FundX ETF Upgrader Fund (REMIX)

The FundX ETF Upgrader Fund (REMIX - Inception 1/31/07) may be appropriate for long-term investors willing to accept an above average level of market risk associated with investing in a portfolio that depends largely on the value of common stock holdings.

The ETF Upgrader Fund may not be appropriate for investors seeking regular income or stability of principal or those pursuing a short-term goal.

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest directly in an index.

QTR End Fund Performance: Total Returns to 3/31/08

	12 mo	Average Annualized Return Since Inception 1/31/07	Cumulative Return Since Inception (1/31/07)	Gross Expense Ratio	* Net Expense Ratio
Fundx ETF Upgrader	-4.19	-2.82	-3.27	2.40%	1.50%
S&P 500 Index	-5.15	-5.22	-6.02

Current Fund Performance: Total Returns to 4/30/08

	1 mo	3 mo	YTD	6 mo	12 mo	Average Annualized Return Since Inception (1/31/07)	Cumulative Return Since Inception (1/31/07)
Fundx ETF Upgrader	4.98	0.61	-8.84	-14.41	-3.80	1.24	1.55
S&P 500 Index	4.94	1.02	-5.00	-9.70	-4.74	-1.11	-1.38

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data quoted is current to the most recent month end. Returns shown are cumulative, unless otherwise noted.
* *The advisor has contractually agreed to reduce its fees and/or pay each Fund’s expenses for a period of at least ten years (three years for the ETF Upgrader Funds), and indefinitly thereafter. The figures shown represent the net expense ratios without Acquired Fund Fees and Expenses and are after the effects of fee waivers, recoupments and rebated fees.

Fund holdings and/or sector allocations are subject to change at any time
and are not recommendations to buy or sell any security

The FundX ETF Upgrader Funds are considered “funds of funds”. Each of the ETF Upgrader Funds will bear its share of the fees and expenses of the underlying funds. Shareholders will pay higher expenses than would be the case if making direct investments in the underlying ETFs.

ETF Trading Risk – Because the Funds invest in ETFs, they are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares.

Foreign - The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets.

Small Company - The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility.

Non-Diversified/Concentration - The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings or sectors than a diversified fund. Therefore, the Fund is more exposed to individual issuer volatility than a diversified fund.

Short sales - The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.

Interest rate/credit/high yield - Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.

While the fund is no-load, management and other expenses still apply. Please refer to the prospectus for further details.