0001162044-12-001163.txt : 20121120 0001162044-12-001163.hdr.sgml : 20121120 20121120135303 ACCESSION NUMBER: 0001162044-12-001163 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 9 FILED AS OF DATE: 20121120 DATE AS OF CHANGE: 20121120 EFFECTIVENESS DATE: 20121120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUAL FUND SERIES TRUST CENTRAL INDEX KEY: 0001355064 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-132541 FILM NUMBER: 121217445 BUSINESS ADDRESS: STREET 1: C/O GEMINI FUND SERVICES LLC STREET 2: 4020 SOUTH 147TH STREET STE 2 CITY: OMAHA STATE: NE ZIP: 68137 BUSINESS PHONE: 631 549 1859 MAIL ADDRESS: STREET 1: C/O GEMINI FUND SERVICES LLC STREET 2: 4020 SOUTH 147TH STREET STE 2 CITY: OMAHA STATE: NE ZIP: 68137 FORMER COMPANY: FORMER CONFORMED NAME: CATALYST FUNDS DATE OF NAME CHANGE: 20060303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUAL FUND SERIES TRUST CENTRAL INDEX KEY: 0001355064 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21872 FILM NUMBER: 121217446 BUSINESS ADDRESS: STREET 1: C/O GEMINI FUND SERVICES LLC STREET 2: 4020 SOUTH 147TH STREET STE 2 CITY: OMAHA STATE: NE ZIP: 68137 BUSINESS PHONE: 631 549 1859 MAIL ADDRESS: STREET 1: C/O GEMINI FUND SERVICES LLC STREET 2: 4020 SOUTH 147TH STREET STE 2 CITY: OMAHA STATE: NE ZIP: 68137 FORMER COMPANY: FORMER CONFORMED NAME: CATALYST FUNDS DATE OF NAME CHANGE: 20060303 0001355064 S000022598 EVENTIDE GILEAD FUND C000065340 Class N C000080457 Class A ETAGX C000080458 Class C ETCGX C000080459 Class I 485BPOS 1 mfsteventideregistrationxbrl.htm XBRL Filing Registration






SECURITIES AND EXCHANGE COMMISSION

Washington, D. C.  20549

FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

¨

Pre-Effective Amendment No.

      

¨

Post-Effective Amendment No.

 95

ý


and/or


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT

¨

OF 1940

Amendment No.

96

ý


(Check appropriate box or boxes.)

Mutual Fund Series Trust - File Nos. 333-132541 and 811-21872

(Exact Name of Registrant as Specified in Charter)

17605 Wright Street, Omaha, Nebraska 68130

(Address of Principal Executive Offices)                (Zip Code)


Registrant’s Telephone Number, including Area Code:   (402) 895-1600


CT CORPORATION SYSTEM

1300 EAST NINTH STREET

CLEVELAND, OH 44114

(Name and Address of Agent for Service)


With copy to:

JoAnn M. Strasser, Thompson Hine LLP

41 South High Street, Suite 1700, Columbus, Ohio 44114-1291


Approximate Date of Proposed Public Offering:  


It is proposed that this filing will become effective:

ýimmediately upon filing pursuant to paragraph (b)

¨  on [date] pursuant to paragraph (b)

¨ 60 days after filing pursuant to paragraph (a)(1)

¨ on (date) pursuant to paragraph (a)(1)

¨ 75 days after filing pursuant to paragraph (a)(2)

¨ on (date) pursuant to paragraph (a)(2) of Rule 485.


If appropriate, check the following box:

¨ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.













SIGNATURES



Pursuant to the requirements of the Securities Act and Investment Company Act, the Registrant certifies that it meets all of the requirement for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized in the City of Columbus, State of Ohio, on the 19th day of November, 2012.



 


Mutual Fund Series Trust



By:

/s/ JoAnn M. Strasser

JoAnn M. Strasser

Attorney-in-Fact



Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following person in the capacities indicated on the 19th day of November, 2012 or as otherwise indicated.



 



Dr. Bert Pariser*, Trustee


Tobias Caldwell*, Trustee


Jerry Szilagyi, Trustee/President/Principal Executive Officer*  



Erik  Naviloff, Treasurer/Principal Financial Officer *



Tiberiu Weisz*, Trustee



*By:

/s/ JoAnn M. Strasser

JoAnn M. Strasser

Attorney-in-Fact














Exhibit Index



Index No.

Description of Exhibit

EX-101.INS

XBRL Instance Document

EX-101.SCH

XBRL Taxonomy Extension Schema Document

EX-101.CAL

XBRL

Taxonomy Extension Calculation Linkbase

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

XBRL Taxonomy Extension Presentation Linkbase









EX-101.PRE 3 etagx-20121101_pre.xml EX-101.INS 4 etagx-20121101.xml 485BPOS 2012-06-30 false Mutual Fund Series Trust 0001355064 2012-11-01 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fil_S000022598Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fil_S000022598Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0575 0 0 0 0.0100 0.0100 0 0 0 0 0 0 -15 -15 -15 -15 <div style="display:none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 0.0100 0.0100 0.0100 0.0100 0.0025 0.0100 0.0020 0.0000 0.0081 0.0082 0.0083 0.0086 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0208 0.0284 0.0205 0.0188 -0.0039 -0.0040 -0.0041 -0.0044 0.0169 0.0244 0.0164 0.0144 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fil_S000022598Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000022598Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fil_S000022598Member row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000022598Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> 737 1154 1596 2818 247 842 1463 3138 169 603 1066 2347 147 548 975 2165 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * row dei_LegalEntityAxis compact fil_S000022598Member row primary compact * ~</div> 0.4608 0.1846 0.0025 0.0025 0.0913 -0.0144 0.0829 0.0017 0.0739 0.0211 0.0189 -0.0559 0.1329 0.0211 0.1128 -0.0146 0.1552 0.0211 0.1128 0.0040 0.0868 0.0211 0.0936 <p><b>Investment Objective</b></p> <p>The Gilead Fund seeks to provide long-term capital appreciation.</p> <p><b>Fees and Expenses of the Fund</b></p> <p>The tables describe 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.&#160; More information about these and other discounts is available from your financial professional and in the section entitled How to Buy Shares on page 11 of the Fund's Prospectus.</p> <p><font style="font-family:Times New Roman">Shareholder Fees</font><font style="font-size:11.0pt; font-family:Times New Roman"> (fees paid directly from your investment)</font><font style="font-size:10.0pt; font-family:Times New Roman"></font></p> <p style="text-align:left" align="left">Annual Fund Operating Expenses<font style="font-size:11.0pt"> (expenses that you pay each year as a percentage of the value of your investment)</font><font style="font-size:11.0pt; font-family:Times New Roman"></font></p> <p><b>Example of Hypothetical Fund Costs</b></p> <p>&nbsp;</p> <p><b><u>Example:</u></b></p> <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.&#160; The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest dividends and distributions, and then redeem all of your shares at the end of those periods.&#160; The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;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 style="text-align:justify; tab-stops:78.6pt"><b>Portfolio Turnover</b></p> <p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160; A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The portfolio turnover rate of the Fund for the fiscal year ended June 30, 2012 was 257%.</p> <p><b>Principal Investment Strategies</b></p> <p>Normally, the Gilead Fund invests primarily in a broad range of equity securities without limitation to market capitalization. The Fund may invest without limitation in securities in companies domiciled outside the United States either directly or through American Depositary Receipts (&#8220;ADRs&#8221;).</p> <p>&nbsp;</p> <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Fund&#8217;s advisor, Eventide Asset Management, LLC (&#8220;Eventide&#8221; or the &#8220;Advisor&#8221;) analyzes the performance of potential investments not only for financial strengths and outlook, but also for the company&#8217;s ability to operate with integrity and create value for customers, shareholders and society.&#160; While few companies may reach these ideals in every area of their business, these principles articulate the Advisor&#8217;s highest expectations for corporate behavior.&#160; From time to time, the Fund may invest a substantial portion of its assets in the stock of companies in one or more industries or industry groups of the economy that are typically not highly correlated with the overall market, such as the industry group consisting of biotechnology and pharmaceutical companies.&#160; The Advisor believes that such investments may help improve the Fund's risk-adjusted return profile.&#160; The Advisor may use options strategies, such as puts and covered calls on individual securities, as well as options on securities indices, to generate income, to reduce portfolio volatility, or to reduce downside risk when the Advisor believes adverse&#160; market, political or other conditions are likely. The Adviser may also utilize a combination of puts and/or calls regarding the same security&nbsp;(sometimes referred to as &#8220;straddles,&#8221; &#8220;collars&#8221; or &#8220;spreads&#8221;) or utilize puts and calls on related securities.</p> <p>&nbsp;</p> <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Advisor may engage in frequent buying and selling of the Fund&#8217;s investments to achieve the Fund&#8217;s objective.&#160; Securities may be sold when the Advisor believes that they no longer represent relatively attractive investment opportunities or when the Advisor believes the underlying company is no longer consistent with the Advisor&#8217;s principles. There is no guarantee that the Advisor will be able to successfully screen out all companies that are inconsistent with its principles.&#160; The Advisor seeks to invest in companies that reflect the following values:</p> <p>&nbsp;</p> <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - Respecting the value and freedom of all people; this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco and alcohol.</p> <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - Demonstrating a concern for justice and peace through fair and ethical relationships with customers, suppliers and business partners and through avoidance of products and services that promote weapons production and proliferation.</p> <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - Promoting family and community; this includes protecting children from violent forms of entertainment and also includes serving low income communities.</p> <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - Exhibiting responsible management practices, including fair-dealing with employees, communities, competitors, suppliers and customers as demonstrated by a company&#8217;s record regarding litigation, regulatory actions against the company and its record of promoting products and services that improve the lives of people.</p> <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - Practicing environmental stewardship.</p> <p>&nbsp;</p> <p>Consistent with the Advisor&#8217;s values, the Fund may also invest in community development institutions that serve the financial needs of low-to-moderate income families and communities. </p> <p><b>Principal Risks of Investing in the Fund</b></p> <p>As with any mutual fund, the Fund may not achieve its investment objective.&#160; The Fund&#8217;s returns will vary and you could lose money on your investment in the Fund.</p> <p>&nbsp;</p> <p><b>Management Risk.</b>&#160; The portfolio managers&#8217; judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio managers&#8217; judgments will produce the desired results.&#160; </p> <p>&nbsp;</p> <p><b>Security Risk.</b>&#160; The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund&#8217;s portfolio.&#160; There can be no guarantee the securities held by the Fund will appreciate in value.</p> <p>&nbsp;</p> <p><b>Market Risk.</b>&#160; Overall stock or bond market volatility may also affect the value of the Fund.&#160; Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p>&nbsp;</p> <p><b>Stock Value Risk.</b>&#160; Stocks involve the risk that they may never reach what the Advisor believes is their full market value, either because the market fails to recognize the stock&#8217;s intrinsic worth or the Advisor misgauged that worth. They also may decline in price, even though, in theory, they are already undervalued. </p> <p>&nbsp;</p> <p><b>Smaller Capitalization Stock Risk.</b>&#160; Smaller-sized companies may experience higher failure rates than larger companies 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 and companies may have limited markets, product lines or financial resources and lack management experience.</p> <p>&nbsp;</p> <p><b>Ethical Investment Risk.</b>&#160; The Fund&#8217;s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund&#8217;s ethical screening guidelines. </p> <p>&nbsp;</p> <p><b>Options Risk.</b>&#160; As the seller (writer) of a covered call option, the Fund assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise option price.&#160; As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.&#160; As the seller (writer) of a put option, the Fund will lose money if the value of the security falls below the strike price.</p> <p>&nbsp;</p> <p><b>Biotechnology &amp; Pharmaceutical Industry Group Risk.</b> &#160;Companies in the Biotechnology &amp; Pharmaceutical Industry Group may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the U.S. Food and Drug Administration. Further, these companies are dependent on patent protection, and the expiration of patents may adversely affect the profitability of the companies. Additionally, the profitability of some Biotechnology &amp; Pharmaceutical companies may be dependent on a relatively limited number of products, and their products can become obsolete due to industry innovation, changes in technologies or other market developments.</p> <p>&nbsp;</p> <p><b>Foreign Exposure Risk.</b>&#160; Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.</p> <p>&nbsp;</p> <p><b>Turnover Risk.</b>&#160; A higher portfolio turnover will result in higher transactional and brokerage costs.</p> <p><b>Performance</b></p> <p>The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the performance of its Class N shares for each full calendar year and since the Fund&#8217;s Class N shares commenced operations, and by showing how its average annual returns compare over time with those of a broad measure of market performance.&#160; How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.&#160; Updated performance information will be available at no cost by calling 1-877-771-3836 and on the Fund&#8217;s website at <u>www.EventideFunds.com</u>.</p> <p><b>Annual Total Returns</b></p> <p>Returns for Class A and Class C shares, which are not shown, would be lower.</p> <p>&nbsp;</p> <p>During the period shown in the bar chart, for the Class N shares, the highest return for a quarter was 20.90% (quarter ended June 30, 2009), and the lowest return for a quarter was (25.59)% (quarter ended September 30, 2011). For the year to date period ended September 30, 2012, the total return on Class N shares was 13.35%.</p> <p><b>Average Annual Total Returns</b></p> <p><b>(for the periods ended December 31, 2011)</b></p> <p>After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.&#160; Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.&#160; After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are only shown for Class N shares. After-tax returns for Class A ,Class C and Class I shares which are not shown, will vary from those of Class N shares.</p> 2.57 <p>The Fund&#8217;s returns will vary and you could lose money on your investment in the Fund.</p> <font style="font-size:12.0pt; font-family:Times New Roman">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.</font> <font style="font-size:12.0pt; font-family:Times New Roman">877-771-3836 </font> <font style="font-size:12.0pt; font-family:Times New Roman">www.EventideFunds.com</font> <font style="font-size:12.0pt; font-family:Times New Roman">Highest return for a quarter </font> 2009-06-30 .2090 <font style="font-size:12.0pt; font-family:Times New Roman">Lowest return for a quarter </font> 2011-09-30 -.2559 <font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are calculated using the highest historical individual federal marginal income tax rate</font> <font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities.</font> 0001355064 2012-11-01 2012-11-01 0001355064 fil:S000022598Member 2012-11-01 2012-11-01 0001355064 fil:S000022598Memberfil:C000080457Member 2012-11-01 2012-11-01 0001355064 fil:S000022598Memberfil:C000080458Member 2012-11-01 2012-11-01 0001355064 fil:S000022598Memberfil:C000065340Member 2012-11-01 2012-11-01 0001355064 fil:S000022598Memberfil:C000080459Member 2012-11-01 2012-11-01 0001355064 fil:S000022598Memberfil:C000065340Memberrr:AfterTaxesOnDistributionsMember 2012-11-01 2012-11-01 0001355064 fil:S000022598Memberfil:C000065340Memberrr:AfterTaxesOnDistributionsAndSalesMember 2012-11-01 2012-11-01 0001355064 fil:S000022598Memberfil:C000065340Memberfil:SMember 2012-11-01 2012-11-01 0001355064 fil:S000022598Memberfil:C000080457Memberfil:SMember 2012-11-01 2012-11-01 0001355064 fil:S000022598Memberfil:C000080458Memberfil:SMember 2012-11-01 2012-11-01 0001355064 fil:S000022598Memberfil:C000080459Memberfil:SMember 2012-11-01 2012-11-01 pure iso4217:USD The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The Advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund through October 31, 2013. This agreement may only be terminated by the Fund's Board of Trustees on 60 days'; written notice to the Advisor. Eventide Gilead Fund Class N Inception Date was 7/8/2008. Eventide Gilead Fund Classes A and C Inception Dates were 10/28/2009. Eventide Gilead Fund Class I Inception Date was 2/10/2010. 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[Heading] Expense [Heading] Expense Narrative [Text Block] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees Caption [Text] Shareholder Fees [Table] Shareholder Fees [Table] Operating Expenses Caption [Text] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Annual Fund Operating Expenses [Table] Expense Example [Heading] Expense Example [Heading] Expense Example Narrative [Text Block] Expense Example Narrative [Text Block] Expense Example, With Redemption [Table] Expense Example, With Redemption [Table] Expense Example, No Redemption [Table] Expense Example, No Redemption [Table] Portfolio Turnover [Heading] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Portfolio Turnover [Text Block] Strategy [Heading] Strategy [Heading] Strategy Narrative [Text Block] Strategy Narrative [Text Block] Risk [Heading] Risk [Heading] Risk Narrative [Text Block] Risk Narrative [Text Block] Bar Chart and Performance Table [Heading] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Performance Narrative [Text Block] Bar Chart [Heading] Bar Chart [Heading] Bar Chart [Table] Bar Chart [Table] Bar Chart Closing [Text Block] Bar Chart Closing [Text Block] Performance Table Heading Performance Table Heading Performance Table Narrative Performance Table Narrative Performance [Table] Performance [Table] Market Index Performance [Table] Market Index Performance [Table] Shareholder Fees: Shareholder Fees: Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) Maximum Deferred Sales Charge (Load) (as a % of the original purchase price) Maximum Deferred Sales Charge (Load) (as a % of the original purchase price) Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions Redemption Fee Redemption Fee Redemption Fee Operating Expenses: Operating Expenses: Management Fees Management Fees Distribution and/or Service (12b-1) Fees Distribution and/or Service (12b-1) Fees Interest Expense Interest Expense Other Expenses Other Expenses Acquired Fund Fees and Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Total Annual Fund Operating Expenses Fee Waiver or Reimbursement Fee Waiver and/or Expense Reimbursement Fee Waiver and/or Expense Reimbursement Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement Expense Example: Expense Example: 1 Year Expense Example, with Redemption, 1 Year 3 Years Expense Example, with Redemption, 3 Years 5 Years Expense Example, with Redemption, 5 Years 10 Years Expense Example, with Redemption, 10 Years Bar Chart Table: Bar Chart Table: Annual Return 2009 Annual Return 2009 Annual Return 2010 Annual Return 2010 Annual 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XML 14 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Jun. 30, 2012
Registrant Name dei_EntityRegistrantName Mutual Fund Series Trust
Central Index Key dei_EntityCentralIndexKey 0001355064
Amendment Flag dei_AmendmentFlag false
Prospectus Date rr_ProspectusDate Nov. 01, 2012
Eventide Gilead Fund
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Gilead Fund seeks to provide long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The tables describe 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 11 of the Fund's Prospectus.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

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. The portfolio turnover rate of the Fund for the fiscal year ended June 30, 2012 was 257%.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 257.00%
Expense Example [Heading] rr_ExpenseExampleHeading

Example of Hypothetical Fund Costs

 

Example:

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

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, reinvest dividends and distributions, 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:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Normally, the Gilead Fund invests primarily in a broad range of equity securities without limitation to market capitalization. The Fund may invest without limitation in securities in companies domiciled outside the United States either directly or through American Depositary Receipts (“ADRs”).

 

            The Fund’s advisor, Eventide Asset Management, LLC (“Eventide” or the “Advisor”) analyzes the performance of potential investments not only for financial strengths and outlook, but also for the company’s ability to operate with integrity and create value for customers, shareholders and society.  While few companies may reach these ideals in every area of their business, these principles articulate the Advisor’s highest expectations for corporate behavior.  From time to time, the Fund may invest a substantial portion of its assets in the stock of companies in one or more industries or industry groups of the economy that are typically not highly correlated with the overall market, such as the industry group consisting of biotechnology and pharmaceutical companies.  The Advisor believes that such investments may help improve the Fund's risk-adjusted return profile.  The Advisor may use options strategies, such as puts and covered calls on individual securities, as well as options on securities indices, to generate income, to reduce portfolio volatility, or to reduce downside risk when the Advisor believes adverse  market, political or other conditions are likely. The Adviser may also utilize a combination of puts and/or calls regarding the same security (sometimes referred to as “straddles,” “collars” or “spreads”) or utilize puts and calls on related securities.

 

            The Advisor may engage in frequent buying and selling of the Fund’s investments to achieve the Fund’s objective.  Securities may be sold when the Advisor believes that they no longer represent relatively attractive investment opportunities or when the Advisor believes the underlying company is no longer consistent with the Advisor’s principles. There is no guarantee that the Advisor will be able to successfully screen out all companies that are inconsistent with its principles.  The Advisor seeks to invest in companies that reflect the following values:

 

            - Respecting the value and freedom of all people; this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco and alcohol.

            - Demonstrating a concern for justice and peace through fair and ethical relationships with customers, suppliers and business partners and through avoidance of products and services that promote weapons production and proliferation.

            - Promoting family and community; this includes protecting children from violent forms of entertainment and also includes serving low income communities.

            - Exhibiting responsible management practices, including fair-dealing with employees, communities, competitors, suppliers and customers as demonstrated by a company’s record regarding litigation, regulatory actions against the company and its record of promoting products and services that improve the lives of people.

            - Practicing environmental stewardship.

 

Consistent with the Advisor’s values, the Fund may also invest in community development institutions that serve the financial needs of low-to-moderate income families and communities.

Risk [Heading] rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with any mutual fund, the Fund may not achieve its investment objective.  The Fund’s returns will vary and you could lose money on your investment in the Fund.

 

Management Risk.  The portfolio managers’ judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio managers’ judgments will produce the desired results. 

 

Security Risk.  The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio.  There can be no guarantee the securities held by the Fund will appreciate in value.

 

Market Risk.  Overall stock or bond market volatility 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.

 

Stock Value Risk.  Stocks involve the risk that they may never reach what the Advisor believes is their full market value, either because the market fails to recognize the stock’s intrinsic worth or the Advisor misgauged that worth. They also may decline in price, even though, in theory, they are already undervalued.

 

Smaller Capitalization Stock Risk.  Smaller-sized companies may experience higher failure rates than larger companies 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 and companies may have limited markets, product lines or financial resources and lack management experience.

 

Ethical Investment Risk.  The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.

 

Options Risk.  As the seller (writer) of a covered call option, the Fund assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise option price.  As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.  As the seller (writer) of a put option, the Fund will lose money if the value of the security falls below the strike price.

 

Biotechnology & Pharmaceutical Industry Group Risk.  Companies in the Biotechnology & Pharmaceutical Industry Group may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the U.S. Food and Drug Administration. Further, these companies are dependent on patent protection, and the expiration of patents may adversely affect the profitability of the companies. Additionally, the profitability of some Biotechnology & Pharmaceutical companies may be dependent on a relatively limited number of products, and their products can become obsolete due to industry innovation, changes in technologies or other market developments.

 

Foreign Exposure Risk.  Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.

 

Turnover Risk.  A higher portfolio turnover will result in higher transactional and brokerage costs.

Risk Lose Money [Text] rr_RiskLoseMoney

The Fund’s returns will vary and you could lose money on your investment in the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the performance of its Class N shares for each full calendar year and since the Fund’s Class N shares commenced operations, and by showing how its average annual returns compare over time with those of a broad measure of market performance.  How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.  Updated performance information will be available at no cost by calling 1-877-771-3836 and on the Fund’s website at www.EventideFunds.com.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-771-3836
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.EventideFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Annual Total Returns

Annual Return 2009 rr_AnnualReturn2009 46.08%
Annual Return 2010 rr_AnnualReturn2010 18.46%
Annual Return 2011 rr_AnnualReturn2011 0.25%
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Returns for Class A and Class C shares, which are not shown, would be lower.

 

During the period shown in the bar chart, for the Class N shares, the highest return for a quarter was 20.90% (quarter ended June 30, 2009), and the lowest return for a quarter was (25.59)% (quarter ended September 30, 2011). For the year to date period ended September 30, 2012, the total return on Class N shares was 13.35%.

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest return for a quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.90%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest return for a quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (25.59%)
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns

(for the periods ended December 31, 2011)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual federal marginal income tax rate
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are only shown for Class N shares. After-tax returns for Class A ,Class C and Class I shares which are not shown, will vary from those of Class N shares.

Eventide Gilead Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a % of the original purchase price) rr_MaximumDeferredSalesChargeOverOther 1.00%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFee (15)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Interest Expense rr_Component1OtherExpensesOverAssets 0.01%
Other Expenses rr_OtherExpensesOverAssets 0.81%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.08%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.39%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.69%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 737
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,154
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,596
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,818
1 Year rr_AverageAnnualReturnYear01 (5.59%)
Since Inception rr_AverageAnnualReturnSinceInception 13.29% [4]
Eventide Gilead Fund | Class A | - Comparison Index - S&P 500 Total-Return Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
Since Inception rr_AverageAnnualReturnSinceInception 11.28% [4]
Eventide Gilead Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a % of the original purchase price) rr_MaximumDeferredSalesChargeOverOther 1.00%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFee (15)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Interest Expense rr_Component1OtherExpensesOverAssets 0.01%
Other Expenses rr_OtherExpensesOverAssets 0.82%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.84%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.40%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.44%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 247
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 842
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,463
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,138
1 Year rr_AverageAnnualReturnYear01 (1.46%)
Since Inception rr_AverageAnnualReturnSinceInception 15.52% [4]
Eventide Gilead Fund | Class C | - Comparison Index - S&P 500 Total-Return Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
Since Inception rr_AverageAnnualReturnSinceInception 11.28% [4]
Eventide Gilead Fund | Class N
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a % of the original purchase price) rr_MaximumDeferredSalesChargeOverOther none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFee (15)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.20%
Interest Expense rr_Component1OtherExpensesOverAssets 0.01%
Other Expenses rr_OtherExpensesOverAssets 0.83%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.05%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.41%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.64%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 169
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 603
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,066
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,347
1 Year rr_AverageAnnualReturnYear01 0.25%
Since Inception rr_AverageAnnualReturnSinceInception 9.13% [3]
Eventide Gilead Fund | Class N | Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.44%)
Since Inception rr_AverageAnnualReturnSinceInception 8.29% [3]
Eventide Gilead Fund | Class N | Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.17%
Since Inception rr_AverageAnnualReturnSinceInception 7.39% [3]
Eventide Gilead Fund | Class N | - Comparison Index - S&P 500 Total-Return Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
Since Inception rr_AverageAnnualReturnSinceInception 1.89% [3]
Eventide Gilead Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a % of the original purchase price) rr_MaximumDeferredSalesChargeOverOther none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFee (15)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Interest Expense rr_Component1OtherExpensesOverAssets 0.01%
Other Expenses rr_OtherExpensesOverAssets 0.86%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.88%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.44%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.44%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 147
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 548
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 975
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,165
1 Year rr_AverageAnnualReturnYear01 0.40%
Since Inception rr_AverageAnnualReturnSinceInception 8.68% [5]
Eventide Gilead Fund | Class I | - Comparison Index - S&P 500 Total-Return Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
Since Inception rr_AverageAnnualReturnSinceInception 9.36% [5]
[1] The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.
[2] The Advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund through October 31, 2013. This agreement may only be terminated by the Fund's Board of Trustees on 60 days'; written notice to the Advisor.
[3] Eventide Gilead Fund Class N Inception Date was 7/8/2008.
[4] Eventide Gilead Fund Classes A and C Inception Dates were 10/28/2009.
[5] Eventide Gilead Fund Class I Inception Date was 2/10/2010.
XML 15 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Eventide Gilead Fund

Investment Objective

The Gilead Fund seeks to provide long-term capital appreciation.

Fees and Expenses of the Fund

The tables describe 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 11 of the Fund's Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Eventide Gilead Fund (USD $)
Class A
Class C
Class N
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 5.75% none none none
Maximum Deferred Sales Charge (Load) (as a % of the original purchase price) 1.00% 1.00% none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions none none none none
Redemption Fee (15) (15) (15) (15)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Eventide Gilead Fund
Class A
Class C
Class N
Class I
Management Fees 1.00% 1.00% 1.00% 1.00%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.20% none
Interest Expense 0.01% 0.01% 0.01% 0.01%
Other Expenses 0.81% 0.82% 0.83% 0.86%
Acquired Fund Fees and Expenses [1] 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses 2.08% 2.84% 2.05% 1.88%
Fee Waiver and/or Expense Reimbursement [2] (0.39%) (0.40%) (0.41%) (0.44%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.69% 2.44% 1.64% 1.44%
[1] The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.
[2] The Advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund through October 31, 2013. This agreement may only be terminated by the Fund's Board of Trustees on 60 days'; written notice to the Advisor.

Example of Hypothetical Fund Costs

 

Example:

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, reinvest dividends and distributions, 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:

Expense Example Eventide Gilead Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A
737 1,154 1,596 2,818
Class C
247 842 1,463 3,138
Class N
169 603 1,066 2,347
Class I
147 548 975 2,165
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000022598Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Portfolio Turnover

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. The portfolio turnover rate of the Fund for the fiscal year ended June 30, 2012 was 257%.

Principal Investment Strategies

Normally, the Gilead Fund invests primarily in a broad range of equity securities without limitation to market capitalization. The Fund may invest without limitation in securities in companies domiciled outside the United States either directly or through American Depositary Receipts (“ADRs”).

 

            The Fund’s advisor, Eventide Asset Management, LLC (“Eventide” or the “Advisor”) analyzes the performance of potential investments not only for financial strengths and outlook, but also for the company’s ability to operate with integrity and create value for customers, shareholders and society.  While few companies may reach these ideals in every area of their business, these principles articulate the Advisor’s highest expectations for corporate behavior.  From time to time, the Fund may invest a substantial portion of its assets in the stock of companies in one or more industries or industry groups of the economy that are typically not highly correlated with the overall market, such as the industry group consisting of biotechnology and pharmaceutical companies.  The Advisor believes that such investments may help improve the Fund's risk-adjusted return profile.  The Advisor may use options strategies, such as puts and covered calls on individual securities, as well as options on securities indices, to generate income, to reduce portfolio volatility, or to reduce downside risk when the Advisor believes adverse  market, political or other conditions are likely. The Adviser may also utilize a combination of puts and/or calls regarding the same security (sometimes referred to as “straddles,” “collars” or “spreads”) or utilize puts and calls on related securities.

 

            The Advisor may engage in frequent buying and selling of the Fund’s investments to achieve the Fund’s objective.  Securities may be sold when the Advisor believes that they no longer represent relatively attractive investment opportunities or when the Advisor believes the underlying company is no longer consistent with the Advisor’s principles. There is no guarantee that the Advisor will be able to successfully screen out all companies that are inconsistent with its principles.  The Advisor seeks to invest in companies that reflect the following values:

 

            - Respecting the value and freedom of all people; this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco and alcohol.

            - Demonstrating a concern for justice and peace through fair and ethical relationships with customers, suppliers and business partners and through avoidance of products and services that promote weapons production and proliferation.

            - Promoting family and community; this includes protecting children from violent forms of entertainment and also includes serving low income communities.

            - Exhibiting responsible management practices, including fair-dealing with employees, communities, competitors, suppliers and customers as demonstrated by a company’s record regarding litigation, regulatory actions against the company and its record of promoting products and services that improve the lives of people.

            - Practicing environmental stewardship.

 

Consistent with the Advisor’s values, the Fund may also invest in community development institutions that serve the financial needs of low-to-moderate income families and communities.

Principal Risks of Investing in the Fund

As with any mutual fund, the Fund may not achieve its investment objective.  The Fund’s returns will vary and you could lose money on your investment in the Fund.

 

Management Risk.  The portfolio managers’ judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio managers’ judgments will produce the desired results. 

 

Security Risk.  The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio.  There can be no guarantee the securities held by the Fund will appreciate in value.

 

Market Risk.  Overall stock or bond market volatility 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.

 

Stock Value Risk.  Stocks involve the risk that they may never reach what the Advisor believes is their full market value, either because the market fails to recognize the stock’s intrinsic worth or the Advisor misgauged that worth. They also may decline in price, even though, in theory, they are already undervalued.

 

Smaller Capitalization Stock Risk.  Smaller-sized companies may experience higher failure rates than larger companies 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 and companies may have limited markets, product lines or financial resources and lack management experience.

 

Ethical Investment Risk.  The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.

 

Options Risk.  As the seller (writer) of a covered call option, the Fund assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise option price.  As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.  As the seller (writer) of a put option, the Fund will lose money if the value of the security falls below the strike price.

 

Biotechnology & Pharmaceutical Industry Group Risk.  Companies in the Biotechnology & Pharmaceutical Industry Group may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the U.S. Food and Drug Administration. Further, these companies are dependent on patent protection, and the expiration of patents may adversely affect the profitability of the companies. Additionally, the profitability of some Biotechnology & Pharmaceutical companies may be dependent on a relatively limited number of products, and their products can become obsolete due to industry innovation, changes in technologies or other market developments.

 

Foreign Exposure Risk.  Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.

 

Turnover Risk.  A higher portfolio turnover will result in higher transactional and brokerage costs.

Performance

The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the performance of its Class N shares for each full calendar year and since the Fund’s Class N shares commenced operations, and by showing how its average annual returns compare over time with those of a broad measure of market performance.  How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.  Updated performance information will be available at no cost by calling 1-877-771-3836 and on the Fund’s website at www.EventideFunds.com.

Annual Total Returns

Bar Chart

Returns for Class A and Class C shares, which are not shown, would be lower.

 

During the period shown in the bar chart, for the Class N shares, the highest return for a quarter was 20.90% (quarter ended June 30, 2009), and the lowest return for a quarter was (25.59)% (quarter ended September 30, 2011). For the year to date period ended September 30, 2012, the total return on Class N shares was 13.35%.

Average Annual Total Returns

(for the periods ended December 31, 2011)

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are only shown for Class N shares. After-tax returns for Class A ,Class C and Class I shares which are not shown, will vary from those of Class N shares.

Average Annual Total Returns Eventide Gilead Fund
1 Year
Since Inception
Class A
(5.59%) 13.29% [1]
Class A - Comparison Index - S&P 500 Total-Return Index (reflects no deduction for fees, expenses or taxes)
2.11% 11.28% [1]
Class C
(1.46%) 15.52% [1]
Class C - Comparison Index - S&P 500 Total-Return Index (reflects no deduction for fees, expenses or taxes)
2.11% 11.28% [1]
Class N
0.25% 9.13% [2]
Class N Return After Taxes on Distributions
(1.44%) 8.29% [2]
Class N Return After Taxes on Distributions and Sale of Fund Shares
0.17% 7.39% [2]
Class N - Comparison Index - S&P 500 Total-Return Index (reflects no deduction for fees, expenses or taxes)
2.11% 1.89% [2]
Class I
0.40% 8.68% [3]
Class I - Comparison Index - S&P 500 Total-Return Index (reflects no deduction for fees, expenses or taxes)
2.11% 9.36% [3]
[1] Eventide Gilead Fund Classes A and C Inception Dates were 10/28/2009.
[2] Eventide Gilead Fund Class N Inception Date was 7/8/2008.
[3] Eventide Gilead Fund Class I Inception Date was 2/10/2010.
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000022598Member row primary compact * row rr_PerformanceMeasureAxis compact * ~
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