| Attached, please find
a July 1, 2007 reviewjournal.com article titled: “INVESTMENTS:
Yes gambling does pay”. Important disclosures follow.
As of 6/30/07, Vice Fund’s annualized
total returns were 14.10% and 17.63% for the one-year and
since inception (08/30/02) periods. 1.75% - Net Expense Ratio*
2.20% - Gross Expense Ratio
*The Advisory has a contractual agreement
in place through July 31, 2016 to waive expenses over 1.75%.
Performance data quoted represents
past performance and 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 current to the most recent month end may
be obtained by calling (866) 264-8783 or visiting www.vicefund.com.
The Fund imposes a 1.00 % redemption fee on shares held for
less than 60 days. Performance quoted does not reflect redemption
fee. Had the fee been reflected, returns would be lower.
Investment performance reflects fee
waivers and/or reimbursement of expenses. In the absence of
such waivers/reimbursements, total return would be reduced.
Mutual fund investing involves
risk; principal loss is possible. The Fund is nondiversified,
meaning it may concentrate its assets in fewer individual
holdings than a diversified fund. Therefore, the Fund is more
exposed to individual stock volatility than a diversified
fund. The Fund invests in foreign securities which involve
greater volatility and political, economic and currency risks
and differences in accounting methods. The Fund also invests
in smaller companies, which involve additional risks such
as limited liquidity and greater volatility.
The funds' 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 from
www.vicefund.com, or by calling Shareholder Services toll
free at 866-264-8783.Read it carefully before investing.
As of 6/30/07, the Vice Fund’s
top ten holdings and the percent of net assets they comprised
were as follows: Altria (7.82%), Loews Corp. (5.61%), British
American Tobacco PLC (5.46%), Diageo (5.17%), Heineken NV
(4.66%), Inbev SA (4.64%), MGM Mirage (4.25%), Boeing Co (4.10%),
International Gaming Technology (4.07%), Las Vegas Sands Corp
(3.48%). Fund holdings and sector allocations are subject
to change and are not recommendations to buy or sell any security.
The information provided in the attached
reprint contains the opinions of the author and Charles Norton,
and is not intended to be a forecast of future events, a guarantee
of future results, nor investment advice. This material should
not be considered an offer of the other funds mentioned.
Distributed by Quasar Distributors,
LLC (07/07)
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