VICE FUND: JULY 2023 – COMMENTARY LETTER
The Vice Fund ended the month of July with a return of +2.36%
Market Review
US equities rallied higher in July with both the Nasdaq and S&P 500 rising for the fifth straight month. Notably, the breadth of the rally also extended to both small and micro-cap equities reversing the recent trend of a narrow breadth rally. This was impressive considering Q2 2023 earnings to date have marked the largest decline in earnings since Q2 2020. A potential Fed pause in hikes is potentially leading the way higher, not earnings, as Fed Chair Powell indicated that a September hike is less likely. The Fed clearly has believers that the narrow path to avoiding recession is now more likely than not.
Historically, markets are entering the most volatile season of the year. August and September have average returns that are both negative in the last fifty years. August offers few scheduled events to drive markets in either direction. The mid-month CPI and Jobless claims were in line with expectations. Volatility markets are pricing in more volatility in September with an important Fed meeting scheduled.
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.
Standardized performance as of (6/30/2023) Fund Inception (02/01/2002)
| 1 Year | 5 Year | 10 Year | Since Inception | |
| VICEX | 8.93% | 1.39% | 5.58% | 7.87% |
| MSCI World Index | 17.13% | 8.64% | 9.31% | 8.72% |
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 1.64% and 1.49%. Contractual fee waivers through 07/31/2024.
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
