VICE FUND: APRIL 2022 – COMMENTARY LETTER
For the month of April, the Fund was -1.33%.
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 Vice Fund’s relatively modest down month was helped by generally positive moves in Defense stocks with further Western military aid promised to Ukraine. The Chinese COVID lockdowns negatively impacted Macau casino holdings while tobacco stocks and alcohol were mostly flat on the month.
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 (03/31/2022) 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 07/31/2022.
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
6586-NLD-06302022