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*As of November 30, 2011, dELiA*s Inc., Cisco Systems Inc., Intel Corp. and Microsoft Corp. represented 4.61%, 0.00%, 0.00% and 0.00% respectively, of the Thesis Flexible Fund’s total net assets. Additionally, as of November 30, 2011, Game Stop, Barnes & Noble, Sony, Best Buy, Take-Two, Electronic Arts, Blockbuster and Netflix represented 4.66%, 9.31%, 0.00%, 1.76%, 2.30%, 0.00%, 0.00% and 0.00%, respectively, of the Thesis Flexible Fund's total net assets. Further, as of November 30, 2011, The Pep Boys - Manny, Moe and & Jack, Partco Group Plc, AutoZone Inc, Monro Muffler Break Inc and O'Reilly Automotive Inc represented 2.67%, 0.00%, 0.00%, 0.00% and 0.00% respectively, of the Thesis Flexible Fund’s total net assets. Click here fo r 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.

^†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 9/30/2011, the average annual total returns for the one-year and since inception periods were -12.90% and -9.69%. respectively. The gross and net expense ratios are 6.92% and 3.62%, respectively. The Fund’s advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total annual fund operating expenses (excluding interest, taxes, dividend expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), brokerage commissions, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses or expenses related to activist or special situation investing) do not exceed 3.00% of average daily net assets of the Fund. This agreement is in effect until June 30, 2012, and it may be terminated before that date only by the Trust’s Board of Trustees. The Fund’s advisor is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it paid for three years from the date of any such waiver or payment. 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.

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 Grand Distribution Services, LLC located at 803 W. Michigan St. Milwaukee, WI 53233.

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 Grand 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.

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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 Grand Distribution Services, LLC located at 803 W. Michigan St. Milwaukee, WI 53233