# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-23-001335
**Filing Date:** 2023-3
**Character Count:** 359869
**Document Hash:** 50d648083487d8262eecdde0a3015358
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001335.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001580642-23-001335

**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:** 23715999

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

### Catalyst/CIFC Floating Rate Income Fund (Series ID: S000039512)

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

### Catalyst Insider Income Fund (Series ID: S000045921)

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

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

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

**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 Income Fund**

**(IIXAX, IIXCX, IIXIX)**

**Catalyst Enhanced Income Strategy Fund**

**(EIXAX, EIXCX, EIXIX)**

**Catalyst/MAP Global Balanced Fund**

**(TRXAX, TRXCX, TRXIX)**

**Catalyst/CIFC Floating Rate Income Fund**

**(CFRAX, CFRCX, CFRIX)**

**Catalyst/SMH High Income Fund**

**(HIIFX, HIICX, HIIIX)**

**Catalyst/SMH Total Return Income Fund**

**(TRIFX, TRICX, TRIIX)**

**December 31, 2022**

![(LOGO)](cf001_v1.jpg)

**Mutual Fund Series Trust**

**CATALYST FUNDS**

**SEMI-ANNUAL REPORT**

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| Investment Review | Page 1 |
| Schedules of Investments | Page 10 |
| Statements of Assets and Liabilities | Page 50 |
| Statements of Operations | Page 51 |
| Statements of Changes in Net Assets | Page 52 |
| Financial Highlights | Page 54 |
| Notes to Financial Statements | Page 66 |
| Expense Example | Page 80 |
| Privacy Notice | Page 81 |

---

---

| | |
|:---|:---|
| &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 Balanced Fund (TRXAX, TRXCX, TRXIX)**

Dear Fellow Shareholders:

The Catalyst/MAP Global Balanced Fund's (the "Fund") total returns for the fiscal year,5-year period, and since inception (as of 12/31/22) as compared to the MSCI All Country World Stock Index <sup>1</sup> and the 50% MSCI AWCI Value/50% BoFA ML A-AAA 1-3yr US Corp<sup>2</sup> were as follows (unaudited):

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund vs. Index Performance** | <br>**1 Year** | **5**<br>**Years** | **Since**<br>**Inception<sup>4</sup>** |
| Class A without sales charge | -7.44 | 2.56 | 4.67 |
| Class A with sales charge | -12.77 | 1.35 | 4.13 |
| Class C | -8.13 | 1.81 | 3.89 |
| &nbsp;&nbsp;&nbsp;50% MSCI ACWI/50% BoFA ML A-AAA 1-3yr US Corp.<sup>2</sup> | -10.59 | 3.88 | 4.94 |
| &nbsp;&nbsp;&nbsp;50% MSCI ACWI Value/50% BoFA ML A-AAA 1-3yr US Corp. <sup>3</sup> | -4.83 | 3.15 | 4.39 |
| &nbsp;&nbsp;&nbsp;MSCI All Country World Stock Index<sup>1</sup> | -17.96 | 5.75 | 7.92 |
| Class I (Inception Date – 6/6/14) | -7.21 | 2.83 | 3.44 |
| &nbsp;&nbsp;&nbsp;MSCI All Country World Stock Index<sup>1</sup> | -17.96 | 5.75 | 6.66 |

---

*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 <u>www.CatalystMF.com</u>.*

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 Imperial Brands (IMB LN), up 13.8%; Bunge LTD (BG), up 11.4%; Cisco Systems (CSCO), up 13.6%, Takeda Pharmaceuticals (TAK), up 16.2%, and Novartis (NVS), up 8.1%. Inversely, the top five detractors to performance for the six-month period were Vodafone (VOD), down 32.9%; Orange (ORAN), down 13.5%, Intel Corp (INTC), down 28.6%; PT Hanjaya Mandala Sampoerna (HMSP IJ), down 17.6%, and Mosaic (MOS), down 6.6%.

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, 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

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** |

---

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 relatively low. During the period, we exited shares of Intel Corp (INTC) as we admittedly underestimated the poor position the former management team had left the company in. Additionally, we exited our position in Kratos Defense & Security (KTOS). We also trimmed positions in Cisco Systems (CSCO), eBay (EBAY), Groupe Bruxelles Lambert (GBLB BB), Orange (ORAN), National Fuel Gas (NFG), Tetra Tech (TTEK), Micron (MU), and Campbell Soup (CPB), as we refocused on our top conviction ideas. With the proceeds from these transactions, we added Applied Materials (AMAT), Medtronic (MDT), and Chevron (CVX), to the Fund. We also increased weightings in Vivendi (VIVHY) and Home Depot (HD).

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

As a result of these macro-dynamics, we have made several changes to fixed income holdings in the Fund over the past few months. We increased the weighting of bonds to a target rate of 35% from the previous 30%, lengthened maturities slightly, and improved credit quality. We continue to favor shorter-term maturities over more extended ones as the risks appear too great relative to potential rewards from holding longer-dated maturities.

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.

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** |

---

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

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.**

<sup>1</sup> The MSCI All Country World Stock Index (MSCI ACWI) 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 Balanced Fund may or may not purchase the types of securities represented by the MSCI All Country World Stock Index.

<sup>2</sup> Represents a 50%50% blend of the MSCI ACWI and the BofA Merrill Lynch U.S. Corp A-AAA 1-3 Year TR Index.

 

<sup>3</sup> Represents a 50%/50% blend of the MSCI ACWI Value Index and the BofA Merrill Lynch U.S. Corp A-AAA 1-3 Year TR Index.

<sup>4</sup> Since inception returns assume an inception date of 7/29/11 Class A and Class C shares and an inception date of 6/6/14 for Class I shares. The performance information quoted in this 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 shares held less than two years after the date of purchase (excluding 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.

5178-NLD-02012023

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

**Catalyst Insider Income 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>6 Month Return | <br>1 Year Return | Annualized<br>5 Year Return | Annualized<br>Since Inception\*\* |
| Class A | 0.19% | (8.09)% | 1.51% | 0.83% |
| Class A with load | (4.57)% | (12.49)% | 0.53% | 0.25% |
| Class C | (0.19)% | (8.77)% | 0.82% | 0.12% |
| Class I | 0.32% | (7.94)% | 1.82% | 1.11% |
| Bloomberg 1-3 Year U.S. Government/Credit Index<sup>(a)</sup> | (2.97)% | (13.01)% | 0.02% | 1.02% |

---

\* 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 4.75%. 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, including the cost of underlying funds, are 1.34% for Class A, 2.09% for Class C and 1.09% 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
Bloomberg 1-3 Year U.S. Government/Credit Index includes all medium and larger issues of U.S. government, investment-grade corporate,
and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued. Investors
cannot invest direct in an index.

\*\* Inception date is July 29, 2014.

---

| | |
|:---|:---|
| **Top 10 Holdings by Industry** | % **of Net Assets** |
| Asset Management | 32.9% |
| Specialty Finance | 32.6% |
| Real Estate Investment Trusts | 7.9% |
| Insurance | 5.6% |
| Home & Office Products | 5.2% |
| Gas & Water Utilities | 5.1% |
| Semiconductors | 4.6% |
| Aerospace & Defense | 4.2% |
| Health Care Facilities & Services | 3.1% |
| Internet Media & Services | 2.2% |
| Other/Cash & Equivalents | -3.4% |
|  | 100.0% |

---

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

**Catalyst Enhanced Income Strategy 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>6 Month Return | <br>1 Year Return | Annualized<br>Since Inception\*\* |
| Class A | (3.86)% | (7.05)% | 4.63% |
| Class A with load | (9.38)% | (12.39)% | 3.10% |
| Class C | (4.24)% | (7.77)% | 3.83% |
| Class I | (3.74)% | (6.81)% | 4.88% |
| Bloomberg U.S. Aggregate Bond Index<sup>(a)</sup> | (2.97)% | (13.01)% | 0.03% |
| Bloomberg U.S. Mortgage Backed Securities Index<sup>(b)</sup> | (3.32)% | (11.81)% | (0.91)% |

---

\* 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 4.75%. 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, including the cost of underlying funds, are 2.00% for Class A, 2.75% for Class C and 1.75% 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
Bloomberg U.S. Aggregate Bond Index is a broad-based index that measures the investment grade, US dollar-denominated, fix-rated taxable
bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs),
ABS and CMBS (agency and non-agency). Investors cannot invest direct in an index.

(b) The
Bloomberg U.S. Mortgage Backed Securities (MBS) Index tracks fixed-rate agency mortgage backed passthrough securities guaranteed by Ginnie
Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The index is constructed by grouping individual TBA-deliverable MBS pools into
aggregates or generics based on program, coupon and vintage. Investors cannot invest direct in an index.

\*\* Inception date is December 31, 2018.

---

| | |
|:---|:---|
| **Top Holdings by Security Type** | % **of Net Assets** |
| Collateralized Mortgage Obligations | 33.8% |
| Non Agency CMBS | 27.1% |
| Home Equity | 14.3% |
| Residential Mortgage | 13.4% |
| U.S. Government & Agency Obligations | 8.2% |
| Manufactured Housing | 0.3% |
| Other/Cash & Equivalents | 2.9% |
|  | 100.0% |

---

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

**Catalyst/MAP Global Balanced 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>6 Month Return | <br>1 Year Return | Annualized<br>5 Year Return | Annualized<br>10 Year Return | Annualized<br>Since Inception\*\* |
| Class A | 0.21% | (7.44)% | 2.56% | 4.16% | 4.67% |
| Class A with load | (5.55)% | (12.77)% | 1.35% | 3.54% | 4.13% |
| Class C | (0.16)% | (8.13)% | 1.81% | 3.38% | 3.89% |
| Class I | 0.28% | (7.21)% | 2.83% | N/A | 3.34% |
| MSCI All Country World Stock Index<sup>(a)</sup> | 2.51% | (17.96)% | 5.75% | 8.54% | 7.92% |
| MSCI All Country World Stock Value Index Gross<sup>(b)</sup> | 5.84% | (6.86)% | 4.23% | 7.19% | 6.79% |
| ICE BofA ML A-AAA 1-3yr U.S. Corp. Index<sup>(c)</sup> | (0.14)% | (3.46)% | 1.34% | 1.38% | 1.52% |
| 50% MSCI ACWI U.S./50% ICE BofA ML A-AAA 1-3yr U.S. Corp. Index<sup>(d)</sup> | 1.45% | (10.59)% | 3.88% | 5.15% | 4.94% |
| 50% MSCI ACWI U.S. Value Index Gross/50% ICE BofA ML A-AAA 1-3yr U.S. Corp. Index<sup>(e)</sup> | 3.05% | (4.83)% | 3.15% | 4.50% | 4.39% |

---

\* 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 2.08% for Class A, 2.83% for Class C, and 1.83% 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 maintained by Morgan Stanley Capital International, and is comprised of stocks from both developed
and emerging markets. Investors cannot invest directly in an index.

(b) The
MSCI All Country World Stock Value Index Gross captures large and mid cap securities exhibiting overall value style characteristics across
23 Developed 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.

(c) The
ICE BofA ML A-AAA 1-3yr U.S. Corp. Index includes publicly issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued
by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. government debt
and supranational debt. Investors cannot invest directly in an index.

(d) The
50% MSCI AWCI U.S./50% ICE BofA ML A-AAA 1-3yr US Corp. Index. is made up of two indices; ICE BofA ML U.S. Corporate & Government
1-3yrs Index, and MSCI AC World Index. Investors cannot invest directly in an index.

(e) The
50% MSCI AWCI U.S Value Index Gross/50% ICE BofA ML A-AAA 1-3yr U.S. Corp. Index. is made up of two indices; ICE BofA ML U.S. Corporate
& Government 1-3yrs Index, and MSCI AC World Value Index Gross. Investors cannot invest directly in an index.

\*\* Inception date is July 29, 2011 for Class A, Class C and the benchmark, and June 6, 2014, for Class I.

---

| | |
|:---|:---|
| **Top 10 Holdings by Industry** | % **of Net Assets** |
| Biotech & Pharma | 17.9% |
| Tobacco & Cannabis | 7.5% |
| Technology & Hardware | 7.3% |
| Leisure Facilities & Services | 6.1% |
| U.S. Government & Agencies | 8.3% |
| Telecommunications | 5.0% |
| Gas & Water Utilities | 4.7% |
| Semiconductors | 3.7% |
| Wholesale - Consumer Staples | 3.5% |
| Software | 3.1% |
| Other/Cash & Equivalents | 32.9% |
|  | 100.0% |

---

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

**Catalyst/CIFC Floating Rate Income 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>6 Month Return | <br>1 Year Return | Annualized<br>5 Year Return | Annualized<br>Since Inception\*\* | Annualized<br>Since Inception\*\*\* |
| Class A | 2.81% | (2.59)% | 2.81% | 3.36% | N/A |
| Class A with load | (2.12)% | (7.22)% | 1.80% | 2.85% | N/A |
| Class C | 2.42% | (3.34)% | 2.03% | 2.58% | N/A |
| Class I | 3.05% | (2.34)% | 3.06% | 3.62% | N/A |
| Class C-1 | N/A | N/A | N/A | N/A | 1.52% |
| S&P/LSTA U.S. Leveraged Loan 100 Index <sup>(a)</sup> | 5.15% | (0.60)% | 3.08% | 3.24% | 1.82% |

---

\* 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 4.75%. 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 1.55% for Class A and 2.30% for Class C, 1.30% for Class I and 2.30% for Class C-1 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.

Performance information for the period prior to November 2018 does not reflect the Fund's current strategy and the Fund's portfolio was not managed by the Fund's current sub-advisor.

(a) The
S&P/LSTA U.S. Leveraged Loan 100 Index is a market value-weighted index designed to measure the performance of the U.S. leveraged
loan market. The Index consists of 100 loan facilities drawn from a larger benchmark - the S&P/SLTA (Loan Syndications and Trading
Association) Leveraged Loan Index (LLI). Investors cannot invest directly in an index.

\*\* Inception date is December 31, 2012 for Class A, Class C and Class I.

\*\*\* Inception date is November 1, 2022 for Class C 1.

---

| | |
|:---|:---|
| **Top Ten Holdings by Industry** | % **of Net Assets** |
| Software | 15.6% |
| Health Care Facilities & Services | 8.2% |
| CLO | 8.6% |
| Technology Services | 6.9% |
| Insurance | 6.5% |
| Commercial Support Services | 6.2% |
| Transportation & Logistics | 6.0% |
| Retail - Discretionart | 5.2% |
| Leisure Facilities & Services | 5.1% |
| Institutional Financial Services | 2.8% |
| Other/Cash & Equivalents | 28.9% |
|  | 100.0% |

---

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

**Catalyst/SMH High Income 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>6 Month Return | <br>1 Year Return | Annualized<br>5 Year Return | Annualized<br>10 Year Return | Annualized<br>Since Inception\*\* | Annualized<br>Since Inception \*\*\* |
| Class A | 3.95% | (13.48)% | 1.88% | 0.43% | 2.40% | N/A |
| Class A with load | (0.99)% | (17.59)% | 0.89% | (0.06)% | 2.06% | N/A |
| Class C | 3.84% | (14.11)% | 1.11% | (0.30)% | 1.66% | N/A |
| Class I | 4.09% | (13.26)% | 2.08% | N/A | N/A | 0.47% |
| ICE BofA Merrill Lynch U.S. Cash Pay High Yield Index<sup>(a)</sup> | 3.41% | (11.06)% | 2.15% | 3.95% | 9.39% | 3.98% |

---

\* 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 4.75%. 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 1.95% for Class A, 2.70% for Class C and 1.70% 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.

Performance information for the period prior to September 2013 does not reflect the Fund's current strategy and the Fund's portfolio was not managed by the Fund's current sub-advisor.

(a) The
ICE BofA Merrill Lynch U.S. Cash Pay High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate
debt, currently in a coupon paying period that is publicly-issued in the U.S. domestic market. Investors cannot invest directly in an
index.

\*\* Inception date is May 21, 2008 for Class A and Class C.

\*\*\* Inception date is July 1, 2013 for Class I.

---

| | |
|:---|:---|
| **Top 10 Holdings by Industry** | % **of Net Assets** |
| Automotive | 10.3% |
| Retail-Discretionary | 8.2% |
| Oil & Gas Services & Equipment | 7.5% |
| Metals & Mining | 6.9% |
| Chemicals | 6.5% |
| Machinery | 6.4% |
| Steel | 6.2% |
| Real Estate Investment Trusts | 6.0% |
| Specialty Finance | 5.5% |
| Home Construction | 5.2% |
| Other/Cash & Equivalents | 31.3% |
|  | 100.0% |

---

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

**Catalyst/SMH Total Return Income 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>6 Month Return | <br>1 Year Return | Annualized<br>5 Year Return | Annualized<br>10 Year Return | Annualized<br>Since Inception\*\* | Annualized<br>Since Inception\*\*\* |
| Class A | 4.47% | (12.51)% | 4.87% | 3.43% | 2.63% | N/A |
| Class A with load | (1.54)% | (17.54)% | 3.63% | 2.82% | 2.21% | N/A |
| Class C | 4.06% | (13.00)% | 4.09% | 2.66% | 1.86% | N/A |
| Class I | 4.62% | (12.31)% | 5.14% | N/A | N/A | 2.76% |
| S&P 500 Total Return Index<sup>(a)</sup> | 2.31% | (18.11)% | 9.42% | 12.56% | 9.39% | 11.67% |
| ICE BofA Merrill Lynch U.S. Cash Pay High Yield Index<sup>(b)</sup> | 3.41% | (11.06)% | 2.15% | 3.95% | 5.91% | 3.98% |
| Blended Index <sup>(c)</sup> | 3.00% | (14.48)% | 5.92% | 8.31% | 7.80% | 7.90% |

---

\* 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, including the cost of underlying funds, are 2.75% for Class A, 3.50% for Class C and 2.50% 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.

Performance information for the period prior to September 2013 does not reflect the Fund's current strategy and the Fund's portfolio was not managed by the Fund's current sub-advisor.

(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.

(b) The
ICE BofA Merrill Lynch U.S. Cash Pay High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate
debt, currently in a coupon paying period that is publicly-issued in the U.S. domestic market. Investors cannot invest directly in an
index.

(c) Blended
Index reflects an unmanaged portfolio of 50% of the S&P 500 Total Return Index and 50% of the ICE BofA Merrill Lynch U.S. Cash Pay
High Yield Index. Investors cannot invest directly in an index.

\*\* Inception date is May 21, 2008 for Class A, Class C and the Benchmark.

\*\*\* Inception date is July 1, 2013 for Class I and the Benchmark.

---

| | |
|:---|:---|
| **Top 10 Holdings by Industry** | **% of Net Assets** |
| Asset Management | 13.3% |
| Oil & Gas Services & Equipment | 10.6% |
| Oil & Gas Producers | 6.6% |
| Real Estate Investment Trusts | 5.8% |
| Business Development Companies | 4.1% |
| Machinery | 4.0% |
| Specialty Finance | 3.7% |
| Automotive | 3.6% |
| Home Construction | 3.4% |
| Technology Hardware | 2.9% |
| Other/Cash & Equivalents | 42.0% |
|  | 100.0% |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CONVERTIBLE BONDS — 53.7%** |  |  |  |
|  | **ASSET MANAGEMENT — 18.9%** |  |  |  |
| 3000000 | New Mountain Finance Corporation<sup>(a)</sup> | 7.5000 | 10/15/25 | $3029940 |
| 7079000 | Prospect Capital Corporation | 6.3750 | 03/01/25 | 7123598 |
| 4039000 | RWT Holdings, Inc. | 5.7500 | 10/01/25 | 3428101 |
|  |  |  |  | 13581639 |
|  | **INTERNET MEDIA & SERVICES — 2.2%** |  |  |  |
| 4000000 | Opendoor Technologies, Inc.<sup>(a)</sup> | 0.2500 | 08/15/26 | 1591171 |
|  | **SPECIALTY FINANCE — 32.6%** |  |  |  |
| 3750000 | Arbor Realty Trust, Inc.<sup>(a)</sup> | 7.5000 | 08/01/25 | 3744375 |
| 4620000 | Redwood Trust, Inc. | 5.6250 | 07/15/24 | 4227300 |
| 10000000 | SoFi Technologies, Inc.<sup>(a),(b)</sup> | 6.5800 | 10/15/26 | 6920280 |
| 10000000 | Two Harbors Investment Corporation | 6.2500 | 01/15/26 | 8631838 |
|  |  |  |  | 23523793 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $44,224,971)** |  |  | 38696603 |
|  | **CORPORATE BONDS — 50.1%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 4.2%** |  |  |  |
| 3000000 | TransDigm, Inc.<sup>(a)</sup> | 8.0000 | 12/15/25 | 3049813 |
|  | **ASSET MANAGEMENT — 14.0%** |  |  |  |
| 4000000 | Ares Capital Corporation | 4.2500 | 03/01/25 | 3797057 |
| 3850000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation | 6.3750 | 12/15/25 | 3741507 |
| 2861000 | Prospect Capital Corporation | 3.7060 | 01/22/26 | 2509494 |
|  |  |  |  | 10048058 |
|  | **GAS & WATER UTILITIES — 5.1%** |  |  |  |
| 3700000 | National Fuel Gas Company | 5.5000 | 01/15/26 | 3688968 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.1%** |  |  |  |
| 2407000 | Centene Corporation | 4.2500 | 12/15/27 | 2264939 |
|  | **HOME & OFFICE PRODUCTS — 5.2%** |  |  |  |
| 4000000 | Newell Brands, Inc. | 4.4500 | 04/01/26 | 3771981 |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 50.1% (Continued)** |  |  |  |
|  | **INSURANCE — 5.6%** |  |  |  |
| 2862526 | Ambac Assurance Corporation<sup>(a)</sup> | 5.1000% | 06/07/69 | $4011114 |
|  | **METALS & MINING — 0.4%** |  |  |  |
| 299000 | Warrior Met Coal, Inc.<sup>(a)</sup> | 7.8750 | 12/01/28 | 295141 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 7.9%** |  |  |  |
| 2007000 | Omega Healthcare Investors, Inc. | 4.5000 | 04/01/27 | 1888093 |
| 3900000 | Sabra Health Care, L.P. | 5.1250 | 08/15/26 | 3722060 |
|  |  |  |  | 5610153 |
|  | **SEMICONDUCTORS — 4.6%** |  |  |  |
| 3500000 | Broadcom Corp / Broadcom Cayman Finance Ltd. | 3.8750 | 01/15/27 | 3316479 |
|  | **TOTAL CORPORATE BONDS (Cost $37,384,108)** |  |  | 36056646 |
|  | **TOTAL INVESTMENTS - 103.8% (Cost $81,609,079)** |  |  | $74753249 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (3.8)%** |  |  | (2717130) |
|  | **NET ASSETS - 100.0%** |  |  | $72036119 |

---

L.P. - Limited Partnership

Ltd. - Limited Company

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022 the total market value of 144A securities is 22,641,834 or 31.4% of net assets.

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

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9%** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 33.8%** |  |  |  |  |
| 4338620 | Adjustable Rate Mortgage Trust 2005-12 5A1<sup>(a)</sup> | US0001M + 0.500% | 4.8890 | 03/25/36 | $1268593 |
| 1621205 | Adjustable Rate Mortgage Trust 2007-3 2A1<sup>(b),(c)</sup> |  | 5.6220 | 11/25/37 | 1154994 |
| 780433 | Alternative Loan Trust 2004-25CB A1 |  | 6.0000 | 12/25/34 | 677776 |
| 405113 | Alternative Loan Trust 2005-11CB 2A1 |  | 5.5000 | 06/25/35 | 330247 |
| 708702 | Alternative Loan Trust 2005-11CB 2A6 |  | 5.5000 | 06/25/25 | 577731 |
| 113178 | Alternative Loan Trust 2005-28CB 3A5 |  | 6.0000 | 08/25/35 | 55063 |
| 133823 | Alternative Loan Trust 2005-3CB 1A4 |  | 5.2500 | 03/25/35 | 113215 |
| 243513 | Alternative Loan Trust 2005-3CB 2A1 |  | 5.0000 | 03/25/35 | 224456 |
| 2452177 | Alternative Loan Trust 2005-43 4A3<sup>(c)</sup> |  | 3.1730 | 10/25/35 | 2006563 |
| 910360 | Alternative Loan Trust 2005-46CB A14 |  | 5.5000 | 10/25/35 | 656949 |
| 1696060 | Alternative Loan Trust 2005-64CB 1A15 |  | 5.5000 | 12/25/35 | 1492320 |
| 691407 | Alternative Loan Trust 2005-64CB 1A3 |  | 6.0000 | 12/25/35 | 614961 |
| 449191 | Alternative Loan Trust 2005-65CB 1A13 |  | 6.0000 | 01/25/36 | 322031 |
| 1977442 | Alternative Loan Trust 2005-69 A1<sup>(a)</sup> | 12MTA + 1.000% | 3.0480 | 12/25/35 | 1723541 |
| 1646592 | Alternative Loan Trust 2005-84 2A1<sup>(c)</sup> |  | 2.9250 | 02/25/36 | 1449997 |
| 567570 | Alternative Loan Trust 2005-86CB A4 |  | 5.5000 | 02/25/36 | 363823 |
| 418606 | Alternative Loan Trust 2005-J1 1A8 |  | 5.5000 | 02/25/35 | 402435 |
| 1357819 | Alternative Loan Trust 2005-J12 1A5<sup>(d)</sup> |  | 5.9150 | 11/25/35 | 722445 |
| 826516 | Alternative Loan Trust 2005-J13 2A4 |  | 5.5000 | 11/25/35 | 592330 |
| 2648972 | Alternative Loan Trust 2006-16CB A5 |  | 6.0000 | 06/25/36 | 1587213 |
| 5386356 | Alternative Loan Trust 2006-20CB A5<sup>(a),(e)</sup> | US0001M + 7.150% | 2.7610 | 07/25/36 | 847145 |
| 6234053 | Alternative Loan Trust 2006-20CB A7<sup>(a),(e)</sup> | US0001M + 5.500% | 1.1110 | 07/25/36 | 582209 |
| 816936 | Alternative Loan Trust 2006-23CB 1A6 |  | 6.0000 | 08/25/36 | 762608 |
| 425662 | Alternative Loan Trust 2006-28CB A3 |  | 6.5000 | 10/25/36 | 242446 |
| 1439014 | Alternative Loan Trust 2006-29T1 2A5 |  | 6.0000 | 10/25/36 | 889388 |
| 557455 | Alternative Loan Trust 2006-29T1 2A7 |  | 6.5000 | 10/25/36 | 364663 |
| 1015179 | Alternative Loan Trust 2006-32CB A9 |  | 6.0000 | 11/25/36 | 609682 |
| 502645 | Alternative Loan Trust 2006-42 1A5 |  | 6.0000 | 01/25/47 | 304203 |
| 1657628 | Alternative Loan Trust 2006-45T1 2A5 |  | 6.0000 | 02/25/37 | 939224 |
| 171505 | Alternative Loan Trust 2006-4CB 2A3 |  | 5.5000 | 04/25/36 | 134345 |
| 1131534 | Alternative Loan Trust 2006-4CB 2A6 |  | 5.5000 | 04/25/36 | 886368 |
| 1828153 | Alternative Loan Trust 2006-9T1 A7 |  | 6.0000 | 05/25/36 | 840406 |
| 286302 | Alternative Loan Trust 2006-J3 4A2 |  | 5.7500 | 05/25/26 | 267065 |
| 1678930 | Alternative Loan Trust 2006-J4 2A2 |  | 6.0000 | 07/25/36 | 1068982 |
| 668213 | Alternative Loan Trust 2007-12T1 A3 |  | 6.0000 | 06/25/37 | 333166 |
| 1985395 | Alternative Loan Trust 2007-23CB A5 |  | 6.5000 | 09/25/37 | 1194710 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 33.8% (Continued)** |  |  |  |  |
| 7500000 | American Home Mortgage Investment Trust 2004-4 6A2<sup>(d)</sup> |  | 4.2000 | 02/25/45 | $6790032 |
| 3244443 | Angel Oak Mortgage Trust 2021-1<sup>(b),(c)</sup> |  | 0.9090 | 01/25/66 | 2668529 |
| 220831 | Banc of America Alternative Loan Trust 2006-4 3CB4 |  | 6.0000 | 05/25/46 | 188924 |
| 271254 | Banc of America Alternative Loan Trust 2006-5 CB13 |  | 6.0000 | 06/25/46 | 236052 |
| 490153 | Banc of America Alternative Loan Trust 2006-6 2A10 |  | 6.0000 | 07/25/46 | 394373 |
| 353407 | Banc of America Alternative Loan Trust 2006-6 2A8 |  | 6.0000 | 07/25/46 | 284348 |
| 5538 | Banc of America Funding 2004-3 1A11 |  | 5.5000 | 10/25/34 | 5229 |
| 139873 | Banc of America Funding 2005-5 1A10 |  | 5.5000 | 09/25/35 | 134050 |
| 248560 | Banc of America Funding 2005-H 1A1<sup>(c)</sup> |  | 4.1200 | 11/20/35 | 232195 |
| 44576 | Banc of America Funding 2006-J 2A3<sup>(c)</sup> |  | 3.7750 | 01/20/47 | 37751 |
| 418129 | Banc of America Funding 2006-J 4A1<sup>(c)</sup> |  | 4.2730 | 01/20/47 | 382477 |
| 63746 | Banc of America Funding 2006-5 4A8 |  | 6.0000 | 09/25/36 | 51736 |
| 446672 | Banc of America Funding 2006-H 2A2<sup>(c)</sup> |  | 3.8930 | 09/20/46 | 378263 |
| 150151 | Banc of America Funding 2007-A 2A2<sup>(a)</sup> | US0001M + 0.420% | 4.7730 | 02/20/47 | 127084 |
| 428173 | Banc of America Funding 2009-R9 3A3<sup>(b),(c)</sup> |  | 3.5400 | 11/25/56 | 300603 |
| 344161 | Banc of America Funding 2010-R8 1A4<sup>(b)</sup> |  | 5.7500 | 05/26/36 | 238425 |
| 111545 | Banc of America Mortgage 2005-A 1A1<sup>(c)</sup> |  | 2.5700 | 02/25/35 | 95146 |
| 63401 | Banc of America Mortgage 2005-A 2A1<sup>(c)</sup> |  | 2.5420 | 02/25/35 | 60545 |
| 13693 | Banc of America Mortgage 2005-G 4A2<sup>(c)</sup> |  | 3.7640 | 08/25/35 | 12045 |
| 592278 | Banc of America Mortgage 2006-A 2A1<sup>(c)</sup> |  | 2.8420 | 02/25/36 | 529023 |
| 2186486 | Banc of America Mortgage 2007-2 A1<sup>(a)</sup> | US0001M + 0.350% | 4.7390 | 05/25/37 | 1605528 |
| 615825 | Banc of America Mortgage 2007-2 A3 |  | 6.0000 | 05/25/37 | 472296 |
| 208199 | Banc of America Mortgage 2007-2 A6 |  | 5.7500 | 05/25/37 | 157878 |
| 873049 | Bear Stearns ALT-A Trust 2005-4 23A2<sup>(c)</sup> |  | 3.1030 | 05/25/35 | 813134 |
| 534645 | Bear Stearns ALT-A Trust 2005-5 24A1<sup>(c)</sup> |  | 3.6780 | 07/25/35 | 457218 |
| 2079980 | Bear Stearns ALT-A Trust 2006-6 32A1<sup>(c)</sup> |  | 3.5800 | 11/25/36 | 1114010 |
| 93264 | Bear Stearns ARM Trust 2004-7 1A1<sup>(c)</sup> |  | 2.6250 | 10/25/34 | 78968 |
| 85250 | Bear Stearns ARM Trust 2005-12 13A1<sup>(c)</sup> |  | 3.9370 | 02/25/36 | 63833 |
| 65847 | Bear Stearns ARM Trust 2006-2 3A2<sup>(c)</sup> |  | 3.4360 | 07/25/36 | 57702 |
| 252177 | Bear Stearns ARM Trust 2006-4 2A1<sup>(c)</sup> |  | 3.5180 | 10/25/36 | 222983 |
| 193855 | Bear Stearns Asset Backed Securities I Trust 2006-AC3 1A1<sup>(a)</sup> | US0001M + 0.400% | 4.7890 | 05/25/36 | 66741 |
| 421985 | BRAVO Residential Funding Trust 2021-NQM2<sup>(b),(c)</sup> |  | 1.2800 | 03/25/60 | 397568 |
| 982746 | Cascade MH Asset Trust 2022-MH1 A<sup>(b),(d)</sup> |  | 4.2500 | 08/25/54 | 864136 |
| 189761 | Chase Mortgage Finance Trust Series 2005-S2 A1 |  | 5.5000 | 10/25/35 | 178409 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 33.8% (Continued)** |  |  |  |  |
| 471126 | Chase Mortgage Finance Trust Series 2006-S2 1A19 |  | 6.2500 | 10/25/36 | $208496 |
| 318308 | Chase Mortgage Finance Trust Series 2006-S3 1A6 |  | 6.0000 | 11/25/36 | 145118 |
| 631365 | Chase Mortgage Finance Trust Series 2006-S4 A5 |  | 6.0000 | 12/25/36 | 309993 |
| 213401 | ChaseFlex Trust Series 2005-2 2A2 |  | 6.5000 | 06/25/35 | 130241 |
| 99857 | ChaseFlex Trust Series 2006-1 A4<sup>(c)</sup> |  | 6.3000 | 06/25/36 | 83408 |
| 108688 | Chevy Chase Funding, LLC Mortgage-Backed Certificates Series 2004-1A A2<sup>(a),(b)</sup> | US0001M + 0.330% | 4.7190 | 01/25/35 | 101082 |
| 663036 | CHL Mortgage Pass-Through Trust 2003-46 6A1<sup>(c)</sup> |  | 4.7510 | 01/19/34 | 615028 |
| 86668 | CHL Mortgage Pass-Through Trust 2003-56 M<sup>(c)</sup> |  | 5.9090 | 12/25/33 | 86868 |
| 392206 | CHL Mortgage Pass-Through Trust 2004-5 2A9 |  | 5.2500 | 05/25/34 | 376926 |
| 649370 | CHL Mortgage Pass-Through Trust 2004-HYB6 A3<sup>(c)</sup> |  | 3.8660 | 11/20/34 | 600247 |
| 299742 | CHL Mortgage Pass-Through Trust 2005-18 A1 |  | 5.5000 | 10/25/35 | 176464 |
| 999809 | CHL Mortgage Pass-Through Trust 2005-21 A2 |  | 5.5000 | 10/25/35 | 616630 |
| 288004 | CHL Mortgage Pass-Through Trust 2005-24 A36 |  | 5.5000 | 11/25/35 | 164933 |
| 84920 | CHL Mortgage Pass-Through Trust 2005-HYB2 1A4<sup>(c)</sup> |  | 3.3990 | 05/20/35 | 79105 |
| 532581 | CHL Mortgage Pass-Through Trust 2005-HYB9 5A1<sup>(a)</sup> | US0012M + 1.750% | 6.5370 | 02/20/36 | 482932 |
| 952916 | CHL Mortgage Pass-Through Trust 2006-12 A1 |  | 6.0000 | 07/25/36 | 543561 |
| 3100998 | CHL Mortgage Pass-Through Trust 2006-17 A6 |  | 6.0000 | 12/25/36 | 1423825 |
| 412516 | CHL Mortgage Pass-Through Trust 2006-HYB2 1A1<sup>(c)</sup> |  | 3.5480 | 04/20/36 | 334527 |
| 114750 | CHL Mortgage Pass-Through Trust 2006-J4 A3 |  | 6.2500 | 09/25/36 | 44937 |
| 830718 | CHL Mortgage Pass-Through Trust 2007-17 3A1 |  | 6.7500 | 10/25/37 | 253448 |
| 323376 | CHL Mortgage Pass-Through Trust 2007-8 1A4 |  | 6.0000 | 01/25/38 | 156399 |
| 766860 | CHL Mortgage Pass-Through Trust 2007-HY3 4A1<sup>(c)</sup> |  | 3.6430 | 06/25/47 | 744131 |
| 298995 | CHL Mortgage Pass-Through Trust 2007-J2 1A1 |  | 6.0000 | 07/25/37 | 255409 |
| 166873 | CHL Mortgage Pass-Through Trust 2007-J2 2A5 |  | 6.0000 | 07/25/37 | 70154 |
| 720049 | Citicorp Mortgage Securities Trust Series 2006-3 1A10 |  | 6.2500 | 06/25/36 | 637418 |
| 380903 | Citicorp Mortgage Securities Trust Series 2007-7 1A2 |  | 6.0000 | 08/25/37 | 374171 |
| 4888089 | Citicorp Mortgage Securities Trust Series 2008-1 1A1 |  | 6.2500 | 02/25/38 | 4471616 |
| 159603 | Citigroup Mortgage Loan Trust 2005-3 2A4<sup>(c)</sup> |  | 3.7720 | 08/25/35 | 134128 |
| 395479 | Citigroup Mortgage Loan Trust 2006-AR5 2A4A<sup>(c)</sup> |  | 3.1990 | 07/25/36 | 418226 |
| 333273 | Citigroup Mortgage Loan Trust 2007-6 1A1A<sup>(c)</sup> |  | 2.5110 | 03/25/37 | 275845 |
| 37264 | Citigroup Mortgage Loan Trust 2009-6 8A2<sup>(b),(c)</sup> |  | 6.0000 | 01/25/23 | 37724 |
| 337914 | Citigroup Mortgage Loan Trust 2004-1 1A1<sup>(a),(b)</sup> | US0001M + 0.350% | 4.7390 | 02/25/31 | 327136 |
| 776902 | Citigroup Mortgage Loan Trust 2005-5 3A2A<sup>(c)</sup> |  | 3.4230 | 10/25/35 | 467206 |
| 3116994 | Citigroup Mortgage Loan Trust 2007-AR7 A3A<sup>(c)</sup> |  | 2.9690 | 05/25/47 | 2688901 |
| 546323 | CitiMortgage Alternative Loan Trust Series 2007-A1 1A3 |  | 6.0000 | 01/25/37 | 483100 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 33.8% (Continued)** |  |  |  |  |
| 1113393 | CitiMortgage Alternative Loan Trust Series 2007-A1 1A5 |  | 6.0000 | 01/25/37 | $984545 |
| 140338 | CitiMortgage Alternative Loan Trust Series 2007-A4 1A6 |  | 5.7500 | 04/25/37 | 125397 |
| 344663 | COLT 2020-3 Mortgage Loan Trust<sup>(b),(c)</sup> |  | 2.3800 | 04/27/65 | 324241 |
| 546048 | Credit Suisse First Boston Mortgage Securities 2003-8 3A4 |  | 5.5000 | 04/25/33 | 523918 |
| 193435 | Credit Suisse First Boston Mortgage Securities 2003-AR28 6M3<sup>(a)</sup> | US0001M + 2.750% | 7.1390 | 12/25/33 | 198122 |
| 294334 | Credit Suisse First Boston Mortgage Securities 2005-11 8A4 |  | 6.0000 | 12/25/35 | 229078 |
| 697799 | Credit Suisse First Boston Mortgage Securities 2005-12 1A1 |  | 6.5000 | 01/25/36 | 178846 |
| 389076 | Credit Suisse First Boston Mortgage Securities 2005-5 6A3 |  | 5.0000 | 07/25/35 | 371288 |
| 2778561 | Credit Suisse First Boston Mortgage Securities 2005-8 2A1 |  | 6.0000 | 09/25/35 | 1050151 |
| 33192 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-29 7A1 |  | 6.5000 | 12/25/33 | 30842 |
| 9101 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5 7A3<sup>(c)</sup> |  | 2.7660 | 06/25/34 | 9042 |
| 1362620 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 3A3 |  | 5.5000 | 11/25/35 | 780259 |
| 220569 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 6A3 |  | 5.7500 | 11/25/35 | 107265 |
| 4842627 | CSMC Mortgage-Backed Trust 2006-3 5A7 |  | 6.0000 | 04/25/36 | 1402514 |
| 1864435 | CSMC Mortgage-Backed Trust 2006-5 3A1 |  | 6.5000 | 06/25/36 | 425448 |
| 1570769 | CSMC Mortgage-Backed Trust 2006-5 3A3 |  | 6.5000 | 06/25/36 | 358436 |
| 664451 | CSMC Mortgage-Backed Trust 2006-5 3A4 |  | 6.5000 | 06/25/36 | 151622 |
| 1693274 | CSMC Mortgage-Backed Trust 2006-5 3A6 |  | 6.2500 | 06/25/36 | 391135 |
| 3002923 | CSMC Mortgage-Backed Trust 2006-7 9A5 |  | 6.5000 | 08/25/36 | 617294 |
| 5578217 | CSMC Mortgage-Backed Trust 2006-9 4A1 |  | 6.0000 | 11/25/36 | 3622957 |
| 34193 | CSMC Mortgage-Backed Trust 2007-5 8A2 |  | 6.0000 | 10/25/24 | 32204 |
| 3475397 | Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-1 1A4A<sup>(a)</sup> | US0001M + 0.110% | 4.4990 | 08/25/37 | 3039464 |
| 573653 | Deutsche Mortgage Securities Inc Mortgage Loan Trust 2004-4 3AR1<sup>(c)</sup> |  | 4.1300 | 06/25/34 | 543783 |
| 101658 | Deutsche Mortgage Securities Inc Mortgage Loan Trust 2004-2 M1<sup>(d)</sup> |  | 5.5900 | 01/25/34 | 93256 |
| 497581 | DSLA Mortgage Loan Trust 2004-AR2 A2B<sup>(a)</sup> | US0001M + 0.800% | 5.1390 | 11/19/44 | 456586 |
| 2066100 | Ellington Financial Mortgage Trust 2021-2<sup>(b),(c)</sup> |  | 0.9310 | 06/25/66 | 1602516 |
| 59055 | First Horizon Alternative Mortgage Securities 2004-AA3 A1<sup>(c)</sup> |  | 3.7670 | 09/25/34 | 53334 |
| 9633 | First Horizon Alternative Mortgage Securities 2005-AA6 2A1<sup>(c)</sup> |  | 3.9350 | 08/25/35 | 7649 |
| 27106 | First Horizon Mortgage Pass-Through Trust 2000-H 2B1<sup>(c)</sup> |  | 3.7350 | 05/25/30 | 26444 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 33.8% (Continued)** |  |  |  |  |
| 245378 | First Horizon Mortgage Pass-Through Trust 2007-AR3 2A2<sup>(c)</sup> |  | 4.2820 | 11/25/37 | $211504 |
| 424726 | Flagstar Mortgage Trust 2017-1 1A7<sup>(b),(c)</sup> |  | 3.5000 | 03/25/47 | 379733 |
| 973600 | GCAT Trust 2022-NQM4 A3<sup>(b),(d)</sup> |  | 5.7300 | 09/25/67 | 934710 |
| 48581 | GMACM Mortgage Loan Trust 2005-AR1 4A<sup>(c)</sup> |  | 0.0001 | 03/18/35 | 47095 |
| 372402 | GMACM Mortgage Loan Trust 2006-J1 A2 |  | 5.7500 | 04/25/36 | 316416 |
| 107563 | GSMPS Mortgage Loan Trust 1998-5 A<sup>(b),(c)</sup> |  | 7.5000 | 06/19/27 | 102770 |
| 196504 | GSMPS Mortgage Loan Trust 1999-2 A<sup>(b),(c)</sup> |  | 8.0000 | 09/19/27 | 191252 |
| 178722 | GSR Mortgage Loan Trust 2003-5F 2A1 |  | 4.0000 | 08/25/32 | 168275 |
| 47368 | GSR Mortgage Loan Trust 2004-14 3A2<sup>(c)</sup> |  | 4.0430 | 12/25/34 | 42456 |
| 47413 | GSR Mortgage Loan Trust 2004-2F 6A1 |  | 7.0000 | 01/25/34 | 47660 |
| 45394 | GSR Mortgage Loan Trust 2004-6F 1A2 |  | 5.0000 | 05/25/34 | 43014 |
| 485354 | GSR Mortgage Loan Trust 2005-3F 1A3 |  | 5.5000 | 03/25/35 | 432762 |
| 112739 | GSR Mortgage Loan Trust 2005-AR4 4A1<sup>(c)</sup> |  | 3.3750 | 07/25/35 | 106561 |
| 437791 | GSR Mortgage Loan Trust 2006-2F 2A1 |  | 5.7500 | 02/25/36 | 385669 |
| 276465 | GSR Mortgage Loan Trust 2006-3F 2A7 |  | 5.7500 | 03/25/36 | 251409 |
| 516885 | GSR Mortgage Loan Trust 2006-9F 4A1 |  | 6.5000 | 10/25/36 | 246488 |
| 123738 | GSR Mortgage Loan Trust 2006-AR1 2A1<sup>(c)</sup> |  | 3.3680 | 01/25/36 | 118988 |
| 264694 | GSR Mortgage Loan Trust 2007-1F 3A1 |  | 6.0000 | 01/25/37 | 181271 |
| 123661 | HomeBanc Mortgage Trust 2004-2 A1<sup>(a)</sup> | US0001M + 0.740% | 5.1290 | 12/25/34 | 114488 |
| 473202 | HSI Asset Loan Obligation Trust 2007-2 3A6 |  | 6.0000 | 09/25/37 | 170160 |
| 1190528 | Impac CMB Trust Series 2004-10 1A1<sup>(a)</sup> | US0001M + 0.640% | 5.0290 | 03/25/35 | 1080633 |
| 162497 | Impac CMB Trust Series 2004-10 4A1<sup>(a)</sup> | US0001M + 0.740% | 5.1290 | 03/25/35 | 147717 |
| 293859 | Impac CMB Trust Series 2004-9 1A2<sup>(a)</sup> | US0001M + 0.880% | 5.2690 | 01/25/35 | 266432 |
| 771136 | Impac CMB Trust Series 2004-9 M2<sup>(a)</sup> | US0001M + 0.975% | 5.3640 | 01/25/35 | 704820 |
| 1181814 | Impac CMB Trust Series 2005-1 M2<sup>(a)</sup> | US0001M + 0.750% | 5.1390 | 04/25/35 | 1077751 |
| 458141 | Impac CMB Trust Series 2005-4 1M2<sup>(a)</sup> | US0001M + 0.460% | 5.0790 | 05/25/35 | 414269 |
| 296412 | Impac CMB Trust Series 2005-5 M1<sup>(a)</sup> | US0001M + 0.510% | 5.1540 | 08/25/35 | 264335 |
| 1914329 | Imperial Fund Mortgage Trust 2022-NQM5 A3<sup>(b),(d)</sup> |  | 6.2500 | 08/25/67 | 1885256 |
| 2059058 | IndyMac IMSC Mortgage Loan Trust 2007-F2 1A4 |  | 6.0000 | 07/25/37 | 1533601 |
| 573195 | IndyMac INDA Mortgage Loan Trust 2006-AR1 A3<sup>(c)</sup> |  | 3.3760 | 08/25/36 | 453110 |
| 1088763 | IndyMac INDX Mortgage Loan Trust 2004-AR2 AX2<sup>(c)</sup> |  | 3.1480 | 06/25/34 | 856462 |
| 157459 | IndyMac INDX Mortgage Loan Trust 2005-AR3 3A1<sup>(c)</sup> |  | 2.7610 | 04/25/35 | 147838 |
| 129076 | IndyMac INDX Mortgage Loan Trust 2005-AR5 4A1<sup>(c)</sup> |  | 2.8080 | 05/25/35 | 92927 |
| 1371253 | JP Morgan Alternative Loan Trust 2005-S1 1A6 |  | 6.5000 | 12/25/35 | 587799 |
| 255044 | JP Morgan Alternative Loan Trust 2006-S1 1A11 |  | 6.0000 | 03/25/36 | 143651 |
| 5575 | JP Morgan Mortgage Trust 2004-A3 2A1<sup>(c)</sup> |  | 3.3650 | 07/25/34 | 5308 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 33.8% (Continued)** |  |  |  |  |
| 477872 | JP Morgan Mortgage Trust 2004-A6 B1<sup>(c)</sup> |  | 3.2950 | 12/25/34 | $423437 |
| 137977 | JP Morgan Mortgage Trust 2004-S1 1A7 |  | 5.0000 | 09/25/34 | 140827 |
| 35910 | JP Morgan Mortgage Trust 2005-A1 4A1<sup>(c)</sup> |  | 4.0610 | 02/25/35 | 34272 |
| 808992 | JP Morgan Mortgage Trust 2005-A4 B1<sup>(c)</sup> |  | 3.5400 | 07/25/35 | 725813 |
| 149478 | JP Morgan Mortgage Trust 2005-A6 1A2<sup>(c)</sup> |  | 4.1090 | 09/25/35 | 137633 |
| 981507 | JP Morgan Mortgage Trust 2005-S3 1A1 |  | 6.5000 | 01/25/36 | 535238 |
| 1243716 | JP Morgan Mortgage Trust 2006-A2 2A1<sup>(c)</sup> |  | 3.0260 | 04/25/36 | 1063937 |
| 32831 | JP Morgan Mortgage Trust 2006-A2 2A2<sup>(c)</sup> |  | 3.0260 | 04/25/36 | 28375 |
| 313903 | JP Morgan Mortgage Trust 2007-A1 5A4<sup>(c)</sup> |  | 3.3460 | 07/25/35 | 294602 |
| 462763 | JP Morgan Mortgage Trust 2007-A3 1A1<sup>(c)</sup> |  | 3.3180 | 05/25/37 | 400496 |
| 223818 | JP Morgan Mortgage Trust 2007-S1 2A10 |  | 6.0000 | 03/25/37 | 101145 |
| 263313 | JP Morgan Mortgage Trust 2016-1 A7<sup>(b),(c)</sup> |  | 3.5000 | 05/25/46 | 235324 |
| 11318 | Lehman Mortgage Trust 2007-9 1A1 |  | 6.0000 | 10/25/37 | 14928 |
| 10869 | MASTR Adjustable Rate Mortgages Trust 2003-5 4A1<sup>(c)</sup> |  | 2.0190 | 11/25/33 | 9634 |
| 27808 | MASTR Adjustable Rate Mortgages Trust 2004-4 4A1<sup>(c)</sup> |  | 3.1820 | 05/25/34 | 25963 |
| 496163 | MASTR Adjustable Rate Mortgages Trust 2005-2 3A1<sup>(c)</sup> |  | 2.9270 | 03/25/35 | 450834 |
| 195315 | MASTR Adjustable Rate Mortgages Trust 2006-2 1A1<sup>(c)</sup> |  | 2.8680 | 04/25/36 | 179910 |
| 7109 | MASTR Alternative Loan Trust 2004-5 1A1 |  | 5.5000 | 06/25/34 | 6843 |
| 86451 | MASTR Alternative Loan Trust 2005-3 2A1 |  | 6.0000 | 03/25/35 | 77751 |
| 197312 | MASTR Alternative Loan Trust 2005-5 2A3 |  | 5.5000 | 07/25/25 | 185269 |
| 109392 | MASTR Alternative Loan Trust 2005-6 3A1 |  | 5.5000 | 12/25/35 | 77108 |
| 801293 | MASTR Asset Securitization Trust 2004-3 4A10 |  | 5.5000 | 03/25/34 | 722129 |
| 351 | MASTR Asset Securitization Trust 2005-1 1A1<sup>(f)</sup> |  | 5.0000 | 05/25/20 | 158 |
| 794879 | MASTR Reperforming Loan Trust 2005-1 1A5<sup>(b)</sup> |  | 8.0000 | 08/25/34 | 670710 |
| 7322321 | MASTR Reperforming Loan Trust 2006-2 1A1<sup>(b),(c)</sup> |  | 4.0450 | 05/25/36 | 5876787 |
| 685659 | Merrill Lynch Alternative Note Asset Trust Series 2007-A2 A3D<sup>(a)</sup> | US0001M + 0.600% | 4.9890 | 03/25/37 | 30895 |
| 10217 | Merrill Lynch Mortgage Investors Trust MLMI Series 2002-A3 M1<sup>(c)</sup> |  | 2.8750 | 09/25/32 | 9764 |
| 284205 | Merrill Lynch Mortgage Investors Trust Series 2006-AF2 AF1 |  | 6.2500 | 10/25/36 | 137724 |
| 1039162 | Merrill Lynch Mortgage Investors Trust Series MLCC 2003-B B1<sup>(a)</sup> | US0001M + 1.125% | 5.5140 | 04/25/28 | 889757 |
| 196409 | Merrill Lynch Mortgage Investors Trust Series MLMI 2005-A1 1A<sup>(c)</sup> |  | 2.1580 | 12/25/34 | 188486 |
| 70943 | Morgan Stanley Mortgage Loan Trust 2004-5AR 1A1<sup>(c)</sup> |  | 2.9630 | 07/25/34 | 69706 |
| 1000000 | Morgan Stanley Mortgage Loan Trust 2005-6AR 1B3<sup>(a)</sup> | US0001M + 2.025% | 6.4140 | 11/25/35 | 922384 |
| 290672 | Morgan Stanley Mortgage Loan Trust 2006-2 2A4 |  | 5.7500 | 02/25/36 | 257058 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 33.8% (Continued)** |  |  |  |  |
| 915020 | Morgan Stanley Mortgage Loan Trust 2006-2 6A |  | 6.5000 | 02/25/36 | $459574 |
| 656838 | Morgan Stanley Mortgage Loan Trust 2006-7 4A7 |  | 6.0000 | 06/25/36 | 366997 |
| 575593 | Morgan Stanley Mortgage Loan Trust 2006-8AR 3A<sup>(c)</sup> |  | 4.0570 | 06/25/36 | 436594 |
| 306472 | MortgageIT Trust 2004-2 B1<sup>(a)</sup> | US0001M + 1.800% | 6.1890 | 12/25/34 | 292675 |
| 6766 | MortgageIT Trust 2005-1 Series 2005-1 2M1<sup>(a)</sup> | US0001M + 1.250% | 5.3700 | 02/25/35 | 6453 |
| 1027861 | NAAC Reperforming Loan REMIC Trust Certificates Series 2004-R3 A1<sup>(b)</sup> |  | 6.5000 | 02/25/35 | 910059 |
| 1701741 | New Century Alternative Mortgage Loan Trust 2006-ALT1 AF2<sup>(c)</sup> |  | 5.9090 | 07/25/36 | 404705 |
| 2208000 | New Century Alternative Mortgage Loan Trust 2006-ALT2 AF6B<sup>(d)</sup> |  | 4.6400 | 10/25/36 | 132397 |
| 479880 | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2004-AP2 A5<sup>(d)</sup> |  | 6.0000 | 07/25/34 | 418883 |
| 1252589 | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AP3 A3<sup>(c)</sup> |  | 5.3180 | 08/25/35 | 642730 |
| 594815 | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AR4 5A3<sup>(a)</sup> | US0001M + 0.580% | 4.9690 | 08/25/35 | 295869 |
| 999432 | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AR5 2A1<sup>(c)</sup> |  | 3.0800 | 10/25/35 | 609308 |
| 11352059 | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-AR2 3A1<sup>(a)</sup> | US0001M + 0.400% | 0.9790 | 04/25/36 | 2956980 |
| 2103343 | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2007-3 A1<sup>(a)</sup> | US0001M + 0.260% | 4.6490 | 07/25/37 | 2133484 |
| 452568 | OBX 2021-NQM1 Trust 2021-NQM1 A1<sup>(b),(c)</sup> |  | 1.0720 | 02/25/66 | 370509 |
| 720226 | OBX 2022-NQM7 Trust 2022-NQM7 A3<sup>(b),(d)</sup> |  | 5.7000 | 08/25/62 | 694465 |
| 345468 | PHH Alternative Mortgage Trust Series 2007-2 |  | 6.0000 | 05/25/37 | 289950 |
| 129972 | Prime Mortgage Trust 2004-1 Series 2004-1 1A6 |  | 5.2500 | 08/25/34 | 120705 |
| 859423 | Prime Mortgage Trust 2007-1 Series 2007-1 A2 |  | 6.0000 | 03/25/37 | 711004 |
| 316962 | RALI Trust Series 2005-QO1 A2<sup>(a)</sup> | 12MTA + 1.500% | 3.1890 | 08/25/35 | 259444 |
| 3752667 | RALI Trust Series 2006-QO2 A2<sup>(a)</sup> | US0001M + 0.540% | 4.9290 | 02/25/46 | 836425 |
| 2563837 | RALI Trust Series 2006-QO3 A2<sup>(a)</sup> | US0001M + 0.520% | 4.9090 | 04/25/46 | 782823 |
| 83059 | RALI Trust Series 2006-QS17 A4 |  | 6.0000 | 12/25/36 | 65790 |
| 1339504 | RALI Trust Series 2006-QS5 A6 |  | 6.0000 | 05/25/36 | 1074730 |
| 556694 | RAMP Trust Series 2004-SL1 A8 |  | 6.5000 | 11/25/31 | 498292 |
| 295030 | Residential Asset Securitization Trust 2004-A7 A2 |  | 5.5000 | 10/25/34 | 269774 |
| 6382135 | Residential Asset Securitization Trust 2005-A11 2A1 |  | 4.8500 | 10/25/35 | 2877315 |
| 127222 | Residential Asset Securitization Trust 2005-A4 A1<sup>(a)</sup> | US0001M + 0.450% | 4.8390 | 04/25/35 | 71602 |
| 485425 | Residential Asset Securitization Trust 2006-A1 1A1 |  | 6.0000 | 04/25/36 | 237945 |
| 894783 | Residential Asset Securitization Trust 2006-A13 A1 |  | 6.2500 | 12/25/36 | 341388 |
| 741286 | Residential Asset Securitization Trust 2006-A6 1A1 |  | 6.5000 | 07/25/36 | 231391 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 33.8% (Continued)** |  |  |  |  |
| 3674618 | Residential Asset Securitization Trust 2006-A6 1A13 |  | 6.0000 | 07/25/36 | $1091750 |
| 2838068 | Residential Asset Securitization Trust 2006-A6 1A14 |  | 6.0000 | 07/25/36 | 843205 |
| 600078 | Residential Asset Securitization Trust 2006-A8 2A2 |  | 6.7500 | 08/25/36 | 202741 |
| 4293340 | Residential Asset Securitization Trust 2007-A1 A9 |  | 5.7500 | 03/25/37 | 1424402 |
| 1257809 | Residential Asset Securitization Trust 2007-A5 2A5 |  | 6.0000 | 05/25/37 | 732356 |
| 361374 | Residential Asset Securitization Trust 2007-A7 A6 |  | 6.0000 | 07/25/37 | 146384 |
| 213523 | Residential Asset Securitization Trust 2007-A8 1A2 |  | 6.0000 | 08/25/37 | 128466 |
| 2377945 | Residential Asset Securitization Trust 2007-A8 3A1<sup>(c)</sup> |  | 6.2280 | 08/25/37 | 1456741 |
| 1346675 | Residential Asset Securitization Trust 2007-A9 A3 |  | 6.2500 | 09/25/37 | 543768 |
| 1507344 | Residential Asset Securitization Trust 2007-A9 A7 |  | 6.2500 | 09/25/37 | 608644 |
| 1959564 | Residential Mortgage Loan Trust 2020-1 A1<sup>(b),(c)</sup> |  | 2.3760 | 02/25/24 | 1874237 |
| 50529 | RFMSI Trust Series 2006-S3 A2 |  | 5.5000 | 03/25/36 | 40735 |
| 1621945 | RFMSI Trust Series 2006-SA4 2A1<sup>(c)</sup> |  | 5.1580 | 11/25/36 | 1343756 |
| 1334920 | RFMSI Trust Series 2007-S1 A4 |  | 6.0000 | 01/25/37 | 1069171 |
| 672488 | RFMSI Trust Series 2007-S1 A5 |  | 6.0000 | 01/25/37 | 538614 |
| 197692 | RFMSI Trust Series 2007-S6 1A16 |  | 6.0000 | 06/25/37 | 147547 |
| 405417 | STARM Mortgage Loan Trust 2007-2 3A3<sup>(c)</sup> |  | 2.2780 | 04/25/37 | 245772 |
| 254574 | Starwood Mortgage Residential Trust 2021-2<sup>(b),(c)</sup> |  | 1.4310 | 05/25/65 | 236765 |
| 181698 | Structured Adjustable Rate Mortgage Loan Trust 2004-17 A1<sup>(c)</sup> |  | 2.6270 | 11/25/34 | 156319 |
| 214920 | Structured Adjustable Rate Mortgage Loan Trust 2004-19 1A2<sup>(c)</sup> |  | 2.7170 | 01/25/35 | 201737 |
| 166190 | Structured Adjustable Rate Mortgage Loan Trust 2005-7 3A1<sup>(c)</sup> |  | 3.9530 | 04/25/35 | 159153 |
| 207217 | Structured Asset Mortgage Investments II Trust 2007-AR3 2A1<sup>(a)</sup> | US0001M + 0.190% | 4.5790 | 09/25/47 | 180790 |
| 1664808 | Structured Asset Securities Corporation 1998-RF1 A<sup>(b),(c)</sup> |  | 4.0420 | 04/15/27 | 1662774 |
| 1180033 | SunTrust Alternative Loan Trust 2006-1F 2A |  | 6.5000 | 04/25/36 | 506336 |
| 20785000 | TBW Mortgage-Backed Trust 2006-5 A4<sup>(d)</sup> |  | 1.7660 | 11/25/36 | 3190797 |
| 609824 | TBW Mortgage-Backed Trust 2006-6 A2A<sup>(a)</sup> | US0001M + 0.360% | 4.7490 | 01/25/37 | 161079 |
| 881442 | TBW Mortgage-Backed Trust 2006-6 A3<sup>(d)</sup> |  | 6.2500 | 01/25/37 | 263478 |
| 1963000 | TBW Mortgage-Backed Trust 2007-2 A2B<sup>(c)</sup> |  | 5.9100 | 07/25/37 | 131327 |
| 1525000 | TBW Mortgage-Backed Trust 2007-2 A3B<sup>(c)</sup> |  | 6.0430 | 07/25/37 | 99983 |
| 3295120 | TBW Mortgage-Backed Trust 2007-2 A6B<sup>(d)</sup> |  | 1.7410 | 07/25/37 | 217248 |
| 164504 | TBW Mortgage-Backed Trust 2006-2 3A1 |  | 5.5000 | 07/25/36 | 15605 |
| 4633297 | TBW Mortgage-Backed Trust 2006-3 3A |  | 3.1060 | 07/25/36 | 1216448 |
| 5707298 | Thornburg Mortgage Securities Trust 2006-3 A1<sup>(c)</sup> |  | 2.7150 | 06/25/46 | 3879838 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 33.8% (Continued)** |  |  |  |  |
| 11489 | Thornburg Mortgage Securities Trust 2006-4 A2B<sup>(c)</sup> |  | 3.6530 | 07/25/36 | $9495 |
| 2085042 | Thornburg Mortgage Securities Trust 2007-2 A2A<sup>(a)</sup> | US0012M + 1.250% | 6.6660 | 06/25/37 | 1868469 |
| 328940 | Thornburg Mortgage Securities Trust 2007-3 3A1<sup>(a)</sup> | US0012M + 1.250% | 6.6660 | 06/25/47 | 270624 |
| 959638 | Verus Securitization Trust 2022-7 A3<sup>(b),(c)</sup> |  | 5.3500 | 07/25/67 | 917581 |
| 239783 | Verus Securitization Trust 2022-8<sup>(b),(d)</sup> |  | 6.1270 | 10/25/67 | 235942 |
| 79940 | WaMu Mortgage Pass-Through Certificates Series 2003-AR9 2B1<sup>(c)</sup> |  | 4.1700 | 09/25/33 | 69086 |
| 26666 | WaMu Mortgage Pass-Through Certificates Series 2004-CB2 1A |  | 5.0000 | 07/25/34 | 25901 |
| 217054 | WaMu Mortgage Pass-Through Certificates Series 2005-AR16 1A3<sup>(c)</sup> |  | 2.8220 | 12/25/35 | 195449 |
| 75459 | WaMu Mortgage Pass-Through Certificates Series 2005-AR18 2A1<sup>(c)</sup> |  | 3.1860 | 01/25/36 | 66593 |
| 753553 | WaMu Mortgage Pass-Through Certificates Series 2007-HY3 1A1<sup>(c)</sup> |  | 2.9290 | 03/25/37 | 588366 |
| 686578 | WaMu Mortgage Pass-Through Certificates Series 2006-2 1A4<sup>(a)</sup> | US0001M + 0.700% | 5.0890 | 03/25/36 | 627601 |
| 1186610 | WaMu Mortgage Pass-Through Certificates Series 2006-7 A1A<sup>(d)</sup> |  | 4.0510 | 09/25/36 | 348121 |
| 342660 | WaMu Mortgage Pass-Through Certificates Series 2005-10 2A9 |  | 6.0000 | 11/25/35 | 320372 |
| 224057 | WaMu Mortgage Pass-Through Certificates Series 2005-4 CB11 |  | 5.5000 | 06/25/35 | 202714 |
| 237421 | WaMu Mortgage Pass-Through Certificates Series 2007-4 1A1 |  | 5.5000 | 06/25/37 | 216844 |
| 40163 | Wells Fargo Alternative Loan Trust Series 2007-PA2 2A1<sup>(a)</sup> | US0001M + 0.430% | 4.8190 | 06/25/37 | 32543 |
| 3676692 | Wells Fargo Alternative Loan Trust Series 2007-PA3 3A6 |  | 6.5000 | 07/25/37 | 3127744 |
| 261516 | Wells Fargo Mortgage Backed Securities Trust Series 2006-7 2A1 |  | 6.0000 | 06/25/36 | 217454 |
| 1493374 | Wells Fargo Mortgage Backed Securities Trust Series 2006-AR5 1A1<sup>(c)</sup> |  | 2.8020 | 04/25/36 | 1405662 |
|  |  |  |  |  | 166701770 |
|  | **HOME EQUITY — 14.3%** |  |  |  |  |
| 102846 | ABFC 2003-AHL1 Trust A1 Series 2003-AHL1 A1<sup>(d)</sup> |  | 4.1840 | 03/25/33 | 99187 |
| 2247 | ABFC 2003-AHL1 Trust M1 Series 2003-AHL1 M1<sup>(a)</sup> | US0001M + 1.275% | 5.6640 | 03/25/33 | 2160 |
| 1955532 | ABFC 2004-OPT4 Trust Series 2004-OPT4 M2<sup>(a)</sup> | US0001M + 1.770% | 6.1590 | 12/25/33 | 1821875 |
| 1878782 | ABFC 2006-HE1 Trust Series 2006-HE1 A2D<sup>(a)</sup> | US0001M + 0.220% | 4.6090 | 01/25/37 | 1117995 |
| 7724539 | ACE Securities Corp Home Equity Loan Trust Series 2007-HE5 A2C<sup>(a)</sup> | US0001M + 0.360% | 4.7490 | 07/25/37 | 3161091 |
| 75432 | AFC Home Equity Loan Trust 1998-1 1A1<sup>(a)</sup> | US0001M + 0.660% | 5.0490 | 04/25/28 | 74833 |
| 317431 | AFC Home Equity Loan Trust 1998-2 2A<sup>(a)</sup> | US0001M + 0.550% | 4.5660 | 06/25/28 | 306471 |
| 73969 | Ameriquest Mortgage Securities Asset-Backed Pass-Through Series 2002-AR1 M2<sup>(a)</sup> | US0001M + 1.950% | 3.5740 | 09/25/32 | 63121 |
| 167056 | Amresco Residential Securities Corp Mortgage Loan Trust 1997-3 M2F<sup>(c)</sup> |  | 5.1310 | 09/25/27 | 149599 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **HOME EQUITY — 14.3% (Continued)** |  |  |  |  |
| 583766 | Bayview Financial Acquisition Trust 2007-A 2A<sup>(a)</sup> | US0001M + 0.525% | 4.9140 | 05/28/37 | $517171 |
| 1121967 | Bayview Financial Mortgage Pass-Through Trust 2004-B A1<sup>(a),(b)</sup> | US0001M + 1.000% | 5.3890 | 05/28/39 | 883195 |
| 1500000 | Bayview Financial Mortgage Pass-Through Trust 2005-C M4<sup>(a)</sup> | US0001M + 1.200% | 5.1890 | 06/28/44 | 1470902 |
| 2967985 | Bayview Financial Mortgage Pass-Through Trust 2007-B 2A3<sup>(a)</sup> | US0001M + 1.275% | 5.6640 | 08/28/47 | 996573 |
| 971900 | Bayview Financial Mortgage Pass-Through Trust 2007-B 2A4<sup>(a)</sup> | US0001M + 1.050% | 5.4390 | 08/28/47 | 326351 |
| 334034 | Bear Stearns Asset Backed Securities I Trust 2004-FR2 M5<sup>(a)</sup> | US0001M + 2.625% | 4.8030 | 06/25/34 | 294338 |
| 214443 | Bear Stearns Asset Backed Securities I Trust 2004-FR3 M2<sup>(a)</sup> | US0001M + 1.755% | 4.8890 | 09/25/34 | 209722 |
| 412395 | Bear Stearns Asset Backed Securities I Trust 2004-FR3 M5<sup>(a)</sup> | US0001M + 2.850% | 4.8890 | 09/25/34 | 361227 |
| 777630 | Bear Stearns Asset Backed Securities I Trust 2004-HE6 M2<sup>(a)</sup> | US0001M + 1.875% | 5.0320 | 08/25/34 | 768587 |
| 164808 | Bear Stearns Asset Backed Securities I Trust 2004-HE7 M1<sup>(a)</sup> | US0001M + 0.900% | 5.2890 | 08/25/34 | 157060 |
| 111644 | Bear Stearns Asset Backed Securities I Trust 2004-HE7 M5<sup>(a)</sup> | US0001M + 2.925% | 7.3140 | 08/25/34 | 102522 |
| 915923 | Bear Stearns Asset Backed Securities Trust 2004-2 M2<sup>(a)</sup> | US0001M + 2.850% | 6.8660 | 08/25/34 | 897452 |
| 457270 | Bear Stearns Asset Backed Securities Trust 2004-HE3 M5<sup>(a)</sup> | US0001M + 2.775% | 4.9110 | 04/25/34 | 413859 |
| 10580 | Centex Home Equity Loan Trust 2002-A AF6 |  | 5.5400 | 01/25/32 | 10363 |
| 309749 | Centex Home Equity Loan Trust 2004-C M3<sup>(a)</sup> | US0001M + 1.005% | 4.1180 | 06/25/34 | 289498 |
| 180852 | CHEC Loan Trust 2004-2 M1<sup>(a)</sup> | US0001M + 0.960% | 5.3490 | 06/25/34 | 176274 |
| 4725000 | Credit Suisse Seasoned Loan Trust 2006-1 M1<sup>(a),(b)</sup> | US0001M + 0.825% | 5.2140 | 10/25/34 | 4501549 |
| 588061 | CWHEQ Revolving Home Equity Loan Trust Series 2006-I 2A<sup>(a)</sup> | US0001M + 0.140% | 4.4580 | 01/15/37 | 542422 |
| 430338 | Delta Funding Home Equity Loan Trust 1998-1 B1A<sup>(a)</sup> | US0001M + 1.890% | 6.2790 | 05/25/30 | 420213 |
| 685744 | Delta Funding Home Equity Loan Trust 1999-3 A1A<sup>(a)</sup> | US0001M + 0.820% | 5.1380 | 09/15/29 | 638074 |
| 739754 | EMC Mortgage Loan Trust 2001-A A<sup>(a),(b)</sup> | US0001M + 0.740% | 5.1290 | 05/25/40 | 693214 |
| 4245000 | EMC Mortgage Loan Trust 2004-B M2<sup>(a),(b)</sup> | US0001M + 3.375% | 7.7640 | 01/25/41 | 3737161 |
| 116651 | GE Mortgage Services, LLC 1998-HE2 A6<sup>(c)</sup> |  | 6.6450 | 09/25/28 | 110891 |
| 481824 | GSAA Home Equity Trust 2005-12 AF3<sup>(c)</sup> |  | 5.0690 | 09/25/35 | 325846 |
| 147967 | GSAA Home Equity Trust 2005-3 B2<sup>(a)</sup> | US0001M + 1.950% | 6.3390 | 12/25/34 | 138391 |
| 1623849 | GSAA Home Equity Trust 2006-15 AF6<sup>(d)</sup> |  | 6.3760 | 09/25/36 | 465863 |
| 2076558 | GSAA Home Equity Trust 2006-18 AF3B<sup>(c)</sup> |  | 5.8220 | 11/25/36 | 122116 |
| 1427020 | GSAA Home Equity Trust 2006-18 AF4B<sup>(d)</sup> |  | 6.5220 | 11/25/36 | 83086 |
| 1655000 | GSAA Home Equity Trust 2006-18 AF5B<sup>(d)</sup> |  | 6.5900 | 11/25/36 | 96266 |
| 11286673 | GSAA Home Equity Trust 2006-3 A4<sup>(a)</sup> | US0001M + 0.700% | 1.1440 | 03/25/36 | 1089903 |
| 202673 | GSAA Home Equity Trust 2006-6 AF4<sup>(d)</sup> |  | 6.6210 | 03/25/36 | 61589 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 3088697 GSR Mortgage Loan Trust 2005-AR3 6A1<sup>(c)</sup> |  | 3.1700 | 05/25/35 | $2581705 |
| 250593 Home Equity Asset Trust 2003-1 M1<sup>(a)</sup> | US0001M + 1.500% | 5.8890 | 06/25/33 | 245350 |
| 44563 Home Equity Asset Trust 2003-3 M2<sup>(a)</sup> | US0001M + 2.370% | 6.7590 | 08/25/33 | 42473 |
| 2769518 Home Equity Asset Trust 2004-5 M6<sup>(a)</sup> | US0001M + 1.950% | 6.3390 | 11/25/34 | 2661888 |
| 735695 Home Equity Asset Trust 2004-8 M5<sup>(a)</sup> | US0001M + 1.600% | 5.9890 | 03/25/35 | 680654 |
| 3972085 Home Equity Loan Trust 2006-HSA2 AI3<sup>(c)</sup> |  | 4.7510 | 03/25/36 | 235561 |
| 113886 Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2003-A AV2<sup>(a)</sup> | US0001M + 0.860% | 4.1270 | 10/25/33 | 112645 |
| 313129 Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2004-C M3<sup>(a)</sup> | US0001M + 0.975% | 4.0690 | 03/25/35 | 268967 |
| 184628 Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2004-C M7<sup>(a)</sup> | US0001M + 2.625% | 4.0690 | 03/25/35 | 152849 |
| 33427 Irwin Home Equity Loan Trust 2004-1 2004-1 2B1<sup>(a)</sup> | US0001M + 3.075% | 7.4640 | 12/25/34 | 33004 |
| 952123 Mastr Asset Backed Securities Trust 2003-OPT2 M4<sup>(a)</sup> | US0001M + 5.775% | 10.1640 | 05/25/33 | 764129 |
| 106958 Mastr Asset Backed Securities Trust 2005-WMC1 M4<sup>(a)</sup> | US0001M + 0.945% | 5.3340 | 03/25/35 | 108603 |
| 5444709 Mastr Asset Backed Securities Trust 2006-WMC2 A5<sup>(a)</sup> | US0001M + 0.500% | 4.8890 | 04/25/36 | 1462262 |
| 397331 Meritage Mortgage Loan Trust 2004-1 M1<sup>(a)</sup> | US0001M + 0.750% | 5.1390 | 07/25/34 | 380302 |
| 664986 Merrill Lynch Mortgage Investors Trust Series 2004-HE1 M2<sup>(a)</sup> | US0001M + 2.250% | 6.6390 | 04/25/35 | 588838 |
| 513417 Merrill Lynch Mortgage Investors Trust Series 2006-AR1 A1<sup>(a)</sup> | US0001M + 0.330% | 4.7190 | 03/25/37 | 196359 |
| 58606 Morgan Stanley A.B.S Capital I Inc Trust 2004-HE1 B1<sup>(a)</sup> | US0001M + 2.625% | 7.0140 | 01/25/34 | 56950 |
| 378584 Morgan Stanley A.B.S Capital I Inc Trust 2004-SD2 M1<sup>(a)</sup> | US0001M + 0.930% | 5.3190 | 04/25/34 | 372961 |
| 174206 Morgan Stanley A.B.S Capital I Inc Trust 2007-HE5 A2C<sup>(a)</sup> | US0001M + 0.250% | 0.6720 | 03/25/37 | 75084 |
| 2136266 Morgan Stanley Mortgage Loan Trust 2006-17XS A2B<sup>(d)</sup> |  | 1.2980 | 10/25/46 | 107165 |
| 5243857 Morgan Stanley Mortgage Loan Trust 2006-17XS A3B<sup>(d)</sup> |  | 1.2980 | 10/25/46 | 263033 |
| 7146801 Morgan Stanley Mortgage Loan Trust 2007-7AX 2A4<sup>(a)</sup> | US0001M + 0.640% | 5.0290 | 04/25/37 | 291880 |
| 4580762 Morgan Stanley Mortgage Loan Trust 2007-7AX 2A6<sup>(a)</sup> | US0001M + 0.640% | 5.0290 | 04/25/37 | 187081 |
| 526736 New Century Home Equity Loan Trust 2003-A M1<sup>(a),(b)</sup> | US0001M + 1.125% | 3.4220 | 10/25/33 | 514321 |
| 845284 Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006-AF1 A4<sup>(a)</sup> | US0001M + 0.330% | 4.7190 | 10/25/36 | 191451 |
| 351509 NovaStar Mortgage Funding Trust Series 2003-1 M1<sup>(a)</sup> | US0001M + 1.425% | 5.8140 | 05/25/33 | 321252 |
| 792766 NovaStar Mortgage Funding Trust Series 2004-1 M3<sup>(a)</sup> | US0001M + 0.825% | 5.2140 | 06/25/34 | 777420 |
| 167479 NovaStar Mortgage Funding Trust Series 2004-1 M4<sup>(a)</sup> | US0001M + 1.463% | 5.8510 | 06/25/34 | 157927 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **HOME EQUITY — 14.3% (Continued)** |  |  |  |  |
| 898310 | NovaStar Mortgage Funding Trust Series 2006-4 A2C<sup>(a)</sup> | US0001M + 0.300% | 4.6890 | 09/25/36 | $391817 |
| 2133049 | NovaStar Mortgage Funding Trust Series 2006-6 A2B<sup>(a)</sup> | US0001M + 0.100% | 4.4890 | 01/25/37 | 760299 |
| 699341 | Option One Mortgage Loan Trust 2007-FXD2 2A6<sup>(d)</sup> |  | 5.6800 | 03/25/37 | 654858 |
| 2924464 | RAMP Series 2004-KR1 MI1 Trust MI1<sup>(a),(b)</sup> | US0001M + 0.580% | 4.9690 | 04/25/34 | 2853705 |
| 747374 | RASC Series 2003-KS11 MII2 Trust <sup>(a)</sup> | US0001M + 1.200% | 5.1270 | 01/25/34 | 730354 |
| 497522 | RASC Series 2004-KS10 M3 Trust <sup>(a)</sup> | US0001M + 1.950% | 6.3390 | 11/25/34 | 466369 |
| 254492 | RASC Series 2004-KS10 M4 Trust <sup>(a)</sup> | US0001M + 2.475% | 6.8640 | 11/25/34 | 226086 |
| 19817 | Renaissance Home Equity Loan Trust 2002-4 M2<sup>(d)</sup> |  | 6.5430 | 03/25/33 | 14894 |
| 345101 | Renaissance Home Equity Loan Trust 2003-2 M1<sup>(a)</sup> | US0001M + 1.238% | 3.8940 | 08/25/33 | 324058 |
| 60219 | Renaissance Home Equity Loan Trust 2005-2 AF4<sup>(d)</sup> |  | 4.9340 | 08/25/35 | 58314 |
| 2062139 | Renaissance Home Equity Loan Trust 2006-2 AF5<sup>(d)</sup> |  | 6.2540 | 08/25/36 | 901290 |
| 10873252 | Renaissance Home Equity Loan Trust 2007-1 AF3<sup>(d)</sup> |  | 4.7890 | 04/25/37 | 3288100 |
| 2781357 | Renaissance Home Equity Loan Trust 2007-1 AF4<sup>(d)</sup> |  | 4.9160 | 04/25/37 | 821212 |
| 431110 | Renaissance Home Equity Loan Trust 2007-1 AF5<sup>(d)</sup> |  | 5.0430 | 04/25/37 | 137080 |
| 330202 | Renaissance Home Equity Loan Trust 2007-2 AF2<sup>(d)</sup> |  | 5.6750 | 06/25/37 | 101888 |
| 179682 | Renaissance Home Equity Loan Trust 2007-3 AF3<sup>(d)</sup> |  | 7.2380 | 09/25/37 | 84322 |
| 668014 | Saxon Asset Sec Trust 2000 1 Mtg Ln Asset Bk Cert Ser 2000-1 BF1<sup>(c)</sup> |  | 9.7600 | 02/25/30 | 726952 |
| 140675 | Security National Mortgage Loan Trust 2006-1A 1A3<sup>(b),(c)</sup> |  | 6.4500 | 09/25/36 | 138850 |
| 3392722 | Structured Asset Securities Corp Mortgage Loan Trust 2005-NC2 M7<sup>(a)</sup> | US0001M + 1.050% | 5.4390 | 05/25/35 | 3101606 |
| 1700011 | Structured Asset Securities Corp Trust 2005-SC1 1A2<sup>(b),(c)</sup> |  | 9.3030 | 05/25/31 | 1371729 |
| 31535 | Terwin Mortgage Trust 2004-7HE M1<sup>(a),(b)</sup> | US0001M + 1.275% | 5.6640 | 07/25/34 | 27673 |
| 890238 | Terwin Mortgage Trust 2005-11 2A2<sup>(b),(c)</sup> |  | 4.5000 | 11/25/36 | 858681 |
| 23587000 | Terwin Mortgage Trust 2006-3 2A3<sup>(a),(b)</sup> | US0001M + 0.620% | 5.0090 | 04/25/37 | 7352178 |
| 402520 | Terwin Mortgage Trust Series TMTS 2003-4HE M1<sup>(a)</sup> | US0001M + 1.125% | 5.5140 | 09/25/34 | 397644 |
| 3018137 | Terwin Mortgage Trust Series TMTS 2005-6HE M6<sup>(a)</sup> | US0001M + 1.200% | 5.5890 | 04/25/36 | 2739126 |
|  |  |  |  |  | 70059209 |
|  | **MANUFACTURED HOUSING — 0.3%** |  |  |  |  |
| 1420764 | BCMSC Trust 1999-B A4<sup>(c)</sup> |  | 7.3000 | 12/15/29 | 212158 |
| 1611849 | BCMSC Trust 2000-A A4<sup>(c)</sup> |  | 8.2900 | 06/15/30 | 256141 |
| 500000 | Cascade MH Asset Trust 2019-MH1 M<sup>(b),(c)</sup> |  | 5.9850 | 11/01/44 | 463906 |
| 783323 | UCFC Manufactured Housing Contract 1998-1 M<sup>(c)</sup> |  | 6.9800 | 07/15/29 | 732831 |
|  |  |  |  |  | 1665036 |
|  | **NON AGENCY CMBS — 27.1%** |  |  |  |  |
| 2841000 | Bayview Commercial Asset Trust 2006-SP1 B1<sup>(a),(b)</sup> | US0001M + 1.650% | 6.0390 | 04/25/36 | 2724945 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **NON AGENCY CMBS — 27.1% (Continued)** |  |  |  |  |
| 1513222 | Bayview Commercial Asset Trust 2007-2A M1<sup>(a),(b)</sup> | US0001M + 0.370% | 4.7590 | 07/25/37 | $1305345 |
| 11041952 | Bayview Commercial Asset Trust 2007-6A A4A<sup>(a),(b)</sup> | US0001M + 1.500% | 5.8890 | 12/25/37 | 9716973 |
| 3550000 | CG-CCRE Commercial Mortgage Trust 2014-FL1 D<sup>(a),(b)</sup> | US0001M + 2.750% | 7.0680 | 06/15/31 | 2680250 |
| 3100000 | Citigroup Commercial Mortgage Trust 2014-GC21 D<sup>(b),(c)</sup> |  | 4.9410 | 05/10/47 | 2549294 |
| 6357126 | Citigroup Commercial Mortgage Trust 2014-GC21 E<sup>(b),(c)</sup> |  | 3.5880 | 05/10/47 | 5029616 |
| 5000000 | Citigroup Commercial Mortgage Trust 2015-GC35 C<sup>(c)</sup> |  | 4.4620 | 11/10/48 | 4383657 |
| 4565000 | Citigroup Commercial Mortgage Trust 2015-GC35 D |  | 3.2360 | 11/10/48 | 3036673 |
| 4108000 | COMM 2013-CCRE12 Mortgage Trust 2013-CR12 C<sup>(c)</sup> |  | 5.0370 | 10/10/46 | 2816403 |
| 1550000 | COMM 2015-DC1 Mortgage Trust 2015-DC1 C<sup>(c)</sup> |  | 4.2970 | 02/10/48 | 1337098 |
| 2964000 | Commercial Mortgage Pass Through Certificates 2012-LTRT B<sup>(b)</sup> |  | 3.8000 | 10/05/30 | 2523267 |
| 3030 | Credit Suisse First Boston Mortgage Securities 1998-C1 H<sup>(b)</sup> |  | 6.0000 | 05/17/40 | 3059 |
| 2750000 | CSAIL 2015-C1 D Commercial Mortgage Trust 2015-C1 D<sup>(b),(c)</sup> |  | 3.7580 | 04/15/50 | 1861482 |
| 4177000 | CSAIL 2015-C2 D Commercial Mortgage Trust 2015-C2 D<sup>(c)</sup> |  | 4.1770 | 06/15/57 | 3017163 |
| 6329374 | GS Mortgage Securities Corporation II 2018-SRP5 A<sup>(a),(b)</sup> | US0001M + 1.800% | 6.1180 | 09/15/31 | 5331571 |
| 3880529 | GS Mortgage Securities Trust 2011-GC5 C<sup>(b),(c)</sup> |  | 5.1540 | 08/10/44 | 2968129 |
| 360000 | GS Mortgage Securities Trust 2013-GC13 C<sup>(b),(c)</sup> |  | 4.0780 | 07/10/46 | 316829 |
| 3327300 | GS Mortgage Securities Trust 2014-GC22 D<sup>(b),(c)</sup> |  | 4.6860 | 06/10/47 | 2950680 |
| 5726000 | GS Mortgage Securities Trust 2014-GC22 E<sup>(b)</sup> |  | 3.5820 | 06/10/47 | 4182349 |
| 1350000 | HMH Trust 2017-NSS E<sup>(b)</sup> |  | 6.2920 | 07/05/31 | 897750 |
| 2798174 | JP Morgan Chase Commercial Mortgage Securities Trust 2012-WLDN A<sup>(b)</sup> |  | 3.9100 | 05/05/30 | 2250568 |
| 7005000 | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C3 C<sup>(b),(c)</sup> |  | 5.3600 | 02/15/46 | 6547460 |
| 140000 | JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 C<sup>(b),(c)</sup> |  | 4.0640 | 12/15/47 | 132824 |
| 2486306 | JP Morgan Chase Commercial Mortgage Securities Trust 2007-C1 AJ<sup>(c)</sup> |  | 6.8240 | 02/15/51 | 2347745 |
| 3880000 | JPMBB Commercial Mortgage Securities Trust 2013-C14 C<sup>(c)</sup> |  | 4.5480 | 08/15/46 | 3645761 |
| 1250000 | JPMBB Commercial Mortgage Securities Trust 2015-C32 D<sup>(c)</sup> |  | 4.1550 | 11/15/48 | 532661 |
| 4056000 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 D<sup>(b),(c)</sup> |  | 4.7560 | 10/15/46 | 3663204 |
| 4150000 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 C<sup>(c)</sup> |  | 3.9640 | 02/15/46 | 4015813 |
| 3500000 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 D<sup>(b),(c)</sup> |  | 3.0000 | 11/15/49 | 2309262 |
| 2626409 | Morgan Stanley Capital I Trust 2006-HQ10 B<sup>(c)</sup> |  | 5.4480 | 11/12/41 | 2431525 |
| 2740000 | Morgan Stanley Capital I Trust 2006-T21 C<sup>(b),(c)</sup> |  | 5.2030 | 10/12/52 | 2703097 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **NON AGENCY CMBS — 27.1% (Continued)** |  |  |  |  |
| 4000000 | Morgan Stanley Capital I Trust 2012-C4 E<sup>(b),(c)</sup> |  | 5.1640 | 03/15/45 | $3100409 |
| 1951289 | MSBAM Commercial Mortgage Securities Trust 2012-CKSV A2<sup>(b)</sup> |  | 3.2770 | 10/15/30 | 1591182 |
| 3800000 | MSBAM Commercial Mortgage Securities Trust 2012-CKSV B<sup>(b)</sup> |  | 4.0880 | 10/15/30 | 2920373 |
| 235000 | MSBAM Commercial Mortgage Securities Trust 2012-CKSV C<sup>(b),(c)</sup> |  | 4.2810 | 10/15/30 | 170687 |
| 6500000 | Palisades Center Trust 2016-PLSD A<sup>(b)</sup> |  | 2.7130 | 04/13/33 | 4355000 |
| 14727923 | Starwood Retail Property Trust 2014-STAR A<sup>(a),(b)</sup> | US0001M + 1.470% | 5.7880 | 11/15/27 | 10420006 |
| 7767000 | UBS-Barclays Commercial Mortgage Trust 2012-C2 D<sup>(b),(c)</sup> |  | 4.7020 | 05/10/63 | 1179613 |
| 2185710 | Wachovia Bank Commercial Mortgage Trust Series 2006-C24 E<sup>(c)</sup> |  | 5.4630 | 03/15/45 | 2127426 |
| 3000000 | Wells Fargo Commercial Mortgage Trust 2013-LC12 C<sup>(c)</sup> |  | 4.2960 | 07/15/46 | 2261678 |
| 3106000 | Wells Fargo Commercial Mortgage Trust 2015-SG1 D<sup>(c)</sup> |  | 4.4530 | 12/15/47 | 2230057 |
| 6000000 | WFRBS Commercial Mortgage Trust 2013-C14 D<sup>(b),(c)</sup> |  | 3.9570 | 06/15/46 | 5419488 |
| 6546000 | WFRBS Commercial Mortgage Trust 2013-C15 D<sup>(b),(c)</sup> |  | 4.5290 | 08/15/46 | 5255777 |
| 3000000 | WFRBS Commercial Mortgage Trust 2014-C22 E<sup>(b)</sup> |  | 3.4550 | 09/15/57 | 1882677 |
|  |  |  |  |  | 133126826 |
|  | **RESIDENTIAL MORTGAGE — 13.4%** |  |  |  |  |
| 3409661 | Ameriquest Mortgage Securities Asset-Backed Pass-Through 2004-R12 M5<sup>(a)</sup> | US0001M + 1.680% | 6.0690 | 01/25/35 | 2530079 |
| 4000000 | Ameriquest Mortgage Securities Trust 2006-R2 M3<sup>(a)</sup> | US0001M + 0.570% | 4.9590 | 04/25/36 | 3464038 |
| 477507 | Bear Stearns Asset Backed Securities Trust 2003-SD2 B1<sup>(c)</sup> |  | 3.7950 | 06/25/43 | 418634 |
| 74711 | Bear Stearns Asset Backed Securities Trust 2004-SD4 A1<sup>(a)</sup> | US0001M + 0.900% | 5.2890 | 08/25/44 | 70180 |
| 35689 | Bear Stearns Asset Backed Securities Trust 2006-SD3 21A1<sup>(c)</sup> |  | 3.4890 | 07/25/36 | 35223 |
| 94448 | Carrington Mortgage Loan Trust Series 2004-NC2 M1<sup>(a)</sup> | US0001M + 1.035% | 5.4240 | 08/25/34 | 86825 |
| 10208213 | Carrington Mortgage Loan Trust Series 2006-FRE2 A2<sup>(a)</sup> | US0001M + 0.120% | 4.5090 | 10/25/36 | 8327452 |
| 2451323 | Carrington Mortgage Loan Trust Series 2006-FRE2 A3<sup>(a)</sup> | US0001M + 0.160% | 4.5490 | 10/25/36 | 1999767 |
| 4514551 | Carrington Mortgage Loan Trust Series 2006-FRE2 A5<sup>(a)</sup> | US0001M + 0.080% | 4.4690 | 03/25/35 | 3682161 |
| 964043 | Carrington Mortgage Loan Trust Series 2006-NC3 A3<sup>(a)</sup> | US0001M + 0.150% | 4.5390 | 08/25/36 | 905930 |
| 4010667 | C-BASS 2007-CB1 TRUST AF1B<sup>(d)</sup> |  | 3.1030 | 01/25/37 | 1283053 |
| 2683528 | C-BASS 2007-CB1 TRUST AF2<sup>(d)</sup> |  | 5.7210 | 01/25/37 | 859104 |
| 2658128 | C-BASS 2007-CB1 TRUST AF3<sup>(d)</sup> |  | 3.1030 | 01/25/37 | 850938 |
| 3491713 | C-BASS 2007-CB1 TRUST AF6<sup>(d)</sup> |  | 5.8350 | 01/25/37 | 1117513 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 350305 Chase Funding Trust Series 2003-3 2M2<sup>(a)</sup> | US0001M + 1.845% | 6.2340 | 11/25/32 | $339445 |
| 1412854 Countrywide Asset-Backed Certificates 2004-SD2 B1<sup>(a),(b)</sup> | US0001M + 4.050% | 8.4390 | 08/25/32 | 1370190 |
| 573059 Countrywide Asset-Backed Certificates 2004-8 M6<sup>(a)</sup> | US0001M + 2.175% | 6.5640 | 08/25/34 | 498025 |
| 185552 Countrywide Asset-Backed Certificates 2004-ECC2 M2<sup>(a)</sup> | US0001M + 0.975% | 5.3640 | 12/25/34 | 182498 |
| 236380 Countrywide Asset-Backed Certificates 2006-SD3 A1<sup>(a),(b)</sup> | US0001M + 0.660% | 5.0490 | 07/25/36 | 230059 |
| 37734 Credit-Based Asset Servicing and Securitization, LLC 2002-CB4 B1<sup>(a)</sup> | US0001M + 2.850% | 7.2390 | 02/25/33 | 37656 |
| 24212 Credit-Based Asset Servicing and Securitization, LLC 2004-CB6 M2<sup>(a)</sup> | US0001M + 1.725% | 4.0320 | 07/25/35 | 23679 |
| 1727392 Credit-Based Asset Servicing and Securitization, LLC 2004-CB8 M3<sup>(a)</sup> | US0001M + 1.500% | 3.3990 | 12/25/35 | 1548491 |
| 460577 CWABS Asset-Backed Certificates Trust 2005-17 1AF4<sup>(d)</sup> |  | 3.8140 | 05/25/36 | 370367 |
| 310820 CWABS Asset-Backed Certificates Trust 2006-11 1AF5<sup>(d)</sup> |  | 3.7550 | 09/25/46 | 231467 |
| 626282 Encore Credit Receivables Trust 2005-1 M4<sup>(a)</sup> | US0001M + 1.020% | 5.4090 | 07/25/35 | 558618 |
| 185603 Equity One Mortgage Pass-Through Trust 2003-1 M1<sup>(c)</sup> |  | 4.8600 | 08/25/33 | 180935 |
| 655785 Equity One Mortgage Pass-Through Trust 2004-3 M2<sup>(d)</sup> |  | 3.9660 | 07/25/34 | 547967 |
| 246381 Finance America Mortgage Loan Trust 2004-3 M4<sup>(a)</sup> | US0001M + 1.380% | 5.7690 | 11/25/34 | 207189 |
| 280256 First Franklin Mortgage Loan Trust 2003-FF5 M3<sup>(a)</sup> | US0001M + 2.475% | 6.8640 | 03/25/34 | 259005 |
| 292770 First Franklin Mortgage Loan Trust 2004-FF7 M4<sup>(a)</sup> | US0001M + 1.800% | 6.1890 | 09/25/34 | 287889 |
| 167612 Fremont Home Loan Trust 2004-2 M6<sup>(a)</sup> | US0001M + 2.025% | 6.4140 | 07/25/34 | 138974 |
| 2834465 Fremont Home Loan Trust 2006-3 2A3<sup>(a)</sup> | US0001M + 0.340% | 4.7290 | 02/25/37 | 1013764 |
| 2385756 Fremont Home Loan Trust 2006-B 2A4<sup>(a)</sup> | US0001M + 0.480% | 4.8690 | 08/25/36 | 827205 |
| 8434706 GE-WMC Mortgage Securities Trust 2006-1 A2B<sup>(a)</sup> | US0001M + 0.300% | 0.9280 | 08/25/36 | 3791384 |
| 3290133 GE-WMC Mortgage Securities Trust 2006-1 A2C<sup>(a)</sup> | US0001M + 0.480% | 4.8690 | 08/25/36 | 1478859 |
| 280804 GSAMP Trust 2007-FM2 A2A<sup>(a)</sup> | US0001M + 0.060% | 4.4490 | 01/25/37 | 170664 |
| 118808 GSAMP Trust 2007-FM2 A2B<sup>(a)</sup> | US0001M + 0.090% | 4.4790 | 01/25/37 | 72207 |
| 2622272 GSRPM Mortgage Loan Trust 2007-1 A<sup>(a),(b)</sup> | US0001M + 0.400% | 4.7890 | 10/25/46 | 2219852 |
| 92214 Home Equity Mortgage Loan Asset-Backed Trust Series INABS 2006-D 2A3<sup>(a)</sup> | US0001M + 0.160% | 4.5490 | 11/25/36 | 78953 |
| 409624 IXIS Real Estate Capital Trust 2006-HE2 A3<sup>(a)</sup> | US0001M + 0.320% | 4.7090 | 08/25/36 | 116315 |
| 128080 JP Morgan Mortgage Acquisition Trust 2007-CH2 AF3<sup>(d)</sup> |  | 4.4280 | 10/25/30 | 71110 |
| 439717 Lehman XS Trust 2007-3 1BA1<sup>(a)</sup> | US0001M + 0.320% | 4.7090 | 03/25/37 | 412316 |
| 413490 Lehman XS Trust 2007-3 1BA2<sup>(a)</sup> | US0006M + 0.500% | 5.4310 | 03/25/37 | 396158 |
| 918049 Long Beach Mortgage Loan Trust 2002-1 M3<sup>(a)</sup> | US0001M + 3.750% | 8.1390 | 05/25/32 | 891090 |
| 27335 Long Beach Mortgage Loan Trust 2004-3 M1<sup>(a)</sup> | US0001M + 0.855% | 5.2440 | 07/25/34 | 25987 |
| 44650621 Merrill Lynch Mortgage Investors Trust Series 2006-RM2 A1B<sup>(a)</sup> | US0001M + 0.470% | 0.6010 | 05/25/37 | 1860828 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 88.9% (Continued)** |  |  |  |  |
|  | **RESIDENTIAL MORTGAGE — 13.4% (Continued)** |  |  |  |  |
| 211533 | Morgan Stanley A.B.S Capital I Inc Trust 2004-NC5 M1<sup>(a)</sup> | US0001M + 0.900% | 5.2890 | 05/25/34 | $197030 |
| 166598 | Morgan Stanley A.B.S Capital I Inc Trust 2004-NC8 M4<sup>(a)</sup> | US0001M + 1.500% | 5.8890 | 09/25/34 | 164967 |
| 8875000 | Morgan Stanley A.B.S Capital I Inc Trust 2007-SEA1 2A4<sup>(a),(b)</sup> | US0001M + 1.900% | 1.1100 | 02/25/47 | 849663 |
| 3173453 | Park Place Securities Inc Asset-Backed Series 2004-WCW2 M6<sup>(a)</sup> | US0001M + 2.175% | 6.5640 | 10/25/34 | 2696631 |
| 2034195 | RAMP Series 2007-RS1 Trust A3<sup>(a)</sup> | US0001M + 0.340% | 4.7290 | 02/25/37 | 528036 |
| 10252239 | Securitized Asset Backed Receivables, LLC Trust 2006-FR4 A2B<sup>(a)</sup> | US0001M + 0.340% | 0.6720 | 08/25/36 | 3348358 |
| 5786868 | Securitized Asset Backed Receivables, LLC Trust 2007-BR5 A2A<sup>(a)</sup> | US0001M + 0.130% | 4.5190 | 05/25/37 | 4376613 |
| 12971238 | Securitized Asset Backed Receivables, LLC Trust 2007-HE1 A2B<sup>(a)</sup> | US0001M + 0.220% | 0.9740 | 12/25/36 | 2972355 |
| 1216934 | Specialty Underwriting & Residential Finance Trust Series 2006-BC5 A2C<sup>(a)</sup> | US0001M + 0.200% | 4.5890 | 11/25/37 | 698364 |
| 3626167 | Specialty Underwriting & Residential Finance Trust Series 2006-BC5 A2E<sup>(a)</sup> | US0001M + 0.420% | 4.8090 | 11/25/37 | 2102169 |
| 569625 | Specialty Underwriting & Residential Finance Trust Series 2007-AB1 A2D<sup>(a)</sup> | US0001M + 0.350% | 4.7390 | 03/25/37 | 342992 |
| 645730 | Structured Asset Investment Loan Trust 2004-11 M2<sup>(a)</sup> | US0001M + 0.975% | 5.3640 | 01/25/35 | 582019 |
| 202777 | Structured Asset Investment Loan Trust 2004-5 M5<sup>(a)</sup> | US0001M + 1.725% | 6.1140 | 05/25/34 | 180890 |
| 278525 | Structured Asset Securities Corp 2005-WF1 M8<sup>(a)</sup> | US0001M + 2.055% | 6.4440 | 02/25/35 | 259564 |
| 461044 | WaMu Asset-Backed Certificates WaMu Series 2007-HE1 1A<sup>(a)</sup> | US0001M + 0.150% | 4.5390 | 01/25/37 | 395171 |
|  |  |  |  |  | 65764865 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $502,930,781)** |  |  |  | 437317706 |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 8.2%** |  |  |  |  |
| 1020653 | Fannie Mae REMICS 2011-124 NS NS<sup>(a),(e)</sup> | US0001M + 6.500% | 2.1110 | 12/25/41 | 101487 |
| 373344 | Fannie Mae REMICS 2012-126 DI<sup>(e)</sup> |  | 3.0000 | 11/25/27 | 19519 |
| 737543 | Fannie Mae REMICS 2012-94 YS<sup>(a),(e)</sup> | US0001M + 6.650% | 2.2610 | 06/25/39 | 17859 |
| 80813 | Fannie Mae REMICS 2013-42 PD |  | 1.2500 | 05/25/43 | 66473 |
| 314083 | Fannie Mae REMICS 2016-3 NI Series 2016-3 NI<sup>(e)</sup> |  | 6.0000 | 02/25/46 | 59384 |
| 1024045 | Fannie Mae REMICS 2017-112 SC Series 2017-112 SC<sup>(a),(e)</sup> | US0001M + 6.150% | 1.7610 | 01/25/48 | 113060 |
| 1331925 | Fannie Mae REMICS 2017-30 MI Series 2017-30 MI<sup>(e)</sup> |  | 4.0000 | 02/25/44 | 71415 |
| 708591 | Fannie Mae REMICS 2017-38 S Series 2017-38 S<sup>(a),(e)</sup> | US0001M + 6.100% | 1.7110 | 05/25/47 | 78242 |
| 42597 | Fannie Mae REMICS 2017-6 MI Series 2017-6 MI<sup>(e)</sup> |  | 4.0000 | 08/25/44 | 3078 |
| 19145869 | Fannie Mae REMICS 2018-28 ID Series 2018-28 ID<sup>(c),(e)</sup> |  | 0.0001 | 05/25/48 | 873256 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 8.2% (Continued)** |  |  |  |  |
| 1008271 | Fannie Mae REMICS 2019-34 KI<sup>(e)</sup> |  | 4.0000 | 07/25/49 | $156845 |
| 929978 | Fannie Mae REMICS 2019-37 CI<sup>(e)</sup> |  | 4.5000 | 09/25/48 | 213269 |
| 302518 | Fannie Mae REMICS 2020-16 SJ<sup>(a),(e)</sup> | US0001M + 6.050% | 1.6610 | 03/25/50 | 27804 |
| 741369 | Fannie Mae REMICS 2020-20 IA<sup>(e)</sup> |  | 3.0000 | 04/25/50 | 98019 |
| 4103784 | Fannie Mae REMICS 2020-25 PI<sup>(e)</sup> |  | 3.0000 | 03/25/50 | 708830 |
| 3471094 | Fannie Mae REMICS 2020-28 IK<sup>(e)</sup> |  | 3.0000 | 10/25/49 | 397298 |
| 3329445 | Fannie Mae REMICS 2020-95 IB<sup>(e)</sup> |  | 2.5000 | 01/25/51 | 531969 |
| 17553545 | Fannie Mae REMICS 2020-95 IU<sup>(e)</sup> |  | 1.5000 | 01/25/51 | 2936927 |
| 8907071 | Fannie Mae REMICS 2021-34 MI<sup>(e)</sup> |  | 2.5000 | 03/25/51 | 1250989 |
| 7913236 | Fannie Mae REMICS 2021-45 JI<sup>(e)</sup> |  | 2.5000 | 07/25/51 | 1252198 |
| 3040476 | Fannie Mae REMICS 2021-56 IM<sup>(a),(e)</sup> | SOFR30A + 2.200% | 0.0001 | 09/25/51 | 106255 |
| 6817135 | Fannie Mae REMICS 2021-69 IK<sup>(e)</sup> |  | 2.0000 | 05/25/51 | 1214952 |
| 23286228 | Fannie Mae REMICS 2021-69 JS<sup>(a),(e)</sup> | SOFR30A + 2.550% | 0.0001 | 10/25/51 | 545589 |
| 14385579 | Fannie Mae REMICS 2021-80 IA<sup>(e)</sup> |  | 2.0000 | 11/25/51 | 1900019 |
| 184690 | Freddie Mac REMICS 3980 TS<sup>(a),(e)</sup> | US0001M + 6.500% | 2.1820 | 09/15/41 | 19184 |
| 1006294 | Freddie Mac REMICS 4100 JI<sup>(e)</sup> |  | 3.5000 | 10/15/41 | 133991 |
| 79012 | Freddie Mac REMICS 4103 DS<sup>(a),(e)</sup> | US0001M + 6.150% | 1.8320 | 09/15/40 | 290 |
| 295652 | Freddie Mac REMICS 4205 AI<sup>(e)</sup> |  | 2.5000 | 05/15/28 | 12908 |
| 4623510 | Freddie Mac REMICS 4226 IM<sup>(e)</sup> |  | 3.5000 | 09/15/31 | 147703 |
| 5250294 | Freddie Mac REMICS 4239 NI<sup>(a),(e)</sup> | US0001M + 29.46% | 3.2080 | 07/15/43 | 847461 |
| 413513 | Freddie Mac REMICS 4314 SE<sup>(a),(e)</sup> | US0001M + 6.050% | 1.7320 | 03/15/44 | 40642 |
| 419048 | Freddie Mac REMICS 4431 ST<sup>(a),(e)</sup> | US0001M + 6.100% | 1.7820 | 01/15/45 | 38371 |
| 80588 | Freddie Mac REMICS 4449 PI<sup>(e)</sup> |  | 4.0000 | 11/15/43 | 8018 |
| 876390 | Freddie Mac REMICS 4580 MI<sup>(e)</sup> |  | 3.5000 | 02/15/43 | 34526 |
| 10135584 | Freddie Mac REMICS 4639 GS<sup>(a),(e)</sup> |  | 0.0001 | 03/15/36 | 650937 |
| 524844 | Freddie Mac REMICS 4672 AI<sup>(e)</sup> |  | 4.5000 | 03/15/45 | 19056 |
| 221633 | Freddie Mac REMICS 4680 LI<sup>(e)</sup> |  | 4.0000 | 10/15/43 | 7783 |
| 165600 | Freddie Mac REMICS 4818 BI<sup>(e)</sup> |  | 4.0000 | 03/15/45 | 12219 |
| 399000 | Freddie Mac REMICS 5050 GL |  | 1.2500 | 12/25/50 | 191061 |
| 948169 | Freddie Mac REMICS 5071 IF<sup>(e)</sup> |  | 2.0000 | 02/25/51 | 84206 |
| 6374692 | Freddie Mac REMICS 5071 IS Series 5071 IS<sup>(e)</sup> |  | 2.0000 | 02/25/51 | 772364 |
| 5083954 | Freddie Mac REMICS 5071 KI Series 5071 KI<sup>(e)</sup> |  | 2.0000 | 02/25/51 | 505045 |
| 19993679 | Freddie Mac REMICS 5090 SA Series 5090 SA <sup>(a),(e)</sup> | SOFR30A + 1.550% | 0.0001 | 03/25/51 | 107392 |
| 15618890 | Freddie Mac REMICS 5177 AS Series 5177 AS <sup>(a),(e)</sup> | SOFR30A + 3.150% | 0.0001 | 12/25/51 | 334005 |
| 211000 | Government National Mortgage Association 2012-36 QS<sup>(a),(e)</sup> | US0001M + 6.620% | 2.2670 | 03/20/42 | 15023 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 8.2% (Continued)** |  |  |  |  |
| 622498 | Government National Mortgage Association 2014-118 AI<sup>(e)</sup> |  | 3.5000 | 05/16/40 | $39282 |
| 5773201 | Government National Mortgage Association 2015-3 DS<sup>(a),(e)</sup> | US0001M + 5.600% | 1.2470 | 11/20/41 | 121127 |
| 245313 | Government National Mortgage Association 2016-1 ST<sup>(a),(e)</sup> | US0001M + 6.200% | 1.8470 | 01/20/46 | 24562 |
| 3024108 | Government National Mortgage Association 2017-68 IL<sup>(e)</sup> |  | 4.0000 | 08/20/44 | 248621 |
| 590465 | Government National Mortgage Association 2018-154 DI<sup>(e)</sup> |  | 4.0000 | 01/20/45 | 37297 |
| 5184435 | Government National Mortgage Association 2018-154 SP<sup>(a),(e)</sup> | US0001M + 6.150% | 1.7970 | 11/20/48 | 503324 |
| 23240024 | Government National Mortgage Association 2019-112 AS<sup>(a),(e)</sup> | US0001M + 3.410% | 0.0001 | 09/20/49 | 263012 |
| 14273990 | Government National Mortgage Association 2019-20 ES<sup>(a),(e)</sup> | US0001M + 3.790% | 0.0001 | 02/20/49 | 196991 |
| 4655372 | Government National Mortgage Association 2020-122 YI<sup>(e)</sup> |  | 2.5000 | 08/20/50 | 618475 |
| 952000 | Government National Mortgage Association 2020-141 ML |  | 1.5000 | 09/20/50 | 497604 |
| 15930699 | Government National Mortgage Association 2020-33 AI<sup>(e)</sup> |  | 3.0000 | 03/20/50 | 2434561 |
| 1725636 | Government National Mortgage Association 2020-61 SF<sup>(a),(e)</sup> | US0001M + 6.440% | 2.0870 | 07/20/43 | 161176 |
| 12107583 | Government National Mortgage Association 2021-105 EI<sup>(e)</sup> |  | 2.5000 | 05/20/51 | 1719325 |
| 5379072 | Government National Mortgage Association 2021-118 GI<sup>(e)</sup> |  | 2.5000 | 07/20/51 | 787615 |
| 11314247 | Government National Mortgage Association 2021-156 BI<sup>(e)</sup> |  | 2.5000 | 09/20/51 | 1765034 |
| 7378988 | Government National Mortgage Association 2021-156 QI<sup>(e)</sup> |  | 2.5000 | 09/20/51 | 911859 |
| 17667497 | Government National Mortgage Association 2021-177 MI<sup>(e)</sup> |  | 2.5000 | 10/20/51 | 2368487 |
| 3943602 | Government National Mortgage Association 2021-214 HI<sup>(e)</sup> |  | 2.5000 | 12/20/51 | 521289 |
| 1705801 | Government National Mortgage Association 2021-226 HL |  | 1.5000 | 12/20/51 | 1046217 |
| 18264093 | Government National Mortgage Association 2021-24 IH<sup>(e)</sup> |  | 2.5000 | 02/20/50 | 2271925 |
| 8743377 | Government National Mortgage Association 2021-24 LI<sup>(e)</sup> |  | 2.5000 | 01/20/51 | 1288809 |
| 10326497 | Government National Mortgage Association 2021-41 BI<sup>(e)</sup> |  | 2.0000 | 03/20/51 | 1409619 |
| 3715243 | Government National Mortgage Association 2021-49 IP<sup>(e)</sup> |  | 2.5000 | 01/20/51 | 415687 |
| 3901088 | Government National Mortgage Association 2021-83 EI<sup>(e)</sup> |  | 2.5000 | 05/20/51 | 546667 |
| 290582 | Government National Mortgage Association 2021-89 JL |  | 1.5000 | 05/20/51 | 158478 |
| 49383356 | Government National Mortgage Association 2022-121 SA<sup>(a),(e)</sup> | SOFR30A + 3.690% | 0.0001 | 07/20/52 | 809798 |
| 18451592 | Government National Mortgage Association 2022-22 PS<sup>(a),(e)</sup> | SOFR30A + 3.650% | 0.0001 | 08/20/51 | 493327 |
| 19518874 | Government National Mortgage Association 2022-83 SJ<sup>(a),(e)</sup> | SOFR30A + 3.200% | 0.0001 | 05/20/52 | 240941 |
| 11706869 | Government National Mortgage Association 2022-69 QI<sup>(e)</sup> |  | 4.0000 | 04/20/52 | 1685637 |
|  |  |  |  |  | 40313667 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $42,537,195)** |  |  |  | 40313667 |

---

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.6%** |  |
|  | **MONEY MARKET FUNDS - 3.6%** |  |
| 17553884 | First American Government Obligations Fund, Class U, 4.10% (Cost $17,553,884)<sup>(g)</sup> | $17553884 |
|  | **TOTAL INVESTMENTS - 100.7% (Cost $563,021,860)** | $495185257 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** | (3329927) |
|  | **NET ASSETS - 100.0%** | $491855330 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| REMIC | - Real Estate Mortgage Investment Conduit |
| 12MTA | - Federal Reserve US 12 Month Cumulative Avg 1 Year CMT |
| SOFR30A | - United States 30 Day Average SOFR Secured Overnight Financing Rate |
| US0001M | - ICE LIBOR USD 1 Month |
| US0006M | - ICE LIBOR USD 6 Month |
| US0012M | - ICE LIBOR USD 12 Month |

---

<sup>(a)</sup> Variable rate security; the rate shown represents the rate on December 31, 2022.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022 the total market value of 144A securities is 152,204,920 or 30.9% of net assets.

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

<sup>(d)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at December 31, 2022.

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

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

 

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

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 2.3%** |  |
|  | **COMMODITY - 2.3%** |  |
| 19500 | Sprott Physical Gold and Silver Trust<sup>(a)</sup> | $349635 |
|  | **TOTAL CLOSED END FUNDS (Cost $268,027)** | 349635 |
|  | **COMMON STOCKS — 63.3%** |  |
|  | **ASSET MANAGEMENT - 2.8%** |  |
| 5368 | Groupe Bruxelles Lambert S.A. | 428681 |
|  | **BEVERAGES - 1.2%** |  |
| 375000 | Thai Beverage PCL | 191784 |
|  | **BIOTECH & PHARMA - 13.2%** |  |
| 2900 | Johnson & Johnson | 512285 |
| 4900 | Novartis A.G. - ADR | 444528 |
| 13640 | Sanofi - ADR | 660585 |
| 26000 | Takeda Pharmaceutical Company Ltd. - ADR | 405600 |
|  |  | 2022998 |
|  | **CHEMICALS - 2.6%** |  |
| 9250 | Mosaic Company | 405798 |
|  | **CONSTRUCTION MATERIALS - 2.6%** |  |
| 3930 | Holcim Ltd. | 203516 |
| 7000 | MDU Resources Group, Inc. | 212379 |
|  |  | 415895 |
|  | **E-COMMERCE DISCRETIONARY - 0.9%** |  |
| 3500 | eBay, Inc. | 145145 |
|  | **ENGINEERING & CONSTRUCTION - 2.3%** |  |
| 2440 | Tetra Tech, Inc. | 354264 |
|  | **ENTERTAINMENT CONTENT - 0.8%** |  |
| 7700 | Vivendi S.A. | 73496 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 63.3% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 0.8% (Continued)** |  |
| 5279 | Warner Bros Discovery, Inc.<sup>(a)</sup> | $50045 |
|  |  | 123541 |
|  | **FOOD - 2.6%** |  |
| 3533 | Nestle S.A. - ADR | 407496 |
|  | **GAS & WATER UTILITIES - 4.7%** |  |
| 5575 | National Fuel Gas Company | 352898 |
| 10000 | UGI Corporation | 370700 |
|  |  | 723598 |
|  | **HOUSEHOLD PRODUCTS - 1.2%** |  |
| 3800 | Unilever PLC - ADR | 191330 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.9%** |  |
| 1800 | Medtronic PLC | 139896 |
|  | **METALS & MINING - 1.8%** |  |
| 7000 | Anglo American PLC | 273875 |
|  | **OIL & GAS PRODUCERS - 1.2%** |  |
| 1000 | Chevron Corporation | 179490 |
|  | **RETAIL - DISCRETIONARY - 1.3%** |  |
| 594 | Home Depot, Inc. | 187621 |
|  | **SEMICONDUCTORS - 2.9%** |  |
| 1400 | Applied Materials, Inc. | 136332 |
| 6120 | Micron Technology, Inc. | 305878 |
|  |  | 442210 |
|  | **SOFTWARE - 3.1%** |  |
| 2000 | Microsoft Corporation | 479639 |
|  | **TECHNOLOGY HARDWARE - 3.7%** |  |
| 10390 | Cisco Systems, Inc. | 494979 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 63.3% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 3.7% (Continued)** |  |
| 20500 | Nokia OYJ - ADR | $95120 |
|  |  | 590099 |
|  | **TELECOMMUNICATIONS - 5.0%** |  |
| 13000 | AT&T, Inc. | 239330 |
| 29170 | Orange S.A. - ADR | 288200 |
| 23800 | Vodafone Group PLC - ADR | 240856 |
|  |  | 768386 |
|  | **TOBACCO & CANNABIS - 5.0%** |  |
| 3991700 | Hanjaya Mandala Sampoerna Tbk P.T. | 216032 |
| 22000 | Imperial Brands PLC - ADR | 550000 |
|  |  | 766032 |
|  | **WHOLESALE - CONSUMER STAPLES - 3.5%** |  |
| 5275 | Bunge Ltd. | 526286 |
|  | **TOTAL COMMON STOCKS (Cost $8,575,334)** | 9764064 |
|  | **EXCHANGE-TRADED FUNDS — 2.4%** |  |
|  | **FIXED INCOME - 2.4%** |  |
| 4000 | SPDR Bloomberg 1-3 Month T-Bill ETF | 365880 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $365,920)** | 365880 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** | |
|  | **CONVERTIBLE BONDS — 1.7%** |  |  |  |
|  | **BIOTECH & PHARMA — 1.7%** |  |  |  |
| 275000 | Ligand Pharmaceuticals, Inc. | 0.7500 | 05/15/23 | 268984 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $272,118)** |  |  | 268984 |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 21.6% (Continued)** |  |  |  |
|  | **AUTOMOTIVE — 1.3%** |  |  |  |
| 200000 | Ford Motor Credit Company, LLC | 3.3700 | 11/17/23 | $195473 |
|  | **BIOTECH & PHARMA — 3.0%** |  |  |  |
| 225000 | Elanco Animal Health, Inc. | 5.7720 | 08/28/23 | 223628 |
| 250000 | Teva Pharmaceutical Finance Netherlands III BV | 2.8000 | 07/21/23 | 244882 |
|  |  |  |  | 468510 |
|  | **CABLE & SATELLITE — 1.5%** |  |  |  |
| 225000 | Quebecor Media, Inc. | 5.7500 | 01/15/23 | 224802 |
|  | **ELECTRIC UTILITIES — 0.6%** |  |  |  |
| 100000 | DTE Energy Company | 1.0500 | 06/01/25 | 90757 |
|  | **LEISURE FACILITIES & SERVICES — 6.1%** |  |  |  |
| 375000 | Brinker International, Inc. | 3.8750 | 05/15/23 | 373330 |
| 276000 | Carnival Corporation | 7.2000 | 10/01/23 | 274580 |
| 225000 | MGM Resorts International | 6.0000 | 03/15/23 | 224686 |
| 65000 | Wyndham Destinations, Inc. | 3.9000 | 03/01/23 | 64730 |
|  |  |  |  | 937326 |
|  | **RETAIL - DISCRETIONARY — 1.6%** |  |  |  |
| 250000 | QVC, Inc. | 4.3750 | 03/15/23 | 246890 |
|  | **SEMICONDUCTORS — 0.8%** |  |  |  |
| 125000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. | 2.7000 | 05/01/25 | 117869 |
|  | **SPECIALTY FINANCE — 0.6%** |  |  |  |
| 100000 | Navient Corporation | 5.5000 | 01/25/23 | 99992 |
|  | **TECHNOLOGY HARDWARE — 3.6%** |  |  |  |
| 225000 | NetApp, Inc. | 1.8750 | 06/22/25 | 207028 |
| 350000 | Seagate HDD Cayman | 4.7500 | 06/01/23 | 348642 |
|  |  |  |  | 555670 |
|  | **TOBACCO & CANNABIS — 2.5%** |  |  |  |
| 250000 | BAT International Finance PLC | 1.6680 | 03/25/26 | 221800 |
| 175000 | Reynolds American, Inc. | 4.4500 | 06/12/25 | 171458 |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 21.6% (Continued)** |  |  |  |
|  | **TOBACCO & CANNABIS — 2.5% (Continued)** |  |  |  |
|  |  |  |  | $393258 |
|  | **TOTAL CORPORATE BONDS (Cost $3,365,948)** |  |  | 3330547 |
|  | **U.S. GOVERNMENT & AGENCIES — 8.3%** |  |  |  |
|  | **U.S. TREASURY INFLATION PROTECTED — 5.8%** |  |  |  |
| 443000 | United States Treasury Inflation Indexed Bonds | 0.3750 | 01/15/27 | 516085 |
| 334000 | United States Treasury Inflation Indexed Bonds | 0.7500 | 07/15/28 | 378341 |
|  |  |  |  | 894426 |
|  | **U.S. TREASURY NOTES — 2.5%** |  |  |  |
| 405000 | United States Treasury Note | 2.5000 | 01/31/25 | 389939 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,352,369)** |  |  | 1284365 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $14,199,716)** |  |  | $15363475 |
|  | **CALL OPTIONS WRITTEN - 0.0% (Proceeds - $11,849)** |  |  | (1125) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%** |  |  | 66432 |
|  | **NET ASSETS - 100.0%** |  |  | $15428782 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | |
|  | **WRITTEN EQUITY OPTIONS - 0.0% <sup>(c)</sup>** | **WRITTEN EQUITY OPTIONS - 0.0% <sup>(c)</sup>** | **WRITTEN EQUITY OPTIONS - 0.0% <sup>(c)</sup>** |  |  |
|  | **CALL OPTIONS WRITTEN- 0.0%<sup>(c)</sup>** |  |  |  |  |
| 75 | Mosaic Company | 03/17/2023 | $65 | $329025 | $1125 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $11,849) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $11,849) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $11,849) |  |  |

---

ADR - American Depositary Receipt

ETF - Exchange-Traded Fund

LLC - Limited Liability Company

Ltd. - Limited Company

OYJ - Julkinen osakeyhtio

PLC - Public Limited Company

P.T. - Perseroan Terbatas

S.A. - Societe Anonyme

SPDR - Standard & Poor's Depositary Receipt

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

 

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

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

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

---

| |
|:---|
| **CATALYST/CIFC FLOATING RATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Fair Value |
|  | **COMMON STOCK - 0.0% +** |  |
|  | **SOFTWARE - 0.0% +** |  |
| 7832 | Avaya Holdings Corp. | $**1535** |
|  | **TOTAL COMMON STOCK (Cost - $198,736)** |  |
|  | **EXCHANGE-TRADED FUNDS - 2.1%** |  |
|  | **FIXED INCOME - 2.1%** |  |
| 122250 | Avaya Holdings Corp. | $**5000025** |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost - $5,003,678)** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal |  |  |  |  |  |
| Amount ($) |  | Variable Rate | Coupon Rate (%) | Maturity |  |
|  | **ASSET BACKED SECURITIES - 8.3%** |  |  |  |  |
|  | **COLLATERALIZED LOAN OBLIGATIONS - 8.3%** |  |  |  |  |
| 500000 | Apidos CLO XX # | 3 Month LIBOR + 5.700% | 9.779 \* | 7/16/2031 | 418534 |
| 500000 | Apidos CLO XXX # | 3 Month LIBOR + 5.600% | 9.794 \* | 10/18/2031 | 428256 |
| 500000 | Apidos CLO XXXV # | 3 Month LIBOR + 5.750% | 9.993 \* | 4/20/2034 | 435013 |
| 500000 | ARES LII CLO Ltd. # | 3 Month LIBOR + 6.450% | 10.775 \* | 4/22/2031 | 418939 |
| 500000 | ARES XLVII CLO Ltd. # | 3 Month LIBOR + 5.500% | 9.579 \* | 4/15/2030 | 406611 |
| 835000 | BlueMountain CLO 2015-4 Ltd. # | 3 Month LIBOR + 2.950% | 7.193 \* | 4/20/2030 | 693945 |
| 500000 | BlueMountain CLO 2018-3 Ltd. # | 3 Month LIBOR + 5.950% | 10.308 \* | 10/25/2030 | 399356 |
| 500000 | BlueMountain CLO XXII Ltd. # | 3 Month LIBOR + 5.050% | 9.129 \* | 7/15/2031 | 410505 |
| 500000 | BlueMountain Fuji US CLO I Ltd. # | 3 Month LIBOR + 6.000% | 10.243 \* | 7/20/2029 | 384115 |
| 500000 | BlueMountain Fuji US CLO III Ltd. # | 3 Month LIBOR + 5.200% | 9.279 \* | 1/15/2030 | 391295 |
| 750000 | Burnham Park CLO Ltd. # | 3 Month LIBOR + 5.400% | 9.643 \* | 10/20/2029 | 607686 |
| 500000 | Canyon CLO 2018-1 Ltd. # | 3 Month LIBOR + 5.750% | 9.829 \* | 7/15/2031 | 412350 |
| 500000 | Carlyle Global Market Strategies CLO 2014-1 Ltd. # | 3 Month LIBOR + 5.400% | 9.479 \* | 4/17/2031 | 409396 |
| 500000 | Carlyle Global Market Strategies CLO 2017-1 Ltd. # | 3 Month LIBOR + 6.000% | 10.243 \* | 4/20/2031 | 397433 |
| 500000 | CARLYLE US CLO 2017-5 Ltd. # | 3 Month LIBOR + 5.300% | 9.543 \* | 1/20/2030 | 390426 |
| 500000 | Cook Park CLO Ltd. # | 3 Month LIBOR + 5.400% | 9.479 \* | 4/17/2030 | 410817 |
| 500000 | Flatiron CLO 17 Ltd. # | 3 Month LIBOR + 5.900% | 10.506 \* | 5/15/2030 | 457324 |
| 500000 | Galaxy XXI CLO Ltd. # | 3 Month LIBOR + 5.250% | 9.493 \* | 4/20/2031 | 429642 |
| 500000 | Goldentree Loan Management US CLO 1 Ltd. # | 3 Month LIBOR + 4.750% | 8.993 \* | 1/20/2033 | 425850 |
| 500000 | Goldentree Loan Management US ClO 2 Ltd. # | 3 Month LIBOR + 4.700% | 8.943 \* | 11/28/2030 | 430934 |
| 750000 | Goldentree Loan Opportunities X Ltd. # | 3 Month LIBOR + 5.650% | 9.893 \* | 7/20/2031 | 668218 |
| 250000 | Grippen Park CLO Ltd. # | 3 Month LIBOR + 5.700% | 9.943 \* | 1/20/2030 | 217077 |
| 500000 | Highbridge Loan Management 7-2015 Ltd. # | 3 Month LIBOR + 5.000% | 9.606 \* | 3/15/2027 | 476344 |
| 500000 | Jamestown CLO II Ltd. # | 3 Month LIBOR + 5.450% | 9.775 \* | 4/22/2030 | 445307 |
| 500000 | KKR CLO 13 Ltd. # | 3 Month LIBOR + 4.950% | 9.029 \* | 1/16/2028 | 481003 |
| 500000 | Magnetite XV Ltd. # | 3 Month LIBOR + 5.200% | 9.558 \* | 7/25/2031 | 438067 |
| 500000 | Neuberger Berman CLO XVIII Ltd. # | 3 Month LIBOR + 5.920% | 10.198 \* | 10/21/2030 | 436921 |
| 500000 | Octagon Investment Partners XXII Ltd. # | 3 Month LIBOR + 5.450% | 9.775 \* | 1/22/2030 | 406450 |
| 500000 | Octagon Investment Partners XVII Ltd. # | 3 Month LIBOR + 5.150% | 9.508 \* | 1/25/2031 | 389672 |
| 500000 | Octagon Investment Partners 18-R Ltd. # | 3 Month LIBOR + 2.700% | 6.779 \* | 4/16/2031 | 444870 |
| 500000 | Octagon Investment Partners 26 Ltd. # | 3 Month LIBOR + 5.400% | 9.479 \* | 7/15/2030 | 392314 |
| 500000 | Octagon Investment Partners 37 Ltd. # | 3 Month LIBOR + 5.400% | 9.758 \* | 7/25/2030 | 430463 |
| 500000 | OHA Credit Partners XV Ltd. # | 3 Month LIBOR + 5.300% | 9.543 \* | 1/20/2030 | 439032 |
| 500000 | Palmer Square CLO 2018-2 # | 3 Month LIBOR + 5.600% | 9.679 \* | 7/16/2031 | 448925 |
| 500000 | Regatta X Funding Ltd. # | 3 Month LIBOR + 5.550% | 9.629 \* | 1/17/2031 | 426317 |
| 550000 | Regatta XI Funding Ltd. # | 3 Month LIBOR + 5.500% | 9.579 \* | 7/17/2031 | 466834 |
| 500000 | RR 5 Ltd. # | 3 Month LIBOR + 5.750% | 9.829 \* | 10/15/2031 | 433065 |
| 500000 | Wellfleet CLO 2015-1 Ltd. # | 3 Month LIBOR + 7.050% | 11.293 \* | 7/20/2029 | 389889 |
| 500000 | Wellfleet CLO 2017-1 Ltd. # | 3 Month LIBOR + 6.050% | 10.293 \* | 4/20/2029 | 391735 |
| 500000 | Wellfleet CLO 2018-2 Ltd. # | 3 Month LIBOR + 6.070% | 10.313 \* | 10/20/2031 | 418564 |
| 500000 | Wellfleet CLO 2018-3 Ltd. # | 3 Month LIBOR + 6.250% | 10.493 \* | 1/20/2032 | 377042 |
| 500000 | Wellfleet CLO X LTD # | 3 Month LIBOR + 6.610% | 10.853 \* | 7/20/2032 | 408785 |
| 1500000 | York CLO 1 Ltd. # | 3 Month LIBOR + 5.580% | 9.905 \* | 10/22/2029 | 1347670 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost - $21,920,786)** |  |  |  | **19532991** |
|  | **CORPORATE BONDS - 1.3%** |  |  |  |  |
|  | **CABLE & SATELLITE - 0.3%** |  |  |  |  |
| 27000 | CCO Holdings, LLC / CCO Holdings Capital Corporation # |  | 6.375 | 9/1/2029 | 25425 |
| 750000 | CCO Holdings, LLC / CCO Holdings Capital Corporation # |  | 4.750 | 3/1/2030 | 641130 |
|  |  |  |  |  | 666555 |
|  | **INSURANCE- 0.1%** |  |  |  |  |
| 243000 | Alliant Holdings Intermediate LLC # |  | 6.750 | 10/15/2027 | 218945 |
| 82000 | AssuredPartners, Inc. |  | 5.625 | 1/15/2029 | 67596 |
|  |  |  |  |  | 286541 |
|  | **LEISURE FACILITIES & SERVICES - 0.4%** |  |  |  |  |
| 999000 | CDI Escrow Issuer, Inc. # |  | 5.750 | 4/1/2030 | 897286 |

---

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

---

| |
|:---|
| **CATALYST/CIFC FLOATING RATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **December 31, 2022** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Principal |  |  |  |  |  |  |
| Amount ($) |  | Variable Rate | Coupon Rate (%) |  | Maturity | Fair Value |
|  | **CORPORATE BONDS - 1.3% (Continued)** |  |  |  |  |  |
|  | **REIT - 0.4%** |  |  |  |  |  |
| 994000 | Iron Mountain, Inc. # |  | 5.250 |  | 7/15/2030 | $866027 |
|  | **RETAIL DISCRETIONARY- 0.1%** |  |  |  |  |  |
| 285000 | PetSmart, Inc. # |  | 7.750 |  | 2/15/2029 | 268204 |
|  | **TOTAL CORPORATE BONDS (Cost - $3,244,583)** |  |  |  |  | **2984613** |
|  | **BANK LOANS - 81.6%** |  |  |  |  |  |
|  | **ADVERTISING & MARKETING - 0.3%** |  |  |  |  |  |
| 675000 | ABG Intermediate Holdings 2, LLC | SOFRRATE + 6.000% | 10.186 | \* | 12/10/2029 | 620156 |
|  | **AEROSPACE & DEFENSE - 1.5%** |  |  |  |  |  |
| 2441444 | Dynasty Acquisition Co., Inc. | 3 Month LIBOR + 3.500% | 7.571 | \* | 4/8/2026 | 2333483 |
| 1313029 | Standard Aero Ltd. | 3 Month LIBOR + 3.500% | 7.571 | \* | 4/8/2026 | 1254967 |
|  |  |  |  |  |  | 3588450 |
|  | **ASSET MANAGEMENT - 2.3%** |  |  |  |  |  |
| 2843610 | Advisor Group Holdings, Inc. | 1 Month LIBOR + 4.500% | 8.571 | \* | 7/31/2026 | 2787378 |
| 365994 | Edelman Financial Center LLC | 1 Month LIBOR + 6.750% | 10.821 | \* | 7/20/2026 | 330930 |
| 1249924 | Guggenheim Partners Investment Management Holdings, LLC | 1 Month LIBOR + 3.250% | 7.533 | \* | 12/7/2029 | 1237431 |
| 1118600 | KPAE Finance Sub, Inc. | 3 Month LIBOR + 3.500% | 8.165 | \* | 10/26/2027 | 992064 |
| 1231 | Nexus Buyer LLC | 1 Month LIBOR + 3.750% | 7.821 | \* | 11/8/2026 | 1182 |
|  |  |  |  |  |  | 5348985 |
|  | **AUTOMOTIVE - 1.6%** |  |  |  |  |  |
| 3703897 | First Brands Group LLC | SOFRRATE + 5.000% | 8.368 | \* | 3/24/2027 | 3524258 |
| 233000 | First Brands Group LLC | 1 Month LIBOR + 5.000% | 9.790 | \* | 3/30/2027 | 220768 |
|  |  |  |  |  |  | 3745026 |
|  | **BIOTECH - 1.7%** |  |  |  |  |  |
| 1035795 | Curium Bidco Sarl Floating Rate | 3 Month LIBOR + 4.250% | 7.924 | \* | 9/10/2027 | 1012490 |
| 2100442 | Jazz Financing Lux Sarl | 1 Month LIBOR + 3.500% | 7.571 | \* | 4/22/2028 | 2085182 |
| 1000000 | Organon & Company | 1 Month LIBOR + 3.000% | 7.750 | \* | 4/8/2028 | 992770 |
|  |  |  |  |  |  | 4090442 |
|  | **BUSINESS AND DEVELOPMENT - 0.1%** |  |  |  |  |  |
| 244388 | Garda World Security Corp. | SOFRRATE + 4.250% | 8.534 | \*@ | 2/11/2029 | 235834 |
|  | **CABLE & SATELLITE - 1.0%** |  |  |  |  |  |
| 2421873 | Directv Financing, LLC | 1 Month LIBOR + 5.000% | 9.071 | \* | 7/22/2027 | 2363094 |
| 251000 | Altice Financing S.A. |  | 9.566 |  | 10/28/2027 | 240960 |
|  |  |  |  |  |  | 2604054 |
|  | **CHEMICALS - 1.3%** |  |  |  |  |  |
| 295281 | Herens US Holdco Corp. | 3 Month LIBOR + 4.000% | 7.674 | \* | 4/30/2028 | 272101 |
| 2027448 | Olympus Water US Holdings Corp. | 1 Month LIBOR + 3.750% | 7.437 | \* | 10/1/2028 | 1951702 |
| 117410 | Olympus Water US Holdings Corp. | SOFRRATE + 4.500% | 8.153 | \* | 11/9/2028 | 114240 |
| 646243 | PQ Group Holdings, Inc. | 1 Month LIBOR + 3.500% | 7.392 | \* | 4/30/2028 | 630626 |
|  |  |  |  |  |  | 2968669 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.4%** |  |  |  |  |  |
| 2709728 | Allied Universal Holdco LLC | 1 Month LIBOR + 3.750% | 7.821 | \* | 5/5/2028 | 2579675 |
| 725000 | Amentum Government Services Holdings LLC | 3 Month LIBOR + 8.750% | 12.920 | \* | 1/31/2028 | 668812 |
| 1443383 | Amentum Government Services Holdings LLC | SOFRRATE + 4.000% | 7.558 | \* | 2/7/2029 | 1410004 |
| 1089024 | AVSC Holding Corporation | 6 Month LIBOR + 4.500% | 8.685 | \* | 9/26/2026 | 1007804 |
| 2475188 | Conservice Midco LLC | 1 Month LIBOR + 4.250% | 8.321 | \* | 5/7/2027 | 2407640 |
| 237533 | Creative Artists Agency LLC | 1 Month LIBOR + 4.250% | 8.321 | \* | 5/4/2026 | 235991 |
| 1750126 | Dispatch Terra Acquisition LLC | 3 Month LIBOR + 4.250% | 7.924 | \* | 3/25/2028 | 1487607 |
| 592201 | Ensemble RCM, LLC | 3 Month LIBOR + 3.750% | 7.944 | \* | 8/1/2026 | 586649 |
|  |  |  |  |  |  | 10384182 |
|  | **CONSUMER SERVICES - 0.9%** |  |  |  |  |  |
| 910223 | Prometric Holdings, Inc. | 1 Month LIBOR + 3.000% | 7.080 | \* | 1/19/2025 | 804414 |
| 1535399 | Spin Holdco, Inc. | 3 Month LIBOR + 4.000% | 8.765 | \* | 3/1/2028 | 1302786 |
|  |  |  |  |  |  | 2107200 |
|  | **CONTAINERS & PACKAGING - 0.9%** |  |  |  |  |  |
| 1750000 | Charter Next Generation, Inc. | 1 Month LIBOR + 3.750% | 7.821 | \* | 12/1/2027 | 1703108 |
| 464638 | Pretium PKG Holdings, Inc. | 1 Month LIBOR + 4.000% | 7.743 | \* | 9/22/2028 | 372707 |
|  |  |  |  |  |  | 2075815 |
|  | **ELECTRONICS - 0.5%** |  |  |  |  |  |
| 1243750 | Motus Operations, LLC | 3 Month LIBOR + 4.000% | 7.821 | \*@ | 11/3/2028 | 1164461 |

---

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

---

| |
|:---|
| **CATALYST/CIFC FLOATING RATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal |  |  |  |  |  |
| Amount ($) |  | Variable Rate | Coupon Rate (%) | Maturity | Fair Value |
|  | **BANK LOANS - 81.6 % (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES - 0.5%** |  |  |  |  |
| 1174749 | Granite Generation LLC | 3 Month LIBOR + 3.750% | 7.821 \* | 11/7/2026 | 1143912 |
|  | **ENTERTAINMENT CONTENT - 1.8%** |  |  |  |  |
| 962025 | AP Core Holdings II, LLC | 1 Month LIBOR + 5.500% | 9.571 \* | 9/1/2027 | 874721 |
| 2500000 | AP Core Holdings II, LLC | 1 Month LIBOR + 5.500% | 9.571 \* | 9/1/2027 | 2261725 |
| 1000000 | Univision Communications, Inc. | 1 Month LIBOR + 3.250% | 6.037 | 3/24/2026 | 986250 |
| 110723 | Univision Communications, Inc. | SOFRRATE + 4.250% | 7.790 \* | 6/8/2029 | 109671 |
|  |  |  |  |  | 4232367 |
|  | **FOOD - 0.8%** |  |  |  |  |
| 1786790 | Nomad Foods US, LLC | 1 Month LIBOR + 3.750% | 0.000 | 11/10/2029 | 1784744 |
|  | **HEALTH CARE FACILITIES & SERVICES - 9.0%** |  |  |  |  |
| 1640 | Aveanna Healthcare LLC | 1 Month LIBOR + 3.750% | 7.766 \* | 6/30/2028 | 1270 |
| 919645 | Cano Health, LLC | SOFRRATE + 4.000% | 8.186 \* | 11/23/2027 | 733876 |
| 1874917 | Eyecare Partners LLC | 3 Month LIBOR + 3.750% | 7.424 \* | 2/5/2027 | 1524936 |
| 1002970 | Eyecare Partners LLC | 3 Month LIBOR + 3.750% | 7.424 \* | 10/14/2028 | 852023 |
| 2821285 | FC Compassus, LLC | 6 Month LIBOR + 4.250% | 7.127 \* | 12/31/2026 | 2610859 |
| 1396612 | Heartland Dental LLC | 1 Month LIBOR + 3.500% | 7.821 \* | 4/19/2025 | 1294311 |
| 2243276 | Legacy LifePoint Health, LLC | 1 Month LIBOR + 3.750% | 8.165 \* | 11/16/2025 | 2120176 |
| 2027783 | MED ParentCo LP | 1 Month LIBOR + 4.250% | 8.321 \* | 8/2/2026 | 1739615 |
| 75000 | MED ParentCo LP | 1 Month LIBOR + 8.250% | 12.321 \* | 8/30/2027 | 56875 |
| 4052634 | Milano Acquisition Corporation | 3 Month LIBOR + 4.000% | 7.674 \* | 8/17/2027 | 3814542 |
| 3126122 | National Mentor Holdings, Inc. | 1 Month LIBOR + 3.750% | 7.830 \* | 2/18/2028 | 2202181 |
| 87656 | National Mentor Holdings, Inc. | 3 Month LIBOR + 3.750% | 7.430 \* | 2/18/2028 | 61749 |
| 1125048 | One Call Medical Co. | 3 Month LIBOR + 5.500% | 9.875 \* | 4/8/2027 | 930044 |
| 1794372 | Upstream Newco, Inc. | SOFRRATE + 4.250% | 8.065 \* | 11/20/2026 | 1559614 |
| 1793367 | US Anesthesia Partners, Inc. | 6 Month LIBOR + 4.250% | 8.370 \* | 9/23/2028 | 1712056 |
|  |  |  |  |  | 21214127 |
|  | **HOME & OFFICE PRODUCTS - 0.5%** |  |  |  |  |
| 1232626 | Osmosis Debt Merger Sub, Inc. | SOFRRATE + 3.750% | 7.967 \* | 6/17/2028 | 1164061 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.8%** |  |  |  |  |
| 1262730 | Aretec Group, Inc. | 1 Month LIBOR + 4.250% | 8.436 \* | 10/1/2025 | 1237475 |
| 1628591 | Armor Holdco, Inc. | 3 Month LIBOR + 4.500% | 8.174 \* | 10/29/2028 | 1618412 |
| 500000 | Ascensus Holdings, Inc. | 3 Month LIBOR + 3.500% | 7.188 | 8/2/2028 | 478960 |
| 832520 | Ascensus Holdings, Inc. | 3 Month LIBOR + 6.500% | 10.250 \* | 8/2/2029 | 731227 |
| 2762622 | Deerfield Dakota Holding, LLC | SOFRRATE + 3.750% | 7.836 \* | 3/6/2027 | 2586948 |
|  |  |  |  |  | 6653022 |
|  | **INSURANCE - 6.2%** |  |  |  |  |
| 913190 | Acrisure LLC | 1 Month LIBOR + 3.500% | 7.571 \* | 1/31/2027 | 859133 |
| 1086034 | AssuredPartners, Inc. | 1 Month LIBOR + 3.500% | 7.571 \* | 2/13/2027 | 1057303 |
| 104475 | AssuredPartners, Inc. | SOFRRATE + 3.500% | 7.586 \* | 2/13/2027 | 101706 |
| 439920 | AssuredPartners, Inc. | 1 Month LIBOR + 3.500% | 7.571 | 2/13/2027 | 427163 |
| 951000 | AssuredPartners, Inc. | 1 Month LIBOR + 4.250% | 8.576 | 2/13/2027 | 946250 |
| 2411000 | Asurion LLC | 1 Month LIBOR + 5.250% | 9.321 \* | 1/29/2028 | 1894636 |
| 275000 | Asurion LLC | 1 Month LIBOR + 4.000% | 7.653 \* | 8/17/2028 | 246056 |
| 600000 | Asurion LLC | 1 Month LIBOR + 5.250% | 9.321 \* | 1/14/2029 | 469929 |
| 3359956 | HUB International Ltd. | 1 Month LIBOR + 4.000% | 8.220 | 11/10/2029 | 3329162 |
| 1329674 | Hyperion Insurance | 1 Month LIBOR + 3.250% | 7.375 \* | 11/12/2027 | 1297144 |
| 4713 | Ryan Specialty Group LLC | SOFRRATE + 3.000% | 7.186 \* | 7/23/2027 | 4692 |
| 984615 | Sedgwick Claims Management Services, Inc. | 1 Month LIBOR + 4.250% | 8.321 \* | 9/3/2026 | 974646 |
| 1743573 | Sedgwick Claims Management Services, Inc. | 1 Month LIBOR + 3.750% | 7.821 \* | 9/3/2026 | 1714621 |
| 1250000 | USI, Inc. | 1 Month LIBOR + 3.750% | 7.682 | 11/16/2029 | 1240625 |
|  |  |  |  |  | 14563066 |

---

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

---

| |
|:---|
| **CATALYST/CIFC FLOATING RATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **December 31, 2022** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Principal |  |  |  |  |  |  |
| Amount ($) |  | Variable Rate | Coupon Rate (%) |  | Maturity | Fair Value |
|  | **BANK LOANS - 81.6 % (Continued)** |  |  |  |  |  |
|  | **INTERNET MEDIA & SERVICES - 1.3%** |  |  |  |  |  |
| 2740914 | MH Sub I LLC | 1 Month LIBOR + 3.750% | 7.821 | \* | 9/15/2024 | 2662649 |
| 550000 | MH Sub I LLC | 1 Month LIBOR + 6.250% | 10.649 | \* | 2/23/2029 | 492594 |
|  |  |  |  |  |  | 3155243 |
|  | **LEISURE FACILITIES & SERVICES - 3.0%** |  |  |  |  |  |
| 426326 | AMC Entertainment Holdings, Inc. | 1 Month LIBOR + 3.000% | 7.274 | \* | 4/22/2026 | 233102 |
| 498744 | Bally's Corporation | 1 Month LIBOR + 3.250% | 7.542 | \* | 8/6/2028 | 462834 |
| 238000 | Delta 2 Lux Sarl | 1 Month LIBOR + 3.250% | 7.336 | \* | 1/15/2030 | 238179 |
| 1662998 | Fertitta Entertainment, LLC/NV | SOFRRATE + 4.000% | 8.086 | \* | 1/13/2029 | 1584429 |
| 600000 | Fitness International LLC | 3 Month LIBOR + 3.250% | 7.494 | \* | 4/18/2025 | 556839 |
| 459 | Motion Finco LLC | 3 Month LIBOR + 3.250% | 6.924 | \* | 11/4/2026 | 439 |
| 703384 | NEP Group, Inc. |  | 10.500 | \*@ | 10/20/2025 | 615904 |
| 1100000 | Playtika Holding Corporation | 1 Month LIBOR + 2.750% | 2.863 | \* | 3/5/2028 | 1052563 |
| 2473043 | Raptor Acquisition Corp. | 3 Month LIBOR + 4.000% | 8.753 | \* | 11/1/2026 | 2434909 |
|  |  |  |  |  |  | 7179198 |
|  | **MEDICAL EQUIPMENT - 0.6%** |  |  |  |  |  |
| 1500000 | Bausch + Lomb Corporation | SOFRRATE + 3.250% | 7.842 | \* | 5/5/2027 | 1430865 |
|  | **OIL & GAS PRODUCERS - 1.3%** |  |  |  |  |  |
| 580588 | EG America LLC | 3 Month LIBOR + 4.000% | 7.674 | \* | 2/5/2025 | 549747 |
| 59886 | Energy & Exploration Partners LLC ^ |  | 0.000 | @ | 12/31/2049 |  |
| 600756 | GIP III Stetson I LP | 1 Month LIBOR + 4.250% | 8.321 | \* | 7/18/2025 | 590057 |
| 1500000 | M6 ETX Holdings II Midco, LLC | 1 Month LIBOR + 4.500% | 9.158 | @ | 8/11/2029 | 1501642 |
| 550000 | Prairie ECI Acquiror LP | 1 Month LIBOR + 4.750% | 8.821 | \* | 3/7/2026 | 536096 |
|  |  |  |  |  |  | 3177542 |
|  | **PUBLISHING & BROADCASTING - 2.3%** |  |  |  |  |  |
| 3654121 | Mav Acquisition Corporation | 6 Month LIBOR + 4.750% | 8.316 | \* | 7/21/2028 | 3449709 |
| 2073177 | Sinclair Television Group, Inc. | SOFRRATE + 3.750% | 7.936 | \* | 4/13/2029 | 1976256 |
|  |  |  |  |  |  | 5425965 |
|  | **RETAIL - CONSUMER STAPLES - 0.0 % +** |  |  |  |  |  |
| 66000 | BJ's Wholesale Club, Inc. |  | 0.000 |  | 2/3/2024 | 66117 |
|  | **RETAIL - DISCRETIONARY - 4.2%** |  |  |  |  |  |
| 2194269 | Great Outdoors Group, LLC | 1 Month LIBOR + 3.750% | 7.821 | \* | 3/5/2028 | 2113355 |
| 1111041 | LS Group OpCo AcquisItion LLC | 6 Month LIBOR + 3.250% | 6.580 | \* | 11/2/2027 | 1098542 |
| 3336108 | Mavis Tire Express Services Corp. | SOFRRATE + 4.000% | 8.500 | \* | 4/30/2028 | 3191338 |
| 1722688 | Michaels Companies, Inc. | 3 Month LIBOR + 4.250% | 7.924 | \* | 4/9/2028 | 1493476 |
| 1000000 | Petco Health & Wellness Company, Inc. | 3 Month LIBOR + 3.250% | 6.924 | \* | 2/25/2028 | 972190 |
| 1077665 | Staples, Inc. | 3 Month LIBOR + 5.000% | 9.440 | \* | 4/9/2026 | 999383 |
|  |  |  |  |  |  | 9868284 |
|  | **SOFTWARE - 15.6%** |  |  |  |  |  |
| 1068452 | Athenahealth, Inc. | SOFRRATE + 3.500% | 7.821 |  | 1/27/2029 | 967334 |
| 181547 | Athenahealth, Inc. | SOFRRATE + 3.500% | 0.000 |  | 1/27/2029 | 164366 |
| 1644872 | Boxer Parent Co., Inc. | 3 Month LIBOR + 5.500% | 9.571 | \* | 3/23/2026 | 1520997 |
| 1150000 | Brave Parent Holdings, Inc. | 3 Month LIBOR + 4.000% | 0.000 |  | 4/19/2025 | 1117300 |
| 403479 | Camelot Finance S.A. | 1 Month LIBOR + 3.000% | 7.071 |  | 10/31/2026 | 397679 |
| 1096521 | Camelot Finance S.A. | 1 Month LIBOR + 3.000% | 4.000 |  | 10/31/2026 | 1081444 |
| 2902168 | Central Parent, Inc. | 3 Month LIBOR + 4.500% | 8.112 | \* | 6/9/2029 | 2880896 |
| 2892750 | Condor Merger Sub, Inc. | SOFRRATE + 4.000% | 7.974 | \* | 2/3/2029 | 2700585 |
| 3024116 | Greeneden US Holdings II, LLC | 1 Month LIBOR + 4.000% | 8.071 | \* | 10/8/2027 | 2910092 |
| 1869438 | HS Purchaser LLC | SOFRRATE + 4.000% | 8.194 | \* | 11/30/2026 | 1690439 |
| 750000 | HS Purchaser LLC |  | 10.944 | \* | 11/19/2027 | 597187 |
| 3233161 | Hyland Software, Inc. | 1 Month LIBOR + 3.500% | 7.571 | \* | 7/1/2024 | 3196383 |
| 600000 | Hyland Software, Inc. | 1 Month LIBOR + 6.250% | 10.321 | \* | 7/10/2025 | 570600 |
| 992443 | Idera, Inc. | 1 Month LIBOR + 3.750% | 7.500 | \* | 3/2/2028 | 938479 |
| 1496250 | Imprivata, Inc. | 1 Month LIBOR + 4.250% | 8.336 | \* | 12/1/2027 | 1447158 |
| 1318375 | Mediaocean, LLC | 1 Month LIBOR + 3.500% | 7.571 | \* | 12/9/2028 | 1210598 |
| 1741250 | Mitchell International, Inc. | 3 Month LIBOR + 3.750% | 8.415 | \* | 10/1/2028 | 1609759 |
| 475000 | Mitchell International, Inc. | 1 Month LIBOR + 6.500% | 11.235 | \* | 10/1/2029 | 396922 |
| 606000 | Open Text Corporation |  | 0.000 |  | 11/16/2029 | 593350 |
| 1492500 | Project Sky Merger Sub, Inc. | 1 Month LIBOR + 3.750% | 7.821 | \* | 8/10/2028 | 1412047 |
| 1235398 | Project Sky Merger Sub, Inc. | 1 Month LIBOR + 6.000% | 10.071 | \* | 8/10/2029 | 1036190 |
| 1470000 | SolarWinds Holdings, Inc. | SOFRRATE + 4.000% | 7.951 |  | 2/5/2027 | 1457747 |
| 1396688 | Solera LLC | 1 Month LIBOR + 4.000% | 7.674 | \* | 6/4/2028 | 1277970 |
| 769917 | TIBCO Software, Inc. | 3 Month LIBOR + 4.500% | 8.053 | \* | 9/30/2028 | 686188 |
| 1000000 | TIBCO Software, Inc. | 3 Month LIBOR + 4.500% | 0.000 |  | 3/30/2029 | 895535 |
| 1738880 | UKG, Inc. | 3 Month LIBOR + 5.250% | 8.998 | \* | 5/3/2027 | 1604551 |
| 761874 | Ultimate Software Group, Inc. | 3 Month LIBOR + 3.750% | 7.821 | \* | 4/8/2026 | 736024 |
| 1926604 | Weld North Education LLC | 1 Month LIBOR + 3.750% | 7.821 | \* | 12/17/2027 | 1892407 |
|  |  |  |  |  |  | 36990227 |

---

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

---

| |
|:---|
| **CATALYST/CIFC FLOATING RATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal |  |  |  |  |  |
| Amount ($) |  | Variable Rate | Coupon Rate (%) | Maturity | Fair Value |
|  | **BANK LOANS - 81.6 % (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE - 0.6%** |  |  |  |  |
| 1583314 | Orion Advisor Solutions, Inc. | 3 Month LIBOR + 3.750% | 8.165 \* | 9/24/2027 | 1446753 |
|  | **TECHNOLOGY HARDWARE - 0.6%** |  |  |  |  |
| 1060082 | Atlas CC Acquisition Corporation | 3 Month LIBOR + 4.250% | 8.985 \* | 4/29/2028 | 897662 |
| 215610 | Atlas CC Acquisition Corporation | 1 Month LIBOR + 4.250% | 8.985 \* | 4/29/2028 | 182575 |
| 292110 | VeriFone Systems, Inc. | 3 Month LIBOR + 4.000% | 8.359 \* | 8/20/2025 | 269153 |
|  |  |  |  |  | 1349390 |
|  | **TECHNOLOGY SERVICES - 7.1%** |  |  |  |  |
| 923922 | Acuris Finance US, Inc. | SOFRRATE + 4.000% | 7.703 \* | 2/4/2028 | 910063 |
| 290970 | Blackhawk Network Holdings, Inc. | 1 Month LIBOR + 7.000% | 10.937 \* | 5/22/2026 | 250743 |
| 2296687 | Ensono Holdings, LLC | 1 Month LIBOR + 4.000% | 7.821 \* | 5/20/2028 | 2069889 |
| 1246222 | ION Trading Finance Ltd. | 3 Month LIBOR + 4.750% | 8.424 \* | 3/26/2028 | 1185244 |
| 2465100 | MPH Acquisition Holdings LLC | 3 Month LIBOR + 4.250% | 8.985 \* | 8/17/2028 | 2116905 |
| 3166033 | Netsmart, Inc. | 1 Month LIBOR + 4.000% | 8.071 \* | 10/1/2027 | 3057201 |
| 1783307 | Peraton Corp. | 1 Month LIBOR + 3.750% | 7.821 \* | 2/24/2028 | 1744672 |
| 242702 | Peraton Corp. | 1 Month LIBOR + 7.750% | 12.089 \* | 2/1/2029 | 231963 |
| 902527 | Sabre GLBL, Inc. | 1 Month LIBOR + 5.000% | 9.186 \* | 6/30/2028 | 836534 |
| 1706509 | Sitel Worldwide Corporation | 3 Month LIBOR + 3.750% | 7.830 \* | 7/29/2028 | 1689018 |
| 2877225 | TierPoint, LLC | 1 Month LIBOR + 3.750% | 7.821 \* | 5/1/2026 | 2698291 |
|  |  |  |  |  | 16790523 |
|  | **TELECOMMUNICATIONS - 1.3%** |  |  |  |  |
| 1971279 | CCI Buyer, Inc. | SOFRRATE + 4.000% | 7.553 \* | 12/12/2027 | 1888486 |
| 1633500 | Xplornet Communications, Inc. | 1 Month LIBOR + 4.000% | 8.071 \* | 9/30/2028 | 1284339 |
|  |  |  |  |  | 3172825 |
|  | **TRANSPORTATION & LOGISTICS - 4.3%** |  |  |  |  |
| 4250000 | AAdvantage Loyalty IP Ltd. | 3 Month LIBOR + 4.750% | 8.993 \* | 3/10/2028 | 4238716 |
| 1075000 | Brown Group Holding, LLC | SOFRRATE + 3.750% | 7.844 \* | 6/8/2029 | 1073237 |
| 66000 | KKR Apple Bidco, LLC | 1 Month LIBOR + 4.000% | 8.323 \* | 9/23/2028 | 66021 |
| 500000 | KKR Apple Bidco, LLC | 1 Month LIBOR + 5.750% | 9.821 \* | 7/13/2029 | 485000 |
| 2588449 | United Airlines, Inc. | 1 Month LIBOR + 3.750% | 8.108 \* | 4/14/2028 | 2563108 |
| 2004645 | WestJet Airlines Ltd. | 1 Month LIBOR + 3.000% | 7.354 \* | 10/8/2026 | 1838951 |
|  |  |  |  |  | 10265033 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.7%** |  |  |  |  |
| 1400300 | H-Food Holdings, LLC | 1 Month LIBOR + 4.000% | 8.071 \* | 5/31/2025 | 1255768 |
| 563886 | Quirch Foods Holdings LLC | SOFRRATE + 4.500% | 8.739 \* | 10/27/2027 | 515955 |
|  |  |  |  |  | 1771723 |
|  | **WHOLESALE - DISCRETIONARY - 0.6%** |  |  |  |  |
| 1358000 | Dealer Tire Financial, LLC | 1 Month LIBOR + 4.500% | 8.817 \* | 12/9/2027 | 1346458 |
|  | **TOTAL BANK LOANS (Cost - $203,946,357)** | **TOTAL BANK LOANS (Cost - $203,946,357)** |  |  | **193124719** |
|  | **SHORT-TERM INVESTMENT - 3.5%** | **SHORT-TERM INVESTMENT - 3.5%** | **SHORT-TERM INVESTMENT - 3.5%** | **SHORT-TERM INVESTMENT - 3.5%** |  |
|  | **MONEY MARKET - 3.5%** |  |  |  |  |
| 8389543 | First American Government Obligations Fund - Class U, 4.10 %\*\* | First American Government Obligations Fund - Class U, 4.10 %\*\* |  |  | **8389543** |
|  | **TOTAL SHORT-TERM INVESTMENT (Cost - $8,389,543)** | **TOTAL SHORT-TERM INVESTMENT (Cost - $8,389,543)** | **TOTAL SHORT-TERM INVESTMENT (Cost - $8,389,543)** | **TOTAL SHORT-TERM INVESTMENT (Cost - $8,389,543)** |  |
|  | **TOTAL INVESTMENTS - 96.8 % (Cost - $242,703,683)** | **TOTAL INVESTMENTS - 96.8 % (Cost - $242,703,683)** | **TOTAL INVESTMENTS - 96.8 % (Cost - $242,703,683)** | **TOTAL INVESTMENTS - 96.8 % (Cost - $242,703,683)** | $**229033426** |
|  | **OTHER ASSETS LESS LIABILITIES - 3.2%** | **OTHER ASSETS LESS LIABILITIES - 3.2%** | **OTHER ASSETS LESS LIABILITIES - 3.2%** | **OTHER ASSETS LESS LIABILITIES - 3.2%** | 7492149 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $**236525575** |

---

\* Variable rate; rate shown represents the rate on September 30, 2022.

\*\* Rate disclosed is the seven day effective yield as of September 30, 2022.

# Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At September 30, 2022, these securities amounted to $21,067,543 or 8.5 % of net assets.

---

| | |
|:---|:---|
| ^ | The security is illiquid; total illiquid securities represent 0.00 % of net assets. |

---

@ Security has not settled. Interest rate will be set at settlement.

---

| | |
|:---|:---|
| + | Round to less than 0.1% |

---

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

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

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 1.1%** |  |  |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.1%** |  |  |  |
| 17102 | PHI Group, Inc.<sup>(a),(e)</sup> **(Cost $418,742)** |  |  | $162469 |
|  |  | **Coupon Rate** |  |  |
|  |  | **(%)** | **Maturity** |  |
|  | **PREFERRED STOCKS — 2.8%** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 2.8%** |  |  |  |
| 25352 | FAT Brands, Inc. **(Cost $563,439)** | 8.2500 | 12/31/49 | 398279 |
| **Principal** |  |  |  |  |
| **Amount ($)** |  |  |  |  |
|  | **CONVERTIBLE BONDS — 8.6%** |  |  |  |
|  | **AUTOMOTIVE — 5.3%** |  |  |  |
| 1000000 | NIO, Inc. | 0.5000 | 02/01/27 | 758800 |
|  | **INTERNET MEDIA & SERVICES — 3.3%** |  |  |  |
| 1000000 | fuboTV, Inc. | 3.2500 | 02/15/26 | 470000 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $1,739,832)** |  |  | 1228800 |
|  | **CORPORATE BONDS — 83.7%** |  |  |  |
|  | **APPAREL & TEXTILE PRODUCTS — 1.9%** |  |  |  |
| 300000 | Under Armour, Inc. | 3.2500 | 06/15/26 | 267354 |
|  | **ASSET MANAGEMENT — 2.3%** |  |  |  |
| 350000 | Icahn Enterprises, L.P. / Icahn Enterprises | 5.2500 | 05/15/27 | 321230 |
|  | **AUTOMOTIVE — 5.0%** |  |  |  |
| 874000 | American Axle & Manufacturing, Inc. <sup>(b)</sup> | 5.0000 | 10/01/29 | 707176 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 83.7% (Continued)** |  |  |  |
|  | **CHEMICALS — 6.5%** |  |  |  |
| 973000 | Rayonier AM Products, Inc. <sup>(b) (c)</sup> | 7.6250 | 01/15/26 | $929264 |
|  | **CONSUMER SERVICES — 1.7%** |  |  |  |
| 300000 | Rent-A-Center, Inc. <sup>(b) (c)</sup> | 6.3750 | 02/15/29 | 243074 |
|  | **ENGINEERING & CONSTRUCTION — 0.9%** |  |  |  |
| 150000 | Tutor Perini Corporation<sup>(c)</sup> | 6.8750 | 05/01/25 | 131487 |
|  | **HOME CONSTRUCTION — 5.2%** |  |  |  |
| 844000 | Beazer Homes USA, Inc. | 5.8750 | 10/15/27 | 739590 |
|  | **HOUSEHOLD PRODUCTS — 0.9%** |  |  |  |
| 150000 | Central Garden & Pet Company | 4.1250 | 10/15/30 | 123170 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.0%** |  |  |  |
| 300000 | Coinbase Global, Inc.<sup>(c)</sup> | 3.6250 | 10/01/31 | 144874 |
|  | **INTERNET MEDIA & SERVICES — 1.8%** |  |  |  |
| 255000 | Uber Technologies, Inc.<sup>(c)</sup> | 8.0000 | 11/01/26 | 256395 |
|  | **MACHINERY — 6.4%** |  |  |  |
| 954000 | Titan International, Inc. | 7.0000 | 04/30/28 | 901927 |
|  | **METALS & MINING — 6.9%** |  |  |  |
| 865000 | Coeur Mining, Inc. <sup>(b) (c)</sup> | 5.1250 | 02/15/29 | 676193 |
| 300000 | Hecla Mining Company | 7.2500 | 02/15/28 | 295854 |
|  |  |  |  | 972047 |
|  | **OIL & GAS PRODUCERS — 2.3%** |  |  |  |
| 175000 | Occidental Petroleum Corporation | 6.6000 | 03/15/46 | 180467 |
| 150000 | PBF Holding Company, LLC / PBF Finance Corporation | 7.2500 | 06/15/25 | 148481 |
|  |  |  |  | 328948 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 6.5%** |  |  |  |
| 593000 | Transocean, Inc.<sup>(c)</sup> | 11.5000 | 01/30/27 | 595363 |
| 517000 | Transocean, Inc. <sup>(b)</sup> | 6.8000 | 03/15/38 | 326808 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 83.7% (Continued)** |  |  |  |
|  | **OIL & GAS SERVICES & EQUIPMENT — 6.5%** |  |  | $922171 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 6.0%** |  |  |  |
| 400000 | CoreCivic, Inc. <sup>(b)</sup> | 4.7500 | 10/15/27 | 347807 |
| 150000 | MPT Operating Partnership, L.P. / MPT Finance <sup>(b)</sup> | 5.0000 | 10/15/27 | 126414 |
| 447000 | Service Properties Trust | 5.2500 | 02/15/26 | 374063 |
|  |  |  |  | 848284 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 4.8%** |  |  |  |
| 840000 | Howard Hughes Corporation (The)<sup>(c)</sup> | 4.3750 | 02/01/31 | 680832 |
|  | **RETAIL - CONSUMER STAPLES — 3.7%** |  |  |  |
| 983000 | Rite Aid Corporation<sup>(c)</sup> | 8.0000 | 11/15/26 | 527266 |
|  | **RETAIL - DISCRETIONARY — 8.2%** |  |  |  |
| 420000 | BATH & BODY WORKS INC | 6.7500 | 07/01/36 | 369894 |
| 1065000 | Bed Bath & Beyond, Inc. | 5.1650 | 08/01/44 | 108231 |
| 300000 | Kohl's Corporation | 5.5500 | 07/17/45 | 189540 |
| 825000 | Nordstrom, Inc. | 5.0000 | 01/15/44 | 502673 |
|  |  |  |  | 1170338 |
|  | **SPECIALTY FINANCE — 5.5%** |  |  |  |
| 836000 | Enova International, Inc. <sup>(b) (c)</sup> | 8.5000 | 09/15/25 | 776417 |
|  | **STEEL — 6.2%** |  |  |  |
| 966000 | United States Steel Corporation | 6.6500 | 06/01/37 | 885605 |
|  | **TECHNOLOGY HARDWARE** — **0%<sup>(d)</sup>** |  |  |  |
| 8669000 | ENERGY CONVERSION DEVICES INC <sup>(c)</sup> | 0.0000 | 12/15/49 | 0 |
|  | **TOTAL CORPORATE BONDS (Cost $17,107,706)** |  |  | 11877449 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **WARRANT — 1.0%** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.0%** |  |
| 14310 | PHI Group, Inc. **(Cost $350,379)** | $141955 |
|  | **COLLATERAL FOR SECURITIES LOANED – 27.0%** |  |
| 3829720 | Mount Vernon Prime Portfolio, 4.49% <sup>(f)(g)</sup> **(Cost $3,829,720)** | 3829720 |
|  | **TOTAL INVESTMENTS – 124.2% (Cost $24,009,818)** | $17638672 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- (24.2)%** | (3440182) |
|  | **NET ASSETS - 100.0%** | $14198491 |

---

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 $3,763,225 at December 31, 2022.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022 the total market value of 144A securities is 4,961,165 or 34.9% of net assets.

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

<sup>(e)</sup> Illiquid security. The total fair value of these securities as of December 31, 2022 was $162,469, representing 1.10% of net assets.

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

<sup>(g)</sup> Mutual Fund Series Trust's securities lending policy 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%.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 1.9%** |  |
|  | **MIXED ALLOCATION - 1.9%** |  |
| 28217 | NexPoint Diversified Real Estate Trust **(Cost $322,855)** | $316312 |
|  | **COMMON STOCKS — 38.4%** |  |
|  | **ASSET MANAGEMENT - 13.3%** |  |
| 3300 | Apollo Global Management, Inc. <sup>(b)</sup> | 210507 |
| 35292 | Compass Diversified Holdings<sup>(b)</sup> | 643372 |
| 99131 | PennantPark Investment Corporation<sup>(b)</sup> | 570003 |
| 52403 | Sculptor Capital Management, Inc. | 453810 |
| 42466 | SuRo Capital Corporation | 161371 |
| 49500 | US Global Investors, Inc., Class A | 143055 |
|  |  | 2182118 |
|  | **AUTOMOTIVE - 0.4%** |  |
| 6200 | Ford Motor Company | 72106 |
|  | **BUSINESS DEVELOPMENT COMPANIES - 4.1%** |  |
| 95140 | Prospect Capital Corporation<sup>(b)</sup> | 665029 |
|  | **ENTERTAINMENT CONTENT - 0.2%** |  |
| 3386 | Warner Bros Discovery, Inc.<sup>(a) (b)</sup> | 32099 |
|  | **FOOD - 1.3%** |  |
| 5284 | Kraft Heinz Company (The) | 215112 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.2%** |  |
| 1225 | Quest Diagnostics, Inc. | 191639 |
|  | **INDUSTRIAL REIT - 1.5%** |  |
| 2390 | Innovative Industrial Properties, Inc. <sup>(b)</sup> | 242227 |
|  | **OIL & GAS PRODUCERS - 4.4%** |  |
| 1491 | Chevron Corporation<sup>(b)</sup> | 267620 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 38.4% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 4.4% (Continued)** |  |
| 4177 | Exxon Mobil Corporation | $460723 |
|  |  | 728343 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 2.6%** |  |
| 15250 | Americold Realty Trust, Inc. <sup>(b)</sup> | 431728 |
|  | **TECHNOLOGY HARDWARE - 2.9%** |  |
| 8890 | HP, Inc. | 238874 |
| 47154 | Pitney Bowes, Inc. <sup>(b)</sup> | 179185 |
| 4612 | Xerox Holdings Corporation<sup>(b)</sup> | 67335 |
|  |  | 485394 |
|  | **TECHNOLOGY SERVICES - 1.9%** |  |
| 2161 | International Business Machines Corporation<sup>(b)</sup> | 304463 |
| 432 | Kyndryl Holdings, Inc.<sup>(a) (b)</sup> | 4804 |
|  |  | 309267 |
|  | **TELECOMMUNICATIONS - 2.1%** |  |
| 14000 | AT&T, Inc. | 257740 |
| 2050 | Verizon Communications, Inc. | 80770 |
|  |  | 338510 |
|  | **TRANSPORTATION & LOGISTICS - 2.5%** |  |
| 26000 | AFC Gamma, Inc. | 408980 |
|  | **TOTAL COMMON STOCKS (Cost $8,600,191)** | 6302552 |
|  | **EXCHANGE-TRADED FUNDS — 2.8%** |  |
|  | **FIXED INCOME - 2.8%** |  |
| 6150 | iShares iBoxx $ High Yield Corporate Bond ETF **(Cost $452,701)** | 452825 |
|  | **PREFERRED STOCKS** — **0%<sup>(d)</sup>** |  |
|  | **ASSET MANAGEMENT** — **0%<sup>(d)</sup>** |  |
| 1389 | Pershing Square Tontine Holdings Ltd.<sup>(a)</sup> | 0 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CONVERTIBLE BONDS — 12.6%** |  |  |  |
|  | **AUTOMOTIVE — 3.2%** |  |  |  |
| 700000 | NIO, Inc. | 0.5000 | 02/01/27 | $531160 |
|  | **INTERNET MEDIA & SERVICES — 5.5%** |  |  |  |
| 662000 | fuboTV, Inc. | 3.2500 | 02/15/26 | 311140 |
| 618000 | Hello Group, Inc. | 1.2500 | 07/01/25 | 594034 |
|  |  |  |  | 905174 |
|  | **SPECIALTY FINANCE — 3.9%** |  |  |  |
| 717000 | EZCORP, Inc. | 2.3750 | 05/01/25 | 639593 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $2,436,229)** |  |  | 2075927 |
|  | **CORPORATE BONDS — 42.4%** |  |  |  |
|  | **AUTOMOTIVE — 3.2%** |  |  |  |
| 639000 | American Axle & Manufacturing, Inc. <sup>(b)</sup> | 5.0000 | 10/01/29 | 517032 |
|  | **HOME CONSTRUCTION — 3.4%** |  |  |  |
| 635000 | Beazer Homes USA, Inc. | 5.8750 | 10/15/27 | 556443 |
|  | **INTERNET MEDIA & SERVICES — 2.0%** |  |  |  |
| 332000 | Uber Technologies, Inc.<sup>(c)</sup> | 8.0000 | 11/01/26 | 333817 |
|  | **MACHINERY — 4.0%** |  |  |  |
| 687000 | Titan International, Inc. | 7.0000 | 04/30/28 | 649501 |
|  | **METALS & MINING — 2.6%** |  |  |  |
| 534000 | Coeur Mining, Inc. <sup>(b) (c)</sup> | 5.1250 | 02/15/29 | 417442 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 42.4% (Continued)** |  |  |  |
|  | **OIL & GAS PRODUCERS — 2.2%** |  |  |  |
| 350000 | Occidental Petroleum Corporation | 6.6000 | 03/15/46 | $360936 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 10.6%** |  |  |  |
| 1154000 | Transocean, Inc.<sup>(c)</sup> | 11.5000 | 01/30/27 | 1158598 |
| 953000 | Transocean, Inc.<sup>(b)</sup> | 6.8000 | 03/15/38 | 602413 |
|  |  |  |  | 1761011 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 5.8%** |  |  |  |
| 778000 | CoreCivic, Inc.<sup>(b)</sup> | 4.7500 | 10/15/27 | 676485 |
| 332000 | Service Properties Trust | 5.2500 | 02/15/26 | 277828 |
|  |  |  |  | 954313 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 2.2%** |  |  |  |
| 445000 | Howard Hughes Corporation (The)<sup>(c)</sup> | 4.3750 | 02/01/31 | 360679 |
|  | **RETAIL - DISCRETIONARY — 2.7%** |  |  |  |
| 411000 | BATH & BODY WORKS INC | 6.7500 | 07/01/36 | 361968 |
| 373000 | Bed Bath & Beyond, Inc. | 5.1650 | 08/01/44 | 37906 |
| 74000 | Kohl's Corporation | 5.5500 | 07/17/45 | 46753 |
|  |  |  |  | 446627 |
|  | **SPECIALTY FINANCE — 3.7%** |  |  |  |
| 647000 | Enova International, Inc. <sup>(b) (c)</sup> | 8.5000 | 09/15/25 | 600889 |
|  | **TECHNOLOGY HARDWARE** — **0%<sup>(d)</sup>** |  |  |  |
| 5543000 | ENERGY CONVERSION DEVICES INC <sup>(c)</sup> | 0.0000 | 12/15/49 | 0 |
|  | **TOTAL CORPORATE BONDS (Cost $9,449,348)** |  |  | 6958690 |
| **Shares** |  |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 32.2%** |  |  |  |
| 5282070 | Mount Vernon Prime Portfolio, 4.49% <sup>(e)(f)</sup> (Cost $5,282,070) |  |  | 5282070 |
|  | **TOTAL INVESTMENTS – 130.3% (Cost $26,543,394)** |  |  | $21388376 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- (30.3)%** |  |  | (4973881) |
|  | **NET ASSETS - 100.0%** |  |  | $16414495 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

ETF - Exchange-Traded Fund

LTD - Limited 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 $5,143,555 at December 31, 2022.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022 the total market value of 144A securities is 2,871,424 or 17.5% of net assets.

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

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

<sup>(f)</sup> Mutual Fund Series Trust's securities lending policy 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%.

See accompanying notes which are an integral part of these financial statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Catalyst Insider**<br>**Income Fund** |<br>**Catalyst Enhanced**<br>**Income Strategy Fund** | **Catalyst/MAP**<br>**Global Balanced**<br>**Fund** | **Catalyst/CIFC**<br>**Floating Rate**<br>**Income Fund** |<br>**Catalyst/SMH**<br>**High Income Fund** | **Catalyst/SMH**<br>**Total Return**<br>**Income Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment in Securities, at Cost | $81609079 | $563021860 | $14199716 | $242703683 | $24009818 | $26543394 |
| Investment in Securities, at Value, Securities on loan ($0; $0; $0;$0; $3,376,536; $5,143,555) | $74753249 | $495185257 | $15363475 | $229033426 | $17638672 | $21388376 |
| Cash | 937248 |  | 7271 | 12225000 | 130013 | 93825 |
| Receivable for Fund shares sold | 8036 | 320273 | 126 | 215065 |  |  |
| Receivable for securities sold |  |  | 591288 | 12661715 |  |  |
| Dividends and interest receivable | 1261540 | 2475273 | 126642 | 2851664 | 326080 | 254084 |
| Due from Manager |  |  | 567 |  |  |  |
| Prepaid expenses and other assets | 27854 | 43780 | 23009 | 65695 | 28770 | 26182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | **76987927** | **498024583** | **16112378** | **257052565** | **18123535** | **21762467** |
| **LIABILITIES:** |  |  |  |  |  |  |
| Options written |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(premiums received $0, $0, $11,849, $0, $0, $0) |  |  | 1125 |  |  |  |
| Payable for securities purchased |  | 3602132 | 543380 | 18976679 |  |  |
| Management fees payable | 23801 | 511271 |  | 124898 | 1255 | 5453 |
| Distribution Payable | 58479 |  | 581 | 206039 |  |  |
| Payable upon return of securities loaned (Note 8) |  |  |  |  | 3829720 | 5282070 |
| Line of credit payable |  |  |  |  |  | 20000 |
| Payable for Fund shares redeemed | 4812417 | 1917459 | 106400 | 1127219 | 60631 | 4657 |
| Payable to related parties | 10804 | 39201 | 3341 | 22032 | 5587 | 6635 |
| Trustee fee payable | 3164 | 2641 | 3262 | 2882 | 3216 | 3253 |
| Accrued 12b-1 fees | 5839 | 33387 | 10796 | 30420 | 11022 | 10660 |
| Compliance Officer fees payable |  |  |  | 90 |  |  |
| Accrued expenses and other liabilities | 37304 | 63162 | 14711 | 36731 | 13613 | 15244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | **4951808** | **6169253** | **683596** | **20526990** | **3925044** | **5347972** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**72036119** | $**491855330** | $**15428782** | $**236525575** | $**14198491** | $**16414495** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid in capital | $84219612 | $573925119 | $14291571 | $265952599 | $50698146 | $39191172 |
| Accumulated earnings (losses) | (12183493) | (82069789) | 1137211 | (29427024) | (36499655) | (22776677) |
| **Net Assets** | $**72036119** | $**491855330** | $**15428782** | $**236525575** | $**14198491** | $**16414495** |
| **Class A** |  |  |  |  |  |  |
| Net Assets | $4488675 | $33488931 | $2103890 | $29184906 | $7756767 | $6294605 |
| Shares of beneficial interest outstanding (b) | 520099 | 3480556 | 186355 | 3278743 | 2321369 | 1460072 |
| Net asset value per share (Net assets/shares outstanding) | $8.63 | $9.62 | $11.29 | $8.90 | $3.34 | $4.31 |
| Maximum offering price per share (c) | $9.06 | $10.10 | $11.98 | $9.34 | $3.51 | $4.57 |
| Minimum redemption price per share (d) | $8.54 | $9.52 | $11.18 | $8.81 | $3.31 | $4.27 |
| **Class C** |  |  |  |  |  |  |
| Net Assets | $2993283 | $22832538 | $5523549 | $21325163 | $2240714 | $3162320 |
| Shares of beneficial interest outstanding (b) | 346415 | 2385471 | 498271 | 2404320 | 669219 | 734384 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $8.64 | $9.57 | $11.09 | $8.87 | $3.35 | $4.31 |
| **Class I** |  |  |  |  |  |  |
| Net Assets | $64554161 | $435533861 | $7801343 | $186014503 | $4201010 | $6957570 |
| Shares of beneficial interest outstanding (b) | 7461059 | 45268919 | 688976 | 20881643 | 1256896 | 1618731 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $8.65 | $9.62 | $11.32 | $8.91 | $3.34 | $4.30 |
| **Class C1** |  |  |  |  |  |  |
| Net Assets |  |  |  | $1003 |  |  |
| Shares of beneficial interest outstanding (b) |  |  |  | 113 |  |  |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) |  |  |  | $8.87 (d) |  |  |

---

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

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

(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 charges ("CDSC") on shares redeemed within two years of purchases.

(d) Does
not tie due to rounding

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 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Catalyst Insider**<br>**Income Fund** |<br>**Catalyst Enhanced**<br>**Income Strategy Fund** | **Catalyst/MAP**<br>**Global Balanced**<br>**Fund** | **Catalyst/CIFC**<br>**Floating Rate**<br>**Income Fund** |<br>**Catalyst/SMH**<br>**High Income Fund** | **Catalyst/SMH**<br>**Total Return**<br>**Income Fund** |
| **Investment Income:** |  |  |  |  |  |  |
| Dividend Income | $— | $— | $133794 | $58680 | $28426 | $208883 |
| Interest Income | 2523401 | 19701561 | 97984 | 9094423 | 604791 | 364753 |
| Securities Lending Income - net |  |  |  |  | 24236 | 25255 |
| Foreign tax withheld |  |  | (41751) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **2523401** | **19701561** | **190027** | **9153103** | **657453** | **598891** |
| **Operating Expenses:** |  |  |  |  |  |  |
| Investment management fees | 333109 | 4039133 | 83074 | 1228507 | 85151 | 87736 |
| 12b-1 Fees: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 5986 | 42619 | 2868 | 33694 | 10064 | 8376 |
| &nbsp;&nbsp;&nbsp;Class C | 17014 | 127076 | 29248 | 108952 | 11932 | 16533 |
| &nbsp;&nbsp;&nbsp;Class C1 |  |  |  | 2 |  |  |
| Registration fees | 26914 | 41933 | 16378 | 31391 | 21425 | 20219 |
| Networking fees | 66050 | 338492 | 7544 | 135244 | 9480 | 7204 |
| Transfer Agent fees | 4516 | 22029 | 652 | 8464 | 1534 | 766 |
| Management services fees | 9984 | 60390 | 1860 | 27512 | 1914 | 1965 |
| Administration fees | 25467 | 181414 | 16921 | 82181 | 17929 | 18150 |
| Audit fees | 7852 | 9283 | 8038 | 7783 | 7786 | 7886 |
| Legal fees | 6085 | 7793 | 6919 | 9166 | 6607 | 6563 |
| Trustees' fees | 7055 | 7528 | 7032 | 6943 | 7059 | 7032 |
| Compliance officer fees | 3975 | 11179 | 4238 | 8373 | 4374 | 4432 |
| Printing expense | 4578 | 21280 | 988 | 8249 | 1682 | 756 |
| Custody fees | 2931 | 22554 | 5881 | 9555 | 1933 | 1814 |
| Insurance expense | 2202 | 9377 | 252 | 2747 | 379 | 291 |
| Dividend expense |  |  |  |  |  |  |
| Interest expense | 1020 |  |  |  | 2665 |  |
| Miscellaneous expense | 1211 | 1817 | 1323 | 8318 | 1507 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **525949** | **4943897** | **193216** | **1717081** | **193421** | **191200** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived/ Expenses reimbursed by Manager | (169255) | (737094) | (80576) | (469097) | (64163) | (49694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **356694** | **4206803** | **112640** | **1247984** | **129258** | **141506** |
| **Net Investment Income** | **2166707** | **15494758** | **77387** | **7905119** | **528195** | **457385** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (2655149) | (6958370) | 43507 | (5372977) | (349538) | 96353 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (33) |  |  |  |
| **Net realized gain (loss)** | (2655149) | (6958370) | 43474 | (5372977) | (349538) | 96353 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 907984 | (29425115) | (160062) | 4432685 | 547650 | 267748 |
| &nbsp;&nbsp;&nbsp;Options written |  |  | 10724 |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | 1089 |  |  |  |
| **Net change in unrealized appreciation (depreciation)** | 907984 | (29425115) | (148249) | 4432685 | 547650 | 267748 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** | **(1747165)** | **(36383485)** | **(104775)** | **(940292)** | **198112** | **364101** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**419542** | $**(20888727)** | $**(27388)** | $**6964827** | $**726307** | $**821486** |

---

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Catalyst Enhanced** | **Catalyst Enhanced** | **Catalyst/MAP Global** | **Catalyst/MAP Global** |
|  | **Catalyst Insider Income Fund** | **Catalyst Insider Income Fund** | **Income Strategy Fund** | **Income Strategy Fund** | **Balanced Fund** | **Balanced Fund** |
|  | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** |
| **Operations:** | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  |
| Net investment income | $2166707 | $3170743 | $15494758 | $29392867 | $77387 | $315262 |
| Net realized gain (loss) on investments | (2655149) | (1383194) | (6958370) | (4080758) | 43474 | 416606 |
| Net change in unrealized appreciation (depreciation) on investments | 907984 | (10567439) | (29425115) | (39161011) | (148249) | (1607807) |
| **Net increase (decrease) in net assets resulting from operations** | **419542** | **(8779890)** | **(20888727)** | **(13848902)** | **(27388)** | **(875939)** |
| **Distributions to Shareholders from:** |  |  |  |  |  |  |
| Total Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (112397) | (163505) | (1070727) | (2715394) | (17761) | (155506) |
| &nbsp;&nbsp;&nbsp;Class C | (66833) | (86184) | (699813) | (1500064) | (37305) | (358306) |
| &nbsp;&nbsp;&nbsp;Class I | (1989141) | (3249236) | (15535055) | (25849211) | (74151) | (639024) |
| **Total distributions to shareholders** | **(2168371)** | **(3498925)** | **(17305595)** | **(30064669)** | **(129217)** | **(1152836)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 38766 | 2326682 | 6787814 | 33536685 | 205867 | 561076 |
| &nbsp;&nbsp;&nbsp;Class C | 65267 | 977166 | 1561667 | 21722242 | 610946 | 975384 |
| &nbsp;&nbsp;&nbsp;Class I | 4473582 | 41598900 | 132087482 | 429518090 | 264603 | 1778445 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 89770 | 151108 | 886427 | 2332430 | 16478 | 140579 |
| &nbsp;&nbsp;&nbsp;Class C | 53886 | 84553 | 600103 | 1315737 | 35671 | 331718 |
| &nbsp;&nbsp;&nbsp;Class I | 1417092 | 2688624 | 12486553 | 20228670 | 61088 | 550461 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (640223) | (1520880) | (5249895) | (33433044) | (515156) | (682243) |
| &nbsp;&nbsp;&nbsp;Class C | (720407) | (815345) | (4931368) | (12294002) | (1048713) | (1278446) |
| &nbsp;&nbsp;&nbsp;Class I | (27941263) | (40853724) | (156034699) | (211259402) | (1179661) | (3051992) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(23163530)** | **4637084** | **(11805916)** | **251667406** | **(1548877)** | **(675018)** |
| **Total Increase (Decrease) in Net Assets** | **(24912359)** | **(7641731)** | **(50000238)** | **207753835** | **(1705482)** | **(2703793)** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 96948478 | 104590209 | 541855568 | 334101733 | 17134264 | 19838057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**72036119** | $**96948478** | $**491855330** | $**541855568** | $**15428782** | $**17134264** |
| **Share Activity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 4485 | 237811 | 678567 | 3042577 | 18111 | 45771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 10202 | 15857 | 89733 | 213999 | 1470 | 11500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (71933) | (158535) | (529576) | (3118235) | (46024) | (55779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (57246) | 95133 | 238724 | 138341 | (26443) | 1492 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 7390 | 101401 | 158347 | 1977168 | 55942 | 80659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 6114 | 8860 | 61004 | 121471 | 3173 | 27510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (81454) | (85415) | (499560) | (1141103) | (94992) | (104061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (67950) | 24846 | (280209) | 957536 | (35877) | 4108 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 505326 | 4270849 | 13181568 | 39263124 | 23038 | 142178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 160583 | 280910 | 1264149 | 1863882 | 5459 | 44967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (3184041) | (4263715) | (15738505) | (19574533) | (107189) | (246434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (2518132) | 288044 | (1292788) | 21552473 | (78692) | (59289) |

---

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Catalyst/CIFC Floating** | **Catalyst/CIFC Floating** | | | **Catalyst/SMH Total** | **Catalyst/SMH Total** |
|  | **Rate Income Fund** | **Rate Income Fund** | **Catalyst/SMH High Income Fund** | **Catalyst/SMH High Income Fund** | **Return Income Fund** | **Return Income Fund** |
|  | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** |
| **Operations:** | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  |
| Net investment income | $7905119 | $7609592 | $528195 | $1175770 | $457385 | $749938 |
| Net realized gain (loss) on investments | (5372977) | (69081) | (349538) | 394393 | 96353 | 745704 |
| Net change in unrealized appreciation/ (depreciation) on investments | 4432685 | (19036032) | 547650 | (5678065) | 267748 | (4507350) |
| **Net increase (decrease) in net assets resulting from operations** | **6964827** | **(11495521)** | **726307** | **(4107902)** | **821486** | **(3011708)** |
| **Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  | (10949) |  | (108439) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  | (4548) |  | (77637) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | (13916) |  | (136348) |
| &nbsp;&nbsp;&nbsp;Distributions paid |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (876836) | (753730) | (281934) | (446399) | (163621) | (221511) |
| &nbsp;&nbsp;&nbsp;Class C | (616952) | (489404) | (72551) | (145709) | (68610) | (118764) |
| &nbsp;&nbsp;&nbsp;Class I | (6517595) | (6182058) | (218162) | (583662) | (193584) | (299150) |
| &nbsp;&nbsp;&nbsp;Class C1 | (12) |  |  |  |  |  |
| **Total distributions to shareholders** | **(8011395)** | **(7425192)** | **(572647)** | **(1205183)** | **(425815)** | **(961849)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 8238489 | 9072404 | 223006 | 2766549 | 141756 | 4868376 |
| &nbsp;&nbsp;&nbsp;Class C | 2039800 | 13300129 | 125572 | 94061 | 138450 | 162733 |
| &nbsp;&nbsp;&nbsp;Class I | 55311729 | 177065245 | 5818722 | 9478574 | 580215 | 4754079 |
| &nbsp;&nbsp;&nbsp;Class C1 | 1000 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 611367 | 680962 | 141100 | 228833 | 89052 | 198296 |
| &nbsp;&nbsp;&nbsp;Class C | 430078 | 440612 | 42528 | 79059 | 61294 | 168733 |
| &nbsp;&nbsp;&nbsp;Class I | 5630178 | 5291587 | 161985 | 470256 | 126943 | 284429 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3225542) | (3948424) | (654689) | (1739154) | (807371) | (1051842) |
| &nbsp;&nbsp;&nbsp;Class C | (2967102) | (4657414) | (487607) | (2951260) | (404031) | (4860709) |
| &nbsp;&nbsp;&nbsp;Class I | (76532268) | (85850568) | (9427007) | (10897564) | (2662171) | (1779954) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(10462271)** | **111394533** | **(4056390)** | **(2470646)** | **(2735863)** | **2744141** |
| **Total Increase (Decrease) in Net Assets** | **(11508839)** | **92473820** | **(3902730)** | **(7783731)** | **(2340192)** | **(1229416)** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 248034414 | 155560594 | 18101221 | 25884952 | 18754687 | 19984103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**236525575** | $**248034414** | $**14198491** | $**18101221** | $**16414495** | $**18754687** |
| **Share Activity:** |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 920610 | 949670 | 64871 | 669639 | 32835 | 959020 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 68272 | 72112 | 41847 | 58383 | 20682 | 40310 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (360157) | (416701) | (191488) | (425185) | (189712) | (211833) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 628725 | 605081 | (84770) | 302837 | (136195) | 787497 |
| Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 227729 | 1403360 | 37595 | 22791 | 32746 | 33833 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 48194 | 46891 | 12572 | 20031 | 14235 | 34006 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (331659) | (491547) | (141463) | (715988) | (92235) | (960872) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (55736) | 958704 | (91296) | (673166) | (45254) | (893033) |
| Class I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6169592 | 18617134 | 1735145 | 2286131 | 137658 | 963420 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 628734 | 560961 | 47900 | 118995 | 29532 | 58276 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (8553257) | (9152986) | (2800443) | (2715507) | (610279) | (366356) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (1754931) | 10025109 | (1017398) | (310381) | (443089) | 655340 |
| Class C1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 113 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of Beneficial interest | 113 |  |  |  |  |  |

---

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst Insider Income Fund** |
| **Financial Highlights** |
| For a Share Outstanding Throughout Each Year/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 year/period | $8.82 | $9.88 | $9.50 | $9.55 | $9.38 | $9.27 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.21 | 0.26 | 0.28 | 0.28 | 0.26 | 0.20 |
| Net realized and unrealized gain (loss) on investments | (0.19) | (1.04) | 0.39 | (0.03) | 0.12 | 0.10 |
| Total from investment operations | 0.02 | (0.78) | 0.67 | 0.25 | 0.38 | 0.30 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.21) | (0.25) | (0.29) | (0.28) | (0.21) | (0.19) |
| From net realized gains |  | (0.03) |  | (0.02) |  |  |
| Total distributions | (0.21) | (0.28) | (0.29) | (0.30) | (0.21) | (0.19) |
| Net asset value, end of year/period | $8.63 | $8.82 | $9.88 | $9.50 | $9.55 | $9.38 |
| Total return (B) | 0.19 % (C) | (8.06)% | 7.15% | 2.72% | 4.06% | 3.28% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $4489 | $5090 | $4764 | $3500 | $2453 | $141 |
| Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.38 % (D) | 1.34% | 1.37% | 1.43% | 2.12% | 4.17% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.00 % (D) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Net investment Income (loss), before waiver and reimbursement | 4.31 % (D) | 2.34% | 2.50% | 2.55% | 1.67% | (1.07)% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 4.69 % (D) | 2.68% | 2.87% | 2.98% | 2.79% | 2.10% |
| Portfolio turnover rate | 31 % (C) | 70% | 89% | 172% | 126% | 34% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **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 year/period | $8.83 | $9.89 | $9.50 | $9.56 | $9.37 | $9.25 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.17 | 0.18 | 0.19 | 0.21 | 0.19 | 0.13 |
| Net realized and unrealized gain (loss) on investments | (0.18) | (1.03) | 0.42 | (0.04) | 0.14 | 0.11 |
| Total from investment operations | (0.01) | (0.85) | 0.61 | 0.17 | 0.33 | 0.24 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.18) | (0.18) | (0.22) | (0.21) | (0.14) | (0.12) |
| From net realized gains |  | (0.03) |  | (0.02) |  |  |
| Total distributions | (0.18) | (0.21) | (0.22) | (0.23) | (0.14) | (0.12) |
| Net asset value, end of year/period | $8.64 | $8.83 | $9.89 | $9.50 | $9.56 | $9.37 |
| Total return (B) | (0.19)% (C) | (8.76)% | 6.48% | 1.84% | 3.51% | 2.63% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $2993 | $3658 | $3851 | $1668 | $1131 | $41 |
| Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.13 % (D) | 2.09% | 2.12% | 2.18% | 2.87% | 4.92% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.75 % (D) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement | 3.55 % (D) | 1.57% | 1.60% | 1.80% | 0.87% | (1.85)% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 3.93 % (D) | 1.91% | 1.97% | 2.23% | 1.99% | 1.32% |
| Portfolio turnover rate | 31 % (C) | 70% | 89% | 172% | 126% | 34% |

---

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

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

(C) Not
annualized.

(D) Annualized.

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 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 year/period | $8.84 | $9.90 | $9.51 | $9.56 | $9.38 | $9.27 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.22 | 0.28 | 0.30 | 0.31 | 0.29 | 0.23 |
| Net realized and unrealized gain (loss) on investments | (0.19) | (1.03) | 0.40 | (0.05) | 0.13 | 0.10 |
| Total from investment operations | 0.03 | (0.75) | 0.70 | 0.26 | 0.42 | 0.33 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.22) | (0.28) | (0.31) | (0.29) | (0.24) | (0.22) |
| From net realized gains |  | (0.03) |  | (0.02) |  |  |
| Total distributions | (0.22) | (0.31) | (0.31) | (0.31) | (0.24) | (0.22) |
| Net asset value, end of year/period | $8.65 | $8.84 | $9.90 | $9.51 | $9.56 | $9.38 |
| Total return (B) | 0.32 % (C) | (7.79)% | 7.45% | 2.90% | 4.49% | 3.65% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $64554 | $88201 | $95976 | $46580 | $29737 | $2179 |
| Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.13 % (D) | 1.09% | 1.12% | 1.18% | 1.87% | 4.42% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 0.75 % (D) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Net investment Income (loss), before waiver and reimbursement | 4.55 % (D) | 2.57% | 2.65% | 2.80% | 1.89% | (1.19)% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 4.93 % (D) | 2.91% | 3.02% | 3.23% | 3.01% | 2.48% |
| Portfolio turnover rate | 31 % (C) | 70% | 89% | 172% | 126% | 34% |

---

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

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

(C) Not
annualized.

(D) Annualized.

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

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>**Period Ended**<br>**June 30, 2019 (A)** |
|  | (Unaudited) | | | | |
| Net asset value, beginning of year/period | $10.33 | $11.21 | $11.11 | $11.16 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (B) | 0.28 | 0.66 | 0.73 | 0.57 | 0.27 |
| Net realized and unrealized gain(loss) on investments | (0.67) | (0.87) | 0.08 | (0.07) | 1.06 |
| Total from investment operations | (0.39) | (0.21) | 0.81 | 0.50 | 1.33 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.32) | (0.66) | (0.71) | (0.55) | (0.17) |
| From net realized gains |  | (0.01) |  |  |  |
| Total distributions | (0.32) | (0.67) | (0.71) | (0.55) | (0.17 |
| Net asset value, end of year/period | $9.62 | $10.33 | $11.21 | $11.11 | $11.16 |
| Total return (C) | (3.86)% (E) | (2.03)% | 7.39% | 4.60 % (D) | 13.28 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $33489 | $33489 | $34778 | $15978 | $1016 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.02 % (F) | 1.99% | 2.04% | 2.11% | 2.71 |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.75 % (F) | 1.75% | 1.75% | 1.75% | 1.75 |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 5.30 % (F) | 5.81% | 6.13% | 4.83% | 3.77 |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 5.57 % (F) | 6.05% | 6.42% | 5.18% | 4.73 |
| Portfolio turnover rate | 21 % (E) | 57% | 58% | 94% | 42 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **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>**Period Ended**<br>**June 30, 2019 (A)** |
|  | (Unaudited) | | | | |
| Net asset value, beginning of year/period | $10.28 | $11.16 | $11.07 | $11.13 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (B) | 0.24 | 0.58 | 0.65 | 0.46 | 0.22 |
| Net realized and unrealized gain (loss) on investments | (0.67) | (0.87) | 0.07 | (0.05) | 1.05 |
| Total from investment operations | (0.43) | (0.29) | 0.72 | 0.41 | 1.27 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.28) | (0.58) | (0.63) | (0.47) | (0.14) |
| From net realized gains |  | (0.01) |  |  |  |
| Total distributions | (0.28) | (0.59) | (0.63) | (0.47) | (0.14) |
| Net asset value, end of year/period | $9.57 | $10.28 | $11.16 | $11.07 | $11.13 |
| Total return (C) | (4.24)% (E) | (2.74)% | 6.61% | 3.82% | 12.75 % (E) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $22833 | $27398 | $19059 | $4605 | $769 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.77 % (F) | 2.74% | 2.79% | 2.86% | 3.46 % (F) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.50 % (F) | 2.50% | 2.50% | 2.50% | 2.50 % (F) |
| &nbsp;&nbsp;&nbsp;Net investment Income, before waiver and reimbursement | 4.54 % (F) | 5.06% | 5.47% | 3.82% | 2.98 % (F) |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 4.81 % (F) | 5.30% | 5.76% | 4.17% | 3.94 % (F) |
| Portfolio turnover rate | 21 % (E) | 57% | 58% | 94% | 42 % (E) |

---

(A) The
Catalyst Enhanced Income Fund Class A and Class C shares commenced operations on December 31, 2018.

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

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

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

(E) Not
annualized.

(F) Annualized.

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

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>**Period Ended**<br>**June 30, 2019 (A)** |
|  | (Unaudited) | | | | |
| Net asset value, beginning of year/period | $10.33 | $11.21 | $11.11 | $11.15 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (B) | 0.29 | 0.69 | 0.76 | 0.57 | 0.25 |
| Net realized and unrealized gain (loss) on investments | (0.67) | (0.87) | 0.07 | (0.04) | 1.08 |
| Total from investment operations | (0.38) | (0.18) | 0.83 | 0.53 | 1.33 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.33) | (0.69) | (0.73) | (0.57) | (0.18) |
| From net realized gains |  | (0.01) |  |  |  |
| Total distributions | (0.33) | (0.70) | (0.73) | (0.57) | (0.18) |
| Net asset value, end of year/period | $9.62 | $10.33 | $11.21 | $11.11 | $11.15 |
| Total return (C) | (3.74)% (D) | (1.79)% | 7.64% | 4.93% | 13.32 % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $435534 | $480968 | $280265 | $125800 | $29378 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.77 % (E) | 1.74% | 1.79% | 1.86% | 2.46 % (E) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.50 % (E) | 1.50% | 1.50% | 1.50% | 1.50 % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 5.55 % (E) | 6.07% | 6.39% | 4.82% | 3.47 % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 5.82 % (E) | 6.31% | 6.68% | 5.17% | 4.43 % (E) |
| Portfolio turnover rate | 21 % (D) | 57% | 58% | 94% | 42 % (D) |

---

(A) The
Catalyst Enhanced Income Fund Class I shares commenced operations on December 31, 2018.

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

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

(D) Not
annualized.

(E) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/MAP Global Balanced Fund** |
| **Financial Highlights** |
| For a Share Outstanding Throughout Each Year/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 year/period | $11.36 | $12.69 | $10.95 | $11.65 | $12.06 | $11.96 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.06 | 0.22 | 0.20 | 0.22 | 0.18 | 0.14 |
| Net realized and unrealized gain (loss) on investments | (0.04) | (0.80) | 1.74 | (0.60) | 0.29 | 0.35 |
| Total from investment operations | 0.02 | (0.58) | 1.94 | (0.38) | 0.47 | 0.49 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From return of capital |  |  |  |  | (0.02) |  |
| From net investment income | (0.02) | (0.28) | (0.20) | (0.21) | (0.16) | (0.22) |
| From net realized gains | (0.07) | (0.47) | (0.00) (B) | (0.11) | (0.70) | (0.17) |
| Total distributions | (0.09) | (0.75) | (0.20) | (0.32) | (0.88) | (0.39) |
| Net asset value, end of year/period | $11.29 | $11.36 | $12.69 | $10.95 | $11.65 | $12.06 |
| Total return (C) | 0.21 % (F) | (4.90)% | 17.83% | (3.27)% | 4.28% | 4.10% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $2104 | $2418 | $2681 | $3502 | $4132 | $5332 |
| Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 2.19 % (G) | 2.07% | 2.00% | 1.95% | 1.90% | 1.87% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 1.22 % (G) | 1.22% | 1.22% | 1.22% | 1.31% | 1.55% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (E) | 0.07 % (G) | 0.95% | 0.92% | 1.22% | 0.98% | 0.84% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (E) | 1.04 % (G) | 1.81% | 1.70% | 1.95% | 1.57% | 1.16% |
| Portfolio turnover rate | 16 % (F) | 25% | 18% | 49% | 38% | 42% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **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 year/period | $11.18 | $12.55 | $10.85 | $11.52 | $11.96 | $11.88 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.02 | 0.13 | 0.12 | 0.13 | 0.10 | 0.07 |
| Net realized and unrealized gain (loss) on investments | (0.04) | (0.78) | 1.70 | (0.58) | 0.27 | 0.33 |
| Total from investment operations | (0.02) | (0.65) | 1.82 | (0.45) | 0.37 | 0.40 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From return of capital |  |  |  |  | (0.01) |  |
| From net investment income |  | (0.25) | (0.12) | (0.11) | (0.10) | (0.15) |
| From net realized gains | (0.07) | (0.47) | (0.00) (B) | (0.11) | (0.70) | (0.17) |
| Total distributions | (0.07) | (0.72) | (0.12) | (0.22) | (0.81) | (0.32) |
| Net asset value, end of year/period | $11.09 | $11.18 | $12.55 | $10.85 | $11.52 | $11.96 |
| Total return (C) | (0.16)% (F) | (5.57)% | 16.87% | (3.93)% | 3.45% | 3.34% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $5524 | $5972 | $6653 | $6249 | $6251 | $5904 |
| Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 2.94 % (G) | 2.82% | 2.75% | 2.70% | 2.65% | 2.62% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 1.97 % (G) | 1.97% | 1.97% | 1.97% | 2.06% | 2.30% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (E) | (0.66)% (G) | 0.19% | 0.23% | 0.47% | 0.31% | 0.30% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (E) | 0.31 % (G) | 1.04% | 1.01% | 1.20% | 0.90% | 0.62% |
| Portfolio turnover rate | 16 % (F) | 25% | 18% | 49% | 38% | 42% |

---

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

(B) Represents
less than $0.01 per share.

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

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

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

(F) Not
annualized

(G) Annualized

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 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 year/period | $11.39 | $12.70 | $10.96 | $11.67 | $12.08 | $11.97 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.08 | 0.25 | 0.23 | 0.25 | 0.22 | 0.23 |
| Net realized and unrealized gain (loss) on investments | (0.05) | (0.79) | 1.74 | (0.60) | 0.29 | 0.31 |
| Total from investment operations | 0.03 | (0.54) | 1.97 | (0.35) | 0.51 | 0.54 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From return of capital |  |  |  |  | (0.03) |  |
| From net investment income | (0.03) | (0.30) | (0.23) | (0.25) | (0.19) | (0.26) |
| From net realized gains | (0.07) | (0.47) | (0.00) (B) | (0.11) | (0.70) | (0.17) |
| Total distributions | (0.10) | (0.77) | (0.23) | (0.36) | (0.92) | (0.43) |
| Net asset value, end of year/period | $11.32 | $11.39 | $12.70 | $10.96 | $11.67 | $12.08 |
| Total return (C) | 0.28 % (F) | (4.61)% | 18.12% | (3.04)% | 4.55% | 4.48% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $7801 | $8744 | $10504 | $12763 | $13054 | $12025 |
| Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 1.94 % (G) | 1.82% | 1.75% | 1.70% | 1.65% | 1.62% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 0.97 % (G) | 0.97% | 0.97% | 0.97% | 1.06% | 1.25% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (E) | 0.36 % (G) | 1.16% | 1.15% | 1.47% | 1.31% | 1.43% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (E) | 1.33 % (G) | 2.01% | 1.93% | 2.20% | 1.90% | 1.80% |
| Portfolio turnover rate | 16 % (F) | 25% | 18% | 49% | 38% | 42% |

---

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

(B) Represents
less than $0.01 per share.

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

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

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

(F) Not
annualized.

(G) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/CIFC Floating Rate Income Fund** |
| **Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 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 year/period | $8.94 | $9.62 | $9.11 | $9.57 | $9.61 | $9.31 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.29 | 0.33 | 0.28 | 0.40 | 0.46 | 0.41 |
| Net realized and unrealized gain (loss) on investments | (0.04) | (0.69) | 0.54 | (0.40 | (0.07) | 0.28 |
| Total from investment operations | 0.25 | (0.36) | 0.82 | 0.00 | 0.39 | 0.69 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.29) | (0.32) | (0.31) | (0.46) | (0.43) | (0.39) |
| From net realized gains |  |  |  |  |  |  |
| Total distributions | (0.29) | (0.32) | (0.31) | (0.46 | (0.43) | (0.39) |
| Net asset value, end of year/period | $8.90 | $8.94 | $9.62 | $9.11 | $9.57 | $9.61 |
| Total return (B) | 2.81 % (I) | (3.91)% | 9.08% | (0.06) | 4.22% | 7.54% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $29185 | $23683 | $19682 | $15341 | $17287 | $12004 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 1.53 % (J) | 1.53% | 1.59% | 1.66 | 1.72% | 1.84% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 1.15 % (J) | 1.15% | 1.15% | 1.15 | 1.31% | 1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,G) | 6.07 % (J) | 3.10% | 2.52% | 3.75 | 4.40% | 3.88% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,G) | 6.45 % (J) | 3.48% | 2.96% | 4.27 | 4.80% | 4.32% |
| Portfolio turnover rate | 35 % (I) | 95% | 180% | 231 | 178% | 163% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **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 year/period | $8.91 | $9.59 | $9.08 | $9.54 | $9.58 | $9.29 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.25 | 0.26 | 0.21 | 0.32 | 0.38 | 0.34 |
| Net realized and unrealized gain (loss) on investments | (0.03) | (0.69) | 0.54 | (0.40 | (0.06) | 0.27 |
| Total from investment operations | 0.22 | (0.43) | 0.75 | (0.08 | 0.32 | 0.61 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.26) | (0.25) | (0.24) | (0.38) | (0.36) | (0.32) |
| From net realized gains |  |  |  |  |  |  |
| Total distributions | (0.26) | (0.25) | (0.24) | (0.38 | (0.36) | (0.32) |
| Net asset value, end of year/period | $8.87 | $8.91 | $9.59 | $9.08 | $9.54 | $9.58 |
| Total return (B) | 2.42 % (I) | (4.63)% | 8.30% | (0.81) | 3.46% | 6.64% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $21325 | $21907 | $14399 | $11716 | $9851 | $9417 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 2.28 % (J) | 2.28% | 2.34% | 2.41 | 2.46% | 2.59% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 1.90 % (J) | 1.90% | 1.90% | 1.90 | 2.07% | 2.15% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,G) | 5.26 % (J) | 2.37% | 1.75% | 2.95 | 3.59% | 3.13% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,G) | 5.64 % (J) | 2.74% | 2.19% | 3.46 | 3.97% | 3.59% |
| Portfolio turnover rate | 35 % (I) | 95% | 180% | 231 | 178% | 163% |

---

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

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

(C) Includes
increase from payments made by affiliated parties of 0.00% and 0.34% for the A shares and 0.11% and 0.34% for the C shares for June 30,
2020 related to the pricing errors reimburement. Without these transactions, total return would have been (0.81)% and 9.32% for the A
shares and (0.92)% and 8.54%for the C shares for June 30, 2020.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.53% (J) | 1.53% | 1.59% | 1.66% | 1.71% | 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.15 % (J) | 1.15% | 1.15% | 1.15% | 1.31% | 1.35% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.28% (J) | 2.28% | 2.34% | 2.41% | 2.45% | 2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.9 % (J) | 1.9% | 1.9% | 1.9% | 2.06% | 2.1% |

---

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

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

(I) Not
annualized.

(J) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/CIFC Floating Rate Income Fund (Continued)** |
| **Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | |
|:---|:---|
|  | **Class C-1** |
|  | **For the**<br>**Period Ended**<br>**December 31, 2022** |
|  | (Unaudited) |
| Net asset value, beginning of year/period | $8.84 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |
| Net investment income (A) | 0.10 |
| Net realized and unrealized gain (loss) on investments | 0.04 |
| Total from investment operations | 0.14 |
| **LESS DISTRIBUTIONS:** |  |
| From net investment income | (0.11) |
| From net realized gains |  |
| From return of capital |  |
| Total distributions | (0.11) |
| Net asset value, end of year/period | $8.87 |
| Total return (B) | 1.52 % (I) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| Net assets, end of year/period (in 000's) | $1 |
| Ratios to average net assets (including interest expense) |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 2.52 % (J) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 1.90 % (J) |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,G) | 6.33 % (J) |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (D,G) | 6.96 % (J) |
| Portfolio turnover rate | 35 % (I) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 year/period | $8.94 | $9.63 | $9.12 | $9.59 | $9.62 | $9.32 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.30 | 0.36 | 0.32 | 0.41 | 0.48 | 0.44 |
| Net realized and unrealized gain (loss) on investments | (0.03) | (0.71) | 0.52 | (0.40 | (0.05) | 0.27 |
| Total from investment operations | 0.27 | (0.35) | 0.84 | 0.01 | 0.43 | 0.71 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.30) | (0.34) | (0.33) | (0.48) | (0.46) | (0.41) |
| From net realized gains |  |  |  |  |  |  |
| Total distributions | (0.30) | (0.34) | (0.33) | (0.48 | (0.46) | (0.41) |
| Net asset value, end of year/period | $8.91 | $8.94 | $9.63 | $9.12 | $9.59 | $9.62 |
| Total return (B) | 3.05 % (I) | (3.74)% (G) | 9.34% | 0.21 | 4.58 % (G) | 7.79% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $186015 | $202444 | $121480 | $63191 | $40341 | $30021 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 1.28 % (J) | 1.28% | 1.34% | 1.41 | 1.46% | 1.56% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 0.90 % (J) | 0.90% | 0.90% | 0.90 | 1.07% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (D,G) | 6.23 % (J) | 3.39% | 2.88% | 3.88 | 4.65% | 4.14% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (DGF) | 6.61 % (J) | 3.77% | 3.31% | 4.39 | 5.03% | 4.55% |
| Portfolio turnover rate | 35 % (I) | 95% | 180% | 231 | 178% | 163% |

---

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

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

(C) Includes
increase from payments made by affiliated parties of 0.11% and 0.34% related to the pricing errors reimbursement for June 30, 2020. Without
these transactions, total return would have been 0.10% and 9.71% for June 30, 2020 and 2017.

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.9% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.28% | 1.34% | 1.41% | 1.45% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 0.9% | 0.9% | 0.9% | 1.06% | 1.1% |

---

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

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

(I) Not
annualized.

(J) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/SMH High Income Fund** |
| **Financial Highlights** |
| For a Share Outstanding Throughout Each Year/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 year/period | $3.33 | $4.23 | $3.53 | $3.79 | $3.92 | $3.86 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.11 | 0.19 | 0.17 | 0.18 | 0.20 | 0.21 |
| Net realized and unrealized gain (loss) on investments | 0.02 | (0.90) | 0.70 | (0.24) | (0.12) | 0.06 |
| Total from investment operations | 0.13 | (0.71) | 0.87 | (0.06) | 0.08 | 0.27 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.12) | (0.19) | (0.16) | (0.18) | (0.21) | (0.21) |
| From net realized gains |  | (0.00) (C) | (0.01) |  |  |  |
| From return of capital |  | (0.00) (C) | (0.00) (C) | (0.02) |  |  |
| Total distributions | (0.12) | (0.19) | (0.17) | (0.20) | (0.21) | (0.21) |
| Net asset value, end of year/period | $3.34 | $3.33 | $4.23 | $3.53 | $3.79 | $3.92 |
| Total return (B) | 3.95 % (F) | (17.26)% | 25.21% | (1.51)% | 2.09% | 7.07% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $7757 | $8002 | $8889 | $8421 | $9517 | $14858 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.28 % (G) | 1.95% | 2.04% | 2.07% | 1.87% | 1.78% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.52 % (G) | 1.49% | 1.48% | 1.48% | 1.47% | 1.45% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 5.51 % (G) | 4.31% | 3.71% | 4.22% | 4.70% | 4.88% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 6.24 % (G) | 4.78% | 4.27% | 4.81% | 5.10% | 5.21% |
| Portfolio turnover rate | 22 % (F) | 42% | 51% | 21% | 28% | 19% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **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 year/period | $3.33 | $4.23 | $3.53 | $3.79 | $3.92 | $3.86 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.09 | 0.15 | 0.14 | 0.15 | 0.18 | 0.18 |
| Net realized and unrealized gain (loss) on investments | 0.04 | (0.88) | 0.70 | (0.23) | (0.13) | 0.06 |
| Total from investment operations | 0.13 | (0.73) | 0.84 | (0.08) | 0.05 | 0.24 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.11) | (0.16) | (0.13) | (0.16) | (0.18) | (0.18) |
| From net realized gains |  | (0.00) (C) | (0.01) |  |  |  |
| From return of capital |  | (0.01) | (0.00) (C) | (0.02) |  |  |
| Total distributions | (0.11) | (0.17) | (0.14) | (0.18) | (0.18) | (0.18) |
| Net asset value, end of year/period | $3.35 | $3.33 | $4.23 | $3.53 | $3.79 | $3.92 |
| Total return (B) | 3.84 % (F) | (17.91)% | 24.28% | (2.26)% | 1.33% | 6.26% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $2241 | $2534 | $6067 | $5444 | $7069 | $9212 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 3.02 % (G) | 2.70% | 2.79% | 2.82% | 2.62% | 2.53% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 2.26 % (G) | 2.24% | 2.23% | 2.23% | 2.22% | 2.20% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 4.75 % (G) | 3.36% | 2.97% | 3.51% | 4.30% | 4.13% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 5.48 % (G) | 3.81% | 3.53% | 4.09% | 4.70% | 4.46% |
| Portfolio turnover rate | 22 % (F) | 42% | 51% | 21% | 28% | 19% |

---

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

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

(C) Less
than $.005 per share

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.24% (G) | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.48 % (G) | 1.48% |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.99% (G) | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.23 % (G) | 2.23% |

---

(F) Not
annualized.

(G) Annualized.

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 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 year/period | $3.33 | $4.23 | $3.53 | $3.79 | $3.92 | $3.86 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.11 | 0.20 | 0.18 | 0.19 | 0.22 | 0.22 |
| Net realized and unrealized gain (loss) on investments | 0.03 | (0.90) | 0.70 | (0.24) | (0.13) | 0.06 |
| Total from investment operations | 0.14 | (0.70) | 0.88 | (0.05) | 0.09 | 0.28 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.13) | (0.20) | (0.17) | (0.19) | (0.22) | (0.22) |
| From net realized gains |  | (0.00) (E) | (0.01) |  |  |  |
| From return of capital |  | (0.00) (E) | (0.00) (E) | (0.02) |  |  |
| Total distributions | (0.13) | (0.20) | (0.18) | (0.21) | (0.22) | (0.22) |
| Net asset value, end of year/period | $3.34 | $3.33 | $4.23 | $3.53 | $3.79 | $3.92 |
| Total return (B) | 4.09 % (E) | (17.06)% | 25.53% | (1.27)% | 2.35% | 7.34% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $4201 | $7566 | $10930 | $2995 | $4385 | $5146 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.00 % (F) | 1.70% | 1.74% | 1.82% | 1.62% | 1.53% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.26 % (F) | 1.24% | 1.23% | 1.23% | 1.22% | 1.20% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 5.73 % (F) | 4.49% | 3.91% | 4.53% | 5.35% | 5.13% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 6.44 % (F) | 4.94% | 4.42% | 5.12% | 5.76% | 5.46% |
| Portfolio turnover rate | 22 % (E) | 42% | 51% | 21% | 28% | 19% |

---

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

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

(C) Less
than $.005 per share

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.97% (F) | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.23 % (F) | 1.23% |

---

(E) Not
Annualized.

(F) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| **Catalyst/SMH Total Return Income Fund** |
| **Financial Highlights** |
| For a Share Outstanding Throughout Each Year/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 year/period | $4.23 | $5.15 | $3.74 | $4.32 | $4.39 | $4.47 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.12 | 0.18 | 0.24 | 0.22 | 0.27 | 0.29 |
| Net realized and unrealized gain (loss) on investments | 0.07 | (0.87) | 1.41 | (0.53) | (0.09) | (0.09) |
| Total from investment operations | 0.19 | (0.69) | 1.65 | (0.31) | 0.18 | 0.20 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.11) | (0.15) | (0.24) | (0.23) | (0.25) | (0.28) |
| From return of capital |  | (0.08) |  | (0.04) |  |  |
| Total distributions | (0.11) | (0.23) | (0.24) | (0.27) | (0.25) | (0.28) |
| Net asset value, end of year/period | $4.31 | $4.23 | $5.15 | $3.74 | $4.32 | $4.39 |
| Total return (B) | 4.47 % (G) | (13.92)% | 45.12% | (7.48)% | 4.33% | 4.56% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $6295 | $6756 | $4164 | $2485 | $3344 | $4161 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 2.15 % (H) | 1.99 % (E) | 2.16% | 2.12% | 2.03% | 1.84% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 1.58 % (H) | 1.58 % (E) | 1.58% | 1.58% | 1.57% | 1.55% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,D) | 4.71 % (H) | 3.22% | 4.85% | 4.81% | 5.83% | 6.21% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | 5.27 % (H) | 3.63% | 5.43% | 5.35% | 6.29% | 6.51% |
| Portfolio turnover rate | 5 % (G) | 26% | 42% | 22% | 30% | 11% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **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 year/period | $4.23 | $5.14 | $3.73 | $4.32 | $4.38 | $4.47 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.10 | 0.15 | 0.21 | 0.19 | 0.24 | 0.27 |
| Net realized and unrealized gain (loss) on investments | 0.07 | (0.87) | 1.40 | (0.54) | (0.08) | (0.11) |
| Total from investment operations | 0.17 | (0.72) | 1.61 | (0.35) | 0.16 | 0.16 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.09) | (0.11) | (0.20) | (0.20) | (0.22) | (0.25) |
| From return of capital |  | (0.08) |  | (0.04) |  |  |
| Total distributions | (0.09) | (0.19) | (0.20) | (0.24) | (0.22) | (0.25) |
| Net asset value, end of year/period | $4.31 | $4.23 | $5.14 | $3.73 | $4.32 | $4.38 |
| Total return (B) | 4.06 % (G) | (14.43)% | 44.18% | (8.40)% | 3.79% | 3.56% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $3162 | $3296 | $8600 | $6455 | $7877 | $8213 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,F) | 2.90 % (H) | 2.74% | 2.92% | 2.87% | 2.78% | 2.59% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,F) | 2.33 % (H) | 2.33% | 2.33% | 2.33% | 2.32% | 2.30% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,D) | 3.95 % (H) | 2.61% | 4.24% | 4.08% | 5.08% | 5.60% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | 4.52 % (H) | 2.99% | 4.82% | 4.62% | 5.54% | 5.90% |
| Portfolio turnover rate | 5 % (G) | 26% | 42% | 22% | 30% | 11% |

---

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

(B) Total
return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment
of dividends and does not reflect the impact of sales charges, if any. Had the Manager not waived its fees and reimbursed 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;Expenses, before waiver and reimbursement | 2.15% (H) | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.58 % (H) | 1.58% |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.9% (H) | 2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.33 % (H) | 2.33% |

---

(G) Not
annualized.

(H) Annualized.

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 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 year/period | $4.22 | $5.13 | $3.73 | $4.32 | $4.38 | $4.46 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.12 | 0.19 | 0.27 | 0.23 | 0.29 | 0.31 |
| Net realized and unrealized gain (loss) on investments | 0.07 | (0.86) | 1.38 | (0.54) | (0.09) | (0.10) |
| Total from investment operations | 0.19 | (0.67) | 1.65 | (0.31) | 0.20 | 0.21 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.11) | (0.16) | (0.25) | (0.24) | (0.26) | (0.29) |
| From return of capital |  | (0.08) |  | (0.04) |  |  |
| Total distributions | (0.11) | (0.24) | (0.25) | (0.28) | (0.26) | (0.29) |
| Net asset value, end of year/period | $4.30 | $4.22 | $5.13 | $3.73 | $4.32 | $4.38 |
| Total return (B) | 4.62 % (G) | (13.57)% | 45.31% | (7.48)% | 4.84% | 4.85% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $6958 | $8702 | $7220 | $4304 | $7019 | $7279 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 1.90 % (H) | 1.74% | 1.91% | 1.87% | 1.78% | 1.59% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 1.33 % (H) | 1.33% | 1.33% | 1.33% | 1.32% | 1.30% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,D) | 4.91 % (H) | 3.52% | 5.39% | 5.03% | 6.19% | 6.59% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | 5.47 % (H) | 3.93% | 5.96% | 5.56% | 6.65% | 6.88% |
| Portfolio turnover rate | 5 % (G) | 26% | 42% | 22% | 30% | 11% |

---

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

(B) Total
return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment
of dividends and does not reflect the impact of sales charges, if any. Had the Manager not waived its fees and reimbursed 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;Expenses, before waiver and reimbursement | 1.9% | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.33% | 1.33% |

---

(G) Not
Annualized.

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

---

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

---

The Funds are registered as non-diversified except Global Balanced and Floating Rate Income, which are diversified.

As of December 31, 2022, 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.

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

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

In 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 the fair value of the

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

---

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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Insider Income** | **Insider Income** | **Insider Income** | **Insider Income** | **Insider Income** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Convertible Bonds | $— | $38696603 | $— | $38696603 |
| Corporate Bonds |  | 36056646 |  | 36056646 |
| **Total Assets** | $— | $74753249 | $— | $74753249 |
| **Enhanced Income** | **Enhanced Income** | **Enhanced Income** | **Enhanced Income** | **Enhanced Income** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset Backed Securities | $— | $437317706 | $— | $437317706 |
| U.S. Government Agency Obligations |  | 40313667 |  | 40313667 |
| Short-Term Investment | 17553884 |  |  | 17553884 |
| **Total Assets** | $17553884 | $477631373 | $— | $495185257 |

---

---

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

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Global Balanced** | **Global Balanced** | **Global Balanced** | **Global Balanced** | **Global Balanced** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Closed-End Fund | $349635 | $— | $— | $349635 |
| Common Stocks | 9764064 |  |  | 9764064 |
| Convertible Bond |  | 268984 |  | 268984 |
| Corporate Bonds |  | 3330547 |  | 3330547 |
| Exchange-Traded Funds | 365880 |  |  | 365880 |
| U.S. Government & Agencies |  | 1284365 |  | 1284365 |
| **Total Assets** | $10479579 | $4883896 | $— | $15363475 |
| **Derivatives** |  |  |  |  |
| **Liabilities<sup>(a)</sup>** |  |  |  |  |
| Call Options Written | $1125 | $— | $— | $1125 |
| **Total Liabilities** | $1125 | $— | $— | $1125 |
| **Floating Rate Income** | **Floating Rate Income** | **Floating Rate Income** | **Floating Rate Income** | **Floating Rate Income** |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $1535 | $— | $— | $1535 |
| Exchange-Traded Funds | 5000025 |  |  | 5000025 |
| Asset Backed Securities |  | 19532991 | **—** | 19532991 |
| Corporate Bonds |  | 2984613 |  | 2984613 |
| Bank Loans |  | 193124719 |  | 193124719 |
| Short-Term Investments | 8389543 |  |  | 8389543 |
| **Total Assets** | $13391103 | $215642323 | $— | $229033426 |
| **High Income** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $162469 | $— | $— | $162469 |
| Preferred Stock | 398279 |  |  | 398279 |
| Convertible Bonds |  | 1228800 |  | 1228800 |
| Corporate Bonds |  | 11877449 |  | 11877449 |
| Warrants |  |  | 141955 | 141955 |
| Collateral for Securities Loaned |  | 3829720 |  | 3829720 |
| **Total Assets** | $560748 | $16935969 | $141955 | $17638672 |
| **Total Return Income** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Closed End Funds | $316312 | $— | $— | $316312 |
| Common Stock | 6302552 |  |  | 6302552 |
| Exchange Traded Fund | 452825 |  |  | 452825 |
| Convertible Bonds |  | 2075927 |  | 2075927 |
| Corporate Bonds |  | 6958690 |  | 6958690 |
| Warrant |  |  |  |  |
| Collateral for Securities Loaned |  | 5282070 |  | 5282070 |
| **Total Assets** | $7071689 | $14316687 | $— | $21388376 |

---

---

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

---

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Income** | **High Income** | **High Income** | **Total Return Income** |
|  | Energy Conversion<br>Devices, Inc.<br>Corporate Bond |<br>PHI Group, Inc.<br>Corporate Bond |<br>PHI Group, Inc.<br>Warrant | Energy Conversion<br>Devices, Inc.<br>Corporate Bond |
| Beginning balance June 30, 2022 | $0 | $0 | $188892 | $0 |
| Purchases |  |  |  |  |
| Total realized gain/(loss) |  |  |  |  |
| Change in unrealized depreciation |  |  | (26423) |  |
| Proceeds from sale/maturities/calls |  | 0 |  |  |
| Capital distribution |  |  |  |  |
| Net transfers in/(out) of Level 3 |  |  |  |  |
| Ending balance December 31, 2022 | $0 | $0 | $162469 | $0 |

---

The total change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments still held at December 30, 2022, was $(26,423) and $0 for High Income and Total Return Income, respectively.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Investment Type** | <br>**Fair Value** | <br>**Valuation Methodology** | <br>**Unobservable Input Type** | **Market Value impact if**<br>**input increases** |
| High Income | Corporate Bonds | $0 | Bankruptcy | Potential Future Cash Payments | Increase |
| High Income | Warrant | $162469 | Discount based on similar security | N/A | Increase |
| Total Return Income | Corporate Bonds | $0 | Bankruptcy | Potential Future Cash Payments | Increase |

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Fair value securities as a percent of net assets at December 31, 2022, were 0.1% and 0.0% for High Income and Total Return Income, respectively.

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 the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options

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

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are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. Initial margin deposits required upon entering into options contracts are satisfied by the deposits of cash as collateral for the account of the broker (the relevant Fund's agent in acquiring the options). For the six months ended December 31, 2022, Global Balanced, invested in options.

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

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

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

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

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

LIBOR Risk – The Funds' investment, payment obligations and financing terms may be based on floating rates such as the London Interbank Offered Rate, or "LIBOR," which is the offered rate for short-term Eurodollar deposits between major international banks. The use of LIBOR is being phased out. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Funds' transactions and the financial markets generally. As such, the potential effect of the transition away from the LIBOR on the Funds' investments cannot yet be determined.

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

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

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

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necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions, you could lose your entire investment.

COVID-19 has 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 Assets and Liabilities at December 31, 2022, was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Location of Derivatives on Statements | Fair Value of asset/liability |
| Fund | Derivative | Risk Type | of Assets and Liabilities | derivatives |
| Global Balanced | Call options written | Equity | Options written | $(1125) |
|  |  |  | Total | $(1125) |

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The effect of derivative instruments on the Statements of Operations for the six months ended December 31, 2022, was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | <br>**Location of gain (loss) on derivatives** | **Realized and unrealized**<br>**gain (loss) on derivatives** |
| Global Balanced |  |  |  |  |
|  | Options written | Equity | Net realized gain on options written | $— |
|  | Options written | Equity | Net change in unrealized appreciation on options written | $10724 |
|  |  |  | **Totals** | $10724 |

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The notional value of derivative instruments outstanding as of December 31, 2022, as disclosed in the Schedules of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

The following table presents the Funds' assets and liabilities available for offset net of collateral pledged as of December 31, 2022:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | Gross Amounts Not Offset in the Statements | Gross Amounts Not Offset in the Statements | |
|  | | | | | of Assets & Liabilities | of Assets & Liabilities | |
|  |<br><br>Counterparty |<br>Gross Amounts of<br>Recognized<br>Assets/Liabilities |<br>Gross Amounts Offset<br>in the Statement of<br>Assets & Liabilities |<br>Net Amounts of Assets or<br>Liabilities Presented in the<br>Statement of Assets & Liabilities | Financial<br>Instruments<br>Pledged |<br>Cash Collateral<br>Pledged |<br><br>Net Amount of<br>Assets |
| **Global Balanced** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Written | Pershing | $(1125) | $— | $(1125) <sup>(1)</sup> | $1125<sup>(2)</sup> | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | $(1125) | $— | $(1125) | $1125 | $— | $— |

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<sup>(1)</sup> Value as presented in the Schedule of Investments.

 

<sup>(2)</sup> The amount is limited to the derivative liability balance and accordingly does not include excess collateral pledged.

 

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

Underlying funds in which the Funds invest are subject to investment advisory and other expenses, which will be indirectly paid by the Funds. As a result, the cost of investing in the Funds will be higher than the cost of investing directly in the underlying funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the underlying funds is subject to its own specific risks,

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

---

but the manager/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 2023 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 MLPs generally are comprised of income and return of capital. The Funds record these distributions as investment income and subsequently adjusts these distributions within the components of net assets based upon their tax treatment when the information becomes available.

f) 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.

g) 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.

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

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| | | |
|:---|:---|:---|
| **Fund** | **Income Dividends** | **Capital Gains** |
| Insider Income | &nbsp;&nbsp;&nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;Annually |
| Enhanced Income | &nbsp;&nbsp;&nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;Annually |
| Global Balanced | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;Annually |
| Floating Rate Income | &nbsp;&nbsp;&nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;Annually |
| High Income | &nbsp;&nbsp;&nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;Annually |
| Total Return Income | &nbsp;&nbsp;&nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;Annually |

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i) 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.

j) 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

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

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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.

k) Redemption Fees and Sales Charges (loads) – A wire transfer fee of $15 may be charged to defray custodial charges for redemptions paid by wire transfer. A maximum sales charge of 5.75% is imposed on Class A shares of the Global Balanced and Total Return Income. A maximum sales charge of 4.75% is imposed on Class A shares of the Insider Income, Enhanced Income, Floating Rate Income, High Income and Interest Rate Opportunity. 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. The respective shareholders pay such CDSC charges, which are not an expense of the Funds. During the six months ended December 31, 2022 there were no CDSC fees paid by the shareholders of the Insider Income, MAP Global Balanced, Enhanced Income, Floating Rate Income, High Income Total Return Income and Interest Rate Opportunity Funds.

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

m) 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:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Insider Income | $26267759 | $39346240 |
| Enhanced Income | 108013152 | 111700763 |
| Global Balanced | 2452172 | 3560201 |
| Floating Rate Income | 77058539 | 86728516 |
| High Income | 4497019 | 8668707 |
| Total Return Income | 809279 | 3273867 |

---

**(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. The investment sub-advisors are responsible for the day-to-day management of their Fund's portfolios. 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, as of the last day of each month, an annualized fee as shown in the below table, such fees are to be computed daily based upon daily average net assets of the Funds. The Funds' sub-advisors are paid by the 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 maintain total annual operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; underlying fund expenses; and extraordinary expenses such as regulatory inquiry and litigation expenses) do not exceed the expense limitation shown in the table below, and is based on each Fund's average daily net assets.

For the six months ended December 31, 2022, the Manager waived management fees and reimbursed expenses. The Manager may recapture a portion of the waived and/or reimbursed 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

---

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

---

the repayment without exceeding the limitation in effect at that time of the waiver and the limitation in effect at the time of recoupment, no later than the dates as stated below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** | |
| <br>**Fund** | **Management**<br>**Agreement** | **Cl A** | **Cl C** | **Cl I** | **Cl C-1** | <br>**Expires** |
| Insider Income | 0.75% | 1.00% | 1.75% | 0.75% | N/A | 10/31/2023 |
| Enhanced Income | 1.50% | 1.75% | 2.50% | 1.50% | N/A | 10/31/2023 |
| Global Balanced | 1.00% | 1.22% | 1.97% | 0.97% | N/A | 10/31/2023 |
| Floating Rate Income | 1.00% | 1.15% | 1.90% | 0.90% | 1.90% | 10/31/2023 |
| High Income | 1.00% | 1.48% | 2.23% | 1.23% | N/A | 10/31/2023 |
| Total Return Income | 1.00% | 1.58% | 2.33% | 1.33% | N/A | 10/31/2023 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Recapture Expires** | **Recapture Expires** | **Recapture Expires** |
| | **June 30,** | **June 30,** | **June 30,** |
| <br>**Fund** | **2023** | **2024** | **2025** |
| Insider Income | $209122 | $272702 | $372543 |
| Enhanced Income | 283966 | 646409 | 1120683 |
| Global Balanced | 170253 | 169008 | 161770 |
| Floating Rate Income | 427070 | 535848 | 785104 |
| High Income | 111113 | 111458 | 117270 |
| Total Return Income | 88817 | 92056 | 83714 |

---

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 the Risk and Compliance Committee Chairman 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 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.

---

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

---

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** | **Class C-1** |
| Insider Income | $5986 | $17014 |  |
| Enhanced Income | 42619 | 127076 |  |
| Global Balanced | 2868 | 29248 |  |
| Floating Rate Income | 33694 | 108952 | 2 |
| High Income | 10064 | 11932 |  |
| Total Return Income | 8376 | 16533 |  |

---

Pursuant to the Management Services Agreement between the Trust and MFund an affiliate of the Manager, MFund provides the Funds 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 period are shown in the Statements of Operations under "Management service fees."

Pursuant to the Compliance Services Agreement (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 period are shown in the Statements of Operations under "Compliance officer fees."

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Ultimus Fund Solutions, LLC **(*"UFS"***) - an affiliate of the Distributor, provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Officers of the Trust are also employees of UFS, and are not paid any fees directly by the Trust for serving in such capacity.

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

**(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 Income | $81615740 | $35930 | $(6898421) | $(6862491) |
| Enhanced Income | 563075322 | 8863011 | (76753076) | (67890065) |
| Global Balanced | 14317139 | 2365423 | (1320212) | 1045211 |
| Floating Rate Income | 242675599 | 293638 | (13935811) | (13642173) |
| High Income | 24009818 | 93071 | (6464217) | (6371146) |
| Total Return Income | 26660828 | 686635 | (5959087) | (5272452) |

---

---

| | |
|:---|:---|
| **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 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 Income | $3174263 | $324662 | $— | $3498925 |
| Enhanced Income | 30064669 |  |  | 30064669 |
| Global Balanced | 415518 | 737318 |  | 1152836 |
| Floating Rate Income | 7425192 |  |  | 7425192 |
| High Income | 1175770 |  | 29413 | 1205183 |
| Total Return Income | 639425 |  | 322424 | 961849 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **6/30/2021** | **Income** | **Capital Gains** | **Capital** | **Total** |
| Insider Income | $2202374 | $— | $— | $2202374 |
| Enhanced Income | 15289028 |  |  | 15289028 |
| Global Balanced | 342591 | 1477 |  | 344068 |
| Floating Rate Income | 4148934 |  |  | 4148934 |
| High Income | 838540 |  | 16121 | 854661 |
| Total Return Income | 803017 |  | 4671 | 807688 |

---

As of June 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Insider Income | $53942 | $2433 | $(2720564) | $— | $— | $(7770475) | $(10434664) |
| Enhanced Income | 1090209 |  |  | (6500726) |  | (38464950) | (43875467) |
| Global Balanced |  | 100394 |  |  |  | 1193422 | 1293816 |
| Floating Rate Income | 307370 |  | (295977) | (10147571) | (113252) | (18131026) | (28380456) |
| High Income |  |  |  | (29765682) |  | (6918796) | (36684478) |
| Total Return Income |  |  |  | (17632148) |  | (5540200) | (23172348) |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales, dividends payable, deemed dividend distributions, mark-to-market of passive foreign investment companies, C-Corporation adjustments, and dividend distributions from business development companies. In addition, the amount listed under other book/tax differences is primarily attributable to dividends payable. 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 Fund incurred and elected to defer such late year losses as follows:

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| Insider Income | $— |
| Enhanced Income |  |
| Global Balanced |  |
| Floating Rate Income |  |
| High Income |  |
| Total Return Income |  |

---

---

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

---

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

---

| | |
|:---|:---|
|  | **Post October**<br>**Losses** |
| Insider Income | $2720564 |
| Enhanced Income |  |
| Global Balanced |  |
| Floating Rate Income | 295977 |
| High Income |  |
| Total Return Income |  |

---

At June 30, 2022, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-Expiring**<br>**Short-Term** | **Non-Expiring**<br>**Long-Term** |<br>**Total** | **CLCF**<br>**Utilized** |
| Insider Income | $— | $— | $— | 547719 |
| Enhanced Income | 3617000 | 2883726 | 6500726 |  |
| Global Balanced |  |  |  |  |
| Floating Rate Income | 3014722 | 7132849 | 10147571 | 184913 |
| High Income |  | 29765682 | 29765682 |  |
| Total Return Income | 67611 | 17564537 | 17632148 |  |

---

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 distributions in excess, adjustments for prior year tax returns, and equalization credits resulted in reclassification for the following Funds for the year ended June 30, 2022 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| Insider Income | $— | $— |
| Enhanced Income | 1429279 | (1429279) |
| Global Balanced | 58228 | (58228) |
| Floating Rate Income |  |  |
| High Income | (1750) | 1750 |
| Total Return Income |  |  |

---

---

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

---

**(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, Enhanced Income, Floating Rate and Interest Rate Opportunity did not access the line of credit. The Funds accessed the line of credit, based only on the days borrowed, as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average Amount**<br>**Borrowings**<br>**Outstanding** |<br>**Number of**<br>**Days Outstanding** |<br>**Interest**<br>**Expense <sup>(1)</sup>** |<br>**Average**<br>**Interest Rate** | **Outstanding**<br>**Borrowings**<br>**12/31/2022** |
| Insider Income | $307999 | 18 | $987 | 6.41% | $— |
| Enhanced Income |  |  |  |  |  |
| Global Balanced |  |  |  |  |  |
| Floating Rate |  |  |  |  |  |
| High Income | 246859 | 128 | 4326 | 4.93% |  |
| Total Return | 310514 | 35 | 1571 | 5.20% |  |
| Interest Rate Opportunity |  |  |  |  |  |

---

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

**(7)** **UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES** 

Each underlying fund, including each ETF, is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk, as well as risks associated with real estate investments and commodities. Investors in the Funds will indirectly bear fees and expenses charged by the underlying investment companies in which the Funds invest in addition to the Funds' direct fees and expenses.

The performance of the High Income Fund and Total Return Fund will be directly affected by the performance of the Mount Vernon Prime Portfolio. The financial statements of the Mount Vernon Prime Portfolio, including the Schedule of Investments, can be found at the Securities and Exchange Commission's (***"SEC"***) website <u>www.sec.gov</u> and should be read in conjunction with the Fund's financial statements. As of December 31, 2022, the percentage of the High Income Fund and Total Return Fund's net assets invested in Mount Vernon Prime Portfolio was 27.0% and 32.2%, respectively..

**(8)** **SECURITIES LENDING** 

The Funds have entered into a Securities Lending Agreement with the Bank. Each participating Fund can lend its securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. All interest and dividend payments received on securities which are held on loan, provided that there is no material default, will be paid to the respective Fund. A portion of the income generated by the investment in the Funds collateral, net of any rebates paid by the Bank to the borrowers is remitted to the Bank as lending agent and the remainder is paid to the Fund(s).

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | | | Percentage of Total |
| Fund | Market Value of Loaned Securities | Market Value of Collateral | Investment Income |
| High Income \* | $3763225 | $3829720 | 3.69% |
| Total Return \* | 5143555 | 5282070 | 4.22% |

---

\* Securities collateralized below 102% or 105% for foreign securities. The Trust's securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% or 105% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% or 105% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102% or 105%.

---

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

---

**(9)** **BENEFICIAL OWNERSHIP** 

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Enhanced | Floating | High | Total Return | Global |
| Owner | Insider Income | Income | Rate Income | Income | Income | Balanced |
| LPL Financial <sup>(1)</sup> |  |  |  |  |  |  |
| Pershing LLC <sup>(1)</sup> | 29% |  |  | 31% |  |  |
| Raymond James <sup>(1)</sup> |  |  |  |  |  | 38% |
| Wells Fargo <sup>(1)</sup> |  |  |  |  | 52% |  |
| TD Ameritrade <sup>(1)</sup> |  |  |  |  |  |  |

---

<sup>(1)</sup> These owners are comprised of multiple investors and accounts.

**(10)** **NEW ACCOUNTING PRONOUNCEMENTS** 

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (***''ASU 2020-04''***). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any of applying this ASU.

**(11)** **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 that 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 12/31/2022.

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

The "Actual" columns of the table below provides 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 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 provides 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | | | ***Hypothetical*** | ***Hypothetical*** |
|  |  |  | ***Actual*** | ***Actual*** | (5% return before expenses) | (5% return before expenses) |
|  |  | Beginning |  |  |  |  |
|  | Fund's 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 Income Fund - Class A | 1.00% | $1000.00 | $1001.90 | $5.05 | $1020.16 | $5.09 |
| Catalyst Insider Income Fund - Class C | 1.75% | 1000.00 | 998.10 | 8.81 | 1016.38 | 8.89 |
| Catalyst Insider Income Fund - Class I | 0.75% | 1000.00 | 1003.20 | 3.79 | 1021.42 | 3.82 |
| Catalyst Enhanced Income Strategy Fund - Class A | 1.75% | 1000.00 | 961.40 | 8.65 | 1016.38 | 8.89 |
| Catalyst Enhanced Income Strategy Fund - Class C | 2.50% | 1000.00 | 957.60 | 12.34 | 1012.60 | 12.68 |
| Catalyst Enhanced Income Strategy Fund - Class I | 1.50% | 1000.00 | 962.60 | 7.42 | 1017.64 | 7.63 |
| Catalyst/MAP Global Balanced Fund - Class A | 1.22% | 1000.00 | 997.90 | 6.14 | 1019.06 | 6.21 |
| Catalyst/MAP Global Balanced Fund - Class C | 1.97% | 1000.00 | 998.40 | 9.92 | 1015.27 | 10.01 |
| Catalyst/MAP Global Balanced Fund - Class I | 0.97% | 1000.00 | 1002.80 | 4.90 | 1020.32 | 4.94 |
| Catalyst/CIFC Floating Rate Income Fund - Class A | 1.15% | 1000.00 | 947.50 | 5.65 | 1019.41 | 5.85 |
| Catalyst/CIFC Floating Rate Income Fund - Class C | 1.90% | 1000.00 | 943.80 | 9.31 | 1015.63 | 9.65 |
| Catalyst/CIFC Floating Rate Income Fund - Class I | 0.90% | 1000.00 | 947.70 | 4.42 | 1020.67 | 4.58 |
| Catalyst/SMH High Income Fund - Class A | 1.48% | 1000.00 | 832.30 | 6.84 | 1017.74 | 7.53 |
| Catalyst/SMH High Income Fund - Class C | 2.23% | 1000.00 | 827.10 | 10.27 | 1013.96 | 11.32 |
| Catalyst/SMH High Income Fund - Class I | 1.23% | 1000.00 | 833.30 | 5.68 | 1019.00 | 6.26 |
| Catalyst/SMH Total Return Income Fund - Class A | 1.58% | 1000.00 | 837.50 | 7.32 | 1017.24 | 8.03 |
| Catalyst/SMH Total Return Income Fund - Class C | 2.33% | 1000.00 | 836.00 | 10.78 | 1013.46 | 11.82 |
| Catalyst/SMH Total Return Income Fund - Class I | 1.33% | 1000.00 | 838.20 | 6.16 | 1018.50 | 6.77 |

---

\* Annualized expense ratio does not include interest expenses or dividend expenses.

\*\* 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** |

---

This Page Intentionally Left Blank

---

| |
|:---|
| &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;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;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;A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-447-4228; and on the Commission's website at <u>http://www.sec.gov</u>. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-866-447-4228; and on the Commission's website at <u>http://www.sec.gov</u>. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CatalystIncome-SAR22 |

---

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;&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 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 07, 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 07, 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 07, 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 07, 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:** |

---

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.

---

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