# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-23-001338
**Filing Date:** 2023-3
**Character Count:** 233014
**Document Hash:** ff53c886f62a6b3b79548accc442ac8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001338.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001580642-23-001338

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MUTUAL FUND SERIES TRUST
- **CENTRAL INDEX KEY:** 0001355064
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21872
- **FILM NUMBER:** 23717099

**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 Insider Buying Fund (Series ID: S000033417)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000102754 | Catalyst Insider Buying Fund Class A | INSAX           |
| C000102755 | Catalyst Insider Buying Fund Class C | INSCX           |
| C000142548 | Catalyst Insider Buying Fund Class I | INSIX           |

### Catalyst/MAP Global Equity Fund (Series ID: S000033420)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000102760 | Catalyst/MAP Global Equity Fund Class A | CAXAX           |
| C000102761 | Catalyst/MAP Global Equity Fund Class C | CAXCX           |
| C000142550 | Catalyst/MAP Global Equity Fund Class I | CAXIX           |

### Catalyst Dynamic Alpha Fund (Series ID: S000035242)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000108407 | Catalyst Dynamic Alpha Fund Class A | CPEAX           |
| C000108408 | Catalyst Dynamic Alpha Fund Class C | CPECX           |
| C000142551 | Catalyst Dynamic Alpha Fund Class I | CPEIX           |

### Catalyst/Lyons Tactical Allocation Fund (Series ID: S000036624)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000111981 | Catalyst/Lyons Tactical Allocation Fund Class A | CLTAX           |
| C000111982 | Catalyst/Lyons Tactical Allocation Fund Class C | CLTCX           |
| C000142553 | Catalyst/Lyons Tactical Allocation Fund Class I | CLTIX           |

### Catalyst Energy Infrastructure Fund (Series ID: S000045781)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000142728 | Catalyst Energy Infrastructure Fund Class A | MLXAX           |
| C000142729 | Catalyst Energy Infrastructure Fund Class C | MLXCX           |
| C000142730 | Catalyst Energy Infrastructure Fund Class I | MLXIX           |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Mutual Fund Series Trust</u> 

(Exact name of Registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022</u> 

(Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Ultimus Fund Solutions ___</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>80 Arkay Drive, Suite 110, Hauppauge, NY 11788</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>402-895-1600</u> 

Date of fiscal year end: <u>6/30</u> 

Date of reporting period: <u>12/31/22</u> 

ITEM 1. REPORTS TO SHAREHOLDERS.

---

| |
|:---|
| **SEMI-ANNUAL REPORT** |
| **Catalyst Insider Buying Fund** |
| **(INSAX, INSCX, INSIX)** |
| **Catalyst Energy Infrastructure Fund** |
| **(MLXAX, MLXCX, MLXIX)** |
| **Catalyst/MAP Global Equity Fund** |
| **(CAXAX, CAXCX, CAXIX)** |
| **Catalyst/Lyons Tactical Allocation Fund** |
| **(CLTAX, CLTCX, CLTIX)** |
| **Catalyst Dynamic Alpha Fund** |
| **(CPEAX, CPECX, CPEIX)** |
| **December 31, 2022** |
| ![(CATALYST LOGO)](cf001_v1.jpg) |
| **Mutual Fund Series Trust** |

---

**CATALYST FUNDS<br> SEMI-ANNUAL REPORT<br> <u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| Portfolio Review | Page 1 |
| Schedules of Investments | Page 10 |
| Statements of Assets and Liabilities | Page 22 |
| Statements of Operations | Page 24 |
| Statements of Changes in Net Assets | Page 26 |
| Financial Highlights | Page 28 |
| Notes to Financial Statements | Page 38 |
| Expense Example | Page 49 |
| Privacy Notice | Page 50 |

---

---

| |
|:---|
| **Catalyst Insider Buying Fund** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for each of the periods ended December 31, 2022, compared to its benchmark:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br>Six Month Return | <br>1 Year Return | Annualized<br>5 Year Return | Annualized<br>Ten Year Return | Annualized<br>Since Inception\*\* | Annualized<br>Since Inception\*\*\* |
| Class A | 13.42% | (32.65)% | (5.23)% | 2.53% | 3.56% | N/A |
| Class A with load | 6.89% | (36.52)% | (6.38)% | 1.92% | 3.03% | N/A |
| Class C | 12.90% | (33.17)% | (5.98)% | 1.76% | 3.00% | N/A |
| Class I | 13.49% | (32.51)% | (5.03)% | N/A | N/A | (1.66)% |
| S&P 500 Total Return Index<sup>(a)</sup> | 2.31% | (18.11)% | 9.42% | 12.56% | 12.20% | 10.30% |

---

\* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. As disclosed in the Fund's prospectus dated November 1, 2022, the Fund's total gross annual operating expenses, including the cost of underlying funds, are 1.81% for Class A, 2.56% for Class C and 1.56% for Class I shares. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

(a) The
S&P 500 Total Return Index, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely
held common stocks. Investors cannot invest directly in an index.

\*\* Inception date is July 29, 2011 for Class A, Class C and the benchmark.

\*\*\* Inception date is June 6, 2014 for Class I and the benchmark.

---

| | |
|:---|:---|
| **Top Ten Holdings by Industry or Asset Type** | **% of Net Assets** |
| Metals & Mining | 23.3% |
| Software | 20.5% |
| Oil & Gas Producers | 20.3% |
| Technology Hardware | 7.1% |
| Apparel & Textile Products | 4.9% |
| Asset Management | 4.8% |
| Renewable Energy | 4.7% |
| Leisure Products | 4.6% |
| Automotive | 3.5% |
| Medical Equipment & Devices | 1.4% |
| Other/Cash & Equivalents | 4.9% |
|  | 100.0% |

---

Please refer to the Schedule of Investments for a more detailed breakdown of the Fund's assets.

---

| |
|:---|
| **Catalyst Energy Infrastructure Fund** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for each of the periods ended December 31, 2022, compared to its benchmark:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>Six Month Return | <br>1 Year Return | Annualized<br>5 Year Return | Annualized<br>Since Inception\*\* |
| Class A | 11.53% | 26.64% | 2.85% | (1.52)% |
| Class A with load | 5.11% | 19.37% | 1.65% | (2.25)% |
| Class C | 11.13% | 25.74% | 2.08% | (2.23)% |
| Class I | 11.68% | 26.98% | 3.12% | (1.27)% |
| Alerian MLP Total Return Index<sup>(a)</sup> | 18.97% | 30.92% | 4.08% | (1.10)% |

---

\* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods less than 1 year are not annualized. As disclosed in the Fund's prospectus dated November 1, 2022, the Fund's total gross annual operating expenses are 1.73% for Class A, 2.48% for Class C, and 1.48% for Class I shares. Please review the Fund's most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

(a) The
Alerian MLP Total Return Index is the leading gauge of large-cap and mid-cap energy Master Limited Partnerships. Investors cannot invest
directly in an index.

\*\* Inception date is December 22, 2014.

---

| | |
|:---|:---|
| **Top Holdings by Industry** | **% of Net Assets** |
| Oil & Gas Producers | 99.7% |
| Other/Cash & Equivalents | 0.3% |
|  | 100.0% |

---

Please refer to the Schedule of Investments for a more detailed breakdown of the Fund's assets.

---

| |
|:---|
| **Catalyst/MAP Global Equity Fund** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for each of the periods ended December 31, 2022, compared to its benchmarks:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br>Six Month Return | <br>1 Year Return | Annualized<br>5 Year Return | Annualized<br>Ten Year Return | Annualized<br>Since Inception\*\* | Annualized<br>Since Inception\*\*\* |
| Class A | 0.51% | (11.04)% | 4.45% | 6.70% | 7.01% | N/A |
| Class A with load | (5.27)% | (16.16)% | 3.22% | 6.07% | 6.45% | N/A |
| Class C | 0.13% | (11.64)% | 3.67% | 5.90% | 6.20% | N/A |
| Class I | 0.64% | (10.82)% | 4.72% | N/A | N/A | 5.25% |
| MSCI All Country World Stock Index<sup>(a)</sup> | 2.51% | (17.96)% | 5.75% | 8.54% | 7.92% | 6.66% |
| MSCI All Country World Stock Value Index<sup>(b)</sup> | 5.84% | (6.86)% | 4.23% | 7.19% | 6.79% | 5.04% |

---

\* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. As disclosed in the Fund's prospectus dated November 1, 2022, the Fund's total gross annual operating expenses, including the cost of underlying funds, are 1.59% for Class A, 2.34% for Class C, and 1.34% for Class I shares. Please review the Fund's most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

(a) The
MSCI All Country World Stock Index is a free float-adjusted market capitalization index that is designed to measure global developed
market equity performance consisting of 24 developed market country indices. Investors cannot invest directly in an index.

(b) The
MSCI All Country World Stock Value Index captures large and mid cap securities exhibiting overall value style characteristics across
23 Developed Markets countries and 27 Emerging Markets countries. The value investment style characteristics for index construction are
defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Investors cannot invest directly
in an index.

\*\* Inception date is July 29, 2011 for Class A, Class C and the benchmark.

\*\*\* Inception date is June 6, 2014 for Class I and the benchmark.

---

| | |
|:---|:---|
| **Top Ten Holdings by Industry or Asset Type** | **% of Net Assets** |
| Biotech & Pharma | 13.4% |
| Technology Hardware | 6.8% |
| Food | 6.3% |
| Telecommunications | 5.6% |
| Gas & Water Utilities | 5.1% |
| Wholesale - Consumer Staples | 4.5% |
| Entertainment Content | 4.4% |
| Semiconductors | 3.7% |
| Construction Materials | 3.5% |
| Tobacco & Cannabis | 3.5% |
| Other/Cash & Equivalents | 43.2% |
|  | 100.0% |

---

Please refer to the Schedule of Investments for a more detailed breakdown of the Fund's assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![(CATALYST FUNDS LOGO)](cf002_v1.jpg) | **Catalyst Capital Advisors LLC \| 646-827-2761** |
| December 31, 2022 | December 31, 2022 |

---

**Catalyst/MAP Global Equity Fund (CAXAX, CAXCX, CAXIX)**

Dear Fellow Shareholders:

The Catalyst/MAP Global Equity Fund's (the "Fund") total returns for the one-year, three-year, five-year, and since inception periods through 12/31/22 as compared to the MSCI All Country World Stock Index<sup>1</sup> and the MSCI All Country World Stock Value Index <sup>2</sup> were as follows (unaudited):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund vs. Index Performance** | **1 Year** | **3 Years** | **5 Years** | **Since Inception<sup>3</sup>** |
| Class A without sales charge | -11.04% | 3.02% | 4.45% | 7.01% |
| Class A with sales charge | -16.16% | 1.01% | 3.22% | 6.45% |
| Class C | -11.64% | 2.26% | 3.67% | 6.20% |
| MSCI All Country World Stock Index<sup>1</sup> | -17.96% | 4.49% | 5.75% | 7.92% |
| MSCI All Country World Stock Value Index<sup>2</sup> | -6.86% | 4.04% | 4.23% | 6.79% |
| Class I (Inception Date – 6/6/14) | -10.82% | 3.27% | 4.72% | 5.25% |
| MSCI All Country World Stock Index<sup>1</sup> | -17.96% | 4.49% | 5.75% | 6.66% |
| MSCI All Country World Stock Value Index<sup>2</sup> | -6.86% | 4.04% | 4.23% | 5.04% |

---

The Fund's maximum sales charge for Class A shares is 5.75%. Investments in mutual funds involve risks. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance information or the Fund's prospectus, please call the Fund, toll-free at 1-866-447-4228. You can also obtain a prospectus at **www.CatalystMF.com.**

The Total Operating Expenses are 1.59%, 2.34%, 1.34% for A, C, and I shares as of the Fund's most recent prospectus dated November 1, 2022.

After being pressured during the first three quarters of 2022, stocks moved higher during the fourth quarter, marking their first quarterly gain for the year. While we believe inflation peaked in June when it hit an annual rate of 9.1%, it remains elevated relative to historical numbers, with November's annual Consumer Price Index (CPI) growing at a rate of 7.1%. As mentioned, stocks eventually rebounded during the fourth quarter as investors were increasingly hopeful that the Fed would stop raising interest rates or maybe even begin reducing them sometime next year. Most noteworthy to us in 2022 is how value stocks outperformed their "expensive," or growth, counterparts by the widest margin since 2000, which benefited the Fund. We would note that typically such cycles last multiple years, as evidenced by the outperformance that value enjoyed from the bursting of the dot-com bubble leading up to the Global Financial Crisis (GFC). It is also worth mentioning that historically, inflation has served as a tailwind for value stocks while creating a headwind for growth stocks.

With that said, the top five contributors to performance for the six-month period were Bunge (BG), up 11.1%; Grupo Herdez (HERDEZ\* MM), up 53.2%; Takeda Pharmaceuticals (TAK), up 15.7%; Campbell Soup (CPB), up 19.36%; and Cisco Systems (CSCO), up 13.3%. Inversely, the top five detractors to performance for the six-month period were Kratos Defense & Security (KTOS), down 25.9%; Vodafone (VOD), down 33.2%; Orange (ORAN), down 13.6%, Intel Corp (INTC), down 28.75%; and GrainCorp (GNC AU), down 18.1%.

While we admit our first expectation was that the Fed may start easing during 2023, given the stubborn nature of current inflationary pressures, we now believe the Fed will likely continue to raise rates during the first half of 2023,

36 N New York Avenue, FL 3, Huntington, NY 11743 I CatalystMF.com

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![(CATALYST FUNDS LOGO)](cf002_v1.jpg) | **Catalyst Capital Advisors LLC \| 646-827-2761** |

---

albeit at a slower pace than in 2022. Ultimately, we anticipate the Fed "hitting the pause button" on rate hikes sometime around mid-2023. However, barring a "Black Swan" event, we would be surprised to see the Fed 'pivot' and lower rates. As such, we now believe the Fed cutting rates is likely a 2024 phenomenon, which we would note contradicts current Street expectations. As mentioned above, we believe inflation will likely remain stubbornly elevated, specifically in the 4% - 5% level for some time, well above the Fed's current 2% target. While not a complete list, we believe there are three primary reasons supporting this thesis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Much of current inflation is caused by wages. Unlike commodity prices, which can fluctuate greatly, wages do not. Generally, wages only go in one direction: up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The movement toward a greener environment is likely to keep energy prices high; hydrocarbon production declines faster than new sources can be brought online to replace them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The world's economy is in the early stages of deglobalization. For years, globalization provided us with many inexpensive goods made in countries with cheap labor. Since COVID and the related supply chain issues, the focus has shifted away from cost and toward dependability/reliability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The geopolitical environment is changing. China is building strategic relationships not only with Russia but with the Middle East (in particular Saudi Arabia). Over the next few years, oil may be invoiced in yuan, not dollars. This would be a negative for the dollar and likely cause inflation to remain problematic for the U.S.

Looking at the portfolio activity during the first half of the Fund's fiscal year, turnover remains low. During the period, we exited shares of Intel Corp (INTC) as we underestimated the poor position the former management team had left the company in. We also exited shares of Koninklijke Philips NV (PHG), as we were wrong on the timing of a recovery at the company, as well as how long the company's supply chain issues would continue to impact their results. Finally, we exited shares of Grupo Herdez (HERDEZ\* MM), as liquidity in the name dipped below our stated thresholds, as well as shares of Swire Pacific Ltd (19 HK & 87 HK), as the shares performed extremely well since our initial purchase. We also trimmed positions in eBay (EBAY), Tetra Tech (TTEK), Micron (MU), and Campbell Soup (CPB), as we refocused on our top conviction ideas. With the proceeds from these transactions, we increased weightings in Applied Materials (AMAT), Wal-Mart (WMT), Home Depot (HD), Vivendi (VIVHY), MDU Resources (MDU), Meta Platforms (META), and Medtronic (MDT). We also added three names to the portfolio during the period. First, we purchased shares of Unilever (UL). The thesis behind adding the name is two-fold. First, it is a name we believe will perform well during a low-growth environment. And second, the shares have interest from active investors, which we believe could be beneficial to the valuation. And finally, we added two energy names to the portfolio, Hess (HES) and Chevron (CVX). As the war in Ukraine has tragically continued, we believe it is very unlikely that Russian oil or gas will return anytime soon and that some of their supply will be permanently impacted by the loss of U.S. technology. Furthermore, our mosaic of information leads us to conclude that hopes of a sharp increase in supplies in response to higher prices might not materialize.

As discussed in previous letters, we believe the Fed is in a challenging position as the economy struggles to find growth. At the same time, excess debt continues to serve as a barrier to prosperity. A large amount of debt also hinders the Fed's ability to raise interest rates to a level sufficient to stifle inflation. For example, in 1980, then Fed Chairman Paul Volker "broke the back of inflation" by taking short-term and long-term rates close to 20%. In 1980, federal debt stood at one trillion dollars; today, it stands at approximately $31 trillion. Applying 1980 interest rates to today's federal debt load, annual interest costs would approximate $4 trillion - about how much the federal government collects in yearly tax receipts. Whether or not we officially enter a recession in 2023 is debatable. Still, the yield curve (historically a very accurate indicator of recessions) suggests it is a good possibility. If we do indeed enter a recession, we believe it will be relatively shallow (given the strength of the current job market) but extended. The typical tools the government implements to jump-start a lagging economy do not seem plausible. In other words, they do not have enough tools in their toolbox. Given the amount of the deficit, tax cuts appear unlikely; and

36 N New York Avenue, FL 3, Huntington, NY 11743 I CatalystMF.com

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![(CATALYST FUNDS LOGO)](cf002_v1.jpg) | **Catalyst Capital Advisors LLC \| 646-827-2761** |

---

with stubborn inflation, we don't believe the Fed will rush to resume Quantitative Easing (QE) or lower (as we mentioned earlier) interest rates.

Given an uncertain economic backdrop, we think owning economically defensive names in sectors such as Consumer Staples (particularly agricultural names) and Healthcare makes sense. Materials and Energy names should also provide an inflationary hedge. While technology typically tends to underperform during inflationary environments, we believe exposure to specific technology names that benefit from adopting technologically driven solutions to labor shortages and rising wages should perform well over the long term.

In summary, we would be remiss not to mention how volatile markets can be with the dissemination of single economic data points. For example, there have been times when a softer-than-expected inflation number sends stocks soaring one day, while more robust-than-expected inflationary data sends them retreating the next session. We note that seldom does economic data move in a linear direction. We believe the economic scenario discussed above should allow for more favorable market conditions in 2023 relative to 2022. Additionally, as has been our mantra for some time, selectivity will remain essential. Focusing on individual stock selection instead of broad indices whose performance has benefitted from low-interest rates and quantitative easing will be critical to delivering solid risk-adjusted returns for the next decade.

Kindest Regards,

Michael S. Dzialo, Peter J. Swan, and Karen M. Culver<br> Portfolio Managers

**This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current Fund prospectus. To obtain a prospectus or other information about the Fund, please visit www.CatalystMF.com or call 1-866-447-4228. Please read the prospectus carefully before investing.**

The Catalyst Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Catalyst Capital Advisors, LLC is not affiliated with Northern Lights Distributors, LLC.

<sup>1</sup> The MSCI All Country World Stock Index is a market capitalization-weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International and is comprised of stocks from both developed and emerging markets. The Catalyst/MAP Global Equity Fund may or may not purchase the types of securities represented by the MSCI All Country World Stock Index.

<sup>2</sup> The MSCI All Country World Stock Value Index captures large- and mid-cap securities exhibiting overall value style characteristics across 23 developed markets (DM) countries. The MSCI ACWI Value is maintained by Morgan Stanley Capital International. The Catalyst/MAP Global Equity Fund may or may not purchase the types of securities represented by the MSCI All Country World Stock Value Index.

<sup>3</sup> Since inception returns assume an inception date of 7/29/11 for Class A and Class C shares, and an inception date of 6/6/14 for Class I shares. The performance information quoted in this Semi Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor's return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% ("sales load") on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge ("CDSC fee") is imposed on certain redemptions of Class A

36 N New York Avenue, FL 3, Huntington, NY 11743 I CatalystMF.com

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![(CATALYST FUNDS LOGO)](cf002_v1.jpg) | **Catalyst Capital Advisors LLC \| 646-827-2761** |

---

shares held less than two years after the date of purchase and Class C shares held less than one year after the date of purchase (excluding in each case, shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

1154-NLD-01312023

36 N New York Avenue, FL 3, Huntington, NY 11743 I CatalystMF.com

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| |
|:---|
| **Catalyst/Lyons Tactical Allocation Fund** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for each of the periods ended December 31, 2022, compared to its benchmarks:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br>Six Month Return | <br>1 Year Return | Annualized<br>5 Year Return | Annualized<br>Ten Year Return | Annualized<br>Since Inception\*\* | Annualized<br>Since Inception\*\*\* |
| Class A | (1.17)% | (24.38)% | 2.16% | 8.00% | 8.22% | N/A |
| Class A with load | (6.85)% | (28.74)% | 0.95% | 7.36% | 7.61% | N/A |
| Class C | (1.56)% | (24.97)% | 1.38% | 7.19% | 7.42% | N/A |
| Class I | (1.10)% | (24.24)% | 2.40% | N/A | N/A | 5.04% |
| Lipper Flexible Portfolio Funds Index<sup>(a)</sup> | 1.82% | (15.19)% | 4.55% | 6.15% | 6.55% | 4.79% |
| S&P 500 Total Return Index<sup>(b)</sup> | 2.31% | (18.11)% | 9.42% | 12.56% | 12.52% | 10.30% |

---

\* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. As disclosed in the Fund's prospectus dated November 1, 2022, the Fund's total gross annual operating expenses, including the cost of underlying funds, are 1.90% for Class A, 2.65% for Class C, and 1.65% for Class I shares. Please review the Fund's most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

(a) The
Lipper Flexible Portfolio Funds Index, is an index that, by portfolio practice, allocates its investments across various asset classes,
including both domestic and foreign stocks, bonds, and money market instruments, with a focus on total return. At least 25% of its portfolio
is invested in securities traded outside of the United States. Investors cannot invest directly in an index.

(b) The
S&P 500 Total Return Index, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely
held common stocks. Investors cannot invest directly in an index.

\*\* Inception date is July 2, 2012 for Class A, Class C and the benchmarks.

\*\*\* Inception date is June 6, 2014 for Class I and the benchmarks.

---

| | |
|:---|:---|
| **Top Ten Holdings by Industry or Asset Type** | **% of Net Assets** |
| U.S. Treasury Bills | 71.7% |
| U.S. Treasury Notes | 11.6% |
| Other/Cash & Equivalents | 16.7% |
|  | 100.0% |

---

Please refer to the Schedule of Investments for a more detailed breakdown of the Fund's assets.

---

| |
|:---|
| **Catalyst Dynamic Alpha Fund** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for each of the periods ended December 31, 2022, compared to its benchmark:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br>Six Month Return | <br>1 Year Return | Annualized<br>5 Year Return | Annualized<br>Ten Year Return | Annualized<br>Since Inception\*\* | Annualized<br>Since Inception\*\*\* |
| Class A | 5.46% | (14.87)% | 5.64% | 12.36% | 12.33% | N/A |
| Class A with load | (0.61)% | (19.77)% | 4.40% | 11.69% | 11.73% | N/A |
| Class C | 5.05% | (15.49)% | 4.85% | 11.51% | 11.49% | N/A |
| Class I | 5.58% | (14.65)% | 5.90% | N/A | N/A | 9.65% |
| S&P 500 Total Return Index<sup>(a)</sup> | 2.31% | (18.11)% | 9.42% | 12.56% | 12.87% | 10.30% |

---

\* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. As disclosed in the Fund's prospectus dated November 1, 2022, the Fund's total gross annual operating expenses are 1.49% for Class A, 2.24% for Class C and 1.24% for Class I shares. Please review the Fund's most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

(a) The
S&P 500 Total Return Index, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely
held common stocks. Investors cannot invest directly in an index.

\*\* Inception date is December 22, 2011 for Class A, Class C and the benchmark.

\*\*\* Inception date is June 6, 2014 for Class I and the benchmark.

---

| | |
|:---|:---|
| **Top Ten Holdings by Industry or Asset Type** | **% of Net Assets** |
| Health Care Facilities & Services | 10.3% |
| Biotech & Pharma | 10.2% |
| Oil & Gas Producers | 7.8% |
| Semiconductors | 7.7% |
| Insurance | 6.7% |
| Food | 6.2% |
| Chemicals | 5.5% |
| Engineering & Construction | 5.5% |
| Technology Services | 4.6% |
| Asset Management | 3.8% |
| Other/Cash & Equivalents | 31.7% |
|  | 100.0% |

---

Please refer to the Schedule of Investments for a more detailed breakdown of the Fund's assets.

---

| |
|:---|
| **CATALYST INSIDER BUYING FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 4.9%** |  |
| 6480 | Crocs, Inc.<sup>(a),(b)</sup> | $702627 |
|  | **ASSET MANAGEMENT - 4.8%** |  |
| 10680 | Apollo Global Management, Inc.<sup>(b)</sup> | 681277 |
|  | **AUTOMOTIVE - 3.5%** |  |
| 4000 | Tesla, Inc.<sup>(a)</sup> | 492720 |
|  | **E-COMMERCE DISCRETIONARY - 0.5%** |  |
| 80 | MercadoLibre, Inc.<sup>(a)</sup> | 67699 |
|  | **LEISURE PRODUCTS - 4.6%** |  |
| 15700 | YETI Holdings, Inc.<sup>(a),(b)</sup> | 648567 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.4%** |  |
| 370 | Thermo Fisher Scientific, Inc. | 203755 |
|  | **METALS & MINING - 23.3%** |  |
| 30400 | Alliance Resource Partners, L.P. | 617728 |
| 4480 | Alpha Metallurgical Resources, Inc. | 655827 |
| 4760 | Arch Resources, Inc.<sup>(b)</sup> | 679680 |
| 26100 | Peabody Energy Corporation<sup>(a),(b)</sup> | 689563 |
| 19000 | Warrior Met Coal, Inc. | 658160 |
|  |  | 3300958 |
|  | **OIL & GAS PRODUCERS - 20.3%** |  |
| 8900 | Antero Resources Corporation<sup>(a)</sup> | 275811 |
| 3400 | Cheniere Energy, Inc. | 509864 |
| 6480 | Chesapeake Energy Corporation | 611518 |
| 5925 | EQT Corporation | 200443 |
| 12650 | Range Resources Corporation | 316503 |
| 105200 | Southwestern Energy Company<sup>(a),(b)</sup> | 615420 |
| 19650 | Vermilion Energy, Inc. | 347805 |
|  |  | 2877364 |

---

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

---

| |
|:---|
| **CATALYST INSIDER BUYING FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **RENEWABLE ENERGY - 4.7%** |  |
| 1455 | Enphase Energy, Inc.<sup>(a)</sup> | $385516 |
| 995 | SolarEdge Technologies, Inc.<sup>(a)</sup> | 281854 |
|  |  | 667370 |
|  | **SEMICONDUCTORS - 1.2%** |  |
| 1500 | QUALCOMM, Inc. | 164910 |
|  | **SOFTWARE - 20.5%** |  |
| 450920 | Hims & Hers Health, Inc.<sup>(a),(b)</sup> | 2890396 |
| 70 | Microsoft Corporation<sup>(b)</sup> | 16787 |
| 50 | ServiceNow, Inc.<sup>(a)</sup> | 19414 |
|  |  | 2926597 |
|  | **SPECIALTY FINANCE - 0.3%** |  |
| 10400 | SoFi Technologies, Inc.<sup>(a)</sup> | 47944 |
|  | **TECHNOLOGY HARDWARE - 7.1%** |  |
| 6100 | Sanmina Corporation<sup>(a)</sup> | 349469 |
| 8000 | Super Micro Computer, Inc.<sup>(a),(b)</sup> | 656800 |
|  |  | 1006269 |
|  | **TRANSPORTATION & LOGISTICS - 0.5%** |  |
| 4050 | ZIM Integrated Shipping Services Ltd.<sup>(b)</sup> | 69620 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.4%** |  |
| 2100 | Archer-Daniels-Midland Company | 194985 |
|  | **TOTAL COMMON STOCKS (Cost $13,468,881)** | 14052662 |

---

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

---

| |
|:---|
| **CATALYST INSIDER BUYING FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 34.2%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 34.2%** |  |
| 4861198 | Mount Vernon Liquid Assets Portfolio, LLC, , 4.49% (Cost $4,861,198)<sup>(c)</sup> | $4861198 |
|  | **TOTAL INVESTMENTS - 133.2% (Cost $18,330,079)** | $18913860 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (33.2)%** | (4717510) |
|  | **NET ASSETS - 100.0%** | $14196350 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of these securities are on loan. Total loaned securities had a value of $4,706,262 at December 31, 2022. |
| <sup>(c)</sup> | Rate disclosed is the seven day effective yield as of December 31, 2022. |
| <sup>(d)</sup> | Mutual Fund Series 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% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%. |

---

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

---

| |
|:---|
| **CATALYST ENERGY INFRASTRUCTURE** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **OIL & GAS PRODUCERS - 99.7%** |  |
| 151383 | Cheniere Energy, Inc. | $22701395 |
| 149052 | Crestwood Equity Partners, L.P. | 3903672 |
| 110597 | DT Midstream, Inc. | 6111590 |
| 235277 | Enbridge, Inc. | 9199331 |
| 1957032 | Energy Transfer, L.P. | 23229970 |
| 909413 | EnLink Midstream, LLC | 11185780 |
| 435693 | Enterprise Products Partners, L.P. | 10508915 |
| 1330520 | Equitrans Midstream Corporation | 8914484 |
| 259726 | Gibson Energy, Inc. | 4534822 |
| 173562 | Hess Midstream, L.P., Class A | 5192975 |
| 232071 | Keyera Corporation | 5071813 |
| 533467 | Kinder Morgan, Inc. | 9645083 |
| 82593 | Kinetik Holdings, Inc. | 2732176 |
| 94763 | Magellan Midstream Partners, L.P. | 4758050 |
| 24010 | Marathon Petroleum Corporation | 2794524 |
| 132840 | MPLX, L.P. | 4362466 |
| 2684381 | NextDecade Corporation<sup>(a)</sup> | 13260842 |
| 282401 | NuStar Energy, L.P. | 4518416 |
| 306578 | ONEOK, Inc. | 20142175 |
| 287796 | Pembina Pipeline Corporation | 9770674 |
| 889892 | Plains GP Holdings, L.P., Class A | 11070256 |
| 158418 | Targa Resources Corporation | 11643723 |
| 227952 | TC Energy Corporation | 9086167 |
| 162177 | Western Midstream Partners, L.P. | 4354452 |
| 574471 | Williams Companies, Inc. (The) | 18900097 |
|  |  | 237593848 |
|  | **TOTAL COMMON STOCKS (Cost $196,691,824)** | 237593848 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $196,691,824)** | $237593848 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 815932 |
|  | **NET ASSETS - 100.0%** | $238409780 |

---

---

| | |
|:---|:---|
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| <sup>(a)</sup> | Non-income producing security. |

---

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

---

| |
|:---|
| **CATALYST/MAP GLOBAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUND — 3.2%** |  |
|  | **COMMODITY - 3.2%** |  |
| 144000 | Sprott Physical Gold and Silver Trust<sup>(a)</sup> | $2581920 |
|  | **TOTAL CLOSED END FUND (Cost $1,917,569)** | 2581920 |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.2%** |  |
|  | **AEROSPACE & DEFENSE - 2.0%** |  |
| 154840 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 1597949 |
|  | **ASSET MANAGEMENT - 2.2%** |  |
| 21800 | Groupe Bruxelles Lambert S.A. | 1740918 |
|  | **BEVERAGES - 2.0%** |  |
| 3200000 | Thai Beverage PCL | 1636554 |
|  | **BIOTECH & PHARMA - 13.4%** |  |
| 13900 | Johnson & Johnson | 2455435 |
| 35680 | Novartis A.G. - ADR | 3236889 |
| 59750 | Sanofi - ADR | 2893693 |
| 138000 | Takeda Pharmaceutical Company Ltd. - ADR | 2152800 |
|  |  | 10738817 |
|  | **CABLE & SATELLITE - 1.0%** |  |
| 116000 | MultiChoice Group<sup>(b)</sup> | 800315 |
|  | **CHEMICALS - 3.3%** |  |
| 59465 | Mosaic Company (The) | 2608730 |
|  | **CONSTRUCTION MATERIALS - 3.5%** |  |
| 25180 | Holcim Ltd. | 1303949 |
| 51510 | MDU Resources Group, Inc. | 1562813 |
|  |  | 2866762 |
|  | **E-COMMERCE DISCRETIONARY - 1.3%** |  |
| 25853 | eBay, Inc. | 1072124 |

---

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

---

| |
|:---|
| **CATALYST/MAP GLOBAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.2% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION - 3.1%** |  |
| 16925 | Tetra Tech, Inc. | $2457341 |
|  | **ENTERTAINMENT CONTENT - 4.4%** |  |
| 5919 | Electronic Arts, Inc. | 723183 |
| 256280 | Vivendi S.A. | 2446173 |
| 36002 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 341299 |
|  |  | 3510655 |
|  | **FOOD - 6.3%** |  |
| 14932 | Campbell Soup Company | 847391 |
| 169700 | GrainCorp Ltd.<sup>(b)</sup> | 857222 |
| 19550 | Nestle S.A. - ADR | 2254897 |
| 471260 | United Malt Grp Ltd. | 1113264 |
|  |  | 5072774 |
|  | **GAS & WATER UTILITIES - 5.1%** |  |
| 39270 | National Fuel Gas Company | 2485791 |
| 43000 | UGI Corporation | 1594010 |
|  |  | 4079801 |
|  | **HOUSEHOLD PRODUCTS - 3.0%** |  |
| 100000 | Reckitt Benckiser Group plc - ADR | 1409000 |
| 18960 | Unilever plc - ADR | 954636 |
|  |  | 2363636 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.6%** |  |
| 79500 | JSE Ltd. | 507463 |
|  | **INTERNET MEDIA & SERVICES - 1.3%** |  |
| 8651 | Meta Platforms, Inc., Class A<sup>(a)</sup> | 1041061 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.0%** |  |
| 20263 | Medtronic plc | 1574840 |
|  | **METALS & MINING - 2.9%** |  |
| 42000 | Anglo American plc - ADR | 823620 |
| 13000 | Anglo American PLC | 508625 |

---

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

---

| |
|:---|
| **CATALYST/MAP GLOBAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.2% (Continued)** |  |
|  | **METALS & MINING - 2.9% (Continued)** |  |
| 25755 | Freeport-McMoRan, Inc. | $978690 |
|  |  | 2310935 |
|  | **OIL & GAS PRODUCERS - 2.0%** |  |
| 4557 | Chevron Corporation | 817936 |
| 5710 | Hess Corporation | 809792 |
|  |  | 1627728 |
|  | **RETAIL - CONSUMER STAPLES - 2.1%** |  |
| 12062 | Walmart, Inc. | 1710271 |
|  | **RETAIL - DISCRETIONARY - 1.8%** |  |
| 4445 | Home Depot, Inc. (The) | 1403998 |
|  | **SEMICONDUCTORS - 3.7%** |  |
| 15472 | Applied Materials, Inc. | 1506663 |
| 28619 | Micron Technology, Inc. | 1430378 |
|  |  | 2937041 |
|  | **SOFTWARE - 2.8%** |  |
| 9310 | Microsoft Corporation | 2232724 |
|  | **TECHNOLOGY HARDWARE - 6.8%** |  |
| 12300 | Apple, Inc. | 1598139 |
| 46810 | Cisco Systems, Inc. | 2230029 |
| 365550 | Nokia OYJ - ADR | 1696152 |
|  |  | 5524320 |
|  | **TELECOMMUNICATIONS - 5.6%** |  |
| 62300 | AT&T, Inc. | 1146943 |
| 204606 | Orange S.A. - ADR | 2021507 |
| 134930 | Vodafone Group plc - ADR | 1365492 |
|  |  | 4533942 |
|  | **TOBACCO & CANNABIS - 3.5%** |  |
| 18800000 | Hanjaya Mandala Sampoerna Tbk P.T. | 1017460 |
| 71000 | Imperial Brands plc - ADR | 1775000 |
|  |  | 2792460 |

---

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

---

| |
|:---|
| **CATALYST/MAP GLOBAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.2% (Continued)** |  |
|  | **WHOLESALE - CONSUMER STAPLES - 4.5%** |  |
| 35060 | Bunge Ltd. | $3497936 |
|  | **TOTAL COMMON STOCKS (Cost $62,962,237)** | 72241095 |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 4.6%** |  |
|  | **FIXED INCOME - 4.6%** |  |
| 40000 | SPDR Bloomberg 1-3 Month T-Bill ETF | 3658800 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $3,658,600)** | 3658800 |
|  | **TOTAL INVESTMENTS - 98.0% (Cost $68,538,406)** | $78481815 |
|  | **CALL OPTIONS WRITTEN - 0.0% (Proceeds - $82,948)** | (7875) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** | 1600843 |
|  | **NET ASSETS - 100.0%** | $80074783 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - 0.0% <sup>(d)</sup>** | **WRITTEN EQUITY OPTIONS - 0.0% <sup>(d)</sup>** | **WRITTEN EQUITY OPTIONS - 0.0% <sup>(d)</sup>** |  |  |  |
|  | **CALL OPTIONS WRITTEN- 0.0%<sup>(d)</sup>** | **CALL OPTIONS WRITTEN- 0.0%<sup>(d)</sup>** | **CALL OPTIONS WRITTEN- 0.0%<sup>(d)</sup>** |  |  |  |
| 525 | Mosaic Company (The) | PER | 03/17/2023 | $65 | $2303175 | $7875 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $82,948) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $82,948) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $82,948) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $82,948) |  |  |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $82,948) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $82,948) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $82,948) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $82,948) |  | $7875 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| OYJ | - Julkinen osakeyhtiö |
| PLC | - Public Limited Company |
| PT | - Perseroan Terbatas |
| S/A | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |
| PER | Pershing |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | The value of this security has been determined in good faith under policies of the Board of Trustees. |
| <sup>(c)</sup> | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
| <sup>(d)</sup> | Percentage rounds to greater than (0.1%) |

---

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

---

| |
|:---|
| **CATALYST/LYONS TACTICAL ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 83.3%** |  |  |  |
|  | **U.S. TREASURY BILLS — 71.7%** |  |  |  |
| 5050000 | United States Treasury Bill<sup>(a)</sup> |  | 06/15/23 | $4948311 |
| 5085000 | United States Treasury Note | 2.5000 | 05/31/24 | 4935827 |
| 1752000 | United States Treasury Note | 0.3750 | 07/15/24 | 1642158 |
| 1741000 | United States Treasury Note | 1.5000 | 02/15/25 | 1640008 |
| 1695000 | United States Treasury Note | 2.8750 | 06/15/25 | 1639648 |
| 1853000 | United States Treasury Note | 0.8750 | 09/30/26 | 1647940 |
| 1725000 | United States Treasury Note | 2.7500 | 04/30/27 | 1637537 |
| 2906000 | United States Treasury Note | 0.5000 | 08/31/27 | 2477933 |
| 2624000 | United States Treasury Note | 2.8750 | 04/30/29 | 2463434 |
| 2680000 | United States Treasury Note | 2.8750 | 05/15/32 | 2479000 |
|  |  |  |  | 25511796 |
|  | **U.S. TREASURY NOTES — 11.6%** |  |  |  |
| 1836000 | United States Treasury Note | 0.7500 | 03/31/26 | 1647667 |
| 2901000 | United States Treasury Note | 1.5000 | 02/15/30 | 2479448 |
|  |  |  |  | 4127115 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $30,838,077)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $30,838,077)** |  | 29638911 |
|  | **TOTAL INVESTMENTS - 83.3% (Cost $30,838,077)** | **TOTAL INVESTMENTS - 83.3% (Cost $30,838,077)** |  | $29638911 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.7%** |  | 5944222 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $35583133 |

---

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

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

---

| |
|:---|
| **CATALYST DYNAMIC ALPHA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5%** |  |
|  | **AEROSPACE & DEFENSE - 3.3%** |  |
| 40700 | Raytheon Technologies Corporation | $4107444 |
|  | **ASSET MANAGEMENT - 3.8%** |  |
| 22250 | LPL Financial Holdings, Inc. | 4809783 |
|  | **BANKING - 1.7%** |  |
| 2900 | First Citizens BancShares, Inc., Class A | 2199244 |
|  | **BEVERAGES - 2.9%** |  |
| 15600 | Constellation Brands, Inc., Class A | 3615300 |
|  | **BIOTECH & PHARMA - 10.2%** |  |
| 47600 | Merck & Company, Inc. | 5281219 |
| 88000 | Pfizer, Inc. | 4509120 |
| 10825 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 3126044 |
|  |  | 12916383 |
|  | **CHEMICALS - 5.5%** |  |
| 12350 | Albemarle Corporation<sup>(b)</sup> | 2678221 |
| 71500 | Corteva, Inc. | 4202770 |
|  |  | 6880991 |
|  | **ELECTRICAL EQUIPMENT - 2.7%** |  |
| 44275 | Amphenol Corporation, Class A | 3371099 |
|  | **ENGINEERING & CONSTRUCTION - 5.5%** |  |
| 49100 | Quanta Services, Inc. | 6996750 |
|  | **FOOD - 6.2%** |  |
| 22050 | Hershey Company (The) | 5106119 |
| 30200 | Lamb Weston Holdings, Inc. | 2698672 |
|  |  | 7804791 |
|  | **HEALTH CARE FACILITIES & SERVICES - 10.3%** |  |
| 31200 | AmerisourceBergen Corporation | 5170152 |
| 14775 | UnitedHealth Group, Inc. | 7833409 |
|  |  | 13003561 |

---

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

---

| |
|:---|
| **CATALYST DYNAMIC ALPHA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.3%** |  |
| 8350 | Goldman Sachs Group, Inc. (The) | $2867223 |
|  | **INSURANCE - 6.7%** |  |
| 47800 | MetLife, Inc. | 3459286 |
| 26050 | Travelers Companies, Inc. (The) | 4884114 |
|  |  | 8343400 |
|  | **OIL & GAS PRODUCERS - 7.8%** |  |
| 83650 | Devon Energy Corporation | 5145312 |
| 140200 | Williams Companies, Inc. (The)<sup>(b)</sup> | 4612580 |
|  |  | 9757892 |
|  | **RENEWABLE ENERGY - 3.1%** |  |
| 14800 | Enphase Energy, Inc.<sup>(a)</sup> | 3921408 |
|  | **RETAIL - DISCRETIONARY - 3.1%** |  |
| 60400 | Builders FirstSource, Inc.<sup>(a),(b)</sup> | 3918752 |
|  | **SEMICONDUCTORS - 7.7%** |  |
| 10025 | KLA Corporation | 3779726 |
| 95850 | ON Semiconductor Corporation<sup>(a),(b)</sup> | 5978164 |
|  |  | 9757890 |
|  | **SPECIALTY REITS - 2.4%** |  |
| 60100 | Iron Mountain, Inc.<sup>(b)</sup> | 2995985 |
|  | **TECHNOLOGY HARDWARE - 3.1%** |  |
| 15375 | Motorola Solutions, Inc. | 3962291 |
|  | **TECHNOLOGY SERVICES - 4.6%** |  |
| 29000 | Booz Allen Hamilton Holding Corporation | 3031080 |
| 6900 | FactSet Research Systems, Inc. | 2768349 |
|  |  | 5799429 |
|  | **TELECOMMUNICATIONS - 3.4%** |  |
| 30700 | T-Mobile US, Inc.<sup>(a)</sup> | 4298000 |

---

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

---

| |
|:---|
| **CATALYST DYNAMIC ALPHA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **WHOLESALE - CONSUMER STAPLES - 3.2%** |  |
| 53300 | Sysco Corporation<sup>(b)</sup> | $4074785 |
|  | **TOTAL COMMON STOCKS (Cost $107,331,727)** | 125402401 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 16.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 16.0%** |  |
| 20208921 | Mount Vernon Liquid Assets Portfolio, LLC, 4.49% (Cost $20,208,921)<sup>(c),(d)</sup> | 20208921 |
|  | **TOTAL INVESTMENTS - 115.5% (Cost $127,540,648)** | $145611322 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (15.5)%** | (19544074) |
|  | **NET ASSETS - 100.0%** | $126067248 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| REIT | - Real Estate Investment Trust |

---

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

<sup>(b)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $19,686,099 at December 31, 2022.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

<sup>(d)</sup> Mutual Fund Series 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% 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% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Assets and Liabilities (Unaudited) |
| December 31, 2022 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst Insider**<br>**Buying Fund** | **Catalyst Energy**<br>**Infrastructure Fund** | **Catalyst/MAP**<br>**Global Equity Fund** |
| **ASSETS:** |  |  |  |
| Investment in Securities, at Cost | $18330079 | $196691824 | $68538406 |
| Investment in Securities, at Value | $18913860 | $237593848 | $78481815 |
| Cash | 164324 | 461581 | 5114367 |
| Foreign Currency, at value (at cost $0, $34,674, $0) |  | 34674 |  |
| Receivable for Fund shares sold | 131 | 401890 | 131824 |
| Dividends and interest receivable | 30968 | 290715 | 336793 |
| Prepaid expenses and other assets | 31530 | 42061 | 28705 |
| &nbsp;&nbsp;&nbsp;Total Assets | **19140813** | **238824769** | **84093504** |
| **LIABILITIES:** |  |  |  |
| Options written (premiums received $0, $0, $82,948) |  |  | 7875 |
| Payable upon return of securities loaned (Market value of securities on loan $4,706,262, $0, $0) | 4861198 |  |  |
| Payable for securities purchased |  |  | 3918724 |
| Payable for Fund shares redeemed | 40874 | 62595 |  |
| Management fees payable | 3265 | 245520 | 42972 |
| Trustee fee payable | 3207 | 3232 | 3252 |
| Payable to related parties | 5969 | 15022 | 6098 |
| Accrued 12b-1 fees | 9669 | 67016 | 15513 |
| Accrued expenses and other liabilities | 20281 | 21604 | 24287 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **4944463** | **414989** | **4018721** |
| &nbsp;&nbsp;&nbsp;Net Assets | $**14196350** | $**238409780** | $**80074783** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid in capital | $67759793 | $250623596 | $70792843 |
| Accumulated earnings (losses) | (53563443) | (12213816) | 9281940 |
| **Net Assets** | $**14196350** | $**238409780** | $**80074783** |
| **Class A** |  |  |  |
| Net Assets | $8347302 | $28795108 | $8898571 |
| Shares of beneficial interest outstanding (a) | 649843 | 1482168 | 569235 |
| Net asset value per share (Net assets/shares outstanding) | $12.85 | $19.43 | $15.63 |
| Maximum offering price per share (b) | $13.63 | $20.62 | $16.58 |
| Minimum redemption price per share (c) | $12.72 | $19.24 | $15.47 |
| **Class C** |  |  |  |
| Net Assets | $2128365 | $25423190 | $7883489 |
| Shares of beneficial interest outstanding (a) | 173759 | 1310177 | 519427 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $12.25 | $19.40 | $15.18 |
| **Class I** |  |  |  |
| Net Assets | $3720683 | $184191482 | $63292723 |
| Shares of beneficial interest outstanding (a) | 283656 | 9442489 | 4041003 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $13.12 | $19.51 | $15.66 |

---

------

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

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

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

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

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Assets and Liabilities (Unaudited)(Continued) |
| December 31, 2022 |

---

------

---

| | | |
|:---|:---|:---|
| | **Catalyst/Lyons**<br>**Tactical**<br>**Allocation Fund** | **Catalyst**<br>**Dynamic Alpha**<br>**Fund** |
| **ASSETS:** |  |  |
| Investment in Securities, at Cost | $30838077 | $127540648 |
| Investment in Securities, at Value | $29638911 | $145611322 |
| Cash | 5918386 | 668552 |
| Receivable for securities sold |  | 111010 |
| Receivable for Fund shares sold | 600 | 107189 |
| Dividends and interest receivable | 105337 | 131681 |
| Prepaid expenses and other assets | 33304 | 30308 |
| &nbsp;&nbsp;&nbsp;Total Assets | **35696538** | **146660062** |
| **LIABILITIES:** |  |  |
| Payable upon return of securities loaned (Market value of securities on loan |  | 20208921 |
| $0, $0, and $19,686,076, respectively) |  |  |
| Payable for Fund shares redeemed | 39777 | 143393 |
| Management fees payable | 23007 | 95862 |
| Trustee fee payable | 3225 | 3285 |
| Payable to related parties | 7188 | 12424 |
| Accrued 12b-1 fees | 20070 | 88373 |
| Accrued expenses and other liabilities | 20138 | 40556 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **113405** | **20592814** |
| &nbsp;&nbsp;&nbsp;Net Assets | $**35583133** | $**126067248** |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid in capital | $37165045 | $111888939 |
| Accumulated earnings (losses) | (1581912) | 14178309 |
| **Net Assets** | $**35583133** | $**126067248** |
| **Class A** |  |  |
| Net Assets | $5505577 | $67374578 |
| Shares of beneficial interest outstanding (a) | 410647 | 3715068 |
| Net asset value per share (Net assets/shares outstanding) | $13.41 | $18.15 |
| Maximum offering price per share (b) | $14.23 | $19.26 |
| Minimum redemption price per share (c) | $13.28 | $17.97 |
| **Class C** |  |  |
| Net Assets | $15579703 | $25199389 |
| Shares of beneficial interest outstanding (a) | 1215277 | 1571508 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $12.82 | $16.04 |
| **Class I** |  |  |
| Net Assets | $14497853 | $33493281 |
| Shares of beneficial interest outstanding (a) | 1079201 | 1806890 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $13.43 | $18.54 |

---

------

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

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

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

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

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Operations (Unaudited) |
| For the Six Months Ended December 31, 2022 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Catalyst Insider**<br>**Buying Fund** | **Catalyst Energy**<br>**Infrastructure Fund** | **Catalyst/MAP**<br>**Global Equity Fund** |
| **Investment Income:** |  |  |  |
| Dividend income | $206519 | $6410306 | $822140 |
| Interest income | 2044 | 12318 | 40828 |
| Securities lending - net | 6779 |  |  |
| Foreign tax withheld | (6958) | (187587) | (121267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **208384** | **6235037** | **741701** |
| **Operating Expenses:** |  |  |  |
| Investment management fees | 79208 | 1485553 | 363846 |
| 12b-1 fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 11305 | 36942 | 11126 |
| &nbsp;&nbsp;&nbsp;Class C | 12347 | 128728 | 40191 |
| Registration fees | 24236 | 28431 | 20657 |
| Administration fees | 12218 | 42211 | 21801 |
| Networking fees | 11978 | 107186 | 31807 |
| Trustees' fees | 7055 | 7055 | 7032 |
| Audit fees | 6867 | 6872 | 7749 |
| Legal fees | 6036 | 6701 | 6433 |
| Printing expense | 4048 | 11248 | 2813 |
| Compliance officer fees | 2996 | 7740 | 4812 |
| Transfer agent fees | 2609 | 7049 | 3261 |
| Custody fees | 2153 | 10367 | 7253 |
| Management services fees | 1774 | 26497 | 8117 |
| Insurance expense | 589 | 2499 | 1366 |
| Interest expense | 1084 | 3000 |  |
| Miscellaneous expense | 1434 | 1364 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **187937** | **1919443** | **539768** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived and/or reimbursed by Manager | (61854) | (49883) | (138980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **126083** | **1869560** | **400788** |
| **Net Investment Income** | **82301** | **4365477** | **340913** |
| **Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, and Foreign Currency Translations:** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (5095832) | 1369987 | 360857 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (10877) | 21007 |
| **Net realized gain (loss)** | (5095832) | 1359110 | 381864 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 7007709 | 18322926 | (457719) |
| &nbsp;&nbsp;&nbsp;Options written |  |  | 75073 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  | (966) | 3339 |
| **Net change in unrealized appreciation (depreciation)** | 7007709 | 18321960 | (379307) |
| **Net Realized and Unrealized Gain on Investments** | **1911877** | **19681070** | **2557** |
| **Net Increase in Net Assets Resulting From Operations** | $**1994178** | $**24046547** | $**343470** |

---

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

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Operations (Unaudited)(Continued) |
| For the Six Months Ended December 31, 2022 |

---

------

---

| | | |
|:---|:---|:---|
| | **Catalyst/Lyons**<br>**Tactical**<br>**Allocation Fund** | **Catalyst**<br>**Dynamic Alpha**<br>**Fund** |
| **Investment Income:** |  |  |
| Dividend Income | $5210 | $1164166 |
| Interest Income | 557666 | 10047 |
| Securities lending - net |  | 21291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **562876** | **1195504** |
| **Operating Expenses:** |  |  |
| Investment management fees | 251461 | 656236 |
| 12b-1 fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 7574 | 86034 |
| &nbsp;&nbsp;&nbsp;Class C | 81229 | 133586 |
| Registration fees | 23669 | 26199 |
| Networking fees | 19060 | 61341 |
| Administration fees | 16203 | 27635 |
| Trustees' fees | 7055 | 7028 |
| Audit fees | 6782 | 6774 |
| Legal fees | 6385 | 8421 |
| Compliance officer fees | 5822 | 6830 |
| Management services fees | 4518 | 14664 |
| Printing expense | 2318 | 6231 |
| Custody fees | 2263 | 5325 |
| Transfer agent fees | 2065 | 5071 |
| Insurance expense | 756 | 2590 |
| Miscellaneous expense | 1363 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **438523** | **1055177** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived and/or reimbursed by Manager | (92403) | (94040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **346120** | **961137** |
| **Net Investment Income** | **216756** | **234367** |
| **Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Purchased Options, Written Options, and Foreign Currency Translations:** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 3071699 | (4036892) |
| &nbsp;&nbsp;&nbsp;Purchased Options | 803596 |  |
| **Net realized gain (loss)** | 3875295 | (4036892) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (4597924) | 10536189 |
| **Net change in unrealized appreciation (depreciation)** | (4597924) | 10536189 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(722629)** | **6499297** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(505873)** | $**6733664** |

---

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Catalyst Insider Buying Fund** | **Catalyst Insider Buying Fund** | **Catalyst Energy Infrastructure Fund** | **Catalyst Energy Infrastructure Fund** | **Catalyst/MAP Global Equity Fund** | **Catalyst/MAP Global Equity Fund** |
|  | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2022** |
|  | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $82301 | $(487316) | $4365477 | $6393609 | $340913 | $1000299 |
| Net realized gain (loss) on investments | (5095832) | (3196706) | 1359110 | 796264 | 381864 | 2352304 |
| Net change in unrealized appreciation (depreciation) on investments | 7007709 | (22181333) | 18321960 | 9293258 | (379307) | (9134818) |
| **Net increase (decrease) in net assets resulting from operations** | **1994178** | **(25865355)** | **24046547** | **16483131** | **343470** | **(5782215)** |
| **Distributions to Shareholders from:** |  |  |  |  |  |  |
| Return of Capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  |  | (1376812) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  | (999754) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  |  | (7153659) |  |  |
| Distributions paid |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | (996147) | (730042) |  | (176950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (774301) | (448443) |  | (104120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | (6385392) | (2697632) |  | (1176800) |
| **Total distributions to shareholders** | **—** | **—** | **(8155840)** | **(13406342)** | **—** | **(1457870)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 913812 | 2119328 | 3355561 | 5041825 | 909941 | 1233569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 9649 | 35851 | 2531747 | 4696736 | 186375 | 303589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 212791 | 1670896 | 36480268 | 92897377 | 13647469 | 16339473 |
| Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | 739439 | 1536394 |  | 127800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 676191 | 1251436 |  | 84475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | 5430303 | 8180489 |  | 1006888 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (1518481) | (4634769) | (3839992) | (11496202) | (872892) | (1804824) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (718853) | (3099476) | (2391205) | (5111503) | (584841) | (1619080) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (1823773) | (9186085) | (24737922) | (51274406) | (5673174) | (8185612) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(2924855)** | **(13094255)** | **18244390** | **45722146** | **7612878** | **7486278** |
| **Total Increase (Decrease) in Net Assets** | **(930677)** | **(38959610)** | **34135097** | **48798935** | **7956348** | **246193** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 15127027 | 54086637 | 204274683 | 155475748 | 72118435 | 71872242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of period** | $**14196350** | $**15127027** | $**238409780** | $**204274683** | $**80074783** | $**72118435** |
| **Share Activity:** |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 62820 | 97561 | 168202 | 283723 | 58260 | 71890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  | 37143 | 85832 |  | 7585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (115266) | (279913) | (195537) | (654096) | (57708) | (105703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (52446) | (182352) | 9808 | (284541) | 552 | (26228) |
| Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 754 | 1964 | 128344 | 257042 | 12357 | 18270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  | 33991 | 69531 |  | 5123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (56061) | (161141) | (119990) | (290398) | (39139) | (96407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (55307) | (159177) | 42345 | 36175 | (26782) | (73014) |
| Class I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 16598 | 93442 | 1845922 | 4997996 | 878845 | 950085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  | 271629 | 448349 |  | 59791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (137965) | (658775) | (1240735) | (2773173) | (371252) | (479058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (121367) | (565333) | 876816 | 2673172 | 507593 | 530818 |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catalyst/Lyons Tactical Allocation Fund** | **Catalyst/Lyons Tactical Allocation Fund** | **Catalyst Dynamic Alpha Fund** | **Catalyst Dynamic Alpha Fund** |
|  | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2022** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | $216756 | $(262655) | $234367 | $(52598) |
| Net realized gain (loss) on investments | 3875295 | (92636) | (4036892) | 5475629 |
| Net change in unrealized appreciation (depreciation) on investments | (4597924) | (10085474) | 10536189 | (12908628) |
| **Net increase (decrease) in net assets resulting from operations** | **(505873)** | **(10440765)** | **6733664** | **(7485597)** |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributions paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (638235) | (51044) | (810927) | (21254845) |
| &nbsp;&nbsp;&nbsp;Class C | (1831281) | (126964) | (344376) | (9902033) |
| &nbsp;&nbsp;&nbsp;Class I | (1695438) | (149253) | (397220) | (12443436) |
| **Total distributions to shareholders** | **(4164954)** | **(327261)** | **(1552523)** | **(43600314)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 209622 | 1737274 | 5475963 | 5712846 |
| &nbsp;&nbsp;&nbsp;Class C | 522851 | 2461069 | 362044 | 1333846 |
| &nbsp;&nbsp;&nbsp;Class I | 3942330 | 6645576 | 1547012 | 4332865 |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 602569 | 48257 | 788680 | 20598490 |
| &nbsp;&nbsp;&nbsp;Class C | 1812645 | 124323 | 333482 | 9541554 |
| &nbsp;&nbsp;&nbsp;Class I | 1539451 | 137176 | 360101 | 10984410 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (923854) | (2656778) | (6895428) | (19598175) |
| &nbsp;&nbsp;&nbsp;Class C | (1165368) | (3241990) | (2811002) | (9013761) |
| &nbsp;&nbsp;&nbsp;Class I | (6127777) | (7663518) | (4826040) | (17616059) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **412469** | **(2408611)** | **(5665188)** | **6276016** |
| **Total Decrease in Net Assets** | **(4258358)** | **(13176637)** | **(484047)** | **(44809895)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 39841491 | 53018128 | 126551295 | 171361190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of period** | $**35583133** | $**39841491** | $**126067248** | $**126551295** |
| **Share Activity:** |  |  |  |  |
| Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 13657 | 90536 | 296770 | 261234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 44602 | 2479 | 41488 | 993177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (61925) | (145423) | (373832) | (906745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (3666) | (52408) | (35574) | 347666 |
| Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 35745 | 134690 | 22451 | 61218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 140298 | 6592 | 19862 | 516039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (81194) | (183736) | (172029) | (466897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 94849 | (42454) | (129716) | 110360 |
| Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 256524 | 346867 | 82069 | 189026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 113781 | 7053 | 18562 | 520095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (408198) | (430267) | (258757) | (790708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (37893) | (76347) | (158126) | (81587) |

---

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

---

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

---

For a Share Outstanding Throughout Each Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** | **For the**<br>**Year Ended**<br>**June 30, 2020** | **For the**<br>**Year Ended**<br>**June 30, 2019** | **For the**<br>**Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $11.33 | $24.08 | $18.49 | $19.28 | $18.53 | $15.46 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.08 | (0.24) | (0.28) | (0.04) | (0.17) | (0.08) |
| Net realized and unrealized gain (loss) on investments | 1.44 | (12.51) | 5.87 | (0.75) | 0.92 | 3.15 |
| Total from investment operations | 1.52 | (12.75) | 5.59 | (0.79) | 0.75 | 3.07 |
| Net asset value, end of period | $12.85 | $11.33 | $24.08 | $18.49 | $19.28 | $18.53 |
| Total return (B) | 13.42 % (G) | (52.95)% | 30.23% | (4.10)% | 4.05% | 19.86% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $7959 | $7959 | $21299 | $14703 | $20850 | $29682 |
| Ratios to average net assets (including interest expense)(E) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.31 % (H) | 1.81% | 1.70% | 1.69% | 1.63% | 1.58% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.53 % (H) | 1.53% | 1.53% | 1.54% | 1.52% | 1.50% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (C,D) | 0.37 % (H) | (1.57)% | (1.47)% | (0.34)% | (1.01)% | (0.57)% |
| &nbsp;&nbsp;&nbsp;Net investment loss, net waiver and reimbursement (C,D) | 1.15 % (H) | (1.29)% | (1.30)% | (0.20)% | (0.90)% | (0.49)% |
| Portfolio turnover rate | 88 % (G) | 66% | 77% | 249% | 220% | 153% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** | **June 30, 2019** | **June 30, 2018** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of period | $10.85 | $23.22 | $17.97 | $18.87 | $18.28 | $15.36 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.02 | (0.37) | (0.43) | (0.17) | (0.30) | (0.21) |
| Net realized and unrealized gain (loss) on investments | 1.38 | (12.00) | 5.68 | (0.73) | 0.89 | 3.13 |
| Total from investment operations | 1.40 | (12.37) | 5.25 | (0.90) | 0.59 | 2.92 |
| Net asset value, end of period | $12.25 | $10.85 | $23.22 | $17.97 | $18.87 | $18.28 |
| Total return (B) | 12.90 % (G) | (53.27)% | 29.22% | (4.77)% | 3.23% | 19.01% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $2485 | $2485 | $9015 | $7926 | $11973 | $14297 |
| Ratios to average net assets (including interest expense)(F) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 3.06 % (H) | 2.56% | 2.45% | 2.44% | 2.38% | 2.33% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.28 % (H) | 2.28% | 2.28% | 2.29% | 2.27% | 2.25% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (C,D) | (0.50)% (H) | (2.32)% | (2.22)% | (1.09)% | (1.75)% | (1.32)% |
| &nbsp;&nbsp;&nbsp;Net investment loss, net waiver and reimbursement (C,D) | 0.28 % (H) | (2.04)% | (2.05)% | (0.94)% | (1.64)% | (1.24)% |
| Portfolio turnover rate | 88 % (G) | 66% | 77% | 249% | 220% | 153% |

---

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

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

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

(D) Recognition
 of net investment 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) | 2.32% | 1.81% | 1.7% | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.54% | 1.53% | 1.53% | 1.53% |

---

(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) | 3.08% | 2.56% | 2.45% | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.29% | 2.28% | 2.28% | 2.28% |

---

(G) Not
 annualized.

(H) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** | **For the**<br>**Year Ended**<br>**June 30, 2020** | **For the**<br>**Year Ended**<br>**June 30, 2019** | **For the**<br>**Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $11.56 | $24.50 | $18.77 | $19.51 | $18.71 | $15.57 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.09 | (0.20) | (0.23) | 0.02 | (0.12) | (0.05) |
| Net realized and unrealized gain (loss) on investments | 1.47 | (12.74) | 5.96 | (0.76) | 0.92 | 3.19 |
| Total from investment operations | 1.56 | (12.94) | 5.73 | (0.74) | 0.80 | 3.14 |
| Net asset value, end of period | $13.12 | $11.56 | $24.50 | $18.77 | $19.51 | $18.71 |
| Total return (B) | 13.49 % (F) | (52.82)% | 30.53% | (3.79)% | 4.28% | 20.17% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $4682 | $4682 | $23773 | $17478 | $19386 | $14876 |
| Ratios to average net assets (including interest expense)(E) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.06 % (G) | 1.56% | 1.45% | 1.44% | 1.38% | 1.33% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.28 % (G) | 1.28% | 1.28% | 1.29% | 1.27% | 1.25% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (C,D) | 0.51 % (G) | (1.32)% | (1.22)% | (0.06)% | (0.73)% | (0.39)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement(C,D) | 1.28 % (G) | (1.04)% | (1.05)% | 0.09% | (0.62)% | (0.31)% |
| Portfolio turnover rate | 88 % (F) | 66% | 77% | 249% | 220% | 153% |

---

------

(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 manager not waived
 its fees and reimbursed certain expenses, total return would have been lower.

(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) | 2.08% | 1.56% | 1.45% | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.29% | 1.28% | 1.28% | 1.28% |

---

(F) Not
 annualized.

(G) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Energy Infrastructure Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** | **For the**<br>**Year Ended**<br>**June 30, 2020**<sup>(C)</sup> | **For the**<br>**Year Ended**<br>**June 30, 2019**<sup>(C)</sup> | **For the**<br>**Year Ended**<br>**June 30, 2018**<sup>(C)</sup> |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $18.02 | $17.47 | $12.18 | $22.94 | $27.40 | $31.40 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.36 | 0.63 | 0.59 | 0.96 | 1.05 | 1.10 |
| Net realized and unrealized gain (loss) on investments | 2.63 | 1.25 | 6.00 | (9.19) | (2.36) | (1.90) |
| Total from investment operations | 2.99 | 1.88 | 6.59 | (8.23) | (1.31) | (0.80) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.67) | (0.42) | (0.16) | (1.63) | (0.20) | (0.20) |
| From return of capital | (0.91) | (0.91) | (1.14) | (0.90) | (2.95) | (3.00) |
| Total distributions | (1.58) | (1.33) | (1.30) | (2.53) | (3.15) | (3.20) |
| Net asset value, end of period | $19.43 | $18.02 | $17.47 | $12.18 | $22.94 | $27.40 |
| Total return (B) | 11.53 % (F) | 11.07% | 58.01% | (38.65)% | (4.60)% | (2.11)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $26527 | $26527 | $30687 | $23625 | $50216 | $50624 |
| Ratios to average net assets (including interest expense)(D) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.72 % (G) | 1.73% | 1.81% | 1.81% | 1.73% | 1.76% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.68 % (G) | 1.68% | 1.68% | 1.70% | 1.68% | 1.65% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 3.52 % (G) | 3.46% | 4.16% | 5.34% | 4.14% | 3.80% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 3.56 % (G) | 3.51% | 4.28% | 5.45% | 4.19% | 3.91% |
| Portfolio turnover rate | 4 % (F) | 25% | 32% | 49% | 40% | 49% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** <sup>(C)</sup> | **June 30, 2019** <sup>(C)</sup> | **June 30, 2018** <sup>(C)</sup> |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of period | $18.00 | $17.45 | $12.17 | $22.92 | $27.40 | $31.40 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.28 | 0.49 | 0.48 | 0.83 | 0.85 | 0.90 |
| Net realized and unrealized gain (loss) on investments | 2.54 | 1.26 | 6.00 | (9.18) | (2.33) | (1.90) |
| Total from investment operations | 2.82 | 1.75 | 6.48 | (8.35) | (1.48) | (1.00) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.60) | (0.38) | (0.15) | (1.54) | (0.20) | (0.20) |
| From return of capital | (0.82) | (0.82) | (1.05) | (0.86) | (2.80) | (2.80) |
| Total distributions | (1.42) | (1.20) | (1.20) | (2.40) | (3.00) | (3.00) |
| Net asset value, end of period | $19.40 | $18.00 | $17.45 | $12.17 | $22.92 | $27.40 |
| Total return (B) | 11.13 % (F) | 10.26% | 56.78% | (39.03)% | (5.49)% | (2.79)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $22817 | $22817 | $21492 | $17127 | $31580 | $30078 |
| Ratios to average net assets (including interest expense)(E) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.47 % (G) | 2.48% | 2.56% | 2.57% | 2.48% | 2.51% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.43 % (G) | 2.43% | 2.43% | 2.45% | 2.43% | 2.40% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 2.77 % (G) | 2.67% | 3.40% | 4.61% | 3.40% | 3.12% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 2.81 % (G) | 2.72% | 3.52% | 4.73% | 3.45% | 3.23% |
| Portfolio turnover rate | 4 % (F) | 25% | 32% | 49% | 40% | 49% |

---

------

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

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

(C) Effective
 March 25, 2020, the Fund had a five-for-one reverse stock split. Per Share amounts for the
 periods have been adjusted to give effect to the five-for-one stock split.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.72% | 1.73% | 1.8% | 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.68% | 1.68% | 1.67% | 1.68% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.47% | 2.48% | 2.55% | 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.43% | 2.43% | 2.42% | 2.43% |

---

(F) Not
 annualized.

(G) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Energy Infrastructure Fund (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** | **For the**<br>**Year Ended**<br>**June 30, 2020**<sup>(C)</sup> | **For the**<br>**Year Ended**<br> **June 30, 2019**<sup>(C)</sup> | **For the**<br>**Year Ended**<br>**June 30, 2018** **<sup>(C)</sup>** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $18.09 | $17.53 | $12.22 | $23.02 | $27.50 | $31.45 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.38 | 0.68 | 0.62 | 1.01 | 1.15 | 1.20 |
| Net realized and unrealized gain (loss) on investments | 2.68 | 1.26 | 6.03 | (9.24) | (2.38) | (1.90) |
| Total from investment operations | 3.06 | 1.94 | 6.65 | (8.23) | (1.23) | (0.70) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.70) | (0.44) | (0.17) | (1.65) | (0.25) | (0.20) |
| From return of capital | (0.94) | (0.94) | (1.17) | (0.92) | (3.00) | (3.05) |
| Total distributions | (1.64) | (1.38) | (1.34) | (2.57) | (3.25) | (3.25) |
| Net asset value, end of period | $19.51 | $18.09 | $17.53 | $12.22 | $23.02 | $27.50 |
| Total return (B) | 11.68 % (E) | 11.37% | 58.39% | (38.45)% | (4.54)% | (1.69)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $154931 | $154931 | $103297 | $58983 | $118252 | $107804 |
| Ratios to average net assets (including interest expense)(D) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.47 % (F) | 1.48% | 1.55% | 1.56% | 1.48% | 1.51% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.43 % (F) | 1.43% | 1.43% | 1.45% | 1.43% | 1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 3.77 % (F) | 3.65% | 4.32% | 5.63% | 4.51% | 4.07% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 3.81 % (F) | 3.70% | 4.43% | 5.74% | 4.56% | 4.18% |
| Portfolio turnover rate | 4 % (E) | 25% | 32% | 49% | 40% | 49% |

---

------

(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 manager not waived
 its fees and reimbursed certain expenses, total return would have been lower.

(C) Effective
 March 25, 2020, the Fund had a five-for-one reverse stock split. Per Share amounts for the
 periods have been adjusted to give effect to the five-for-one stock split.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.47% | 1.48% | 1.55% | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.43% | 1.43% | 1.42% | 1.43% |

---

(E) Not
 annualized.

(F) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** | **For the**<br>**Year Ended**<br>**June 30, 2020** | **For the**<br>**Year Ended**<br>**June 30, 2019** | **For the**<br>**Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $15.55 | $17.10 | $13.28 | $14.75 | $15.33 | $14.54 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.06 | 0.20 | 0.16 | 0.18 | 0.14 | 0.09 |
| Net realized and unrealized gain (loss) on investments | 0.02 | (1.44) | 3.93 | (1.14) | 0.57 | 1.13 |
| Total from investment operations | 0.08 | (1.24) | 4.09 | (0.96) | 0.71 | 1.22 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.31) | (0.27) | (0.31) |  | (0.24) |
| From net realized gains on investments |  |  |  | (0.20) | (1.29) | (0.19) |
| Total distributions |  | (0.31) | (0.27) | (0.51) | (1.29) | (0.43) |
| Net asset value, end of period | $15.63 | $15.55 | $17.10 | $13.28 | $14.75 | $15.33 |
| Total return (B) | 0.51 % (G) | (7.41)% | 31.10% | (6.81)% | 5.39% | 8.50% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $8845 | $8845 | $10172 | $10667 | $11977 | $12314 |
| Ratios to average net assets (including interest expense)(E) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.59 % (H) | 1.57% | 1.63% | 1.64% | 1.62% | 1.66% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.21 % (H) | 1.21% | 1.21% | 1.21% | 1.28% | 1.55% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,D) | 0.43 % (H) | 0.83% | 0.60% | 0.86% | 0.63% | 0.49% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | 0.81 % (H) | 1.19% | 1.02% | 1.29% | 0.97% | 0.60% |
| Portfolio turnover rate | 9 % (G) | 10% | 14% | 42% | 13% | 30% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** | **June 30, 2019** | **June 30, 2018** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of period | $15.16 | $16.67 | $12.95 | $14.40 | $15.11 | $14.37 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) |  | 0.07 | 0.04 | 0.07 | 0.03 | (0.01) |
| Net realized and unrealized gain (loss) on investments | 0.02 | (1.40) | 3.85 | (1.12) | 0.55 | 1.11 |
| Total from investment operations | 0.02 | (1.33) | 3.89 | (1.05) | 0.58 | 1.10 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.18) | (0.17) | (0.20) |  | (0.17) |
| From net realized gains on investments |  |  |  | (0.20) | (1.29) | (0.19) |
| Total distributions |  | (0.18) | (0.17) | (0.40) | (1.29) | (0.36) |
| Net asset value, end of period | $15.18 | $15.16 | $16.67 | $12.95 | $14.40 | $15.11 |
| Total return (B) | 0.13 % (G) | (8.07)% | 30.18% | (7.54)% | 4.58% | 7.73% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $8279 | $8279 | $10321 | $8961 | $10534 | $10037 |
| Ratios to average net assets (including interest expense)(F) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.34 % (H) | 2.32% | 2.38% | 2.39% | 2.37% | 2.41% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.96 % (H) | 1.96% | 1.96% | 1.96% | 2.03% | 2.30% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (C,D) | (0.32)% (H) | 0.05% | (0.13)% | 0.10% | (0.06)% | (0.19)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | 0.05 % (H) | 0.41% | 0.29% | 0.53% | 0.28% | (0.08)% |
| Portfolio turnover rate | 9 % (G) | 10% | 14% | 42% | 13% | 30% |

---

------

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

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

(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) | 1.59% | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.21% | 1.21% |

---

(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) | 2.34% | 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.96% | 1.96% |

---

(G) Not
 annualized.

(H) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** | **For the**<br>**Year Ended**<br>**June 30, 2020** | **For the**<br>**Year Ended**<br>**June 30, 2019** | **For the**<br>**Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $15.56 | $17.11 | $13.29 | $14.76 | $15.32 | $14.54 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.08 | 0.25 | 0.21 | 0.21 | 0.22 | 0.18 |
| Net realized and unrealized gain (loss) on investments | 0.02 | (1.45) | 3.92 | (1.14) | 0.53 | 1.09 |
| Total from investment operations | 0.10 | (1.20) | 4.13 | (0.93) | 0.75 | 1.27 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.35) | (0.31) | (0.34) | (0.02) | (0.30) |
| From net realized gains on investments |  |  |  | (0.20) | (1.29) | (0.19) |
| Total distributions |  | (0.35) | (0.31) | (0.54) | (1.31) | (0.49) |
| Net asset value, end of period | $15.66 | $15.56 | $17.11 | $13.29 | $14.76 | $15.32 |
| Total return (B) | 0.64 % (F) | (7.15)% | 31.42% | (6.59)% | 5.70% | 8.85% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $54994 | $54994 | $51380 | $32104 | $40221 | $18671 |
| Ratios to average net assets (including interest expense)(E) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.34 % (G) | 1.32% | 1.37% | 1.38% | 1.37% | 1.36% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 0.96 % (G) | 0.96% | 0.96% | 0.96% | 1.03% | 1.25% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C)(D) | 0.70 % (G) | 1.12% | 0.96% | 1.06% | 1.17% | 1.07% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C)(D) | 1.08 % (G) | 1.48% | 1.38% | 1.48% | 1.51% | 1.18% |
| Portfolio turnover rate | 9 % (F) | 10% | 14% | 42% | 13% | 30% |

---

------

(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 manager not waived
 its fees and reimbursed certain expenses, total return would have been lower.

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

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.34% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 0.96% | 0.96% |

---

(F) Not
 annualized.

(G) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/Lyons Tactical Allocation Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** | **For the**<br>**Year Ended**<br>**June 30, 2020** | **For the**<br>**Year Ended**<br>**June 30, 2019** | **For the**<br>**Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $15.25 | $19.01 | $13.81 | $15.38 | $16.92 | $14.87 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.10 | (0.06) | (0.03) | 0.10 | 0.13 | 0.10 |
| Net realized and unrealized gain (loss) on investments | (0.27) | (3.59) | 5.81 |  | (1.26) | 2.41 |
| Total from investment operations | (0.17) | (3.65) | 5.78 | 0.10 | (1.13) | 2.51 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  |  | (0.15) | (0.09) | (0.24) |
| From net realized gains on investments | (1.67) | (0.11) | (0.58) | (1.52 | (0.32) | (0.22) |
| Total distributions | (1.67) | (0.11) | (0.58) | (1.67 | (0.41) | (0.46) |
| Net asset value, end of period | $13.41 | $15.25 | $19.01 | $13.81 | $15.38 | $16.92 |
| Total return (B) | (1.17)% (H) | (19.33)% | 42.45% | 0.72 | (6.71)% | 17.00% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $6317 | $6317 | $8874 | $5775 | $15438 | $39835 |
| Ratios to average net assets (including interest expense)(F) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.99 % (I) | 1.90% | 1.94% | 1.95 | 1.82% | 1.75% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.53 % (I) | 1.53% | 1.53% | 1.56 | 1.53% | 1.50% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (C,D) | 0.81 % (I) | (0.70)% | (0.62)% | 0.28 | 0.51% | 0.38% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | 1.27 % (I) | (0.33)% | (0.20)% | 0.67 | 0.78% | 0.63% |
| Portfolio turnover rate | 0 % (H) | 54% | 32% | 108 | 182% | 146% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** | **June 30, 2019** | **June 30, 2018** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of period | $14.71 | $18.48 | $13.53 | $15.08 | $16.64 | $14.62 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.04 | (0.19) | (0.16) | (0.02) | 0.01 | (0.02) |
| Net realized and unrealized gain (loss) on investments | (0.26) | (3.47) | 5.69 | 0.01 | (1.24) | 2.36 |
| Total from investment operations | (0.22) | (3.66) | 5.53 | (0.01 | (1.23) | 2.34 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  |  | (0.02) | (0.01) | (0.10) |
| From net realized gains on investments | (1.67) | (0.11) | (0.58) | (1.52 | (0.32) | (0.22) |
| Total distributions | (1.67) | (0.11) | (0.58) | (1.54 | (0.33) | (0.32) |
| Net asset value, end of period | $12.82 | $14.71 | $18.48 | $13.53 | $15.08 | $16.64 |
| Total return (B) | (1.56)% (H) | (19.94)% | 41.46% | (0.03) | (7.44)% | 16.11% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $16480 | $16480 | $21494 | $15542 | $22334 | $25769 |
| Ratios to average net assets (including interest expense)(G) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.74 % (I) | 2.65% | 2.69% | 2.72 | 2.56% | 2.50% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.28 % (I) | 2.28% | 2.28% | 2.32 | 2.28% | 2.25% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (C,D) | 0.07 % (I) | (1.44)% | (1.37)% | (0.52) | (0.23)% | (0.36)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | 0.53 % (I) | (1.07)% | (0.96)% | (0.12) | 0.05% | (0.11)% |
| Portfolio turnover rate | 0 % (H) | 54% | 32% | 108 | 182% | 146% |

---

------

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

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

(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) As
 required by SEC standard per share data calculation methodology, this represents a balancing
 figure derived from the other amounts in the financial highlights tables that captures all
 other changes affecting net asset value per share. This per share gain amount does not correlate
 to the aggregate of the net realized and unrealized loss in the Statement of Operations for
 the year ended June 30, 2020, primarily due to the timing of sales and repurchases of the
 Fund's shares in relation to fluctuating market values of the Fund's portfolio.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.98% | 1.9% | 1.94% | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.53% | 1.53% | 1.53% | 1.55% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.73% | 2.65% | 2.69% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.28% | 2.28% | 2.28% | 2.3% |

---

(H) Represents
 an amount less than $0.01 per share.

(H) Not
 annualized.

(I) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/Lyons Tactical Allocation Fund (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** | **For the**<br>**Year Ended**<br>**June 30, 2020** | **For the**<br>**Year Ended**<br>**June 30, 2019** | **For the**<br>**Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $15.26 | $18.98 | $13.75 | $15.33 | $16.91 | $14.87 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.12 | (0.01) | 0.01 | 0.14 | 0.17 | 0.14 |
| Net realized and unrealized gain (loss) on investments | (0.28) | (3.60) | 5.80 | 0.01 (E) | (1.27) | 2.41 |
| Total from investment operations | (0.16) | (3.61) | 5.81 | 0.15 | (1.10) | 2.55 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  |  | (0.21) | (0.16) | (0.29) |
| From net realized gains on investments | (1.67) | (0.11) | (0.58) | (1.52) | (0.32) | (0.22) |
| Total distributions | (1.67) | (0.11) | (0.58) | (1.73) | (0.48) | (0.51) |
| Net asset value, end of period | $13.43 | $15.26 | $18.98 | $13.75 | $15.33 | $16.91 |
| Total return (B) | (1.10)% (G) | (19.15)% | 42.86% | 1.02% | (6.53)% | 17.28% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $17044 | $17044 | $22650 | $13016 | $29104 | $34533 |
| Ratios to average net assets (including interest expense)(F) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.74 % (H) | 1.65% | 1.69% | 1.70% | 1.56% | 1.50% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.28 % (H) | 1.28% | 1.28% | 1.30% | 1.28% | 1.25% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (C,D) | 1.05 % (H) | (0.44)% | (0.36)% | 0.53% | 0.75% | 0.64% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | 1.51 % (H) | (0.07)% | 0.05% | 0.93% | 1.02% | 0.89% |
| Portfolio turnover rate | 0 % (G) | 54% | 32% | 108% | 182% | 146% |

---

------

(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 manager not waived
 its fees and reimbursed certain expenses, total return would have been lower.

(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) As
 required by SEC standard per share data calculation methodology, this represents a balancing
 figure derived from the other amounts in the financial highlights tables that captures all
 other changes affecting net asset value per share. This per share gain amount does not correlate
 to the aggregate of the net realized and unrealized loss in the Statement of Operations for
 the year ended June 30, 2020, primarily due to the timing of sales and repurchases of the
 Fund's shares in relation to fluctuating market values of the Fund's portfolio.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.73% | 1.65% | 1.69% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.28% | 1.28% | 1.28% | 1.3% |

---

(G) Not
 annualized.

(H) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Dynamic Alpha Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** | **For the**<br>**Year Ended**<br>**June 30, 2020** | **For the**<br>**Year Ended**<br>**June 30, 2019** | **For the**<br>**Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $17.42 | $24.69 | $20.47 | $19.50 | $22.51 | $19.64 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.02 | 0.01 | (0.13) | — (E) | 0.11 | (0.02) |
| Net realized and unrealized gain (loss) on investments | 0.93 | (0.62) | 4.35 | 0.99 | 0.31 | 3.40 |
| Total from investment operations | 0.95 | (0.61) | 4.22 | 0.99 | 0.42 | 3.38 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  |  | (0.02) | (0.05) |  |
| From net realized gains on investments | (0.22) | (6.66) |  |  | (3.38) | (0.51) |
| Total distributions | (0.22) | (6.66) |  | (0.02) | (3.43) | (0.51) |
| Net asset value, end of period | $18.15 | $17.42 | $24.69 | $20.47 | $19.50 | $22.51 |
| Total return (B) | 5.46 % (E) | (6.77)% | 20.62% | 5.10% | 3.04% | 17.28% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $65337 | $65337 | $84018 | $84563 | $132383 | $139479 |
| Ratios to average net assets (including interest expense)(C) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.52 % (F) | 1.49% | 1.48% | 1.54% | 1.45% | 1.44% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.38 % (F) | 1.38% | 1.38% | 1.39% | 1.37% | 1.35% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement | 0.06 % (F) | (0.05)% | (0.67)% | (0.14)% | 0.45% | (0.18)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement | 0.20 % (F) | 0.06% | (0.58)% | 0.01% | 0.54% | (0.09)% |
| Portfolio turnover rate | 26 % (E) | 85% | 116% | 106% | 113% | 87% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** | **June 30, 2019** | **June 30, 2018** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of period | $15.47 | $22.74 | $18.99 | $18.21 | $21.35 | $18.79 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment loss (A) | (0.05) | (0.14) | (0.28) | (0.13) | (0.05) | (0.17) |
| Net realized and unrealized gain (loss) on investments | 0.84 | (0.47) | 4.03 | 0.91 | 0.29 | 3.24 |
| Total from investment operations | 0.79 | (0.61) | 3.75 | 0.78 | 0.24 | 3.07 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net realized gains on investments | (0.22) | (6.66) |  |  | (3.38) | (0.51) |
| Total distributions | (0.22) | (6.66) |  |  | (3.38) | (0.51) |
| Net asset value, end of period | $16.04 | $15.47 | $22.74 | $18.99 | $18.21 | $21.35 |
| Total return (B) | 5.05 % (E) | (7.45)% | 19.75% | 4.28% | 2.26% | 16.41% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $26315 | $26315 | $36180 | $35572 | $59985 | $58216 |
| Ratios to average net assets (including interest expense)(D) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.27 % (F) | 2.24% | 2.23% | 2.29% | 2.20% | 2.19% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.13 % (F) | 2.13% | 2.13% | 2.14% | 2.12% | 2.10% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement | (0.70)% (F) | (0.81)% | (1.43)% | (0.89)% | (0.33)% | (0.93)% |
| &nbsp;&nbsp;&nbsp;Net investment loss, net waiver and reimbursement | (0.56)% (F) | (0.70)% | (1.33)% | (0.74)% | (0.24)% | (0.84)% |
| Portfolio turnover rate | 26 % (E) | 85% | 116% | 106% | 113% | 87% |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.52% | 1.49% | 1.48% | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.38% | 1.38% | 1.38% | 1.38% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.27% | 2.24% | 2.23% | 2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.13% | 2.13% | 2.13% | 2.13% |

---

(E) Represents
 an amount less than $0.01 per share.

(E) Not
 annualized.

(F) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** | **For the**<br>**Year Ended**<br>**June 30, 2020** | **For the**<br>**Year Ended**<br>**June 30, 2019** | **For the**<br>**Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $17.76 | $25.00 | $20.67 | $19.71 | $22.72 | $19.77 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.04 | 0.07 | (0.08) | 0.05 | 0.17 | 0.04 |
| Net realized and unrealized gain (loss) on investments | 0.96 | (0.65) | 4.41 | 0.99 | 0.31 | 3.42 |
| Total from investment operations | 1.00 | (0.58) | 4.33 | 1.04 | 0.48 | 3.46 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  |  | (0.08) | (0.11) | (0.00) (B) |
| From net realized gains on investments | (0.22) | (6.66) |  |  | (3.38) | (0.51) |
| Total distributions | (0.22) | (6.66) |  | (0.08) | (3.49) | (0.51) |
| Net asset value, end of period | $18.54 | $17.76 | $25.00 | $20.67 | $19.71 | $22.72 |
| Total return (C) | 5.58 % (E) | (6.54)% | 20.95% | 5.32% | 3.32% | 17.60% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $34899 | $34899 | $51163 | $59938 | $147479 | $190499 |
| Ratios to average net assets (including interest expense)(D) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.27 % (F) | 1.24% | 1.23% | 1.29% | 1.21% | 1.19% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.13 % (F) | 1.13% | 1.13% | 1.14% | 1.12% | 1.10% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement | 0.30 % (F) | 0.18% | (0.43)% | 0.10% | 0.72% | 0.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement | 0.45 % (F) | 0.29% | (0.33)% | 0.25% | 0.81% | 0.17% |
| Portfolio turnover rate | 26 % (E) | 85% | 116% | 106% | 113% | 87% |

---

------

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

(B) Represents
 an amount less than $0.01 per share.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.27% | 1.24% | 1.23% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.13% | 1.13% | 1.13% | 1.13% |

---

(E) Not
 annualized.

(F) Annualized.

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

---

| | |
|:---|:---|
| **CATALYST FUNDS** |  |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)*** | ***NOTES TO FINANCIAL STATEMENTS (Unaudited)*** |
| **December 31, 2022** | **SEMI-ANNUAL REPORT** |

---

**(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-six series. These financial statements include the following five series set forth below (each a ***"Fund"*** and collectively, the **"*Funds"***). The investment objectives of each Fund are set forth below. The Funds' investment manager is Catalyst Capital Advisors, LLC (the **"*Manager"*** or **"*CCA").***

---

| | | |
|:---|:---|:---|
| **Fund** | **Sub-Advisor** | **Primary Objective** |
| Catalyst Insider Buying ("Insider Buying") |  | Long-term capital appreciation |
| Catalyst Energy Infrastructure ("Energy Infrastructure") | SL Advisors, LLC ("SL") | Current income and capital appreciation |
| Catalyst/MAP Global Equity ("Global Equity") | Managed Asset Portfolios, LLC ("MAP") | Long-term capital appreciation |
| Catalyst/Lyons Tactical Allocation ("Tactical Allocation") | Lyons Wealth Management, LLC ("Lyons") | Long-term capital appreciation |
| Catalyst Dynamic Alpha ("Dynamic Alpha") | Cookson, Peirce & Co., Inc. ("CP") | Long-term capital appreciation |

---

Energy Infrastructure and Dynamic Alpha are each non-diversified series of the Trust and Insider Buying, Global Equity, and Tactical Allocation are each diversified series of the Trust.

Each Fund offers Class A, Class C and Class I 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.

As of the close of business on April 30, 2021, the Catalyst Small-Cap Insider Buying Fund ("**Acquired Fund**") became part of the Insider Buying Fund ("**Acquiring Fund**") and acquired all the net assets and certain liabilities of the Catalyst Small-Cap Insider Buying Fund in a tax-free plan of reorganization approved by the Fund's Board of Trustees.

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

a) 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 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"***) 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. Foreign currency and forward currency exchange contracts are valued daily at the London Stock Exchange close each day.

In unusual circumstances, instead of valuing securities in the usual manner, the Funds may value securities at "fair value" as determined in good faith by the Board, pursuant to the 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

---

| | |
|:---|:---|
| **CATALYST FUNDS** |  |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** | ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** |
| **December 31, 2022** | **SEMI-ANNUAL REPORT** |

---

the fair value of the security. Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the NYSE close.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2022, for each Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Insider Buying** | **Insider Buying** | **Insider Buying** | **Insider Buying** | **Insider Buying** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $14052662 | $— | $— | $14052662 |
| Collateral for Securities Loaned |  | 4861198 |  | 4861198 |
| **Total Assets** | $14052662 | $4861198 | $— | $18913860 |
| **Energy Infrastructure** | **Energy Infrastructure** | **Energy Infrastructure** | **Energy Infrastructure** | **Energy Infrastructure** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $237593848 | $— | $— | $237593848 |
| **Total Assets** | $237593848 | $— | $— | $237593848 |
| **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Closed End Fund | $2581920 | $— | $— | $2581920 |
| Common Stocks | 72241095 |  |  | 72241095 |
| Exchange-Traded Fund | 3658800 |  |  | 3658800 |
| **Total Assets** | $78481815 | $— | $— | $78481815 |
| **Liabilities<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Call Options Written | $7875 | $— | $— | $7875 |
| **Total Liabilities** | $7875 | $— | $— | $7875 |

---

---

| | |
|:---|:---|
| **CATALYST FUNDS** |  |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** | ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** |
| **December 31, 2022** | **SEMI-ANNUAL REPORT** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tactical Allocation** | **Tactical Allocation** | **Tactical Allocation** | **Tactical Allocation** | **Tactical Allocation** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government & Agencies | $29638911 | $— | $— | $29638911 |
| **Total Assets** | $29638911 | $— | $— | $29638911 |
| **Dynamic Alpha** | **Dynamic Alpha** | **Dynamic Alpha** | **Dynamic Alpha** | **Dynamic Alpha** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $125402401 | $— | $— | $125402401 |
| Collateral for Securities Loaned |  | 20208921 |  | 20208921 |
| **Total Assets** | $125402401 | $20208921 | $— | $145611322 |

---

The Funds did not hold any Level 3 securities during the period.

(a) Refer
to the Schedule of Investments for industry security classifications.

b) 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 put option is exercised, the purchase cost of the underlying security is reduced by the premium originally received. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. 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.

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

Foreign Currency – All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate the portion of the results of operations for realized gain and losses resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Unrealized gains and losses resulting from changes in foreign exchange rates on investments are not isolated from changes in the valuation of securities held.

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.

---

| | |
|:---|:---|
| **CATALYST FUNDS** |  |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** | ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** |
| **December 31, 2022** | **SEMI-ANNUAL REPORT** |

---

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.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in December 2019 and subsequently spread globally. This coronavirus has resulted in, among other things, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, significant disruptions to business operations, market closures, cancellations and restrictions, supply chain disruptions, lower consumer demand, and significant volatility and declines in global financial markets, as well as general concern and uncertainty. The impact of COVID-19 adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of many nations and the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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

COVID-19 adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of many nations and the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of these effects cannot be determined with certainty.

Derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Operations for the six months ended December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | <br>**Location of gain (loss) on derivatives** | **Realized and unrealized**<br>**gain (loss) on derivatives** |
| Global Equity | Global Equity | Global Equity |  |  |
|  | Written Options | Equity | Net realized gain on written options | $— |
|  | Written Options | Equity | Net change in unrealized appreciation on written options | 75073 |
|  |  |  | **Totals** | $75073 |

---

As of December 31, 2022, 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.

c) Investment Companies – Some Funds may invest in other investment companies, including closed-end funds and exchange traded funds (**"*ETFs*"**)(collectively, **"*Underlying Funds*"**). ETFs are a type of index 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 they are designed to track, 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.

---

| | |
|:---|:---|
| **CATALYST FUNDS** |  |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** | ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** |
| **December 31, 2022** | **SEMI-ANNUAL REPORT** |

---

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 Underlying Fund is subject to its own specific risks, but the manager and/or sub-advisor expects the principal investments risks of such Underlying Funds will be similar to the risks of investing in the Funds.

d) 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 or period ended December 31, 2022, the Funds did not have a liability for any unrecognized tax expense. The Funds recognize interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statements of Operations. As of December 31, 2022, the Funds did not incur any interest or penalties. As required, management has analyzed the Funds' tax positions taken on or to be taken on Federal income tax returns for all open tax years (tax years or periods ended 2020-2022 for the Funds) or expected to be taken in 2024 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.

e) Security Transactions and Investment Income – Investment and shareholder transactions are recorded on trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the 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 Master Limited Partnerships (**"*MLP*s"**) 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.

f) Energy Infrastructure typically concentrates its investments in the energy sector and, therefore, is more susceptible to energy sector risk. Investments in MLPs and MLP-related securities involve risks different from those of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP or MLP-related security, risks related to potential conflicts of interest between an MLP and the MLP's general partner, cash flow risks, dilution risks (which could occur if the MLP raises capital and then invests it in projects whose return fails to exceed the cost of capital raised) and risks related to the general partner's limited call right. MLPs and MLP-related securities are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Depending on the state of interest rates in general, the use of MLPs or MLP-related securities could enhance or harm the overall performance of the Fund. The Energy Infrastructure Fund has a tax year end of November 30.

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

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

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

---

| | |
|:---|:---|
| **CATALYST FUNDS** |  |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** | ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** |
| **December 31, 2022** | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Income Dividends** | **Capital Gains** |
| Insider Buying | Annually | Annually |
| Energy Infrastructure | Monthly | Annually |
| Global Equity | Annually | Annually |
| Tactical Allocation | Annually | Annually |
| Dynamic Alpha | Annually | Annually |

---

j) 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.

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

l) 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 are not subject to an initial sales charge and 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 A in the event of certain redemption transactions within one year following such investments. There were no CDSC fees paid by the shareholders of the Funds.

m) Cash – Each Fund considers its investment in an FDIC insured interest bearing savings account to be cash. Each Fund maintains cash balances, which, at times, may exceed federally insured limits. Each Fund maintains these balances with a high quality financial institution.

n) 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 six months ended December 31, 2022, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | **Purchases**<br>**(excluding U.S.**<br>**Government**<br>**Securities)** | **Sales Proceeds**<br>**(excluding U.S.**<br>**Government**<br>**Securities)** |<br>**Purchases of**<br>**U.S. Government**<br>**Securities** |<br>**Sales Proceeds of**<br>**U.S. Government**<br>**Securities** |
| Insider Buying | $13510232 | $16341259 | $— | $— |
| Energy Infrastructure | 23693007 | 9752934 |  |  |
| Global Equity | 15323936 | 6170074 |  |  |
| Tactical Allocation |  | 40007647 |  |  |
| Dynamic Alpha | 34100204 | 40826916 |  |  |

---

---

| | |
|:---|:---|
| **CATALYST FUNDS** |  |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** | ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** |
| **December 31, 2022** | **SEMI-ANNUAL REPORT** |

---

**(3)** **MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS** 

CCA acts as investment manager for the Funds pursuant to the terms of a Management Agreement with the Trust, on behalf of the Funds (the ***"Management Agreement"***). Under the terms of the Management Agreement, the Manager manages the investment operations of the Funds in accordance with each Fund's respective investment policies and restrictions. Each investment sub-advisor is responsible for the day-to-day management of their Fund's portfolio. The Manager provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. For its investment management services, the Funds pay to the Manager 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 Funds' sub-advisors are paid by the Manager, not the Funds.

The Manager and the Trust, with respect to the Funds, have entered into Expense Limitation Agreements (the ***"Limitation"***) under which the Manager has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to ensure total annual operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; underlying fund expenses; and extraordinary expenses such as regulatory inquiry and litigation expenses) do not exceed the expense limitation shown in the table below, and is based on the Fund's average daily net assets.

For the six months ended December 31, 2022, the Manager waived management fees. The Manager may recapture a portion of the waived amounts. The Manager 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** | | |
| <br>**Fund** | <br>**Management**<br>**Agreement** | **Cl A** | **Cl C** | **Cl I** | <br>**Expires** | **Management Fees**<br>**Waived and/or**<br>**Reimbursed** |
| Insider Buying | 1.00% | 1.53% | 2.28% | 1.28% | 10/31/2023 | $61854 |
| Energy Infrastructure | 1.25% | 1.68% | 2.43% | 1.43% | 10/31/2023 | 49883 |
| Global Equity | 1.00% | 1.21% | 1.96% | 0.96% | 10/31/2023 | 138980 |
| Tactical Allocation | 1.25% | 1.53% | 2.28% | 1.28% | 10/31/2023 | 92403 |
| Dynamic Alpha | 1.00% | 1.38% | 2.13% | 1.13% | 10/31/2023 | 94040 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Recapture Expires** | **Recapture Expires** | **Recapture Expires** |
| | **No Later Than June 30,** | **No Later Than June 30,** | **No Later Than June 30,** |
| <br>**Fund** | **2023** | **2024** | **2025** |
| Insider Buying | $71022 | $77264 | $106821 |
| Energy Infrastructure | 172965 | 129460 | 88950 |
| Global Equity | 254667 | 249594 | 277805 |
| Tactical Allocation | 194493 | 180235 | 196082 |
| Dynamic Alpha | 366079 | 173971 | 177953 |

---

A Trustee is also the controlling member of MFund Services, LLC (***"MFund"***) and the Manager, 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 in-person meeting attended. The fees paid to the Independent Trustees for their attendance at a 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 and Shareholder Servicing Plan (the ***"Plan"***) pursuant to rule 12b-1 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 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 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

---

| | |
|:---|:---|
| **CATALYST FUNDS** |  |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** | ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** |
| **December 31, 2022** | **SEMI-ANNUAL REPORT** |

---

eligible services provided by those parties to the Funds and their shareholders and to reimburse Northern Lights Distributors, LLC (the ***"Distributor"***) and Manager for distribution related expenses. Brokers may receive a 1.00% commission from the Distributor for the sale of Class C shares. Alt Fund Distributors LLC, acts as a wholesale marketing and distribution agent for the Funds. As compensation for these services, Alt Fund 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.

Pursuant to the Management Services Agreement between the Trust and MFund, an affiliate of the Manager, MFund provides the Funds (the "***Compliance Services Agreement***") with various management and legal administrative services (the ***"Management Services Agreement"***). For these services, the Funds pay MFund as of the last day of each month an annualized asset-based fee which scales downward based upon net assets. 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 year are shown in the Statements of Operations under "Management service fees."

Pursuant to the Compliance Services Agreement, MFund an affiliate of the Manager, provides chief compliance officer services to the Funds. For these services, the Funds pay MFund as of the last day of each month an annualized base fee plus an annualized asset-based fee based upon net assets. 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 year 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"***) – UFS, an affiliate of the Distributor, provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Officers of the Trust are also employees of UFS, and are not paid any fees directly by the Trust for serving in such capacity.

Blu Giant, LLC (***"Blu Giant"***) – Blu Giant, an affiliate of the Distributor and UFS, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

For the six months ended December 31, 2022, the 12b-1 expenses accrued by the Funds were as follows:

---

| | | |
|:---|:---|:---|
| | **12b-1 Fees** | **12b-1 Fees** |
| <br>**Fund** | **Class A** | **Class C** |
| Insider Buying | $11305 | $12347 |
| Energy Infrastructure | 36942 | 128728 |
| Global Equity | 11126 | 40191 |
| Tactical Allocation | 7574 | 81229 |
| Dynamic Alpha | 86034 | 133586 |

---

**(4)** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Insider Buying | $18470004 | $1724448 | $(1280592) | $443856 |
| Energy Infrastructure | 209419158 | 32918389 | (4743699) | 28174690 |
| Global Equity | 69075813 | 14311004 | (4905002) | 9406002 |
| Tactical Allocation | 30868443 |  | (1229532) | (1229532) |
| Dynamic Alpha | 127628964 | 20143878 | (2161522) | 17982356 |

---

---

| | |
|:---|:---|
| **CATALYST FUNDS** |  |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** | ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** |
| **December 31, 2022** | **SEMI-ANNUAL REPORT** |

---

**(5)** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid for the years ended June 30, 2022 and June 30, 2021 for the period ended November 30, 2021 and November 30, 2020 for Energy Infrastructure) was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**6/30/2022** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Insider Buying | $— | $— | $— | $— |
| Energy Infrastructure | 1740188 |  | 9530225 | 11270413 |
| Global Equity | 1457870 |  |  | 1457870 |
| Tactical Allocation | 227063 | 99760 | 438 | 327261 |
| Dynamic Alpha | 11633009 | 31967305 |  | 43600314 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **6/30/2021** | **Income** | **Capital Gains** | **Capital** | **Total** |
| Insider Buying | $— | $— | $— | $— |
| Energy Infrastructure | 5173416 |  | 8996455 | 14169871 |
| Global Equity | 1047662 |  |  | 1047662 |
| Tactical Allocation |  | 1446176 |  | 1446176 |
| Dynamic Alpha |  |  |  |  |

---

As of June 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows (except for Energy Infrastructure in which its November 30, 2021 components of distributable earnings have been adjusted for June 30, 2022 activity):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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)** |
| Insider Buying | $— | $— | $(4116520) | $(44877284) | $— | $(6563817) | $(55557621) |
| Energy Infrastructure | 13480 |  |  | (37970888) |  | 9852885 | (28104523) |
| Global Equity |  |  | (123324) | (798488) |  | 9860282 | 8938470 |
| Tactical Allocation |  |  | (232980) | (46497) |  | 3368392 | 3088915 |
| Dynamic Alpha |  | 1550999 |  |  |  | 7446169 | 8997168 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income and accumulated net realized gains from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, adjustments for partnerships, and C-Corporation return of capital distributions. The unrealized appreciation (depreciation) in the table above may include unrealized foreign currency gains (losses).

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| Insider Buying | $158232 |
| Energy Infrastructure |  |
| Global Equity | 123324 |
| Tactical Allocation | 96079 |
| Dynamic Alpha |  |

---

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:

---

| | |
|:---|:---|
| **CATALYST FUNDS** |  |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** | ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** |
| **December 31, 2022** | **SEMI-ANNUAL REPORT** |

---

---

| | |
|:---|:---|
|  | **Post October**<br>**Losses** |
| Insider Buying | $3958288 |
| Energy Infrastructure |  |
| Global Equity |  |
| Tactical Allocation | 136901 |
| Dynamic Alpha |  |

---

At June 30, 2022, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains and utilized capital loss carryforwards as follows (except for Energy Infrastructure in which its November 30, 2021 capital loss carryforwards are as follows):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term**<br>**Non-Expiring** | **Long-Term**<br>**Non-Expiring** |<br>**Total** |<br>**CLCF Utilized** |
| Insider Buying | $42700901 | $2176383 | $44877284 | $719905 |
| Energy Infrastructure | 9606809 | 28364079 | 37970888 | 3493635 |
| Global Equity | 798488 |  | 798488 | 2368277 |
| Tactical Allocation |  | 46497 | 46497 |  |

---

During the fiscal period ended June 30, 2022, 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, use of tax equalization credits and distributions in excess resulted in reclassifications for the Funds for the fiscal year ended June 30, 2022 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Deficit)** |
| Insider Buying | $(668265) | $668265 |
| Energy Infrastructure |  |  |
| Global Equity | (516118) | 516118 |
| Tactical Allocation | (167014) | 167014 |
| Dynamic Alpha | 3943874 | (3943874) |

---

**(6)** **LINE OF CREDIT** 

Currently, the Funds have a $150,000,000 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 is not a "committed" line of credit, which is to say that the Bank is not obligated to lend money to the Funds. Accordingly, it is possible that the Funds may wish to borrow money for a temporary or emergency purpose but may not be able to do so. During the six months ended December 31, 2022, the Funds accessed the line of credit, based only on the days borrowed, as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average Amount**<br>**Borrowings**<br>**Outstanding** |<br>**Interest**<br>**Expense <sup>(1)</sup>** |<br>**Average**<br>**Interest Rate** |<br>**Number of Days**<br>**Outstanding** | **Outstanding**<br>**Borrowings**<br>**12/31/2022** |
| Insider Buying | $151273 | $1084 | 6.18% | 11 | $— |
| Energy Infrastructure | 957824 | 3000 | 6.09% | 17 |  |

---

<sup>(1)</sup> Includes only Interest Expense for the six months ended December 31, 2022 and may not tie back to the Statement of Operations, which also may include overdrafts, line of credit fees, and broker interests.

During the six months ended December 31, 2022, Global Equity, Tactical Allocation and Dynamic Alpha did not access the line of credit.

**(7)** **SECURITIES LENDING** 

The Funds have entered into a Securities Lending Agreement with the Bank. Each participating Fund can lend its securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. All interest and dividend payments received on securities which are held on loan, provided that there is no

---

| | |
|:---|:---|
| **CATALYST FUNDS** |  |
| ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** | ***NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*** |
| **December 31, 2022** | **SEMI-ANNUAL REPORT** |

---

material default, will be paid to the respective Fund. A portion of the income generated by the investment in the Funds collateral, net of any rebates paid by the Bank to the borrowers is remitted to the Bank as lending agent and the remainder is paid to the Fund(s).

Securities lending income, if any, is disclosed in the Funds' Statements of Operations and is net of fees retained by the counterparty. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. Should the borrower of the securities fail financially, each Fund has the right to repurchase the securities using the collateral in the open market. The remaining contractual maturity of all securities lending transactions are overnight and continuous.

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | | | Percentage of |
|  | Market Value of | Market Value of | Total Investment |
| Fund | Loaned Securities | Collateral (1) | Income |
| Insider Buying | $4861198 | $4861198 | 3.25% |
| Dynamic Alpha | 20208921 | 20208921 | 1.78% |

---

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

The below table shows the collateral held by each Fund at the six months ended December 31, 2022.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | 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 | Liabilities | Liabilities | & Liabilities | Instruments | Pledged | Net Amount |
| **Insider Buying** |  |  |  |  |  |  |  |
| Liabilities |  |  |  |  |  |  |  |
| Securities Loaned | US Bank | $(4861198) | $— | $(4861198) | $4861198 | $— | $— |
| **Dynamic Alpha** |  |  |  |  |  |  |  |
| Liabilities |  |  |  |  |  |  |  |
| Securities Loaned | US Bank | $(20208921) | $— | $(20208921) | $20208921 | $— | $— |

---

**(8)** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2022, 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:

---

| | | |
|:---|:---|:---|
|  | Energy | Dynamic |
| Owner | Infrastructure | Alpha |
| LPL Financial, LLC \* | 39.0% |  |
| Charles Schwab & Co., Inc. |  | 29.7% |

---

\* These owners are comprised of multiple investors and accounts.

**(9)** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

| |
|:---|
| **CATALYST FUNDS** |
| **INFORMATION ABOUT YOUR FUNDS' EXPENSES (Unaudited)** |

---

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees; and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below illustrates an investment of $1,000 invested at the beginning of the period (07/01/22) and held for the entire period through 12/31/22.

**<u>Actual Expenses</u>**

The "Actual" columns of the table below provide information about actual account values and actual expenses. You may use the information in these sections, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the row under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**<u>Hypothetical Example for Comparison Purposes</u>**

The "Hypothetical" columns of the table below provide information about the hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. For more information on transactional costs, please refer to the Funds' prospectus.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | ***Hypothetical*** | ***Hypothetical*** |
|  |  |  | ***Actual*** | ***Actual*** | (5% return before expenses) | (5% return before expenses) |
|  | Fund's | Beginning |  |  |  |  |
|  | Annualized | Account Value | Ending Account | Expenses Paid | Ending Account | Expenses Paid |
|  | Expense Ratio | 07/01/22 | Value 12/31/22 | During Period \* | Value 12/31/22 | During Period \* |
| Catalyst Insider Buying Fund - Class A | 1.53% | $1000.00 | $1134.20 | $8.23 | $1017.49 | $7.78 |
| Catalyst Insider Buying Fund - Class C | 2.28% | 1000.00 | 1129.00 | 12.24 | 1013.71 | 11.57 |
| Catalyst Insider Buying Fund - Class I | 1.28% | 1000.00 | 1134.90 | 6.89 | 1018.75 | 6.51 |
| Catalyst Energy Infrastructure Fund - Class A | 1.68% | 1000.00 | 1115.30 | 8.96 | 1016.74 | 8.54 |
| Catalyst Energy Infrastructure Fund - Class C | 2.43% | 1000.00 | 1111.30 | 12.93 | 1012.96 | 12.33 |
| Catalyst Energy Infrastructure Fund - Class I | 1.43% | 1000.00 | 1116.80 | 7.63 | 1018.00 | 7.27 |
| Catalyst/MAP Global Equity Fund - Class A | 1.21% | 1000.00 | 1005.10 | 6.12 | 1019.11 | 6.16 |
| Catalyst/MAP Global Equity Fund - Class C | 1.96% | 1000.00 | 1001.30 | 9.89 | 1015.32 | 9.96 |
| Catalyst/MAP Global Equity Fund - Class I | 0.96% | 1000.00 | 1006.40 | 4.85 | 1020.37 | 4.89 |
| Catalyst/Lyons Tactical Allocation Fund - Class A | 1.53% | 1000.00 | 988.30 | 7.67 | 1017.49 | 7.78 |
| Catalyst/Lyons Tactical Allocation Fund - Class C | 2.28% | 1000.00 | 984.40 | 11.40 | 1013.71 | 11.57 |
| Catalyst/Lyons Tactical Allocation Fund - Class I | 1.28% | 1000.00 | 989.00 | 6.42 | 1018.75 | 6.51 |
| Catalyst Dynamic Alpha Fund - Class A | 1.38% | 1000.00 | 1054.60 | 7.15 | 1018.25 | 7.02 |
| Catalyst Dynamic Alpha Fund - Class C | 2.13% | 1000.00 | 1050.50 | 11.01 | 1014.47 | 10.82 |
| Catalyst Dynamic Alpha Fund - Class I | 1.13% | 1000.00 | 1055.80 | 5.86 | 1019.51 | 5.75 |

---

*\** *Expenses are equal to the Funds' annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.*

For more information on Fund expenses, please refer to the Funds' prospectus, which can be obtained from your investment representative or by calling 1-866-447-4228. Please read it carefully before you invest or send money.

***PRIVACY NOTICE***

 ****

**Mutual Fund Series Trust**

**Rev. August 2021**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES MUTUAL FUND SERIES TRUST DO WITH YOUR PERSONAL INFORMATION?** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and wire transfer instructions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● account transactions and transaction history<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● investment experience and purchase history<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Mutual Fund Series Trust chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your<br> personal information:** | &nbsp;&nbsp;**Does Mutual Fund Series<br> Trust share information?** | &nbsp;&nbsp;**Can you limit this <br> sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | &nbsp;&nbsp;**YES** | &nbsp;&nbsp;**NO** |
| &nbsp;&nbsp;**For our marketing purposes -** to offer our products and services to you. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For joint marketing with other financial companies.** | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your transactions and records. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your credit worthiness. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates to market to you** | **NO** | **We don't share** |
| &nbsp;&nbsp;**For non-affiliates to market to you** | **NO** | **We don't share** |

---

***PRIVACY NOTICE***

**Mutual Fund Series Trust**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**What we do:** | &nbsp;&nbsp;**What we do:** |
| &nbsp;&nbsp;<br> **How does Mutual Fund Series Trust protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;<br> **How does Mutual Fund Series Trust collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you:<br> ● open an account or deposit money<br>● direct us to buy securities or direct us to sell your securities<br>● seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;<br> **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only:<br> ● sharing for affiliates' everyday business purposes – information about your creditworthiness.<br>● affiliates from using your information to market to you.<br>● sharing for non-affiliates to market to you. <br>State laws and individual companies may give you additional rights to limit sharing. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and non-financial companies.<br>● *Mutual Fund Series Trust does not share with affiliates.* |
| &nbsp;&nbsp;**Non-affiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and non-financial companies.<br>● *Mutual Fund Series Trust doesn't share with non-affiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>● *Mutual Fund Series Trust doesn't jointly market*. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**QUESTIONS? CALL** | &nbsp;&nbsp;**Alpha Centric** | &nbsp;&nbsp;**844-223-8637** |
| &nbsp;&nbsp;**QUESTIONS? CALL** | &nbsp;&nbsp;**Catalyst** | &nbsp;&nbsp;**866-447-4228** |
| &nbsp;&nbsp;**QUESTIONS? CALL** | &nbsp;&nbsp;**Day Hagan** | &nbsp;&nbsp;**877-329-4246** |
| &nbsp;&nbsp;**QUESTIONS? CALL** | &nbsp;&nbsp;**Empiric** | &nbsp;&nbsp;**888-839-7424** |
| &nbsp;&nbsp;**QUESTIONS? CALL** | &nbsp;&nbsp;**Eventide** | &nbsp;&nbsp;**877-771-3836** |
| &nbsp;&nbsp;**QUESTIONS? CALL** | &nbsp;&nbsp;**JAG** | &nbsp;&nbsp;**855-552-4596** |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>MUTUAL FUND SERIES TRUST</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221 North 203<sup>rd</sup> Street, Suite 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elkhorn, NE 68022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>MANAGER</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Capital Advisors, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 Palmeras Street, Suite 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Juan, PR 00901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ADMINISTRATOR</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultimus Fund Solutions, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 Pictoria Drive, Suite 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati, OH 45246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>TRANSFER AGENT</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultimus Fund Solutions, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 Pictoria Drive, Suite 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati, OH 45246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBD, LLP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 Market Street |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3rd Floor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>LEGAL COUNSEL</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Hine LLP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 South High Street |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suite 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbus, OH 43215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>CUSTODIAN BANK</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 N. Rivercenter Drive. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suite 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milwaukee, WI 53212 |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Prospectus and the Statement of Additional Information for more detailed descriptions of the Management Agreements, Services Agreements and Distribution and/or Service (12b-1) Plans, tax aspects of the Funds and the calculations of the net asset values of shares of the Funds. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Forms N-PORT are available on the Commission's website at <u>http://www.sec.gov</u>. The Funds' Forms N-PORT may be obtained by calling 1-800-SEC-0330. |
| &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>. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CatalystEquity-SA22 |

---

ITEM 2. CODE OF ETHICS.

Not applicable for semi-annual reports.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semi-annual reports.

ITEM 6. SCHEDULE OF INVESTMENT

See Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable Fund is an open-end management investment company

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable Fund is an open-end management investment company

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable Fund is an open-end management investment company

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable at this time.

ITEM 11. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act, are
effective, as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
30a-3(d) under the 1940 Act) that occurred 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-ENDED MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

&nbsp;&nbsp;&nbsp;&nbsp;(1) [Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.](coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(2) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](cert1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(3) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](cert2.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Mutual Fund Series Trust

---

| | |
|:---|:---|
| By Michael Schoonover | <u>/s/ Michael Schoonover __________</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President |
| Date: March 7, 2023 |  |

---

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 person on behalf of the Registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| By Michael Schoonover | <u>/s/ Michael Schoonover ___________</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President |
| Date: March 7, 2023 |  |

---

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 person on behalf of the Registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| By Erik Naviloff | <u>/s/ Erik Naviloff_____________</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer |
| Date: March 7, 2023 |  |

---

## Ex-99.Cert

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Michael Schoonover, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Mutual Fund Series Trust (the "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 schedules of investments included in this report fairly present in all material
respects the investments of the Registrant as of the end of the fiscal period for which the report is filed;

&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;(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;(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;(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;(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 Trustees (or persons performing the equivalent functions):

&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;(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: March 7, 2023 | <u>/s/ Michael Schoonover_____</u> |
|  | Michael Schoonover |
|  | President |

---

------

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Erik Naviloff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Mutual Fund Series Trust (the "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 schedules of investments included in this report fairly present in all material
respects the investments of the Registrant as of the end of the fiscal period for which the report is filed;

&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;(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;(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;(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;(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 Trustees (or persons performing the equivalent functions):

&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;(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: March 7, 2023 | <u>/s/ Erik Naviloff________</u> |
|  | Erik Naviloff |
|  | Treasurer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Michael Schoonover, President of the Mutual Fund Series Trust, (the "Funds"), certify that:

1. The N-CSR of the Funds for the period ended December 31, 2022, (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | <u>/s/ Michael Schoonover _________</u> |
|  | Michael Schoonover |
|  | President |
| Date: | March 7, 2023 |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO GEMINI FUND SERVICES, LLC AND WILL BE RETAINED BY GEMINI FUND SERVICES, LLC AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.

------

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Erik Naviloff, Treasurer of the Mutual Fund Series Trust, (the "Funds"), certify that:

1. The N-CSR of the Funds for the period ended December 31, 2022, (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | <u>/s/ Erik Naviloff_______</u> |
|  | Erik Naviloff |
|  | Treasurer |
| Date: | March 7, 2023 |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO GEMINI FUND SERVICES, LLC AND WILL BE RETAINED BY GEMINI FUND SERVICES, LLC. AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.

## 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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Security(name, type, CUSIP or ticker symbol) | &nbsp;&nbsp; **# of Shares and**<br> **Principal Amount** | &nbsp;&nbsp; <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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Broker, Dealer or Bank** | &nbsp;&nbsp;**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:<u>_______________</u> Signature:____________________

Date:________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRE-CLEARANCE OF SECURITY TRANSACTION**

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.

□ 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; <br> **Transaction**<br> **Date** | &nbsp;&nbsp; <br> **Purchase, Sale,**<br> **or Other** | &nbsp;&nbsp; **# of Shares & Principal Amount**<br> **of Security** | &nbsp;&nbsp; <br>**Price** | &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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Broker, Dealer or Bank:** | &nbsp;&nbsp;**Account Name:** | &nbsp;&nbsp;**Date Established:** |

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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.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Security(name, type, CUSIP or ticker symbol) | &nbsp;&nbsp; **# of Shares or**<br> **Principal Amount** | &nbsp;&nbsp; <br> **Date Acquired** |

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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.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Broker, Dealer or Bank** | &nbsp;&nbsp;**Account Name** |

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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