# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-25-005914
**Filing Date:** 2025-9
**Character Count:** 526910
**Document Hash:** 0777e3986a8e9e0f28951b89e06c9ae3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005914.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005914

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 152

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21872
- **FILM NUMBER:** 251299200

**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 Nasdaq-100 Hedged Equity Fund (Series ID: S000036625)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000111983 | Catalyst Nasdaq-100 Hedged Equity Fund Class A | CLPAX           |
| C000111984 | Catalyst Nasdaq-100 Hedged Equity Fund Class C | CLPCX           |
| C000142554 | Catalyst Nasdaq-100 Hedged Equity Fund Class I | CLPFX           |

### Catalyst/Warrington Strategic Program Fund (Series ID: S000041894)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000130114 | Catalyst/Warrington Strategic Program Fund Class A | CWXAX           |
| C000130115 | Catalyst/Warrington Strategic Program Fund Class C | CWXCX           |
| C000130116 | Catalyst/Warrington Strategic Program Fund Class I | CWXIX           |

### Catalyst Systematic Alpha Fund (Series ID: S000045922)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000143112 | Catalyst Systematic Alpha Fund Class A | ATRAX           |
| C000143113 | Catalyst Systematic Alpha Fund Class C | ATRCX           |
| C000143114 | Catalyst Systematic Alpha Fund Class I | ATRFX           |

### Catalyst/Millburn Hedge Strategy Fund (Series ID: S000052043)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000163769 | Catalyst/Millburn Hedge Strategy Fund Class A   | MBXAX           |
| C000163770 | Catalyst/Millburn Hedge Strategy Fund Class C   | MBXCX           |
| C000163771 | Catalyst/Millburn Hedge Strategy Fund Class I   | MBXIX           |
| C000220411 | Catalyst/Millburn Hedge Strategy Fund Class C-1 | MBXFX           |

### Catalyst Buffered Shield Fund (Series ID: S000058618)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000192548 | Catalyst Buffered Shield Fund Class A | SHIEX           |
| C000192549 | Catalyst Buffered Shield Fund Class C | SHINX           |
| C000192550 | Catalyst Buffered Shield Fund Class I | SHIIX           |

### Catalyst/Aspect Enhanced Multi-Asset Fund (Series ID: S000083234)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000246756 | Catalyst/Aspect Enhanced Multi-Asset Fund Class I | CASIX           |
| C000246757 | Catalyst/Aspect Enhanced Multi-Asset Fund Class A | CASAX           |
| C000246758 | Catalyst/Aspect Enhanced Multi-Asset Fund Class C | CASCX           |

### Catalyst/Welton Advantage Multi-Strategy Fund (Series ID: S000085342)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000250339 | Catalyst/Welton Advantage Multi-Strategy Fund Class A | CWEAX           |
| C000250340 | Catalyst/Welton Advantage Multi-Strategy Fund Class C | CWECX           |
| C000250341 | Catalyst/Welton Advantage Multi-Strategy Fund Class I | CWEIX           |

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

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

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

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

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

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

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

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

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

**Item 1. Reports to Stockholders.** 

(a) # Catalyst Buffered Shield Fund

# Class A (SHIEX)

#### Annual Shareholder Report - June 30, 2025
![Image](i1cc3894080e335f1b695977a.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $161 | 1.53% |

---

## How did the Fund perform during the reporting period?
The performance of the Fund over the last 12 months ended June 30, 2025 was driven primarily by higher returns of the S&P 500 and, to a lesser extent, by a modest decline in yields on the short-end of the curve. Markets are currently pricing in 1 to 2 additional rate cuts by the Fed in 2025 and a relatively bullish outcome for the S&P 500 given potential drag from high general debt levels, among other market concerns. The Fund seeks to mitigate downside risk while participating in upward moves.

During the fiscal year ended June 30, 2025, the Fund's investment strategy resulted in performance that was generally in line with the Sub-Advisor's expectations.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ief39b485f1641ce462ba7552.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst Buffered Shield Fund** | **Catalyst Buffered Shield Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $9426 | $10000 |
| **Jun-2016** | $9951 | $9380 | $10399 |
| **Jun-2017** | $11041 | $10407 | $12260 |
| **Jun-2018** | $12051 | $11359 | $14023 |
| **Jun-2019** | $12667 | $11940 | $15483 |
| **Jun-2020** | $13112 | $12359 | $16645 |
| **Jun-2021** | $15566 | $14672 | $23436 |
| **Jun-2022** | $13721 | $12933 | $20948 |
| **Jun-2023** | $14352 | $13528 | $25053 |
| **Jun-2024** | $16278 | $15343 | $31204 |
| **Jun-2025** | $17979 | $16947 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst Buffered Shield Fund |  |  |  |
| Without Load | 10.45% | 6.52% | 6.04% |
| With Load | 4.13% | 5.26% | 5.42% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

## **Fund Statistics** 
* Net Assets$19,930,421

* Number of Portfolio Holdings28

* Advisory Fee (net of waivers)$78,573

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia67f5f4e96e326f4ec31e765.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 86.0% |
| Money Market Funds | 1.4% |
| Purchased Options | 12.6% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i746a6a59224ae24b334e9b0e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Money Market Funds | 1.4% |
| Equity Option | 7.1% |
| Fixed Income | 90.4% |

---

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Corporate Bond ETF | 32.4% |
| PGIM Ultra Short Bond ETF | 29.8% |
| iShares 1-5 Year Investment Grade Corporate Bond | 28.3% |

---

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

![Image](i2b2c22a89d9acb9633f17a47.jpg)

# Catalyst Buffered Shield Fund - Class A (SHIEX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ibde459ce3d5189a9f0bbfd96.jpg)

TSR-AR 063025-SHIEX

# Catalyst Buffered Shield Fund

# Class C (SHINX)

#### Annual Shareholder Report - June 30, 2025
![Image](iea339c66d7ce6f36f3111047.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $239 | 2.28% |

---

## How did the Fund perform during the reporting period?
The performance of the Fund over the last 12 months ended June 30, 2025 was driven primarily by higher returns of the S&P 500 and, to a lesser extent, by a modest decline in yields on the short-end of the curve. Markets are currently pricing in 1 to 2 additional rate cuts by the Fed in 2025 and a relatively bullish outcome for the S&P 500 given potential drag from high general debt levels, among other market concerns. The Fund seeks to mitigate downside risk while participating in upward moves.

During the fiscal year ended June 30, 2025, the Fund's investment strategy resulted in performance that was generally in line with the Sub-Advisor's expectations.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i2b9b3b5edd1a7cf551e44a88.jpg)

---

| | | |
|:---|:---|:---|
| | **Catalyst Buffered Shield Fund** | **S&P 500<sup>®</sup> Index** |
| **Sep-2017** | $10000 | $10000 |
| **Jun-2018** | $10707 | $11235 |
| **Jun-2019** | $11172 | $12405 |
| **Jun-2020** | $11470 | $13336 |
| **Jun-2021** | $13519 | $18777 |
| **Jun-2022** | $11827 | $16783 |
| **Jun-2023** | $12277 | $20072 |
| **Jun-2024** | $13832 | $25001 |
| **Jun-2025** | $15150 | $28792 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 5, 2017)** |
| Catalyst Buffered Shield Fund | 9.53% | 5.72% | 5.46% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.49% |

---

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

## **Fund Statistics** 
* Net Assets$19,930,421

* Number of Portfolio Holdings28

* Advisory Fee (net of waivers)$78,573

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifee899d28b37c59b8a8db995.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 86.0% |
| Money Market Funds | 1.4% |
| Purchased Options | 12.6% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](ia15d00da399980ff951cf778.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Money Market Funds | 1.4% |
| Equity Option | 7.1% |
| Fixed Income | 90.4% |

---

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Corporate Bond ETF | 32.4% |
| PGIM Ultra Short Bond ETF | 29.8% |
| iShares 1-5 Year Investment Grade Corporate Bond | 28.3% |

---

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

![Image](i6085e2f19e301ef32309427f.jpg)

# Catalyst Buffered Shield Fund - Class C (SHINX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](idbfaa305699be96bae8f8ae7.jpg)

TSR-AR 063025-SHINX

# Catalyst Buffered Shield Fund

# Class I (SHIIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i4d6a8fe3aba7e2429503f7d8.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $135 | 1.28% |

---

## How did the Fund perform during the reporting period?
The performance of the Fund over the last 12 months ended June 30, 2025 was driven primarily by higher returns of the S&P 500 and, to a lesser extent, by a modest decline in yields on the short-end of the curve. Markets are currently pricing in 1 to 2 additional rate cuts by the Fed in 2025 and a relatively bullish outcome for the S&P 500 given potential drag from high general debt levels, among other market concerns. The Fund seeks to mitigate downside risk while participating in upward moves.

During the fiscal year ended June 30, 2025, the Fund's investment strategy resulted in performance that was generally in line with the Sub-Advisor's expectations.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](iaedef8919a2932b5c6a1917f.jpg)

---

| | | |
|:---|:---|:---|
| | **Catalyst Buffered Shield Fund** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9971 | $10399 |
| **Jun-2017** | $11094 | $12260 |
| **Jun-2018** | $12144 | $14023 |
| **Jun-2019** | $12797 | $15483 |
| **Jun-2020** | $13275 | $16645 |
| **Jun-2021** | $15794 | $23436 |
| **Jun-2022** | $13958 | $20948 |
| **Jun-2023** | $14632 | $25053 |
| **Jun-2024** | $16655 | $31204 |
| **Jun-2025** | $18432 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst Buffered Shield Fund | 10.67% | 6.78% | 6.31% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

## **Fund Statistics** 
* Net Assets$19,930,421

* Number of Portfolio Holdings28

* Advisory Fee (net of waivers)$78,573

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1ace6b761433b65a10ac96a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 86.0% |
| Money Market Funds | 1.4% |
| Purchased Options | 12.6% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](ic70fa7589e3cc5cbb1156517.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Money Market Funds | 1.4% |
| Equity Option | 7.1% |
| Fixed Income | 90.4% |

---

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Corporate Bond ETF | 32.4% |
| PGIM Ultra Short Bond ETF | 29.8% |
| iShares 1-5 Year Investment Grade Corporate Bond | 28.3% |

---

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

![Image](i6bc87d7bc28febacd26b2bed.jpg)

# Catalyst Buffered Shield Fund - Class I (SHIIX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ib9e9db316bcbecd835c902e6.jpg)

TSR-AR 063025-SHIIX

#### Catalyst Nasdaq-100 Hedged Equity Fund

#### Class A (CLPAX)

#### Annual Shareholder Report - June 30, 2025
![Image](iaadea1a8201369e553496d18.jpg)

# Fund Overview
This annual shareholder report contains important information about Catalyst Nasdaq-100 Hedged Equity Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $187 | 1.78% |

---

# How did the Fund perform during the reporting period?
The Fund delivered a robust return of more than 10% for the reporting period, while generally maintaining its historical volatility controls. This strong performance was primarily driven by our continued investment in the Nasdaq-100 Index, which experienced significant growth during this period.

A key factor in the Fund's performance was the continued effectiveness of the integrated volatility hedge, which was implemented into the Fund by Equity Armor Investments in October 2020. This strategy, which utilizes futures contracts on the CBOE Volatility Index (VIX), played a crucial role in mitigating potential market downside, contributing to the Fund's positive returns with managed risk. The investment strategy employed active rebalancing, which allowed us to dynamically adjust the Fund's positioning in response to evolving market conditions, capturing growth opportunities while diligently managing risk.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib4562d0edef266bbca85f324.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Catalyst Nasdaq-100 Hedged Equity Fund** | **Catalyst Nasdaq-100 Hedged Equity Fund - with load** | **S&P 500<sup>®</sup> Index** | **Nasdaq-100<sup>®</sup> Total Return Index** |
| **Jun-2015** | $10000 | $9424 | $10000 | $10000 |
| **Jun-2016** | $8297 | $7819 | $10399 | $10177 |
| **Jun-2017** | $9433 | $8890 | $12260 | $13168 |
| **Jun-2018** | $9988 | $9413 | $14023 | $16593 |
| **Jun-2019** | $10642 | $10028 | $15483 | $18279 |
| **Jun-2020** | $10575 | $9965 | $16645 | $24454 |
| **Jun-2021** | $12339 | $11628 | $23436 | $35300 |
| **Jun-2022** | $10114 | $9531 | $20948 | $28107 |
| **Jun-2023** | $11894 | $11208 | $25053 | $37419 |
| **Jun-2024** | $13568 | $12786 | $31204 | $48933 |
| **Jun-2025** | $14951 | $14090 | $35936 | $56813 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst Nasdaq-100 Hedged Equity Fund |  |  |  |
| Without Load | 10.19% | 7.17% | 4.10% |
| With Load | 3.83% | 5.90% | 3.49% |
| Nasdaq-100<sup>®</sup> Total Return Index | 16.10% | 18.36% | 18.97% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17526306 |
| Number of Portfolio Holdings | 110 |
| Advisory Fee (net of waivers) | $80016 |
| Portfolio Turnover | 31% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id9fa69bd62e7426183dd5181.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 60.9% |
| Exchange-Traded Funds | 32.7% |
| Money Market Funds | 2.9% |
| Purchased Options | 3.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i306b9bfdc5056db65ce8d608.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.2% |
| Collateral for Securities Loaned | 0.2% |
| Energy | 0.3% |
| Utilities | 0.8% |
| Materials | 0.8% |
| Industrials | 1.5% |
| Money Market Funds | 2.7% |
| Health Care | 2.9% |
| Consumer Staples | 3.1% |
| Future Option | 3.4% |
| Consumer Discretionary | 7.2% |
| Communications | 10.8% |
| Equity | 32.0% |
| Technology | 32.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco QQQ Trust Series 1 ETF | 32.0% |
| NVIDIA Corporation | 5.4% |
| Microsoft Corporation | 5.2% |
| Apple, Inc. | 4.3% |
| Amazon.com, Inc. | 3.3% |
| Broadcom, Inc. | 3.0% |
| Meta Platforms, Inc. | 2.3% |
| Netflix, Inc. | 2.0% |
| Tesla, Inc. | 1.6% |
| Costco Wholesale Corporation | 1.5% |

---

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

![Image](if290e506e7bb7f202d150b66.jpg)

#### Catalyst Nasdaq-100 Hedged Equity Fund - Class A (CLPAX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ie153f86c83cf57d5dccc9735.jpg)

TSR-AR 063025-CLPAX

#### Catalyst Nasdaq-100 Hedged Equity Fund

#### Class C (CLPCX)

#### Annual Shareholder Report - June 30, 2025
![Image](i76dc177950b6495ec34b930b.jpg)

# Fund Overview
This annual shareholder report contains important information about Catalyst Nasdaq-100 Hedged Equity Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $265 | 2.53% |

---

# How did the Fund perform during the reporting period?
The Fund delivered a robust return of more than 10% for the reporting period, while generally maintaining its historical volatility controls. This strong performance was primarily driven by our continued investment in the Nasdaq-100 Index, which experienced significant growth during this period.

A key factor in the Fund's performance was the continued effectiveness of the integrated volatility hedge, which was implemented into the Fund by Equity Armor Investments in October 2020. This strategy, which utilizes futures contracts on the CBOE Volatility Index (VIX), played a crucial role in mitigating potential market downside, contributing to the Fund's positive returns with managed risk. The investment strategy employed active rebalancing, which allowed us to dynamically adjust the Fund's positioning in response to evolving market conditions, capturing growth opportunities while diligently managing risk.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie7b68b7ca710880b2f9dc301.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst Nasdaq-100 Hedged Equity Fund** | **Nasdaq-100<sup>®</sup> Total Return Index** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $8230 | $10177 | $10399 |
| **Jun-2017** | $9263 | $13168 | $12260 |
| **Jun-2018** | $9744 | $16593 | $14023 |
| **Jun-2019** | $10294 | $18279 | $15483 |
| **Jun-2020** | $10154 | $24454 | $16645 |
| **Jun-2021** | $11756 | $35300 | $23436 |
| **Jun-2022** | $9572 | $28107 | $20948 |
| **Jun-2023** | $11167 | $37419 | $25053 |
| **Jun-2024** | $12644 | $48933 | $31204 |
| **Jun-2025** | $13825 | $56813 | $35936 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst Nasdaq-100 Hedged Equity Fund | 9.34% | 6.37% | 3.29% |
| Nasdaq-100<sup>®</sup> Total Return Index | 16.10% | 18.36% | 18.97% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17526306 |
| Number of Portfolio Holdings | 110 |
| Advisory Fee (net of waivers) | $80016 |
| Portfolio Turnover | 31% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4d43185d2f7e44c659767d28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 60.9% |
| Exchange-Traded Funds | 32.7% |
| Money Market Funds | 2.9% |
| Purchased Options | 3.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8d519ad1dc4b1f7058b121de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.2% |
| Collateral for Securities Loaned | 0.2% |
| Energy | 0.3% |
| Utilities | 0.8% |
| Materials | 0.8% |
| Industrials | 1.5% |
| Money Market Funds | 2.7% |
| Health Care | 2.9% |
| Consumer Staples | 3.1% |
| Future Option | 3.4% |
| Consumer Discretionary | 7.2% |
| Communications | 10.8% |
| Equity | 32.0% |
| Technology | 32.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco QQQ Trust Series 1 ETF | 32.0% |
| NVIDIA Corporation | 5.4% |
| Microsoft Corporation | 5.2% |
| Apple, Inc. | 4.3% |
| Amazon.com, Inc. | 3.3% |
| Broadcom, Inc. | 3.0% |
| Meta Platforms, Inc. | 2.3% |
| Netflix, Inc. | 2.0% |
| Tesla, Inc. | 1.6% |
| Costco Wholesale Corporation | 1.5% |

---

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

![Image](id5eb823f999dc2a1b53dc9bc.jpg)

#### Catalyst Nasdaq-100 Hedged Equity Fund - Class C (CLPCX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i0165571928a65c072f61661c.jpg)

TSR-AR 063025-CLPCX

#### Catalyst Nasdaq-100 Hedged Equity Fund

#### Class I (CLPFX)

#### Annual Shareholder Report - June 30, 2025
![Image](ie2b76d0a7ed8dd03d20d461e.jpg)

# Fund Overview
This annual shareholder report contains important information about Catalyst Nasdaq-100 Hedged Equity Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $161 | 1.53% |

---

# How did the Fund perform during the reporting period?
The Fund delivered a robust return of more than 10% for the reporting period, while generally maintaining its historical volatility controls. This strong performance was primarily driven by our continued investment in the Nasdaq-100 Index, which experienced significant growth during this period.

A key factor in the Fund's performance was the continued effectiveness of the integrated volatility hedge, which was implemented into the Fund by Equity Armor Investments in October 2020. This strategy, which utilizes futures contracts on the CBOE Volatility Index (VIX), played a crucial role in mitigating potential market downside, contributing to the Fund's positive returns with managed risk. The investment strategy employed active rebalancing, which allowed us to dynamically adjust the Fund's positioning in response to evolving market conditions, capturing growth opportunities while diligently managing risk.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i874141c00c4c2ea2e3080b28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst Nasdaq-100 Hedged Equity Fund** | **Nasdaq-100<sup>®</sup> Total Return Index** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $8310 | $10177 | $10399 |
| **Jun-2017** | $9462 | $13168 | $12260 |
| **Jun-2018** | $10042 | $16593 | $14023 |
| **Jun-2019** | $10717 | $18279 | $15483 |
| **Jun-2020** | $10686 | $24454 | $16645 |
| **Jun-2021** | $12493 | $35300 | $23436 |
| **Jun-2022** | $10279 | $28107 | $20948 |
| **Jun-2023** | $12110 | $37419 | $25053 |
| **Jun-2024** | $13846 | $48933 | $31204 |
| **Jun-2025** | $15300 | $56813 | $35936 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst Nasdaq-100 Hedged Equity Fund | 10.50% | 7.44% | 4.34% |
| Nasdaq-100<sup>®</sup> Total Return Index | 16.10% | 18.36% | 18.97% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17526306 |
| Number of Portfolio Holdings | 110 |
| Advisory Fee (net of waivers) | $80016 |
| Portfolio Turnover | 31% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6270ea59a0b54c40678f85d7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 60.9% |
| Exchange-Traded Funds | 32.7% |
| Money Market Funds | 2.9% |
| Purchased Options | 3.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie7ee281ff7d66100c1a9ac11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.2% |
| Collateral for Securities Loaned | 0.2% |
| Energy | 0.3% |
| Utilities | 0.8% |
| Materials | 0.8% |
| Industrials | 1.5% |
| Money Market Funds | 2.7% |
| Health Care | 2.9% |
| Consumer Staples | 3.1% |
| Future Option | 3.4% |
| Consumer Discretionary | 7.2% |
| Communications | 10.8% |
| Equity | 32.0% |
| Technology | 32.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco QQQ Trust Series 1 ETF | 32.0% |
| NVIDIA Corporation | 5.4% |
| Microsoft Corporation | 5.2% |
| Apple, Inc. | 4.3% |
| Amazon.com, Inc. | 3.3% |
| Broadcom, Inc. | 3.0% |
| Meta Platforms, Inc. | 2.3% |
| Netflix, Inc. | 2.0% |
| Tesla, Inc. | 1.6% |
| Costco Wholesale Corporation | 1.5% |

---

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

![Image](i5c4c22b6858e9cdea206feaa.jpg)

#### Catalyst Nasdaq-100 Hedged Equity Fund - Class I (CLPFX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](idb60e8e82380bc5120325d22.jpg)

TSR-AR 063025-CLPFX

# Catalyst Systematic Alpha Fund

## Class A (ATRAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i71836ff02cc4c07ab3a8cefd.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $180 | 2.02% |

---

## How did the Fund perform during the reporting period?
The market fundamentals for the fiscal year ended June 30, 2025, tended to work against most of the strategies that the Fund employs. In FY2025, we saw multiple trends reverse sharply across the stock, bond, commodity, and currency indices utilized by the Fund. Given the trend-following nature of some of the underlying components, the market whipsaw frustrated the Fund's trend following strategies, particularly with respect to interest rates and equities. Additionally, the Chicago Board Options Exchange Volatility Index (VIX Index) spiked dramatically in August 2024, causing the Fund's volatility strategy to underperform, while the currency carry and commodity carry strategies generated gains for the fiscal period.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia8c19f556a8845f7d5c51d3f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Catalyst Systematic Alpha Fund** | **Catalyst Systematic Alpha Fund - with load** | **S&P 500<sup>®</sup> Index** | **BNP Paribas Catalyst Systematic Alpha Index II** |
| **Jun-2015** | $10000 | $9424 | $10000 | $10000 |
| **Jun-2016** | $10283 | $9690 | $10399 | $12324 |
| **Jun-2017** | $9895 | $9325 | $12260 | $13862 |
| **Jun-2018** | $9298 | $8763 | $14023 | $15156 |
| **Jun-2019** | $9520 | $8971 | $15483 | $16887 |
| **Jun-2020** | $10045 | $9466 | $16645 | $20865 |
| **Jun-2021** | $13982 | $13177 | $23436 | $26013 |
| **Jun-2022** | $13566 | $12784 | $20948 | $25242 |
| **Jun-2023** | $18131 | $17086 | $25053 | $32007 |
| **Jun-2024** | $19959 | $18809 | $31204 | $34354 |
| **Jun-2025** | $15596 | $14697 | $35936 | $29371 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst Systematic Alpha Fund |  |  |  |
| Without Load | -21.86% | 9.20% | 4.54% |
| With Load | -26.33% | 7.91% | 3.93% |
| BNP Paribas Catalyst Systematic Alpha Index II | -14.50% | 7.08% | 11.38% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

## **Fund Statistics** 
* Net Assets$208,483,781

* Number of Portfolio Holdings24

* Advisory Fee (net of waivers)$6,935,012

* Portfolio Turnover20%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iae3592d400db6b36f880ccdf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.2% |
| Corporate Bonds | 27.2% |
| Money Market Funds | 6.6% |
| Open End Funds | 14.8% |
| U.S. Government & Agencies | 51.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id12e802232d7b1edc21fb8d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.9% |
| Financials | 0.2% |
| Health Care | 3.1% |
| Consumer Staples | 3.8% |
| Industrials | 4.3% |
| Money Market Funds | 7.0% |
| Consumer Discretionary | 8.5% |
| Technology | 9.1% |
| Fixed Income | 15.6% |
| U.S. Treasury Obligations | 54.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 3.765%, 07/10/25 | 20.6% |
| Catalyst International Income Opportunities Fund | 15.6% |
| United States Treasury Bill, 3.890%, 02/19/26 | 9.6% |
| United States Treasury Bill, 3.879%, 03/19/26 | 8.9% |
| United States Treasury Bill, 4.130%, 08/07/25 | 7.2% |
| International Business Machines Corporation, 3.300%, 05/15/26 | 4.8% |
| Lowe's Companies, Inc., 4.400%, 09/08/25 | 4.7% |
| RTX Corporation, 3.950%, 08/16/25 | 4.4% |
| Intel Corporation, 4.875%, 02/10/26 | 4.3% |
| United States Treasury Bill, 4.175%, 10/02/25 | 4.3% |

---

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

![Image](i3a1c6bb51d325e95d1bf0f96.jpg)

# Catalyst Systematic Alpha Fund - Class A (ATRAX)

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

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

![Image](ia66f954ff88d22990c320d01.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-ATRAX

# Catalyst Systematic Alpha Fund

## Class C (ATRCX)

#### Annual Shareholder Report - June 30, 2025
![Image](if9b72a92797dbb9d3160e79c.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $244 | 2.75% |

---

## How did the Fund perform during the reporting period?
The market fundamentals for the fiscal year ended June 30, 2025, tended to work against most of the strategies that the Fund employs. In FY2025, we saw multiple trends reverse sharply across the stock, bond, commodity, and currency indices utilized by the Fund. Given the trend-following nature of some of the underlying components, the market whipsaw frustrated the Fund's trend following strategies, particularly with respect to interest rates and equities. Additionally, the Chicago Board Options Exchange Volatility Index (VIX Index) spiked dramatically in August 2024, causing the Fund's volatility strategy to underperform, while the currency carry and commodity carry strategies generated gains for the fiscal period.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i397270d0ea9f062fe38f2b76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst Systematic Alpha Fund** | **BNP Paribas Catalyst Systematic Alpha Index II** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10193 | $12324 | $10399 |
| **Jun-2017** | $9733 | $13862 | $12260 |
| **Jun-2018** | $9073 | $15156 | $14023 |
| **Jun-2019** | $9209 | $16887 | $15483 |
| **Jun-2020** | $9648 | $20865 | $16645 |
| **Jun-2021** | $13340 | $26013 | $23436 |
| **Jun-2022** | $12823 | $25242 | $20948 |
| **Jun-2023** | $17018 | $32007 | $25053 |
| **Jun-2024** | $18600 | $34354 | $31204 |
| **Jun-2025** | $14419 | $29371 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst Systematic Alpha Fund | -22.48% | 8.37% | 3.73% |
| BNP Paribas Catalyst Systematic Alpha Index II | -14.50% | 7.08% | 11.38% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

## **Fund Statistics** 
* Net Assets$208,483,781

* Number of Portfolio Holdings24

* Advisory Fee (net of waivers)$6,935,012

* Portfolio Turnover20%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2e853ef75fd7211e5d1314dd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.2% |
| Corporate Bonds | 27.2% |
| Money Market Funds | 6.6% |
| Open End Funds | 14.8% |
| U.S. Government & Agencies | 51.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i964688ff09ed26f776ad2548.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.9% |
| Financials | 0.2% |
| Health Care | 3.1% |
| Consumer Staples | 3.8% |
| Industrials | 4.3% |
| Money Market Funds | 7.0% |
| Consumer Discretionary | 8.5% |
| Technology | 9.1% |
| Fixed Income | 15.6% |
| U.S. Treasury Obligations | 54.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 3.765%, 07/10/25 | 20.6% |
| Catalyst International Income Opportunities Fund | 15.6% |
| United States Treasury Bill, 3.890%, 02/19/26 | 9.6% |
| United States Treasury Bill, 3.879%, 03/19/26 | 8.9% |
| United States Treasury Bill, 4.130%, 08/07/25 | 7.2% |
| International Business Machines Corporation, 3.300%, 05/15/26 | 4.8% |
| Lowe's Companies, Inc., 4.400%, 09/08/25 | 4.7% |
| RTX Corporation, 3.950%, 08/16/25 | 4.4% |
| Intel Corporation, 4.875%, 02/10/26 | 4.3% |
| United States Treasury Bill, 4.175%, 10/02/25 | 4.3% |

---

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

![Image](if595bca8c664d20c494e4a47.jpg)

# Catalyst Systematic Alpha Fund - Class C (ATRCX)

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

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

![Image](ib319e89e3c5138189f44d336.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-ATRCX

# Catalyst Systematic Alpha Fund

## Class I (ATRFX)

#### Annual Shareholder Report - June 30, 2025
![Image](ia0b5c1b65da22acc6ae0cbc6.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $158 | 1.77% |

---

## How did the Fund perform during the reporting period?
The market fundamentals for the fiscal year ended June 30, 2025, tended to work against most of the strategies that the Fund employs. In FY2025, we saw multiple trends reverse sharply across the stock, bond, commodity, and currency indices utilized by the Fund. Given the trend-following nature of some of the underlying components, the market whipsaw frustrated the Fund's trend following strategies, particularly with respect to interest rates and equities. Additionally, the Chicago Board Options Exchange Volatility Index (VIX Index) spiked dramatically in August 2024, causing the Fund's volatility strategy to underperform, while the currency carry and commodity carry strategies generated gains for the fiscal period.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i11965d6c5b7bcfffd7e165aa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst Systematic Alpha Fund** | **BNP Paribas Catalyst Systematic Alpha Index II** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10301 | $12324 | $10399 |
| **Jun-2017** | $9939 | $13862 | $12260 |
| **Jun-2018** | $9368 | $15156 | $14023 |
| **Jun-2019** | $9604 | $16887 | $15483 |
| **Jun-2020** | $10162 | $20865 | $16645 |
| **Jun-2021** | $14185 | $26013 | $23436 |
| **Jun-2022** | $13777 | $25242 | $20948 |
| **Jun-2023** | $18455 | $32007 | $25053 |
| **Jun-2024** | $20376 | $34354 | $31204 |
| **Jun-2025** | $15955 | $29371 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst Systematic Alpha Fund | -21.70% | 9.44% | 4.78% |
| BNP Paribas Catalyst Systematic Alpha Index II | -14.50% | 7.08% | 11.38% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

## **Fund Statistics** 
* Net Assets$208,483,781

* Number of Portfolio Holdings24

* Advisory Fee (net of waivers)$6,935,012

* Portfolio Turnover20%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5142512f9e6d98d3dc948431.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.2% |
| Corporate Bonds | 27.2% |
| Money Market Funds | 6.6% |
| Open End Funds | 14.8% |
| U.S. Government & Agencies | 51.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i6b0c41dffb0ac0dabe60b061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.9% |
| Financials | 0.2% |
| Health Care | 3.1% |
| Consumer Staples | 3.8% |
| Industrials | 4.3% |
| Money Market Funds | 7.0% |
| Consumer Discretionary | 8.5% |
| Technology | 9.1% |
| Fixed Income | 15.6% |
| U.S. Treasury Obligations | 54.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 3.765%, 07/10/25 | 20.6% |
| Catalyst International Income Opportunities Fund | 15.6% |
| United States Treasury Bill, 3.890%, 02/19/26 | 9.6% |
| United States Treasury Bill, 3.879%, 03/19/26 | 8.9% |
| United States Treasury Bill, 4.130%, 08/07/25 | 7.2% |
| International Business Machines Corporation, 3.300%, 05/15/26 | 4.8% |
| Lowe's Companies, Inc., 4.400%, 09/08/25 | 4.7% |
| RTX Corporation, 3.950%, 08/16/25 | 4.4% |
| Intel Corporation, 4.875%, 02/10/26 | 4.3% |
| United States Treasury Bill, 4.175%, 10/02/25 | 4.3% |

---

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

![Image](i1f5b8ac0b41a2449e88f0da7.jpg)

# Catalyst Systematic Alpha Fund - Class I (ATRFX)

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

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

![Image](i41983a805fb41ed04ab72abf.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-ATRFX

# Catalyst/Aspect Enhanced Multi-Asset Fund

## Class A (CASAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i0c8778ec2f2a272db64576ab.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $212 | 2.24% |

---

## How did the Fund perform during the reporting period?
The 60/40 component generated positive returns in the Fund during the fiscal year ended June 30, 2025, whereas the trend following component generated losses. Despite April's early month volatility, the S&P 500 has rallied to new highs, driving the majority of the long-only allocation returns. The bond portion of the Fund was also positive, though far more muted. Trend following signals generally struggled over the period, in particular during August 2024 and April 2025, as well established trends in currencies, bonds, and stock indices reversed sharply, going against a number of positions held by the strategy.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2310c40555d0757096a9c1ba.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Catalyst/Aspect Enhanced Multi-Asset Fund** | **Catalyst/Aspect Enhanced Multi-Asset Fund - with load** | **60% S&P 500<sup>®</sup> Index/40% Bloomberg US Aggregate Bond** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **S&P 500<sup>®</sup> Index** |
| **Dec-2023** | $10000 | $9425 | $10000 | $10000 | $10000 |
| **Dec-2023** | $10000 | $9425 | $9983 | $10005 | $9972 |
| **Mar-2024** | $11790 | $11112 | $10576 | $10135 | $11025 |
| **Jun-2024** | $11630 | $10961 | $10851 | $10270 | $11497 |
| **Sep-2024** | $11520 | $10858 | $11460 | $10411 | $12174 |
| **Dec-2024** | $11183 | $10540 | $11485 | $10534 | $12467 |
| **Mar-2025** | $10517 | $9912 | $11318 | $10642 | $11935 |
| **Jun-2025** | $10345 | $9750 | $12112 | $10754 | $13241 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 28, 2023)** |
| Catalyst/Aspect Enhanced Multi-Asset Fund | -11.05% | 2.28% |
| With Load | -16.17% | -1.67% |
| 60% S&P 500<sup>®</sup> Index/40% Bloomberg US Aggregate Bond | 11.62% | 13.56% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 4.94% |
| S&P 500<sup>®</sup> Index | 15.16% | 20.48% |

---

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

## **Fund Statistics** 
* Net Assets$33,329,703

* Number of Portfolio Holdings187

* Advisory Fee (net of waivers)$281,687

* Portfolio Turnover31%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4291f003a525d3e6219057cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 48.9% |
| Money Market Funds | 51.1% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i1973b521a42adfa24b24248c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 20.8% |
| Fixed Income | 38.7% |
| Money Market Funds | 40.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Core U.S. Aggregate Bond ETF | 38.7% |

---

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

![Image](i3a43149f1e842b209855694d.jpg)

# Catalyst/Aspect Enhanced Multi-Asset Fund - Class A (CASAX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i5a496a23d8822b07300620c3.jpg)

TSR-AR 063025-CASAX

# Catalyst/Aspect Enhanced Multi-Asset Fund

## Class C (CASCX)

#### Annual Shareholder Report - June 30, 2025
![Image](i2adb16bac14d6f7aeaa79f29.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $281 | 2.99% |

---

## How did the Fund perform during the reporting period?
The 60/40 component generated positive returns in the Fund during the fiscal year ended June 30, 2025, whereas the trend following component generated losses. Despite April's early month volatility, the S&P 500 has rallied to new highs, driving the majority of the long-only allocation returns. The bond portion of the Fund was also positive, though far more muted. Trend following signals generally struggled over the period, in particular during August 2024 and April 2025, as well established trends in currencies, bonds, and stock indices reversed sharply, going against a number of positions held by the strategy.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ice0558cbe8266d024334cde0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Catalyst/Aspect Enhanced Multi-Asset Fund** | **60% S&P 500<sup>®</sup> Index/40% Bloomberg US Aggregate Bond** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **S&P 500<sup>®</sup> Index** |
| **Dec-2023** | $10000 | $10000 | $10000 | $10000 |
| **Dec-2023** | $10000 | $9983 | $10005 | $9972 |
| **Mar-2024** | $11760 | $10576 | $10135 | $11025 |
| **Jun-2024** | $11590 | $10851 | $10270 | $11497 |
| **Sep-2024** | $11450 | $11460 | $10411 | $12174 |
| **Dec-2024** | $11094 | $11485 | $10534 | $12467 |
| **Mar-2025** | $10407 | $11318 | $10642 | $11935 |
| **Jun-2025** | $10224 | $12112 | $10754 | $13241 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 28, 2023)** |
| Catalyst/Aspect Enhanced Multi-Asset Fund | -11.78% | 1.48% |
| 60% S&P 500<sup>®</sup> Index/40% Bloomberg US Aggregate Bond | 11.62% | 13.56% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 4.94% |
| S&P 500<sup>®</sup> Index | 15.16% | 20.48% |

---

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

## **Fund Statistics** 
* Net Assets$33,329,703

* Number of Portfolio Holdings187

* Advisory Fee (net of waivers)$281,687

* Portfolio Turnover31%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iacb9d849dcc55361dd643b41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 48.9% |
| Money Market Funds | 51.1% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](ie1dd83c7eecfc362c1eb74fb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 20.8% |
| Fixed Income | 38.7% |
| Money Market Funds | 40.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Core U.S. Aggregate Bond ETF | 38.7% |

---

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

![Image](ibb991af2bd0434f10bedc545.jpg)

# Catalyst/Aspect Enhanced Multi-Asset Fund - Class C (CASCX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](icd10d5b80c899f4d4688fba6.jpg)

TSR-AR 063025-CASCX

# Catalyst/Aspect Enhanced Multi-Asset Fund

## Class I (CASIX)

#### Annual Shareholder Report - June 30, 2025
![Image](ic61f7f58cdfa3f50b6f67387.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $188 | 1.99% |

---

## How did the Fund perform during the reporting period?
The 60/40 component generated positive returns in the Fund during the fiscal year ended June 30, 2025, whereas the trend following component generated losses. Despite April's early month volatility, the S&P 500 has rallied to new highs, driving the majority of the long-only allocation returns. The bond portion of the Fund was also positive, though far more muted. Trend following signals generally struggled over the period, in particular during August 2024 and April 2025, as well established trends in currencies, bonds, and stock indices reversed sharply, going against a number of positions held by the strategy.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i43f7acb5c83d856eb88d07c3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Catalyst/Aspect Enhanced Multi-Asset Fund** | **60% S&P 500<sup>®</sup> Index/40% Bloomberg US Aggregate Bond** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **S&P 500<sup>®</sup> Index** |
| **Dec-2023** | $10000 | $10000 | $10000 | $10000 |
| **Dec-2023** | $10000 | $9983 | $10005 | $9972 |
| **Mar-2024** | $11790 | $10576 | $10135 | $11025 |
| **Jun-2024** | $11640 | $10851 | $10270 | $11497 |
| **Sep-2024** | $11540 | $11460 | $10411 | $12174 |
| **Dec-2024** | $11208 | $11485 | $10534 | $12467 |
| **Mar-2025** | $10542 | $11318 | $10642 | $11935 |
| **Jun-2025** | $10381 | $12112 | $10754 | $13241 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 28, 2023)** |
| Catalyst/Aspect Enhanced Multi-Asset Fund | -10.82% | 2.51% |
| 60% S&P 500<sup>®</sup> Index/40% Bloomberg US Aggregate Bond | 11.62% | 13.56% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 4.94% |
| S&P 500<sup>®</sup> Index | 15.16% | 20.48% |

---

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

## **Fund Statistics** 
* Net Assets$33,329,703

* Number of Portfolio Holdings187

* Advisory Fee (net of waivers)$281,687

* Portfolio Turnover31%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic88bffa638ed6ccf089d4c47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 48.9% |
| Money Market Funds | 51.1% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](id2a210b9b5ac168f059f211b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 20.8% |
| Fixed Income | 38.7% |
| Money Market Funds | 40.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Core U.S. Aggregate Bond ETF | 38.7% |

---

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

![Image](i981a8deec7ef7eac54244dee.jpg)

# Catalyst/Aspect Enhanced Multi-Asset Fund - Class I (CASIX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i430c8a6478daec9054a20d12.jpg)

TSR-AR 063025-CASIX

# Catalyst/Millburn Hedge Strategy Fund

## Class C1 (MBXFX)

#### Annual Shareholder Report - June 30, 2025
![Image](i44d471b83d39d1a8eae2b022.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C1 | $289 | 2.91% |

---

## How did the Fund perform during the reporting period?
The Fund was nearly flat for the fiscal year ended June 30, 2025. Gains from long ETF positions in the Equity Component and from trading stock index and metal futures in the Fund's Futures Component offset losses from trading energy futures, interest rate futures, and currency futures and forwards in the Fund's Futures Component.

In terms of the Fund's Equity Component, long positions in equity ETFs were broadly profitable, with U.S. focused ETFs, especially small and mid-cap ETFs, leading the way.

The Futures Component saw losses from trading in energy futures, with long Brent crude oil, WTI crude oil, and London gas oil positions being three of the year's worst performers due to weakening demand and increasing OPEC+ and non-OPEC+ supplies. Trading of interest rate futures was also unprofitable, as a short U.S. 2-year note futures position posted a loss early in the period. Elsewhere, a predominantly long U.S. dollar/Swiss franc trade and trading in the U.S. dollar versus both the pound sterling and the Mexican peso produced three of the Fund's top ten losses for the period. Conversely, a long gold futures trade was profitable due to persistent safe haven demand and central bank purchases for reserve diversification, making it the top performing market this FY. Trading in Asian equity index futures was also profitable, with Chinese, Hong Kong, Korean and EEM emerging market index futures rating as four of the Fund's top ten performers for the reporting period.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7461cf13ba532e80302270ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/Millburn Hedge Strategy Fund** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **S&P 500<sup>®</sup> Index** |
| **Oct-2020** | $10000 | $10000 | $10000 |
| **Jun-2021** | $13393 | $10005 | $13278 |
| **Jun-2022** | $13567 | $10021 | $11869 |
| **Jun-2023** | $13810 | $10384 | $14194 |
| **Jun-2024** | $15797 | $10949 | $17680 |
| **Jun-2025** | $15620 | $11464 | $20361 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (October 30, 2020)** |
| Catalyst/Millburn Hedge Strategy Fund | -1.12% | 10.03% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 2.97% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.46% |

---

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

## **Fund Statistics** 
* Net Assets$8,212,377,404

* Number of Portfolio Holdings278

* Advisory Fee $138,629,396

* Portfolio Turnover19%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i89cd73c270561419371bdb0f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 51.5% |
| Money Market Funds | 6.7% |
| U.S. Government & Agencies | 41.8% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i85f1a49df312209e15292c84.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Money Market Funds | 6.6% |
| U.S. Treasury Obligations | 41.1% |
| Equity | 50.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 2.000%, 08/15/25 | 18.3% |
| United States Treasury Note, 2.250%, 11/15/25 | 17.0% |
| iShares Russell 1000 ETF | 6.6% |
| iShares Core S&P Mid-Cap ETF | 6.3% |
| United States Treasury Note, 1.625%, 02/15/26 | 5.8% |
| iShares Russell 2000 ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 4.1% |
| iShares MSCI USA Min Vol Factor ETF | 4.1% |
| SPDR S&P 500 ETF Trust | 3.8% |
| iShares Core S&P Small-Cap ETF | 3.2% |

---

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

![Image](i053886c26eb348f6f899ce75.jpg)

# Catalyst/Millburn Hedge Strategy Fund - Class C1 (MBXFX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i8122a3e1b1e097da6433b6b2.jpg)

TSR-AR 063025-MBXFX

# Catalyst/Millburn Hedge Strategy Fund

## Class A (MBXAX)

#### Annual Shareholder Report - June 30, 2025
![Image](id226cc3ede925ba65f1fd816.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $216 | 2.16% |

---

## How did the Fund perform during the reporting period?
The Fund was nearly flat for the fiscal year ended June 30, 2025. Gains from long ETF positions in the Equity Component and from trading stock index and metal futures in the Fund's Futures Component offset losses from trading energy futures, interest rate futures, and currency futures and forwards in the Fund's Futures Component.

In terms of the Fund's Equity Component, long positions in equity ETFs were broadly profitable, with U.S. focused ETFs, especially small and mid-cap ETFs, leading the way.

The Futures Component saw losses from trading in energy futures, with long Brent crude oil, WTI crude oil, and London gas oil positions being three of the year's worst performers due to weakening demand and increasing OPEC+ and non-OPEC+ supplies. Trading of interest rate futures was also unprofitable, as a short U.S. 2-year note futures position posted a loss early in the period. Elsewhere, a predominantly long U.S. dollar/Swiss franc trade and trading in the U.S. dollar versus both the pound sterling and the Mexican peso produced three of the Fund's top ten losses for the period. Conversely, a long gold futures trade was profitable due to persistent safe haven demand and central bank purchases for reserve diversification, making it the top performing market this FY. Trading in Asian equity index futures was also profitable, with Chinese, Hong Kong, Korean and EEM emerging market index futures rating as four of the Fund's top ten performers for the reporting period.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib3fe3241fab4b3681be7566f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Catalyst/Millburn Hedge Strategy Fund** | **Catalyst/Millburn Hedge Strategy Fund - with load** | **S&P 500<sup>®</sup> Index** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **Dec-2015** | $10000 | $9423 | $10000 | $10000 |
| **Jun-2016** | $11400 | $10743 | $10323 | $10016 |
| **Jun-2017** | $12144 | $11443 | $12171 | $10065 |
| **Jun-2018** | $13100 | $12345 | $13920 | $10202 |
| **Jun-2019** | $13904 | $13102 | $15370 | $10438 |
| **Jun-2020** | $12586 | $11860 | $16524 | $10608 |
| **Jun-2021** | $17173 | $16182 | $23265 | $10618 |
| **Jun-2022** | $17523 | $16513 | $20795 | $10636 |
| **Jun-2023** | $17969 | $16933 | $24869 | $11021 |
| **Jun-2024** | $20711 | $19517 | $30976 | $11620 |
| **Jun-2025** | $20633 | $19443 | $35674 | $12167 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 28, 2015)** |
| Catalyst/Millburn Hedge Strategy Fund |  |  |  |
| Without Load | -0.38% | 10.39% | 7.92% |
| With Load | -6.11% | 9.09% | 7.24% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 2.78% | 2.08% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.31% |

---

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

## **Fund Statistics** 
* Net Assets$8,212,377,404

* Number of Portfolio Holdings278

* Advisory Fee $138,629,396

* Portfolio Turnover19%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibd22a9ea3a7b66b8a79d8331.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 51.5% |
| Money Market Funds | 6.7% |
| U.S. Government & Agencies | 41.8% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i5f7730f4a7ab63e067989479.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Money Market Funds | 6.6% |
| U.S. Treasury Obligations | 41.1% |
| Equity | 50.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 2.000%, 08/15/25 | 18.3% |
| United States Treasury Note, 2.250%, 11/15/25 | 17.0% |
| iShares Russell 1000 ETF | 6.6% |
| iShares Core S&P Mid-Cap ETF | 6.3% |
| United States Treasury Note, 1.625%, 02/15/26 | 5.8% |
| iShares Russell 2000 ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 4.1% |
| iShares MSCI USA Min Vol Factor ETF | 4.1% |
| SPDR S&P 500 ETF Trust | 3.8% |
| iShares Core S&P Small-Cap ETF | 3.2% |

---

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

![Image](ib0cabfff0582d684619053a2.jpg)

# Catalyst/Millburn Hedge Strategy Fund - Class A (MBXAX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i9429d487e6c023776b0aaf51.jpg)

TSR-AR 063025-MBXAX

# Catalyst/Millburn Hedge Strategy Fund

## Class C (MBXCX)

#### Annual Shareholder Report - June 30, 2025
![Image](ia10f2c95b3adacfd34b7c917.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $289 | 2.91% |

---

## How did the Fund perform during the reporting period?
The Fund was nearly flat for the fiscal year ended June 30, 2025. Gains from long ETF positions in the Equity Component and from trading stock index and metal futures in the Fund's Futures Component offset losses from trading energy futures, interest rate futures, and currency futures and forwards in the Fund's Futures Component.

In terms of the Fund's Equity Component, long positions in equity ETFs were broadly profitable, with U.S. focused ETFs, especially small and mid-cap ETFs, leading the way.

The Futures Component saw losses from trading in energy futures, with long Brent crude oil, WTI crude oil, and London gas oil positions being three of the year's worst performers due to weakening demand and increasing OPEC+ and non-OPEC+ supplies. Trading of interest rate futures was also unprofitable, as a short U.S. 2-year note futures position posted a loss early in the period. Elsewhere, a predominantly long U.S. dollar/Swiss franc trade and trading in the U.S. dollar versus both the pound sterling and the Mexican peso produced three of the Fund's top ten losses for the period. Conversely, a long gold futures trade was profitable due to persistent safe haven demand and central bank purchases for reserve diversification, making it the top performing market this FY. Trading in Asian equity index futures was also profitable, with Chinese, Hong Kong, Korean and EEM emerging market index futures rating as four of the Fund's top ten performers for the reporting period.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic42f5bf2dd11a7ec52c84f94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/Millburn Hedge Strategy Fund** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $11352 | $10016 | $10323 |
| **Jun-2017** | $12007 | $10065 | $12171 |
| **Jun-2018** | $12850 | $10202 | $13920 |
| **Jun-2019** | $13536 | $10438 | $15370 |
| **Jun-2020** | $12162 | $10608 | $16524 |
| **Jun-2021** | $16470 | $10618 | $23265 |
| **Jun-2022** | $16683 | $10636 | $20795 |
| **Jun-2023** | $16977 | $11021 | $24869 |
| **Jun-2024** | $19422 | $11620 | $30976 |
| **Jun-2025** | $19200 | $12167 | $35674 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 28, 2015)** |
| Catalyst/Millburn Hedge Strategy Fund | -1.14% | 9.56% | 7.10% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 2.78% | 2.08% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.31% |

---

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

## **Fund Statistics** 
* Net Assets$8,212,377,404

* Number of Portfolio Holdings278

* Advisory Fee $138,629,396

* Portfolio Turnover19%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib6259e1c92bbfe7e7eed3b81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 51.5% |
| Money Market Funds | 6.7% |
| U.S. Government & Agencies | 41.8% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](ib5dd8a6fe8080722d344bd32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Money Market Funds | 6.6% |
| U.S. Treasury Obligations | 41.1% |
| Equity | 50.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 2.000%, 08/15/25 | 18.3% |
| United States Treasury Note, 2.250%, 11/15/25 | 17.0% |
| iShares Russell 1000 ETF | 6.6% |
| iShares Core S&P Mid-Cap ETF | 6.3% |
| United States Treasury Note, 1.625%, 02/15/26 | 5.8% |
| iShares Russell 2000 ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 4.1% |
| iShares MSCI USA Min Vol Factor ETF | 4.1% |
| SPDR S&P 500 ETF Trust | 3.8% |
| iShares Core S&P Small-Cap ETF | 3.2% |

---

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

![Image](ie1e7fa54cdcbf35e53c27d61.jpg)

# Catalyst/Millburn Hedge Strategy Fund - Class C (MBXCX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i136ca437339affd886b05cc9.jpg)

TSR-AR 063025-MBXCX

# Catalyst/Millburn Hedge Strategy Fund

## Class I (MBXIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i7869eb6e63044680157b733f.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $191 | 1.91% |

---

## How did the Fund perform during the reporting period?
The Fund was nearly flat for the fiscal year ended June 30, 2025. Gains from long ETF positions in the Equity Component and from trading stock index and metal futures in the Fund's Futures Component offset losses from trading energy futures, interest rate futures, and currency futures and forwards in the Fund's Futures Component.

In terms of the Fund's Equity Component, long positions in equity ETFs were broadly profitable, with U.S. focused ETFs, especially small and mid-cap ETFs, leading the way.

The Futures Component saw losses from trading in energy futures, with long Brent crude oil, WTI crude oil, and London gas oil positions being three of the year's worst performers due to weakening demand and increasing OPEC+ and non-OPEC+ supplies. Trading of interest rate futures was also unprofitable, as a short U.S. 2-year note futures position posted a loss early in the period. Elsewhere, a predominantly long U.S. dollar/Swiss franc trade and trading in the U.S. dollar versus both the pound sterling and the Mexican peso produced three of the Fund's top ten losses for the period. Conversely, a long gold futures trade was profitable due to persistent safe haven demand and central bank purchases for reserve diversification, making it the top performing market this FY. Trading in Asian equity index futures was also profitable, with Chinese, Hong Kong, Korean and EEM emerging market index futures rating as four of the Fund's top ten performers for the reporting period.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4c36767004261f18a12dcd39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/Millburn Hedge Strategy Fund** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $11932 | $10019 | $10399 |
| **Jun-2017** | $12747 | $10068 | $12260 |
| **Jun-2018** | $13779 | $10205 | $14023 |
| **Jun-2019** | $14663 | $10441 | $15483 |
| **Jun-2020** | $13306 | $10611 | $16645 |
| **Jun-2021** | $18200 | $10621 | $23436 |
| **Jun-2022** | $18620 | $10639 | $20948 |
| **Jun-2023** | $19137 | $11024 | $25053 |
| **Jun-2024** | $22115 | $11623 | $31204 |
| **Jun-2025** | $22084 | $12171 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/Millburn Hedge Strategy Fund | -0.14% | 10.66% | 8.25% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 2.78% | 1.98% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

## **Fund Statistics** 
* Net Assets$8,212,377,404

* Number of Portfolio Holdings278

* Advisory Fee $138,629,396

* Portfolio Turnover19%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i21b252b60f30c0941732cec9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 51.5% |
| Money Market Funds | 6.7% |
| U.S. Government & Agencies | 41.8% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i9e330da02b7752168fe548c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Money Market Funds | 6.6% |
| U.S. Treasury Obligations | 41.1% |
| Equity | 50.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note, 2.000%, 08/15/25 | 18.3% |
| United States Treasury Note, 2.250%, 11/15/25 | 17.0% |
| iShares Russell 1000 ETF | 6.6% |
| iShares Core S&P Mid-Cap ETF | 6.3% |
| United States Treasury Note, 1.625%, 02/15/26 | 5.8% |
| iShares Russell 2000 ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 4.1% |
| iShares MSCI USA Min Vol Factor ETF | 4.1% |
| SPDR S&P 500 ETF Trust | 3.8% |
| iShares Core S&P Small-Cap ETF | 3.2% |

---

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

![Image](i19b6b02a44773d06012b9b63.jpg)

# Catalyst/Millburn Hedge Strategy Fund - Class I (MBXIX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i623b215e4f991b5a3c529edb.jpg)

TSR-AR 063025-MBXIX

# Catalyst/Warrington Strategic Program Fund

## Class A (CWXAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i0cdc418e783b6886305bb2a2.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $228 | 2.24% |

---

## How did the Fund perform during the reporting period?
The Fund achieved a gain of +3.87% for the fiscal year ended June 30, 2025, as the Fund deftly navigated a multitude of economic and geopolitical challenges throughout the year.

The major development in the U.S. was the re-election of President Trump. The buoyant market reaction was interrupted by a few months of volatility as tariffs and various geopolitical events led to increased uncertainty. This general unease can often lead to option pricing remaining elevated, but during many periods over the last year, volatility has plummeted as investor complacency has soared.

Despite less-than-ideal volatility trends, the Fund was able to deliver a positive net return. The VIX experienced two separate extreme spikes higher, but those moves quickly reversed. Nevertheless, we consistently observe robust demand with respect to very deep out-of-the-money put options, enabling us to engage in attractive spread trades on behalf of the Fund.

In the context of this unprecedented market environment, we are relatively pleased with the Fund's performance over the fiscal year.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic326b4bc36f48fc51dbe8bba.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/Warrington Strategic Program Fund** | **Catalyst/Warrington Strategic Program Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $9427 | $10000 |
| **Jun-2016** | $10639 | $10030 | $10399 |
| **Jun-2017** | $8896 | $8386 | $12260 |
| **Jun-2018** | $8338 | $7860 | $14023 |
| **Jun-2019** | $8121 | $7655 | $15483 |
| **Jun-2020** | $7873 | $7422 | $16645 |
| **Jun-2021** | $8245 | $7772 | $23436 |
| **Jun-2022** | $9009 | $8493 | $20948 |
| **Jun-2023** | $9273 | $8742 | $25053 |
| **Jun-2024** | $9590 | $9041 | $31204 |
| **Jun-2025** | $9961 | $9391 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/Warrington Strategic Program Fund |  |  |  |
| Without Load | 3.87% | 4.82% | -0.04% |
| With Load | -2.13% | 3.60% | -0.63% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

## **Fund Statistics** 
* Net Assets$75,715,031

* Number of Portfolio Holdings27

* Advisory Fee (net of waivers)$1,469,974

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iabf008a3344b40dbde7d14fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 11.5% |
| Purchased Options | 0.1% |
| U.S. Government & Agencies | 88.4% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i32d0ba8441d294f7dd65898c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.2% |
| Money Market Funds | 10.2% |
| U.S. Treasury Obligations | 78.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 2.797%, 07/03/25 | 52.8% |
| United States Treasury Bill, 3.969%, 01/22/26 | 25.8% |

---

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

![Image](ic11dd288c30d5e794144bbae.jpg)

# Catalyst/Warrington Strategic Program Fund - Class A (CWXAX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i53bd3e379fd8cc3204639d3d.jpg)

TSR-AR 063025-CWXAX

# Catalyst/Warrington Strategic Program Fund

## Class C (CWXCX)

#### Annual Shareholder Report - June 30, 2025
![Image](i3e865ce9a4dd68047be6b98d.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $304 | 2.99% |

---

## How did the Fund perform during the reporting period?
The Fund achieved a gain of +3.14% for the fiscal year ended June 30, 2025, as the Fund deftly navigated a multitude of economic and geopolitical challenges throughout the year.

The major development in the U.S. was the re-election of President Trump. The buoyant market reaction was interrupted by a few months of volatility as tariffs and various geopolitical events led to increased uncertainty. This general unease can often lead to option pricing remaining elevated, but during many periods over the last year, volatility has plummeted as investor complacency has soared.

Despite less-than-ideal volatility trends, the Fund was able to deliver a positive net return. The VIX experienced two separate extreme spikes higher, but those moves quickly reversed. Nevertheless, we consistently observe robust demand with respect to very deep out-of-the-money put options, enabling us to engage in attractive spread trades on behalf of the Fund.

In the context of this unprecedented market environment, we are relatively pleased with the Fund's performance over the fiscal year.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i51c1a9baa448668347312f5e.jpg)

---

| | | |
|:---|:---|:---|
| | **Catalyst/Warrington Strategic Program Fund** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10573 | $10399 |
| **Jun-2017** | $8773 | $12260 |
| **Jun-2018** | $8153 | $14023 |
| **Jun-2019** | $7880 | $15483 |
| **Jun-2020** | $7586 | $16645 |
| **Jun-2021** | $7891 | $23436 |
| **Jun-2022** | $8553 | $20948 |
| **Jun-2023** | $8742 | $25053 |
| **Jun-2024** | $8973 | $31204 |
| **Jun-2025** | $9255 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/Warrington Strategic Program Fund | 3.14% | 4.06% | -0.77% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

## **Fund Statistics** 
* Net Assets$75,715,031

* Number of Portfolio Holdings27

* Advisory Fee (net of waivers)$1,469,974

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9fc51a393de15781e5a27326.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 11.5% |
| Purchased Options | 0.1% |
| U.S. Government & Agencies | 88.4% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i6df2fbc02580fa9a2f106130.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.2% |
| Money Market Funds | 10.2% |
| U.S. Treasury Obligations | 78.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 2.797%, 07/03/25 | 52.8% |
| United States Treasury Bill, 3.969%, 01/22/26 | 25.8% |

---

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

![Image](i774e763c561072f43f44310f.jpg)

# Catalyst/Warrington Strategic Program Fund - Class C (CWXCX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i5dc7e7a3a2015306d4dac855.jpg)

TSR-AR 063025-CWXCX

# Catalyst/Warrington Strategic Program Fund

## Class I (CWXIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i7f99657277f4b3dd290275c6.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $203 | 1.99% |

---

## How did the Fund perform during the reporting period?
The Fund achieved a gain of +4.16% for the fiscal year ended June 30, 2025, as the Fund deftly navigated a multitude of economic and geopolitical challenges throughout the year.

The major development in the U.S. was the re-election of President Trump. The buoyant market reaction was interrupted by a few months of volatility as tariffs and various geopolitical events led to increased uncertainty. This general unease can often lead to option pricing remaining elevated, but during many periods over the last year, volatility has plummeted as investor complacency has soared.

Despite less-than-ideal volatility trends, the Fund was able to deliver a positive net return. The VIX experienced two separate extreme spikes higher, but those moves quickly reversed. Nevertheless, we consistently observe robust demand with respect to very deep out-of-the-money put options, enabling us to engage in attractive spread trades on behalf of the Fund.

In the context of this unprecedented market environment, we are relatively pleased with the Fund's performance over the fiscal year.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](idde63fcb0655ce9cff1244b9.jpg)

---

| | | |
|:---|:---|:---|
| | **Catalyst/Warrington Strategic Program Fund** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10674 | $10399 |
| **Jun-2017** | $8948 | $12260 |
| **Jun-2018** | $8403 | $14023 |
| **Jun-2019** | $8208 | $15483 |
| **Jun-2020** | $7971 | $16645 |
| **Jun-2021** | $8372 | $23436 |
| **Jun-2022** | $9174 | $20948 |
| **Jun-2023** | $9469 | $25053 |
| **Jun-2024** | $9822 | $31204 |
| **Jun-2025** | $10230 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Catalyst/Warrington Strategic Program Fund | 4.16% | 5.12% | 0.23% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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

## **Fund Statistics** 
* Net Assets$75,715,031

* Number of Portfolio Holdings27

* Advisory Fee (net of waivers)$1,469,974

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie0ff56cc3ed4690963dc5c00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 11.5% |
| Purchased Options | 0.1% |
| U.S. Government & Agencies | 88.4% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](ie1b5ef309f036c53263977a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.2% |
| Money Market Funds | 10.2% |
| U.S. Treasury Obligations | 78.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 2.797%, 07/03/25 | 52.8% |
| United States Treasury Bill, 3.969%, 01/22/26 | 25.8% |

---

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

![Image](ibb333848971bdc79e76cc306.jpg)

# Catalyst/Warrington Strategic Program Fund - Class I (CWXIX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i40bfea2c8972678a1aa353b6.jpg)

TSR-AR 063025-CWXIX

# Catalyst/Welton Advantage Multi-Strategy Fund

## Class A (CWEAX)

#### Annual Shareholder Report - June 30, 2025
![Image](iad0f3f11d541562ed67eb27b.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $214 | 2.24% |

---

## How did the Fund perform during the reporting period?
The fiscal year ended June 30, 2025 presented a significantly challenging environment for the Fund. While the single equities sub-portfolio performed broadly in line with its benchmark, contributing a relatively stable element to the portfolio, the Fund's overall returns were negatively impacted by heightened volatility on the derivative side. This was particularly pronounced within the Fixed Income and Currency (FX) markets.

The first half of calendar year 2025 proved exceptionally difficult, characterized by swift trend reversals and a pervasive lack of sustained momentum across various asset classes. Geopolitical shifts and evolving macroeconomic narratives, particularly those influenced by new tariff policies enacted by the Trump administration, introduced considerable uncertainty. These factors directly contributed to the large movements and unpredictability we observed in FX and Fixed Income, impacting our derivative positions.

Despite these considerable headwinds, the Fund maintained its diversified approach. This diversified strategy, coupled with active risk management, allowed the Fund to adapt and, notably, we observed an improved performance trend towards the end of the fiscal year as some of the initial market shocks began to stabilize.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6514bed132e17276ba2984ec.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst/Welton Advantage Multi-Strategy Fund** | **Catalyst/Welton Advantage Multi-Strategy Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **Aug-2020** | $10000 | $9425 | $10000 |
| **Jun-2021** | $13978 | $13174 | $12434 |
| **Jun-2022** | $16097 | $15172 | $11114 |
| **Jun-2023** | $16280 | $15344 | $13292 |
| **Jun-2024** | $18165 | $17121 | $16556 |
| **Jun-2025** | $16657 | $15699 | $19066 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (August 31, 2020)** |
| Catalyst/Welton Advantage Multi-Strategy Fund |  |  |
| Without Load | -8.30% | 11.14% |
| With Load | -13.57% | 9.79% |
| S&P 500<sup>®</sup> Index | 15.16% | 14.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*** The Fund has adopted the performance of the Welton ESG Advantage Fund LLC, which had an inception date of August 31, 2020, which reorganized into Welton.

## **Fund Statistics** 
* Net Assets$49,386,500

* Number of Portfolio Holdings255

* Advisory Fee (net of waivers)$491,963

* Portfolio Turnover2,575%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i489f6f72790f0b5c10d36662.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 89.4% |
| Money Market Funds | 10.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i914d6b18ef8d8f6e1b27d924.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 17.9% |
| Materials | 2.1% |
| Consumer Staples | 2.2% |
| Health Care | 2.6% |
| Real Estate | 4.0% |
| Utilities | 4.3% |
| Energy | 4.7% |
| Consumer Discretionary | 5.2% |
| Communications | 6.8% |
| Money Market Funds | 8.7% |
| Financials | 10.5% |
| Industrials | 10.9% |
| Technology | 20.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Exxon Mobil Corporation | 1.5% |
| Alphabet, Inc. | 1.5% |
| NVIDIA Corporation | 1.5% |
| Bank of America Corporation | 1.4% |
| Microsoft Corporation | 1.4% |
| Meta Platforms, Inc. | 1.4% |
| Apple, Inc. | 1.3% |
| JPMorgan Chase & Company | 1.1% |
| Mastercard, Inc. | 1.0% |
| Broadcom, Inc. | 1.0% |

---

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

![Image](icabd56fecc27dc06ddf49205.jpg)

# Catalyst/Welton Advantage Multi-Strategy Fund - Class A (CWEAX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifbf20e95d87e7a4c2eefc7b3.jpg)

TSR-AR 063025-CWEAX

# Catalyst/Welton Advantage Multi-Strategy Fund

## Class C (CWECX)

#### Annual Shareholder Report - June 30, 2025
![Image](iab7d4a92c786cc64ecfe3082.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $286 | 2.99% |

---

## How did the Fund perform during the reporting period?
The fiscal year ended June 30, 2025 presented a significantly challenging environment for the Fund. While the single equities sub-portfolio performed broadly in line with its benchmark, contributing a relatively stable element to the portfolio, the Fund's overall returns were negatively impacted by heightened volatility on the derivative side. This was particularly pronounced within the Fixed Income and Currency (FX) markets.

The first half of calendar year 2025 proved exceptionally difficult, characterized by swift trend reversals and a pervasive lack of sustained momentum across various asset classes. Geopolitical shifts and evolving macroeconomic narratives, particularly those influenced by new tariff policies enacted by the Trump administration, introduced considerable uncertainty. These factors directly contributed to the large movements and unpredictability we observed in FX and Fixed Income, impacting our derivative positions.

Despite these considerable headwinds, the Fund maintained its diversified approach. This diversified strategy, coupled with active risk management, allowed the Fund to adapt and, notably, we observed an improved performance trend towards the end of the fiscal year as some of the initial market shocks began to stabilize.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icfd64b9b218520a0c7bd6bae.jpg)

---

| | | |
|:---|:---|:---|
| | **Catalyst/Welton Advantage Multi-Strategy Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2020** | $10000 | $10000 |
| **Jun-2021** | $13894 | $12434 |
| **Jun-2022** | $15882 | $11114 |
| **Jun-2023** | $15942 | $13292 |
| **Jun-2024** | $17670 | $16556 |
| **Jun-2025** | $16197 | $19066 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (August 31, 2020)** |
| Catalyst/Welton Advantage Multi-Strategy Fund | -8.34% | 10.50% |
| S&P 500<sup>®</sup> Index | 15.16% | 14.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*** The Fund has adopted the performance of the Welton ESG Advantage Fund LLC, which had an inception date of August 31, 2020, which reorganized into Welton.

## **Fund Statistics** 
* Net Assets$49,386,500

* Number of Portfolio Holdings255

* Advisory Fee (net of waivers)$491,963

* Portfolio Turnover2,575%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6546f73f916691a4de71ee09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 89.4% |
| Money Market Funds | 10.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i43a766dbcf08a32193f6047a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 17.9% |
| Materials | 2.1% |
| Consumer Staples | 2.2% |
| Health Care | 2.6% |
| Real Estate | 4.0% |
| Utilities | 4.3% |
| Energy | 4.7% |
| Consumer Discretionary | 5.2% |
| Communications | 6.8% |
| Money Market Funds | 8.7% |
| Financials | 10.5% |
| Industrials | 10.9% |
| Technology | 20.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Exxon Mobil Corporation | 1.5% |
| Alphabet, Inc. | 1.5% |
| NVIDIA Corporation | 1.5% |
| Bank of America Corporation | 1.4% |
| Microsoft Corporation | 1.4% |
| Meta Platforms, Inc. | 1.4% |
| Apple, Inc. | 1.3% |
| JPMorgan Chase & Company | 1.1% |
| Mastercard, Inc. | 1.0% |
| Broadcom, Inc. | 1.0% |

---

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

![Image](ia087cbc16b0e46f2ec65dbca.jpg)

# Catalyst/Welton Advantage Multi-Strategy Fund - Class C (CWECX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i003c6a40fec699c1d42ff7f7.jpg)

TSR-AR 063025-CWECX

# Catalyst/Welton Advantage Multi-Strategy Fund

## Class I (CWEIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i9f2c75ea10d78bbb00896f7a.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $190 | 1.99% |

---

## How did the Fund perform during the reporting period?
The fiscal year ended June 30, 2025 presented a significantly challenging environment for the Fund. While the single equities sub-portfolio performed broadly in line with its benchmark, contributing a relatively stable element to the portfolio, the Fund's overall returns were negatively impacted by heightened volatility on the derivative side. This was particularly pronounced within the Fixed Income and Currency (FX) markets.

The first half of calendar year 2025 proved exceptionally difficult, characterized by swift trend reversals and a pervasive lack of sustained momentum across various asset classes. Geopolitical shifts and evolving macroeconomic narratives, particularly those influenced by new tariff policies enacted by the Trump administration, introduced considerable uncertainty. These factors directly contributed to the large movements and unpredictability we observed in FX and Fixed Income, impacting our derivative positions.

Despite these considerable headwinds, the Fund maintained its diversified approach. This diversified strategy, coupled with active risk management, allowed the Fund to adapt and, notably, we observed an improved performance trend towards the end of the fiscal year as some of the initial market shocks began to stabilize.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i13f79228cb1fd9e78e5ee4c8.jpg)

---

| | | |
|:---|:---|:---|
| | **Catalyst/Welton Advantage Multi-Strategy Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2020** | $10000 | $10000 |
| **Jun-2021** | $14006 | $12434 |
| **Jun-2022** | $16170 | $11114 |
| **Jun-2023** | $16394 | $13292 |
| **Jun-2024** | $18338 | $16556 |
| **Jun-2025** | $16857 | $19066 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (August 31, 2020)** |
| Catalyst/Welton Advantage Multi-Strategy Fund | -8.08% | 11.42% |
| S&P 500<sup>®</sup> Index | 15.16% | 14.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*** The Fund has adopted the performance of the Welton ESG Advantage Fund LLC, which had an inception date of August 31, 2020, which reorganized into Welton.

## **Fund Statistics** 
* Net Assets$49,386,500

* Number of Portfolio Holdings255

* Advisory Fee (net of waivers)$491,963

* Portfolio Turnover2,575%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i75d930c11b21db0f496d6c7f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 89.4% |
| Money Market Funds | 10.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8b84e5df569e1a41ba76aa16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 17.9% |
| Materials | 2.1% |
| Consumer Staples | 2.2% |
| Health Care | 2.6% |
| Real Estate | 4.0% |
| Utilities | 4.3% |
| Energy | 4.7% |
| Consumer Discretionary | 5.2% |
| Communications | 6.8% |
| Money Market Funds | 8.7% |
| Financials | 10.5% |
| Industrials | 10.9% |
| Technology | 20.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Exxon Mobil Corporation | 1.5% |
| Alphabet, Inc. | 1.5% |
| NVIDIA Corporation | 1.5% |
| Bank of America Corporation | 1.4% |
| Microsoft Corporation | 1.4% |
| Meta Platforms, Inc. | 1.4% |
| Apple, Inc. | 1.3% |
| JPMorgan Chase & Company | 1.1% |
| Mastercard, Inc. | 1.0% |
| Broadcom, Inc. | 1.0% |

---

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

![Image](ia78f56226f609132e6e2e247.jpg)

# Catalyst/Welton Advantage Multi-Strategy Fund - Class I (CWEIX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ieb218c726693311f0bf96346.jpg)

TSR-AR 063025-CWEIX

(b) Not
 applicable

**Item 2. Code of Ethics.** 

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

(b) N/A

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

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

(e) N/A

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

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

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

(a)(2) Not applicable.

(a)(3) Not applicable.

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

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

2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$268,652

2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$206,379

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

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

2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23,986

2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24,667

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

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

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

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

(f) Not
 applicable.

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

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

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

Not applicable

**Item 6. Investments.**

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

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

(a) ---

| |
|:---|
| **ANNUAL FINANCIAL STATEMENTS<br> AND<br> ADDITIONAL INFORMATION** |
| **Catalyst/Warrington Strategic Program Fund** |
| **(CWXAX, CWXCX, CWXIX)** |
| **Catalyst Systematic Alpha Fund** |
| **(ATRAX, ATRCX, ATRFX)** |
| **Catalyst/Welton Advantage Multi-Strategy Fund** |
| **(CWEAX, CWECX, CWEIX)** |
| **Catalyst/Aspect Enhanced Multi-Asset Fund** |
| **(CASAX, CASCX, CASIX)** |
| **Catalyst Nasdaq-100 Hedged Equity Fund** |
| **(CLPAX, CLPCX, CLPFX)** |
| **Catalyst/Millburn Hedge Strategy Fund** |
| **(MBXAX, MBXCX, MBXIX)** |
| **Catalyst Buffered Shield Fund** |
| **(SHIEX, SHINX, SHIIX)** |
| **June 30, 2025** |
| ![(CATALYST LOGO)](ca001_v1.jpg) |
| **Mutual Fund Series Trust** |

---

---

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

---

---

| | |
|:---|:---|
| Schedules of Investments | Page 1 |
| Statements of Assets and Liabilities | Page 45 |
| Statements of Operations | Page 47 |
| Statements of Changes in Net Assets | Page 49 |
| Financial Highlights | Page 53 |
| Notes to Financial Statements | Page 67 |
| Report of Independent Registered Public Accounting Firm | Page 89 |
| Additional Information | Page 91 |

---

---

| |
|:---|
| **CATALYST/WARRINGTON STRATEGIC PROGRAM FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Discount Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 78.6%** |  |  |  |
|  | **U.S. TREASURY BILLS — 78.6%** |  |  |  |
| 40000000 | United States Treasury Bill<sup>(a),(f)</sup> | 2.7967 | 07/03/25 | $39990677 |
| 20000000 | United States Treasury Bill<sup>(a)</sup> | 3.9694 | 01/22/26 | 19545726 |
|  |  |  |  | 59536403 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $59,541,050)** |  |  | 59536403 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **SHORT-TERM INVESTMENTS — 10.2%** |  |
|  | **MONEY MARKET FUNDS - 10.2%** |  |
| 7711374 | First American Treasury Obligations Fund, Class X, 4.21%<sup>(b)</sup> | 7711374 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $7,711,374)** | 7711374 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **FUTURE OPTIONS PURCHASED - 0.1%** | **FUTURE OPTIONS PURCHASED - 0.1%** |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** | **CALL OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** |  |  |  |  |
| 640 | S&P Emini Future, Maturing July 2025 | ADM | 07/03/2025 | $6450 | $206400000 | $4800 |
| 200 | S&P Emini Future, Maturing July 2025 | FCS | 07/03/2025 | 6450 | 64500000 | 1500 |
| 640 | S&P Emini Future, Maturing July 2025 | ADM | 07/03/2025 | 6650 | 212800000 | 1600 |
| 200 | S&P Emini Future, Maturing July 2025 | FCS | 07/03/2025 | 6650 | 66500000 | 500 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $21,000)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $21,000)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $21,000)** |  |  | 8400 |
|  | **PUT OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
| 1000 | S&P Emini Future, Maturing July 2025 | ADM | 07/02/2025 | $5075 | $253750000 | $2500 |
| 400 | S&P Emini Future, Maturing July 2025 | FCS | 07/02/2025 | 5075 | 101500000 | 1000 |
| 640 | S&P Emini Future, Maturing July 2025 | ADM | 07/03/2025 | 5550 | 177600000 | 1600 |
| 200 | S&P Emini Future, Maturing July 2025 | FCS | 07/03/2025 | 5550 | 55500000 | 500 |
| 320 | S&P Emini Future, Maturing July 2025 | ADM | 07/03/2025 | 5850 | 93600000 | 2400 |
| 100 | S&P Emini Future, Maturing July 2025 | FCS | 07/03/2025 | 5850 | 29250000 | 750 |
| 680 | S&P Emini Future, Maturing July 2025 | ADM | 07/09/2025 | 5600 | 190400000 | 15300 |
| 200 | S&P Emini Future, Maturing July 2025 | FCS | 07/09/2025 | 5600 | 56000000 | 4500 |
| 340 | S&P Emini Future, Maturing July 2025 | ADM | 07/09/2025 | 5900 | 100300000 | 24650 |
| 100 | S&P Emini Future, Maturing July 2025 | FCS | 07/09/2025 | 5900 | 29500000 | 7250 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $229,500)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $229,500)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $229,500)** |  |  | 60450 |
|  | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $250,500)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $250,500)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $250,500)** |  |  | 68850 |

---

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

---

| |
|:---|
| **CATALYST/WARRINGTON STRATEGIC PROGRAM FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 88.9% (Cost $67,502,924)** | $67316627 |
| **CALL OPTIONS WRITTEN – (0.0)%<sup>(e)</sup> (Premiums received - $12,600)** | (4200) |
| **PUT OPTIONS WRITTEN – (0.1)% (Premiums received - $214,200)** | (56800) |
| **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.2%** | 8459404 |
| **NET ASSETS - 100.0%** | $75715031 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS - 0.1%** | **WRITTEN FUTURE OPTIONS - 0.1%** |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- 0.0%<sup>(e)</sup>** |  |  |  |  |  |
| 1280 | S&P Emini Future, Maturing July 2025 | ADM | 07/03/2025 | $6550 | $419200000 | $3200 |
| 400 | S&P Emini Future, Maturing July 2025 | FCS | 07/03/2025 | 6550 | 131000000 | 1000 |
|  | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $12,600)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $12,600)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $12,600)** |  |  | 4200 |
|  | **PUT OPTIONS WRITTEN - 0.1%** |  |  |  |  |  |
| 1280 | S&P Emini Future, Maturing July 2025 | ADM | 07/03/2025 | $5250 | $336000000 | $3200 |
| 400 | S&P Emini Future, Maturing July 2025 | FCS | 07/03/2025 | 5250 | 105000000 | 1000 |
| 640 | S&P Emini Future, Maturing July 2025 | ADM | 07/03/2025 | 5700 | 182400000 | 3200 |
| 200 | S&P Emini Future, Maturing July 2025 | FCS | 07/03/2025 | 5700 | 57000000 | 1000 |
| 1360 | S&P Emini Future, Maturing July 2025 | ADM | 07/09/2025 | 5300 | 360400000 | 13600 |
| 400 | S&P Emini Future, Maturing July 2025 | FCS | 07/09/2025 | 5300 | 106000000 | 4000 |
| 680 | S&P Emini Future, Maturing July 2025 | ADM | 07/09/2025 | 5750 | 195500000 | 23800 |
| 200 | S&P Emini Future, Maturing July 2025 | FCS | 07/09/2025 | 5750 | 57500000 | 7000 |
|  | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $214,200)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $214,200)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $214,200)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $214,200)** |  | 56800 |
|  | **TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $226,800)** | **TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $226,800)** | **TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $226,800)** |  |  | $61000 |

---

---

| | |
|:---|:---|
| ADM | ADM Investor Services, Inc. |
| FCS | StoneX Group, Inc. |

---

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

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

<sup>(c)</sup> Each contract is equivalent to one futures contract.

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

<sup>(e)</sup> Percentage rounds to greater than (0.1%).

<sup>(f)</sup> All or a portion held as collateral for options.

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

---

| |
|:---|
| **CATALYST SYSTEMATIC ALPHA FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 15.6%** |  |
|  | **FIXED INCOME - 15.6%** |  |
| 265046 | Catalyst International Income Opportunities Fund<sup>(a)</sup> | $32605930 |
|  | **TOTAL OPEN END FUNDS (Cost $30,000,000)** | 32605930 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** | |
|  | **CONVERTIBLE BONDS — 0.2%** |  |  |  |
|  | **ASSET MANAGEMENT — 0.1%** |  |  |  |
| 225000 | New Mountain Finance Corporation | 7.5000 | 10/15/25 | 225910 |
|  | **SPECIALTY FINANCE — 0.1%** |  |  |  |
| 225000 | Two Harbors Investment Corporation | 6.2500 | 01/15/26 | 221288 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $424,260)** |  |  | 447198 |
|  | **CORPORATE BONDS — 28.8%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 4.4%** |  |  |  |
| 9090000 | RTX Corporation | 3.9500 | 08/16/25 | 9079288 |
|  | **BIOTECH & PHARMA — 3.1%** |  |  |  |
| 6500000 | Gilead Sciences, Inc. | 3.6500 | 03/01/26 | 6468358 |
|  | **FOOD — 3.8%** |  |  |  |
| 7960000 | Kraft Heinz Foods Company | 3.0000 | 06/01/26 | 7857607 |
|  | **LEISURE FACILITIES & SERVICES — 3.8%** |  |  |  |
| 8000000 | McDonald's Corporation Series MTN | 3.7000 | 01/30/26 | 7967919 |
|  | **RETAIL - DISCRETIONARY — 4.7%** |  |  |  |
| 9700000 | Lowe's Companies, Inc. | 4.4000 | 09/08/25 | 9696066 |
|  | **SEMICONDUCTORS — 4.3%** |  |  |  |
| 9000000 | Intel Corporation | 4.8750 | 02/10/26 | 9014066 |

---

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

---

| |
|:---|
| **CATALYST SYSTEMATIC ALPHA FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 28.8% (Continued)** |  |  |  |
|  | **TECHNOLOGY SERVICES — 4.7%** |  |  |  |
| 10000000 | International Business Machines Corporation | 3.3000 | 05/15/26 | $9908054 |
|  | **TOTAL CORPORATE BONDS (Cost $59,824,078)** |  |  | 59991358 |
|  |  | **Discount Rate** |  |  |
|  |  | **(%)** |  |  |
|  | **U.S. GOVERNMENT & AGENCIES — 54.3%** |  |  |  |
|  | **U.S. TREASURY BILLS — 54.3%** |  |  |  |
| 43080000 | United States Treasury Bill<sup>(b),(c),(e)</sup> | 3.7650 | 07/10/25 | 43034945 |
| 15000000 | United States Treasury Bill<sup>(b),(c),(e)</sup> | 4.1304 | 08/07/25 | 14934603 |
| 9000000 | United States Treasury Bill<sup>(b),(c),(e)</sup> | 4.1746 | 10/02/25 | 8901897 |
| 20500000 | United States Treasury Bill<sup>(b),(e)</sup> | 3.8895 | 02/19/26 | 19981728 |
| 19000000 | United States Treasury Bill<sup>(b),(e)</sup> | 3.8786 | 03/19/26 | 18463670 |
| 8050000 | United States Treasury Bill<sup>(b),(c),(e)</sup> | 3.8261 | 04/16/26 | 7801886 |
|  |  |  |  | 113118729 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $113,162,877)** |  |  | 113118729 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **SHORT-TERM INVESTMENTS — 7.0%** |  |
|  | **MONEY MARKET FUNDS - 7.0%** |  |
| 14525228 | First American Treasury Obligations Fund, Class X, 4.21%<sup>(c),(d)</sup> | 14525228 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $14,525,228)** | 14525228 |
|  | **TOTAL INVESTMENTS - 105.9% (Cost $217,936,443)** | $220688443 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.9)%** | (12204662) |
|  | **NET ASSETS - 100.0%** | $208483781 |

---

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

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

<sup>(c)</sup> All or a portion of this investment is a holding of the CSACS Fund Limited.

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

<sup>(e)</sup> This security is segregated as Collateral for a Swap Contract.

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

---

| |
|:---|
| **CATALYST SYSTEMATIC ALPHA FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

**TOTAL RETURN SWAPS - (5.8) %** 

Custom Asset Series X1 Excess Return Strategy ("RCXTCAX1") is a rules-based index containing strategies across a mix of non-commodity asset classes which look to invest in premias including carry, volatility, trend and relative value. The index has 13 components which comprise the broader index.

Custom Asset Series X2 Excess Return Strategy ("RCXTCAX2") is a rules-based index containing two commodities strategies (one based on carry and the other on curve RV).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shares** | **Reference Entity** | **Payment<br> Frequency** | **Notional<br> Amount** | **Counterparty** | **Maturity** | **Pay<br> Fixed Rate** | **Upfront<br> Payments** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 34470 | BNP Paribas Catalyst Systematic Alpha Non-Commodities Index \* | Maturity | (151323876) | BNP Paribas | 1/12/2026 | 0.2000% |  | $(10794398) |
| 34470 | BNP Paribas Catalyst Systematic Alpha Commodities Index +\* | Monthly | (142262647) | BNP Paribas | 1/12/2026 | 0.2000% |  | (524185) |
| 5350 | CIBC Multi Asset Systematic Alpha Index +\*\*\* | Monthly | (13965681) | CIBC | 4/30/2026 | 0.1000% |  | (1272) |
| 16522 | Barclays BEFSRPPM Index\*\* | Maturity | (10000000) | Barclays | 4/7/2026 | 0.0000% |  | (439231) |
| 179083 | Custom Asset Series X1 Excess Return Strategy | Monthly | (14532585) | Goldman Sachs | 2/12/2026 | 1.0690% |  | (264719) |
| 179083 | Custom Asset Series X2 Excess Return Strategy + | Monthly | (3364970) | Goldman Sachs | 2/12/2026 | 0.7170% |  | 116854 |
| 8197 | J.P. Morgan XRJPCT12 Index +\*\*\*\* | Quarterly | (19099823) | JP Morgan | 12/3/2025 | 0.2800% |  | (244366) |
|  |  |  |  |  |  |  |  | $(12151317) |

---

+ This instrument is held by CSACS Fund Ltd.

\* Additional information can be found on https://marketing-indx.bnpparibas.com/casaindex/index-performance/

\*\* Additional information can be found on https://indices.cib.barclays/IM/12/en/indices/details.app;ticker=BXIIRPPM

\*\*\* Additional information can be found on https://indices.cibccm.com/CIBQMASA/

\*\*\*\* Additional information can be found on http://www.jpmorganindices.com/indices/XRJPCT12

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

---

| |
|:---|
| **CATALYST SYSTEMATIC ALPHA FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

**Custom Asset Series X1 Excess Return Strategy Total Return SwapTop 50 Holdings** 

The following table represents the individual positions and related values of underlying securities of the Custom Asset Series X1 Excess Return Strategy Total Return Swap.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | | | | | | |
| **Contracts** | **Name** | <br>**Counterparty** | <br>**Pay/Receive** | <br>**Interest<br> Rate** | <br>**Maturity<br> Date** |<br>**Notional** |<br>**Fair Value** |
| (4594588) | CDX.NA.HY.44-V1.5Y | Goldman Sachs | Pay | 0.0500 | 6/20/2030 | (4594588) | 352455 |
| (11043724) | CDX.NA.IG.44-V1.5Y | Goldman Sachs | Pay | 0.0100 | 6/20/2030 | (11043724) | 247786 |
| (9373772) | iTraxx Europe.43-V1.5Y | Goldman Sachs | Pay | 0.0100 | 6/20/2030 | (9373772) | 237986 |
| **Equity Forwards** |  |  |  |  |  |  |  |
| **Contracts** | **Name** | **Counterparty** |  |  |  | **Notional** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| (1334) | S&P 500 Index | Goldman Sachs |  |  |  | (8279622) |  |
| (787) | S&P 500 Index | Goldman Sachs |  |  |  | (4880898) |  |
| 711 | S&P 500 Index | Goldman Sachs |  |  |  | 4413891 |  |
| **Open Long Futures** | **Open Long Futures** |  |  |  |  |  |  |
| **Contracts** | **Name** |  |  |  | **Expiration<br> Date** | **Notional** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 34667 | Euro BTPs |  |  |  | 9/8/2025 | 4923916 |  |
| 38300 | Euro OATs |  |  |  | 9/8/2025 | 5567721 |  |
| 89174 | Ultra 10yr US Notes |  |  |  | 9/19/2025 | 10154858 |  |
| 42417 | US Treasury Bond |  |  |  | 9/19/2025 | 4865809 |  |
| **Options Purchased** | **Options Purchased** |  |  |  |  |  |  |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional** | **Fair Value** |
| 674 | S&P 500 Index | Goldman Sachs |  | 7/18/2025 | 2700 | 4180164 | 51 |
| 4145332 | Swaption 2Yr Interest rates | Goldman Sachs | Call | 8/1/2025 | 0.0330 | 4145332 | 19729 |
| 4145332 | Swaption 2Yr Interest rates | Goldman Sachs | Call | 7/30/2027 | 0.0360 | 4145332 | 100068 |
| 4145332 | Swaption 2Yr Interest rates | Goldman Sachs | Put | 8/1/2025 | 0.0330 | 4145332 | 4099 |
| 4145332 | Swaption 2Yr Interest rates | Goldman Sachs | Put | 7/30/2027 | 0.0360 | 4145332 | 99550 |
| 4110364 | Swaption 2Yr Interest rates | Goldman Sachs | Call | 7/23/2027 | 0.0380 | 4110364 | 84289 |
| 4110364 | Swaption 2Yr Interest rates | Goldman Sachs | Call | 7/25/2025 | 0.0340 | 4110364 | 8938 |
| 4110364 | Swaption 2Yr Interest rates | Goldman Sachs | Put | 7/23/2027 | 0.0380 | 4110364 | 115895 |
| 4110364 | Swaption 2Yr Interest rates | Goldman Sachs | Put | 7/25/2025 | 0.0340 | 4110364 | 7428 |
| 4093472 | Swaption 2Yr Interest rates | Goldman Sachs | Call | 7/2/2027 | 0.0350 | 4093472 | 108504 |
| 4093472 | Swaption 2Yr Interest rates | Goldman Sachs | Call | 7/7/2025 | 0.0330 | 4093472 | 12736 |
| **Options Written** | **Options Written** |  |  |  |  |  |  |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional** | **Fair Value** |
| (1922) | S&P 500 Index | Goldman Sachs |  | 7/3/2025 | $6295 | (11924169) | (4454) |
| (1758) | S&P 500 Index | Goldman Sachs |  | 7/3/2025 | 6290 | (10906497) | (4967) |
| (1284) | S&P 500 Index | Goldman Sachs |  | 7/3/2025 | 6260 | (7964580) | (10336) |
| (5793110) | iTraxx Europe.43-V1.5Y | Goldman Sachs |  | 7/16/2025 | 55 | (6800242) | (5071) |
| (5692115) | iTraxx Europe.43-V1.5Y | Goldman Sachs |  | 7/16/2025 | 60 | (6681689) | (1983) |
| (5457904) | iTraxx Europe.43-V1.5Y | Goldman Sachs |  | 7/16/2025 | 53 | (6406761) | (1778) |
| (6264214) | CDX.NA.IG.44-V1.5Y | Goldman Sachs |  | 7/16/2025 | 53 | (6264214) | (5793) |
| (6031822) | CDX.NA.IG.44-V1.5Y | Goldman Sachs |  | 7/16/2025 | 58 | (6031822) | (1165) |
| (5834920) | CDX.NA.IG.44-V1.5Y | Goldman Sachs |  | 7/16/2025 | 50 | (5834920) | (2458) |
| (4961707) | iTraxx Europe.43-V1.5Y | Goldman Sachs |  | 7/16/2025 | 63 | (5824299) | (1274) |
| (5635103) | CDX.NA.IG.44-V1.5Y | Goldman Sachs |  | 7/16/2025 | 60 | (5635103) | (860) |
| (889) | S&P 500 Index | Goldman Sachs |  | 7/3/2025 | 6325 | (5515698) | (621) |
| (871) | S&P 500 Index | Goldman Sachs |  | 7/11/2025 | 6380 | (5407046) | (3484) |
| (751) | S&P 500 Index | Goldman Sachs |  | 7/3/2025 | 6270 | (4657760) | (4391) |
| (4436866) | CDX.NA.IG.44-V1.5Y | Goldman Sachs |  | 7/16/2025 | 55 | (4436866) | (8073) |
| (3671214) | iTraxx Europe.43-V1.5Y | Goldman Sachs |  | 7/16/2025 | 58 | (4309454) | (6788) |
| (679) | S&P 500 Index | Goldman Sachs |  | 7/11/2025 | 6350 | (4214892) | (4902) |
| (4145332) | Swaption 2Yr Interest rates | Goldman Sachs | Call | 8/1/2025 | 0.0350 | (4145332) | (38284) |
| (4145332) | Swaption 2Yr Interest rates | Goldman Sachs | Put | 8/1/2025 | 0.0350 | (4145332) | (22459) |
| (4110364) | Swaption 2Yr Interest rates | Goldman Sachs | Call | 7/25/2025 | 0.0370 | (4110364) | (12855) |
| (4110364) | Swaption 2Yr Interest rates | Goldman Sachs | Put | 7/25/2025 | 0.0370 | (4110364) | (42455) |
| **Interest Rate Swaps** | **Interest Rate Swaps** |  |  |  |  |  |  |
| **Contracts** | **Name** | **Counterparty** | **Pay/Receive** | **Interest<br> Rate** | **Maturity<br> Date** | **Notional** | **Fair Value** |
| (8766691) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0400 | 7/16/2035 | (8766691) | 180324 |
| (7810825) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0390 | 7/23/2035 | (7810825) | 95643 |
| (6446804) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0390 | 7/23/2035 | (6446804) | 78841 |
| (5278382) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0390 | 7/30/2035 | (5278382) | 60246 |
| 5094628 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0390 | 7/9/2035 | 5094628 | (61946) |
| (4784696) | 20yr Point On US Dollar | Goldman Sachs | Pay | 0.0420 | 7/17/2045 | (4784696) | 125272 |
| 4755213 | 20yr Point On US Dollar | Goldman Sachs | Receive | 0.0400 | 7/31/2045 | 4755213 | (6511) |
| 4100142 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0380 | 7/16/2035 | 4100142 | (39647) |

---

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

---

| |
|:---|
| **CATALYST SYSTEMATIC ALPHA FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

**Custom Asset Series X2 Excess Return Strategy Total Return SwapTop 50 Holdings** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** |
| **Contracts** | **Name** | | | | **Expiration<br> Date** | **Notional** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 270 | Aluminum |  |  |  | 09/2025 | 701999 |  |
| 19396 | Brent Crude Oil |  |  |  | 11/2025 | 1265616 |  |
| 136971 | Coffee |  |  |  | 09/2025 | 411050 |  |
| 272822 | Copper HG |  |  |  | 09/2025 | 1386617 |  |
| 86680 | Copper HG |  |  |  | 12/2025 | 446231 |  |
| 243190 | Corn |  |  |  | 09/2025 | 995253 |  |
| 207642 | Corn |  |  |  | 03/2026 | 915700 |  |
| 339285 | Live Cattle |  |  |  | 10/2025 | 713092 |  |
| 216118 | Natural Gas |  |  |  | 01/2026 | 1048603 |  |
| 73569 | Soybean |  |  |  | 08/2025 | 757575 |  |
| 55705 | Soybean |  |  |  | 11/2025 | 572086 |  |
| 53653 | Soybean |  |  |  | 03/2026 | 565902 |  |
| 740093 | Soybean Oil |  |  |  | 03/2026 | 390843 |  |
| 2692591 | Sugar |  |  |  | 03/2026 | 456125 |  |
| 17207 | WTI Crude Oil |  |  |  | 09/2025 | 1098673 |  |
| **Open Short Futures** | **Open Short Futures** | **Open Short Futures** | **Open Short Futures** |  |  |  |  |
| **Contracts** | **Name** |  |  |  | **Expiration<br> Date** | **Notional** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| (300) | Aluminum |  |  |  | 09/2025 | (780087) |  |
| (18949) | Brent Crude Oil |  |  |  | 09/2025 | (1264648) |  |
| (94636) | Chicago Wheat |  |  |  | 09/2025 | (509378) |  |
| (170498) | Coffee |  |  |  | 09/2025 | (511664) |  |
| (232810) | Copper HG |  |  |  | 09/2025 | (1183257) |  |
| (223158) | Corn |  |  |  | 09/2025 | (913275) |  |
| (744) | Gasoil |  |  |  | 09/2025 | (485603) |  |
| (170528) | Heating Oil |  |  |  | 09/2025 | (383995) |  |
| (397934) | Lean Hogs |  |  |  | 08/2025 | (427779) |  |
| (333757) | Live Cattle |  |  |  | 08/2025 | (713823) |  |
| (465905) | Natural Gas |  |  |  | 09/2025 | (1626009) |  |
| (28) | Nickel |  |  |  | 09/2025 | (431648) |  |
| (191978) | RBOB Gasoline |  |  |  | 09/2025 | (392057) |  |
| (108719) | Soybean |  |  |  | 11/2025 | (1116546) |  |
| (2113) | Soybean Meal |  |  |  | 12/2025 | (611317) |  |
| (1482155) | Soybean Oil |  |  |  | 12/2025 | (781837) |  |
| (2798941) | Sugar |  |  |  | 10/2025 | (453428) |  |
| (17207) | WTI Crude Oil |  |  |  | 09/2025 | (1098673) |  |
| (143) | Zinc |  |  |  | 09/2025 | (394732) |  |
| **Options Purchased** | **Options Purchased** | **Options Purchased** |  |  |  |  |  |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional** | **Fair Value** |
| 10577 | Brent Crude Oil | Goldman Sachs | Put | 7/28/2025 | 56.00 | 705899 | 1904 |
| 8172 | Brent Crude Oil | Goldman Sachs | Put | 7/28/2025 | 55.50 | 545375 | 1389 |
| 7653 | Brent Crude Oil | Goldman Sachs | Call | 7/28/2025 | 78.50 | 510748 | 2143 |
| 7539 | Brent Crude Oil | Goldman Sachs | Call | 7/28/2025 | 78.00 | 503170 | 2186 |
| 7484 | Brent Crude Oil | Goldman Sachs | Call | 7/28/2025 | 79.00 | 499480 | 2021 |
| 6004 | Brent Crude Oil | Goldman Sachs | Call | 7/28/2025 | 79.50 | 400729 | 1561 |
| 5978 | Brent Crude Oil | Goldman Sachs | Call | 8/26/2025 | 82.00 | 393730 | 2212 |
| 5875 | Brent Crude Oil | Goldman Sachs | Put | 8/26/2025 | 53.00 | 386944 | 2115 |
| **Options Written** | **Options Written** | **Options Written** | **Options Written** |  |  |  |  |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional** | **Fair Value** |
| (101600) | Corn | Goldman Sachs | Call | 7/25/2025 | 4.35 | (415800) | (2667) |
| (103676) | Corn | Goldman Sachs | Call | 7/25/2025 | 4.55 | (424292) | (907) |
| (128216) | Corn | Goldman Sachs | Call | 7/25/2025 | 4.60 | (524722) | (962) |
| (149529) | Corn | Goldman Sachs | Call | 7/25/2025 | 4.45 | (611947) | (2243) |
| (44522) | Soybean | Goldman Sachs | Call | 7/25/2025 | 10.70 | (458465) | (2059) |
| (52324) | Soybean | Goldman Sachs | Call | 7/25/2025 | 11.30 | (538810) | (392) |
| (52993) | Soybean | Goldman Sachs | Call | 7/25/2025 | 10.90 | (545700) | (1259) |
| (56430) | Soybean | Goldman Sachs | Call | 7/25/2025 | 11.00 | (581091) | (988) |

---

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

---

| |
|:---|
| **CATALYST SYSTEMATIC ALPHA FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

**J.P. Morgan XRJPCT12 Index Total Return Swap Holdings** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Name** | **Fair Value** |
| 19.57 | J.P. Morgan Locator Curve Carry Index (JMABLCCU) | 4583 |
| 7.75 | J.P. Morgan FX Neo Carry Index (JMFXTNCL) | 1500 |
| 1.29 | J.P. Morgan Cross Asset Trend Following Index (AIJPLT2U) | 896 |
| 16.88 | J.P.Morgan ERP Global Trend 4 Factor Multi-Factor (L/S) USD Index (Series 1)(JPQTR4W1) | 1657 |
| 2.72 | J.P. Morgan Helix 3 Index (JHLXH3US) | 974 |
| 10.53 | J.P. Morgan Intraday Bespoke Index (JPOSIOB5) | 1127 |
| 4.97 | J.P. Morgan U.S. Technology Momentum QES Long Short Bespoke Index (JPUSNQIM) | 1015 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4%** |  |
|  | **AEROSPACE & DEFENSE - 2.1%** |  |
| 907 | Boeing Company (The)<sup>(a)</sup> | $190044 |
| 907 | General Dynamics Corporation | 264536 |
| 453 | Howmet Aerospace, Inc. | 84317 |
| 453 | L3Harris Technologies, Inc. | 113631 |
| 2267 | RTX Corporation | 331026 |
| 907 | Textron, Inc. | 72823 |
|  |  | 1056377 |
|  | **ASSET MANAGEMENT - 1.5%** |  |
| 453 | Apollo Global Management, Inc. | 64267 |
| 453 | Blackrock, Inc. | 475311 |
| 453 | Blackstone, Inc. | 67760 |
| 1360 | Charles Schwab Corporation (The) | 124086 |
|  |  | 731424 |
|  | **AUTOMOTIVE - 1.0%** |  |
| 10881 | Ford Motor Company | 118059 |
| 2267 | General Motors Company | 111559 |
| 907 | Tesla, Inc.<sup>(a)</sup> | 288118 |
|  |  | 517736 |
|  | **BANKING - 4.2%** |  |
| 14961 | Bank of America Corporation | 707954 |
| 1813 | Citigroup, Inc. | 154323 |
| 453 | Citizens Financial Group, Inc. | 20272 |
| 1360 | Fifth Third Bancorp | 55937 |
| 1813 | Huntington Bancshares, Inc. | 30386 |
| 1813 | JPMorgan Chase & Company | 525607 |
| 453 | KeyCorporation | 7891 |
| 453 | M&T Bank Corporation | 87877 |
| 453 | PNC Financial Services Group, Inc. (The) | 84448 |
| 1360 | Regions Financial Corporation | 31987 |
| 1360 | Truist Financial Corporation | 58466 |
| 1813 | US Bancorp | 82038 |
| 3173 | Wells Fargo & Company | 254221 |
|  |  | 2101407 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4% (Continued)** |  |
|  | **BEVERAGES - 0.8%** |  |
| 4534 | Coca-Cola Company (The) | $320781 |
| 3627 | Keurig Dr Pepper, Inc. | 119909 |
|  |  | 440690 |
|  | **BIOTECH & PHARMA - 0.3%** |  |
| 453 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 147719 |
|  | **CABLE & SATELLITE - 0.6%** |  |
| 453 | Charter Communications, Inc., Class A<sup>(a)</sup> | 185191 |
| 2720 | Comcast Corporation, Class A | 97077 |
|  |  | 282268 |
|  | **CHEMICALS - 1.1%** |  |
| 453 | Air Products and Chemicals, Inc. | 127773 |
| 907 | Ecolab, Inc. | 244383 |
| 453 | Sherwin-Williams Company (The) | 155542 |
|  |  | 527698 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.9%** |  |
| 453 | Cintas Corporation | 100960 |
| 453 | Clean Harbors, Inc.<sup>(a)</sup> | 104725 |
| 453 | Republic Services, Inc. | 111714 |
| 453 | Waste Management, Inc. | 103655 |
|  |  | 421054 |
|  | **CONSTRUCTION MATERIALS - 0.2%** |  |
| 453 | Vulcan Materials Company | 118151 |
|  | **CONTAINERS & PACKAGING - 0.2%** |  |
| 453 | Packaging Corporation of America | 85368 |
|  | **DATA CENTER REIT - 0.3%** |  |
| 907 | Digital Realty Trust, Inc. | 158117 |
|  | **DIVERSIFIED INDUSTRIALS - 2.4%** |  |
| 907 | 3M Company | 138082 |
| 453 | Dover Corporation | 83003 |
| 1360 | Emerson Electric Company | 181329 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4% (Continued)** |  |
|  | **DIVERSIFIED INDUSTRIALS - 2.4% (Continued)** |  |
| 907 | General Electric Company | $233453 |
| 1813 | Honeywell International, Inc. | 422211 |
| 453 | Illinois Tool Works, Inc. | 112004 |
|  |  | 1170082 |
|  | **E-COMMERCE DISCRETIONARY - 0.2%** |  |
| 1360 | eBay, Inc. | 101266 |
|  | **ELECTRIC UTILITIES - 4.2%** |  |
| 907 | Ameren Corporation | 87108 |
| 907 | American Electric Power Company, Inc. | 94110 |
| 907 | CMS Energy Corporation | 62837 |
| 907 | Consolidated Edison, Inc. | 91017 |
| 2267 | Dominion Energy, Inc. | 128131 |
| 453 | DTE Energy Company | 60004 |
| 1360 | Duke Energy Corporation | 160480 |
| 907 | Entergy Corporation | 75390 |
| 1813 | Eversource Energy | 115343 |
| 1813 | Exelon Corporation | 78720 |
| 2267 | FirstEnergy Corporation | 91269 |
| 4987 | NextEra Energy, Inc. | 346199 |
| 2267 | PPL Corporation | 76829 |
| 1360 | Public Service Enterprise Group, Inc. | 114485 |
| 1813 | Sempra | 137371 |
| 1360 | Southern Company (The) | 124889 |
| 907 | WEC Energy Group, Inc. | 94509 |
| 1813 | Xcel Energy, Inc. | 123465 |
|  |  | 2062156 |
|  | **ELECTRICAL EQUIPMENT - 1.6%** |  |
| 453 | AMETEK, Inc. | 81975 |
| 453 | Amphenol Corporation, Class A | 44734 |
| 453 | Hubbell, Inc. | 185010 |
| 453 | Keysight Technologies, Inc.<sup>(a)</sup> | 74229 |
| 453 | Rockwell Automation, Inc. | 150473 |
| 453 | Trane Technologies PLC | 198146 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 1.6% (Continued)** |  |
| 453 | Trimble, Inc.<sup>(a)</sup> | $34419 |
|  |  | 768986 |
|  | **ENGINEERING & CONSTRUCTION - 0.1%** |  |
| 453 | Jacobs Solutions, Inc. | 59547 |
|  | **ENTERTAINMENT CONTENT - 1.3%** |  |
| 907 | Electronic Arts, Inc. | 144848 |
| 3173 | Walt Disney Company (The) | 393484 |
| 7707 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 88322 |
|  |  | 626654 |
|  | **FOOD - 0.4%** |  |
| 3173 | Mondelez International, Inc., Class A | 213987 |
|  | **GAMING REIT - 0.2%** |  |
| 3173 | VICI Properties, Inc. | 103440 |
|  | **GAS & WATER UTILITIES - 0.1%** |  |
| 453 | American Water Works Company, Inc. | 63017 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.2%** |  |
| 453 | Cardinal Health, Inc. | 76104 |
|  | **HEALTH CARE REIT - 0.6%** |  |
| 1813 | Ventas, Inc. | 114491 |
| 1360 | Welltower, Inc. | 209072 |
|  |  | 323563 |
|  | **HOME CONSTRUCTION - 0.1%** |  |
| 453 | PulteGroup, Inc. | 47773 |
|  | **HOUSEHOLD PRODUCTS - 0.5%** |  |
| 1813 | Colgate-Palmolive Company | 164801 |
| 453 | Kimberly-Clark Corporation | 58401 |
|  |  | 223202 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4% (Continued)** |  |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 2720 | Fastenal Company | $114240 |
|  | **INFRASTRUCTURE REIT - 0.6%** |  |
| 907 | American Tower Corporation, A | 200465 |
| 453 | SBA Communications Corporation, Class A | 106383 |
|  |  | 306848 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.2%** |  |
| 907 | Bank of New York Mellon Corporation (The) | 82637 |
| 453 | Goldman Sachs Group, Inc. (The) | 320611 |
| 453 | Intercontinental Exchange, Inc. | 83112 |
| 453 | Nasdaq, Inc. | 40507 |
| 453 | State Street Corporation | 48172 |
|  |  | 575039 |
|  | **INSURANCE - 3.0%** |  |
| 1813 | Aflac, Inc. | 191199 |
| 453 | Allstate Corporation (The) | 91193 |
| 907 | American International Group, Inc. | 77630 |
| 453 | Aon PLC, Class A | 161612 |
| 453 | Arthur J Gallagher & Company | 145014 |
| 453 | Brown & Brown, Inc. | 50224 |
| 453 | CNA Financial Corporation | 21078 |
| 453 | Marsh & McLennan Companies, Inc. | 99044 |
| 1813 | MetLife, Inc. | 145801 |
| 453 | Principal Financial Group, Inc. | 35982 |
| 907 | Progressive Corporation (The) | 242043 |
| 907 | Prudential Financial, Inc. | 97448 |
| 453 | Travelers Companies, Inc. (The) | 121196 |
|  |  | 1479464 |
|  | **INTERNET MEDIA & SERVICES - 2.8%** |  |
| 4080 | Alphabet, Inc., Class A | 719017 |
| 907 | Meta Platforms, Inc., Class A | 669448 |
|  |  | 1388465 |
|  | **LEISURE FACILITIES & SERVICES - 1.9%** |  |
| 2720 | Carnival Corporation<sup>(a)</sup> | 76486 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 1.9% (Continued)** |  |
| 2720 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | $152728 |
| 453 | Hilton Worldwide Holdings, Inc. | 120652 |
| 453 | Marriott International, Inc., Class A | 123764 |
| 453 | McDonald's Corporation | 132353 |
| 453 | Royal Caribbean Cruises Ltd. | 141852 |
| 1360 | Starbucks Corporation | 124617 |
| 453 | Yum! Brands, Inc. | 67126 |
|  |  | 939578 |
|  | **MACHINERY - 1.4%** |  |
| 907 | Caterpillar, Inc. | 352106 |
| 453 | Deere & Company | 230346 |
| 907 | Xylem, Inc. | 117330 |
|  |  | 699782 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.0%** |  |
| 2267 | Boston Scientific Corporation<sup>(a)</sup> | 243498 |
| 1360 | Edwards Lifesciences Corporation<sup>(a)</sup> | 106366 |
| 453 | Insulet Corporation<sup>(a)</sup> | 142324 |
| 453 | Intuitive Surgical, Inc.<sup>(a)</sup> | 246165 |
| 453 | ResMed, Inc. | 116874 |
| 453 | Stryker Corporation | 179220 |
|  |  | 1034447 |
|  | **METALS & MINING - 0.3%** |  |
| 1813 | Freeport-McMoRan, Inc. | 78594 |
| 1360 | Newmont Corporation | 79233 |
|  |  | 157827 |
|  | **MULTI ASSET CLASS REIT - 0.2%** |  |
| 1813 | WP Carey, Inc. | 113095 |
|  | **OIL & GAS PRODUCERS - 4.6%** |  |
| 453 | Cheniere Energy, Inc. | 110315 |
| 2720 | Chevron Corporation | 389477 |
| 2720 | Coterra Energy, Inc. | 69034 |
| 1360 | EQT Corporation | 79315 |
| 6800 | Exxon Mobil Corporation | 733039 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 4.6% (Continued)** |  |
| 3627 | Kinder Morgan, Inc. | $106634 |
| 907 | Marathon Petroleum Corporation | 150662 |
| 2267 | MPLX, L.P. | 116773 |
| 1813 | ONEOK, Inc. | 147995 |
| 907 | Phillips 66 | 108205 |
| 907 | Valero Energy Corporation | 121919 |
| 1813 | Williams Companies, Inc. (The) | 113875 |
|  |  | 2247243 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.1%** |  |
| 1813 | Baker Hughes Company | 69510 |
|  | **REAL ESTATE SERVICES - 0.1%** |  |
| 453 | CBRE Group, Inc., Class A<sup>(a)</sup> | 63474 |
|  | **RESIDENTIAL REIT - 0.8%** |  |
| 453 | AvalonBay Communities, Inc. | 92186 |
| 1360 | Equity Residential | 91786 |
| 453 | Essex Property Trust, Inc. | 128380 |
| 453 | Mid-America Apartment Communities, Inc. | 67049 |
|  |  | 379401 |
|  | **RETAIL - CONSUMER STAPLES - 0.2%** |  |
| 907 | Dollar Tree, Inc.<sup>(a)</sup> | 89829 |
|  | **RETAIL - DISCRETIONARY - 1.8%** |  |
| 1360 | Home Depot, Inc. (The) | 498631 |
| 453 | Lowe's Companies, Inc. | 100507 |
| 907 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 81748 |
| 907 | TJX Companies, Inc. (The) | 112005 |
| 1813 | Tractor Supply Company | 95672 |
|  |  | 888563 |
|  | **RETAIL REIT - 0.7%** |  |
| 3627 | Kimco Realty Corporation | 76240 |
| 1360 | Regency Centers Corporation | 96873 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4% (Continued)** |  |
|  | **RETAIL REIT - 0.7% (Continued)** |  |
| 907 | Simon Property Group, Inc. | $145809 |
|  |  | 318922 |
|  | **SELF-STORAGE REIT - 0.3%** |  |
| 453 | Public Storage | 132919 |
|  | **SEMICONDUCTORS - 6.2%** |  |
| 1360 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 192984 |
| 907 | Analog Devices, Inc. | 215884 |
| 1360 | Applied Materials, Inc. | 248975 |
| 1813 | Broadcom, Inc. | 499753 |
| 1813 | Lam Research Corporation | 176477 |
| 907 | Marvell Technology, Inc. | 70202 |
| 1360 | Micron Technology, Inc. | 167620 |
| 4534 | NVIDIA Corporation | 716327 |
| 2267 | QUALCOMM, Inc. | 361042 |
| 1813 | Texas Instruments, Inc. | 376415 |
|  |  | 3025679 |
|  | **SOFTWARE - 5.7%** |  |
| 453 | Adobe, Inc.<sup>(a)</sup> | 175257 |
| 453 | Autodesk, Inc.<sup>(a)</sup> | 140235 |
| 453 | Cadence Design Systems, Inc.<sup>(a)</sup> | 139592 |
| 453 | Fortinet, Inc.<sup>(a)</sup> | 47891 |
| 1360 | Gen Digital, Inc. | 39984 |
| 453 | Intuit, Inc. | 356796 |
| 1360 | Microsoft Corporation | 676478 |
| 907 | Oracle Corporation | 198297 |
| 907 | Palo Alto Networks, Inc.<sup>(a)</sup> | 185608 |
| 453 | PTC, Inc.<sup>(a)</sup> | 78070 |
| 907 | Salesforce, Inc. | 247330 |
| 453 | ServiceNow, Inc.<sup>(a)</sup> | 465721 |
| 907 | SS&C Technologies Holdings, Inc. | 75100 |
|  |  | 2826359 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4% (Continued)** |  |
|  | **SPECIALTY FINANCE - 0.6%** |  |
| 907 | American Express Company | $289315 |
|  | **SPECIALTY REITS - 0.2%** |  |
| 907 | Iron Mountain, Inc. | 93031 |
|  | **STEEL - 0.3%** |  |
| 453 | Reliance, Inc. | 142197 |
|  | **TECHNOLOGY HARDWARE - 2.9%** |  |
| 3173 | Apple, Inc. | 651005 |
| 907 | Arista Networks, Inc.<sup>(a)</sup> | 92795 |
| 4534 | Cisco Systems, Inc. | 314569 |
| 453 | Dell Technologies, Inc., Class C | 55538 |
| 453 | Motorola Solutions, Inc. | 190468 |
| 453 | NetApp, Inc. | 48267 |
| 907 | Western Digital Corporation<sup>(a)</sup> | 58039 |
|  |  | 1410681 |
|  | **TECHNOLOGY SERVICES - 5.4%** |  |
| 0.07 | Amentum Holdings, Inc.<sup>(a)</sup> | 2 |
| 453 | Automatic Data Processing, Inc. | 139705 |
| 453 | Broadridge Financial Solutions, Inc. | 110093 |
| 907 | Cognizant Technology Solutions Corporation, Class A | 70773 |
| 453 | Equifax, Inc. | 117495 |
| 1360 | Fidelity National Information Services, Inc. | 110718 |
| 453 | Fiserv, Inc.<sup>(a)</sup> | 78102 |
| 453 | International Business Machines Corporation | 133535 |
| 907 | Mastercard, Inc., Class A | 509679 |
| 453 | Moody's Corporation | 227220 |
| 453 | Paychex, Inc. | 65893 |
| 2267 | PayPal Holdings, Inc.<sup>(a)</sup> | 168483 |
| 907 | S&P Global, Inc. | 478252 |
| 453 | Verisk Analytics, Inc. | 141110 |
| 907 | Visa, Inc., Class A | 322030 |
|  |  | 2673090 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 2.1%** |  |
| 5440 | AT&T, Inc. | $157434 |
| 1813 | T-Mobile US, Inc. | 431965 |
| 10881 | Verizon Communications, Inc. | 470821 |
|  |  | 1060220 |
|  | **TRANSPORTATION & LOGISTICS - 1.4%** |  |
| 3627 | CSX Corporation | 118349 |
| 453 | Expeditors International of Washington, Inc. | 51755 |
| 453 | FedEx Corporation | 102971 |
| 453 | Norfolk Southern Corporation | 115954 |
| 1360 | Union Pacific Corporation | 312910 |
|  |  | 701939 |
|  | **TRANSPORTATION EQUIPMENT - 0.8%** |  |
| 453 | Cummins, Inc. | 148357 |
| 1360 | PACCAR, Inc. | 129282 |
| 453 | Westinghouse Air Brake Technologies Corporation | 94836 |
|  |  | 372475 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.3%** |  |
| 1813 | Sysco Corporation | 137317 |
|  | **WHOLESALE - DISCRETIONARY - 0.2%** |  |
| 1813 | Copart, Inc.<sup>(a)</sup> | 88964 |
|  | **TOTAL COMMON STOCKS (Cost $34,813,267)** | 36247699 |
|  | **SHORT-TERM INVESTMENTS — 8.7%** |  |
|  | **MONEY MARKET FUNDS - 8.7%** |  |
| 4311281 | First American Treasury Obligations Fund, Class X, 4.21%<sup>(b)(d)</sup> | 4311281 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,311,281)** | 4311281 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  |  |  | **Fair Value** |
|  | **TOTAL INVESTMENTS - 82.1% (Cost $39,124,548)** | **TOTAL INVESTMENTS - 82.1% (Cost $39,124,548)** | **TOTAL INVESTMENTS - 82.1% (Cost $39,124,548)** | $40558980 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 17.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 17.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 17.9%** | 8827520 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $49386500 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(c)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 108 | CBOT 10 Year US Treasury Note Future | 09/22/2025 | $12109500 | $52996 |
| 196 | CBOT 2 Year US Treasury Note Future | 10/01/2025 | 40772594 | 53036 |
| 164 | CBOT 5 Year US Treasury Note Future | 10/01/2025 | 17876000 | 60748 |
| 85 | CME British Pound Currency Future | 09/16/2025 | 7291406 | 77625 |
| 5 | CME E-Mini NASDAQ 100 Index Future | 09/22/2025 | 2289325 | 38941 |
| 9 | CME E-Mini Standard & Poor's 500 Index Future | 09/22/2025 | 2814187 | 44325 |
| 74 | CME Euro Foreign Exchange Currency Future | 09/16/2025 | 10948300 | 166400 |
| 7 | COMEX Copper Future<sup>(d)</sup> | 09/29/2025 | 889438 | (4550) |
| 19 | COMEX Gold 100 Troy Ounces Future<sup>(d)</sup> | 08/28/2025 | 6284630 | (107410) |
| 159 | Eurex 5 Year Euro BOBL Future | 09/09/2025 | 22039011 | (54263) |
| 2 | Eurex DAX Index Future | 09/22/2025 | 1416313 | 12084 |
| 26 | Eurex EURO STOXX 50 Future | 09/22/2025 | 1631355 | (261) |
| 4 | HKG Hang Seng Index Future | 07/31/2025 | 613608 | (5357) |
| 9 | LME Copper Future<sup>(d)</sup> | 09/16/2025 | 2223603 | 66416 |
| 59 | LME Lead Future<sup>(d)</sup> | 09/16/2025 | 3016920 | 88121 |
| 35 | LME Primary Aluminum Future<sup>(d)</sup> | 09/16/2025 | 2275053 | 68790 |
| 30 | LME Zinc Future<sup>(d)</sup> | 09/16/2025 | 2064510 | (15225) |
| 20 | NYMEX Light Sweet Crude Oil Future<sup>(d)</sup> | 07/23/2025 | 1302200 | (125500) |
| 10 | SGX Nikkei 225 Stock Index Future | 09/12/2025 | 1404395 | 54403 |
| 83 | Three Month SONIA Index Futures | 06/16/2027 | 27508218 | 27879 |
| 97 | Three-Month SOFR Futures | 06/16/2027 | 23511588 | 42788 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $541986 |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(c)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 70 | CBOT Soybean Future<sup>(d)</sup> | 11/17/2025 | $3594500 | $(3662) |
| 40 | CBOT US Treasury Bond Futures | 09/22/2025 | 4618750 | (114890) |
| 76 | CME Australian Dollar Currency Future | 09/16/2025 | 5008020 | (42120) |
| 232 | CME Canadian Dollar Currency Future | 09/17/2025 | 17093760 | (3032) |
| 3 | CME Euro FX/Japanese Yen Cross Rate Currency | 09/16/2025 | 440585 | (697) |
| 135 | CME Japanese Yen Currency Future | 09/16/2025 | 11803219 | (70688) |
| 60 | Eurex 10 Year Euro BUND Future | 09/09/2025 | 9197880 | 53664 |
| 55 | Eurex 2 Year Euro SCHATZ Future | 09/09/2025 | 6947880 | (648) |
| 35 | Long Gilt Future | 09/29/2025 | 4469158 | (48266) |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Short Futures Contracts (Continued)** | **Expiration** | **Notional<br> Amount<sup>(c)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 13 | NYBOT CSC C Coffee Future<sup>(d)</sup> | 09/19/2025 | $1462988 | $110775 |
| 130 | NYBOT CSC Number 11 World Sugar Future<sup>(d)</sup> | 10/01/2025 | 2358720 | 86206 |
| 91 | NYBOT CTN Number 2 Cotton Future<sup>(d)</sup> | 12/09/2025 | 3099915 | (3195) |
| 33 | NYMEX Henry Hub Natural Gas Futures<sup>(d)</sup> | 07/30/2025 | 1140480 | 54580 |
| 10 | TSE Japanese 10 Year Bond Futures | 09/15/2025 | 9652156 | (24246) |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $(6219) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $535767 |

---

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

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

<sup>(c)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(d)</sup> All or a portion of this investment is a holding of the CWAMSF Fund Limited.

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 38.7%** |  |
|  | **FIXED INCOME - 38.7%** |  |
| 130085 | iShares Core U.S. Aggregate Bond ETF | $12904432 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $12,776,721)** | 12904432 |
|  | **SHORT-TERM INVESTMENTS — 40.5%** |  |
|  | **MONEY MARKET FUNDS - 40.5%** |  |
| 13495721 | First American Treasury Obligations Fund, Class X, 4.21%<sup>(a)(c)</sup> | 13495721 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $13,495,721)** | 13495721 |
|  | **TOTAL INVESTMENTS - 79.2% (Cost $26,272,442)** | $26400153 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 20.8%** | 6929550 |
|  | **NET ASSETS - 100.0%** | $33329703 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 4 | 3 Month Euro Euribor Future | 12/15/2025 | $1156655 | $(399) |
| 9 | 3 Month Euro Euribor Future | 03/16/2026 | 2603003 | (1415) |
| 9 | 3 Month Euro Euribor Future | 06/15/2026 | 2602606 | (1905) |
| 9 | 3 Month Euro Euribor Future | 09/14/2026 | 2601546 | (1244) |
| 8 | 3 Month Euro Euribor Future | 12/15/2026 | 2310954 | (804) |
| 8 | 3 Month Euro Euribor Future | 03/16/2027 | 2309305 | (733) |
| 8 | 3 Month Euro Euribor Future | 06/15/2027 | 2307538 | (911) |
| 7 | 3 Month Euro Euribor Future | 09/14/2027 | 2017550 | (650) |
| 6 | 3 Month Euro Euribor Future | 12/14/2027 | 1728004 | (1312) |
| 10 | 3-Month CORRA Futures | 03/18/2026 | 1791706 | 48 |
| 15 | 3-Month CORRA Futures | 06/17/2026 | 2688247 | (949) |
| 13 | 3-Month CORRA Futures | 09/16/2026 | 2329456 | 1022 |
| 10 | 3-Month CORRA Futures | 12/16/2026 | 1791155 | 903 |
| 5 | 3-Month CORRA Futures | 03/17/2027 | 895119 | 665 |
| 3 | 3-Month CORRA Futures | 06/16/2027 | 536796 | 528 |
| 4 | CBOT 10 Year US Treasury Note Future | 09/22/2025 | 448500 | 2000 |
| 2 | CBOT 2 Year US Treasury Note Future | 10/01/2025 | 416047 | 336 |
| 5 | CBOT 5 Year US Treasury Note Future | 10/01/2025 | 545000 | 1828 |
| 6 | CBOT Soybean Oil Future<sup>(c)</sup> | 12/15/2025 | 189900 | (7038) |
| 2 | CME British Pound Currency Future | 09/16/2025 | 171563 | 3126 |

---

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts (Continued)** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 1 | CME E-Mini NASDAQ 100 Index Future | 09/22/2025 | $457865 | $14784 |
| 66 | CME E-Mini Standard & Poor's 500 Index Future | 09/22/2025 | 20637374 | 731715 |
| 1 | CME Euro Foreign Exchange Currency Future | 09/16/2025 | 147950 | 506 |
| 3 | CME Feeder Cattle Future<sup>(c)</sup> | 08/29/2025 | 466013 | 25025 |
| 2 | CME Feeder Cattle Future<sup>(c)</sup> | 09/26/2025 | 310625 | 18850 |
| 10 | CME Lean Hogs Future<sup>(c)</sup> | 08/15/2025 | 430000 | (3390) |
| 13 | CME Lean Hogs Future<sup>(c)</sup> | 10/15/2025 | 480480 | (1320) |
| 11 | CME Live Cattle Future<sup>(c)</sup> | 09/02/2025 | 941050 | 18420 |
| 9 | CME Live Cattle Future<sup>(c)</sup> | 11/03/2025 | 756630 | 6660 |
| 6 | CME Live Cattle Future<sup>(c)</sup> | 01/01/2026 | 505560 | 9680 |
| 4 | COMEX Copper Future<sup>(c)</sup> | 09/29/2025 | 508250 | 13337 |
| 7 | COMEX Gold 100 Troy Ounces Future<sup>(c)</sup> | 08/28/2025 | 2315390 | (26560) |
| 2 | COMEX Silver Future<sup>(c)</sup> | 09/29/2025 | 361720 | (2240) |
| 1 | E-mini Dow Jones Industrial Average Index Futures | 09/22/2025 | 221945 | 2665 |
| 1 | Eurex 10 Year Euro BUND Future | 09/09/2025 | 153298 | (556) |
| 22 | Eurex 2 Year Euro SCHATZ Future | 09/09/2025 | 2779152 | (3149) |
| 7 | Eurex 5 Year Euro BOBL Future | 09/09/2025 | 970271 | (2625) |
| 1 | Eurex DAX Index Future | 09/22/2025 | 708157 | 13849 |
| 7 | Eurex EURO STOXX 50 Future | 09/22/2025 | 439211 | 1781 |
| 12 | Euro-BTP Italian Bond Futures | 09/09/2025 | 1710247 | 7272 |
| 2 | Euronext CAC 40 Index Future | 07/21/2025 | 180683 | (324) |
| 49 | EUX Short term Euro-BTP Futures | 09/09/2025 | 6230042 | (8661) |
| 2 | French Government Bond Futures | 09/09/2025 | 291731 | (2087) |
| 6 | FTSE 100 Index Future | 09/22/2025 | 723853 | (9484) |
| 3 | FTSE/MIB Index Future | 09/22/2025 | 704099 | 7149 |
| 15 | HKG Hang Seng China Enterprises Index Future | 07/31/2025 | 828253 | 1618 |
| 6 | HKG Hang Seng Index Future | 07/31/2025 | 920412 | 3223 |
| 1 | ICE Brent Crude Oil Future<sup>(c)</sup> | 08/01/2025 | 66740 | (8770) |
| 1 | ICE Gas Oil Future<sup>(c)</sup> | 08/13/2025 | 66100 | (8275) |
| 4 | ICE US mini MSCI EAFE Index Futures | 09/22/2025 | 536340 | 5456 |
| 8 | ICE US MSCI Emerging Markets EM Index Futures | 09/22/2025 | 493400 | 9600 |
| 1 | IFSC NIFTY 50 Index Futures | 08/01/2025 | 51202 | (133) |
| 1 | LME Copper Future<sup>(c)</sup> | 09/16/2025 | 247067 | 4101 |
| 2 | LME Primary Aluminum Future<sup>(c)</sup> | 09/16/2025 | 130003 | 889 |
| 1 | MDE Crude Palm Oil Future<sup>(c)</sup> | 09/16/2025 | 23653 | (784) |
| 1 | Montreal Exchange 10 Year Canadian Bond Future | 09/19/2025 | 89567 | 257 |
| 31 | Montreal Exchange 2 Year Canadian Bond Future | 09/19/2025 | 2404809 | 2154 |
| 5 | Montreal Exchange 5 Year Canadian Bond Future | 09/19/2025 | 418872 | 679 |
| 4 | Montreal Exchange S&P/TSX 60 Index Future | 09/19/2025 | 939719 | 12136 |
| 1 | NYBOT CSC C Coffee Future<sup>(c)</sup> | 09/19/2025 | 112538 | (22012) |
| 1 | NYBOT CSC C Coffee Future<sup>(c)</sup> | 12/19/2025 | 110475 | (20363) |
| 1 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 07/23/2025 | 65110 | (9420) |
| 1 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 08/01/2025 | 95605 | (9559) |
| 1 | NYMEX Palladium Future<sup>(c)</sup> | 09/29/2025 | 110710 | 2560 |
| 5 | NYMEX Platinum Future<sup>(c)</sup> | 10/30/2025 | 335750 | 17745 |
| 5 | SAFEX FTSE/JSE Top 40 Index Future | 09/19/2025 | 253563 | 2838 |
| 10 | SFE 10 Year Australian Bond Future | 09/16/2025 | 754372 | 1500 |
| 46 | SFE 3 Year Australian Bond Future | 09/16/2025 | 3261872 | 3176 |

---

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts (Continued)** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 1 | SFE 90 Day Australian Bank Accepted Bills Future | 09/11/2025 | $652810 | $47 |
| 8 | SFE 90 Day Australian Bank Accepted Bills Future | 12/12/2025 | 5225551 | 394 |
| 16 | SFE 90 Day Australian Bank Accepted Bills Future | 03/13/2026 | 10453147 | 1775 |
| 12 | SFE 90 Day Australian Bank Accepted Bills Future | 06/12/2026 | 7840052 | 1540 |
| 9 | SFE 90 Day Australian Bank Accepted Bills Future | 09/11/2026 | 5879751 | 1224 |
| 6 | SFE 90 Day Australian Bank Accepted Bills Future | 12/11/2026 | 3919451 | 928 |
| 4 | SFE 90 Day Australian Bank Accepted Bills Future | 03/12/2027 | 2612520 | 581 |
| 4 | SFE S&P ASX Share Price Index 200 Future | 09/19/2025 | 561867 | (1197) |
| 65 | SGX FTSE China A50 Futures Contract | 07/31/2025 | 870220 | (3338) |
| 1 | SGX FTSE Taiwan Index Futures | 07/31/2025 | 72940 | 975 |
| 4 | SGX MSCI Singapore Index Future | 07/31/2025 | 129371 | 2384 |
| 1 | SGX Nikkei 225 Stock Index Future | 09/12/2025 | 140439 | 815 |
| 7 | Three Month SONIA Index Futures | 03/17/2026 | 2315166 | 927 |
| 14 | Three Month SONIA Index Futures | 06/16/2026 | 4637539 | 5006 |
| 14 | Three Month SONIA Index Futures | 09/15/2026 | 4640661 | 5309 |
| 13 | Three Month SONIA Index Futures | 12/15/2026 | 4310077 | 4306 |
| 13 | Three Month SONIA Index Futures | 03/17/2027 | 4309854 | 4468 |
| 12 | Three Month SONIA Index Futures | 06/16/2027 | 3977092 | 4631 |
| 10 | Three Month SONIA Index Futures | 09/15/2027 | 3313042 | 3096 |
| 6 | Three Month SONIA Index Futures | 12/15/2027 | 1987105 | 2163 |
| 4 | Three Month SONIA Index Futures | 03/15/2028 | 1324187 | 1448 |
| 1 | Three-Month SOFR Futures | 12/16/2026 | 242338 | 100 |
| 2 | Three-Month SOFR Futures | 03/17/2027 | 484850 | 700 |
| 3 | Three-Month SOFR Futures | 06/16/2027 | 727163 | 738 |
| 4 | Three-Month SOFR Futures | 09/15/2027 | 969050 | 1387 |
| 4 | Three-Month SOFR Futures | 12/15/2027 | 968450 | 1337 |
| 4 | Three-Month SOFR Futures | 03/15/2028 | 967850 | 1062 |
| 1 | TSE TOPIX (Tokyo Price Index) Future | 09/12/2025 | 198257 | 4599 |
| 6 | WCE Canola Future<sup>(c)</sup> | 11/17/2025 | 62524 | (47) |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $840367 |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 9 | CBOT Corn Future<sup>(c)</sup> | 09/15/2025 | $184163 | $3337 |
| 4 | CBOT Corn Future<sup>(c)</sup> | 12/15/2025 | 85100 | 275 |
| 2 | CBOT Soybean Future<sup>(c)</sup> | 11/17/2025 | 102700 | (375) |
| 34 | CBOT Soybean Meal Future<sup>(c)</sup> | 12/15/2025 | 983620 | 49690 |
| 1 | CBOT US Treasure Bond Futures | 09/22/2025 | 115469 | (3969) |
| 8 | CBOT Wheat Future<sup>(c)</sup> | 09/15/2025 | 215300 | 3525 |
| 6 | CBOT Wheat Future<sup>(c)</sup> | 12/15/2025 | 168000 | 3350 |
| 2 | Eurex 30 Year Euro BUXL Future | 09/09/2025 | 279717 | 3077 |
| 24 | Euronext Milling Wheat Future<sup>(c)</sup> | 09/11/2025 | 275618 | 11306 |
| 10 | KCBT Hard Red Winter Wheat Future<sup>(c)</sup> | 09/15/2025 | 263375 | 9888 |
| 1 | LME Lead Future<sup>(c)</sup> | 09/16/2025 | 51134 | (1138) |
| 3 | LME Nickel Future<sup>(c)</sup> | 09/16/2025 | 273525 | 6093 |

---

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Short Futures Contracts (Continued)** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 3 | LME Zinc Future<sup>(c)</sup> | 09/16/2025 | $206451 | $(3353) |
| 3 | Long Gilt Future | 09/29/2025 | 383071 | (9394) |
| 1 | MGE Red Wheat Future<sup>(c)</sup> | 09/15/2025 | 31038 | 300 |
| 10 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 03/02/2026 | 189728 | 5387 |
| 21 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 10/01/2025 | 381025 | 17807 |
| 6 | NYBOT CTN Number 2 Cotton Future<sup>(c)</sup> | 12/09/2025 | 204390 | 1215 |
| 1 | OML Stockholm OMXS30 Index Future | 07/21/2025 | 26353 | (279) |
| 1 | Robusta Coffee Future 10-Tonne<sup>(c)</sup> | 09/25/2025 | 36200 | 1200 |
| 1 | SGX Asiaclear TSI Iron Ore CFR China 62% FE Fines<sup>(c)</sup> | 08/01/2025 | 9430 | (170) |
| 55 | TEF SET50 Index Future | 09/30/2025 | 238323 | (7195) |
| 2 | Three-Month SOFR Futures | 06/16/2026 | 483000 | (1175) |
| 4 | Three-Month SOFR Futures | 03/17/2026 | 963300 | (1837) |
| 2 | TSE Japanese 10 Year Bond Futures | 09/15/2025 | 1930431 | (4271) |
| 22 | TurkDEX ISE 30 Futures | 09/02/2025 | 65407 | (4105) |
| 2 | Ultra U.S. Treasury Bond Futures | 09/22/2025 | 238250 | (11016) |
| 2 | White Sugar Future<sup>(c)</sup> | 09/16/2025 | 46510 | (305) |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $67868 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $908235 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** |
| **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local<br> Currency** | **U.S. Dollar<br> Value** | **Unrealized<br> Appreciation<br> /(Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Brazilian Real | 07/02/2025 | Deutsche Bank | 12258270 | $2255804 | $105805 |
| Australian Dollar | 07/16/2025 | Deutsche Bank | 350000 | 230431 | 2388 |
| British Pound | 07/16/2025 | Deutsche Bank | 3100000 | 4255288 | 46825 |
| Canadian Dollar | 07/16/2025 | Deutsche Bank | 545420 | 400786 | 786 |
| Euro | 07/16/2025 | Deutsche Bank | 1450000 | 1709878 | 44241 |
| Israeli Shekel | 07/16/2025 | Deutsche Bank | 3633036 | 1078767 | 28768 |
| Japanese Yen | 07/16/2025 | Deutsche Bank | 237628106 | 1653096 | 3096 |
| Mexican Peso | 07/16/2025 | Deutsche Bank | 39176942 | 2083550 | 33550 |
| New Zealand Dollar | 07/16/2025 | Deutsche Bank | 600000 | 365972 | 2926 |
| Singapore Dollar | 07/16/2025 | Deutsche Bank | 1729964 | 1362283 | 12284 |
| South African Rand | 07/16/2025 | Deutsche Bank | 23078402 | 1301898 | 1899 |
| Swiss Franc | 07/16/2025 | Deutsche Bank | 1380121 | 1743355 | 43355 |
| Thailand Baht | 07/16/2025 | Deutsche Bank | 34161677 | 1054102 | 4103 |
| Chinese Yuan Offshore | 07/16/2025 | Deutsche Bank | 1073916 | 150223 | 223 |
| Brazilian Real | 08/04/2025 | Deutsche Bank | 11934235 | 2176607 | 26608 |

---

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** |
| **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local<br> Currency** | **U.S. Dollar<br> Value** | **Unrealized<br> Appreciation<br> /(Depreciation)** |
| **To Buy: (continued)** |  |  |  |  |  |
| Chilean Peso | 09/17/2025 | Deutsche Bank | 327593265 | $351596 | $1596 |
| Columbian Peso | 09/17/2025 | Deutsche Bank | 2698929785 | 652421 | 2422 |
| Indian Rupee | 09/17/2025 | Deutsche Bank | 30061129 | 349354 | (646) |
| Indonesia Rupiah | 09/17/2025 | Deutsche Bank | 1631405978 | 100711 | 711 |
| Peruvian Sole | 09/17/2025 | Deutsche Bank | 2357940 | 663992 | 13993 |
| Philippine Peso | 09/17/2025 | Deutsche Bank | 25098259 | 444962 | (5037) |
| South Korean Won | 09/17/2025 | Deutsche Bank | 270692438 | 201041 | 1041 |
| Taiwanese Dollar | 09/17/2025 | Deutsche Bank | 2931074 | 102712 | 2712 |
|  |  |  |  | $**24688829** | $**373649** |
| **To Sell:** |  |  |  |  |  |
| Brazilian Real | 07/02/2025 | Deutsche Bank | 12258270 | $2255804 | $(31040) |
| Australian Dollar | 07/16/2025 | Deutsche Bank | 200000 | 131674 | (2193) |
| British Pound | 07/16/2025 | Deutsche Bank | 750000 | 1029510 | (18372) |
| Canadian Dollar | 07/16/2025 | Deutsche Bank | 342909 | 251976 | (1976) |
| Chinese Yuan Offshore | 07/16/2025 | Deutsche Bank | 2509314 | 351011 | (1011) |
| Euro | 07/16/2025 | Deutsche Bank | 250000 | 294807 | (7543) |
| Israeli Shekel | 07/16/2025 | Deutsche Bank | 1063869 | 315900 | (15900) |
| Japanese Yen | 07/16/2025 | Deutsche Bank | 144809294 | 1007393 | (7393) |
| Mexican Peso | 07/16/2025 | Deutsche Bank | 961875 | 51156 | (1156) |
| New Zealand Dollar | 07/16/2025 | Deutsche Bank | 300000 | 182988 | (2848) |
| Singapore Dollar | 07/16/2025 | Deutsche Bank | 577516 | 454773 | (4773) |
| South African Rand | 07/16/2025 | Deutsche Bank | 7196914 | 405990 | (5990) |
| Swiss Franc | 07/16/2025 | Deutsche Bank | 367191 | 463834 | (13834) |
| Thailand Baht | 07/16/2025 | Deutsche Bank | 13102162 | 404283 | (4283) |
| Brazilian Real | 08/04/2025 | Deutsche Bank | 1385088 | 252618 | (2618) |
| Chilean Peso | 09/17/2025 | Deutsche Bank | 47599104 | 51086 | (1086) |
| Columbian Peso | 09/17/2025 | Deutsche Bank | 423749728 | 102435 | (2435) |
| Indian Rupee | 09/17/2025 | Deutsche Bank | 30327829 | 352456 | (2456) |
| Indonesia Rupiah | 09/17/2025 | Deutsche Bank | 820035519 | 50623 | (623) |
| Peruvian Sole | 09/17/2025 | Deutsche Bank | 723933 | 203859 | (3859) |
| Philippine Peso | 09/17/2025 | Deutsche Bank | 14222119 | 252141 | (2141) |
| South Korean Won | 09/17/2025 | Deutsche Bank | 137449048 | 102082 | (2082) |
|  |  |  |  | $**8968399** | $**(135612)** |
| **Total** |  |  |  |  | $**238037** |

---

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** |
| **Foreign Currency** | **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local Currency<br> Amount<br> Purchased<br> Sell** | **Local Currency<br> Amount<br> Purchased<br> Sell** | **U.S. Dollar <br> Market<br> Value Buy** | **U.S. Dollar <br> Market<br> Value Sell** | **Unrealized<br> Appreciation<br> /(Depreciation)** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |  |  |
| British Pound | Euro | 7/16/2025 | Deutsche Bank | 1522137 | 1800000 | 2089389 | (2122608) | $(33219) |
| Czech Koruna | Euro | 7/16/2025 | Deutsche Bank | 9929847 | 400000 | 473370 | (471690) | 1680 |
| Euro | British Pound | 7/16/2025 | Deutsche Bank | 1600000 | 1365604 | 1886776 | (1874534) | 12242 |
| Euro | Hungarian Forints | 7/16/2025 | Deutsche Bank | 200000 | 80869978 | 235847 | (238156) | (2309) |
| Euro | Japanese Yen | 7/16/2025 | Deutsche Bank | 1850000 | 308411210 | 2181582 | (2145515) | 36067 |
| Euro | Norwegian Krone | 7/16/2025 | Deutsche Bank | 1500000 | 17576311 | 1768858 | (1744096) | 24762 |
| Euro | Polish Zloty | 7/16/2025 | Deutsche Bank | 250000 | 1070618 | 294808 | (296929) | (2121) |
| Euro | Swedish Krona | 7/16/2025 | Deutsche Bank | 1550000 | 17112556 | 1827818 | (1810961) | 16857 |
| Euro | Swiss Franc | 7/16/2025 | Deutsche Bank | 400000 | 375228 | 471695 | (473987) | (2292) |
| Hungarian Forints | Euro | 7/16/2025 | Deutsche Bank | 543599653 | 1350000 | 1600863 | (1591957) | 8906 |
| Norwegian Krone | Euro | 7/16/2025 | Deutsche Bank | 21897041 | 1900000 | 2172838 | (2240534) | (67696) |
| Polish Zloty | Euro | 7/16/2025 | Deutsche Bank | 3626617 | 850000 | 1005817 | (1002343) | 3474 |
| Swedish Krona | Euro | 7/16/2025 | Deutsche Bank | 21368316 | 1950000 | 2261332 | (2299490) | (38158) |
| Swiss Franc | Euro | 7/16/2025 | Deutsche Bank | 140237 | 150000 | 177145 | (176885) | 260 |
|  |  |  |  |  |  | $**18448138** | $**(18489685)** | $**(41547)** |
| **Total** |  |  |  |  |  |  |  | $**(41547)** |

---

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

<sup>(b)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(c)</sup> All or a portion of this investment is a holding of the CAEMAF Fund Limited.

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 59.5%** |  |
|  | **ADVERTISING & MARKETING - 0.1%** |  |
| 274 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | $19725 |
|  | **AUTOMOTIVE - 1.6%** |  |
| 871 | Tesla, Inc.<sup>(a)</sup> | 276682 |
|  | **BEVERAGES - 1.2%** |  |
| 289 | Coca-Cola Europacific Partners plc | 26796 |
| 848 | Keurig Dr Pepper, Inc. | 28035 |
| 599 | Monster Beverage Corporation<sup>(a)</sup> | 37521 |
| 844 | PepsiCo, Inc. | 111442 |
|  |  | 203794 |
|  | **BIOTECH & PHARMA - 1.7%** |  |
| 326 | Amgen, Inc. | 91022 |
| 360 | AstraZeneca PLC - ADR | 25157 |
| 89 | Biogen, Inc.<sup>(a)</sup> | 11178 |
| 764 | Gilead Sciences, Inc. | 84705 |
| 65 | Regeneron Pharmaceuticals, Inc. | 34125 |
| 157 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 69896 |
|  |  | 316083 |
|  | **CABLE & SATELLITE - 0.7%** |  |
| 87 | Charter Communications, Inc., Class A<sup>(a),(b)</sup> | 35566 |
| 2324 | Comcast Corporation, Class A | 82944 |
|  |  | 118510 |
|  | **CHEMICALS - 0.8%** |  |
| 290 | Linde PLC | 136062 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.3%** |  |
| 246 | Cintas Corporation | 54826 |
|  | **DIVERSIFIED INDUSTRIALS - 0.5%** |  |
| 397 | Honeywell International, Inc. | 92454 |
|  | **E-COMMERCE DISCRETIONARY - 4.1%** |  |
| 2628 | Amazon.com, Inc.<sup>(a)</sup> | 576557 |

---

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 59.5% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 4.1% (Continued)** |  |
| 31 | MercadoLibre, Inc.<sup>(a)</sup> | $81023 |
| 487 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 50969 |
|  |  | 708549 |
|  | **ELECTRIC UTILITIES - 0.8%** |  |
| 331 | American Electric Power Company, Inc. | 34345 |
| 188 | Constellation Energy Corporation | 60678 |
| 620 | Exelon Corporation | 26920 |
| 356 | Xcel Energy, Inc. | 24244 |
|  |  | 146187 |
|  | **ENTERTAINMENT CONTENT - 0.8%** |  |
| 181 | AppLovin Corporation, Class A<sup>(a)</sup> | 63365 |
| 162 | Electronic Arts, Inc. | 25871 |
| 108 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 26228 |
| 1440 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 16502 |
|  |  | 131966 |
|  | **FOOD - 0.4%** |  |
| 731 | Kraft Heinz Company (The) | 18874 |
| 799 | Mondelez International, Inc., Class A | 53885 |
|  |  | 72759 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 700 | Fastenal Company | 29400 |
|  | **INTERNET MEDIA & SERVICES - 8.2%** |  |
| 264 | Airbnb, Inc., Class A<sup>(a)</sup> | 34938 |
| 1443 | Alphabet, Inc., Class A | 254300 |
| 1361 | Alphabet, Inc., Class C | 241428 |
| 20 | Booking Holdings, Inc. | 115785 |
| 249 | DoorDash, Inc., Class A<sup>(a)</sup> | 61381 |
| 543 | Meta Platforms, Inc., Class A | 400783 |
| 262 | Netflix, Inc.<sup>(a)</sup> | 350852 |
|  |  | 1459467 |
|  | **LEISURE FACILITIES & SERVICES - 0.6%** |  |
| 167 | Marriott International, Inc., Class A | 45626 |

---

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 59.5% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 0.6% (Continued)** |  |
| 689 | Starbucks Corporation | $63133 |
|  |  | 108759 |
|  | **LEISURE PRODUCTS - 0.2%** |  |
| 48 | Axon Enterprise, Inc.<sup>(a)</sup> | 39741 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 241 | DexCom, Inc.<sup>(a)</sup> | 21037 |
| 278 | GE HealthCare Technologies, Inc. | 20591 |
| 50 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 26817 |
| 218 | Intuitive Surgical, Inc.<sup>(a)</sup> | 118464 |
|  |  | 186909 |
|  | **OIL & GAS PRODUCERS - 0.2%** |  |
| 178 | Diamondback Energy, Inc. | 24457 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.1%** |  |
| 611 | Baker Hughes Company | 23426 |
|  | **RETAIL - CONSUMER STAPLES - 1.5%** |  |
| 274 | Costco Wholesale Corporation | 271244 |
|  | **RETAIL - DISCRETIONARY - 0.5%** |  |
| 72 | Lululemon Athletica, Inc.<sup>(a)</sup> | 17106 |
| 525 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 47318 |
| 198 | Ross Stores, Inc. | 25261 |
|  |  | 89685 |
|  | **SEMICONDUCTORS - 14.0%** |  |
| 971 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 137785 |
| 300 | Analog Devices, Inc. | 71406 |
| 493 | Applied Materials, Inc. | 90254 |
| 77 | ARM Holdings PLC - ADR<sup>(a)</sup> | 12454 |
| 57 | ASML Holding N.V. - ADR | 45679 |
| 1912 | Broadcom, Inc. | 527042 |
| 337 | GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 12873 |
| 2636 | Intel Corporation | 59046 |

---

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 59.5% (Continued)** |  |
|  | **SEMICONDUCTORS - 14.0% (Continued)** |  |
| 79 | KLA Corporation | $70763 |
| 774 | Lam Research Corporation | 75341 |
| 505 | Marvell Technology, Inc. | 39087 |
| 321 | Microchip Technology, Inc. | 22589 |
| 674 | Micron Technology, Inc. | 83071 |
| 6002 | NVIDIA Corporation | 948255 |
| 153 | NXP Semiconductors N.V. | 33429 |
| 250 | ON Semiconductor Corporation<sup>(a)</sup> | 13103 |
| 675 | QUALCOMM, Inc. | 107501 |
| 547 | Texas Instruments, Inc. | 113568 |
|  |  | 2463246 |
|  | **SOFTWARE - 11.5%** |  |
| 267 | Adobe, Inc.<sup>(a)</sup> | 103297 |
| 55 | ANSYS, Inc.<sup>(a)</sup> | 19317 |
| 103 | Atlassian Corporation, Class A<sup>(a)</sup> | 20918 |
| 133 | Autodesk, Inc.<sup>(a)</sup> | 41173 |
| 169 | Cadence Design Systems, Inc.<sup>(a)</sup> | 52077 |
| 141 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 71813 |
| 192 | Datadog, Inc., Class A<sup>(a)</sup> | 25791 |
| 471 | Fortinet, Inc.<sup>(a)</sup> | 49794 |
| 168 | Intuit, Inc. | 132323 |
| 1846 | Microsoft Corporation | 918219 |
| 148 | MicroStrategy, Inc., Class A<sup>(a)</sup> | 59826 |
| 1409 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 192076 |
| 411 | Palo Alto Networks, Inc.<sup>(a)</sup> | 84107 |
| 66 | Roper Technologies, Inc. | 37411 |
| 724 | Shopify, Inc., Class A<sup>(a)</sup> | 83513 |
| 96 | Synopsys, Inc.<sup>(a)</sup> | 49217 |
| 131 | Workday, Inc., Class A<sup>(a)</sup> | 31440 |
| 95 | Zscaler, Inc.<sup>(a)</sup> | 29824 |
|  |  | 2002136 |
|  | **TECHNOLOGY HARDWARE - 5.3%** |  |
| 3709 | Apple, Inc. | 760976 |

---

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 59.5% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 5.3% (Continued)** |  |
| 2451 | Cisco Systems, Inc. | $170050 |
|  |  | 931026 |
|  | **TECHNOLOGY SERVICES - 1.4%** |  |
| 248 | Automatic Data Processing, Inc. | 76483 |
| 83 | CDW Corporation | 14823 |
| 303 | Cognizant Technology Solutions Corporation, Class A | 23643 |
| 254 | CoStar Group, Inc.<sup>(a)</sup> | 20422 |
| 220 | Paychex, Inc. | 32001 |
| 604 | PayPal Holdings, Inc.<sup>(a)</sup> | 44889 |
| 85 | Verisk Analytics, Inc. | 26478 |
|  |  | 238739 |
|  | **TELECOMMUNICATIONS - 1.0%** |  |
| 708 | T-Mobile US, Inc. | 168688 |
|  | **TRANSPORTATION & LOGISTICS - 0.3%** |  |
| 1157 | CSX Corporation | 37753 |
| 130 | Old Dominion Freight Line, Inc. | 21099 |
|  |  | 58852 |
|  | **TRANSPORTATION EQUIPMENT - 0.2%** |  |
| 321 | PACCAR, Inc. | 30514 |
|  | **WHOLESALE - DISCRETIONARY - 0.2%** |  |
| 606 | Copart, Inc.<sup>(a)</sup> | 29736 |
|  | **TOTAL COMMON STOCKS (Cost $7,370,735)** | 10433622 |
|  | **EXCHANGE-TRADED FUNDS — 32.0%** |  |
|  | **EQUITY - 32.0%** |  |
| 10180 | Invesco QQQ Trust Series 1 | 5615695 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $4,763,938)** | 5615695 |

---

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 0.2%** |  |
| 35174 | Mount Vernon Liquid Assets Portfolio, LLC, 4.46% (Cost $35,174)<sup>(c),(d)</sup> | $35174 |
|  | **MONEY MARKET FUNDS - 2.7%** |  |
| 464891 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $464,891)<sup>(d)</sup> | 464891 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $500,065)** | 500065 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(e)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | |
|  | **FUTURE OPTIONS PURCHASED - 3.4%** | **FUTURE OPTIONS PURCHASED - 3.4%** | **FUTURE OPTIONS PURCHASED - 3.4%** |  |  |  |
|  | **CALL OPTIONS PURCHASED - 3.4%** |  |  |  |  |  |
| 84 | S&P Emini 3rd Wk Future | WED | 07/18/2025 | $6150 | $25830000 | $596401 |
|  | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $240,663)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $240,663)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $240,663)** |  |  |  |
|  | **TOTAL INVESTMENTS - 97.8% (Cost $12,875,401)** | **TOTAL INVESTMENTS - 97.8% (Cost $12,875,401)** | **TOTAL INVESTMENTS - 97.8% (Cost $12,875,401)** |  |  | $17145783 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%** |  |  | 380523 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $17526306 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(f)</sup>** | **Value and <br> Unrealized<br> Depreciation** |
| 32 | CBOE Volatility Index Future | 07/16/2025 | $598800 | $(17200) |
| 12 | CBOE Volatility Index Future | 08/20/2025 | 241171 | (2429) |
| 30 | CBOE Volatility Index Future | 09/17/2025 | 621036 | (16900) |
| 11 | CBOE Volatility Index Future | 10/22/2025 | 232177 | (1171) |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $(37700) |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(f)</sup>** | **Value and<br> Unrealized <br> Depreciation** |
| 36 | CME E-Mini Standard & Poor's 500 Index Future | 09/19/2025 | $11256750 | $(280986) |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $(280986) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(318686) |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| WED | - Wedbush Securities |

---

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

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the security on loan as of June 30, 2025 was $35,158.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at June 30, 2025. Total collateral had a value of $35,174 at June 30, 2025.

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

<sup>(e)</sup> Each contract is equivalent to one futures contract.

<sup>(f)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 50.6%** |  |
|  | **EQUITY - 50.6%** |  |
| 1697608 | Dimensional Emerging Core Equity Market ETF | $49145752 |
| 1639165 | Dimensional International Core Equity 2 ETF | 50961640 |
| 3156100 | Dimensional US Core Equity 2 ETF | 113114624 |
| 1058220 | Dimensional US High Profitability ETF | 37630303 |
| 8386471 | iShares Core S&P Mid-Cap ETF | 520128931 |
| 2380295 | iShares Core S&P Small-Cap ETF | 260142441 |
| 776099 | iShares MSCI Australia ETF | 20426926 |
| 750671 | iShares MSCI Brazil ETF | 21656858 |
| 447909 | iShares MSCI Canada ETF | 20693396 |
| 201263 | iShares MSCI France ETF | 8614056 |
| 646987 | iShares MSCI Hong Kong ETF | 12849162 |
| 2276392 | iShares MSCI India ETF | 126749507 |
| 1509275 | iShares MSCI Intl Quality Factor ETF | 65230866 |
| 803643 | iShares MSCI Japan ETF | 60249116 |
| 195858 | iShares MSCI Malaysia ETF | 4767184 |
| 338993 | iShares MSCI Mexico ETF | 20529416 |
| 458054 | iShares MSCI Singapore ETF | 11900243 |
| 127657 | iShares MSCI South Africa ETF | 6861564 |
| 236223 | iShares MSCI Spain ETF | 10400898 |
| 471240 | iShares MSCI Switzerland ETF | 25828664 |
| 1079103 | iShares MSCI Taiwan ETF | 61940512 |
| 75645 | iShares MSCI Thailand ETF | 3817803 |
| 92566 | iShares MSCI Turkey ETF | 2986179 |
| 1552803 | iShares MSCI United Kingdom ETF | 61677335 |
| 3562314 | iShares MSCI USA Min Vol Factor ETF | 334394415 |
| 228911 | iShares MSCI USA Quality Factor ETF | 41849509 |
| 1586642 | iShares Russell 1000 ETF | 538776023 |
| 1651777 | iShares Russell 2000 ETF | 356436959 |
| 732758 | iShares Russell Mid-Cap ETF | 67391753 |
| 504158 | SPDR S&P 500 ETF Trust | 311494020 |
| 6769065 | Vanguard FTSE Emerging Markets ETF | 334797955 |
| 102070 | Vanguard FTSE Europe ETF | 7910425 |
| 432707 | Vanguard Large-Cap ETF | 123451307 |
| 404194 | Vanguard Mid-Cap ETF | 113105607 |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 50.6% (Continued)** |  |
|  | **EQUITY - 50.6% (Continued)** |  |
| 1174363 | Vanguard Real Estate ETF | $104588769 |
| 246237 | Vanguard S&P 500 ETF | 139870003 |
| 341352 | Vanguard Small-Cap ETF | 80893597 |
| 433341 | WisdomTree India Earnings Fund | 20570697 |
|  |  | 4153834415 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,958,225,387)** | 4153834415 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** | |
|  | **U.S. GOVERNMENT & AGENCIES — 41.1%** |  |  |  |
|  | **U.S. TREASURY NOTES — 41.1%** |  |  |  |
| 1508757000 | United States Treasury Note<sup>(c),(d)</sup> | 2.0000 | 08/15/25 | 1504152485 |
| 1404659000 | United States Treasury Note<sup>(c),(d)</sup> | 2.2500 | 11/15/25 | 1394060075 |
| 485570000 | United States Treasury Note<sup>(c),(d)</sup> | 1.6250 | 02/15/26 | 477969509 |
|  |  |  |  | 3376182069 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,377,000,824)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,377,000,824)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,377,000,824)** | 3376182069 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **SHORT-TERM INVESTMENTS — 6.6%** |  |
|  | **MONEY MARKET FUNDS - 6.6%** |  |
| 539213395 | First American Treasury Obligations Fund, Class X, 4.21%<sup>(a)(c)</sup> | 539213395 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $539,213,395)** | 539213395 |
|  | **TOTAL INVESTMENTS - 98.3% (Cost $6,874,439,606)** | $8069229879 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.7%** | 143147525 |
|  | **NET ASSETS - 100.0%** | $8212377404 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 1577 | 3 Month Euro Euribor Future | 03/16/2026 | $456104064 | $(70473) |
| 2098 | 3 Month Euro Euribor Future | 06/15/2026 | 606696378 | 476285 |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts (Continued)** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 2121 | 3 Month Euro Euribor Future | 09/14/2026 | $613097659 | $713216 |
| 1772 | 3 Month Euro Euribor Future | 12/15/2026 | 511876325 | 849049 |
| 1552 | 3 Month Euro Euribor Future | 03/16/2027 | 448005183 | 545327 |
| 1674 | 3 Month Euro Euribor Future | 06/15/2027 | 482852385 | 323286 |
| 1157 | 3 Month Euro Euribor Future | 09/14/2027 | 333472203 | 5444 |
| 4222 | CBOT 10 Year US Treasury Note Future | 09/22/2025 | 473391750 | 3205172 |
| 210 | CBOT Soybean Meal Future<sup>(c)</sup> | 12/15/2025 | 6075300 | 14410 |
| 368 | CBOT Soybean Oil Future<sup>(c)</sup> | 12/15/2025 | 11647200 | (601770) |
| 319 | CBOT US Treasure Bond Futures | 09/22/2025 | 36834531 | 398281 |
| 206 | CME E-mini Russell 2000 Index Futures | 09/22/2025 | 22574510 | 1415 |
| 352 | CME Live Cattle Future<sup>(c)</sup> | 09/02/2025 | 30113600 | 327740 |
| 96 | CME Mexican Peso Currency Future | 09/16/2025 | 2539200 | 60075 |
| 179 | COMEX Copper Future<sup>(c)</sup> | 09/29/2025 | 22744188 | (129025) |
| 213 | COMEX Gold 100 Troy Ounces Future<sup>(c)</sup> | 08/28/2025 | 70454010 | (161600) |
| 720 | Eurex 10 Year Euro BUND Future | 09/09/2025 | 110374558 | 5842 |
| 205 | Eurex 30 Year Euro BUXL Future | 09/09/2025 | 28671025 | 24429 |
| 5911 | Euro-BTP Italian Bond Futures | 09/09/2025 | 842439340 | 1402044 |
| 15 | Euronext CAC 40 Index Future | 07/21/2025 | 1355124 | 3132 |
| 4326 | French Government Bond Futures | 09/09/2025 | 631015124 | (861001) |
| 345 | FTSE/MIB Index Future | 09/22/2025 | 80971378 | 1448623 |
| 987 | HKG Hang Seng Index Future | 07/31/2025 | 151407829 | (1925387) |
| 6480 | ICE Brent Crude Oil Future<sup>(c)</sup> | 08/01/2025 | 432475200 | (31415960) |
| 2234 | ICE Brent Crude Oil Future<sup>(c)</sup> | 09/02/2025 | 147131240 | (10514930) |
| 496 | ICE Brent Crude Oil Future<sup>(c)</sup> | 10/01/2025 | 32364000 | (2018180) |
| 311 | ICE Brent Crude Oil Future<sup>(c)</sup> | 11/03/2025 | 20187010 | (1146520) |
| 145 | ICE Brent Crude Oil Future<sup>(c)</sup> | 12/01/2025 | 9391650 | (234040) |
| 83 | ICE Brent Crude Oil Future<sup>(c)</sup> | 12/31/2025 | 5371760 | (175460) |
| 1755 | ICE Gas Oil Future<sup>(c)</sup> | 08/13/2025 | 116005500 | (4469125) |
| 1583 | ICE Gas Oil Future<sup>(c)</sup> | 09/12/2025 | 103369900 | (771350) |
| 342 | ICE Gas Oil Future<sup>(c)</sup> | 10/13/2025 | 22187250 | 86100 |
| 6 | ICE US mini MSCI EAFE Index Futures | 09/22/2025 | 804510 | 600 |
| 1530 | ICE US MSCI Emerging Markets EM Index Futures | 09/22/2025 | 94362750 | 421330 |
| 1839 | IFSC NIFTY 50 Index Futures | 08/01/2025 | 94160478 | 186699 |
| 2797 | KFE KOSPI 200 Index Future | 09/12/2025 | 215190043 | 1846104 |
| 85 | LME Copper Future<sup>(c)</sup> | 09/16/2025 | 21000694 | (4998) |
| 32 | LME Lead Future<sup>(c)</sup> | 09/16/2025 | 1636296 | 12328 |
| 19 | MEFF Madrid IBEX 35 Index Future | 07/21/2025 | 3115373 | 39923 |
| 64 | Montreal Exchange 10 Year Canadian Bond Future | 09/19/2025 | 5732283 | (2959) |
| 380 | Montreal Exchange S&P/TSX 60 Index Future | 09/19/2025 | 89273260 | 462851 |
| 143 | NYBOT CSC C Coffee Future<sup>(c)</sup> | 09/19/2025 | 16092863 | (2748975) |
| 67 | NYBOT CSC Cocoa Future<sup>(c)</sup> | 09/16/2025 | 6030000 | 229590 |
| 5255 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 07/23/2025 | 342153050 | (9922490) |
| 1831 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 08/21/2025 | 116909350 | (6358750) |
| 408 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 09/23/2025 | 25606080 | (881740) |
| 212 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 10/22/2025 | 13156720 | (373330) |
| 156 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 11/21/2025 | 9617400 | (229690) |
| 35 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 12/22/2025 | 2150400 | (10750) |
| 1275 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 08/01/2025 | 121895865 | (1290201) |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts (Continued)** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 491 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 09/02/2025 | $46436620 | $(946453) |
| 123 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 10/01/2025 | 11566674 | (164724) |
| 38 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 11/03/2025 | 3542482 | (14091) |
| 96 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 08/01/2025 | 8354707 | (21954) |
| 1 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 11/03/2025 | 77414 | (5) |
| 1106 | OSE Nikkei 225 Index Future | 09/12/2025 | 311074498 | 1264990 |
| 974 | SFE 10 Year Australian Bond Future | 09/16/2025 | 73475819 | (255786) |
| 6983 | SGX FTSE China A50 Futures | 07/31/2025 | 93488404 | (528916) |
| 997 | SGX FTSE Taiwan Index Futures | 07/31/2025 | 72721180 | 68460 |
| 383 | SGX Nikkei 225 Stock Index Future | 09/12/2025 | 53788325 | 123724 |
| 262 | Three Month SONIA Index Futures | 06/16/2026 | 86788219 | 60150 |
| 633 | Three Month SONIA Index Futures | 09/15/2026 | 209824174 | 163757 |
| 631 | Three Month SONIA Index Futures | 12/15/2026 | 209204527 | 195019 |
| 586 | Three Month SONIA Index Futures | 03/17/2027 | 194274974 | 262626 |
| 424 | Three Month SONIA Index Futures | 06/16/2027 | 140523910 | 143872 |
| 311 | Three Month SONIA Index Futures | 09/15/2027 | 103035611 | 103092 |
| 262 | Three Month SONIA Index Futures | 12/15/2027 | 86770239 | 93339 |
| 248 | Three-Month SOFR Futures | 06/16/2026 | 59892000 | 12300 |
| 1844 | Three-Month SOFR Futures | 09/15/2026 | 446340200 | 407000 |
| 2870 | Three-Month SOFR Futures | 12/16/2026 | 695508624 | 750011 |
| 2677 | Three-Month SOFR Futures | 03/17/2027 | 648971724 | 897186 |
| 1666 | Three-Month SOFR Futures | 06/16/2027 | 403817575 | 527425 |
| 1838 | Three-Month SOFR Futures | 09/15/2027 | 445278475 | 628525 |
| 1705 | Three-Month SOFR Futures | 12/15/2027 | 412801813 | 632213 |
| 195 | TSE TOPIX (Tokyo Price Index) Future | 09/12/2025 | 38660175 | 104923 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $(58722726) |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 5285 | BMF Ibovespa Index Future | 08/14/2025 | $137328694 | $571875 |
| 69 | Carbon Emissions Future<sup>(c)</sup> | 12/16/2025 | 5605336 | 119541 |
| 6678 | CBOT 2 Year US Treasury Note Future | 10/01/2025 | 1389180518 | (1159875) |
| 469 | CBOT 5 Year US Treasury Note Future | 10/01/2025 | 51121000 | (65953) |
| 3463 | CBOT Corn Future<sup>(c)</sup> | 12/15/2025 | 73675325 | 2550975 |
| 2577 | CBOT Soybean Future<sup>(c)</sup> | 11/17/2025 | 132328950 | 161438 |
| 730 | CBOT Wheat Future<sup>(c)</sup> | 09/15/2025 | 19646125 | 537787 |
| 269 | CME Australian Dollar Currency Future | 09/16/2025 | 17725755 | (75110) |
| 1412 | CME British Pound Currency Future | 09/16/2025 | 121123125 | (764106) |
| 2408 | CME Canadian Dollar Currency Future | 09/17/2025 | 177421440 | (318985) |
| 117 | CME E-Mini NASDAQ 100 Index Future | 09/22/2025 | 53570205 | (37130) |
| 352 | CME E-Mini Standard & Poor's 500 Index Future | 09/22/2025 | 110066000 | (132300) |
| 65 | CME E-Mini Standard & Poor's MidCap 400 Index Future | 09/22/2025 | 20315750 | (304830) |
| 273 | CME Euro Foreign Exchange Currency Future | 09/16/2025 | 40390350 | (168062) |
| 1068 | CME Japanese Yen Currency Future | 09/16/2025 | 93376575 | (151050) |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Short Futures Contracts (Continued)** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 343 | CME Lean Hogs Future<sup>(c)</sup> | 08/15/2025 | $14749000 | $461210 |
| 264 | CME New Zealand Dollar Currency Future | 09/16/2025 | 16131720 | (67675) |
| 506 | CME Swiss Franc Currency Future | 09/16/2025 | 80495113 | (795663) |
| 78 | COMEX Silver Future<sup>(c)</sup> | 09/29/2025 | 14107080 | 46270 |
| 118 | E-mini Dow Jones Industrial Average Index Futures | 09/22/2025 | 26189510 | (26930) |
| 6934 | Eurex 2 Year Euro SCHATZ Future | 09/09/2025 | 875938163 | 1351662 |
| 248 | Eurex 5 Year Euro BOBL Future | 09/09/2025 | 34375312 | 125221 |
| 12 | Eurex DAX Index Future | 09/22/2025 | 8497880 | (3946) |
| 1285 | Eurex EURO STOXX 50 Future | 09/22/2025 | 80626561 | 57933 |
| 1360 | FTSE 100 Index Future | 09/22/2025 | 164073240 | 1316967 |
| 397 | HKG Hang Seng China Enterprises Index Future | 07/31/2025 | 21921086 | 160249 |
| 446 | KCBT Hard Red Winter Wheat Future<sup>(c)</sup> | 09/15/2025 | 11746525 | 774938 |
| 93 | LME Nickel Future<sup>(c)</sup> | 09/16/2025 | 8479273 | (10133) |
| 308 | LME Primary Aluminum Future<sup>(c)</sup> | 09/16/2025 | 20020462 | (423477) |
| 67 | LME Zinc Future<sup>(c)</sup> | 09/16/2025 | 4610739 | 9816 |
| 284 | Long Gilt Future | 09/29/2025 | 36264028 | 22331 |
| 207 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 10/01/2025 | 3755808 | 63146 |
| 290 | NYBOT CTN Number 2 Cotton Future<sup>(c)</sup> | 12/09/2025 | 9878850 | (91570) |
| 132 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 11/26/2025 | 6019200 | 185350 |
| 306 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 10/30/2025 | 12194100 | 346260 |
| 466 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 09/29/2025 | 16743380 | 712690 |
| 939 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 08/28/2025 | 32771100 | 1481670 |
| 2182 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 07/30/2025 | 75409920 | 3785290 |
| 40 | NYMEX Platinum Future<sup>(c)</sup> | 10/30/2025 | 2686000 | 25830 |
| 147 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 09/02/2025 | 12608543 | (42622) |
| 84 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 10/01/2025 | 6669331 | (5892) |
| 27 | SAFEX FTSE/JSE Top 40 Index Future | 09/19/2025 | 1369239 | (2572) |
| 1409 | SFE 3 Year Australian Bond Future | 09/16/2025 | 99912539 | (206388) |
| 377 | SFE S&P ASX Share Price Index 200 Future | 09/19/2025 | 52955920 | 75480 |
| 2267 | TEF SET50 Index Future | 09/30/2025 | 9823224 | 67346 |
| 29 | TSE Japanese 10 Year Bond Futures | 09/15/2025 | 27991252 | (5485) |
| 655 | TTF Natural Gas Base Load Monthly Futures<sup>(c)</sup> | 07/31/2025 | 18883219 | 616776 |
| 1359 | Ultra U.S. Treasury Bond Futures | 09/22/2025 | 161890875 | (1873594) |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $8894703 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(49828023) |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** |
| **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local<br> Currency** | **U.S. Dollar<br> Value** | **Unrealized<br> Appreciation<br> /(Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Australian Dollar | 07/01/2025 | Bank Of America Merrill Lynch | 48770000 | $32098196 | $233835 |
| British Pound | 07/01/2025 | Deutsche Bank | 14220000 | 19517955 | 2787 |
| Euro | 07/01/2025 | Deutsche Bank | 97430000 | 114758543 | 558112 |
| Israeli Shekel | 07/01/2025 | Bank Of America Merrill Lynch | 12490000 | 3708322 | 21267 |
| Japanese Yen | 07/01/2025 | Deutsche Bank | 34545999999 | 239852807 | 1023104 |
| Mexican Peso | 07/01/2025 | Deutsche Bank | 220360000 | 11741387 | 58578 |
| New Zealand Dollar | 07/01/2025 | Bank Of America Merrill Lynch | 65760000 | 40087783 | 210261 |
| Norwegian Krone | 07/01/2025 | Bank Of America Merrill Lynch | 631120000 | 62621237 | (19765) |
| Polish Zloty | 07/01/2025 | Bank Of America Merrill Lynch | 15230000 | 4225743 | 12895 |
| Singapore Dollar | 07/01/2025 | Bank Of America Merrill Lynch | 33030000 | 25976375 | 97285 |
| South African Rand | 07/01/2025 | Bank Of America Merrill Lynch | 26460000 | 1494620 | 8887 |
| Swedish Krona | 07/01/2025 | Bank Of America Merrill Lynch | 18140000 | 1917509 | 5278 |
| Swiss Franc | 07/01/2025 | Bank Of America Merrill Lynch | 46520000 | 58633728 | 436443 |
| Australian Dollar | 07/02/2025 | Bank Of America Merrill Lynch | 9370000 | 6166909 | 44378 |
| British Pound | 07/02/2025 | Deutsche Bank | 7230000 | 9923685 | 13923 |
| Canadian Dollar | 07/02/2025 | Deutsche Bank | 148340000 | 108904567 | 147712 |
| Euro | 07/02/2025 | Deutsche Bank | 124300000 | 146407538 | 217772 |
| Israeli Shekel | 07/02/2025 | Bank Of America Merrill Lynch | 80000 | 23752 | 8 |
| Japanese Yen | 07/02/2025 | Deutsche Bank | 25314999999 | 175761994 | 247375 |
| Mexican Peso | 07/02/2025 | Deutsche Bank | 156730000 | 8351006 | 49 |
| New Zealand Dollar | 07/02/2025 | Bank Of America Merrill Lynch | 55990000 | 34131919 | 77681 |
| Norwegian Krone | 07/02/2025 | Bank Of America Merrill Lynch | 608710000 | 60397664 | 169010 |
| Polish Zloty | 07/02/2025 | Bank Of America Merrill Lynch | 66820000 | 18539996 | 48741 |
| Singapore Dollar | 07/02/2025 | Bank Of America Merrill Lynch | 51150000 | 40226812 | 65696 |
| South African Rand | 07/02/2025 | Bank Of America Merrill Lynch | 314620000 | 17771627 | 70243 |
| Swedish Krona | 07/02/2025 | Bank Of America Merrill Lynch | 211350000 | 22340989 | 71820 |
| Swiss Franc | 07/02/2025 | Bank Of America Merrill Lynch | 87990000 | 110902445 | 110317 |
| Chinese Yuan Offshore | 07/02/2025 | Bank Of America Merrill Lynch | 511570000 | 71465291 | 150760 |
| Chinese Yuan Offshore | 07/03/2025 | Bank Of America Merrill Lynch | 1123410000 | 156951139 | 109007 |
| Australian Dollar | 07/16/2025 | Bank Of America Merrill Lynch | 857940000 | 564822135 | 5592371 |
| Brazilian Real | 07/16/2025 | Bank Of America Merrill Lynch | 3908839999 | 716736247 | 36504697 |
| British Pound | 07/16/2025 | Deutsche Bank | 615570000 | 844970629 | 11809603 |
| Canadian Dollar | 07/16/2025 | Deutsche Bank | 1529860000 | 1124046459 | 4998585 |
| Euro | 07/16/2025 | Deutsche Bank | 1451540000 | 1711445070 | 37045123 |
| Indian Rupee | 07/16/2025 | Bank Of America Merrill Lynch | 7769620000 | 90572653 | 138797 |
| Israeli Shekel | 07/16/2025 | Bank Of America Merrill Lynch | 205580000 | 61042667 | 1192609 |
| Japanese Yen | 07/16/2025 | Deutsche Bank | 136827000000 | 951627403 | 1568026 |
| Mexican Peso | 07/16/2025 | Deutsche Bank | 13266250000 | 705709750 | 13966442 |
| New Zealand Dollar | 07/16/2025 | Bank Of America Merrill Lynch | 690680000 | 421251565 | 5239270 |
| Norwegian Krone | 07/16/2025 | Bank Of America Merrill Lynch | 2721899999 | 270091696 | (44399) |
| Polish Zloty | 07/16/2025 | Bank Of America Merrill Lynch | 866860000 | 240430806 | 7234002 |
| Singapore Dollar | 07/16/2025 | Bank Of America Merrill Lynch | 253970000 | 199959917 | 1954467 |
| South African Rand | 07/16/2025 | Bank Of America Merrill Lynch | 4613400000 | 260294228 | 1994015 |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** |
| **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local<br> Currency** | **U.S. Dollar<br> Value** | **Unrealized<br> Appreciation<br> /(Depreciation)** |
| **To Buy: (continued)** |  |  |  |  |  |
| South Korean Won | 07/16/2025 | Bank Of America Merrill Lynch | 147977000000 | $109497060 | $1084943 |
| Swedish Krona | 07/16/2025 | Bank Of America Merrill Lynch | 1739920000 | 184103365 | 1495573 |
| Swiss Franc | 07/16/2025 | Bank Of America Merrill Lynch | 1041420000 | 1315152284 | 29465175 |
| Chinese Yuan Offshore | 07/16/2025 | Bank Of America Merrill Lynch | 9104150000 | 1273310760 | 2587865 |
| Chilean Peso | 07/17/2025 | Bank Of America Merrill Lynch | 95747000000 | 102773682 | 369546 |
| Australian Dollar | 08/20/2025 | Bank Of America Merrill Lynch | 91140000 | 60045945 | 529616 |
| Indian Rupee | 08/20/2025 | Bank Of America Merrill Lynch | 5804470000 | 67554357 | 54688 |
| Israeli Shekel | 08/20/2025 | Bank Of America Merrill Lynch | 12570000 | 3733750 | 19605 |
| Japanese Yen | 08/20/2025 | Deutsche Bank | 24250000000 | 169338769 | 1048142 |
| New Zealand Dollar | 08/20/2025 | Bank Of America Merrill Lynch | 10210000 | 6234660 | 34180 |
| South Korean Won | 08/20/2025 | Bank Of America Merrill Lynch | 39217000000 | 29072775 | 120453 |
|  |  |  |  | $**13088720170** | $**170196853** |
| **To Sell:** |  |  |  |  |  |
| Australian Dollar | 07/01/2025 | Bank Of America Merrill Lynch | 48770000 | $32098198 | $(162663) |
| British Pound | 07/01/2025 | Deutsche Bank | 14220000 | 19517954 | (20946) |
| Euro | 07/01/2025 | Deutsche Bank | 97430000 | 114758537 | (578832) |
| Israeli Shekel | 07/01/2025 | Bank Of America Merrill Lynch | 12490000 | 3708322 | (20366) |
| Japanese Yen | 07/01/2025 | Deutsche Bank | 34546000000 | 239852803 | (828823) |
| Mexican Peso | 07/01/2025 | Deutsche Bank | 220360000 | 11741387 | (60865) |
| New Zealand Dollar | 07/01/2025 | Bank Of America Merrill Lynch | 65760000 | 40087785 | (208075) |
| Norwegian Krone | 07/01/2025 | Bank Of America Merrill Lynch | 631120000 | 62621236 | 86944 |
| Polish Zloty | 07/01/2025 | Bank Of America Merrill Lynch | 15230000 | 4225743 | (19490) |
| Singapore Dollar | 07/01/2025 | Bank Of America Merrill Lynch | 33030000 | 25976375 | (72089) |
| South African Rand | 07/01/2025 | Bank Of America Merrill Lynch | 26460000 | 1494620 | (9521) |
| Swedish Krona | 07/01/2025 | Bank Of America Merrill Lynch | 18140000 | 1917509 | (3178) |
| Swiss Franc | 07/01/2025 | Bank Of America Merrill Lynch | 46520000 | 58633725 | (383555) |
| Australian Dollar | 07/02/2025 | Bank Of America Merrill Lynch | 9370000 | 6166908 | (31008) |
| British Pound | 07/02/2025 | Deutsche Bank | 7230000 | 9923686 | (11959) |
| Canadian Dollar | 07/02/2025 | Deutsche Bank | 148340000 | 108904569 | (211195) |
| Chinese Yuan Offshore | 07/02/2025 | Bank Of America Merrill Lynch | 511570000 | 71465291 | (135917) |
| Euro | 07/02/2025 | Deutsche Bank | 124300000 | 146407541 | (626412) |
| Israeli Shekel | 07/02/2025 | Bank Of America Merrill Lynch | 80000 | 23752 | (6) |
| Japanese Yen | 07/02/2025 | Deutsche Bank | 25315000000 | 175762003 | (308047) |
| Mexican Peso | 07/02/2025 | Deutsche Bank | 156730000 | 8351006 | (2709) |
| New Zealand Dollar | 07/02/2025 | Bank Of America Merrill Lynch | 55990000 | 34131916 | (151991) |
| Norwegian Krone | 07/02/2025 | Bank Of America Merrill Lynch | 608710000 | 60397662 | (159549) |
| Polish Zloty | 07/02/2025 | Bank Of America Merrill Lynch | 66820000 | 18539997 | (61862) |
| Singapore Dollar | 07/02/2025 | Bank Of America Merrill Lynch | 51150000 | 40226812 | (91047) |
| South African Rand | 07/02/2025 | Bank Of America Merrill Lynch | 314620000 | 17771627 | (83444) |
| Swedish Krona | 07/02/2025 | Bank Of America Merrill Lynch | 211350000 | 22340988 | (121324) |
| Swiss Franc | 07/02/2025 | Bank Of America Merrill Lynch | 87990000 | 110902443 | (471422) |
| Chinese Yuan Offshore | 07/03/2025 | Bank Of America Merrill Lynch | 1123410000 | 156951136 | (120145) |
| Australian Dollar | 07/16/2025 | Bank Of America Merrill Lynch | 857940000 | 564822136 | (10660907) |
| Brazilian Real | 07/16/2025 | Bank Of America Merrill Lynch | 271370000 | 49759193 | (822430) |
| British Pound | 07/16/2025 | Deutsche Bank | 839010000 | 1151678616 | (12716555) |
| Canadian Dollar | 07/16/2025 | Deutsche Bank | 2006579999 | 1474310814 | (6537274) |
| Chinese Yuan Offshore | 07/16/2025 | Bank Of America Merrill Lynch | 9104150000 | 1273310761 | (3571461) |
| Euro | 07/16/2025 | Deutsche Bank | 1085510000 | 1279875677 | (27265107) |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** |
| **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local<br> Currency** | **U.S. Dollar<br> Value** | **Unrealized<br> Appreciation<br> /(Depreciation)** |
| **To Sell: (continued)** | **To Sell: (continued)** |  |  |  |  |
| Indian Rupee | 07/16/2025 | Bank Of America Merrill Lynch | 7769620000 | $90572648 | $(312101) |
| Israeli Shekel | 07/16/2025 | Bank Of America Merrill Lynch | 205580000 | 61042666 | (2429093) |
| Japanese Yen | 07/16/2025 | Deutsche Bank | 136827000000 | 951627406 | 3480909 |
| Mexican Peso | 07/16/2025 | Deutsche Bank | 4683040000 | 249118401 | (3575279) |
| New Zealand Dollar | 07/16/2025 | Bank Of America Merrill Lynch | 690680000 | 421251567 | (6367269) |
| Norwegian Krone | 07/16/2025 | Bank Of America Merrill Lynch | 2721900000 | 270091696 | (242726) |
| Polish Zloty | 07/16/2025 | Bank Of America Merrill Lynch | 169760000 | 47084343 | (900244) |
| Singapore Dollar | 07/16/2025 | Bank Of America Merrill Lynch | 177520000 | 139768021 | (750224) |
| South African Rand | 07/16/2025 | Bank Of America Merrill Lynch | 4613399999 | 260294229 | (3922883) |
| South Korean Won | 07/16/2025 | Bank Of America Merrill Lynch | 147977000000 | 109497055 | (1193746) |
| Swedish Krona | 07/16/2025 | Bank Of America Merrill Lynch | 3244649999 | 343320946 | (3142348) |
| Swiss Franc | 07/16/2025 | Bank Of America Merrill Lynch | 1409660000 | 1780182413 | (46319880) |
| Chilean Peso | 07/17/2025 | Bank Of America Merrill Lynch | 52254000000 | 56088815 | (468159) |
| Australian Dollar | 08/20/2025 | Bank Of America Merrill Lynch | 33740000 | 22228991 | (163767) |
| Chinese Yuan Offshore | 08/20/2025 | Bank Of America Merrill Lynch | 2220050000 | 311367727 | (469899) |
| Japanese Yen | 08/20/2025 | Deutsche Bank | 73920000000 | 516186464 | (1515773) |
| New Zealand Dollar | 08/20/2025 | Bank Of America Merrill Lynch | 121750000 | 74345727 | (295781) |
| Norwegian Krone | 08/20/2025 | Bank Of America Merrill Lynch | 234120000 | 23236690 | (55876) |
| South African Rand | 08/20/2025 | Bank Of America Merrill Lynch | 319290000 | 17967826 | (71123) |
| South Korean Won | 08/20/2025 | Bank Of America Merrill Lynch | 27683000000 | 20522265 | (43235) |
|  |  |  |  | $**13164454624** | $**(135201727)** |
| **Total** |  |  |  |  | $**34995126** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

<sup>(b)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(c)</sup> All or a portion of this investment is a holding of the CMHSF Fund Limited.

<sup>(d)</sup> Held as collateral for futures.

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

---

| |
|:---|
| **CATALYST BUFFERED SHIELD FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 90.4%** |  |
|  | **FIXED INCOME - 90.4%** |  |
| 106764 | iShares 1-5 Year Investment Grade Corporate Bond | $5632869 |
| 119165 | PGIM Ultra Short Bond ETF | 5929650 |
| 81223 | Vanguard Short-Term Corporate Bond ETF<sup>(a)</sup> | 6457229 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $18,170,018)** | 18019748 |
|  | **SHORT-TERM INVESTMENTS — 1.4%** |  |
|  | **MONEY MARKET FUNDS - 1.4%** |  |
| 289461 | First American Treasury Obligations Fund, Class X, 4.21%<sup>(b)</sup> | 289461 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $289,461)** | 289461 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Notional Value** | |
|  | **EQUITY OPTIONS PURCHASED - 13.3%** | **EQUITY OPTIONS PURCHASED - 13.3%** |  |  |  |
|  | **CALL OPTIONS PURCHASED - 11.8%** | **CALL OPTIONS PURCHASED - 11.8%** |  |  |  |
| 51 | SPDR S&P 500 ETF Trust IB | 09/19/2025 | $565 | $2881500 | $318240 |
| 70 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 570 | 3990000 | 501200 |
| 15 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 590 | 885000 | 85425 |
| 85 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | 570 | 4845000 | 660025 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 560 | 2800000 | 472500 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 600 | 3000000 | 317500 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $1,654,810)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $1,654,810)** |  |  | 2354890 |
|  | **PUT OPTIONS PURCHASED - 1.5%** | **PUT OPTIONS PURCHASED - 1.5%** |  |  |  |
| 51 | SPDR S&P 500 ETF Trust IB | 09/19/2025 | $505 | $2575500 | $8925 |
| 70 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 520 | 3640000 | 52990 |
| 15 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 535 | 802500 | 13920 |
| 85 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | 515 | 4377500 | 80920 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 515 | 2575000 | 61850 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 540 | 2700000 | 77950 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $642,558)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $642,558)** |  |  | 296555 |
|  | **TOTAL EQUITY OPTIONS PURCHASED (Cost - $2,297,368)** | **TOTAL EQUITY OPTIONS PURCHASED (Cost - $2,297,368)** |  |  | 2651445 |

---

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

---

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

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 105.1% (Cost $20,756,847)** | $20960654 |
| **CALL OPTIONS WRITTEN - (3.6)% (Premiums received - $439,851)** | (712547) |
| **PUT OPTIONS WRITTEN - (2.6)% (Premiums received - $1,106,517)** | (529833) |
| **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.1%** | 212147 |
| **NET ASSETS - 100.0%** | $19930421 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | |
|  | **EQUITY OPTIONS WRITTEN - (6.2)%** | **EQUITY OPTIONS WRITTEN - (6.2)%** |  |  |  |
|  | **CALL OPTIONS WRITTEN- (3.6)%** | **CALL OPTIONS WRITTEN- (3.6)%** |  |  |  |
| 51 | SPDR S&P 500 ETF Trust IB | 09/19/2025 | $645 | $3289500 | $35292 |
| 70 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 640 | 4480000 | 157500 |
| 15 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 670 | 1005000 | 14100 |
| 85 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | 650 | 5525000 | 203405 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 635 | 3175000 | 202050 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 675 | 3375000 | 100200 |
|  | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $439,851)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $439,851)** |  |  | 712547 |
|  | **PUT OPTIONS WRITTEN - (2.6)%** |  |  |  |  |
| 51 | SPDR S&P 500 ETF Trust IB | 09/19/2025 | $565 | $2881500 | $26673 |
| 70 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 570 | 3990000 | 98700 |
| 15 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 590 | 885000 | 26490 |
| 85 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | 570 | 4845000 | 143820 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 560 | 2800000 | 94150 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 600 | 3000000 | 140000 |
|  | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $1,106,517)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $1,106,517)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $1,106,517)** |  | 529833 |
|  | **TOTAL EQUITY OPTIONS WRITTEN (Premiums received - $1,546,368)** | **TOTAL EQUITY OPTIONS WRITTEN (Premiums received - $1,546,368)** | **TOTAL EQUITY OPTIONS WRITTEN (Premiums received - $1,546,368)** |  | $1242380 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| IB | - Interactive Brokers |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of this security is segregated as collateral for options written.

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

<sup>(c)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Catalyst/Warrington**<br>**Strategic**<br>**Program Fund** | **Catalyst**<br>**Systematic Alpha**<br>**Fund**<br>**(Consolidated)** | **Catalyst/Welton**<br>**Advantage**<br>**Multi-Strategy Fund**<br>**(Consolidated)** |
| **ASSETS:** |  |  |  |
| Investments in Securities at Cost | $67502924 | $217936443 | $39124548 |
| Investments in Securities at Value | $67316627 | $220688443 | $40558980 |
| Deposits with Broker for futures and options (a) | 8511353 |  | 8263504 |
| Dividends and interest receivable | 80019 | 767068 | 46280 |
| Receivable for Fund shares sold | 80635 | 82262 | 6831 |
| Receivable for securities sold |  |  | 962141 |
| Foreign Cash Held with Broker for Futures and Options (Cost $0, $0, $56,073) (a) |  |  | 131478 |
| Futures unrealized appreciation |  |  | 1159778 |
| Prepaid expenses and other assets | 23523 | 40655 | 10190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | **76012157** | **221578428** | **51139182** |
| **LIABILITIES:** |  |  |  |
| Options written, at value (proceeds $226,800, $0, $0) | 61000 |  |  |
| Payable for securities purchased |  |  | 1040779 |
| Investment advisory fees payable | 108690 | 190775 | 45873 |
| Accrued 12b-1 fees | 10786 | 29797 | 2351 |
| Payable to related parties | 11591 | 28435 | 9782 |
| Payable for Fund shares redeemed | 70007 | 601432 |  |
| Trustee fee payable | 3958 | 3964 | 3998 |
| Futures unrealized depreciation |  |  | 624011 |
| Unrealized depreciation - on swap contracts |  | 12151317 |  |
| Compliance officer fees payable | 165 | 226 | 141 |
| Accrued expenses and other liabilities | 30929 | 88701 | 25747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | **297126** | **13094647** | **1752682** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**75715031** | $**208483781** | $**49386500** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid in capital | $1070608803 | $214257805 | $52583553 |
| Accumulated earnings (deficit) | (994893772) | (5774024) | (3197053) |
| **Net Assets** | $**75715031** | $**208483781** | $**49386500** |
| **Class A** |  |  |  |
| Net Assets | $13827651 | $24945279 | $259073 |
| Shares of beneficial interest outstanding (b) | 1498130 | 2554209 | 15737 |
| Net asset value per share (Net assets/shares outstanding) | $9.23 | $9.77 | $16.46 |
| Maximum offering price per share (c) | $9.79 | $10.37 | $17.46 |
| Minimum redemption price per share (d) | $9.14 | $9.67 | $16.30 |
| **Class C** |  |  |  |
| Net Assets | $7434224 | $7723804 | $656689 |
| Shares of beneficial interest outstanding (b) | 862603 | 831638 | 41032 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $8.62 | $9.29 | $16.00 |
| **Class I** |  |  |  |
| Net Assets | $54453156 | $175814698 | $48470738 |
| Shares of beneficial interest outstanding (b) | 5758476 | 18453501 | 2909399 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $9.46 | $9.53 | $16.66 |

---

(a) See Section 1d in the notes for the
 breakout by counterparty.

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

(c) There is a maximum front-end sales
 charge (load) of 5.75% imposed on purchases of Class A shares for each Fund.

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

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catalyst/Aspect**<br>**Enhanced Multi-Asset**<br>**Fund**<br>**(Consolidated)** | **Catalyst**<br>**Nasdaq-100 Hedged**<br>**Equity Fund** | **Catalyst/Millburn**<br>**Hedge Strategy**<br>**Fund**<br>**(Consolidated)** | **Catalyst**<br>**Buffered Shield**<br>**Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in Securities at Cost | $26272442 | $12875401 | $6874439606 | $20756847 |
| Investments in Securities at Value | $26400153 | $17145783 | $8069229879 | $20960654 |
| Cash at Broker (a) | 508000 |  |  |  |
| Cash Collateral Held at Custodian | 517777 |  | 30659625 |  |
| Futures unrealized appreciation | 1118473 |  | 35155960 |  |
| Foreign Cash Held with Broker for Futures and Options (Cost $344,239, $0, $41,891,977, $0) (a) | 342411 |  | 43302637 |  |
| Deposits with Broker for futures and options (a) | 4463423 | 753512 | 75683181 | 244579 |
| Dividends and interest receivable | 41594 | 9075 | 22486262 | 1197 |
| Receivable for Fund shares sold |  |  | 8171958 |  |
| Unrealized appreciation on forward currency exchange contracts | 483580 |  | 173828870 |  |
| Prepaid expenses and other assets | 15075 | 10737 | 262807 | 14326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | **33890486** | **17919107** | **8458781179** | **21220756** |
| **LIABILITIES:** |  |  |  |  |
| Options written, at value (proceeds $0, $0, $0, $1,546,368) |  |  |  | 1242380 |
| Investment advisory fees payable | 30915 | 3946 | 11719060 | 7249 |
| Accrued 12b-1 fees | 2390 | 2042 | 972315 | 5560 |
| Futures unrealized depreciation | 210238 | 318686 | 84983983 |  |
| Payable upon return of securities loaned (Market value of securities on loan $0, |  | 35174 |  |  |
| $35,158, $0, $0) Payable for Fund shares redeemed |  |  | 7540981 | 7575 |
| Unrealized depreciation on forward currency exchange contracts | 287090 |  | 138833744 |  |
| Payable to related parties | 10426 | 7841 | 495533 | 7218 |
| Trustee fee payable | 3985 | 3925 | 4047 | 4497 |
| Compliance officer fees payable | 8 | 53 | 59 | 26 |
| Accrued expenses and other liabilities | 15731 | 21134 | 1854053 | 15830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | **560783** | **392801** | **246403775** | **1290335** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**33329703** | $**17526306** | $**8212377404** | $**19930421** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid in capital | $36280832 | $13726303 | $7039840553 | $29611287 |
| Accumulated earnings (deficit) | (2951129) | 3800003 | 1172536851 | (9680866) |
| **Net Assets** | $**33329703** | $**17526306** | $**8212377404** | $**19930421** |
| **Class A** |  |  |  |  |
| Net Assets | $653682 | $441074 | $549906771 | $5056118 |
| Shares of beneficial interest outstanding (b) | 72545 | 31870 | 14214653 | 483540 |
| Net asset value per share (Net assets/shares outstanding) | $9.01 | $13.84 | $38.69 | $10.46 |
| Maximum offering price per share (c) | $9.56 | 14.68 | $41.05 | $11.10 |
| Minimum redemption price per share (d) | $8.92 | $13.70 | $38.30 | $10.36 |
| **Class C** |  |  |  |  |
| Net Assets | $894 | $1567469 | $373961619 | $2778729 |
| Shares of beneficial interest outstanding (b) | 100 | 123973 | 9965922 | 274938 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $8.94 | $12.64 | $37.52 | $10.11 |
| **Class C-1 (e)** |  |  |  |  |
| Net Assets |  |  | $44478559 |  |
| Shares of beneficial interest outstanding (b) |  |  | 1195679 |  |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) |  |  | $37.20 |  |
| **Class I** |  |  |  |  |
| Net Assets | $32675127 | $15517763 | $7244030455 | $12095574 |
| Shares of beneficial interest outstanding (b) | 3613294 | 1100444 | 185650548 | 1146782 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $9.04 | $14.10 | $39.02 | $10.55 |

---

(a) See Section 1b in the notes for the
 breakout by counterparty.

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

(c) There is a maximum front-end sales
 charge (load) of 5.75% imposed on purchases of Class A shares for each Fund.

(d) Investments in Class A shares made
 at or above $1 million breakpoint (where you do not pay an initial sales charge) may be subject to a 1% contingent deferred sales charge
 ("CDSC") on shares redeemed within two years of purchase.

(e) Class C-1 only applies to the Catalyst/Millburn
 Hedge Strategy Fund.

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Catalyst/Warrington**<br>**Strategic Program**<br>**Fund** | **Catalyst**<br>**Systematic Alpha**<br>**Fund**<br>**(Consolidated)** | **Catalyst/Welton**<br>**Advantage**<br>**Multi-Strategy Fund**<br>**(Consolidated) (a)** |
| **Investment Income:** |  |  |  |
| Dividend income | $— | $— | $468508 |
| Interest income | 3685636 | 21819092 | 597255 |
| Foreign tax withheld |  |  | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **3685636** | **21819092** | **1065613** |
| **Operating Expenses:** |  |  |  |
| Investment advisory fees | 1575054 | 6956297 | 697604 |
| 12b-1 Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 33749 | 106349 | 390 |
| &nbsp;&nbsp;&nbsp;Class C | 89555 | 119532 | 1165 |
| Registration fees | 52718 | 126816 | 4141 |
| Financial administration/Fund accounting fees | 55243 | 151925 | 44041 |
| Custody fees | 3786 | 22855 | 118140 |
| Legal fees | 31024 | 41904 | 63202 |
| Trustees' fees | 15502 | 15502 | 19702 |
| Networking fees | 100395 | 548102 | 4777 |
| Compliance officer fees | 13257 | 18686 | 12427 |
| Audit fees | 9117 | 23884 | 9197 |
| Transfer Agent fees | 10824 | 57872 | 2017 |
| Legal administration/Management service fees | 15416 | 79174 | 6812 |
| Printing expense | 5548 | 77996 | 13049 |
| Insurance expense | 3402 | 11662 | 575 |
| Interest expense | 3699 | 239 | 221 |
| Miscellaneous expense | 3299 | 72807 | 5921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **2021588** | **8431602** | **1003381** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived/expenses reimbursed by Advisor | (105080) | (156827) | (205641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Expenses recaptured |  | 135542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **1916508** | **8410317** | **797740** |
| **Net Investment Income** | **1769128** | **13408775** | **267873** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  | 930258 | 892634 |
| &nbsp;&nbsp;&nbsp;Options purchased | (5829726) |  | (538544) |
| &nbsp;&nbsp;&nbsp;Options written | 7515822 |  |  |
| &nbsp;&nbsp;&nbsp;Futures |  |  | (6745486) |
| &nbsp;&nbsp;&nbsp;Swaps |  | (132451003) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (129100) |
| **Net Realized Gain (Loss)** | 1686096 | (131520745) | (6520496) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 19311 | 3589362 | 1434432 |
| &nbsp;&nbsp;&nbsp;Options purchased | 20850 |  |  |
| &nbsp;&nbsp;&nbsp;Options written | (36700) |  |  |
| &nbsp;&nbsp;&nbsp;Futures |  |  | 535767 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | 75405 |
| &nbsp;&nbsp;&nbsp;Swaps |  | (22653304) |  |
| **Net change in unrealized appreciation (depreciation)** | 3461 | (19063942) | 2045604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** | **1689557** | **(150584687)** | **(4474892)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**3458685** | $**(137175912)** | $**(4207019)** |

---

(a) The Catalyst/Welton Advantage Multi-Strategy
 Fund commenced operations on July 1, 2024.

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catalyst/Aspect**<br>**Enhanced Multi-Asset**<br>**Fund**<br>**(Consolidated)** | **Catalyst**<br>**Nasdaq-100 Hedged**<br>**Equity Fund** | **Catalyst/Millburn**<br>**Hedge Strategy**<br>**Fund**<br>**(Consolidated)** | **Catalyst**<br>**Buffered Shield**<br>**Fund** |
| **Investment Income:** |  |  |  |  |
| Dividend Income | $347896 | $114650 | $69196023 | $833097 |
| Interest Income | 568640 | 37558 | 174537339 | 9551 |
| Securities Lending - net |  | 5121 |  |  |
| Foreign tax withheld |  | (204) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **916536** | **157125** | **243733362** | **842648** |
| **Operating Expenses:** |  |  |  |  |
| Investment advisory fees | 406247 | 215598 | 138629396 | 252224 |
| 12b-1 Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2349 | 1152 | 1371633 | 12734 |
| &nbsp;&nbsp;&nbsp;Class C | 46 | 15007 | 3804963 | 30836 |
| &nbsp;&nbsp;&nbsp;Class C-1 |  |  | 417015 |  |
| Legal fees | 30979 | 25538 | 69937 | 24915 |
| Financial administration/Fund accounting fees | 51990 | 39797 | 1944024 | 38033 |
| Trustees' fees | 15768 | 15502 | 15502 | 16002 |
| Compliance officer fees | 18077 | 11044 | 206723 | 10977 |
| Audit fees | 10130 | 7199 | 314711 | 6857 |
| Printing expense | 911 | 1603 | 535808 | 1683 |
| Transfer Agent fees | 6653 | 2859 | 337599 | 3687 |
| Custody fees | 5517 | 3818 | 318594 | 3093 |
| Networking fees | 4970 | 19285 | 6961187 | 16132 |
| Legal administration/Management service fees | 3957 | 2952 | 1348677 | 3454 |
| Registration fees | 25904 | 26267 | 230062 | 40812 |
| Insurance expense | 449 | 489 | 211235 | 596 |
| Dividend expense |  |  |  | 7036 |
| Interest expense |  | 6609 | 428563 | 3834 |
| Miscellaneous expense | 5680 | 20579 | 75492 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **589627** | **415298** | **157221121** | **476173** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived/expenses reimbursed by Advisor | (124560) | (135582) |  | (173651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **465067** | **279716** | **157221121** | **302522** |
| **Net Investment Income (Loss)** | **451469** | **(122591)** | **86512241** | **540126** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 7078 | 2306929 | 32310934 | (97608) |
| &nbsp;&nbsp;&nbsp;Long Term Capital Gains from underlying investment companies |  |  | 343683 |  |
| &nbsp;&nbsp;&nbsp;Options purchased |  | (22128) |  | 890982 |
| &nbsp;&nbsp;&nbsp;Options written |  | (470105) |  | 441824 |
| &nbsp;&nbsp;&nbsp;Futures | (2871868) | (133197) | (253283607) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (1662179) | 21 | (47895632) |  |
| **Net Realized Gain (Loss)** | (4526969) | 1681520 | (268524622) | 1235198 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 231846 | (55495) | 347135006 | 476554 |
| &nbsp;&nbsp;&nbsp;Options purchased |  | 506376 |  | (646662) |
| &nbsp;&nbsp;&nbsp;Options written |  | (57788) |  | 416036 |
| &nbsp;&nbsp;&nbsp;Futures | 895627 | (318686) | (118653055) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (22074) |  | (68690460) |  |
| **Net change in unrealized appreciation** | 1105399 | 74407 | 159791491 | 245928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** | **(3421570)** | **1755927** | **(108733131)** | **1481126** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(2970101)** | $**1633336** | $**(22220890)** | $**2021252** |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Catalyst/Warrington Strategic Program Fund** | **Catalyst/Warrington Strategic Program Fund** |
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| &nbsp;&nbsp;&nbsp;**Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $1769128 | $2669497 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 1686096 | 932332 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 3461 | 310538 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | **3458685** | **3912367** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;From Accumulated Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (375180) | (106601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (194491) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2092265) | (878678) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(2661936)** | **(985279)** |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3720371 | 1777834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 122315 | 386241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 8627013 | 29383899 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 356119 | 99830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 179624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1999503 | 846759 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (4448464) | (4495629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (3282822) | (3962018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (35141024) | (43185154) |
| &nbsp;&nbsp;&nbsp;Capital Contribution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 18618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 13612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 104815 |
| &nbsp;&nbsp;&nbsp;**Net decrease in net assets from share transactions of beneficial interest** | **(27867365)** | **(19011193)** |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | **(27070616)** | **(16084105)** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 102785647 | 118869752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year** | $**75715031** | $**102785647** |
| **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 403441 | 197246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 39613 | 11055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (486468) | (497157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of Beneficial interest | (43414) | (288856) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 14227 | 45622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 21308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (383144) | (468680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of Beneficial interest | (347609) | (423058) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 917103 | 3170784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 217337 | 91740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (3749065) | (4661352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of Beneficial interest | (2614625) | (1398828) |

---

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Catalyst Systematic Alpha Fund** | **Catalyst Systematic Alpha Fund** | **Catalyst/Welton**<br>**Advantage Multi-Strategy**<br>**Fund (a)** |
|  | **(Consolidated)** | **(Consolidated)** | |
|  | **Year Ended** | **Year Ended** | |
|  | **June 30, 2025** | **June 30, 2024** | **(Consolidated)**<br>**Period Ended**<br>**June 30, 2025** |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $13408775 | $10873951 | $267873 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (131520745) | 35487402 | (6520496) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (19063942) | 4520383 | 2045604 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **(137175912)** | **50881736** | **(4207019** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (140422) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (26481) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1309401) |  |  |
| &nbsp;&nbsp;&nbsp;From Accumulated Earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3917478) | (621911) | (483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1164103) | (109350) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (42823384) | (7080421) | (423611 |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(49381269)** | **(7811682)** | **(424094** |
| **Share Transactions of Beneficial Interest:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 19516235 | 55634076 | 361108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 4701821 | 13034680 | 824527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 257843384 | 598812897 | 54513498 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3762463 | 600987 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 1162344 | 107523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 39322044 | 6540891 | 411751 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (42492754) | (13250098) | (66337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (7705444) | (2966535) | (174858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (571682257) | (102984264) | (1852559 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from share transactions of beneficial interest** | **(295572164)** | **555530157** | **54017613** |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | **(482129345)** | **598600211** | **49386500** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 690613126 | 92012915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**208483781** | $**690613126** | $**49386500** |
| **Share Activity:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1580892 | 4259967 | 19902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 333271 | 45949 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (3694313) | (1036242) | (4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (1780150) | 3269674 | 15737 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 404474 | 1043550 | 52260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 109140 | 8701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (752010) | (236520) | (11228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (238396) | 815731 | 41032 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 21710777 | 47175877 | 2998092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 3569382 | 510425 | 22414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (52394988) | (8112167) | (111107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (27114829) | 39574135 | 2909399 |

---

\* Less than $1.00.

\*\* Less than 1 share.

(a) The Catalyst/Welton Advantage Multi-Strategy
 Fund commenced operations on July 1, 2024.

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catalyst/Aspect Enhanced Multi-Asset Fund (a)** | **Catalyst/Aspect Enhanced Multi-Asset Fund (a)** | **Catalyst Nasdaq-100 Hedged Equity Fund** | **Catalyst Nasdaq-100 Hedged Equity Fund** |
|  | **(Consolidated)** | **(Consolidated)** | | |
|  | **Year Ended** | **Period Ended** | | |
|  | **June 30, 2025** | **June 30, 2024** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gain (loss) | $451469 | $359344 | $(122591) | $(103092) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (4526969) | 2042071 | 1681520 | (1008182) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1105399 | 125209 | 74407 | 3332216 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **(2970101)** | **2526624** | **1633336** | **2220942** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Accumulated Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (159172) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (144) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2567018) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(2726334)** | **—** | **—** | **—** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 489095 | 890622 | 24780 | 108928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 22500 | 1000 | 34049 | 17080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 19475563 | 16628216 | 973544 | 8529704 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 159023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2177509 |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (605891) | (99) | (170165) | (241207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (22817) |  | (137676) | (65090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2681305) | (33902) | (3349940) | (5211741) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from share transactions of beneficial interest** | **19013677** | **17485837** | **(2625408)** | **3137674** |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | **13317242** | **20012461** | **(992072)** | **5358616** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 20012461 |  | 18518378 | 13159762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**33329703** | $**20012461** | $**17526306** | $**18518378** |
| **Share Activity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 44911 | 77396 | 1889 | 9422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 15823 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (65576) | (9) | (13192) | (20570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (4842) | 77387 | (11303) | (11148) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1982 | 100 | 2945 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1982) |  | (11852) | (6174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest |  | 100 | (8907) | (4571) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 2017199 | 1644206 | 75821 | 737534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 216237 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (261324) | (3024) | (263464) | (449166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 1972112 | 1641182 | (187643) | 288368 |

---

(a) The Catalyst/Aspect Enhanced Multi-Asset
 Fund commenced operations on December 28, 2023.

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catalyst/Millburn Hedge Strategy Fund** | **Catalyst/Millburn Hedge Strategy Fund** | **Catalyst Buffered Shield Fund** | **Catalyst Buffered Shield Fund** |
|  | **(Consolidated)** | **(Consolidated)** | | |
|  | **Year Ended** | **Year Ended** | | |
|  | **June 30, 2025** | **June 30, 2024** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $86512241 | $88596282 | $540126 | $780806 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (268524622) | 402231166 | 1235198 | 1552373 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 159791491 | 468430086 | 245928 | 1469359 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **(22220890)** | **959257534** | **2021252** | **3802538** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Accumulated Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (13330856) | (8997002) | (133200) | (297144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (6606133) | (4727185) | (61737) | (51482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) | (791528) | (464972) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (181473235) | (119388779) | (339237) | (512668) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(202201752)** | **(133577938)** | **(534174)** | **(861294)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 144902515 | 180593975 | 516905 | 805672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 73088835 | 64115896 | 235369 | 234356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) | 10628342 | 13740028 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2544827982 | 2404460548 | 854551 | 1851442 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 11404253 | 7690966 | 131280 | 295324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 6349587 | 4543481 | 60997 | 51039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) | 294980 | 183549 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 128618460 | 87888237 | 291581 | 472804 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (148206863) | (134268890) | (1735734) | (9658282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (79227994) | (93163117) | (1098274) | (1361418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) | (4705142) | (6693814) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1784724572) | (1879188767) | (3127555) | (14312291) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from share transactions of beneficial interest** | **903250383** | **649902092** | **(3870880)** | **(21621354)** |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | **678827741** | **1475581688** | **(2383802)** | **(18680110)** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 7533549663 | 6057967975 | 22314223 | 40994333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year** | $**8212377404** | $**7533549663** | $**19930421** | $**22314223** |
| **Share Activity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 3772974 | 4822597 | 50968 | 90956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 292342 | 213935 | 12896 | 33182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (3880895) | (3627086) | (173767) | (1063726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 184421 | 1409446 | (109903) | (939588) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1956118 | 1767394 | 24853 | 26680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 167094 | 129666 | 6174 | 5907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2137800) | (2564630) | (112791) | (157643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) in shares of Beneficial interest | (14588) | (667570) | (81764) | (125056) |
| &nbsp;&nbsp;&nbsp;Class C-1 (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 285927 | 385134 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 7831 | 5274 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (127387) | (188382) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of Beneficial interest | 166371 | 202026 |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 65788297 | 64275232 | 84865 | 204371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 3273575 | 2428523 | 28447 | 52768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (46831227) | (50576433) | (311064) | (1566211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 22230645 | 16127322 | (197752) | (1309072) |

---

(a) Class C-1 only applies to the Catalyst/Millburn
 Hedge Strategy Fund.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/Warrington Strategic Program Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $9.14 | $8.90 | $8.72 | $8.02 | $7.61 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A,G) | 0.17 | 0.19 | (0.03) | (0.20) | (0.15) |
| Net realized and unrealized gain on investments | 0.18 | 0.11 | 0.28 | 0.90 | 0.56 |
| Total from investment operations | 0.35 | 0.30 | 0.25 | 0.70 | 0.41 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.26) | (0.06) | (0.07) |  |  |
| Total distributions | (0.26) | (0.06) | (0.07) |  |  |
| Net asset value, end of year | $9.23 | $9.14 | $8.90 | $8.72 | $8.02 |
| Total return (B) | 3.87% | 3.42 % (K) | 2.93 % (J) | 8.73 % (C) | 5.39 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $13828 | $14089 | $16291 | $19212 | $17587 |
| Ratios to average net assets (including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 2.36% | 2.38 % (K) | 2.65% | 2.49% | 2.43% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 2.24% | 2.30 % (K) | 2.60% | 2.45% | 2.02 % (H) |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (D,G) | 1.72% | 1.99 % (K) | (0.35)% | (2.42)% | (2.40)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (D,G) | 1.84% | 2.08 % (K) | (0.30)% | (2.38)% | (1.98)% (H) |
| Portfolio turnover rate | 0% | 0% | 0% | 0% | 0% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| Net asset value, beginning of year | $8.54 | $8.32 | $8.14 | $7.54 | $7.21 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A,G) | 0.09 | 0.11 | (0.09) | (0.24) | (0.20) |
| Net realized and unrealized gain on investments | 0.17 | 0.11 | 0.27 | 0.84 | 0.53 |
| Total from investment operations | 0.26 | 0.22 | 0.18 | 0.60 | 0.33 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.18) |  | (0.00) (I) |  |  |
| Total distributions | (0.18) |  | (0.00) |  |  |
| Net asset value, end of year | $8.62 | $8.54 | $8.32 | $8.14 | $7.54 |
| Total return (B) | 3.14% | 2.64 % (K) | 2.21 % (J) | 7.96 % (C) | 4.58 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $7434 | $10338 | $13583 | $15588 | $20305 |
| Ratios to average net assets (including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 3.11% | 3.13 % (K) | 3.40% | 3.24% | 3.19% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 2.99% | 3.05 % (K) | 3.35% | 3.20% | 2.77 % (H) |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (D,G) | 0.99% | 1.22 % (K) | (1.10)% | (3.16)% | (3.16)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (D,G) | 1.11% | 1.30 % (K) | (1.05)% | (3.12)% | (2.74)% (H) |
| Portfolio turnover rate | 0% | 0% | 0% | 0% | 0% |

---

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

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

(E) Ratio to average net assets (excluding dividend and interest expense).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.36% | 2.37% (K) | 2.64% | 2.49% | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.24% | 2.29 % (K) | 2.59% | 2.45% | 2.02 % (H) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 3.11% | 3.12% (K) | 3.39% | 3.24% | 3.19.% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.99% | 3.04 % (K) | 3.34% | 3.2% | 2.77 % (H) |

---

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

(H) Advisor has voluntarily waived a portion of expenses. This waiver
 will not be recaptured by the advisor.

(I) Amount is less than $0.005.

(J) Fund performance was materially impacted by a nonrecurring litigation
 settlement of $1.96 million booked to the Fund on June 19, 2023. The impact was $0.1482/share, or 1.65% of the Fund's NAV.

(K) Excludes $183,757 of recovery of legal fees from the Trust's
 insurance policy, if this amount was included the expense ratios would have been reduced by .16% and net investment income/loss ratios
 would have been increased by 0.16%.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/Warrington Strategic Program Fund (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $9.36 | $9.11 | $8.92 | $8.18 | $7.74 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A,F) | 0.20 | 0.22 | 0.00 (I) | (0.18) | (0.13) |
| Net realized and unrealized gain on investments | 0.18 | 0.12 | 0.28 | 0.92 | 0.57 |
| Total from investment operations | 0.38 | 0.34 | 0.28 | 0.74 | 0.44 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.28) | (0.09) | (0.09) |  |  |
| Total distributions | (0.28) | (0.09) | (0.09) |  |  |
| Net asset value, end of year | $9.46 | $9.36 | $9.11 | $8.92 | $8.18 |
| Total return (B) | 4.16% | 3.72 % (J) | 3.21 % (H) | 9.05 % (C) | 5.68 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $54453 | $78359 | $88996 | $89859 | $61014 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 2.11% | 2.13 % (J) | 2.40% | 2.24% | 2.16% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 1.99% | 2.05 % (J) | 2.35% | 2.20% | 1.75 % (G) |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (D,F) | 1.99% | 2.25 % (J) | (0.05)% | (2.17)% | (2.13)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (D,F) | 2.11% | 2.34 % (J) | (0.00)% | (2.13)% | (1.71)% (G) |
| Portfolio turnover rate | 0% | 0% | 0% | 0% | 0% |

---

(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) Includes adjustments in accordance with accounting principles
 generally accepted in the United States and, consequently, the net asset values 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) Does not include expenses of the underlying investment companies
 in which the Fund invests.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.11% | 2.12% (J) | 2.39% | 2.24% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.99% | 2.04 % (J) | 2.34% | 2.2% | 1.75 % (G) |

---

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

(G) Avisor has voluntarily waived a portion of expenses. This waiver
 will not be recaptured by the advisor.

(H) Fund performance was materially impacted by a nonrecurring litigation
 settlement of $1.96 million booked to the Fund on June 19, 2023. The impact was $0.1482/share, or 1.65% of the Fund's NAV.

(I) Amount less than $.005

(J) Excludes $183,757 of recovery of legal fees from the Trust's
 insurance policy, if this amount was included the expense ratios would have been reduced by .16% and net investment income/loss ratios
 would have been increased by 0.16%.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Systematic Alpha Fund (Consolidated)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $13.83 | $12.83 | $10.06 | $10.86 | $9.56 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | 0.31 | 0.40 | 0.25 | (0.17) | 0.04 |
| Net realized and unrealized gain (loss) on investments | (3.21) | 0.87 | 3.03 | (0.05) | 3.16 |
| Total from investment operations | (2.90) | 1.27 | 3.28 | (0.22) | 3.20 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (1.12) | (0.27) | (0.51) | (0.58) | (1.90) |
| From net realized gains on investments | (0.00) (I) |  |  |  |  |
| From return of capital | (0.04) |  |  |  |  |
| Total distributions | (1.16) | (0.27) | (0.51) | (0.58) | (1.90) |
| Net asset value, end of year | $9.77 | $13.83 | $12.83 | $10.06 | $10.86 |
| Total return (B) | (21.86)% (C) | 10.08% | 33.65% | (2.53)% (C) | 37.12 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $24945 | $59958 | $13659 | $324 | $164 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 2.03% | 1.96% | 2.83% | 4.63% | 5.77% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 2.02 % (H) | 2.02 % (H) | 2.02% | 2.06% | 2.03% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (F,G) | 2.67% | 3.09% | 1.25% | (4.14)% | (3.44)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (F,G) | 2.69 % (H) | 3.03 % (H) | 2.06% | (1.53)% | 0.35% |
| Portfolio turnover rate | 20% | 10% | 43% | 1335% | 121% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| Net asset value, beginning of year | $13.22 | $12.28 | $9.63 | $10.41 | $9.23 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | 0.21 | 0.29 | 0.14 | (0.25) | (0.04) |
| Net realized and unrealized gain (loss) on investments | (3.06) | 0.83 | 2.93 | (0.05) | 3.04 |
| Total from investment operations | (2.85) | 1.12 | 3.07 | (0.30) | 3.00 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (1.04) | (0.18) | (0.42) | (0.48) | (1.82) |
| From net realized gains on investments | (0.00) (I) |  |  |  |  |
| From return of capital | (0.04) |  |  |  |  |
| Total distributions | (1.08) | (0.18) | (0.42) | (0.48) | (1.82) |
| Net asset value, end of year | $9.29 | $13.22 | $12.28 | $9.63 | $10.41 |
| Total return (B) | (22.48)% | 9.29% | 32.72% | (3.32)% (C) | 35.99 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $7724 | $14144 | $3122 | $133 | $184 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E,F) | 2.80% | 2.71% | 3.58% | 5.38% | 6.53% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E,F) | 2.75 % (H) | 2.77 % (H) | 2.77% | 2.81% | 2.78% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (F,G) | 1.89% | 2.35% | 0.46% | (5.13)% | (4.16)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (F,G) | 1.93 % (H) | 2.29 % (H) | 1.27% | (2.35)% | (0.39)% |
| Portfolio turnover rate | 20% | 10% | 43% | 1335% | 121% |

---

(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 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 values 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 dividend and interest
 expense)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.03% | 2.83% | 4.59% | 5.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.02% | 2.02% | 2.02% | 2.02% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.8% | 3.58% | 5.34% | 6.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.75% | 2.77% | 2.77% | 2.77% |

---

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

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

(H) Inclusive of advisor's recapture of waived/reimbursed fees
 from prior periods.

(I) Amount is less than $0.005.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Systematic Alpha Fund (Consolidated) (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $13.53 | $12.55 | $9.87 | $10.67 | $9.43 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | 0.34 | 0.42 | 0.25 | (0.14) | 0.06 |
| Net realized and unrealized gain (loss) on investments | (3.15) | 0.86 | 2.99 | (0.06) | 3.12 |
| Total from investment operations | (2.81) | 1.28 | 3.24 | (0.20) | 3.18 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (1.15) | (0.30) | (0.56) | (0.60) | (1.94) |
| From net realized gains on investments | (0.00) (H) |  |  |  |  |
| From return of capital | (0.04) |  |  |  |  |
| Total distributions | (1.19) | (0.30) | (0.56) | (0.60) | (1.94) |
| Net asset value, end of year | $9.53 | $13.53 | $12.55 | $9.87 | $10.67 |
| Total return (B) | (21.70)% (C) | 10.41% | 33.95% | (2.42)% (C) | 37.47 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $175815 | $616511 | $75232 | $6044 | $2505 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 1.77% | 1.71% | 2.58% | 4.38% | 5.52% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement(D,E) | 1.77 % (G) | 1.77 % (G) | 1.77% | 1.81% | 1.78% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (E,F) | 2.95% | 3.34% | 1.40% | (3.84)% | (3.10)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (E,F) | 2.95 % (G) | 3.28 % (G) | 2.21% | (1.27)% | 0.63% |
| Portfolio turnover rate | 20% | 10% | 43% | 1335% | 121% |

---

(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) Includes adjustments in accordance with accounting principles
 generally accepted in the United States and, consequently, the net asset values 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 dividend and interest
 expense)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 1.77% | 2.58% | 4.34% | 5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.77% | 1.77% | 1.77% | 1.77% |

---

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

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

(G) Inclusive of advisor's recapture of waived/reimbursed fees
 from prior periods.

(H) Amount is less than $0.005.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/Welton Advantage Multi-Strategy Fund (Consolidated)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout The Period

---

| | |
|:---|:---|
|  | **Class A** |
|  | **For the**<br>**Period Ended**<br>**June 30, 2025 (A)** |
| Net asset value, beginning of period | $18.17 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |
| Net investment income (B) | 0.06 |
| Net realized and unrealized loss on investments | (1.55) |
| Total from investment operations | (1.49) |
| **LESS DISTRIBUTIONS:** |  |
| From net realized gains on investments | (0.22) |
| Total distributions | (0.22) |
| Net asset value, end of period | $16.46 |
| Total return (C) | (8.30)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| Net assets, end of period (in 000's) | $259 |
| Ratios to average net assets |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.75% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.24% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | (0.33)% |
| &nbsp;&nbsp;&nbsp;Net investment income net waiver and reimbursement | 0.38% |
| Portfolio turnover rate | 2575% |
|  | **Class C** |
|  | **For the** |
|  | **Period Ended** |
|  | **June 30, 2025 (A)** |
| Net asset value, beginning of period | $17.67 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |
| Net investment income (loss) (B) | (0.07) |
| Net realized and unrealized loss on investments | (1.38) |
| Total from investment operations | (1.45) |
| **LESS DISTRIBUTIONS:** |  |
| From net realized gains on investments | (0.22) |
| Total distributions | (0.22) |
| Net asset value, end of period | $16.00 |
| Total return (C) | (8.34)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| Net assets, end of period (in 000's) | $657 |
| Ratios to average net assets |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 3.50% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 2.99% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | (1.07)% |
| &nbsp;&nbsp;&nbsp;Net investment income net waiver and reimbursement | (0.47)% |
| Portfolio turnover rate | 2575% |

---

(A) The Catalyst/Welton Advantage Multi-Strategy Fund commenced operations
 July 1, 2024.

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

(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 dividend and interest
 expense)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.24% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.99% |

---

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/Welton Advantage Multi-Strategy Fund (Consolidated) (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout The Period

---

| | |
|:---|:---|
|  | **Class I** |
|  | **For the**<br>**Period Ended**<br>**June 30, 2025 (A)** |
| Net asset value, beginning of period | $18.34 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |
| Net investment Income (B) | 0.12 |
| Net realized and unrealized loss on investments | (1.58) |
| Total from investment operations | (1.46) |
| **LESS DISTRIBUTIONS:** |  |
| From net realized gains on investments | (0.22) |
| Total distributions | (0.22) |
| Net asset value, end of period | $16.66 |
| Total return (C) | (8.08)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| Net assets, end of period (in 000's) | $48471 |
| Ratios to average net assets |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.50% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.99% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 0.16% |
| &nbsp;&nbsp;&nbsp;Net investment income net waiver and reimbursement | 0.67% |
| Portfolio turnover rate | 2575% |

---

(A) The Catalyst/Welton Advantage Multi-Strategy Fund commenced operations
 July 1, 2024.

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.99% |

---

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/Aspect Enhanced Multi-Asset Fund (Consolidated)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout The Year/Period

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class A** |  |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Period Ended**<br>**June 30, 2024 (A)** |  |
| Net asset value, beginning of year/period | $11.63 | $10.00 |  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income (B) | 0.18 | 0.21 |  |
| Net realized and unrealized gain on investments | (1.31) | 1.42 |  |
| Total from investment operations | (1.13) | 1.63 |  |
| **LESS DISTRIBUTIONS:** |  |  |  |
| From net investment income | (0.56) |  |  |
| From net realized gains on investments | (0.93) |  |  |
| Total distributions | (1.49) |  |  |
| Net asset value, end of year/period | $9.01 | $11.63 |  |
| Total return (C) | (11.05)% | 16.30 | % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| Net assets, end of year/period (in 000's) | $654 | $900 |  |
| Ratios to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.78% | 3.32 | % (E) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.24% | 2.24 | % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (F,G) | 1.18% | 2.52 | % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income net waiver and reimbursement (F,G) | 1.73% | 3.60 | % (E) |
| Portfolio turnover rate | 31% | 6 | % (D) |
|  | **Class C** | **Class C** |  |
|  | **For the** | **For the** |  |
|  | **Year Ended** | **Period Ended** |  |
|  | **June 30, 2025** | **June 30, 2024 (A)** |  |
| Net asset value, beginning of year/period | $11.59 | $10.00 |  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income (B) | 0.11 | 0.17 |  |
| Net realized and unrealized gain on investments | (1.32) | 1.42 |  |
| Total from investment operations | (1.21) | 1.59 |  |
| **LESS DISTRIBUTIONS:** |  |  |  |
| From net investment income | (0.51) |  |  |
| From net realized gains on investments | (0.93) |  |  |
| Total distributions | (1.44) |  |  |
| Net asset value, end of year/period | $8.94 | $11.59 |  |
| Total return (C) | (11.78)% | 15.90 | % (D,H) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| Net assets, end of year/period (in 000's) | $1 | $1 |  |
| Ratios to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 3.53% | 4.07 | % (E) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.99% | 2.99 | % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (F,G) | 0.50% | 1.84 | % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income net waiver and reimbursement (F,G) | 1.01% | 2.97 | % (E) |
| Portfolio turnover rate | 31% | 6 | % (D) |

---

(A) The Catalyst/Aspect Enhanced Multi-Asset Fund commenced operations
 December 28, 2023.

(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 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) Not annualized.

(E) Annualized.

(F) Does not include 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) Includes adjustments in accordance with accounting principles
 generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based
 upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/Aspect Enhanced Multi-Asset Fund (Consolidated) (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout The Year/Period

---

| | | |
|:---|:---|:---|
|  | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Period Ended**<br>**June 30, 2024 (A)** |
| Net asset value, beginning of year/period | $11.64 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net investment Income (B) | 0.19 | 0.23 |
| Net realized and unrealized gain on investments | (1.29) | 1.41 |
| Total from investment operations | (1.10) | 1.64 |
| **LESS DISTRIBUTIONS:** |  |  |
| From net investment income | (0.57) |  |
| From net realized gains on investments | (0.93) |  |
| Total distributions | (1.50) |  |
| Net asset value, end of year/period | $9.04 | $11.64 |
| Total return (C) | (10.82)% | 16.40 % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of year/period (in 000's) | $32675 | $19111 |
| Ratios to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.53% | 3.01 % (E) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 1.99% | 1.99 % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (F,G) | 1.42% | 3.03 % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income net waiver and reimbursement (F,G) | 1.95% | 4.05 % (E) |
| Portfolio turnover rate | 31% | 6 % (D) |

---

(A) The Catalyst/Aspect Enhanced Multi-Asset Fund commenced operations
 December 28, 2023.

(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.

(D) Not annualized.

(E) Annualized.

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

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

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Nasdaq-100 Hedged Equity Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $12.56 | $11.01 | $9.60 | $11.75 | $10.12 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | (0.11) | (0.10) | (0.07) | (0.14) | (0.09) |
| Net realized and unrealized gain (loss) on investments | 1.39 | 1.65 | 1.71 | (1.97) | 1.77 |
| Total from investment operations | 1.28 | 1.55 | 1.64 | (2.11) | 1.68 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income |  |  |  |  |  |
| From net realized gains on investments |  |  | (0.23) | (0.04) | (0.01) |
| From return of capital |  |  |  |  | (0.04) |
| Total distributions |  |  | (0.23) | (0.04) | (0.05) |
| Net asset value, end of year | $13.84 | $12.56 | $11.01 | $9.60 | $11.75 |
| Total return (B) | 10.19% | 14.08% | 17.60% | (18.03)% | 16.68% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $441 | $542 | $598 | $873 | $1522 |
| Ratios to average net assets (including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 2.57% | 2.60% | 2.82% | 2.55% | 2.76% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 1.78% | 1.84% | 1.78% | 1.74% | 1.72% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (E,F) | (1.65)% | (1.63)% | (1.79)% | (1.96)% | (1.87)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (E,F) | (0.86)% | (0.87)% | (0.75)% | (1.15)% | (0.83)% |
| Portfolio turnover rate | 31% | 35% | 82% | 51% | 205% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| Net asset value, beginning of year | $11.56 | $10.21 | $8.99 | $11.08 | $9.62 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment (loss) (A) | (0.19) | (0.17) | (0.14) | (0.21) | (0.17) |
| Net realized and unrealized gain (loss) on investments | 1.27 | 1.52 | 1.59 | (1.84) | 1.68 |
| Total from investment operations | 1.08 | 1.35 | 1.45 | (2.05) | 1.51 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income |  |  |  |  |  |
| From net realized gains on investments |  |  | (0.23) | (0.04) | (0.01) |
| From return of capital |  |  |  |  | (0.04) |
| Total distributions |  |  | (0.23) | (0.04) | (0.05) |
| Net asset value, end of year | $12.64 | $11.56 | $10.21 | $8.99 | $11.08 |
| Total return (B) | 9.34% | 13.22% | 16.66% | (18.58)% | 15.78% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $1567 | $1536 | $1403 | $1242 | $1945 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 3.32% | 3.35% | 3.57% | 3.30% | 3.51% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 2.53% | 2.59% | 2.53% | 2.49% | 2.47% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (E,F) | (2.41)% | (2.36)% | (2.55)% | (2.71)% | (2.68)% |
| &nbsp;&nbsp;&nbsp;Net investment loss, net waiver and reimbursement (E,F) | (1.62)% | (1.60)% | (1.51)% | (1.89)% | (1.64)% |
| Portfolio turnover rate | 31% | 35% | 82% | 51% | 205% |

---

(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 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) Ratios to average net assets (excluding dividend and interest
 expense)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.53% | 2.5% | 2.78% | 2.55% | 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 1.74% | 1.74% | 1.74% | 1.74% | 1.7% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 3.28% | 3.25% | 3.53% | 3.3% | 3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.49% | 2.49% | 2.49% | 2.49% | 2.45% |

---

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

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

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Nasdaq-100 Hedged Equity Fund (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $12.76 | $11.16 | $9.71 | $11.84 | $10.20 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | (0.08) | (0.08) | (0.06) | (0.11) | (0.08) |
| Net realized and unrealized gain (loss) on investments | 1.42 | 1.68 | 1.74 | (1.98) | 1.79 |
| Total from investment operations | 1.34 | 1.60 | 1.68 | (2.09) | 1.71 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income |  |  |  |  | (0.02) |
| From net realized gains on investments |  |  | (0.23) | (0.04) | (0.01) |
| From return of capital |  |  |  |  | (0.04) |
| Total distributions |  |  | (0.23) | (0.04) | (0.07) |
| Net asset value, end of year | $14.10 | $12.76 | $11.16 | $9.71 | $11.84 |
| Total return (B) | 10.50% | 14.34% | 17.81% | (17.72)% | 16.91% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $15518 | $16440 | $11158 | $12227 | $11146 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,D) | 2.32% | 2.35% | 2.57% | 2.30% | 2.51% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,D) | 1.53% | 1.59% | 1.53% | 1.49% | 1.47% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (D,E) | (1.40)% | (1.32)% | (1.55)% | (1.68)% | (1.69)% |
| &nbsp;&nbsp;&nbsp;Net investment Income (loss), net waiver and reimbursement (D,E) | (0.62)% | (0.56)% | (0.51)% | (0.86)% | (0.65)% |
| Portfolio turnover rate | 31% | 35% | 82% | 51% | 205% |

---

(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) Ratios to average net assets (excluding dividend and interest
 expense)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.28% | 2.25% | 2.53% | 2.3% | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.49% | 1.49% | 1.49% | 1.49% | 1.45% |

---

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

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

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/Millburn Hedge Strategy Fund (Consolidated)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $39.77 | $35.18 | $36.99 | $36.25 | $27.63 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment Income (loss) (A) | 0.35 | 0.44 | 0.18 | (0.45) | (0.46) |
| Net realized and unrealized gain (loss) on investments | (0.50) | 4.86 | 0.72 | 1.19 | 10.29 |
| Total from investment operations | (0.15) | 5.30 | 0.90 | 0.74 | 9.83 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.64) | (0.56) | (1.42) |  | (1.21) |
| From net realized gains on investments | (0.29) | (0.15) | (1.29) |  | (0.00) (G) |
| Total distributions | (0.93) | (0.71) | (2.71) |  | (1.21) |
| Net asset value, end of year | $38.69 | $39.77 | $35.18 | $36.99 | $36.25 |
| Total return (B) | (0.38)% | 15.26% | 2.55% | 2.04% | 36.44% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $549907 | $557931 | $443988 | $335527 | $306389 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 2.16% | 2.19% | 2.17% | 2.20% | 2.22% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 2.16% | 2.19% | 2.17% | 2.20% | 2.22% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (C,D) | 0.91% | 1.18% | 0.51% | (1.25)% | (1.47)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | 0.91% | 1.18% | 0.51% | (1.25)% | (1.47)% |
| Portfolio turnover rate | 19% | 48% | 30% | 9% | 13% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| Net asset value, beginning of year | 38.60 | $34.17 | $36.01 | $35.55 | $27.07 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | 0.06 | 0.15 | (0.10) | (0.71) | (0.68) |
| Net realized and unrealized gain (loss) on investments | (0.50) | 4.73 | 0.71 | 1.17 | 10.08 |
| Total from investment operations | (0.44) | 4.88 | 0.61 | 0.46 | 9.40 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.35) | (0.30) | (1.16) |  | (0.92) |
| From net realized gains on investments | (0.29) | (0.15) | (1.29) |  | (0.00) (G) |
| Total distributions | (0.64) | (0.45) | (2.45) |  | (0.92) |
| Net asset value, end of year | $37.52 | $38.60 | $34.17 | $36.01 | $35.55 |
| Total return (B) | (1.14)% | 14.40% | 1.77% | 1.29% | 35.42% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $373962 | $385224 | $363845 | $335127 | $334331 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,F) | 2.91% | 2.94% | 2.92% | 2.95% | 2.97% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,F) | 2.91% | 2.94% | 2.92% | 2.95% | 2.97% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (C,D) | 0.16% | 0.40% | (0.28)% | (2.00)% | (2.21)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | 0.16% | 0.40% | (0.28)% | (2.00)% | (2.21)% |
| Portfolio turnover rate | 19% | 48% | 30% | 9% | 13% |

---

(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 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.

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

(D) Recognition of net investment income (loss) 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;&nbsp;Expenses, before waiver and reimbursement (C) | 2.16% | 2.18% | 2.17% | 2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.16% | 2.18% | 2.17% | 2.18% |

---

(F) 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 (C) | 2.91% | 2.93% | 2.92% | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.91% | 2.93% | 2.91% | 2.93% |

---

(G) Amount is less than $0.005.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/Millburn Hedge Strategy Fund (Consolidated) (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year/Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C-1** | **Class C-1** | **Class C-1** | **Class C-1** | **Class C-1** |
|  | **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>**Period Ended**<br>**June 30, 2021 (A)** |
| Net asset value, beginning of year/period | $38.34 | $34.00 | $36.01 | $35.55 | $27.37 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment Income (loss) (B) | 0.06 | 0.15 | — (H) | (0.63) | (0.20) |
| Net realized and unrealized gain (loss) on investments | (0.48) | 4.69 | 0.62 | 1.09 | 9.30 |
| Total from investment operations | (0.42) | 4.84 | 0.62 | 0.46 | 9.10 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.43) | (0.35) | (1.34) |  | (0.92) |
| From net realized gains on investments | (0.29) | (0.15) | (1.29) |  | (0.00) (H) |
| Total distributions | (0.72) | (0.50) | (2.63) |  | (0.92) |
| Net asset value, end of year/period | $37.20 | $38.34 | $34.00 | $36.01 | $35.55 |
| Total return (C) | (1.12)% | 14.39% | 1.79% | 1.29% | 33.93 % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $44479 | $39464 | $28127 | $5375 | $882 |
| Ratios to average net assets (Including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E,I) | 2.91% | 2.94% | 2.92% | 2.95% | 2.95 % (F) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E,I) | 2.91% | 2.94% | 2.92% | 2.95% | 2.95 % (F) |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (E,G) | 0.16% | 0.42% | (0.01)% | (1.78)% | (0.83)% (F) |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (E,G) | 0.16% | 0.42% | (0.01)% | (1.78)% | (0.83)% (F) |
| Portfolio turnover rate | 19% | 48% | 30% | 9% | 13 % (D) |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| Net asset value, beginning of year | $40.09 | $35.45 | $37.25 | $36.41 | $27.78 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (B) | 0.45 | 0.53 | 0.29 | (0.35) | (0.38) |
| Net realized and unrealized gain (loss) on investments | (0.50) | 4.90 | 0.70 | 1.19 | 10.33 |
| Total from investment operations | (0.05) | 5.43 | 0.99 | 0.84 | 9.95 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.73) | (0.64) | (1.50) |  | (1.32) |
| From net realized gains on investments | (0.29) | (0.15) | (1.29) |  | (0.00) (H) |
| Total distributions | (1.02) | (0.79) | (2.79) |  | (1.32) |
| Net asset value, end of year | $39.02 | $40.09 | $35.45 | $37.25 | $36.41 |
| Total return (C) | (0.14)% | 15.56% | 2.77% | 2.31% | 36.78% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $7244030 | $6550931 | $5222008 | $3334146 | $2377768 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E,J) | 1.91% | 1.94% | 1.92% | 1.95% | 1.97% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E,J) | 1.91% | 1.94% | 1.92% | 1.95% | 1.97% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (E,G) | 1.16% | 1.42% | 0.79% | (0.95)% | (1.21)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (E,G) | 1.16% | 1.42% | 0.79% | (0.95)% | (1.21)% |
| Portfolio turnover rate | 19% | 48% | 30% | 9% | 13% |

---

(A) The Catalyst/Millburn Hedge Strategy Fund Class C-1 shares commenced
 operations on October 30, 2020.

(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 tables represents the rate that the
 investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D) Not annualized.

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

(F) Annualized.

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

(H) Amount is less than $0.005.

(I) 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 (E) | 2.91% | 2.93% | 2.91% | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 2.91% | 2.93% | 2.91% | 2.93% |

---

(J) 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 (E) | 1.91% | 1.93% | 1.92% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.91% | 1.93% | 1.92% | 1.93% |

---

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Buffered Shield Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $9.72 | $8.77 | $8.44 | $11.24 | $9.64 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | 0.26 | 0.23 | 0.12 | (0.02) | 0.01 |
| Net realized and unrealized gain (loss) on investments | 0.75 | 0.93 | 0.27 | (1.06) | 1.78 |
| Total from investment operations | 1.01 | 1.16 | 0.39 | (1.08) | 1.79 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.27) | (0.21) | (0.06) |  | (0.04) |
| From net realized gains on investments |  |  |  | (1.72) | (0.15) |
| Total distributions | (0.27) | (0.21) | (0.06) | (1.72) | (0.19) |
| Net asset value, end of year | $10.46 | $9.72 | $8.77 | $8.44 | $11.24 |
| Total return (B) | 10.45% | 13.42% | 4.60% | (11.85)% | 18.71% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $5056 | $5771 | $13444 | $20599 | $23714 |
| Ratios to average net assets (including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 2.39% | 2.12% | 2.05% | 1.81% | 1.83% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 1.53% | 1.51% | 1.55% | 1.48% | 1.48% |
| Ratios of net Investment income (loss) (including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (F,G) | 1.78% | 1.98% | 0.89% | (0.50)% | (0.27)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (F,G) | 2.64% | 2.59% | 1.39% | (0.17)% | 0.08% |
| Portfolio turnover rate | 0% | 0% | 111% | 77% | 32% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| Net asset value, beginning of year | $9.41 | $8.48 | $8.17 | $11.01 | $9.48 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | 0.18 | 0.15 | 0.05 | (0.09) | (0.07) |
| Net realized and unrealized gain (loss) on investments | 0.71 | 0.91 | 0.26 | (1.03) | 1.75 |
| Total from investment operations | 0.89 | 1.06 | 0.31 | (1.12) | 1.68 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.19) | (0.13) | (0.00) (H) |  |  |
| From net realized gains on investments |  |  |  | (1.72) | (0.15) |
| Total distributions | (0.19) | (0.13) | (0.00) (H) | (1.72) | (0.15) |
| Net asset value, end of year | $10.11 | $9.41 | $8.48 | $8.17 | $11.01 |
| Total return (B) | 9.53% | 12.67% | 3.81% | (12.51)% (C) | 17.86 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $2779 | $3355 | $4084 | $4348 | $4720 |
| Ratios to average net assets (including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E,F) | 3.14% | 2.87% | 2.80% | 2.56% | 2.58% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E,F) | 2.28% | 2.26% | 2.30% | 2.23% | 2.23% |
| Ratios of net Investment income (loss) (including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (F,G) | 1.03% | 1.07% | 0.16% | (1.25)% | (1.02)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (F,G) | 1.89% | 1.68% | 0.66% | (0.92)% | (0.67)% |
| Portfolio turnover rate | 0% | 0% | 111% | 77% | 32% |

---

(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 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 values 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 dividend and interest
 expense) (Class A)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.34% | 2.09% | 1.98% | 1.81% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |

---

(E) Ratios to average net assets (excluding dividend and interest
 expense) (Class C)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 3.09% | 2.84% | 2.73% | 2.56% | 2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.23% | 2.23% | 2.23% | 2.23% | 2.23% |

---

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

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

(H) Less than 0.005 per share.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Buffered Shield Fund (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of year | $9.81 | $8.84 | $8.52 | $11.32 | $9.70 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.29 | 0.25 | 0.13 | 0.01 | 0.03 |
| Net realized and unrealized gain (loss) on investments | 0.75 | 0.95 | 0.28 | (1.08) | 1.80 |
| Total from investment operations | 1.04 | 1.20 | 0.41 | (1.07) | 1.83 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.30) | (0.23) | (0.09) | (0.01) | (0.06) |
| From net realized gains on investments |  |  |  | (1.72) | (0.15) |
| Total distributions | (0.30) | (0.23) | (0.09) | (1.73) | (0.21) |
| Net asset value, end of year | $10.55 | $9.81 | $8.84 | $8.52 | $11.32 |
| Total return (B) | 10.67% | 13.83% | 4.83% | (11.70)% (C) | 19.07 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $12096 | $13189 | $23466 | $50313 | $60463 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 2.14% | 1.87% | 1.80% | 1.56% | 1.58% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 1.28% | 1.26% | 1.30% | 1.23% | 1.23% |
| Ratios of net Investment income (loss) (including dividend and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (E,F) | 2.04% | 2.14% | 1.09% | (0.26)% | (0.04)% |
| &nbsp;&nbsp;&nbsp;Net investment Income, net waiver and reimbursement (E,F) | 2.90% | 2.75% | 1.59% | 0.07% | 0.31% |
| Portfolio turnover rate | 0% | 0% | 111% | 77% | 32% |

---

(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 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 dividend and interest
 expense)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 2.09% | 1.84% | 1.73% | 1.56% | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% |

---

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

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

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

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS*** |
| **June 30, 2025** |

---

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING
 POLICIES

Mutual Fund Series Trust (the ***"Trust"***), was organized as an Ohio business trust on February 27, 2006. The Trust is registered as an open- end management investment company under the Investment Company Act of 1940, as amended, (***"1940 Act"***). The Trust currently consists of thirty-four series. Catalyst/Welton Advantage Multi-Strategy Fund commenced operations on July 1, 2024. These financial statements include the following seven 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/Warrington Strategic Program | Warrington Asset | Long term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***("Warrington")*** | Management, LLC |  |
| Catalyst Systematic Alpha |  | Long term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***("Systematic Alpha")*** |  |  |
| Catalyst/Welton Advantage Multi-Strategy Fund | Welton Investment | Long term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***("Welton Advantage")*** | Partners LLC |  |
| Catalyst/Aspect Enhanced Multi-Asset | Aspect Capital Limited | Long term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***("Aspect Enhanced")*** |  |  |
| Catalyst Nasdaq-100 Hedged Equity Fund | Equity Armor Investments, LLC | Long term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***("Hedged Equity")*** |  |  |
| Catalyst/Millburn Hedge Strategy | Millburn Ridgefield Corp. | Long-term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***("Millburn Hedge")*** |  |  |
| Catalyst Buffered Shield | Exceed Advisory LLC | Long-term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***("Buffered Shield")*** |  |  |

---

Welton Advantage and Aspect Enhanced are non-diversified series of the Trust. All other Funds are diversified series of the Trust. Aspect Enhanced, Millburn Hedge, and Buffered Shield are "fund of funds", in that they generally invest in other investment companies.

Welton Advantage Fund was organized originally as a limited liability company ("***Welton ESG Advantage Fund LLC***") on August 31, 2020. Effective as of the close of business on July 1, 2024, all of the assets, subject to liabilities of Welton ESG Advantage Fund LLC., were transferred to the Fund in exchange for Class I Shares of Welton Advantage. The net assets value of the Fund's shares on the close of business July 1, 2024, after the reorganization, was $18.34 for Class I shares and received capital contribution of cash for $32,317,651 in exchange for 1,762,140 Class I shares. Class A shares and Class C shares commenced operations on July 1, 2024.

Currently, each Fund offers Class A, Class C and Class I shares and Millburn Hedge also 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 which 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 ***("ASC")*** 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 the manager(s) and the 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 (***"NOCP"***). In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. Debt

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

securities including Bank Loans (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the ***"Board"***) pursuant to Rule 2a-5 under the 1940 Act using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The Funds may invest in portfolios of open-end (the ***"open-end funds"***) or closed-end investment companies. Open-end funds are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of directors of the open-end funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, provided each such valuation represents 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. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. 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 Rule 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 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.

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Warrington** | | | | |
| **Assets <sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government & Agencies | $— | $59536403 | $— | $59536403 |
| Money Market Fund | 7711374 |  |  | 7711374 |
| Future Call Options Purchased | 8400 |  |  | 8400 |
| Future Put Options Purchased | 60450 |  |  | 60450 |
| **Total Assets** | $7780224 | $59536403 | $— | $67316627 |
| **Derivatives<sup>(a)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Future Call Options Written | $(4200) | $— | $— | $(4200) |
| Future Put Options Written | (56800) |  |  | (56800) |
| **Total Derivatives** | $(61000) | $— | $— | $(61000) |
| **Systematic Alpha** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $32605930 | $— | $— | $32605930 |
| Convertible Bonds |  | 447198 |  | 447198 |
| Corporate Bonds |  | 59991358 |  | 59991358 |
| U.S. Government & Agencies |  | 113118729 |  | 113118729 |
| Money Market Fund | 14525228 |  |  | 14525228 |
| **Total Assets** | $47131158 | $173557285 | $— | $220688443 |
| **Derivative** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Total Return Swap<sup>(b)</sup> |  | $(12151317) | $— | (12151317) |
| **Total Derivatives** | $— | $(12151317) | $— | $(12151317) |
| **Welton Advantage** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $36247699 | $— | $— | $36247699 |
| Money Market Fund | 4311281 |  |  | 4311281 |
| **Total Assets** | $40558980 | $— | $— | 40558980 |
| **Derivatives** |  |  |  |  |
| **Assets** |  |  |  |  |
| Open Futures Contracts<sup>(b)</sup> | $1159778 | $— | $— | $1159778 |
| **Liabilities** |  |  |  |  |
| Open Futures Contracts<sup>(b)</sup> | $(624011) | $— | $— | $(624011) |
| **Total Derivatives** | $535767 | $— | $— | $535767 |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Aspect Enhanced** | | | | |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Fund | $12904432 | $— | $— | $12904432 |
| Money Market Fund | 13495721 |  |  | 13495721 |
| **Total Assets** | $26400153 | $— | $— | 26400153 |
| **Derivatives** |  |  |  |  |
| **Assets** |  |  |  |  |
| Open Futures Contracts<sup>(b)</sup> | $1118473 | $— | $— | $1118473 |
| Forward Foreign Currency Contracts <sup>(b)</sup> |  | 483580 |  | 483580 |
| **Liabilities** |  |  |  |  |
| Open Futures Contracts<sup>(b)</sup> | $(210238) | $— | $— | $(210238) |
| Forward Foreign Currency Contracts <sup>(b)</sup> |  | (287090) |  | (287090) |
| **Total Derivatives** | $908235 | $196490 | $— | $1104725 |
| **Hedged Equity** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $10433622 | $— | $— | $10433622 |
| Exchange-Traded Fund | 5615695 |  |  | 5615695 |
| Money Market Fund | 464891 |  |  | 464891 |
| Future Call Options Purchased | 596401 |  |  | 596401 |
| **Total** | $17110609 | $— | $— | $17110609 |
| Collateral for Securities Loaned <sup>(c)</sup> |  |  |  | 35174 |
| **Total Assets** |  |  |  | 17145783 |
| **Derivatives <sup>(a)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Open Futures Contracts<sup>(b)</sup> | $(318686) | $— | $— | $(318686) |
| **Total Derivatives** | $(318686) | $— | $— | $(318686) |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Millburn Hedge** | | | | |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $4153834415 | $— | $— | $4153834415 |
| U.S. Government & Agencies |  | 3376182069 |  | 3376182069 |
| Money Market Fund | 539213395 |  |  | 539213395 |
| **Total Assets** | $4693047810 | $3376182069 | $— | $8069229879 |
| **Derivatives** |  |  |  |  |
| **Assets** |  |  |  |  |
| Open Futures Contracts <sup>(b)</sup> | $35155960 | $— | $— | $35155960 |
| Forward Foreign Currency Contracts <sup>(b)</sup> |  | 173828870 |  | 173828870 |
| **Liabilities** |  |  |  |  |
| Open Futures Contracts <sup>(b)</sup> | $(84983983) | $— | $— | $(84983983) |
| Forward Foreign Currency Contracts <sup>(b)</sup> |  | (138833744) |  | (138833744) |
| **Total Derivatives** | $(49828023) | $34995126 | $— | $(14832897) |
| **Buffered Shield** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $18019748 | $— | $— | $18019748 |
| Money Market Fund | 289461 |  |  | 289461 |
| Equity Call Options Purchased | 2354890 |  |  | 2354890 |
| Equity Put Options Purchased | 296555 |  |  | 296555 |
| **Total Assets** | $20960654 | $— | $— | $20960654 |
| **Derivatives** |  |  |  |  |
| **Liabilities <sup>(a)</sup>** |  |  |  |  |
| Equity Call Options Written | $(712547) | $— | $— | $(712547) |
| Equity Put Options Written | (529833) |  |  | (529833) |
| **Total Liabilities** | $(1242380) | $— | $— | $(1242380) |

---

The Funds did not hold any Level 3 securities during the period.

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

<sup>(b)</sup> Amounts shown for swaps, futures and forwards are unrealized appreciation/depreciation.

<sup>(c)</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.

c) Accounting for Options - The Funds
 are subject to equity price risks in the normal course of pursuing their investment objective 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 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. If a written put option is exercised, the purchase cost of the
 underlying security is reduced 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.

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

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 a 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 a Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to a 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 a Fund, the benefits realized by a 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 Funds' agent in acquiring the options). For the year ended June 30, 2025, Warrington, Welton Advantage, Hedged Equity and Buffered Shield invested in options.

Futures Contracts **–** Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates, commodities or foreign currencies. Upon entering into a contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by a Fund as unrealized gains and losses. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, a Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. For the year ended June 30, 2025, Welton Advantage, Aspect Enhanced, Hedged Equity and Millburn Hedge invested in futures.

Swap Agreements – Systematic Alpha has entered into various swap transactions for investment purposes. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

The gross returns to be exchanged or "swapped" between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund amortizes upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The Fund segregates liquid securities having a value at least equal to the amount of their current obligation under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. The Fund's maximum risk of loss from counterparty credit risk is the unrealized appreciation to be received from the counterparty over the contract's remaining life, to the extent that that amount is positive.

Forward Currency Contracts – A Fund may enter into forward foreign currency exchange contracts as an investment strategy consistent with that Fund's investment objective. As foreign securities are purchased, a Fund generally enters into forward foreign currency exchange contracts in order to hedge against foreign currency exchange rate risks. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains (losses) from investments and foreign currency transactions in the Statements of Operations.

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 CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 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.

**Consolidation of Subsidiaries – CSACS Fund Limited (Systematic – CFC) , CWAMSF Fund Limited (Welton Advantage-CFC), CAEMAF Fund Limited (Aspect Enhanced – CFC), CMHSF Fund Limited (Millburn-CFC) the ("CFCs")** The Consolidated Schedules of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and the Consolidated Financial Highlights of the Funds include the accounts of Systematic Alpha, Welton Advantage, Aspect Enhanced, and Millburn Hedge which include the accounts of Systematic-CFC, Welton Advantage-CFC, Aspect Enhanced-CFC, and Millburn-CFC respectively, which all are wholly-owned and controlled foreign subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Each Fund may invest up to 25% of its total assets in a controlled foreign corporation (***"CFC"***), which acts as an investment vehicle in order to affect certain investments consistent with the Funds investment objectives and policies.

A summary of each Fund's investment in its respective CFC is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Inception Date of<br> CFC | CFC Net Assets as of<br> June 30, 2025 | % of Net Assets as of<br> June 30, 2025 |
| Systematic – CFC | 12/19/2017 | 49046174 | 23.53% |
| Welton Advantage – CFC | 7/1/2024 | 4705215 | 9.53% |
| Aspect Enhanced – CFC | 12/28/2023 | 4175798 | 12.53% |
| Millburn Hedge– CFC | 11/2/2015 | 1440108805 | 17.54% |

---

For tax purposes, the CFCs are exempted Cayman investment companies. The CFCs have received an undertaking from the Government of the Cayman Islands exempting them from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the CFCs are controlled foreign corporations which generates and are allocated no income which is considered effectively connected with U.S. trade of business and as such is not subject to U.S. income tax. However, as a wholly-owned controlled foreign corporation, the CFCs net income and capital gain, to the extent of its earnings and profits, will be included each year in the respective Fund's investment company taxable income.

In accordance with its investment objectives and through their exposure to the aforementioned managed futures programs, each Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

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; tariffs and trade wars; climate change and climate-related events; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Funds and their investments and could result in increased premiums or discounts to a Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions you could lose your entire investment.

Derivatives Risk - The use of derivative instruments, such as forwards, futures, options and swaps, 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

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

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.

Commodity Risk - Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Counterparty Risk - Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.

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.

Swaps Risk - Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify a Fund's losses. The costs of investing in swaps will be indirectly paid by a Fund.

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.

Wholly-Owned Subsidiary Risk - By investing in the Subsidiary, a Fund is indirectly exposed to the commodities risks associated with the Subsidiary's investments in commodity-related instruments. Shareholders of a Fund are indirectly subject to the principal risks of the Subsidiary by virtue of a Fund's investment in the Subsidiary. There can be no assurance that the Subsidiary's investments will contribute to a Fund's returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or the Subsidiary to operate as described in this Prospectus and could adversely affect a Fund, such as by reducing the Fund's investment returns. The Fund and the Subsidiary are "commodity pools" under the U.S. Commodity Exchange Act, and the Advisor is a "commodity pool operator" registered with and regulated by the Commodity Futures Trading Commission ("CFTC"). As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to a Fund and the Subsidiary and subject each to CFTC penalties if reporting was found to be deficient.

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

Derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Assets and Liabilities at June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Risk Type** | **Location of derivatives on Statements<br> of Assets and Liabilities** | **Fair value of asset/liability<br> derivatives** |
| Warrington | Put options purchased | Equity | Investments in securities, at value | $68850 |
|  | Put options written | Equity | Options written, at value | (61000) |
|  |  |  | **Totals** | $7850 |
| Systematic Alpha |  |  |  |  |
|  | Swap Contracts | Equity/Currency<br> /Commodity/<br> Interest \* | Unrealized depreciation on swaps | $(12151317) |
|  |  |  | **Totals** | $(12151317) |
| Welton Advantage |  |  |  |  |
|  | Futures | Equity | Futures unrealized appreciation | $149753 |
|  | Futures | Commodity | Futures unrealized appreciation | 474889 |
|  | Futures | Currency | Futures unrealized appreciation | 244025 |
|  | Futures | Interest Rate | Futures unrealized appreciation | 291111 |
|  |  |  | **Total** | $1159778 |
|  | Futures | Equity | Futures unrealized depreciation | $(5618) |
|  | Futures | Commodity | Futures unrealized depreciation | (259543) |
|  | Futures | Currency | Futures unrealized depreciation | (116537) |
|  | Futures | Interest Rate | Futures unrealized depreciation | (242313) |
|  |  |  | **Total** | $(624011) |
| Aspect Enhanced |  |  |  |  |
|  | Futures | Equity | Futures unrealized appreciation | $815588 |
|  | Futures | Commodity | Futures unrealized appreciation | 230642 |
|  | Futures | Currency | Futures unrealized appreciation | 3631 |
|  | Futures | Interest Rate | Futures unrealized appreciation | 68612 |
|  |  |  | **Total** | $1118473 |
|  | Futures | Equity | Futures unrealized depreciation | $(26055) |
|  | Futures | Commodity | Futures unrealized depreciation | (125121) |
|  | Futures | Interest Rate | Futures unrealized depreciation | (59062) |
|  |  |  | **Total** | $(210238) |
|  | Foreign Forward Currency Contract | Currency | Unrealized appreciation on<br> forward currency exchange contracts | $483580 |
|  | Foreign Forward Currency Contract | Currency | Unrealized depreciation on<br> forward currency exchange contracts | (287090) |
|  |  |  | **Total** | $196490 |

---

\* The risk types relates to the positions in the underlying index, which can be found on the counterparties website as referenced in the Schedule of Investments.

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | **Location of derivatives on Statements of**<br>**Assets and Liabilities** | **Fair value of asset/liability**<br>**derivatives** |
| Hedged Equity |  |  |  |  |
|  | Call Options Purchased | Equity | Investments in securities, at value | $596401 |
|  | Futures Contracts | Equity | Futures unrealized depreciation | (318686) |
|  |  |  | **Totals** | $277715 |
| Millburn Hedge |  |  |  |  |
|  | Futures Contracts | Commodity | Futures unrealized appreciation | $12549153 |
|  | Futures Contracts | Currency | Futures unrealized appreciation | 60075 |
|  | Futures Contracts | Equity | Futures unrealized appreciation | 8222624 |
|  | Futures Contracts | Interest Rate | Futures unrealized appreciation | 14324108 |
|  |  |  | **Totals** | $35155960 |
|  | Futures Contracts | Commodity | Futures unrealized depreciation | $(75179805) |
|  | Futures Contracts | Currency | Futures unrealized depreciation | (2340650) |
|  | Futures Contracts | Equity | Futures unrealized depreciation | (2962011) |
|  | Futures Contracts | Interest Rate | Futures unrealized depreciation | (4501517) |
|  |  |  | **Totals** | $(84983983) |
|  | Foreign Forward Currency Contract | Currency | Unrealized appreciation on<br> forward currency exchange contracts | $173828870 |
|  | Foreign Forward Currency Contract | Currency | Unrealized depreciation on<br> forward currency exchange contracts | (138833744) |
|  |  |  | **Totals** | $34995126 |
| Buffered Shield |  |  |  |  |
|  | Call options purchased | Equity | Investments in securities, at value | $2354890 |
|  | Put options purchased | Equity | Investments in securities, at value | 296555 |
|  | Call options written | Equity | Options written, at value | (712547) |
|  | Put options written | Equity | Options written, at value | (529833) |
|  |  |  | **Totals** | $1409065 |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | <br>**Location of gain (loss) on derivatives** | **Realized and**<br>**unrealized gain (loss)** |
| Warrington |  |  |  |  |
|  | Options purchased | Equity | Net realized loss from options purchased | $(5829726) |
|  | Options written | Equity | Net realized gain from options written | 7515822 |
|  | Options purchased | Equity | Net change in unrealized appreciation on options purchased | 20850 |
|  | Options written | Equity | Net change in unrealized depreciation on options written | (36700) |
|  |  |  | **Totals** | $1670246 |
| Systematic Alpha |  |  |  |  |
|  |  | Equity/Currency/ |  |  |
|  |  | Commodity/ |  |  |
|  | Swap Contracts | Interest \* | Net realized loss from swaps | $(132451003) |
|  |  | Equity/Currency/ |  |  |
|  |  | Commodity/ |  |  |
|  | Swap Contracts | Interest \* | Net change in unrealized depreciation on swaps | (22653304) |
|  |  |  | **Totals** | $(155104307) |
| Welton Advantage |  |  |  |  |
|  | Options purchased | Equity | Net realized loss from options purchased | $(538544) |
|  | Futures | Equity | Net realized gain from futures | $496937 |
|  |  | Commodity | Net realized loss from futures | (1504269) |
|  |  | Currency | Net realized loss from futures | (2987852) |
|  |  | Interest Rate | Net realized loss from futures | (2750302) |
|  |  |  | **Totals** | $(6745486) |
|  | Futures | Equity | Net change in unrealized appreciation on futures | 144135 |
|  |  | Commodity | Net change in unrealized appreciation on futures | 215346 |
|  |  | Currency | Net change in unrealized appreciation on futures | 127488 |
|  |  | Interest Rate | Net change in unrealized appreciation on futures | 48798 |
|  |  |  | **Totals** | $535767 |
| Aspect Enhanced |  |  |  |  |
|  | Futures | Equity | Net realized loss from futures | $(724562) |
|  |  | Commodity | Net realized loss from futures | (352296) |
|  |  | Currency | Net realized loss from futures | (42868) |
|  |  | Interest Rate | Net realized loss from futures | (1752142) |
|  |  |  | **Totals** | $(2871868) |
|  | Forward Contracts | Currency | Net realized loss on foreign currency transactions | $(1662179) |
|  | Futures | Equity | Net change in unrealized appreciation on futures | 716254 |
|  |  | Commodity | Net change in unrealized appreciation on futures | 92369 |
|  |  | Currency | Net change in unrealized depreciation. on futures | (3130) |
|  |  | Interest Rate | Net change in unrealized appreciation on futures | 90134 |
|  |  |  | **Totals** | $895627 |
|  | Forward Contracts | Currency | Net change in unrealized depreciation on foreign currency translations | $(22074) |
| Hedged Equity |  |  |  |  |
|  | Options purchased | Equity | Net realized loss from options purchased | $(22128) |
|  | Options written | Equity | Net realized loss from options written | (470105) |
|  | Futures | Equity | Net realized loss from futures | (133197) |
|  | Options purchased | Equity | Net change in unrealized appreciation on options purchased | 506376 |
|  | Options written | Equity | Net change in unrealized depreciation on options written | (57788) |
|  | Futures | Equity | Net change in unrealized depreciation on futures | (318686) |
|  |  |  | **Totals** | $(495528) |
| Millburn Hedge |  |  |  |  |
|  | Futures | Commodity | Net realized loss from futures | $(225043318) |
|  |  | Currency | Net realized loss from futures | (45570996) |
|  |  | Equity | Net realized gain from futures | 95517100 |
|  |  | Interest Rate | Net realized loss from futures | (78186393) |
|  |  |  | **Totals** | $(253283607) |
|  | Forward Contracts | Currency | Net realized loss on foreign currency transactions | $(47895632) |
|  | Futures | Commodity | Net change in unrealized depreciation on futures | (82584374) |
|  |  | Currency | Net change in unrealized depreciation on futures | (15852560) |
|  |  | Equity | Net change in unrealized depreciation on futures | 1287426 |
|  |  | Interest Rate | Net change in unrealized depreciation on futures | (21503547) |
|  |  |  | **Totals** | $(118653055) |
|  | Forward Contracts | Currency | Net change in unrealized depreciation on foreign currency translations | $(68690460) |
| Buffered Shield |  |  |  |  |
|  | Options purchased | Equity | Net realized gain from options purchased | $890982 |
|  | Options written | Equity | Net realized gain from options written | 441824 |
|  | Options purchased | Equity | Net change in unrealized depreciation on options purchased | (646662) |
|  | Options written | Equity | Net change in unrealized appreciation on options written | 416036 |
|  |  |  | **Totals** | $1102180 |

---

\* The risk types relates to the positions in the underlying index, which can be found on the counterparties website as referenced in the Schedule of Investments.

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

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

The following table presents the Funds' assets and liabilities available for offset under a master netting arrangement net of collateral pledged as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
|  |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
| **Systematic Alpha** |  |  |  |  |  |  |  |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: | Counterparty | Recognized Liabilities | Offset | Net Amounts of Assets | Pledged (2) | Pledged (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | BNP Paribas | $(11318582) <sup>(1)</sup> | $— | $(11318582) | $11318582 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | CIBC | $(1272) <sup>(1)</sup> | $— | $(1272) | $1272 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | Barclays | $(439231) <sup>(1)</sup> | $— | $(439231) | $439231 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | Goldman Sachs | $(147865) <sup>(1)</sup> | $— | $(147865) | $147865 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | JP Morgan | $(244367) <sup>(1)</sup> | $— | $(244367) | $244367 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $(12151317) | $— | $(12151317) | $12151317 | $— | $— |
| **Welton Advantage** |  |  |  |  |  |  |  |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Asset: | Counterparty | Recognized Assets | Offset | Net Amounts of Assets | Received (2) | Received (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Morgan Stanley | $1159778 | $(624011) | $535767 | $— | $— | $535767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $1159778 | $(624011) | $535767 | $— | $— | $535767 |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: | Counterparty | Recognized Liabilities | Offset | Net Amounts of Liabilities | Pledged (2) | Pledged (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Morgan Stanley | $(624011) | $624011 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $(624011) | $624011 | $— | $— | $— | $— |
| **Aspect Enhanced** |  |  |  |  |  |  |  |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Asset: | Counterparty | Recognized Assets | Offset | Net Amounts of Assets | Received (2) | Received (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | J.P. Morgan | $1118473 | $(210238) | $908235 | $— | $— | $908235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Deutsche Bank | 483580 | (287090) | 196490 |  |  | 196490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $1602053 | $(497328) | $1104725 | $— | $— | $1104725 |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: | Counterparty | Recognized Liabilities | Offset | Net Amounts of Liabilities | Pledged (2) | Pledged (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | J.P. Morgan | $(210238) | $210238 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Deutsche Bank | (287090) | 287090 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $(497328) | $497328 | $— | $— | $— | $— |
| **Hedged Equity** |  |  |  |  |  |  |  |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: | Counterparty | Recognized Liabilities | Offset | Net Amounts of Liabilities | Pledged (2) | Pledged (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Wedbush | $(318686) | $— | $(318686) | $— | $318686 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $(318686) | $— | $(318686) | $— | $318686 |  |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Millburn Hedge** |  | | | | | | |
|  |  |  |  |  | Financial |  |  |
|  |  | Gross Amounts of | Derivatives available |  | Instruments | Cash Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Asset: | Counterparty | Recognized Assets | for Offset | Net Amounts of Assets | Received (2) | Received (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Bank of America Merrill Lynch | $15408945 | $(15408945) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Deutsche Bank | $4466340 | $(2834227) | $1632113 | $— | $— | $1632113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Goldman Sachs | $15280675 | $(15280675) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Bank of America Merrill Lynch | $97642628 | $(84573968) | $13068660 | $— | $— | $13068660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Deutsche Bank | $76186242 | $(54259776) | $21926466 | $— | $— | $21926466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $208984830 | $(172357591) | $36627239 | $— | $— | $36627239 |
|  |  |  |  |  | Financial |  |  |
|  |  | Gross Amounts of | Derivatives available |  | Instruments | Cash Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: | Counterparty | Recognized Liabilities | for Offset | Net Amounts of Liabilities | Pledged (2) | Pledged (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Bank of America Merrill Lynch | $(51475693) | $15408945 | $(36066748) | $36066748 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Deutsche Bank | $(2834227) | $2834227 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Goldman Sachs | $(30674063) | $15280675 | $(15393388) | $15393388 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Bank of America Merrill Lynch | $(84573968) | $84573968 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Deutsche Bank | $(54259776) | $54259776 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $(223817727) | $172357591 | $(51460136) | $51460136 | $— | $— |

---

(1) Value as presented in the Schedule
 of Investments.

(2) Excess collateral is not shown on
 this table.

d)&nbsp;&nbsp;&nbsp;&nbsp; Deposits with Broker for futures and options

---

| | | |
|:---|:---|:---|
| Fund | Broker | Deposit with Broker |
| Warrington | ADM | 5171853 |
|  | StoneX | 3338620 |
|  | Marex | 880 |
| Welton Advantage | Morgan Stanley | 8394982 |
| Aspect Enhanced | J.P. Morgan | 4740766 |
|  | Deutsche Bank | 508000 |
| Hedged Equity | Wedbush | 753512 |
| Millburn Hedge | Bank of America Merrill Lynch | 86006947 |
|  | Deutsche Bank | (1697520) |
|  | Goldman Sachs | 60225546 |
| Buffered Shield | Interactive Brokers | 244579 |

---

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

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

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

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

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

g)&nbsp;&nbsp;&nbsp;&nbsp; Security Transactions and Investment Income - Investment and shareholder transactions are recorded on the trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original 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 MLPs 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.

h)&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.

i)&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.

j)&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 intended dividend and capital gain declaration policy:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **<u>Income Dividends</u>** | **<u>Capital Gains</u>** |
| Warrington | Annually | Annually |
| Systematic Alpha | Monthly | Annually |
| Welton Advantage | Annually | Annually |
| Aspect Enhanced | Annually | Annually |
| Hedged Equity | Annually | Annually |
| Millburn Hedge | Annually | Annually |
| Buffered Shield | Annually | Annually |

---

k)&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. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies.

l)&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.

m)&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 Funds. Investments in Class A shares made at or above the $1 million breakpoint (where you do not pay an initial sales charge) may be subject to a 1% 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 shares for certain redemption transactions within one year following such investments. The respective shareholders pay such CDSC charges, which are not an expense of the Funds. For the year ended June 30, 2025, there were no CDSC fees paid by the shareholders of the Funds.

n)&nbsp;&nbsp;&nbsp;&nbsp; Forward Exchange Contracts **-** Millburn Hedge and Aspect Enhanced have entered into a foreign exchange contract agreement with Bank of America Merrill Lynch and Deutsche Bank as a part of their investment strategy. When executing forward contracts, each Fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forwards contracts, each Fund would incur a loss if the value of the contract increases between the date the forward contract is opened and the

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

date the forward contract is closed. Each Fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, each Fund would incur a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. Each Fund realizes a gain if the value of the contract increases between those dates. Each Fund is exposed to foreign currency risk as a result of changes in value of the underlying financial instruments. Each Fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from the changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, forward exchange contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the company's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities other than investments in securities at fiscal period end, resulting from changes in exchange rates.

o)&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.

p)&nbsp;&nbsp;&nbsp;&nbsp; Distributions from 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.

(2) INVESTMENT TRANSACTIONS

For the year ended June 30, 2025, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases<br> (excluding U.S.<br> Government<br> Securities)** | **Sales Proceeds<br> (excluding U.S.<br> Government<br> Securities)** | **Purchases of<br> U.S. Government<br> Securities** | **Sales Proceeds of<br> U.S. Government<br> Securities** |
| Warrington | $— | $— | $– $|  |
| Systematic Alpha | 52206818 | 400684271 | – |  |
| Welton Advantage | 659848093 | 625923986 | – |  |
| Aspect Enhanced | 7719079 | 2923175 | – |  |
| Hedged Equity | 4711428 | 6758487 | – |  |
| Millburn Hedge | 994891042 | 936537628 | – | 470360000 |
| Buffered Shield |  | 2329995 | – |  |

---

(3) INVESTMENT ADVISORY AGREEMENT AND
 OTHER RELATED PARTY TRANSACTIONS

The Advisor acts as investment advisor for the Funds pursuant to the terms of an 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. Except for Systematic Alpha, each Fund's investment sub-advisor is responsible for the day-to-day operations of its 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 to be computed daily based upon daily average net assets of the Funds. The sub-advisors are paid by the Advisor, except in the case of Millburn Hedge, whose sub-advisor is paid by the Fund on behalf of the Advisor.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

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 and litigation expenses) do not exceed the limitation shown in the table below, and is based on the Funds' average daily net assets.

For the year ended June 30, 2025, the Advisor waived advisory fees. The Advisor may recapture a portion of the waived 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 or at the time of the reimbursement, no later than the dates as stated below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** | | |
| <br>**Fund** | <br>**Investment**<br>**Advisory**<br>**Fee** | **Cl A** | **Cl C** | **CL I** | **C-1** | <br>**Expires** | **Investment**<br>**Advisory Fee Waived/**<br>**Expenses**<br>**Reimbursed** |
| Warrington | 1.75% | 2.24% | 2.99% | 1.99% | N/A | 10/31/2025 | $105080 |
| Systematic Alpha | 1.50% | 2.02% | 2.77% | 1.77% | N/A | 10/31/2025 | 156827 |
| Welton Advantage | 1.75% | 2.24% | 2.99% | 1.99% | N/A | 10/31/2025 | 205641 |
| Aspect Enhanced | 1.75% | 2.24% | 2.99% | 1.99% | N/A | 10/31/2025 | 124560 |
| Hedged Equity | 1.25% | 1.74% | 2.49% | 1.49% | N/A | 10/31/2025 | 135582 |
| Millburn Hedge | 1.75% | N/A | N/A | N/A | N/A | N/A |  |
| Buffered Shield | 1.25% | 1.48% | 2.23% | 1.23% | N/A | 10/31/2025 | 173651 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Recapture Expires<br> June 30,** | **Recapture Expires<br> June 30,** | **Recapture Expires<br> June 30,** |
| <br>**Fund** | **2026** | **2027** | **2028** |
| Warrington | $68573 | $97182 | $105080 |
| Systematic Alpha | N/A | N/A | 156827 |
| Welton Advantage | N/A | N/A | 205641 |
| Aspect Enhanced | N/A | 90533 | 124560 |
| Hedged Equity | 134268 | 118441 | 135582 |
| Millburn Hedge | N/A | N/A | N/A |
| Buffered Shield | 241278 | 183992 | 173651 |

---

During the year ended June 30, 2025 Systematic Alpha recaptured $135,542 in previously waived expenses.

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 in such capacities.

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 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.

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 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 C-1 shares are currently paying 1.00% per annum of 12b-1 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 the Advisor for distribution related expenses. Brokers may receive a 1.00% commission from the Distributor for the sale of Class C and C-1 shares. Catalyst Mutual Funds Distributors, LLC, acts as a wholesale marketing and distribution agent for the Funds. As compensation for these services, Catalyst Mutual Funds Distributors is entitled to reimbursement, through the Funds' Rule 12b-1 Plan, of expenses attributable to sales of Fund shares including marketing materials, broker commission financing costs, and wholesaling fees.

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

For the year ended June 30, 2025, the 12b-1 expenses incurred by the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **12b-1 Fees** | **12b-1 Fees** | **12b-1 Fees** |
| <br>**Fund** | **Class A** | **Class C** | **Class C-1** |
| Warrington | $33749 | $89555 | N/A |
| Systematic Alpha | 106349 | 119532 | N/A |
| Welton Advantage | 390 | 1165 | N/A |
| Aspect Enhanced | 2349 | 46 | N/A |
| Hedged Equity | 1152 | 15007 | N/A |
| Millburn Hedge | 1371633 | 3804963 | 417015 |
| Buffered Shield | 12734 | 30836 | N/A |

---

Pursuant to the Management Services Agreement between the Trust and MFund, an affiliate of the Advisor, MFund provides the Funds with various management and legal administrative services (the "***Management Services Agreement***"). For these services, the Funds pay MFund an annual asset-based fee in accordance with the following schedule applied at the fund family level (i.e., all the funds in the Trust advised by the Advisor): 0.10% of net assets up to $50 million; 0.07% of net assets from $50 million to $100 million; 0.05% of net assets from $100 million to $250 million; 0.04% of net assets from $250 million to $500 million; 0.03% of net assets from $500 million to $1 billion; 0.02% of net assets from $1 billion to $5 billion; and 0.01% of assets from $5 billion and above. In addition, the Funds reimburse MFund for any reasonable out- of- pocket expenses incurred in the performance of its duties under the Management Services Agreement. The amounts due to MFund for the Management Services Agreement are listed in the Statements of Assets and Liabilities under "Payable to related parties" and the amounts accrued for the period are shown in the Statements of Operations under "Legal administration/Management service fees."

Pursuant to the Compliance Services Agreement (the "***Compliance Services Agreement***"), MFund an affiliate of the Advisor, 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, are not paid any fees directly by the Trust for serving in such capacity.

Blu Giant, LLC (***"Blu Giant"***) – Blu Giant, an affiliate of the Distributor and UFS, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 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 June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Warrington | $67260274 | $— | $(4647) | $(4647) |
| Systematic Alpha | 217951028 | 2803195 | (65779) | 2737416 |
| Welton Advantage | 41731252 | 1879037 | (2867920) | (988883) |
| Aspect Enhanced | 26281139 | 198306 | (61457) | 136849 |
| Hedged Equity | 13366652 | 4132326 | (353195) | 3779131 |
| Millburn Hedge | 6876478299 | 1215802467 | (13237995) | 1202564472 |
| Buffered Shield | 19210479 | 1309791 | (801996) | 507795 |

---

(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 year ended<br> 6/30/2025** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Warrington | 2661936 |  |  | 2661936 |
| Systematic Alpha | 47735091 | 169874 | 1476304 | 49381269 |
| Welton Advantage | 424094 |  |  | 424094 |
| Aspect Enhanced | 1839055 | 887279 |  | 2726334 |
| Hedged Equity |  |  |  |  |
| Millburn Hedge | 202201752 |  |  | 202201752 |
| Buffered Shield | 534174 |  |  | 534174 |

---

---

| | | | |
|:---|:---|:---|:---|
| **For year ended<br> 6/30/2024** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| Warrington | 985279 | – | 985279 |
| Systematic Alpha | 7811682 | – | 7811682 |
| Welton Advantage |  | – |  |
| Aspect Enhanced |  | – |  |
| Hedged Equity |  | – |  |
| Millburn Hedge | 133577938 | – | 133577938 |
| Buffered Shield | 861294 | – | 861294 |

---

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/(Deficits)** |
| Warrington | $791410 | $— | $— | $(995680535) | $— | $(4647) | $(994893772) |
| Systematic Alpha |  |  | (8511440) |  |  | 2737416 | (5774024) |
| Welton Advantage |  |  | (2283575) |  |  | (913478) | (3197053) |
| Aspect Enhanced |  |  | (2232982) | (853168) |  | 135021 | (2951129) |
| Hedged Equity |  | 92912 | (72040) |  |  | 3779131 | 3800003 |
| Millburn Hedge |  |  | (13206624) | (18231656) |  | 1203975131 | 1172536851 |
| Buffered Shield | 189411 |  |  | (9303568) | (1074504) | 507795 | (9680866) |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

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 swaps, non-equity options, future contracts and forward foreign currency contracts, deemed dividend distributions, and tax adjustments for C-Corporations and partnerships. The unrealized appreciation (depreciation) in the table above may include unrealized foreign currency gains (losses).

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:

---

| | | |
|:---|:---|:---|
|  | **Late Year** | **Late Year** |
|  | **Losses** | **Losses** |
| Warrington |  |  |
| Systematic Alpha |  | 8511440 |
| Welton Advantage |  | 1055345 |
| Aspect Enhanced |  | 2232982 |
| Hedged Equity |  | 72040 |
| Millburn Hedge |  |  |
| Buffered Shield |  |  |

---

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** | **Post October** |
|  | **Losses** | **Losses** |
| Warrington |  |  |
| Systematic Alpha |  |  |
| Welton Advantage |  | 1228230 |
| Aspect Enhanced |  |  |
| Hedged Equity |  |  |
| Millburn Hedge |  | 13206624 |
| Buffered Shield |  |  |

---

At June 30, 2025, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains as well as capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term**<br>**Non-Expiring** | **Long-Term**<br>**Non-Expiring** |<br>**Total** |<br>**CLCF Utilized** |
| Warrington | $395824898 | $599855637 | $995680535 | $746563 |
| Systematic Alpha |  |  |  | 230513 |
| Welton Advantage |  |  |  |  |
| Aspect Enhanced | 763857 | 89311 | 853168 |  |
| Hedged Equity |  |  |  | 673407 |
| Millburn Hedge |  | 18231656 | 18231656 |  |
| Buffered Shield | 5224584 | 4078984 | 9303568 | 430058 |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

During the fiscal period ended June 30, 2025, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses, distributions in excess, non-deductible expenses, and accumulated losses from the Funds' wholly owned subsidiaries, resulted in reclassifications for the Funds for the fiscal year ended June 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Deficit)** |
| Warrington | $— | $— |
| Systematic Alpha | (132929730) | 132929730 |
| Welton Advantage | (1434060) | 1434060 |
| Aspect Enhanced | (212240) | 212240 |
| Hedged Equity | (97777) | 97777 |
| Millburn Hedge | (320891998) | 320891998 |
| Buffered Shield |  |  |

---

**(6)** **LINE OF CREDIT** 

The Funds have a $200,000,000 uncommitted line of credit provided by U.S. Bank National Association (the ***"Bank"***) under an agreement (the ***"Uncommitted Line"***). Any advance under the Uncommitted Line is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable on an annualized basis. The Uncommitted Line has an interest rate of the Prime Rate with a maturity of January 21, 2026. The Uncommitted Line is not a "committed" line of credit, which is to say that the Bank is not obligated to lend money to the Funds. Accordingly, it is possible that the Funds may wish to borrow money for a temporary or emergency purpose but may not be able to do so. During the year ended June 30, 2025, Warrington, Welton Advantage, Aspect Enhanced, and Millburn Hedge 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** | **Number of Days<br> Outstanding** | **Interest<br> Expense <sup>(1)</sup>** | **Average<br> Interest Rate** | **Outstanding<br> Borrowings<br> 6/30/2025** |
| Warrington | $— |  | $— | **—** | $— |
| Systematic Alpha | 572500 | 2 | 239 | 7.50% |  |
| Welton Advantage |  |  |  | **—** |  |
| Aspect Enhanced |  |  |  | **—** |  |
| Hedged Equity | 30000 | 5 | 31 | 7.50% |  |
| Millburn Hedge | **—** | **—** | **—** | **—** | **—** |
| Buffered Shield | 99647 | 17 | 391 | 8.32% |  |

---

<sup>(1)</sup> Includes only Interest Expense for the year or period ended June 30, 2025 and may not tie back to the Statements of Operations, which also may include overdrafts, line of credit fees, and broker interests.

(7) UNDERLYING INVESTMENTS IN OTHER INVESTMENT
 COMPANIES

Each underlying fund, including each ETF, is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk, as well as risks associated with real estate investments and commodities. Investors in the Funds will indirectly bear fees and expenses charged by the underlying investment companies in which the Funds invest in addition to the Funds' direct fees and expenses.

The performance of Buffered Shield will be directly affected by the performance of the iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF, PGIM Ultra Short Bond ETF and Vanguard Short-Term Corporate Bond ETF. The performance of Aspect Enhanced will be directly affected by the performance of iShares Core U.S. Aggregate Bond ETF and the First American Treasury Obligations Fund, Class X. The performance of Hedged Equity will be directly affected by the performance of the Invesco QQQ Trust Series 1. The financial statements of the iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF, PGIM Ultra Short Bond ETF, Vanguard Short-Term Corporate Bond ETF, iShares Core U.S. Aggregate Bond ETF, Invesco QQQ Trust Series1, and First American Treasury Obligations Fund, Class X, including the Schedule of Investments, can be found at the SEC's website www.sec.gov and should be read in conjunction with the Fund's financial statements. As of June 30, 2025, the percentage of Buffered Shield's net assets invested in iShares 1-5 Year Investment

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

Grade Corporate Bond ETF, PGIM Ultra Short Bond ETF and Vanguard Short-Term Corporate Bond ETF were 28.3%, 29.8% and 32.4%, respectively. The percentage of Aspect Enhanced's net assets invested in iShares Core U.S. Aggregate Bond ETF and the First American Treasury Obligations Fund, Class X were 38.7% and 40.5%, respectively. The percentage of Hedged Equity's net assets invested in Invesco QQQ Trust Series 1 was 32.0%

(8) SECURITIES LENDING

The Funds have entered into a Securities Lending Agreement ("***Agreement***") with the Bank. Each participating Fund can lend their 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 Fund's collateral, net of any rebates paid by the Bank to the borrowers is remitted to the Bank as lending agent and the remainder is paid to the Fund(s).

Securities lending income, if any, is disclosed in the Funds' Statements of Operations and is net of fees retained by the counterparty. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the Borrower fails to return them. Should the borrower of the securities fail financially, each Fund has the right to repurchase the securities using the collateral in the open market. The remaining contractual maturity of all securities lending transactions are overnight and continuous.

The below table shows the collateral held by each Fund at the year ended June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | | | Percentage of Total |
| Fund | Market Value of Loaned Securities | Market Value of Collateral | Investment Income |
| Hedged Equity\* | $35158 | $35174 | 3.26% |

---

\* 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%.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
|  |  | | | | Statement of Assets & Liabilities | Statement of Assets & Liabilities | |
|  |  | | Gross Amounts | Net Amounts of | | | |
|  |  | Gross Amounts | Offset in the | Liabilities Presented in | | | |
|  |  | of Recognized | Statement of Assets & | the Statement of Assets | Financial | Cash Collateral | |
| Description | Counterparty | Assets | Liabilities | & Liabilities | Instruments (1) | Received | Net Amount |
| **Hedged Equity** |  |  |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |
| Securities Loaned | US Bank | $35158 | $— | $35158 | $(35158) | $— | $— |

---

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

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **June 30, 2025** |

---

(9) BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, the companies that held more than 25% of the voting securities of the Funds, and may be deemed to control each respective Fund, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Systematic | | Aspect | Hedged | Buffered |
| Owner (1) | Warrington | Alpha | Welton Advantage | Enhanced | Equity | Shield |
| Charles Schwab |  |  |  |  | 55% | 25% |
| National Financial Services LLC | 37% |  |  |  |  |  |
| Aspect Capital Limited |  |  |  | 80% |  |  |
| Knights of Columbus |  |  | 90% |  |  |  |
| LPL Financial |  | 32% |  |  |  |  |

---

(1) These owners are comprised of multiple
 investors and accounts.

(10) 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 Trust Officers have determined no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(COHEN LOGO)](ca002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Catalyst/Warrington Strategic Program Fund, Catalyst Systematic Alpha Fund, Catalyst/Welton Advantage Multi-Strategy Fund, Catalyst/Aspect Enhanced Multi-Asset Fund, Catalyst Nasdaq-100 Hedged Equity Fund, Catalyst/Millburn Hedge Strategy Fund, and Catalyst Buffered Shield Fund and Board of Trustees of Mutual Fund Series Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated (where noted) statements of assets and liabilities, including the consolidated (where noted) schedules of investments, of Catalyst Funds listed below (the "Funds"), each a series of Mutual Fund Series Trust, as of June 30, 2025, the related consolidated (where noted) statements of operations, statements of changes in net assets and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Names** | **Statements of Operations** | **Statements of Changes<br> in Net Assets** | **Financial Highlights** |
| Catalyst/Warrington Strategic Program Fund, Catalyst Systematic Alpha Fund, Catalyst Nasdaq-100 Hedged Equity Fund, Catalyst/Millburn Hedge Strategy Fund, and Catalyst Buffered Shield Fund | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, and 2023 |
| Catalyst/Welton Advantage Multi-Strategy Fund | For the period from July 1, 2024 (commencement of operations) through June 30, 2025 | For the period from July 1, 2024 (commencement of operations) through June 30, 2025 | For the period from July 1, 2024 (commencement of operations) through June 30, 2025 |
| Catalyst/Aspect Enhanced Multi-Asset Fund | For the year ended June 30, 2025 | For the year ended June 30, 2025, and for the period from December 28, 2023 (commencement of operations) through June 30, 2024 | For the year ended June 30, 2025, and for the period from December 28, 2023 (commencement of operations) through June 30, 2024 |

---

The Funds' financial highlights for the years ended June 30, 2022, and prior, were audited by other auditors whose report dated August 29, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![(SIGNATURE)](ca003_v1.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

August 29, 2025

**CATALYST FUNDS**

**ADDITIONAL INFORMATION (Unaudited)**

**June 30, 2025**

**Changes in and Disagreements with Accountants**

Not Applicable.

**Proxy Disclosures**

Not Applicable.

**Remuneration Paid to Directors, Officers and Others**

This information is included in Item 7, as part of the financial statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Consideration and Renewal of the Advisory Agreement between Catalyst Capital Advisors, LLC and Mutual Fund Series Trust with respect to Catalyst Systematic Alpha Fund, Catalyst/Warrington Strategic Program Fund, Catalyst Buffered Shield Fund, Catalyst/Millburn Hedge Strategy Fund, Catalyst Nasdaq-100 Hedged Equity Fund, Catalyst Insider Buying Fund, Catalyst Energy Infrastructure Fund, Catalyst/MAP Global Equity Fund, Catalyst/MAP Global Balanced Fund, Catalyst/Lyons Tactical Allocation Fund, Catalyst Dynamic Alpha Fund, Catalyst Insider Income Fund, Catalyst/SMH High Income Fund, Catalyst/SMH Total Return Income Fund, Catalyst/CIFC Senior Secured Income Fund, Catalyst Enhanced Income Strategy Fund and Catalyst/Aspect Enhanced Multi-Asset Fund

In connection with a meeting held on May 14, 15, and 28, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the advisory agreement (the "Catalyst Agreement") between the Trust and Catalyst Capital Advisors, LLC ("Catalyst") with respect to Catalyst Systematic Alpha Fund ("Catalyst SA"), Catalyst/Warrington Strategic Program Fund ("Warrington SP"), Catalyst Buffered Shield Fund ("Catalyst Shield"), Catalyst/Millburn Hedge Strategy Fund ("Millburn HS"), Catalyst Nasdaq- 100 Hedged Equity Fund ("Catalyst HE"), Catalyst Insider Buying Fund ("Catalyst IB"), Catalyst Energy Infrastructure Fund ("Catalyst Energy"), Catalyst/MAP Global Equity Fund ("MAP Global Equity"), Catalyst/MAP Global Balanced Fund ("MAP Global Balanced"), Catalyst/Lyons Tactical Allocation Fund ("Lyons TA"), Catalyst Dynamic Alpha Fund, ("Catalyst DA"), Catalyst Insider Income Fund ("Catalyst Insider"), Catalyst/SMH High Income Fund ("SMH High Income"), Catalyst/SMH Total Return Income Fund ("SMH Total Return"), Catalyst/CIFC Senior Secured Income Fund ("CIFC SSI") Catalyst Enhanced Income Strategy Fund ("Catalyst EIS") and Catalyst/Aspect Enhanced Multi-Asset Fund ("Aspect EMA") (collectively, the "Catalyst Funds").

The Board examined Catalyst's responses to a series of questions regarding, among other things, its advisory services provided to the Catalyst Renewal Funds, comparative fee and expense information, and profitability from advising the Catalyst Renewal Funds. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Catalyst Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Catalyst Agreement.

*Nature, Extent and Quality of Services:* The Board discussed Catalyst's key personnel who service the Catalyst Funds and noted that it was familiar with the strong level of service Catalyst provided. The Board considered that Catalyst provided oversight of the sub-advisers for the Catalyst Funds, oversaw each sub-adviser's compliance and risk management programs, and analyzed and reviewed portfolio risks. The Board acknowledged that Catalyst served as Rule 2a-5 valuation designee for the Catalyst Funds and continuously monitored liquidity requirements to ensure compliance with Rule 22e-4. The Board noted that Catalyst coordinated with third-party service providers on matters related to fund management, administration, and accounting. The Board recognized that Catalyst also provided, valuation support, management of the derivatives risk management program, proxy voting and reporting, and other critical operational and regulatory functions. The Board discussed Catalyst's compliance program and

**CATALYST FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

agreed that it was appropriately focused on risk management. The Board concluded that Catalyst provided quality, comprehensive services to the Catalyst Funds.

*Performance.* The Board reviewed the performance for each Catalyst Fund in relation to its peer group, Morningstar category and benchmark index.

*<u>Catalyst SA:</u>* The Board observed that the Fund underperformed all benchmarks for the 1-year period but outperformed the Multi-strategy Morningstar category for the 3- and 5-year periods and outperformed the peer group average for the 5-year period. The Board noted that the Fund was designed to minimize losses in bearish market periods but utilized equities positions to attempt to participate in bull markets. The Board recognized that the since inception performance numbers contained the performance data from the prior strategy which was significantly different than the current strategy.

*<u>Warrington SP:</u>* The Board noted that Warrington SP underperformed the peer group, Morningstar category and S&P 500 TR Index (the "S&P 500") for the 1-year and 3-year periods. The Board recognized that the Fund underperformed all benchmarks for the 5-year and 10-year periods, but that the Fund changed investment strategies in April 2020 and thus not all periods were equally relevant. The Board noted that Catalyst explained that the Fund was an absolute return fund and performed as expected based on the portfolio risk/return profile. The Board observed that Catalyst noted that the Fund utilized a more options focused approach than the peer group funds and did not hold long equity positions like peer group funds did.

*<u>Catalyst Shield</u>:* The Board observed that the Fund outperformed the peer group and Morningstar category averages for the 1-year period but trailed the benchmark index. The Board noted the Fund underperformed all of the benchmarks for the 3- and 5-year periods but outperformed the peer group and Morningstar category for the 10- year period. The Board recognized that Catalyst explained the Fund's recent underperformance was due to losses in the collateral used in the portfolio.

*<u>Millburn HS:</u>* The Board observed that the Fund outperformed its peer group average, the Systematic Trend Morningstar category, and Credit Suisse MF Hedge Fund Index for the 1-year period but underperformed the Macro Trading and Multi-strategy Morningstar categories, S&P 500, and BofA US 3-Month Treasury Bill TR Index. The Board noted that the Fund outperformed the peer group, all Morningstar categories, the Credit Suisse MF Hedge Fund Index, and BofA US 3-Month Treasury Bill TR Index for the 3-, 5-, and 10-year periods. The Board recognized that the Fund underperformed the S&P 500 for all periods, but that the Fund was not designed to track the S&P 500 because the portfolio was not fully allocated to equity securities.

*<u>Catalyst HE:</u>* The Board noted that the Fund underperformed all benchmarks for all time periods. The Board recognized that the Fund changed sub-advisers and investment strategy in October 2020 and thus the 1-year and 3- year performance numbers were the most relevant. The Board observed that Catalyst explained that the Fund's hedging strategy detracted from performance more than anticipated and that the Fund was not fully allocated to equity securities.

*<u>Catalyst IB:</u>* The Board observed that Catalyst IB outperformed the peer group for the 1-year period and both the peer group and Morningstar categories for the 3-year period. The Board noted that the Fund underperformed both the peer group and Morningstar category for the 5- and 10-year periods and trailed the S&P 500 for all time periods. The Board recognized that Catalyst explained this underperformance was due to Catalyst IB's defensive positioning in March and April 2020 which resulted in the Fund missing the equity market rally. The Board noted that Catalyst explained security selection resulted in the short-term underperformance and that the investment strategy lagged the S&P 500 because, in general, executives had not purchased company stock in the top performing equity securities.

**CATALYST FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

*<u>Catalyst Energy:</u>* The Board observed that the Fund outperformed the peer group, Morningstar category, and Solactive MLP Infrastructure Index for all time periods. The Board noted the Fund outperformed the S&P 500 for the 1-, 3-, and 5-year periods but trailed for the 10-year period.

*<u>MAP Global Equity:</u>* The Board noted that the Fund underperformed all benchmarks for the 1-, 3-, and 5-year periods but outperformed the peer group for the 10-year period. The Board observed that Catalyst explained the 3-year and 5-year underperformance was due to the Fund's overweight position in Consumer Staples and underweight position in the Information Technology sector.

*<u>MAP Global Balanced:</u>* The Board noted that the Fund underperformed all benchmarks for all time periods. The Board observed that Catalyst commented that recent underperformance could be attributed to gains in the Health Care, Utilities, and Consumer Staples sectors were offset by the Fund's lack of exposure to the "magnificent 7" securities. The Board noted that Catalyst added that the underperformance in the 3-year period was due to the Fund being overweight in the Consumer Staples sector and underweight in the Information Technology and Financials sectors.

*<u>Lyons TA:</u>* The Board commented that Lyons TA underperformed all benchmarks for the 1-, and 3-year periods but outperformed the peer group and Morningstar category for the 5- and 10-year periods. The Board noted that the Fund trailed the Lipper Flexible Portfolio Funds Index and S&P 500 for the 5- and 10-year periods. The Board recognized that Catalyst explained that the underperformance for the 3-year and 10-year periods was due to the Fund's defensive positioning in 2019 and the period 2022 through 2023.

*<u>Catalyst DA:</u>* The Board discussed that the Fund underperformed all benchmarks for all time periods. The Board observed that Catalyst explained that the underperformance was caused by the Fund's focus on small and mid-cap securities which have trailed the performance of large cap securities for an extended period of time.

*<u>Catalyst Insider:</u>* The Board commented that the Fund outperformed the peer group, the Short-Term Morningstar category, the Bloomberg US Government/Credit 1-3 Year TR Index and Bloomberg U.S. Aggregate Bond Index for the 1-year period but underperformed the High Yield Bond Morningstar category for the 1-year period. The Board noted that the Fund outperformed the Bloomberg US Government/Credit 1-3 Year TR Index and Bloomberg U.S. Aggregate Bond Index for all time periods. The Board noted that the Fund outperformed the Short-Term Bond Morningstar category for the 3-, 5-, 10-year periods but underperformed the High Yield Bond Morningstar category and the peer group for the 3-, 5-, 10-year periods. The Board noted that Fund utilized both short-term and high yield bond categories, which led to the outperformance of most benchmarks. The Board observed that Catalyst noted that the Fund underperformed the High Yield Bond Morningstar category and the peer group because the Fund was not fully invested in high yield bonds.

*<u>SMH High Income:</u>* The Board observed that the Fund outperformed all benchmarks for the 1-year, 3-year, and 5- year periods but slightly underperformed the peer group average, High Yield Bond Morningstar category, and BofA Merrill Lynch US Cash Pay High Yield Index for the 10-year period. The Board observed that Catalyst explained that the 10-year underperformance included commodity exposure during 2014 and 2015 but that since that time, the strategy had performed well.

*<u>SMH Total Return:</u>* The Board discussed that SMH Total Return outperformed the peer group, Morningstar category, and BofA Merrill Lynch US Cash Pay High Yield Index for all time periods but underperformed the S&P 500 for all time periods. The Board discussed that Catalyst noted that the Fund was total return focused and thus most of the top performing stocks in the S&P 500 were ineligible for inclusion in the Fund's portfolio.

*<u>CIFC SSI:</u>* The Board commented that CIFC SSI outperformed all benchmarks for the 1-, and 10-year periods. The Board noted that the Fund outperformed the peer group, Bank Loan Morningstar category and Bloomberg U.S. Aggregate Bond Index for the 3-year and 5-year periods but slightly trailed the S&P LSTA US Leveraged Loan 100

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Index over the same periods. The Board noted that CIFC SSI changed sub-advisers in 2018 and thus the 1-, 3- and 5- year periods were the most relevant.

*<u>Catalyst EIS:</u>* The Board commented that the Fund outperformed the Bloomberg US Aggregate Bond TR Index and Bloomberg MBS Index for the 5-year and since inception periods and outperformed the peer group, Nontraditional Bond and Multisector Bond Morningstar categories for the since inception period. The Board noted that Catalyst EIS trailed the peer group and both Morningstar categories for the 1-, 3-, and 5-year periods. The Board recognized that Catalyst explained that the Fund has had significant outflows in recent years and was forced to sell portfolio positions in order to meet redemptions.

*<u>Aspect EMA:</u>* The Board observed that the Fund outperformed the peer group, Systematic Trend Morningstar category, and Credit Suisse MF Hedge Fund Index for the 1-year period but trailed the Macro Trading and Mult strategy Morningstar categories, S&P 500, and ICE BofA 3 Month U.S. Treasury Bill Index for the 1-year period. The Board noted that the Fund outperformed all benchmarks except for the S&P 500 since inception. The Board recognized that Catalyst noted that none of the Morningstar categories provide an accurate representation of the Fund, given its investment strategy and that the Fund was most closely related to a blend of all three categories. The Board noted that Catalyst explained that the Fund's portfolio was only partially allocated to investment in equity securities and thus was not able to keep up with gains in the S&P 500.

After further discussion, the Board concluded that the performance of each Catalyst Fund was acceptable.

*Fees and Expenses:* The Board discussed the advisory fee paid by each of the Catalyst Funds and compared it to the fees charged to the peer group funds, and the funds in each of the Catalyst Funds' Morningstar category. The Board reviewed the expense limitation agreements in place with respect to the Catalyst Funds and discussed that Catalyst intended to renew each of those agreements with the exception of Milburn HS, which did not have an expense limitation agreement in place. The Board discussed the allocation of fees between Catalyst and the various sub- advisers, based on the sub-advisory fees paid to the sub-advisers for the applicable Catalyst Funds by Catalyst, in comparison to the level of service provided by Catalyst and each sub-adviser. The Board noted that the agreement between Catalyst and each sub-adviser was the product of an arm's length negotiation.

*<u>Catalyst SA:</u>* The Board noted that the advisory fee was above the peer group and Morningstar category median and averages but within the range for each. The Board added that the net expense ratio was slightly above the median for the peer group and Morningstar category but below the average and well below the highs for each.

*<u>Warrington SP:</u>* The Board recognized that the advisory fee was above the median and average fee for both the peer group and Morningstar category and was tied with the highest fee for both. The Board added that the net expense ratio was also above the median and average for the peer group and Morningstar category but was below the respective high for each. The Board acknowledged that Catalyst explained that Warrington SP's investment strategy was unique and more complex than those of the peer group funds.

*<u>Catalyst Shield:</u>* The Board observed that the advisory fee of 1.25% was above the median and average for both the peer group and Morningstar category, but below the high of 1.75% for each. The Board commented that the Fund's net expense ratio of 1.33% was above the median and average for the peer group and Morningstar category but was significantly lower than the high of 2.49% for each.

*<u>Millburn HS:</u>* The Board observed that the advisory fee was above the peer group and Morningstar categories median and averages but was within the range of the peer group, Multi-strategy category and Systematic Trend Morningstar categories. The Board added that the advisory fee was for the same as the highest fee in the Macro Trading category. The Board noted that Catalyst explained the Fund did completely fit into any of the three Morningstar categories and observed that the net expense ratio was well below the highs for the Multi-strategy and Systematic Trend categories and equaled the high in the Macro Trading category. The Board added that the net expense ratio was

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**June 30, 2025**

also above the peer group median but below the peer group average and significantly lower than the highest in the peer group.

*<u>Catalyst HE:</u>* The Board observed that the advisory fee of 1.25% was above the median and average fee for the peer group, Derivative Income Morningstar category and Equity hedged Morningstar category. The Board noted that the advisory fee equaled the high in the Derivative income category but was within the range for both the peer group and Equity Hedged category. The Board noted, the net expense ratio was above the median and average for the peer group and Morningstar categories but within the range for each.

*<u>Catalyst IB:</u>* The Board noted that the advisory fee was slightly above the peer group and Morningstar category median and average but was within the range for both. The Board noted that the net expense ratio was above the highest in the peer group and above the median and average for the Morningstar category but within the range.

*<u>Catalyst Energy:</u>* The Board noted that the advisory fee equaled the high for both the peer group and Morningstar category. The Board discussed that the net expense ratio was higher than the median for the peer group and Morningstar but below the average for both.

*<u>MAP Global Equity:</u>* The Board observed that the advisory fee was tied for the high for both the peer group and Morningstar category. The Board noted that the net expense ratio was slightly above the median and average net expense ratio for the peer group and Morningstar category but within the range for both.

*<u>MAP Global Balanced:</u>* The Board noted that the advisory fee of 1.00% was tied for the high with the peer group and above the median and average for the Morningstar category, but below the high. The Board discussed that the net expense ratio was slightly above the Morningstar category median and average but within the range and equaled the median for the peer group and was lower than the peer group average.

*<u>Lyons TA:</u>* The Board observed that the Fund's advisory fee was above the peer group and Morningstar median and average and equaled the high for the peer group but was within the range for the Morningstar category. The Board noted that the net expense ratio was below the median and average for both peer group and Morningstar category.

*<u>Catalyst DA:</u>* The Board discussed that the advisory fee of 1.00% equaled the peer group median and was slightly above the average but within the peer group range. The Board noted that the advisory fee was above the median and average for the Morningstar category but also within the range. The Board observed that the net expense ratio of 1.13% was above the median and average for both the peer group and Morningstar category but well below the highs for each.

*<u>Catalyst Insider:</u>* The Board recognized that the advisory fee was slightly above the peer group median and in line with the peer group average but was higher than the median and average fees for both Morningstar categories. The Board noted that the advisory fee was well within the range for the peer group and both Morningstar categories. The Board added that the net expense ratio was above the median and average for the Short-Term Bond category and slightly above the median and average for the High Yield Bond category but was below the median and average for the peer group and within the range for all three benchmarks.

*<u>SMH High Income:</u>* The Board recognized that the advisory fee of 1.00% was above the median and average for the peer group and Morningstar category but was well below the highs for each. The board noted that the net expense ratio was above the median and average but within the range for both the peer group and Morningstar category.

*<u>SMH Total Return:</u>* The Board observed that the advisory fee was above the peer group and Morningstar category median and average but within the range for both. The Board discussed that the net expense ratio was above the median and average for the peer group but within the range and tied with the highest net expense ratio in the Morningstar category.

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**June 30, 2025**

*<u>CIFC SSI:</u>* The Board discussed that the advisory fee of 1.00% was greater than the high for the peer group and above the median and average for the Morningstar category but within the range. The Board noted that the net expense ratio of 0.92% was lower than the peer group average, comparable to the Morningstar category average, and significantly less than the highs for each. The Board noted that the Fund was actively managed, and that Catalyst explained the Fund invested in bank loans as well as asset-backed securities which required additional research and expertise. The Board acknowledged that with the expense limitation in place, the advisory fee earned by Catalyst in the prior year was 0.67%.

*<u>Catalyst EIS:</u>* The Board noted that the advisory fee of 1.50% was above the high for the peer group but tied with the high for the Multisector Bond category and below the high for the Non-traditional Bond category. The Board discussed that with the expense limitation in place, the net advisory fee earned by Catalyst for the prior year was 1.20% which was within the range of the peer group and both Morningstar categories. The Board noted that the net expense ratio was below the median for the peer group and slightly above the average but within the range and was above both Morningstar categories' median and aver<u>ages but with the range for each.</u>

*<u>Aspect EMA:</u>* The Board discussed that the advisory fee was above the median and average for the peer group and all three Morningstar categories but was below the high for the peer group, Multi-strategy category, and Systematic Trend category and in line with the high for the Macro Trading category. The Board noted that the net expense ratio was above the high for the peer group and Macro Trading category but well below the highs for the Multi-strategy and Systematic Trend categories.

The Board concluded that based on the complexity of some of the Funds and the services provided to each of the Funds by the adviser that the advisory fee paid by each of the Catalyst Funds to Catalyst was not unreasonable.

*Profitability.* The Board reviewed the financial information provided by Catalyst and discussed Catalyst's profitability from the services provided to each of the Catalyst Funds. The Board acknowledged that Catalyst received soft dollar benefits. The Board observed that Catalyst operated MAP Global Balanced at a loss and therefore excessive profitability was not an issue. The Board reviewed the other Catalyst Funds, noting that Catalyst generated differing levels of profits for each. The Board discussed the level of profit of each Catalyst Fund in both actual dollars and as a percentage of revenue. After further discussion, the Board agreed that the profits Catalyst earned for advising each of the Catalyst Funds was not excessive.

*Economies of Scale.* The Board noted that the advisory agreement with Catalyst did not include breakpoints to reduce the fee rate based on certain levels of assets. The Board recognized that the shareholders of the Catalyst Funds benefited from expense limitation agreements in place as almost all of the Funds were operating at the expense cap. The Board discussed the additional benefits to shareholders if the Catalyst Funds reached asset levels that provide material economies of scale and agreed that the Catalyst Funds had likely not reached such levels at this point. The Board agreed that it would revisit breakpoints at the next renewal of the Catalyst Agreement.

*Conclusion.* Having requested and received such information from Catalyst as the Board believed to be reasonably necessary to evaluate the terms of the Catalyst Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Catalyst Agreement was in the best interests of each Catalyst Fund and its respective shareholders.

Consideration and of Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Aspect Capital Limited with respect to Catalyst/Aspect Enhanced Multi-Asset Fund.

In connection with a meeting held on May 14, 15, and 28, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the sub-advisory agreement between Catalyst Capital Advisors, LLC ("Catalyst") and Aspect Capital Limited ("Aspect") (the "Aspect Agreement") with respect to Catalyst/Aspect Enhanced Multi-Asset Fund ("Enhanced EMA").

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**June 30, 2025**

The Board examined Aspect's responses to a series of questions regarding, among other things, its sub-advisory services to be provided to Enhanced EMA, comparative fee and expense information, and profitability from managing Enhanced EMA. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Aspect Agreement, and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to approval of the renewal of the Aspect Agreement.

*Nature, Extent and Quality of Services*. The Board reviewed the key personnel involved in servicing Aspect EMA, noting that Aspect had promoted a new Chief Risk Officer and added a new Chief Compliance Officer since the approval of the Aspect Agreement. The Board observed that Aspect utilized a systematic and quantitative approach to making investment decisions. The Board noted that this included extensive research services and analysis of potential portfolio companies and consistently reviewing and updating Aspect's investment modeling programs. The Board discussed that changes to Aspect's investment models underwent stringent review by the Chief Risk Officer and Research team before implementation. The Board noted that Aspect continuously monitored portfolio risk through VaR calculations and a systematic method of portfolio construction. The Board noted that Aspect's compliance program monitored transactions and conducted various tests on the portfolio to ensure compliance with Trust and Fund limitations. The Board acknowledged that Aspect conducted an annual compliance risk assessment to determine and address any areas in its business lines that needed additional compliance resources. The Board added that there were no material compliance issues or litigation since the approval of the Aspect Agreement. The Board agreed that Aspect could be expected to continue providing quality services to Aspect EMA.

*Performance*. The Board observed that Aspect EMA outperformed the peer group, Systematic Trend Morningstar category, and Credit Suisse MF Hedge Fund Index for the 1-year period but trailed the Macro Trading and Multi strategy Morningstar categories, S&P 500, and ICE BofA 3 Month U.S. Treasury Bill Index for the 1-year period. The Board noted that the Fund outperformed all benchmarks except for the S&P 500 since inception. The Board recognized that Aspect noted that none of the Morningstar categories provided an accurate representation of Aspect EMA, given its investment strategy and that it was most closely related to a blend of all three categories. The Board noted Aspect explained that the Fund's portfolio was only partially allocated to investments in equity securities and thus was not able to keep up with gains in the S&P 500.

*Fees and Expenses.* The Board discussed that the advisory fee for Aspect EMA was 1.75% and that Aspect received 50% of the net advisory fee, except for investments made in Aspect EMA by Aspect or its employees or affiliates, in which case 100% of the net advisory fee was paid to Aspect. After further discussion. the Board concluded that the sub-advisory fee charged with respect to Aspect EMA was not unreasonable.

*Profitability.* The Board reviewed the financial information provided by Aspect. The Board noted that Aspect earned a reasonable profit from sub-advising Aspect EMA. After further discussion, the Board determined that Aspect's profit in connection with Aspect EMA was not excessive.

*Economies of Scale.* The Board discussed whether Aspect EMA had reached the size that Aspect benefited from economies of scale. The Board acknowledged economies of scale was an issue primarily considered by the Board when evaluating the advisory agreement. The Board agreed it was unlikely that Aspect benefitted from any meaningful economies of scale at current asset levels.

*Conclusion.* Having requested and received such information from Aspect as the Board believed to be reasonably necessary to evaluate the terms of the Aspect Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Aspect Agreement was n the best interests of the Aspect EMA and its shareholders.

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**June 30, 2025**

Consideration and Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Equity Armor Investments, LLC with respect to Catalyst Nasdaq-100 Hedged Equity Fund

In connection with a meeting held on May 14, 15, and 28, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a sub-advisory agreement (the "EA Agreement") between Catalyst Capital Advisors, LLC ("Catalyst") and Equity Armor Investments, LLC ("Equity Armor") with respect to Catalyst Nasdaq-100 Hedged Equity Fund ("Catalyst HE").

The Board examined Equity Armor's responses to a series of questions regarding, among other things, its sub-advisory services provided to Catalyst HE, comparative fee and expense information, and profitability from sub-advising Catalyst HE. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Equity Armor Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Equity Armor.

*Nature, Extent and Quality of Services.* The Board discussed that Equity Armor utilized its EAVOL and Hedged NASDAQ-100 Index Strategy to implement Catalyst HE's investment strategy. The Board noted that Equity Armor conducted analysis of potential securities, operated investment models to review the investment strategy on a continual basis and used live screening to track changes in Catalyst HE's holdings. The Board noted that Equity Armor used a combination of charting, and fundamental, technical, and cyclical analysis to evaluate potential investments. The Board recognized that Equity Armor employed a spreadsheet to ensure compliance with sector weightings and other investment restrictions. The Board observed that there were no compliance issues since the EA Agreement had last been renewed and no material litigation reported. The Board concluded that the nature, extent and quality of services provided by Equity Armor was adequate.

*Performance*. The Board noted that the Fund underperformed all benchmarks for the 1-year, 3-year, and since inception periods. The Board noted that Equity Armor explained that the Fund's hedging strategy detracted from performance more than anticipated and that the Fund was not fully allocated to investment in equity securities which prevented it from keeping up with the performance of the benchmark index in strong market periods.

*Fees and Expenses*. The Board noted that Equity Armor received 50% of the net advisory fee of 1.25%. The Board discussed the allocation of fees between the adviser and Equity Armor relative to their respective duties and other factors and agreed the allocation for Catalyst HE was appropriate. The Board concluded that the sub-advisory fee charged with respect to Catalyst HE was not unreasonable.

*Profitability.* The Board observed that on Equity Armor earned a small profit from sub-advising Catalyst HE based on an actual dollar amount. The Board discussed that Equity Armor no longer received soft dollar benefits and concluded that excessive profitability was not an issue for Equity Armor.

*Economies of Scale.* The Board considered whether Catalyst HE had reached the size where Equity Armor benefited from economies of scale. The Board acknowledged economies of scale was an issue primarily considered by the Board when evaluating the advisory agreement. The Board determined that, based on the current size of Catalyst HE, it was unlikely that Catalyst HE benefitted from any meaningful economies of scale.

*Conclusion.* Having requested and received such information from Equity Armor as the Board believed to be reasonably necessary to evaluate the terms of the EA Agreement, and as assisted by the advice and guidance of counsel, the Board concluded that renewal of the EA Agreement was in the best interests of Catalyst HE and its shareholders.

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**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

Consideration and Renewal of the Sub-Advisory Agreements between Catalyst Capital Advisors, LLC, and Millburn Ridgefield Corporation with respect to the Catalyst/Millburn Hedge Strategy Fund

In connection with a meeting held on May 14, 15, and 28, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust, (the "Trust") including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the sub-advisory agreement (the "Millburn Agreement") between Catalyst Capital Advisors, LLC ("Catalyst") and Millburn Ridgefield Corporation ("Millburn") with respect to Catalyst/Millburn Hedge Strategy Fund ("Millburn HS").

The Board examined Millburn's responses to a series of questions regarding, among other things, its sub-advisory services provided to Millburn HS, comparative fee and expense information, and profitability from sub-advising each. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Millburn Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Millburn Agreement.

*Nature, Extent and Quality of Services*. The Board discussed the changes to the portfolio management team noting that one of the co-chief investment officers had stepped down and that a number of Millburn employees received new titles. The Board noted Millburn conducted extensive research and analysis to determine investments for Millburn HS. The Board observed that Millburn used an array of technology, and provided trade order entry services for the Fund. The Board noted that Millburn conducted cybersecurity training and had improved its cybersecurity protections over the prior year. The Board added that Millburn reported no material compliance issues and no material litigation. After further discussion, the Board agreed that Millburn could be expected to continue providing quality services to Milburn HS.

*Performance.* The Board noted that Milburn HS outperformed its peer group average, the Systematic Trend Morningstar category, and Credit Suisse MF Hedge Fund Index for the 1-year period but underperformed the Macro Trading and Multi-strategy Morningstar categories, S&P 500 and BofA US 3-Month Treasury Bill TR Index. The Board observed that the Fund outperformed the peer group, all Morningstar categories, and the Credit Suisse MF Hedge Fund Index and BofA US 3-Month Treasury Bill TR Index for the 3-, 5-, and 10-year periods. The Board noted that Millburn explained the Fund's underperformance compared to the S&P 500 was because Millburn HS was not designed to track the S&P 500 because the portfolio was not fully allocated to equity securities.

*Fees and Expenses.* The Board discussed that the advisory fee for Millburn HS was 1.75% and that Millburn received 50% of the net advisory fee, except for any investments made in Millburn HS by Millburn or its employees or affiliates, in which case 100% of the net advisory fee was paid to Millburn. After further discussion. the Board concluded that the sub-advisory fee charged with respect to Millburn HS was not unreasonable.

*Profitability.* The Board discussed that Millburn earned a reasonable profit from sub-advising the Fund. The Board noted that Millburn allocated its expenses based on average risk adjusted assets managed by Millburn along with certain direct costs on sub-advising the Fund, calculated by Millburn. After further discussion, the Board concluded that excess profitability was not a concern.

*Economies of Scale.* The Board considered whether Millburn HS had reached the size that Millburn benefited from economies of scale. The Board acknowledged economies of scale was an issue primarily considered by the Board when evaluating the advisory agreement. The Board agreed it was unlikely that Millburn benefitted from any meaningful economies of scale at current asset levels.

*Conclusion.* Having requested and received such information from Millburn as the Board believed to be reasonably necessary to evaluate the terms of the Millburn Agreement, and as assisted by the advice and guidance of counsel, the Board determined that renewal of the Millburn Agreement was in the best interests of each Millburn Fund and its shareholders.

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**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

Consideration and Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Exceed Advisory, LLC with respect to Catalyst Buffered Shield Fund

In connection with a meeting held on May 14, 15, and 28, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a sub-advisory agreement (the "Exceed Agreement") between Catalyst Capital Advisors, LLC ("Catalyst") and Exceed Advisory LLC ("Exceed") with respect to Catalyst Buffered Shield Fund ("Catalyst Shield").

The Board examined Exceed's responses to a series of questions regarding, among other things, its sub-advisory services provided to Catalyst Shield, comparative fee and expense information, and profitability from sub-advising Catalyst Shield. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Exceed Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Exceed Agreement.

*Nature, Extent and Quality of Services.* The Board discussed that Exceed utilized internal software and controls to monitor compliance related matters for the Fund including sector exposure and to ensure it met diversification and concentration requirements. The Board acknowledged that Exceed used a proprietary investment methodology, to make investment decisions and manage the Fund's risk. The Board added that Exceed provided the research and analysis for investment decisions and executed trades on behalf of Catalyst Shield. The Board concluded that the nature, extent and quality of services provided by Exceed to Catalyst Shield was satisfactory.

*Performance.* The Board observed that Catalyst Shield outperformed the peer group and Morningstar category averages for the 1-year period but trailed the benchmark index. The Board noted Catalyst Shield underperformed all of the benchmarks for the 3-year and 5-year periods but outperformed the peer group and Morningstar category for the 10-year period. The Board recognized that the adviser explained Catalyst Shield's recent underperformance was due to losses in the collateral used in the portfolio.

*Fees and Expenses.* The Board observed that Exceed received a maximum sub-advisory fee of 0.675%, or 50% of the net advisory fee paid to Catalyst. The Board discussed the fee split between Catalyst and Exceed in relation to the responsibilities of each party. The Board concluded that the sub-advisory fee received by Exceed for Catalyst Shield was not unreasonable.

*Economies of Scale.* The Board considered whether Catalyst Shield had reached the size where Exceed benefited from economies of scale. The Board acknowledged economies of scale was an issue primarily considered by the Board when evaluating the advisory agreement. The Board determined that, based on the current level of assets for Catalyst Shield, it was unlikely that Exceed was benefitting from any meaningful economies of scale.

*Conclusion.* Having requested and received such information from Exceed as the Board believed to be reasonably necessary to evaluate the terms of the Exceed Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Exceed Agreement was in the best interests of Catalyst Shield and its shareholders.

Consideration and Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Warrington Asset Management, LLC with respect to Catalyst/Warrington Strategic Program Fund

In connection with a meeting held on May 14, 15, and 28, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the sub-advisory agreement (the "Warrington Agreement") between Catalyst Capital Advisors, LLC ("Catalyst") and Warrington Asset Management, LLC ("Warrington") with respect to Catalyst/Warrington Strategic Program Fund ("Warrington SP").

The Board examined Warrington's responses to a series of questions regarding, among other things, its sub-advisory services provided to Warrington SP, comparative fee and expense information, and profitability from sub-advising Warrington SP. The Board was assisted by legal counsel throughout the review process and relied upon the advice of

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**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**June 30, 2025**

legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Warrington Agreement and the weight to be given to each factor considered.

The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have given different weight to the various factors in reaching his conclusions with respect to renewal of the Warrington Agreement.

*Nature, Extent and Quality of Services.* The Board discussed that Warrington conducted research and analysis on potential investments, constructed Warrington SP's portfolio, and monitored VaR limits to ensure compliance with Rule 18f-4. The Board noted that Warrington utilized risk management protocols to dynamically monitor and adjust risk in the Warrington SP portfolio. The Board observed that Warrington's Chief Compliance Officer reviewed trades to ensure compliance with Warrington SP's investment objective strategy, and investment limitations. The Board added that Warrington reported no material litigation, and no material compliance issues since the last renewal of the Warrington Agreement. The Board concluded that Warrington provided quality services to Warrington SP.

*Performance.* The Board noted that Warrington SP underperformed the peer group, Morningstar category and S&P 500 for the 1-year and 3-year periods. The Board recognized that Warrington SP underperformed all benchmarks for the 5-year and 10-year periods, but that Warrington SP changed investment strategies in April 2020 and thus not all periods were equally relevant. The Board noted that Catalyst explained that Warrington SP was an absolute return fund and performed as expected based on the portfolio risk/return profile. The Board observed that Catalyst noted that Warrington SP did not hold long equity exposure like peer group funds did.

*Fees and Expenses.* The Board observed that Warrington received 50% of the net advisory fee of 1.75%. The Board noted that the sub-advisory fees charged to the Fund were equal to the fees Warrington charged to other similar accounts. The Board discussed the allocation of fees between the adviser and Warrington relative to their respective duties and other factors and agreed the allocation was appropriate. The Board concluded that the sub-advisory fee charged with respect to Warrington was not unreasonable.

*Profitability.* The Board recognized that Warrington earned a reasonable profit from providing services to Warrington SP. The Board noted that Warrington allocated its expenses based on a percentage of the sub-adviser's assets. After further discussion, the Board concluded that excess profitability was not a concern.

*Economies of Scale.* The Board considered whether Warrington SP had reached the size that Warrington benefited from economies of scale. The Board acknowledged economies of scale were an issue primarily considered by the Board when evaluating the advisory agreement. The Board agreed it was unlikely that Warrington benefited from any meaningful economies of scale at current asset levels

*Conclusion.* Having requested and received such information from Warrington as the Board believed to be reasonably necessary to evaluate the terms of the Warrington Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Warrington Agreement was in the best interests of Warrington SP and its shareholders.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&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;&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 – See Item 7

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable – See Item 7

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not
 applicable

(b) Not
 applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Mutual Fund Series Trust

Michael Schoonover

---

| |
|:---|
| By <u>/s/ Michael Schoonover</u> |
| Principal Executive Officer/President |
| Date: 9/3/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By <u>/s/ Michael Schoonover</u> |
| Michael Schoonover |
| Principal Executive Officer/President |
| Date: 9/3/2025 |

---

---

| |
|:---|
| By <u>/s/ Erik Naviloff</u> |
| Erik Naviloff |
| Principal Financial Officer/Treasurer |
| Date: 9/3/2025 |

---

## Ex-99.Cert

**Certification Pursuant to Section 302 of Sarbanes-Oxley Act**

I, Michael Schoonover, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Mutual Fund Series Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 9/3/2025 | <u>/s/ Michael Schoonover</u> |
|  | Michael Schoonover |
|  | Principal Executive Officer /President |

---

**Certification Pursuant to Section 302 of Sarbanes-Oxley Act**

I, Erik Naviloff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Mutual Fund Series Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 9/3/2025 | <u>/s/ Erik Naviloff</u> |
|  | Erik Naviloff |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

Michael Schoonover, Principal Executive Officer/President, and Erik Naviloff, Principal Financial Officer/Treasurer of Mutual Fund Series Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Michael Schoonover | Michael Schoonover | Erik Naviloff | Erik Naviloff |
| /s/ Michael Schoonover | /s/ Michael Schoonover | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Michael Schoonover | Michael Schoonover | Erik Naviloff | Erik Naviloff |
| Date: | 9/3/2025 | Date: | 9/3/2025 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**CODE OF ETHICS**

**I.** **Statement of General Principles**

This Code of Ethics has been adopted by the Mutual Fund Series Trust (the "Trust") for the purpose of instructing all employees, officers and trustees of the Trust and Catalyst Capital Advisors, LLC, the adviser to the Trust (the "Adviser"), in their ethical obligations and to provide rules for their personal securities transactions. All such persons owe a fiduciary duty to the Trust and its shareholders. A fiduciary duty means a duty of loyalty, fairness and good faith towards the Trust and its shareholders, and the obligation to adhere not only to the specific provisions of this Code but to the general principles that guide the Code. These general principles are:

· The duty at all times to place the interests of the Trust and its shareholders first;

· The requirement that all personal securities transactions be conducted in a manner consistent with the Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of any individual's position of trust and responsibility; and

· The fundamental standard that such employees, officers, directors and trustees should not take inappropriate advantage of their positions, or of their relationship with the Trust or its shareholders.

It is imperative that the personal trading activities of the employees, officers, directors and trustees of the Trust and the Adviser, respectively, be conducted with the highest regard for these general principles in order to avoid any possible conflict of interest, any appearance of a conflict, or activities that could lead to disciplinary action. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

All personal securities transactions must also comply with the Securities & Exchange Commission's Rule 17j-1. Under this rule, no Employee may:

· employ any device, scheme or artifice to defraud the Trust or any of its shareholders;

· make to the Trust or any of its shareholders any untrue statement of a material fact or omit to state to such client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

· engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or any of its shareholders; or

· engage in any manipulative practice with respect to the Trust or any of its shareholders.

**II.** **Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Advisory Employees</u>: Employees who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of securities by a Fund, or whose functions relate to the making of any recommendation with respect to purchases or sales. The Compliance Officer will maintain a current list of all Advisory Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Beneficial Interest</u>: ownership or any benefits of ownership, including the opportunity to directly or indirectly profit or otherwise obtain financial benefits from any interest in a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Compliance Officer</u>: the Compliance Officer for the Adviser and the Trust is each company's duly named Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Disinterested Trustees</u>: trustees of the Trust whose affiliation with the Trust is solely by reason of being a trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Employee Account</u>: each account in which an Employee or a member of his or her family has any direct or indirect Beneficial Interest or over which such person exercises control or influence, including, but not limited to, any joint account, partnership, corporation, trust or estate. An Employee's family members include the Employee's spouse, minor children, any person living in the home of the Employee and any relative of the Employee (including in-laws) to whose support an Employee directly or indirectly contributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Employees</u>: the employees, officers, and trustees of the Trust and the employees, officers and directors of the Adviser, including Advisory Employees. The Compliance Officer will maintain a current list of all Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Exempt Transactions</u>: transactions which are 1) effected in an amount or in a manner over which the Employee has no direct or indirect influence or control, 2) pursuant to a systematic dividend reinvestment plan, systematic cash purchase plan or systematic withdrawal plan, 3) in connection with the exercise or sale of rights to purchase additional securities from an issuer and granted by such issuer pro-rata to all holders of a class of its securities, 4) in connection with the call by the issuer of a preferred stock or bond, 5) pursuant to the exercise by a second party of a put or call option, 6) closing transactions no more than five business days prior to the expiration of a related put or call option, 7) inconsequential to any Fund because the transaction is very unlikely to affect a highly liquid market or because the security is clearly not related economically to any securities that a Fund may purchase or sell, 8) involving shares of a security of a company with a market capitalization in excess of $500 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Funds</u>: any series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Related Securities</u>: securities issued by the same issuer or issuer under common control, or when either security gives the holder any contractual rights with respect to the other security, including options, warrants or other convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Securities</u>: any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as a "security," or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing; except for the following: 1) securities issued by the government of the United States, 2) bankers' acceptances, 3) bank certificates of deposit, 4) commercial paper, and 5) shares of unaffiliated registered open-end investment companies (other than exchange traded funds)..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Securities Transaction</u>: the purchase or sale, or any action to accomplish the purchase or sale, of a Security for an Employee Account. The term Securities Transaction does not include transactions executed by the Adviser for the benefit of unaffiliated persons, such as investment advisory and brokerage clients.

**III.** **Personal Investment Guidelines**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Personal Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Personal Investment Guidelines in this Section III do not apply to Exempt Transactions unless the transaction involves a private placement or initial public offering. Employees must remember that regardless of the transaction's status as exempt or not exempt, the Employee's fiduciary obligations remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. While trustees of the Trust are subject at all times to the fiduciary obligations described in this Code, the Personal Investment Guidelines and Compliance Procedures in Sections III and IV of this Code apply to Disinterested Trustees only if such person knew, or in the ordinary course of fulfilling the duties of that position, should have known, that during the fifteen days immediately preceding or after the date of the such person's transaction that the same Security or a Related Security was or was to be purchased or sold for a Fund or that such purchase or sale for a Fund was being considered, in which case such Sections apply only to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employees may not execute a Securities Transaction on a day during which a purchase or sell order in that same Security or a Related Security is pending for a Fund unless the Securities Transaction is combined ("blocked") with the Fund's transaction. Securities Transactions executed in violation of this prohibition shall be unwound or, if not possible or practical, the Employee must disgorge to the Fund the value received by the Employee due to any favorable price differential received by the Employee. For example, if the Employee buys 100 shares at $10 per share, and the Fund buys 1000 shares at $11 per share, the Employee will pay $100 (100 shares x $1 differential) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any Securities Transactions in a private placement must be authorized by the Compliance Officer, in writing, prior to the transaction. In connection with a private placement acquisition, the Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for a Fund, and whether the opportunity is being offered to the Employee by virtue of the Employee's position with the Trust or the Adviser. If the private placement acquisition is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization. Employees who have been authorized to acquire securities in a private placement will, in connection therewith, be required to disclose that investment if and when the Employee takes part in any subsequent investment in the same issuer. In such circumstances, the determination to purchase Securities of that issuer on behalf of a Fund will be subject to an independent review by personnel of the Adviser with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Employees are prohibited from acquiring any Securities in an initial public offering without the prior written approval of the Compliance Officer. This restriction is imposed in order to preclude any possibility of an Employee profiting improperly from the Employee's position with the Trust or the Adviser. If the initial public offering is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Other Restrictions**

Employees are prohibited from serving on the boards of directors of publicly traded companies, absent prior authorization by the Compliance Officer. The consideration of prior authorization will be based upon a determination that the board service will be consistent with the interests of the Trust and the Funds' shareholders. In the event that board service is authorized, Employees serving as directors will be isolated from other Employees making investment decisions with respect to the securities of the company in question.

**IV.** **Compliance Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Employee Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Within ten (10) days of commencement of employment with the Trust or the Adviser, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, and must disclose the following information, which information must be current as of a date no more than 45 days prior to the date the person became an Employee: a) the title, number of shares and principal amount of each Security in which the Employee has a Beneficial Interest when the person became an Employee, b) the name of any broker/dealer with whom the Employee maintained an account when the person became an Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, that he or she has complied with the requirements of this Code and has disclosed or reported all personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. In addition, each Employee shall annually provide the following information (as of a date no more than 30 days before the report is submitted): a) the title, number of shares and principal amount of each Security in which the Employee had any Beneficial Interest, b) the name of any broker, dealer or bank with whom the Employee maintains an account in which any Securities are held for the direct or indirect benefit of the Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Employees must provide copies of all periodic broker account statements to the Compliance Officer. Each Employee must report, no later than thirty (30) days after the close of each calendar quarter, on the Securities Transaction Report form provided by the Trust or the Adviser, all transactions in which the Employee acquired or sold any direct or indirect Beneficial Interest in a Security, including Exempt Transactions, and certify that he or she has reported all transactions required to be disclosed pursuant to the requirements of this Code. The report will also identify any trading account, in which the Employee has a direct or indirect Beneficial Interest, established during the quarter with a broker, dealer or bank. The Employee may exclude transactions effected pursuant to an automatic investment plan. An automatic investment plan is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Compliance Officer will, on a quarterly basis, check the trading account statements provided by brokers to verify that the Employee has not violated the Code. The Compliance Officer shall identify all Employees, inform those persons of their reporting obligations, and maintain a record of all current and former access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If an Employee violates this Code, the Compliance Officer will report the violation to management personnel of the Trust and the Adviser for appropriate remedial action which, in addition to the actions specifically delineated in other sections of this Code, may include a reprimand of the Employee, or suspension or termination of the Employee's relationship with the Trust and/or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management personnel of the Trust will prepare an annual report to the Trust's board of trustees that summarizes existing procedures and any changes in the procedures made during the past year and certify to the Trust's Board of Trustees that the Adviser and the Trust have each adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will describe any issues existing under this Code since the last report, including without limitation, information about any material violations of this Code, any significant remedial action during the past year and any recommended procedural or substantive changes to this Code based on management's experience under this Code, evolving industry practices or legal developments.

**Responsible Party/Compliance Process:** Chief Compliance Officer/Investment Adviser

**Approved**: <u>DFG</u> 

**Revised**: <u>02/01/2007</u> 

**ANNUAL EMPLOYEE SECURITIES REPORT**

This information is current as of _______________ (must be current as of a date no more than 45 days before the Report is submitted). Please list all Securities in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | | |
|:---|:---|:---|
| <br>Security(name, type, CUSIP or ticker symbol) | **# of Shares and**<br> **Principal Amount** | <br>**Date Acquired** |

---

Please list all brokers, dealers and banks that maintain a brokerage account in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Account Name** |

---

I certify that I have read and understand the Code of Ethics and recognize that I am subject to it. I certify that this is a complete list of all Securities in which I have a Beneficial Interest, and that I have complied with the requirements of the Code of Ethics including disclosure of all Securities Transactions for which the Code of Ethics requires disclosure.

Printed Name:

Signature:

Date:

 **PRE-CLEARANCE OF SECURITY TRANSACTION**

&nbsp;&nbsp;&nbsp;&nbsp;To:

Compliance Officer

From:

__________________________________________

(Name of Employee)

Date:

__________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. I hereby seek approval for the □ purchase/□ sale of _________ shares or $__________ par value of _______________________ for the cash or margin account of _____________________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. The price per share or contract is approximately $_________________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. The transaction □ is/□ is not in connection with a private placement or an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. Said transaction was recommended to me by __________________________________.

I have no knowledge of any pending purchase or sell order for this Security or a Related Security.

I have read the Code of Ethics within the past year and recognize that I am subject to it.

After inquiry, I am satisfied that this transaction is consistent with the Code of Ethics and the Insider Trading Policy. If I become aware that the trade does not comply with this Code or that the statements made on the request are no longer true, I will immediately notify the Compliance Officer.

______________________________________

Signature of Employee

APPROVED: _________________________________

DATE: ______________________

**TRANSACTION COMPLETED:** Date ___________

No. of Shares _________

Price _______

TRANSACTION UNFILLED: ___________________

<u>COMMENTS/FOLLOW UP</u>:

(This authorization is valid until close of business on the second trading day following authorization.

**QUARTERLY SECURITIES TRANSACTIONS REPORT**

**Calendar Quarter/Year:**

Persons subject to the Code of Ethics must report **ALL** Securities Transactions (including Exempt Transactions and transactions involving affiliated mutual Funds) as defined in the Code of Ethics, executed during the reporting period. **DO NOT ATTACH BROKERAGE REPORTS**. The report must be returned to the Compliance Officer, regardless of whether any Securities Transactions occurred, before the 30th day after the close of the calendar quarter. Please note that this Report covers all Securities in which you have a Beneficial Interest.

<br> □

I have executed no Securities Transactions during the quarter. □

The following is a complete list of my Securities Transactions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Security\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Transaction**<br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Purchase, Sale,**<br> **or Other** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**# of Shares &**<br> **Principal Amount**<br> **of Security** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Price** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Executing Broker** |

---

\*Provide interest rate, maturity date, ticker symbol or CUSIP, if applicable

I have not opened a brokerage account during the quarter.

The following is a complete list of all brokerage accounts I opened during the quarter:

---

| | | |
|:---|:---|:---|
| **Name of Broker, Dealer or Bank:** | **Account Name:** | **Date Established:** |

---

I certify that I have read and understand the Code of Ethics and that I have complied with the requirements of the Code of Ethics, including disclosure of all Securities Transactions that require disclosure.

Printed Name:

Signature:

Filing Date:

THIS REPORT SHALL NOT BE CONSTRUED AS AN ADMISSION THAT THE REPORTING PERSON HAS ANY DIRECT OR INDIRECT BENEFICIAL OWNERSHIP IN ANY SECURITY TO WHICH THIS REPORT RELATES.

**NEW EMPLOYEE SECURITIES REPORT**

This information is current as of _______________ (must be current as of a date no more than 45 days before your commencing employment). *Return to Compliance Officer within 10 days of your commencing employment.*

Please list all Securities in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | | |
|:---|:---|:---|
| <br>Security(name, type, CUSIP or ticker symbol) | **# of Shares or**<br> **Principal Amount** | <br>**Date Acquired** |

---

Please list all brokers, dealers and banks that maintain a brokerage account in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Account Name** |

---

I certify that I have read and understand the Code of Ethics and recognize that I am subject to it. I certify that this is a complete list of all Securities in which I have a Beneficial Interest, and that I have complied with the requirements of the Code of Ethics including disclosure of all Securities Transactions for which the Code of Ethics requires disclosure.

Printed Name:

Signature:

Date:

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**CATALYST FUNDS**

For the period__________ to ______________

**A. Issues Report**. Rule 17j-1 under the 1940 Act requires that the Catalysts Funds (the "Trust") submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Trust hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**Name of Adviser or Sub Adviser**

For the period _______________ to __________________

**A.** 

**Issues Report**. Rule 17j-1 under the 1940 Act requires that __________________ (the "Adviser"), adviser to the Mutual Fund Series Trust submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Adviser hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**Matrix Capital Group, Inc.** 

For the period _______________ to __________________

**A.** 

**Issues Report**. Rule 17j-1 under the 1940 Act requires that Matrix Capital Group, Inc. principal underwriter of the Mutual Fund Series Trust (the "Underwriter") submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Underwriter hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

<br>