Catalyst Buffered Shield Fund Class I 

The investment seeks long-term capital appreciation. Under normal market conditions, the fund seeks to achieve its investment objective by investing in put and call options on exchange traded funds ("ETFs") that track the S&P 500 Index ("Index ETFs"), and in fixed income securities. Using a combination of put and call options on index ETF's, the fund's investment sub-advisor, Exceed Advisory LLC initially executes the equity options strategy by seeking to provide an investment vehicle that limits losses to 12.5% when the Index declines in value, and to participate in increases in the index up to approximately 15%.