ALL SEASONS FUND: APRIL 2022 – COMMENTARY LETTER
For the month of April, the All Seasons Fund was +2.85%.
Market Review
In April, central banks tightened monetary policy in response to inflation data. Further, the geopolitical tensions in Eastern Europe and COVID lockdowns in China generally led to lower equities across the board. The S&P 500 fell -8.7% — its largest monthly decline since March 2020. Global yields moved higher in April as CPI increased higher than expected. Commodities continued higher as geopolitical tensions impacted supply chains.
The fund was positive for the month as it converted short term trades for a net profit. Volatility remains elevated though well below levels during the height of the COVID sell-off in 2020.
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 the original cost upon redemption. For performance data as of the most recent month-end please call 1-866-264-8783.
Fund Objective:
The All Seasons Fund seeks capital appreciation and preservation with lower volatility throughout market cycles. The resulting portfolio targets a high correlation to the S&P 500 in bull markets and a lower, or negative, correlation in bear markets.
Standardized performance as of (03/31/2022) Fund Inception (02/01/2002)
| 1 Year | 5 Year | 10 Year | Since Inception | |
| UNAVX | 7.81% | 6.27% | 7.24% | 10.61% |
| S&P 500 Index | 15.65% | 15.99% | 14.64% | 9.31% |
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 2.36% and 2.01%. The advisor has contractually agreed to limit expenses to 1.99% of the average net assets of the Fund through 7/31/2022.
Definitions:
The S&P 500 Index is an unmanaged composite of 500 large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks. You cannot invest directly in an index.
SYMBOL: UNAVX
