FundX Flexible Income Fund (INCMX)

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund Since Inception on 7/1/2002 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 Barclay's Aggregrate Bond Index is a market-capitalization-weighted index of investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. You cannot invest directly in an index.

Average Annualized Total Returns Quarter-End Dec 31, 2011

	1 Year	5 Years	Since Inception 7/1/02
FundX Flexible Income	1.09	4.43	5.80
Barc Agg Bond Idx	7.84	6.50	5.67

Current Total Returns Period Ending January 31, 2012

						Average Annualized Returns
	1 Mo	YTD	3 Mo	6 Mo	1 Year	5 Years	Since Inception
FundX Flexible Income	1.33	1.33	1.66	-1.58	1.62	4.55	5.90
Barc Agg Bond Idx	0.88	0.88	1.90	4.25	8.66	6.70	5.72

Expense Ratios
Gross	1.58
Net	0.92

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.
Net expense ratio reflects the Fund expenses without Acquired Fund Fees and Expenses.

• 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 %
Total Return
Calamos Market Neutral	CMNIX	6.76
Hussman Strategic Total	HSTRX	5.85
Manning & Napier Pro Bl	MNCIX	0.24
Merger Fund	MERFX	1.10
Vanguard Wellesley I	VWIAX	7.91
Total Return Total		21.86
Bond Fund
DoubleLine Core Fixed I	DBLFX	10.83
DoubleLine Total Return	DBLTX	12.53
Dreyfus Intermediate Te	DRITX	6.85
Fidelity Ginnie Mae	FGMNX	5.49
Fidelity Investment Gra	FBNDX	3.97
Fidelity Total Bond Fun	FTBFX	5.64
Guggenheim BulletShares	BSJD	5.38
iShares Barclays 1-3 Yr	CSJ	3.74
iShrs Barclays 3-7 Yrs	IEI	6.18
MainStay High Yield Cor	MHYIX	11.61
PIMCO GNMA Inst A	PDMIX	5.63
Bond Fund Total		77.85
Cash
Cash	CASH	0.29
Cash Total		0.29

• 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.

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

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

Capital Gain and Income Distributions $
Year	Total Income Dividend	Short Term Cap Gain	Long Term Cap Gain	Total Cap Gain	Date
2011	1.00723	None	.24620	.24620	1/3/12
2010	1.20	0.08	0.36	0.42	1/3/11
2009	0.73310	None	None	None	1/4/10
2008	1.33472	None	None	None	1/2/09
2007	0.38328	0.85629	None	0.85629	1/2/08
2006	0.95851	None	None	None	1/3/07
2005	1.0924	None	None	None	1/3/06
2004	1.0884	None	0.0627	0.0627	1/3/05
2003	0.6999	0.2012	0.0235	0.2247	1/2/04
2002	0.5162	None	None	None	1/2/03

• 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.