TAKEOVER
Targets Fund

Seeks to outperform the equity
markets by investing in equity
securities of companies that we
believe are likely to be taken over
in the next year.

BARRIER FUND

Designed with the goal of delivering
better ​risk-adjusted returns than the
S&P 500 Index. It invests primarily in
industries that exhibit high barriers
to entry. We believe these industries
tend to thrive ​regardless of the
​economy as a whole.

Gen Wave
Growth Fund

Seeks to provide a broad
spectrum of classic hedge
fund strategies in a mutual
fund vehicle with daily
liquidity.

NOTICE

The Vice Fund is now called the Barrier Fund. The investment strategy and the portfolio manager have not changed.

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    USA Mutuals | P.O. Box 701 Milwaukee, WI 53201-0701 | Phone: 866-264-8783 | Email: fundinfo@USAmutuals.com
    USA Mutuals c/o U.S. Bancorp Fund Services, LLC | 615 Michigan Street, Third Floor Milwaukee, WI 53202 | Phone: 866-264-8783 | Email: fundinfo@USAmutuals.com

    The USA MUTUALS Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any USA MUTUALS Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Please refer to the prospectus for important information about the investment company including objectives, risks, charges and expenses. Read and consider it carefully before investing. You may also obtain a hardcopy of the prospectus by calling 866.264.8783.

    Mutual fund investing involves risk; principal loss is possible. The Barrier Fund will concentrate its net assets in industries that have significant barriers to entry including the alcoholic beverages, tobacco, gaming and defense/aerospace industries. The Fund may be subject to risks affecting those industries, including the risk that the securities of companies within those industries will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting those industries, more than would a fund that invests in a wide variety of industries. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund invests in smaller companies, which involve additional risk such as limited liquidity and greater volatility.

    The Generation Wave Growth Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund invests in smaller companies, which involve additional risk such as limited liquidity and greater volatility. Because the Generation Wave Growth Fund may invest in third-party investment companies, including exchange-traded funds (“ETFs”), open-end mutual funds and other investment companies, your cost of investing in the Fund will generally be higher than the cost of investing directly in shares of mutual funds in which it invests. By investing in the Fund, you will indirectly bear your share of any fees and expenses charged by the underlying funds, in addition to indirectly bearing the principal risks of those funds. Please refer to the prospectuses for more information about the Fund, including risks, fees and expenses. Because the Fund invests in ETFs, it is subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETFs shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact the Fund’s ability to sells it shares. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could result in losing more than the amount invested.

    Takeover Targets Fund Risks: Mutual fund investing involves risk; principal loss is possible. Investments in companies that the Advisor expects will be involved in a takeover event carry the risk that the expected event or transaction may not be completed or may be completed on less favorable terms than originally expected, which may lower the Fund's performance. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for emerging markets. The Fund invests in smaller companies, which involve additional risks, such as limited liquidity and greater volatility. Convertible securities are subject to many of the same risks as regular fixed-income securities, including the risk that when market interest rates rise, the value of the convertible security falls, and in the event of a liquidation of the issuing company, holders of convertible securities generally would be paid after the company's creditors but before the company's common shareholders. Fixed income securities held by the Fund are subject to interest rate risk, call risk, prepayment and extension risk, credit risk, and liquidity risk.

    The USA Mutuals Barrier Fund, Takeover Targets Fund and Generation Wave Growth Fund are distributed by Quasar Distributors, LLC.

    The Vice Fund name was changed to the Barrier Fund on July 29, 2014.

    S&P 500 Index is considered to be generally representative of the U.S. large capitalization stock market as a whole. You cannot invest directly in an index. Unmanaged index returns do not reflect fees, expenses or sales charges.

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