VICE FUND: MAY 2022 – COMMENTARY LETTER
For the month of May, the Fund was +2.41%.
Market Review
In May, global equities rebounded modestly. The Federal Reserve raised interest rates 50 basis points and indicated further rate hikes this year. The dollar weakened as non-U.S. asset classes generally outperform their U.S. counterparts. Value stocks generally outperformed growth stocks. Oil gains continued to fuel inflationary pressures.
The Fund outperformed broad equity index benchmarks mainly due to value stocks outperformance of growth stocks. Moreover, the Fund’s largest position coming into the year, Swedish Match, agreed to a potential buyout offer from Philip Morris. The Fund benefited in this case from its ongoing investments in the non-combustible tobacco market.
Sincerely yours,
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-MUTUALS or visit our website at www.USAMutuals.com. Read the prospectus or summary prospectus carefully before investing.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Share prices and investment returns fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. For performance data as of the most recent month-end please call 1-866-264-8783.
Standardized performance as of (06/30/2022) Fund Inception (02/01/2002)
| 1 Year | 5 Year | 10 Year | Since Inception | |
| VICEX | -11.61% | 2.21% | 6.73% | 8.01% |
| MSCI World Index | 7.73% | 12.20% | 10.57% | 11.49% |
Investor Class performance data quoted represents past performance; past performance 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. Performance data current to the most recent month end may be obtained by calling 1-866-264-8783. Returns over one year are annualized. The Gross and Net expense 1.67% and 1.49%. Contractual fee waivers through 07/31/2023.
DEFINITIONS:
The MSCI All Country World Index Total Return (“MSCI ACWI TR”) captures large and mid-cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries.
SYMBOL: VICEX
6779-NLD-08042022