FundX Conservative Upgrader Fund (RELAX)

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 3/31/2012.  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 Period Ending Mar 31, 2012

	1 Year	5 Years	Since Inception 7/1/02
FundX Conservative Upgrader	-1.09	1.16	6.27
S&P 500 Index	8.54	1.97	5.98

Current Total Returns Period Ending April 30, 2012

						Average Annualized Returns
	1 Mo	3 Mo	YTD	6 Mo	1 Year	5 Years	Since Inception
FundX Conservative Upgrader	0.12	3.77	5.70	6.50	-2.99	0.61	6.23
S&P 500 Index	-0.63	7.08	11.88	12.77	4.76	1.01	5.89

Expense Ratios
Gross	1.97
Net	1.33

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 04-30-2012

Name	Ticker	Holding %
Core Funds
Dreyfus Appreciation Fu	DGAGX	5.50
Goldman Sachs Capital G	GSPIX	2.35
iShrs Russell 1000 Gr I	IWF	6.09
iShrs S&P 500 Gr Idx	IVW	6.63
PIMCO StocksPLUS Total	PSPTX	1.50
Sequoia (d)	SEQUX	3.13
SPDR DJIA Trust	DIA	2.91
TRPrice Blue Chip	TRBCX	4.43
TRPrice Growth Fund	PRGFX	3.80
Vanguard Dividend Gr	VDIGX	2.95
Vanguard Equity Income	VEIPX	6.09
Vanguard Growth ETF	VUG	5.08
Vanguard Mega Cap 300 G	MGK	3.34
Vanguard US Growth	VWUSX	1.96
WisdomTree LrgC Div	DLN	3.90
Core Funds Total		59.66
Total Return
Calamos Market Neutral	CMNIX	3.09
Manning & Napier Pro Bl	MNCIX	1.98
Merger Fund	MERFX	1.83
Vanguard Wellesley I	VWIAX	4.94
Total Return Total		11.84
Bond Fund
DoubleLine Core Fixed I	DBLFX	4.65
DoubleLine Total Return	DBLTX	4.56
Fidelity Ginnie Mae	FGMNX	1.80
Fidelity Total Bond Fun	FTBFX	3.24
Guggenheim BulletShares	BSJD	2.31
iShrs Barclays 3-7 Yrs	IEI	3.36
Ivy High Income I	IVHIX	2.44
MainStay High Yield Cor	MHYIX	5.00
Payden Emerging Markets	PYEMX	0.85
PIMCO Global $HDGE	PGBIX	0.52
Bond Fund Total		28.73
Cash
Cash	CASH	-0.23
Cash Total		-0.23

• 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	0.44763	None	None	None	1/3/12
2010	0.45	None	None	None	1/3/11
2009	0.34179	None	None	None	1/4/10
2008	0.37300	None	None	None	1/2/09
2007	0.76128	0.43797	2.36831	2.80628	1/2/08
2006	0.43138	0.16608	1.31745	1.48353	1/3/07
2005	0.3747	0.4268	0.9619	1.3887	1/3/06
2004	0.4915	None	0.6708	0.6708	1/3/05
2003	None	0.3028	0.0469	0.3497	1/2/04
2002	0.0649	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.