FundX Tactical Upgrader Fund (TACTX)

The FundX Tactical Upgrader Fund (TACTX – Inception 2/29/08) uses the NoLoad FundX Upgrading Strategy to select funds and ETFs that are top ranked by our performance-based ranking system.

The Fund also overlays a quantitative, disciplined methodology for moving in and out of a fully invested position. The Fund will – at times – take deliberate action to possibly reduce exposure to market risk.

Under normal market conditions, FundX Tactical Upgrader Fund will typically hold core equity mutual funds and ETFs, as well as some more concentrated funds and ETFs. When the Fund’s tactical model indicates a more defensive portfolio, a substantial portion of the Fund’s portfolio will be invested in money market instruments and ETFs that short the market (move inversely to broad market indexes), providing a hedge against the remaining long positions. When the tactical model indicators turn positive again, the portfolio will return to a fully invested position.
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This Fund may not be appropriate for investors seeking regular income, for those pursuing a short-term goal, or for taxable investors interested in limiting their exposure to taxable gains or losses from a mutual fund.

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. You cannot invest directly in an index.

QTR End Fund Performance: Total Returns to 6/30/10

	12 mo	Average Annualized Return Since Inception 2/29/08	Cumulative Return Since Inception (2/29/08)	Gross Expense Ratio	* Net Expense Ratio
Fundx Tactical Upgrader	2.58	-15.74	-32.95	1.86%	1.25%
S&P 500 Index	14.41	-8.27	-18.24

Current Fund Performance: Total Returns to 7/31/10

	1 mo	3 mo	6 mo	YTD	12 mo	Average Annualized Return Since Inception (2/29/08)	Cumulative Return Since Inception (2/29/08)
FundX Tactical Upgrader	3.09	-0.23	1.98	1.39	5.95	-14.16	-30.88
S&P 500 Index	7.00	-6.85	3.38	-0.29	13.58	-5.44	-12.63

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.
* *The advisor has contractually agreed to reduce its fees and/or pay each Fund’s expenses for a period of at least ten years (three years for the ETF Upgrader Funds), 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.

FundX Tactical Upgrader Fund (TACTX)
Ticker: TACTX	Inception Date: Feb. 29, 2008
Minimum Investment: $1,000 ($1,000 for IRAs)	Redemption Fee: 2% for shares sold in 1 calendar month.
Noload, no sales commissions, no transaction fees at most brokers.	Expense Ratio: 1.5%

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.

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