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Mutual Fund Series Trust
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<p><b>Investment Objective</b></p>
<p>The Fund’s objective is capital appreciation.</p>
<p><b>Fees and Expenses of the Fund</b></p>
<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 How to Buy Shares on page 7 of the Fund's Prospectus.</p>
<p><b>Shareholder Fees (fees paid directly from your investment)</b></p>
<p><b>Annual Fund 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 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>
<p><b>Portfolio Turnover</b></p>
<p>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 September 30, 2012 was 56%.</p>
<p><b>Principal Investment Strategies</b></p>
<p>The Fund invests primarily in common stocks of U.S. companies that the Fund’s advisor believes have strong earnings and revenue growth potential. Under normal conditions, the Fund will invest at least 80% of the Fund’s net assets plus any borrowings for investment purposes in large cap stocks defined as stocks of companies with market capitalizations of at least $8 billion.</p> <p> </p> <p>The advisor’s employs a bottom-up, quantitatively-derived buy discipline to identify stocks the advisor believes have superior earnings and revenue growth characteristics. The cornerstone of the advisor’s investment process is a proprietary multi-factor model that scores several thousand equity securities according to a variety of weighted factors measuring earnings and revenue growth, valuation, size and relative strength. The sell discipline is designed to eliminate portfolio holdings with inferior price performance and deteriorating earnings and revenue growth factors.</p> <p> </p> <p>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>As with any mutual fund, there is no guarantee that the Fund will achieve its objective. The Fund’s returns will vary and you could lose money on your investment in the Fund.</p> <p> </p> <p><b>- Limited History of Operations.</b> The Fund is a relatively new mutual fund and has a limited history of operations. The advisor has a limited history of operations.</p> <p> </p> <p><b>- Management Risk.</b>  The Portfolio Manager’s judgments about the attractiveness, value and potential appreciation of particular stocks, options or other securities in which the Fund invests or sells short may prove to be incorrect and there is no guarantee that the Portfolio Manager’s judgment will produce the desired results.</p> <p> </p> <p><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 individual securities and the securities markets generally.</p> <p> </p> <p><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> </p> <p><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><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 total return of its Class A shares for each full calendar year, 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. Although Class C and Class I shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Class I shares would be different from Class A shares because Class C and Class I shares have different expenses than Class A shares. Updated performance information will be available at no cost by calling 855-226-3863.</p>
<p><b>Annual Total Returns</b></p>
<p>Figures do not reflect sales charges.  If they did, returns would be lower. Returns for Class C shares, which are not shown, would be lower.</p> <p> </p> <p>During the period shown in the bar chart, the highest return for a quarter was 16.82% (quarter ended March 31, 2012), and the lowest return for a quarter was (4.77%) (quarter ended June 30, 2012).</p>
<p><b>Average Annual Total Returns</b></p> <p><b>(for the periods ended, December 31, 2012)</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.  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 A shares. After-tax returns for Class C and Class I shares will vary.</p>
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<p>The Fund’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">855-226-3863</font>
<font style="font-size:12.0pt; font-family:Times New Roman">highest return for a quarter </font>
2012-03-31
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<font style="font-size:12.0pt; font-family:Times New Roman">lowest return for a quarter </font>
2012-06-30
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<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>
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The advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund only to the extent necessary to maintain the Fund's total annual operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; underlying fund expenses, 12b-1 plan distribution expenses and extraordinary expenses) at 1.50% through January 31, 2014. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the advisor.
The JAG Large Cap Growth Fund's Inception Date is December 22, 2011.