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As of September 30, 2012, dELiA*s Inc., The Pep Boys - Manny, Moe and & Jack, Barnes & Noble, AutoZone Inc, O'Reilly Automotive Inc., McDonald’s Corporation, Intel Corp., Best Buy and Netflix represented 10.42%, 4.06%, 4.46%, -2.19%, -2.97%, -1.36%, -1.27%, 4.32% and -1.45% of the Fund’s total net assets respectively; Take-Two, Berkshire Hathaway Inc., Banco Santander SA, Cisco Systems Inc., JPMorgan Chase & Co, Microsoft Corp., Game Stop, Sony, Electronic Arts, Blockbuster, Partco Group Plc, Monro Muffler Break Inc, KKR & Co., Citigroup Inc., Holdings Ltd., PNC Financial Services Group Inc., Goldman Sachs Group Inc., Pfizer Inc., Energy Future Holdings Corp., Blackstone Group LP, Coca-Cola Co and Proctor & Gamble Co all represented 0.00% of the Fund’s total net assets. As of September 30, 2012, Consumer Discretionary, Consumer Staples, Energy, Financials, Industrials, Information Technology, Materials and Telecommunications Services represented 11.80%, 2.25%, -0.69%, 15.55%, -10.81%, -1.55%, -0.88% and 3.90% of the Fund’s total net assets, respectively.

Click here for current public holdings information. Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as a recommendation by the Fund, its Advisor or Distributor.

EBITDA represents Earnings before interest, taxes, depreciation and amortization.

EU is the European Union.

S&P 500 Index is an unmanaged capitalization-weighted index (weighted by the market value of the companies) of 500 stocks listed on various exchanges.

†Mr. Roseman, while employed with Kern Capital Management LLC., between 2003 and 2005, was part of the firm’s investment team that oversaw about $2 billion in assets. Mr. Roseman was responsible for investments in certain sectors representing approximately 20-25% of that $2 billion under management.

††As of 12/31/2012, the 1-year and since inception average annual total return for TFLEX (No Load) was 12.16% and -0.29% and (Max Load) was 5.73% and -2.35% respectively. The gross and net expense ratios are 9.60% and 4.03%, respectively. The advisor has contractually agreed to waive fees/certain fund expenses through June 30, 2013 and may seek reimbursement of previously waived expenses that it paid during the previous three years. A redemption fee of 2.00% is imposed on redemptions made within 60 days of purchase.

Performance 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 to the most recent month-end may be obtained by calling 877.784.3747.

Short Sales are speculative transactions and involve special risks, including a reliance on the portfolio manager's ability to accurately anticipate the future value of a security. The Fund's losses are potentially unlimited in a short sale transaction.

Derivatives involve risks of improper valuation and ambiguous documentation. Changes in the value of the derivative may not correlate perfectly with the underlying security, are speculative and may increase the Fund's losses or reduce opportunities for gain.

As with any investment there are risks associated with The Flexible Fund. Please take the time to read through the prospectus before investing. Please pay close attention to the fund’s investment objective, risks, charges and expenses. Additionally, Short Sales are speculative transactions and involve special risks, including a reliance on the portfolio managers’ ability to accurately anticipate the future value of a security. The Fund’s losses are potentially unlimited in a short sale transaction.

The Thesis Flexible Fund is distributed by IMST Distributors, LLC.

The views expressed are those of the author at the time created. They do not necessarily reflect the views of other persons in the Thesis Fund Management organization. These views are subject to change at any time based on market and other conditions, and Thesis Fund Management disclaims any responsibility to update such views. No forecasts can be guaranteed. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Thesis Fund Management portfolio.

References to specific securities for which IMST Distribution Services LLC. is not the distributor should not be construed as recommendations by the Funds, the Advisor or the Distributor

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A mutual fund that can profit when stocks go up or down, that can invest domestically or internationally, that is designed to effectively manage risk and preserve capital, and that can invest in any asset class, including stocks, bonds, commodities or derivatives.

Can your mutual fund do that?®

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Please Note: All Investments are subject to inherent risks and an investment in this fund is no exception. Please consider the fund’s investment objectives, risks, charges and expenses before investing. The prospectus, that contains this and other information about the Fund is available on this website and should be read carefully prior to investing.

The Thesis Flexible Fund is distributed by IMST Distributors, LLC.