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

Individual Investors | Financial Advisors

IMS Capital Value Fund

This diversified equity fund typically holds the stocks of 40-60 companies. The fund has been designed to provide solid investment returns with lower risk through the ownership of undervalued stocks.

Summary Information

Description	A diversified U.S. Stock Fund
Objective	Long-Term Growth
Equity Style	Mid-Cap Relative Value
Total Holdings	53
Assets	$135.5 million as of 6/30/2008
Gross Expense Ratio	1.48% as of August 31, 2007
Fund Inception	August 5, 1996
Manager	Carl W. Marker, 45, Joseph M. Ledgerwood, 28
Manager Tenure	Since Inception (Mr. Marker)
Experience	25 Years Combined
Ticker Symbol	IMSCX
Average Annual Total Returns For Periods Ending 06/30/2008
Quarter *	-1.24%
1-Year	-16.13%
3-Year	4.16%
5-Year	10.05%
10-Year	9.47%

Fund inception, August 5, 1996. Returns are historical, include change in share price as well as the reinvestment of dividends and capital gains. Return and share price will fluctuate and redemption value may be more or less than original cost. Please read the prospectus for more complete information including management fee and expenses. The Fund is distributed by Foreside Distribution Services, L.P. * not annualized

Carl W. Marker, Co-Portfolio Manager

Quarterly Commentary
Portfolio Statistics
March 31, 2008

Statistic Type	IMS Capital Value Fund	S&P 500	S&P MidCap 400
Market Cap	$3.19 billion	$23.02 billion	$2.55 billion
Price/Earnings	12.6x	19.99x	20.07x
Price/Book	1.6x	2.3x	2.0x

Diversification by Sector
March 31, 2008

The IMS Capital Value Fund (Symbol: IMSCX) is available for investment directly or through Fidelity, Schwab, TD Ameritrade, and most other mutual fund programs.

INVEST
Click here to request more information, including prospectus and application.

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.