VICEX Usa Mutuals Vice Fund-Investor Class (MM)

For the three-year period ending March 31st, the Vice Fund (Nasdaq:VICEX) ranked 9th out of 608 total Multi-Cap Core funds with Lipper Analytical Services. The Vice Fund has generated an annualized three-year return of 29.51% for the three-year period ending 3/31/06, easily outperforming the 17.19% annualized total return of the Standard & Poor's 500 Index over the same time. This no load; multi-cap fund invests primarily in the alcohol, gaming, tobacco, and defense industries. For the first quarter of this year, 2006, the Vice Fund has returned 10.38%, compared to the S&P 500's return of 4.21%. -0- *T Quarter end Total Returns through March 31, 2006 Vice Fund S&P 500 Index ---------- -------------- 3 Months (cumulative) 10.38% 4.21% 6 Months (cumulative) 12.00% 6.38% 1 Year (cumulative) 18.98% 11.73% Since inception (average annual) 18.63% 12.14% (Inception date: 8/30/02) *T 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 higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-MUTUALS. "We are very pleased with the Vice Fund's strong performance, and believe the outlook for the gaming, defense, tobacco and alcohol industries has the potential to remain favorable," said Michael Henry, Co-Portfolio Manager. The Fund reached a new high in assets under management in March, surpassing $50 million for the first time. The Vice Fund opened on August 30, 2002. The no-load fund has a minimum initial investment of $2,500 and can be purchased directly or through most discount brokerage firms. The Fund's 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 by calling 1-800-MUTUALS or visiting www.VICEFUND.com. Read it carefully before investing. 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 Vice Fund may invest 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 risk such as limited liquidity and greater volatility. The S&P 500 Index is an unmanaged index commonly used to measure performance of U.S. stocks. You cannot invest directly in an index. As of 3/31/06, Lipper ranked the Vice Fund number 150 among 875, and number 9 among 608 Multi-Cap Core funds for the one and three year periods, respectively. Lipper Analytical Services, 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 shown are based on fund total returns with dividends and distributions reinvested. While the fund is no-load, there are management and distribution fees that do apply. The MUTUALS.com funds are distributed by Quasar Distributors, LLC.