FundX Upgrader Fund (FUNDX)

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.

The original FundX Upgrader Fund (FUNDX — Inception 11/1/2001) is designed for moderately aggressive investors seeking long-term growth. FUNDX consists primarily of funds categorized as Class 3 — Higher Quality Funds, with the option of using choices from the other three risk classes for equity funds. Ordinarily, the fund would not expect to extend more than 30% of its portfolio into the more aggressive funds in Classes 1 and 2.

FUNDX could be a core equity fund for most investors. It may be appropriate for long-term investors willing to accept an above-average level of market risk associated with investing in a portfolio that depends largely on the value of common stock holdings. The Fund's investment objective is to maximize capital appreciation over the long term without regard to income.

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.
* *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.

Fund holdings are subject to change at any time and are not recommendations to buy or sell any of the underlying funds.

A Word About Risk
Mutual fund investing involves risk; loss of principal is possible. Foreign investments by the underlying funds involve risks, including changing currency values, different political and regulatory environments and other overall economic factors in those countries. The underlying funds will also be subject to interest rate, credit and high-yield risks. Underlying funds that are non-diversified will invest a larger percentage of their assets in individual companies than a diversified fund. This will result in greater volatility of a fund’s share price than a diversified fund. Derivatives will increase the velocity of potential losses and the underlying holdings will lose more than the original amount invested in the derivative. Furthermore, derivatives involve risk that other parties will fail to meet obligations, causing losses.

The FUNDX Upgrader Fund may hold underlying funds that invest in smaller companies, and this will involve additional risks such as limited liquidity and greater volatility.

Please consult your investment professional regarding your particular investment situation. While the funds invest in noload mutual funds, all mutual funds charge management fees and other operating expenses. Please refer to the prospectus for important information about the FUNDX Upgrader Funds, including investment objectives, risks, charges and expenses.
The FUNDX Upgrader Funds are distributed by Quasar Distributors, LLC.

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