0000894189-13-000984.txt : 20130222 0000894189-13-000984.hdr.sgml : 20130222 20130222115306 ACCESSION NUMBER: 0000894189-13-000984 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130222 DATE AS OF CHANGE: 20130222 EFFECTIVENESS DATE: 20130222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONALLY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000811030 IRS NUMBER: 566415270 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-12213 FILM NUMBER: 13633191 BUSINESS ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5348 MAIL ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONALLY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000811030 IRS NUMBER: 566415270 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05037 FILM NUMBER: 13633192 BUSINESS ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5348 MAIL ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 0000811030 S000004927 FundX Upgrader Fund C000013342 Investor Class FUNDX 0000811030 S000004938 FundX Aggressive Upgrader Fund C000013354 Investor Class HOTFX 0000811030 S000004941 FundX Conservative Upgrader Fund C000013357 Investor Class RELAX 0000811030 S000004942 FundX Flexible Income Fund C000013358 Investor Class INCMX 0000811030 S000015183 FundX ETF Upgrader Fund C000041785 Investor Class REMIX 0000811030 S000015184 FundX ETF Aggressive Upgrader Fund C000041786 Investor Class UNBOX 0000811030 S000021060 FundX Tactical Upgrader Fund C000059903 FundX Tactical Upgrader Fund TACTX 0000811030 S000025652 FundX Tactical Total Return Fund C000076834 FundX Tactical Total Return Fund TOTLX 485BPOS 1 fundx_bxbrl.htm POST EFFECTIVE AMENDMENT fundx_bxbrl.htm
 
Filed with the U.S. Securities and Exchange Commission on February 22, 2013

1933 Act Registration File No.   033-12213
1940 Act File No. 811-05037
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
   
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Post-Effective Amendment No.
492
 
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and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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Amendment No.
493
 
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(Check appropriate box or boxes)

PROFESSIONALLY MANAGED PORTFOLIOS
(Exact Name of Registrant as Specified in Charter)
 
615 East Michigan Street
Milwaukee, WI  53202
(Address of Principal Executive Offices, including Zip Code)
 
Registrant’s Telephone Number, including Area Code:  (626) 914-7363
 
Elaine E. Richards, Esq.
Professionally Managed Portfolios
2020 E. Financial Way, Ste. 100
Glendora, CA 91741
(Name and Address of Agent for Service)
 
Copy to:
Domenick Pugliese, Esq.
Paul Hastings LLP
Park Avenue Tower
75 East 55th Street
New York, NY 10022

It is proposed that this filing will become effective (check appropriate box)
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immediately upon filing pursuant to paragraph (b)
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On (date) pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:
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This post-effective amendment designates a new effective date for a previously filed post- effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 492 to the Registration Statement of Professionally Managed Portfolios (the “Trust”) on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 490 on Form N-1A filed on January 31, 2013.  This PEA No. 492 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 490 to the Trust’s Registration Statement.
 
 
 
 

 
 
 
SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 492 to its Registration Statement on Form N-1A to be signed below on its behalf by the undersigned, duly authorized, in the City of Glendora and State of California, on February 22, 2013.

Professionally Managed Portfolios

By:  Eric W. Falkeis*                                   
Eric W. Falkeis
President


      Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 492 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
Title
Date
     
Steven J. Paggioli*
Trustee
February 22, 2013
Steven J. Paggioli
   
     
Dorothy A. Berry*
Trustee
February 22, 2013
Dorothy A. Berry
   
     
Wallace L. Cook*
Trustee
February 22, 2013
Wallace L. Cook
   
     
Carl A. Froebel*
Trustee
February 22, 2013
Carl A. Froebel
   
     
Eric W. Falkeis*
President and Trustee
February 22, 2013
Eric W. Falkeis
   
     
Patrick J. Rudnick*
Treasurer and Principal
February 22, 2013
Patrick J. Rudnick
Financial and Accounting
Officer
 
     
*By: /s/ Elaine E. Richards
 
February 22, 2013
 Elaine E. Richards, Attorney-In Fact
 pursuant  to Power of Attorney
     
 
 
 
 
1

 

 
INDEX TO EXHIBITS

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE

 
 
 

 

 
 
 
 
2
 
 

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expenses of the Fund and does not include Acquired Fund Fees and Expenses. FundX Investment Group (the "Advisor") has contractually agreed to reduce its fees and/or pay the ETF Aggressive Fund's expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Operating Expenses After Expense Reduction/Reimbursement for shares of the ETF Aggressive Fund to 1.50% of the Fund's average net assets (the "Expense Cap"). The Expense Cap will remain in effect indefinitely and at least until January 31, 2014. A reimbursement may be requested by the Advisor if the aggregate amount actually paid by the Fund toward operating expenses for such fiscal year (taking into account any reimbursement) does not exceed the Expense Cap. The Agreement may be terminated at any time by the Board of Trustees upon 60 days' notice to the Advisor, or by the Advisor with the consent of the Board. FundX Investment Group (the "Advisor") has contractually agreed to reduce its fees and/or pay the ETF Upgrader Fund's expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Operating Expenses After Expense Reduction/Reimbursement for shares of the ETF Upgrader Fund to 1.50% of the Fund's average net assets (the "Expense Cap"). The Expense Cap will remain in effect indefinitely and at least until January 31, 2014. A reimbursement may be requested by the Advisor if the aggregate amount actually paid by the Fund toward operating expenses for such fiscal year (taking into account any reimbursement) does not exceed the Expense Cap. The Agreement may be terminated at any time by the Board of Trustees upon 60 days' notice to the Advisor, or by the Advisor with the consent of the Board. FundX Investment Group (the "Advisor") has contractually agreed to reduce its fees and/or pay the Tactical Total Fund's expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Operating Expenses After Expense Reduction/Reimbursement for shares of the Tactical Total Return Fund to 1.50% of the Fund's average net assets (the "Expense Cap"). The Expense Cap will remain in effect indefinitely and at least until January 31, 2014. A reimbursement may be requested by the Advisor if the aggregate amount actually paid by the Fund toward operating expenses for such fiscal year (taking into account any reimbursement) does not exceed the Expense Cap. The Agreement may be terminated at any time by the Board of Trustees upon 60 days' notice to the Advisor, or by the Advisor with the consent of the Board. 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may be higher than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Your actual after-tax returns depend on your tax situation and may differ from those shown.&#160;&#160;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 individual retirement account (&#8220;IRA&#8221;).</font> </div> 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. The Upgrader Fund's performance, before and after taxes is not necessarily an indication of how the Upgrader Fund will perform in the future. www.upgraderfunds.com 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 individual retirement account ("IRA"). The following performance information provides some indication of the risks of investing in the Upgrader Fund. reflects no deduction for fees, expenses or 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. 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While the Upgrader Fund is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified. Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Upgrader 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 (&#8220;Underlying Funds&#8221;).&#160;&#160;Some Underlying Funds primarily invest in particular types of securities (<font style="FONT-STYLE: italic; DISPLAY: inline">e.g.</font>, equity or fixed-income securities of various credit qualities, including high-yield securities or &#8220;junk bonds&#8221;), while some concentrate in certain industries or sectors, and others invest in a variety of securities.&#160;&#160;The Upgrader Fund may purchase, without limit, shares of international and global Underlying Funds.&#160;&#160;In addition, up to 50% of the Upgrader Fund&#8217;s net assets may be invested in Underlying Funds that focus their investment in securities of companies located in emerging markets.</font> </div> <br/><table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; 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FONT-SIZE: 10pt">&#160;</font> </div> <div> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s investment objective.&#160;&#160;Using this strategy, the Advisor classifies Underlying Funds according to their risk and performance characteristics.&#160;&#160;Four different classes of Underlying Funds are categorized according to this system, ranging from Speculative Underlying Funds, which are the most speculative 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.&#160;&#160;See &#8220;More about the Funds&#8217; Investment Objectives, Strategies and Risks &#8211; The Advisor&#8217;s Classification Process of the Underlying Funds&#8221; for more information on this system.</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; 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MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Flexible Income Fund.</font> </div> -0.0200 0.0070 0.0000 0.0024 0.0052 0.0146 ~ http://www.brandesfunds.com/20130131/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0000811030_S000004942Member row primary compact * ~ ~ http://www.brandesfunds.com/20130131/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0000811030_S000004942Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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. Shareholder Fees (fees paid directly from your investment) Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The FundX Flexible Income Fund (&#8220;Flexible Income Fund&#8221;) seeks to generate total return, which is capital appreciation plus current income.</font> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Flexible Income Fund.&#160;&#160;The bar chart below illustrates how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Flexible Income Fund&#8217;s total returns have varied from year to year.&#160;&#160;The table below illustrates how the Flexible Income Fund&#8217;s average annual total returns for the 1-year, 5-year and 10-year periods compare with a domestic broad-based market index.&#160;&#160;The Flexible Income Fund&#8217;s performance, before and after taxes is not necessarily an indication of how the Flexible Income Fund will perform in the future.&#160;&#160;Updated performance is available on the Flexible Income Fund&#8217;s website at www.upgraderfunds.com.</font> </div> Calendar Year Total Return as of December 31 0.1578 0.0493 0.0199 0.0856 0.0499 -0.0023 0.0906 0.0754 0.0109 0.0722 ~ http://www.brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0000811030_S000004942Member row primary compact * ~ Best Quarter 0.0630 2003-12-31 Worst Quarter -0.0385 2011-09-30 <table cellpadding="0" cellspacing="0" width="50%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="background-color: #3366FF;"> <td colspan="3" valign="top" width="36%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 3pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #ffffff; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Best and Worst Quarters</font></font> </div> </td> </tr> <tr> <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter</font> </div> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q4 2003</font> </div> </td> <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.30%</font> </div> </td> </tr> <tr> <td align="left" valign="top" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q3 2011</font> </div> </td> <td valign="top" width="12%" style="TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; 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The following performance information provides some indication of the risks of investing in the Flexible Income Fund. The Flexible Income Fund's performance, before and after taxes is not necessarily an indication of how the Flexible Income Fund will perform in the future. reflects no deduction for fees, expenses or taxes www.upgraderfunds.com Average Annual Total Returns as of December 31, 2012 Principal Risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An investment in the Flexible Income Fund entails risk.&#160;&#160;The Flexible Income Fund cannot guarantee that it will meet its investment objective.&#160;&#160;Since the price of the Underlying Funds that the Flexible Income Fund holds may fluctuate, the value of your investment may fluctuate and you could lose all or a portion of your investment in the Flexible Income Fund.&#160;&#160;The following risks could affect the value of your investment:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-15" width="100%" style="FONT-FAMILY: times new roman; 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Since the price of the Underlying Funds that the Flexible Income Fund holds may fluctuate, the value of your investment may fluctuate and you could lose all or a portion of your investment in the Flexible Income Fund. Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Flexible Income 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 (&#8220;Underlying Funds&#8221;).&#160;&#160;Some Underlying Funds primarily invest in particular types of securities (<font style="FONT-STYLE: italic; DISPLAY: inline">e.g.</font>, equity or fixed-income securities of various credit qualities, including high-yield securities or &#8220;junk bonds&#8221;), while some concentrate in certain industries or sectors, and others invest in a variety of securities.&#160;&#160;The Flexible Income Fund may purchase, without limit, shares of international and global Underlying Funds, which may also include Underlying Funds that invest in securities of companies located in emerging markets.</font> </div> <br/><table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td width="100%" style="TEXT-ALIGN: center"> &#160; </td> </tr> <tr style="background-color: #99CCFF;"> <td width="100%" style="TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid; BORDER-RIGHT: black 2px solid"> <font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Upgrading</font></font></font> </td> </tr> <tr style="background-color: #99CCFF;"> <td width="100%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid"> <font color="black" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">When a fund begins to lag its peers, the Advisor redeems the shares and directs the proceeds to a better performing alternative.</font></font> </td> </tr> <tr> <td width="100%" style="TEXT-ALIGN: justify"> <div> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </div> <div> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s investment objective.&#160;&#160;Using this strategy, the Advisor classifies Underlying Funds according to their risk and performance characteristics.&#160;&#160;Four different classes of Underlying Funds are categorized according to this system, ranging from Speculative Underlying Funds, which are the most&#160;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.&#160;&#160;See &#8220;More about the Funds&#8217; Investment Objectives, Strategies and Risks&#8211;The Advisor&#8217;s Classification Process of the Underlying Funds&#8221; for more information on this system.</font> </div> </td> </tr> </table> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal market conditions, the Fund will typically invest exclusively in Total Return and Bond Underlying Funds.&#160;&#160;These Underlying Funds may include a wide variety of investment strategies, typically possessing elements of both income and capital preservation with significant emphasis on fixed income securities of varying maturities and credit qualities.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;government repurchase agreements.&#160;&#160;To the extent the Fund is invested in such defensive investment, the Fund may not achieve its investment objective.</font> </div> FundX Conservative Upgrader Fund RELAX Example <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Conservative Fund with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Conservative Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Conservative Fund&#8217;s operating expenses remain the same.</font></div> 188 584 1005 2179 ~ http://www.brandesfunds.com/20130131/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact ck0000811030_S000004941Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As a fund-of-funds, the Conservative Fund does not typically pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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 Conservative Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Conservative Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Conservative Fund&#8217;s portfolio turnover rate was 122% of the average value of its portfolio.</font> </div> 1.22 Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Conservative Fund.</font> </div> -0.0200 0.0100 0.0000 0.0036 0.0049 0.0185 ~ http://www.brandesfunds.com/20130131/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact ck0000811030_S000004941Member row primary compact * ~ ~ http://www.brandesfunds.com/20130131/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact ck0000811030_S000004941Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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. Shareholder Fees (fees paid directly from your investment) Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The FundX Conservative Upgrader Fund (&#8220;Conservative Fund&#8221;) seeks to obtain capital appreciation over the long term while at times providing a low level of current income to reduce portfolio volatility.</font> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Conservative Fund.&#160;&#160;The bar chart below illustrates how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Conservative Fund&#8217;s total returns have varied from year to year.&#160;&#160;The table below illustrates how the Conservative Fund&#8217;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.&#160;&#160;The Conservative Fund&#8217;s performance, before and after taxes is not necessarily an indication of how the Conservative Fund will perform in the future.&#160;&#160;Updated performance is available on the Conservative Fund&#8217;s website www.upgraderfunds.com.</font> </div> Calendar Year Total Return as of December 31 0.2907 0.1285 0.0783 0.1772 0.0737 -0.2661 0.1981 0.1091 -0.0198 0.0945 ~ http://www.brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact ck0000811030_S000004941Member row primary compact * ~ Best Quarter 0.1552 2003-06-30 Worst Quarter -0.1291 2008-12-31 <table cellpadding="0" cellspacing="0" width="50%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="background-color: #5C0000;"> <td colspan="3" valign="top" width="33%" style="BORDER-TOP: black 3pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #ffffff; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Best and Worst Quarters</font> </div> </td> </tr> <tr> <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter</font> </div> </td> <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q2 2003</font> </div> </td> <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.52%</font> </div> </td> </tr> <tr> <td align="left" valign="top" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q4 2008</font> </div> </td> <td valign="top" width="10%" style="TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-12.91%</font> </div> </td> </tr> </table> 0.0945 0.0091 0.0758 0.0903 0.0027 0.0690 0.0623 0.0055 0.0644 0.1600 0.0166 0.0710 0.1659 -0.0046 0.0874 ~ http://www.brandesfunds.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact ck0000811030_S000004941Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The &#8220;Return After Taxes on Distributions&#8221; 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.&#160;&#160;The &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund&#8217;s shares were sold at the end of the specified period.&#160;&#160;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.&#160;&#160;In certain cases, the &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be higher than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Your actual after-tax returns depend on your tax situation and may differ from those shown.&#160;&#160;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.</font> </div> 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. The following performance information provides some indication of the risks of investing in the Conservative Fund. The Conservative Fund's performance, before and after taxes is not necessarily an indication of how the Conservative Fund will perform in the future. reflects no deduction for fees, expenses or 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. www.upgraderfunds.com Average Annual Total Returns as of December 31, 2012 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.RA. 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Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Conservative 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 (&#8220;Underlying Funds&#8221;).&#160;&#160;Some Underlying Funds primarily invest in particular types of securities (<font style="FONT-STYLE: italic; DISPLAY: inline">e.g.</font>, equity or fixed-income securities of various credit qualities, including high-yield securities or &#8220;junk bonds&#8221;), while some concentrate in certain industries or sectors, and others invest in a variety of securities.&#160;&#160;The Conservative Fund may also purchase, without limit, shares of international and global Underlying Funds.&#160;&#160;In addition, the Conservative Fund may invest up to 50% of its net assets in Underlying Funds that invest in securities of companies located in emerging markets.</font> </div> <br/><table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td width="100%" style="TEXT-ALIGN: center"> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </td> </tr> <tr style="background-color: #993300;"> <td width="100%" style="TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid; BORDER-RIGHT: black 2px solid"> <font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Upgrading</font></font></font> </td> </tr> <tr style="background-color: #993300;"> <td width="100%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid"> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">When a fund begins to lag its peers, the Advisor redeems the shares and directs the proceeds to a better performing alternative<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">.</font></font></font> </td> </tr> <tr> <td width="100%" style="TEXT-ALIGN: justify"> <div> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </div> <div> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s investment objective.&#160;&#160;Using this strategy, the Advisor classifies Underlying Funds according to their risk and performance characteristics.&#160;&#160;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.&#160;&#160;See &#8220;More about the Funds&#8217; Investment Objectives, Strategies and Risks&#8212;The Advisor&#8217;s Classification Process of the Underlying Funds&#8221; for more information on this system.&#160;</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal market conditions, the Fund will typically invest substantially in Core Underlying Funds.&#160;&#160;Core Underlying Funds generally invest in a diversified portfolio of equity securities of well-established U.S. and foreign companies with a wide range of market capitalizations. 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Shareholder Fees (fees paid directly from your investment) Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The FundX Aggressive Upgrader Fund (&#8220;Aggressive Fund&#8221;) seeks to maximize capital appreciation over the long term without regard to income.</font> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Aggressive Fund.&#160;&#160;The bar chart below illustrates how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Aggressive Fund&#8217;s total returns have varied from year to year.&#160;&#160;The table below illustrates how the Aggressive Fund&#8217;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.&#160;&#160;The Aggressive Fund&#8217;s performance, before and after taxes is not necessarily an indication of how the Aggressive Fund will perform in the future.&#160;&#160;Updated performance is available on the Aggressive Fund&#8217;s website www.upgraderfunds.com.</font> </div> Calendar Year Total Return as of December 31 0.4181 0.1069 0.1762 0.2033 0.1914 -0.4333 0.2327 0.1174 -0.0537 0.1465 ~ http://www.brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20025 column dei_LegalEntityAxis compact ck0000811030_S000004938Member row primary compact * ~ Best Quarter 0.2113 2003-06-30 Worst Quarter -0.2188 2008-12-31 <table cellpadding="0" cellspacing="0" width="50%" style="FONT-FAMILY: times new roman; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The &#8220;Return After Taxes on Distributions&#8221; 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.&#160;&#160;The &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund&#8217;s shares were sold at the end of the specified period.&#160;&#160;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.&#160;&#160;In certain cases, the &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be higher than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Your actual after-tax returns depend on your tax situation and may differ from those shown.&#160;&#160;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.</font> </div> 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. The following performance information provides some indication of the risks of investing in the Aggressive Fund. The Aggressive Fund's performance, before and after taxes is not necessarily an indication of how the Aggressive Fund will perform in the future. reflects no deduction for fees, expenses or 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. www.upgraderfunds.com Average Annual Total Returns as of December 31, 2012 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. 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While the Aggressive Fund is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified. Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 (&#8220;Underlying Funds&#8221;).&#160;&#160;Some Underlying Funds primarily invest in particular types of securities (<font style="FONT-STYLE: italic; DISPLAY: inline">e.g.</font>, equity or fixed-income securities of various credit qualities, including high-yield securities or &#8220;junk bonds&#8221;), while some concentrate in certain industries or sectors, and others invest in a variety of securities.&#160;&#160;In addition, some of the Underlying Funds that the Aggressive Fund invests in may engage in short sale transactions.&#160;&#160;The Aggressive Fund may also purchase, without limit, shares of international and global Underlying Funds.&#160;&#160;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.</font> </div> <br/><table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td width="100%" style="text-align: center; border-left: black 2px solid; border-top: black 2px solid; border-right: black 2px solid; background-color: red;"> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Upgrading</font></font></font></font> </td> </tr> <tr> <td width="100%" style="border-bottom: black 2px solid; text-align: left; border-left: black 2px solid; padding-left: 0pt; margin-left: 9pt; border-right: black 2px solid; background-color: red;"> <font style="FONT-STYLE: italic; DISPLAY: inline">&#160;&#160;When a fund begins to lag its peers, the Advisor redeems the shares and directs the proceeds to a better performing <font color="black" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">alternative.</font></font> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s investment objective. &#160;Using this strategy, the Advisor classifies Underlying Funds according to their risk and performance characteristics. &#160;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.&#160;&#160;See &#8220;More about the Funds&#8217; Investment Objectives, Strategies and Risks&#8212;The Advisor&#8217;s Classification Process of the Underlying Funds&#8221; for more information on this system.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal market conditions, the Fund will typically invest predominately (and at times exclusively) in Speculative Underlying Funds.&#160;&#160;Speculative Underlying Funds typically invest in small, mid-cap, new or unseasoned issuers and emerging market companies.&#160;&#160;Speculative Funds may make significant use of complex investment techniques, such as leverage, short sales and margin.&#160;&#160;Speculative Funds may concentrate their holdings in a limited number of issuers.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Speculative Underlying Funds are considered aggressive investments and entail greater risks.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;government repurchase agreements.&#160;&#160;To the extent the Fund is invested in such defensive investment, the Fund may not achieve its investment objective.</font> </div> FundX ETF Aggressive Upgrader Fund UNBOX Example <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the ETF Aggressive Fund with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the ETF Aggressive Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the ETF Aggressive Fund&#8217;s operating expenses remain the same (taking into account the one year contractual expense limitation).</font></div> 181 621 1087 2377 ~ http://www.brandesfunds.com/20130131/role/ScheduleExpenseExampleTransposed20031 column dei_LegalEntityAxis compact ck0000811030_S000015184Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As a fund-of-funds, the ETF Aggressive Fund does not typically pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio), except with respect to any purchases or sales of ETFs.&#160;&#160;If transaction costs are involved, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when ETF Aggressive Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the ETF Aggressive Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the ETF Aggressive Fund&#8217;s portfolio turnover rate was 256% of the average value of its portfolio.</font> </div> 2.56 Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the ETF Aggressive Fund.</font> </div> 0.00 0.0100 0.0000 0.0079 0.0028 0.0207 -0.0029 0.0178 ~ http://www.brandesfunds.com/20130131/role/ScheduleShareholderFees20029 column dei_LegalEntityAxis compact ck0000811030_S000015184Member row primary compact * ~ ~ http://www.brandesfunds.com/20130131/role/ScheduleAnnualFundOperatingExpenses20030 column dei_LegalEntityAxis compact ck0000811030_S000015184Member row primary compact * ~ 2014-01-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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. Shareholder Fees (fees paid directly from your investment) Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The FundX ETF Aggressive Upgrader Fund (&#8220;ETF Aggressive Fund&#8221;) seeks to maximize capital appreciation over the long term without regard to income.</font> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the ETF Aggressive Fund.&#160;&#160;The bar chart below illustrates how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>ETF Aggressive Fund&#8217;s total returns have varied from year to year.&#160;&#160;The table below illustrates how the ETF Aggressive Fund&#8217;s average annual total returns for the 1-year, 5-year and Since Inception periods compare with a domestic broad-based market index and secondary index provided to offer a broader market perspective.&#160;&#160;The ETF Aggressive Fund&#8217;s performance, before and after taxes is not necessarily an indication of how the ETF Aggressive Fund will perform in the future.&#160;&#160;Updated performance is available on the ETF Aggressive Fund&#8217;s website at www.upgraderfunds.com.</font> </div> Calendar Year Total Return as of December 31 -0.3954 0.2008 0.084 -0.0768 0.1429 ~ http://www.brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20032 column dei_LegalEntityAxis compact ck0000811030_S000015184Member row primary compact * ~ Best Quarter 0.1741 2009-09-30 Worst Quarter -0.2174 2008-12-31 <table cellpadding="0" cellspacing="0" width="50%" style="FONT-FAMILY: times new roman; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;17.41%</font> </div> </td> </tr> <tr> <td align="left" valign="top" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q4 2008</font> </div> </td> <td align="left" valign="top" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-21.74%</font> </div> </td> </tr> </table> 0.1429 -0.0365 0.0051 0.1429 -0.0380 0.0038 0.0929 -0.0313 0.0038 0.1600 0.0166 0.0207 0.1659 -0.0046 0.0113 2007-01-31 2007-01-31 2007-01-31 ~ http://www.brandesfunds.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20033 column dei_LegalEntityAxis compact ck0000811030_S000015184Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The &#8220;Return After Taxes on Distributions&#8221; 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.&#160;&#160;The &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund&#8217;s shares were sold at the end of the specified period.&#160;&#160;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.&#160;&#160;In certain cases, the &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be higher than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Your actual after-tax returns depend on your tax situation and may differ from those shown.&#160;&#160;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.</font> </div> 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. The ETF Aggressive Fund's performance, before and after taxes is not necessarily an indication of how the ETF Aggressive Fund will perform in the future. www.upgraderfunds.com 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. The following performance information provides some indication of the risks of investing in the ETF Aggressive Fund. reflects no deduction for fees, expenses or 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. 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Since the price of the Underlying Funds that the ETF 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 ETF Aggressive Fund. Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The ETF Aggressive Fund is a fund-of-funds and as such, under normal market conditions, seeks to achieve its investment objective by investing at least 80% of its net assets (including borrowings for investment purposes) in Underlying Funds that are exchange-traded funds (&#8220;ETFs&#8221;).&#160;&#160;The ETF Aggressive Fund purchases shares of ETFs in the secondary market and not directly from the ETFs.&#160;&#160;Some Underlying Funds primarily invest in particular types of securities (<font style="FONT-STYLE: italic; DISPLAY: inline">e.g.</font>, equity or fixed income securities of various credit qualities, including high-yield securities or &#8220;junk bonds&#8221;), while some concentrate in certain industries or sectors, and others invest in a variety of securities.&#160;&#160;The ETF Aggressive Fund may also purchase, without limit, shares of international and global Underlying Funds and may invest up to 100% of its net assets in Underlying Funds that invest in equity securities of companies in emerging markets.</font> </div> <br/><table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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&#8217;s investment objective.&#160;&#160;Using this strategy, the Advisor classifies Underlying Funds according to their risk and performance characteristics.&#160;&#160;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.&#160;&#160;See &#8220;More about the Funds&#8217; Investment Objectives, Strategies and Risks&#8212;The Advisor&#8217;s Classification Process of Underlying Funds&#8221; for more information on this system.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal market conditions, the Fund will typically invest predominately (and at times exclusively) in Speculative Underlying Funds.&#160;&#160;Speculative Underlying Funds typically invest in small, mid-cap, new or unseasoned issuers and emerging market companies.&#160;&#160;Speculative Funds may make significant use of complex investment techniques, such as leverage, short sales and margin.&#160;&#160;Speculative Funds may concentrate their holdings in a limited number of issuers.&#160;&#160;Speculative Underlying Funds are considered aggressive investments and entail greater risks.&#160;&#160;The Fund may also invest in Underlying Funds that invest in fixed income securities, including below investment grade securities.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; 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Shareholder Fees (fees paid directly from your investment) Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The FundX ETF Upgrader Fund (&#8220;ETF Upgrader Fund&#8221;) seeks to maximize capital appreciation over the long term without regard to income.</font> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the ETF Upgrader Fund.&#160;&#160;The bar chart below illustrates how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>ETF Upgrader Fund&#8217;s total returns have varied from year to year.&#160;&#160;The table below illustrates how the ETF Upgrader Fund&#8217;s average annual total returns for the 1-year, 5-year and Since Inception periods compare with a domestic broad-based market index and secondary index provided to offer a broader market perspective.&#160;&#160;The ETF Upgrader Fund&#8217;s performance, before and after taxes is not necessarily an indication of how the ETF Upgrader Fund will perform in the future.&#160;&#160;Updated performance is available on the ETF Upgrader Fund&#8217;s website at www.upgraderfunds.com.</font> </div> Calendar Year Total Return as of December 31 -0.4159 0.171 0.1197 -0.0186 0.1181 ~ http://www.brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20039 column dei_LegalEntityAxis compact ck0000811030_S000015183Member row primary compact * ~ Best Quarter 0.1868 2009-09-30 Worst Quarter -0.2346 2008-12-31 <table cellpadding="0" cellspacing="0" width="50%" style="FONT-FAMILY: times new roman; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;18.68%</font> </div> </td> </tr> <tr> <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q4 2008</font> </div> </td> <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-23.46%</font> </div> </td> </tr> </table> 0.1181 -0.0342 -0.0111 0.1175 -0.0362 -0.0128 0.0774 -0.0294 -0.0100 0.1600 0.0166 0.0207 0.1659 -0.0046 0.0113 2007-01-31 2007-01-31 2007-01-31 ~ http://www.brandesfunds.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20040 column dei_LegalEntityAxis compact ck0000811030_S000015183Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The &#8220;Return After Taxes on Distributions&#8221; 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.&#160;&#160;The &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund&#8217;s shares were sold at the end of the specified period.&#160; 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.&#160;&#160;In certain cases, the &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be higher than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Your actual after-tax returns depend on your tax situation and may differ from those shown.&#160;&#160;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 individual retirement account (&#8220;IRA&#8221;).</font> </div> 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. The following performance information provides some indication of the risks of investing in the ETF Upgrader Fund. The ETF Upgrader Fund's performance, before and after taxes is not necessarily an indication of how the ETF Upgrader Fund will perform in the future. reflects no deduction for fees, expenses or 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. www.upgraderfunds.com Average Annual Total Returns as of December 31, 2012 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 individual retirement account ("IRA"). Principal Risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An investment in the ETF Upgrader Fund entails risk.&#160;&#160;The ETF Upgrader Fund cannot guarantee that it will meet its investment objective.&#160;&#160;Since the price of the Underlying Funds that the ETF Upgrader Fund holds may fluctuate, the value of your investment may fluctuate and you could lose all or a portion of your investment in the ETF Upgrader Fund.&#160;&#160;The following risks could affect the value of your investment:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-73" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#9679;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; 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FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management Risk &#8211; Management risk describes the ETF Upgrader Fund&#8217;s ability to meet its investment objective based on the Advisor&#8217;s success or failure to implement investment strategies for the ETF Upgrader Fund.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-75" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#9679;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ETF Trading Risk &#8211; Because the ETF Upgrader 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&#8217;s shares may trade at a discount to its net asset value (&#8220;NAV&#8221;), 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&#8217;s ability to sell its shares of an ETF.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-76" width="100%" style="FONT-FAMILY: times new roman; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#9679;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Concentration and Sector Emphasis Risk &#8211; Because the Underlying Funds may hold a limited number of issuers, they may become concentrated in one or more sectors at any given time, subjecting the ETF Upgrader Fund to sector concentration risk.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-81" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#9679;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upgrading Strategy Risk &#8211; The ETF Upgrader Fund employs an Upgrading strategy whereby it continually seeks to invest in the top-performing ETFs at a given time.&#160;&#160;When investment decisions are based on near-term performance, however, the ETF Upgrader 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.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-82" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#9679;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Underlying Funds Risk &#8211; The risks associated with the ETF Upgrader Fund include the risks related to each Underlying Fund in which the ETF Upgrader Fund invests.&#160;&#160;Although the ETF Upgrader 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.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-83" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; 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FONT-SIZE: 10pt">Portfolio Turnover Risk &#8211; 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.</font> </div> </td> </tr> </table> Since the price of the Underlying Funds that the ETF Upgrader Fund holds may fluctuate, the value of your investment may fluctuate and you could lose all or a portion of your investment in the ETF Upgrader Fund. While the ETF Upgrader Fund is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified. Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The ETF Upgrader Fund is a fund-of-funds and as such, under normal market conditions, the ETF Upgrader Fund seeks to achieve its investment objective by investing at least 80% of its net assets (including borrowings for investment purposes) in Underlying Funds that are exchange-traded funds (&#8220;ETFs&#8221;).&#160;&#160;The ETF Upgrader Fund purchases shares of ETFs in the secondary market and not directly from the ETFs.&#160;&#160;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 &#8220;junk bonds&#8221;), while some concentrate in certain industries or sectors, and others invest in a variety of securities.&#160;&#160;The ETF Upgrader Fund may also purchase, without limit, shares of international and global Underlying Funds and may invest up to 50% of its net assets in Underlying Funds that invest in securities of companies in emerging markets.</font> </div> <br/><table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td width="100%" style="text-align: center; border-left: black 2px solid; border-top: black 2px solid; border-right: black 2px solid; background-color: #666699;"> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Upgrading</font></font></font></font> </td> </tr> <tr> <td width="100%" style="border-bottom: black 2px solid; text-align: left; border-left: black 2px solid; border-right: black 2px solid; background-color: #666699;"> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;&#160;When a fund begins to lag its peers, the Advisor redeems the shares and directs the proceeds to a better performing alternative.</font></font> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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&#8217;s investment objective.&#160;&#160;Using this strategy, the Advisor classifies Underlying Funds according to their risk and performance characteristics.&#160;&#160;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.&#160;&#160;See &#8220;More about the Funds&#8217; Investment Objectives, Strategies and Risks&#8212;The Advisor&#8217;s Classification Process of the Underlying Funds&#8221; for more information on this system.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal market conditions, the Fund will typically maintain a core holding of Core Underlying Funds. 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Shareholder Fees (fees paid directly from your investment) Investment Objective <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The FundX Tactical Upgrader Fund (&#8220;Tactical Fund&#8221;) seeks long-term capital appreciation;</font></div> <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">capital preservation is a secondary consideration.</font> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Tactical Fund. The bar chart below illustrates how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Tactical Fund&#8217;s total returns have varied since inception.&#160;&#160;The table below illustrates how the Tactical Fund&#8217;s average annual total returns for the 1-year and Since Inception periods compare with a domestic broad-based market index and secondary index provided to offer a broader market perspective.&#160;&#160;The Tactical Fund&#8217;s performance, before and after taxes is not necessarily an indication of how the Tactical Fund will perform in the future.&#160;&#160;Updated performance is available on the Tactical Fund&#8217;s website at www.upgraderfunds.com.</font> </div> Calendar Year Total Return as of December 31 0.0286 0.0783 0.0398 0.0266 ~ http://www.brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20046 column dei_LegalEntityAxis compact ck0000811030_S000021060Member row primary compact * ~ Best Quarter 0.0634 2009-09-30 Worst Quarter -0.0231 2011-09-30 <table cellpadding="0" cellspacing="0" width="45%" style="FONT-FAMILY: times new roman; 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TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;6.34%</font> </div> </td> </tr> <tr> <td align="left" valign="top" width="41%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="28%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q3 2011</font> </div> </td> <td valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; 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may be higher than the other return figures for the same period.&#160;&#160;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.&#160;&#160;Your actual after-tax returns depend on your tax situation and may differ from those shown.&#160;&#160;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 individual retirement account (&#8220;IRA&#8221;).</font> </div> 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. The following performance information provides some indication of the risks of investing in the Tactical Fund. The Tactical Fund's performance, before and after taxes is not necessarily an indication of how the Tactical Fund will perform in the future. reflects no deduction for fees, expenses or 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. www.upgraderfunds.com Average Annual Total Returns as of December 31, 2012 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 individual retirement account ("IRA"). 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The value of fixed-income securities held by the Underlying Funds that are rated below investment grade (junk bonds) 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.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-105" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#9679;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ETF Trading Risk &#8211; Because the Tactical 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&#8217;s shares may trade at a discount to its net asset value (&#8220;NAV&#8221;), 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&#8217;s ability to sell its shares of an ETF.</font> </div> </td> </tr> </table> Since the price of the Underlying Funds that the Tactical Fund holds may fluctuate, the value of your investment may fluctuate and you could lose all or a portion of your investment in the Tactical Fund. While the Tactical Fund itself is diversified, the Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified. Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Tactical Fund is a fund-of-funds and as such seeks to achieve its investment objective by investing in no-load and load waived mutual funds as well as exchange-traded funds (&#8220;ETFs&#8221;) (&#8220;Underlying Funds&#8221;).&#160;&#160;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 &#8220;junk bonds&#8221;), and others invest in a variety of securities.&#160;&#160;Various Underlying Funds may emphasize either value or growth styles of investing or as a combination thereof.&#160;&#160;When the Advisor believes that stock market conditions warrant a defensive posture, the Advisor may liquidate a substantial portion of the Underlying Funds and invest in money market instruments and ETFs that short the market (perform inversely to broad market indexes), providing a hedge against the remaining long positions.&#160;&#160;When the Advisor&#8217;s indicators turn positive, the portfolio will again be fully invested in Underlying Funds.&#160;&#160;Some of the Underlying Funds may invest in foreign or emerging market securities.</font> </div> <br/><table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="background-color: gainsboro;"> <td width="100%" style="text-align: center; border-left: black 2px solid; border-top: black 2px solid; border-right: black 2px solid; background-color: lightgrey;"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Upgrading</font></font></font> </td> </tr> <tr style="background-color: gainsboro;"> <td width="100%" style="border-bottom: black 2px solid; text-align: left; border-left: black 2px solid; border-right: black 2px solid; background-color: lightgrey;"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;When a fund begins to lag its peers, the Advisor redeems the shares and directs the proceeds to a better performing alternative.</font></font> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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&#8217;s investment objective.&#160;&#160;Using this strategy, the Advisor classifies Underlying Funds according to their risk and performance characteristics.&#160;&#160;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.&#160;&#160;See &#8220;More about the Funds&#8217; Investment Objectives, Strategies and Risks&#8212;The Advisor&#8217;s Classification Process of the Underlying Funds&#8221; for more information on this system.</font> </div> <br/><table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; 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the range of the Fund&#8217;s investments in each of these types of Underlying Funds will vary based on the model&#8217;s assessment of market conditions.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;To the extent the Fund is invested in such defensive investment, the Fund may not achieve its investment objective.</font> </div> FundX Tactical Total Return Fund TOTLX Example <div align="justify" style="TEXT-INDENT: 0pt; 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Shareholder Fees (fees paid directly from your investment) Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The FundX Tactical Total Return Fund (&#8220;Tactical Total Return Fund&#8221;) is to seek long-term capital appreciation and current income with an emphasis on risk management.</font> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Tactical Total Return Fund.&#160;&#160;The bar chart below illustrates how the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Tactical Total Return Fund&#8217;s total returns have varied since inception.&#160;&#160;The table below illustrates how the Tactical Total Return Fund&#8217;s average annual total returns for the 1-year and Since Inception periods compare with a domestic broad-based market index and secondary index provided to offer a broader market perspective.&#160;&#160;The Tactical Total Return Fund&#8217;s performance, before and after taxes is not necessarily an indication of how the Tactical Total Return Fund will perform in the future.&#160;&#160;Updated performance is available on the Tactical Total Return Fund&#8217;s website at www.upgraderfunds.com.</font> </div> Calendar Year Total Return as of December 31 0.0608 0.0261 0.036 ~ http://www.brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20053 column dei_LegalEntityAxis compact ck0000811030_S000025652Member row primary compact * ~ Best Quarter 0.0389 2010-09-30 Worst Quarter -0.0295 2011-09-30 <table cellpadding="0" cellspacing="0" width="45%" style="FONT-FAMILY: times new roman; 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The following performance information provides some indication of the risks of investing in the Tactical Total Return Fund. The Tactical Total Return Fund's performance, before and after taxes is not necessarily an indication of how the Tactical Total Return Fund will perform in the future. reflects no deduction for fees, expenses or taxes www.upgraderfunds.com Average Annual Total Returns as of December 31, 2012 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 individual retirement account ("IRA"). 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Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Tactical Total Return Fund is a fund-of-funds and as such seeks to achieve its investment objective by investing in no-load and load waived mutual funds as well as exchange-traded funds (&#8220;ETFs&#8221;) (&#8220;Underlying Funds&#8221;).&#160;&#160;The Tactical Total Return Fund will typically hold a combination of core equity, balanced and fixed income mutual funds, as well as ETFs and will emphasize risk management in structuring the portfolio.&#160;&#160;The Underlying Funds invest directly in securities that may include any type of equity security (<font style="FONT-STYLE: italic; DISPLAY: inline">e.g.&#160;</font>common stock and derivative instruments such as options or futures) and any type of fixed-income security (<font style="FONT-STYLE: italic; DISPLAY: inline">e.g.,&#160;</font>high-yield &#8220;junk&#8221; 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