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<b><font style="font-size:12.0pt; font-family:Times New Roman">Investment Objective:</font></b>
<p>The Fund's goal is to achieve long-term capital appreciation. </p>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Fees and Expenses of the Fund:</font></b>
<p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in the section entitled How to Buy Shares on page 7 of the Fund's Prospectus. </p>
<p>Shareholder Fees</p> <font style="font-size:10.0pt; font-family:Times New Roman">(fees paid directly from your investment)</font>
<p>Annual Fund Operating Expenses</p> <p>(expenses that you pay each year as a percentage of the value of your investment)</p>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Example:</font></b>
<p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Portfolio Turnover:</font></b>
<font style="font-size:10.0pt; font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance.   The portfolio turnover rate of the Fund for the fiscal year ended June 30, 2012 was 73%.</font>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Principal Investment Strategies</font></b><b><font style="font-size:12.0pt; font-family:Times New Roman">:</font></b>
<p style="text-indent:.5in">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.</p> <p style="text-indent:.5in"> </p> <p style="text-indent:.5in">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. </p> <p style="text-indent:.5in"> </p> <p style="text-indent:.5in">The Advisor’s investment process focuses on insider identities (position in the company), motivations, insider trading trends, trading volumes, firm size and other factors to select stocks for the portfolio. Stocks are sold when the relevant insider trading trends reverse or when portfolio positions achieve or no longer provide the targeted risk adjusted return.</p> <p> </p> <p style="text-indent:.5in">The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means that it is not limited by the 1940 Act with regard to the portion of its assets that may be invested in the securities of a single issuer.</p>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Principal Risks of Investing in the Fund:</font></b>
<p style="text-indent:.5in">As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p> </p> <p><b>Management Risk.</b>  The portfolio manager’s judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager’s judgment will produce the desired results.  </p> <p><b> </b></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 the securities markets.</p> <p><b> </b></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><b> </b></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> </b></p> <p><b>Smaller Capitalization Stock Risk.</b>  To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks, including the risk that earnings and prospects of these companies are more volatile than larger companies.  Smaller-sized companies may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Performance:</font></b>
<p>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.</p>
<p><b>Annual Total Returns</b></p>
<p>Figures do not reflect sales charges.  If they did, returns would be lower. </p> <p> </p> <p>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%</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 shares will vary.</p>
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<font style="font-size:12.0pt; font-family:Times New Roman">The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</font>
<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">866-447-4228</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>
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2012-06-30
<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 and do not reflect the impact of state and local taxes.</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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2013-05-27
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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