FundX Tactical Total Return Fund (TOTLX)

The FundX Tactical Total Return Fund (TOTLX - Inception 5/31/2009) offers investors growth potential through underlying equity funds, balanced by holdings in bond funds in one mutual fund purchase. The fund’s allocation to equities and fixed income is variable and actively managed based on the advisor’s assessment of current risk.

TOTLX can invest 20-80% in bond funds and equity funds that have exhibited a history of low volatility with the balance invested in equity funds. Based on the Tactical equity strategy’s assessment of current market conditions, the fund’s equity exposure may be fully invested or hedged.

Who is TOTLX for? TOTLX is designed for investors who want a risk managed, balanced portfolio that includes an allocation to both equity and fixed income securities, and for investors who want DAL to actively manage the Fund’s asset allocation.

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.

*The advisor has contractually agreed to reduce its fees and/or pay each Fund’s expenses for a period of at least one year, and indefinitly thereafter. 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.

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 quoted is current to the most recent month end. Returns shown are cumulative, unless otherwise noted. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Performance data shown does not reflect the 2% redemption fee imposed on shares held less than 30 days. If it did, total returns would be reduced.

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

(For more on our fund classifications, click here).

A Word about Risk -

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.

• 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.

• 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.

• 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.

• Derivative Risk - Some Upgrading 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.

• High-Yield Risk – The value of fixed-income securities held by the Upgrading 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. Additionally, these instruments are generally unsecured and may be subordinated to other creditor’s claims.

• Leverage Risk – Some Upgrading Underlying Funds may borrow money for leveraging and will incur interest expense. The NAV per share of an Upgrading Underlying Fund will tend to increase more when its portfolio securities increase in value and to decrease more when its portfolio assets decrease in value than would otherwise be the case if it did not borrow funds.

While the fund is no-load, management and other expenses still apply. Please refer to the prospectus for further details.

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