VICEX Usa Mutuals Vice Fund-Investor Class (MM)

Vice Fund (Nasdaq:VICEX) achieved strong results for the year 2007, with the fund up 17.76 percent. Vice Fund, a 5-Star Overall Morningstar Rated fund among 1623 Large Blend funds as of 12/31/07, has assets over $177 million and a cumulative return since inception (8/30/2002 through 12/31/2007) of 142.35 percent. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Ratings metrics, which are based on risk-adjusted performance. � � � � Average Annual Returns As of December 31, 2007 � 1 Year � 3 Years Annualized � 5 Years Annualized � Since Inception (8/30/02) Annualized Vice Fund 17.76% 15.56% 20.85% 18.04% S&P 500 Index1 � 5.49% � 8.61% � 12.81% � 11.26% Gross Expense Ratio: 1.90% Net Expense Ratio:* 1.75% *The Advisor has a contractual agreement to waive fees through 07/31/17. 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. Performance data current to the most recent month end may be obtained by calling 1-866-264-8783 or visiting www.vicefund.com. Co-managed by Charles L. Norton and Allen R. Gillespie, Vice Fund is a non-diversified mutual fund focusing its investments in global opportunities within four industries: gaming, alcoholic beverages, tobacco and aerospace/defense. The Fund seeks long-term growth of capital by investing primarily in equity securities of companies of all capitalizations. Norton said, �We are pleased that the fund has achieved such strong results in 2007, and we�re proud of our long-term track record. We continue to focus on economically independent growth and our target sectors, being defensive in nature, tend to be resilient in all types of economic and market environments. �As investors focus on the issues of the day like a deteriorating credit market and subprime lending, we take a long-term approach, honing in on defensive sectors that we believe are well positioned to benefit when the economy is moderating and the broad market is struggling,� said Norton. According to Lipper, Vice Fund�s five-year return through December 31, 2007 ranks it in the top 2 percent among 507 funds in the multi-cap core category, based on total fund returns. The Fund also ranks in the top 3 percent among 669 funds for the three-year period ended December 31, 2007, as well as in the top 4 percent among 883 funds for the one-year period. For more information on the Vice Fund, including charges and expenses, call 1-866-264-8783 or log on to www.vicefund.com. Mutual fund investing involves risk; principal loss is possible. 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 also invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The funds' 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 from www.vicefund.com, or by calling Shareholder Services toll free at 866-264-8783. Read it carefully before investing. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. Each Lipper average represents a universe of Funds with similar invest objectives. Rankings for the periods shown are based on Fund total returns with dividends and distributions reinvested and do not reflect sales charges. � 2007 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three�year history, Morningstar calculates a Morningstar RatingTM (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund�s monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Vice Fund was rated against the following numbers of U.S. domiciled Large Blend funds over the following time periods: 1,623 funds in the last three years and 1,278 funds in the last five years. With respect to these Large Blend funds, Vice Fund received a Morningstar Rating of 5 stars for the three and five year periods respectively. Past performance is no guarantee of future results. The Standard & Poor�s 500 Stock Index (S&P 500) is an unmanaged index generally representative of the U.S. Stock market, without regard to company size. The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions, or other expenses of investing. Investors may not make direct investments into any index. Quasar Distributors, LLC, distributor. (1/08)