Vice Funds – A new way to invest?

Confused by the Markets?
Wished You Had a Better Understanding about Mutual Fund Investments?

Do you know there is a Mutual Fund that specifically invests in Tobacco, Alcohol, Gaming and Aerospace/Defense Companies?

USA Mutuals Vice Fund (VICEX) was recently featured in the Smart Money article, Stocks for Sinners and recently received a 5-star overall Morningstar Rating-the highest rating possible- based on risk adjusted returns among 1,723 Large Blend Funds for the period ending 3.31.2009.

The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics, which are based on risk-adjusted performance. Past performance is no guarantee of future results. The fund has experienced recent negative total returns. For current performance, please visit USAMutuals.com or call 1-866-264-8783.

To learn more about USA Mutuals Vice Fund as well as our insights of the Tobacco Industry, please visit booth 639 or attend our discussion at the Presentation Theater on Thursday at 12:00 noon (please email us at info@usamutuals.com to reserve your spot).

At USA Mutuals, we firmly believe investors should have the ability to leverage and invest their knowledge, insights and experiences into simple to understand, logical and professionally managed investment vehicles. We look forward to seeing you in New Orleans.

For up to date information on any of the USA Mutuals’ family of funds or to learn how you can Invest Your Knowledge, please contact USA Mutuals shareholder service representatives at 866.264.8783, visit www.USAMutuals.com or contact your financial adviser.

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The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other information about the investment company, and it may be obtained by contacting 866.264.8783 or go to www.USAMutuals.com, or contact your financial adviser. Read it carefully before investing.

Mutual fund investing involves risk; principal loss is possible. The Vice Fund is non diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. 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 risks such as limited liquidity and greater volatility.</b

The USA MUTUALS Funds are distributed by Quasar Distributors, LLC. (4.09)

Morningstar Disclosure
For each fund with at least a three –year history, Morningstar calculates a Morningstar Rating TM (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next  22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Vice Fund was rated against the following numbers of U.S. domiciled Large Blend funds over the following time periods: 1723 funds in the overall period, 1723 funds in the last three years and 1371 funds in the last five years. With respect to these Large Blend funds, Vice Fund received a Morningstar Rating of 5 stars, 4 stars, and 5 stars for the overall, three and five year periods, respectively, as of 3/31/09.

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