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<p><b>Investment Objectives</b></p>
<p>The Vice Fund Portfolio’s (the “Portfolio”) primary objective is long-term growth of capital.</p>
<p><b>Fees and Expenses of the Portfolio</b></p>
<p>This table describes the annual operating expenses that you may indirectly pay if you invest in the Portfolio through your retirement plan or if you allocate your insurance contract premiums or payments to the Portfolio.  However, each insurance contract and separate account involves fees and expenses that are not described in this Prospectus.  If the fees and expenses of your insurance contract or separate account were included in this table, your overall expenses would be higher.  You should review the insurance contract prospectus for a complete description of fees and expenses.</p>
<p><b>Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p>
<p><b>Example</b></p>
<p>This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods.  You would pay the same expenses if you did not redeem your shares.  However, each insurance contract and separate account involves fees and expenses that are not included in the Example.  If these fees and expenses were included in the Example, your overall expenses would be higher.  The Example also assumes that your investment has a 5% rate of return each year, that you reinvest all dividends and distributions and that the Portfolio’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p><b>Portfolio Turnover</b></p>
<p>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher portfolio costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio’s performance.</p>
<p><b>Principal Investment Strategies</b></p>
<p>The Portfolio, a non‑diversified mutual fund, invests primarily in equity securities (i.e., common stocks, preferred stocks and securities convertible into common stocks) of small, medium and large capitalization companies, which include U.S. issuers and foreign issuers, including those whose securities are traded in foreign jurisdictions, as well as those whose securities are traded in the U.S. as American Depositary Receipts (“ADRs”).</p> <p> </p> <p>Under normal market conditions, the Portfolio will invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies that derive a significant portion of their revenues from a group of vice industries that includes the alcoholic beverages, tobacco, gaming and defense/aerospace industries.  The Portfolio will concentrate at least 25% of its net assets in this group of vice industries (but no more than 80% of its net assets in any single industry).</p> <p> </p> <p>The Portfolio will also participate in other strategies in an attempt to generate incremental returns, including short selling of securities and certain options strategies.  Use of these strategies may vary depending upon market and other conditions, and may be limited by regulatory and other constraints to which the Fund is subject.</p> <p> </p> <p>For cash management purposes, the Portfolio may hold up to 20% of its net assets in cash or similar short-term, high‑quality debt securities.  These short‑term debt securities and money market instruments include commercial paper, certificates of deposit, bankers’ acceptances, shares of money market mutual funds, U.S. Government securities and repurchase agreements. Generally, the Fund’s cash allocations will increase as the level of market risk increases or decrease as the level of market risk decreases as determined by the Advisor.</p>
<p style="margin-bottom:12.0pt; page-break-after:avoid"><b>Principal Risks of Investing in the Portfolio</b></p>
<p>As with any mutual fund, there is no guarantee that the Portfolio will achieve its goal. The Portfolio’s returns will vary and you could lose money on your investment in the Portfolio. The following summarizes the principal risks of the Portfolio.</p> <p> </p> <p style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">·    </font>the risk that you could lose all or portion of your investment in the Portfolio;</p> <p style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">·    </font>the risk that certain stocks selected for the Portfolio’s portfolio may decline in value more than the overall stock market;</p> <p style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">·    </font>the risk that investment strategies employed by the Portfolio’s adviser in selecting investments for the Portfolio may not result in an increase in the value of your investment or in overall performance equal to other investments;</p> <p style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">·    </font>the risk that asset allocation to a particular strategy does not reflect actual market movement or the effect of economic conditions;</p> <p style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">·    </font>because the Portfolio is non-diversified (meaning that compared to diversified mutual funds, the Portfolio may invest a greater percentage of its assets in a particular issuer), its shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund;</p> <p style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">·    </font>because the Portfolio will concentrate at least 25% of its net assets in the group of four vice industries identified in this prospectus, the Portfolio may be subject to the 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;</p> <p style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">·    </font>the risk of investing in small- to mid-capitalization companies whose performance can be more volatile and who face greater risk of business failure, which could increase the volatility of the Portfolio’s investments;</p> <p style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">·    </font>the risk that the Portfolio may have difficulty selling small- to mid-capitalization securities during a down market due to lower liquidity;</p> <p style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">·    </font>the risk that political, social or economic instability in foreign developed markets may cause the value of the Portfolio’s investments in foreign securities to decline;</p> <p style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">·    </font>currency-rate fluctuations due to political, social or economic instability may cause the value of the Portfolio’s investments to decline;</p> <p style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">·    </font>the risk of investing in derivatives, specifically call and put options, for hedging purposes and to reduce Portfolio volatility, as well as direct investment; and</p> <h2 style="margin-left:.5in; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol; font-weight:normal">·    </font><font style="font-weight:normal">the risk of loss if the value of a security sold short increases prior to the scheduled delivery date, since the Portfolio must pay more for the security than it has received from the purchaser in the short sale.</font></h2>
<p><b>Performance</b></p>
<p>Because the Portfolio has less than a full calendar year of investment operations, no performance information is presented for the Portfolio at this time. In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by visiting www.usamutuals.com or by calling 1-866-447-4228.Advisor: Mutuals Advisors, Inc. (“MAI”) is the Portfolio’s investment advisor.</p>
<font style="font-size:12.0pt; font-family:Times New Roman">As with any mutual fund, there is no guarantee that the Portfolio will achieve its goal. The Portfolio’s returns will vary and you could lose money on your investment in the Portfolio.</font>
<font style="font-size:12.0pt; font-family:Times New Roman">www.usamutuals.com </font>
<font style="font-size:12.0pt; font-family:Times New Roman">866-447-4228</font>
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The Other Expenses are estimates for the current fiscal year.
The Advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund [for at least one year from the date of this prospectus]. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the Advisor.