FundX Tactical Total Return Fund (TOTLX)

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund Since Inception on 5/29/09 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. 50/50 blended index is made up of 50% S&P 500 and 50% Barclays Aggregate Bond Index, rebalanced monthly. The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. The Barclays Aggregate Bond Index is an unmanaged index generally representative of intermediate-term government bonds, investment grade corporate debt securities and mortgage-backed securities. You cannot invest directly in an index.

Average Annualized Total Returns Quarter-End Dec 31, 2011

	1 Year	Since Inception 5/29/09
FundX Tactical Total Return	2.61	4.82
50/50 Index	5.53	11.73

Current Total Returns Period Ending January 31, 2012

	1 Mo	YTD	3 Mo	6 Mo	1 Year	Since Inception Average Annualized Return
FundX Tactical Total Return	1.66	1.66	3.44	1.96	3.48	5.31
50/50 Index	2.71	2.71	3.60	4.07	7.07	12.47

Expense Ratios
Gross	3.32
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. Performance data
shown does not reflect the 2.00% redemption fee imposed on shares held within 30 days. If it did, total returns would be reduced.
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.
• Non-Diversification Risk –The Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
• Short Sales Risk –The Underlying Funds may engage in short sales, which could result in such a fund’s investment performance suffering if it is required to close out a short position earlier than it had intended.
• 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.
• The Underlying Funds of the Tactical Total Return Fund may invest in mortgage- and asset-backed securities, which represent “pools” of mortgages or other assets, including consumer loans or receivables held in trust.  In a period of rising interest rates, these securities may exhibit additional volatility.

Holdings as of 01-31-2012

Name	Ticker	Holding %
Speculative Funds
Health Care SPDR	XLV	0.68
PowerShrs QQQ Trust	QQQ	0.57
Utilities Select Sector	XLU	1.23
Speculative Funds Total		2.48
Core Funds
iShrs S&P 500 Gr Idx	IVW	2.49
SPDR DJIA Trust	DIA	3.28
SPDR S&P Dividend	SDY	1.94
WisdomTree Div xFincl	DTN	2.50
Core Funds Total		10.21
Total Return
Calamos Market Neutral	CMNIX	1.42
Hussman Strategic Total	HSTRX	2.17
Manning & Napier Pro Bl	MNCIX	0.63
Merger Fund	MERFX	2.01
Vanguard Wellesley I	VWIAX	2.26
Total Return Total		8.49
Bond Fund
DoubleLine Core Fixed I	DBLFX	4.12
DoubleLine Total Return	DBLTX	4.10
Fidelity Ginnie Mae	FGMNX	4.05
Fidelity Total Bond Fun	FTBFX	2.45
Guggenheim BulletShares	BSJD	1.82
iShares Barclays 1-3 Yr	CSJ	2.85
iShrs Barclays 3-7 Yrs	IEI	2.03
MainStay High Yield Cor	MHYIX	4.16
Bond Fund Total		25.58
Cash
Cash	CASH	33.78
US Treas Bill 5/3/12		5.91
US Treas Bill 6/28/12		2.36
US Treas Bill 7/12/12		2.36
US Treas Bill 7/26/12		2.66
US Treas Bill 9/20/12		5.91
Cash Total		52.98
Options
DIA US 2/18/12 C125		-0.04
DIA US 2/18/12 P125		-0.05
DTN US 2/18/12 C53		-0.01
DTN US 2/18/12 C54		0.00
IJR US 2/18/12 P71		-0.02
IVW US 2/18/12 C68		-0.09
QQQ US 2/18/12 P60		-0.01
QQQ US 2/3/12 P60 T		-0.01
SDY US 2/18/12 C55		-0.02
SPY US 2/18/12 C132		0.16
SPY US 3/17/12 C130		0.37
XLU US 2/18/12 C35		-0.01
XLU US 2/18/12 P35		-0.01
Options Total		0.26

• 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.
• Non-Diversification Risk –The Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
• Short Sales Risk –The Underlying Funds may engage in short sales, which could result in such a fund’s investment performance suffering if it is required to close out a short position earlier than it had intended.
• 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.
• The Underlying Funds may invest in mortgage- and asset-backed securities, which represent “pools” of mortgages or other assets, including consumer loans or receivables held in trust.  In a period of rising interest rates, these securities may exhibit additional volatility.

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	.02256	0.12927	1.33223	1.4615	1/3/12
2010	0.28	0.86	0.14	1.00	1/3/11
2009	0.24464	None	None	None	1/4/10

• 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.
• Non-Diversification Risk –The Underlying Funds may invest in a limited number of issuers and therefore may be considered non-diversified.
• Short Sales Risk –The Underlying Funds may engage in short sales, which could result in such a fund’s investment performance suffering if it is required to close out a short position earlier than it had intended.
• 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.
• The Underlying Funds may invest in mortgage- and asset-backed securities, which represent “pools” of mortgages or other assets, including consumer loans or receivables held in trust.  In a period of rising interest rates, these securities may exhibit additional volatility.