VICEX Usa Mutuals Vice Fund-Investor Class (MM)

In today�s super-challenging investing environment, Vice Fund (Nasdaq:VICEX) manager Charles Norton is a big believer in defense and aerospace equities. Co-managed by Charles L. Norton and Allen R. Gillespie, Vice Fund is a non-diversified mutual fund focusing its investments in global opportunities in four sectors: defense/aerospace, gaming, alcoholic beverages, and tobacco. �As the presidential process moves forward, we took a look at the commonly held belief that Republicans are better for defense stocks than Democrats,� Norton states. �The data suggests, however, there is no correlation between the political party of the President and Congress as a primary driver for defense spending. �Historically, defense budget growth tends to go hand-in-hand with high global threat levels, regardless of the political party in the White House or dominating Congress,� Norton states. �And there are plenty of volatile fronts: Iran, North Korea, India/Pakistan, and China, to name a few. �Second, the next generation of warfare will most likely leverage technology more than ever before � and as a result, we believe more money should flow into Procurement and Research, Development and Test and Evaluation. Historically, defense stocks have outperformed the broader market when budget authority on these two areas of the defense budget are on the rise.1 �For these and other reasons, budget authority for defense modernization will likely increase through at least 2010, the first year a new administration will sign off on new defense spending. Also, pure play defense stocks have been defensive, with near zero correlation to the broader market, over the past two decades. As investors focus on 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. On the aerospace side, he notes that robust global GDP growth has triggered a pickup in air traffic. Driven by fast-growing emerging markets in Asia and the Middle East, worldwide traffic growth �appears to be surging well above its long-term trend, fertilizing a new upcycle in global demand for aircraft.� In recent years, aircraft orders out of Asia and the Middle East have combined for nearly one-third of total orders, while the concentration of orders from North America and Europe has declined to less than one-half. Also, next-generation airplanes like Boeing�s 787 are as much as 20% more fuel efficient � so high fuel prices will likely increase the need to replace older planes with more economical ones. �Our exposure to what we believe will be a prolonged aerospace upcycle comes from a leading aircraft maker, and through some of the top aerospace suppliers, all of whom could be beneficiaries of this trend,� Norton adds. According to Lipper, Vice Fund�s five-year return of 20.95% through March 31, 2008 ranks it in the top 1 percent among 504 funds in the multi-cap core category, based on total fund returns. The fund also ranks in the top 3 percent among 663 funds, with a 12.34% annual return for the three-year period ended March 31, 2008. The fund also ranks in the top 3 percent among 869 funds, with a 4.44% annual return for the one-year period ended March 31, 2008. Average Annual Returns As of March 31, 2008 � 1 Year � 3 Years Annualized � 5 Years Annualized � Since Inception (8/30/02) Annualized Vice Fund 4.44% 12.34% 20.96% 15.15% � S&P 500 Index1 -5.08% 5.84% 11.30% 8.77% Gross Expense Ratio: 1.90% Net Expense Ratio:* 1.75% *The Advisor has a contractual agreement to waive fees through 07/31/17. 1 These figures were compiled by GNI Capital using data from Bloomberg. It compares the return data for the S&P 500 Aerospace & Defense Index during the full calendar year in which there is a Presidential election to the return of the S&P 500 Index over the same time period. 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. For more information on the Vice Fund, including charges and expenses, Call 1-866-264-8783 or log on to www.vicefund.com 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 Shareholder Services toll free at 866-264-8783 or visiting www.vicefund.com. Read it carefully before investing. Mutual Fund investing involves risk. Principal loss is possible. 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 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. 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 period shown are based on Fund total returns with dividends and distributions reinvested and do not reflect sales charges.� 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. The S&P 500 Aerospace & Defense Index is a capitalization-weighted index of large-cap aerospace and defense companies. You cannot invest directly in an index. Quasar Distributors, LLC, Distributor (4/08)