CRDE Cardinal Ethanol LLC (PK)

 

Item 1. Schedule of Investments.

 

FUNDX UPGRADER FUND
S CHEDULE OF I NVESTMENTS AT DECEMBER 31, 2013 (UNAUDITED)
Shares					Value
			INVESTMENT COMPANIES: 99.9%
			Core Funds : 70.0%
	693,709		AllianceBernstein Trust - Discovery Value Fund		$	14,727,436
	318,056		Ariel Fund			23,434,393
	97,459		Dodge & Cox Stock Fund			16,457,904
	148,500		Guggenheim S&P 500 Pure Growth ETF ^			10,432,125
	819,788		Janus Contrarian Fund			17,141,758
	103,982		Legg Mason Capital Management Value Trust			7,151,916
	338,310		Nicholas Fund, Inc.			21,861,624
	729,067		Oakmark Global Fund			21,981,383
	215,765		Oakmark International Fund			5,678,929
	293,400		PowerShares Buyback Achievers Portfolio			12,639,672
	298,113		Sound Shore Fund, Inc.			14,622,464
	192,665		T. Rowe Price Blue Chip Growth Fund, Inc. *			12,446,165
	293,468		Wells Fargo Advantage Special Mid Cap Value Fund ^			9,291,198
						187,866,967
			Speculative Funds : 29.9%
	86,396		AllianzGI Technology Fund			5,423,938
	133,539		Ariel Appreciation Fund			7,440,766
	283,599		Baron Partners Fund *			9,562,968
	88,185		Brown Capital Management Small Company Fund			6,535,396
	28,800		iShares Nasdaq Biotechnology ETF			6,539,328
	33,100		iShares S&P Small-Cap 600 Value ETF			3,688,002
	90,840		Janus Global Life Sciences Fund			3,916,118
	349,294		Legg Mason Opportunity Trust			6,395,565
	422,691		Oakmark International Small Cap Fund			7,304,099
	134,100		Oppenheimer International Small Company Fund			4,331,444
	285,892		PRIMECAP Odyssey Aggressive Growth Fund			8,476,706
	88,358		T. Rowe Price Health Sciences Fund, Inc.			5,107,110
	51,000		Vanguard Consumer Discretionary ETF			5,514,120
						80,235,560
			Total Investment Companies
			(Cost $231,199,842)			268,102,527
			SHORT-TERM INVESTMENTS: 0.1%
	323,715		Fidelity Institutional Money Market Funds - Government Portfolio, 0.01% #			323,715
			Total Short-Term Investments
			(Cost $323,715)			323,715
			Total Investments: 100.0%
			(Cost $231,523,557)			268,426,242
			Liabilities in Excess of Other Assets  : 0.0%			(40,099	)
			Net Assets: 100.0%		$	268,386,143

 

* Non-income producing.
# Annualized seven-day yield as of December 31, 2013.
^ A portion of these securities is considered illiquid. The fair value of illiquid portions total $1,242,997 which
represents 0.5% of total net assets.

 

 

 

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The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows + :
Cost of investments		$	231,541,576
Gross unrealized appreciation			36,974,101
Gross unrealized depreciation			(89,435	)
Net unrealized appreciation		$	36,884,666
+ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding
at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information,
please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual
or annual report.

 

 

 

 

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Summary of Fair Value Disclosure
December 31, 2013 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments,  interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2013:

 

Description		Level 1				Level 2				Level 3				Total
Investment Companies		$	268,102,527			$	-			$	-			$	268,102,527
Short-Term Investments			323,715				-				-				323,715
Total Investments in Securities		$	268,426,242			$	-			$	-			$	268,426,242
There were no transfers into or out of Levels 1, 2 or 3 during the period ended December 31, 2013. The Fund recognizes
transfers at the end of each reporting period.

 

 

 

 

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FUNDX AGGRESSIVE UPGRADER FUND
S CHEDULE OF I NVESTMENTS AT DECEMBER 31, 2013 (UNAUDITED)
Shares					Value
			INVESTMENT COMPANIES: 100.0%
			Core Funds : 20.5%
	61,552		Ariel Fund		$	4,535,135
	3,622		Dodge & Cox Stock Fund			611,566
	66,646		Janus Contrarian Fund			1,393,575
	55,868		Nicholas Fund, Inc.			3,610,180
	83,136		Oakmark Global Fund			2,506,563
	79,770		Wells Fargo Advantage Special Mid Cap Value Fund			2,525,521
						15,182,540
			Speculative Funds : 79.5%
	50,857		AllianzGI Technology Fund			3,192,825
	76,270		Ariel Appreciation Fund			4,249,765
	126,101		Baron Partners Fund *			4,252,117
	47,237		Brown Capital Management Small Company Fund			3,500,710
	36,500		iShares MSCI EMU Index Fund			1,510,370
	17,600		iShares Nasdaq Biotechnology ETF			3,996,256
	11,800		iShares S&P Small-Cap 600 Growth ETF			1,402,666
	32,400		iShares S&P Small-Cap 600 Value ETF			3,610,008
	36,135		Janus Global Life Sciences Fund			1,557,763
	202,937		Legg Mason Opportunity Trust			3,715,772
	174,773		Oakmark International Small Cap Fund			3,020,072
	54,924		Oppenheimer Global Opportunities Fund *			2,279,360
	98,443		Oppenheimer International Small Company Fund			3,179,705
	20,000		Powershares Golden Dragon China Portfolio			606,800
	139,704		PRIMECAP Odyssey Aggressive Growth Fund			4,142,225
	94,432		Professionally Managed Portfolio - Hodges Fund			3,395,763
	140,017		Professionally Managed Portfolios - Hodges Small Cap Fund			2,614,112
	97,160		Skyline Special Equities Portfolio			3,862,104
	27,838		T. Rowe Price Health Sciences Fund, Inc.			1,609,036
	29,300		Vanguard Consumer Discretionary ETF			3,167,916
						58,865,345
			Total Investment Companies
			(Cost $64,101,829)			74,047,885
			SHORT-TERM INVESTMENTS: 0.3%
	191,205		Fidelity Institutional Money Market Funds - Government Portfolio, 0.01% #			191,205
			Total Short-Term Investments
			(Cost $191,205)			191,205
			Total Investments: 100.3%
			(Cost $64,293,034)			74,239,090
			Liabilities in Excess of Other Assets: (0.3)%			(188,999	)
			Net Assets: 100.0%		$	74,050,091

 

*  Non-income producing.
#  Annualized seven-day yield as of December 31, 2013.

 

 

 

 

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The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows + :
Cost of investments		$	64,302,644
Gross unrealized appreciation			9,983,045
Gross unrealized depreciation			(46,599	)
Net unrealized appreciation		$	9,936,446
+ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding
at the Fund’s previous fiscal year end.  For the previous fiscal year’s federal income tax information,
please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual
or annual report.

 

 

 

 

---

 

Summary of Fair Value Disclosure
December 31, 2013 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments,  interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2013:

 

Description		Level 1				Level 2				Level 3				Total
Investment Companies		$	74,047,885			$	-			$	-			$	74,047,885
Short-Term Investments			191,205												191,205
Total Investments in Securities		$	74,239,090			$	-			$	-			$	74,239,090
There were no transfers into or out of Levels 1, 2 or 3 during the period ended December 31, 2013. The Fund recognizes
transfers at the end of each reporting period.

 

 

 

 

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FUNDX CONSERVATIVE UPGRADER FUND
S CHEDULE OF I NVESTMENTS AT DECEMBER 31, 2013 (UNAUDITED)
Shares					Value
			INVESTMENT COMPANIES: 99.9%
			Bond Funds : 25.6%
	215,911		Ivy High Income Fund		$	1,865,473
	101,965		Janus High-Yield Fund			937,055
	257,202		John Hancock Bond Trust-John Hancock High Yield Fund			995,373
	58,202		Loomis Sayles Bond Fund			882,341
	298,360		MainStay High Yield Corporate Bond Fund			1,805,078
	80,820		Metropolitan West Low Duration Bond Fund			711,219
	157,979		Osterweis Strategic Income Fund			1,870,474
	73,205		PIMCO Income Fund			897,498
	39,507		TCW Total Return Bond Fund			395,859
	153,156		Thompson Bond Fund			1,798,055
						12,158,425
			Core Funds : 60.8%
	54,092		Ariel Fund			3,985,514
	17,067		Dodge & Cox Stock Fund			2,882,108
	153,374		Janus Contrarian Fund			3,207,051
	47,044		Nicholas Fund, Inc.			3,039,983
	122,959		Oakmark Global Fund			3,707,200
	68,300		PowerShares Buyback Achievers Portfolio			2,942,364
	58,033		Sound Shore Fund, Inc.			2,846,517
	47,006		T. Rowe Price Blue Chip Growth Fund, Inc. *			3,036,605
	99,623		Wells Fargo Advantage Special Mid Cap Value Fund			3,154,070
						28,801,412
			Total Return Funds : 13.5%
	23,470		Gateway Fund			680,394
	178,757		Manning & Napier Fund Inc - Pro Blend Conservative Term Series Fund			1,925,208
	120,698		Merger Fund			1,932,368
	31,210		Vanguard Wellesley Income Fund			1,878,536
						6,416,506
			Total Investment Companies
			(Cost $42,664,625)			47,376,343
			Total Investments: 99.9%
			(Cost $42,664,625)			47,376,343
			Other Assets in Excess of Liabilities: 0.1%			26,624
			Net Assets: 100.0%		$	47,402,967

 

*  Non-income producing.

 

 

 

 

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The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows + :
Cost of investments		$	42,664,832
Gross unrealized appreciation			4,833,603
Gross unrealized depreciation			(122,092	)
Net unrealized appreciation		$	4,711,511
+ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding
at the Fund’s previous fiscal year end.  For the previous fiscal year’s federal income tax information,
please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual
or annual report.

 

 

 

 

---

 

 

Summary of Fair Value Disclosure
December 31, 2013 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments,  interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2013:

 

Description		Level 1				Level 2				Level 3				Total
Investment Companies		$	46,665,124			$	-			$	711,219			$	47,376,343
Total Investments in Securities		$	46,665,124			$	-			$	711,219			$	47,376,343
There were transfers into Level 3 and out of Level 1 of $711,219 during the period ended December 31, 2013. The transfer
was due to the security being fair valued at December 31, 2013 due to a missing net asset value. The Fund recognizes
transfers at the end of each reporting period.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

 

		Investments in Securities at Fair Value
Balance as of September 30, 2013		$	-
Accrued discounts/premiums			-
Realized gain (loss)			-
Change in unrealized appreciation (depreciation)			-
Purchases			-
Sales			-
Transfer in and/or out of Level 3			711,219
Balance as of December 31, 2013		$	711,219
Change in unrealized appreciation (depreciation) during the period ended for Level 3 investments held at December 31, 2013:		$	-
On December 31, 2013, the net asset value ("NAV") was not received for the Level 3 security. Per the Trust's valuation
procedures, when an NAV is not received, fair value is determined by obtaining prices for a peer group of funds that are
invested in a similar market segment as the Level 3 security. For each fund in the peer group, the percentage price change for
the day is calculated (ranging from (0.10)% to 0.00%), taking into consideration any adjustments for distributions,
and then an average percentage price change for the peer group is obtained. This average percentage price change
is then multiplied by the Level 3 security's prior day price in order to obtain the current day price.
The Trust's valuation procedures have been adopted by the Trust's Board of Trustees, which has established a Valuation
Committee to oversee valuation techniques. The Board of Trustees ratifies valuation techniques quarterly.

 

 

 

 

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FUNDX FLEXIBLE INCOME FUND
S CHEDULE OF I NVESTMENTS AT DECEMBER 31, 2013 (UNAUDITED)
Shares					Value
			INVESTMENT COMPANIES: 99.2%
			High Yield Bond Funds : 29.8%
	99,470		Aberdeen Global High Income Fund		$	999,678
	1,061,559		Ivy High Income Fund			9,171,871
	961,088		Janus High-Yield Fund			8,832,394
	2,035,767		John Hancock Bond Trust-John Hancock High Yield Fund ^			7,878,415
	1,629,336		MainStay High Yield Corporate Bond Fund			9,857,486
						36,739,844
			Short-Term Bond Funds : 0.0%
	1,460		Metropolitan West Low Duration Bond Fund			12,844
						12,844
			Strategic Bond Funds : 33.2%
	422,385		Loomis Sayles Bond Fund			6,403,357
	1,284,432		Osterweis Strategic Income Fund			15,207,673
	476,496		PIMCO Income Fund			5,841,844
	1,146,291		Thompson Bond Fund			13,457,459
						40,910,333
			Total Return Funds : 36.2%
	48,326		Gateway Fund			1,400,967
	1,338,676		Manning & Napier Fund Inc - Pro Blend Conservative Term Series Fund ^			14,417,545
	920,104		Merger Fund			14,730,867
	234,496		Vanguard Wellesley Income Fund			14,114,298
						44,663,677
			Total Investment Companies
			(Cost $119,180,802)			122,326,698
			SHORT-TERM INVESTMENTS: 0.6%
	758,117		Fidelity Institutional Money Market Funds - Government Portfolio, 0.01% #			758,117
			Total Short-Term Investments
			(Cost $758,117)			758,117
			Total Investments: 99.8%
			(Cost $119,938,919)			123,084,815
			Other Assets in Excess of Liabilities: 0.2%			192,931
			Net Assets: 100.0%		$	123,277,746

 

#  Annualized seven-day yield as of December 31, 2013.
^ A portion of these securities is considered illiquid. The fair value of illiquid portions total $2,925,792 which represents
2.4% of total net assets.

 

 

 

 

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The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows + :
Cost of investments		$	119,989,814
Gross unrealized appreciation			3,832,059
Gross unrealized depreciation			(737,058	)
Net unrealized appreciation		$	3,095,001
+ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding
at the Fund’s previous fiscal year end.  For the previous fiscal year’s federal income tax information,
please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual
or annual report.

 

 

---

 

Summary of Fair Value Disclosure
December 31, 2013 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments,  interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2013:

 

Description		Level 1				Level 2				Level 3				Total
Investment Companies		$	122,326,698			$	-			$	-			$	122,326,698
Short-Term Investments			758,117												758,117
Total Investments in Securities		$	123,084,815			$	-			$	-			$	123,084,815
There were no transfers into or out of Levels 1, 2 or 3 during the period ended December 31, 2013. The Fund recognizes transfers at the end
of each reporting period.

 

 

 

 

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FUNDX ETF UPGRADER FUND
S CHEDULE OF I NVESTMENTS AT DECEMBER 31, 2013 (UNAUDITED)
Shares					Value
			INVESTMENT COMPANIES: 99.7%
			Core Funds : 72.4%.
	10,300		Guggenheim Insider Sentiment ETF		$	482,967
	24,200		Guggenheim S&P 500 Pure Growth ETF			1,700,050
	39,950		PowerShares Buyback Achievers Portfolio			1,721,046
	21,340		Vanguard Mid-Cap Value ETF			1,702,505
						5,606,568
			Speculative Funds : 27.3%
	3,800		iShares Core S&P Small-Cap ETF			414,998
	3,300		iShares Micro-Cap ETF			248,226
	300		iShares Nasdaq Biotechnology ETF			68,118
	2,700		iShares Russell 2000 Growth ETF			365,877
	3,950		iShares S&P Small-Cap 600 Growth ETF			469,537
	3,400		Powershares Dynamic Pharmaceuticals Portfolio			181,832
	2,800		Powershares Golden Dragon China Portfolio			84,952
	13,200		PowerShares WilderHill Clean Energy Portfolio			84,348
	1,800		Vanguard Consumer Discretionary ETF			194,616
						2,112,504
			Total Investment Companies
			(Cost $7,257,574)			7,719,072
			Total Investments: 99.7%
			(Cost $7,257,574)			7,719,072
			Other Assets in Excess of Liabilities: 0.3%			22,350
			Net Assets: 100.0%		$	7,741,422

 

The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows + :
Cost of investments		$	7,257,574
Gross unrealized appreciation			462,363
Gross unrealized depreciation			(865	)
Net unrealized appreciation		$	461,498
+ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding
at the Fund’s previous fiscal year end.  For the previous fiscal year’s federal income tax information,
please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual
or annual report.

 

 

 

 

---

 

Summary of Fair Value Disclosure
December 31, 2013 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments,  interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2013:

 

Description		Level 1				Level 2				Level 3				Total
Investment Companies		$	7,719,072			$	-			$	-			$	7,719,072
Total Investments in Securities		$	7,719,072			$	-			$	-			$	7,719,072
There were no transfers into or out of Levels 1, 2 or 3 during the period ended December 31, 2013. The Fund recognizes
transfers at the end of each reporting period.

 

 

 

 

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FUNDX ETF AGGRESSIVE UPGRADER FUND
S CHEDULE OF I NVESTMENTS AT DECEMBER 31, 2013 (UNAUDITED)
Shares					Value
			INVESTMENT COMPANIES: 100.2%
			Speculative Funds : 100.2%
	7,000		iShares Core S&P Small-Cap ETF		$	764,470
	8,250		iShares Micro-Cap ETF			620,565
	10,000		iShares MSCI EMU Index Fund			413,800
	3,500		iShares Nasdaq Biotechnology ETF			794,710
	5,700		iShares Russell 2000 Growth ETF			772,407
	6,800		iShares S&P Small-Cap 600 Growth ETF			808,316
	2,700		iShares Transportation Average ETF			356,130
	8,500		Powershares Dynamic Pharmaceuticals Portfolio			454,580
	12,200		Powershares Golden Dragon China Portfolio			370,148
	55,200		PowerShares WilderHill Clean Energy Portfolio			352,728
	8,600		SPDR S&P Capital Markets ETF			430,860
	5,800		Vanguard Consumer Discretionary ETF			627,096
						6,765,810
			Total Investment Companies
			(Cost $6,005,402)			6,765,810
			Total Investments: 100.2%
			(Cost $6,005,402)			6,765,810
			Liabilities in Excess of Other Assets: (0.2)%			(15,323	)
			Net Assets: 100.0%		$	6,750,487

 

The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows + :
Cost of investments		$	6,007,097
Gross unrealized appreciation			764,320
Gross unrealized depreciation			(5,607	)
Net unrealized appreciation		$	758,713
+ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding
at the Fund’s previous fiscal year end.  For the previous fiscal year’s federal income tax information,
please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual
or annual report.

 

 

 

 

---

 

Summary of Fair Value Disclosure
December 31, 2013 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments,  interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2013:

 

Description		Level 1				Level 2				Level 3				Total
Investment Companies		$	6,765,810			$	-			$	-			$	6,765,810
Total Investments in Securities		$	6,765,810			$	-			$	-			$	6,765,810
There were no transfers into or out of Levels 1, 2 or 3 during the period ended December 31, 2013. The Fund recognizes
transfers at the end of each reporting period.

 

 

 

 

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FUNDX TACTICAL UPGRADER FUND
S CHEDULE OF I NVESTMENTS AT DECEMBER 31, 2013 (UNAUDITED)
Shares					Value
			INVESTMENT COMPANIES: 96.6%
			Core Funds : 71.8%
	49,737		Dodge & Cox International Stock Fund		$	2,140,661
	120,000		Guggenheim S&P 500 Equal Weight ETF			8,550,000
	107,500		Guggenheim S&P 500 Pure Growth ETF			7,551,875
	70,076		Oakmark Global Fund			2,112,805
	259,000		PowerShares Buyback Achievers Portfolio			11,157,720
	90,000		Vanguard Mid-Cap Value ETF			7,180,200
						38,693,261
			Speculative Funds : 24.8%
	12,830		AllianzGI Technology Fund			805,449
	25,000		iShares Russell 2000 ETF			2,882,750
	21,500		iShares Russell 2000 Growth ETF			2,913,465
	24,000		iShares S&P Small-Cap 600 Value ETF			2,674,080
	19,099		Janus Global Life Sciences Fund			823,374
	51,025		Oppenheimer International Small Company Fund			1,648,095
	54,069		PRIMECAP Odyssey Aggressive Growth Fund			1,603,138
						13,350,351
			Total Investment Companies
			(Cost $48,666,297)			52,043,612
			PURCHASED OPTIONS: 0.9%
			Put Options: 0.9%
	3,000		SPDR S&P 500 ETF Trust, Expiration 1/18/14, Strike Price $183 *			336,000
	1,000		SPDR S&P 500 ETF Trust, Expiration 1/18/14, Strike Price $184 *			142,000
			Total Purchased Options
			(Cost $590,310)			478,000
			SHORT-TERM INVESTMENTS: 2.3%
	1,248,091		Fidelity Institutional Money Market Funds - Government Portfolio, 0.01% #			1,248,091
			Total Short-Term Investments
			(Cost $1,248,091)			1,248,091
			Total Investments: 99.8%
			(Cost $50,504,698)			53,769,703
			Other Assets in Excess of Liabilities: 0.2%			80,900
			Net Assets: 100.0%		$	53,850,603

 

*  Non-income producing.
#  Seven-day yield as of December 31, 2013.

 

 

 

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The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows + :
Cost of investments		$	50,892,684
Gross unrealized appreciation			2,989,807
Gross unrealized depreciation			(112,788	)
Net unrealized appreciation		$	2,877,019
+ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding
at the Fund’s previous fiscal year end.  For the previous fiscal year’s federal income tax information,
please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual
or annual report.

 

S CHEDULE OF O PTIONS W RITTEN AT DECEMBER 31, 2013 (UNAUDITED)
Contracts (100 shares per contract)					Value
			Call Options Written
	250		iShares Russell 2000 ETF, Expiration 1/18/14, Strike Price $115 *		$	(45,250	)
	215		iShares Russell 2000 Growth ETF, Expiration 1/18/14, Strike Price $135 *			(46,763	)
			Total Call Options Written
			(Premiums received $75,161)		$	(92,013	)
* Non-income producing.

 

 

 

 

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Summary of Fair Value Disclosure
December 31, 2013 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments,  interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2013:

 

Description		Level 1				Level 2				Level 3				Total
Investment Companies		$	52,043,612			$	-			$	-			$	52,043,612
Purchased Options			-				478,000				-				478,000
Short-Term Investments			1,248,091				-				-				1,248,091
Total Investments in Securities		$	53,291,703			$	478,000			$	-			$	53,769,703
Written Options		$	-			$	(92,013	)		$	-			$	(92,013	)
There were no transfers into or out of Levels 1, 2 or 3 during the period ended December 31, 2013. The Fund recognizes transfers
at the end of each reporting period.

 

 

 

 

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The Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of
derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's
results of operations and financial position.
The Fund may invest, at the time of purchase, up to 5% of the Fund's net assets in options, which are a type of derivative and employ specialized trading techniques such as options
trading to increase the Fund's exposure to certain selected securities.  The Fund may employ these techniques as hedging tools as well as speculatively to enhance returns.  Other than
when used for hedging, these techniques may be riskier than many investment strategies and may result in greater volatility for the Fund, particularly in periods of market declines.
As a hedging tool, options may help cushion the impact of market declines, but may reduce the Fund's participation in a market advance.
The following table presents the fair value of derivative instruments, held long or sold short by the FundX Tactical Upgrader Fund, at December 31, 2013:

 

		Fair Value - Long Positions								Fair Value - Short Positions
Options Contracts		Assets				Liabilities				Assets				Liabilities				Net Unrealized Gain/(Loss) on Open Positions
Purchased Options		$	478,000			$	-			$	-			$	-			$	(112,310	)
Written Options			-				-				-				92,013				(16,852	)
The following table presents the amount of realized gain (loss) on derivative instruments recognized in income for the period ended December 31, 2013:
Options Contracts		Realized Gains				Realized Losses				Net Realized Gains (Losses)
Purchased Options		$	705,186			$	(857,159	)		$	(151,973	)
Written Options			50,077				-				50,077
The following table presents the change in unrealized appreciation (depreciation) on derivative instruments recognized in income as of the period ended December 31, 2013:
		Change in Unrealized Gain/(Loss)
Options Contracts
Purchased Options		$	(204,800	)
Written Options			(18,873	)

 

 

 

 

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