Hi DavidV,
Given your 3 to 5 year time constraint, congratulations on designing a portfolio of all 60/40 Balanced mutual funds/ETFs. I assume you populated your portfolio with low cost funds to maximize keeping market rewards for yourself during your anticipated market participation period.
Historically, an assortment of Balanced funds have generated returns that hover around 10% with a substantial reduction in portfolio volatility (like a standard deviation of perhaps 12%). I recommend you check your portfolio against historical performance using a Portfolio Visualizer tool. Here is the Link to that useful website:
https://www.portfoliovisualizer.com/
Use the Backtest Portfolio option to access the historical performance of your baseline asset allocation.
You asked about portfolio optimization. The Portfolio Visualizer toolkit includes an Efficient Frontier Optimize Portfolio option. You might want to give it a test ride. I have never used that option. The Efficient Frontier is a transitory, elusive target; if it does really exist, it changes rapidly. However, it might offer you some comfort if you explore several portfolio what-if constructions.
You seem to have considerable fear over a market meltdown. Certainly that happens, but it might not happen as frequently as you suspect. Here is a Link to a nice summary article that reviews and categorizes various negative market return levels:
http://thereformedbroker.com/2013/08/20/a-field-guide-to-stock-market-corrections/
You must know the odds when participating in the marketplace. A correction of 10% is defined as nerve-wracking, but it doesn’t occur all that frequently. Check the article for the numbers. Also, historically, average recovery time from a 10% downturn is NOT that long (about one-half year).
I made a few calculations. Assuming a Gaussian returns distribution with expected average return and standard deviation for a representative portfolio constructed of all 60/40 Balanced funds, the projected rate for a 10% decline is roughly 6%. That’s not too unsettling. These data and brief analyses should relieve your discomfort level somewhat.
Since your time horizon is so short you might elect to deploy the generic strategy recommended for those approaching retirement. As the date approaches, you might consider converting a portion of your 60/40 mixed Balanced funds into 30/70 Balanced funds. This strategy compromises expected returns a little, but it simultaneously reduces portfolio volatility. The Vanguard Wellesley Income Fund (VWINX) is an attractive candidate for this tactic from my perspective.
You have made some solid investment decisions, and by so doing have mostly resolved your own issues. I also believe that other MFO posters have properly addressed other mental aspects of your concerns. Have courage and stay the course.
Best Wishes.

Hi Alex,
Based on your advanced age, you impose a high target returns requirement, a high hurdle that gets higher each year as your RMD increases annually, on your portfolio.
I completely agree with MFOer msf with regard to scoping the problem by consulting the government RMD tables which are tied to life expectancy.
Numerous academic and industry retirement studies have concluded that a withdrawal rate of about one-half your RMD goal is a doable target that results in high portfolio survival odds over extended timeframes. The usual outcome from Monte Carlo simulations is that a 4% drawdown over a 30 year retirement period generates portfolio survival odds that are in the 95% and higher range.
Given your age, the anticipated portfolio survival timeframe is more like 15 years. This shortened period changes the calculus considerably. Some additional calculations are needed.
Nowadays, these calculations are easily and rapidly done with some simplifications that should not significantly impact any conclusions from the analyses. Since learning to fish is more useful than being gifted a fish, I suggest you do the analyses yourself.
One tool to do a respectable Monte Carlo analysis can be found on the MoneyChimp website. Here is a direct Link to the Monte Carlo calculator on the helpful site:
http://www.moneychimp.com/articles/volatility/montecarlo.htm
Please exercise it to get an informed feeling for the likelihood of a successful accomplishment of your goals.
For a representative portfolio with an 8.5% annual average return and a standard deviation of 12%, a survival likelihood of 98% is anticipated for a 15 year period. If that period is extended to 20 years, the portfolio survival likelihood decreases to 86%. If the portfolio volatility is increased from 12% to 15% annually, the portfolio survival probability is deceased from 98% to 93% for the 15 year timeframe.
Parametric analyses like these help an investor to get a feel for the soundness of his plan. These general cases seem like attractive potential outcomes from a portfolio survival perspective. However, note that MoneyChimp does not provide the end value of the portfolio. If a single dollar remains in the portfolio after the designated period, MoneyChimp scores that as a portfolio survival instance.
If you want more detail, please give the Portfolio Visualizer version of Monte Carlo a test run. Here is a Link to that site:
https://www.portfoliovisualizer.com/
This excellent website will allow you to back-test generic and specific portfolio asset allocations, and also to do a Monte Carlo simulation that outputs portfolio survival odds and average portfolio end wealth values.
For one test run, Portfolio Visualizer yields a 96% survival likelihood for the 15 year period with a 50% US Stocks, 25% Large Cap Value, and 25% International Stock portfolio allocation. A 37,000 dollar average annual drawdown rate was assumed.
The median portfolio end balance was 1.1 million dollars, and both the 25 percentile and 75 percentile end values were provided. Since these are Monte Carlo simulations, results will change a little with each running of the code.
These estimates were done using historical base rate returns. Given the current investment environment, you might want to do the simulations using slightly more muted market return projections. You can input your own predictions and do some sensitivity scenarios.
If you don’t like the specific outcomes, these Monte Carlo tools allow you to play endless what-if options to explore allocations that might improve the projected results. The work is easy and even fun. Enjoy.
I edited to convert my original post from MRD to RMD. Sorry for the nomenclature error.
Best Wishes.

@Alex
I would consider a portfolio consisting of: VMNVX (50%), GLIFX (20%), and QMNIX (30%). As a whole, this portfolio would provide relatively low volatility and reasonable returns. Other funds that I would consider would be VMNFX and QLEIX. The institutional AQR funds are available at Scottrade for $100 minimum in both taxable and retirement accounts.
Kevin

Converting Permanent Portfolio to Roth for 2016. Should go through today.
Other than feeling good having 70% of all my retirement money under the Roth umbrella after this, I can't think of any good reasons. Not expecting to get rich quick. Obviously like fund over very long term. Amount? Just under 10% of total.
(Edit: Went through as planned. No glitches. My estimated % was high. Actually, IRA is now about 61% in Roths and 39% Traditional. Feels good :) )

Hi, David.
Almost all of the winners in my retirement portfolio were Fidelity large growth funds (and Fido Japan Smaller Companies, bought some while ago at Ed's recommendation).
In Mr. Danoff's case, his major winners were Facebook (up 34%), Amazon (up 120%), various flavors of Google (up about 45% depending a bit on share class), and Netflix (up 135%). Decent gains on smaller positions in Visa and MasterCard, services important to your use of all of the above.
Berkshire Hathaway and Apple were negative and Chipotle was negative in oh so many ways.
For what that's worth,
David

VF, I see nothing broken about this fund, although I see no compelling reason to buy or hold this ALT fund. In my portfolio, an ALT position is definitely not a buy and hold/forget holding. In this space, I think that it is wise to go with what is working.
I realize that some folks don't care for Cliff Asness and his AQR funds, but some of their ALT funds are really doing well. In this space, we own a 10% position in QMNIX, but I also like QSPIX (closing to new investors on 1/29/16), QLEIX, VMNFX, and even the very volatile MCXIX. The institutional AQR funds continue to be available for a $100 minimum + TF in both taxable and retirement accounts.
Peace out.
Kevin

http://www.sec.gov/Archives/edgar/data/1396092/000120928615000762/e1791.htm
497 1 e1791.htm
Big 4 OneFund
Investor Class Shares (FOUIX)
Institutional Class Shares (FOURX)
Supplement dated December 23, 2015
to the Prospectus and Statement of Additional Information
each dated September 19, 2014
The Board of Trustees (the “Board”) of World Funds Trust (the “Trust”) has approved a Plan of Liquidation (the “Plan”) relating to the Big 4 OneFund (the “Fund”), effective December 23, 2015. Chicago Partners Investment Group, LLC, the Fund’s investment adviser (the “Adviser”), has recommended to the Board to approve the Plan based on its representations of its inability to market the Fund and the Adviser’s indication that it does not desire to continue to support the Fund. As a result, the Board has concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund.
In connection with the proposed liquidation and dissolution of the Fund called for by the Plan, the Board has directed the Trust’s principal underwriter to cease offering shares of the Fund immediately as of the date of this Supplement. Shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares until the liquidation.
It is anticipated that the Fund will liquidate on or about December 31, 2015. Any remaining shareholders on the date of liquidation will receive a distribution of their remaining investment value in full liquidation of the Fund. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1.800.673.0550.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated September 19, 2014, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated September 19, 2014 have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1.800.673.0550.

Amen to that! Unless you want to eat, drink, sleep, and breathe the markets 24 hours a day. And I mean that literally. Over the years have seen all these investors congregate in the same funds such as the aforementioned Whitebox as well as other *crowd* favorites ala RSIVX, ARIVX, MFLDX, WAFMX, RPHYX, AQRNX, and the granddaddy of them all PRPFX. Not exactly a prescription for a wealthy retirement. I just hope it won't be the same sad story with the latest fave GPMCX.

Actually in that collection I don't think MFLDX and certainly AQRNX don't belong. One did a shareholder unfriendly thing, and one is shareholder unfriendly period.
RSIVX, I think people are bashing out of proportion. No one said it did not have any risks. People expecting RPHYX out of RSIVX without reading prospectus going to be dissapointed.
Still a believer in ARIVX. Never owned WAFMX and GPMCX
Now two funds I own and who belong are FVALX and INTLX. Luckily for me have held them forever and will continue to hold "forever". With FVALX manager didn't time the S&P 500 puts correctly or it would be breaking even. Hard to be Value Fund and time the short incorrectly. I'm in for the long haul in these two.
The one dissapointment for me has been ICMBX. Expected it to have held up much better.
Finally, got lucky with WBLSX to OTCRX switch at Vanguard. I feel for WBMAX investors.

FYI: A lot of dividend mutual funds are getting clobbered this year in total return.
In fact, for many, the higher their 12-month yield, the worse their year-to-date performance, as of Dec. 16.
So should investors plunge into this beaten-down stock mutual funds category? Does it have any place other than up to go?
This is a crucial question for many investors, especially those focused on retirement planning.
Regards,
Ted
http://license.icopyright.net/user/viewFreeUse.act?fuid=MjExNTM1Mzc=
Enlarged Graphic:
http://news.investors.com/photopopup.aspx?path=WMUT90-1218.jpg&docId=785970&xmpSource=&width=1000&height=846&caption=&id=785971

@VF - I know you saw it coming, sorry to offend. I asked Charles because I thought he was one of the believers.
I have to wonder though if Mr. Buffett has been right all along. Just stick your money in an S&P 500 index and go live your life. If the smart people in the room with all the toys and tools can't get this stuff right who do I think I'm fooling. Some pondering I must do.

Amen to that! Unless you want to eat, drink, sleep, and breathe the markets 24 hours a day. And I mean that literally. Over the years have seen all these investors congregate in the same funds such as the aforementioned Whitebox as well as other *crowd* favorites ala RSIVX, ARIVX, MFLDX, WAFMX, RPHYX, AQRNX, and the granddaddy of them all PRPFX. Not exactly a prescription for a wealthy retirement. I just hope it won't be the same sad story with the latest fave GPMCX.

Updated:
http://www.sec.gov/Archives/edgar/data/915802/000091580215000113/stickerredmontfundiliquidati.htm
497 1 stickerredmontfundiliquidati.htm
FINANCIAL INVESTORS TRUST
REDMONT RESOLUTE FUND I
Supplement dated December 17, 2015
to the
Prospectus and Statement of Additional Information each dated August 31, 2015
for the Redmont Resolute Fund I,
a series of Financial Investors Trust (the “Trust”)
The below information supersedes the information in the supplement dated December 16, 2015.
The Board of Trustees (the “Board”) of the Trust, based upon the recommendation of Highland Associates, Inc. (the “Adviser”), the investment adviser to the Redmont Resolute Fund I (the “Fund”), a series of the Trust, has determined to close and liquidate the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Trust effective as of the close of business on January 29, 2016.
The Board approved a Plan of Liquidation (the “Plan”) that determines the manner in which the Fund will be liquidated. Pursuant to the Plan and in anticipation of the Fund’s liquidation, the Fund will be closed to new purchases effective as of the close of business on December 16, 2015. However, any distributions declared to shareholders of the Fund after December 16, 2015, and until the close of trading on the New York Stock Exchange on January 29, 2016 will be automatically reinvested in additional shares of the Fund unless a shareholder specifically requests that such distributions be paid in cash. Although the Fund will be closed to new purchases as of December 16, 2015, you may continue to redeem your shares of the Fund after December 16, 2015, as provided in the Prospectus. Please note, however, that the Fund will be liquidating its assets as of the close of business on January 29, 2016.
Pursuant to the Plan, if the Fund has not received your redemption request or other instruction prior to the
close of business on January 29, 2016, the effective time of the liquidation, your shares will be redeemed,
and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of
January 29, 2016, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
The Fund will bear the expenses incurred by the Fund in carrying out the Plan.
Please retain this supplement with your Prospectus and Statement of Additional Information.

At Fidelity, there is a $2,500 initial buy for AQR, but it's only in retirement accounts. (Bitzer, the Fees and Distributions page for a fund is the place to look at Fido for the details on cost & purchase minimums - the Summary page is the abbreviated version.)

http://www.sec.gov/Archives/edgar/data/915802/000091580215000110/stickerredmontfundiliquidati.htm
FINANCIAL INVESTORS TRUST
REDMONT RESOLUTE FUND I
Supplement dated December 16, 2015
to the Prospectus and Statement of Additional Information each dated August 31, 2015
for the Redmont Resolute Fund I,
a series of Financial Investors Trust (the “Trust”)
The Board of Trustees (the “Board”) of the Trust, based upon the recommendation of Highland Associates, Inc. (the “Adviser”), the investment adviser to the Redmont Resolute Fund I (the “Fund”), a series of the Trust, has determined to close and liquidate the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Trust effective as of the close of business on January 18, 2016.
The Board approved a Plan of Liquidation (the “Plan”) that determines the manner in which the Fund will be liquidated. Pursuant to the Plan and in anticipation of the Fund’s liquidation, the Fund will be closed to new purchases effective as of the close of business on December 16, 2015. However, any distributions declared to shareholders of the Fund after December 16, 2015, and until the close of trading on the New York Stock Exchange on January 18, 2016 will be automatically reinvested in additional shares of the Fund unless a shareholder specifically requests that such distributions be paid in cash. Although the Fund will be closed to new purchases as of December 16, 2015, you may continue to redeem your shares of the Fund after December 16, 2015, as provided in the Prospectus. Please note, however, that the Fund will be liquidating its assets as of the close of business on January 18, 2016.
Pursuant to the Plan, if the Fund has not received your redemption request or other instruction prior to the
close of business on January 18, 2016, the effective time of the liquidation, your shares will be redeemed,
and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of
January 18, 2016, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
The Fund will bear the expenses incurred by the Fund in carrying out the Plan.
Please retain this supplement with your Prospectus and Statement of Additional Information.

FYI: Do you put money in a Health Savings Account every month without investing it? You may as well shove your hard-earned dollars under a mattress.
A $2,000 balance in the HSA gives you a measly buck in yearly interest.
But investing your tax-advantaged HSA funds allows you to build a bigger and better retirement nest egg. The less you pay in administration fees to a mutual fund company, the more that is available to be invested.
Regards,
Ted
http://license.icopyright.net/user/viewFreeUse.act?fuid=MjExMTI5NDQ=
Enlarged Graphic:
http://news.investors.com/photopopup.aspx?path=WEBlv121115.gif&docId=784945&xmpSource=&width=1000&height=1027&caption=&id=784950

FYI: (This is a follow-up article)
If you are among the 20 million Americans saving for retirement through Vanguard, you may be in for an expensive shock. The nation’s largest mutual fund company is under fire for not taking more of your money. That sounds ridiculous, but based on arcane provisions of the endlessly complex U.S. tax code, the Pennsylvania-based company may soon be forced to pay a staggering amount of back taxes because of the famously low fees it charges to manage your nest egg
Regards,
Ted
http://www.newsweek.com/vanguard-whistleblower-tax-dodge-complaint-400901

http://www.sec.gov/Archives/edgar/data/1552947/000158064215005557/fortunatus497s2.htm
497 1 fortunatus497s2.htm 497
FORTUNATUS PROTACTICAL NEW OPPORTUNITY FUND
Class A FPOAX
Class C FPOCX
Class I FPOIX
A Series of Two Roads Shared Trust
Supplement dated December 3, 2015
to the Prospectus dated November 24, 2014, as supplemented.
__________________________________________
The Board of Trustees of Two Roads Shared Trust (the “Trust”) has concluded that it is in the best interests of the Fortunatus Protactical New Opportunity Fund (the “Fund”) and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares no later than the close of business on December 31, 2015.
Effective immediately, the Fund will not accept any new investments. The Fund will begin liquidating its portfolio and will invest in cash or cash equivalents (such as money market funds) until all shares have been redeemed. The Fund will no longer pursue its stated investment objective once it begins liquidating its portfolio. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash. Shares of the Fund are otherwise not available for purchase.
Prior to December 31, 2015, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section of the Fund’s Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. No redemption fees will be assessed on redemptions of Fund shares made after the date of this notice. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO DECEMBER 31, 2015 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-844-798-3646.
________________________
This Supplement and the existing Prospectus and Statement of Additional Information (“SAI”) each dated November 24, 2014, provide relevant information for all shareholders and should be retained for future reference. The Prospectus and the SAI have been filed with the U.S Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling 1-844-798-3646.

Like Chinfist, I like to spread my exposure to ALT funds with at least a 5% position in each investment, preferably 10%.
There may be select pockets for attractive FI exposure going forward in an increasing interest rate environment, but they will likely be limited to one of the Doubleline funds/CEFS, muni funds/CEFs, and PIMIX. And going forward, I definitely prefer select ALT funds over FI funds/CEFs such as: QMNIX, QLEIX, MCXIX, and even the low cost VMNFX ($50 min in Wellstrade retirement accounts).
Kevin

http://www.sec.gov/Archives/edgar/data/915802/000091580215000097/financialinvestorstrustemera.htm
497 1 financialinvestorstrustemera.htm
FINANCIAL INVESTORS TRUST
Emerald Growth Fund (the “Fund”)
SUPPLEMENT DATED DECEMBER 1, 2015 TO THE PROSPECTUS AND SUMMARY PROSPECTUS EACH DATED
AUGUST 31, 2015
This Supplement updates certain information contained in the Prospectus and Summary Prospectus for the Fund each dated August 31, 2015. Additional copies of the Prospectus or Summary Prospectus may be obtained free of charge by visiting the Fund’s website at www.emeraldmutualfunds.com or calling 1.855.828.9909.
Effective as of the close of business on December 31, 2015, the Fund will close to new investors, except as described below. This change will affect new investors seeking to purchase shares of the Fund either directly or through third-party intermediaries. Existing shareholders of the Fund may continue to purchase additional shares of the Fund.
A financial adviser whose clients have established accounts in the Fund as of December 31, 2015 may continue to open new accounts in the Fund for any of its existing clients.
Existing or new participants in a qualified retirement plan, such as a 401(k) plan, profit sharing plan, 403(b) plan or 457 plan, which has an existing position in the Fund as of December 31, 2015, may continue to open new accounts in the Fund. In addition, if such qualified retirement plans have a related retirement plan formed in the future, this plan may also open new accounts in the Fund.
The Fund retains the right to make exceptions to any action taken to close the Fund or limit inflows into the Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

http://www.sec.gov/Archives/edgar/data/793769/000119312515389490/d39381d497.htm
497 1 d39381d497.htm HARBOR FUNDS
Harbor Fixed Income Funds
Supplement to Prospectus dated March 1, 2015
Harbor High-Yield Bond Fund
The following information regarding Shenkman Capital Management, Inc., the subadviser for Harbor High-Yield Bond Fund, will be changing effective January 1, 2016:
Mark Flanagan, one of the six co-portfolio managers for Harbor High-Yield Bond Fund, will be retiring from Shenkman Capital Management, Inc. at the end of 2015. Mark Shenkman, Eric Dobbin, Justin Slatky, Steven Schweitzer and Robert Kricheff will continue to serve as co-portfolio managers for the Fund following Mr. Flanagan’s retirement using the same team-based approach with Mr. Dobbin remaining the lead portfolio manager of the Fund.
November 27, 2015
Harbor Emerging Markets Debt Fund
Harbor Funds’ Board of Trustees has determined to liquidate and dissolve Harbor Emerging Markets Debt Fund. The liquidation of the Fund is expected to occur on April 29, 2015. The liquidation proceeds will be distributed to any remaining shareholders of the Fund on the liquidation date.
Shareholders may exchange shares of the Fund for another Harbor fund, or redeem shares out of the Fund, in accordance with Harbor’s exchange and redemption policies as set forth in the Fund’s prospectus, until the date of the Fund’s liquidation.
Because the Fund will be liquidating, effective immediately a redemption fee will no longer be applied to the redemption of any shares out of the Fund.
In order to ready the Fund for liquidation, the Fund’s portfolio of investments will be transitioned prior to the planned liquidation date to one that consists of all or substantially all cash, cash equivalents and debt securities with remaining maturities of less than one year. As a result, shareholders should no longer expect that the Fund will seek to achieve its investment objective of maximizing total return.
Because the Fund will be liquidating, the Fund is now closed to new investors. The Fund will no longer accept additional investments from existing shareholders beginning on April 22, 2015.
March 6, 2015

http://www.sec.gov/Archives/edgar/data/1355064/000158064215005368/actinv497stkr.htm
497 1 actinv497stkr.htm 497
Catalyst Activist Investor Fund
(the “Fund”)
a series of Mutual Fund Series Trust
Supplement Dated November 24, 2015
to the Prospectus Dated November 1, 2015
The Board of Trustees of the Mutual Fund Series Trust has concluded, based on the recommendation of the Fund’s adviser, Catalyst Capital Advisors LLC, that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on December 21, 2015 (“Liquidation Date”).
Effective immediately, the Fund will not accept any new investments and will no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and will invest in cash equivalents until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash. Shares of the Fund are otherwise not available for purchase.
Current shareholders of the Fund may, consistent with the requirements set forth in the Prospectus, exchange their shares into shares of the same class of other funds in the Catalyst family of funds at any time prior to the Liquidation Date.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED OR EXCHANGED THEIR SHARES OF THE FUND PRIOR TO DECEMBER 21, 2015 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OR ACCOUNT OF RECORD. If you have questions or need assistance, please contact the Fund at 1-866-447-4228.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement and the existing Prospectus and the Statement of Additional Information dated November 1, 2015, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated November 1, 2015 have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Funds toll-free at 1-866-447-4228 or by writing to 17605 Wright Street, Omaha, Nebraska 68130.