The Vice Fund

Investor Class: VICEX

A Share: VICAX
C Share: VICCX
Portfolio emphasis: Long-Term Growth of Capital
Hypothetical Growth of $10,000 Investment As of June 30, 2013
6.4%
5.6%
4.9%
4.7%
4.2%
3.9%
3.4%
3.2%
3.2%
3.1%
VICEX ($28,146) S&P 500 Index ($21,847) 42.8%
Average Annualized Total Return Performance As of June 30, 2013
Inception: 8/30/2002 YTD* 1 Year 5 Year 10 Year
Investor Class 11.27% 21.99% 7.92% 10.54%
S&P 500 Index 13.82% 20.60% 7.01% 7.29%
Inception: 12/08/2011
Class A w/o Load 11.30% 22.01% - -
Class C 10.90% 21.15% - -
Class A w/ Load 4.88% 14.99% - -
S&P 500 Index 13.82% 20.60% - -
* Aggregate total return, not annualized
Share Class Ticker CUSIP
Class A VICAX 925619108
Class C VICCX 925619207
Investor VICEX 62845J 503
MGM Resorts Intl
Diageo P L C
Reynolds American Inc
Since Inception
Fund holdings and sector allocations are subject to
change and should not be considered a
recommendation to buy or sell any security. The
top 10 holdings exclude cash or cash instruments.
Raytheon Co
Thischart illustratestheperformanceof ahypothetical $10,000investment madeintheFundonAugust 30,
2002followingits inception. Assumesreinvestment of dividends andcapital gains, but doesnot reflect the
effect of any applicable sales charge or redemption fees. This chart does not imply any future performance.
10.02%
The gross expense ratio for the Fund is 1.73%. Performance shown including sales charge
reflects the Class A maximum sales charge of 5.75%. Performance shown reflects the Class C
Contingent Deferred Sales Charges (CDSC) of 1.00%. Performance data excluding sales
charge does not reflect the deduction of the sales charge or CDSC and if reflected, the sales
charge or fee would reduce the performance quoted.
Boeing Co
Galaxy Entertainment
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.
Emphasis on dividend paying
companies with positive cash flow and
adequate debt service coverage. Heavy
emphasis on financial analysis to avoid
companies with "red flags" in
financials, burden-some pension
obligations and recurring write-offs.
Tobacco, alcohol, gaming and defense company stocks were selected based on their ability to
demonstrate one or more of the following compelling and distinctive investment characteristics:
Las Vegas Sands Corp
OVERALL LIPPER LEADER
23.42%
18.18%
7.47%
The overall calculation is based on an
equal weighted average of percentile
ranks for each measure over 3-,5-, and
10-year periods. The Fund was ranked
among 10,312 funds for Preservation
and 658 funds for Total Return in the
multi-cap core Lipper category for the
overall period. Rankings data is based
on total return and subject to change
monthly.
22.81%
Preservation Total Return
Altria Group Inc
Philip Morris Intl Inc
June 30, 2013
MANAGEMENT PHILOSOPHY
IDENTIFIABLE NAMES
Lorillard Inc
Potential demand regardless of economic conditions
Global marketplace not limited to the U.S.
Potentially high profit margins
Natural barriers to new competition
Ability to generate excess cash flow
Ability to pay and increase dividends
Top 10 Holdings as % of Net Assets
TheViceFundis designedwiththegoal of deliveringbetter risk-adjustedreturns thantheS&P 500Index. It invests primarily instocksin
the tobacco, alcohol, gaming and defense industries. We believe these industries tend to thrive regardless of the economy as a whole.
80% of the portfolio assets will be invested across these sectors.
www.ViceFund.com 866-264-8783
21.90%
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
The Vice Fund
Investor Class: VICEX
A Share: VICAX
C Share: VICCX
Alpha 3.28 Long equity holdings: 46
Beta 0.85 Median Market Capitalization: $21.4B Gerry Sullivan
R-squared 0.71 Average Market Capitalization: $45.6B Portfolio Manager
Average P/E: 18.6
GLOSSARY
PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS
INVESTMENT INFORMATION
Minimum Investment $2,000
Benchmark S&P 500
Capture Ratios Relative to S&P 500 Index
Since inception versus S&P 500 Index Mr. Sullivan received a BA from
Columbia University in 1982, and
graduated from the University of
Chicago in 1986 with an MBA in
Finance and Accounting. He has
managed public mutual funds for the
past 13 years and has a U.S. patent on
an index portfolio strategy.
866-264-8783 www.ViceFund.com
June 30, 2013
FUND MANAGEMENT MPT Statistics Portfolio Characteristics
Risk Considerations:
Alpha: A measure of the difference
between a fund's actual returns and its
expected performance, given its level of
risk as measured by beta.
The Fund's investment objectives, risks, charges and expenses must be considered carefully
before investing. The statutory and summary prospectuses contain this and other information
about the investment company, and they may be obtained by contacting 866.264.8783 or going
to www.vicefund.com. Read it carefully before investing.
Mutual fund investing involves risk; principal loss is possible. The Vice 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. Derivatives may involve certain costs
and risks such as liquidity, interest rate, market, credit, management and the risk that a position
could not be closed when most advantageous. Investing in derivatives could result in losing more
than the amount invested.
Beta: A measure of a fund's sensitivity
to market movements.
Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g.,
depreciation) and interest expense to pretax income.
The USA Mutuals Vice Fund is
distributed by Quasar Distributors,
LLC. 2013 USAMutuals, Dallas, TX Each Lipper peer group represents a universe of funds with similar investment objectives. Past
performance does not guarantee future results.
Lipper Ratings for Preservation reflect fund's historical loss avoidance relativeto other funds within the
same asset class as of 06/30/2013. Preservation ratings are relative, rather than absolute measures, and
funds namedLipper Leaders for Preservationmay still experiencelosses periodically; thoselosses may be
larger for equity andmixedequity funds thanfor fixedincomefunds. TheLipper Ratingfor Total Return
denotes a fund that has provided superior total returns (income fromdividends and interest as well as
capital appreciation) whencomparedtoagroupof similar funds as of 06/30/2013. TheLipper Ratings are
subject tochangeeverymonth. Theoverall calculationisbasedonanequal-weightedaverageof percentile
ranks for thePreservationover the3-,5-, and10-year periods (if applicable). Thehighest 20%of funds in
eachpeer grouparenamedLipper Leaders, thenext 20%receivearatingof 4, themiddle20%arerated3,
the next 20%are rated 2, and the lowest 20%are rated 1. As of 06/30/2013, the Vice Fund received a
Lipper Leader designation for Preservation of 5 among 10,312 funds for theoverall period, arating of 5
among 10,312 funds for the3-year period, a rating of 5 among 8,800 funds for the5-year period, and a
ratingof 5among5,073funds for the10-year periodinthemulti-capcorecategory; for Total Return, the
ViceFundreceivedaLipper Leader designationof 5among658funds for theoverall period, aratingof 5
amount 658fundsfor the3-year period, aratingof 5among580fundsfor the5-year period, andaratingof
5among334fundsfor the10-year periodinthemulti-capcorecategory. Lipper ratingsarenot intendedto
predict futureresults, and Lipper does not guaranteetheaccuracy of this information. Lipper Leader (C)
2013 Reuters.
Capture Ratio: A measure of a fund's
performance during up and down
markets. An Up Market ratio greater
than 100% indicates that the fund
outperformed the index. A Down
Market ratio less than 100% indicates
that the fund outperformed by losing
less than the index.
Market Cap: The market price of an
entire company, calculated by
multiplying the number of shares
outstanding by price per share.
Price to Earnings Ratio (P/E):
Reflects the multiple or earnings at
which a stock sells.
R-squared: A measure of the
relationship between a portfolio and its
benchmark.
S&P 500 Index is considered to be
generally representative of the U.S.
large capitalization stock market as a
whole. You cannot invest directly in an
index. Unmanaged index returns do not
reflect fees, expenses or sales charges.
91.88%
87.32%
77.46%
107.45%
93.01%
102.03%
0% 20% 40% 60% 80% 100% 120%
10-year
5-year
3-year
Up Market Down Market