# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-25-005926
**Filing Date:** 2025-9
**Character Count:** 440690
**Document Hash:** 0a2262a0a389f6500a6eefede5598901
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005926.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005926

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 134

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21872
- **FILM NUMBER:** 251299377

**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

### Catalyst/SMH High Income Fund (Series ID: S000022377)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000064375 | Catalyst/SMH High Income Fund Class A | HIIFX           |
| C000064376 | Catalyst/SMH High Income Fund Class C | HIICX           |
| C000128969 | Catalyst/SMH High Income Fund Class I | HIIIX           |

### Catalyst/SMH Total Return Income Fund (Series ID: S000022378)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000064377 | Catalyst/SMH Total Return Income Fund Class A | TRIFX           |
| C000064378 | Catalyst/SMH Total Return Income Fund Class C | TRICX           |
| C000128970 | Catalyst/SMH Total Return Income Fund Class I | TRIIX           |

### Catalyst/MAP Global Balanced Fund (Series ID: S000033419)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000102758 | Catalyst/MAP Global Balanced Fund Class A | TRXAX           |
| C000102759 | Catalyst/MAP Global Balanced Fund Class C | TRXCX           |
| C000142549 | Catalyst/MAP Global Balanced Fund Class I | TRXIX           |

### Catalyst/CIFC Senior Secured Income Fund (Series ID: S000039512)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000121700 | Catalyst/CIFC Senior Secured Income Fund Class A   | CFRAX           |
| C000121701 | Catalyst/CIFC Senior Secured Income Fund Class C   | CFRCX           |
| C000121702 | Catalyst/CIFC Senior Secured Income Fund Class I   | CFRIX           |
| C000240463 | Catalyst/CIFC Senior Secured Income Fund Class C-1 | CFRFX           |

### Catalyst Enhanced Income Strategy Fund (Series ID: S000063591)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000206024 | Catalyst Enhanced Income Strategy Fund Class I | EIXIX           |
| C000206025 | Catalyst Enhanced Income Strategy Fund Class A | EIXAX           |
| C000206026 | Catalyst Enhanced Income Strategy Fund Class C | EIXCX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549** 

**FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-21872</u>

<u>Mutual Fund Series Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>CT CORPORATION SYSTEM</u> <br> <u>1300 EAST NINTH STREET, CLEVELAND, OH 44114</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2600</u>

Date of fiscal year end: <u>6/30</u> <br>Date of reporting period: <u>6/30/2025</u>

**Item 1. Reports to Stockholders.** 

(a) Tailored
 Shareholder Report

# Catalyst Enhanced Income Strategy Fund

# Class A (EIXAX)

#### Annual Shareholder Report - June 30, 2025
![Image](if707c45769b28ebb98007603.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst Enhanced Income Strategy Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $176 | 1.75% |

---

## How did the Fund perform during the reporting period?
During much of the first half of the reporting period, the Fund was on an upbeat trajectory as the Fed eased and inflation looked tamed. Since January, however, growing uncertainty surrounding tariffs consumed the market in general. As such, the past year ended June 30, 2025 continued to be rather challenging for many subsectors within fixed income, as inflation failed to retreat sufficiently (remaining above the Fed's target) and tariff uncertainty roiled the markets.

During the reporting period, the Fund was slightly positive but generally under performed the benchmark. The return differential was primarily due to the Fund having less exposure to interest rate duration. Due to the credit strength of the Fund's investments and its tactful investment thesis, the Fund has generally fared considerably better than the benchmark historically; since inception.

Due to macro uncertainties and higher rates, investments in the Fund generally yield more now than they have in years. For example, before the 2022 bond rout, generic non-agency RMBS senior bonds yielded 3-5%; similar bonds now yield 6-8%, as they are generally less volatile today than they were in previous years due to amortization and continued strength in the housing market. During the first half of the reporting period, the Fund had added some agency inverse interest only securities (IIOs). These agency IIOs typically benefit from the front end of the rate curve going lower, which would in turn drive the coupon higher; hence the term "inverse." This position serves as a bit of a macro hedge in the event of a significant market disruption or recession (see also the comment on consumer spending above). We anticipate this portion of the portfolio may exert an outsized impact on total return for the Fund in the future.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibdde3c3e74469839896aff73.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Catalyst Enhanced Income Strategy Fund** | **Catalyst Enhanced Income Strategy Fund - with load** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Mortgage Backed Securities Index** |
| **Dec-2018** | $10000 | $9425 | $10000 | $10000 |
| **Jun-2019** | $11318 | $10668 | $10611 | $10417 |
| **Jun-2020** | $11850 | $11168 | $11539 | $11008 |
| **Jun-2021** | $12726 | $11994 | $11500 | $10962 |
| **Jun-2022** | $12467 | $11750 | $10317 | $9972 |
| **Jun-2023** | $11862 | $11180 | $10220 | $9821 |
| **Jun-2024** | $11642 | $10973 | $10489 | $10028 |
| **Jun-2025** | $11792 | $11114 | $11126 | $10682 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 31, 2018)** |
| Catalyst Enhanced Income Strategy Fund |  |  |  |
| Without Load | 1.28% | -0.10% | 2.57% |
| With Load | -4.49% | -1.28% | 1.64% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.66% |
| Bloomberg U.S. Mortgage Backed Securities Index | 6.52% | -0.60% | 1.02% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$76,736,318

* Number of Portfolio Holdings154

* Advisory Fee (net of waivers)$1,715,592

* Portfolio Turnover18%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9f3644e07c3d305ef83a61fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 78.5% |
| Money Market Funds | 3.9% |
| U.S. Government & Agency Obligations | 17.6% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](ie77051b3ad2c162d7486bb24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 3.9% |
| U.S. Government & Agency Obligations | 17.6% |
| CMBS | 17.7% |
| CMO | 26.2% |
| ABS | 34.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Terwin Mortgage Trust, 2006-3 2A3, 5.054%, 04/25/37 | 9.6% |
| Morgan Stanley Mortgage Loan Trust, 2006-15XS A6B, 4.262%, 11/25/36 | 6.0% |
| Citicorp Mortgage Securities Trust, 2008-1 1A1, 6.250%, 02/25/38 | 5.0% |
| Starwood Retail Property Trust, 2014-STAR A, 7.500%, 11/15/27 | 4.7% |
| Morgan Stanley Capital I Trust, 2006-T21 C, 5.158%, 10/12/52 | 4.6% |
| Thornburg Mortgage Securities Trust, 2006-3 A1, 3.691%, 06/25/46 | 4.1% |
| Structured Asset Securities Corp Mortgage Loan Trust, 2005-NC2 M7, 5.484%, 05/25/35 | 4.1% |
| Park Place Securities Inc Asset-Backed Pass-Through Certificates, 2004-WCW2 M6, 6.609%, 10/25/34 | 3.7% |
| Citigroup Commercial Mortgage Trust, 2015-GC35 D, 3.236%, 11/10/48 | 3.6% |
| Carrington Mortgage Loan Trust, 2006-FRE2 A2, 4.554%, 10/25/36 | 2.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i9bccdd5c906145dd9327c9b3.jpg)

# Catalyst Enhanced Income Strategy Fund - Class A (EIXAX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://catalystmf.com/literature-and-forms/**), including its:

![Image](icb5f33b1ae85a8a08da6af5b.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-EIXAX

# Catalyst Enhanced Income Strategy Fund

# Class C (EIXCX)

#### Annual Shareholder Report - June 30, 2025
![Image](ifbc55449f64010b6c6bbd12a.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst Enhanced Income Strategy Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $251 | 2.50% |

---

## How did the Fund perform during the reporting period?
During much of the first half of the reporting period, the Fund was on an upbeat trajectory as the Fed eased and inflation looked tamed. Since January, however, growing uncertainty surrounding tariffs consumed the market in general. As such, the past year ended June 30, 2025 continued to be rather challenging for many subsectors within fixed income, as inflation failed to retreat sufficiently (remaining above the Fed's target) and tariff uncertainty roiled the markets.

During the reporting period, the Fund was slightly positive but generally under performed the benchmark. The return differential was primarily due to the Fund having less exposure to interest rate duration. Due to the credit strength of the Fund's investments and its tactful investment thesis, the Fund has generally fared considerably better than the benchmark historically; since inception.

Due to macro uncertainties and higher rates, investments in the Fund generally yield more now than they have in years. For example, before the 2022 bond rout, generic non-agency RMBS senior bonds yielded 3-5%; similar bonds now yield 6-8%, as they are generally less volatile today than they were in previous years due to amortization and continued strength in the housing market. During the first half of the reporting period, the Fund had added some agency inverse interest only securities (IIOs). These agency IIOs typically benefit from the front end of the rate curve going lower, which would in turn drive the coupon higher; hence the term "inverse." This position serves as a bit of a macro hedge in the event of a significant market disruption or recession (see also the comment on consumer spending above). We anticipate this portion of the portfolio may exert an outsized impact on total return for the Fund in the future.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ieaafa1e5ca4f86c1d6c4ef77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst Enhanced Income Strategy Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Mortgage Backed Securities Index** |
| **Dec-2018** | $10000 | $10000 | $10000 |
| **Jun-2019** | $11275 | $10611 | $10417 |
| **Jun-2020** | $11706 | $11539 | $11008 |
| **Jun-2021** | $12480 | $11500 | $10962 |
| **Jun-2022** | $12138 | $10317 | $9972 |
| **Jun-2023** | $11460 | $10220 | $9821 |
| **Jun-2024** | $11163 | $10489 | $10028 |
| **Jun-2025** | $11222 | $11126 | $10682 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 31, 2018)** |
| Catalyst Enhanced Income Strategy Fund | 0.54% | -0.84% | 1.79% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.66% |
| Bloomberg U.S. Mortgage Backed Securities Index | 6.52% | -0.60% | 1.02% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$76,736,318

* Number of Portfolio Holdings154

* Advisory Fee (net of waivers)$1,715,592

* Portfolio Turnover18%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i99941c6af10aa2378d9fa691.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 78.5% |
| Money Market Funds | 3.9% |
| U.S. Government & Agency Obligations | 17.6% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](ie4a3c35587ad166c80cd0d4b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 3.9% |
| U.S. Government & Agency Obligations | 17.6% |
| CMBS | 17.7% |
| CMO | 26.2% |
| ABS | 34.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Terwin Mortgage Trust, 2006-3 2A3, 5.054%, 04/25/37 | 9.6% |
| Morgan Stanley Mortgage Loan Trust, 2006-15XS A6B, 4.262%, 11/25/36 | 6.0% |
| Citicorp Mortgage Securities Trust, 2008-1 1A1, 6.250%, 02/25/38 | 5.0% |
| Starwood Retail Property Trust, 2014-STAR A, 7.500%, 11/15/27 | 4.7% |
| Morgan Stanley Capital I Trust, 2006-T21 C, 5.158%, 10/12/52 | 4.6% |
| Thornburg Mortgage Securities Trust, 2006-3 A1, 3.691%, 06/25/46 | 4.1% |
| Structured Asset Securities Corp Mortgage Loan Trust, 2005-NC2 M7, 5.484%, 05/25/35 | 4.1% |
| Park Place Securities Inc Asset-Backed Pass-Through Certificates, 2004-WCW2 M6, 6.609%, 10/25/34 | 3.7% |
| Citigroup Commercial Mortgage Trust, 2015-GC35 D, 3.236%, 11/10/48 | 3.6% |
| Carrington Mortgage Loan Trust, 2006-FRE2 A2, 4.554%, 10/25/36 | 2.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](ibde322238a122029ac3c6dfd.jpg)

# Catalyst Enhanced Income Strategy Fund - Class C (EIXCX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://catalystmf.com/literature-and-forms/**), including its:

![Image](ic111d37dd0d47de4a0032e4c.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-EIXCX

# Catalyst Enhanced Income Strategy Fund

# Class I (EIXIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i673cb4a5391daaacfbb95c10.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst Enhanced Income Strategy Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $151 | 1.50% |

---

## How did the Fund perform during the reporting period?
During much of the first half of the reporting period, the Fund was on an upbeat trajectory as the Fed eased and inflation looked tamed. Since January, however, growing uncertainty surrounding tariffs consumed the market in general. As such, the past year ended June 30, 2025 continued to be rather challenging for many subsectors within fixed income, as inflation failed to retreat sufficiently (remaining above the Fed's target) and tariff uncertainty roiled the markets.

During the reporting period, the Fund was slightly positive but generally under performed the benchmark. The return differential was primarily due to the Fund having less exposure to interest rate duration. Due to the credit strength of the Fund's investments and its tactful investment thesis, the Fund has generally fared considerably better than the benchmark historically; since inception.

Due to macro uncertainties and higher rates, investments in the Fund generally yield more now than they have in years. For example, before the 2022 bond rout, generic non-agency RMBS senior bonds yielded 3-5%; similar bonds now yield 6-8%, as they are generally less volatile today than they were in previous years due to amortization and continued strength in the housing market. During the first half of the reporting period, the Fund had added some agency inverse interest only securities (IIOs). These agency IIOs typically benefit from the front end of the rate curve going lower, which would in turn drive the coupon higher; hence the term "inverse." This position serves as a bit of a macro hedge in the event of a significant market disruption or recession (see also the comment on consumer spending above). We anticipate this portion of the portfolio may exert an outsized impact on total return for the Fund in the future.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1f4414582a8b81042079344e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst Enhanced Income Strategy Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Mortgage Backed Securities Index** |
| **Dec-2018** | $10000 | $10000 | $10000 |
| **Jun-2019** | $11332 | $10611 | $10417 |
| **Jun-2020** | $11891 | $11539 | $11008 |
| **Jun-2021** | $12800 | $11500 | $10962 |
| **Jun-2022** | $12571 | $10317 | $9972 |
| **Jun-2023** | $11991 | $10220 | $9821 |
| **Jun-2024** | $11798 | $10489 | $10028 |
| **Jun-2025** | $11980 | $11126 | $10682 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 31, 2018)** |
| Catalyst Enhanced Income Strategy Fund | 1.54% | 0.15% | 2.82% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.66% |
| Bloomberg U.S. Mortgage Backed Securities Index | 6.52% | -0.60% | 1.02% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$76,736,318

* Number of Portfolio Holdings154

* Advisory Fee (net of waivers)$1,715,592

* Portfolio Turnover18%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9596d7dc9474518f27ca8174.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 78.5% |
| Money Market Funds | 3.9% |
| U.S. Government & Agency Obligations | 17.6% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i7c2d51e4366c6b064071a886.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 3.9% |
| U.S. Government & Agency Obligations | 17.6% |
| CMBS | 17.7% |
| CMO | 26.2% |
| ABS | 34.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Terwin Mortgage Trust, 2006-3 2A3, 5.054%, 04/25/37 | 9.6% |
| Morgan Stanley Mortgage Loan Trust, 2006-15XS A6B, 4.262%, 11/25/36 | 6.0% |
| Citicorp Mortgage Securities Trust, 2008-1 1A1, 6.250%, 02/25/38 | 5.0% |
| Starwood Retail Property Trust, 2014-STAR A, 7.500%, 11/15/27 | 4.7% |
| Morgan Stanley Capital I Trust, 2006-T21 C, 5.158%, 10/12/52 | 4.6% |
| Thornburg Mortgage Securities Trust, 2006-3 A1, 3.691%, 06/25/46 | 4.1% |
| Structured Asset Securities Corp Mortgage Loan Trust, 2005-NC2 M7, 5.484%, 05/25/35 | 4.1% |
| Park Place Securities Inc Asset-Backed Pass-Through Certificates, 2004-WCW2 M6, 6.609%, 10/25/34 | 3.7% |
| Citigroup Commercial Mortgage Trust, 2015-GC35 D, 3.236%, 11/10/48 | 3.6% |
| Carrington Mortgage Loan Trust, 2006-FRE2 A2, 4.554%, 10/25/36 | 2.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](ic6cc6c5e016fd5337d848c03.jpg)

# Catalyst Enhanced Income Strategy Fund - Class I (EIXIX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://catalystmf.com/literature-and-forms/**), including its:

![Image](iea9dd84c83aeb78e9d037ad8.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-EIXIX

#### Catalyst Insider Income Fund

#### Class A (IIXAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i6ac8cb8a7267ad0ab7ace6c9.jpg)

# Fund Overview
This annual shareholder report contains important information about Catalyst Insider Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $104 | 1.00% |

---

# How did the Fund perform during the reporting period?
During the reporting period, the Fund outperformed the Bloomberg U.S. Aggregate Bond Index. By using the insider buying signal as the first step in our credit evaluation process, we identified a number of bonds that we believe have been overlooked by the market and possess superior yields to bonds of comparable credit fundamentals. Throughout the year, the portfolio's average maturity was under 2 years, which worked to the Fund's benefit as yields were generally highest in the front end of the yield curve. Additionally, the Fund remained default-free, both during the year and since the Fund's inception. The Fund outperformed the benchmark in part because we identified bonds that had superior yields, did not default, and were short-dated (which generally limited the portfolio's interest rate risk).

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i82850ed3274aab2ce6ae40c5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Catalyst Insider Income Fund** | **Catalyst Insider Income Fund - with load** | **Bloomberg 1-3 Year US Government/Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **06/30/15** | $10000 | $9523 | $10000 | $10000 |
| **06/30/16** | $9753 | $9289 | $10159 | $10600 |
| **06/30/17** | $10074 | $9594 | $10194 | $10567 |
| **06/30/18** | $10404 | $9909 | $10215 | $10525 |
| **06/30/19** | $10826 | $10310 | $10651 | $11353 |
| **06/30/20** | $11120 | $10590 | $11099 | $12345 |
| **06/30/21** | $11915 | $11347 | $11148 | $12304 |
| **06/30/22** | $10955 | $10433 | $10750 | $11038 |
| **06/30/23** | $11471 | $10924 | $10807 | $10934 |
| **06/30/24** | $12370 | $11780 | $11333 | $11222 |
| **06/30/25** | $13251 | $12619 | $12006 | $11904 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst Insider Income Fund |  |  |  |
| Without Load | 7.12% | 3.57% | 2.85% |
| With Load | 2.05% | 2.57% | 2.35% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.94% | 1.58% | 1.84% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 
* Net Assets$55,069,795

* Number of Portfolio Holdings22

* Advisory Fee (net of waivers)$183,437

* Portfolio Turnover99%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2b5aa2ba8ffddecf6d611fa8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 28.6% |
| Corporate Bonds | 63.3% |
| Money Market Funds | 8.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8fc418b5a695408badc68f91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Materials | 3.2% |
| Energy | 3.6% |
| Communications | 4.9% |
| Technology | 7.3% |
| Money Market Funds | 8.0% |
| Industrials | 9.2% |
| Consumer Discretionary | 13.8% |
| Financials | 48.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Two Harbors Investment Corporation, 6.250%, due 01/15/26 | 12.5% |
| Ambac Assurance Corporation, 5.100%, due Perpetual | 7.0% |
| PennyMac Corporation, 5.500%, due 03/15/26 | 5.8% |
| Arbor Realty Trust, Inc., 7.500%, due 08/1/25 | 4.9% |
| Ares Capital Corporation, 2.875%, due 06/15/28 | 4.8% |
| New Mountain Finance Corporation, 7.500%, due 10/15/25 | 4.7% |
| Ford Motor Company, 9.625%, due 04/22/30 | 4.7% |
| TransDigm, Inc., 6.750%, due 08/15/28 | 4.6% |
| Uber Technologies, Inc., 7.500%, due 09/15/27 | 4.6% |
| Blue Owl Capital Corporation, 2.875%, due 06/11/28 | 4.6% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](ieb5f3826342d5ab8f4eb3ea1.jpg)

#### Catalyst Insider Income Fund - Class A (IIXAX)

#### Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://catalystmf.com/literature-and-forms/**), including its:

![Image](i9a66b87c8196e4b8ca32569e.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-IIXAX

#### Catalyst Insider Income Fund

#### Class C (IIXCX)

#### Annual Shareholder Report - June 30, 2025
![Image](ic91ec5b7c5c709e7301cdd99.jpg)

# Fund Overview
This annual shareholder report contains important information about Catalyst Insider Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $180 | 1.75% |

---

# How did the Fund perform during the reporting period?
During the reporting period, the Fund outperformed the Bloomberg U.S. Aggregate Bond Index. By using the insider buying signal as the first step in our credit evaluation process, we identified a number of bonds that we believe have been overlooked by the market and possess superior yields to bonds of comparable credit fundamentals. Throughout the year, the portfolio's average maturity was under 2 years, which worked to the Fund's benefit as yields were generally highest in the front end of the yield curve. Additionally, the Fund remained default-free, both during the year and since the Fund's inception. The Fund outperformed the benchmark in part because we identified bonds that had superior yields, did not default, and were short-dated (which generally limited the portfolio's interest rate risk).

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2f0735f31a8762334436a6a0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst Insider Income Fund** | **Bloomberg 1-3 Year US Government/Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9684 | $10159 | $10600 |
| **Jun-2017** | $9921 | $10194 | $10567 |
| **Jun-2018** | $10182 | $10215 | $10525 |
| **Jun-2019** | $10539 | $10651 | $11353 |
| **Jun-2020** | $10733 | $11099 | $12345 |
| **Jun-2021** | $11428 | $11148 | $12304 |
| **Jun-2022** | $10427 | $10750 | $11038 |
| **Jun-2023** | $10837 | $10807 | $10934 |
| **Jun-2024** | $11600 | $11333 | $11222 |
| **Jun-2025** | $12319 | $12006 | $11904 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst Insider Income Fund | 6.20% | 2.80% | 2.11% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.94% | 1.58% | 1.84% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 
* Net Assets$55,069,795

* Number of Portfolio Holdings22

* Advisory Fee (net of waivers)$183,437

* Portfolio Turnover99%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i21bca6ee65f73ce925b9280a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 28.6% |
| Corporate Bonds | 63.3% |
| Money Market Funds | 8.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if338aa8e2521465f33237e2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Materials | 3.2% |
| Energy | 3.6% |
| Communications | 4.9% |
| Technology | 7.3% |
| Money Market Funds | 8.0% |
| Industrials | 9.2% |
| Consumer Discretionary | 13.8% |
| Financials | 48.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Two Harbors Investment Corporation, 6.250%, due 01/15/26 | 12.5% |
| Ambac Assurance Corporation, 5.100%, due Perpetual | 7.0% |
| PennyMac Corporation, 5.500%, due 03/15/26 | 5.8% |
| Arbor Realty Trust, Inc., 7.500%, due 08/1/25 | 4.9% |
| Ares Capital Corporation, 2.875%, due 06/15/28 | 4.8% |
| New Mountain Finance Corporation, 7.500%, due 10/15/25 | 4.7% |
| Ford Motor Company, 9.625%, due 04/22/30 | 4.7% |
| TransDigm, Inc., 6.750%, due 08/15/28 | 4.6% |
| Uber Technologies, Inc., 7.500%, due 09/15/27 | 4.6% |
| Blue Owl Capital Corporation, 2.875%, due 06/11/28 | 4.6% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i989c4f5a3af215715edf2429.jpg)

#### Catalyst Insider Income Fund - Class C (IIXCX)

#### Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://catalystmf.com/literature-and-forms/**), including its:

![Image](ib77b984e2e1848d0181a542e.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-IIXCX

#### Catalyst Insider Income Fund

#### Class I (IIXIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i539193b6ba428f866cabd858.jpg)

# Fund Overview
This annual shareholder report contains important information about Catalyst Insider Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $78 | 0.75% |

---

# How did the Fund perform during the reporting period?
During the reporting period, the Fund outperformed the Bloomberg U.S. Aggregate Bond Index. By using the insider buying signal as the first step in our credit evaluation process, we identified a number of bonds that we believe have been overlooked by the market and possess superior yields to bonds of comparable credit fundamentals. Throughout the year, the portfolio's average maturity was under 2 years, which worked to the Fund's benefit as yields were generally highest in the front end of the yield curve. Additionally, the Fund remained default-free, both during the year and since the Fund's inception. The Fund outperformed the benchmark in part because we identified bonds that had superior yields, did not default, and were short-dated (which generally limited the portfolio's interest rate risk).

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic740df016e8090cae90f3937.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst Insider Income Fund** | **Bloomberg 1-3 Year US Government/Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9767 | $10159 | $10600 |
| **Jun-2017** | $10122 | $10194 | $10567 |
| **Jun-2018** | $10492 | $10215 | $10525 |
| **Jun-2019** | $10962 | $10651 | $11353 |
| **Jun-2020** | $11280 | $11099 | $12345 |
| **Jun-2021** | $12120 | $11148 | $12304 |
| **Jun-2022** | $11175 | $10750 | $11038 |
| **Jun-2023** | $11731 | $10807 | $10934 |
| **Jun-2024** | $12682 | $11333 | $11222 |
| **Jun-2025** | $13603 | $12006 | $11904 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst Insider Income Fund | 7.27% | 3.82% | 3.12% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.94% | 1.58% | 1.84% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 
* Net Assets$55,069,795

* Number of Portfolio Holdings22

* Advisory Fee (net of waivers)$183,437

* Portfolio Turnover99%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib0dc01b625e6888c52aa733d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 28.6% |
| Corporate Bonds | 63.3% |
| Money Market Funds | 8.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia7ea629a2f90eed46198b280.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Materials | 3.2% |
| Energy | 3.6% |
| Communications | 4.9% |
| Technology | 7.3% |
| Money Market Funds | 8.0% |
| Industrials | 9.2% |
| Consumer Discretionary | 13.8% |
| Financials | 48.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Two Harbors Investment Corporation, 6.250%, due 01/15/26 | 12.5% |
| Ambac Assurance Corporation, 5.100%, due Perpetual | 7.0% |
| PennyMac Corporation, 5.500%, due 03/15/26 | 5.8% |
| Arbor Realty Trust, Inc., 7.500%, due 08/1/25 | 4.9% |
| Ares Capital Corporation, 2.875%, due 06/15/28 | 4.8% |
| New Mountain Finance Corporation, 7.500%, due 10/15/25 | 4.7% |
| Ford Motor Company, 9.625%, due 04/22/30 | 4.7% |
| TransDigm, Inc., 6.750%, due 08/15/28 | 4.6% |
| Uber Technologies, Inc., 7.500%, due 09/15/27 | 4.6% |
| Blue Owl Capital Corporation, 2.875%, due 06/11/28 | 4.6% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](ib35dc713eb7269e4150d0299.jpg)

#### Catalyst Insider Income Fund - Class I (IIXIX)

#### Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://catalystmf.com/literature-and-forms/**), including its:

![Image](iee5c8fcb4471f31724a753a9.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-IIXIX

# Catalyst/CIFC Senior Secured Income Fund

## Class A (CFRAX)

#### Annual Shareholder Report - June 30, 2025
![Image](iacfa09dbce9a6e01938644ca.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst/CIFC Senior Secured Income Fund for the period of July 1, 2024 to June 30, 2025.You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes change to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $119 | 1.15% |

---

## How did the Fund perform during the reporting period?
Given the rapidly evolving economic landscape and the highest tariff levels the U.S. has levied in decades, the Fund continued to stick to its credit discipline during the fiscal year ended June 30, 2025, and in the process generally avoided making reactive decisions. The Fund has been equally focused on staying defensive while reevaluating positions to confirm cash flow resiliency and credit stability. The Fund has remained significantly underexposed to sectors that have been identified as having high tariff risk. It remains our view that even in a flat (or negative) economic environment, should that materialize, the carry aspect of loan coupons at these levels is likely to provide investors with an element of return certainty and risk absorption capacity.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i186e489e8540be811fe36606.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Catalyst/CIFC Senior Secured Income Fund** | **Catalyst/CIFC Senior Secured Income Fund - with load** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA U.S. Leveraged Loan 100 Index** |
| **Jun-2015** | $10000 | $9528 | $10000 | $10000 |
| **Jun-2016** | $9454 | $9008 | $10600 | $10069 |
| **Jun-2017** | $10239 | $9756 | $10567 | $10747 |
| **Jun-2018** | $11011 | $10491 | $10525 | $11148 |
| **Jun-2019** | $11477 | $10936 | $11353 | $11619 |
| **Jun-2020** | $11470 | $10929 | $12345 | $11565 |
| **Jun-2021** | $12512 | $11922 | $12304 | $12648 |
| **Jun-2022** | $12023 | $11455 | $11038 | $12114 |
| **Jun-2023** | $13119 | $12500 | $10934 | $13541 |
| **Jun-2024** | $14600 | $13912 | $11222 | $15001 |
| **Jun-2025** | $15660 | $14922 | $11904 | $16168 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/CIFC Senior Secured Income Fund |  |  |  |
| Without Load | 7.26% | 6.43% | 4.59% |
| With Load | 2.19% | 5.40% | 4.08% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| Morningstar LSTA U.S. Leveraged Loan 100 Index | 7.78% | 6.93% | 4.92% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$658,398,552

* Number of Portfolio Holdings269

* Advisory Fee (net of waivers)$3,955,377

* Portfolio Turnover117%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iffb837e297cdcb94aad5c314.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 4.9% |
| Corporate Bonds | 4.9% |
| Exchange-Traded Funds | 5.0% |
| Money Market Funds | 6.8% |
| Term Loans | 78.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i472bda4b5a1ced27f004378a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.0% |
| Utilities | 0.2% |
| Consumer Staples | 1.5% |
| Materials | 2.0% |
| Energy | 2.8% |
| CLO | 5.2% |
| Fixed Income | 5.2% |
| Communications | 5.3% |
| Money Market Funds | 7.2% |
| Health Care | 9.0% |
| Industrials | 10.8% |
| Consumer Discretionary | 14.1% |
| Financials | 19.9% |
| Technology | 21.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco Senior Loan ETF | 2.9% |
| SPDR Blackstone Senior Loan ETF | 2.4% |
| BroadStreet Partners, Inc., 7.325%, 05/12/31 | 1.4% |
| Granite Acquisition, Inc., 7.189%, 03/17/28 | 1.4% |
| Ascensus Holdings, Inc., 7.325%, 08/02/28 | 1.3% |
| Weber-Stephen Products, LLC, 7.689%, 10/20/27 | 1.3% |
| Osaic Holdings, Inc., 7.825%, 08/16/28 | 1.2% |
| IMA Financial Group, Inc. (The), 7.316%, 11/01/28 | 1.2% |
| LifePoint Health, Inc., 8.052%, 05/14/31 | 1.2% |
| Cotiviti, Inc., 7.074%, 02/24/31 | 1.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i82b2cdd839fa47d69f3bef7c.jpg)

# Catalyst/CIFC Senior Secured Income Fund - Class A (CFRAX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ic9e015b1fff84a493dec03ab.jpg)

TSR-AR 063025-CFRAX

# Catalyst/CIFC Senior Secured Income Fund

## Class C (CFRCX)

#### Annual Shareholder Report - June 30, 2025
![Image](i63a78560d69008d6edcc515a.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst/CIFC Senior Secured Income Fund for the period of July 1, 2024 to June 30, 2025.You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes change to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $196 | 1.90% |

---

## How did the Fund perform during the reporting period?
Given the rapidly evolving economic landscape and the highest tariff levels the U.S. has levied in decades, the Fund continued to stick to its credit discipline during the fiscal year ended June 30, 2025, and in the process generally avoided making reactive decisions. The Fund has been equally focused on staying defensive while reevaluating positions to confirm cash flow resiliency and credit stability. The Fund has remained significantly underexposed to sectors that have been identified as having high tariff risk. It remains our view that even in a flat (or negative) economic environment, should that materialize, the carry aspect of loan coupons at these levels is likely to provide investors with an element of return certainty and risk absorption capacity.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iccb5c6793ff29688fa3938e0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/CIFC Senior Secured Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA U.S. Leveraged Loan 100 Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9380 | $10600 | $10069 |
| **Jun-2017** | $10099 | $10567 | $10747 |
| **Jun-2018** | $10769 | $10525 | $11148 |
| **Jun-2019** | $11143 | $11353 | $11619 |
| **Jun-2020** | $11053 | $12345 | $11565 |
| **Jun-2021** | $11970 | $12304 | $12648 |
| **Jun-2022** | $11416 | $11038 | $12114 |
| **Jun-2023** | $12365 | $10934 | $13541 |
| **Jun-2024** | $13646 | $11222 | $15001 |
| **Jun-2025** | $14544 | $11904 | $16168 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/CIFC Senior Secured Income Fund | 6.58% | 5.64% | 3.82% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| Morningstar LSTA U.S. Leveraged Loan 100 Index | 7.78% | 6.93% | 4.92% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$658,398,552

* Number of Portfolio Holdings269

* Advisory Fee (net of waivers)$3,955,377

* Portfolio Turnover117%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifa858b7e2adbdac5655ec4b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 4.9% |
| Corporate Bonds | 4.9% |
| Exchange-Traded Funds | 5.0% |
| Money Market Funds | 6.8% |
| Term Loans | 78.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic25c03a406295d4854b97db7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.0% |
| Utilities | 0.2% |
| Consumer Staples | 1.5% |
| Materials | 2.0% |
| Energy | 2.8% |
| CLO | 5.2% |
| Fixed Income | 5.2% |
| Communications | 5.3% |
| Money Market Funds | 7.2% |
| Health Care | 9.0% |
| Industrials | 10.8% |
| Consumer Discretionary | 14.1% |
| Financials | 19.9% |
| Technology | 21.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco Senior Loan ETF | 2.9% |
| SPDR Blackstone Senior Loan ETF | 2.4% |
| BroadStreet Partners, Inc., 7.325%, 05/12/31 | 1.4% |
| Granite Acquisition, Inc., 7.189%, 03/17/28 | 1.4% |
| Ascensus Holdings, Inc., 7.325%, 08/02/28 | 1.3% |
| Weber-Stephen Products, LLC, 7.689%, 10/20/27 | 1.3% |
| Osaic Holdings, Inc., 7.825%, 08/16/28 | 1.2% |
| IMA Financial Group, Inc. (The), 7.316%, 11/01/28 | 1.2% |
| LifePoint Health, Inc., 8.052%, 05/14/31 | 1.2% |
| Cotiviti, Inc., 7.074%, 02/24/31 | 1.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i98624a4a710895af317d253c.jpg)

# Catalyst/CIFC Senior Secured Income Fund - Class C (CFRCX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ie87d179b5b719db1917bdd0d.jpg)

TSR-AR 063025-CFRCX

# Catalyst/CIFC Senior Secured Income Fund

## Class C1 (CFRFX)

#### Annual Shareholder Report - June 30, 2025
![Image](ib35f5fe42615b90bbb42dc24.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst/CIFC Senior Secured Income Fund for the period of July 1, 2024 to June 30, 2025.You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes change to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C1 | $196 | 1.90% |

---

## How did the Fund perform during the reporting period?
Given the rapidly evolving economic landscape and the highest tariff levels the U.S. has levied in decades, the Fund continued to stick to its credit discipline during the fiscal year ended June 30, 2025, and in the process generally avoided making reactive decisions. The Fund has been equally focused on staying defensive while reevaluating positions to confirm cash flow resiliency and credit stability. The Fund has remained significantly underexposed to sectors that have been identified as having high tariff risk. It remains our view that even in a flat (or negative) economic environment, should that materialize, the carry aspect of loan coupons at these levels is likely to provide investors with an element of return certainty and risk absorption capacity.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia2e270bff435dbc4d062c05f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/CIFC Senior Secured Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA U.S. Leveraged Loan 100 Index** |
| **Nov-2022** | $10000 | $10000 | $10000 |
| **Jun-2023** | $10741 | $10515 | $10826 |
| **Jun-2024** | $11852 | $10792 | $11993 |
| **Jun-2025** | $12631 | $11447 | $12926 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 1, 2022)** |
| Catalyst/CIFC Senior Secured Income Fund | 6.58% | 9.18% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 5.21% |
| Morningstar LSTA U.S. Leveraged Loan 100 Index | 7.78% | 10.13% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$658,398,552

* Number of Portfolio Holdings269

* Advisory Fee (net of waivers)$3,955,377

* Portfolio Turnover117%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie8e23ce71d92b38d5422df0e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 4.9% |
| Corporate Bonds | 4.9% |
| Exchange-Traded Funds | 5.0% |
| Money Market Funds | 6.8% |
| Term Loans | 78.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i87dd31814ff3bdb0865ed2c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.0% |
| Utilities | 0.2% |
| Consumer Staples | 1.5% |
| Materials | 2.0% |
| Energy | 2.8% |
| CLO | 5.2% |
| Fixed Income | 5.2% |
| Communications | 5.3% |
| Money Market Funds | 7.2% |
| Health Care | 9.0% |
| Industrials | 10.8% |
| Consumer Discretionary | 14.1% |
| Financials | 19.9% |
| Technology | 21.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco Senior Loan ETF | 2.9% |
| SPDR Blackstone Senior Loan ETF | 2.4% |
| BroadStreet Partners, Inc., 7.325%, 05/12/31 | 1.4% |
| Granite Acquisition, Inc., 7.189%, 03/17/28 | 1.4% |
| Ascensus Holdings, Inc., 7.325%, 08/02/28 | 1.3% |
| Weber-Stephen Products, LLC, 7.689%, 10/20/27 | 1.3% |
| Osaic Holdings, Inc., 7.825%, 08/16/28 | 1.2% |
| IMA Financial Group, Inc. (The), 7.316%, 11/01/28 | 1.2% |
| LifePoint Health, Inc., 8.052%, 05/14/31 | 1.2% |
| Cotiviti, Inc., 7.074%, 02/24/31 | 1.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i1d7526be0160648d7dcccf7a.jpg)

# Catalyst/CIFC Senior Secured Income Fund - Class C1 (CFRFX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i4d06110e4cd0305bc44b8388.jpg)

TSR-AR 063025-CFRFX

# Catalyst/CIFC Senior Secured Income Fund

## Class I (CFRIX)

#### Annual Shareholder Report - June 30, 2025
![Image](iffa6ef3d6409fba140fde4a3.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst/CIFC Senior Secured Income Fund for the period of July 1, 2024 to June 30, 2025.You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes change to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $93 | 0.90% |

---

## How did the Fund perform during the reporting period?
Given the rapidly evolving economic landscape and the highest tariff levels the U.S. has levied in decades, the Fund continued to stick to its credit discipline during the fiscal year ended June 30, 2025, and in the process generally avoided making reactive decisions. The Fund has been equally focused on staying defensive while reevaluating positions to confirm cash flow resiliency and credit stability. The Fund has remained significantly underexposed to sectors that have been identified as having high tariff risk. It remains our view that even in a flat (or negative) economic environment, should that materialize, the carry aspect of loan coupons at these levels is likely to provide investors with an element of return certainty and risk absorption capacity.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6923e1b0b0cfa42e18372a7b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/CIFC Senior Secured Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar LSTA U.S. Leveraged Loan 100 Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9478 | $10600 | $10069 |
| **Jun-2017** | $10314 | $10567 | $10747 |
| **Jun-2018** | $11117 | $10525 | $11148 |
| **Jun-2019** | $11617 | $11353 | $11619 |
| **Jun-2020** | $11641 | $12345 | $11565 |
| **Jun-2021** | $12728 | $12304 | $12648 |
| **Jun-2022** | $12246 | $11038 | $12114 |
| **Jun-2023** | $13411 | $10934 | $13541 |
| **Jun-2024** | $14946 | $11222 | $15001 |
| **Jun-2025** | $16088 | $11904 | $16168 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/CIFC Senior Secured Income Fund | 7.64% | 6.68% | 4.87% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| Morningstar LSTA U.S. Leveraged Loan 100 Index | 7.78% | 6.93% | 4.92% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$658,398,552

* Number of Portfolio Holdings269

* Advisory Fee (net of
waivers)$3,955,377

* Portfolio Turnover117%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i136466ccaaea255f062e8c6d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 4.9% |
| Corporate Bonds | 4.9% |
| Exchange-Traded Funds | 5.0% |
| Money Market Funds | 6.8% |
| Term Loans | 78.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7afc854b9b22e493121f464f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.0% |
| Utilities | 0.2% |
| Consumer Staples | 1.5% |
| Materials | 2.0% |
| Energy | 2.8% |
| CLO | 5.2% |
| Fixed Income | 5.2% |
| Communications | 5.3% |
| Money Market Funds | 7.2% |
| Health Care | 9.0% |
| Industrials | 10.8% |
| Consumer Discretionary | 14.1% |
| Financials | 19.9% |
| Technology | 21.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco Senior Loan ETF | 2.9% |
| SPDR Blackstone Senior Loan ETF | 2.4% |
| BroadStreet Partners, Inc., 7.325%, 05/12/31 | 1.4% |
| Granite Acquisition, Inc., 7.189%, 03/17/28 | 1.4% |
| Ascensus Holdings, Inc., 7.325%, 08/02/28 | 1.3% |
| Weber-Stephen Products, LLC, 7.689%, 10/20/27 | 1.3% |
| Osaic Holdings, Inc., 7.825%, 08/16/28 | 1.2% |
| IMA Financial Group, Inc. (The), 7.316%, 11/01/28 | 1.2% |
| LifePoint Health, Inc., 8.052%, 05/14/31 | 1.2% |
| Cotiviti, Inc., 7.074%, 02/24/31 | 1.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i0e4459f67f963621ef5b1834.jpg)

# Catalyst/CIFC Senior Secured Income Fund - Class I (CFRIX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i99fd500e469940c82f1bd34f.jpg)

TSR-AR 063025-CFRIX

#### Catalyst/MAP Global Balanced Fund

#### Class A (TRXAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i54815868b8bfc1bcbb0bb314.jpg)

# Fund Overview
This annual shareholder report contains important information about Catalyst/MAP Global Balanced Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $129 | 1.22% |

---

# How did the Fund perform during the reporting period?
The Fund only slightly underperformed its blended benchmarks for the fiscal year ended June 30, 2025, as relative outperformance during the latter half of the year offset the relative underperformance experienced in the first half of the fiscal year. U.S. stocks generally outperformed their global counterparts; however, U.S. stocks largely struggled in December, as market euphoria following the U.S. election wore off and prospects for lower interest rates dimmed. Though investors may not know it from the slight gains recorded by the broader market year-to-date, volatility proved to be the defining term for the first half of 2025. U.S. stocks rebounded following Liberation Day lows, while global stocks generally held their own. The broader markets have reacted to headlines and tweets rather than facts and figures.

We believe there are three major themes that will play out over the next several years: 1) The value of the U.S. dollar is likely to move lower; 2) Valuation levels in the U.S. are likely to contract; and 3) Valuation levels in many other geographies are likely to expand.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i712713a1d62da2ac18f8b4c1.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Catalyst/MAP Global Balanced Fund** | **Catalyst/MAP Global Balanced Fund - with load** | **50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Gross** | **50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Value Gross** | **ICE BofA U.S. Corporates A-AAA Rated, 1-3 Years** | **MSCI ACWI VALUE Gross (USD)** | **MSCI All World Index** |
| **Jun-2015** | $10000 | $9425 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Jun-2016** | $10100 | $9519 | $9977 | $9932 | $10224 | $9597 | $9683 |
| **Jun-2017** | $10990 | $10358 | $10965 | $10934 | $10331 | $11500 | $11564 |
| **Jun-2018** | $11441 | $10784 | $11613 | $11309 | $10389 | $12208 | $12872 |
| **Jun-2019** | $11932 | $11246 | $12303 | $11909 | $10892 | $12835 | $13686 |
| **Jun-2020** | $11541 | $10878 | $12820 | $11564 | $11415 | $11404 | $14047 |
| **Jun-2021** | $13599 | $12817 | $15296 | $13777 | $11542 | $15887 | $19648 |
| **Jun-2022** | $12933 | $12189 | $13845 | $13032 | $11111 | $14701 | $16629 |
| **Jun-2023** | $13372 | $12604 | $15142 | $13858 | $11262 | $16292 | $19478 |
| **Jun-2024** | $14068 | $13259 | $17086 | $15290 | $11908 | $18696 | $23358 |
| **Jun-2025** | $15680 | $14779 | $19073 | $17049 | $12684 | $21773 | $27257 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/MAP Global Balanced Fund |  |  |  |
| Without Load | 11.46% | 6.32% | 4.60% |
| With Load | 5.05% | 5.07% | 3.98% |
| MSCI All World Index | 16.69% | 14.18% | 10.55% |
| 50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Gross | 11.63% | 8.27% | 6.67% |
| 50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Value Gross | 11.51% | 8.07% | 5.48% |
| ICE BofA U.S. Corporates A-AAA Rated, 1-3 Years | 6.52% | 2.13% | 2.41% |
| MSCI ACWI VALUE Gross (USD) | 16.46% | 13.81% | 8.09% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 
* Net Assets$14,595,906

* Number of Portfolio Holdings71

* Advisory Fee (net of waivers)$0

* Portfolio Turnover60%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie7b8cdd402efc415016eb295.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 54.8% |
| Corporate Bonds | 37.8% |
| Exchange-Traded Funds | 3.8% |
| Money Market Funds | 1.7% |
| Preferred Stocks | 1.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic769e73f1968847063cca95c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 1.7% |
| Real Estate | 2.0% |
| Utilities | 2.2% |
| Energy | 3.5% |
| Commodity | 3.8% |
| Industrials | 6.0% |
| Materials | 7.2% |
| Consumer Discretionary | 10.5% |
| Health Care | 10.6% |
| Technology | 10.7% |
| Communications | 11.5% |
| Financials | 14.9% |
| Consumer Staples | 15.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Aircastle Ltd., 4.250%, 06/15/26 | 4.3% |
| Microsoft Corporation | 4.1% |
| SPDR Gold MiniShares Trust | 3.8% |
| Belo Corporation, 7.750%, 06/01/27 | 3.3% |
| ArcelorMittal S.A., 6.550%, 11/29/27 | 2.9% |
| Orange S.A. | 2.7% |
| Cisco Systems, Inc. | 2.5% |
| Sanofi S.A. | 2.5% |
| Takeda Pharmaceutical Company Ltd. | 2.4% |
| Nestle S.A. | 2.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i406be4b8529cd79868bc56c3.jpg)

#### Catalyst/MAP Global Balanced Fund - Class A (TRXAX)

#### Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://catalystmf.com/literature-and-forms/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i8a5423395dee6ba8d6cbde22.jpg)

TSR-AR 063025-TRXAX

#### Catalyst/MAP Global Balanced Fund

#### Class C (TRXCX)

#### Annual Shareholder Report - June 30, 2025
![Image](i1013965020c6d1f53a75cd30.jpg)

# Fund Overview
This annual shareholder report contains important information about Catalyst/MAP Global Balanced Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $207 | 1.97% |

---

# How did the Fund perform during the reporting period?
The Fund only slightly underperformed its blended benchmarks for the fiscal year ended June 30, 2025, as relative outperformance during the latter half of the year offset the relative underperformance experienced in the first half of the fiscal year. U.S. stocks generally outperformed their global counterparts; however, U.S. stocks largely struggled in December, as market euphoria following the U.S. election wore off and prospects for lower interest rates dimmed. Though investors may not know it from the slight gains recorded by the broader market year-to-date, volatility proved to be the defining term for the first half of 2025. U.S. stocks rebounded following Liberation Day lows, while global stocks generally held their own. The broader markets have reacted to headlines and tweets rather than facts and figures.

We believe there are three major themes that will play out over the next several years: 1) The value of the U.S. dollar is likely to move lower; 2) Valuation levels in the U.S. are likely to contract; and 3) Valuation levels in many other geographies are likely to expand.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ibb847d6ed207ec9c6fb2eacb.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Catalyst/MAP Global Balanced Fund** | **MSCI All World Index** | **50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Gross** | **50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Value Gross** | **ICE BofA U.S. Corporates A-AAA Rated, 1-3 Years** | **MSCI ACWI VALUE Gross (USD)** |
| **Jun-2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Jun-2016** | $10016 | $9683 | $9977 | $9932 | $10224 | $9597 |
| **Jun-2017** | $10820 | $11564 | $10965 | $10934 | $10331 | $11500 |
| **Jun-2018** | $11181 | $12872 | $11613 | $11309 | $10389 | $12208 |
| **Jun-2019** | $11567 | $13686 | $12303 | $11909 | $10892 | $12835 |
| **Jun-2020** | $11112 | $14047 | $12820 | $11564 | $11415 | $11404 |
| **Jun-2021** | $12987 | $19648 | $15296 | $13777 | $11542 | $15887 |
| **Jun-2022** | $12264 | $16629 | $13845 | $13032 | $11111 | $14701 |
| **Jun-2023** | $12583 | $19478 | $15142 | $13858 | $11262 | $16292 |
| **Jun-2024** | $13141 | $23358 | $17086 | $15290 | $11908 | $18696 |
| **Jun-2025** | $14518 | $27257 | $19073 | $17049 | $12684 | $21773 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/MAP Global Balanced Fund | 10.48% | 5.49% | 3.80% |
| 50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Gross | 11.63% | 8.27% | 6.67% |
| 50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Value Gross | 11.51% | 8.07% | 5.48% |
| ICE BofA U.S. Corporates A-AAA Rated, 1-3 Years | 6.52% | 2.13% | 2.41% |
| MSCI ACWI VALUE Gross (USD) | 16.46% | 13.81% | 8.09% |
| MSCI All World Index | 16.69% | 14.18% | 10.55% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 
* Net Assets$14,595,906

* Number of Portfolio Holdings71

* Advisory Fee (net of waivers)$0

* Portfolio Turnover60%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i646e0566147a4cc625db28b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 54.8% |
| Corporate Bonds | 37.8% |
| Exchange-Traded Funds | 3.8% |
| Money Market Funds | 1.7% |
| Preferred Stocks | 1.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie48f95d6c979fc26b68e52a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 1.7% |
| Real Estate | 2.0% |
| Utilities | 2.2% |
| Energy | 3.5% |
| Commodity | 3.8% |
| Industrials | 6.0% |
| Materials | 7.2% |
| Consumer Discretionary | 10.5% |
| Health Care | 10.6% |
| Technology | 10.7% |
| Communications | 11.5% |
| Financials | 14.9% |
| Consumer Staples | 15.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Aircastle Ltd., 4.250%, 06/15/26 | 4.3% |
| Microsoft Corporation | 4.1% |
| SPDR Gold MiniShares Trust | 3.8% |
| Belo Corporation, 7.750%, 06/01/27 | 3.3% |
| ArcelorMittal S.A., 6.550%, 11/29/27 | 2.9% |
| Orange S.A. | 2.7% |
| Cisco Systems, Inc. | 2.5% |
| Sanofi S.A. | 2.5% |
| Takeda Pharmaceutical Company Ltd. | 2.4% |
| Nestle S.A. | 2.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i2a48a7f91df302fa634d443f.jpg)

#### Catalyst/MAP Global Balanced Fund - Class C (TRXCX)

#### Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://catalystmf.com/literature-and-forms/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i5ee12315d72176fb630ac6b7.jpg)

TSR-AR 063025-TRXCX

#### Catalyst/MAP Global Balanced Fund

#### Class I (TRXIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i09c1abf40b382b1524ba570e.jpg)

# Fund Overview
This annual shareholder report contains important information about Catalyst/MAP Global Balanced Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $103 | 0.97% |

---

# How did the Fund perform during the reporting period?
The Fund only slightly underperformed its blended benchmarks for the fiscal year ended June 30, 2025, as relative outperformance during the latter half of the year offset the relative underperformance experienced in the first half of the fiscal year. U.S. stocks generally outperformed their global counterparts; however, U.S. stocks largely struggled in December, as market euphoria following the U.S. election wore off and prospects for lower interest rates dimmed. Though investors may not know it from the slight gains recorded by the broader market year-to-date, volatility proved to be the defining term for the first half of 2025. U.S. stocks rebounded following Liberation Day lows, while global stocks generally held their own. The broader markets have reacted to headlines and tweets rather than facts and figures.

We believe there are three major themes that will play out over the next several years: 1) The value of the U.S. dollar is likely to move lower; 2) Valuation levels in the U.S. are likely to contract; and 3) Valuation levels in many other geographies are likely to expand.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i275800272c8b11c8432fb980.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Catalyst/MAP Global Balanced Fund** | **MSCI All World Index** | **50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Gross** | **50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Value Gross** | **ICE BofA U.S. Corporates A-AAA Rated, 1-3 Years** | **MSCI ACWI VALUE Gross (USD)** |
| **Jun-2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Jun-2016** | $10117 | $9683 | $9977 | $9932 | $10224 | $9597 |
| **Jun-2017** | $11042 | $11564 | $10965 | $10934 | $10331 | $11500 |
| **Jun-2018** | $11536 | $12872 | $11613 | $11309 | $10389 | $12208 |
| **Jun-2019** | $12061 | $13686 | $12303 | $11909 | $10892 | $12835 |
| **Jun-2020** | $11694 | $14047 | $12820 | $11564 | $11415 | $11404 |
| **Jun-2021** | $13813 | $19648 | $15296 | $13777 | $11542 | $15887 |
| **Jun-2022** | $13176 | $16629 | $13845 | $13032 | $11111 | $14701 |
| **Jun-2023** | $13648 | $19478 | $15142 | $13858 | $11262 | $16292 |
| **Jun-2024** | $14405 | $23358 | $17086 | $15290 | $11908 | $18696 |
| **Jun-2025** | $16084 | $27257 | $19073 | $17049 | $12684 | $21773 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/MAP Global Balanced Fund | 11.65% | 6.58% | 4.87% |
| 50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Gross | 11.63% | 8.27% | 6.67% |
| 50% - ICE BofAML 1-3 Year / 50% - MSCI ACWI Value Gross | 11.51% | 8.07% | 5.48% |
| ICE BofA U.S. Corporates A-AAA Rated, 1-3 Years | 6.52% | 2.13% | 2.41% |
| MSCI ACWI VALUE Gross (USD) | 16.46% | 13.81% | 8.09% |
| MSCI All World Index | 16.69% | 14.18% | 10.55% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 
* Net Assets$14,595,906

* Number of Portfolio Holdings71

* Advisory Fee (net of waivers)$0

* Portfolio Turnover60%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3320496cd7b3924983b2d6ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 54.8% |
| Corporate Bonds | 37.8% |
| Exchange-Traded Funds | 3.8% |
| Money Market Funds | 1.7% |
| Preferred Stocks | 1.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8f403baf70f24e169c521f81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 1.7% |
| Real Estate | 2.0% |
| Utilities | 2.2% |
| Energy | 3.5% |
| Commodity | 3.8% |
| Industrials | 6.0% |
| Materials | 7.2% |
| Consumer Discretionary | 10.5% |
| Health Care | 10.6% |
| Technology | 10.7% |
| Communications | 11.5% |
| Financials | 14.9% |
| Consumer Staples | 15.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Aircastle Ltd., 4.250%, 06/15/26 | 4.3% |
| Microsoft Corporation | 4.1% |
| SPDR Gold MiniShares Trust | 3.8% |
| Belo Corporation, 7.750%, 06/01/27 | 3.3% |
| ArcelorMittal S.A., 6.550%, 11/29/27 | 2.9% |
| Orange S.A. | 2.7% |
| Cisco Systems, Inc. | 2.5% |
| Sanofi S.A. | 2.5% |
| Takeda Pharmaceutical Company Ltd. | 2.4% |
| Nestle S.A. | 2.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](id52145b434c51c954943a925.jpg)

#### Catalyst/MAP Global Balanced Fund - Class I (TRXIX)

#### Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://catalystmf.com/literature-and-forms/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i9b3aa71afe206e126d370d38.jpg)

TSR-AR 063025-TRXIX

# Catalyst/SMH High Income Fund

## Class A (HIIFX)

#### Annual Shareholder Report - June 30, 2025
![Image](iae5eba7301329ddf67542655.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst/SMH High Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $155 | 1.48% |

---

## How did the Fund perform during the reporting period?
The performance of Class A shares during the fiscal year ended June 30, 2025, was 9.42%. This was primarily driven by 71% interest income and 29% price appreciation. The fund slightly underperformed the ICE BofA US Cash Pay High Yield Index which returned 10.29%. The Fund meaningfully outperformed the Bloomberg U.S. Aggregate Bond TR Index, which returned +6.08% for the fiscal year. The Fund's returns this fiscal year were generally in line with the Sub-Advisor's expectations. By pursuing an asset-based approach, the Fund tends to be in the higher capital structure of the companies in which it invests. During the fiscal year, the benchmark index generally experienced greater capital appreciation in lower rated credits. Looking ahead, the Sub-Advisor believes that there exists a high likelihood of an economic slowdown and continued uncertainty and expects the overall market to be volatile moving forward.

In general, we believe the high yield sector has the potential to be one of the better performing asset classes in credit on a forward-looking basis. Current yields are at 6.44%, and the Fund seeks to add additional returns through capital appreciation in the next fiscal year.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0006567a35eb847843326bcf.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Catalyst/SMH High Income Fund** | **Catalyst/SMH High Income Fund - with load** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** |
| **06/30/15** | $10000 | $9525 | $10000 | $10000 |
| **06/30/16** | $9074 | $8642 | $10600 | $10170 |
| **06/30/17** | $10762 | $10251 | $10567 | $11466 |
| **06/30/18** | $11494 | $10948 | $10525 | $11752 |
| **06/30/19** | $11765 | $11206 | $11353 | $12646 |
| **06/30/20** | $11587 | $11036 | $12345 | $12512 |
| **06/30/21** | $14508 | $13819 | $12304 | $14448 |
| **06/30/22** | $12004 | $11433 | $11038 | $12631 |
| **06/30/23** | $13197 | $12570 | $10934 | $13764 |
| **06/30/24** | $14999 | $14286 | $11222 | $15198 |
| **06/30/25** | $16411 | $15631 | $11904 | $16762 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/SMH High Income Fund |  |  |  |
| Without Load | 9.42% | 7.21% | 5.08% |
| With Load | 4.22% | 6.17% | 4.57% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 10.29% | 6.02% | 5.30% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$15,940,694

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$20,180

* Portfolio Turnover54%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id5486ff6f6ffdfc13890a5cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 23.4% |
| Corporate Bonds | 65.2% |
| Exchange-Traded Funds | 4.9% |
| Money Market Funds | 6.4% |
| Preferred Stocks | 0.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibf576c0f91eb282a70b90ad3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Consumer Staples | 0.9% |
| Industrials | 1.0% |
| Energy | 4.0% |
| Fixed Income | 4.8% |
| Communications | 4.8% |
| Money Market Funds | 6.3% |
| Real Estate | 10.3% |
| Technology | 10.7% |
| Materials | 13.3% |
| Financials | 18.7% |
| Consumer Discretionary | 23.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| MPT Operating Partnership, L.P. / MPT Finance Corporation, 5.000%, 10/15/27 | 5.8% |
| Capital Southwest Corporation, 5.125%, 11/15/29 | 5.5% |
| Coeur Mining, Inc., 5.125%, 02/15/29 | 5.3% |
| SPDR Portfolio High Yield Bond ETF | 4.8% |
| Office Properties Income Trust, 9.000%, 09/30/29 | 4.5% |
| United States Steel Corporation, 6.650%, 06/01/37 | 4.4% |
| Kohl's Corporation, 5.550%, 07/17/45 | 4.3% |
| WisdomTree, Inc., 5.750%, 08/15/28 | 4.1% |
| EZCORP, Inc., 3.750%, 12/15/29 | 3.6% |
| Nordstrom, Inc., 5.000%, 01/15/44 | 3.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](ia82fa73c3197e769314d1d6a.jpg)

# Catalyst/SMH High Income Fund - Class A (HIIFX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

![Image](ic33a5fbba1351572bc9e914f.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HIIFX

# Catalyst/SMH High Income Fund

## Class C (HIICX)

#### Annual Shareholder Report - June 30, 2025
![Image](i829af187d904e677843c3f02.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst/SMH High Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $233 | 2.23% |

---

## How did the Fund perform during the reporting period?
The performance of Class C shares during the fiscal year ended June 30, 2025, was 8.56%. This was primarily driven by 71% interest income and 29% price appreciation. The fund slightly underperformed the ICE BofA US Cash Pay High Yield Index which returned 10.29%. The Fund meaningfully outperformed the Bloomberg U.S. Aggregate Bond TR Index, which returned +6.08% for the fiscal year. The Fund's returns this fiscal year were generally in line with the Sub-Advisor's expectations. By pursuing an asset-based approach, the Fund tends to be in the higher capital structure of the companies in which it invests. During the fiscal year, the benchmark index generally experienced greater capital appreciation in lower rated credits. Looking ahead, the Sub-Advisor believes that there exists a high likelihood of an economic slowdown and continued uncertainty and expects the overall market to be volatile moving forward.

In general, we believe the high yield sector has the potential to be one of the better performing asset classes in credit on a forward-looking basis. Current yields are at 6.44%, and the Fund seeks to add additional returns through capital appreciation in the next fiscal year.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7f4757eb5d956634cfda89ea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/SMH High Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9030 | $10600 | $10170 |
| **Jun-2017** | $10600 | $10567 | $11466 |
| **Jun-2018** | $11264 | $10525 | $11752 |
| **Jun-2019** | $11414 | $11353 | $12646 |
| **Jun-2020** | $11156 | $12345 | $12512 |
| **Jun-2021** | $13866 | $12304 | $14448 |
| **Jun-2022** | $11382 | $11038 | $12631 |
| **Jun-2023** | $12452 | $10934 | $13764 |
| **Jun-2024** | $14042 | $11222 | $15198 |
| **Jun-2025** | $15243 | $11904 | $16762 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/SMH High Income Fund | 8.56% | 6.44% | 4.31% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 10.29% | 6.02% | 5.30% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$15,940,694

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$20,180

* Portfolio Turnover54%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i591b3cf54494a9c9ce09bb39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 23.4% |
| Corporate Bonds | 65.2% |
| Exchange-Traded Funds | 4.9% |
| Money Market Funds | 6.4% |
| Preferred Stocks | 0.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if2678cb3bdb720ce1c4bdb1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Consumer Staples | 0.9% |
| Industrials | 1.0% |
| Energy | 4.0% |
| Fixed Income | 4.8% |
| Communications | 4.8% |
| Money Market Funds | 6.3% |
| Real Estate | 10.3% |
| Technology | 10.7% |
| Materials | 13.3% |
| Financials | 18.7% |
| Consumer Discretionary | 23.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| MPT Operating Partnership, L.P. / MPT Finance Corporation, 5.000%, 10/15/27 | 5.8% |
| Capital Southwest Corporation, 5.125%, 11/15/29 | 5.5% |
| Coeur Mining, Inc., 5.125%, 02/15/29 | 5.3% |
| SPDR Portfolio High Yield Bond ETF | 4.8% |
| Office Properties Income Trust, 9.000%, 09/30/29 | 4.5% |
| United States Steel Corporation, 6.650%, 06/01/37 | 4.4% |
| Kohl's Corporation, 5.550%, 07/17/45 | 4.3% |
| WisdomTree, Inc., 5.750%, 08/15/28 | 4.1% |
| EZCORP, Inc., 3.750%, 12/15/29 | 3.6% |
| Nordstrom, Inc., 5.000%, 01/15/44 | 3.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i3aae435124ffcf387a9f3058.jpg)

# Catalyst/SMH High Income Fund - Class C (HIICX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

![Image](icfe681e5fc112cb046c26dc5.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HIICX

# Catalyst/SMH High Income Fund

## Class I (HIIIX)

#### Annual Shareholder Report - June 30, 2025
![Image](ic16adb2fa4ae74bfa43e9d24.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst/SMH High Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $129 | 1.23% |

---

## How did the Fund perform during the reporting period?
The performance of Class I shares during the fiscal year ended June 30, 2025, was 9.38%. This was primarily driven by 71% interest income and 29% price appreciation. The fund slightly underperformed the ICE BofA US Cash Pay High Yield Index which returned 10.29%. The Fund meaningfully outperformed the Bloomberg U.S. Aggregate Bond TR Index, which returned +6.08% for the fiscal year. The Fund's returns this fiscal year were generally in line with the Sub-Advisor's expectations. By pursuing an asset-based approach, the Fund tends to be in the higher capital structure of the companies in which it invests. During the fiscal year, the benchmark index generally experienced greater capital appreciation in lower rated credits. Looking ahead, the Sub-Advisor believes that there exists a high likelihood of an economic slowdown and continued uncertainty and expects the overall market to be volatile moving forward.

In general, we believe the high yield sector has the potential to be one of the better performing asset classes in credit on a forward-looking basis. Current yields are at 6.44%, and the Fund seeks to add additional returns through capital appreciation in the next fiscal year.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i284c8d2534c48ec8c9b9edec.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/SMH High Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9123 | $10600 | $10170 |
| **Jun-2017** | $10817 | $10567 | $11466 |
| **Jun-2018** | $11610 | $10525 | $11752 |
| **Jun-2019** | $11883 | $11353 | $12646 |
| **Jun-2020** | $11733 | $12345 | $12512 |
| **Jun-2021** | $14727 | $12304 | $14448 |
| **Jun-2022** | $12215 | $11038 | $12631 |
| **Jun-2023** | $13463 | $10934 | $13764 |
| **Jun-2024** | $15380 | $11222 | $15198 |
| **Jun-2025** | $16824 | $11904 | $16762 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/SMH High Income Fund | 9.38% | 7.47% | 5.34% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 10.29% | 6.02% | 5.30% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$15,940,694

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$20,180

* Portfolio Turnover54%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7ce317031093297c1dcca0c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 23.4% |
| Corporate Bonds | 65.2% |
| Exchange-Traded Funds | 4.9% |
| Money Market Funds | 6.4% |
| Preferred Stocks | 0.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i03292105b872f919cf9614f7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Consumer Staples | 0.9% |
| Industrials | 1.0% |
| Energy | 4.0% |
| Fixed Income | 4.8% |
| Communications | 4.8% |
| Money Market Funds | 6.3% |
| Real Estate | 10.3% |
| Technology | 10.7% |
| Materials | 13.3% |
| Financials | 18.7% |
| Consumer Discretionary | 23.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| MPT Operating Partnership, L.P. / MPT Finance Corporation, 5.000%, 10/15/27 | 5.8% |
| Capital Southwest Corporation, 5.125%, 11/15/29 | 5.5% |
| Coeur Mining, Inc., 5.125%, 02/15/29 | 5.3% |
| SPDR Portfolio High Yield Bond ETF | 4.8% |
| Office Properties Income Trust, 9.000%, 09/30/29 | 4.5% |
| United States Steel Corporation, 6.650%, 06/01/37 | 4.4% |
| Kohl's Corporation, 5.550%, 07/17/45 | 4.3% |
| WisdomTree, Inc., 5.750%, 08/15/28 | 4.1% |
| EZCORP, Inc., 3.750%, 12/15/29 | 3.6% |
| Nordstrom, Inc., 5.000%, 01/15/44 | 3.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i290e8745f625c0bce1e5d536.jpg)

# Catalyst/SMH High Income Fund - Class I (HIIIX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

![Image](i0fe0e67165d0bd16071bf12e.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-HIIIX

# Catalyst/SMH Total Return Income Fund

## Class A (TRIFX)

#### Annual Shareholder Report - June 30, 2025
![Image](i3d65ea3406eae475f6d766c7.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst/SMH Total Return Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $161 | 1.58% |

---

## How did the Fund perform during the reporting period?
The Catalyst/SMH Total Return Income Fund was positive during the fiscal year ended June 30, 2025. Though we are slightly disappointed with the Fund's performance during fiscal year 2025, the Sub-Adviser believes that the Fund is well positioned heading into fiscal year 2026.

The Fund generally targets returns of inflation plus 3-5%, and is currently positioned in about 50 positions with a 7.47% current yield. Looking ahead, the Sub-Adviser expects significant economic uncertainty to persist, which could make the Fund a bit more volatile, although any such volatility may be somewhat muted given the Fund's high income level.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i68f703e1d1a3162fd6fb1c13.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Catalyst/SMH Total Return Income Fund** | **Catalyst/SMH Total Return Income Fund - with load** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** | **S&P 500<sup>®</sup> Index** |
| **06/30/15** | $10000 | $9425 | $10000 | $10000 |
| **06/30/16** | $8940 | $8426 | $10170 | $10399 |
| **06/30/17** | $11307 | $10657 | $11466 | $12260 |
| **06/30/18** | $11822 | $11142 | $11752 | $14023 |
| **06/30/19** | $12334 | $11625 | $12646 | $15483 |
| **06/30/20** | $11411 | $10755 | $12512 | $16645 |
| **06/30/21** | $16560 | $15608 | $14448 | $23436 |
| **06/30/22** | $14254 | $13434 | $12631 | $20948 |
| **06/30/23** | $15539 | $14645 | $13764 | $25053 |
| **06/30/24** | $17798 | $16774 | $15198 | $31204 |
| **06/30/25** | $18514 | $17449 | $16762 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/SMH Total Return Income Fund |  |  |  |
| Without Load | 4.02% | 10.16% | 6.35% |
| With Load | -1.96% | 8.87% | 5.72% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 10.29% | 6.02% | 5.30% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$18,142,271

* Number of Portfolio Holdings50

* Advisory Fee (net of waivers)$35,448

* Portfolio Turnover62%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia718a418240115539becc6de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 14.5% |
| Common Stocks | 41.1% |
| Convertible Bonds | 11.4% |
| Corporate Bonds | 24.6% |
| Exchange-Traded Funds | 6.1% |
| Money Market Funds | 2.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ida42c75107e34345aa4be219.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -15.4% |
| Industrials | 0.4% |
| Communications | 1.1% |
| Money Market Funds | 2.6% |
| Equity | 3.1% |
| Fixed Income | 3.9% |
| Technology | 7.1% |
| Energy | 7.2% |
| Consumer Discretionary | 15.3% |
| Collateral for Securities Loaned | 16.7% |
| Real Estate | 20.0% |
| Financials | 38.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| MPT Operating Partnership, L.P. / MPT Finance Corporation, 5.000%, 10/25/27 | 5.7% |
| Trinity Capital, Inc. | 5.5% |
| VICI Properties, Inc. | 5.3% |
| Office Properties Income Trust, 9.000%, 09/30/29 | 4.4% |
| Main Street Capital Corporation | 4.0% |
| SPDR Portfolio High Yield Bond ETF | 3.9% |
| Transocean, Inc., 6.800%, 03/15/38 | 3.7% |
| WisdomTree, Inc., 5.750%, 08/15/28 | 3.2% |
| Riot Platforms, Inc., 0.750%, 01/15/30 | 3.2% |
| Carlyle Group, Inc. (The) | 3.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i58dce4e4dc92b63d60e7d196.jpg)

# Catalyst/SMH Total Return Income Fund - Class A (TRIFX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

![Image](iee1d3e565aa8938e3cfe1ace.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-TRIFX

# Catalyst/SMH Total Return Income Fund

## Class C (TRICX)

#### Annual Shareholder Report - June 30, 2025
![Image](i7120df87753bba6f91129841.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst/SMH Total Return Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $237 | 2.33% |

---

## How did the Fund perform during the reporting period?
The Catalyst/SMH Total Return Income Fund was positive during the fiscal year ended June 30, 2025. Though we are slightly disappointed with the Fund's performance during fiscal year 2025, the Sub-Adviser believes that the Fund is well positioned heading into fiscal year 2026.

The Fund generally targets returns of inflation plus 3-5%, and is currently positioned in about 50 positions with a 7.47% current yield. Looking ahead, the Sub-Adviser expects significant economic uncertainty to persist, which could make the Fund a bit more volatile, although any such volatility may be somewhat muted given the Fund's high income level.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6c3e161eee868f8397901ddb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/SMH Total Return Income Fund** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $8871 | $10170 | $10399 |
| **Jun-2017** | $11139 | $11466 | $12260 |
| **Jun-2018** | $11535 | $11752 | $14023 |
| **Jun-2019** | $11973 | $12646 | $15483 |
| **Jun-2020** | $10968 | $12512 | $16645 |
| **Jun-2021** | $15813 | $14448 | $23436 |
| **Jun-2022** | $13532 | $12631 | $20948 |
| **Jun-2023** | $14640 | $13764 | $25053 |
| **Jun-2024** | $16610 | $15198 | $31204 |
| **Jun-2025** | $17147 | $16762 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/SMH Total Return Income Fund | 3.24% | 9.35% | 5.54% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 10.29% | 6.02% | 5.30% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$18,142,271

* Number of Portfolio Holdings50

* Advisory Fee (net of waivers)$35,448

* Portfolio Turnover62%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib084464acecfe609ab4537f7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 14.5% |
| Common Stocks | 41.1% |
| Convertible Bonds | 11.4% |
| Corporate Bonds | 24.6% |
| Exchange-Traded Funds | 6.1% |
| Money Market Funds | 2.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1ac8a94d6b1d0f4879696390.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -15.4% |
| Industrials | 0.4% |
| Communications | 1.1% |
| Money Market Funds | 2.6% |
| Equity | 3.1% |
| Fixed Income | 3.9% |
| Technology | 7.1% |
| Energy | 7.2% |
| Consumer Discretionary | 15.3% |
| Collateral for Securities Loaned | 16.7% |
| Real Estate | 20.0% |
| Financials | 38.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| MPT Operating Partnership, L.P. / MPT Finance Corporation, 5.000%, 10/25/27 | 5.7% |
| Trinity Capital, Inc. | 5.5% |
| VICI Properties, Inc. | 5.3% |
| Office Properties Income Trust, 9.000%, 09/30/29 | 4.4% |
| Main Street Capital Corporation | 4.0% |
| SPDR Portfolio High Yield Bond ETF | 3.9% |
| Transocean, Inc., 6.800%, 03/15/38 | 3.7% |
| WisdomTree, Inc., 5.750%, 08/15/28 | 3.2% |
| Riot Platforms, Inc., 0.750%, 01/15/30 | 3.2% |
| Carlyle Group, Inc. (The) | 3.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](id4733e7b636632e47b796754.jpg)

# Catalyst/SMH Total Return Income Fund - Class C (TRICX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

![Image](ib55070f413fb3ba5cc3461b4.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-TRICX

# Catalyst/SMH Total Return Income Fund

## Class I (TRIIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i497273b0ae9f9b0e56f8f649.jpg)

## Fund Overview
This annual shareholder report contains important information about Catalyst/SMH Total Return Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $136 | 1.33% |

---

## How did the Fund perform during the reporting period?
The Catalyst/SMH Total Return Income Fund was positive during the fiscal year ended June 30, 2025. Though we are slightly disappointed with the Fund's performance during fiscal year 2025, the Sub-Adviser believes that the Fund is well positioned heading into fiscal year 2026.

The Fund generally targets returns of inflation plus 3-5%, and is currently positioned in about 50 positions with a 7.47% current yield. Looking ahead, the Sub-Adviser expects significant economic uncertainty to persist, which could make the Fund a bit more volatile, although any such volatility may be somewhat muted given the Fund's high income level.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie2b92507bc75bce12e267220.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/SMH Total Return Income Fund** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $8960 | $10170 | $10399 |
| **Jun-2017** | $11365 | $11466 | $12260 |
| **Jun-2018** | $11916 | $11752 | $14023 |
| **Jun-2019** | $12492 | $12646 | $15483 |
| **Jun-2020** | $11558 | $12512 | $16645 |
| **Jun-2021** | $16795 | $14448 | $23436 |
| **Jun-2022** | $14516 | $12631 | $20948 |
| **Jun-2023** | $15869 | $13764 | $25053 |
| **Jun-2024** | $18189 | $15198 | $31204 |
| **Jun-2025** | $18972 | $16762 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/SMH Total Return Income Fund | 4.30% | 10.42% | 6.61% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 10.29% | 6.02% | 5.30% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$18,142,271

* Number of Portfolio Holdings50

* Advisory Fee (net of waivers)$35,448

* Portfolio Turnover62%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i602466aeff47e5a5f91d413e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 14.5% |
| Common Stocks | 41.1% |
| Convertible Bonds | 11.4% |
| Corporate Bonds | 24.6% |
| Exchange-Traded Funds | 6.1% |
| Money Market Funds | 2.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic4b229b509d2d511083647c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -15.4% |
| Industrials | 0.4% |
| Communications | 1.1% |
| Money Market Funds | 2.6% |
| Equity | 3.1% |
| Fixed Income | 3.9% |
| Technology | 7.1% |
| Energy | 7.2% |
| Consumer Discretionary | 15.3% |
| Collateral for Securities Loaned | 16.7% |
| Real Estate | 20.0% |
| Financials | 38.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| MPT Operating Partnership, L.P. / MPT Finance Corporation, 5.000%, 10/25/27 | 5.7% |
| Trinity Capital, Inc. | 5.5% |
| VICI Properties, Inc. | 5.3% |
| Office Properties Income Trust, 9.000%, 09/30/29 | 4.4% |
| Main Street Capital Corporation | 4.0% |
| SPDR Portfolio High Yield Bond ETF | 3.9% |
| Transocean, Inc., 6.800%, 03/15/38 | 3.7% |
| WisdomTree, Inc., 5.750%, 08/15/28 | 3.2% |
| Riot Platforms, Inc., 0.750%, 01/15/30 | 3.2% |
| Carlyle Group, Inc. (The) | 3.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i17eca1f0d6b7010156f6f430.jpg)

# Catalyst/SMH Total Return Income Fund - Class I (TRIIX)

#### Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

![Image](i6656cbb0362af130861d6a82.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-TRIIX

(b) Not
 applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the Registrant believes that the experience provided by each member of the audit committee together offer the Registrant adequate oversight for the Registrant's level of financial complexity.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57,351

2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42,409

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15,417

2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended June 30, 2025 and 2024 respectively.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not
 applicable.

(g) All
 non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended
 June 30, 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's
 principal accountant for the registrant's adviser.

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| |
|:---|
| **ANNUAL FINANCIAL STATEMENTS** |
| **AND** |
| **ADDITIONAL INFORMATION** |
| **Catalyst Insider Income Fund** |
| **(IIXAX, IIXCX, IIXIX)** |
| **Catalyst Enhanced Income Strategy Fund** |
| **(EIXAX, EIXCX, EIXIX)** |
| **Catalyst/MAP Global Balanced Fund** |
| **(TRXAX, TRXCX, TRXIX)** |
| **Catalyst/CIFC Senior Secured Income Fund** |
| **(CFRAX, CFRCX, CFRIX, CFRFX)** |
| **Catalyst/SMH High Income Fund** |
| **(HIIFX, HIICX, HIIIX)** |
| **Catalyst/SMH Total Return Income Fund** |
| **(TRIFX, TRICX, TRIIX)** |
| **June 30, 2025** |
| ![(LOGO)](ca001_v1.jpg) |
| **Mutual Fund Series Trust** |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| **ANNUAL FINANCIAL STATEMENTS** |
| **AND ADDITIONAL INFORMATION** |
| **<u>**TABLE OF CONTENTS**</u>** |

---

---

| | |
|:---|:---|
| Schedules of Investments | Page 1 |
| Statements of Assets and Liabilities | Page 36 |
| Statements of Operations | Page 37 |
| Statements of Changes in Net Assets | Page 38 |
| Financial Highlights | Page 40 |
| Notes to Financial Statements | Page 52 |
| Report of Independent Registered Accounting Firm | Page 66 |
| Additional Information | Page 68 |

---

---

| |
|:---|
| **CATALYST INSIDER INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CONVERTIBLE BONDS — 28.2%** |  |  |  |
|  | **ASSET MANAGEMENT — 4.7%** |  |  |  |
| 2600000 | New Mountain Finance Corporation | 7.5000 | 10/15/25 | $2610527 |
|  | **INTERNET MEDIA & SERVICES — 0.3%** |  |  |  |
| 100000 | Groupon, Inc.<sup>(a)</sup> | 6.2500 | 03/15/27 | 139589 |
|  | **SPECIALTY FINANCE —23.2%** |  |  |  |
| 2710000 | Arbor Realty Trust, Inc. | 7.5000 | 08/01/25 | 2697805 |
| 3203000 | PennyMac Corporation | 5.5000 | 03/15/26 | 3182181 |
| 7000000 | Two Harbors Investment Corporation | 6.2500 | 01/15/26 | 6884499 |
|  |  |  |  | 12764485 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $15,475,251)** |  |  | 15514601 |
|  | **CORPORATE BONDS — 62.5%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 4.7%** |  |  |  |
| 2500000 | TransDigm, Inc.<sup>(a)</sup> | 6.7500 | 08/15/28 | 2556154 |
|  | **ASSET MANAGEMENT — 13.8%** |  |  |  |
| 2800000 | Ares Capital Corporation | 2.8750 | 06/15/28 | 2639030 |
| 2700000 | Blue Owl Capital Corporation | 2.8750 | 06/11/28 | 2516002 |
| 2500000 | Main Street Capital Corporation | 3.0000 | 07/14/26 | 2448514 |
|  |  |  |  | 7603546 |
|  | **AUTOMOTIVE — 4.8%** |  |  |  |
| 2250000 | Ford Motor Company | 9.6250 | 04/22/30 | 2588408 |
|  | **ENGINEERING & CONSTRUCTION** — **0.0%<sup>(b)</sup>** |  |  |  |
| 25000 | MasTec, Inc.<sup>(a)</sup> | 6.6250 | 08/15/29 | 25135 |
|  | **HOME CONSTRUCTION — 4.5%** |  |  |  |
| 2500000 | Century Communities, Inc. | 6.7500 | 06/01/27 | 2505313 |
|  | **INSURANCE —7.0%** |  |  |  |
| 2862526 | Ambac Assurance Corporation<sup>(a)(c)</sup> | 5.1000 | Perpetual | 3853696 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST INSIDER INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 62.5% (Continued)** |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 4.6%** |  |  |  |
| 2500000 | Uber Technologies, Inc.<sup>(a)</sup> | 7.5000 | 09/15/27 | $2523943 |
|  | **METALS & MINING — 0.6%** |  |  |  |
| 299000 | Warrior Met Coal, Inc.<sup>(a)</sup> | 7.8750 | 12/01/28 | 305318 |
|  | **OIL & GAS PRODUCERS —3.6%** |  |  |  |
| 2000000 | Murphy Oil USA, Inc. | 5.6250 | 05/01/27 | 2002382 |
|  | **RETAIL - DISCRETIONARY — 4.5%** |  |  |  |
| 2500000 | Lowe's Companies, Inc. | 4.4000 | 09/08/25 | 2498986 |
|  | **SEMICONDUCTORS — 7.3%** |  |  |  |
| 1571000 | Amkor Technology, Inc.<sup>(a)</sup> | 6.6250 | 09/15/27 | 1576186 |
| 2500000 | Skyworks Solutions, Inc. | 1.8000 | 06/01/26 | 2431968 |
|  |  |  |  | 4008154 |
|  | **STEEL — 2.6%** |  |  |  |
| 1450000 | Steel Dynamics, Inc. | 5.0000 | 12/15/26 | 1448752 |
|  | **TRANSPORTATION & LOGISTICS — 4.5%** |  |  |  |
| 2500000 | United Airlines, Inc.<sup>(a)</sup> | 4.3750 | 04/15/26 | 2485063 |
|  | **TOTAL CORPORATE BONDS (Cost $34,363,739)** |  |  | 34404850 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 8.0%** |  |  |  |
|  | **MONEY MARKET FUNDS - 8.0%** |  |  |  |
| 4422207 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $4,422,207)<sup>(d)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $4,422,207)<sup>(d)</sup> |  | 4422207 |
|  | **TOTAL INVESTMENTS - 98.7% (Cost $54,261,197)** | **TOTAL INVESTMENTS - 98.7% (Cost $54,261,197)** |  | $54341658 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.3%** |  | 728137 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $55069795 |

---

 

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the total market value of 144A securities is 13,465,084 or 24.5% of net assets.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Security in default. Non income producing.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 78.4%** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.2%** |  |  |  |  |
| 50572 | Alternative Loan Trust Series 2006-J3 4A2 |  | 5.7500 | 05/25/26 | $49179 |
| 202488 | Alternative Loan Trust Series 2005-3CB 2A1 |  | 5.0000 | 03/25/35 | 184482 |
| 2149284 | Alternative Loan Trust Series 2005-43 4A3<sup>(a)</sup> |  | 4.1380 | 10/25/35 | 1844439 |
| 29581 | Banc of America Funding Trust Series 2006-5 4A8 |  | 6.0000 | 09/25/36 | 25746 |
| 34821 | Banc of America Funding Trust Series 2006-J 2A3<sup>(a)</sup> |  | 4.5210 | 01/20/47 | 30036 |
| 111296 | Banc of America Funding Trust Series 2007-A 2A2<sup>(b)</sup> | TSFR1M + 0.534% | 4.8520 | 02/20/47 | 98014 |
| 8185 | Banc of America Mortgage Trust Series 2005-G 4A2<sup>(a)</sup> |  | 3.4800 | 08/25/35 | 7223 |
| 1847271 | Banc of America Mortgage Trust Series 2007-2 A1<sup>(b)</sup> | TSFR1M + 0.464% | 4.7840 | 05/25/37 | 1288681 |
| 175899 | Banc of America Mortgage Trust Series 2007-2 A6 |  | 5.7500 | 05/25/37 | 137423 |
| 395035 | Bear Stearns ALT-A Trust Series 2005-5 24A1<sup>(a)</sup> |  | 4.6320 | 07/25/35 | 256949 |
| 37234 | Bear Stearns ARM Trust Series 2004-7 1A1<sup>(a),(h)</sup> |  | 0.0000 | 10/25/34 | 28766 |
| 48254 | Bear Stearns ARM Trust Series 2006-2 3A2<sup>(a)</sup> |  | 4.2350 | 07/25/36 | 41012 |
| 172777 | Bear Stearns ARM Trust Series 2006-4 2A1<sup>(a)</sup> |  | 4.3370 | 10/25/36 | 152266 |
| 193227 | ChaseFlex Trust Series 2005-2 2A2 |  | 6.5000 | 06/25/35 | 98318 |
| 80978 | ChaseFlex Trust Series 2006-1 A4<sup>(a)</sup> |  | 6.3000 | 06/25/36 | 71876 |
| 65832 | CHL Mortgage Pass-Through Trust Series 2005-HYB2 1A4<sup>(a)</sup> |  | 5.3620 | 05/20/35 | 64026 |
| 312872 | CHL Mortgage Pass-Through Trust Series 2006-HYB2 1A1<sup>(a)</sup> |  | 5.3480 | 04/20/36 | 271566 |
| 3941392 | Citicorp Mortgage Securities Trust Series 2008-1 1A1 |  | 6.2500 | 02/25/38 | 3819644 |
| 250051 | Citigroup Mortgage Loan Trust, Inc. Series 2007-6 1A1A<sup>(a)</sup> |  | 5.0000 | 03/25/37 | 222979 |
| 4901 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-29 7A1 |  | 6.5000 | 12/25/33 | 4954 |
| 19872 | CSMC Mortgage-Backed Trust Series 2007-5 8A2 |  | 6.0000 | 09/01/26 | 19790 |
| 2999202 | CSMC Mortgage-Backed Trust Series 2006-7 9A5 |  | 6.5000 | 08/25/36 | 509137 |
| 40045 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3 A1<sup>(a)</sup> |  | 5.1510 | 09/25/34 | 40820 |
| 6989 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA6 2A1<sup>(a)</sup> |  | 5.4880 | 08/25/35 | 4863 |
| 9290 | First Horizon Mortgage Pass-Through Trust Series 2000-H 2B1<sup>(a)</sup> |  | 7.3180 | 05/25/30 | 9298 |
| 12904 | GMACM Mortgage Loan Trust Series 2005-AR1 4A<sup>(a)</sup> |  | 7.4010 | 03/18/35 | 13039 |
| 81517 | GSMPS Mortgage Loan Trust Series 1998-5 A<sup>(a),(c)</sup> |  | 7.5000 | 06/19/27 | 80658 |
| 125312 | GSMPS Mortgage Loan Trust Series 1999-2 A<sup>(a),(c)</sup> |  | 8.0000 | 09/19/27 | 124816 |
| 153658 | GSR Mortgage Loan Trust Series 2003-5F 2A1 |  | 4.0000 | 08/25/32 | 150776 |
| 9640 | GSR Mortgage Loan Trust Series 2004-2F 6A1 |  | 7.0000 | 01/25/34 | 9801 |
| 31681 | GSR Mortgage Loan Trust Series 2004-6F 1A2 |  | 5.0000 | 05/25/34 | 31634 |
| 567738 | GSR Mortgage Loan Trust Series 3F 2A5 |  | 5.7500 | 03/25/36 | 509125 |
| 448032 | HSI Asset Loan Obligation Trust Series 2007-2 3A6 |  | 2.3100 | 09/25/37 | 140276 |
| 481129 | IndyMac INDA Mortgage Loan Trust Series 2006-AR1 A3<sup>(a)</sup> |  | 3.7950 | 08/25/36 | 377024 |
| 123613 | IndyMac INDX Mortgage Loan Trust Series 2005-AR3 3A1<sup>(a)</sup> |  | 4.0610 | 04/25/35 | 116122 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 78.4% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.2% (Continued)** |  |  |  |  |
| 77189 | IndyMac INDX Mortgage Loan Trust Series 2005-AR5 4A1<sup>(a)</sup> |  | 4.2130 | 05/25/35 | $53190 |
| 137977 | JP Morgan Mortgage Trust Series 2004-S1 1A7 |  | 5.0000 | 09/25/34 | 132025 |
| 24050 | JP Morgan Mortgage Trust Series 2006-A2 2A2<sup>(a)</sup> |  | 5.2500 | 04/25/36 | 21172 |
| 8385 | MASTR Adjustable Rate Mortgages Trust Series 2003-5 4A1<sup>(a)</sup> |  | 2.8510 | 11/25/33 | 7628 |
| 15716 | MASTR Adjustable Rate Mortgages Trust Series 2004-4 4A1<sup>(a)</sup> |  | 5.8690 | 05/25/34 | 15328 |
| 88209 | MASTR Alternative Loan Trust Series 2005-5 2A3 |  | 5.5000 | 07/25/25 | 85621 |
| 57909 | MASTR Alternative Loan Trust Series 2005-3 2A1 |  | 6.0000 | 03/25/35 | 54135 |
| 351 | MASTR Asset Securitization Trust Series 2005-1 1A1<sup>(f)</sup> |  | 5.0000 | Perpetual | 189 |
| 685659 | Merrill Lynch Alternative Note Asset Trust Series 2007-A2 A3D<sup>(b)</sup> | TSFR1M + 0.714% | 5.0337 | 03/25/37 | 25351 |
| 912584 | Merrill Lynch Mortgage Investors Trust Series 2006-AF2 AF1 |  | 4.7934 | 10/25/36 | 328431 |
| 47689 | Morgan Stanley Mortgage Loan Trust Series 2004-5AR 1A1<sup>(a)</sup> |  | 6.3560 | 07/25/34 | 48568 |
| 151486 | Morgan Stanley Mortgage Loan Trust Series 2006-2 2A4 |  | 5.7500 | 02/25/36 | 142368 |
| 1279163 | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005- AP3 A3<sup>(a)</sup> |  | 1.5380 | 08/25/35 | 555805 |
| 44702 | Prime Mortgage Trust Series 2004-1 1A6 |  | 5.2500 | 08/25/34 | 44367 |
| 67828 | RALI Series 2006-QS17 Trust Series 2006-QS17 A4 |  | 6.0000 | 12/25/36 | 56751 |
| 2413092 | Residential Asset Securitization Trust Series 2007-A8 3A1<sup>(a)</sup> |  | 0.5990 | 08/25/37 | 947604 |
| 766099 | Residential Asset Securitization Trust Series IP1 B1<sup>(a)</sup> |  | 4.7480 | 01/25/34 | 686685 |
| 37499 | RFMSI Trust Series 2006-S3 A2 |  | 5.5000 | 03/25/36 | 30645 |
| 30334 | Structured Adjustable Rate Mortgage Loan Series 2005-7 3A1<sup>(a)</sup> |  | 5.1050 | 04/25/35 | 29916 |
| 1354226 | Structured Asset Securities Corporation Series 1998-RF1 A<sup>(a),(c)</sup> |  | 4.0830 | 04/15/27 | 1352675 |
| 9393 | Thornburg Mortgage Securities Trust Series 2006-4 A2B<sup>(a)</sup> |  | 5.6770 | 07/25/36 | 7535 |
| 1284917 | Thornburg Mortgage Securities Trust Series 2007-2 A2A<sup>(b)</sup> | TSFR12M + 1.965% | 5.9993 | 06/25/37 | 1097355 |
| 5277789 | Thornburg Mortgage Securities Trust Series 2006-3 A1 A1<sup>(a)</sup> |  | 3.6910 | 06/25/46 | 3176343 |
| 138680 | Thornburg Mortgage Securities Trust Series 2007-3 3A1<sup>(b)</sup> | TSFR12M + 1.965% | 5.9993 | 06/25/47 | 122799 |
| 49512 | WaMu Mortgage Pass-Through Certificates Series 2005-AR18 2A1<sup>(a)</sup> |  | 4.3860 | 01/25/36 | 46286 |
| 232356 | Wells Fargo Mortgage Backed Securities Series 2006-7 2A1 |  | 6.0000 | 06/25/36 | 209676 |
|  |  |  |  |  | 20113206 |
|  | **HOME EQUITY — 25.0%** |  |  |  |  |
| 167056 | Amresco Residential Securities Corp Mortgage Loan Trust Series 1997-3 M2F<sup>(a)</sup> |  | 3.7390 | 09/25/27 | 162578 |
| 429615 | Bayview Financial Acquisition Trust Series 2007-A 2A<sup>(b)</sup> | TSFR1M + 0.639% | 4.9660 | 05/28/37 | 409297 |
| 334034 | Bear Stearns Asset Backed Securities I Trust Series 2004-FR2 M5<sup>(b)</sup> | TSFR1M + 2.739% | 5.1760 | 06/25/34 | 328260 |
| 74604 | Bear Stearns Asset Backed Securities I Trust Series 2004-HE7 M5<sup>(b)</sup> | TSFR1M + 3.039% | 7.3590 | 08/25/34 | 72581 |
| 85834 | CHEC Loan Trust Series 2004-2 M1<sup>(b)</sup> | TSFR1M + 1.074% | 5.3940 | 06/25/34 | 88071 |
| 383140 | Delta Funding Home Equity Loan Trust Series 1998-1 B1A<sup>(b)</sup> | TSFR1M + 2.004% | 6.3240 | 05/25/30 | 320062 |
| 45817 | GE Mortgage Services, LLC Series 1998-HE2 A6<sup>(a)</sup> |  | 6.6450 | 09/25/28 | 45464 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 78.4% (Continued)** |  |  |  |  |
|  | **HOME EQUITY — 25.0% (Continued)** |  |  |  |  |
| 184628 | Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2004-C M7 Series 2004-C M7<sup>(b)</sup> | TSFR1M + 2.739% | 7.0590 | 03/25/35 | $147643 |
| 927142 | Mastr Asset Backed Securities Trust Series 2003-OPT2 M4<sup>(b)</sup> | TSFR1M + 5.889% | 10.2087 | 05/25/33 | 798956 |
| 443099 | Mastr Asset Backed Securities Trust Series 2003-WMC2<sup>(b)</sup> | TSFR1M + 6.114% | 10.4337 | 08/25/33 | 468579 |
| 58606 | Morgan Stanley A.B.S Capital I Inc Trust Series 2004-HE1 B1<sup>(b)</sup> | TSFR1M + 2.739% | 7.0590 | 01/25/34 | 63964 |
| 5827783 | Morgan Stanley Mortgage Loan Trust Series 2006-15XS A6B<sup>(d)</sup> |  | 4.2620 | 11/25/36 | 4583659 |
| 801399 | Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006- AF1 A4<sup>(b)</sup> | TSFR1M + 0.774% | 5.0937 | 10/25/36 | 177645 |
| 167479 | NovaStar Mortgage Funding Trust Series 2004-1 M4<sup>(b)</sup> | TSFR1M + 1.577% | 5.8960 | 06/25/34 | 162957 |
| 618507 | Saxon Asset Sec Trust Mtg Ln Asset Bk Cert Series 2000-1 BF1<sup>(a)</sup> |  | 2.2540 | 02/25/30 | 770971 |
| 3392722 | Structured Asset Securities Corp Mortgage Loan Trust Series 2005-NC2 M7<sup>(b)</sup> | TSFR1M + 1.164% | 5.4837 | 05/25/35 | 3158086 |
| 23587000 | Terwin Mortgage Trust Series 2006-3 2A3<sup>(b),(c)</sup> | TSFR1M + 0.734% | 5.0537 | 04/25/37 | 7392705 |
|  |  |  |  |  | 19151478 |
|  | **NON AGENCY CMBS — 17.7%** |  |  |  |  |
| 4565000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 D |  | 3.2360 | 11/10/48 | 2774719 |
| 4108000 | COMM 2013-CCRE12 Mortgage Trust Series 2013-CR12 C<sup>(a)</sup> |  | 4.9700 | 10/10/46 | 460671 |
| 2622300 | GS Mortgage Securities Trust Series 2014-GC22 D<sup>(a),(c)</sup> |  | 4.7260 | 06/10/47 | 743732 |
| 5726000 | GS Mortgage Securities Trust Series 2014-GC22 E<sup>(c)</sup> |  | 3.5800 | 06/10/47 | 941476 |
| 1350000 | HMH Trust Series 2017-NSS E<sup>(c)</sup> |  | 6.2920 | 07/05/31 | 105468 |
| 1250000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C32 D<sup>(a)</sup> |  | 4.3050 | 11/15/48 | 161706 |
| 4469433 | Morgan Stanley Capital I Trust Series 2006-T21 C<sup>(a),(c)</sup> |  | 5.1580 | 10/12/52 | 3546879 |
| 5902991 | Starwood Retail Property Trust Series 2014-STAR A<sup>(b),(c)</sup> | PRIME - –% | 7.5000 | 11/15/27 | 3637717 |
| 173489 | Wachovia Bank Commercial Mortgage Trust Series 2006-C24 E<sup>(a)</sup> |  | 6.3130 | 03/15/45 | 169567 |
| 3000000 | WFRBS Commercial Mortgage Trust Series 2014-C22 E<sup>(c)</sup> |  | 3.4550 | 09/15/57 | 876929 |
| 145000 | WFRBS Commercial Mortgage Trust Series C4 E<sup>(a),(c)</sup> |  | 5.1490 | 06/15/44 | 136881 |
|  |  |  |  |  | 13555745 |
|  | **RESIDENTIAL MORTGAGE — 9.5%** |  |  |  |  |
| 2597658 | Carrington Mortgage Loan Trust Series 2006-FRE2 A2<sup>(b)</sup> | TSFR1M + 0.234% | 4.5537 | 10/25/36 | 1971002 |
| 246381 | Finance America Mortgage Loan Trust Series 2004-3 M4<sup>(b)</sup> | TSFR1M + 1.380% | 5.8137 | 11/25/34 | 218165 |
| 66974 | Home Equity Mortgage Loan Asset-Backed Trust INABS Series 2006-D 2A3<sup>(b)</sup> | TSFR1M + 0.274% | 4.5940 | 11/25/36 | 60681 |
| 39783 | Morgan Stanley A.B.S Capital I Inc Trust Series 2004-NC8 M4<sup>(b)</sup> | TSFR1M + 1.614% | 5.9340 | 09/25/34 | 43852 |
| 8875000 | Morgan Stanley A.B.S Capital I Inc Trust Series 2007-SEA1 2A4<sup>(b),(c)</sup> | TSFR1M + 3.914% | 8.2337 | 02/25/47 | 766607 |
| 3173453 | Park Place Securities Inc Asset-Backed Pass-Through Certificates Series | TSFR1M + 2.289% | 6.6087 | 10/25/34 | 2807984 |
|  | 2004-WCW2 M6<sup>(b)</sup> |  |  |  |  |
| 12206000 | Structured Asset Securities Corp Mortgage Loan Series 2007-BNC1 A4<sup>(b)</sup> | TSFR1M + 1.614% | 5.9337 | 10/25/37 | 1480346 |
|  |  |  |  |  | 7348637 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $80,973,043)** |  |  |  | $60169066 |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 17.6%** |  |  |  |  |
| 106453 | Fannie Mae REMICS Series 2012-126 DI<sup>(e)</sup> |  | 3.0000 | 11/25/27 | 2509 |
| 2261220 | Fannie Mae REMICS Series 2010-27 SG<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 4.886% | 0.5800 | 04/25/40 | 147408 |
| 2747298 | Fannie Mae REMICS Series 2011-117 SA<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 6.436% | 2.1300 | 11/25/41 | 339051 |
| 678553 | Fannie Mae REMICS Series 2012-126 SJ<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 4.886% | 0.5800 | 11/25/42 | 42632 |
| 2598283 | Fannie Mae REMICS Series 2014-6 SA<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 6.486% | 2.1800 | 02/25/44 | 323642 |
| 457380 | Fannie Mae REMICS Series 2017-30 MI<sup>(e)</sup> |  | 4.0000 | 02/25/44 | 13243 |
| 20511 | Fannie Mae REMICS Series 2017-6 MI<sup>(e)</sup> |  | 4.0000 | 08/25/44 | 932 |
| 1957749 | Fannie Mae REMICS Series 2016-64 SA<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 5.886% | 1.5800 | 09/25/46 | 219583 |
| 522564 | Fannie Mae REMICS Series 2017-38 S<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 6.100% | 1.6800 | 05/25/47 | 65196 |
| 796556 | Fannie Mae REMICS Series 2017-112 SC<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 6.150% | 1.7300 | 01/25/48 | 96985 |
| 12045727 | Fannie Mae REMICS Series 2018-28 ID<sup>(a),(e)</sup> |  | 2.2320 | 05/25/48 | 978777 |
| 212577 | Fannie Mae REMICS Series 2020-16 SJ<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 6.050% | 1.6300 | 03/25/50 | 21666 |
| 3040458 | Fannie Mae REMICS Series 2021-56 IM<sup>(b),(e)</sup> | -0.67 x SOFR30A + 2.200% | 0.0000 | 09/25/51 | 78092 |
| 18872777 | Fannie Mae REMICS Series 2021-69 JS<sup>(b),(e)</sup> | -SOFR30A + 2.550% | 0.0000 | 10/25/51 | 338942 |
| 10514851 | Fannie Mae REMICS Series 2021-80 IA<sup>(e)</sup> |  | 2.0000 | 11/25/51 | 1338745 |
| 2412726 | Fannie Mae REMICS Series 2012-88 SB<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 6.556% | 2.2500 | 07/25/42 | 270069 |
| 102910 | Freddie Mac REMICS Series 4205 AI<sup>(e)</sup> |  | 2.5000 | 05/15/28 | 2281 |
| 5547723 | Freddie Mac REMICS Series 4239 NI<sup>(a),(e)</sup> |  | 1.9760 | 03/15/36 | 361889 |
| 674491 | Freddie Mac REMICS Series 4314 SE<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 6.000% | 1.5820 | 05/15/41 | 72383 |
| 121276 | Freddie Mac REMICS Series 4431 ST<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 6.500% | 2.0820 | 09/15/41 | 15468 |
| 658533 | Freddie Mac REMICS Series 4100 JI<sup>(e)</sup> |  | 3.5000 | 10/15/41 | 73489 |
| 308891 | Freddie Mac REMICS Series 4580 MI<sup>(e)</sup> |  | 3.5000 | 02/15/43 | 3403 |
| 5250294 | Freddie Mac REMICS Series 4239 NI<sup>(b),(e)</sup> | -5.8333% x (SOFR30A<br> +.114%) + 28.791% | 3.2080 | 07/15/43 | 995117 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 17.6% (Continued)** |  |  |  |  |
| 46089 | Freddie Mac REMICS Series 4449 PI<sup>(e)</sup> |  | 4.0000 | 11/15/43 | $3441 |
| 399442 | Freddie Mac REMICS Series 4314 SE<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 6.050% | 1.6320 | 03/15/44 | 43096 |
| 307372 | Freddie Mac REMICS Series 4431 ST<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 6.100% | 1.6820 | 01/15/45 | 34141 |
| 7249 | Freddie Mac REMICS 4818 BI<sup>(e)</sup> |  | 4.0000 | 03/15/45 | 10 |
| 67702 | Freddie Mac REMICS Series 4672 AI<sup>(e)</sup> |  | 4.5000 | 03/15/45 | 376 |
| 4778800 | Freddie Mac REMICS Series 4604 SA<sup>(b),(e)</sup> | -(SOFR30A+.114%) + 5.986% | 1.6820 | 08/15/46 | 457398 |
| 399000 | Freddie Mac REMICS Series 5050 GL |  | 1.2500 | 12/25/50 | 171361 |
| 17506576 | Freddie Mac REMICS Series 5090 SA<sup>(b),(e)</sup> | -SOFR30A + 1.550% | 0.0000 | 03/25/51 | 58577 |
| 13993247 | Freddie Mac REMICS Series 5177 AS<sup>(b),(e)</sup> | -SOFR30A + 3.150% | 0.0000 | 12/25/51 | 195834 |
| 173690 | Government National Mortgage Association Series 2014-118 AI<sup>(e)</sup> |  | 3.5000 | 05/16/40 | 4178 |
| 4814047 | Government National Mortgage Association Series 2010-147S<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 6.536% | 2.2180 | 11/20/40 | 589402 |
| 9514650 | Government National Mortgage Association Series 2011-99 DS<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 5.986% | 1.6740 | 07/16/41 | 931552 |
| 2121913 | Government National Mortgage Association Series 2011-100 SA<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 5.336% | 1.0180 | 07/20/41 | 187933 |
| 2317068 | Government National Mortgage Association Series 2015-3 DS<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 5.486% | 1.1680 | 11/20/41 | 41025 |
| 148116 | Government National Mortgage Association Series 2012-36 QS<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 6.506% | 2.1880 | 03/20/42 | 13676 |
| 1411938 | Government National Mortgage Association Series 2014-3 SE<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 6.036% | 1.7240 | 01/16/44 | 153478 |
| 2022987 | Government National Mortgage Association Series 2014-36 SY<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 6.086% | 1.7740 | 03/16/44 | 221174 |
| 2327645 | Government National Mortgage Association Series 2014-133 SA<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 6.136% | 1.8240 | 09/16/44 | 206618 |
| 143048 | Government National Mortgage Association Series 2018-154 DI<sup>(e)</sup> |  | 4.0000 | 01/20/45 | 1716 |
| 1558428 | Government National Mortgage Association Series 2019-22 SA<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 5.486% | 1.1680 | 02/20/45 | 148929 |
| 188219 | Government National Mortgage Association Series 2016-1 ST<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 6.086% | 1.7680 | 01/20/46 | 22209 |
| 1959735 | Government National Mortgage Association Series 2018-120 JS<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 6.086% | 1.7680 | 09/20/48 | 206243 |
| 4038881 | Government National Mortgage Association Series 2018-154 SP<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 6.036% | 1.7180 | 11/20/48 | 488784 |
| 3127559 | Government National Mortgage Association Series 2018-154 HS<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 6.086% | 1.7680 | 11/20/48 | 325782 |
| 10421382 | Government National Mortgage Association Series 2019-20 ES<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 3.676% | 0.0000 | 02/20/49 | 226204 |
| 2042204 | Government National Mortgage Association Series 2020-86 SN<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 5.936% | 1.6180 | 08/20/49 | 242500 |
| 18526111 | Government National Mortgage Association Series 2019-112 AS<sup>(b),(e)</sup> | -(TSFR1M+.114%) + 3.296% | 0.0000 | 09/20/49 | 373701 |
| 952000 | Government National Mortgage Association Series 2020-141 ML |  | 1.5000 | 09/20/50 | 438336 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 17.6% (Continued)** |  |  |  |  |
| 290582 | Government National Mortgage Association Series 2021-89 JL |  | 1.5000 | 05/20/51 | $154220 |
| 13945738 | Government National Mortgage Association Series 2022-22 PS<sup>(b),(e)</sup> | -SOFR30A + 3.650% | 0.0000 | 08/20/51 | 352289 |
| 4105 | Government National Mortgage Association Series 2024-4 IC<sup>(e)</sup> |  | 7.0000 | 03/20/52 | 21 |
| 15101477 | Government National Mortgage Association Series 2022-83 SJ<sup>(b),(e)</sup> | -SOFR30A + 3.200% | 0.0000 | 05/20/52 | 117776 |
| 15956711 | Government National Mortgage Association Series 2022-93 AS<sup>(b),(e)</sup> | -SOFR30A + 4.150% | 0.0000 | 05/20/52 | 693563 |
| 38268470 | Government National Mortgage Association Series 2022-121 SA<sup>(b),(e)</sup> | -SOFR30A + 3.690% | 0.0000 | 07/20/52 | 605507 |
|  | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $19,578,595)** |  |  |  | 13512552 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.9%** | **SHORT-TERM INVESTMENTS — 3.9%** | **SHORT-TERM INVESTMENTS — 3.9%** |  |  |
|  | **MONEY MARKET FUNDS - 3.9%** | **MONEY MARKET FUNDS - 3.9%** | **MONEY MARKET FUNDS - 3.9%** |  |  |
| 2995758 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $2,995,758)<sup>(g)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $2,995,758)<sup>(g)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $2,995,758)<sup>(g)</sup> |  | 2995758 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $103,547,396)** | **TOTAL INVESTMENTS - 99.9% (Cost $103,547,396)** | **TOTAL INVESTMENTS - 99.9% (Cost $103,547,396)** |  | $76677376 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** |  | 58942 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $76736318 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| REMICS | - Real Estate Mortgage Investment Conduit |
| PRIME | - Prime Rate by Country United States |
| SOFR30A | - United States 30 Day Average SOFR Secured Overnight Financing Rate |
| TSFR12M | - Secured Overnight Financing Rate 12 Month |
| TSFR1M | - Secured Overnight Financing Rate 1 Month |

---

<sup>(a)</sup> Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on June 30, 2025.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the total market value of 144A securities is 19,706,543 or 25.7% of net assets.

<sup>(d)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at June 30, 2025.

<sup>(e)</sup> Interest only securities.

<sup>(f)</sup> Maturity is not determined on this security, maturity will occur based on the maturity of the underlying bonds.

<sup>(g)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(h)</sup> Zero coupon bond.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 54.5%** |  |
|  | **AEROSPACE & DEFENSE - 0.5%** |  |
| 1594 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | $74041 |
|  | **BEVERAGES - 2.1%** |  |
| 7800 | Arca Continental S.A.B. de C.V. | 82622 |
| 600000 | Thai Beverage PCL | 217060 |
|  |  | 299682 |
|  | **BIOTECH & PHARMA - 8.9%** |  |
| 1960 | Johnson & Johnson | 299390 |
| 2240 | Novartis A.G. - ADR | 271062 |
| 7528 | Sanofi S.A. - ADR | 363678 |
| 23000 | Takeda Pharmaceutical Company Ltd. - ADR | 355580 |
|  |  | 1289710 |
|  | **CHEMICALS - 1.2%** |  |
| 4790 | Mosaic Company | 174739 |
|  | **CONSTRUCTION MATERIALS - 0.8%** |  |
| 7400 | MDU Resources Group, Inc. | 123358 |
|  | **DIVERSIFIED INDUSTRIALS - 1.1%** |  |
| 270 | Eaton Corporation PLC | 96387 |
| 250 | Honeywell International, Inc. | 58220 |
|  |  | 154607 |
|  | **ENGINEERING & CONSTRUCTION - 2.4%** |  |
| 2190 | Everus Construction Group, Inc.<sup>(a)</sup> | 139131 |
| 5985 | Tetra Tech, Inc. | 215221 |
|  |  | 354352 |
|  | **ENTERTAINMENT CONTENT - 1.8%** |  |
| 7300 | Bollore S.E. | 45829 |
| 33980 | Vivendi S.E. | 117229 |
| 30000 | Vivendi S.E. - ADR | 100800 |
|  |  | 263858 |
|  | **FOOD - 3.2%** |  |
| 24000 | GrainCorp Ltd. | 122891 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 54.5% (Continued)** |  |
|  | **FOOD - 3.2% (Continued)** |  |
| 3533 | Nestle S.A. - ADR | $350898 |
|  |  | 473789 |
|  | **GAS & WATER UTILITIES - 2.2%** |  |
| 3775 | National Fuel Gas Company | 319780 |
|  | **HOME CONSTRUCTION - 0.2%** |  |
| 500 | Fortune Brands Innovations, Inc. | 25740 |
|  | **HOUSEHOLD PRODUCTS - 1.2%** |  |
| 2900 | Unilever PLC - ADR | 177393 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.7%** |  |
| 360 | CME Group, Inc. | 99223 |
|  | **INSURANCE - 1.2%** |  |
| 500 | Aon PLC, Class A | 178380 |
|  | **INTERNET MEDIA & SERVICES - 1.5%** |  |
| 600 | Alphabet, Inc., Class C | 106434 |
| 153 | Meta Platforms, Inc., Class A | 112928 |
|  |  | 219362 |
|  | **LEISURE FACILITIES & SERVICES - 1.5%** |  |
| 17450 | Arcos Dorados Holdings, Inc., Class A | 137680 |
| 2549 | Six Flags Entertainment Corporation | 77566 |
|  |  | 215246 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.7%** |  |
| 2900 | Medtronic PLC | 252793 |
|  | **METALS & MINING - 1.1%** |  |
| 2000 | Freeport-McMoRan, Inc. | 86700 |
| 12000 | Grupo Mexico S.A.B. de C.V., Class B | 72411 |
|  |  | 159111 |
|  | **OIL & GAS PRODUCERS - 1.6%** |  |
| 1300 | Chevron Corporation | 186147 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 54.5% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 1.6% (Continued)** |  |
| 555 | ConocoPhillips | $49806 |
|  |  | 235953 |
|  | **PUBLISHING & BROADCASTING - 0.5%** |  |
| 37700 | Louis Hachette Group | 77198 |
|  | **RETAIL - CONSUMER STAPLES - 2.2%** |  |
| 1339 | PriceSmart, Inc. | 140648 |
| 26542 | Wal-Mart de Mexico S.A.B. de C.V. | 87795 |
| 1000 | Walmart, Inc. | 97780 |
|  |  | 326223 |
|  | **RETAIL - DISCRETIONARY - 0.8%** |  |
| 323 | Home Depot, Inc. | 118425 |
|  | **SEMICONDUCTORS - 2.8%** |  |
| 600 | Applied Materials, Inc. | 109842 |
| 1630 | Micron Technology, Inc. | 200897 |
| 300 | Tokyo Electron Ltd. | 57655 |
| 400 | Tokyo Electron Ltd. - ADR | 38452 |
|  |  | 406846 |
|  | **SOFTWARE - 4.1%** |  |
| 1190 | Microsoft Corporation | 591918 |
|  | **TECHNOLOGY HARDWARE - 2.5%** |  |
| 5325 | Cisco Systems, Inc. | 369449 |
|  | **TECHNOLOGY SERVICES - 1.3%** |  |
| 1000 | Fidelity National Information Services, Inc. | 81410 |
| 300 | Visa, Inc., Class A | 106515 |
|  |  | 187925 |
|  | **TELECOMMUNICATIONS - 2.7%** |  |
| 26340 | Orange S.A. - ADR | 400105 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 54.5% (Continued)** |  |  |  |
|  | **TOBACCO & CANNABIS - 0.9%** |  |  |  |
| 3340 | Imperial Brands PLC - ADR |  |  | $131796 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.8%** |  |  |  |
| 3217 | Bunge Global S.A. |  |  | 258261 |
|  | **TOTAL COMMON STOCKS (Cost $5,825,377)** |  |  | 7959263 |
|  | **EXCHANGE-TRADED FUNDS — 3.8%** |  |  |  |
|  | **COMMODITY - 3.8%** |  |  |  |
| 8500 | SPDR Gold MiniShares Trust<sup>(a)</sup> |  |  | 556920 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $314,458)** |  |  |  |
|  | **PREFERRED STOCKS — 1.9%** |  |  |  |
|  | **HOUSEHOLD PRODUCTS — 1.9%** |  | **Dividend Rate<sup>(b)</sup>** |  |
| 3500 | Henkel A.G. & Company KGaA |  | 2.04 | 274806 |
|  | **TOTAL PREFERRED STOCKS (Cost $323,349)** |  |  |  |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 37.7%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 2.0%** |  |  |  |
| 300000 | Spirit AeroSystems, Inc. | 3.8500 | 06/15/26 | 294618 |
|  | **AUTOMOTIVE — 5.1%** |  |  |  |
| 250000 | Ford Motor Credit Company, LLC | 4.1340 | 08/04/25 | 249744 |
| 300000 | Ford Motor Credit Company, LLC | 5.8500 | 05/17/27 | 302380 |
| 200000 | Honda Motor Company Ltd. | 2.5340 | 03/10/27 | 194106 |
|  |  |  |  | 746230 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 37.7% (Continued)** |  |  |  |
|  | **BANKING — 1.4%** |  |  |  |
| 200000 | Sumitomo Mitsui Financial Group, Inc. | 1.4740 | 07/08/25 | $199900 |
|  | **CABLE & SATELLITE — 1.7%** |  |  |  |
| 250000 | Grupo Televisa S.A.B | 4.6250 | 01/30/26 | 247504 |
|  | **CONTAINERS & PACKAGING — 1.2%** |  |  |  |
| 175000 | Ball Corporation | 5.2500 | 07/01/25 | 175000 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.0%** |  |  |  |
| 250000 | Nomura Holdings, Inc. | 1.6530 | 07/14/26 | 242853 |
| 200000 | Nomura Holdings, Inc. | 2.3290 | 01/22/27 | 193488 |
|  |  |  |  | 436341 |
|  | **LEISURE FACILITIES & SERVICES — 1.5%** |  |  |  |
| 225000 | Six Flags Entertainment Corp / Canada's Wonderland Company /Magnum Management Corp | 5.3750 | 04/15/27 | 224875 |
|  | **OIL & GAS PRODUCERS — 1.9%** |  |  |  |
| 275000 | Canadian Natural Resources Ltd. | 2.0500 | 07/15/25 | 274685 |
|  | **PUBLISHING & BROADCASTING — 3.3%** |  |  |  |
| 466000 | Belo Corporation | 7.7500 | 06/01/27 | 482793 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.0%** |  |  |  |
| 275000 | Elme Communities | 7.2500 | 02/25/28 | 289893 |
|  | **RETAIL - DISCRETIONARY — 1.4%** |  |  |  |
| 200000 | Kohl's Corporation | 4.2500 | 07/17/25 | 200493 |
|  | **SPECIALTY FINANCE — 8.6%** |  |  |  |
| 200000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 2.4500 | 10/29/26 | 194937 |
| 625000 | Aircastle Ltd. | 4.2500 | 06/15/26 | 622290 |
| 250000 | Ally Financial, Inc. | 5.7500 | 11/20/25 | 250587 |
| 200000 | Synchrony Financial | 4.5000 | 07/23/25 | 199868 |
|  |  |  |  | 1267682 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 37.7% (Continued)** |  |  |  |
|  | **STEEL — 2.9%** |  |  |  |
| 400000 | ArcelorMittal S.A. | 6.5500 | 11/29/27 | $417065 |
|  | **TOBACCO & CANNABIS — 1.7%** |  |  |  |
| 250000 | BAT International Finance PLC | 1.6680 | 03/25/26 | 244842 |
|  | **TOTAL CORPORATE BONDS (Cost $5,490,926)** |  |  | 5501921 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 1.7%** | **SHORT-TERM INVESTMENTS — 1.7%** |  |  |
|  | **MONEY MARKET FUNDS - 1.7%** | **MONEY MARKET FUNDS - 1.7%** |  |  |
| 242511 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $242,511)<sup>(c)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $242,511)<sup>(c)</sup> |  | 242511 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $12,196,621)** | **TOTAL INVESTMENTS - 99.6% (Cost $12,196,621)** |  | $14535421 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%** |  | 60485 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $14595906 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| DAC | - Designated Activity Company |
| KGaA | - Kommanditgesellschaft auf Aktien |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| PCL | - Public Company Limited |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| S.A.B | - Sociedad Anónima Bursátil |
| S.A.B de C.V. | - Sociedad Anónima Bursátil de Capital Variable |
| S.E. | - Societas Europeae |
| SPDR | - Standard & Poor's Depositary Receipt |

---

(a) Non-income producing security.

(b) Euro. Pays annually.

(c) Rate disclosed is the seven day effective
 yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 5.2%** | **EXCHANGE-TRADED FUNDS — 5.2%** | **EXCHANGE-TRADED FUNDS — 5.2%** |  |  |
|  | **FIXED INCOME - 5.2%** | **FIXED INCOME - 5.2%** | **FIXED INCOME - 5.2%** |  |  |
| 901688 | Invesco Senior Loan ETF | Invesco Senior Loan ETF | Invesco Senior Loan ETF |  | $18863313 |
| 374591 | SPDR Blackstone Senior Loan ETF | SPDR Blackstone Senior Loan ETF | SPDR Blackstone Senior Loan ETF |  | 15579240 |
|  |  |  |  |  | 34442553 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $34,559,095)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $34,559,095)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $34,559,095)** |  | 34442553 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** |  |
|  | **ASSET BACKED SECURITIES — 5.2%** |  |  |  |  |
|  | **CLO — 5.2%** |  |  |  |  |
| 2000000 | Apidos CLO LI Ltd. Series 51A E<sup>(a),(b)</sup> | TSFR3M + 4.850% | 9.1470 | 01/20/38 | 2007917 |
| 1500000 | Apidos Clo XL Ltd. Series 40A ER<sup>(a),(b)</sup> | TSFR3M + 5.600% | 9.8560 | 07/15/37 | 1502639 |
| 1250000 | Apidos CLO XXXII Series 32A ER<sup>(a),(b)</sup> | TSFR3M + 5.500% | 9.7690 | 01/20/33 | 1249905 |
| 500000 | ARES XLVII CLO Ltd. Series 2018-47A E<sup>(a),(b)</sup> | TSFR3M + 5.762% | 10.0180 | 04/15/30 | 499961 |
| 1000000 | Benefit Street Partners CLO XVI Ltd. Series 16A ER2<sup>(a),(b)</sup> | TSFR3M + 4.900% | 9.1800 | 01/17/38 | 994382 |
| 1510000 | Benefit Street Partners CLO XXVIII Ltd. Series 28A ER<sup>(a),(b)</sup> | TSFR3M + 5.400% | 9.6690 | 10/20/37 | 1519344 |
| 1500000 | Betony CLO 2 Ltd. Series 2018-1A D<sup>(a),(b)</sup> | TSFR3M + 5.912% | 10.1910 | 04/30/31 | 1398618 |
| 500000 | BlueMountain CLO Ltd. Series 2018-3A E<sup>(a),(b)</sup> | TSFR3M + 6.212% | 10.4930 | 10/25/30 | 489929 |
| 500000 | BlueMountain CLO XXII Ltd. Series 2018-22A E<sup>(a),(b)</sup> | TSFR3M + 5.312% | 9.5680 | 07/15/31 | 446848 |
| 500000 | Carbone Clo Ltd. Series 2017-1A D<sup>(a),(b)</sup> | TSFR3M + 6.162% | 10.4310 | 01/20/31 | 497222 |
| 2000000 | Carlyle Global Market Strategies CLO Ltd Series 2014-2R<sup>(a),(b)</sup> | TSFR3M + 5.612% | 9.9380 | 05/15/31 | 2002205 |
| 500000 | Carlyle Global Market Strategies CLO Ltd. Series 2014-1A ER<sup>(a),(b)</sup> | TSFR3M + 5.662% | 9.9410 | 04/17/31 | 482095 |
| 1250000 | Carlyle Global Market Strategies CLO Ltd. Series 2014-3RA D<sup>(a),(b)</sup> | TSFR3M + 5.662% | 9.9440 | 07/27/31 | 1251773 |
| 1000000 | Cook Park CLO Ltd. Series 2018-1A E<sup>(a),(b)</sup> | TSFR3M + 5.662% | 9.9410 | 04/17/30 | 992904 |
| 1000000 | Dewolf Park CLO Ltd. Series 2017-1A E<sup>(a),(b)</sup> | TSFR3M + 6.462% | 10.7180 | 10/15/30 | 1002000 |
| 750000 | Dryden 54 Senior Loan Fund Series 2017-54A E<sup>(a),(b)</sup> | TSFR3M + 6.462% | 10.7310 | 10/19/29 | 726275 |
| 624000 | Galaxy XX CLO Ltd. Series 2015-20A ER<sup>(a),(b)</sup> | TSFR3M + 5.562% | 9.8310 | 04/20/31 | 623938 |
| 500000 | Galaxy XXI CLO Ltd. Series 2015-21A ER<sup>(a),(b)</sup> | TSFR3M + 5.512% | 9.7810 | 04/20/31 | 499957 |
| 1000000 | Greenwood Park CLO Ltd. Series 1A E<sup>(a),(b)</sup> | TSFR3M + 5.212% | 9.4680 | 04/15/31 | 1000750 |
| 500000 | Harbor Park CLO Ltd. Series 2018-1A E<sup>(a),(b)</sup> | TSFR3M + 5.862% | 10.1310 | 01/20/31 | 500907 |
| 500000 | Highbridge Loan Management Ltd. Series 2013-2A DR<sup>(a),(b)</sup> | TSFR3M + 6.862% | 11.1310 | 10/20/29 | 499936 |
| 1500000 | Meacham Park Clo Ltd. Series 1A E<sup>(a),(b)</sup> | TSFR3M + 5.350% | 9.6190 | 10/20/37 | 1509267 |
| 500000 | Midocean Credit CLO IX Series 2018-9A E<sup>(a),(b)</sup> | TSFR3M + 6.312% | 10.5810 | 07/20/31 | 499318 |
| 500000 | Neuberger Berman Loan Advisers CLO 59 Ltd. Series 59A E<sup>(a),(b)</sup> | TSFR3M + 4.800% | 9.0970 | 01/23/39 | 499237 |
| 500000 | Octagon Investment Partners 26 Ltd. Series 2016-1A ER<sup>(a),(b)</sup> | TSFR3M + 5.662% | 9.9180 | 07/15/30 | 472029 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 5.2% (Continued)** |  |  |  |  |
|  | **CLO — 5.2% (Continued)** |  |  |  |  |
| 500000 | Octagon Investment Partners XVII Ltd. Series 2013-1A ER2<sup>(a),(b)</sup> | TSFR3M + 5.412% | 9.6930 | 01/25/31 | $487482 |
| 1500000 | Octagon Investment Partners XXII Ltd. Series 2014-1A ERR<sup>(a),(b)</sup> | TSFR3M + 5.712% | 9.9840 | 01/22/30 | 1462500 |
| 1325000 | OHA Credit Funding 2 LTD Series 2A ER2<sup>(a),(b)</sup> | TSFR3M + 4.800% | 9.0690 | 01/21/38 | 1291038 |
| 750000 | OHA Credit Partners VII Ltd. Series 7A ER4<sup>(a),(b)</sup> | TSFR3M + 4.500% | 8.8220 | 02/20/38 | 742824 |
| 2000000 | Palmer Square CLO Ltd. Series 2023-1A ER<sup>(a),(b)</sup> | TSFR3M + 4.900% | 9.1690 | 01/20/38 | 2008479 |
| 1000000 | Rockford Tower CLO Ltd. Series 2017-3A E<sup>(a),(b)</sup> | TSFR3M + 6.012% | 10.2810 | 10/20/30 | 968771 |
| 1000000 | Shackleton CLO Ltd. Series 2013-4RA D<sup>(a),(b)</sup> | TSFR3M + 6.112% | 10.3530 | 04/13/31 | 968751 |
| 1000000 | THL Credit Wind River Clo Ltd. Series 2018-1A E<sup>(a),(b)</sup> | TSFR3M + 5.762% | 10.0180 | 07/15/30 | 1005001 |
| 500000 | Upland CLO Ltd. Series 2016-1A DR<sup>(a),(b)</sup> | TSFR3M + 6.162% | 10.4310 | 04/20/31 | 493546 |
| 1000000 | VOYA CLO Series 2017-2A D<sup>(a),(b)</sup> | TSFR3M + 6.282% | 10.5380 | 06/07/30 | 950357 |
| 40272 | Wellfleet CLO Ltd. Series 2015-1A ER3<sup>(a),(b)</sup> | TSFR3M + 7.312% | 11.5810 | 07/20/29 | 22150 |
| 500000 | Wellfleet CLO Ltd. Series 2018-2A D<sup>(a),(b)</sup> | TSFR3M + 6.332% | 10.6010 | 10/20/31 | 499964 |
|  |  |  |  |  | 34070219 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $34,148,619)** |  |  |  | 34070219 |
|  | **CORPORATE BONDS — 5.1%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.3%** |  |  |  |  |
| 2000000 | Outfront Media Capital, LLC / Outfront Media<sup>(a)</sup> |  | 4.2500 | 01/15/29 | 1913970 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.1%** |  |  |  |  |
| 191000 | Beach Acquisition Bidco, LLC<sup>(a)</sup> |  | 10.0000 | 07/15/33 | 198394 |
| 288000 | Under Armour, Inc.<sup>(a)</sup> |  | 7.2500 | 07/15/30 | 292408 |
|  |  |  |  |  | 490802 |
|  | **CHEMICALS — 0.3%** |  |  |  |  |
| 2500000 | Valvoline, Inc.<sup>(a)</sup> |  | 3.6250 | 06/15/31 | 2265285 |
|  | **CONTAINERS & PACKAGING — 0.5%** |  |  |  |  |
| 1144000 | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup> |  | 6.7500 | 04/15/32 | 1173825 |
| 1441000 | Graphic Packaging International, LLC<sup>(a)</sup> |  | 3.5000 | 03/01/29 | 1360097 |
| 196000 | Trivium Packaging Finance BV<sup>(a)</sup> |  | 8.2500 | 07/15/30 | 207414 |
| 295000 | Trivium Packaging Finance BV<sup>(a)</sup> |  | 12.2500 | 01/15/31 | 316448 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 5.1% (Continued)** |  |  |  |
|  | **CONTAINERS & PACKAGING — 0.5% (Continued)** |  |  |  |
|  |  |  |  | $3057784 |
|  | **FOOD — 0.3%** |  |  |  |
| 2019972 | Chobani Holdco II, LLC<sup>(a)</sup> | 8.7500 | 10/01/29 | 2168179 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.6%** |  |  |  |
| 1300000 | DaVita, Inc.<sup>(a)</sup> | 6.8750 | 09/01/32 | 1347892 |
| 693000 | DaVita, Inc.<sup>(a)</sup> | 6.7500 | 07/15/33 | 717373 |
| 1090000 | LifePoint Health, Inc.<sup>(a)</sup> | 11.0000 | 10/15/30 | 1203469 |
| 910000 | LifePoint Health, Inc.<sup>(a)</sup> | 8.3750 | 02/15/32 | 970662 |
|  |  |  |  | 4239396 |
|  | **HOME & OFFICE PRODUCTS — 0.3%** |  |  |  |
| 219000 | Scotts Miracle-Gro Company (The) | 4.0000 | 04/01/31 | 201342 |
| 2137000 | Scotts Miracle-Gro Company (The) | 4.3750 | 02/01/32 | 1964497 |
|  |  |  |  | 2165839 |
|  | **HOME CONSTRUCTION — 0.2%** |  |  |  |
| 1174000 | APi Group DE, Inc.<sup>(a)</sup> | 4.1250 | 07/15/29 | 1120243 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.3%** |  |  |  |
| 2000000 | Roller Bearing Company of America, Inc.<sup>(a)</sup> | 4.3750 | 10/15/29 | 1937853 |
|  | **INSURANCE — 0.2%** |  |  |  |
| 1350000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> | 8.5000 | 06/15/29 | 1408806 |
| 195000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> | 6.7500 | 07/01/32 | 197905 |
|  |  |  |  | 1606711 |
|  | **LEISURE FACILITIES & SERVICES — 0.3%** |  |  |  |
| 2000000 | Caesars Entertainment, Inc.<sup>(a)</sup> | 6.5000 | 02/15/32 | 2052833 |
|  | **OIL & GAS PRODUCERS — 0.3%** |  |  |  |
| 1300000 | Venture Global LNG, Inc.<sup>(a)</sup> | 9.8750 | 02/01/32 | 1404816 |
| 192000 | Venture Global Plaquemines LNG, LLC<sup>(a)</sup> | 6.5000 | 01/15/34 | 193056 |
| 194000 | Venture Global Plaquemines LNG, LLC<sup>(a)</sup> | 6.7500 | 01/15/36 | 195068 |
|  |  |  |  | 1792940 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 5.1% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 0.2%** |  |  |  |  |
| 1400000 | Metis Merger Sub, LLC<sup>(a)</sup> |  | 6.5000 | 05/15/29 | $1376298 |
|  | **SPECIALTY FINANCE — 0.6%** |  |  |  |  |
| 1344000 | Azorra Finance Ltd.<sup>(a)</sup> |  | 7.7500 | 04/15/30 | 1402999 |
| 777000 | Azorra Finance Ltd.<sup>(a)</sup> |  | 7.2500 | 01/15/31 | 794777 |
| 490000 | Phoenix Aviation Capital Ltd.<sup>(a)</sup> |  | 9.2500 | 07/15/30 | 507997 |
| 294000 | Rocket Companies, Inc.<sup>(a)</sup> |  | 6.1250 | 08/01/30 | 299629 |
| 599000 | Rocket Companies, Inc.<sup>(a)</sup> |  | 6.3750 | 08/01/33 | 613099 |
|  |  |  |  |  | 3618501 |
|  | **TECHNOLOGY SERVICES — 0.2%** |  |  |  |  |
| 1500000 | Amentum Escrow Corporation<sup>(a)</sup> |  | 7.2500 | 08/01/32 | 1544831 |
|  | **TELECOMMUNICATIONS — 0.1%** |  |  |  |  |
| 584000 | Windstream Escrow, LLC / Windstream Escrow Finance<sup>(a)</sup> |  | 8.2500 | 10/01/31 | 611857 |
|  | **TRANSPORTATION & LOGISTICS — 0.3%** |  |  |  |  |
| 477000 | Beacon Mobility Corporation<sup>(a)</sup> |  | 7.2500 | 08/01/30 | 487227 |
| 1400000 | JetBlue Airways Corp / JetBlue Loyalty, L.P.<sup>(a)</sup> |  | 9.8750 | 09/20/31 | 1362378 |
|  |  |  |  |  | 1849605 |
|  | **TOTAL CORPORATE BONDS (Cost $33,002,201)** |  |  |  | 33812927 |
|  |  | **Spread** |  |  |  |
|  | **TERM LOANS — 82.3%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.8%** |  |  |  |  |
| 1496990 | Bleriot US Bidco, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 7.0490 | 10/31/28 | 1502140 |
| 1623189 | Goat Holdco, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3240 | 12/10/31 | 1627726 |
| 2232000 | Signia Aerospace, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3220 | 11/24/31 | 2245949 |
| 186000 | Signia Aerospace, LLC<sup>(b),(e)</sup> | TSFR1M + 1.000% | 7.6330 | 11/24/31 | 187163 |
|  |  |  |  |  | 5562978 |
|  | **APPAREL & TEXTILE PRODUCTS — 1.0%** |  |  |  |  |
| 5691345 | Beach Acquisition Bidco, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5620 | 06/28/32 | 5726916 |
| 701285 | Varsity Brands, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8230 | 08/26/31 | 702053 |
|  |  |  |  |  | 6428969 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 82.3% (Continued)** |  |  |  |  |
|  | **ASSET MANAGEMENT — 6.1%** |  |  |  |  |
| 1549122 | Aragorn Parent Corporation<sup>(b)</sup> | TSFR1M + 4.250% | 8.3220 | 12/08/28 | $1559935 |
| 2699026 | Edelman Financial Engines Center, LLC (The)<sup>(b)</sup> | TSFR1M + 3.000% | 7.3250 | 04/07/28 | 2705032 |
| 5750710 | Edelman Financial Engines Center, LLC (The)<sup>(b)</sup> | TSFR1M + 5.250% | 9.5750 | 10/23/28 | 5781620 |
| 6124011 | Focus Financial Partners, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 7.0750 | 09/15/31 | 6117918 |
| 627083 | GC Ferry Acquisition I, Inc., Delayed Draw Term B-DD<sup>(b)</sup> | TSFR1M + 3.500% | 7.8250 | 06/07/32 | 616501 |
| 3672917 | GC Ferry Acquisition I, Inc., Term B<sup>(b)</sup> | TSFR1M + 3.500% | 7.8250 | 06/07/32 | 3613232 |
| 863000 | Gryphon Debt Merger Sub, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3130 | 06/21/32 | 863902 |
| 1574968 | June Purchaser, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.4670 | 09/11/31 | 1583268 |
| 262495 | June Purchaser, LLC<sup>(b),(e)</sup> | TSFR1M + 3.250% | 8.4510 | 09/11/31 | 263878 |
| 2544039 | Nexus Buyer, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.8200 | 07/31/31 | 2554317 |
| 8108868 | Osaic Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8250 | 08/16/28 | 8136925 |
| 6420861 | Sophos Intermediate II Ltd.<sup>(b)</sup> | TSFR1M + 3.610% | 7.9360 | 03/05/27 | 6452837 |
|  |  |  |  |  | 40249365 |
|  | **AUTOMOTIVE — 1.9%** |  |  |  |  |
| 1502401 | Clarios Global, L.P.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8240 | 05/06/30 | 1500057 |
| 1077000 | Clarios Global, L.P.<sup>(b)</sup> | TSFR1M + 2.750% | 7.0750 | 01/14/32 | 1079359 |
| 3167541 | First Brands Group, LLC<sup>(b)</sup> | SOFRRATE + 5.000% | 9.5520 | 03/24/27 | 3001355 |
| 2007221 | First Brands Group, LLC<sup>(b)</sup> | TSFR1M + 6.000% | 9.5520 | 03/30/27 | 1899755 |
| 1134141 | First Brands Group, LLC<sup>(b)</sup> | TSFR6M + 8.500% | 13.0520 | 03/30/28 | 1026398 |
| 3045043 | Tenneco, Inc.<sup>(b)</sup> | TSFR1M + 4.750% | 9.1670 | 11/17/28 | 2972098 |
| 885000 | Tenneco, Inc.<sup>(b)</sup> | TSFR1M + 5.000% | 9.4110 | 11/17/28 | 865751 |
|  |  |  |  |  | 12344773 |
|  | **BIOTECH & PHARMA — 0.5%** |  |  |  |  |
| 917115 | Amneal Pharmaceuticals, LLC<sup>(b)</sup> | TSFR1M + 5.500% | 9.8250 | 05/04/28 | 934311 |
| 2208161 | Curium Bidco Sarl<sup>(b)</sup> | TSFR1M + 3.500% | 7.7990 | 07/31/29 | 2216905 |
|  |  |  |  |  | 3151216 |
|  | **CABLE & SATELLITE — 0.5%** |  |  |  |  |
| 1173724 | Virgin Media Bristol, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.7240 | 03/06/31 | 1160321 |
| 1820318 | WideOpenWest Finance, LLC<sup>(b)</sup> | TSFR3M + 7.262% | 11.4350 | 12/11/28 | 1873407 |
|  |  |  |  |  | 3033728 |
|  | **CHEMICALS — 0.8%** |  |  |  |  |
| 1749236 | Discovery Purchaser Corporation<sup>(b)</sup> | TSFR1M + 3.750% | 8.0470 | 10/04/29 | 1748685 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 82.3% (Continued)** |  |  |  |  |
|  | **CHEMICALS — 0.8% (Continued)** |  |  |  |  |
| 2134630 | Nouryon Finance BV<sup>(b)</sup> | TSFR3M + 3.250% | 7.5530 | 04/03/28 | $2147310 |
| 629964 | Sparta US HoldCo, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3230 | 08/02/30 | 624978 |
| 1038532 | Windsor Holdings III, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 7.0720 | 08/01/30 | 1040002 |
|  |  |  |  |  | 5560975 |
|  | **COMMERCIAL SUPPORT SERVICES — 7.1%** |  |  |  |  |
| 1309297 | Action Environmental Group, Inc. (The)<sup>(b)</sup> | TSFR1M + 4.500% | 8.0490 | 10/05/30 | 1312570 |
| 6655748 | Allied Universal Holdco, LLC<sup>(b)</sup> | TSFR1M + 3.750% | 8.1750 | 05/05/28 | 6694984 |
| 758900 | Amspec Parent, LLC<sup>(b),(e)</sup> | TSFR1M + 3.500% | 1.0000 | 12/22/31 | 763643 |
| 4932847 | Amspec Parent, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.8180 | 12/22/31 | 4963678 |
| 4403399 | CHG Healthcare Services, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3130 | 09/29/28 | 4423632 |
| 3989375 | Conservice Midco, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3250 | 05/13/30 | 3998530 |
| 3079319 | Ensemble RCM, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.2910 | 08/03/29 | 3094808 |
| 5100000 | Garda World Security Corporation<sup>(b)</sup> | TSFR1M + 3.000% | 7.2920 | 02/01/29 | 5115555 |
| 2705969 | Grant Thornton Advisors Holdings, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 7.0750 | 05/30/31 | 2706983 |
| 256000 | Prime Security Services Borrower, LLC<sup>(b)</sup> | TSFR1M + 1.750% | 6.0630 | 02/09/32 | 254267 |
| 3732886 | Raven Acquisition Holdings, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | 10/24/31 | 3734286 |
| 266635 | Raven Acquisition Holdings, LLC<sup>(b),(e)</sup> | TSFR1M + 1.000% | 8.0540 | 10/24/31 | 266735 |
| 1177393 | Ryan, LLC<sup>(b)</sup> | TSFR1M + 4.500% | 7.8250 | 11/09/30 | 1180431 |
| 1425633 | Teneo Holdings, LLC<sup>(b)</sup> | TSFR1M + 4.750% | 9.0750 | 03/11/31 | 1441372 |
| 7034691 | WestJet Loyalty, L.P.<sup>(b)</sup> | TSFR1M + 3.850% | 7.5490 | 02/01/31 | 7044365 |
|  |  |  |  |  | 46995839 |
|  | **CONSUMER SERVICES — 2.9%** |  |  |  |  |
| 3495622 | Fugue Finance, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.4960 | 12/05/31 | 3520756 |
| 1768780 | Fugue Finance, LLC<sup>(b)</sup> | TSFR1M + 2.7550% | 7.5160 | 01/09/32 | 1781498 |
| 3214509 | KUEHG Corporation<sup>(b)</sup> | TSFR1M + 3.250% | 7.5490 | 06/12/30 | 3219781 |
| 4102944 | Lernen US Finco, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.4560 | 10/01/31 | 4135419 |
| 2425228 | Opal, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5720 | 03/31/32 | 2438118 |
| 381000 | Prometric Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0610 | 06/18/32 | 381596 |
| 3989431 | University Support Services, LLC<sup>(b)</sup> | TSFR1M + 3.350% | 7.0630 | 06/29/28 | 3861430 |
|  |  |  |  |  | 19338598 |
|  | **CONTAINERS & PACKAGING — 0.3%** |  |  |  |  |
| 1740791 | Clydesdale Acquisition Holdings, Inc., Term B<sup>(b)</sup> | TSFR1M + 3.250% | 7.5710 | 03/29/32 | 1735960 |
| 30433 | Clydesdale Acquisition Holdings, Inc., Delayed Draw Term B-DD<sup>(b),(e)</sup> | TSFR1M + 3.250% | 7.5710 | 03/29/32 | 30349 |
|  |  |  |  |  | 1766309 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 82.3% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 0.2%** |  |  |  |  |
| 1323900 | Edgewater Generation, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.3220 | 08/01/30 | $1330638 |
|  | **ELECTRICAL EQUIPMENT — 0.2%** |  |  |  |  |
| 1276161 | Lsf12 Crown US Commercial Bidco, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 8.5690 | 10/11/31 | 1284539 |
|  | **ENGINEERING & CONSTRUCTION — 0.2%** |  |  |  |  |
| 1268094 | Chromalloy Corporation<sup>(b)</sup> | TSFR1M + 3.750% | 8.0380 | 03/24/31 | 1271658 |
|  | **ENTERTAINMENT CONTENT — 0.1%** |  |  |  |  |
| 282856 | AP Core Holdings II, LLC<sup>(b)</sup> | TSFR1M + 5.500% | 9.9390 | 09/01/27 | 255190 |
| 652515 | AP Core Holdings II, LLC<sup>(b)</sup> | TSFR1M + 5.500% | 10.9450 | 09/01/27 | 589828 |
|  |  |  |  |  | 845018 |
|  | **FOOD — 0.2%** |  |  |  |  |
| 1244203 | Nomad Foods US, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 6.5350 | 11/08/29 | 1246051 |
|  | **HEALTH CARE FACILITIES & SERVICES — 7.0%** |  |  |  |  |
| 245524 | ADMI Corporation<sup>(b)</sup> | TSFR1M + 3.375% | 7.8140 | 12/23/27 | 233145 |
| 5085124 | Bella Holding Company, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | 05/10/28 | 5107372 |
| 354279 | Hanger, Inc.<sup>(b),(e)</sup> | TSFR1M + 1.000% | 5.6620 | 10/16/31 | 355283 |
| 2751566 | Hanger, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8250 | 10/16/31 | 2759366 |
| 5149302 | Heartland Dental, LLC<sup>(b)</sup> | TSFR1M + 4.500% | 8.8250 | 04/28/28 | 5162201 |
| 8171227 | LifePoint Health, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0520 | 05/14/31 | 8097155 |
| 1336070 | LifePoint Health, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8170 | 05/19/31 | 1317819 |
| 4031889 | MED ParentCo, L.P.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8250 | 04/15/31 | 4052775 |
| 161491 | National Mentor Holdings, Inc.<sup>(b)</sup> | TSFR3M + 3.850% | 8.1490 | 02/18/28 | 156445 |
| 5587710 | National Mentor Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.850% | 8.1620 | 02/18/28 | 5413094 |
| 1354629 | National Mentor Holdings, Inc.<sup>(b)</sup> | TSFR3M + 7.250% | 11.6490 | 02/18/29 | 1292316 |
| 2477946 | Outcomes Group Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.6070 | 05/06/31 | 2495750 |
| 3884953 | Southern Veterinary Partners, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5270 | 10/30/31 | 3893889 |
| 5887813 | Star Parent, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 8.2990 | 09/19/30 | 5837825 |
|  |  |  |  |  | 46174435 |
|  | **HOME & OFFICE PRODUCTS — 2.6%** |  |  |  |  |
| 7587556 | AI Aqua Merger Sub, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3190 | 07/31/28 | 7585356 |
| 8632341 | Weber-Stephen Products, LLC<sup>(b)</sup> | TSFR1M + 3.365% | 7.6890 | 10/20/27 | 8586633 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 82.3% (Continued)** |  |  |  |  |
|  | **HOME & OFFICE PRODUCTS — 2.6% (Continued)** |  |  |  |  |
| 668879 | Weber-Stephen Products, LLC<sup>(b)</sup> | TSFR1M + 4.350% | 8.6750 | 10/29/27 | $668210 |
|  |  |  |  |  | 16840199 |
|  | **HOUSEHOLD PRODUCTS — 0.1%** |  |  |  |  |
| 700000 | Kronos Acquisition Holdings, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 8.5840 | 06/27/31 | 629300 |
|  | **INDUSTRIAL SUPPORT SERVICES** — **0.0%<sup>(c)</sup>** |  |  |  |  |
| 230000 | Aggreko Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3140 | 05/25/31 | 230647 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.3%** |  |  |  |  |
| 6800000 | Aretec Group, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8250 | 08/09/30 | 6819992 |
| 4772815 | Armor Holdco, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0690 | 12/11/28 | 4803839 |
| 8670626 | Ascensus Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3250 | 08/02/28 | 8697721 |
| 846050 | Hudson River Trading, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.2970 | 03/20/30 | 849621 |
| 237000 | Summit Acquisition, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0790 | 10/10/31 | 237889 |
|  |  |  |  |  | 21409062 |
|  | **INSURANCE — 7.9%** |  |  |  |  |
| 4034793 | Acrisure, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3250 | 11/06/30 | 4030052 |
| 1748000 | Acrisure, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5740 | 06/07/32 | 1748000 |
| 5900000 | Alera Group Intermediate Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | 05/21/32 | 5924337 |
| 2306643 | Alliant Holdings Intermediate, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.0690 | 09/12/31 | 2309780 |
| 2411000 | Asurion, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 9.6890 | 01/29/28 | 2312306 |
| 823893 | Asurion, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.4250 | 08/17/28 | 813652 |
| 900000 | Asurion, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 9.6890 | 01/14/29 | 837351 |
| 807000 | Asurion, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 8.5740 | 09/19/30 | 785009 |
| 1500000 | Baldwin Insurance Group Holdings, LLC (The)<sup>(b)</sup> | TSFR1M + 3.100% | 7.2970 | 05/27/31 | 1503128 |
| 9500000 | BroadStreet Partners, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.3250 | 05/12/31 | 9522087 |
| 4183242 | Howden Group Holdings Ltd.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8250 | 04/18/30 | 4210831 |
| 1000000 | Hyperion Refinance Sarl<sup>(b)</sup> | TSFR1M + 3.000% | 7.3250 | 02/18/31 | 1004260 |
| 8089408 | IMA Financial Group, Inc. (The)<sup>(b)</sup> | TSFR1M + 3.850% | 7.3160 | 11/01/28 | 8097860 |
| 2303593 | OneDigital Borrower, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3250 | 07/02/31 | 2302878 |
| 1507984 | OneDigital Borrower, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 9.5750 | 06/14/32 | 1513639 |
| 2147487 | PCF Insurance Services of the West, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5610 | 06/14/32 | 2154198 |
| 3290392 | Sedgwick Claims Management Services, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 7.3130 | 02/17/28 | 3305939 |
|  |  |  |  |  | 52375307 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 82.3% (Continued)** |  |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 1.8%** |  |  |  |  |
| 883473 | Endurance International Group Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.615% | 7.9400 | 02/10/28 | $640796 |
| 1600000 | Knot Worldwide, Inc. (The)<sup>(b)</sup> | TSFR1M + 3.750% | 8.0750 | 01/31/28 | 1598000 |
| 1373738 | MH Sub I, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 8.5750 | 05/03/28 | 1291313 |
| 1487697 | MH Sub I, LLC<sup>(b)</sup> | TSFR1M + 6.250% | 10.5750 | 02/23/29 | 1314380 |
| 1620447 | MH Sub I, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 8.5740 | 12/11/31 | 1412325 |
| 5687704 | Pug, LLC<sup>(b)</sup> | TSFR1M + 4.750% | 9.0750 | 03/12/30 | 5536013 |
|  |  |  |  |  | 11792827 |
|  | **LEISURE FACILITIES & SERVICES — 2.0%** |  |  |  |  |
| 4850000 | ClubCorp Holdings, Inc.<sup>(b)</sup> | TSFR3M + 5.000% | 9.5610 | 09/18/26 | 4862125 |
| 1500000 | IRB Holding Corporation<sup>(b)</sup> | TSFR1M + 2.500% | 6.8250 | 12/15/27 | 1501567 |
| 1514591 | Voyager Parent, LLC<sup>(b)</sup> | TSFR1M + 4.750% | 9.0720 | 05/10/32 | 1501127 |
| 5440093 | William Morris Endeavor Entertainment, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3190 | 03/24/32 | 5453693 |
|  |  |  |  |  | 13318512 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.1%** |  |  |  |  |
| 1732457 | Archimedes Debt Merger Sub, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.3280 | 05/17/32 | 1690583 |
| 2896111 | Bausch + Lomb Corporation<sup>(b)</sup> | TSFR1M + 4.000% | 8.3290 | 09/14/28 | 2902149 |
| 2220000 | Bausch + Lomb Corporation<sup>(b)</sup> | TSFR1M + 4.250% | 8.5610 | 12/18/30 | 2226949 |
| 233000 | Performance Health Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 7.9500 | 02/27/32 | 227175 |
|  |  |  |  |  | 7046856 |
|  | **OIL & GAS PRODUCERS — 1.1%** |  |  |  |  |
| 1309930 | EG America, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 8.5630 | 02/07/28 | 1317528 |
| 1499145 | Prairie Acquiror, L.P.<sup>(b)</sup> | TSFR1M + 4.250% | 8.5750 | 08/01/29 | 1510853 |
| 2511190 | RelaDyne, Inc.<sup>(b)</sup> | SOFRRATE + 4.250% | 8.3240 | 12/23/28 | 2522202 |
| 1885535 | Rockpoint Gas Storage Partners, L.P.<sup>(b)</sup> | TSFR3M + 3.000% | 7.2990 | 09/18/31 | 1894850 |
|  |  |  |  |  | 7245433 |
|  | **PUBLISHING & BROADCASTING — 1.8%** |  |  |  |  |
| 6418029 | Cengage Learning, Inc.<sup>(b)</sup> | TSFR6M + 3.500% | 7.8260 | 03/24/31 | 6440877 |
| 3263804 | Houghton Mifflin Harcourt Company<sup>(b)</sup> | TSFR1M + 5.350% | 9.6690 | 04/09/29 | 3208320 |
| 2646264 | McGraw-Hill Education, Inc.<sup>(b)</sup> | TSFR3M + 3.250% | 7.5750 | 08/06/31 | 2658397 |
|  |  |  |  |  | 12307594 |
|  | **RENEWABLE ENERGY — 1.4%** |  |  |  |  |
| 8980383 | Granite Acquisition, Inc.<sup>(b)</sup> | TSFR1M + 2.865% | 7.1890 | 03/17/28 | 8899020 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 82.3% (Continued)** |  |  |  |  |
|  | **RETAIL - CONSUMER STAPLES — 0.1%** |  |  |  |  |
| 703978 | Heritage Grocers Group, LLC<sup>(b)</sup> | TSFR3M + 6.850% | 11.1260 | 08/01/29 | $649508 |
|  | **RETAIL - DISCRETIONARY — 2.5%** |  |  |  |  |
| 994975 | Foundation Building Materials, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 8.5520 | 01/27/31 | 976851 |
| 6225000 | Great Outdoors Group, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5770 | 01/16/32 | 6225996 |
| 163158 | LBM Acquisition, LLC<sup>(b)</sup> | TSFR1M + 3.850% | 8.1750 | 12/08/27 | 161323 |
| 1347076 | LBM Acquisition, LLC<sup>(b)</sup> | TSFR1M + 3.750% | 8.1790 | 05/30/31 | 1262884 |
| 6000000 | Mavis Tire Express Services Topco Corporation<sup>(b)</sup> | TSFR1M + 3.000% | 7.3120 | 05/04/28 | 6004590 |
| 1935544 | Petco Health & Wellness Company, Inc.<sup>(b)</sup> | TSFR3M + 3.350% | 8.1150 | 02/25/28 | 1788133 |
|  |  |  |  |  | 16419777 |
|  | **SEMICONDUCTORS — 0.2%** |  |  |  |  |
| 1500000 | Icon Parent, Inc.<sup>(b)</sup> | TSFR1M + 5.000% | 9.3150 | 09/13/32 | 1516560 |
|  | **SOFTWARE — 17.9%** |  |  |  |  |
| 5661150 | Avalara, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5530 | 03/29/32 | 5692229 |
| 4875278 | Azalea Topco, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | 04/30/31 | 4890001 |
| 7210579 | BMC Software, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.2910 | 07/30/31 | 7174057 |
| 1121494 | Boxer Parent Company, Inc.<sup>(b)</sup> | TSFR1M + 5.750% | 10.0410 | 07/06/32 | 1094163 |
| 1702723 | Bracket Intermediate Holding Corporation<sup>(b)</sup> | TSFR3M + 4.250% | 8.5490 | 05/08/28 | 1710351 |
| 6370422 | Central Parent, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5490 | 07/06/29 | 5335547 |
| 4039510 | Cloud Software Group, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.7990 | 03/29/29 | 4048457 |
| 4101122 | Cloud Software Group, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0490 | 03/24/31 | 4112646 |
| 3594829 | Clover Holdings 2, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.2950 | 11/03/31 | 3604930 |
| 6794701 | ConnectWise, LLC<sup>(b)</sup> | TSFR3M + 3.762% | 8.0610 | 09/24/28 | 6837880 |
| 7934237 | Cotiviti, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.0740 | 02/24/31 | 7906982 |
| 282513 | Cotiviti, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 7.0770 | 02/17/32 | 281513 |
| 815870 | DS Admiral Bidco, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 8.5490 | 06/05/31 | 813831 |
| 5700000 | Envestnet, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.7910 | 09/19/31 | 5716388 |
| 5581869 | Flexera Software, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.2990 | 03/03/28 | 5592837 |
| 2814919 | Idera, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.7910 | 03/02/28 | 2647488 |
| 2593269 | Isolved, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | 10/15/30 | 2606637 |
| 615000 | Jaggaer, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 9.5630 | 10/08/32 | 608081 |
| 5023063 | McAfee Corporation<sup>(b)</sup> | TSFR1M + 3.000% | 7.3190 | 03/01/29 | 4888596 |
| 3932967 | Mitchell International, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | 06/06/31 | 3934265 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 82.3% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 17.9% (Continued)** |  |  |  |  |
| 1680555 | Mitchell International, Inc.<sup>(b)</sup> | TSFR1M + 5.250% | 9.5740 | 06/07/32 | $1659968 |
| 2854008 | Modena Buyer, LLC<sup>(b)</sup> | TSFR1M + 4.500% | 8.7910 | 04/21/31 | 2755901 |
| 2672969 | PointClickCare Technologies, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5490 | 10/11/31 | 2688018 |
| 3414358 | Project Alpha Intermediate Holding, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5490 | 10/28/30 | 3434281 |
| 100000 | Project Boost Purchaser, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 9.5570 | 07/02/32 | 101042 |
| 1235398 | Project Sky Merger Sub, Inc.<sup>(b)</sup> | TSFR1M + 6.000% | 10.4250 | 08/10/29 | 1124990 |
| 2264650 | Proofpoint, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3240 | 08/31/28 | 2268704 |
| 1403516 | RealPage, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5610 | 02/18/28 | 1395453 |
| 1751465 | RealPage, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0490 | 04/24/28 | 1756448 |
| 4763033 | Rocket Software, Inc.<sup>(b)</sup> | TSFR1M + 4.750% | 8.5750 | 11/28/28 | 4779465 |
| 2479152 | Starlight Parent, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.3230 | 03/15/32 | 2430089 |
| 5100000 | Storable, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5740 | 04/17/31 | 5102142 |
| 2215770 | Zelis Payments Buyer, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 7.0750 | 09/28/29 | 2204281 |
| 5091023 | Zelis Payments Buyer, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | 10/27/31 | 5070863 |
| 1375624 | Zuora, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8150 | 12/15/31 | 1371326 |
|  |  |  |  |  | 117639850 |
|  | **SPECIALTY FINANCE — 2.0%** |  |  |  |  |
| 5650000 | Apex Group Treasury, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.8150 | 02/20/32 | 5637655 |
| 2326511 | CFC USA 2025, LLC<sup>(b)</sup> | TSFR1M + 3.750% | 8.0740 | 05/31/32 | 2320695 |
| 944000 | Colossus Acquireco, LLC<sup>(b)</sup> | TSFR1M + 1.750% | 6.0660 | 06/14/32 | 938926 |
| 308000 | IMC Global Holdings, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.8250 | 06/02/32 | 310310 |
| 1330371 | Kestra Advisor Services Holdings A, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.2910 | 03/24/31 | 1331342 |
| 2605622 | Orion US Finco<sup>(b)</sup> | TSFR1M + 3.500% | 7.8330 | 05/20/32 | 2616696 |
|  |  |  |  |  | 13155624 |
|  | **TECHNOLOGY HARDWARE — 0.6%** |  |  |  |  |
| 2600000 | Bingo Holdings I, LLC<sup>(b)</sup> | TSFR1M + 4.750% | 9.0720 | 06/14/32 | 2563444 |
| 1076772 | Pitney Bowes, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0750 | 02/02/32 | 1076772 |
|  |  |  |  |  | 3640216 |
|  | **TECHNOLOGY SERVICES — 2.8%** |  |  |  |  |
| 4483043 | Access CIG, LLC<sup>(b)</sup> | TSFR1M + 5.000% | 8.5410 | 08/15/28 | 4509313 |
| 2260104 | Blackhawk Network Holdings, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 8.3250 | 03/12/29 | 2275111 |
| 1000000 | Escape Velocity Holdings, Inc.<sup>(b)</sup> | TSFR3M + 4.512% | 8.8400 | 10/06/28 | 1000485 |
| 3235028 | Fortress Intermediate 3, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0740 | 05/09/31 | 3247159 |
| 1760508 | ION Trading Technologies Sarl<sup>(b)</sup> | TSFR3M + 3.500% | 7.7990 | 04/03/28 | 1763757 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 82.3% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 2.8% (Continued)** |  |  |  |  |
| 3887774 | Kaseya, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5720 | 03/08/32 | $3907524 |
| 2000000 | Neon Maple US Debt Mergersub, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3240 | 07/21/31 | 2005620 |
| 73275 | Peraton Corporation<sup>(b)</sup> | TSFR3M + 7.750% | 12.1790 | 02/01/29 | 52246 |
|  |  |  |  |  | 18761215 |
|  | **TELECOMMUNICATIONS — 0.7%** |  |  |  |  |
| 1205213 | Crown Subsea Communications Holding, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 8.3370 | 01/30/31 | 1214505 |
| 3053526 | QualityTech, L.P.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8260 | 11/04/31 | 3068793 |
|  |  |  |  |  | 4283298 |
|  | **TRANSPORTATION & LOGISTICS — 1.8%** |  |  |  |  |
| 1008102 | AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | TSFR3M + 2.250% | 6.5430 | 04/20/28 | 1002981 |
| 276000 | AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | TSFR3M + 3.250% | 7.5810 | 05/28/32 | 278139 |
| 297036 | Beacon Mobility Corporation, Delayed Draw Term DD<sup>(b)</sup> | TSFR1M + 3.250% | 7.5610 | 06/17/30 | 297036 |
| 2168364 | Beacon Mobility Corporation, Term B<sup>(b)</sup> | TSFR1M + 3.250% | 7.5610 | 06/17/30 | 2168364 |
| 6131014 | JetBlue Airways Corporation<sup>(b)</sup> | TSFR1M + 5.500% | 9.0550 | 08/13/29 | 5773147 |
| 1071607 | Kenan Advantage Group, Inc. (The)<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | 01/25/29 | 1058212 |
| 997500 | Swissport Stratosphere Usa, LLC<sup>(b)</sup> | TSFR1M + 3.750% | 8.0440 | 04/18/31 | 1004672 |
|  |  |  |  |  | 11582551 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.8%** |  |  |  |  |
| 5423291 | Golden State Foods Corporation<sup>(b)</sup> | TSFR1M + 4.250% | 8.5760 | 10/07/31 | 5456102 |
|  | **TOTAL TERM LOANS (Cost $542,655,853)** | **TOTAL TERM LOANS (Cost $542,655,853)** | **TOTAL TERM LOANS (Cost $542,655,853)** |  | 541784547 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 7.2%** | **SHORT-TERM INVESTMENTS — 7.2%** | **SHORT-TERM INVESTMENTS — 7.2%** |  |  |
|  | **MONEY MARKET FUNDS - 7.2%** | **MONEY MARKET FUNDS - 7.2%** | **MONEY MARKET FUNDS - 7.2%** |  |  |
| 47366020 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $47,366,020)<sup>(d)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $47,366,020)<sup>(d)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $47,366,020)<sup>(d)</sup> |  | 47366020 |
|  | **TOTAL INVESTMENTS - 105.0% (Cost $691,731,788)** | **TOTAL INVESTMENTS - 105.0% (Cost $691,731,788)** | **TOTAL INVESTMENTS - 105.0% (Cost $691,731,788)** |  | $691476266 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.0)%** |  | (33077714) |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $658398552 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
| BV | - Besloten Vennootschap |
| CLO | - Collateralized Loan Obligation |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |
| SOFRRATE | United States Secured Overnight Financing Rate |
| TSFR1M | Secured Overnight Financing Rate 1 Month |
| TSFR3M | Secured Overnight Financing Rate 3 Month |
| TSFR6M | Secured Overnight Financing Rate 6 Month |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the total market value of 144A securities is $66,014,343 or 10.0% of net assets. |
| |  |
| <sup>(b)</sup> | Variable rate security; the rate shown represents the rate on June 30, 2025. |
| |  |
| <sup>(c)</sup> | Percentage rounds to less than 0.1%. |
| |  |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of June 30, 2025. |
| |  |
| <sup>(e)</sup> | This Investment or portion thereof was not funded as of June 30, 2025. The Fund had $1,664,056 at par value in unfunded commitments as of June 30, 2025. See Note 1. |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 4.8%** |  |  |  |
|  | **FIXED INCOME - 4.8%** |  |  |  |
| 32000 | SPDR Portfolio High Yield Bond ETF |  |  | $761600 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $750,560)** |  |  |  |
|  |  | **Coupon Rate** |  |  |
|  |  | **(%)** |  |  |
|  | **PREFERRED STOCKS — 0.1%** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 0.1%** |  |  |  |
| 4371 | FAT Brands, Inc. | 8.2500 |  | 10709 |
|  | **TOTAL PREFERRED STOCKS (Cost $102,762)** |  |  |  |
|  | **CONVERTIBLE BONDS — 23.0%** |  |  |  |
|  | **ASSET MANAGEMENT — 9.7%** |  | **Maturity** |  |
| 887000 | Capital Southwest Corporation | 5.1250 | 11/15/29 | 876467 |
| 500000 | WisdomTree, Inc. | 5.7500 | 08/15/28 | 658750 |
|  |  |  |  | 1535217 |
|  | **SPECIALTY FINANCE — 3.6%** |  |  |  |
| 400000 | EZCORP, Inc.<sup>(a)</sup> | 3.7500 | 12/15/29 | 581500 |
|  | **TECHNOLOGY SERVICES — 9.7%** |  |  |  |
| 550000 | Cleanspark, Inc.<sup>(a),(b)</sup> | 0.0000 | 06/15/30 | 541014 |
| 500000 | MARA Holdings, Inc.<sup>(a),(b)</sup> | 0.0000 | 06/01/31 | 430250 |
| 550000 | Riot Platforms, Inc.<sup>(a)</sup> | 0.7500 | 01/15/30 | 572000 |
|  |  |  |  | 1543264 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $3,477,935)** |  |  | 3659981 |
| **Principal** |  |  |  |  |
| **Amount ($)** |  |  |  |  |
|  | **CORPORATE BONDS — 64.0%** |  |  |  |
|  | **ASSET MANAGEMENT — 2.1%** |  |  |  |
| 350000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation | 5.2500 | 05/15/27 | 339380 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 64.0% (Continued)** |  |  |  |
|  | **CONSUMER SERVICES — 1.9%** |  |  |  |
| 300000 | Upbound Group, Inc.<sup>(a)</sup> | 6.3750 | 02/15/29 | $295391 |
|  | **ENGINEERING & CONSTRUCTION — 1.0%** |  |  |  |
| 145000 | Tutor Perini Corporation<sup>(a)</sup> | 11.8750 | 04/30/29 | 163328 |
|  | **ENTERTAINMENT CONTENT — 3.1%** |  |  |  |
| 478000 | AMC Networks, Inc.<sup>(a)</sup> | 10.2500 | 01/15/29 | 496897 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 1.8%** |  |  |  |
| 350000 | Mercer International, Inc. | 5.1250 | 02/01/29 | 284672 |
|  | **HOUSEHOLD PRODUCTS — 0.9%** |  |  |  |
| 150000 | Central Garden & Pet Company | 4.1250 | 10/15/30 | 141726 |
|  | **LEISURE FACILITIES & SERVICES — 6.7%** |  |  |  |
| 500000 | Full House Resorts, Inc.<sup>(a)</sup> | 8.2500 | 02/15/28 | 486252 |
| 550000 | Odeon Finco PLC<sup>(a)</sup> | 12.7500 | 11/01/27 | 575185 |
|  |  |  |  | 1061437 |
|  | **METALS & MINING — 7.1%** |  |  |  |
| 865000 | Coeur Mining, Inc.<sup>(a)</sup> | 5.1250 | 02/15/29 | 843984 |
| 300000 | Hecla Mining Company | 7.2500 | 02/15/28 | 302565 |
|  |  |  |  | 1146549 |
|  | **OIL & GAS PRODUCERS — 1.1%** |  |  |  |
| 175000 | Occidental Petroleum Corporation | 6.6000 | 03/15/46 | 172600 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.9%** |  |  |  |
| 200000 | Nine Energy Service, Inc. | 13.0000 | 02/01/28 | 102333 |
| 517000 | Transocean, Inc. | 6.8000 | 03/15/38 | 363968 |
|  |  |  |  | 466301 |
|  | **PUBLISHING & BROADCASTING — 1.7%** |  |  |  |
| 250000 | Gray Media, Inc.<sup>(a)</sup> | 10.5000 | 07/15/29 | 268624 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 10.3%** |  |  |  |
| 1000000 | MPT Operating Partnership, L.P. / MPT Finance Corporation | 5.0000 | 10/15/27 | 924396 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 64.0% (Continued)** |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 10.3% (Continued)** |  |  |  |
| 1000000 | Office Properties Income Trust<sup>(a)</sup> | 9.0000 | 09/30/29 | $720150 |
|  |  |  |  | 1644546 |
|  | **RETAIL - DISCRETIONARY — 14.7%** |  |  |  |
| 1065000 | Bed Bath & Beyond, Inc.<sup>(c)</sup> | 5.1650 | 08/01/44 | 26261 |
| 457960 | Carvana Company<sup>(a)</sup> | 14.0000 | 06/01/31 | 543091 |
| 500000 | Hertz Corporation (The)<sup>(a)</sup> | 12.6250 | 07/15/29 | 523198 |
| 1283000 | Kohl's Corporation | 5.5500 | 07/17/45 | 686567 |
| 825000 | Nordstrom, Inc. | 5.0000 | 01/15/44 | 575981 |
|  |  |  |  | 2355098 |
|  | **SPECIALTY FINANCE — 3.3%** |  |  |  |
| 500000 | Enova International, Inc.<sup>(a)</sup> | 9.1250 | 08/01/29 | 526748 |
|  | **STEEL — 4.4%** |  |  |  |
| 653000 | United States Steel Corporation | 6.6500 | 06/01/37 | 695886 |
|  | **TECHNOLOGY HARDWARE — 0.0%** |  |  |  |
| 8669000 | ENERGY CONVERSION DEVICES INC<sup>(a)(b)(c)(e)(f)</sup> | 0.0000 | 12/15/49 |  |
|  | **TECHNOLOGY SERVICES — 1.0%** |  |  |  |
| 150000 | Unisys Corporation<sup>(a)</sup> | 10.6250 | 01/15/31 | 155170 |
|  | **TOTAL CORPORATE BONDS (Cost $14,065,688)** |  |  | 10214353 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 6.3%** |  |  |  |
|  | **MONEY MARKET FUNDS - 6.3%** |  |  |  |
| 1006623 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $1,006,623)<sup>(d)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $1,006,623)<sup>(d)</sup> |  | 1006623 |
|  | **TOTAL INVESTMENTS - 98.2% (Cost $19,403,568)** |  |  | $15653266 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.8%** |  |  | 287428 |
|  | **NET ASSETS - 100.0%** |  |  | $15940694 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| L.P. | - Limited Partnership |
| PLC | - Public Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |

---

 

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the total market value of 144A securities is 7,722,782 or 48.4% of net assets.

<sup>(b)</sup> Zero coupon bond.

<sup>(c)</sup> Represents issuer in default on interest payments; non-income producing security.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(e)</sup> Illiquid security. The total fair value of these securities as of June 30, 2025 was $0, representing 0% of net assets.

<sup>(f)</sup> The value of this security has been determined using significant unobservable inputs in good faith under policies of the Board of Trustees. The total of these securities is $0 or 0.0% of net assets.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 47.5%** |  |
|  | **ASSET MANAGEMENT - 27.7%** |  |
| 3500 | Ares Capital Corporation | $76860 |
| 19034 | Blue Owl Capital, Inc. | 365643 |
| 20000 | Capital Southwest Corporation | 440800 |
| 11000 | Carlyle Group, Inc. (The)<sup>(a)</sup> | 565400 |
| 7087 | Carlyle Secured Lending, Inc. | 96950 |
| 45292 | Compass Diversified Holdings | 284434 |
| 4900 | Crescent Capital BDC, Inc. | 69090 |
| 12128 | Main Street Capital Corporation<sup>(a)</sup> | 716765 |
| 68210 | PennantPark Investment Corporation | 466556 |
| 95140 | Prospect Capital Corporation<sup>(a)</sup> | 302545 |
| 42466 | SuRo Capital Corporation<sup>(b)</sup> | 348646 |
| 3400 | TPG, Inc.<sup>(a)</sup> | 178330 |
| 70337 | Trinity Capital, Inc.<sup>(a)</sup> | 989643 |
| 49500 | US Global Investors, Inc., Class A | 127710 |
|  |  | 5029372 |
|  | **AUTOMOTIVE - 0.4%** |  |
| 6200 | Ford Motor Company | 67270 |
|  | **OIL & GAS PRODUCERS - 2.8%** |  |
| 18298 | Civitas Resources, Inc. | 503561 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 10.1%** |  |
| 600 | Extra Space Storage, Inc. | 88464 |
| 7947 | Hannon Armstrong Sustainable Infrastructure Capital, Inc.<sup>(a)</sup> | 213456 |
| 2390 | Innovative Industrial Properties, Inc. | 131976 |
| 32795 | NexPoint Diversified Real Estate Trust | 137410 |
| 5000 | Realty Income Corporation | 288050 |
| 29475 | VICI Properties, Inc. | 960886 |
|  |  | 1820242 |
|  | **RETAIL - DISCRETIONARY - 1.8%** |  |
| 1689 | Dick's Sporting Goods, Inc. | 334101 |
|  | **SPECIALTY FINANCE - 3.2%** |  |
| 26000 | Advanced Flower Capital, Inc. | 116480 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 47.5% (Continued)** |  |  |  |
|  | **SPECIALTY FINANCE - 3.2% (Continued)** |  |  |  |
| 1600 | OneMain Holdings, Inc. |  |  | $91200 |
| 24106 | Rithm Capital Corporation |  |  | 272156 |
| 8666 | Sunrise Realty Trust, Inc. |  |  | 91860 |
|  |  |  |  | 571696 |
|  | **TELECOMMUNICATIONS - 1.1%** |  |  |  |
| 4561 | Verizon Communications, Inc. |  |  | 197354 |
|  | **TRANSPORTATION & LOGISTICS - 0.4%** |  |  |  |
| 700 | Copa Holdings S.A., Class A |  |  | 76979 |
|  | **TOTAL COMMON STOCKS (Cost $11,537,594)** |  |  | 8600575 |
|  | **EXCHANGE-TRADED FUNDS — 7.0%** |  |  |  |
|  | **EQUITY - 3.1%** |  |  |  |
| 897 | SPDR S&P 500 ETF Trust |  |  | 554211 |
|  | **FIXED INCOME - 3.9%** |  |  |  |
| 30000 | SPDR Portfolio High Yield Bond ETF |  |  | 714000 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,258,303)** |  |  | 1268211 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **CONVERTIBLE BONDS — 13.2%** |  |  |  |
|  | **ASSET MANAGEMENT — 5.9%** |  |  |  |
| 500000 | Capital Southwest Corporation | 5.1250 | 11/15/29 | 494063 |
| 435000 | WisdomTree, Inc. | 5.7500 | 08/15/28 | 573112 |
|  |  |  |  | 1067175 |
|  | **SPECIALTY FINANCE — 1.2%** |  |  |  |
| 150000 | EZCORP, Inc.<sup>(c)</sup> | 3.7500 | 12/15/29 | 218063 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CONVERTIBLE BONDS — 13.2% (Continued)** |  |  |  |
|  | **TECHNOLOGY SERVICES — 6.1%** |  |  |  |
| 550000 | Cleanspark, Inc.<sup>(c),(d)</sup> | 0.0000 | 06/15/30 | $541014 |
| 550000 | Riot Platforms, Inc.<sup>(c)</sup> | 0.7500 | 01/15/30 | 572000 |
|  |  |  |  | 1113014 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $2,301,490)** |  |  | 2398252 |
|  | **CORPORATE BONDS — 28.4%** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 5.6%** |  |  |  |
| 500000 | Full House Resorts, Inc.<sup>(c)</sup> | 8.2500 | 02/15/28 | 486252 |
| 515000 | Odeon Finco PLC<sup>(c)</sup> | 12.7500 | 11/01/27 | 538583 |
|  |  |  |  | 1024835 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 4.4%** |  |  |  |
| 250000 | Nine Energy Service, Inc. | 13.0000 | 02/01/28 | 127916 |
| 953000 | Transocean, Inc. | 6.8000 | 03/15/38 | 670913 |
|  |  |  |  | 798829 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 10.0%** |  |  |  |
| 1112000 | MPT Operating Partnership, L.P. / MPT Finance Corporation | 5.0000 | 10/15/27 | 1027929 |
| 1096000 | Office Properties Income Trust<sup>(c)</sup> | 9.0000 | 09/30/29 | 789284 |
|  |  |  |  | 1817213 |
|  | **RETAIL - DISCRETIONARY — 7.5%** |  |  |  |
| 373000 | Bed Bath & Beyond, Inc.<sup>(e)</sup> | 5.1650 | 08/01/44 | 9198 |
| 457960 | Carvana Company<sup>(c)</sup> | 14.0000 | 06/01/31 | 543090 |
| 500000 | Hertz Corporation (The)<sup>(c)</sup> | 12.6250 | 07/15/29 | 523197 |
| 528000 | Kohl's Corporation | 5.5500 | 07/17/45 | 282547 |
|  |  |  |  | 1358032 |
|  | **TECHNOLOGY HARDWARE — 0.0%** |  |  |  |
| 5543000 | ENERGY CONVERSION DEVICES INC<sup>(c)(d)(e)(f)(g)</sup> | 0.0000 | 12/15/49 |  |
|  | **TECHNOLOGY SERVICES — 0.9%** |  |  |  |
| 150000 | Unisys Corporation<sup>(c)</sup> | 10.6250 | 01/15/31 | 155170 |
|  | **TOTAL CORPORATE BONDS (Cost $7,377,654)** |  |  | 5154079 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 19.3%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 16.7%** |  |
| 3029214 | Mount Vernon Liquid Assets Portfolio, , 4.46% (Cost $3,029,214)<sup>(h),(i)</sup> | $3029214 |
|  | **MONEY MARKET FUNDS - 2.6%** |  |
| 480387 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $480,387)<sup>(i)</sup> | 480387 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,509,601)** | 3509601 |
|  | **TOTAL INVESTMENTS - 115.4% (Cost $25,984,642)** | $20930718 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (15.4)%** | (2788447) |
|  | **NET ASSETS - 100.0%** | $18142271 |

---

---

| | |
|:---|:---|
| BDC | - Business Development Company |
| ETF | - Exchange-Traded Fund |
| L.P. | - Limited Partnership |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |

---

 

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2025 was $2,932,761.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the total market value of 144A securities is 4,366,653 or 24.1% of net assets.

<sup>(d)</sup> Zero coupon bond.

<sup>(e)</sup> Represents issuer in default on interest payments; non-income producing security.

<sup>(f)</sup> Illiquid security. The total fair value of these securities as of June 30, 2025 was $0, representing 0% of net assets.

<sup>(g)</sup> The value of this security has been determined using significant unobservable inputs in good faith under policies of the Board of Trustees. The total of these securities is $0 or 0.0% of net assets.

<sup>(h)</sup> Security was purchased with cash received as collateral for securities on loan at June 30, 2025. Total collateral had a value of $3,029,214 at June 30, 2025.

<sup>(i)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Assets and Liabilities |
| June 30, 2025 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Catalyst Insider**<br>**Income Fund** |<br>**Catalyst Enhanced**<br>**Income Strategy Fund** | **Catalyst/MAP**<br>**Global Balanced**<br>**Fund** | **Catalyst/CIFC**<br>**Senior Secured**<br>**Income Fund** |<br>**Catalyst/SMH**<br>**High Income Fund** | **Catalyst/SMH**<br>**Total Return**<br>**Income Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment in Securities, at Cost | $54261197 | $103547396 | $12196621 | $691731788 (a) | $19403568 | $25984642 |
| Investment in Securities, at Value | $54341658 | $76677376 | $14535421 | $691476266 | $15653266 | $20930718 |
| Receivable for Fund shares sold | 138186 | 8420 | 1416 | 681713 | 32603 | 5 |
| Receivable for securities sold |  |  |  | 46744396 |  |  |
| Dividends and interest receivable | 724594 | 326491 | 90850 | 6381137 | 317140 | 264766 |
| Due from Advisor |  |  | 3171 |  |  |  |
| Prepaid expenses and other assets | 18304 | 24029 | 19147 | 59436 | 19673 | 19295 |
| &nbsp;&nbsp;&nbsp;Total Assets | **55222742** | **77036316** | **14650005** | **745342948** | **16022682** | **21214784** |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for securities purchased |  |  |  | 84494196 |  |  |
| Investment advisory fees payable | 18105 | 97889 |  | 341378 | 1897 | 4822 |
| Distribution Payable | 30981 |  |  | 795155 |  |  |
| Payable upon return of securities loaned (Market value of securities on loan $0; $0; $0; $0; $0; $2,932,761) |  |  |  |  |  | 3029214 |
| Payable for Fund shares redeemed | 60270 | 130445 | 18116 | 1034862 | 44339 | 3205 |
| Payable to related parties | 8727 | 22370 | 8188 | 60603 | 8972 | 8481 |
| Trustee fee payable | 3960 | 4077 | 4000 | 4770 | 4019 | 3991 |
| Accrued 12b-1 fees | 5788 | 5184 | 7079 | 87304 | 6993 | 5727 |
| Compliance Officer fees payable |  | 263 | 77 | 88 | 12 | 21 |
| Accrued expenses and other liabilities | 25116 | 39770 | 16639 | 126040 | 15756 | 17052 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **152947** | **299998** | **54099** | **86944396** | **81988** | **3072513** |
| &nbsp;&nbsp;&nbsp;Commitments and contingent liabilities (Note 10) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**55069795** | $**76736318** | $**14595906** | $**658398552** | $**15940694** | $**18142271** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid in capital | $63124636 | $218932512 | $12465027 | $681304488 | $50927461 | $39931979 |
| Accumulated earnings (losses) | (8054841) | (142196194) | 2130879 | (22905936) | (34986767) | (21789708) |
| **Net Assets** | $**55069795** | $**76736318** | $**14595906** | $**658398552** | $**15940694** | $**18142271** |
| **Class A** |  |  |  |  |  |  |
| Net Assets | $3375621 | $8876244 | $2104155 | $41811312 | $7508476 | $4906549 |
| Shares of beneficial interest outstanding (b) | 363762 | 1165252 | 172824 | 4532941 | 2015533 | 1068946 |
| Net asset value per share (Net assets/shares outstanding) | $9.28 | $7.62 | $12.18 | $9.22 | $3.73 | $4.59 |
| Maximum offering price per share (c) | $9.74 | $8.00 | $12.92 | $9.68 | $3.92 | $4.87 |
| Minimum redemption price per share (d) | $9.19 | $7.54 | $12.06 | $9.13 | $3.69 | $4.54 |
| **Class C** |  |  |  |  |  |  |
| Net Assets | $2797664 | $7254564 | $4597352 | $64342900 | $1751428 | $2279002 |
| Shares of beneficial interest outstanding (b) | 301540 | 958839 | 385966 | 7004740 | 468866 | 497106 |
| Net asset value, offering price and |  |  |  |  |  |  |
| redemption price per share (Net assets/shares outstanding) | $9.28 | $7.57 | $11.91 | $9.19 | $3.74 | $4.58 |
| **Class I** |  |  |  |  |  |  |
| Net Assets | $48896510 | $60605510 | $7894399 | $550118192 | $6680790 | $10956720 |
| Shares of beneficial interest outstanding (b) | 5262722 | 7955757 | 647740 | 59608950 | 1792121 | 2395337 |
| Net asset value, offering price and |  |  |  |  |  |  |
| redemption price per share (Net assets/shares outstanding) | $9.29 | $7.62 | $12.19 | $9.23 | $3.73 | $4.57 |
| **Class C-1 (e)** |  |  |  |  |  |  |
| Net Assets |  |  |  | $2126148 |  |  |
| Shares of beneficial interest outstanding (b) |  |  |  | 231626 |  |  |
| Net asset value and offering price per share (Net assets/shares outstanding) |  |  |  | $9.18 |  |  |
| Minimum redemption price per share (f) |  |  |  | $9.09 |  |  |

---

(a) Includes unrealized appreciation (depreciation)
 on unfunded loan commitments of $4,621.

(b) Unlimited number of shares of no par
 value beneficial interest authorized.

(c) There is a maximum front-end sales
 charge (load) of 4.75% imposed on purchases of Class A shares for each Fund, excluding the Catalyst/MAP Global Balanced Fund and the Catalyst/SMH
 Total Return Income Fund which impose a sales load of 5.75%.

(d) Investments in Class A shares made
 at or above $1 million breakpoint are not subject to an initial sales charge and may be subject to a 1.00% contingent deferred sales charges
 ("CDSC") on shares redeemed within two years of purchases.

(e) Class C-1 only applies to Catalyst/CIFC
 Senior Secured Income Fund. (f) Shares redeemed within 12 months after purchase will be charged a CDSC of up to 1.00%.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Operations |
| For the Year Ended June 30, 2025 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Catalyst Insider**<br>**Income Fund** |<br>**Catalyst Enhanced**<br>**Income Strategy Fund** | **Catalyst/MAP**<br>**Global Balanced**<br>**Fund** | **Catalyst/CIFC**<br>**Senior Secured**<br>**Income Fund** |<br>**Catalyst/SMH**<br>**High Income Fund** | **Catalyst/SMH**<br>**Total Return**<br>**Income Fund** |
| **Investment Income:** |  |  |  |  |  |  |
| Dividend Income | $— | $— | $496,935+ | $1728322 | $23824 | $667,811+ |
| Interest Income | 2994257 | 13307217 | 353690 | 47742697 | 1226298 | 755527 |
| Securities Lending Income - net |  |  |  |  | 20778 | 72595 |
| Foreign tax withheld |  |  | (42646) |  |  | (5314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **2994257** | **13307217** | **807979** | **49471019** | **1270900** | **1490619** |
| **Operating Expenses:** |  |  |  |  |  |  |
| Investment advisory fees | 409946 | 2186948 | 144091 | 5827440 | 163585 | 182988 |
| 12b-1 Fees: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 9191 | 34501 | 5812 | 94756 | 19581 | 13086 |
| &nbsp;&nbsp;&nbsp;Class C | 28991 | 88122 | 45451 | 506383 | 18208 | 24395 |
| &nbsp;&nbsp;&nbsp;Class C-1 \* |  |  |  | 16857 |  |  |
| Networking fees | 55862 | 130018 | 14129 | 527231 | 16134 | 15119 |
| Registration fees | 46280 | 50515 | 39111 | 105675 | 46147 | 46165 |
| Financial administration/Fund accounting fees | 42145 | 144889 | 41399 | 283298 | 42823 | 41007 |
| Legal fees | 22752 | 24973 | 23385 | 26779 | 24500 | 34177 |
| Trustees' fees | 15502 | 15559 | 15501 | 16402 | 15502 | 15502 |
| Legal administration/Management services fees | 8754 | 25045 | 2467 | 99582 | 2801 | 3133 |
| Audit fees | 8339 | 19004 | 7255 | 44957 | 6492 | 7334 |
| Transfer Agent fees | 7120 | 12977 | 7071 | 29301 | 8359 | 6953 |
| Compliance Officer fees | 6967 | 15657 | 8668 | 24953 | 8894 | 8958 |
| Printing expense | 4406 | 5874 | 1444 | 46886 | 2244 | 21433 |
| Custody fees | 3294 | 11792 | 10998 | 41864 | 3246 | 3736 |
| Insurance expense | 1697 | 5807 | 449 | 11327 | 460 | 511 |
| Interest expense | 221 | 295 | 288 | 221 | 367 | 221 |
| Miscellaneous expense | 3368 | 3369 | 3267 | 36646 | 3445 | 3897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **674835** | **2775345** | **370786** | **7740558** | **382788** | **428615** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived/ Expenses reimbursed by Advisor | (226509) | (471356) | (179441) | (1872063) | (143405) | (147540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **448326** | **2303989** | **191345** | **5868495** | **239383** | **281075** |
| **Net Investment Income** | **2545931** | **11003228** | **616634** | **43602524** | **1031517** | **1209544** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 645105 | (36302129) | 351396 | (2229800) | 412285 | 1201675 |
| &nbsp;&nbsp;&nbsp;Options written |  |  | (6771) |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | 3110 |  |  |  |
| **Net realized gain (loss)** | 645105 | (36302129) | 347735 | (2229800) | 412285 | 1201675 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 594415 | 28545599 | 568825 | (1166459) | (50599) | (1711594) |
| &nbsp;&nbsp;&nbsp;Options written |  |  | (2483) |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | 264 |  |  | 46 |
| **Net change in unrealized appreciation (depreciation)** | 594415 | 28545599 | 566606 | (1166459) | (50599) | (1711548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** | **1239520** | **(7756530)** | **914341** | **(3396259)** | **361686** | **(509873)** |
| **Net Increase in Net Assets Resulting From Operations** | $**3785451** | $**3246698** | $**1530975** | $**40206265** | $**1393203** | $**699671** |

---

\* Class C-1 only applies to Catalyst/CIFC Senior Secured Income Fund.

---

| | |
|:---|:---|
| + | Includes non-cash income of $257,519 and $74,620 for the Catalyst/MAP Global Balanced Fund and the Catalyst/SMH Total Return Income Fund, respectively. |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Changes in Net Assets |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Catalyst Enhanced** | **Catalyst Enhanced** | **Catalyst/MAP Global** | **Catalyst/MAP Global** |
|  | **Catalyst Insider Income Fund** | **Catalyst Insider Income Fund** | **Income Strategy Fund** | **Income Strategy Fund** | **Balanced Fund** | **Balanced Fund** |
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2545931 | $2837164 | $11003228 | $20363255 | $616634 | $358523 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 645105 | (391047) | (36302129) | (45562510) | 347735 | (528906) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 594415 | 2074653 | 28545599 | 19198591 | 566606 | 912648 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **3785451** | **4520770** | **3246698** | **(6000664)** | **1530975** | **742265** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | (157440) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (127445) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | (1102140) |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated Earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (160489) | (211833) | (1087933) | (1900826) | (90111) | (127465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (107714) | (114233) | (623604) | (1144428) | (173687) | (232856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2270176) | (2603184) | (10015827) | (21066612) | (350792) | (419231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(2538379)** | **(2929250)** | **(13114389)** | **(24111866)** | **(614590)** | **(779552)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 734163 | 562550 | 1070568 | 5769739 | 476167 | 2471185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 281191 | 429442 | 270800 | 755757 | 2452810 | 1405314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 12712860 | 19443345 | 22819418 | 53861279 | 371213 | 363033 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 148648 | 203611 | 1051258 | 1624416 | 86271 | 120889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 102761 | 109212 | 659448 | 953473 | 172509 | 230286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1960688 | 2188520 | 9909878 | 17927164 | 285759 | 337992 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (2114744) | (789029) | (9937090) | (18491536) | (2783926) | (625510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (481635) | (417030) | (3643372) | (8142773) | (1379987) | (3774297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (15153852) | (28610888) | (155237901) | (208691689) | (588338) | (865155) |
| &nbsp;&nbsp;&nbsp;**Net decrease in net assets from share transactions of beneficial interest** | **(1809920)** | **(6880267)** | **(133036993)** | **(154434170)** | **(907522)** | **(336263)** |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | **(562848)** | **(5288747)** | **(142904684)** | **(184546700)** | **8863** | **(373550)** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 55632643 | 60921390 | 219641002 | 404187702 | 14587043 | 14960593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year** | $**55069795** | $**55632643** | $**76736318** | $**219641002** | $**14595906** | $**14587043** |
| **Share Activity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 79880 | 62767 | 129141 | 661229 | 41311 | 213429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 16177 | 22715 | 130349 | 187641 | 7459 | 10738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (231403) | (88293) | (1225502) | (2109191) | (238954) | (55155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (135346) | (2811) | (966012) | (1260321) | (190184) | 169012 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 30507 | 48261 | 33819 | 87306 | 214993 | 126175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 11159 | 12171 | 82898 | 110638 | 15284 | 21009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (52183) | (46593) | (452471) | (944876) | (120914) | (335256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (10517) | 13839 | (335754) | (746932) | 109363 | (188072) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1380015 | 2176924 | 2791079 | 6195478 | 31260 | 32010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 212620 | 243666 | 1223748 | 2068886 | 24681 | 30085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1645462) | (3203173) | (19212303) | (23749277) | (50148) | (76062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (52827) | (782583) | (15197476) | (15484913) | 5793 | (13967) |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Changes in Net Assets (Continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Catalyst/CIFC Senior** | **Catalyst/CIFC Senior** |  |  | **Catalyst/SMH Total** | **Catalyst/SMH Total** |
|  | **Secured Income Fund** | **Secured Income Fund** | **Catalyst/SMH High Income Fund** | **Catalyst/SMH High Income Fund** | **Return Income Fund** | **Return Income Fund** |
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $43602524 | $30487594 | $1031517 | $1022528 | $1209544 | $1132367 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (2229800) | (373923) | 412285 | (905631) | 1201675 | (691853) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1166459) | 7081519 | (50599) | 1738203 | (1711548) | 1853549 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | **40206265** | **37195190** | **1393203** | **1855100** | **699671** | **2294063** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated Earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (2835785) | (2092222) | (492364) | (559444) | (367343) | (358205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (3366372) | (2259010) | (99809) | (128610) | (151378) | (147694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (37925201) | (26132411) | (439233) | (351416) | (769810) | (540469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) | (110716) | (5765) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(44238074)** | **(30489408)** | **(1031406)** | **(1039470)** | **(1288531)** | **(1046368)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 22051980 | 23196697 | 466313 | 845838 | 559463 | 390621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 44500109 | 21466919 | 35668 | 415478 | 217816 | 312279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 383440796 | 289406236 | 4628603 | 3156150 | 2579000 | 2809859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) | 1918576 | 590551 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2268646 | 1576454 | 364626 | 424037 | 354325 | 348311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 3111754 | 1997040 | 57855 | 77188 | 150477 | 142054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 30184424 | 21011444 | 390716 | 303310 | 769015 | 540238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) | 9 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (16852232) | (7245157) | (1507874) | (1221117) | (1232987) | (1961080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (18988262) | (11195997) | (262016) | (709333) | (568843) | (942426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (256294570) | (118014889) | (3726601) | (2594971) | (1926405) | (1274009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) | (368560) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets from share transactions of beneficial interest** | **194972670** | **222789298** | **447290** | **696580** | **901861** | **365847** |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | **190940861** | **229495080** | **809087** | **1512210** | **313001** | **1613542** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 467457691 | 237962611 | 15131607 | 13619397 | 17829270 | 16215728 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**658398552** | $**467457691** | $**15940694** | $**15131607** | $**18142271** | $**17829270** |
| **Share Activity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 2383948 | 2514371 | 126367 | 237476 | 117659 | 85089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 245471 | 170837 | 99416 | 119572 | 74463 | 76291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1825653) | (784448) | (409259) | (342396) | (260897) | (428043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 803766 | 1900760 | (183476) | 14652 | (68775) | (266663) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 4827941 | 2333208 | 9589 | 118595 | 46065 | 67888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 338240 | 217363 | 15735 | 21718 | 31644 | 31151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2069207) | (1215441) | (71193) | (199581) | (121184) | (204426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 3096974 | 1335130 | (45869) | (59268) | (43475) | (105387) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 41470568 | 31395006 | 1256314 | 881885 | 546508 | 614238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 3265628 | 2276540 | 106419 | 85363 | 162536 | 118401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (27868525) | (12784581) | (1017829) | (728987) | (415861) | (277694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of Beneficial interest | 16867671 | 20886965 | 344904 | 238261 | 293183 | 454945 |
| &nbsp;&nbsp;&nbsp;Class C-1 (a) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 207864 | 63861 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (40213) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of Beneficial interest | 167652 | 63861 |  |  |  |  |

---

(a) Class C-1 only applies to Catalyst/CIFC
 Senior Secured Income Fund.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Insider Income Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $9.06 | $8.81 | $8.82 | $9.88 | $9.50 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.41 | 0.42 | 0.41 | 0.26 | 0.28 |
| Net realized and unrealized gain (loss) on investments | 0.22 | 0.26 | (0.00) (B) | (1.04) | 0.39 |
| Total from investment operations | 0.63 | 0.68 | 0.41 | (0.78) | 0.67 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.41) | (0.43) | (0.42) | (0.25) | (0.29) |
| From net realized gains |  |  |  | (0.03) |  |
| Total distributions | (0.41) | (0.43) | (0.42) | (0.28) | (0.29) |
| Net asset value, end of year | $9.28 | $9.06 | $8.81 | $8.82 | $9.88 |
| Total return (C) | 7.12% | 7.84% | 4.71% | (8.06)% | 7.15% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $3376 | $4522 | $4422 | $5090 | $4764 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.41 % (D) | 1.39 % (D) | 1.39 % (D) | 1.34% | 1.37% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.00 % (D) | 1.00 % (D) | 1.01 % (D) | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Net investment Income, before waiver and reimbursement | 4.07% | 4.26% | 4.32% | 2.34% | 2.50% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 4.48% | 4.65% | 4.70% | 2.68% | 2.87% |
| Portfolio turnover rate | 99% | 17% | 43% | 70% | 89% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| Net asset value, beginning of year | $9.07 | $8.82 | $8.83 | $9.89 | $9.50 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.34 | 0.35 | 0.35 | 0.18 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 0.21 | 0.26 | (0.01) | (1.03) | 0.42 |
| Total from investment operations | 0.55 | 0.61 | 0.34 | (0.85) | 0.61 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.34) | (0.36) | (0.35) | (0.18) | (0.22) |
| From net realized gains |  |  |  | (0.03) |  |
| Total distributions | (0.34) | (0.36) | (0.35) | (0.21) | (0.22) |
| Net asset value, end of year | $9.28 | $9.07 | $8.82 | $8.83 | $9.89 |
| Total return (C) | 6.20% | 7.04% | 3.94% | (8.76)% | 6.48% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $2798 | $2830 | $2631 | $3658 | $3851 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.16 % (E) | 2.14 % (E) | 2.14 % (E) | 2.09% | 2.12% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.75 % (E) | 1.75 % (E) | 1.76 % (E) | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 3.31% | 3.51% | 3.57% | 1.57% | 1.60% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 3.72% | 3.90% | 3.95% | 1.91% | 1.97% |
| Portfolio turnover rate | 99% | 17% | 43% | 70% | 89% |

---

(A) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the period.

(B) Less than 0.01 per share.

(C) Total return in the above tables represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect
 the impact of sales charges, if any. Had the advisor not waived its fees and reimbursed expenses, total return would have been lower.

(D) Ratios to average net assets (excluding
 interest expense)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.41% | 1.39% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.0% | 1.0% | 1.0% |

---

(E) Ratios to average net assets (excluding
 interest expense)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.16% | 2.14% | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.75% | 1.75% | 1.75% |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Insider Income Fund** |
| **Financial Highlights (Continued)** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $9.08 | $8.83 | $8.84 | $9.90 | $9.51 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.44 | 0.44 | 0.44 | 0.28 | 0.30 |
| Net realized and unrealized gain (loss) on investments | 0.21 | 0.26 | (0.01) | (1.03) | 0.40 |
| Total from investment operations | 0.65 | 0.70 | 0.43 | (0.75) | 0.70 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.44) | (0.45) | (0.44) | (0.28) | (0.31) |
| From net realized gains |  |  |  | (0.03) |  |
| Total distributions | (0.44) | (0.45) | (0.44) | (0.31) | (0.31) |
| Net asset value, end of year | $9.29 | $9.08 | $8.83 | $8.84 | $9.90 |
| Total return (B) | 7.27% | 8.11% | 4.97% | (7.79)% | 7.45% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $48897 | $48280 | $53869 | $88201 | $95976 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.16 % (C) | 1.14 % (C) | 1.14 % (C) | 1.09% | 1.12% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 0.75 % (C) | 0.75 % (C) | 0.76 % (C) | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Net investment Income, before waiver and reimbursement | 4.32% | 4.51% | 4.57% | 2.57% | 2.65% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 4.73% | 4.90% | 4.95% | 2.91% | 3.02% |
| Portfolio turnover rate | 99% | 17% | 43% | 70% | 89% |

---

(A) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the period.

(B) Total return in the above table represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Had the advisor
 not waived its fees and reimbursed expenses, total return would have been lower.

(C) Ratios to average net assets (excluding
 interest expense)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.16% | 1.14% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 0.75% | 0.75% | 0.75% |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Enhanced Income Strategy Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $8.27 | $9.17 | $10.33 | $11.21 | $11.11 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.57 (F) | 0.62 | 0.60 | 0.66 | 0.73 |
| Net realized and unrealized gain(loss) on investments | (0.46) | (0.77) | (1.11) | (0.87) | 0.08 |
| Total from investment operations | 0.11 | (0.15) | (0.51) | (0.21) | 0.81 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.62) | (0.75) | (0.65) | (0.66) | (0.71) |
| From net realized gains |  |  |  | (0.01) |  |
| From return of capital | (0.14) |  |  |  |  |
| Total distributions | (0.76) | (0.75) | (0.65) | (0.67) | (0.71) |
| Net asset value, end of year | $7.62 | $8.27 | $9.17 | $10.33 | $11.21 |
| Total return (B) | 1.28 % (C) | (1.64)% (C) | (5.06)% (C) | (2.03)% | 7.39% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $8876 | $17616 | $31114 | $33489 | $34778 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.07 % (D) | 2.08 % (D) | 2.03% | 1.99% | 2.04% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.75 % (D) | 1.78 % (D) | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 6.69 % (G) | 6.82% | 5.84% | 5.81% | 6.13% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 7.00 % (H) | 7.12% | 6.12% | 6.05% | 6.42% |
| Portfolio turnover rate | 18% | 13% | 29% | 57% | 58% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| Net asset value, beginning of year | $8.22 | $9.12 | $10.28 | $11.16 | $11.07 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.45 (F) | 0.55 | 0.52 | 0.58 | 0.65 |
| Net realized and unrealized gain (loss) on investments | (0.40) | (0.76) | (1.10) | (0.87) | 0.07 |
| Total from investment operations | 0.05 | (0.21) | (0.58) | (0.29) | 0.72 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.57) | (0.69) | (0.58) | (0.58) | (0.63) |
| From net realized gains |  |  |  | (0.01) |  |
| From return of capital | (0.13) |  |  |  |  |
| Total distributions | (0.70) | (0.69) | (0.58) | (0.59) | (0.63) |
| Net asset value, end of year | $7.57 | $8.22 | $9.12 | $10.28 | $11.16 |
| Total return (B) | 0.54 % (C) | (2.38)% (C) | (5.79)% (C) | (2.74)% | 6.61% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $7255 | $10637 | $18626 | $27398 | $19059 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.82 % (E) | 2.83 % (E) | 2.78% | 2.74% | 2.79% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.50 % (E) | 2.53 % (E) | 2.50% | 2.50% | 2.50% |
| &nbsp;&nbsp;&nbsp;Net investment Income, before waiver and reimbursement | 5.30 % (G) | 6.06% | 5.04% | 5.06% | 5.47% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 5.62 % (H) | 6.36% | 5.32% | 5.30% | 5.76% |
| Portfolio turnover rate | 18% | 13% | 29% | 57% | 58% |

---

(A) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the period.

(B) Total return in the above tables represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect
 the impact of sales charges, if any. Had the advisor not waived its fees and reimbursed expenses, total return would have been lower.

(C) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(D) Ratios to average net assets (excluding
 interest expense)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.07% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.75% | 1.75% |

---

(E) Ratios to average net assets (excluding
 interest expense)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.82% | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.5% | 2.5% |

---

(F) During the year ended June 30, 2025,
 the Company revised its estimate for interest only securities interest income, the net investment income per share without this change
 in estimate was .63 and .51 for Class A and Class C, respectively.

(G) During the year ended June 30, 2025,
 the Company revised its estimate for interest only securities interest income accrual, the Net investment Income, before waiver and reimbursement
 was 7.38% and 6.00% for Class A and Class C, respectively.

(H) During the year ended June 30, 2025,
 the Company revised its estimate for interest only securities interest income accrual, the Net investment Income, net waiver and reimbursement
 was 7.71% and 6.33% for Class A and Class C, respectively.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Enhanced Income Strategy Fund** |
| **Financial Highlights (Continued)** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $8.27 | $9.17 | $10.33 | $11.21 | $11.11 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.63 (E) | 0.64 | 0.62 | 0.69 | 0.76 |
| Net realized and unrealized gain (loss) on investments | (0.50) | (0.77) | (1.11) | (0.87) | 0.07 |
| Total from investment operations | 0.13 | (0.13) | (0.49) | (0.18) | 0.83 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.64) | (0.77) | (0.67) | (0.69) | (0.73) |
| From net realized gains |  |  |  | (0.01) |  |
| From return of capital | (0.14) |  |  |  |  |
| Total distributions | (0.78) | (0.77) | (0.67) | (0.70) | (0.73) |
| Net asset value, end of year | $7.62 | $8.27 | $9.17 | $10.33 | $11.21 |
| Total return (B) | 1.54 % (C) | (1.39)% (C) | (4.82)% (C) | (1.79)% | 7.64% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $60606 | $191388 | $354447 | $480968 | $280265 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.82 % (D) | 1.83 % (D) | 1.78% | 1.74% | 1.79% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.50 % (D) | 1.53 % (D) | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 7.45 % (F) | 7.06% | 6.05% | 6.07% | 6.39% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 7.77 % (G) | 7.36% | 6.33% | 6.31% | 6.68% |
| Portfolio turnover rate | 18% | 13% | 29% | 57% | 58% |

---

(A) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the period.

(B) Total return in the above table represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Had the advisor
 not waived its fees and reimbursed expenses, total return would have been lower.

(C) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(D) Ratios to average net assets (excluding
 interest expense)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.82% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.5% | 1.5% |

---

(E) During the year ended June 30, 2025,
 the Company revised its estimate for interest only securities interest income, the net investment income per share without this change
 in estimate was .69 for Class I.

(F) During the year ended June 30, 2025,
 the Company revised its estimate for interest only securities interest income accrual, the Net investment Income, before waiver and reimbursement
 was 8.15% for Class I.

(G) During the year ended June 30, 2025,
 the Company revised its estimate for interest only securities interest income accrual, the Net investment Income, net waiver and reimbursement
 was 8.47% for Class I.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/MAP Global Balanced Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $11.42 | $11.44 | $11.36 | $12.69 | $10.95 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.48 | 0.28 | 0.23 | 0.22 | 0.20 |
| Net realized and unrealized gain (loss) on investments | 0.79 | 0.29 | 0.15 | (0.80) | 1.74 |
| Total from investment operations | 1.27 | 0.57 | 0.38 | (0.58) | 1.94 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.51) | (0.27) | (0.23) | (0.28) | (0.20) |
| From net realized gains |  | (0.32) | (0.07) | (0.47) | (0.00) (B) |
| Total distributions | (0.51) | (0.59) | (0.30) | (0.75) | (0.20) |
| Net asset value, end of year | $12.18 | $11.42 | $11.44 | $11.36 | $12.69 |
| Total return (C) | 11.46% | 5.20% | 3.40% | (4.90)% | 17.83% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $2104 | $4147 | $2219 | $2418 | $2681 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.47 % (F) | 2.37% | 2.27% | 2.07% | 2.00% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.22 % (F) | 1.22% | 1.22% | 1.22% | 1.22% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,E) | 2.88% | 1.32% | 0.95% | 0.95% | 0.92% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,E) | 4.13% | 2.47% | 2.00% | 1.81% | 1.70% |
| Portfolio turnover rate | 60% | 30% | 36% | 25% | 18% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| Net asset value, beginning of year | $11.20 | $11.23 | $11.18 | $12.55 | $10.85 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.43 | 0.20 | 0.14 | 0.13 | 0.12 |
| Net realized and unrealized gain (loss) on investments | 0.71 | 0.28 | 0.15 | (0.78) | 1.70 |
| Total from investment operations | 1.14 | 0.48 | 0.29 | (0.65) | 1.82 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.43) | (0.19) | (0.17) | (0.25) | (0.12) |
| From net realized gains |  | (0.32) | (0.07) | (0.47) | (0.00) (B) |
| Total distributions | (0.43) | (0.51) | (0.24) | (0.72) | (0.12) |
| Net asset value, end of year | $11.91 | $11.20 | $11.23 | $11.18 | $12.55 |
| Total return (C) | 10.48% | 4.43% | 2.60% | (5.57)% | 16.87% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $4597 | $3097 | $5217 | $5972 | $6653 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 3.22 % (G) | 3.12% | 3.02% | 2.82% | 2.75% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.97 % (G) | 1.97% | 1.97% | 1.97% | 1.97% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,E) | 2.52% | 0.68% | 0.17% | 0.19% | 0.23% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,E) | 3.77% | 1.83% | 1.22% | 1.04% | 1.01% |
| Portfolio turnover rate | 60% | 30% | 36% | 25% | 18% |

---

(A) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the year.

(B) Represents less than $0.01 per share.

(C) Total return in the above tables represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect
 the impact of sales charges, if any. Had the advisor not waived its fees and reimbursed expenses, total return would have been lower.

(D) Does not include expenses of the underlying
 investment companies in which the Fund invests.

(E) Recognition of net investment income
 is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(F) Ratios to average net assets (excluding
 interest expense)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.22% |

---

(G) Ratios to average net assets (excluding
 interest expense)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.97% |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/MAP Global Balanced Fund** |
| **Financial Highlights (Continued)** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $11.44 | $11.47 | $11.39 | $12.70 | $10.96 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.54 | 0.32 | 0.25 | 0.25 | 0.23 |
| Net realized and unrealized gain (loss) on investments | 0.76 | 0.29 | 0.15 | (0.79) | 1.74 |
| Total from investment operations | 1.30 | 0.61 | 0.40 | (0.54) | 1.97 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.55) | (0.32) | (0.25) | (0.30) | (0.23) |
| From net realized gains |  | (0.32) | (0.07) | (0.47) | (0.00) (B) |
| Total distributions | (0.55) | (0.64) | (0.32) | (0.77) | (0.23) |
| Net asset value, end of year | $12.19 | $11.44 | $11.47 | $11.39 | $12.70 |
| Total return (C) | 11.65% | 5.55% | 3.59% | (4.61)% | 18.12% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $7894 | $7343 | $7525 | $8744 | $10504 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.22 % (F) | 2.12% | 2.02% | 1.82% | 1.75% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 0.97 % (F) | 0.97% | 0.97% | 0.97% | 0.97% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,E) | 3.38% | 1.64% | 1.18% | 1.16% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,E) | 4.63% | 2.79% | 2.23% | 2.01% | 1.93% |
| Portfolio turnover rate | 60% | 30% | 36% | 25% | 18% |

---

(A) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the period.

(B) Represents less than $0.01 per share.

(C) Total return in the above table represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Had the advisor
 not waived its fees and reimbursed expenses, total return would have been lower.

(D) Does not include expenses of the underlying
 investment companies in which the Fund invests.

(E) Recognition of net investment income
 is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(F) Ratios to average net assets (excluding
 interest expense)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 0.97% |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/CIFC Senior Secured Income Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $9.27 | $9.06 | $8.94 | $9.62 | $9.11 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.68 | 0.78 | 0.66 | 0.33 | 0.28 |
| Net realized and unrealized gain (loss) on investments | (0.03) | 0.21 | 0.13 | (0.69) | 0.54 |
| Total from investment operations | 0.65 | 0.99 | 0.79 | (0.36) | 0.82 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.70) | (0.78) | (0.67) | (0.32) | (0.31) |
| Total distributions | (0.70) | (0.78) | (0.67) | (0.32) | (0.31) |
| Net asset value, end of year | $9.22 | $9.27 | $9.06 | $8.94 | $9.62 |
| Total return (B) | 7.26% | 11.29% | 9.12% | (3.91)% | 9.08% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $41811 | $34556 | $16572 | $23683 | $19682 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,D) | 1.47% | 1.48% | 1.55% | 1.53% | 1.59% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,D) | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,F) | 7.04% | 8.13% | 6.88% | 3.10% | 2.52% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,F) | 7.36% | 8.46% | 7.28% | 3.48% | 2.96% |
| Portfolio turnover rate | 117% | 103% | 84% | 95% | 180% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| Net asset value, beginning of year | $9.23 | $9.03 | $8.91 | $9.59 | $9.08 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.60 | 0.71 | 0.60 | 0.26 | 0.21 |
| Net realized and unrealized gain (loss) on investments | (0.01) | 0.20 | 0.12 | (0.69) | 0.54 |
| Total from investment operations | 0.59 | 0.91 | 0.72 | (0.43) | 0.75 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.63) | (0.71) | (0.60) | (0.25) | (0.24) |
| Total distributions | (0.63) | (0.71) | (0.60) | (0.25) | (0.24) |
| Net asset value, end of year | $9.19 | $9.23 | $9.03 | $8.91 | $9.59 |
| Total return (B) | 6.58% | 10.36% | 8.32% | (4.63)% | 8.30% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $64343 | $36066 | $23226 | $21907 | $14399 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 2.22% | 2.23% | 2.30% | 2.28% | 2.34% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 1.90% | 1.90% | 1.90% | 1.90% | 1.90% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,F) | 6.20% | 7.38% | 6.26% | 2.37% | 1.75% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,F) | 6.52% | 7.72% | 6.66% | 2.74% | 2.19% |
| Portfolio turnover rate | 117% | 103% | 84% | 95% | 180% |

---

(A) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the year.

(B) Total return in the above table represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect
 the impact of sales charges, if any. Had the advisor not waived its fees and reimbursed expenses, total return would have been lower.

(C) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

(D) Ratios to average net assets (excluding
 interest expense)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.47% | 1.48% | 1.55% | 1.53% | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |

---

(E) Ratios to average net assets (excluding
 interest expense)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.22% | 2.23% | 2.3% | 2.28% | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% |

---

(F) Recognition of net investment income
 is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/CIFC Senior Secured Income Fund** |
| **Financial Highlights (Continued)** |

---

For a Share Outstanding Throughout Each Year/Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $9.27 | $9.07 | $8.94 | $9.63 | $9.12 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (B) | 0.70 | 0.80 | 0.68 | 0.36 | 0.32 |
| Net realized and unrealized gain (loss) on investments | (0.02) | 0.20 | 0.14 | (0.71) | 0.52 |
| Total from investment operations | 0.68 | 1.00 | 0.82 | (0.35) | 0.84 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.72) | (0.80) | (0.69) | (0.34) | (0.33) |
| Total distributions | (0.72) | (0.80) | (0.69) | (0.34) | (0.33) |
| Net asset value, end of year | $9.23 | $9.27 | $9.07 | $8.94 | $9.63 |
| Total return (C) | 7.64% | 11.44% | 9.51% | (3.74)% (H) | 9.34% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $550118 | $396246 | $198164 | $202444 | $121480 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 1.22% | 1.23% | 1.30% | 1.28% | 1.34% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,G) | 7.26% | 8.38% | 7.19% | 3.39% | 2.88% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,G) | 7.59% | 8.71% | 7.59% | 3.77% | 3.31% |
| Portfolio turnover rate | 117% | 103% | 84% | 95% | 180% |
|  | **Class C-1 <sup>(A)</sup>** | **Class C-1 <sup>(A)</sup>** | **Class C-1 <sup>(A)</sup>** |  |  |
|  | **For the** | **For the** | **For the** |  |  |
|  | **Year Ended** | **Year Ended** | **Period Ended** |  |  |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** |  |  |
| Net asset value, beginning of year/period | $9.22 | $9.03 | $8.84 |  |  |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (B) | 0.59 | 0.70 | 0.45 |  |  |
| Net realized and unrealized gain (loss) on investments | (0.00) (K) | 0.20 | 0.19 |  |  |
| Total from investment operations | 0.59 | 0.90 | 0.64 |  |  |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.63) | (0.71) | (0.45) |  |  |
| Total distributions | (0.63) | (0.71) | (0.45) |  |  |
| Net asset value, end of year/period | $9.18 | $9.22 | $9.03 |  |  |
| Total return (C) | 6.58% | 10.34% | 7.41 % (I) |  |  |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $2126 | $590 | $1 |  |  |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 2.22% | 2.23% | 2.51 % (J) |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 1.90% | 1.90% | 1.90 % (J) |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,G) | 6.08% | 7.26% | 6.95 % (J) |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,G) | 6.40% | 7.58% | 7.56 % (J) |  |  |
| Portfolio turnover rate | 117% | 103% | 84 % (I) |  |  |

---

(A) Class C-1 commenced investment operations
 on November 1, 2022.

(B) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the year/period.

(C) Total return in the above table represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect
 the impact of sales charges, if any. Had the advisor not waived its fees and reimbursed expenses, total return would have been lower.

(D) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

(E) Ratios to average net assets (excluding
 interest expense)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 1.22% | 1.23% | 1.3% | 1.28% | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 0.9% | 0.9% | 0.9% | 0.9% | 0.9% |

---

(F) Ratios to average net assets (excluding
 interest expense)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.22% | 2.23% | 2.51% (J) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.9% | 1.9% | 1.9 % (J) |

---

(G) Recognition of net investment income
 is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(H) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(I) Not annualized.

(J) Annualized.

(K) Less than $0.005 per share.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/SMH High Income Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $3.63 | $3.43 | $3.33 | $4.23 | $3.53 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.23 | 0.25 | 0.22 | 0.19 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 0.10 | 0.20 | 0.10 | (0.90) | 0.70 |
| Total from investment operations | 0.33 | 0.45 | 0.32 | (0.71) | 0.87 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.23) | (0.25) | (0.22) | (0.19) | (0.16) |
| From net realized gains |  |  |  | (0.00) (C) | (0.01) |
| From return of capital |  |  |  | (0.00) (C) | (0.00) (C) |
| Total distributions | (0.23) | (0.25) | (0.22) | (0.19) | (0.17) |
| Net asset value, end of year | $3.73 | $3.63 | $3.43 | $3.33 | $4.23 |
| Total return (B) | 9.42% | 13.65% | 9.94% | (17.26)% | 25.21% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $7508 | $7993 | $7495 | $8002 | $8889 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.36 % (D) | 2.38 % (D) | 2.36 % (D) | 1.95 % (D) | 2.04% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 1.48 % (D) | 1.48 % (D) | 1.52 % (D) | 1.49 % (D) | 1.48% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (F,G) | 5.41% | 6.13% | 5.72% | 4.31% | 3.71% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (F,G) | 6.29% | 7.02% | 6.56% | 4.78% | 4.27% |
| Portfolio turnover rate | 54% | 33% | 41% | 42% | 51% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $3.64 | $3.44 | $3.33 | $4.23 | $3.53 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.20 | 0.22 | 0.20 | 0.15 | 0.14 |
| Net realized and unrealized gain (loss) on investments | 0.10 | 0.21 | 0.10 | (0.88) | 0.70 |
| Total from investment operations | 0.30 | 0.43 | 0.30 | (0.73) | 0.84 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.20) | (0.23) | (0.19) | (0.16) | (0.13) |
| From net realized gains |  |  |  | (0.00) (C) | (0.01) |
| From return of capital |  |  |  | (0.01) | (0.00) (C) |
| Total distributions | (0.20) | (0.23) | (0.19) | (0.17) | (0.14) |
| Net asset value, end of year | $3.74 | $3.64 | $3.44 | $3.33 | $4.231 |
| Total return (B) | 8.56% | 12.77% | 9.40% | (17.91)% | 24.28% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $1751 | $1875 | $1974 | $2534 | $6067 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 3.11 % (E) | 3.13 % (E) | 3.11 % (E) | 2.70 % (E) | 2.79% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.23 % (E) | 2.23 % (E) | 2.27 % (E) | 2.24 % (E) | 2.23% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (F,G) | 4.66% | 5.38% | 4.95% | 3.36% | 2.97% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (F,G) | 5.54% | 6.28% | 5.79% | 3.81% | 3.53% |
| Portfolio turnover rate | 54% | 33% | 41% | 42% | 51% |

---

(A) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the year.

(B) Total return in the above table represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect
 the impact of sales charges, if any. Had the advisor not waived its fees and reimbursed expenses, total return would have been lower.

(C) Less than $.005 per share

(D) Ratios to average net assets (excluding
 interest expense)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.36% | 2.38% | 2.32% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 1.48% | 1.48% | 1.48% | 1.48% |

---

(E) Ratios to average net assets (excluding
 interest expense)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 3.11% | 3.13% | 3.07% | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.23% | 2.23% | 2.23% | 2.23% |

---

(F) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

(G) Recognition of net investment income
 is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/SMH High Income Fund** |
| **Financial Highlights (Continued)** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $3.64 | $3.43 | $3.33 | $4.23 | $3.53 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.24 | 0.26 | 0.23 | 0.20 | 0.18 |
| Net realized and unrealized gain (loss) on investments | 0.09 | 0.21 | 0.10 | (0.90) | 0.70 |
| Total from investment operations | 0.33 | 0.47 | 0.33 | (0.70) | 0.88 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.24) | (0.26) | (0.23) | (0.20) | (0.17) |
| From net realized gains |  |  |  | (0.00) (C) | (0.01) |
| From return of capital |  |  |  | (0.00) (C) | (0.00) (C) |
| Total distributions | (0.24) | (0.26) | (0.23) | (0.20) | (0.18) |
| Net asset value, end of year | $3.73 | $3.64 | $3.43 | $3.33 | $4.23 |
| Total return (B) | 9.38% | 14.24% | 10.22% | (17.06)% | 25.53% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $6681 | $5264 | $4150 | $7566 | $10930 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 2.11 % (D) | 2.13 % (D) | 2.11 % (D) | 1.70 % (D) | 1.74% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.23 % (D) | 1.23 % (D) | 1.27 % (D) | 1.24 % (D) | 1.23% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (E,F) | 5.65% | 6.39% | 5.94% | 4.49% | 3.91% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (E,F) | 6.53% | 7.28% | 6.72% | 4.94% | 4.42% |
| Portfolio turnover rate | 54% | 33% | 41% | 42% | 51% |

---

(A) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the year.

(B) Total return in the above table represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Had the advisor
 not waived its fees and reimbursed expenses, total return would have been lower.

(C) Less than $.005 per share

(D) Ratios to average net assets (excluding
 interest expense)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 2.11% | 2.13% | 2.07% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.23% | 1.23% | 1.23% | 1.23% |

---

(E) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

(F) Recognition of net investment income
 is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/SMH Total Return Income Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $4.73 | $4.39 | $4.23 | $5.15 | $3.74 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.31 | 0.30 | 0.24 | 0.18 | 0.24 |
| Net realized and unrealized gain (loss) on investments | (0.12) | 0.32 | 0.13 | (0.87) | 1.41 |
| Total from investment operations | 0.19 | 0.62 | 0.37 | (0.69) | 1.65 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.33) | (0.28) | (0.21) | (0.15) | (0.24) |
| From return of capital |  |  |  | (0.08) |  |
| Total distributions | (0.33) | (0.28) | (0.21) | (0.23) | (0.24) |
| Net asset value, end of year | $4.59 | $4.73 | $4.39 | $4.23 | $5.15 |
| Total return (B) | 4.02% | 14.54 % (G) | 9.01% | (13.92)% | 45.12% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $4907 | $5376 | $6169 | $6756 | $4164 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.39 % (E) | 2.26 % (E) | 2.18 % (E) | 1.99% | 2.16% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.58 % (E) | 1.58 % (E) | 1.59 % (E) | 1.58% | 1.58% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,D) | 5.76% | 5.94% | 4.86% | 3.22% | 4.85% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | 6.57% | 6.62% | 5.45% | 3.63% | 5.43% |
| Portfolio turnover rate | 62% | 35% | 15% | 26% | 42% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| Net asset value, beginning of year | $4.72 | $4.39 | $4.23 | $5.14 | $3.73 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.28 | 0.27 | 0.20 | 0.15 | 0.21 |
| Net realized and unrealized gain (loss) on investments | (0.12) | 0.31 | 0.14 | (0.87) | 1.40 |
| Total from investment operations | 0.16 | 0.58 | 0.34 | (0.72) | 1.61 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.30) | (0.25) | (0.18) | (0.11) | (0.20) |
| From return of capital |  |  |  | (0.08) |  |
| Total distributions | (0.30) | (0.25) | (0.18) | (0.19) | (0.20) |
| Net asset value, end of year | $4.58 | $4.72 | $4.39 | $4.23 | $5.14 |
| Total return (B) | 3.24% | 13.46% | 8.19% | (14.43)% | 44.18% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $2279 | $2551 | $2834 | $3296 | $8600 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 3.14 % (F) | 3.01 % (F) | 2.93 % (F) | 2.74% | 2.92% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.33 % (F) | 2.33 % (F) | 2.34 % (F) | 2.33% | 2.33% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,D) | 5.02% | 5.20% | 4.09% | 2.61% | 4.24% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | 5.83% | 5.87% | 4.68% | 2.99% | 4.82% |
| Portfolio turnover rate | 62% | 35% | 15% | 26% | 42% |

---

(A) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the year.

(B) Total return in the above table represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect
 the impact of sales charges, if any. Had the advisor not waived its fees and reimbursed expenses, total return would have been lower.

(C) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

(D) Recognition of net investment income
 is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(E) Ratios to average net assets (excluding
 interest expense)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.39% | 2.26% | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.58% | 1.58% | 1.58% |

---

(F) Ratios to average net assets (excluding
 interest expense)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 3.14% | 3.01% | 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.33% | 2.33% | 2.33% |

---

(G) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/SMH Total Return Income Fund** |
| **Financial Highlights (Continued)** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $4.71 | $4.38 | $4.22 | $5.13 | $3.73 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.32 | 0.32 | 0.25 | 0.19 | 0.27 |
| Net realized and unrealized gain (loss) on investments | (0.12) | 0.30 | 0.13 | (0.86) | 1.38 |
| Total from investment operations | 0.20 | 0.62 | 0.38 | (0.67) | 1.65 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.34) | (0.29) | (0.22) | (0.16) | (0.25) |
| From return of capital |  |  |  | (0.08) |  |
| Total distributions | (0.34) | (0.29) | (0.22) | (0.24) | (0.25) |
| Net asset value, end of year | $4.57 | $4.71 | $4.38 | $4.22 | $5.13 |
| Total return (B) | 4.30% | 14.63% | 9.32% | (13.57)% | 45.31% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $10957 | $9902 | $7213 | $8702 | $7220 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.14 % (E) | 2.01 % (E) | 1.93 % (E) | 1.74% | 1.91% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.33 % (E) | 1.33 % (E) | 1.34 % (E) | 1.33% | 1.33% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,D) | 6.00% | 6.23% | 5.10% | 3.52% | 5.39% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | 6.81% | 6.92% | 5.69% | 3.93% | 5.96% |
| Portfolio turnover rate | 62% | 35% | 15% | 26% | 42% |

---

(A) Per share amounts calculated using
 average shares method, which more appropriately presents the per share data for the year.

(B) Total return in the above table represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Had the advisor
 not waived its fees and reimbursed expenses, total return would have been lower.

(C) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

(D) Recognition of net investment income
 is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(E) Ratios to average net assets (excluding
 interest expense)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.14% | 2.01% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.33% | 1.33% | 1.33% |

---

The accompanying notes are an integral part of these financial statements.

**CATALYST FUNDS**

***NOTES TO FINANCIAL STATEMENTS***

**June 30, 2025**

**(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES**

Mutual Fund Series Trust (the ***"Trust"***), was organized as an Ohio business trust on February 27, 2006. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (***"1940 Act"***). The Trust currently consists of thirty-four series. These financial statements include the following six series set forth below (each a ***"Fund"*** and collectively, the **"*Funds"***). The investment objectives of each Fund are set forth below. The Funds' investment advisor is Catalyst Capital Advisors, LLC (the **"*Advisor"*** or **"*CCA").***

---

| | | |
|:---|:---|:---|
| **Fund** | **Sub-Advisor** | **Primary Objective** |
| Catalyst Insider Income ("Insider Income") |  | Current income |
| Catalyst Enhanced Income Strategy ("Enhanced Income") | Wynkoop, LLC | Current income |
| Catalyst/MAP Global Balanced ("Global Balanced") | Managed Asset Portfolios, LLC ("MAP") | Total return, which consists of current income and capital appreciation |
| Catalyst/CIFC Senior Secured Income ("Senior Secured Income") | CIFC Investment Management, LLC | Current income |
| Catalyst/SMH High Income ("High Income") | SMH Capital Advisors LLC ("SMH") | Income with capital appreciation as secondary objective |
| Catalyst/SMH Total Return Income ("Total Return Income") | SMH | Income and capital appreciation |

---

Insider Income, High Income and Total Return Income are each registered as non-diversified series of the trust, while Enhanced Income, Global Balanced and Senior Secured Income are diversified series of the Trust.

As of June 30, 2025, each Fund offers Class A, Class C and Class I shares. Additionally, Senior Secured Income Fund offers Class C-1 shares. Each class represents an interest in the same assets of the applicable Fund, and the classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans.

The following is a summary of significant accounting policies consistently followed by the Funds and are in accordance with generally accepted accounting principles in the United States of America (***"GAAP"***). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (***"FASB"***) Accounting Standards Codification Topic 946 "Financial Services – Investment Companies" and Accounting Standards Update (***"ASU"***) 2013-08.

a) &nbsp;&nbsp;&nbsp;&nbsp;Operating Segments - The Funds have adopted FASB ASU 2023-07, Segment Reporting Topic 280 - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in ASU 2023-07 Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund's CODM is comprised of its portfolio manager(s) and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

b) &nbsp;&nbsp;&nbsp;&nbsp;Securities Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. Debt securities, including Bank Loans (other than short-term obligations), are valued each day by an independent pricing service approved by the Board of Trustees (the ***"Board"***) pursuant to Rule 2a-5 under the 1940 Act using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The Funds may invest in portfolios of open-end (the ***"open-end funds"***) or closed-end investment companies. Open-end funds are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of directors of the open-end funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase,

**CATALYST FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

may be valued at amortized cost, provided such valuations represent fair value. Options are valued at their closing price on the exchange they are traded on. When no closing price is available, options are valued at their mean price. Futures, which are traded on an exchange, are valued at the settlement price determined by the exchange. Foreign currency and forward currency exchange contracts are valued daily at the London Stock Exchange close each day.

In some circumstances, instead of valuing securities in the usual manner, the Funds may value securities at "fair value" as determined in good faith by the Advisor as valuation designee, pursuant to the 2a-5 procedures (the ***"Procedures"***) approved by the Board. The Procedures consider, among others, the following factors to determine a security's fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the NYSE close.

Each Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2025 for each Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Insider Income** | **Insider Income** | **Insider Income** | **Insider Income** | **Insider Income** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Convertible Bonds | $— | $15514601 | $— | $15514601 |
| Corporate Bonds |  | 34404850 |  | 34404850 |
| Money Market Funds | 4422207 |  |  | 4422207 |
| **Total Assets** | $4422207 | $49919451 | $— | $54341658 |
| **Enhanced Income** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset Backed Securities | $— | $60169066 | $— | $60169066 |
| U.S. Government & Agency Obligations |  | 13512552 |  | 13512552 |
| Money Market Funds | 2995758 |  |  | 2995758 |
| **Total Assets** | $2995758 | $73681618 | $— | $76677376 |

---

**CATALYST FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Balanced** | **Global Balanced** | **Global Balanced** | **Global Balanced** | **Global Balanced** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $7959263 | $— | $— | $7959263 |
| Exchange-Traded Funds | 556920 |  |  | 556920 |
| Preferred Stocks | 274806 |  |  | 274806 |
| Corporate Bonds |  | 5501921 |  | 5501921 |
| Money Market Funds | 242511 |  |  | 242511 |
| **Total Assets** | $9033500 | $5501921 | $— | $14535421 |
| **Senior Secured Income** | **Senior Secured Income** | **Senior Secured Income** | **Senior Secured Income** | **Senior Secured Income** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $34442553 | $— | $— | $34442553 |
| Asset Backed Securities |  | 34070219 |  | 34070219 |
| Corporate Bonds |  | 33812927 |  | 33812927 |
| Term Loans |  | 541784547 |  | 541784547 |
| Money Market Funds | 47366020 |  |  | 47366020 |
| **Total Assets** | $81808573 | $609667693 | $— | $691476266 |
| **High Income** | **High Income** | **High Income** | **High Income** | **High Income** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $761600 | $— | $— | $761600 |
| Preferred Stocks | 10709 |  |  | 10709 |
| Convertible Bonds |  | 3659981 |  | 3659981 |
| Corporate Bonds |  | 10214353 | 0 | 10214353 |
| Money Market Funds | 1006623 |  |  | 1006623 |
| **Total Assets** | $1778932 | $13874334 | $0 | $15653266 |
| **Total Return Income** | **Total Return Income** | **Total Return Income** | **Total Return Income** | **Total Return Income** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $8600575 | $— | $— | $8600575 |
| Exchange-Traded Funds | 1268211 |  |  | 1268211 |
| Convertible Bonds |  | 2398252 |  | 2398252 |
| Corporate Bonds |  | 5154079 | 0 | 5154079 |
| Money Market Funds | 480387 |  |  | 480387 |
| **Total** | $10349173 | $7552331 | $0 | $17901504 |
| Collateral For Securities Loaned<sup>(b)</sup> |  |  |  | 3029214 |
| **Total Assets** |  |  |  | $20930718 |

---

Insider Income, Enhanced Income, Global Balanced and Senior Secured Income did not hold any Level 3 securities during the period. High Income and Total Return Income held Level 3 securities. A reconciliation used in determining High Income's and Total Return Income's Level 3 securities is shown in the Level 3 Input table below.

<sup>(a)</sup> Refer to the Schedule of Investments for security details.

<sup>(b)</sup> In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amount presented in this table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

**CATALYST FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

The following is a reconciliation for which Level 3 inputs were used in determining value:

---

| | | |
|:---|:---|:---|
|  | **High Income** | **Total Return Income** |
|  | Energy Conversion | Energy Conversion |
|  | Devices, Inc. | Devices, Inc. |
|  | Corporate Bond | Corporate Bond |
| Beginning balance June 30, 2024 | $0 | $0 |
| Purchases |  |  |
| Total realized gain/(loss) |  |  |
| Change in unrealized depreciation |  |  |
| Proceeds from sale/maturities/calls |  |  |
| Capital distribution |  |  |
| Net transfers in/(out) of Level 3 |  |  |
| Ending balance June 30, 2025 | $0 | $0 |

---

The total change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments still held at June 30, 2025, was $0 for High Income and $0 for Total Return Income.

Quantitative disclosures of unobservable inputs and assumptions used by High Income and Total Return Income are below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Investment Type** | <br>**Fair Value** | <br>**Valuation Methodology** | <br>**Unobservable Input Type** | **Market Value impact if**<br>**input increases** |
| High Income | Corporate Bonds | $0 | Bankruptcy | Potential Future Cash Payments | Increase |
| Total Return Income | Corporate Bonds | $0 | Bankruptcy | Potential Future Cash Payments | Increase |

---

Fair value securities as a percent of net assets at June 30, 2025, were 0.0% and 0.0% for High Income and Total Return Income, respectively.

c) &nbsp;&nbsp;&nbsp;&nbsp; Accounting for Options - The Funds are subject to equity price risks in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against risk. When the Funds write a call or put option, an amount equal to the premium received is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written put option is exercised, the purchase cost of the underlying security is reduced by the premium originally received. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

Certain Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in a Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. Initial margin deposits required upon entering into options contracts are satisfied by the deposits of cash as collateral for the account of the broker (the relevant Fund's agent in acquiring the options). During the year ended June 30, 2025, Global Balanced invested in options.

Foreign Currency – All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate the portion of the

**CATALYST FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

results of operations for realized gain and losses resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Unrealized gains and losses resulting from changes in foreign exchange rates on investments are not isolated from changes in the valuation of securities held.

Derivatives Risk - The use of derivative instruments, such as forwards, interest rate swaps, futures and options, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

Credit Risk - Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Foreign Exchange Rate Risk - Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk - Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk - Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

Market Risk - Overall market risks may also affect the value of the Funds. The market values of securities or other investments owned by the Funds will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; climate-change and climate related events; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Funds and their investments and could result in increased premiums or discounts to a Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions, you could lose your entire investment.

Derivatives are not accounted for as hedging instruments under GAAP. As of June 30, 2025, the Funds did not invest in derivatives.

The effect of derivative instruments on the Statements of Operations for the year ended June 30, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | <br>**Location of gain (loss) on derivatives** | **Realized and unrealised**<br>**gain (loss) on derivatives** |
| Global Balanced |  |  |  |  |
|  | Options written | Equity | Net realized loss from options written | $(6771) |
|  | Options written | Equity | Net change in unrealized depreciation on options written | $(2483) |
|  |  |  | **Totals** | $(9254) |

---

**CATALYST FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

The notional value of derivative instruments outstanding as of June 30, 2025, as disclosed in the amounts realized and changes in unrealized gains and losses on derivative instruments during the year ended June 30, 2025, as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for Global Balanced.

d) &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies – Some Funds may invest in other investment companies, including closed-end funds and exchange traded funds (***"ETFs"***). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Underlying funds in which the Funds invest are subject to investment advisory and other expenses, which will be indirectly paid by the Funds. As a result, the cost of investing in the Funds will be higher than the cost of investing directly in the underlying funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the underlying funds is subject to its own specific risks, but the Advisor/sub-advisor expects the principal investments risks of such underlying funds will be similar to the risks of investing in the Funds.

e) &nbsp;&nbsp;&nbsp;&nbsp; Federal Income Tax - The Funds have qualified and intend to continue to qualify as regulated investment companies and to comply with the applicable provisions of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income or excise tax provisions are required.

As of and during the year or period ended June 30, 2025, the Funds did not have a liability for any unrecognized tax expense. The Funds recognize interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statements of Operations. As of June 30, 2025, the Funds did not incur any interest or penalties. As required, management has analyzed the Funds' tax positions taken on or to be taken on Federal income tax returns for all open tax years (tax years or periods ended 2022-2024 for the Funds) or expected to be taken in 2025 and has concluded that no provision for income tax is required in these financial statements. The tax filings are open for examination by applicable taxing authorities, including the Internal Revenue Service. No examinations of the Funds' filings are presently in progress.

f) &nbsp;&nbsp;&nbsp;&nbsp; Security Transactions and Investment Income - Investment and shareholder transactions are recorded on trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the specific identified cost of the security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds and interest income is recognized on an accrual basis. Discounts and premiums on debt securities are amortized over their respective lives using the effective interest method, except certain callable debt securities that are held at premium and will be amortized to the earliest call date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Distributions received from a Fund's investments in Master Limited Partnerships (***"MLP"***) generally are comprised of income and return of capital. The Funds record these distributions as investment income and subsequently adjusts these distributions within the components of net assets based upon their tax treatment when the information becomes available.

g) &nbsp;&nbsp;&nbsp;&nbsp; Multiple Class Allocations - Income, non-class specific expenses and realized/unrealized gains or losses are allocated to each class based on relative net assets. Distribution fees are charged to each respective share class in accordance with the distribution plan.

h) &nbsp;&nbsp;&nbsp;&nbsp; Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**CATALYST FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

i) &nbsp;&nbsp;&nbsp;&nbsp; Distribution to Shareholders - Distributions to shareholders, which are determined in accordance with income tax regulations and may differ from GAAP, are recorded on the ex-dividend date. The following table summarizes each Fund's dividend and capital gain declaration policy:

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| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **<u>Income Dividends</u>** | **<u>Capital Gains</u>** |
| Insider Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daily | Annually |
| Enhanced Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monthly | Annually |
| Global Balanced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly | Annually |
| Senior Secured Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daily | Annually |
| High Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monthly | Annually |
| Total Return Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monthly | Annually |

---

j) &nbsp;&nbsp;&nbsp;&nbsp; Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

k) &nbsp;&nbsp;&nbsp;&nbsp; Indemnification - The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

l) &nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees and Sales Charges (loads) - A wire transfer fee of $15 may be charged to defray custodial charges for redemptions paid by wire transfer. A maximum sales charge of 5.75% is imposed on Class A shares of the Global Balanced and Total Return Income. A maximum sales charge of 4.75% is imposed on Class A shares of the Insider Income, Enhanced Income, Senior Secured Income, and High Income. Investments in Class A shares made at or above the $1 million breakpoint (where you do not pay an initial sales charge) and may be subject to a 1.00% contingent deferred sales charge (***"CDSC"***) on shares redeemed within two years of purchase (excluding shares purchased with reinvested dividends and/or distributions). A CDSC of 1.00% is imposed on Class C-1 in the event of certain redemption transactions within 12 months following such investments. The respective shareholders pay such CDSC charges, which are not an expense of the Funds. During the year ended June 30, 2025, the Senior Secured Income received $3,633 in CDSC fees paid by the shareholders of the Fund. There were no CDSC fees paid by the shareholders of the other Funds.

m) &nbsp;&nbsp;&nbsp;&nbsp; Cash – The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

n) &nbsp;&nbsp;&nbsp;&nbsp; Distributions from Real Estate Investment Trusts (***"REITs"***) — Distribution from REITs are initially recorded as dividend income and, to the extent such represent a return of capital or capital gain for tax purposes, are reclassified when such information becomes available.

o) &nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies - The Senior Secured Income purchases Commercial loans (whether through participations or as a lender of record) may be structured to include both term loans, which are generally fully funded at the time of investment, and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities and delayed draw term loans, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of such unfunded loan commitments. The commitment fee is typically set as a percentage of the commitment amount. Commitment fees are processed as income when received and are part of the interest income in the Consolidated Statement of Operations. As of June 30, 2025, the Fund had the following unfunded loan commitments as noted in the Consolidated Schedule of Investments with a total principal amount, fair value and net unrealized gain (loss) of $1,664,056, $1,671,813, and $4,621, respectively.

**CATALYST FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

---

| | |
|:---|:---|
| Borrower | Principal |
| Amspec Parent, LLC | $758900 |
| Clydesdale Acquisition Holdings, Inc | 30433 |
| Hanger, Inc | 159593 |
| June Purchaser, LLC | 262495 |
| Raven Acquisition Holdings | 266635 |
| Signia Aerospace, LLC | 186000 |
| Total | $1664056 |

---

**(2) INVESTMENT TRANSACTIONS**

For the year ended June 30, 2025, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Insider Income | $49535914 | $53572653 |
| Enhanced Income | 25576520 | 159358099 |
| Global Balanced | 8414326 | 9606663 |
| Senior Secured Income | 831086858 | 670773896 |
| High Income | 8670573 | 8223598 |
| Total Return Income | 11361896 | 10828567 |

---

**(3) INVESTMENT ADVISORY AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS**

The Advisor acts as investment advisor for the Funds pursuant to the terms of a Investment Advisory Agreement with the Trust, on behalf of the Funds (the ***"Investment Advisory Agreement"***). Under the terms of the Investment Advisory Agreement, the Advisor directs the investment operations of the Funds in accordance with each Fund's respective investment policies and restrictions. The investment sub-advisors are responsible for the day-to-day operations of their Fund's portfolios. The Advisor provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. For its investment advisory services, the Funds pay to the Advisor, as of the last day of each month, an annualized fee as shown in the below table, such fees are to be computed daily based upon daily average net assets of the Funds. The Funds' sub-advisors are paid by the Advisor, not the Funds.

The Advisor and the Trust, with respect to the Funds have entered into Expense Limitation Agreements (the ***"Expense Limitation"***) under which the Advisor has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to maintain total annual operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; underlying fund expenses; and extraordinary expenses such as regulatory inquiry and litigation expenses) do not exceed the expense limitation shown in the table below based on each Fund's average daily net assets.

**CATALYST FUNDS** 

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

For the year ended June 30, 2025, the Advisor waived advisory fees and reimbursed expenses. The Advisor may recapture a portion of the waived and/or reimbursed amounts. The Advisor may seek reimbursement only for fees waived or expenses reimbursed by a Fund within the three years following the date the waiver and/or reimbursement was incurred if the Fund is able to make the repayment without exceeding the limitation in effect at that time of the waiver and the limitation in effect at the time of recoupment, no later than the dates as stated below:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** | | |
| <br>**Fund** | <br>**Investment**<br>**Advisory Fee** | **Cl A** | **Cl C** | **Cl I** | **Cl C-1** | <br>**Expires** | **Investment Advisory**<br>**Fees Waived/**<br>**Expenses**<br>**Reimbursed** |
| Insider Income | 0.75% | 1.00% | 1.75% | 0.75% | N/A | 10/31/2025 | $226509 |
| Enhanced Income | 1.50% | 1.75% | 2.50% | 1.50% | N/A | 10/31/2025 | 471356 |
| Global Balanced | 1.00% | 1.22% | 1.97% | 0.97% | N/A | 10/31/2025 | 179441 |
| Senior Secured Income | 1.00% | 1.15% | 1.90% | 0.90% | 1.90% | 10/31/2025 | 1872063 |
| High Income | 1.00% | 1.48% | 2.23% | 1.23% | N/A | 10/31/2025 | 143405 |
| Total Return Income | 1.00% | 1.58% | 2.33% | 1.33% | N/A | 10/31/2025 | 147540 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Recapture Expires** | **Recapture Expires** | **Recapture Expires** |
| | **June 30,** | **June 30,** | **June 30,** |
| <br>**Fund** | **2026** | **2027** | **2028** |
| Insider Income | $292989 | $227205 | $226509 |
| Enhanced Income | 1401166 | 839150 | 471356 |
| Global Balanced | 167066 | 171633 | 179441 |
| Senior Secured Income | 947927 | 1172703 | 1872063 |
| High Income | 127991 | 130771 | 143405 |
| Total Return Income | 100308 | 115968 | 147540 |

---

A Trustee is also the controlling member of MFund Services, LLC (***"MFund"***) and the Advisor, and is not paid any fees directly by the Trust for serving as a Trustee.

Trustees who are not "interested persons" as that term is defined in the 1940 Act, are paid a quarterly retainer and receive compensation for each special Board meeting and Risk and Compliance Committee meeting attended. The fees paid to the Independent Trustees for their attendance at a "special" meeting will be shared equally by the funds of the Trust in which the meeting relates. The Lead Independent Trustee of the Trust and the Chairmen of the Trust's Audit Committee and the Risk and Compliance Committee Chairmen receive an additional quarterly retainer. The "interested persons" of the Trust receive no compensation from the Funds. The Trust reimburses each Trustee and Officer for his or her travel and other expenses related to attendance at such meetings.

The Board has adopted the Trust's Master Distribution Plan Pursuant to Rule 12b-1 (the ***"Plan"***) under the 1940 Act. Each class of shares, excluding Class I shares, allows the Funds to pay distribution and shareholder servicing expenses of up to 0.50% per annum for the Class A shares and up to 1.00% for the Class C and Class C-1 shares based on average daily net assets of each class. The Class A shares are currently paying 0.25% per annum of 12b-1 fees and Class C and Class C-1 shares are currently paying 1.00% per annum of 12b-1 fees. The Plan for Class I Shares of Enhanced Income Fund allows the Fund to pay distribution and shareholder servicing expenses of up to 0.25% per annum of the average daily net assets of the Fund's Class I Shares, although the Fund is not currently paying 12b-1 fees and there are no plans to impose those fees. The fee may be used for a variety of purposes, including compensating dealers and other financial service organizations for eligible services provided by those parties to the Funds and their shareholders and to reimburse Northern Lights Distributors, LLC (the ***"Distributor"***) and Advisor for distribution related expenses. Brokers may receive a 1.00% commission from the Distributor for the sale of Class C and Class C-1 shares.

Pursuant to the Management Services Agreement between the Trust and MFund, MFund, an affiliate of the Advisor, MFund provides the Funds with various management and legal administrative services (the ***"Management Services Agreement"***). For these services, the Funds pay MFund an annual asset-based fee in accordance with the following schedule applied at the Fund family level (i.e., all the Funds in the Trust advised by the Advisor): 0.10% of net assets up to $50 million; 0.07% of net assets from $50 million to $100 million; 0.05% of net assets from $100 million to $250 million; 0.04% of net assets from $250 million to $500 million; 0.03% of net assets from $500 million to $1 billion; 0.02% of net assets from $1 billion to $5 billion; and 0.01% of assets from $5 billion and above. In addition, the Funds reimburse MFund for any reasonable out- of- pocket expenses incurred in the performance of its duties under the Management Services Agreement. The amounts due to MFund for the Management Services Agreement are listed in the Statements of Assets and Liabilities under "Payable to related parties" and the amounts accrued for the period are shown in the Statements of Operations under "Legal administration/Management service fees."

**CATALYST FUNDS** 

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

Pursuant to the Compliance Services Agreement (the ***"Compliance Services Agreement"***), MFund, provides chief compliance officer services to the Funds. For these services, the Funds pay MFund $1,200 per month for the first fund in the fund family and $400 each additional fund; $400 for each adviser and sub-adviser; and .0025% of the assets of each Fund. In addition, the Funds reimburse MFund for any reasonable out-of-pocket expenses incurred in the performance of its duties under the Compliance Services Agreement. The amounts due to MFund for chief compliance officer services are listed in the Statements of Assets and Liabilities under "Compliance Officer fees payable" and the amounts accrued for the period are shown in the Statements of Operations under "Compliance Officer fees."

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Ultimus Fund Solutions, LLC **(*"UFS"***) - an affiliate of the Distributor, provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Officers of the Trust are also employees of UFS, and are not paid any fees directly by the Trust for serving in such capacity.

Blu Giant, LLC (***"Blu Giant"***) – Blu Giant, an affiliate of the Distributor and UFS, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

For the year ended June 30, 2025, the 12b-1 expenses accrued by the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **12b-1 Fees** | **12b-1 Fees** | **12b-1 Fees** |
| <br>**Fund** | **Class A** | **Class C** | **Class C-1** |
| Insider Income | $9191 | $28991 | N/A |
| Enhanced Income | 34501 | 88122 | N/A |
| Global Balanced | 5812 | 45451 | N/A |
| Senior Secured Income | 94756 | 506383 | 16857 |
| High Income | 19581 | 18208 | N/A |
| Total Return Income | 13086 | 24395 | N/A |

---

**(4) AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS**

The identified cost of investments in securities owned by each Fund for federal income tax purposes (including derivatives), and its respective gross unrealized appreciation and depreciation at June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Insider Income | $54395247 | $284710 | $(338299) | $(53589) |
| Enhanced Income | 103548064 | 3440614 | (30311302) | (26870688) |
| Global Balanced | 12257293 | 2520510 | (242382) | 2278128 |
| Senior Secured Income | 691809954 | 3534079 | (3867767) | (333688) |
| High Income | 19403684 | 521162 | (4271580) | (3750418) |
| Total Return Income | 25914185 | 914867 | (5898334) | (4983467) |

---

**CATALYST FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

**(5) DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

The tax character of distributions paid for the years ended June 30, 2025 and June 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**6/30/2025\*** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Insider Income | $2550848 | $— | $— | $2550848 |
| Enhanced Income | 11727364 |  | 1387025 | 13114389 |
| Global Balanced | 614590 |  |  | 614590 |
| Senior Secured Income | 44165070 |  |  | 44165070 |
| High Income | 1031406 |  |  | 1031406 |
| Total Return Income | 1288531 |  |  | 1288531 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **6/30/2024\*** | **Income** | **Capital Gains** | **Capital** | **Total** |
| Insider Income | $2912653 | $— | $— | $2912653 |
| Enhanced Income | 24111866 |  |  | 24111866 |
| Global Balanced | 362732 | 416820 |  | 779552 |
| Senior Secured Income | 30003146 |  |  | 30003146 |
| High Income | 1039470 |  |  | 1039470 |
| Total Return Income | 1046368 |  |  | 1046368 |

---

\* Differences in distributions between the Statement of Changes paid from book and tax on the income funds relate to the adjustments for dividends payable for tax purposes.

As of June 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Losses)** |
| Insider Income | $141111 | $— | $— | $(8111382) | $(30981) | $(53589) | $(8054841) |
| Enhanced Income |  |  | (26000099) | (87248970) | (2076437) | (26870688) | (142196194) |
| Global Balanced | 34688 |  |  | (182173) |  | 2278364 | 2130879 |
| Senior Secured Income | 1173972 |  | (1362528) | (21588537) | (795155) | (333688) | (22905936) |
| High Income | 12444 |  |  | (31248793) |  | (3750418) | (34986767) |
| Total Return Income | 47727 |  |  | (16854014) |  | (4983421) | (21789708) |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, dividends payable, deemed dividend distributions, adjustments for partnerships, C-Corporation return of capital distributions, grantor trusts and dividend distributions from business development companies. In addition, the amount listed under other book/tax differences is primarily attributable to dividends payable, and change in estimate on interest only securities. The unrealized appreciation (depreciation) in the table above may include unrealized foreign currency gains (losses).

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:

---

| | |
|:---|:---|
|  | **Late Year<br> Losses** |
| Insider Income | $— |
| Enhanced Income | 515045 |
| Global Balanced |  |
| Senior Secured Income |  |
| High Income |  |
| Total Return Income |  |

---

**CATALYST FUNDS** 

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
|  | **Post October <br> Losses** |
| Insider Income | $— |
| Enhanced Income | 25485054 |
| Global Balanced |  |
| Senior Secured Income | 1362528 |
| High Income |  |
| Total Return Income |  |

---

At June 30, 2025, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains and utilized capital loss carryforwards as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non - Expiring** | **Non - Expiring** | | |
|  | **Short-Term** | **Long-Term** |<br>**Total** | **CLCF**<br>**Utilized** |
| Insider Income | $4402246 | $3709136 | $8111382 | $315039 |
| Enhanced Income | 8998195 | 78250775 | 87248970 |  |
| Global Balanced | 106408 | 75765 | 182173 |  |
| Senior Secured Income | 5290842 | 16297695 | 21588537 |  |
| High Income |  | 31248793 | 31248793 |  |
| Total Return Income |  | 16854014 | 16854014 | 963269 |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses and distributions in excess resulted in reclassifications for the Funds for the fiscal year ended June 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| Insider Income | $(2006) | $2006 |
| Enhanced Income |  |  |
| Global Balanced |  |  |
| Senior Secured Income |  |  |
| High Income |  |  |
| Total Return Income | (523) | 523 |

---

**CATALYST FUNDS** 

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

**(6) LINE OF CREDIT**

Currently, the Funds have a $200,000,000 uncommitted line of credit provided by U.S. Bank National Association (the ***"Bank"***) under an agreement (the ***"Uncommitted Line"***). Any advance under the Uncommitted Line is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable on an annualized basis. The Uncommitted Line has an interest rate of the Prime Rate with a maturity of January 21, 2026. The Uncommitted Line is not a "committed" line of credit, which is to say that the Bank is not obligated to lend money to the Funds. Accordingly, it is possible that the Funds may wish to borrow money for a temporary or emergency purpose but may not be able to do so. During the year ended June 30, 2025, Insider Income, Senior Secured Income and Total Return Income did not access the line of credit. The Funds accessed the line of credit, based only on the days borrowed, as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average Amount**<br>**Borrowings**<br>**Outstanding** |<br>**Number of**<br>**Days Outstanding** |<br>**Interest**<br>**Expense <sup>(1)</sup>** |<br>**Average**<br>**Interest Rate** | **Outstanding**<br>**Borrowings**<br>**6/30/2025** |
| Enhanced Income | $355074 | 1 | $74 | 7.50% | $— |
| Global Balanced | 53678 | 6 | 67 | 7.50% |  |
| Total Return Income | 175036 | 4 | 146 | 7.50% |  |

---

<sup>(1)</sup> Includes only Interest Expense for the year ended June 30, 2025 and may not agree back to the Statements of Operations, which also may include overdrafts, line of credit fees, and broker interest.

**(7) SECURITIES LENDING**

The Funds have entered into a Securities Lending Agreement with the Bank. Each participating Fund can lend its securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. All interest and dividend payments received on securities which are held on loan, provided that there is no material default, will be paid to the respective Fund. A portion of the income generated by the investment in the Funds collateral, net of any rebates paid by the Bank to the borrowers is remitted to the Bank as lending agent and the remainder is paid to the Fund(s).

Securities lending income, if any, is disclosed in the Funds' Statements of Operations and is net of fees retained by the counterparty. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the Borrower fails to return them. Should the borrower of the securities fail financially, each Fund has the right to repurchase the securities using the collateral in the open market. The remaining contractual maturity of all securities lending transactions are overnight and continuous.

The below table shows the collateral held by each Fund at the year ended June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | | | Percentage of Total |
| Fund | Market Value of Loaned Securities | Market Value of Collateral | Investment Income |
| High Income \* | $— | $— | 1.63% |
| Total Return Income\* | 2932761 | 3029214 | 4.87% |

---

\* Securities collateralized below 102% or 105% for foreign securities. The Trust's securities lending policies and procedures require that the borrow er: (i) deliver cash or U.S. Government securities as collateral w ith respect to each new loan of U.S. securities, equal to at least 102% or 105% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% or 105% due to end of day market movement. The next business day additional collateral is obtained/received from the borrow er to replenish/reestablish 102% or 105%.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the<br> Statements of Assets & Liabilities | Gross Amounts Not Offset in the<br> Statements of Assets & Liabilities | |
| Description | Counterparty | Gross Amounts<br> of Recognized<br> Assets | Gross Amounts<br> Offset in the<br> Statements of Assets<br> & Liabilities | Net Amounts of<br> Liabilities Presented in<br> the Statements of<br> Assets & Liabilities | Financial<br> Instruments (1) | Cash Collateral<br> Received | Net Amount |
| **Total Return Income** |  |  |  |  |  |  |  |
| Assets Securities Loaned | US Bank | $2932761 | $— | $2932761 | $(2932761) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The amount is limited to the loaned
 securities and accordingly, does not include excess collateral received.

**CATALYST FUNDS** 

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**June 30, 2025**

**(8) BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, the companies that held more than 25% of the voting securities of the Funds, and may be deemed to control each respective Fund, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Insider | Enhanced | | Senior Secured | Total Return |
| Owner | Income | Income | Global Balanced | Income | Income |
| Charles Schwab & Co.<sup>(1)</sup> |  |  |  |  | 42% |
| LPL Financial <sup>(1)</sup> | 37% | 37% |  | 25% |  |
| Raymond James <sup>(1)</sup> |  |  | 35% |  |  |
| Wells Fargo <sup>(1)</sup> |  |  |  |  | 40% |

---

<sup>(1)</sup> These owners are comprised of multiple investors and accounts.

**(9) SUBSEQUENT EVENTS**

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. The Funds' officers have determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(LOGO)](ca002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Catalyst Insider Income Fund, Catalyst Enhanced Income Strategy Fund, Catalyst/MAP Global Balanced Fund, Catalyst/CIFC Senior Secured Income Fund, Catalyst/SMH High Income Fund, and

Catalyst/SMH Total Return Income Fund and

Board of Trustees of Mutual Fund Series Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Catalyst Insider Income Fund, Catalyst Enhanced Income Strategy Fund, Catalyst/MAP Global Balanced Fund, Catalyst/CIFC Senior Secured Income Fund, Catalyst/SMH High Income Fund, and Catalyst/SMH Total Return Income Fund (the "Funds"), each a series of Mutual Fund Series Trust, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended June 30, 2022, and prior, were audited by other auditors whose report dated August 29, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodians, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

We have served as the Funds' auditor since 2023.

![(SIGNATURE)](ca003_v1.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

August 29, 2025

**CATALYST FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)**

**June 30, 2025**

**Changes in and Disagreements with Accountants**

Not Applicable.

**Proxy Disclosures**

Not Applicable.

**Remuneration Paid to Directors, Officers and Others**

This information is included as part of the financial statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Consideration and Renewal of the Advisory Agreement between Catalyst Capital Advisors, LLC and Mutual Fund Series Trust with respect to Catalyst Systematic Alpha Fund, Catalyst/Warrington Strategic Program Fund, Catalyst Buffered Shield Fund, Catalyst/Millburn Hedge Strategy Fund, Catalyst Nasdaq-100 Hedged Equity Fund, Catalyst Insider Buying Fund, Catalyst Energy Infrastructure Fund, Catalyst/MAP Global Equity Fund, Catalyst/MAP Global Balanced Fund, Catalyst/Lyons Tactical Allocation Fund, Catalyst Dynamic Alpha Fund, Catalyst Insider Income Fund, Catalyst/SMH High Income Fund, Catalyst/SMH Total Return Income Fund, Catalyst/CIFC Senior Secured Income Fund, Catalyst Enhanced Income Strategy Fund and Catalyst/Aspect Enhanced Multi-Asset Fund

In connection with a meeting held on May 14, 15, and 28, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the advisory agreement (the "Catalyst Agreement") between the Trust and Catalyst Capital Advisors, LLC ("Catalyst") with respect to Catalyst Systematic Alpha Fund ("Catalyst SA"), Catalyst/Warrington Strategic Program Fund ("Warrington SP"), Catalyst Buffered Shield Fund ("Catalyst Shield"), Catalyst/Millburn Hedge Strategy Fund ("Millburn HS"), Catalyst Nasdaq-100 Hedged Equity Fund ("Catalyst HE"), Catalyst Insider Buying Fund ("Catalyst IB"), Catalyst Energy Infrastructure Fund ("Catalyst Energy"), Catalyst/MAP Global Equity Fund ("MAP Global Equity"), Catalyst/MAP Global Balanced Fund ("MAP Global Balanced"), Catalyst/Lyons Tactical Allocation Fund ("Lyons TA"), Catalyst Dynamic Alpha Fund, ("Catalyst DA"), Catalyst Insider Income Fund ("Catalyst Insider"), Catalyst/SMH High Income Fund ("SMH High Income"), Catalyst/SMH Total Return Income Fund ("SMH Total Return"), Catalyst/CIFC Senior Secured Income Fund ("CIFC SSI") Catalyst Enhanced Income Strategy Fund ("Catalyst EIS") and Catalyst/Aspect Enhanced Multi-Asset Fund ("Aspect EMA") (collectively, the "Catalyst Funds").

The Board examined Catalyst's responses to a series of questions regarding, among other things, its advisory services provided to the Catalyst Renewal Funds, comparative fee and expense information, and profitability from advising the Catalyst Renewal Funds. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Catalyst Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Catalyst Agreement.

*Nature, Extent and Quality of Services:* The Board discussed Catalyst's key personnel who service the Catalyst Funds and noted that it was familiar with the strong level of service Catalyst provided. The Board considered that Catalyst provided oversight of the sub-advisers for the Catalyst Funds, oversaw each sub-adviser's compliance and risk management programs, and analyzed and reviewed portfolio risks. The Board acknowledged that Catalyst served as Rule 2a-5 valuation designee for the Catalyst Funds and continuously monitored liquidity requirements to ensure compliance with Rule 22e-4. The Board noted that Catalyst coordinated with third-party service providers on matters related to fund management, administration, and accounting. The Board recognized that Catalyst also provided, valuation support, management of the derivatives risk management program, proxy voting and reporting, and other critical operational and regulatory functions. The Board discussed Catalyst's compliance program and agreed that it was appropriately focused on risk management. The Board concluded that Catalyst provided quality, comprehensive services to the Catalyst Funds.

*Performance.* The Board reviewed the performance for each Catalyst Fund in relation to its peer group, Morningstar category and benchmark index.

**CATALYST FUNDS** 

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

*<u>Catalyst SA:</u>* The Board observed that the Fund underperformed all benchmarks for the 1-year period but outperformed the Multi-strategy Morningstar category for the 3 - and 5-year periods and outperformed the peer group average for the 5-year period. The Board noted that the Fund was designed to minimize losses in bearish market periods but utilized equities positions to attempt to participate in bull markets. The Board recognized that the since inception performance numbers contained the performance data from the prior strategy which was significantly different than the current strategy.

*<u>Warrington SP:</u>* The Board noted that Warrington SP underperformed the peer group, Morningstar category and S&P 500 TR Index (the "S&P 500") for the 1-year and 3-year periods. The Board recognized that the Fund underperformed all benchmarks for the 5-year and 10-year periods, but that the Fund changed investment strategies in April 2020 and thus not all periods were equally relevant. The Board noted that Catalyst explained that the Fund was an absolute return fund and performed as expected based on the portfolio risk/return profile. The Board observed that Catalyst noted that the Fund utilized a more options focused approach than the peer group funds and did not hold long equity positions like peer group funds did.

*<u>Catalyst Shield</u>:* The Board observed that the Fund outperformed the peer group and Morningstar category averages for the 1-year period but trailed the benchmark index. The Board noted the Fund underperformed all of the benchmarks for the 3-and 5-year periods but outperformed the peer group and Morningstar category for the 10-year period. The Board recognized that Catalyst explained the Fund's recent underperformance was due to losses in the collateral used in the portfolio.

*<u>Millburn HS:</u>* The Board observed that the Fund outperformed its peer group average, the Systematic Trend Morningstar category, and Credit Suisse MF Hedge Fund Index for the 1-year period but underperformed the Macro Trading and Multi-strategy Morningstar categories, S&P 500, and BofA US 3-Month Treasury Bill TR Index. The Board noted that the Fund outperformed the peer group, all Morningstar categories, the Credit Suisse MF Hedge Fund Index, and BofA US 3-Month Treasury Bill TR Index for the 3-, 5-, and 10-year periods. The Board recognized that the Fund underperformed the S&P 500 for all periods, but that the Fund was not designed to track the S&P 500 because the portfolio was not fully allocated to equity securities.

*<u>Catalyst HE:</u>* The Board noted that the Fund underperformed all benchmarks for all time periods. The Board recognized that the Fund changed sub-advisers and investment strategy in October 2020 and thus the 1-year and 3 -year performance numbers were the most relevant. The Board observed that Catalyst explained that the Fund's hedging strategy detracted from performance more than anticipated and that the Fund was not fully allocated to equity securities.

*<u>Catalyst IB:</u>* The Board observed that Catalyst IB outperformed the peer group for the 1-year period and both the peer group and Morningstar categories for the 3-year period. The Board noted that the Fund underperformed both the peer group and Morningstar category for the 5- and 10-year periods and trailed the S&P 500 for all time periods. The Board recognized that Catalyst explained this underperformance was due to Catalyst IB's defensive positioning in March and April 2020 which resulted in the Fund missing the equity market rally. The Board noted that Catalyst explained security selection resulted in the short-term underperformance and that the investment strategy lagged the S&P 500 because, in general, executives had not purchased company stock in the top performing equity securities.

*<u>Catalyst Energy:</u>* The Board observed that the Fund outperformed the peer group, Morningstar category, and Solactive MLP Infrastructure Index for all time periods. The Board noted the Fund outperformed the S&P 500 for the 1-, 3-, and 5-year periods but trailed for the 10-year period.

*<u>MAP Global Equity:</u>* The Board noted that the Fund underperformed all benchmarks for the 1-, 3-, and 5-year periods but outperformed the peer group for the 10-year period. The Board observed that Catalyst explained the 3-year and 5-year underperformance was due to the Fund's overweight position in Consumer Staples and underweight position in the Information Technology sector.

*<u>MAP Global Balanced:</u>* The Board noted that the Fund underperformed all benchmarks for all time periods. The Board observed that Catalyst commented that recent underperformance could be attributed to gains in the Health Care, Utilities, and Consumer Staples sectors were offset by the Fund's lack of exposure to the "magnificent 7" securities. The Board noted that Catalyst added that the underperformance in the 3-year period was due to the Fund being overweight in the Consumer Staples sector and underweight in the Information Technology and Financials sectors.

**CATALYST FUNDS** 

**ADDITIONAL INFORMATION (Unaudited) (Continued)** 

**June 30, 2025**

*<u>Lyons TA:</u>* The Board commented that Lyons TA underperformed all benchmarks for the 1 -, and 3-year periods but outperformed the peer group and Morningstar category for the 5- and 10-year periods. The Board noted that the Fund trailed the Lipper Flexible Portfolio Funds Index and S&P 500 for the 5 - and 10-year periods. The Board recognized that Catalyst explained that the underperformance for the 3-year and 10-year periods was due to the Fund's defensive positioning in 2019 and the period 2022 through 2023.

*<u>Catalyst DA:</u>* The Board discussed that the Fund underperformed all benchmarks for all time periods. The Board observed that Catalyst explained that the underperformance was caused by the Fund's focus on small and mid-cap securities which have trailed the performance of large cap securities for an extended period of time.

*<u>Catalyst Insider:</u>* The Board commented that the Fund outperformed the peer group, the Short-Term Morningstar category, the Bloomberg US Government/Credit 1-3 Year TR Index and Bloomberg U.S. Aggregate Bond Index for the 1-year period but underperformed the High Yield Bond Morningstar category for the 1-year period. The Board noted that the Fund outperformed the Bloomberg US Government/Credit 1-3 Year TR Index and Bloomberg U.S. Aggregate Bond Index for all time periods. The Board noted that the Fund outperformed the Short-Term Bond Morningstar category for the 3-, 5-, 10-year periods but underperformed the High Yield Bond Morningstar category and the peer group for the 3-, 5-, 10-year periods. The Board noted that Fund utilized both short-term and high yield bond categories, which led to the outperformance of most benchmarks. The Board observed that Catalyst noted that the Fund underperformed the High Yield Bond Morningstar category and the peer group because the Fund was not fully invested in high yield bonds.

*<u>SMH High Income:</u>* The Board observed that the Fund outperformed all benchmarks for the 1-year, 3-year, and 5-year periods but slightly underperformed the peer group average, High Yield Bond Morningstar category, and BofA Merrill Lynch US Cash Pay High Yield Index for the 10 -year period. The Board observed that Catalyst explained that the 10-year underperformance included commodity exposure during 2014 and 2015 but that since that time, the strategy had performed well.

*<u>SMH Total Return:</u>* The Board discussed that SMH Total Return outperformed the peer group, Morningstar category, and BofA Merrill Lynch US Cash Pay High Yield Index for all time periods but underperformed the S&P 500 for all time periods. The Board discussed that Catalyst noted that the Fund was total return focused and thus most of the top performing stocks in the S&P 500 were ineligible for inclusion in the Fund's portfolio.

*<u>CIFC SSI:</u>* The Board commented that CIFC SSI outperformed all benchmarks for the 1-, and 10-year periods. The Board noted that the Fund outperformed the peer group, Bank Loan Morningstar category and Bloomberg U.S. Aggregate Bond Index for the 3-year and 5-year periods but slightly trailed the S&P LSTA US Leveraged Loan 100 Index over the same periods. The Board noted that CIFC SSI changed sub-advisers in 2018 and thus the 1-, 3- and 5-year periods were the most relevant.

*<u>Catalyst EIS:</u>* The Board commented that the Fund outperformed the Bloomberg US Aggregate Bond TR Index and Bloomberg MBS Index for the 5-year and since inception periods and outperformed the peer group, Nontraditional Bond and Multisector Bond Morningstar categories for the since inception period. The Board noted that Catalyst EIS trailed the peer group and both Morningstar categories for the 1-, 3-, and 5-year periods. The Board recognized that Catalyst explained that the Fund has had significant outflows in recent years and was forced to sell portfolio positions in order to meet redemptions.

*<u>Aspect EMA:</u>* The Board observed that the Fund outperformed the peer group, Systematic Trend Morningstar category, and Credit Suisse MF Hedge Fund Index for the 1-year period but trailed the Macro Trading and Mult strategy Morningstar categories, S&P 500, and ICE BofA 3 Month U.S. Treasury Bill Index for the 1-year period. The Board noted that the Fund outperformed all benchmarks except for the S&P 500 since inception. The Board recognized that Catalyst noted that none of the Morningstar categories provide an accurate representation of the Fund, given its investment strategy and that the Fund was most closely related to a blend of all three categories. The Board noted that Catalyst explained that the Fund's portfolio was only partially allocated to investment in equity securities and thus was not able to keep up with gains in the S&P 500.

After further discussion, the Board concluded that the performance of each Catalyst Fund was acceptable.

**CATALYST FUNDS** 

**ADDITIONAL INFORMATION (Unaudited) (Continued)** 

**June 30, 2025**

*Fees and Expenses:* The Board discussed the advisory fee paid by each of the Catalyst Funds and compared it to the fees charged to the peer group funds, and the funds in each of the Catalyst Funds' Morningstar category. The Board reviewed the expense limitation agreements in place with respect to the Catalyst Funds and discussed that Catalyst intended to renew each of those agreements with the exception of Milburn HS, which did not have an expense limitation agreement in place. The Board discussed the allocation of fees between Catalyst and the various sub-advisers, based on the sub-advisory fees paid to the sub-advisers for the applicable Catalyst Funds by Catalyst, in comparison to the level of service provided by Catalyst and each sub-adviser. The Board noted that the agreement between Catalyst and each sub-adviser was the product of an arm's length negotiation.

*<u>Catalyst SA:</u>* The Board noted that the advisory fee was above the peer group and Morningstar category median and averages but within the range for each. The Board added that the net expense ratio was slightly above the median for the peer group and Morningstar category but below the average and well below the highs for each.

*<u>Warrington SP:</u>* The Board recognized that the advisory fee was above the median and average fee for both the peer group and Morningstar category and was tied with the highest fee for both. The Board added that the net expense ratio was also above the median and average for the peer group and Morningstar category but was below the respective high for each. The Board acknowledged that Catalyst explained that Warrington SP's investment strategy was unique and more complex than those of the peer group funds.

*<u>Catalyst Shield:</u>* The Board observed that the advisory fee of 1.25% was above the median and average for both the peer group and Morningstar category, but below the high of 1.75% for each. The Board commented that the Fund's net expense ratio of 1.33% was above the median and average for the peer group and Morningstar category but was significantly lower than the high of 2.49% for each.

*<u>Millburn HS:</u>* The Board observed that the advisory fee was above the peer group and Morningstar categories median and averages but was within the range of the peer group, Multi-strategy category and Systematic Trend Morningstar categories. The Board added that the advisory fee was for the same as the highest fee in the Macro Trading category. The Board noted that Catalyst explained the Fund did completely fit into any of the three Morningstar categories and observed that the net expense ratio was well below the highs for the Multi-strategy and Systematic Trend categories and equaled the high in the Macro Trading category. The Board added that the net expense ratio was also above the peer group median but below the peer group average and significantly lower than the highest in the peer group.

*<u>Catalyst HE:</u>* The Board observed that the advisory fee of 1.25% was above the median and average fee for the peer group, Derivative Income Morningstar category and Equity hedged Morningstar category. The Board noted that the advisory fee equaled the high in the Derivative income category but was within the range for both the peer group and Equity Hedged category. The Board noted, the net expense ratio was above the median and average for the peer group and Morningstar categories but within the range for each.

*<u>Catalyst IB:</u>* The Board noted that the advisory fee was slightly above the peer group and Morningstar category median and average but was within the range for both. The Board noted that the net expense ratio was above the highest in the peer group and above the median and average for the Morningstar category but within the range.

*<u>Catalyst Energy:</u>* The Board noted that the advisory fee equaled the high for both the peer group and Morningstar category. The Board discussed that the net expense ratio was higher than the median for the peer group and Morningstar but below the average for both.

*<u>MAP Global Equity:</u>* The Board observed that the advisory fee was tied for the high for both the peer group and Morningstar category. The Board noted that the net expense ratio was slightly above the median and average net expense ratio for the peer group and Morningstar category but within the range for both.

*<u>MAP Global Balanced:</u>* The Board noted that the advisory fee of 1.00% was tied for the high with the peer group and above the median and average for the Morningstar category, but below the high. The Board discussed that the net expense ratio

**CATALYST FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

was slightly above the Morningstar category median and average but within the range and equaled the median for the peer group and was lower than the peer group average.

*<u>Lyons TA:</u>* The Board observed that the Fund's advisory fee was above the peer group and Morningstar median and average and equaled the high for the peer group but was within the range for the Morningstar category. The Board noted that the net expense ratio was below the median and average for both peer group and Morningstar category.

*<u>Catalyst DA:</u>* The Board discussed that the advisory fee of 1.00% equaled the peer group median and was slightly above the average but within the peer group range. The Board noted that the advisory fee was above the median and average for the Morningstar category but also within the range. The Board observed that the net expense ratio of 1.13% was above the median and average for both the peer group and Morningstar category but well below the highs for each.

*<u>Catalyst Insider:</u>* The Board recognized that the advisory fee was slightly above the peer group median and in line with the peer group average but was higher than the median and average fees for both Morningstar categories. The Board noted that the advisory fee was well within the range for the peer group and both Morningstar categories. The Board added that the net expense ratio was above the median and average for the Short-Term Bond category and slightly above the median and average for the High Yield Bond category but was below the median and average for the peer group and within the range for all three benchmarks.

*<u>SMH High Income:</u>* The Board recognized that the advisory fee of 1.00% was above the median and average for the peer group and Morningstar category but was well below the highs for each. The board noted that the net expense ratio was above the median and average but within the range for both the peer group and Morningstar category.

*<u>SMH Total Return:</u>* The Board observed that the advisory fee was above the peer group and Morningstar category median and average but within the range for both. The Board discussed that the net expense ratio was above the median and average for the peer group but within the range and tied with the highest net expense ratio in the Morningstar category.

*<u>CIFC SSI:</u>* The Board discussed that the advisory fee of 1.00% was greater than the high for the peer group and above the median and average for the Morningstar category but within the range. The Board noted that the net expense ratio of 0.92% was lower than the peer group average, comparable to the Morningstar category average, and significantly less than the highs for each. The Board noted that the Fund was actively managed, and that Catalyst explained the Fund invested in bank loans as well as asset-backed securities which required additional research and expertise. The Board acknowledged that with the expense limitation in place, the advisory fee earned by Catalyst in the prior year was 0.67%.

*<u>Catalyst EIS:</u>* The Board noted that the advisory fee of 1.50% was above the high for the peer group but tied with the high for the Multisector Bond category and below the high for the Non-traditional Bond category. The Board discussed that with the expense limitation in place, the net advisory fee earned by Catalyst for the prior year was 1.20% which was within the range of the peer group and both Morningstar categories. The Board noted that the net expense ratio was below the median for the peer group and slightly above the average but within the range and was above both Morningstar categories' median and aver<u>ages but with the range for each.</u>

*<u>Aspect EMA:</u>* The Board discussed that the advisory fee was above the median and average for the peer group and all three Morningstar categories but was below the high for the peer group, Multi-strategy category, and Systematic Trend category and in line with the high for the Macro Trading category. The Board noted that the net expense ratio was above the high for the peer group and Macro Trading category but well below the highs for the Multi-strategy and Systematic Trend categories.

The Board concluded that based on the complexity of some of the Funds and the services provided to each of the Funds by the adviser that the advisory fee paid by each of the Catalyst Funds to Catalyst was not unreasonable.

*Profitability.* The Board reviewed the financial information provided by Catalyst and discussed Catalyst's profitability from the services provided to each of the Catalyst Funds. The Board acknowledged that Catalyst received soft dollar benefits. The Board observed that Catalyst operated MAP Global Balanced at a loss and therefore excessive profitability was not an issue. The Board reviewed the other Catalyst Funds, noting that Catalyst generated differing levels of profits for each. The Board

**CATALYST FUNDS** 

**ADDITIONAL INFORMATION (Unaudited) (Continued)** 

**June 30, 2025**

discussed the level of profit of each Catalyst Fund in both actual dollars and as a percentage of revenue. After further discussion, the Board agreed that the profits Catalyst earned for advising each of the Catalyst Funds was not excessive.

*Economies of Scale.* The Board noted that the advisory agreement with Catalyst did not include breakpoints to reduce the fee rate based on certain levels of assets. The Board recognized that the shareholders of the Catalyst Funds benefited from expense limitation agreements in place as almost all of the Funds were operating at the expense cap. The Board discussed the additional benefits to shareholders if the Catalyst Funds reached asset levels that provide material economies of scale and agreed that the Catalyst Funds had likely not reached such levels at this point. The Board agreed that it would revisit breakpoints at the next renewal of the Catalyst Agreement.

*Conclusion.* Having requested and received such information from Catalyst as the Board believed to be reasonably necessary to evaluate the terms of the Catalyst Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Catalyst Agreement was in the best interests of each Catalyst Fund and its respective shareholders.

Consideration and Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Wynkoop LLC with respect to Catalyst Enhanced Income Strategy Fund

In connection with a meeting held on May 14, 15, and 28, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a sub-advisory agreement (the "Wynkoop Agreement") between Catalyst Capital Advisors, LLC ("Catalyst") and Wynkoop LLC ("Wynkoop") with respect to Catalyst Enhanced Income Strategy Fund ("Catalyst EIS").

The Board examined Wynkoop's responses to a series of questions regarding, among other things, its sub-advisory services provided to Catalyst EIS, comparative fee and expense information, and profitability from sub-advising Catalyst EIS. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Wynkoop Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Wynkoop Agreement.

*Nature, Extent, and Quality of Services.* The Board noted that there were no changes in the key personnel that serviced Catalyst EIS. The Board discussed that Wynkoop reviewed and analyzed street research but made investment decisions based on its understanding of prevailing market conditions and the availability of investments as informed by its research. The Board noted that Wynkoop monitored trading activity daily and reviewed credit and investment limitations on an ongoing basis. The Board discussed that Wynkoop reviewed its pre-trade checklist quarterly and maintained a compliance calendar which included employee acknowledgement of compliance policies and procedures. The Board observed that there had been no material litigation, regulatory examination, or cybersecurity incidents since the most recent renewal of the Wynkoop Agreement. The Board concluded that the services provided by Wynkoop were satisfactory.

*Performance.* The Board commented that Catalyst EIS outperformed the Bloomberg US Aggregate Bond TR Index and Bloomberg MBS Index for the 5-year and since inception periods and outperformed the peer group, Nontraditional Bond and Multisector Bond Morningstar categories for the since inception period. The Board noted that Catalyst EIS trailed the peer group and both Morningstar categories for the 1-, 3-, and 5-year periods. The Board recognized that Wynkoop explained that the Fund's underperformance was due to significant outflows and the forced sale of portfolio positions in order to meet redemptions.

*Fees and Expenses.* The Board noted the advisory fee for Catalyst EIS was 1.50% and that Wynkoop received 50% of the Fund's net advisory fee (after certain expenses). The Board commented that this was lower than the fees Wynkoop charged for similar accounts. The Board discussed the allocation of fees between the adviser and Wynkoop relative to their respective duties and other factors and agreed the allocation for Wynkoop Agreement was appropriate. The Board determined that the sub-advisory fee was not unreasonable.

*Profitability.* The Board noted that Wynkoop earned a reasonable profit from sub-advising Catalyst EIS and that such profits were used primarily to compensate owner personnel that provided services to Catalyst EIS. The Board concluded that excessive profitability was not an issue for Wynkoop at this time.

**CATALYST FUNDS** 

**ADDITIONAL INFORMATION (Unaudited) (Continued)** 

**June 30, 2025**

*Economies of Scale.* The Board considered whether Catalyst EIS had reached the size where Wynkoop benefited from economies of scale. The Board acknowledged economies of scale was an issue primarily considered by the Board when evaluating the advisory agreement. The Board determined that, based on the current size of Catalyst EIS, it was unlikely that Wynkoop benefitted from any meaningful economies of scale.

*Conclusion.* Having requested and received such information from Wynkoop as the Board believed to be reasonably necessary to evaluate the terms of the Wynkoop Agreement, and as assisted by the advice and guidance of counsel, the Board concluded that renewal of the Wynkoop Agreement was in the best interests of Catalyst EIS and its shareholders.

Consideration and Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Managed Asset Portfolios, LLC, with respect to Catalyst/MAP Global Equity Fund and Catalyst/MAP Global Balanced Fund

In connection with a meeting held on May 14, 15, and 28, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a sub-advisory agreement (the "MAP Agreement") between Catalyst Capital Advisors, LLC ("Catalyst") and Managed Asset Portfolios, LLC ("MAP") with respect to Catalyst/MAP Global Equity Fund ("MAP Global Equity") and Catalyst/MAP Global Balanced Fund ("MAP Global Balanced") (collectively, the "MAP Funds").

The Board examined MAP's responses to a series of questions regarding, among other things, its sub-advisory services provided to the MAP Funds, comparative fee and expense information, and profitability from sub-advising the MAP Funds. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the MAP Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the MAP Agreement.

*Nature, Extent and Quality of Services.* The Board discussed the educational and professional experience for MAP's key personnel and noted that there had not been any changes to the key personnel since the most recent renewal of the MAP Agreement. The Board noted that MAP provided research and analysis for each of the MAP Funds, made investment decisions, and managed each MAP Fund's investment operations. The Board discussed MAP's compliance program and noted that there were no material compliance issues since the last renewal. The Board remarked that MAP consistently monitored investments and internal controls to ensure that the MAP Funds remained in compliance with their investment restrictions and Trust requirements. The Board reviewed that MAP did not utilize AI in its investment making decisions and had no material litigation pending. The Board concluded that the services provided by MAP were in line with its expectations and could be expected to continue providing quality service to the MAP Funds and their shareholders.

*Performance.* The Board reviewed the performance of each MAP Fund relative to its benchmarks.

*<u>MAP Global Equity:</u>* The Board noted that MAP Global Equity underperformed all benchmarks for all time periods. The Board observed that MAP explained the 3-year and 5 -year underperformance was due to the Fund's overweight position in Consumer Staples and underweight positioning in the Information Technology sector.

*<u>MAP Global Balanced:</u>* The Board noted that MAP Global Balanced underperformed all benchmarks for all time periods. The Board recognized that MAP explained that recent portfolio gains in the Health Care, Utilities, and Consumer Staples sectors were offset by the Fund's lack of exposure to "magnificent 7" securities. The Board noted that MAP added that the underperformance in the 3-year period was due to the Fund being overweight in the Consumer Staples sector and underweight in the Information Technology and Financials sectors.

After discussion, the Board concluded that the performance of each MAP Fund was acceptable.

*Fees and Expenses.* The Board discussed that MAP received 50% from the adviser of each MAP Fund's advisory fee of 1.00% (after certain expenses). The Board noted that this was lower than the fee MAP charged for other similar accounts. The Board reviewed the allocation of fees between the adviser and MAP relative to their respective duties and other factors and agreed the allocation for each MAP Fund was appropriate. The Board determined that the sub-advisory fee was not unreasonable.

*Profitability.* The Board discussed MAP's profitability related to sub-advising the MAP Funds. The Board noted that MAP earned a reasonable profit from MAP Global Equity and operated MAP Global Balanced at a loss. After further discussion the Board agreed that MAP's profitability from either MAP Fund was not excessive.

**CATALYST FUNDS** 

**ADDITIONAL INFORMATION (Unaudited) (Continued)** 

**June 30, 2025**

*Economies of Scale.* The Board discussed whether the MAP Funds had reached the size that MAP benefited from economies of scale. The Board acknowledged economies of scale were an issue primarily considered by the Board when evaluating the advisory agreement. The Board concluded that it was unlikely that MAP benefitted from material economies of scale from either of the MAP Funds.

*Conclusion:* Having requested and received information from MAP as the Board believed to be reasonably necessary to evaluate the terms of the sub -advisory agreement between Catalyst and MAP, and as assisted by the advice and guidance of counsel, the Board concluded that renewal of the sub-advisory agreement was in the best interests of each of the MAP Funds and their shareholders.

Consideration and Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and CIFC Investment Management, LLC with respect to the Catalyst/CIFC Senior Secured Income Fund

In connection with a meeting held on May 14, 15, and 28, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a sub-advisory agreement (the "CIFC Agreement") between Catalyst Capital Advisors, LLC ("Catalyst") and CIFC Investment Management, LLC ("CIFC") with respect to the Catalyst/CIFC Senior Secured Income Fund ("CIFC SSI").

The Board examined CIFC's responses to a series of questions regarding, among other things, its sub-advisory services provided to CIFC SSI, comparative fee and expense information, and profitability from sub-advising CIFC SSI. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the CIFC Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the CIFC Agreement.

*Nature, Extent and Quality of Services.* The Board reviewed the key personnel responsible for servicing CIFC SSI and noted that there were no changes since the prior renewal. The Board observed that CIFC provided investment research and portfolio management services to the Fund. The Board noted that CIFC utilized a combination of top-down and bottom-up analysis and considered both macro and industry trends, and issuer focused credit concerns. The Board discussed that CIFC monitored portfolio risk and reviewed the risk and performance reports for CIFC SSI on a daily basis to ensure compliance with Fund and Trust limitations. The Board noted that CIFC reported no material compliance issues, no litigation, and strengthened its cybersecurity program. After further discussion, the Board concluded that CIFC had the resources and ability to continue to provide high quality service to CIFC SSI.

*Performance.* The Board commented that CIFC SSI outperformed all benchmarks for the 1-year period. The Board noted that CIFC SSI outperformed the peer group, Bank Loan Morningstar category and Bloomberg U.S. Aggregate Bond Index for the 3-year and 5-year periods but slightly trailed the S&P LSTA US Leveraged Loan 100 Index over the same periods.

*Fees and Expenses.* The Board noted the advisory fee for CIFC SSI was 1.00% and that CIFC received 50% of the Fund's net advisory fee (after certain expenses). The Board commented that this was in line with or lower than the fees CIFC charged for similar accounts. The Board discussed the allocation of fees between the adviser and CIFC relative to their respective duties and other factors and agreed the allocation for CIFC SSI was appropriate. The Board determined that the sub-advisory fee was not unreasonable.

*Profitability.* The Board noted that CIFC made a reasonable profit from sub-advising CIFC SSI. The Board observed CIFC allocated its expenses based on a percentage of the CIFC's total AUM and total employee-related expenses allocated on a pro rata basis for investment advisory functions. The Board determined that excessive profitability was not an issue for CIFC.

*Economies of Scale.* The Board considered whether CIFC SSI had reached the size where CIFC would benefit from economies of scale. The Board acknowledged that this was generally an adviser issue and noted that it should be considered in terms of the advisory agreement and its potential impact on sub-adviser expenses. The Board noted that the Fund had increased in size but agreed that it was unlikely that CIFC benefited from any meaningful economies of scale.

*Conclusion.* Having requested and received such information from CIFC as the Board believed to be reasonably necessary to evaluate the terms of the CIFC Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the CIFC Agreement was in the best interests of CIFC SSI and its shareholders.

**CATALYST FUNDS** 

**ADDITIONAL INFORMATION (Unaudited) (Continued)** 

**June 30, 2025**

Consideration and Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and SMH Capital Advisors, Inc. with respect to Catalyst/SMH High Income Fund and Catalyst/SMH Total Return Income Fund

In connection with a meeting held on May 14, 15, and 28, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a sub -advisory agreement (the "SMH Agreement") between Catalyst Capital Advisors, LLC ("Catalyst") and SMH Capital Advisors, Inc. ("SMH") with respect to Catalyst/SMH High Income Fund ("SMH High Income") and Catalyst/SMH Total Return Fund ("SMH Total Return") (collectively, the "SMH Funds").

The Board examined SMHCA's responses to a series of questions regarding, among other things, its sub-advisory services provided to the SMH Funds, comparative fee and expense information, and profitability from sub-advising the SMH Funds. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the SMH Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the SMH Agreement.

*Nature, Extent and Quality of Services.* The Board noted that were no changes in key personnel who serviced the SMH Funds since the most recent renewal of the SMH Agreement. The Board discussed that SMH provided advisory services, conducted research and analysis, and performed portfolio management services for the SMH Funds. The Board noted that SMH reviewed security pricing on a nightly basis and utilized trading and portfolio management software to review and ensure compliance with Fund limitations and other requirements. The Board noted that SMH reported no cyber security incidents, material litigation, or regulatory examinations. The Board concluded that the nature, extent and quality of services provided by SMH to the SMH Funds was satisfactory.

*Performance.* The Board reviewed the performance of each SMH Fund relative to its benchmarks.

*<u>SMH High Income:</u>* The Board observed that SMH High Income outperformed all benchmarks for the 1-year, 3 -year, and 5-year periods but slightly underperformed the peer group average, High Yield Bond Morningstar category, and BofA Merrill Lynch US Cash Pay High Yield Index for the 10-year period. The Board observed that the adviser explained that the 10-year underperformance included commodity exposure during 2014 and 2015 but that since that time, the strategy had performed well.

*<u>SMH Total Return:</u>* The Board discussed that SMH Total Return outperformed the peer group, Morningstar category, and BofA Merrill Lynch US Cash Pay High Yield Index for all time periods but underperformed the S&P 500 for all time periods. The Board discussed that the adviser noted that SMH Total Return was total return focused and thus most of the top performing stocks in the S&P 500 were ineligible for inclusion in its portfolio..

After discussion, the Board concluded that the performance of each SMH Fund was acceptable.

*Fees and Expenses.* The Board noted the advisory fee for each SMH Fund was 1.00% and that 50% of each SMH Fund's net advisory fee (after certain expenses) was paid to SMH by the adviser. The Board commented that this was in line with or lower than the fees SMH charged for other similar accounts. The Board discussed the allocation of fees between the adviser and SMH relative to their respective duties and other factors and agreed the allocation for each SMH Fund was appropriate. The Board determined that the sub-advisory fee was not unreasonable.

*Profitability.* The Board discussed that SMH received a small profit from sub-advising each of the SMH Funds. The Board acknowledged that SMH's expenses are based on the overall gross revenue from each SMH Fund compared to SMH's total gross revenue. The Board agreed that SMH's profitability from either SMH Fund was not excessive.

*Economies of Scale.* The Board discussed whether the SMH Funds had reached the size that SMH benefited from economies of scale. The Board acknowledged economies of scale were an issue primarily considered by the Board when evaluating the advisory agreement. The Board concluded that, based on the current size of each SMH Fund, it was unlikely that SMH was benefitting from economies of scale.

*Conclusion.* Having requested and received information from SMH as the Board believed to be reasonably necessary to evaluate the terms of the SMH Agreement, and as assisted by the advice and guidance of counsel, the Board concluded that renewal of the SMH Agreement was in the best interests of each of the SMH Funds and its respective shareholders.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-447-4228; and on the Commission's website at <u>http://www.sec.gov</u>. |
| &nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-866-447-4228; and on the Commission's website at <u>http://www.sec.gov</u>. |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not
 applicable

(b) Not
 applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.](coe.htm)

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto](ex99-cert.htm).

(a)(4) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Mutual Fund Series Trust

Michael Schoonover

---

| |
|:---|
| By <u>/s/ Michael Schoonover</u> |
| Principal Executive Officer/President |
| Date: 9/3/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By <u>/s/ Michael Schoonover</u> |
| Michael Schoonover |
| Principal Executive Officer/President |
| Date: 9/3/2025 |

---

---

| |
|:---|
| By <u>/s/ Erik Naviloff</u> |
| Erik Naviloff |
| Principal Financial Officer/Treasurer |
| Date: 9/3/2025 |

---

## Ex-99.Code

**CODE OF ETHICS**

**I.** **Statement of General Principles**

This Code of Ethics has been adopted by the Mutual Fund Series Trust (the "Trust") for the purpose of instructing all employees, officers and trustees of the Trust and Catalyst Capital Advisors, LLC, the adviser to the Trust (the "Adviser"), in their ethical obligations and to provide rules for their personal securities transactions. All such persons owe a fiduciary duty to the Trust and its shareholders. A fiduciary duty means a duty of loyalty, fairness and good faith towards the Trust and its shareholders, and the obligation to adhere not only to the specific provisions of this Code but to the general principles that guide the Code. These general principles are:

· The duty at all times to place the interests of the Trust and its shareholders first;

· The requirement that all personal securities transactions be conducted in a manner consistent with the Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of any individual's position of trust and responsibility; and

· The fundamental standard that such employees, officers, directors and trustees should not take inappropriate advantage of their positions, or of their relationship with the Trust or its shareholders.

It is imperative that the personal trading activities of the employees, officers, directors and trustees of the Trust and the Adviser, respectively, be conducted with the highest regard for these general principles in order to avoid any possible conflict of interest, any appearance of a conflict, or activities that could lead to disciplinary action. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

All personal securities transactions must also comply with the Securities & Exchange Commission's Rule 17j-1. Under this rule, no Employee may:

· employ any device, scheme or artifice to defraud the Trust or any of its shareholders;

· make to the Trust or any of its shareholders any untrue statement of a material fact or omit to state to such client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

· engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or any of its shareholders; or

· engage in any manipulative practice with respect to the Trust or any of its shareholders.

**II.** **Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Advisory Employees</u>: Employees who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of securities by a Fund, or whose functions relate to the making of any recommendation with respect to purchases or sales. The Compliance Officer will maintain a current list of all Advisory Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Beneficial Interest</u>: ownership or any benefits of ownership, including the opportunity to directly or indirectly profit or otherwise obtain financial benefits from any interest in a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Compliance Officer</u>: the Compliance Officer for the Adviser and the Trust is each company's duly named Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Disinterested Trustees</u>: trustees of the Trust whose affiliation with the Trust is solely by reason of being a trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Employee Account</u>: each account in which an Employee or a member of his or her family has any direct or indirect Beneficial Interest or over which such person exercises control or influence, including, but not limited to, any joint account, partnership, corporation, trust or estate. An Employee's family members include the Employee's spouse, minor children, any person living in the home of the Employee and any relative of the Employee (including in-laws) to whose support an Employee directly or indirectly contributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Employees</u>: the employees, officers, and trustees of the Trust and the employees, officers and directors of the Adviser, including Advisory Employees. The Compliance Officer will maintain a current list of all Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Exempt Transactions</u>: transactions which are 1) effected in an amount or in a manner over which the Employee has no direct or indirect influence or control, 2) pursuant to a systematic dividend reinvestment plan, systematic cash purchase plan or systematic withdrawal plan, 3) in connection with the exercise or sale of rights to purchase additional securities from an issuer and granted by such issuer pro-rata to all holders of a class of its securities, 4) in connection with the call by the issuer of a preferred stock or bond, 5) pursuant to the exercise by a second party of a put or call option, 6) closing transactions no more than five business days prior to the expiration of a related put or call option, 7) inconsequential to any Fund because the transaction is very unlikely to affect a highly liquid market or because the security is clearly not related economically to any securities that a Fund may purchase or sell, 8) involving shares of a security of a company with a market capitalization in excess of $500 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Funds</u>: any series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Related Securities</u>: securities issued by the same issuer or issuer under common control, or when either security gives the holder any contractual rights with respect to the other security, including options, warrants or other convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Securities</u>: any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as a "security," or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing; except for the following: 1) securities issued by the government of the United States, 2) bankers' acceptances, 3) bank certificates of deposit, 4) commercial paper, and 5) shares of unaffiliated registered open-end investment companies (other than exchange traded funds)..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Securities Transaction</u>: the purchase or sale, or any action to accomplish the purchase or sale, of a Security for an Employee Account. The term Securities Transaction does not include transactions executed by the Adviser for the benefit of unaffiliated persons, such as investment advisory and brokerage clients.

**III.** **Personal Investment Guidelines**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Personal Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Personal Investment Guidelines in this Section III do not apply to Exempt Transactions unless the transaction involves a private placement or initial public offering. Employees must remember that regardless of the transaction's status as exempt or not exempt, the Employee's fiduciary obligations remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. While trustees of the Trust are subject at all times to the fiduciary obligations described in this Code, the Personal Investment Guidelines and Compliance Procedures in Sections III and IV of this Code apply to Disinterested Trustees only if such person knew, or in the ordinary course of fulfilling the duties of that position, should have known, that during the fifteen days immediately preceding or after the date of the such person's transaction that the same Security or a Related Security was or was to be purchased or sold for a Fund or that such purchase or sale for a Fund was being considered, in which case such Sections apply only to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employees may not execute a Securities Transaction on a day during which a purchase or sell order in that same Security or a Related Security is pending for a Fund unless the Securities Transaction is combined ("blocked") with the Fund's transaction. Securities Transactions executed in violation of this prohibition shall be unwound or, if not possible or practical, the Employee must disgorge to the Fund the value received by the Employee due to any favorable price differential received by the Employee. For example, if the Employee buys 100 shares at $10 per share, and the Fund buys 1000 shares at $11 per share, the Employee will pay $100 (100 shares x $1 differential) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any Securities Transactions in a private placement must be authorized by the Compliance Officer, in writing, prior to the transaction. In connection with a private placement acquisition, the Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for a Fund, and whether the opportunity is being offered to the Employee by virtue of the Employee's position with the Trust or the Adviser. If the private placement acquisition is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization. Employees who have been authorized to acquire securities in a private placement will, in connection therewith, be required to disclose that investment if and when the Employee takes part in any subsequent investment in the same issuer. In such circumstances, the determination to purchase Securities of that issuer on behalf of a Fund will be subject to an independent review by personnel of the Adviser with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Employees are prohibited from acquiring any Securities in an initial public offering without the prior written approval of the Compliance Officer. This restriction is imposed in order to preclude any possibility of an Employee profiting improperly from the Employee's position with the Trust or the Adviser. If the initial public offering is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Other Restrictions**

Employees are prohibited from serving on the boards of directors of publicly traded companies, absent prior authorization by the Compliance Officer. The consideration of prior authorization will be based upon a determination that the board service will be consistent with the interests of the Trust and the Funds' shareholders. In the event that board service is authorized, Employees serving as directors will be isolated from other Employees making investment decisions with respect to the securities of the company in question.

**IV.** **Compliance Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Employee Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Within ten (10) days of commencement of employment with the Trust or the Adviser, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, and must disclose the following information, which information must be current as of a date no more than 45 days prior to the date the person became an Employee: a) the title, number of shares and principal amount of each Security in which the Employee has a Beneficial Interest when the person became an Employee, b) the name of any broker/dealer with whom the Employee maintained an account when the person became an Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, that he or she has complied with the requirements of this Code and has disclosed or reported all personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. In addition, each Employee shall annually provide the following information (as of a date no more than 30 days before the report is submitted): a) the title, number of shares and principal amount of each Security in which the Employee had any Beneficial Interest, b) the name of any broker, dealer or bank with whom the Employee maintains an account in which any Securities are held for the direct or indirect benefit of the Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Employees must provide copies of all periodic broker account statements to the Compliance Officer. Each Employee must report, no later than thirty (30) days after the close of each calendar quarter, on the Securities Transaction Report form provided by the Trust or the Adviser, all transactions in which the Employee acquired or sold any direct or indirect Beneficial Interest in a Security, including Exempt Transactions, and certify that he or she has reported all transactions required to be disclosed pursuant to the requirements of this Code. The report will also identify any trading account, in which the Employee has a direct or indirect Beneficial Interest, established during the quarter with a broker, dealer or bank. The Employee may exclude transactions effected pursuant to an automatic investment plan. An automatic investment plan is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Compliance Officer will, on a quarterly basis, check the trading account statements provided by brokers to verify that the Employee has not violated the Code. The Compliance Officer shall identify all Employees, inform those persons of their reporting obligations, and maintain a record of all current and former access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If an Employee violates this Code, the Compliance Officer will report the violation to management personnel of the Trust and the Adviser for appropriate remedial action which, in addition to the actions specifically delineated in other sections of this Code, may include a reprimand of the Employee, or suspension or termination of the Employee's relationship with the Trust and/or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management personnel of the Trust will prepare an annual report to the Trust's board of trustees that summarizes existing procedures and any changes in the procedures made during the past year and certify to the Trust's Board of Trustees that the Adviser and the Trust have each adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will describe any issues existing under this Code since the last report, including without limitation, information about any material violations of this Code, any significant remedial action during the past year and any recommended procedural or substantive changes to this Code based on management's experience under this Code, evolving industry practices or legal developments.

**Responsible Party/Compliance Process:** Chief Compliance Officer/Investment Adviser

**Approved**: <u>DFG</u> 

**Revised**: <u>02/01/2007</u> 

**ANNUAL EMPLOYEE SECURITIES REPORT**

This information is current as of _______________ (must be current as of a date no more than 45 days before the Report is submitted). Please list all Securities in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | | |
|:---|:---|:---|
| <br>Security(name, type, CUSIP or ticker symbol) | **# of Shares and**<br> **Principal Amount** | <br>**Date Acquired** |

---

Please list all brokers, dealers and banks that maintain a brokerage account in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Account Name** |

---

I certify that I have read and understand the Code of Ethics and recognize that I am subject to it. I certify that this is a complete list of all Securities in which I have a Beneficial Interest, and that I have complied with the requirements of the Code of Ethics including disclosure of all Securities Transactions for which the Code of Ethics requires disclosure.

Printed Name:

Signature:

Date:

 **PRE-CLEARANCE OF SECURITY TRANSACTION**

&nbsp;&nbsp;&nbsp;&nbsp;To:

Compliance Officer

From:

__________________________________________

(Name of Employee)

Date:

__________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. I hereby seek approval for the □ purchase/□ sale of _________ shares or $__________ par value of _______________________ for the cash or margin account of _____________________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. The price per share or contract is approximately $_________________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. The transaction □ is/□ is not in connection with a private placement or an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. Said transaction was recommended to me by __________________________________.

I have no knowledge of any pending purchase or sell order for this Security or a Related Security.

I have read the Code of Ethics within the past year and recognize that I am subject to it.

After inquiry, I am satisfied that this transaction is consistent with the Code of Ethics and the Insider Trading Policy. If I become aware that the trade does not comply with this Code or that the statements made on the request are no longer true, I will immediately notify the Compliance Officer.

______________________________________

Signature of Employee

APPROVED: _________________________________

DATE: ______________________

**TRANSACTION COMPLETED:** Date ___________

No. of Shares _________

Price _______

TRANSACTION UNFILLED: ___________________

<u>COMMENTS/FOLLOW UP</u>:

(This authorization is valid until close of business on the second trading day following authorization.

**QUARTERLY SECURITIES TRANSACTIONS REPORT**

**Calendar Quarter/Year:**

Persons subject to the Code of Ethics must report **ALL** Securities Transactions (including Exempt Transactions and transactions involving affiliated mutual Funds) as defined in the Code of Ethics, executed during the reporting period. **DO NOT ATTACH BROKERAGE REPORTS**. The report must be returned to the Compliance Officer, regardless of whether any Securities Transactions occurred, before the 30th day after the close of the calendar quarter. Please note that this Report covers all Securities in which you have a Beneficial Interest.

<br> □

I have executed no Securities Transactions during the quarter. □

The following is a complete list of my Securities Transactions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Security\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Transaction**<br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Purchase, Sale,**<br> **or Other** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**# of Shares &**<br> **Principal Amount**<br> **of Security** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Price** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Executing Broker** |

---

\*Provide interest rate, maturity date, ticker symbol or CUSIP, if applicable

I have not opened a brokerage account during the quarter.

The following is a complete list of all brokerage accounts I opened during the quarter:

---

| | | |
|:---|:---|:---|
| **Name of Broker, Dealer or Bank:** | **Account Name:** | **Date Established:** |

---

I certify that I have read and understand the Code of Ethics and that I have complied with the requirements of the Code of Ethics, including disclosure of all Securities Transactions that require disclosure.

Printed Name:

Signature:

Filing Date:

THIS REPORT SHALL NOT BE CONSTRUED AS AN ADMISSION THAT THE REPORTING PERSON HAS ANY DIRECT OR INDIRECT BENEFICIAL OWNERSHIP IN ANY SECURITY TO WHICH THIS REPORT RELATES.

**NEW EMPLOYEE SECURITIES REPORT**

This information is current as of _______________ (must be current as of a date no more than 45 days before your commencing employment). *Return to Compliance Officer within 10 days of your commencing employment.*

Please list all Securities in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | | |
|:---|:---|:---|
| <br>Security(name, type, CUSIP or ticker symbol) | **# of Shares or**<br> **Principal Amount** | <br>**Date Acquired** |

---

Please list all brokers, dealers and banks that maintain a brokerage account in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Account Name** |

---

I certify that I have read and understand the Code of Ethics and recognize that I am subject to it. I certify that this is a complete list of all Securities in which I have a Beneficial Interest, and that I have complied with the requirements of the Code of Ethics including disclosure of all Securities Transactions for which the Code of Ethics requires disclosure.

Printed Name:

Signature:

Date:

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**CATALYST FUNDS**

For the period__________ to ______________

**A. Issues Report**. Rule 17j-1 under the 1940 Act requires that the Catalysts Funds (the "Trust") submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Trust hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**Name of Adviser or Sub Adviser**

For the period _______________ to __________________

**A.** 

**Issues Report**. Rule 17j-1 under the 1940 Act requires that __________________ (the "Adviser"), adviser to the Mutual Fund Series Trust submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Adviser hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**Matrix Capital Group, Inc.** 

For the period _______________ to __________________

**A.** 

**Issues Report**. Rule 17j-1 under the 1940 Act requires that Matrix Capital Group, Inc. principal underwriter of the Mutual Fund Series Trust (the "Underwriter") submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Underwriter hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

## Ex-99.Cert

**Certification Pursuant to Section 302 of Sarbanes-Oxley Act**

I, Michael Schoonover, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Mutual Fund Series Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 9/3/2025 | <u>/s/ Michael Schoonover</u> |
|  | Michael Schoonover |
|  | Principal Executive Officer /President |

---

**Certification Pursuant to Section 302 of Sarbanes-Oxley Act**

I, Erik Naviloff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Mutual Fund Series Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 9/3/2025 | <u>/s/ Erik Naviloff</u> |
|  | Erik Naviloff |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

Michael Schoonover, Principal Executive Officer/President, and Erik Naviloff, Principal Financial Officer/Treasurer of Mutual Fund Series Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Michael Schoonover | Michael Schoonover | Erik Naviloff | Erik Naviloff |
| /s/ Michael Schoonover | /s/ Michael Schoonover | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Michael Schoonover | Michael Schoonover | Erik Naviloff | Erik Naviloff |
| Date: | 9/3/2025 | Date: | 9/3/2025 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.