/2011

23 UPGRADER Spring 2011 Upgraderfunds.com

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 866-455-3863. Performance data shown does not reflect the 2.00% redemption fee imposed on shares redeemed within 30 days. If it did, total returns would be reduced.

*The advisor has contractually agreed to reduce its fees and/or pay each Fund’s expenses through February 28, 2012. The figures shown represent the net expense ratios without Acquired Fund Fees and Expenses and are after the effects of fee waivers, recoupments and rebated fees. Please see page 2 for the risks associated with investing in these funds.

50/50 blended index is made up of 50% S&P 500 and 50% Barclays Aggregate Bond Index, rebalanced monthly. The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. The Barclays Aggregate Bond Index is an unmanaged index generally representative of intermediate-term government bonds, investment grade corporate debt securities and mortgage-backed securities. You cannot invest directly in an index.

Energy Select Sector SP XLE 1.37 iShrs S&P N. Am Nat Res IGE 1.61

Speculative Funds 2.97%

Ariel Fund ARGFX 3.04

iShrs S&P MidC 400 Idx IJH 3.38 Rydex S&P Equal Weighte RSP 3.46

S&P MidCap 400 SPDR MDY 6.15

Core Funds 16.04%

Calamos Market Neutral CMNIX 1.76 Gateway Fund Y GTEYX 1.77

Manning & Napier Pro Bl MNCIX 1.30 Merger Fund MERFX 1.38

Permanent Portfolio PRPFX 1.91

Total Return 8.13%

Alliance Bernstein Glb ANAYX 1.82 BlackRock Strat Inc Opp BSIIX 1.81

Fidelity Capital Income FAGIX 1.03

JHancock Strategic Inc JHFIX 2.13 Loomis Sayles Bond Fund LSBDX 2.84

Lord Abbett Bond Debent LBNYX 1.37

MainStay High Yield Cor MHYIX 3.75 Metropolitan West Low D MWLDX 1.38 Metropolitan West Total MWTIX 1.90 Pioneer Strategic Inc Y STRYX 1.39 SPDR Barclays Cap Hi Yl JNK 1.39

Templeton Global Bond TGBAX 1.39

Western Asset Core Bd F WAPIX 1.85

Bond Funds 24.05%

US Treas Bill 5/26/11 17.14 US Treas Bill 8/18/11 17.14 Cash 15.02

Cash & Equivalents 49.30%

IGE US 4/16/11 Call 44 -0.05 IGE US 4/16/11 Call 45 -0.04 IJH US 4/16/11 Call 95 -0.14 IWM US 4/16/11 Put 78 0.00 IWO US 4/16/11 Put 87 0.00 IWO US 4/16/11 Put 88 -0.01 MDY US 4/16/11 Call 177 -0.13 MDY US 4/16/11 Put 163 -0.01 MDY US 4/16/11 Put 177 -0.03 RSP US 4/16/11 Call 49 -0.06 RSP US 4/16/11 Call 50 -0.03 SPY US 4/16/11 Put 130 0.11 XLE US 4/16/11 Call 75 -0.09 XLE US 4/16/11 Put 77 -0.01 Options -0.49%

SECTOR & FOREIGN EXPOSURE

Domestic 99.48% Foreign 0.52% Energy 17.65% Financial Services 15.61% Industrial Materials 14.09% Consumer Goods 9.88% Healthcare 8.52% Consumer Services 8.14% Business Services 6.62% Hardware 5.45% Media 3.69% Software 3.58% Utilities 3.43% Telecommunications 3.34%

QUICK INFO

Inception Date: May 29, 2009 Ticker: TOTLX

Assets: $5.8 Million

Redemption Fee: 2% under 30 days Minimum Investment: $1,000

FundX Tactical Total Return Fund

(

TOTLX

)

A Hedged-Equity Fund With Fixed Income

ALLOCATION & PERFORMANCE

PERFORMANCE % TO 3/31/11

Average Annual Total Returns Cumulative

Return Since Inception Inception Date Gross Expense Ratio *Net Expense Ratio

1 Year InceptionSince

TOTLX 8.08 6.93 13.11 5/29/09 2.94 1.50

50/50 Index 10.74 15.45 30.23

Fund holdings and class allocations are subject to change and should not be considered a recommendation to buy or sell any of the underlying funds.

Funds in bold type were added to the portfolio in the last quarter.

-0.49% Options 5.73% Speculative 49.30% Cash & Equivalents 24.05% Bond Funds 16.04% Core 8.13% Total Return

TOTLX uses options and other tools to hedge its equity exposure against potential market volatility and incorporates

varied exposure to fixed income.

Who Should Consider Investing

in this Fund? Investors who want a

proactive risk managed portfolio of both equities and fixed income.

Risk 3/31/11 '09 '10 5/29/09 50% S&P 500 50% Barclays Agg TOTLX 13.11% 30.23% -10% 0% 10% 20% 30%

References

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