Must be preceded or accompanied by a prospectus. Please click here for a prospectus.

The Fund is non-diversified, 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.

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 12/31/07, the S&P; 500 Index performance was: 3 months-3.33%, 6 months -1.37%, 9 months 4.82%, 12 months 5.49%, 3 year 8.61%, 5 year 12.81%, Since Inception 11.26%.

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.

References to other mutual funds should not to be interpreted as an offer of these securities. 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. The Price to Earnings (P/E) Ratio reflects the multiple of earnings at which a stock sells. Earnings per share (EPS) is calculated by taking the total earnings divided by the number of shares outstanding.

Distributed by Quasar Distributors, LLC

The Fund Route to Sin Stocks

Kiplinger’s Personal Finance

(Click on the link to open.)