USA Mutuals + Dividends and Cash Flow Do Matter

The Vice Fund invests in companies, both domestic and foreign, engaged in the aerospace and defense
industries, owners and operators, gaming facilities as well as manufacturers of gaming equipment, manufactures of tobacco products and producers of alcoholic beverages.

The Vice Fund seeks to select well-performing stocks of tobacco, alcohol, gaming, and weapons/defense companies because we believe that these industries tend to thrive regardless of the economy as a whole. In fact, they may have the potential to perform better when times are uncertain, leading many to view investment in "Vice" industries as a solid strategy during recessionary periods.

AEROSPACE/DEFENSE	GAMING	TOBACCO	ALCOHOLIC BEVERAGES

* Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

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.