High Income Fund

Investment Objective

The High Income Fund seeks to provide a high level of current income with capital appreciation as a secondary objective. As with any mutual fund, there is no guarantee that the Fund will achieve its goal.

Principal Strategies

The Fund invests in a portfolio of lower-quality, high yield corporate bonds, convertible securities and asset-backed securities. The Fund may invest without limitation in non-investment grade corporate bonds rated Baa or lower by Moody’s or BBB or lower by S&P.

Investment Process

The High Income Investment Process consists of three disciplines:

• Credit Risk Reduction
• Adequate Return for the Risk
• Systematic & Market Risk Reduction

The process is a bottom-up value type investment style with a primary focus on the balance sheet of the businesses.

In Phase One we perform an exhaustive analysis of the company’s financial statements. Each security must be able to answer “yes” to the question: Are there tangible assets to cover our cost in the bonds?

Once a security has passed all of Phase One, we move to Phase Two where we look for Adequate Return for the Risk. The goal of this phase is to purchase securities that are the best relative value while avoiding overpriced securities and markets.

Phase Three, is put in place to help us avoid “being the market”. By keeping a focused portfolio, we believe this phase allows us to reduce the Systematic or Market Risk while still adding alpha.

Investing in the Fund carries certain risks. The Fund’s value may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. The Fund is non-diversified and may invest a greater percentage of its assets in a particular issue and may own fewer securities than other mutual funds. The Fund is new and has no history of operations. Therefore there is no track record with which to judge performance and the Fund may be subject to substantial short-term changes. These factors may affect the value of your investment.

Past performance does not guarantee future results. An investor’s shares when redeemed may be worth more or less than their original cost. The fund’s current performance may be lower or higher than the performance data quoted. Please consider the investment objectives, risk, charges and expenses of the investment company carefully before investing. Please read the prospectus carefully before you invest or send money. A prospectus with this and other important information about the Fund may be obtained by clicking on the link below or calling shareholder services at 866.447.4228. Matrix Capital Group, Inc. distributes the Catalyst Funds.

The Fund invests in lower-quality, non-investment grade bonds, asset backed securities and convertible securities. Non-investment grade corporate bonds are those rated Baa or lower by Moody’s or BBB or lower by S&P (also known as "junk" bonds). Asset-backed securities are securities issued by trusts and special purpose entities that are backed by pools of assets, such as automobile and credit-card receivables and home equity loans, which pass through the payments on the underlying obligations to the security holders. Convertible securities are bonds or preferred stocks which are convertible into, or exchangeable for, common stocks. Lower-quality debt securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. Asset Backed securities are subject to the risk that, if the issuer fails to pay interest or repay principal, the assets backing these securities may not be sufficient to support payments on the securities.