VICEX $12.88
AS OF 11/11/2008
September 2008
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July 2008
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ABOUT FUND
PERFORMANCE		 PRESS INVESTOR
INFORMATION		 EDUCATION
& GUIDANCE 		MANAGER CONTACT US
 
Lipper Rankings as of 10/31/08 based on Total Fund Returns
1 Year Lipper Quintile Ranking:   Past performance is no guarantee of future results. Lipper Inc is a nationally recognized, independent mutual fund research and rating service. Each Lipper average represents a universe of funds with similar investment objectives. Ranking for the periods show are based on fund total returns with dividends and distributions reinvested.
Lipper Percentile Ranking:
73%
Multi-Cap Core Category Rank:
 580th
(out of 799 funds)  
   
3 Year Lipper Quintile Ranking:
 
Lipper Percentile Ranking:
3%
Multi-Cap Core Category Rank:
 19th
(out of 642 funds)  
   
5 Year Lipper Quintile Ranking:
  
Lipper Percentile Ranking:
1%
Multi-Cap Core Category Rank:
 4th
(out of 455 funds)  
Monthly Fund Returns as of 10/31/08
-14.66% 1 Month 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. The fund imposes a 1.00% redemption fee on shares held less than 60 days. Performance does not reflect redemption fee. Had the fee been included, returns would be lower.
-20.37%
 3 Months
-31.60%
 6 Months
-34.09% 9 Months
-40.80% 1 Year
-1.78 %
 3 Year (Average Annual)
+5.43%
 5 Year (Average Annual)
+6.94%
 Since Inception (8/30/02)
Quarterly Fund Returns as of 9/30/08
-7.79% 3 Months 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. The fund imposes a 1.00% redemption fee on shares held less than 60 days. Performance does not reflect redemption fee. Had the fee been included, returns would be lower.
-19.35% 6 Months
-26.85% 9 Months
-28.40% 1 Year
+2.49% 3 Year (Average Annual)
+9.98% 5 Year (Average Annual)
+9.87% Since Inception (8/30/02)
  Annual Report
March 31, 2008
Expense Ratios
1.75% Net Expense Ratio The Advisory has a contractual agreement in place through July 31, 2018 to waive expenses over 1.75%.

Fund performance data presented on this page is net of the expense ratio. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
1.56% Gross Expense Ratio
   
   
   
   
Top 10 Fund Holdings as of 10/31/08
13.28% PHILIP MORRIS INTL INC Fund holdings are subject to change and are not recommendations to buy or sell any security.
10.23% LORILLARD INC
9.18% DIAGEO P L C
6.93% RAYTHEON CO
6.61% LOCKHEED MARTIN CORP
6.19% BRITISH AMERN TOB PLC
5.82% BOEING CO
5.13% PERNOD RICARD
4.85% WMS INDS INC
4.38% SPIRIT AEROSYSTEMS HLDGS INC
  Complete Fund Holdings as of 10/31/08
The Vice Fund
Minimum Investment:$4,000.
Minimun Additional: $100.
Sales Load: NONE
Inception Date: 8/30/2002
Ticker Symbol: VICEX
Objective: Long-term growth of capital.
Advisor: Mutuals Advisors, Inc
 
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