# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-26-001680
**Filing Date:** 2026-3
**Character Count:** 311904
**Document Hash:** dfd301e3283b68f04751d3d986fb6c54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001680.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001580642-26-001680

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21872
- **FILM NUMBER:** 26736296

**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 Insider Income Fund (Series ID: S000045921)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000143109 | Catalyst Insider Income Fund Class A | IIXAX           |
| C000143110 | Catalyst Insider Income Fund Class C | IIXCX           |
| C000143111 | Catalyst Insider Income Fund Class I | IIXIX           |

### 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>12/31/2025</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp;

# Catalyst Enhanced Income Strategy Fund

# Class A (EIXAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](icc23e70056ebc2840ae8b5d7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Enhanced Income Strategy Fund for the period of July 1, 2025 to December 31, 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.

## What were the Fund's costs for the last six months?
(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 | $84 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$42,940,209

* Number of Portfolio Holdings99

* Advisory Fee (net of waivers)$281,049

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i325dd752fdc0ff3e61e7e41c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 57.8% |
| Money Market Funds | 18.7% |
| U.S. Government & Agency Obligations | 23.5% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i4f40b6e679e1eb4df2766a06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| ABS | 10.2% |
| CMO | 17.5% |
| Money Market Funds | 18.7% |
| U.S. Government & Agency Obligations | 23.5% |
| CMBS | 29.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Starwood Retail Property Trust, 2014-STAR A, 6.990%, 11/15/27 | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust, 2006-T21 C, 5.137%, 10/12/52 | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, 2015-GC35 D, 3.236%, 11/10/48 | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Thornburg Mortgage Securities Trust, 2006-3 A1, 2.983%, 06/25/46 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Carrington Mortgage Loan Trust, 2006-FRE2 A2, 4.190%, 10/25/36 | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust, 2014-150E A, 3.912%, 09/9/32 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Structured Asset Securities Corporation, 1998-RF1, 4.130%, 04/15/27 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Fannie Mae REMICS, 2021-80 IA, 2.000%, 11/25/51 | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;WFRBS Commercial Mortgage Trust, 2011-C4 E, 4.984%, 06/15/44 | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Freddie Mac REMICS, 4239 NI, 3.208%, 07/15/43 | &nbsp;&nbsp;2.3% |

---

![Image](i2987c28ece85f148ec1799dc.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](i8571c204ebd68a288b782ee3.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-EIXAX

# Catalyst Enhanced Income Strategy Fund

# Class C (EIXCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](icc23e70056ebc2840ae8b5d7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Enhanced Income Strategy Fund for the period of July 1, 2025 to December 31, 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.

## What were the Fund's costs for the last six months?
(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 | $120 | 2.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$42,940,209

* Number of Portfolio Holdings99

* Advisory Fee (net of waivers)$281,049

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i325dd752fdc0ff3e61e7e41c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 57.8% |
| Money Market Funds | 18.7% |
| U.S. Government & Agency Obligations | 23.5% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i4f40b6e679e1eb4df2766a06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| ABS | 10.2% |
| CMO | 17.5% |
| Money Market Funds | 18.7% |
| U.S. Government & Agency Obligations | 23.5% |
| CMBS | 29.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Starwood Retail Property Trust, 2014-STAR A, 6.990%, 11/15/27 | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust, 2006-T21 C, 5.137%, 10/12/52 | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, 2015-GC35 D, 3.236%, 11/10/48 | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Thornburg Mortgage Securities Trust, 2006-3 A1, 2.983%, 06/25/46 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Carrington Mortgage Loan Trust, 2006-FRE2 A2, 4.190%, 10/25/36 | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust, 2014-150E A, 3.912%, 09/9/32 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Structured Asset Securities Corporation, 1998-RF1, 4.130%, 04/15/27 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Fannie Mae REMICS, 2021-80 IA, 2.000%, 11/25/51 | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;WFRBS Commercial Mortgage Trust, 2011-C4 E, 4.984%, 06/15/44 | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Freddie Mac REMICS, 4239 NI, 3.208%, 07/15/43 | &nbsp;&nbsp;2.3% |

---

![Image](i2987c28ece85f148ec1799dc.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](i8571c204ebd68a288b782ee3.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-EIXCX

# Catalyst Enhanced Income Strategy Fund

# Class I (EIXIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](icc23e70056ebc2840ae8b5d7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Enhanced Income Strategy Fund for the period of July 1, 2025 to December 31, 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.

## What were the Fund's costs for the last six months?
(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 | $72 | 1.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$42,940,209

* Number of Portfolio Holdings99

* Advisory Fee (net of waivers)$281,049

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i325dd752fdc0ff3e61e7e41c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 57.8% |
| Money Market Funds | 18.7% |
| U.S. Government & Agency Obligations | 23.5% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i4f40b6e679e1eb4df2766a06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| ABS | 10.2% |
| CMO | 17.5% |
| Money Market Funds | 18.7% |
| U.S. Government & Agency Obligations | 23.5% |
| CMBS | 29.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Starwood Retail Property Trust, 2014-STAR A, 6.990%, 11/15/27 | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust, 2006-T21 C, 5.137%, 10/12/52 | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, 2015-GC35 D, 3.236%, 11/10/48 | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Thornburg Mortgage Securities Trust, 2006-3 A1, 2.983%, 06/25/46 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Carrington Mortgage Loan Trust, 2006-FRE2 A2, 4.190%, 10/25/36 | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust, 2014-150E A, 3.912%, 09/9/32 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Structured Asset Securities Corporation, 1998-RF1, 4.130%, 04/15/27 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Fannie Mae REMICS, 2021-80 IA, 2.000%, 11/25/51 | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;WFRBS Commercial Mortgage Trust, 2011-C4 E, 4.984%, 06/15/44 | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Freddie Mac REMICS, 4239 NI, 3.208%, 07/15/43 | &nbsp;&nbsp;2.3% |

---

![Image](i2987c28ece85f148ec1799dc.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](i8571c204ebd68a288b782ee3.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-EIXIX

#### Catalyst Insider Income Fund

#### Class A (IIXAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ieccc4f295529109b5788a503.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Insider Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $51 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$64,302,098

* Number of Portfolio Holdings24

* Advisory Fee (net of waivers)$113,487

* Portfolio Turnover52%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i66a4a2654019c171dc0e23e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 19.3% |
| Corporate Bonds | 71.0% |
| Money Market Funds | 9.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5907a9db456c44e186600c4d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Materials | 0.5% |
| Health Care | 4.7% |
| Communications | 5.8% |
| Technology | 8.5% |
| Energy | 9.3% |
| Money Market Funds | 9.6% |
| Industrials | 10.1% |
| Consumer Discretionary | 12.9% |
| Financials | 37.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Two Harbors Investment Corporation, 6.250%, due 01/15/26 | &nbsp;&nbsp;10.9% |
| &nbsp;&nbsp;PennyMac Corporation, 5.500%, due 03/15/26 | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Ambac Assurance Corporation, 5.100%, due Perpetual | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;HCA, Inc., 5.250%, due 06/15/26 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;United Airlines, Inc., 4.375%, due 04/15/26 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Gartner, Inc., 4.500%, due 07/1/28 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;TransDigm, Inc., 6.750%, due 08/15/28 | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Dick's Sporting Goods, Inc., 4.000%, due 10/1/29 | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Ford Motor Company, 9.625%, due 04/22/30 | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Main Street Capital Corporation, 3.000%, due 07/14/26 | &nbsp;&nbsp;4.5% |

---

![Image](ie3769bb73471aa069a31d74b.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](i0259dd1e2a53d5926d1fb162.jpg)

TSR-SAR 123125-IIXAX

#### Catalyst Insider Income Fund

#### Class C (IIXCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ieccc4f295529109b5788a503.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Insider Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $89 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$64,302,098

* Number of Portfolio Holdings24

* Advisory Fee (net of waivers)$113,487

* Portfolio Turnover52%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i66a4a2654019c171dc0e23e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 19.3% |
| Corporate Bonds | 71.0% |
| Money Market Funds | 9.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5907a9db456c44e186600c4d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Materials | 0.5% |
| Health Care | 4.7% |
| Communications | 5.8% |
| Technology | 8.5% |
| Energy | 9.3% |
| Money Market Funds | 9.6% |
| Industrials | 10.1% |
| Consumer Discretionary | 12.9% |
| Financials | 37.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Two Harbors Investment Corporation, 6.250%, due 01/15/26 | &nbsp;&nbsp;10.9% |
| &nbsp;&nbsp;PennyMac Corporation, 5.500%, due 03/15/26 | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Ambac Assurance Corporation, 5.100%, due Perpetual | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;HCA, Inc., 5.250%, due 06/15/26 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;United Airlines, Inc., 4.375%, due 04/15/26 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Gartner, Inc., 4.500%, due 07/1/28 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;TransDigm, Inc., 6.750%, due 08/15/28 | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Dick's Sporting Goods, Inc., 4.000%, due 10/1/29 | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Ford Motor Company, 9.625%, due 04/22/30 | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Main Street Capital Corporation, 3.000%, due 07/14/26 | &nbsp;&nbsp;4.5% |

---

![Image](ie3769bb73471aa069a31d74b.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](i0259dd1e2a53d5926d1fb162.jpg)

TSR-SAR 123125-IIXCX

#### Catalyst Insider Income Fund

#### Class I (IIXIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ieccc4f295529109b5788a503.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Insider Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $38 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$64,302,098

* Number of Portfolio Holdings24

* Advisory Fee (net of waivers)$113,487

* Portfolio Turnover52%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i66a4a2654019c171dc0e23e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 19.3% |
| Corporate Bonds | 71.0% |
| Money Market Funds | 9.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5907a9db456c44e186600c4d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Materials | 0.5% |
| Health Care | 4.7% |
| Communications | 5.8% |
| Technology | 8.5% |
| Energy | 9.3% |
| Money Market Funds | 9.6% |
| Industrials | 10.1% |
| Consumer Discretionary | 12.9% |
| Financials | 37.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Two Harbors Investment Corporation, 6.250%, due 01/15/26 | &nbsp;&nbsp;10.9% |
| &nbsp;&nbsp;PennyMac Corporation, 5.500%, due 03/15/26 | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Ambac Assurance Corporation, 5.100%, due Perpetual | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;HCA, Inc., 5.250%, due 06/15/26 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;United Airlines, Inc., 4.375%, due 04/15/26 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Gartner, Inc., 4.500%, due 07/1/28 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;TransDigm, Inc., 6.750%, due 08/15/28 | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Dick's Sporting Goods, Inc., 4.000%, due 10/1/29 | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Ford Motor Company, 9.625%, due 04/22/30 | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Main Street Capital Corporation, 3.000%, due 07/14/26 | &nbsp;&nbsp;4.5% |

---

![Image](ie3769bb73471aa069a31d74b.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](i0259dd1e2a53d5926d1fb162.jpg)

TSR-SAR 123125-IIXIX

#### Catalyst/CIFC Senior Secured Income Fund

#### Class A (CFRAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i110d2608fa04e8ca272a1431.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/CIFC Senior Secured Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $59 | 1.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$745,231,010

* Number of Portfolio Holdings276

* Advisory Fee (net of waivers)$2,449,207

* Portfolio Turnover24%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8e9b7a2352bfaff177f80dbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 3.4% |
| Corporate Bonds | 4.8% |
| Exchange-Traded Funds | 4.3% |
| Money Market Funds | 7.8% |
| Term Loans | 79.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idac1828f47e10d0a200839eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.0% |
| Utilities | 0.3% |
| Consumer Staples | 2.2% |
| Energy | 2.6% |
| Materials | 2.6% |
| CLO | 3.6% |
| Fixed Income | 4.6% |
| Communications | 5.2% |
| Money Market Funds | 8.2% |
| Consumer Discretionary | 9.8% |
| Industrials | 11.8% |
| Health Care | 12.7% |
| Financials | 19.7% |
| Technology | 22.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;BroadStreet Partners, Inc., 6.466%, 05/12/31 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Envestnet, Inc., 7.163%, 09/19/31 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Star Parent, Inc., 8.002%, 09/19/30 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;IMA Financial Group, Inc. (The), 6.716%, 11/01/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;LifePoint Health, Inc., 8.577%, 05/14/31 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;ConnectWise, LLC, 7.434%, 09/24/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;AI Aqua Merger Sub, Inc., 6.803%, 07/31/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Granite Acquisition, Inc., 6.581%, 03/17/28 | &nbsp;&nbsp;1.0% |

---

![Image](if533b945d40b44ffa26ca2b4.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ieae418e363a566a56a7bbd9f.jpg)

TSR-SAR 123125-CFRAX

#### Catalyst/CIFC Senior Secured Income Fund

#### Class C (CFRCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i110d2608fa04e8ca272a1431.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/CIFC Senior Secured Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $97 | 1.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$745,231,010

* Number of Portfolio Holdings276

* Advisory Fee (net of waivers)$2,449,207

* Portfolio Turnover24%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8e9b7a2352bfaff177f80dbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 3.4% |
| Corporate Bonds | 4.8% |
| Exchange-Traded Funds | 4.3% |
| Money Market Funds | 7.8% |
| Term Loans | 79.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idac1828f47e10d0a200839eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.0% |
| Utilities | 0.3% |
| Consumer Staples | 2.2% |
| Energy | 2.6% |
| Materials | 2.6% |
| CLO | 3.6% |
| Fixed Income | 4.6% |
| Communications | 5.2% |
| Money Market Funds | 8.2% |
| Consumer Discretionary | 9.8% |
| Industrials | 11.8% |
| Health Care | 12.7% |
| Financials | 19.7% |
| Technology | 22.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;BroadStreet Partners, Inc., 6.466%, 05/12/31 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Envestnet, Inc., 7.163%, 09/19/31 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Star Parent, Inc., 8.002%, 09/19/30 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;IMA Financial Group, Inc. (The), 6.716%, 11/01/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;LifePoint Health, Inc., 8.577%, 05/14/31 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;ConnectWise, LLC, 7.434%, 09/24/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;AI Aqua Merger Sub, Inc., 6.803%, 07/31/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Granite Acquisition, Inc., 6.581%, 03/17/28 | &nbsp;&nbsp;1.0% |

---

![Image](if533b945d40b44ffa26ca2b4.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ieae418e363a566a56a7bbd9f.jpg)

TSR-SAR 123125-CFRCX

#### Catalyst/CIFC Senior Secured Income Fund

#### Class C-1 (CFRFX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i110d2608fa04e8ca272a1431.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/CIFC Senior Secured Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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-1 | $97 | 1.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$745,231,010

* Number of Portfolio Holdings276

* Advisory Fee (net of waivers)$2,449,207

* Portfolio Turnover24%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8e9b7a2352bfaff177f80dbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 3.4% |
| Corporate Bonds | 4.8% |
| Exchange-Traded Funds | 4.3% |
| Money Market Funds | 7.8% |
| Term Loans | 79.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idac1828f47e10d0a200839eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.0% |
| Utilities | 0.3% |
| Consumer Staples | 2.2% |
| Energy | 2.6% |
| Materials | 2.6% |
| CLO | 3.6% |
| Fixed Income | 4.6% |
| Communications | 5.2% |
| Money Market Funds | 8.2% |
| Consumer Discretionary | 9.8% |
| Industrials | 11.8% |
| Health Care | 12.7% |
| Financials | 19.7% |
| Technology | 22.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;BroadStreet Partners, Inc., 6.466%, 05/12/31 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Envestnet, Inc., 7.163%, 09/19/31 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Star Parent, Inc., 8.002%, 09/19/30 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;IMA Financial Group, Inc. (The), 6.716%, 11/01/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;LifePoint Health, Inc., 8.577%, 05/14/31 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;ConnectWise, LLC, 7.434%, 09/24/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;AI Aqua Merger Sub, Inc., 6.803%, 07/31/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Granite Acquisition, Inc., 6.581%, 03/17/28 | &nbsp;&nbsp;1.0% |

---

![Image](if533b945d40b44ffa26ca2b4.jpg)

#### Catalyst/CIFC Senior Secured Income Fund - Class C-1 (CFRFX)

#### Semi-Annual Shareholder Report - December 31, 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](ieae418e363a566a56a7bbd9f.jpg)

TSR-SAR 123125-CFRFX

#### Catalyst/CIFC Senior Secured Income Fund

#### Class I (CFRIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i110d2608fa04e8ca272a1431.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/CIFC Senior Secured Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $46 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$745,231,010

* Number of Portfolio Holdings276

* Advisory Fee (net of waivers)$2,449,207

* Portfolio Turnover24%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8e9b7a2352bfaff177f80dbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 3.4% |
| Corporate Bonds | 4.8% |
| Exchange-Traded Funds | 4.3% |
| Money Market Funds | 7.8% |
| Term Loans | 79.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idac1828f47e10d0a200839eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.0% |
| Utilities | 0.3% |
| Consumer Staples | 2.2% |
| Energy | 2.6% |
| Materials | 2.6% |
| CLO | 3.6% |
| Fixed Income | 4.6% |
| Communications | 5.2% |
| Money Market Funds | 8.2% |
| Consumer Discretionary | 9.8% |
| Industrials | 11.8% |
| Health Care | 12.7% |
| Financials | 19.7% |
| Technology | 22.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;BroadStreet Partners, Inc., 6.466%, 05/12/31 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Envestnet, Inc., 7.163%, 09/19/31 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Star Parent, Inc., 8.002%, 09/19/30 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;IMA Financial Group, Inc. (The), 6.716%, 11/01/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;LifePoint Health, Inc., 8.577%, 05/14/31 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;ConnectWise, LLC, 7.434%, 09/24/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;AI Aqua Merger Sub, Inc., 6.803%, 07/31/28 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Granite Acquisition, Inc., 6.581%, 03/17/28 | &nbsp;&nbsp;1.0% |

---

![Image](if533b945d40b44ffa26ca2b4.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ieae418e363a566a56a7bbd9f.jpg)

TSR-SAR 123125-CFRIX

#### Catalyst/MAP Global Balanced Fund

#### Class A (TRXAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i775a8fd9fed2ea3135dd6228.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/MAP Global Balanced Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $63 | 1.22%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$14,660,241

* Number of Portfolio Holdings71

* Advisory Fee (net of waivers)$0

* Portfolio Turnover19%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0a354fddbf73b1558c54bd45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 52.7% |
| Corporate Bonds | 38.6% |
| Exchange-Traded Funds | 4.6% |
| Money Market Funds | 2.1% |
| Preferred Stocks | 2.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia572d94e506973605f79c62c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Money Market Funds | 2.1% |
| Utilities | 3.0% |
| Energy | 4.4% |
| Commodity | 4.6% |
| Industrials | 5.2% |
| Materials | 8.2% |
| Health Care | 9.9% |
| Financials | 10.5% |
| Technology | 10.7% |
| Communications | 12.6% |
| Consumer Discretionary | 13.0% |
| Consumer Staples | 15.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR Gold MiniShares Trust | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Aircastle Ltd., 4.250%, 06/15/26 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Belo Corporation, 7.750%, 06/01/27 | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Methanex Corporation, 5.125%, 10/15/27 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;ArcelorMittal S.A., 6.550%, 11/29/27 | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Sanofi S.A. - ADR | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Takeda Pharmaceutical Company Ltd. - ADR | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Nestle S.A. - ADR | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;2.3% |

---

![Image](i890f6297f25be790b136a1f2.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ic63eed77162b2a82781cdee1.jpg)

TSR-SAR 123125-TRXAX

#### Catalyst/MAP Global Balanced Fund

#### Class C (TRXCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i775a8fd9fed2ea3135dd6228.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/MAP Global Balanced Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $102 | 1.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$14,660,241

* Number of Portfolio Holdings71

* Advisory Fee (net of waivers)$0

* Portfolio Turnover19%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0a354fddbf73b1558c54bd45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 52.7% |
| Corporate Bonds | 38.6% |
| Exchange-Traded Funds | 4.6% |
| Money Market Funds | 2.1% |
| Preferred Stocks | 2.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia572d94e506973605f79c62c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Money Market Funds | 2.1% |
| Utilities | 3.0% |
| Energy | 4.4% |
| Commodity | 4.6% |
| Industrials | 5.2% |
| Materials | 8.2% |
| Health Care | 9.9% |
| Financials | 10.5% |
| Technology | 10.7% |
| Communications | 12.6% |
| Consumer Discretionary | 13.0% |
| Consumer Staples | 15.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR Gold MiniShares Trust | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Aircastle Ltd., 4.250%, 06/15/26 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Belo Corporation, 7.750%, 06/01/27 | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Methanex Corporation, 5.125%, 10/15/27 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;ArcelorMittal S.A., 6.550%, 11/29/27 | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Sanofi S.A. - ADR | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Takeda Pharmaceutical Company Ltd. - ADR | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Nestle S.A. - ADR | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;2.3% |

---

![Image](i890f6297f25be790b136a1f2.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ic63eed77162b2a82781cdee1.jpg)

TSR-SAR 123125-TRXCX

#### Catalyst/MAP Global Balanced Fund

#### Class I (TRXIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i775a8fd9fed2ea3135dd6228.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/MAP Global Balanced Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $50 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$14,660,241

* Number of Portfolio Holdings71

* Advisory Fee (net of waivers)$0

* Portfolio Turnover19%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0a354fddbf73b1558c54bd45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 52.7% |
| Corporate Bonds | 38.6% |
| Exchange-Traded Funds | 4.6% |
| Money Market Funds | 2.1% |
| Preferred Stocks | 2.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia572d94e506973605f79c62c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Money Market Funds | 2.1% |
| Utilities | 3.0% |
| Energy | 4.4% |
| Commodity | 4.6% |
| Industrials | 5.2% |
| Materials | 8.2% |
| Health Care | 9.9% |
| Financials | 10.5% |
| Technology | 10.7% |
| Communications | 12.6% |
| Consumer Discretionary | 13.0% |
| Consumer Staples | 15.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR Gold MiniShares Trust | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Aircastle Ltd., 4.250%, 06/15/26 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Belo Corporation, 7.750%, 06/01/27 | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Methanex Corporation, 5.125%, 10/15/27 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;ArcelorMittal S.A., 6.550%, 11/29/27 | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Sanofi S.A. - ADR | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Takeda Pharmaceutical Company Ltd. - ADR | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Nestle S.A. - ADR | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;2.3% |

---

![Image](i890f6297f25be790b136a1f2.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ic63eed77162b2a82781cdee1.jpg)

TSR-SAR 123125-TRXIX

#### Catalyst/SMH High Income Fund

#### Class A (HIIFX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i110d2608fa04e8ca272a1431.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/SMH High Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $79 | 1.49%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$78,575,016

* Number of Portfolio Holdings56

* Advisory Fee (net of waivers)$142,156

* Portfolio Turnover42%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i956f34d6a38b8be2a7c814d4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 2.9% |
| Convertible Bonds | 13.6% |
| Corporate Bonds | 75.3% |
| Exchange-Traded Funds | 2.9% |
| Money Market Funds | 5.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i19bd719afedac4e6b7d53cb0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.1% |
| Consumer Staples | 0.5% |
| Industrials | 2.9% |
| Fixed Income | 3.0% |
| Materials | 3.0% |
| Collateral for Securities Loaned | 3.1% |
| Energy | 5.4% |
| Money Market Funds | 5.5% |
| Health Care | 9.0% |
| Financials | 14.2% |
| Consumer Discretionary | 14.9% |
| Communications | 16.2% |
| Technology | 26.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Hertz Corporation (The), 12.625%, 07/15/29 | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Pagaya US Holdings Company, LLC, 8.875%, 08/01/30 | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;Atlanticus Holdings Corporation, 9.750%, 09/01/30 | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Unisys Corporation, 10.625%, 01/15/31 | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Getty Images, Inc., 10.500%, 11/15/30 | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;CoreWeave, Inc., 9.000%, 02/01/31 | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;1261229 BC Ltd., 10.000%, 04/15/32 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Nebius Group N.V., 2.750%, 09/15/32 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;APLD ComputeCo, LLC, 9.250%, 12/15/30 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation, 10.000%, 11/15/29 | &nbsp;&nbsp;4.1% |

---

![Image](if533b945d40b44ffa26ca2b4.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ieae418e363a566a56a7bbd9f.jpg)

TSR-SAR 123125-HIIFX

#### Catalyst/SMH High Income Fund

#### Class C (HIICX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i110d2608fa04e8ca272a1431.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/SMH High Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $119 | 2.24%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$78,575,016

* Number of Portfolio Holdings56

* Advisory Fee (net of waivers)$142,156

* Portfolio Turnover42%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i956f34d6a38b8be2a7c814d4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 2.9% |
| Convertible Bonds | 13.6% |
| Corporate Bonds | 75.3% |
| Exchange-Traded Funds | 2.9% |
| Money Market Funds | 5.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i19bd719afedac4e6b7d53cb0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.1% |
| Consumer Staples | 0.5% |
| Industrials | 2.9% |
| Fixed Income | 3.0% |
| Materials | 3.0% |
| Collateral for Securities Loaned | 3.1% |
| Energy | 5.4% |
| Money Market Funds | 5.5% |
| Health Care | 9.0% |
| Financials | 14.2% |
| Consumer Discretionary | 14.9% |
| Communications | 16.2% |
| Technology | 26.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Hertz Corporation (The), 12.625%, 07/15/29 | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Pagaya US Holdings Company, LLC, 8.875%, 08/01/30 | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;Atlanticus Holdings Corporation, 9.750%, 09/01/30 | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Unisys Corporation, 10.625%, 01/15/31 | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Getty Images, Inc., 10.500%, 11/15/30 | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;CoreWeave, Inc., 9.000%, 02/01/31 | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;1261229 BC Ltd., 10.000%, 04/15/32 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Nebius Group N.V., 2.750%, 09/15/32 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;APLD ComputeCo, LLC, 9.250%, 12/15/30 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation, 10.000%, 11/15/29 | &nbsp;&nbsp;4.1% |

---

![Image](if533b945d40b44ffa26ca2b4.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ieae418e363a566a56a7bbd9f.jpg)

TSR-SAR 123125-HIICX

#### Catalyst/SMH High Income Fund

#### Class I (HIIIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i110d2608fa04e8ca272a1431.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/SMH High Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $66 | 1.24%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$78,575,016

* Number of Portfolio Holdings56

* Advisory Fee (net of waivers)$142,156

* Portfolio Turnover42%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i956f34d6a38b8be2a7c814d4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 2.9% |
| Convertible Bonds | 13.6% |
| Corporate Bonds | 75.3% |
| Exchange-Traded Funds | 2.9% |
| Money Market Funds | 5.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i19bd719afedac4e6b7d53cb0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.1% |
| Consumer Staples | 0.5% |
| Industrials | 2.9% |
| Fixed Income | 3.0% |
| Materials | 3.0% |
| Collateral for Securities Loaned | 3.1% |
| Energy | 5.4% |
| Money Market Funds | 5.5% |
| Health Care | 9.0% |
| Financials | 14.2% |
| Consumer Discretionary | 14.9% |
| Communications | 16.2% |
| Technology | 26.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Hertz Corporation (The), 12.625%, 07/15/29 | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Pagaya US Holdings Company, LLC, 8.875%, 08/01/30 | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;Atlanticus Holdings Corporation, 9.750%, 09/01/30 | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Unisys Corporation, 10.625%, 01/15/31 | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Getty Images, Inc., 10.500%, 11/15/30 | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;CoreWeave, Inc., 9.000%, 02/01/31 | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;1261229 BC Ltd., 10.000%, 04/15/32 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Nebius Group N.V., 2.750%, 09/15/32 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;APLD ComputeCo, LLC, 9.250%, 12/15/30 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation, 10.000%, 11/15/29 | &nbsp;&nbsp;4.1% |

---

![Image](if533b945d40b44ffa26ca2b4.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ieae418e363a566a56a7bbd9f.jpg)

TSR-SAR 123125-HIIIX

#### Catalyst/SMH Total Return Income Fund

#### Class A (TRIFX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i110d2608fa04e8ca272a1431.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/SMH Total Return Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $83 | 1.58%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$19,624,731

* Number of Portfolio Holdings51

* Advisory Fee (net of waivers)$32,125

* Portfolio Turnover51%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id8bb43c5b54be43437250119.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 16.9% |
| Common Stocks | 43.0% |
| Convertible Bonds | 12.1% |
| Corporate Bonds | 25.9% |
| Money Market Funds | 2.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i176f7676c29957ad9ce5e2ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -19.3% |
| Industrials | 0.4% |
| Consumer Staples | 0.9% |
| Money Market Funds | 2.5% |
| Communications | 7.0% |
| Energy | 8.8% |
| Real Estate | 11.0% |
| Technology | 14.1% |
| Consumer Discretionary | 17.5% |
| Collateral for Securities Loaned | 20.1% |
| Financials | 37.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Hertz Corporation (The), 12.625%, due 07/15/29 | &nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;Capital Southwest Corporation | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Trinity Capital, Inc. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Lyft, Inc., 0.000%, due 09/15/30 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Pagaya US Holdings Company, LLC, 8.875%, due 08/1/30 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Transocean, Inc., 6.800%, due 03/15/38 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Hercules Capital, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Main Street Capital Corporation | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Carlyle Group, Inc. (The) | &nbsp;&nbsp;3.3% |

---

![Image](if533b945d40b44ffa26ca2b4.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ieae418e363a566a56a7bbd9f.jpg)

TSR-SAR 123125-TRIFX

#### Catalyst/SMH Total Return Income Fund

#### Class C (TRICX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i110d2608fa04e8ca272a1431.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/SMH Total Return Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $122 | 2.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$19,624,731

* Number of Portfolio Holdings51

* Advisory Fee (net of waivers)$32,125

* Portfolio Turnover51%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id8bb43c5b54be43437250119.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 16.9% |
| Common Stocks | 43.0% |
| Convertible Bonds | 12.1% |
| Corporate Bonds | 25.9% |
| Money Market Funds | 2.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i176f7676c29957ad9ce5e2ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -19.3% |
| Industrials | 0.4% |
| Consumer Staples | 0.9% |
| Money Market Funds | 2.5% |
| Communications | 7.0% |
| Energy | 8.8% |
| Real Estate | 11.0% |
| Technology | 14.1% |
| Consumer Discretionary | 17.5% |
| Collateral for Securities Loaned | 20.1% |
| Financials | 37.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Hertz Corporation (The), 12.625%, due 07/15/29 | &nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;Capital Southwest Corporation | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Trinity Capital, Inc. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Lyft, Inc., 0.000%, due 09/15/30 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Pagaya US Holdings Company, LLC, 8.875%, due 08/1/30 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Transocean, Inc., 6.800%, due 03/15/38 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Hercules Capital, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Main Street Capital Corporation | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Carlyle Group, Inc. (The) | &nbsp;&nbsp;3.3% |

---

![Image](if533b945d40b44ffa26ca2b4.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ieae418e363a566a56a7bbd9f.jpg)

TSR-SAR 123125-TRICX

#### Catalyst/SMH Total Return Income Fund

#### Class I (TRIIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i110d2608fa04e8ca272a1431.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/SMH Total Return Income Fund for the period of July 1, 2025 to December 31, 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.

# What were the Fund's costs for the last six months?
(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 | $70 | 1.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 
* Net Assets$19,624,731

* Number of Portfolio Holdings51

* Advisory Fee (net of waivers)$32,125

* Portfolio Turnover51%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id8bb43c5b54be43437250119.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 16.9% |
| Common Stocks | 43.0% |
| Convertible Bonds | 12.1% |
| Corporate Bonds | 25.9% |
| Money Market Funds | 2.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i176f7676c29957ad9ce5e2ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -19.3% |
| Industrials | 0.4% |
| Consumer Staples | 0.9% |
| Money Market Funds | 2.5% |
| Communications | 7.0% |
| Energy | 8.8% |
| Real Estate | 11.0% |
| Technology | 14.1% |
| Consumer Discretionary | 17.5% |
| Collateral for Securities Loaned | 20.1% |
| Financials | 37.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Hertz Corporation (The), 12.625%, due 07/15/29 | &nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;Capital Southwest Corporation | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Trinity Capital, Inc. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Lyft, Inc., 0.000%, due 09/15/30 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Pagaya US Holdings Company, LLC, 8.875%, due 08/1/30 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Transocean, Inc., 6.800%, due 03/15/38 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Hercules Capital, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Main Street Capital Corporation | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Carlyle Group, Inc. (The) | &nbsp;&nbsp;3.3% |

---

![Image](if533b945d40b44ffa26ca2b4.jpg)

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

#### Semi-Annual Shareholder Report - December 31, 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](ieae418e363a566a56a7bbd9f.jpg)

TSR-SAR 123125-TRIIX

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 2. Code of Ethics.** 

Not applicable

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

Not applicable

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

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)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **SEMI-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)** |
| **December 31, 2025** |
| ![(LOGO)](ca001_v1.jpg) |
| **Mutual Fund Series Trust** |

---

---

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

---

---

| | |
|:---|:---|
| Schedules of Investments | Page 1 |
| Statements of Assets and Liabilities | Page 35 |
| Statements of Operations | Page 36 |
| Statements of Changes in Net Assets | Page 37 |
| Financial Highlights | Page 39 |
| Notes to Financial Statements | Page 51 |
| Additional Information | Page 64 |

---

---

| |
|:---|
| **CATALYST INSIDER INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CONVERTIBLE BONDS — 19.1%** |  |  |  |
|  | **SPECIALTY FINANCE — 19.1%** |  |  |  |
| 4203000 | PennyMac Corporation | 5.5000 | 03/15/26 | $4209304 |
| 1000000 | PennyMac Corporation | 8.5000 | 06/01/29 | 1063000 |
| 7000000 | Two Harbors Investment Corporation | 6.2500 | 01/15/26 | 6982500 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $12,122,170)** |  |  | 12254804 |
|  | **CORPORATE BONDS — 70.2%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 4.6%** |  |  |  |
| 2900000 | TransDigm, Inc.<sup>(a)</sup> | 6.7500 | 08/15/28 | 2954711 |
|  | **ASSET MANAGEMENT — 12.5%** |  |  |  |
| 2800000 | Ares Capital Corporation | 2.8750 | 06/15/28 | 2677658 |
| 2700000 | Blue Owl Capital Corporation | 2.8750 | 06/11/28 | 2550681 |
| 2900000 | Main Street Capital Corporation | 3.0000 | 07/14/26 | 2879471 |
|  |  |  |  | 8107810 |
|  | **AUTOMOTIVE — 4.5%** |  |  |  |
| 2500000 | Ford Motor Company | 9.6250 | 04/22/30 | 2898564 |
|  | **ENGINEERING & CONSTRUCTION — 0.9%** |  |  |  |
| 550000 | MasTec, Inc.<sup>(a)</sup> | 6.6250 | 08/15/29 | 556460 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.7%** |  |  |  |
| 3000000 | HCA, Inc. | 5.2500 | 06/15/26 | 3002404 |
|  | **INSURANCE —5.9%** |  |  |  |
| 2862526 | Ambac Assurance Corporation<sup>(a),(b)</sup> | 5.1000 | Perpetual | 3773019 |
|  | **INTERNET MEDIA & SERVICES — 5.8%** |  |  |  |
| 922000 | Expedia Group, Inc. | 5.0000 | 02/15/26 | 922127 |
| 2800000 | VeriSign, Inc. | 4.7500 | 07/15/27 | 2800462 |
|  |  |  |  | 3722589 |
|  | **LEISURE PRODUCTS — 3.9%** |  |  |  |
| 2486000 | Mattel, Inc.<sup>(a)</sup> | 5.8750 | 12/15/27 | 2486554 |

---

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

---

| |
|:---|
| **CATALYST INSIDER INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 70.2%** |  |  |  |
|  | **METALS & MINING — 0.5%** |  |  |  |
| 299000 | Warrior Met Coal, Inc.<sup>(a)</sup> | 7.8750 | 12/01/28 | $306219 |
|  | **OIL & GAS PRODUCERS —9.3%** |  |  |  |
| 1964000 | Energy Transfer Operating L.P. | 4.7500 | 01/15/26 | 1964371 |
| 1000000 | Energy Transfer, L.P.<sup>(a)</sup> | 6.0000 | 02/01/29 | 1010948 |
| 2000000 | Murphy Oil USA, Inc. | 5.6250 | 05/01/27 | 2003542 |
| 1000000 | Murphy Oil USA, Inc. | 4.7500 | 09/15/29 | 997701 |
|  |  |  |  | 5976562 |
|  | **RETAIL - DISCRETIONARY — 4.5%** |  |  |  |
| 3000000 | Dick's Sporting Goods, Inc.<sup>(a)</sup> | 4.0000 | 10/01/29 | 2945754 |
|  | **SEMICONDUCTORS — 3.8%** |  |  |  |
| 2500000 | Skyworks Solutions, Inc. | 1.8000 | 06/01/26 | 2472975 |
|  | **TECHNOLOGY SERVICES — 4.7%** |  |  |  |
| 3000000 | Gartner, Inc.<sup>(a)</sup> | 4.5000 | 07/01/28 | 2992210 |
|  | **TRANSPORTATION & LOGISTICS — 4.6%** |  |  |  |
| 3000000 | United Airlines, Inc.<sup>(a)</sup> | 4.3750 | 04/15/26 | 2998052 |
|  | **TOTAL CORPORATE BONDS (Cost $45,171,112)** |  |  | 45193883 |
|  | **SHORT-TERM INVESTMENTS — 9.6%** |  |  |  |
|  | **MONEY MARKET FUNDS - 9.6%** |  |  |  |
| 6146071 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $6,146,071)<sup>(c)</sup> |  |  | 6146071 |
|  | **TOTAL INVESTMENTS - 98.9% (Cost $63,439,353)** |  |  | $63594758 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%** |  |  | 707340 |
|  | **NET ASSETS - 100.0%** |  |  | $64302098 |

---

L.P. - Limited Partnership

<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 December 31, 2025, the total market value of 144A securities is 20,023,927 or 31.1% of net assets.

<sup>(b)</sup> Security in default. Non Income producing.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 57.6%** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 17.5%** |  |  |  |  |
| 116042 | Alternative Loan Trust Series 2005-3CB 2A1 |  | 5.0000 | 03/25/35 | $106886 |
| 33729 | Banc of America Funding Trust Series 2006-J 2A3<sup>(a)</sup> |  | 4.4380 | 01/20/47 | 29142 |
| 8005 | Banc of America Mortgage Trust Series 2005-G 4A2<sup>(a)</sup> |  | 3.4810 | 08/25/35 | 7069 |
| 394963 | Bear Stearns ALT-A Trust Series 2005-5 24A1<sup>(a)</sup> |  | 4.6230 | 07/25/35 | 267224 |
| 36923 | Bear Stearns ARM Trust Series 2004-7 1A1<sup>(a),(g)</sup> |  | 0.0000 | 10/25/34 | 28784 |
| 78234 | ChaseFlex Trust Series 2006-1 A4<sup>(a)</sup> |  | 6.3000 | 06/25/36 | 69736 |
| 61106 | CHL Mortgage Pass-Through Trust Series 2005-HYB2 1A4<sup>(a)</sup> |  | 5.2300 | 05/20/35 | 59302 |
| 285152 | CHL Mortgage Pass-Through Trust Series 2006-HYB2 1A1<sup>(a)</sup> |  | 5.3480 | 04/20/36 | 252680 |
| 243148 | Citigroup Mortgage Loan Trust, Inc. Series 2007-6 1A1A<sup>(a)</sup> |  | 4.9400 | 03/25/37 | 217050 |
| 17752 | CSMC Mortgage-Backed Trust Series 2007-5 8A2 |  | 6.0000 | 09/01/26 | 17711 |
| 2999198 | CSMC Mortgage-Backed Trust Series 2006-7 9A5 |  | 2.5060 | 08/25/36 | 493609 |
| 36329 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3 A1<sup>(a)</sup> |  | 5.0400 | 09/25/34 | 36976 |
| 6663 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA6 2A1<sup>(a)</sup> |  | 5.2030 | 08/25/35 | 4489 |
| 77048 | GSMPS Mortgage Loan Trust Series 1998-5 A<sup>(a),(b)</sup> |  | 4.5880 | 06/19/27 | 76578 |
| 119951 | GSMPS Mortgage Loan Trust Series 1999-2 A<sup>(a),(b)</sup> |  | 8.0000 | 09/19/27 | 119491 |
| 137694 | GSR Mortgage Loan Trust Series 2003-5F 2A1 |  | 4.0000 | 08/25/32 | 135895 |
| 29045 | GSR Mortgage Loan Trust Series 2004-6F 1A2 |  | 5.0000 | 05/25/34 | 28647 |
| 519664 | GSR Mortgage Loan Trust Series 2006-3F 2A5 |  | 5.7500 | 03/25/36 | 471987 |
| 425706 | HSI Asset Loan Obligation Trust Series 2007-2 3A6 |  | 1.6570 | 09/25/37 | 138622 |
| 452410 | IndyMac INDA Mortgage Loan Trust Series 2006-AR1 A3<sup>(a)</sup> |  | 3.6400 | 08/25/36 | 344562 |
| 116576 | IndyMac INDX Mortgage Loan Trust Series 2005-AR3 3A1<sup>(a)</sup> |  | 3.9310 | 04/25/35 | 109250 |
| 22416 | JP Morgan Mortgage Trust Series 2006-A2 2A2<sup>(a)</sup> |  | 5.1330 | 04/25/36 | 19933 |
| 8140 | MASTR Adjustable Rate Mortgages Trust Series 2003-5 4A1<sup>(a)</sup> |  | 2.7830 | 11/25/33 | 7432 |
| 351 | MASTR Asset Securitization Trust Series 2005-1 1A1<sup>(f)</sup> |  | 5.0000 | Perpetual | 199 |
| 685659 | Merrill Lynch Alternative Note Asset Trust Series 2007-A2 A3D<sup>(c)</sup> | TSFR1M + 0.714% | 4.0600 | 03/25/37 | 23689 |
| 45468 | Morgan Stanley Mortgage Loan Trust Series 2004-5AR 1A1<sup>(a)</sup> |  | 6.2520 | 07/25/34 | 46153 |
| 144568 | Morgan Stanley Mortgage Loan Trust Series 2006-2 2A4 |  | 5.7500 | 02/25/36 | 136698 |
| 1247411 | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AP3 A3<sup>(a)</sup> |  | 1.6610 | 08/25/35 | 525359 |
| 41242 | Prime Mortgage Trust Series 2004-1 1A6 |  | 5.2500 | 08/25/34 | 40960 |
| 64757 | RALI Series Trust Series 2006-QS17 A4 |  | 6.0000 | 12/25/36 | 54574 |
| 1285743 | Structured Asset Securities Corporation Series 1998-RF1 A<sup>(a),(b)</sup> |  | 4.1300 | 04/15/27 | 1284459 |
| 5277789 | Thornburg Mortgage Securities Trust Series 2006-3 A1<sup>(a)</sup> |  | 2.9830 | 06/25/46 | 2106149 |
| 46995 | WaMu Mortgage Pass-Through Certificates Series 2005-AR18 2A1<sup>(a)</sup> |  | 4.3760 | 01/25/36 | 44029 |
| 226054 | Wells Fargo Mortgage Backed Securities Series 2006-7 2A1 |  | 6.0000 | 06/25/36 | 205751 |
|  |  |  |  |  | 7511075 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 57.6% (Continued)** |  |  |  |  |
|  | **HOME EQUITY — 5.1%** |  |  |  |  |
| 167056 | Amresco Residential Securities Corp Mortgage Loan Trust Series 1997- 3 M2F<sup>(a)</sup> |  | 3.1600 | 09/25/27 | $163449 |
| 417318 | Bayview Financial Acquisition Trust Series 2007-A 2A<sup>(c)</sup> | TSFR1M + 0.639% | 4.3670 | 05/28/37 | 400170 |
| 379295 | Delta Funding Home Equity Loan Trust Series 1998-1 B1A<sup>(c)</sup> | TSFR1M + 2.004% | 5.9600 | 05/25/30 | 320552 |
| 927142 | Mastr Asset Backed Securities Trust Series 2003-OPT2 M4<sup>(c)</sup> | TSFR1M + 5.889% | 2.4850 | 05/25/33 | 814637 |
| 443099 | Mastr Asset Backed Securities Trust Series 2003-WMC2<sup>(c)</sup> | TSFR1M + 6.114% | 9.8460 | 08/25/33 | 472833 |
|  |  |  |  |  | 2171641 |
|  | **NON AGENCY CMBS — 29.9%** |  |  |  |  |
| 4565000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 D |  | 3.2360 | 11/10/48 | 2324840 |
| 4108000 | COMM 2013-CCRE12 Mortgage Trust Series 2013-CR12 C<sup>(a)</sup> |  | 0.0000 | 10/10/46 | 388292 |
| 5726000 | GS Mortgage Securities Trust Series 2014-GC22 E<sup>(b)</sup> |  | 0.0000 | 06/10/47 | 300495 |
| 122408 | JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-WLDN A<sup>(b)</sup> |  | 3.9100 | 05/05/30 | 119348 |
| 1250000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C32 D<sup>(a)</sup> |  | 4.2120 | 11/15/48 | 77344 |
| 4388239 | Morgan Stanley Capital I Trust Series 2006-T21 C<sup>(a),(b)</sup> |  | 5.1370 | 10/12/52 | 3482445 |
| 1500000 | Morgan Stanley Capital I Trust Series 2014-150E A<sup>(b)</sup> |  | 3.9120 | 09/09/32 | 1356963 |
| 5902991 | Starwood Retail Property Trust Series 2014-STAR A<sup>(b),(c)</sup> | PRIME | 6.9900 | 11/15/27 | 3656961 |
| 58730 | Wachovia Bank Commercial Mortgage Trust Series 2006-C24 E<sup>(a)</sup> |  | 6.1090 | 03/15/45 | 58201 |
| 1145000 | WFRBS Commercial Mortgage Trust Series 2011-C4 E<sup>(a),(b)</sup> |  | 4.9840 | 06/15/44 | 1086462 |
|  |  |  |  |  | 12851351 |
|  | **RESIDENTIAL MORTGAGE — 5.1%** |  |  |  |  |
| 2479573 | Carrington Mortgage Loan Trust Series 2006-FRE2 A2<sup>(c)</sup> | TSFR1M + 0.234% | 4.1900 | 10/25/36 | 1939665 |
| 246381 | Finance America Mortgage Loan Trust Series 2004-3 M4<sup>(c)</sup> | TSFR1M + 1.380% | 3.3400 | 11/25/34 | 228205 |
| 60809 | Home Equity Mortgage Loan Asset-Backed Trust Series 2006-D 2A3<sup>(c)</sup> | TSFR1M + 0.274% | 4.0060 | 11/25/36 | 56845 |
|  |  |  |  |  | 2224715 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $39,395,364)** |  |  |  | 24758782 |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 23.5%** |  |  |  |  |
| 72976 | Fannie Mae REMICS Series 2012-126 DI<sup>(d)</sup> |  | 3.0000 | 11/25/27 | 1307 |
| 2116940 | Fannie Mae REMICS Series 2010-27 SG<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 4.886% | 1.0110 | 04/25/40 | 152107 |
| 2557658 | Fannie Mae REMICS Series 2011-117 SA<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 6.436% | 2.5610 | 11/25/41 | 342894 |
| 2154250 | Fannie Mae REMICS Series 2012-88 SB<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 6.556% | 2.6810 | 07/25/42 | 266018 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 655079 Fannie Mae REMICS Series 2012-126 SJ<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 4.886% | 1.0110 | 11/25/42 | $41072 |
| 2504131 Fannie Mae REMICS Series 2014-6 SA<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 6.486% | 2.6110 | 02/25/44 | 293610 |
| 383826 Fannie Mae REMICS Series 2017-30 MI<sup>(d)</sup> |  | 4.0000 | 02/25/44 | 9548 |
| 18272 Fannie Mae REMICS Series 2017-6 MI<sup>(d)</sup> |  | 4.0000 | 08/25/44 | 696 |
| 1842798 Fannie Mae REMICS Series 2016-64 SA<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 5.886% | 2.0110 | 09/25/46 | 206878 |
| 492699 Fannie Mae REMICS Series 2017-38 S<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 6.100% | 2.1110 | 05/25/47 | 60210 |
| 773202 Fannie Mae REMICS Series 2017-112 SC<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 6.150% | 2.1610 | 01/25/48 | 93843 |
| 10899353 Fannie Mae REMICS Series 2018-28 ID<sup>(a),(d)</sup> |  | 1.9800 | 05/25/48 | 879616 |
| 209556 Fannie Mae REMICS Series 2020-16 SJ<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 6.050% | 2.0610 | 03/25/50 | 20889 |
| 3040451 Fannie Mae REMICS Series 2021-56 IM<sup>(c),(d)</sup> | -0.67 x SOFR30A + 2.200% | 0.0000 | 09/25/51 | 62787 |
| 17734658 Fannie Mae REMICS Series 2021-69 JS<sup>(c),(d)</sup> | -SOFR30A + 2.550% | 0.0000 | 10/25/51 | 161119 |
| 10035026 Fannie Mae REMICS Series 2021-80 IA<sup>(d)</sup> |  | 2.0000 | 11/25/51 | 1222947 |
| 73027 Freddie Mac REMICS Series 4205 AI<sup>(d)</sup> |  | 2.5000 | 05/15/28 | 1477 |
| 4914125 Freddie Mac REMICS Series 4639 GS<sup>(c),(d)</sup> |  | 1.5430 | 03/15/36 | 279211 |
| 633789 Freddie Mac REMICS Series 3852 SW<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 6.000% | 1.9020 | 05/15/41 | 66918 |
| 111672 Freddie Mac REMICS Series 3980 TS<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 6.500% | 2.4020 | 09/15/41 | 15059 |
| 562377 Freddie Mac REMICS Series 4100 JI<sup>(d)</sup> |  | 3.5000 | 10/15/41 | 57285 |
| 5250294 Freddie Mac REMICS Series 4239 NI<sup>(c),(d)</sup> | -5.8333 x (SOFR30A+.114%) + 28.791% | 3.2080 | 07/15/43 | 972910 |
| 40840 Freddie Mac REMICS Series 4449 PI<sup>(d)</sup> |  | 4.0000 | 11/15/43 | 2746 |
| 379058 Freddie Mac REMICS Series 4314 SE<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 6.050% | 1.9520 | 03/15/44 | 40145 |
| 293092 Freddie Mac REMICS Series 4431 ST<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 6.100% | 2.0020 | 01/15/45 | 32216 |
| 4428051 Freddie Mac REMICS Series 4604 SA<sup>(c),(d)</sup> | -(SOFR30A+.114%) + 5.986% | 2.0020 | 08/15/46 | 457648 |
| 16993235 Freddie Mac REMICS Series 5090 SA<sup>(c),(d)</sup> | -SOFR30A + 1.550% | 0.0000 | 03/25/51 | 72306 |
| 13060629 Freddie Mac REMICS Series 5177 AS<sup>(c),(d)</sup> | -SOFR30A + 3.150% | 0.0000 | 12/25/51 | 102946 |
| 69317 Government National Mortgage Association Series 2014-118 AI<sup>(d)</sup> |  | 3.5000 | 05/16/40 | 922 |
| 8883806 Government National Mortgage Association Series 2011-99 DS<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 5.986% | 2.2510 | 07/16/41 | 939598 |
| 1998830 Government National Mortgage Association Series 2011-100 SA<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 5.336% | 1.6020 | 07/20/41 | 193221 |
| 1679304 Government National Mortgage Association Series 2015-3 DS<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 5.486% | 1.7520 | 11/20/41 | 25675 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 141606 Government National Mortgage Association Series 2012-36 QS<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 6.506% | 2.7720 | 03/20/42 | $13607 |
| 1317690 Government National Mortgage Association Series 2014-3 SE<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 6.036% | 2.3010 | 01/16/44 | 141582 |
| 1886914 Government National Mortgage Association Series 2014-36 SY<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 6.086% | 2.3510 | 03/16/44 | 204257 |
| 2136809 Government National Mortgage Association Series 2014-133 SA<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 6.136% | 2.4010 | 09/16/44 | 199733 |
| 72106 Government National Mortgage Association Series 2018-154 DI<sup>(d)</sup> |  | 4.0000 | 01/20/45 | 630 |
| 1479907 Government National Mortgage Association Series 2019-22 SA<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 5.486% | 1.7520 | 02/20/45 | 130630 |
| 178960 Government National Mortgage Association Series 2016-1 ST<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 6.086% | 2.3520 | 01/20/46 | 20861 |
| 1824137 Government National Mortgage Association Series 2018-120 JS<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 6.086% | 2.3520 | 09/20/48 | 211350 |
| 2910394 Government National Mortgage Association Series 2018-154 HS<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 6.086% | 2.3520 | 11/20/48 | 331324 |
| 9291473 Government National Mortgage Association Series 2019-20 ES<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 3.676% | 0.0000 | 02/20/49 | 177448 |
| 18078052 Government National Mortgage Association Series 2019-112 AS<sup>(c),(d)</sup> | -(TSFR1M+.114%) + 3.296% | 0.0000 | 09/20/49 | 244339 |
| 13094787 Government National Mortgage Association Series 2022-22 PS<sup>(c),(d)</sup> | -SOFR30A + 3.650% | 0.0000 | 08/20/51 | 241764 |
| 15283016 Government National Mortgage Association Series 2022-93 AS<sup>(c),(d)</sup> | -SOFR30A + 4.150% | 0.2320 | 05/20/52 | 571484 |
| 35934545 Government National Mortgage Association Series 2022-121 SA<sup>(c),(d)</sup> | -SOFR30A + 3.690% | 0.0000 | 07/20/52 | 528798 |
|  | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $15,187,760)** | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $15,187,760)** |  | 10093631 |
|  | **SHORT-TERM INVESTMENTS — 18.7%** | **SHORT-TERM INVESTMENTS — 18.7%** |  |  |
|  | **MONEY MARKET FUNDS - 18.7%** | **MONEY MARKET FUNDS - 18.7%** |  |  |
| 8016780 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $8,016,780)<sup>(e)</sup> | First American Treasury Obligations Fund, Class X, 3.65% (Cost $8,016,780)<sup>(e)</sup> |  | 8016780 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $62,599,904)** | **TOTAL INVESTMENTS - 99.8% (Cost $62,599,904)** |  | $42869193 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** |  | 71016 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $42940209 |

---

---

| | |
|:---|:---|
| REMIC | - Real Estate Mortgage Investment Conduit |
| PRIME | - Prime Rate by Country United States |
| SOFR30A | - United States 30 Day Average SOFR Secured Overnight Financing Rate |
| 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> 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 December 31, 2025, the total market value of 144A securities is 11,483,202 or 26.7% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on December 31, 2025.

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

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

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

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

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 52.3%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.5%** |  |
| 100 | LVMH Moet Hennessy Louis Vuitton S.E. | $75775 |
|  | **BEVERAGES - 1.0%** |  |
| 13020 | Arca Continental S.A.B. de C.V. | 140613 |
|  | **BIOTECH & PHARMA - 8.0%** |  |
| 655 | Johnson & Johnson | 135552 |
| 2240 | Novartis A.G. - ADR | 308829 |
| 7528 | Sanofi S.A. - ADR | 364807 |
| 23000 | Takeda Pharmaceutical Company Ltd. - ADR | 358570 |
|  |  | 1167758 |
|  | **CHEMICALS - 1.0%** |  |
| 4790 | Mosaic Company | 115391 |
| 562 | Solstice Advanced Materials, Inc.<sup>(a)</sup> | 27302 |
|  |  | 142693 |
|  | **DIVERSIFIED INDUSTRIALS - 0.5%** |  |
| 350 | Honeywell International, Inc. | 68282 |
|  | **ELECTRICAL EQUIPMENT - 0.6%** |  |
| 270 | Eaton Corporation PLC | 85998 |
|  | **ENGINEERING & CONSTRUCTION - 2.0%** |  |
| 1200 | Everus Construction Group, Inc.<sup>(a)</sup> | 102672 |
| 5985 | Tetra Tech, Inc. | 200736 |
|  |  | 303408 |
|  | **ENTERTAINMENT CONTENT - 1.5%** |  |
| 49480 | Vivendi S.E. | 137535 |
| 30000 | Vivendi S.E. - ADR | 81900 |
|  |  | 219435 |
|  | **FOOD - 2.3%** |  |
| 3533 | Nestle S.A. - ADR | 348990 |
|  | **GAS & WATER UTILITIES - 3.0%** |  |
| 7400 | MDU Resources Group, Inc. | 144448 |

---

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

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 52.3% (Continued)** |  |
|  | **GAS & WATER UTILITIES - 3.0% (Continued)** |  |
| 3775 | National Fuel Gas Company | $302227 |
|  |  | 446675 |
|  | **HOME CONSTRUCTION - 0.2%** |  |
| 500 | Fortune Brands Innovations, Inc. | 25010 |
|  | **HOUSEHOLD PRODUCTS - 1.5%** |  |
| 3263 | Unilever PLC - ADR | 213407 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.7%** |  |
| 360 | CME Group, Inc. | 98309 |
|  | **INSURANCE - 1.2%** |  |
| 500 | Aon PLC, Class A | 176440 |
|  | **INTERNET MEDIA & SERVICES - 2.2%** |  |
| 600 | Alphabet, Inc., Class C | 188279 |
| 153 | Meta Platforms, Inc., Class A | 100994 |
| 350 | Uber Technologies, Inc.<sup>(a)</sup> | 28599 |
|  |  | 317872 |
|  | **LEISURE FACILITIES & SERVICES - 0.8%** |  |
| 17450 | Arcos Dorados Holdings, Inc., Class A | 128084 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.9%** |  |
| 2900 | Medtronic PLC | 278574 |
|  | **METALS & MINING - 1.4%** |  |
| 2000 | Freeport-McMoRan, Inc. | 101580 |
| 12000 | Grupo Mexico S.A.B. de C.V., Class B | 113406 |
|  |  | 214986 |
|  | **OIL & GAS PRODUCERS - 1.4%** |  |
| 1300 | Chevron Corporation | 198133 |

---

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

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 52.3% (Continued)** |  |
|  | **PUBLISHING & BROADCASTING - 0.5%** |  |
| 37700 | Louis Hachette Group | $69226 |
|  | **RETAIL - CONSUMER STAPLES - 3.9%** |  |
| 1339 | PriceSmart, Inc. | 164254 |
| 25000 | Tesco PLC | 148889 |
| 45942 | Wal-Mart de Mexico SAB de CV | 142879 |
| 1000 | Walmart, Inc. | 111410 |
|  |  | 567432 |
|  | **RETAIL - DISCRETIONARY - 0.8%** |  |
| 323 | Home Depot, Inc. | 111144 |
|  | **SEMICONDUCTORS - 3.0%** |  |
| 600 | Applied Materials, Inc. | 154194 |
| 351 | Micron Technology, Inc. | 100179 |
| 650 | Tokyo Electron Ltd. | 142426 |
| 400 | Tokyo Electron Ltd. - ADR | 44440 |
|  |  | 441239 |
|  | **SOFTWARE - 4.2%** |  |
| 1190 | Microsoft Corporation | 575507 |
| 250 | Workday, Inc., Class A<sup>(a)</sup> | 53695 |
|  |  | 629202 |
|  | **TECHNOLOGY HARDWARE - 2.3%** |  |
| 4325 | Cisco Systems, Inc. | 333155 |
|  | **TECHNOLOGY SERVICES – 1.2%** |  |
| 1000 | Fidelity National Information Services, Inc. | 66460 |
| 300 | Visa, Inc., Class A | 105213 |
|  |  | 171673 |
|  | **TELECOMMUNICATIONS - 2.0%** |  |
| 10725 | Orange S.A. - ADR | 179000 |
| 3000 | Verizon Communications, Inc. | 122190 |
|  |  | 301190 |

---

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

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 52.3% (Continued)** |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES - 2.7%** |  |  |  |
| 3217 | Bunge Global S.A. |  |  | $286570 |
| 24000 | GrainCorp Ltd. |  |  | 114980 |
|  |  |  |  | 401550 |
|  | **TOTAL COMMON STOCKS (Cost $5,493,149)** |  |  | 7676253 |
|  | **EXCHANGE-TRADED FUNDS — 4.6%** |  |  |  |
|  | **COMMODITY - 4.6%** |  |  |  |
| 7900 | SPDR Gold MiniShares Trust<sup>(a)</sup> |  |  | 674423 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $292,261)** |  |  |  |
|  |  | **Dividend Rate<sup>(b)</sup>** |  |  |
|  | **PREFERRED STOCKS — 2.0%** |  |  |  |
|  | **HOUSEHOLD PRODUCTS — 2.0%** |  |  |  |
| 3500 | Henkel A.G. & Company KGaA | 2.04 |  | 286102 |
|  | **TOTAL PREFERRED STOCKS (Cost $323,349)** |  |  |  |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 38.3%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 2.0%** |  |  |  |
| 300000 | Spirit AeroSystems, Inc. | 3.8500 | 06/15/26 | 299123 |
|  | **AUTOMOTIVE — 3.4%** |  |  |  |
| 300000 | Ford Motor Credit Company, LLC | 5.8500 | 05/17/27 | 304764 |
| 200000 | Honda Motor Company Ltd. | 2.5340 | 03/10/27 | 196796 |
|  |  |  |  | 501560 |
|  | **CABLE & SATELLITE — 1.7%** |  |  |  |
| 250000 | Grupo Televisa S.A.B | 4.6250 | 01/30/26 | 249628 |

---

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

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 38.3% (Continued)** |  |  |  |
|  | **CHEMICALS — 3.0%** |  |  |  |
| 425000 | Methanex Corporation | 5.1250 | 10/15/27 | $427641 |
|  | **ENTERTAINMENT CONTENT — 1.4%** |  |  |  |
| 212000 | Warner Media, LLC | 3.8000 | 02/15/27 | 208784 |
|  | **HOME & OFFICE PRODUCTS — 1.4%** |  |  |  |
| 201000 | Steelcase, Inc. | 5.1250 | 01/18/29 | 199241 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.0%** |  |  |  |
| 250000 | Nomura Holdings, Inc. | 1.6530 | 07/14/26 | 246961 |
| 200000 | Nomura Holdings, Inc. | 2.3290 | 01/22/27 | 196555 |
|  |  |  |  | 443516 |
|  | **LEISURE FACILITIES & SERVICES — 1.5%** |  |  |  |
| 225000 | Six Flags Entertainment Corp / Canada's Wonderland Company /Magnum Management Corp | 5.3750 | 04/15/27 | 224481 |
|  | **LEISURE PRODUCTS — 1.6%** |  |  |  |
| 225000 | Brunswick Corporation | 5.8500 | 03/18/29 | 233165 |
|  | **OIL & GAS PRODUCERS — 1.7%** |  |  |  |
| 250000 | Buckeye Partners, L.P. | 4.1250 | 12/01/27 | 247123 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 1.4%** |  |  |  |
| 200000 | Oceaneering International, Inc. | 6.0000 | 02/01/28 | 203245 |
|  | **PUBLISHING & BROADCASTING — 3.4%** |  |  |  |
| 466000 | Belo Corporation | 7.7500 | 06/01/27 | 488149 |
|  | **RETAIL - DISCRETIONARY — 2.7%** |  |  |  |
| 175000 | Advance Auto Parts, Inc. | 1.7500 | 10/01/27 | 166136 |
| 225000 | Nordstrom, Inc. | 6.9500 | 03/15/28 | 233319 |
|  |  |  |  | 399455 |

---

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

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 38.3%** |  |  |  |
|  | **SPECIALTY FINANCE — 5.6%** |  |  |  |
| 200000 | AerCap Ireland Capital DAC / AerCap Global Global Aviation Trust 2 | 2.4500 | 10/29/26 | $197351 |
| 625000 | Aircastle Ltd. | 4.2500 | 06/15/26 | 625070 |
|  |  |  |  | 822421 |
|  | **STEEL — 2.8%** |  |  |  |
| 400000 | ArcelorMittal S.A. | 6.5500 | 11/29/27 | 416830 |
|  | **TOBACCO & CANNABIS — 1.7%** |  |  |  |
| 250000 | BAT International Finance PLC | 1.6680 | 03/25/26 | 248642 |
|  | **TOTAL CORPORATE BONDS (Cost $5,576,857)** |  |  | 5613004 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** |  |
|  | **MONEY MARKET FUNDS - 2.1%** | **MONEY MARKET FUNDS - 2.1%** | **MONEY MARKET FUNDS - 2.1%** |  |
| 307434 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $307,434)<sup>(c)</sup> | First American Treasury Obligations Fund, Class X, 3.65% (Cost $307,434)<sup>(c)</sup> | First American Treasury Obligations Fund, Class X, 3.65% (Cost $307,434)<sup>(c)</sup> | 307434 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $11,993,050)** | **TOTAL INVESTMENTS - 99.3% (Cost $11,993,050)** | **TOTAL INVESTMENTS - 99.3% (Cost $11,993,050)** | $14557216 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | 103025 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $14660241 |

---

---

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

---

 

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| |  |
| <sup>(b)</sup> | Euro. Pays annually. |
| |  |
| <sup>(c)</sup> | Rate disclosed is the seven day effective yield as of December 31, 2025. |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 4.6%** |  |
|  | **FIXED INCOME - 4.6%** |  |
| 901688 | Invesco Senior Loan ETF | $18935448 |
| 374591 | SPDR Blackstone Senior Loan ETF | 15459371 |
|  |  | 34394819 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $34,559,095)** | 34394819 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** | |
|  | **ASSET BACKED SECURITIES — 3.6%** |  |  |  |  |
|  | **CLO — 3.6%** |  |  |  |  |
| 2000000 | Apidos CLO LI Ltd. Series 2024-51A E<sup>(a),(b)</sup> | TSFR3M + 4.850% | 8.7340 | 01/20/38 | 2008303 |
| 1500000 | Apidos Clo XL Ltd. Series 2022-40A ER<sup>(a),(b)</sup> | TSFR3M + 5.600% | 9.5050 | 07/15/37 | 1500675 |
| 1250000 | Apidos CLO XXXII Series 2019-32A ER<sup>(a),(b)</sup> | TSFR3M + 5.500% | 9.3840 | 01/20/33 | 1253476 |
| 1000000 | Benefit Street Partners CLO XVI Ltd. Series 2018-16A ER2<sup>(a),(b)</sup> | TSFR3M + 4.900% | 8.7820 | 01/17/38 | 997859 |
| 1510000 | Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A ER<sup>(a),(b)</sup> | TSFR3M + 5.400% | 9.2840 | 10/20/37 | 1509867 |
| 500000 | BlueMountain CLO Ltd. Series 2018-3A E<sup>(a),(b)</sup> | TSFR3M + 6.212% | 10.0700 | 10/25/30 | 466914 |
| 500000 | BlueMountain CLO XXII Ltd. Series 2018-22A E<sup>(a),(b)</sup> | TSFR3M + 5.312% | 9.2160 | 07/15/31 | 454443 |
| 2000000 | Carlyle Global Market Strategies CLO Ltd Series 2014-2R<sup>(a),(b)</sup> | TSFR3M + 5.612% | 9.4630 | 05/15/31 | 1994926 |
| 1000000 | Dewolf Park CLO Ltd. Series 2017-1A E<sup>(a),(b)</sup> | TSFR3M + 6.462% | 10.3660 | 10/15/30 | 1003478 |
| 750000 | Dryden 54 Senior Loan Fund Series 2017-54A E<sup>(a),(b)</sup> | TSFR3M + 6.462% | 10.3460 | 10/19/29 | 732362 |
| 500000 | Highbridge Loan Management Ltd. Series 2013-2A DR<sup>(a),(b)</sup> | TSFR3M + 6.862% | 10.7460 | 10/20/29 | 499926 |
| 2000000 | KKR CLO 14 Ltd. Series 14 ER<sup>(a),(b)</sup> | TSFR3M + 6.412% | 10.3160 | 07/15/31 | 1968350 |
| 1500000 | Meacham Park Clo Ltd. Series 2024-1A E<sup>(a),(b)</sup> | TSFR3M + 5.350% | 9.2340 | 10/20/37 | 1490840 |
| 500000 | Neuberger Berman Loan Advisers CLO 59 Ltd. Series 2024-59A E<sup>(a),(b)</sup> | TSFR3M + 4.800% | 8.6600 | 01/23/39 | 493137 |
| 500000 | Octagon Investment Partners 26 Ltd. Series 2016-1A ER<sup>(a),(b)</sup> | TSFR3M + 5.662% | 9.5660 | 07/15/30 | 436595 |
| 500000 | Octagon Investment Partners XVII Ltd. Series 2013-1A ER2<sup>(a),(b)</sup> | TSFR3M + 5.412% | 9.2700 | 01/25/31 | 485191 |
| 1500000 | Octagon Investment Partners XXII Ltd. Series 2014-1A ERR<sup>(a),(b)</sup> | TSFR3M + 5.712% | 9.5690 | 01/22/30 | 1436625 |
| 1325000 | OHA Credit Funding 2 LTD Series 2019-2A ER2<sup>(a),(b)</sup> | TSFR3M + 4.800% | 8.6700 | 01/21/38 | 1324894 |
| 1250000 | OHA Credit Partners VII Ltd. Series 2012-7A ER4<sup>(a),(b)</sup> | TSFR3M + 4.500% | 8.3890 | 02/20/38 | 1245495 |
| 2000000 | Palmer Square CLO Ltd. Series 2023-1A ER<sup>(a),(b)</sup> | TSFR3M + 4.900% | 8.7840 | 01/20/38 | 2007307 |
| 1000000 | Palmer Square CLO Ltd. Series 2021-1A DR<sup>(a),(b)</sup> | TSFR3M + 4.750% | 8.6340 | 04/20/38 | 977931 |
| 1000000 | Rockford Tower CLO Ltd. Series 2017-3A E<sup>(a),(b)</sup> | TSFR3M + 6.012% | 9.8960 | 10/20/30 | 954876 |
| 1000000 | Shackleton CLO Ltd. Series 2013-4RA D<sup>(a),(b)</sup> | TSFR3M + 6.112% | 10.0230 | 04/13/31 | 985167 |
| 500000 | Upland CLO Ltd. Series 2016-1A DR<sup>(a),(b)</sup> | TSFR3M + 6.162% | 10.0460 | 04/20/31 | 495300 |
| 26423 | Wellfleet CLO Ltd. Series 2015-1A ER3<sup>(a),(b)</sup> | TSFR3M + 7.312% | 11.1960 | 07/20/29 | 26423 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $26,976,656)** |  |  |  | 26750360 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 5.1%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.3%** |  |  |  |  |
| 2000000 | Outfront Media Capital, LLC / Outfront Media<sup>(a)</sup> |  | 4.2500 | 01/15/29 | $1957320 |
|  | **BIOTECH & PHARMA — 0.1%** |  |  |  |  |
| 547000 | GENMAB A/S/GENMAB FINANCE, LLC<sup>(a)</sup> |  | 7.2500 | 12/15/33 | 576828 |
|  | **CHEMICALS — 0.3%** |  |  |  |  |
| 137000 | Celanese US Holdings, LLC |  | 7.0000 | 02/15/31 | 140412 |
| 2500000 | Valvoline, Inc.<sup>(a)</sup> |  | 3.6250 | 06/15/31 | 2299295 |
|  |  |  |  |  | 2439707 |
|  | **CONTAINERS & PACKAGING — 0.5%** |  |  |  |  |
| 2000000 | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup> |  | 6.7500 | 04/15/32 | 2057889 |
| 1441000 | Graphic Packaging International, LLC<sup>(a)</sup> |  | 3.5000 | 03/01/29 | 1379878 |
|  |  |  |  |  | 3437767 |
|  | **ELECTRIC UTILITIES — 0.3%** |  |  |  |  |
| 2000000 | Talen Energy Supply, LLC<sup>(a)</sup> |  | 6.5000 | 02/01/36 | 2069429 |
| 138000 | TransAlta Corporation |  | 5.8750 | 02/01/34 | 139288 |
|  |  |  |  |  | 2208717 |
|  | **FOOD — 0.3%** |  |  |  |  |
| 2115920 | Chobani Holdco II, LLC<sup>(a)</sup> |  | 8.7500 | 10/01/29 | 2263815 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.6%** |  |  |  |  |
| 1144000 | DaVita, Inc.<sup>(a)</sup> |  | 6.7500 | 07/15/33 | 1187098 |
| 1090000 | LifePoint Health, Inc.<sup>(a)</sup> |  | 11.0000 | 10/15/30 | 1196695 |
| 138000 | Surgery Center Holdings, Inc.<sup>(a)</sup> |  | 7.2500 | 04/15/32 | 139922 |
| 2000000 | Tenet Healthcare Corporation<sup>(a)</sup> |  | 6.0000 | 11/15/33 | 2060441 |
|  |  |  |  |  | 4584156 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 5.1% (Continued)** |  |  |  |
|  | **HOME & OFFICE PRODUCTS — 0.2%** |  |  |  |
| 219000 | Scotts Miracle-Gro Company (The) | 4.0000 | 04/01/31 | $206329 |
| 2137000 | Scotts Miracle-Gro Company (The) | 4.3750 | 02/01/32 | 2008847 |
|  |  |  |  | 2215176 |
|  | **HOME CONSTRUCTION — 0.2%** |  |  |  |
| 1174000 | APi Group DE, Inc.<sup>(a)</sup> | 4.1250 | 07/15/29 | 1147243 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.3%** |  |  |  |
| 2000000 | Roller Bearing Company of America, Inc.<sup>(a)</sup> | 4.3750 | 10/15/29 | 1970753 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.1%** |  |  |  |
| 542000 | Synergy Infrastructure Holdings, LLC<sup>(a)</sup> | 7.8750 | 12/01/30 | 563259 |
|  | **INSURANCE — 0.5%** |  |  |  |
| 1350000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> | 8.5000 | 06/15/29 | 1413455 |
| 2000000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> | 6.7500 | 07/01/32 | 2073938 |
| 408000 | Asurion, LLC and Asurion Co-Issuer, Inc.<sup>(a)</sup> | 8.0000 | 12/31/32 | 423509 |
|  |  |  |  | 3910902 |
|  | **LEISURE FACILITIES & SERVICES — 0.3%** |  |  |  |
| 2000000 | Caesars Entertainment, Inc.<sup>(a)</sup> | 6.5000 | 02/15/32 | 2049525 |
|  | **OIL & GAS PRODUCERS — 0.3%** |  |  |  |
| 2223000 | Venture Global Plaquemines LNG, LLC<sup>(a)</sup> | 6.7500 | 01/15/36 | 2278042 |
|  | **PUBLISHING & BROADCASTING — 0.3%** |  |  |  |
| 2000000 | McGraw-Hill Education, Inc.<sup>(a)</sup> | 7.3750 | 09/01/31 | 2110877 |
|  | **RETAIL - DISCRETIONARY — 0.3%** |  |  |  |
| 2000000 | Metis Merger Sub, LLC<sup>(a)</sup> | 6.5000 | 05/15/29 | 1988102 |
|  | **TELECOMMUNICATIONS** — **0.0%<sup>(c)</sup>** |  |  |  |
| 136000 | Level 3 Financing, Inc.<sup>(a)</sup> | 8.5000 | 01/15/36 | 139603 |
|  | **TRANSPORTATION & LOGISTICS — 0.2%** |  |  |  |
| 2000000 | Beacon Mobility Corporation<sup>(a)</sup> | 7.2500 | 08/01/30 | 2092962 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TOTAL CORPORATE BONDS (Cost $37,005,904)** |  |  |  | 37934754 |
|  | **TERM LOANS — 84.5%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.6%** |  |  |  |  |
| 4300000 | Endeavor Operating Company, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 01/28/32 | $4330100 |
|  | **AEROSPACE & DEFENSE — 1.2%** |  |  |  |  |
| 491987 | Bleriot US Bidco, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 6.1720 | 10/31/28 | 494958 |
| 3718674 | Goat Holdco, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 6.9130 | 12/10/31 | 3732285 |
| 111600 | Signia Aerospace, LLC<sup>(b),(e)</sup> | TSFR3M + 2.750% | 3.0190 | 12/11/31 | 112150 |
| 2295068 | Signia Aerospace, LLC<sup>(b)</sup> | TSFR3M + 2.750% | 6.5630 | 12/11/31 | 2306383 |
| 2000000 | TransDigm, Inc.<sup>(b)</sup> | TSFR3M + 2.250% | 6.3810 | 03/22/30 | 2008040 |
|  |  |  |  |  | 8653816 |
|  | **ASSET MANAGEMENT — 6.7%** |  |  |  |  |
| 1545200 | Aragorn Parent Corporation<sup>(b)</sup> | TSFR1M + 3.500% | 7.2160 | 12/15/28 | 1557917 |
| 633621 | Chicago US Midco III, L.P.<sup>(b),(e)</sup> | TSFR1M + 2.500% | 6.2160 | 10/09/32 | 635601 |
| 4266379 | Chicago US Midco III, L.P.<sup>(b)</sup> | TSFR1M + 2.500% | 6.6580 | 10/09/32 | 4279712 |
| 2685497 | Edelman Financial Engines Center, LLC (The)<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 04/07/28 | 2702765 |
| 6000710 | Edelman Financial Engines Center, LLC (The)<sup>(b)</sup> | TSFR1M + 5.250% | 8.9660 | 10/23/28 | 6003231 |
| 5113132 | Focus Financial Partners, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 6.2160 | 09/15/31 | 5127500 |
| 5387853 | GC Ferry Acquisition I, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.1720 | 06/07/32 | 5387503 |
| 919877 | GC Ferry Acquisition I, Inc.<sup>(b),(e)</sup> | TSFR1M + 3.500% | 7.8250 | 06/07/32 | 919818 |
| 2178926 | GTCR Everest Borrower, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 6.4220 | 09/05/31 | 2189516 |
| 230685 | June Purchaser, LLC<sup>(b),(e)</sup> | TSFR1M + 3.250% | 3.2500 | 09/11/31 | 232559 |
| 1377175 | June Purchaser, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 6.4220 | 09/11/31 | 1388365 |
| 2531319 | Nexus Buyer, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.2160 | 07/31/31 | 2499816 |
| 2579134 | Nexus Buyer, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 7.7160 | 07/31/31 | 2563557 |
| 6855422 | Osaic Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 6.5950 | 07/19/32 | 6892029 |
| 7264460 | Sophos Intermediate II Ltd.<sup>(b)</sup> | TSFR1M + 3.610% | 7.3310 | 03/05/27 | 7277862 |
|  |  |  |  |  | 49657751 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 84.5% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 0.8%** |  |  |  |  |
| 4712885 | Tenneco, Inc.<sup>(b)</sup> | TSFR1M + 4.750% | 8.8100 | 11/17/28 | $4630127 |
| 1685000 | Tenneco, Inc.<sup>(b)</sup> | TSFR1M + 5.000% | 8.8800 | 11/17/28 | 1659278 |
|  |  |  |  |  | 6289405 |
|  | **BIOTECH & PHARMA — 1.8%** |  |  |  |  |
| 3913942 | Amneal Pharmaceuticals, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.2160 | 07/26/32 | 3953081 |
| 1764871 | Curium Bidco Sarl<sup>(b)</sup> | TSFR1M + 3.000% | 6.6720 | 08/07/31 | 1784726 |
| 6050000 | Genmab A/S<sup>(b)</sup> | TSFR1M + 3.000% | 6.9920 | 11/18/32 | 6085937 |
| 1250000 | Grifols Worldwide Operations USA, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 5.9220 | 11/08/27 | 1251300 |
|  |  |  |  |  | 13075044 |
|  | **CABLE & SATELLITE — 0.6%** |  |  |  |  |
| 917092 | Cogeco Communications USA II, L.P.<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | 09/18/30 | 888923 |
| 932721 | COGECO Financing 2, L.P.<sup>(b)</sup> | TSFR1M + 2.615% | 6.3310 | 09/01/28 | 901615 |
| 1173724 | Virgin Media Bristol, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.0520 | 03/06/31 | 1164722 |
| 1811170 | WideOpenWest Finance, LLC<sup>(b)</sup> | TSFR1M + 7.262% | 11.1730 | 12/11/28 | 1848145 |
|  |  |  |  |  | 4803405 |
|  | **CHEMICALS — 1.1%** |  |  |  |  |
| 1740501 | Discovery Purchaser Corporation<sup>(b)</sup> | TSFR1M + 3.750% | 7.6070 | 10/04/29 | 1676790 |
| 2123828 | Nouryon Finance BV<sup>(b)</sup> | TSFR3M + 3.250% | 7.0360 | 04/03/28 | 2128256 |
| 3500000 | Olympus Water US Holding Corporation<sup>(b)</sup> | TSFR1M + 3.250% | 6.9220 | 07/26/32 | 3483882 |
| 646631 | Windsor Holdings III, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 6.4660 | 08/01/30 | 648956 |
|  |  |  |  |  | 7937884 |
|  | **COMMERCIAL SUPPORT SERVICES — 7.2%** |  |  |  |  |
| 1303024 | Action Environmental Group, Inc. (The)<sup>(b)</sup> | TSFR1M + 4.500% | 6.9220 | 10/05/30 | 1307103 |
| 6082329 | Allied Universal Holdco, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | 08/06/32 | 6121287 |
| 6522373 | Amspec Parent, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.1720 | 12/22/31 | 6554984 |
| 528000 | Anticimex Global A.B.<sup>(b)</sup> | TSFR1M + 3.000% | 6.9910 | 10/31/31 | 531300 |
| 3112562 | Bifm CA Buyer, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | 05/31/28 | 3137852 |
| 3713553 | CHG Healthcare Services, Inc.<sup>(b)</sup> | TSFR3M + 2.750% | 6.5900 | 09/29/28 | 3734869 |
| 3000000 | Citrin Cooperman Advisors, LLC<sup>(b)</sup> | TSFR3M + 3.000% | 7.3220 | 03/31/32 | 3012495 |
| 3979376 | Conservice Midco, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 6.4660 | 05/13/30 | 3993065 |
| 2853510 | Ensemble RCM, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 6.8400 | 08/03/29 | 2870830 |
| 6982412 | Garda World Security Corporation<sup>(b)</sup> | TSFR1M + 3.000% | 6.7500 | 02/01/29 | 7020815 |
| 2646189 | Prime Security Services Borrower, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 6.3200 | 10/15/30 | 2653386 |
| 389265 | Raven Acquisition Holdings, LLC<sup>(b),(e)</sup> | TSFR1M + 1.000% | 3.2500 | 10/24/31 | 390984 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 84.5% (Continued)** |  |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 7.2% (Continued)** |  |  |  |  |
| 5422460 | Raven Acquisition Holdings, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 6.7160 | 10/24/31 | $5446400 |
| 1317203 | Wash Bidco, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | 08/09/32 | 1330098 |
| 5874099 | WestJet Loyalty, L.P.<sup>(b)</sup> | TSFR1M + 3.850% | 6.9220 | 02/01/31 | 5908052 |
|  |  |  |  |  | 54013520 |
|  | **CONSTRUCTION MATERIALS — 0.2%** |  |  |  |  |
| 1500000 | Quikrete Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 5.9660 | 04/14/31 | 1506015 |
|  | **CONSUMER SERVICES — 2.5%** |  |  |  |  |
| 5238080 | Fugue Finance, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 6.5720 | 01/09/32 | 5262962 |
| 3198437 | KUEHG Corporation<sup>(b)</sup> | TSFR3M + 2.750% | 6.4220 | 06/12/30 | 3113358 |
| 4732455 | Lernen US Finco, LLC<sup>(b)</sup> | SOFRRATE + 3.500% | 7.8700 | 10/27/31 | 4750202 |
| 1352692 | Prometric Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 7.4660 | 06/18/32 | 1365205 |
| 4242640 | University Support Services, LLC<sup>(b)</sup> | TSFR1M + 3.350% | 6.4660 | 06/29/28 | 4111372 |
|  |  |  |  |  | 18603099 |
|  | **CONTAINERS & PACKAGING — 0.6%** |  |  |  |  |
| 4394301 | Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.4130 | 03/29/32 | 4395861 |
|  | **ELECTRICAL EQUIPMENT — 0.5%** |  |  |  |  |
| 282258 | Pinnacle Buyer, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 6.7500 | 09/11/32 | 283671 |
| 1467742 | Pinnacle Buyer, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 6.7500 | 09/11/32 | 1475088 |
| 1683140 | Vantage Elevator Solutions<sup>(b)</sup> | TSFR1M + 3.860% | 7.5810 | 11/10/28 | 1694181 |
|  |  |  |  |  | 3452940 |
|  | **ENGINEERING & CONSTRUCTION — 0.2%** |  |  |  |  |
| 1261706 | Chromalloy Corporation<sup>(b)</sup> | TSFR1M + 3.750% | 7.2290 | 03/24/31 | 1270677 |
| 548000 | Green Infrastructure Partners, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 6.4220 | 09/18/32 | 550055 |
|  |  |  |  |  | 1820732 |
|  | **ENTERTAINMENT CONTENT — 0.4%** |  |  |  |  |
| 1334456 | AP Core Holdings II, LLC<sup>(b)</sup> | TSFR1M + 5.500% | 9.3310 | 09/01/27 | 1335790 |
| 1429913 | AP Core Holdings II, LLC<sup>(b)</sup> | TSFR1M + 5.500% | 9.3310 | 09/01/27 | 1431829 |
|  |  |  |  |  | 2767619 |
|  | **FOOD — 1.1%** |  |  |  |  |
| 366000 | Chobani, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 5.9660 | 10/22/32 | 368288 |
| 1339846 | Froneri US, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.2690 | 09/18/31 | 1340831 |
| 3345574 | Nourish Buyer I, Inc.<sup>(b)</sup> | TSFR1M + 4.500% | 8.2500 | 07/08/32 | 3368591 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 84.5% (Continued)** |  |  |  |  |
|  | **FOOD — 1.1% (Continued)** |  |  |  |  |
| 2651072 | Snacking Investments US, LLC<sup>(b)</sup> | TSFR3M + 3.000% | 6.8380 | 10/12/32 | $2670955 |
|  |  |  |  |  | 7748665 |
|  | **HEALTH CARE FACILITIES & SERVICES — 8.0%** |  |  |  |  |
| 244245 | ADMI Corporation<sup>(b)</sup> | TSFR1M + 3.375% | 7.2060 | 12/23/27 | 231805 |
| 6100347 | Bella Holding Company, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 6.7160 | 05/10/28 | 6130422 |
| 354013 | Hanger, Inc.<sup>(b),(e)</sup> | TSFR1M + 1.000% | 7.2160 | 10/16/31 | 355620 |
| 2737808 | Hanger, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.2160 | 10/16/31 | 2750237 |
| 5774825 | Heartland Dental, LLC<sup>(b)</sup> | TSFR1M + 3.750% | 7.4660 | 08/07/32 | 5805778 |
| 8130269 | LifePoint Health, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.5770 | 05/14/31 | 8166043 |
| 467751 | LifePoint Health, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.6600 | 05/19/31 | 469018 |
| 686495 | MED ParentCo, L.P.<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 04/15/31 | 689354 |
| 3163505 | MED ParentCo, L.P.<sup>(b)</sup> | TSFR1M + 3.250% | 7.4130 | 04/15/31 | 3176681 |
| 1893629 | National Mentor Holdings, Inc.<sup>(b)</sup> | TSFR3M + 7.250% | 11.0660 | 02/18/29 | 1789480 |
| 2348475 | National Mentor Holdings, Inc.<sup>(b)</sup> | TSFR1M + 6.000% | 9.7160 | 12/05/30 | 2356190 |
| 1006489 | National Mentor Holdings, Inc.<sup>(b),(e)</sup> | TSFR1M + 6.000% | 9.8730 | 12/05/30 | 1009796 |
| 1348192 | Onex TSG Intermediate Corporation<sup>(b)</sup> | TSFR1M + 3.750% | 7.5900 | 07/24/32 | 1358930 |
| 2465541 | Outcomes Group Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 05/06/31 | 2484205 |
| 5999034 | PAREXEL International Corporation<sup>(b)</sup> | TSFR1M + 2.750% | 6.4660 | 12/09/31 | 6026539 |
| 1389874 | Precision Medicine Group, LLC<sup>(b)</sup> | TSFR3M + 3.500% | 7.1720 | 08/16/32 | 1398998 |
| 2620168 | Southern Veterinary Partners, LLC<sup>(b)</sup> | TSFR3M + 2.500% | 6.8180 | 12/04/31 | 2619946 |
| 8485570 | Star Parent, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 8.0020 | 09/19/30 | 8505130 |
| 4091360 | Team Health Holdings, Inc.<sup>(b)</sup> | TSFR1M + 4.500% | 8.3400 | 06/30/28 | 4110221 |
| 443763 | US Fertility Enterprises, LLC<sup>(b)</sup> | TSFR3M + 3.500% | 7.2920 | 12/10/32 | 445982 |
| 67237 | US Fertility Enterprises, LLC<sup>(b)</sup> | TSFR3M + 3.500% | 7.2920 | 12/10/32 | 67573 |
|  |  |  |  |  | 59947948 |
|  | **HOME & OFFICE PRODUCTS — 1.1%** |  |  |  |  |
| 7917488 | AI Aqua Merger Sub, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 6.8030 | 07/31/28 | 7943853 |
|  | **HOME CONSTRUCTION** — **0.0%<sup>(c)</sup>** |  |  |  |  |
| 85501 | Chariot Buyer, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 6.4660 | 07/23/32 | 85777 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.9%** |  |  |  |  |
| 6765915 | Aretec Group, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 08/09/30 | 6800354 |
| 6326708 | Armor Holdco, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 7.5490 | 12/11/31 | 6361315 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 84.5% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.9% (Continued)** |  |  |  |  |
| 3107000 | Ascensus Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 08/02/28 | $3107621 |
| 200000 | Ascensus Holdings, Inc.<sup>(b)</sup> | TSFR1M + 5.250% | 8.9220 | 11/20/33 | 201000 |
| 2647346 | Hudson River Trading, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 6.4860 | 03/20/30 | 2661867 |
| 2302361 | Jane Street Group, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 5.8220 | 12/11/31 | 2294440 |
|  |  |  |  |  | 21426597 |
|  | **INSURANCE — 7.7%** |  |  |  |  |
| 2814653 | Acrisure, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 11/06/30 | 2815976 |
| 1743630 | Acrisure, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | 06/07/32 | 1747989 |
| 4580059 | Alera Group Intermediate Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | 05/21/32 | 4607288 |
| 1894741 | Alliant Holdings Intermediate, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 6.2160 | 09/19/31 | 1901155 |
| 2100000 | Asurion, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 9.0810 | 01/29/28 | 2096399 |
| 1775331 | Asurion, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 7.8160 | 08/17/28 | 1779556 |
| 1950348 | Asurion, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 9.5280 | 01/14/29 | 1920820 |
| 3892413 | Baldwin Insurance Group Holdings, LLC (The)<sup>(b)</sup> | TSFR1M + 2.500% | 6.7360 | 05/27/31 | 3892413 |
| 9852504 | BroadStreet Partners, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.4660 | 05/12/31 | 9896397 |
| 4161899 | Hyperion Refinance Sarl<sup>(b)</sup> | TSFR1M + 2.750% | 6.5110 | 04/18/30 | 4178110 |
| 2569346 | Hyperion Refinance Sarl<sup>(b)</sup> | TSFR1M + 2.750% | 6.4660 | 02/18/31 | 2578750 |
| 8372250 | IMA Financial Group, Inc. (The)<sup>(b)</sup> | TSFR1M + 3.850% | 6.7160 | 11/01/28 | 8403018 |
| 1929183 | OneDigital Borrower, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 07/02/31 | 1936456 |
| 1241823 | OneDigital Borrower, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 8.9660 | 06/14/32 | 1255024 |
| 2147487 | PCF Insurance Services of the West, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | 06/14/32 | 2136749 |
| 3273919 | Sedgwick Claims Management Services, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 6.2160 | 02/17/28 | 3287915 |
| 3096550 | TIH Insurance Holdings, LLC<sup>(b)</sup> | TSFR3M + 2.750% | 6.7520 | 05/06/31 | 3105592 |
|  |  |  |  |  | 57539607 |
|  | **INTERNET MEDIA & SERVICES — 0.8%** |  |  |  |  |
| 878883 | Endurance International Group Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.7160 | 02/10/28 | 719586 |
| 1591960 | Knot Worldwide, Inc. (The)<sup>(b)</sup> | TSFR1M + 3.750% | 7.4660 | 01/31/28 | 1339235 |
| 1366747 | MH Sub I, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 7.9660 | 05/03/28 | 1274833 |
| 1487697 | MH Sub I, LLC<sup>(b)</sup> | TSFR1M + 6.250% | 10.0900 | 02/23/29 | 1251406 |
| 1297604 | MH Sub I, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 7.9660 | 12/11/31 | 1116549 |
|  |  |  |  |  | 5701609 |
|  | **LEISURE FACILITIES & SERVICES — 2.4%** |  |  |  |  |
| 2590434 | Alterra Mountain Company<sup>(b)</sup> | TSFR1M + 2.500% | 6.2160 | 08/17/28 | 2603386 |
| 1509001 | Fitness International, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 8.2160 | 02/05/29 | 1515414 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 84.5% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 2.4% (Continued)** |  |  |  |  |
| 3028090 | IRB Holding Corporation<sup>(b)</sup> | TSFR1M + 2.500% | 6.2160 | 12/16/30 | $3038568 |
| 1058000 | Live Nation Entertainment, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 5.7340 | 10/19/32 | 1060645 |
| 1979075 | Tortuga Resorts Ghd, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.6010 | 08/13/32 | 1956810 |
| 4755250 | UFC Holdings, LLC<sup>(b)</sup> | TSFR3M + 2.000% | 5.8680 | 11/21/31 | 4782331 |
| 2846956 | Voyager Parent, LLC<sup>(b)</sup> | TSFR1M + 4.750% | 8.7510 | 05/10/32 | 2852565 |
|  |  |  |  |  | 17809719 |
|  | **MEDICAL EQUIPMENT & DEVICES — 2.2%** |  |  |  |  |
| 1732457 | Archimedes Debt Merger Sub, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 7.9850 | 05/17/32 | 1722279 |
| 864000 | Argent Finco, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 6.4570 | 11/22/32 | 872100 |
| 4239186 | Bausch + Lomb Corporation<sup>(b)</sup> | TSFR1M + 4.000% | 8.1660 | 09/14/28 | 4249783 |
| 3220406 | Bausch + Lomb Corporation<sup>(b)</sup> | TSFR1M + 4.250% | 8.4130 | 12/18/30 | 3258246 |
| 864739 | Medline Borrower, L.P.<sup>(b)</sup> | TSFR1M + 2.000% | 5.4660 | 10/23/28 | 868280 |
| 5500000 | Medline Borrower, L.P.<sup>(b)</sup> | TSFR1M + 2.000% | 5.4660 | 10/25/30 | 5526647 |
|  |  |  |  |  | 16497335 |
|  | **OIL & GAS PRODUCERS — 0.9%** |  |  |  |  |
| 1901873 | EG America, LLC<sup>(b)</sup> | TSFR3M + 3.500% | 7.3220 | 02/07/28 | 1911582 |
| 1491639 | Prairie Acquiror, L.P.<sup>(b)</sup> | TSFR1M + 3.750% | 7.4660 | 08/01/29 | 1504535 |
| 2498619 | RelaDyne, Inc.<sup>(b)</sup> | SOFRRATE + 4.250% | 7.2160 | 12/23/28 | 2503128 |
| 1092593 | Rockpoint Gas Storage Partners, L.P.<sup>(b)</sup> | TSFR1M + 2.500% | 6.1720 | 09/18/31 | 1099630 |
|  |  |  |  |  | 7018875 |
|  | **PUBLISHING & BROADCASTING — 1.3%** |  |  |  |  |
| 6385858 | Cengage Learning, Inc.<sup>(b)</sup> | TSFR6M + 3.500% | 7.2910 | 03/24/31 | 6419641 |
| 3247067 | Houghton Mifflin Harcourt Company<sup>(b)</sup> | TSFR1M + 5.350% | 9.0660 | 04/09/29 | 2874044 |
| 1027808 | McGraw-Hill Education, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 6.4660 | 08/06/31 | 1037814 |
|  |  |  |  |  | 10331499 |
|  | **RENEWABLE ENERGY — 1.1%** |  |  |  |  |
| 7625309 | Granite Acquisition, Inc.<sup>(b)</sup> | TSFR1M + 2.865% | 6.5810 | 03/17/28 | 7655505 |
| 2419165 | Opal US, LLC<sup>(b)</sup> | TSFR6M + 3.000% | 6.6860 | 04/23/32 | 2437308 |
|  |  |  |  |  | 10092813 |
|  | **RETAIL - CONSUMER STAPLES — 0.1%** |  |  |  |  |
| 1381536 | Heritage Grocers Group, LLC<sup>(b)</sup> | TSFR3M + 6.850% | 10.5220 | 08/01/29 | 1081985 |
|  | **RETAIL - DISCRETIONARY — 2.0%** |  |  |  |  |
| 256960 | Evergreen Acqco 1, L.P.<sup>(b)</sup> | TSFR3M + 3.000% | 6.7010 | 09/13/32 | 258534 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 84.5% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 2.0% (Continued)** |  |  |  |  |
| 4696420 | Great Outdoors Group, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | 01/16/32 | $4729882 |
| 1318728 | Gulfside Supply, Inc.<sup>(b)</sup> | TSFR3M + 3.000% | 7.2990 | 05/29/31 | 1303075 |
| 5130957 | Mavis Tire Express Services Topco Corporation<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 05/04/28 | 5155508 |
| 3226716 | Petco Health & Wellness Company, Inc.<sup>(b)</sup> | TSFR3M + 3.350% | 7.1840 | 02/25/28 | 3199095 |
| 436000 | PetSmart, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 7.7340 | 08/09/32 | 434775 |
|  |  |  |  |  | 15080869 |
|  | **SEMICONDUCTORS — 0.6%** |  |  |  |  |
| 3306000 | Icon Parent, Inc.<sup>(b)</sup> | TSFR3M + 2.750% | 6.6390 | 11/13/31 | 3315720 |
| 1500000 | Icon Parent, Inc.<sup>(b)</sup> | TSFR1M + 5.000% | 9.2050 | 09/13/32 | 1506795 |
|  |  |  |  |  | 4822515 |
|  | **SOFTWARE — 18.3%** |  |  |  |  |
| 6106027 | athenahealth, Inc.<sup>(b)</sup> | SOFRRATE + 3.500% | 6.4660 | 01/27/29 | 6125109 |
| 4680569 | Avalara, Inc.<sup>(b)</sup> | TSFR3M + 2.750% | 6.4220 | 03/29/32 | 4706242 |
| 4850871 | Azalea Topco, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 04/30/31 | 4866030 |
| 5322657 | BMC Software, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 6.8220 | 07/30/31 | 5315072 |
| 1121494 | Boxer Parent Company, Inc.<sup>(b)</sup> | TSFR1M + 5.750% | 9.4660 | 07/06/32 | 1084064 |
| 5093788 | Central Parent, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.9220 | 07/06/29 | 4331197 |
| 4628448 | Cloud Software Group, Inc.<sup>(b)</sup> | TSFR3M + 3.250% | 6.9220 | 03/24/31 | 4639649 |
| 3007463 | Cloud Software Group, Inc.<sup>(b)</sup> | TSFR3M + 3.250% | 6.9220 | 08/09/32 | 3014756 |
| 4000790 | Clover Holdings 2, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 7.8290 | 11/03/31 | 4008911 |
| 8280000 | ConnectWise, LLC<sup>(b)</sup> | TSFR3M + 3.762% | 7.4340 | 09/24/28 | 8150665 |
| 7235690 | Cotiviti, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.8840 | 02/24/31 | 6970393 |
| 6000000 | Dayforce, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.1570 | 10/07/32 | 5989320 |
| 783980 | DS Admiral Bidco, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 7.9220 | 06/05/31 | 772220 |
| 1129123 | ECI Macola/Max Holding, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 6.5220 | 05/09/30 | 1136271 |
| 8998407 | Envestnet, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.1630 | 09/19/31 | 9029316 |
| 1496231 | Genesys Cloud Services Holdings II, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 6.2160 | 01/26/32 | 1495064 |
| 2887212 | Idera, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.3540 | 03/02/28 | 2701550 |
| 615000 | Jaggaer, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 8.8220 | 10/08/32 | 612119 |
| 1775000 | Leia Finco US, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5350 | 07/02/31 | 1783724 |
| 5246481 | McAfee Corporation<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 03/01/29 | 4858949 |
| 594000 | Metropolis Technologies, Inc.<sup>(b)</sup> | TSFR1M + 5.250% | 8.9800 | 10/20/32 | 589545 |
| 2918519 | Mitchell International, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | 06/06/31 | 2931667 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 84.5% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 18.3% (Continued)** |  |  |  |  |
| 2311391 | Mitchell International, Inc.<sup>(b)</sup> | TSFR1M + 5.250% | 8.9660 | 06/07/32 | $2302435 |
| 3090103 | Modena Buyer, LLC<sup>(b)</sup> | TSFR1M + 4.500% | 8.0900 | 04/21/31 | 3080199 |
| 3210171 | Ping Identity Holding Corporation<sup>(b)</sup> | TSFR1M + 2.750% | 6.5910 | 10/29/32 | 3222209 |
| 2666270 | PointClickCare Technologies, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 6.4220 | 11/03/31 | 2675162 |
| 6672533 | Project Alpha Intermediate Holding, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.9220 | 10/28/30 | 6669664 |
| 1235398 | Project Sky Merger Sub, Inc.<sup>(b)</sup> | TSFR1M + 6.000% | 9.8160 | 08/10/29 | 1082838 |
| 3325072 | Proofpoint, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.1470 | 08/31/28 | 3347699 |
| 797489 | RealPage, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.9340 | 02/18/28 | 797796 |
| 900494 | RealPage, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 7.4220 | 04/24/28 | 904528 |
| 1092000 | Red Planet Borrower, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 7.7160 | 08/09/32 | 1095413 |
| 3438024 | Rocket Software, Inc.<sup>(b)</sup> | TSFR1M + 4.750% | 7.4660 | 11/28/28 | 3441600 |
| 1534810 | Starlight Parent, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 7.7010 | 03/15/32 | 1535769 |
| 4493335 | Storable, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | 04/17/31 | 4520475 |
| 3250000 | UKG, Inc.<sup>(b)</sup> | TSFR3M + 2.500% | 6.3380 | 02/10/31 | 3257166 |
| 4415689 | Waystar Technologies, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 5.7160 | 10/22/29 | 4448807 |
| 1070254 | Zelis Payments Buyer, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 6.4660 | 09/28/29 | 1061339 |
| 5665505 | Zelis Payments Buyer, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.9660 | 10/27/31 | 5630095 |
| 1372185 | Zuora, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.2160 | 12/15/31 | 1369359 |
|  |  |  |  |  | 135554386 |
|  | **SPECIALTY FINANCE — 1.9%** |  |  |  |  |
| 4427059 | Apex Group Treasury, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.3870 | 02/20/32 | 4183570 |
| 448000 | Blackstone Mortgage Trust, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.4570 | 11/19/32 | 448840 |
| 2107788 | CFC USA 2025, LLC<sup>(b)</sup> | TSFR1M + 3.750% | 7.7350 | 05/31/32 | 2057728 |
| 875000 | Corpay Technologies Operating Company, LLC<sup>(b)</sup> | TSFR1M + 1.850% | 5.4660 | 10/04/32 | 876824 |
| 3985281 | Kestra Advisor Services Holdings A, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 6.7160 | 03/24/31 | 3997735 |
| 2605622 | Orion US Finco<sup>(b)</sup> | TSFR1M + 3.500% | 7.8330 | 05/20/32 | 2620891 |
|  |  |  |  |  | 14185588 |
|  | **TECHNOLOGY HARDWARE — 0.8%** |  |  |  |  |
| 4316913 | Bingo Holdings I, LLC<sup>(b)</sup> | TSFR1M + 4.750% | 8.4220 | 06/14/32 | 4243159 |
| 1870602 | Pitney Bowes, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 7.4220 | 02/02/32 | 1863007 |
|  |  |  |  |  | 6106166 |
|  | **TECHNOLOGY SERVICES — 3.0%** |  |  |  |  |
| 2994814 | Access CIG, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 7.7160 | 08/19/30 | 2897482 |
| 772745 | Ahead DB Holdings, LLC<sup>(b)</sup> | TSFR3M + 2.500% | 6.1720 | 02/03/31 | 772876 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 84.5% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 3.0% (Continued)** |  |  |  |  |
| 2248775 | Blackhawk Network Holdings, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 7.6720 | 03/12/29 | $2262301 |
| 947532 | CoreLogic, Inc.<sup>(b)</sup> | TSFR1M + 3.615% | 7.3310 | 06/02/28 | 949683 |
| 3553259 | Fortress Intermediate 3, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.1060 | 06/27/31 | 3561059 |
| 1033000 | ION Platform Finance US, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 7.4220 | 09/30/32 | 972497 |
| 5480921 | Kaseya, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 6.7160 | 03/08/32 | 5492213 |
| 1321967 | Neon Maple US Debt Mergersub, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 6.2160 | 11/17/31 | 1325213 |
| 1716426 | Neptune Bidco US, Inc.<sup>(b)</sup> | TSFR3M + 4.850% | 8.7620 | 10/11/28 | 1697803 |
| 2189524 | Trio Bidco, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 7.6720 | 10/08/32 | 2197735 |
| 230476 | Trio Bidco, Inc.<sup>(b),(e)</sup> | TSFR1M + 4.000% | 8.1650 | 10/08/32 | 231340 |
|  |  |  |  |  | 22360202 |
|  | **TELECOMMUNICATIONS — 0.9%** |  |  |  |  |
| 3107901 | Crown Subsea Communications Holding, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.2160 | 01/30/31 | 3135872 |
| 3288258 | QualityTech, L.P.<sup>(b)</sup> | TSFR1M + 3.500% | 7.6060 | 11/04/31 | 3298550 |
|  |  |  |  |  | 6434422 |
|  | **TRANSPORTATION & LOGISTICS — 2.0%** |  |  |  |  |
| 274620 | AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | TSFR1M + 3.250% | 7.1340 | 05/28/32 | 276338 |
| 314929 | Beacon Mobility Corporation<sup>(b),(e)</sup> | TSFR1M + 3.250% | 6.9220 | 06/17/30 | 316997 |
| 2298984 | Beacon Mobility Corporation<sup>(b)</sup> | TSFR1M + 3.250% | 6.9220 | 06/17/30 | 2314077 |
| 270679 | First Student Bidco, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.2500 | 08/15/30 | 271749 |
| 1479321 | First Student Bidco, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.2500 | 08/15/30 | 1486163 |
| 5742066 | JetBlue Airways Corporation<sup>(b)</sup> | TSFR1M + 5.500% | 8.4450 | 08/13/29 | 5525302 |
| 995006 | Radar Bidco Sarl<sup>(b)</sup> | TSFR1M + 3.250% | 7.1850 | 04/25/31 | 1002887 |
| 1491318 | Rand Parent, LLC<sup>(b)</sup> | TSFR3M + 3.000% | 6.6720 | 03/18/30 | 1497633 |
| 2338767 | Savage Enterprises, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 6.6060 | 08/04/32 | 2351923 |
|  |  |  |  |  | 15043069 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.7%** |  |  |  |  |
| 5316434 | Golden State Foods Corporation<sup>(b)</sup> | TSFR1M + 4.250% | 7.6720 | 10/07/31 | 5356307 |
|  | **TOTAL TERM LOANS (Cost $630,311,016)** |  |  |  | 629476997 |

---

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

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 8.2%** |  |
|  | **MONEY MARKET FUNDS - 8.2%** |  |
| 61375473 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $61,375,473)<sup>(d)</sup> | $61375473 |
|  | **TOTAL INVESTMENTS - 106.0% (Cost $790,228,144)** | $789932403 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.0)%** | (44701393) |
|  | **NET ASSETS - 100.0%** | $745231010 |

---

---

| | |
|:---|:---|
| BV | - Besloten Vennootschap |
| CLO | - Collateralized Loan Obligation |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |
| SOFRRATE | United States SOFR 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 December 31, 2025, the total market value of 144A securities is 62,190,238 or 8.3% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on December 31, 2025.

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

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

<sup>(e)</sup> This investment or portion thereof was not funded as of December 31, 2025. The Fund had $4,343,644 at par value in unfunded commitments as of December 31, 2025. See Note 1.

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

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 3.0%** |  |  |  |
|  | **FIXED INCOME - 3.0%** |  |  |  |
| 100000 | SPDR Portfolio High Yield Bond ETF<sup>(a)</sup> |  |  | $2367000 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,378,825)** |  |  |  |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **CONVERTIBLE BONDS — 14.1%** |  |  |  |
|  | **ASSET MANAGEMENT — 1.2%** |  |  |  |
| 887000 | Capital Southwest Corporation | 5.1250 | 11/15/29 | 880348 |
|  | **ENGINEERING & CONSTRUCTION — 0.4%** |  |  |  |
| 200000 | Granite Construction, Inc. | 3.2500 | 06/15/30 | 320000 |
|  | **INTERNET MEDIA & SERVICES — 0.3%** |  |  |  |
| 200000 | Lyft, Inc. | 0.6250 | 03/01/29 | 241170 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.4%** |  |  |  |
| 700000 | Alphatec Holdings, Inc.<sup>(b)</sup> | 0.7500 | 03/15/30 | 1074290 |
|  | **RENEWABLE ENERGY — 0.4%** |  |  |  |
| 200000 | Array Technologies, Inc.<sup>(b)</sup> | 2.8750 | 07/01/31 | 289500 |
|  | **RETAIL - CONSUMER STAPLES — 0.3%** |  |  |  |
| 300000 | Hims & Hers Health, Inc.<sup>(b),(c)</sup> | 0.0000 | 05/15/30 | 259350 |
|  | **RETAIL - DISCRETIONARY — 0.2%** |  |  |  |
| 200000 | GameStop Corporation<sup>(b),(c)</sup> | 0.0000 | 06/15/32 | 195600 |
|  | **SOFTWARE — 6.8%** |  |  |  |
| 200000 | BigBear.ai Holdings, Inc.<sup>(b)</sup> | 6.0000 | 12/15/29 | 336074 |
| 200000 | BlackLine, Inc. | 1.0000 | 06/01/29 | 211470 |
| 600000 | DigitalOcean Holdings, Inc.<sup>(b),(c)</sup> | 0.0000 | 08/15/30 | 850200 |
| 4000000 | Nebius Group N.V.<sup>(b)</sup> | 2.7500 | 09/15/32 | 3837999 |
| 200000 | Nutanix, Inc. | 0.5000 | 12/15/29 | 193400 |
|  |  |  |  | 5429143 |

---

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

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CONVERTIBLE BONDS — 14.1% (Continued)** |  |  |  |
|  | **SPECIALTY FINANCE — 0.9%** |  |  |  |
| 400000 | EZCORP, Inc.<sup>(b)</sup> | 3.7500 | 12/15/29 | $744200 |
|  | **TECHNOLOGY HARDWARE — 0.6%** |  |  |  |
| 500000 | Super Micro Computer, Inc. | 3.5000 | 03/01/29 | 446225 |
|  | **TECHNOLOGY SERVICES — 1.6%** |  |  |  |
| 200000 | Euronet Worldwide, Inc.<sup>(b)</sup> | 0.6250 | 10/01/30 | 182875 |
| 500000 | MARA Holdings, Inc.<sup>(c)</sup> | 0.0000 | 06/01/31 | 418500 |
| 550000 | Riot Platforms, Inc. | 0.7500 | 01/15/30 | 623563 |
|  |  |  |  | 1224938 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $10,810,362)** |  |  | 11104764 |
|  | **CORPORATE BONDS — 78.4%** |  |  |  |
|  | **ASSET MANAGEMENT — 4.1%** |  |  |  |
| 3250000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation<sup>(b)</sup> | 10.0000 | 11/15/29 | 3251770 |
|  | **BIOTECH & PHARMA — 7.6%** |  |  |  |
| 3750000 | 1261229 BC Ltd.<sup>(b)</sup> | 10.0000 | 04/15/32 | 3903949 |
| 2000000 | Harrow, Inc.<sup>(b)</sup> | 8.6250 | 09/15/30 | 2103330 |
|  |  |  |  | 6007279 |
|  | **ENGINEERING & CONSTRUCTION — 0.2%** |  |  |  |
| 145000 | Tutor Perini Corporation<sup>(b)</sup> | 11.8750 | 04/30/29 | 161639 |
|  | **ENTERTAINMENT CONTENT — 3.4%** |  |  |  |
| 478000 | AMC Networks, Inc.<sup>(b)</sup> | 10.2500 | 01/15/29 | 501616 |
| 1750000 | AMC Networks, Inc.<sup>(b)</sup> | 10.5000 | 07/15/32 | 1934896 |
| 250000 | Univision Communications, Inc.<sup>(b)</sup> | 9.3750 | 08/01/32 | 268783 |
|  |  |  |  | 2705295 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.5%** |  |  |  |
| 600000 | Mercer International, Inc. | 5.1250 | 02/01/29 | 384344 |

---

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

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 78.4% (Continued)** |  |  |  |
|  | **HOME CONSTRUCTION — 2.6%** |  |  |  |
| 2000000 | K Hovnanian Enterprises, Inc.<sup>(b)</sup> | 8.3750 | 10/01/33 | $2034128 |
|  | **HOUSEHOLD PRODUCTS — 0.2%** |  |  |  |
| 150000 | Central Garden & Pet Company | 4.1250 | 10/15/30 | 143963 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 2.2%** |  |  |  |
| 1700000 | Park-Ohio Industries, Inc.<sup>(b)</sup> | 8.5000 | 08/01/30 | 1754000 |
|  | **INTERNET MEDIA & SERVICES — 5.5%** |  |  |  |
| 4250000 | Getty Images, Inc.<sup>(b)</sup> | 10.5000 | 11/15/30 | 4288309 |
|  | **LEISURE FACILITIES & SERVICES — 2.4%** |  |  |  |
| 1550000 | Full House Resorts, Inc.<sup>(b)</sup> | 8.2500 | 02/15/28 | 1352375 |
| 550000 | Odeon Finco PLC<sup>(b)</sup> | 12.7500 | 11/01/27 | 567494 |
|  |  |  |  | 1919869 |
|  | **METALS & MINING — 2.5%** |  |  |  |
| 166000 | Hecla Mining Company | 7.2500 | 02/15/28 | 167206 |
| 1750000 | Nickel Industries Ltd.<sup>(b)</sup> | 9.0000 | 09/30/30 | 1817539 |
|  |  |  |  | 1984745 |
|  | **OIL & GAS PRODUCERS — 3.0%** |  |  |  |
| 2250000 | Northern Oil & Gas, Inc.<sup>(b)</sup> | 7.8750 | 10/15/33 | 2192133 |
| 175000 | Occidental Petroleum Corporation | 6.6000 | 03/15/46 | 181788 |
|  |  |  |  | 2373921 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.1%** |  |  |  |
| 200000 | Nine Energy Service, Inc. | 13.0000 | 02/01/28 | 60991 |
| 250000 | Transocean, Inc.<sup>(b)</sup> | 8.5000 | 05/15/31 | 247798 |
| 1517000 | Transocean, Inc. | 6.8000 | 03/15/38 | 1305274 |
|  |  |  |  | 1614063 |
|  | **PUBLISHING & BROADCASTING — 0.3%** |  |  |  |
| 224000 | Gray Media, Inc.<sup>(b)</sup> | 10.5000 | 07/15/29 | 241267 |
|  | **RETAIL - DISCRETIONARY — 9.7%** |  |  |  |
| 1065000 | Bed Bath & Beyond, Inc.<sup>(d)</sup> | 5.1650 | 08/01/44 | 15442 |
| 490017 | Carvana Company<sup>(b)</sup> | 9.0000 | 06/01/31 | 553283 |

---

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

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 78.4% (Continued)** |  |  |  |
|  | **RETAIL - DISCRETIONARY — 9.7% (Continued)** |  |  |  |
| 5250000 | Hertz Corporation (The)<sup>(b)</sup> | 12.6250 | 07/15/29 | $5298309 |
| 1283000 | Kohl's Corporation | 5.5500 | 07/17/45 | 915123 |
| 1075000 | Nordstrom, Inc. | 5.0000 | 01/15/44 | 809259 |
|  |  |  |  | 7591416 |
|  | **SOFTWARE — 11.8%** |  |  |  |
| 4598000 | CoreWeave, Inc.<sup>(b)</sup> | 9.0000 | 02/01/31 | 4219906 |
| 5750000 | Pagaya US Holdings Company, LLC<sup>(b)</sup> | 8.8750 | 08/01/30 | 5031282 |
|  |  |  |  | 9251188 |
|  | **SPECIALTY FINANCE — 8.0%** |  |  |  |
| 1000000 | Arbor Realty SR, Inc.<sup>(b)</sup> | 8.5000 | 12/15/28 | 996585 |
| 4750000 | Atlanticus Holdings Corporation<sup>(b)</sup> | 9.7500 | 09/01/30 | 4765086 |
| 500000 | Enova International, Inc.<sup>(b)</sup> | 9.1250 | 08/01/29 | 532479 |
|  |  |  |  | 6294150 |
|  | **TECHNOLOGY HARDWARE — 0.0%** |  |  |  |
| 8669000 | Energy Conversion Devices, Inc.<sup>(b),(c),(d),(e),(f)</sup> | 0.0000 | 12/15/49 |  |
|  | **TECHNOLOGY SERVICES — 5.6%** |  |  |  |
| 4298000 | Unisys Corporation<sup>(b)</sup> | 10.6250 | 01/15/31 | 4406761 |
|  | **TELECOMMUNICATIONS — 6.7%** |  |  |  |
| 3750000 | APLD ComputeCo, LLC<sup>(b)</sup> | 9.2500 | 12/15/30 | 3688056 |
| 1500000 | Level 3 Financing, Inc.<sup>(b)</sup> | 8.5000 | 01/15/36 | 1539742 |
|  |  |  |  | 5227798 |
|  | **TOTAL CORPORATE BONDS (Cost $65,581,222)** |  |  | 61635905 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 8.6%** | **SHORT-TERM INVESTMENTS — 8.6%** | **SHORT-TERM INVESTMENTS — 8.6%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 3.1%** | **COLLATERAL FOR SECURITIES LOANED - 3.1%** | **COLLATERAL FOR SECURITIES LOANED - 3.1%** |  |
| 2400750 | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $2,400,750)<sup>(g),(h)</sup> | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $2,400,750)<sup>(g),(h)</sup> | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $2,400,750)<sup>(g),(h)</sup> | 2400750 |
|  | **MONEY MARKET FUNDS - 5.5%** |  |  |  |
| 4325612 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $4,325,612)<sup>(h)</sup> | First American Treasury Obligations Fund, Class X, 3.65% (Cost $4,325,612)<sup>(h)</sup> | First American Treasury Obligations Fund, Class X, 3.65% (Cost $4,325,612)<sup>(h)</sup> | 4325612 |

---

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

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,726,362)** | $6726362 |
|  | **TOTAL INVESTMENTS - 104.1% (Cost $85,496,771)** | $81834031 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.1)%** | (3259015) |
|  | **NET ASSETS - 100.0%** | $78575016 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| 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 December 31, 2025 was $2,343,330.

<sup>(b)</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 December 31, 2025 the total market value of 144A securities is 65,422,603 or 83.3% of net assets.

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

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

<sup>(e)</sup> Illiquid security. The total fair value of these securities as of December 31, 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.

<sup>(g)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2025. Total collateral had a value of $2,400,750 at December 31, 2025.

<sup>(h)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 51.4%** |  |
|  | **ASSET MANAGEMENT - 32.5%** |  |
| 1000 | Apollo Global Management, Inc. | $144760 |
| 3500 | Ares Capital Corporation | 70805 |
| 39034 | Blue Owl Capital, Inc.<sup>(a)</sup> | 583168 |
| 49000 | Capital Southwest Corporation<sup>(a)</sup> | 1085349 |
| 11000 | Carlyle Group, Inc. (The) | 650210 |
| 7087 | Carlyle Secured Lending, Inc.<sup>(a)</sup> | 88517 |
| 4900 | Crescent Capital BDC, Inc. | 68845 |
| 40565 | Hercules Capital, Inc. | 763433 |
| 12128 | Main Street Capital Corporation<sup>(a)</sup> | 732410 |
| 200742 | Prospect Capital Corporation | 519922 |
| 42466 | SuRo Capital Corporation | 400879 |
| 3400 | TPG, Inc. | 217056 |
| 70337 | Trinity Capital, Inc.<sup>(a)</sup> | 1030437 |
|  |  | 6355791 |
|  | **AUTOMOTIVE - 0.4%** |  |
| 6200 | Ford Motor Company | 81344 |
|  | **OIL & GAS PRODUCERS - 4.2%** |  |
| 23298 | Civitas Resources, Inc.<sup>(a)</sup> | 631143 |
| 40000 | HighPeak Energy, Inc.<sup>(a)</sup> | 189600 |
|  |  | 820743 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 12.3%** |  |
| 26000 | Advanced Flower Capital, Inc. | 74100 |
| 1200 | American Tower Corporation, Class A | 210684 |
| 600 | Extra Space Storage, Inc.<sup>(a)</sup> | 78132 |
| 2947 | Hannon Armstrong Sustainable Infrastructure Capital, Inc.<sup>(a)</sup> | 92624 |
| 4890 | Innovative Industrial Properties, Inc.<sup>(a)</sup> | 231590 |
| 34478 | NexPoint Diversified Real Estate Trust | 132049 |
| 5000 | Realty Income Corporation<sup>(a)</sup> | 281850 |
| 24106 | Rithm Capital Corporation | 262755 |
| 37475 | VICI Properties, Inc. | 1053798 |
|  |  | 2417582 |

---

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

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 51.4% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 1.0%** |  |
| 1000 | Dick's Sporting Goods, Inc. | $197970 |
|  | **SPECIALTY FINANCE - 0.6%** |  |
| 1600 | OneMain Holdings, Inc. | 108080 |
|  | **TRANSPORTATION & LOGISTICS - 0.4%** |  |
| 700 | Copa Holdings S.A., Class A | 84427 |
|  | **TOTAL COMMON STOCKS (Cost $11,430,490)** | 10065937 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CONVERTIBLE BONDS — 14.4%** |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 4.9%** |  |  |  |
| 850000 | Lyft, Inc.<sup>(b),(c)</sup> | 0.0000 | 09/15/30 | 963050 |
|  | **RETAIL - CONSUMER STAPLES — 0.9%** |  |  |  |
| 200000 | Hims & Hers Health, Inc.<sup>(b),(c)</sup> | 0.0000 | 05/15/30 | 172900 |
|  | **SOFTWARE — 4.0%** |  |  |  |
| 300000 | BigBear.ai Holdings, Inc.<sup>(b)</sup> | 6.0000 | 12/15/29 | 504111 |
| 300000 | Nebius Group N.V.<sup>(b)</sup> | 2.7500 | 09/15/32 | 287850 |
|  |  |  |  | 791961 |
|  | **SPECIALTY FINANCE — 1.4%** |  |  |  |
| 150000 | EZCORP, Inc.<sup>(b)</sup> | 3.7500 | 12/15/29 | 279075 |
|  | **TECHNOLOGY SERVICES — 3.2%** |  |  |  |
| 550000 | Riot Platforms, Inc. | 0.7500 | 01/15/30 | 623563 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $2,815,937)** |  |  | 2830549 |

---

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

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 30.9%** |  |  |  |
|  | **ASSET MANAGEMENT — 1.3%** |  |  |  |
| 250000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation<sup>(b)</sup> | 10.0000 | 11/15/29 | $250136 |
|  | **ENTERTAINMENT CONTENT — 0.8%** |  |  |  |
| 150000 | Univision Communications, Inc.<sup>(b)</sup> | 9.3750 | 08/01/32 | 161270 |
|  | **LEISURE FACILITIES & SERVICES — 4.9%** |  |  |  |
| 500000 | Full House Resorts, Inc.<sup>(b)</sup> | 8.2500 | 02/15/28 | 436250 |
| 515000 | Odeon Finco PLC<sup>(b)</sup> | 12.7500 | 11/01/27 | 531381 |
|  |  |  |  | 967631 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 4.6%** |  |  |  |
| 250000 | Nine Energy Service, Inc. | 13.0000 | 02/01/28 | 76239 |
| 953000 | Transocean, Inc. | 6.8000 | 03/15/38 | 819991 |
|  |  |  |  | 896230 |
|  | **RETAIL - DISCRETIONARY — 11.1%** |  |  |  |
| 373000 | Bed Bath & Beyond, Inc.<sup>(d)</sup> | 5.1650 | 08/01/44 | 5408 |
| 40017 | Carvana Company<sup>(b)</sup> | 9.0000 | 06/01/31 | 45184 |
| 1750000 | Hertz Corporation (The)<sup>(b)</sup> | 12.6250 | 07/15/29 | 1766103 |
| 528000 | Kohl's Corporation | 5.5500 | 07/17/45 | 376606 |
|  |  |  |  | 2193301 |
|  | **SOFTWARE — 6.1%** |  |  |  |
| 250000 | CoreWeave, Inc.<sup>(b)</sup> | 9.0000 | 02/01/31 | 229443 |
| 1100000 | Pagaya US Holdings Company, LLC<sup>(b)</sup> | 8.8750 | 08/01/30 | 962505 |
|  |  |  |  | 1191948 |
|  | **TECHNOLOGY HARDWARE — 0.0%** |  |  |  |
| 5543000 | Energy Conversion Devices, Inc.<sup>(b),(c),(d),(f),(g)</sup> | 0.0000 | 12/15/49 |  |
|  | **TECHNOLOGY SERVICES — 0.8%** |  |  |  |
| 150000 | Unisys Corporation<sup>(b)</sup> | 10.6250 | 01/15/31 | 153796 |
|  | **TELECOMMUNICATIONS — 1.3%** |  |  |  |
| 250000 | APLD ComputeCo, LLC<sup>(b)</sup> | 9.2500 | 12/15/30 | 245870 |
|  | **TOTAL CORPORATE BONDS (Cost $8,196,359)** |  |  | 6060182 |

---

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

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 22.6%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 20.1%** |  |
| 3953485 | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $3,953,485)<sup>(g),(h)</sup> | $3953485 |
|  | **MONEY MARKET FUNDS - 2.5%** |  |
| 499350 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $499,350)<sup>(g)</sup> | $499350 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,452,835)** | 4452835 |
|  | **TOTAL INVESTMENTS - 119.3% (Cost $26,895,621)** | $23409503 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (19.3)%** | (3784772) |
|  | **NET ASSETS - 100.0%** | $19624731 |

---

---

| | |
|:---|:---|
| BDC | - Business Development Company |
| LLC | - Limited Liability Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |

---

 

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $3,793,860.

<sup>(b)</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 December 31, 2025, the total market value of 144A securities is 6,988,924 or 35.6% of net assets.

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

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

<sup>(e)</sup> Illiquid security. The total fair value of these securities as of December 31, 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.

<sup>(g)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2025. Total collateral had a value of $3,953,485 at December 31, 2025.

<sup>(h)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Assets and Liabilities (Unaudited) |
| December 31, 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 | $63439353 | $62599904 | $11993050 | $790228144 (a) | $85496771 | $26895621 |
| Investment in Securities, at Value | $63594758 | $42869193 | $14557216 | $789932403 | $81834031 | $23409503 |
| Cash |  |  |  | 1846304 |  |  |
| Receivable for Fund shares sold | 42378 | 365 | 20271 | 2652407 | 375796 | 135000 |
| Receivable for securities sold |  |  |  | 6090118 |  |  |
| Dividends and interest receivable | 798909 | 215636 | 80520 | 5401381 | 2033153 | 342623 |
| Due from Advisor |  |  | 1973 |  |  |  |
| Prepaid expenses and other assets | 35206 | 36136 | 33582 | 80012 | 43112 | 29207 |
| &nbsp;&nbsp;&nbsp;Total Assets | **64471251** | **43121330** | **14693562** | **806002625** | **84286092** | **23916333** |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for securities purchased |  |  |  | 57827362 | 2624063 | 291563 |
| Investment advisory fees payable | 21116 | 29198 |  | 438752 | 60612 | 5736 |
| Distribution Payable | 45310 |  |  | 930003 |  |  |
| Payable upon return of securities loaned (Market value of securities on loan $0; $0; $0; $0; $2,343,330; $3,793,860) |  |  |  |  | 2400750 | 3953485 |
| Payable for Fund shares redeemed | 69339 | 94628 | 1000 | 1279201 | 561185 |  |
| Payable to related parties | 3728 | 16303 | 3726 | 46020 | 7737 | 6499 |
| Trustee fee payable | 3769 | 3868 | 3809 | 4579 | 3827 | 3800 |
| Accrued 12b-1 fees | 6032 | 1084 | 7073 | 118419 | 17395 | 6733 |
| Accrued expenses and other liabilities | 19859 | 36040 | 17713 | 127279 | 35507 | 23786 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **169153** | **181121** | **33321** | **60771615** | **5711076** | **4291602** |
| &nbsp;&nbsp;&nbsp;Commitments and contingent liabilities (Note 1(o)) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**64302098** | $**42940209** | $**14660241** | $**745231010** | $**78575016** | $**19624731** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid in capital | $72368326 | $191238021 | $11868390 | $769699058 | $112365596 | $40566519 |
| Accumulated earnings (losses) | (8066228) | (148297812) | 2791851 | (24468048) | (33790580) | (20941788) |
| **Net Assets** | $**64302098** | $**42940209** | $**14660241** | $**745231010** | $**78575016** | $**19624731** |
| **Class A** |  |  |  |  |  |  |
| Net Assets | $3490824 | $6547678 | $2059426 | $46533432 | $20608896 | $5300079 |
| Shares of beneficial interest outstanding (b) | 376729 | 957804 | 161486 | 5056275 | 5081929 | 1101807 |
| Net asset value per share (Net assets/shares outstanding) | $9.27 | $6.84 | $12.75 | $9.20 | $4.06 | $4.81 |
| Maximum offering price per share (c) | $9.73 | $7.18 | $13.53 | $9.66 | $4.26 | $5.10 |
| Minimum redemption price per share (d) | $9.18 | $6.77 | $12.62 | $9.11 | $4.02 | $4.76 |
| **Class C** |  |  |  |  |  |  |
| Net Assets | $2580460 | $4911345 | $4138304 | $83059819 | $4763498 | $2608251 |
| Shares of beneficial interest outstanding (b) | 278202 | 723390 | 331805 | 9063297 | 1171115 | 542923 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $9.28 | $6.79 | $12.47 | $9.16 | $4.07 | $4.80 |
| **Class I** |  |  |  |  |  |  |
| Net Assets | $58230814 | $31481186 | $8462511 | $613075703 | $53202622 | $11716401 |
| Shares of beneficial interest outstanding (b) | 6269157 | 4604928 | 662923 | 66580393 | 13102753 | 2444411 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $9.29 | $6.84 | $12.77 | $9.21 | $4.06 | $4.79 |
| **Class C-1 (e)** |  |  |  |  |  |  |
| Net Assets |  |  |  | $2562056 |  |  |
| Shares of beneficial interest outstanding (b) |  |  |  | 279754 |  |  |
| Net asset value and offering price per share (Net assets/shares outstanding) |  |  |  | $9.16 |  |  |
| Minimum redemption price per share (f) |  |  |  | $9.07 |  |  |

---

(a) Includes
 unrealized appreciation (depreciation) on unfunded loan commitments of $85,890.

(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 (Unaudited) |
| For the Six Months Ended December 31, 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 | $— | $— | $77875 | $1330713 | $119719 | $438346 |
| Interest Income | 1543798 | 1848170 | 136015 | 26181722 | 1289613 | 270062 |
| Securities Lending Income - net |  |  |  |  | 973 | 19877 |
| Foreign tax withheld |  |  | (5796) |  |  | (1344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **1543798** | **1848170** | **208094** | **27512435** | **1410305** | **726941** |
| **Operating Expenses:** |  |  |  |  |  |  |
| Investment advisory fees | 222941 | 447107 | 72858 | 3510450 | 185521 | 97689 |
| 12b-1 Fees: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4208 | 10193 | 2558 | 55657 | 14806 | 6716 |
| &nbsp;&nbsp;&nbsp;Class C | 12965 | 31346 | 21437 | 368263 | 14681 | 12795 |
| &nbsp;&nbsp;&nbsp;Class C-1 \* |  |  |  | 11059 |  |  |
| Networking fees | 27755 | 43284 | 7304 | 319502 | 7678 | 7814 |
| Financial administration/Fund accounting fees | 22161 | 48037 | 21129 | 152443 | 25405 | 21852 |
| Registration fees | 17658 | 19278 | 15892 | 45178 | 16653 | 18224 |
| Legal fees | 10609 | 12095 | 11110 | 13242 | 11628 | 16136 |
| Trustees' fees | 8067 | 8049 | 8067 | 8067 | 8067 | 8067 |
| Legal administration/Management services fees | 5083 | 5097 | 1246 | 60025 | 3172 | 1670 |
| Audit fees | 3861 | 4130 | 3458 | 14931 | 3468 | 3493 |
| Transfer Agent fees | 3534 | 4505 | 1867 | 16863 | 2600 | 1972 |
| Compliance Officer fees | 3512 | 6475 | 4469 | 13701 | 4482 | 4510 |
| Printing expense | 3013 | 6519 | 1505 | 20674 | 1763 | 10233 |
| Custody fees | 2165 | 4015 | 5546 | 23041 | 1663 | 1869 |
| Insurance expense | 757 | 1643 | 192 | 10359 | 232 | 258 |
| Interest expense |  |  | 84 |  | 1427 | 10 |
| Miscellaneous expense | 1463 | 1463 | 1463 | 14802 | 1512 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **349752** | **653236** | **180185** | **4658257** | **304758** | **215072** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived/ Expenses reimbursed by Advisor | (109454) | (166058) | (85444) | (1061243) | (43365) | (65564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **240298** | **487178** | **94741** | **3597014** | **261393** | **149508** |
| **Net Investment Income** | **1303500** | **1360992** | **113353** | **23915421** | **1148912** | **577433** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 31618 | (13424251) | 467084 | (1763351) | 1125273 | (711329) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (361) |  |  |  |
| **Net realized gain (loss)** | 31618 | (13424251) | 466723 | (1763351) | 1125273 | (711329) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 74944 | 7139309 | 225366 | (40219) | 87562 | 1567806 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | (22) |  |  | (46) |
| **Net change in unrealized appreciation (depreciation)** | 74944 | 7139309 | 225344 | (40219) | 87562 | 1567760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** | **106562** | **(6284942)** | **692067** | **(1803570)** | **1212835** | **856431** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**1410062** | $**(4923950)** | $**805420** | $**22111851** | $**2361747** | $**1433864** |

---

\* 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** |
| 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** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** |
| **Operations:** | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  |
| Net investment income | $1303500 | $2545931 | $1360992 | $11003228 | $113353 | $616634 |
| Net realized gain (loss) on investments | 31618 | 645105 | (13424251) | (36302129) | 466723 | 347735 |
| Net change in unrealized appreciation on investments | 74944 | 594415 | 7139309 | 28545599 | 225344 | 566606 |
| **Net increase (decrease) in net assets resulting from operations** | **1410062** | **3785451** | **(4923950)** | **3246698** | **805420** | **1530975** |
| **Distributions to Shareholders from:** |  |  |  |  |  |  |
| Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  | (157440) |  |  |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  | (127445) |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | (1102140) |  |  |
| Accumulated Earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (80859) | (160489) | (154441) | (1087933) | (20573) | (90111) |
| &nbsp;&nbsp;&nbsp;Class C | (49414) | (107714) | (97264) | (623604) | (28568) | (173687) |
| &nbsp;&nbsp;&nbsp;Class I | (1291176) | (2270176) | (925963) | (10015827) | (95307) | (350792) |
| **Total distributions to shareholders** | **(1421449)** | **(2538379)** | **(1177668)** | **(13114389)** | **(144448)** | **(614590)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 892597 | 734163 | 88973 | 1070568 | 224784 | 476167 |
| &nbsp;&nbsp;&nbsp;Class C | 285504 | 281191 | 90257 | 270800 | 219831 | 2452810 |
| &nbsp;&nbsp;&nbsp;Class I | 15939220 | 12712860 | 2205131 | 22819418 | 208246 | 371213 |
| Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 65543 | 148648 | 113234 | 1051258 | 19702 | 86271 |
| &nbsp;&nbsp;&nbsp;Class C | 46751 | 102761 | 85351 | 659448 | 28388 | 172509 |
| &nbsp;&nbsp;&nbsp;Class I | 1117925 | 1960688 | 811388 | 9909878 | 78136 | 285759 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (837916) | (2114744) | (1678258) | (9937090) | (381026) | (2783926) |
| &nbsp;&nbsp;&nbsp;Class C | (549174) | (481635) | (1872601) | (3643372) | (899687) | (1379987) |
| &nbsp;&nbsp;&nbsp;Class I | (7716760) | (15153852) | (27537966) | (155237901) | (95011) | (588338) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **9243690** | **(1809920)** | **(27694491)** | **(133036993)** | **(596637)** | **(907522)** |
| **Total Increase (Decrease) in Net Assets** | **9232303** | **(562848)** | **(33796109)** | **(142904684)** | **64335** | **8863** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 55069795 | 55632643 | 76736318 | 219641002 | 14595906 | 14587043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**64302098** | $**55069795** | $**42940209** | $**76736318** | $**14660241** | $**14595906** |
| **Share Activity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 96377 | 79880 | 12192 | 129141 | 18106 | 41311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 7075 | 16177 | 15588 | 130349 | 1563 | 7459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (90485) | (231403) | (235228) | (1225502) | (31007) | (238954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 12967 | (135346) | (207448) | (966012) | (11338) | (190184) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 30831 | 30507 | 12278 | 33819 | 18043 | 214993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 5044 | 11159 | 11802 | 82898 | 2307 | 15284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (59213) | (52183) | (259529) | (452471) | (74511) | (120914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (23338) | (10517) | (235449) | (335754) | (54161) | 109363 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1717722 | 1380015 | 308985 | 2791079 | 16520 | 31260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 120418 | 212620 | 111533 | 1223748 | 6188 | 24681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (831705) | (1645462) | (3771347) | (19212303) | (7525) | (50148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 1006435 | (52827) | (3350829) | (15197476) | 15183 | 5793 |

---

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** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** |
| **Operations:** | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  |
| Net investment income | $23915421 | $43602524 | $1148912 | $1031517 | $577433 | $1209544 |
| Net realized gain (loss) on investments | (1763351) | (2229800) | 1125273 | 412285 | (711329) | 1201675 |
| Net change in unrealized appreciation (depreciation) on investments | (40219) | (1166459) | 87562 | (50599) | 1567760 | (1711548) |
| **Net increase in net assets resulting from operations** | **22111851** | **40206265** | **2361747** | **1393203** | **1433864** | **699671** |
| **Distributions to Shareholders from:** |  |  |  |  |  |  |
| Accumulated Earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1473271) | (2835785) | (348223) | (492364) | (159354) | (367343) |
| &nbsp;&nbsp;&nbsp;Class C | (2164003) | (3366372) | (71805) | (99809) | (66641) | (151378) |
| &nbsp;&nbsp;&nbsp;Class I | (19971687) | (37925201) | (745532) | (439233) | (359949) | (769810) |
| &nbsp;&nbsp;&nbsp;Class C-1 (a) | (65002) | (110716) |  |  |  |  |
| **Total distributions to shareholders** | **(23673963)** | **(44238074)** | **(1165560)** | **(1031406)** | **(585944)** | **(1288531)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 8910224 | 22051980 | 12971579 | 466313 | 533812 | 559463 |
| &nbsp;&nbsp;&nbsp;Class C | 41421732 | 44500109 | 2950417 | 35668 | 464826 | 217816 |
| &nbsp;&nbsp;&nbsp;Class I | 158211702 | 383440796 | 54305104 | 4628603 | 715809 | 2579000 |
| &nbsp;&nbsp;&nbsp;Class C-1 (a) | 693013 | 1918576 |  |  |  |  |
| Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1104867 | 2268646 | 284994 | 364626 | 156498 | 354325 |
| &nbsp;&nbsp;&nbsp;Class C | 2046669 | 3111754 | 53428 | 57855 | 65584 | 150477 |
| &nbsp;&nbsp;&nbsp;Class I | 15475161 | 30184424 | 698874 | 390716 | 359588 | 769015 |
| &nbsp;&nbsp;&nbsp;Class C-1 (a) |  | 9 |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5191080) | (16852232) | (727925) | (1507874) | (530065) | (1232987) |
| &nbsp;&nbsp;&nbsp;Class C | (24569813) | (18988262) | (154570) | (262016) | (300035) | (568843) |
| &nbsp;&nbsp;&nbsp;Class I | (109455760) | (256294570) | (8943766) | (3726601) | (831477) | (1926405) |
| &nbsp;&nbsp;&nbsp;Class C-1 (a) | (252145) | (368560) |  |  |  |  |
| **Net increase in net assets from share transactions of beneficial interest** | **88394570** | **194972670** | **61438135** | **447290** | **634540** | **901861** |
| **Total Increase in Net Assets** | **86832458** | **190940861** | **62634322** | **809087** | **1482460** | **313001** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 658398552 | 467457691 | 15940694 | 15131607 | 18142271 | 17829270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**745231010** | $**658398552** | $**78575016** | $**15940694** | $**19624731** | $**18142271** |
| **Share Activity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 967180 | 2383948 | 3176271 | 126367 | 109258 | 117659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 119964 | 245471 | 70870 | 99416 | 32121 | 74463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (563810) | (1825653) | (180745) | (409259) | (108518) | (260897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 523334 | 803766 | 3066396 | (183476) | 32861 | (68775) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 4513741 | 4827941 | 727800 | 9589 | 94053 | 46065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 223149 | 338240 | 13235 | 15735 | 13485 | 31644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2678333) | (2069207) | (38786) | (71193) | (61721) | (121184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 2058557 | 3096974 | 702249 | (45869) | 45817 | (43475) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 17163550 | 41470568 | 13329838 | 1256314 | 147402 | 546508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 1679033 | 3265628 | 172784 | 106419 | 74092 | 162536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (11871140) | (27868525) | (2191990) | (1017829) | (172420) | (415861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of Beneficial interest | 6971443 | 16867671 | 11310632 | 344904 | 49074 | 293183 |
| &nbsp;&nbsp;&nbsp;Class C-1 (a) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 75614 | 207864 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (27486) | (40213) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of Beneficial interest | 48128 | 167652 |  |  |  |  |

---

(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**<br>**Catalyst Insider Income Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $9.28 | $9.06 | $8.81 | $8.82 | $9.88 | $9.50 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.20 | 0.41 | 0.42 | 0.41 | 0.26 | 0.28 |
| Net realized and unrealized gain (loss) on investments | 0.00 | 0.22 | 0.26 | (0.00) (B) | (1.04) | 0.39 |
| Total from investment operations | 0.20 | 0.63 | 0.68 | 0.41 | (0.78) | 0.67 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.21) | (0.41) | (0.43) | (0.42) | (0.25) | (0.29) |
| From net realized gains |  |  |  |  | (0.03) |  |
| Total distributions | (0.21 | (0.41) | (0.43) | (0.42) | (0.28) | (0.29) |
| Net asset value, end of year/period | $9.27 | $9.28 | $9.06 | $8.81 | $8.82 | $9.88 |
| Total return (C) | 2.21 | 7.12% | 7.84% | 4.71% | (8.06)% | 7.15% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $3491 | $3376 | $4522 | $4422 | $5090 | $4764 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.37 | 1.41 % (D) | 1.39 % (D) | 1.39 % (D) | 1.34% | 1.37% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.00 | 1.00 % (D) | 1.00 % (D) | 1.01 % (D) | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Net investment Income, before waiver and reimbursement | 3.83 | 4.07% | 4.26% | 4.32% | 2.34% | 2.50% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 4.20 | 4.48% | 4.65% | 4.70% | 2.68% | 2.87% |
| Portfolio turnover rate | 52 | 99% | 17% | 43% | 70% | 89% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | $9.28 | $9.07 | $8.82 | $8.83 | $9.89 | $9.50 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.16 | 0.34 | 0.35 | 0.35 | 0.18 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 0.02 | 0.21 | 0.26 | (0.01) | (1.03) | 0.42 |
| Total from investment operations | 0.18 | 0.55 | 0.61 | 0.34 | (0.85) | 0.61 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.18) | (0.34) | (0.36) | (0.35) | (0.18) | (0.22) |
| From net realized gains |  |  |  |  | (0.03) |  |
| Total distributions | (0.18 | (0.34) | (0.36) | (0.35) | (0.21) | (0.22) |
| Net asset value, end of year/period | $9.28 | $9.28 | $9.07 | $8.82 | $8.83 | $9.89 |
| Total return (C) | 1.94 | 6.20% | 7.04% | 3.94% | (8.76)% | 6.48% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $2580 | $2798 | $2830 | $2631 | $3658 | $3851 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.12 | 2.16 % (E) | 2.14 % (E) | 2.14 % (E) | 2.09% | 2.12% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.75 | 1.75 % (E) | 1.75 % (E) | 1.76 % (E) | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 3.08 | 3.31% | 3.51% | 3.57% | 1.57% | 1.60% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 3.45 | 3.72% | 3.90% | 3.95% | 1.91% | 1.97% |
| Portfolio turnover rate | 52 | 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;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | N/A | 1.41% | 1.39% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | N/A | 1.0% | 1.0% | 1.0% |

---

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

---

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

---

(F) Not
 annualized.

(G) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst Insider Income Fund**<br>**Financial Highlights (Continued)** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $9.29 | $9.08 | $8.83 | $8.84 | $9.90 | $9.51 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.21 | 0.44 | 0.44 | 0.44 | 0.28 | 0.30 |
| Net realized and unrealized gain (loss) on investments | 0.02 | 0.21 | 0.26 | (0.01) | (1.03) | 0.40 |
| Total from investment operations | 0.23 | 0.65 | 0.70 | 0.43 | (0.75) | 0.70 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.23) | (0.44) | (0.45) | (0.44) | (0.28) | (0.31) |
| From net realized gains |  |  |  |  | (0.03) |  |
| Total distributions | (0.23 | (0.44) | (0.45) | (0.44) | (0.31) | (0.31) |
| Net asset value, end of year/period | $9.29 | $9.29 | $9.08 | $8.83 | $8.84 | $9.90 |
| Total return (B) | 2.45 | 7.27% | 8.11% | 4.97% | (7.79)% | 7.45% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $58231 | $48897 | $48280 | $53869 | $88201 | $95976 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.12 | 1.16 % (C) | 1.14 % (C) | 1.14 % (C) | 1.09% | 1.12% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 0.75 | 0.75 % (C) | 0.75 % (C) | 0.76 % (C) | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Net investment Income, before waiver and reimbursement | 4.07 | 4.32% | 4.51% | 4.57% | 2.57% | 2.65% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 4.44 | 4.73% | 4.90% | 4.95% | 2.91% | 3.02% |
| Portfolio turnover rate | 52 | 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | N/A | 1.16% | 1.14% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | N/A | 0.75% | 0.75% | 0.75% |

---

(D) Not
 annualized.

(E) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst Enhanced Income Strategy Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $7.62 | $8.27 | $9.17 | $10.33 | $11.21 | $11.11 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.16 | 0.57 (F) | 0.62 | 0.60 | 0.66 | 0.73 |
| Net realized and unrealized gain(loss) on investments | (0.80 | (0.46) | (0.77) | (1.11) | (0.87) | 0.08 |
| Total from investment operations | (0.64 | 0.11 | (0.15) | (0.51) | (0.21) | 0.81 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.14) | (0.62) | (0.75) | (0.65) | (0.66) | (0.71) |
| From net realized gains |  |  |  |  | (0.01) |  |
| From return of capital |  | (0.14) |  |  |  |  |
| Total distributions | (0.14 | (0.76) | (0.75) | (0.65) | (0.67) | (0.71) |
| Net asset value, end of year/period | $6.84 | $7.62 | $8.27 | $9.17 | $10.33 | $11.21 |
| Total return (B) | (8.51) | 1.28 % (C) | (1.64)% (C) | (5.06)% (C) | (2.03)% | 7.39% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $6548 | $8876 | $17616 | $31114 | $33489 | $34778 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.31 | 2.07 % (D) | 2.08 % (D) | 2.03% | 1.99% | 2.04% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.75 | 1.75 % (D) | 1.78 % (D) | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 3.82 | 6.69 % (G) | 6.82% | 5.84% | 5.81% | 6.13% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 4.38 | 7.00 % (H) | 7.12% | 6.12% | 6.05% | 6.42% |
| Portfolio turnover rate | 5 | 18% | 13% | 29% | 57% | 58% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | $7.57 | $8.22 | $9.12 | $10.28 | $11.16 | $11.07 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.13 | 0.45 (F) | 0.55 | 0.52 | 0.58 | 0.65 |
| Net realized and unrealized gain (loss) on investments | (0.80 | (0.40) | (0.76) | (1.10) | (0.87) | 0.07 |
| Total from investment operations | (0.67 | 0.05 | (0.21) | (0.58) | (0.29) | 0.72 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.11) | (0.57) | (0.69) | (0.58) | (0.58) | (0.63) |
| From net realized gains |  |  |  |  | (0.01) |  |
| From return of capital |  | (0.13) |  |  |  |  |
| Total distributions | (0.11 | (0.70) | (0.69) | (0.58) | (0.59) | (0.63) |
| Net asset value, end of year/period | $6.79 | $7.57 | $8.22 | $9.12 | $10.28 | $11.16 |
| Total return (B) | (8.92) | 0.54 % (C) | (2.38)% (C) | (5.79)% (C) | (2.74)% | 6.61% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $4911 | $7255 | $10637 | $18626 | $27398 | $19059 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 3.06 | 2.82 % (E) | 2.83 % (E) | 2.78% | 2.74% | 2.79% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.50 | 2.50 % (E) | 2.53 % (E) | 2.50% | 2.50% | 2.50% |
| &nbsp;&nbsp;&nbsp;Net investment Income, before waiver and reimbursement | 3.09 | 5.30 % (G) | 6.06% | 5.04% | 5.06% | 5.47% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 3.65 | 5.62 % (H) | 6.36% | 5.32% | 5.30% | 5.76% |
| Portfolio turnover rate | 5 | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | N/A | 2.07% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | N/A | 1.75% | 1.75% |

---

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

---

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

---

(F) During
 the year ended June 30, 2025, the Fund 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 Fund 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 Fund 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.

(I) Not
 annualized.

(J) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst Enhanced Income Strategy Fund**<br>**Financial Highlights (Continued)** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $7.62 | $8.27 | $9.17 | $10.33 | $11.21 | $11.11 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.17 | 0.63 (E) | 0.64 | 0.62 | 0.69 | 0.76 |
| Net realized and unrealized gain (loss) on investments | (0.80 | (0.50) | (0.77) | (1.11) | (0.87) | 0.07 |
| Total from investment operations | (0.63 | 0.13 | (0.13) | (0.49) | (0.18) | 0.83 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.15) | (0.64) | (0.77) | (0.67) | (0.69) | (0.73) |
| From net realized gains |  |  |  |  | (0.01) |  |
| From return of capital |  | (0.14) |  |  |  |  |
| Total distributions | (0.15 | (0.78) | (0.77) | (0.67) | (0.70) | (0.73) |
| Net asset value, end of year/period | $6.84 | $7.62 | $8.27 | $9.17 | $10.33 | $11.21 |
| Total return (B) | (8.39) | 1.54 % (C) | (1.39)% (C) | (4.82)% (C) | (1.79)% | 7.64% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $31481 | $60606 | $191388 | $354447 | $480968 | $280265 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.06 | 1.82 % (D) | 1.83 % (D) | 1.78% | 1.74% | 1.79% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.50 | 1.50 % (D) | 1.53 % (D) | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 4.19 | 7.45 % (F) | 7.06% | 6.05% | 6.07% | 6.39% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 4.75 | 7.77 % (G) | 7.36% | 6.33% | 6.31% | 6.68% |
| Portfolio turnover rate | 5 | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | N/A | 1.82% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | N/A | 1.5% | 1.5% |

---

(E) During
 the year ended June 30, 2025, the Fund 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 Fund 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 Fund revised its estimate for interest only securities interest income accrual, the Net investment Income,
 net waiver and reimbursement was 8.47% for ClassI. (H) Not annualized.

(I) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/MAP Global Balanced Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $12.18 | $11.42 | $11.44 | $11.36 | $12.69 | $10.95 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.10 | 0.48 | 0.28 | 0.23 | 0.22 | 0.20 |
| Net realized and unrealized gain (loss) on investments | 0.60 | 0.79 | 0.29 | 0.15 | (0.80) | 1.74 |
| Total from investment operations | 0.70 | 1.27 | 0.57 | 0.38 | (0.58) | 1.94 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.13) | (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 | (0.13 | (0.51) | (0.59) | (0.30) | (0.75) | (0.20) |
| Net asset value, end of year/period | $12.75 | $12.18 | $11.42 | $11.44 | $11.36 | $12.69 |
| Total return (C) | 5.76 | 11.46% | 5.20% | 3.40% | (4.90)% | 17.83% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $2059 | $2104 | $4147 | $2219 | $2418 | $2681 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.39 | 2.47 % (F) | 2.37% | 2.27% | 2.07% | 2.00% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.22 | 1.22 % (F) | 1.22% | 1.22% | 1.22% | 1.22% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,E) | 0.46 | 2.88% | 1.32% | 0.95% | 0.95% | 0.92% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,E) | 1.63 | 4.13% | 2.47% | 2.00% | 1.81% | 1.70% |
| Portfolio turnover rate | 19 | 60% | 30% | 36% | 25% | 18% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | $11.91 | $11.20 | $11.23 | $11.18 | $12.55 | $10.85 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.05 | 0.43 | 0.20 | 0.14 | 0.13 | 0.12 |
| Net realized and unrealized gain (loss) on investments | 0.59 | 0.71 | 0.28 | 0.15 | (0.78) | 1.70 |
| Total from investment operations | 0.64 | 1.14 | 0.48 | 0.29 | (0.65) | 1.82 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.08) | (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 | (0.08 | (0.43) | (0.51) | (0.24) | (0.72) | (0.12) |
| Net asset value, end of year/period | $12.47 | $11.91 | $11.20 | $11.23 | $11.18 | $12.55 |
| Total return (C) | 5.41 | 10.48% | 4.43% | 2.60% | (5.57)% | 16.87% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $4138 | $4597 | $3097 | $5217 | $5972 | $6653 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 3.14 | 3.22 % (G) | 3.12% | 3.02% | 2.82% | 2.75% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.97 | 1.97 % (G) | 1.97% | 1.97% | 1.97% | 1.97% |
| &nbsp;&nbsp;&nbsp;Net investment income(loss), before waiver and reimbursement (D,E) | (0.29) | 2.52% | 0.68% | 0.17% | 0.19% | 0.23% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,E) | 0.88 | 3.77% | 1.83% | 1.22% | 1.04% | 1.01% |
| Portfolio turnover rate | 19 | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.39% (I) | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.22 % (I) | 1.22% |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 3.14% (I) | 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.97 % (I) | 1.97% |

---

(H) Not
 annualized

(I) Annualized

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/MAP Global Balanced Fund**<br>**Financial Highlights (Continued)** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $12.19 | $11.44 | $11.47 | $11.39 | $12.70 | $10.96 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.12 | 0.54 | 0.32 | 0.25 | 0.25 | 0.23 |
| Net realized and unrealized gain (loss) on investments | 0.61 | 0.76 | 0.29 | 0.15 | (0.79) | 1.74 |
| Total from investment operations | 0.73 | 1.30 | 0.61 | 0.40 | (0.54) | 1.97 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.15) | (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 | (0.15 | (0.55) | (0.64) | (0.32) | (0.77) | (0.23) |
| Net asset value, end of year/period | $12.77 | $12.19 | $11.44 | $11.47 | $11.39 | $12.70 |
| Total return (C) | 5.97 | 11.65% | 5.55% | 3.59% | (4.61)% | 18.12% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $8463 | $7894 | $7343 | $7525 | $8744 | $10504 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.14 | 2.22 % (F) | 2.12% | 2.02% | 1.82% | 1.75% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 0.97 | 0.97 % (F) | 0.97% | 0.97% | 0.97% | 0.97% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,E) | 0.72 | 3.38% | 1.64% | 1.18% | 1.16% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,E) | 1.89 | 4.63% | 2.79% | 2.23% | 2.01% | 1.93% |
| Portfolio turnover rate | 19 | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.14% (H) | 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 0.97 % (H) | 0.97% |

---

(G) Not
 annualized.

(H) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/CIFC Senior Secured Income Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $9.22 | $9.27 | $9.06 | $8.94 | $9.62 | $9.11 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.31 | 0.68 | 0.78 | 0.66 | 0.33 | 0.28 |
| Net realized and unrealized gain (loss) on investments | (0.02) | (0.03) | 0.21 | 0.13 | (0.69) | 0.54 |
| Total from investment operations | 0.29 | 0.65 | 0.99 | 0.79 | (0.36) | 0.82 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.31) | (0.70) | (0.78) | (0.67) | (0.32) | (0.31) |
| Total distributions | (0.31) | (0.70) | (0.78) | (0.67) | (0.32) | (0.31) |
| Net asset value, end of year/period | $9.20 | $9.22 | $9.27 | $9.06 | $8.94 | $9.62 |
| Total return (B) | 3.16 % (G) | 7.26% | 11.29% | 9.12% | (3.91)% | 9.08% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $46533 | $41811 | $34556 | $16572 | $23683 | $19682 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,D) | 1.45 % (H) | 1.47% | 1.48% | 1.55% | 1.53% | 1.59% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,D) | 1.15 % (H) | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,F) | 6.38 % (H) | 7.04% | 8.13% | 6.88% | 3.10% | 2.52% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,F) | 6.68 % (H) | 7.36% | 8.46% | 7.28% | 3.48% | 2.96% |
| Portfolio turnover rate | 24 % (G) | 117% | 103% | 84% | 95% | 180% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | $9.19 | $9.23 | $9.03 | $8.91 | $9.59 | $9.08 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.27 | 0.60 | 0.71 | 0.60 | 0.26 | 0.21 |
| Net realized and unrealized gain (loss) on investments | (0.03) | (0.01) | 0.20 | 0.12 | (0.69) | 0.54 |
| Total from investment operations | 0.24 | 0.59 | 0.91 | 0.72 | (0.43) | 0.75 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.27) | (0.63) | (0.71) | (0.60) | (0.25) | (0.24) |
| Total distributions | (0.27) | (0.63) | (0.71) | (0.60) | (0.25) | (0.24) |
| Net asset value, end of year/period | $9.16 | $9.19 | $9.23 | $9.03 | $8.91 | $9.59 |
| Total return (B) | 2.66 % (G) | 6.58% | 10.36% | 8.32% | (4.63)% | 8.30% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $83060 | $64343 | $36066 | $23226 | $21907 | $14399 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 2.20 % (H) | 2.22% | 2.23% | 2.30% | 2.28% | 2.34% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 1.90 % (H) | 1.90% | 1.90% | 1.90% | 1.90% | 1.90% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,F) | 5.63 % (H) | 6.20% | 7.38% | 6.26% | 2.37% | 1.75% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,F) | 5.93 % (H) | 6.52% | 7.72% | 6.66% | 2.74% | 2.19% |
| Portfolio turnover rate | 24 % (G) | 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/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 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.45% (H) | 1.47% | 1.48% | 1.55% | 1.53% | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C) | 1.15 % (H) | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.2% (H) | 2.22% | 2.23% | 2.3% | 2.28% | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net waiver and reimbursement (C) | 1.9 % (H) | 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.

(G) Not
 annualized.

(H) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/CIFC Senior Secured Income Fund**<br>**Financial Highlights (Continued)** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $9.23 | $9.27 | $9.07 | $8.94 | $9.63 | $9.12 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (B) | 0.32 | 0.70 | 0.80 | 0.68 | 0.36 | 0.32 |
| Net realized and unrealized gain (loss) on investments | (0.02) | (0.02) | 0.20 | 0.14 | (0.71) | 0.52 |
| Total from investment operations | 0.30 | 0.68 | 1.00 | 0.82 | (0.35) | 0.84 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.32) | (0.72) | (0.80) | (0.69) | (0.34) | (0.33) |
| Total distributions | (0.32) | (0.72) | (0.80) | (0.69) | (0.34) | (0.33) |
| Net asset value, end of year/period | $9.21 | $9.23 | $9.27 | $9.07 | $8.94 | $9.63 |
| Total return (C) | 3.29 % (I) | 7.64% | 11.44% | 9.51% | (3.74)% (H) | 9.34% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $613076 | $550118 | $396246 | $198164 | $202444 | $121480 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 1.20 % (J) | 1.22% | 1.23% | 1.30% | 1.28% | 1.34% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 0.90 % (J) | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,G) | 6.63 % (J) | 7.26% | 8.38% | 7.19% | 3.39% | 2.88% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,G) | 6.93 % (J) | 7.59% | 8.71% | 7.59% | 3.77% | 3.31% |
| Portfolio turnover rate | 24 % (I) | 117% | 103% | 84% | 95% | 180% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class C-1 <sup>(A)</sup>** | **Class C-1 <sup>(A)</sup>** | **Class C-1 <sup>(A)</sup>** | **Class C-1 <sup>(A)</sup>** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Period Ended**<br>**June 30, 2023** |
|  | (Unaudited) | | | |
| Net asset value, beginning of year/period | $9.18 | $9.22 | $9.03 | $8.84 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income (B) | 0.27 | 0.59 | 0.70 | 0.45 |
| Net realized and unrealized gain (loss) on investments | (0.02) | (0.00) (K) | 0.20 | 0.19 |
| Total from investment operations | 0.25 | 0.59 | 0.90 | 0.64 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |
| From net investment income | (0.27) | (0.63) | (0.71) | (0.45) |
| Total distributions | (0.27) | (0.63) | (0.71) | (0.45) |
| Net asset value, end of year/period | $9.16 | $9.18 | $9.22 | $9.03 |
| Total return (C) | 2.77 % (I) | 6.58% | 10.34% | 7.41 % (I) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets, end of year/period (in 000's) | $2562 | $2126 | $590 | $1 |
| Ratios to average net assets (including interest expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 2.20 % (J) | 2.22% | 2.23% | 2.51 % (J) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 1.90 % (J) | 1.90% | 1.90% | 1.90 % (J) |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,G) | 5.63 % (J) | 6.08% | 7.26% | 6.95 % (J) |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,G) | 5.93 % (J) | 6.40% | 7.58% | 7.56 % (J) |
| Portfolio turnover rate | 24 % (I) | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 1.2% (J) | 1.22% | 1.23% | 1.3% | 1.28% | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 0.9 % (J) | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.2% (J) | 2.22% | 2.23% | 2.51%(J) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.9 % (J) | 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**<br>**Catalyst/SMH High Income Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $3.73 | $3.63 | $3.43 | $3.33 | $4.23 | $3.53 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.12 | 0.23 | 0.25 | 0.22 | 0.19 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 0.31 | 0.10 | 0.20 | 0.10 | (0.90) | 0.70 |
| Total from investment operations | 0.43 | 0.33 | 0.45 | 0.32 | (0.71) | 0.87 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.10) | (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 | (0.10 | (0.23) | (0.25) | (0.22) | (0.19) | (0.17) |
| Net asset value, end of year/period | $4.06 | $3.73 | $3.63 | $3.43 | $3.33 | $4.23 |
| Total return (B) | 11.68 | 9.42% | 13.65% | 9.94% | (17.26)% | 25.21% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $20609 | $7508 | $7993 | $7495 | $8002 | $8889 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 1.68 | 2.36 % (D) | 2.38 % (D) | 2.36 % (D) | 1.95 % (D) | 2.04% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 1.49 | 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) | 5.78 | 5.41% | 6.13% | 5.72% | 4.31% | 3.71% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (F,G) | 5.97 | 6.29% | 7.02% | 6.56% | 4.78% | 4.27% |
| Portfolio turnover rate | 42 | 54% | 33% | 41% | 42% | 51% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | $3.74 | $3.64 | $3.44 | $3.33 | $4.23 | $3.53 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.10 | 0.20 | 0.22 | 0.20 | 0.15 | 0.14 |
| Net realized and unrealized gain (loss) on investments | 0.32 | 0.10 | 0.21 | 0.10 | (0.88) | 0.70 |
| Total from investment operations | 0.42 | 0.30 | 0.43 | 0.30 | (0.73) | 0.84 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.09) | (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 | (0.09 | (0.20) | (0.23) | (0.19) | (0.17) | (0.14) |
| Net asset value, end of year/period | $4.07 | $3.74 | $3.64 | $3.44 | $3.33 | $4.23 |
| Total return (B) | 11.26 | 8.56% | 12.77% | 9.40% | (17.91)% | 24.28% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $4763 | $1751 | $1875 | $1974 | $2534 | $6067 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.43 | 3.11 % (E) | 3.13 % (E) | 3.11 % (E) | 2.70 % (E) | 2.79% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.24 | 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) | 4.97 | 4.66% | 5.38% | 4.95% | 3.36% | 2.97% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (F,G) | 5.16 | 5.54% | 6.28% | 5.79% | 3.81% | 3.53% |
| Portfolio turnover rate | 42 | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 1.67% (I) | 2.36% | 2.38% | 2.32% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 1.48 % (I) | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.42% (I) | 3.11% | 3.13% | 3.07% | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.23 % (I) | 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. (H) Not annualized.

(I) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/SMH High Income Fund**<br>**Financial Highlights (Continued)** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $3.73 | $3.64 | $3.43 | $3.33 | $4.23 | $3.53 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.13 | 0.24 | 0.26 | 0.23 | 0.20 | 0.18 |
| Net realized and unrealized gain (loss) on investments | 0.31 | 0.09 | 0.21 | 0.10 | (0.90) | 0.70 |
| Total from investment operations | 0.44 | 0.33 | 0.47 | 0.33 | (0.70) | 0.88 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.11) | (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 | (0.11 | (0.24) | (0.26) | (0.23) | (0.20) | (0.18) |
| Net asset value, end of year/period | $4.06 | $3.73 | $3.64 | $3.43 | $3.33 | $4.23 |
| Total return (B) | 11.80 | 9.38% | 14.24% | 10.22% | (17.06)% | 25.53% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $53203 | $6681 | $5264 | $4150 | $7566 | $10930 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 1.43 | 2.11 % (D) | 2.13 % (D) | 2.11 % (D) | 1.70 % (D) | 1.74% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.24 | 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) | 6.16 | 5.65% | 6.39% | 5.94% | 4.49% | 3.91% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (E,F) | 6.35 | 6.53% | 7.28% | 6.72% | 4.94% | 4.42% |
| Portfolio turnover rate | 42 | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 1.42% (H) | 2.11% | 2.13% | 2.07% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.23 % (H) | 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.

(G) Not
 Annualized.

(H) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/SMH Total Return Income Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $4.59 | $4.73 | $4.39 | $4.23 | $5.15 | $3.74 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.14 | 0.31 | 0.30 | 0.24 | 0.18 | 0.24 |
| Net realized and unrealized gain (loss) on investments | 0.23 | (0.12) | 0.32 | 0.13 | (0.87) | 1.41 |
| Total from investment operations | 0.37 | 0.19 | 0.62 | 0.37 | (0.69) | 1.65 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.15) | (0.33) | (0.28) | (0.21) | (0.15) | (0.24) |
| From return of capital |  |  |  |  | (0.08) |  |
| Total distributions | (0.15 | (0.33) | (0.28) | (0.21) | (0.23) | (0.24) |
| Net asset value, end of year/period | $4.81 | $4.59 | $4.73 | $4.39 | $4.23 | $5.15 |
| Total return (B) | 7.97 | 4.02% | 14.54 % (G) | 9.01% | (13.92)% | 45.12% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $5300 | $4907 | $5376 | $6169 | $6756 | $4164 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.25 | 2.39 % (E) | 2.26 % (E) | 2.18 % (E) | 1.99% | 2.16% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.58 | 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) | 5.17 | 5.76% | 5.94% | 4.86% | 3.22% | 4.85% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | 5.84 | 6.57% | 6.62% | 5.45% | 3.63% | 5.43% |
| Portfolio turnover rate | 51 | 62% | 35% | 15% | 26% | 42% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | $4.58 | $4.72 | $4.39 | $4.23 | $5.14 | $3.73 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.13 | 0.28 | 0.27 | 0.20 | 0.15 | 0.21 |
| Net realized and unrealized gain (loss) on investments | 0.22 | (0.12) | 0.31 | 0.14 | (0.87) | 1.40 |
| Total from investment operations | 0.35 | 0.16 | 0.58 | 0.34 | (0.72) | 1.61 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.13) | (0.30) | (0.25) | (0.18) | (0.11) | (0.20) |
| From return of capital |  |  |  |  | (0.08) |  |
| Total distributions | (0.13 | (0.30) | (0.25) | (0.18) | (0.19) | (0.20) |
| Net asset value, end of year/period | $4.80 | $4.58 | $4.72 | $4.39 | $4.23 | $5.14 |
| Total return (B) | 7.59 | 3.24% | 13.46% | 8.19% | (14.43)% | 44.18% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $2608 | $2279 | $2551 | $2834 | $3296 | $8600 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 3.00 | 3.14 % (F) | 3.01 % (F) | 2.93 % (F) | 2.74% | 2.92% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.33 | 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) | 4.45 | 5.02% | 5.20% | 4.09% | 2.61% | 4.24% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | 5.12 | 5.83% | 5.87% | 4.68% | 2.99% | 4.82% |
| Portfolio turnover rate | 51 | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.25% (I) | 2.39% | 2.26% | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.58 % (I) | 1.58% | 1.58% | 1.58% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 3.0% (I) | 3.14% | 3.01% | 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.33 % (I) | 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.

(H) Not
 annualized.

(I) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/SMH Total Return Income Fund**<br>**Financial Highlights (Continued)** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **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** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $4.57 | $4.71 | $4.38 | $4.22 | $5.13 | $3.73 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.16 | 0.32 | 0.32 | 0.25 | 0.19 | 0.27 |
| Net realized and unrealized gain (loss) on investments | 0.21 | (0.12) | 0.30 | 0.13 | (0.86) | 1.38 |
| Total from investment operations | 0.37 | 0.20 | 0.62 | 0.38 | (0.67) | 1.65 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.15) | (0.34) | (0.29) | (0.22) | (0.16) | (0.25) |
| From return of capital |  |  |  |  | (0.08) |  |
| Total distributions | (0.15 | (0.34) | (0.29) | (0.22) | (0.24) | (0.25) |
| Net asset value, end of year/period | $4.79 | $4.57 | $4.71 | $4.38 | $4.22 | $5.13 |
| Total return (B) | 8.14 | 4.30% | 14.63% | 9.32% | (13.57)% | 45.31% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $11716 | $10957 | $9902 | $7213 | $8702 | $7220 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.00 | 2.14 % (E) | 2.01 % (E) | 1.93 % (E) | 1.74% | 1.91% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.33 | 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) | 5.45 | 6.00% | 6.23% | 5.10% | 3.52% | 5.39% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | 6.12 | 6.81% | 6.92% | 5.69% | 3.93% | 5.96% |
| Portfolio turnover rate | 51 | 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;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.0% (G) | 2.14% | 2.01% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.33 % (G) | 1.33% | 1.33% | 1.33% |

---

(F) Not
 Annualized.

(G) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)*** |
| **December 31, 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 December 31, 2025, each Fund offers Class A, Class C and Class I shares. Additionally, Senior Secured Income 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 the (***"closed-end funds"***). 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 funds, 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 fund purchased by the Funds will not change. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **December 31, 2025** |

---

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 December 31, 2025 for each Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Insider Income** | | | | |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Convertible Bonds | $— | $12254804 | $— | $12254804 |
| Corporate Bonds |  | 45193883 |  | 45193883 |
| Money Market Funds | 6146071 |  |  | 6146071 |
| **Total Assets** | $6146071 | $57448687 | $— | $63594758 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Enhanced Income** | | | | |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset Backed Securities | $— | $24758782 | $— | $24758782 |
| U.S. Government & Agency Obligations |  | 10093631 |  | 10093631 |
| Money Market Funds | 8016780 |  |  | 8016780 |
| **Total Assets** | $8016780 | $34852413 | $— | $42869193 |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Balanced** | | | | |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $7676253 | $— | $— | $7676253 |
| Exchange-Traded Funds | 674423 |  |  | 674423 |
| Preferred Stocks | 286102 |  |  | 286102 |
| Corporate Bonds |  | 5613004 |  | 5613004 |
| Money Market Funds | 307434 |  |  | 307434 |
| **Total Assets** | $8944212 | $5613004 | $— | $14557216 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Senior Secured Income** | | | | |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $34394819 | $— | $— | $34394819 |
| Asset Backed Securities |  | 26750360 |  | 26750360 |
| Corporate Bonds |  | 37934754 |  | 37934754 |
| Term Loans |  | 629476997 |  | 629476997 |
| Money Market Funds | 61375473 |  |  | 61375473 |
| **Total Assets** | $95770292 | $694162111 | $— | $789932403 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** | | | | |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $2367000 | $— | $— | $2367000 |
| Convertible Bonds |  | 11104764 |  | 11104764 |
| Corporate Bonds |  | 61635905 | 0 | 61635905 |
| Money Market Funds | 4325612 |  |  | 4325612 |
| **Total Assets** | $6692612 | $72740669 | $0 | $79433281 |
| Collateral For Securities Loaned<sup>(b)</sup> |  |  |  | 2400750 |
| **Total Assets** |  |  |  | $81834031 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return Income** | | | | |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $10065937 | $— | $— | $10065937 |
| Convertible Bonds |  | 2830549 |  | 2830549 |
| Corporate Bonds |  | 6060182 | 0 | 6060182 |
| Money Market Funds | 499350 |  |  | 499350 |
| **Total** | $10565287 | $8890731 | $0 | $19456018 |
| Collateral For Securities Loaned<sup>(b)</sup> |  |  |  | 3953485 |
| **Total Assets** |  |  |  | $23409503 |

---

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 (Unaudited) (Continued)*** |
| **December 31, 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, 2025 | $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 December 31, 2025 | $0 | $0 |

---

The total change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments still held at December 31, 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** |
|  |  |  |  | Potential Future Cash |  |
| High Income | Corporate Bonds | $0 | Bankruptcy | Payments | Increase |
|  |  |  |  | Potential Future Cash |  |
| Total Return Income | Corporate Bonds | $0 | Bankruptcy | Payments | Increase |

---

Fair value securities as a percent of net assets at December 31, 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 six months ended December 31, 2025, Global Balanced did not invest 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

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **December 31, 2025** |

---

at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate the portion of the 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. Derivatives are not accounted for as hedging instruments under GAAP. As of December 31, 2025, the Funds did not invest in derivatives.

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.

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,

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **December 31, 2025** |

---

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 period ended December 31, 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 December 31, 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 2023-2025 for the Funds) or expected to be taken in 2026 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.

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:

---

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

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **December 31, 2025** |

---

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 six months ended December 31, 2025, there were no CDSC fees paid by the shareholders of the 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 - 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 December 31, 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 $4,343,644, $4,356,460, and $26,273, respectively.

---

| | |
|:---|:---|
| Borrower | Principal |
| Beacon Mobility | $476617 |
| Chicago US Midco III, L.P. | 633621 |
| GC Ferry Acquisition I, Inc. | 919877 |
| Hanger, Inc. | 354014 |
| June Purchaser, LLC | 230685 |
| National Mentor Holdings, Inc. | 1006489 |
| Raven Acquisition Holdings | 389265 |
| Signia Aerospace, LLC | 111600 |
| Trio Bidco, Inc. | 230476 |
| Total | $4343644 |

---

**(2) INVESTMENT TRANSACTIONS**

For the six month ended December 31, 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 | $35487892 | $28213937 |
| Enhanced Income | 2430879 | 34977746 |
| Global Balanced | 2670902 | 3416195 |
| Senior Secured Income | 310465397 | 161548843 |
| High Income | 74938500 | 15699904 |
| Total Return Income | 10255734 | 9582450 |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **December 31, 2025** |

---

**(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.

For the six months ended December 31, 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Expense Limitation** | **Expense Limitation** | | | |
| <br>**Fund** | <br>**Investment**<br>**Advisory Fee** | <br>**Cl A** | **Cl C** | **Cl I** | <br>**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 | 10/31/2026 | $109454 |
| Enhanced Income | 1.50% | 1.75% | 2.50% | 1.50% | N/A | 10/31/2026 | 166058 |
| Global Balanced | 1.00% | 1.22% | 1.97% | 0.97% | N/A | 10/31/2026 | 85444 |
| Senior Secured Income | 1.00% | 1.15% | 1.90% | 0.90% | 1.90% | 10/31/2026 | 1061243 |
| High Income | 1.00% | 1.48% | 2.23% | 1.23% | N/A | 10/31/2026 | 43365 |
| Total Return Income | 1.00% | 1.58% | 2.33% | 1.33% | N/A | 10/31/2026 | 65564 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **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 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.

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **December 31, 2025** |

---

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 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 (the ***"Management Services Agreement"***), MFund, an affiliate of the Advisor provides the Funds with various management and legal administrative services. 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."

Pursuant to the compliance services agreement between the Trust and MFund (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"***) – 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 six months ended December 31, 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 | $4208 | $12965 | N/A |
| Enhanced Income | 10193 | 31346 | N/A |
| Global Balanced | 2558 | 21437 | N/A |
| Senior Secured Income | 55657 | 368263 | 11059 |
| High Income | 14806 | 14681 | N/A |
| Total Return Income | 6716 | 12795 | N/A |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **December 31, 2025** |

---

**(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 December 31, 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 | $63573403 | $399679 | $(378324) | $21355 |
| Enhanced Income | 62600572 | 990201 | (20721580) | (19731379) |
| Global Balanced | 12053722 | 2717679 | (214185) | 2503494 |
| Senior Secured Income | 790306310 | 4310499 | (4684406) | (373907) |
| High Income | 85496887 | 1355018 | (5017874) | (3662856) |
| Total Return Income | 26825164 | 1047072 | (4462733) | (3415661) |

---

**(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 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).

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **December 31, 2025** |

---

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 |  |

---

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 (Unaudited) (Continued)*** |
| **December 31, 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 six months ended December 31, 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>**12/31/2025** |
| Global Balanced | $135000 | 3 | $84 | 7.50% | $— |
| High Income | 1772000 | 4 | 1427 | 7.25% |  |
| Total Return Income | 48000 | 1 | 10 | 7.50% |  |

---

<sup>(1)</sup> Includes only Interest Expense for the six months ended December 31, 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 six months ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | | | Percentage of Total |
| Fund | Market Value of Loaned Securities | Market Value of Collateral | Investment Income |
| High Income \* | $2343330 | $2400750 | 0.07% |
| Total Return Income\* | 3793860 | 3953485 | 2.73% |

---

\* Securities collateralized below 102% or 105% for foreign securities. The Trust's securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with 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 borrower to replenish/reestablish 102% or 105%.

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **December 31, 2025** |

---

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
|  |  | | | | Statements of Assets & Liabilities | Statements of Assets & Liabilities | |
|  |  | | Gross Amounts | Net Amounts of | | | |
|  |  | Gross Amounts | Offset in the | Liabilities Presented in | | | |
|  |  | of Recognized | Statements of Assets | the Statements of | Financial | Cash Collateral | |
| Description | Counterparty | Assets | & Liabilities | Assets & Liabilities | Instruments (1) | Received | Net Amount |
| **High Income** |  |  |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |
| Securities Loaned | US Bank | $2343330 | $— | $2343330 | $(2343330) | $— | $— |
| **Total Return Income** |  |  |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |
| Securities Loaned | US Bank | $3793860 | $— | $3793860 | $(3793860) | $— | $— |

---

(1) The amount is limited to the loaned
 securities and accordingly, does not include excess collateral received.

**(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 December 31, 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 | High | Total Return |
| Owner | Income | Income | Global Balanced | Income | Income | Income |
| Charles Schwab & Co.<sup>(1)</sup> |  |  | 26% |  |  | 40% |
| LPL Financial <sup>(1)</sup> | 40% | 30% |  |  | 28% |  |
| Raymond James <sup>(1)</sup> |  |  | 33% |  |  |  |
| Wells Fargo <sup>(1)</sup> |  |  |  |  |  | 37% |

---

<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.

---

| |
|:---|
| **CATALYST FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **December 31, 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** 

Not applicable.

---

| |
|:---|
| &nbsp;&nbsp;&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;&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.** 

Not applicable

**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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable

(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

---

| | |
|:---|:---|
| By | /s/ Michael Schoonover |
| Michael Schoonover | Michael Schoonover |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

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 | /s/ Michael Schoonover |
| Michael Schoonover | Michael Schoonover |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Erik Naviloff |
| Erik Naviloff | Erik Naviloff |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

## 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: 3/4/2026 | /s/ Michael Schoonover |
|  | 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: 3/4/2026 | /s/ Erik Naviloff |
|  | 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 December 31, 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: | 3/4/2026 | Date: | 3/4/2026 |

---

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.