VICEX $12.88
AS OF 11/11/2008
September 2008
Why Sin Stocks Pay In a Down Market,
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July 2008
Manager Commentary Q2 2008
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ABOUT FUND
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Value Investor Insight Article April 2008

Please click here for complete fund performance as of the most recent quarter and month-end. Performance data 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. As of 09/30/08, the S&P 500 Index performance was: 3 months -8.37%, 6 months -10.87%, 9 months -19.29%, 12 months -21.98%, 3 year .22%, 5 year 5.16%, Since Inception 6.01%.

Please click here for fund holdings. Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security.

Opinions expressed are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest directly in an index. Alpha is a coefficient which measures risk-adjusted performance, factoring in the risk due to the specific security, rather than the overall market. A high value for alpha implies that the stock or mutual fund has performed better than would have been expected given its beta (volatility). Beta measures the volatility of the fund, as compared to that of the overall market. The Market's beta is set at 1.00; a beta higher than 1.00 is considered to be more volatile than the market, while a beta lower than 1.00 is considered to be less volatile. The Price to Earnings (P/E) Ratio reflects the multiple of earnings at which a stock sells.

Virtues of Vice Article

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MUTUALS ADVISORS

Vice Fund is offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of Vice Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Mutual fund investing involves risk; principal loss is possible.The Fund is nondiversifed, 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 invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility.

While the fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for further details.

The USA Mutuals Vice Fund is distributed by Quasar Distributors, LLC. © 2008 VICE FUND • Dallas, Texas