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Mutual Fund Series Trust
0001355064
2012-09-29
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<b><font style="font-size:12.0pt; font-family:Times New Roman">Investment Objective</font></b><b><font style="font-size:12.0pt; font-family:Times New Roman">:</font></b>
<p>The Fund's goal is to achieve long-term capital appreciation. </p>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Fees and Expenses of the Fund:</font></b>
<p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in the section entitled How to Buy Shares on page 6 of the Fund’s Prospectus.</p>
<p>Shareholder Fees</p> <p>(fees paid directly from your investment)</p>
<p>Annual Fund Operating Expenses</p> <p>(expenses that you pay each year as a percentage of the value of your investment)</p>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Example:</font></b>
<p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Portfolio Turnover:</font></b>
<font style="font-size:12.0pt; font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance.</font>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Principal Investment Strategies:</font></b>
<p style="text-align:justify; text-indent:.5in">The Fund seeks to achieve its investment objective by investing primarily in common stocks of U.S. companies, and buying and selling put and call options of U.S. companies.  The Fund will purchase positions in stocks that are experiencing significant insider buying by corporate executives and directors.  Catalyst Capital Advisors LLC (the “Advisor”) generally considers insider buying to be significant when three or more executives or directors of a company have recently purchased a total of at least 10,000 shares of their company stock. The Fund may invest in companies of any market capitalization, including smaller-sized companies.</p> <p style="text-align:justify"> </p> <p style="text-align:justify; text-indent:.5in">The Advisor uses public information that is filed with the Securities and Exchange Commission (“SEC”) on corporate insider buying and selling activity for its investment decisions. The Advisor’s research and quantitative back testing of insider trading data over long periods of time has resulted in the development of a proprietary method of analyzing insider trading activity that it believes can provide long-term capital appreciation. The underlying thesis is that corporate insiders know more about the prospects of the company they run than anybody else. </p> <p style="text-align:justify; text-indent:.5in">The Advisor’s investment process focuses on insider identities (position in the company), motivations, insider trading trends, trading volumes, firm size and other factors to select stocks for the portfolio. Stocks are sold when the relevant insider trading trends reverse or when portfolio positions achieve or no longer provide the targeted risk adjusted return.</p> <p> </p> <p style="text-align:justify; text-indent:.5in">The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means that it is not limited by the 1940 Act with regard to the portion of its assets that may be invested in the securities of a single issuer.</p>
<p><b>Principal Risks of Investing in the Fund:</b></p>
<p style="text-align:justify; text-indent:.5in">As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.5in; text-align:justify"><b>Limited History of Operations.</b> The Fund is a new or relatively new mutual fund and has a limited history of operations.</p> <p style="margin-left:.5in; text-indent:0in"><b>Management Risk</b>.  The portfolio manager’s judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager’s judgment will produce the desired results.  </p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.5in; text-align:justify"><b>Market Risk.  </b>Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.5in; text-align:justify"><b>Non-diversification Risk. </b>Because a relatively high percentage of a non-diversified Fund’s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors, the Fund’s portfolio may be more susceptible to any single economic, technological or regulatory occurrence than the portfolio of a diversified fund.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.5in; text-align:justify"><b>Options Risk.</b>  There are risks associated with the sale and purchase of call and put options.  As the buyer of a put option, the Fund assumes the risk of a rise in the market price of the underlying security above the exercise price of the option which will cause a loss of the premium paid for the option.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.5in; text-align:justify"><b>Security Risk.  </b>The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.5in; text-align:justify"><b>Smaller Capitalization Stock Risk.  </b>To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks, including the risk that earnings and prospects of these companies are more volatile than larger companies.  Smaller-sized companies may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Performance:</font></b>
<p style="text-align:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="color:black">Because the Fund is a new fund and does not yet have a full calendar of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of this Prospectus. </font>Updated performance information will be available at no cost by calling 1-<font style="color:black">866-447-4228</font>.<font style="color:black"></font></p>
<font style="font-size:12.0pt; font-family:Times New Roman">The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</font>
0001355064
2012-09-29
2012-09-29
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2012-09-29
2012-09-29
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2012-09-29
2012-09-29
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Estimated for the current fiscal year.
The Advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund through October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the Advisor.