0001162044-13-001335.txt : 20131126 0001162044-13-001335.hdr.sgml : 20131126 20131126153712 ACCESSION NUMBER: 0001162044-13-001335 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20131126 DATE AS OF CHANGE: 20131126 EFFECTIVENESS DATE: 20131126 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-132541 FILM NUMBER: 131244045 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 S000018977 Listed Private Equity Plus Fund C000052539 Listed Private Equity Plus Fund Class A LPEAX C000052540 Listed Private Equity Plus Fund Class C LPECX 497 1 xbrl497listedprivateequity.htm 497 XBRL Filing

Mutual Fund Series Trust

Listed Private Equity Plus Fund


Incorporated herein by reference is the prospectus for Listed Private Equity Plus Fund

filed pursuant to Rule 497 (c) under the Securities Act of 1933, as amended, on November 4, 2013 (SEC Accession No. 0001162044-13-001210).




EX-101.INS 2 lpeax-20131101.xml Other 2013-06-30 false Mutual Fund Series Trust 0001355064 2013-11-01 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fil_S000018977Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fil_S000018977Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0575 0 0.0100 0.0000 -0.0200 -0.0200 15 15 <div style="display:none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 0.0125 0.0125 0.0025 0.0100 0.0162 0.0162 0.0119 0.0119 0.0431 0.0506 -0.0088 -0.0088 0.0343 0.0418 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fil_S000018977Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000018977Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fil_S000018977Member row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000018977Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> 901 1732 2574 4731 420 1439 2458 4999 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * row dei_LegalEntityAxis compact fil_S000018977Member row primary compact * ~</div> -0.6163 0.4282 0.1647 -0.2729 0.0986 0.0359 -0.1363 -0.1556 0.0279 -0.1466 -0.1647 0.0300 -0.1138 -0.1264 0.1600 0.0166 -0.1185 0.0912 -0.1320 -0.1534 0.1600 0.0166 -0.1185 <p><b>Investment Objective</b></p> <p>The Fund's primary goal is to achieve long-term capital appreciation.</p> <p><b>Fees and Expenses of the Fund</b></p> <p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and is included in the section of the Fund&#8217;s prospectus entitled <b>How to Buy Shares</b> on page 10 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 40 and <b>Waiver of Up-Front Sales Charge on Class A Shares</b> on page 41.</p> <p><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p><b>Example of Hypothetical Fund Costs</b></p> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (except for fee waiver and/or expense reimbursement reflected in the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p><b>Portfolio Turnover</b></p> <p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; 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 658%.</p> <p><b>Principal Investment Strategies</b></p> <p>The Fund intends to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets in equity securities of publicly listed companies that are primarily engaged in private equity. A company is &quot;primarily engaged in private equity&quot; if:</p> <p style="text-indent:.5in">- a majority of its income is earned from private equity investments or transactions,</p> <p style="text-indent:.5in">- a majority of its assets are invested in private equity, or</p> <p style="text-indent:.5in">- it is a closed-end or open-end investment company that invests primarily in private equity investments, listed private equity funds or listed private equity fund-of-funds.</p> <p>The Fund invests in publicly listed financial institutions and investment vehicles whose primary business is private equity investing. This includes mezzanine debt, venture capital investing, buy-outs, and seed investing in unlisted companies, as well as holding companies that have significant private equity holdings or specialty companies that have a specific private equity core competency. The Fund&#8217;s investments may also include Business Development Companies (BDCs), Special Purpose Acquisition Companies (SPACs), investment banks and merchant banking firms.</p> <p>The Fund will invest primarily in private equity related companies of all capitalizations traded on stock exchanges in the United States and on foreign stock exchanges (&#8220;Universe&#8221;). The Advisor selects equity securities based on fundamental, bottom up research. These securities consist of common stocks and securities having the characteristics of common stocks, including sponsored and unsponsored American Depositary Receipts (ADRs). The Fund will typically hold between 20 and 40 securities at any time; however, from time to time, there may be more or less than this range. The Fund will sell a security when the Advisor believes a new opportunity is superior to an existing position, or when the Advisor believes the position has reached its full valuation.</p> <p>The Fund is classified as &quot;non-diversified&quot; for purposes of the Investment Company Act of 1940 (the &quot;1940 Act&quot;), 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. The Fund is managed by Vista Research and Management, LLC (the &quot;Advisor&quot;).</p> <p><b>Principal Risks of Investing in the Fund</b></p> <p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p><b>Management Risk.</b> The Fund is actively managed. The portfolio manager&#8217;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&#8217;s judgment will produce the desired results.</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&#8217;s portfolio.</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>Smaller Capitalization Stock Risk.</b> The earnings and prospects of smaller-sized companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies.</p> <p><b>Private Equity Company Risk.</b> Federal securities laws impose certain restraints upon the organization and operations of BDCs and SPACs that can limit or negatively impact the performance of the company.</p> <p><b>Foreign Securities Risk.</b> Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.</p> <p><b>Foreign Exposure Risk.</b>&#160; Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</p> <p><b>Depositary Receipts.</b>&#160; The Fund may invest in sponsored and unsponsored American Depositary Receipts (&quot;ADRs&quot;), which are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer.&#160; The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights.</p> <p><b>Valuation Risk.</b> Stocks involve the risk that they may never reach what the manager believes is their full market value, either because the market fails to recognize the stock&#8217;s intrinsic worth or the manager misgauged that worth. They also may decline in price, even though, in theory, they are already undervalued.</p> <p><b>Non-Diversification Risk.</b> Because a relatively high percentage of the Fund&#8217;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&#8217;s portfolio may be more susceptible to any single economic, technological or regulatory occurrence than the portfolio of a diversified fund.</p> <p><b>Turnover Risk.</b>&#160; The Fund may have higher than average portfolio turnover, which may result in higher transactional and brokerage costs.</p> <p><b>Performance</b></p> <p>The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the 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. Updated performance information is available at <u>www.vrmfunds.com</u> or by calling 1-877-477-7373.</p> <p><b>Annual Total Returns</b></p> <p>Figures do not reflect sales charges.&#160; If they did, returns would be lower. </p> <p>During the period shown in the bar chart, the highest return for a quarter was 33.58% (quarter ended June&nbsp;30, 2009), and the lowest return for a quarter was (42.69%) (quarter ended December 31, 2008). The Fund&#8217;s Class A year-to-date return for the period ended September 30, 2013 was 20.24%.</p> <p><b>Average Annual Total Returns (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&#8217;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> 6.58 <p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <font style="font-size:12.0pt; font-family:Times New Roman">877-477-7373</font> <font style="font-size:12.0pt; font-family:Times New Roman">www.vrmfunds.com </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">highest return for a quarter </font> .3358 <font style="font-size:12.0pt; font-family:Times New Roman">lowest return for a quarter </font> 2008-12-31 -.4269 <font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are calculated using the highest historical individual federal marginal income tax rate </font> <font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities.</font> 0001355064 2013-11-01 2013-11-01 0001355064 fil:S000018977Member 2013-11-01 2013-11-01 0001355064 fil:S000018977Memberfil:C000052539Member 2013-11-01 2013-11-01 0001355064 fil:S000018977Memberfil:C000052540Member 2013-11-01 2013-11-01 0001355064 fil:S000018977Memberfil:C000052539Memberrr:AfterTaxesOnDistributionsMember 2013-11-01 2013-11-01 0001355064 fil:S000018977Memberfil:C000052539Memberrr:AfterTaxesOnDistributionsAndSalesMember 2013-11-01 2013-11-01 0001355064 fil:S000018977Memberfil:C000052539Memberfil:SMember 2013-11-01 2013-11-01 0001355064 fil:S000018977Memberfil:C000052540Memberfil:SMember 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 2.24% for Class A shares and 2.99% for Class C shares 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. The Listed Private Equity Plus Fund Class A and C Shares Inception Date is July 2, 2007. 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days of purchase) Redemption Fee (as a percentage of amounts redeemed within 30 days of purchase) Redemption Fee (as a percentage of amounts redeemed within 30 days of purchase){neg} 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 2008 Annual Return 2008 Annual Return 2009 Annual Return 2009 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 5 Years 5 Years 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 Availability Website Address [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Performance Past Does Not Indicate Future 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
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
Listed Private Equity Plus Fund
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund's primary 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 is included in the section of the Fund’s prospectus entitled How to Buy Shares on page 10 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 40 and Waiver of Up-Front Sales Charge on Class A Shares on page 41.

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 658%.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 658.00%
Expense Example [Heading] rr_ExpenseExampleHeading

Example of Hypothetical Fund Costs

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 waiver and/or expense reimbursement 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 intends to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets in equity securities of publicly listed companies that are primarily engaged in private equity. A company is "primarily engaged in private equity" if:

- a majority of its income is earned from private equity investments or transactions,

- a majority of its assets are invested in private equity, or

- it is a closed-end or open-end investment company that invests primarily in private equity investments, listed private equity funds or listed private equity fund-of-funds.

The Fund invests in publicly listed financial institutions and investment vehicles whose primary business is private equity investing. This includes mezzanine debt, venture capital investing, buy-outs, and seed investing in unlisted companies, as well as holding companies that have significant private equity holdings or specialty companies that have a specific private equity core competency. The Fund’s investments may also include Business Development Companies (BDCs), Special Purpose Acquisition Companies (SPACs), investment banks and merchant banking firms.

The Fund will invest primarily in private equity related companies of all capitalizations traded on stock exchanges in the United States and on foreign stock exchanges (“Universe”). The Advisor selects equity securities based on fundamental, bottom up research. These securities consist of common stocks and securities having the characteristics of common stocks, including sponsored and unsponsored American Depositary Receipts (ADRs). The Fund will typically hold between 20 and 40 securities at any time; however, from time to time, there may be more or less than this range. The Fund will sell a security when the Advisor believes a new opportunity is superior to an existing position, or when the Advisor believes the position has reached its full valuation.

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. The Fund is managed by Vista Research and Management, LLC (the "Advisor").

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 Fund is actively managed. 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.

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.

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.

Smaller Capitalization Stock Risk. The earnings and prospects of smaller-sized companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies.

Private Equity Company Risk. Federal securities laws impose certain restraints upon the organization and operations of BDCs and SPACs that can limit or negatively impact the performance of the company.

Foreign Securities Risk. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

Foreign Exposure Risk.  Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

Depositary Receipts.  The Fund may invest in sponsored and unsponsored American Depositary Receipts ("ADRs"), which are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer.  The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights.

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

Non-Diversification Risk. Because a relatively high percentage of the 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.

Turnover Risk.  The Fund may have higher than average portfolio turnover, which may result in higher transactional and brokerage costs.

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. Updated performance information is available at www.vrmfunds.com or by calling 1-877-477-7373.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-477-7373
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.vrmfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Annual Total Returns

Annual Return 2008 rr_AnnualReturn2008 (61.63%)
Annual Return 2009 rr_AnnualReturn2009 42.82%
Annual Return 2010 rr_AnnualReturn2010 16.47%
Annual Return 2011 rr_AnnualReturn2011 (27.29%)
Annual Return 2012 rr_AnnualReturn2012 9.86%
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 33.58% (quarter ended June 30, 2009), and the lowest return for a quarter was (42.69%) (quarter ended December 31, 2008). The Fund’s Class A year-to-date return for the period ended September 30, 2013 was 20.24%.

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return for a quarter
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 33.58%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return for a quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (42.69%)
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
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.

Listed Private Equity Plus Fund | Listed Private Equity Plus Fund 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%
Redemption Fee (as a percentage of amounts redeemed within 30 days of purchase){neg} rr_RedemptionFeeOverRedemption (2.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.62%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.19% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.31%
Fee Waivers and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.88%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement rr_NetExpensesOverAssets 3.43%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 901
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,732
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,574
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 4,731
1 Year rr_AverageAnnualReturnYear01 3.59%
5 Years rr_AverageAnnualReturnYear05 (13.63%)
Since Inception rr_AverageAnnualReturnSinceInception (15.56%) [3]
Listed Private Equity Plus Fund | Listed Private Equity Plus Fund Class A | Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.79%
5 Years rr_AverageAnnualReturnYear05 (14.66%)
Since Inception rr_AverageAnnualReturnSinceInception (16.47%) [3]
Listed Private Equity Plus Fund | Listed Private Equity Plus Fund Class A | Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.00%
5 Years rr_AverageAnnualReturnYear05 (11.38%)
Since Inception rr_AverageAnnualReturnSinceInception (12.64%) [3]
Listed Private Equity Plus Fund | Listed Private Equity Plus Fund Class A | -Comparison Index-S&P Listed Private Equity Index (reflects no deduction for fees, expenses, or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
Since Inception rr_AverageAnnualReturnSinceInception (11.85%) [3]
Listed Private Equity Plus Fund | Listed Private Equity Plus Fund 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
Redemption Fee (as a percentage of amounts redeemed within 30 days of purchase){neg} rr_RedemptionFeeOverRedemption (2.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 1.62%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.19% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 5.06%
Fee Waivers and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.88%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement rr_NetExpensesOverAssets 4.18%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 420
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,439
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,458
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 4,999
1 Year rr_AverageAnnualReturnYear01 9.12%
5 Years rr_AverageAnnualReturnYear05 (13.20%)
Since Inception rr_AverageAnnualReturnSinceInception (15.34%) [3]
Listed Private Equity Plus Fund | Listed Private Equity Plus Fund Class C | -Comparison Index-S&P Listed Private Equity Index (reflects no deduction for fees, expenses, or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
Since Inception rr_AverageAnnualReturnSinceInception (11.85%) [3]
[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 2.24% for Class A shares and 2.99% for Class C shares 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] The Listed Private Equity Plus Fund Class A and C Shares Inception Date is July 2, 2007.
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Listed Private Equity Plus Fund

Investment Objective

The Fund's primary 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 is included in the section of the Fund’s prospectus entitled How to Buy Shares on page 10 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 40 and Waiver of Up-Front Sales Charge on Class A Shares on page 41.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Listed Private Equity Plus Fund (USD $)
Listed Private Equity Plus Fund Class A
Listed Private Equity Plus Fund 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
Redemption Fee (as a percentage of amounts redeemed within 30 days of purchase) 2.00% 2.00%
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 Listed Private Equity Plus Fund
Listed Private Equity Plus Fund Class A
Listed Private Equity Plus Fund Class C
Management Fees 1.25% 1.25%
Distribution and/or Service (12b-1) Fees 0.25% 1.00%
Other Expenses 1.62% 1.62%
Acquired Fund Fees and Expenses [1] 1.19% 1.19%
Total Annual Fund Operating Expenses 4.31% 5.06%
Fee Waivers and Expense Reimbursement [2] (0.88%) (0.88%)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement 3.43% 4.18%
[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 2.24% for Class A shares and 2.99% for Class C shares 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 of Hypothetical Fund Costs

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 waiver and/or expense reimbursement reflected in the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example Listed Private Equity Plus 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
Listed Private Equity Plus Fund Class A
901 1,732 2,574 4,731
Listed Private Equity Plus Fund Class C
420 1,439 2,458 4,999
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000018977Member 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 658%.

Principal Investment Strategies

The Fund intends to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets in equity securities of publicly listed companies that are primarily engaged in private equity. A company is "primarily engaged in private equity" if:

- a majority of its income is earned from private equity investments or transactions,

- a majority of its assets are invested in private equity, or

- it is a closed-end or open-end investment company that invests primarily in private equity investments, listed private equity funds or listed private equity fund-of-funds.

The Fund invests in publicly listed financial institutions and investment vehicles whose primary business is private equity investing. This includes mezzanine debt, venture capital investing, buy-outs, and seed investing in unlisted companies, as well as holding companies that have significant private equity holdings or specialty companies that have a specific private equity core competency. The Fund’s investments may also include Business Development Companies (BDCs), Special Purpose Acquisition Companies (SPACs), investment banks and merchant banking firms.

The Fund will invest primarily in private equity related companies of all capitalizations traded on stock exchanges in the United States and on foreign stock exchanges (“Universe”). The Advisor selects equity securities based on fundamental, bottom up research. These securities consist of common stocks and securities having the characteristics of common stocks, including sponsored and unsponsored American Depositary Receipts (ADRs). The Fund will typically hold between 20 and 40 securities at any time; however, from time to time, there may be more or less than this range. The Fund will sell a security when the Advisor believes a new opportunity is superior to an existing position, or when the Advisor believes the position has reached its full valuation.

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. The Fund is managed by Vista Research and Management, LLC (the "Advisor").

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 Fund is actively managed. 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.

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.

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.

Smaller Capitalization Stock Risk. The earnings and prospects of smaller-sized companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies.

Private Equity Company Risk. Federal securities laws impose certain restraints upon the organization and operations of BDCs and SPACs that can limit or negatively impact the performance of the company.

Foreign Securities Risk. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

Foreign Exposure Risk.  Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

Depositary Receipts.  The Fund may invest in sponsored and unsponsored American Depositary Receipts ("ADRs"), which are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer.  The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights.

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

Non-Diversification Risk. Because a relatively high percentage of the 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.

Turnover Risk.  The Fund may have higher than average 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. 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 www.vrmfunds.com or by calling 1-877-477-7373.

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 33.58% (quarter ended June 30, 2009), and the lowest return for a quarter was (42.69%) (quarter ended December 31, 2008). The Fund’s Class A year-to-date return for the period ended September 30, 2013 was 20.24%.

Average Annual Total Returns (for the periods ended December 31, 2012)

Average Annual Total Returns Listed Private Equity Plus Fund
1 Year
5 Years
Since Inception
Listed Private Equity Plus Fund Class A
3.59% (13.63%) (15.56%) [1]
Listed Private Equity Plus Fund Class A Return After Taxes on Distributions
2.79% (14.66%) (16.47%) [1]
Listed Private Equity Plus Fund Class A Return After Taxes on Distributions and Sale of Fund Shares
3.00% (11.38%) (12.64%) [1]
Listed Private Equity Plus Fund Class A -Comparison Index-S&P Listed Private Equity Index (reflects no deduction for fees, expenses, or taxes)
16.00% 1.66% (11.85%) [1]
Listed Private Equity Plus Fund Class C
9.12% (13.20%) (15.34%) [1]
Listed Private Equity Plus Fund Class C -Comparison Index-S&P Listed Private Equity Index (reflects no deduction for fees, expenses, or taxes)
16.00% 1.66% (11.85%) [1]
[1] The Listed Private Equity Plus Fund Class A and C Shares Inception Date is July 2, 2007.
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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.