IMS Capital Management - No Load Mutual Funds, Retirement Plans, and Separate Accounts

Individual Investors | Financial Advisors

2007 Capital Gain Distributions
for the IMS Funds

Shareholders of record on December 13 received the income and capital gain distributions listed below. Shares traded less the distribution on December 14, 2007. As a reminder, the share price always drops by the exact amount of the distribution plus or minus any market activity on that date.

Fund Name	Income Dividend	Short Term Capital Gain	Long-Term Capital Gain	Total Distribution
IMS Capital Value Fund	N/A	N/A	$0.9304	$0.9304
IMS Strategic Allocation Fund	$0.2325	$0.0291	$1.0509	$1.3206
IMS Strategic Income Fund	$0.09	$0.1485	$0.0798	$0.3183

Short term capital gains are taxable as ordinary income. These should be reported as dividend income on your tax return. Long term capital gains are generally taxable at 15% (5% for individuals in the lowest tax brackets).

For information about your specific tax situation, please contact your tax advisor.

Past performance does not guarantee future results. Current perfomance may be higher or lower than the performance quoted. 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.

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by clicking here. Read it carefully before investing. Figures include changes in principal value, reinvested dividend and capital gain distributions.

The IMS Funds are distributed by Foreside Distribution Services, L.P.