FundX ETF Upgrader Fund (REMIX)

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund Since Inception on 1/31/2007 for the period ending 12/31/2011.  It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees.  This chart does not imply any future performance. 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.

Average Annualized Total Returns Quarter-End Dec 31, 2011

	1 Year	Since Inception 1/31/07
FundX ETF Upgrader	-1.86	-3.55
S&P 500 Index	2.04	-0.63

Current Total Returns Period Ending January 31, 2012

	1 Mo	YTD	3 Mo	6 Mo	1 Year	Since Inception Average Annualized Return
FundX ETF Upgrader	2.60	2.60	3.90	-1.57	-0.52	-2.99
S&P 500 Index	4.54	4.54	5.31	2.74	4.22	0.28

Expense Ratios
Gross	2.69
Net	1.50

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 through February 28, 2012.  The figures shown represent the net expense ratios without Aquired Fund Fees and Expenses, Interest Expenses, Taxes and Extraordinary Expenses, and are after the effects of fee waivers, recoupments and rebated fees.

• Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies.
• Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods.
• Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.
• 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.

Holdings as of 01-31-2012

Name	Ticker	Holding %
Speculative Funds
Consumer Staples SPDR	XLP	2.59
Energy Select Sector SP	XLE	0.31
Health Care SPDR	XLV	1.05
Homebuiders SPDR	XHB	0.99
iShrs C & S Realty Majo	ICF	0.99
iShrs Nasdaq Biotechnol	IBB	1.88
iShrs S&P SmCp 600 Gr	IJT	4.16
iShrs S&P SmCp 600 Val	IJS	4.10
PowerShrs Hi Yld Div Ac	PEY	2.93
PowerShrs QQQ Trust	QQQ	6.06
Utilities Select Sector	XLU	2.66
Speculative Funds Total		27.72
Core Funds
iShrs DJ Select Div Idx	DVY	14.97
iShrs S&P 500 Gr Idx	IVW	8.48
SPDR DJIA Trust	DIA	15.59
SPDR S&P 500 Growth	SPYG	5.10
SPDR S&P Dividend	SDY	12.51
WisdomTree Div xFincl	DTN	15.21
Core Funds Total		71.86
Cash
Cash	CASH	0.42
Cash Total		0.42

• Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies.
• Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods.
• Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.
• 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

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

References to other mutual funds should not be considered an offer of these securities.

Capital Gain and Income Distributions $
Year	Total Income Dividend	Short Term Cap Gain	Long Term Cap Gain	Total Cap Gain	Date
2011	0.07118	None	None	None	1/3/12
2010	0.06	None	None	None	1/3/11
2009	0.27735	None	None	None	1/4/10
2008	0.08452	None	None	None	1/2/09
2007	0.39588	0.14577	None	0.14577	1/2/08

• Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies.
• Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods.
• Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.
• 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.