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Summary Prospectus
FundX Aggressive Upgrader Fund
May 31, 2013
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Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus, Statement of Additional Information and other information about the Fund online at http://www.upgraderfunds.com/how-invest. You may also obtain this information at no cost by calling 1-866-455-FUND [3863] or by sending an e-mail to issue@fundx.com. The Fund’s Prospectus and Statement of Additional Information, both dated May 31, 2013, are incorporated by reference into this Summary Prospectus.
Investment Objective
The FundX Aggressive Upgrader Fund (“Aggressive Fund”) seeks to maximize capital appreciation over the long term without regard to income.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Aggressive Fund.
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FundX Aggressive Upgrader Fund
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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Management Fee
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1.00%
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Distribution (Rule 12b-1) Fees
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None
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Other Expenses
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0.32%
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Acquired Fund (Underlying Fund) Fees and Expenses
(1)
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0.52%
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Total Annual Fund Operating Expenses
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1.84%
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(1)
The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory prospectus, which
reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
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Example
This Example is intended to help you compare the cost of investing in the Aggressive Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Aggressive Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Aggressive Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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FundX Aggressive Upgrader Fund
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$
187
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$
581
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$1,000
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$
2,168
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Portfolio Turnover
As a fund-of-funds, the Aggressive Fund does not typically pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio), except with respect to any purchases or sales of ETFs. If transaction costs are involved, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Aggressive Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Aggressive Fund’s performance. During the most recent fiscal year, the Aggressive Fund’s portfolio turnover rate was 139% of the average value of its portfolio.
Principal Investment Strategies
The Aggressive Fund is a fund-of-funds and as such seeks to achieve its investment objective by investing primarily in no-load and load-waived mutual funds, including exchange-traded funds (“Underlying Funds”). Some Underlying Funds primarily invest in particular types of securities (
e.g.
, equity or fixed-income securities of various credit qualities, including high-yield securities or “junk bonds”), while some concentrate in certain industries or sectors, and others invest in a variety of securities. In addition, some of the Underlying Funds that the Aggressive Fund invests in may engage in short sale transactions. The Aggressive Fund may also purchase, without limit, shares of international and global Underlying Funds. In addition, the Aggressive Fund may invest up to 50% of its net assets in Underlying Funds that focus their investment in equity securities of companies located in emerging markets.
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Upgrading
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When a fund begins to lag its peers, the Advisor redeems the shares and directs the proceeds to a better performing alternative.
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In managing the Fund, the Advisor uses a proprietary Upgrading investment strategy to select Underlying Funds and to manage the portfolio consistent with the Fund’s investment objective. Using this strategy, the Advisor classifies Underlying Funds according to their risk and performance characteristics. Four different classes of Underlying Funds are categorized according to this system, ranging from Speculative Underlying Funds, which are the most aggressive funds with the highest risk but also the highest reward potential, to Bond Underlying Funds, which have the lowest risk but also the lowest reward potential. See “More about the Funds’ Investment Objectives, Strategies and Risks—The Advisor’s Classification Process of the Underlying Funds” for more information on this system.
Under normal market conditions, the Fund will typically invest predominately (and at times exclusively) in Speculative Underlying Funds. Speculative Underlying Funds typically invest in small, mid-cap, new or unseasoned issuers and emerging market companies. Speculative Funds may make significant use of complex investment techniques, such as leverage, short sales and margin. Speculative Funds may concentrate their holdings in a limited number of issuers.
Speculative Underlying Funds are considered aggressive investments and entail greater risks. As part of the Upgrading strategy, the Advisor sells an Underlying Fund when the Advisor believes that the Underlying Fund is performing out of synch with current market leadership or if a new Underlying Fund is judged more attractive than a current holding.
For temporary defensive purposes under abnormal market or economic conditions, the Fund may hold all or a portfolio of its assets in money market instruments, money market funds or U.S. government repurchase agreements. To the extent the Fund is invested in such defensive investment, the Fund may not achieve its investment objective.
Principal Risks
An investment in the Aggressive Fund entails risk. The Aggressive Fund cannot guarantee that it will meet its investment objective. Since the price of the Underlying Funds that the Aggressive Fund holds may fluctuate, the value of your investment may fluctuate and you could lose all or a portion of your investment in the Aggressive Fund. The following risks could affect the value of your investment:
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General Market Risk – General market risk is the risk that the value of a Fund’s shares will fluctuate based on the performance of the securities held by the Underlying Funds it owns. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.
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Management Risk – Management risk describes the Aggressive Fund’s ability to meet its investment objective based on the Advisor’s success or failure to implement investment strategies for the Aggressive Fund.
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Foreign Securities Risk – The Underlying Funds held by the Aggressive Fund may have significant investments in foreign securities. Foreign securities risk entails risk relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.
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Emerging Markets Risk – In addition to the foreign securities risks mentioned above, emerging markets are generally more volatile and less liquid.
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Non-Diversification Risk – While the Aggressive Fund is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
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Derivative Risk – Some 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.
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Leverage Risk – Some Underlying Funds may borrow money for leveraging and will incur interest expense.
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Short Sales Risk –The Underlying Funds may engage in short sales which could cause an Underlying Fund’s investment performance to suffer if it is required to close out a short position earlier than it had intended.
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Small Company Risk – The Underlying Funds may invest in securities of small companies, which involves greater volatility than investing in larger and more established companies.
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Concentration and Sector Emphasis Risk – Because the Fund and/or Underlying Funds may hold a limited number of issuers, they may become concentrated in one or more sectors at any given time, subjecting the Aggressive Fund to sector concentration risk.
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ETF Trading Risk – Because the Aggressive Fund invests in ETFs, it is 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 the ETFs trade, which may impact a Fund’s ability to sell its shares of an ETF.
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Portfolio Turnover Risk – To the extent the Aggressive Fund invests in ETFs, it may be subject to the risks of having a high portfolio turnover rate. High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities.
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Upgrading Strategy Risk – The Aggressive Fund employs an Upgrading strategy whereby it continually seeks to invest in the top-performing securities at a given time. When investment decisions are based on near-term performance, however, the Aggressive Fund may be exposed to the risk of buying Underlying Funds immediately following a sudden, brief surge in performance that may be followed by a subsequent drop in market value.
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Underlying Funds Risk – The risks associated with the Aggressive Fund include the risks related to each Underlying Fund in which the Aggressive Fund invests. Although the Aggressive Fund seeks to reduce the risk of your investment by diversifying among mutual funds and ETFs that invest in stocks and, in some cases, bonds, there are inherent risks of investing in various asset classes.
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Performance
The following performance information provides some indication of the risks of investing in the Aggressive Fund. The bar chart below illustrates how the
Aggressive Fund’s total returns have varied from year to year. The table below illustrates how the Aggressive Fund’s average annual total returns for the 1-year, 5-year and 10-year periods compare with a domestic broad-based market index and secondary index provided to offer a broader market perspective. The Aggressive Fund’s performance, before and after taxes is not necessarily an indication of how the Aggressive Fund will perform in the future. Updated performance is available on the Aggressive Fund’s website www.upgraderfunds.com.
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FundX Aggressive Upgrader Fund - HOTFX
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Calendar Year Total Return as of December 31
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Best and Worst Quarters
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Best Quarter
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Q2 2003
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21.13%
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Worst Quarter
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Q4 2008
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-21.88%
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Average Annual Total Returns as of December 31, 2012
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1 Year
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5 years
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10 Years
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FundX Aggressive Upgrader Fund - HOTFX
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Return Before Taxes
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14.65%
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-3.27%
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8.41%
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Return After Taxes on Distributions
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14.65%
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-3.73%
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7.95%
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Return After Taxes on Distributions and Sale of Fund Shares
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9.52%
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-2.87%
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7.34%
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S&P 500
®
Index (reflects no deduction for fees, expenses or taxes)
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16.00%
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1.66%
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7.10%
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Dow Jones Global Index (reflects no deduction for fees, expenses or taxes)
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16.59%
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-0.46%
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8.74%
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The “Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions), but assumes that you still hold Fund shares at the end of the period. The “Return After Taxes on Distributions and Sale of Fund Shares” shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund’s shares were sold at the end of the specified period. The after-tax returns are calculated using the highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. In certain cases, the “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares and provides an assumed tax benefit that increases the return. Your actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares through a tax-deferred account, such as a 401(k) plan or an IRA.
Investment Advisor
FundX Investment Group is the investment advisor to the Aggressive Fund.
Portfolio Managers
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Name
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Title
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Managed the Fund Since
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Janet Brown
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President and Portfolio Manager
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2002 (the Fund’s inception)
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Sean McKeon
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Portfolio Manager
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2002 (the Fund’s inception)
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Bernard Burke
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Portfolio Manager and Chief Compliance Officer
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2002 (the Fund’s inception)
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Martin DeVault
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Portfolio Manager
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2002 (the Fund’s inception)
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Jason Browne
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Portfolio Manager
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2002 (the Fund’s inception)
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Purchase and Sale of Fund Shares
You may purchase, exchange or redeem
Aggressive
Fund shares on any business day by written request via mail (FundX
Aggressive
Upgrader Fund, c/o U.S. Bancorp Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201-0701), by wire transfer, by telephone at
1-866-455-FUND [3863]
, or through a financial intermediary. Purchases and redemptions by telephone are only permitted if you previously established these options on your account. The minimum initial and subsequent investment amounts are shown in the table below.
Minimum Investments
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To Open
Your Account
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To Add to
Your Account
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Regular Accounts
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$1,000
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$100
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Retirement Accounts
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$1,000
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$100
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Automatic Investment Accounts
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$500
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$100
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Tax Information
The
Aggressive
Fund’s distributions are taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Tax-deferred arrangements may be taxed later upon withdrawal of monies from those accounts.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the
Aggressive
Fund through a broker-dealer or other financial intermediary (such as a bank), the
Aggressive
Fund and its related companies may pay the intermediary for the sale of
Aggressive
Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the
Aggressive
Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
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