# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-26-000841
**Filing Date:** 2026-2
**Character Count:** 16837
**Document Hash:** 7a6704e6d8fed0a9b4c7a635276e1b1b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000841.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001580642-26-000841

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MUTUAL FUND SERIES TRUST
- **CENTRAL INDEX KEY:** 0001355064

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-132541
- **FILM NUMBER:** 26604029

**BUSINESS ADDRESS:**
- **STREET 1:** C/O GEMINI FUND SERVICES LLC
- **STREET 2:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022-3474
- **BUSINESS PHONE:** 631 549 1859

**MAIL ADDRESS:**
- **STREET 1:** C/O GEMINI FUND SERVICES LLC
- **STREET 2:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022-3474

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CATALYST FUNDS
- **DATE OF NAME CHANGE:** 20060303

## Series and Classes Contracts Data

### Empiric Fund (Series ID: S000040322)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000125239 | Empiric Fund Class A | EMCAX           |
| C000125240 | Empiric Fund Class C | EMCCX           |

**Empiric Fund**

Class A: EMCAX Class C: EMCCX

**SUMMARY PROSPECTUS**

**February 1, 2026**

Before you invest, you may want to review the Fund's complete prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund at <u>http://www.empiricfunds.com/prospectus.html</u>. You can also get this information at no cost by calling 1-888-839-7424, emailing <u>operations@empiricadvisors.com</u> or by asking any financial intermediary that offers shares of the Fund. The Fund's prospectus and statement of additional information, both dated February 1, 2026 are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website or phone number noted above.

**FUND SUMMARY**

**Investment Objective:** The Fund's goal is to achieve capital appreciation.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.** 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 sections of the Fund's prospectus entitled **How to Buy Shares** on page 34 and **Appendix A – Intermediary-Specific Sales Charge Reductions and Waivers,** 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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Shareholder Fees**<br> (fees paid directly from your investment) | **Class<br> A** | &nbsp;&nbsp;**Class<br> C** |
| **Maximum Sales Charge<br> (Load) Imposed on Purchases (as a % of offering price)** | **5.75%** | &nbsp;&nbsp;**None** |
| **Maximum Deferred Sales Charge (Load)<br> (as a % of the lower of original purchase price or current market value)** | **1.00%** |  |
| &nbsp;&nbsp; **Maximum Sales Charge (Load) Imposed** <br> **on Reinvested Dividends and other Distributions** |  |  |
| **Redemption Fee** |  |  |
| &nbsp;&nbsp; **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) |  |  |
| &nbsp;&nbsp;**Management Fees** | &nbsp;&nbsp;**1.00%** | &nbsp;&nbsp;**1.00%** |
| &nbsp;&nbsp;**Distribution and Service (12b-1) Fees** | &nbsp;&nbsp;**0.25%** | &nbsp;&nbsp;**1.00%** |
| &nbsp;&nbsp;**Other Expenses** | &nbsp;&nbsp;**0.98%** | &nbsp;&nbsp;**0.98%** |
| &nbsp;&nbsp;**Acquired Fund Fees and Expenses<sup>1</sup>** | &nbsp;&nbsp;**0.01%** | &nbsp;&nbsp;**0.01%** |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;**2.24%** | &nbsp;&nbsp;**2.99%** |

---

<sup>1</sup> Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in his 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.

<u>Example</u>: 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 hold or 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>YEAR</u>** | &nbsp;&nbsp;**<u>Class A</u>** | &nbsp;&nbsp;**<u>Class C</u>** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;$789 | &nbsp;&nbsp;$302 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;$1235 | &nbsp;&nbsp;$924 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;$1706 | &nbsp;&nbsp;$1572 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;$3002 | &nbsp;&nbsp;$3308 |

---

<u>Portfolio Turnover</u>: 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 September 30, 2025 was 10% of the average value of its portfolio.

**Principal Investment Strategies.** 

The Fund seeks to achieve its objective by primarily investing in the equity securities of domestic small and mid-capitalization growth companies. Small and mid-capitalization companies are defined as companies with between $30 million and $25 billion in market capitalization.

The Fund seeks capital appreciation by investing in companies that the Fund's investment advisor, Empiric Advisors, Inc. (the "Advisor"), believes are undervalued and that have characteristics the Advisor deems will likely cause those stocks to appreciate in the near future. Decisions to buy or sell securities in the Fund's portfolio are based on such characteristics including the sector or industry the company is in, certain ratios of the company such as return-on-equity or margins, the size of the company, past and future growth of the company, analysts' expectations, earnings surprises and other characteristics the Advisor believes may impact the appreciation of stocks. The Advisor practices quantitative techniques in the selection of stocks using a computer screening process to assist it in finding investment opportunities. Qualitative factors are considered in investment selection, but their influence is usually minimal.

**Principal Risks of Investing in the Fund.**

As with any mutual fund, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund and those losses could be significant.

The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, total return and the value of the Fund and your investment.

**Equity Securities Risk***.* Common stocks and other equity securities generally increase or decrease in value based on the earnings of a company and on general industry and market conditions, which tend to have greater fluctuations in share price than a fund that invests a significant portion of its assets in fixed income securities.

**Growth Stock Risk.** Growth stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. Growth stocks also tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile in price than the stock market as a whole.

**Management Risk**. 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.

**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 and global events affect the securities markets.

**Sector Exposure 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.

● **Industrials Sector Risk**. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

● **Technology Sector Risk.** Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on

patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

**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.

**Small and Mid-Capitalization Company Risk.** The earnings and prospects of smaller-sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Smaller-sized 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 lack management experience.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Class A shares for the last 10 years. The performance table compares the performance of the Fund's Class A and Class C shares over time to the performance of a broad-based market index and supplemental index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Although Class C shares 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 are different from Class A shares because Class C shares have different expenses than Class A shares. Updated performance information is available at www.empiricfunds.com or by calling 1-888-839-7424.

**Annual Total Returns – Class A Shares**

![](image_001.gif)

Figures do not reflect sales charges. If they did, returns would be lower. Returns for Class C shares, which are not shown, would be lower.

During the period shown in the bar chart, the highest return for a quarter was 30.96% (quarter ended June 30, 2020), and the lowest return for a quarter was (27.32)% (quarter ended March 31, 2020).

**Average Annual Total Returns**

**(for the periods ended December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class A (with load)** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| &nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp;(3.52)% | &nbsp;&nbsp;3.76% | &nbsp;&nbsp;8.99% |
| &nbsp;&nbsp; Return After Taxes on Distributions | &nbsp;&nbsp;(3.55)% | &nbsp;&nbsp;3.72% | &nbsp;&nbsp;8.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;(2.06)% | &nbsp;&nbsp;2.91% | &nbsp;&nbsp;7.35% |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp;1.63% | &nbsp;&nbsp;4.21% | &nbsp;&nbsp;8.80% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**MSCI USA Small Cap Index (reflects no deduction for fees, expenses or taxes)** | &nbsp;&nbsp;11.63% | &nbsp;&nbsp;7.59% | &nbsp;&nbsp;10.42% |
| &nbsp;&nbsp;**S&P 500? Index (reflects no deduction for fees, expenses or taxes)\*** | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |

---

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 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.

**Advisor:** Empiric Advisors, Inc. is the investment advisor to the Fund.

**Portfolio Managers:** Mark Coffelt, President and Chief Investment Officer of the Advisor, and Gabriel Rodriguez, Managing Director, Portfolio Manager and Chief Compliance Officer of the Advisor, are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. Mr. Coffelt has been a Portfolio Manager of the Fund since inception and Mr. Rodriguez has been a Portfolio Manager since January, 2026.

**Purchase and Sale of Fund Shares:** The minimum initial investment in each share class of the Fund is $2,500 for a regular account, $2,500 for an IRA account, or $100 for an automatic investment plan account. The minimum subsequent investment in the Fund is $50. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone or through a financial intermediary to the Fund or the Transfer Agent and will be paid by check or wire transfer.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan. If you are investing in a tax-deferred plan, distributions may be taxable upon withdrawal from the plan.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.