USA Mutuals Vice Fund Institutional Class is an actively managed mutual fund that targets long-term capital growth by focusing its investments on companies operating within so-called "vice" industries. The fund allocates at least 80% of its net assets to equity securities of businesses that derive significant revenue from sectors such as alcoholic beverages, defense and aerospace, gaming, and tobacco. These industries are known for their high barriers to entry and persistent demand, regardless of broader economic cycles. The fund maintains a global large-cap blend approach, investing in both U.S. and international companies, with notable holdings in established firms such as RTX Corporation, Northrop Grumman, Diageo, and Philip Morris International. Typically, more than 60% of the portfolio is concentrated in its top ten holdings, reflecting a focused strategy. The Vice Fund Institutional Class is intended for investors seeking diversification through exposure to industries often considered non-traditional or resistant to certain regulatory or economic headwinds. The fund’s portfolio management emphasizes financial soundness and growth potential among its select group of vice-industry leaders, positioning it as a specialized instrument for risk-tolerant institutional investors.