FundX Upgrader Funds

The FundX Upgrader Funds are a series of noload funds managed by DAL Investment Company using the Upgrading strategy. Each of the FundX Upgrader Funds consists of a portfolio of underlying mutual funds that rank highly in DAL's performance-based scoring system.

With the FundX Upgrader Funds, you're invested what we believe are the best performing mutual funds available - whatever the current market conditions.

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

		Average Annualized Return		Cumulative Return Since Inception (11/1/01)	Gross Expense Ratio	*Net Expense Ratio
	12 mo %	5 Yrs %	Since Inception (11/1/01)
Fundx Upgrader Fund	14.34	0.03	4.11	41.71	1.97%	1.20%

		Average Annualized Return		Cumulative Return Since Inception (7/1/02)	Gross Expense Ratio	*Net Expense Ratio
	12 mo %	5 Yrs %	Since Inception (07/1/02)	Cumulative Return Since Inception (7/1/02)	Gross Expense Ratio	*Net Expense Ratio
Fundx Aggressive Upgrader	13.20	0.54	5.37	52.00	2.01%	1.30%
Fundx Conservative Upgrader	15.39	2.77	5.46	52.98	2.02%	1.32%
Fundx Flexible Income	11.85	5.40	6.24	62.28	1.38%	0.97%

	12 Mo %	Average Annualized Return Since Inception 1/31/07	Cumulative Return Since Inception (1/31/07)	Gross Expense Ratio	*Net Expense Ratio
Fundx Aggressive ETF Upgrader	8.01	-6.14	-19.44	1.89%	1.46%
Fundx ETF Upgrader	13.52	-9.54	-28.95	2.53%	1.50%

	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%
	12 Mo %	Average Annualized Return Since Inception 5/29/09	Cumulative Return Since Inception (5/29/09)	Gross Expense Ratio	* Net Expense Ratio
FundX Tactical Total Return	5.98	3.42	3.73	4.19%	1.50%

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

						Average Annualized Return			Cumulative Return Since Inception (11/1/01)
	1 mo %	3 mo %	6 mo %	YTD %	12 mo %	3 Yrs %	5 Yrs %	Since Inception (11/1/01)	Cumulative Return Since Inception (11/1/01)
Fundx Upgrader Fund	7.25	-9.25	2.68	-1.93	11.81	-9.86	0.41	4.90	51.98

						Average Annualized Return			Cumulative Return Since Inception (7/1/02)
	1 mo %	3 mo %	6 mo %	YTD %	12 mo %	3 Yrs %	5 Yrs %	Since Inception (07/1/02)	Cumulative Return Since Inception (7/1/02)
Fundx Aggressive Upgrader	7.26	-9.81	2.07	-3.20	10.99	-10.13	0.87	6.23	63.02
Fundx Conservative Upgrader	4.92	-4.35	3.87	1.84	13.49	-2.40	2.88	6.03	60.50
Fundx Flexible Income	1.49	1.49	4.09	4.76	11.23	5.51	5.59	6.37	64.71

						Average Annualized Return		Cumulative Return Since Inception (1/31/07)
	1 mo %	3 mo %	6 mo %	YTD %	12 mo %	3 Yrs %	Since Inception (1/31/07)	Cumulative Return Since Inception (1/31/07)
Fundx Aggressive ETF Upgrader	3.97	-11.56	0.89	-7.04	2.15	-8.62	-4.94	-16.24
Fundx ETF Upgrader	6.21	-8.85	3.78	-0.97	10.24	-10.56	-7.74	-24.54

	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
	1 mo %	3 mo %	6 mo %	YTD %	12 mo %	Average Annualized Return Since Inception (5/29/09)	Cumulative Return Since Inception (5/29/09)
Fundx Tactical Total Return	2.22	0.11	2.54	2.15	7.71	5.12	6.03

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. Performance data shown does not reflect the 2.00% redemption fee imposed on shares held less than 30 days (7 days for ETF
Upgrader Funds). If it did, total returns would be reduced.

* 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.

Click on the above links to find our more about each of the FundX Upgrader Funds.

In addition to risks associated with investing in smaller companies and foreign securities, the FundX Stock Upgrader Fund has the following fund specific risks: Concentration Risk – To the extent that the Fund concentrates its investments in a particular industry or sector, the Fund’s shares may be more volatile and fluctuate more than shares of a fund investing in a broader range of securities.

In addition to the risks above, the FundX ETF Upgrader Funds are subject to 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.

The FundX ETF Upgrader Funds are considered “funds of funds”. Each of the ETF Upgrader 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 ETFs.

The adviser has an agreement in place to limit expenses of the funds. Investment performance reflects voluntary fee waivers in effect for the ETF Upgrader Fund. In the absence of such waivers, total return would be reduced. Returns shown include reinvestment of dividends and capital gains. DAL Investment Company, LLC serves as the investment advisor to the Upgrader Funds, and publisher of the NoLoad FundX Newsletter.
The FUNDX Upgrader Funds are distributed by Quasar Distributors, LLC.