SEC Filing

0001162044-13-000672.txt : 20130612 0001162044-13-000672.hdr.sgml : 20130612 20130612114518 ACCESSION NUMBER: 0001162044-13-000672 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130612 DATE AS OF CHANGE: 20130612 EFFECTIVENESS DATE: 20130612 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: 13908259 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: 13908260 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 S000033417 Catalyst Insider Buying Fund

C000102754 Class A INSAX

C000102755 Class C INSCX

485BPOS 1 insiderbuyingxbrl.htm SEC Filing

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.

121

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT

OF 1940

Amendment No.

122

(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 10th day of June, 2013.

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 10th day of June, 2013 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.INS 2 insax-20130527.xml 485BPOS 2012-12-31 false Mutual Fund Series Trust 0001355064 2013-05-27 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fil_S000033417Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fil_S000033417Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0575 0 0.0100 0.0100 0 0 0 0 <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 0.0025 0.0100 0.1488 0.1488 0.1613 0.1688 -0.1458 -0.1458 0.0155 0.0230 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fil_S000033417Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000033417Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fil_S000033417Member row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000033417Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> 724 3529 5744 9454 233 3301 5683 9561 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * row dei_LegalEntityAxis compact fil_S000033417Member row primary compact * ~</div> 0.1698 0.1027 0.0662 0.0713 0.0431 0.0689 0.0437 0.1782 0.1210 0.1600 0.0966 Investment Objective: The Fund's goal is to achieve long-term capital appreciation. Fees and Expenses of the Fund: 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 7 of the Fund's Prospectus. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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, 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: 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 73%. Principal Investment Strategies: The Fund seeks to achieve its investment objective by investing primarily in common stocks of U.S. companies. The Fund will purchase positions in stocks that are experiencing insider buying by corporate executives, directors, large shareholders or activist shareholders. The Fund may invest in companies of any market capitalization, including smaller-sized companies, but intends to emphasize larger capitalization stocks.   The Advisor uses public information that is filed with the Securities and Exchange Commission (“SEC”) on corporate insider and large shareholder 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 and large or activist shareholders know more about the prospects of the company than anybody else.   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.   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. Principal Risks of Investing in the Fund: 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.   Management Risk.  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.    Market Risk.  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.   Non-diversification Risk. 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.   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.   Smaller Capitalization Stock Risk.  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. Performance: 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 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 shares would be different from Class A shares because Class C shares have different expenses than Class A shares. Updated performance information will be available at no cost by calling 1-866-447-4228. Annual Total Returns Figures do not reflect sales charges.  If they did, returns would be lower.   During the period shown in the bar chart, the highest return for a quarter was 11.65% (quarter ended March 31, 2012), and the lowest return for a quarter was (5.54%) (quarter ended June 30, 2012).  The return for the quarter ended March 31, 2013 was 15.56% Average Annual Total Returns (for the periods ended, December 31, 2012) 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 shares will vary. .73 The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund. 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. 866-447-4228 highest return for a quarter 2012-03-31 .1165 lowest return for a quarter -.0554 2012-06-30 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. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. 0001355064 2013-05-27 2013-05-27 0001355064 fil:S000033417Member 2013-05-27 2013-05-27 0001355064 fil:S000033417Memberfil:C000102754Member 2013-05-27 2013-05-27 0001355064 fil:S000033417Memberfil:C000102755Member 2013-05-27 2013-05-27 0001355064 fil:S000033417Memberfil:C000102754Memberrr:AfterTaxesOnDistributionsMember 2013-05-27 2013-05-27 0001355064 fil:S000033417Memberfil:C000102754Memberrr:AfterTaxesOnDistributionsAndSalesMember 2013-05-27 2013-05-27 0001355064 fil:S000033417Memberfil:SP500Member 2013-05-27 2013-05-27 pure iso4217:USD The Advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund through October 31, 2014. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the advisor. Catalyst Insider Buying Fund - Inception Date 7/29/2011 EX-101.SCH 3 insax-20130527.xsd EX-101.CAL 4 insax-20130527_cal.xml EX-101.DEF 5 insax-20130527_def.xml EX-101.LAB 6 insax-20130527_lab.xml Series [Axis] Series [Axis] Series Series Catalyst Insider Buying Fund Catalyst Insider Buying Fund Share Class [Axis] Share Class [Axis] Share Classes Share Classes Class A Class A {102754} Class C Class C {102755} Performance Measure [Axis] Performance Measure [Axis] Before Taxes Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares S & P 500 Total Return Index (reflects no deduction for fees, expenses or taxes) S & P 500 Total Return Index (reflects no deduction for fees, expenses or taxes) Risk/Return: Risk/Return: Objective [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Primary [Text Block] Expense [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] Performance [Table] Market Index Performance [Table] Market Index Performance [Table] Performance Table Closing [Text Block] Performance Table Closing [Text Block] 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 Other Expenses Other 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 2012 Annual Return 2012 Average Annual Return: Average Annual Return: 1 Year 1 Year Since Inception Since Inception Risk/Return Detail [Table] Risk/Return Detail [Table] Document Type Document Type Document Period End Date Document Period End Date Registrant Name Registrant Name Central Index Key Central Index Key Amendment Flag Amendment Flag Prospectus Date Prospectus Date Portfolio Turnover, Rate Portfolio Turnover, Rate Risk Lose Money [Text] Risk Lose Money [Text] Performance Availability Phone [Text] Performance Availability Phone [Text] Performance Past Does Not Indicate Future [Text] Performance Past Does Not Indicate Future [Text] Label Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return, Date Highest Quarterly Return Highest Quarterly Return Label Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return, Date Lowest Quarterly Return Lowest Quarterly Return Performance Table Uses Highest Federal Rate Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table Not Relevant to Tax Deferred EX-101.PRE 7 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Label Element Value

Risk/Return: rr_RiskReturnAbstract

Document Type dei_DocumentType 485BPOS

Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2012

Registrant Name dei_EntityRegistrantName Mutual Fund Series Trust

Central Index Key dei_EntityCentralIndexKey 0001355064

Amendment Flag dei_AmendmentFlag false

Prospectus Date rr_ProspectusDate May 27, 2013

Catalyst Insider Buying Fund

Risk/Return: rr_RiskReturnAbstract

Objective [Heading] rr_ObjectiveHeading Investment Objective:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Fund's goal is to achieve long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund:

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
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 7 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 73%.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 73.00%

Expense Example [Heading] rr_ExpenseExampleHeading 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, 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
The Fund seeks to achieve its investment objective by investing primarily in common stocks of U.S. companies. The Fund will purchase positions in stocks that are experiencing insider buying by corporate executives, directors, large shareholders or activist shareholders. The Fund may invest in companies of any market capitalization, including smaller-sized companies, but intends to emphasize larger capitalization stocks.

The Advisor uses public information that is filed with the Securities and Exchange Commission (“SEC”) on corporate insider and large shareholder 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 and large or activist shareholders know more about the prospects of the company than anybody else.

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.

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.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund:

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
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.

Management Risk. 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.

Market Risk. 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.

Non-diversification Risk. 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.

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.

Smaller Capitalization Stock Risk. 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.

Risk Lose Money [Text] rr_RiskLoseMoney The Fund's net asset value and 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 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 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 shares would be different from Class A shares because Class C shares have different expenses than Class A shares. Updated performance information will be available at no cost by calling 1-866-447-4228.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 866-447-4228

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 2012 rr_AnnualReturn2012 16.98%

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Figures do not reflect sales charges. If they did, returns would be lower.

During the period shown in the bar chart, the highest return for a quarter was 11.65% (quarter ended March 31, 2012), and the lowest return for a quarter was (5.54%) (quarter ended June 30, 2012). The return for the quarter ended March 31, 2013 was 15.56%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return for a quarter

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012

Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.65%

Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return for a quarter

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2012

Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.54%)

Performance Table Heading rr_PerformanceTableHeading
Average Annual Total Returns

(for the periods ended, December 31, 2012)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.

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 Closing [Text Block] rr_PerformanceTableClosingTextBlock
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 shares will vary.

Catalyst Insider Buying Fund | S & P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)

Risk/Return: rr_RiskReturnAbstract

1 Year rr_AverageAnnualReturnYear01 16.00%

Since Inception rr_AverageAnnualReturnSinceInception 9.66% ^[2]

Catalyst Insider Buying 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_MaximumDeferredSalesChargeOverOfferingPrice 1.00%

Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none

Redemption Fee rr_RedemptionFee none

Management Fees rr_ManagementFeesOverAssets 1.00%

Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%

Other Expenses rr_OtherExpensesOverAssets 14.88%

Total Annual Fund Operating Expenses rr_ExpensesOverAssets 16.13%

Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (14.58%) ^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.55%

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 724

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 3,529

Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 5,744

Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 9,454

1 Year rr_AverageAnnualReturnYear01 10.27%

Since Inception rr_AverageAnnualReturnSinceInception 6.62% ^[2]

Catalyst Insider Buying Fund | Class A | Return After Taxes on Distributions

Risk/Return: rr_RiskReturnAbstract

1 Year rr_AverageAnnualReturnYear01 7.13%

Since Inception rr_AverageAnnualReturnSinceInception 4.31% ^[2]

Catalyst Insider Buying Fund | Class A | Return After Taxes on Distributions and Sale of Fund Shares

Risk/Return: rr_RiskReturnAbstract

1 Year rr_AverageAnnualReturnYear01 6.89%

Since Inception rr_AverageAnnualReturnSinceInception 4.37% ^[2]

Catalyst Insider Buying 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_MaximumDeferredSalesChargeOverOfferingPrice 1.00%

Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none

Redemption Fee rr_RedemptionFee none

Management Fees rr_ManagementFeesOverAssets 1.00%

Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%

Other Expenses rr_OtherExpensesOverAssets 14.88%

Total Annual Fund Operating Expenses rr_ExpensesOverAssets 16.88%

Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (14.58%) ^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.30%

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 233

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 3,301

Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 5,683

Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 9,561

1 Year rr_AverageAnnualReturnYear01 17.82%

Since Inception rr_AverageAnnualReturnSinceInception 12.10% ^[2]

[1] The Advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund through October 31, 2014. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the advisor.

[2] Catalyst Insider Buying Fund - Inception Date 7/29/2011

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Maximum Sales Charge (Load) Imposed on Reinvested Dividends[and other Distributions] (as a percentage of ____)

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Total Annual Fund Operating Expenses.

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Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).

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Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).

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

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"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.

+ References

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If applicable, include a statement explaining that updated performance information is available and providing a Web site address and/or toll-free (or collect) telephone number where the updated information may be obtained.

+ References

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Risk/Return Bar Chart and Table.

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Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

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If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also shouldshow the returns of an appropriate broadbased securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)

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This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.

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Reference 1: 1

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Provide a brief explanation that the actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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Provide a brief explanation that after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

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Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

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This element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).

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Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

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The date of the prospectus.

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"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.

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Narrative Risk Disclosure.

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Summarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.

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Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.

+ References

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Contains a command for the SEC Viewer for the role corresponding to RiskReturnDetailData

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Shareholder Fees (fees paid directly from your investment).

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Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.

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Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.

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Catalyst Insider Buying Fund

Investment Objective:

The Fund's goal is to achieve long-term capital appreciation.

Fees and Expenses of the Fund:

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 7 of the Fund's Prospectus.

Shareholder Fees
(fees paid directly from your investment)

Shareholder Fees Catalyst Insider Buying Fund (USD $)

Class A

Class C

Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 5.75% none

Maximum Deferred Sales Charge (Load) (as a % of the original purchase price) 1.00% 1.00%

Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions none none

Redemption Fee none none

Annual Fund Operating Expenses

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

Annual Fund Operating Expenses Catalyst Insider Buying Fund

Class A

Class C

Management Fees 1.00% 1.00%

Distribution and/or Service (12b-1) Fees 0.25% 1.00%

Other Expenses 14.88% 14.88%

Total Annual Fund Operating Expenses 16.13% 16.88%

Fee Waiver and/or Expense Reimbursement ^[1] (14.58%) (14.58%)

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.55% 2.30%

[1] The Advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund through October 31, 2014. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the advisor.

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, 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 Catalyst Insider Buying 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
724 3,529 5,744 9,454

Class C
233 3,301 5,683 9,561

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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 73%.

Principal Investment Strategies:

The Fund seeks to achieve its investment objective by investing primarily in common stocks of U.S. companies. The Fund will purchase positions in stocks that are experiencing insider buying by corporate executives, directors, large shareholders or activist shareholders. The Fund may invest in companies of any market capitalization, including smaller-sized companies, but intends to emphasize larger capitalization stocks.

The Advisor uses public information that is filed with the Securities and Exchange Commission (“SEC”) on corporate insider and large shareholder 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 and large or activist shareholders know more about the prospects of the company than anybody else.

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.

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.

Principal Risks of Investing in the Fund:

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.

Management Risk. 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.

Market Risk. 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.

Non-diversification Risk. 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.

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.

Smaller Capitalization Stock Risk. 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.

Performance:

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 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 shares would be different from Class A shares because Class C shares have different expenses than Class A shares. Updated performance information will be available at no cost by calling 1-866-447-4228.

Annual Total Returns

Figures do not reflect sales charges. If they did, returns would be lower.

During the period shown in the bar chart, the highest return for a quarter was 11.65% (quarter ended March 31, 2012), and the lowest return for a quarter was (5.54%) (quarter ended June 30, 2012). The return for the quarter ended March 31, 2013 was 15.56%

Average Annual Total Returns

(for the periods ended, December 31, 2012)

Average Annual Total Returns Catalyst Insider Buying Fund

1 Year

Since Inception

S & P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)
16.00% 9.66% ^[1]

Class A
10.27% 6.62% ^[1]

Class A Return After Taxes on Distributions
7.13% 4.31% ^[1]

Class A Return After Taxes on Distributions and Sale of Fund Shares
6.89% 4.37% ^[1]

Class C
17.82% 12.10% ^[1]

[1] Catalyst Insider Buying Fund - Inception Date 7/29/2011

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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 shares will vary.

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Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.

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Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.

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This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown.The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.

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Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."

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Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."

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Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.

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Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

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"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.

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Narrative Risk Disclosure.

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Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.

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Shareholder Fees (fees paid directly from your investment).

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Contains a command for the SEC Viewer for the role corresponding to ShareholderFeesData.

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No definition available.

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Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.

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Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.

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