0001162044-13-001323.txt : 20131121 0001162044-13-001323.hdr.sgml : 20131121 20131121162001 ACCESSION NUMBER: 0001162044-13-001323 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20131121 DATE AS OF CHANGE: 20131121 EFFECTIVENESS DATE: 20131121 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: 131235611 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: 131235612 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 S000026891 Day Hagan Tactical Allocation Fund of ETFs C000080932 Day Hagan Tactical Allocation Fund of ETFs Class A DHAAX C000080933 Day Hagan Tactical Allocation Fund of ETFs Class C DHACX 485BPOS 1 dh485bpos.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.

 140

ý


and/or


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT

¨

OF 1940

Amendment No.

141

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 Scottsdale, State of Arizona, on the 21st  day of November, 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 21st day of November, 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







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font-family:Times New Roman">Investment Objective:</font> <h2 style="tab-stops:0in"><font style="font-size:9.0pt; font-weight:normal">The Fund&#8217;s primary objective is to achieve long-term capital appreciation with current income as a secondary objective.</font></h2> <b><font style="font-size:10.0pt; font-family:Times New Roman">Fees and Expenses of the Fund:</font></b> <font style="font-size:10.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; 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 is included in the section of the Fund&#8217;s prospectus entitled <b>How to Buy Shares </b>on page 11 and in the sections of the Fund&#8217;s Statement of Additional Information entitled <b>Reduction of Up-Front Sales Charge on Class A Shares</b> on page 38 and <b>Waiver of Up-Front Sales Charge on Class A Shares</b> on page 39.</font> <p><b><font style="font-size:10.0pt; font-family:Arial; color:windowtext">Shareholder Fees</font></b></p> <font style="font-size:10.0pt; font-family:Arial">(fees paid directly from your investment)</font> <p style="text-align:left" align="left"><b><font style="font-size:10.0pt; font-family:Arial">Annual Fund Operating Expenses</font></b><font style="font-size:10.0pt; font-family:Arial"></font></p> <p><font style="font-size:10.0pt; font-family:Arial" lang="X-NONE">(expenses that you pay each year as a percentage of the value of your investment)</font></p> <u><font style="font-size:10.0pt; font-family:Times New Roman">Example</font></u><font style="font-size:10.0pt; font-family:Times New Roman">:</font> <font style="font-size:10.0pt; font-family:Times New Roman">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, 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's operating expenses remain the same (except for fee waivers and/or expense reimbursements reflected in the first year).&#160; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> <b><u><font style="font-size:10.0pt; font-family:Times New Roman">Portfolio Turnover</font></u><font style="font-size:10.0pt; font-family:Times New Roman">:</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 &quot;turns over&quot; 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. 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In considering ETFs that invest in fixed income securities, the Advisor may utilize fixed income ETFs that represent broad-based fixed income indices, as well as more specific and narrow sectors, maturities and credit ratings.&#160; </p> <p style="text-align:justify; text-indent:.5in; text-autospace:none">&nbsp;</p> <p style="text-align:justify; text-indent:.5in; text-autospace:none">The Advisor&#8217;s quantitative models incorporate time-tested indicators that mathematically evaluate economic fundamentals, price-trends and valuation to determine what the Advisor believes are the most attractive asset classes. The proprietary models quantitatively interpret the ever-changing market conditions and adjusts the portfolio by overweighting asset classes the Advisor believes have the greatest probability of success and underweighting areas of weakness.&#160; The models may require frequent buying and selling of the Fund&#8217;s investments.</p> <b><font style="font-size:10.0pt; font-family:Times New Roman">Principal Risks of Investing in the Fund</font></b> <p style="margin-bottom:12.0pt; text-align:justify; text-indent:.5in">As with any mutual fund, there is no guarantee that a Fund will achieve its goal. The Fund&#8217;s returns will vary and you could lose money on your investment in the Fund.&#160; </p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.75in; text-align:justify; text-indent:-.25in; tab-stops:.25in 22.5pt"><font style="font-family:Symbol">&#183;&#160;&#160;&#160; </font><b>Management Risk</b>.&#160; The Advisor&#8217;s asset allocation models, which attempt to evaluate the attractiveness, value and potential appreciation of various asset classes and particular ETFs, or other securities in which the Fund invests, may prove to be incorrect and there is no guarantee that the model will produce the desired results.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.75in; text-align:justify; text-indent:-.25in; tab-stops:.25in 22.5pt"><font style="font-family:Symbol">&#183;&#160;&#160;&#160; </font><b>Fixed Income Risk.</b><i> </i>Typically, a rise in interest rates causes a decline in the value of bond ETFs owned by the Fund. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). In addition, ETFs may invest in what are sometimes referred to as &#8220;junk bonds.&#8221; Such securities are speculative investments that carry greater risks and are more susceptible to real or perceived adverse economic and competitive industry conditions than higher quality debt securities.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.75in; text-align:justify; text-indent:-.25in; tab-stops:.25in 22.5pt"><font style="font-family:Symbol">&#183;&#160;&#160;&#160; </font><b>Foreign Exposure Risk.</b> Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.75in; text-align:justify; text-indent:-.25in; tab-stops:.25in 22.5pt"><font style="font-family:Symbol">&#183;&#160;&#160;&#160; </font><b>Emerging Markets. </b>Investing in emerging markets involves not only the risks described above with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that can be expected to have less stability, than those of developed countries.&#160; The typically small size of the markets of securities of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.75in; text-align:justify; text-indent:-.25in; tab-stops:.25in 22.5pt"><font style="font-family:Symbol">&#183;&#160;&#160;&#160; </font><b>Currency Risk.</b><i> </i>&#160;<font style="color:black">The Fund&#8217;s net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.&#160; </font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.75in; text-align:justify; text-indent:-.25in; tab-stops:.25in 22.5pt"><font style="font-family:Symbol">&#183;&#160;&#160;&#160; </font><b>Stock Market Risk.&#160; </b>Overall stock market risks may 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 style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.75in; text-align:justify; text-indent:-.25in; tab-stops:.25in 22.5pt"><font style="font-family:Symbol">&#183;&#160;&#160;&#160; </font><b><font style="color:black">Small and Mid Capitalization Stock Risk. </font></b><font style="color:black">&#160;</font><font style="color:black">&#160;The earnings and prospects of small and mid capitalization companies are more volatile than larger companies.&#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 may have limited markets, product lines or financial resources and may lack management experience.</font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:.75in; text-align:justify; text-indent:-.25in; tab-stops:.25in 22.5pt"><font style="font-family:Symbol">&#183;&#160;&#160;&#160; </font><b>Commodity Risk.</b><font style="font-family:Arial"> </font>Commodity-related risks include production risks caused by unfavorable weather, animal and plant disease, geologic and environmental factors.&#160; Commodity-related risks also include unfavorable changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.&#160; </p> <p style="margin-left:.75in; text-indent:-.25in; tab-stops:.5in list .75in"><font style="font-family:Symbol; color:windowtext">&#183;&#160;&#160;&#160; </font><b>Real Estate Risk.</b><i> </i><b>&#160;</b>The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market.&#160; These may include decreases in real estate values, overbuilding, increases in operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.&#160; <font style="color:windowtext"></font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.75in; text-align:justify; text-indent:-.25in; tab-stops:.75in"><font style="font-family:Symbol; color:black">&#183;&#160;&#160;&#160; </font><b>Acquired Fund Risk. </b>Because the Fund invests in other investment companies such as ETFs, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the acquired funds.&#160; <font style="color:black"></font></p> <p style="margin-left:.75in; text-indent:-.25in; tab-stops:.5in list .75in 1.5in"><font style="font-family:Symbol; color:windowtext">&#183;&#160;&#160;&#160; </font><b>Acquired Fund Limitations and Expenses Risks.</b><i> </i>&#160;The Fund will invest in other investment companies, primarily ETFs.&#160; The cost of investing in the Fund will generally be higher than the cost of investing directly in other investment company shares.&#160; Investors in the Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund&#8217;s direct fees and expenses.&#160; The Fund also will likely incur brokerage costs when it purchases and sells ETFs.&#160; Furthermore, investments in other investment companies could affect the timing, amount and character of distributions to shareholders and, therefore, may increase the amount of taxes payable by investors in the Fund.<font style="color:windowtext"></font></p> <p style="margin-left:.75in; text-indent:-.25in; tab-stops:.5in list .75in 1.5in"><font style="font-family:Symbol; color:windowtext">&#183;&#160;&#160;&#160; </font><b><font style="color:windowtext">Tracking Risks.</font></b><font style="color:windowtext"> Investment in the Fund should be made with the understanding that the ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs&#8217; ability to track their applicable indices.</font></p> <p style="margin-left:.75in; text-indent:-.25in; tab-stops:.5in list .75in"><font style="font-family:Symbol; color:windowtext">&#183;&#160;&#160;&#160; </font><b><font style="color:windowtext">Sector Risk.</font></b><font style="color:windowtext">&#160; The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors.&#160; These events or developments might include additional government regulation, resource shortages or surpluses, changes in consumer demands or improvements in technology that make products or services of a particular sector less desirable.</font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.75in; text-align:justify; text-indent:-.25in; tab-stops:.5in"><font style="font-family:Symbol">&#183;&#160;&#160;&#160; </font><b>Turnover Risk</b>.&#160; The models used by the Advisor may require a higher portfolio turnover, which may result in higher transactional and brokerage costs.</p> <font style="font-size:10.0pt; font-family:Times New Roman">Performance:</font> <h2 style="text-align:justify; tab-stops:0in"><font style="color:black;font-size:9.0pt; font-weight:normal">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. 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.</font><font style="color:black"> </font><font style="font-size:9.0pt;color:black; font-weight:normal">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:9.0pt;font-weight:normal">Updated performance information is available at no cost by calling <font style="color:black">877-329-4246 (877-DAY-HAGN)</font>.</font></h2> <b><font style="font-size:10.0pt; font-family:Times New Roman; color:black">Annual Total Returns</font></b> <h4 style="margin-left:0in; text-indent:0in; tab-stops:.5in"><font style="font-weight:normal">Figures do not reflect sales charges.&#160; If they did, returns would be lower.</font></h4> <p style="tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="color:black">&nbsp;</font></p> <font style="font-size:10.0pt; font-family:Times New Roman; color:black">During the period shown in the bar chart, the highest return for a quarter was 8.17% (quarter ended March 31, 2012), and the lowest return for a quarter was (11.58%) (quarter ended September&#160; 30, 2011). The Fund&#8217;s Class A year-to-date return for the period ended September 30, 2013 was 9.50%.</font> <p style="margin-left:0in"><b><font style="font-size:10.0pt; color:black">A</font></b><b><font style="font-size:10.0pt; color:black" lang="X-NONE">verage Annual Total Returns</font></b></p> <p style="tab-stops:center 222.0pt 294.0pt 366.0pt 438.0pt"><b><font style="font-size:10.0pt; color:black">(for the periods ended</font></b></p> <font style="font-size:10.0pt; font-family:Times New Roman">December 31, 2012)</font> <p style="text-indent:0in">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&#8217;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 A shares. After-tax returns for Class C shares will vary.</p> 5.33 <font style="font-size:10.0pt; font-family:Times New Roman">The Fund&#8217;s returns will vary and you could lose money on your investment in the Fund.</font> <b><font style="font-size:10.0pt; font-family:Times New Roman; color:black">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></b> .0817 -.1158 <font style="font-size:10.0pt; font-family:Times New Roman; color:black">the highest return for a quarter</font> <font style="font-size:10.0pt; font-family:Times New Roman; color:black">the lowest return for a quarter</font> 2012-03-31 2011-09-30 <font style="font-size:10.0pt; 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:10.0pt; 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 2013-11-01 2013-11-01 0001355064 fil:S000026891Member 2013-11-01 2013-11-01 0001355064 fil:S000026891Memberfil:C000080932Member 2013-11-01 2013-11-01 0001355064 fil:S000026891Memberfil:C000080933Member 2013-11-01 2013-11-01 0001355064 fil:S000026891Memberfil:C000080932Memberrr:AfterTaxesOnDistributionsMember 2013-11-01 2013-11-01 0001355064 fil:S000026891Memberfil:C000080932Memberrr:AfterTaxesOnDistributionsAndSalesMember 2013-11-01 2013-11-01 0001355064 fil:S000026891Memberfil:C000080933Memberrr:AfterTaxesOnDistributionsAndSalesMember 2013-11-01 2013-11-01 0001355064 fil:S000026891Memberfil:MSCIMember 2013-11-01 2013-11-01 0001355064 fil:S000026891Memberfil:RussellMember 2013-11-01 2013-11-01 0001355064 fil:S000026891Memberfil:BlendMember 2013-11-01 2013-11-01 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 to the extent necessary to limit operating expenses (excluding certain fees and expenses) at 1.35% through October 31, 2014. This agreement may only be terminated by the Fund's Board of Trustees on 60 days' written notice to the Advisor, by the Advisor with the consent of the Board and upon the termination of the Management Agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the expense limits. Fund Inception Date 10/30/2009 The Fund has changed the index used to compare the Fund's performance from the Russell 3000 Total Return Index to the MSCI World Index. The Fund believes that the MSCI World Index is the appropriate index to compare its performance because of the Fund's global securities exposure. Represents a 55%/40%/5% blend of the MSCI World Index, the iShares Barclays Aggregate Bond Index and Cash, respectively. EX-101.SCH 4 dhaax-20131101.xsd EX-101.CAL 5 dhaax-20131101_cal.xml EX-101.DEF 6 dhaax-20131101_def.xml EX-101.LAB 7 dhaax-20131101_lab.xml Series [Axis] Series [Axis] Series Series Day Hagan Tactical Allocation Fund of ETFs Day Hagan Tactical Allocation Fund of ETFs Share Class [Axis] Share Class [Axis] Share Classes Share Classes Class A Class A {80932} Class C Class C {80933} 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 Comparison Index - MSCI World Index (reflects no deduction for fees, expenses or taxes) Comparison Index - MSCI World Index (reflects no deduction for fees, expenses or taxes) Comparison Index - Russell 3000 Total Return Index (reflects no deduction for fees, expenses or taxes) Comparison Index - Russell 3000 Total Return Index (reflects no deduction for fees, expenses or taxes) Comparison Index - Blended Index* (reflects no deduction for fees, expenses or taxes) Comparison Index - Blended 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 percentage of offering price) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) Maximum Deferred Sales Charge (Load) (as a percentage of net assets) Maximum Deferred Sales Charge (Load) (as a percentage of net assets) Wire Transfer Fee Wire Transfer 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 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 Waivers and Expense Reimbursement Fee Waivers and Expense Reimbursement Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement Total Annual Fund Operating Expenses After Fee Waivers and 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 2010 Annual Return 2010 Annual Return 2011 Annual Return 2011 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 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 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Jun. 30, 2013
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, 2013
Day Hagan Tactical Allocation Fund of ETFs
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund’s primary objective is to achieve long-term capital appreciation with current income as a secondary objective.

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 is included in the section of the Fund’s prospectus entitled How to Buy Shares on page 11 and in the sections of the Fund’s Statement of Additional Information entitled Reduction of Up-Front Sales Charge on Class A Shares on page 38 and Waiver of Up-Front Sales Charge on Class A Shares on page 39.
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, 2013 was 533% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 533.00%
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 (except for fee waivers and/or expense reimbursements reflected in the first year).  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 objectives by investing in a portfolio of exchange traded funds (“ETFs”) selected using the Advisor’s proprietary quantitative asset allocation models.  The Fund invests, under normal circumstances, at least 80% of its net assets measured at the time of purchase plus the amount of any borrowings for investment purposes, in ETFs.

 

The Advisor typically selects ETFs for the Fund that invest across a broad range of global asset classes including, but not limited to, U.S., emerging market and other international stocks, U.S. and international bonds, U.S. and international real estate, commodities and currencies.  Equity securities held by ETFs in which the Fund invests may include any market capitalization, style, class or sector. In considering ETFs that invest in fixed income securities, the Advisor may utilize fixed income ETFs that represent broad-based fixed income indices, as well as more specific and narrow sectors, maturities and credit ratings. 

 

The Advisor’s quantitative models incorporate time-tested indicators that mathematically evaluate economic fundamentals, price-trends and valuation to determine what the Advisor believes are the most attractive asset classes. The proprietary models quantitatively interpret the ever-changing market conditions and adjusts the portfolio by overweighting asset classes the Advisor believes have the greatest probability of success and underweighting areas of weakness.  The models may require frequent buying and selling of the Fund’s investments.

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

·    Management Risk.  The Advisor’s asset allocation models, which attempt to evaluate the attractiveness, value and potential appreciation of various asset classes and particular ETFs, or other securities in which the Fund invests, may prove to be incorrect and there is no guarantee that the model will produce the desired results.

·    Fixed Income Risk. Typically, a rise in interest rates causes a decline in the value of bond ETFs owned by the Fund. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). In addition, ETFs may invest in what are sometimes referred to as “junk bonds.” Such securities are speculative investments that carry greater risks and are more susceptible to real or perceived adverse economic and competitive industry conditions than higher quality debt securities.

·    Foreign Exposure Risk. Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.

·    Emerging Markets. Investing in emerging markets involves not only the risks described above with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that can be expected to have less stability, than those of developed countries.  The typically small size of the markets of securities of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities.

·    Currency Risk.  The Fund’s net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. 

·    Stock Market Risk.  Overall stock market risks may 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.

·    Small and Mid Capitalization Stock Risk.   The earnings and prospects of small and mid capitalization companies are more volatile than larger companies.  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 may have limited markets, product lines or financial resources and may lack management experience.

·    Commodity Risk. Commodity-related risks include production risks caused by unfavorable weather, animal and plant disease, geologic and environmental factors.  Commodity-related risks also include unfavorable changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. 

·    Real Estate Risk.  The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market.  These may include decreases in real estate values, overbuilding, increases in operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects. 

·    Acquired Fund Risk. Because the Fund invests in other investment companies such as ETFs, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the acquired funds. 

·    Acquired Fund Limitations and Expenses Risks.  The Fund will invest in other investment companies, primarily ETFs.  The cost of investing in the Fund will generally be higher than the cost of investing directly in other investment company shares.  Investors in the Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund’s direct fees and expenses.  The Fund also will likely incur brokerage costs when it purchases and sells ETFs.  Furthermore, investments in other investment companies could affect the timing, amount and character of distributions to shareholders and, therefore, may increase the amount of taxes payable by investors in the Fund.

·    Tracking Risks. Investment in the Fund should be made with the understanding that the ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs’ ability to track their applicable indices.

·    Sector Risk.  The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors.  These events or developments might include additional government regulation, resource shortages or surpluses, changes in consumer demands or improvements in technology that make products or services of a particular sector less desirable.

·    Turnover Risk.  The models used by the Advisor may require a higher portfolio turnover, which may 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 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. 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. 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 is available at no cost by calling 877-329-4246 (877-DAY-HAGN).

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 2010 rr_AnnualReturn2010 7.75%
Annual Return 2011 rr_AnnualReturn2011 (4.49%)
Annual Return 2012 rr_AnnualReturn2012 8.25%
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 8.17% (quarter ended March 31, 2012), and the lowest return for a quarter was (11.58%) (quarter ended September  30, 2011). The Fund’s Class A year-to-date return for the period ended September 30, 2013 was 9.50%.
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel the highest return for a quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.17%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel the lowest return for a quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (11.58%)
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.

Day Hagan Tactical Allocation Fund of ETFs | Comparison Index - MSCI World Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.18% [4]
Since Inception rr_AverageAnnualReturnSinceInception 6.20% [4],[5]
Day Hagan Tactical Allocation Fund of ETFs | Comparison Index - Russell 3000 Total Return Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.42% [4]
Since Inception rr_AverageAnnualReturnSinceInception 13.52% [4],[5]
Day Hagan Tactical Allocation Fund of ETFs | Comparison Index - Blended Index* (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.09% [3]
Since Inception rr_AverageAnnualReturnSinceInception 6.11% [3],[5]
Day Hagan Tactical Allocation Fund of ETFs | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a percentage of net assets) rr_MaximumDeferredSalesChargeOverOther 1.00%
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.72%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.22% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.19%
Fee Waivers and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.37%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement rr_NetExpensesOverAssets 1.82%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 749
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,187
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,650
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,926
1 Year rr_AverageAnnualReturnYear01 2.06%
Since Inception rr_AverageAnnualReturnSinceInception 2.73% [5]
Day Hagan Tactical Allocation Fund of ETFs | Class A | Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.03%
Since Inception rr_AverageAnnualReturnSinceInception 1.52% [5]
Day Hagan Tactical Allocation Fund of ETFs | Class A | Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.37%
Since Inception rr_AverageAnnualReturnSinceInception 1.62% [5]
Day Hagan Tactical Allocation Fund of ETFs | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net assets) rr_MaximumDeferredSalesChargeOverOther none
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.72%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.22% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.94%
Fee Waivers and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.37%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement rr_NetExpensesOverAssets 2.57%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 260
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 875
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,515
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,235
Day Hagan Tactical Allocation Fund of ETFs | Class C | Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.98%)
Since Inception rr_AverageAnnualReturnSinceInception 2.27% [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 to the extent necessary to limit operating expenses (excluding certain fees and expenses) at 1.35% through October 31, 2014. This agreement may only be terminated by the Fund's Board of Trustees on 60 days' written notice to the Advisor, by the Advisor with the consent of the Board and upon the termination of the Management Agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the expense limits.
[3] Represents a 55%/40%/5% blend of the MSCI World Index, the iShares Barclays Aggregate Bond Index and Cash, respectively.
[4] The Fund has changed the index used to compare the Fund's performance from the Russell 3000 Total Return Index to the MSCI World Index. The Fund believes that the MSCI World Index is the appropriate index to compare its performance because of the Fund's global securities exposure.
[5] Fund Inception Date 10/30/2009
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Day Hagan Tactical Allocation Fund of ETFs
Investment Objective:

The Fund’s primary objective is to achieve long-term capital appreciation with current income as a secondary objective.

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 is included in the section of the Fund’s prospectus entitled How to Buy Shares on page 11 and in the sections of the Fund’s Statement of Additional Information entitled Reduction of Up-Front Sales Charge on Class A Shares on page 38 and Waiver of Up-Front Sales Charge on Class A Shares on page 39.

Shareholder Fees

(fees paid directly from your investment)
Shareholder Fees Day Hagan Tactical Allocation Fund of ETFs (USD $)
Class A
Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% none
Maximum Deferred Sales Charge (Load) (as a percentage of net assets) 1.00% none
Wire Transfer Fee 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 Day Hagan Tactical Allocation Fund of ETFs
Class A
Class C
Management Fees 1.00% 1.00%
Distribution and/or Service (12b-1) Fees 0.25% 1.00%
Other Expenses 0.72% 0.72%
Acquired Fund Fees and Expenses [1] 0.22% 0.22%
Total Annual Fund Operating Expenses 2.19% 2.94%
Fee Waivers and Expense Reimbursement [2] (0.37%) (0.37%)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement 1.82% 2.57%
[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 to the extent necessary to limit operating expenses (excluding certain fees and expenses) at 1.35% through October 31, 2014. This agreement may only be terminated by the Fund's Board of Trustees on 60 days' written notice to the Advisor, by the Advisor with the consent of the Board and upon the termination of the Management Agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the expense limits.
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 (except for fee waivers and/or expense reimbursements reflected in the first year).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Day Hagan Tactical Allocation Fund of ETFs (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
749 1,187 1,650 2,926
Class C
260 875 1,515 3,235
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000026891Member 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, 2013 was 533% of the average value of its portfolio.
Principal Investment Strategies

The Fund seeks to achieve its investment objectives by investing in a portfolio of exchange traded funds (“ETFs”) selected using the Advisor’s proprietary quantitative asset allocation models.  The Fund invests, under normal circumstances, at least 80% of its net assets measured at the time of purchase plus the amount of any borrowings for investment purposes, in ETFs.

 

The Advisor typically selects ETFs for the Fund that invest across a broad range of global asset classes including, but not limited to, U.S., emerging market and other international stocks, U.S. and international bonds, U.S. and international real estate, commodities and currencies.  Equity securities held by ETFs in which the Fund invests may include any market capitalization, style, class or sector. In considering ETFs that invest in fixed income securities, the Advisor may utilize fixed income ETFs that represent broad-based fixed income indices, as well as more specific and narrow sectors, maturities and credit ratings. 

 

The Advisor’s quantitative models incorporate time-tested indicators that mathematically evaluate economic fundamentals, price-trends and valuation to determine what the Advisor believes are the most attractive asset classes. The proprietary models quantitatively interpret the ever-changing market conditions and adjusts the portfolio by overweighting asset classes the Advisor believes have the greatest probability of success and underweighting areas of weakness.  The models may require frequent buying and selling of the Fund’s investments.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that a Fund will achieve its goal. The Fund’s returns will vary and you could lose money on your investment in the Fund. 

·    Management Risk.  The Advisor’s asset allocation models, which attempt to evaluate the attractiveness, value and potential appreciation of various asset classes and particular ETFs, or other securities in which the Fund invests, may prove to be incorrect and there is no guarantee that the model will produce the desired results.

·    Fixed Income Risk. Typically, a rise in interest rates causes a decline in the value of bond ETFs owned by the Fund. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). In addition, ETFs may invest in what are sometimes referred to as “junk bonds.” Such securities are speculative investments that carry greater risks and are more susceptible to real or perceived adverse economic and competitive industry conditions than higher quality debt securities.

·    Foreign Exposure Risk. Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.

·    Emerging Markets. Investing in emerging markets involves not only the risks described above with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that can be expected to have less stability, than those of developed countries.  The typically small size of the markets of securities of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities.

·    Currency Risk.  The Fund’s net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. 

·    Stock Market Risk.  Overall stock market risks may 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.

·    Small and Mid Capitalization Stock Risk.   The earnings and prospects of small and mid capitalization companies are more volatile than larger companies.  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 may have limited markets, product lines or financial resources and may lack management experience.

·    Commodity Risk. Commodity-related risks include production risks caused by unfavorable weather, animal and plant disease, geologic and environmental factors.  Commodity-related risks also include unfavorable changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. 

·    Real Estate Risk.  The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market.  These may include decreases in real estate values, overbuilding, increases in operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects. 

·    Acquired Fund Risk. Because the Fund invests in other investment companies such as ETFs, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the acquired funds. 

·    Acquired Fund Limitations and Expenses Risks.  The Fund will invest in other investment companies, primarily ETFs.  The cost of investing in the Fund will generally be higher than the cost of investing directly in other investment company shares.  Investors in the Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund’s direct fees and expenses.  The Fund also will likely incur brokerage costs when it purchases and sells ETFs.  Furthermore, investments in other investment companies could affect the timing, amount and character of distributions to shareholders and, therefore, may increase the amount of taxes payable by investors in the Fund.

·    Tracking Risks. Investment in the Fund should be made with the understanding that the ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs’ ability to track their applicable indices.

·    Sector Risk.  The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors.  These events or developments might include additional government regulation, resource shortages or surpluses, changes in consumer demands or improvements in technology that make products or services of a particular sector less desirable.

·    Turnover Risk.  The models used by the Advisor may require a higher portfolio turnover, which may 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 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. 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. 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 is available at no cost by calling 877-329-4246 (877-DAY-HAGN).

Annual Total Returns
Bar Chart

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 8.17% (quarter ended March 31, 2012), and the lowest return for a quarter was (11.58%) (quarter ended September  30, 2011). The Fund’s Class A year-to-date return for the period ended September 30, 2013 was 9.50%.

Average Annual Total Returns

(for the periods ended

December 31, 2012)
Average Annual Total Returns Day Hagan Tactical Allocation Fund of ETFs
1 Year
Since Inception
Comparison Index - MSCI World Index (reflects no deduction for fees, expenses or taxes)
[1] 13.18% 6.20% [2]
Comparison Index - Russell 3000 Total Return Index (reflects no deduction for fees, expenses or taxes)
[1] 16.42% 13.52% [2]
Comparison Index - Blended Index* (reflects no deduction for fees, expenses or taxes)
[3] 9.09% 6.11% [2]
Class A
2.06% 2.73% [2]
Class A Return After Taxes on Distributions
2.03% 1.52% [2]
Class A Return After Taxes on Distributions and Sale of Fund Shares
1.37% 1.62% [2]
Class C Return After Taxes on Distributions and Sale of Fund Shares
(5.98%) 2.27% [2]
[1] The Fund has changed the index used to compare the Fund's performance from the Russell 3000 Total Return Index to the MSCI World Index. The Fund believes that the MSCI World Index is the appropriate index to compare its performance because of the Fund's global securities exposure.
[2] Fund Inception Date 10/30/2009
[3] Represents a 55%/40%/5% blend of the MSCI World Index, the iShares Barclays Aggregate Bond Index and Cash, respectively.
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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.