FundX Upgrader Fund (FUNDX)

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund Since Inception on 11/1/2001 for the period ending 6/30/2011.  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 Annual Total Returns Quarter-End Dec 31, 2011

	1 Year	5 Years	10 Years	Since Inception 11/1/01
FundX Upgrader Fund	-4.66	-2.64		5.10
S&P 500 Index	2.04	-0.31		3.44

Current Total Returns Period Ending December 31, 2011

						Average Annualized Return
	1 Mo	3 Mo	6 Mo	YTD	1 Year	5 Years	10 Years	Since Inception 11/1/01
FundX Upgrader Fund	0.22	9.82	-9.56	-4.66	-4.66	-2.64	4.44	5.10
S&P 500 Index	1.03	11.74	-3.75	2.04	2.04	-0.31	2.89	3.44

Expense Ratios
Gross	1.93%
Net	1.21%

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.
• 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 12-31-2011

Name	Ticker	Holding %
Speculative Funds
Brown Cap Mgm Sm Co	BCSIX	1.69
Consumer Staples SPDR	XLP	2.04
iShrs Nasdaq Biotechnol	IBB	1.06
Market Vectors Gold Min	GDX	1.01
MFS Massachussetts Inve	MGTIX	2.32
PowerShrs QQQ Trust	QQQ	4.77
SPDR Gold Trust	GLD	0.95
Technology SPDR	XLK	1.00
Touchstone Sands Capita	CFSIX	1.27
TRPrice Health Science	PRHSX	1.35
TRPrice New Horizon	PRNHX	2.93
Utilities Select Sector	XLU	2.07
Value Line	VLIFX	0.18
WellsF Adv Growth	SGRNX	3.36
Yacktman Focused	YAFFX	1.99
Speculative Funds Total		27.99
Core Funds
Dreyfus Appreciation Fu	DGAGX	5.44
Federated Strat Val Div	SVAIX	5.37
Fidelity Adv Gr Opportu	FAGCX	3.89
Hussman Strategic Growt	HSGFX	0.89
iShrs DJ Select Div Idx	DVY	6.91
iShrs Russell 1000 Gr I	IWF	6.36
iShrs S&P 500 Gr Idx	IVW	7.50
Matthews Asian Gro & In	MACSX	0.00
Sequoia (d)	SEQUX	1.33
SPDR DJIA Trust	DIA	2.13
SPDR S&P Dividend	SDY	2.55
TRPrice Blue Chip	TRBCX	5.03
Vanguard Dividend Gr	VDIGX	5.41
Vanguard Growth ETF	VUG	5.42
WisdomTree Div xFincl	DTN	5.60
WisdomTree LrgC Div	DLN	1.24
Yacktman	YACKX	6.52
Core Funds Total		71.59
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.
• 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.

Diversification does not assure a profit or protect against a loss in a declining market.

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	.04427	None	None	None	1/3/12
2010	0.03	None	None	None	1/3/11
2009	0.13977	None	None	None	1/4/10
2008	0.00129	None	None	None	1/2/09
2007	0.86418	1.10038	2.49727	3.59765	1/2/08
2006	0.60951	0.64858	1.75259	2.40117	1/3/07
2005	0.1680	0.4271	1.6401	2.0672	1/3/06
2004	0.2937	None	0.4196	0.4196	1/3/05
2003	None	None	None	None	1/2/04
2002	None	None	None	None	1/2/03
2001	0.1932	None	None	None	1/2/02

• 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.
• 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.