# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-26-001724
**Filing Date:** 2026-3
**Character Count:** 247117
**Document Hash:** 00a4c78d2804900cf2497da34f8c50bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001724.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001724

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21872
- **FILM NUMBER:** 26739396

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

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

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

## Series and Classes Contracts Data

### Catalyst Insider Buying Fund (Series ID: S000033417)

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

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

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

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

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

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

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

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

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

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

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management investment companies**

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

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

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

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

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

Date of fiscal year end: <u>6/30</u> <br>Date of reporting period: <u>12/31/2025</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp; Tailored Shareholder Report

# Catalyst Dynamic Alpha Fund

# Class A (CPEAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id37369412be139b71521297c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Dynamic Alpha Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $72 | 1.38%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$115,876,723

* Number of Portfolio Holdings37

* Advisory Fee (net of waivers)$537,530

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3bce195f6c97db7d19ae01b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.6% |
| Money Market Funds | 5.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia138cae711ce11bc4b56b514.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.2% |
| Money Market Funds | 0.7% |
| Consumer Staples | 2.3% |
| Energy | 3.9% |
| Collateral for Securities Loaned | 5.0% |
| Health Care | 9.9% |
| Consumer Discretionary | 11.9% |
| Financials | 12.7% |
| Communications | 15.0% |
| Industrials | 17.4% |
| Technology | 26.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 7.1% |
| Amphenol Corporation, Class A | 6.3% |
| Flex Ltd. | 5.3% |
| Mount Vernon Liquid Assets Portfolio | 5.0% |
| Amazon.com, Inc. | 4.7% |
| American Express Company | 4.3% |
| Alphabet, Inc., Class A | 4.0% |
| Corning, Inc. | 3.9% |
| Ralph Lauren Corporation | 3.6% |
| Cardinal Health, Inc. | 3.6% |

---

![Image](i40f4fd2caee6da78aacbfb8a.jpg)

# Catalyst Dynamic Alpha Fund - Class A (CPEAX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ib0ae846490a5ab965d31f839.jpg)

TSR-SAR 123125-CPEAX

# Catalyst Dynamic Alpha Fund

# Class C (CPECX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id37369412be139b71521297c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Dynamic Alpha Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $111 | 2.13%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$115,876,723

* Number of Portfolio Holdings37

* Advisory Fee (net of waivers)$537,530

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3bce195f6c97db7d19ae01b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.6% |
| Money Market Funds | 5.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia138cae711ce11bc4b56b514.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.2% |
| Money Market Funds | 0.7% |
| Consumer Staples | 2.3% |
| Energy | 3.9% |
| Collateral for Securities Loaned | 5.0% |
| Health Care | 9.9% |
| Consumer Discretionary | 11.9% |
| Financials | 12.7% |
| Communications | 15.0% |
| Industrials | 17.4% |
| Technology | 26.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 7.1% |
| Amphenol Corporation, Class A | 6.3% |
| Flex Ltd. | 5.3% |
| Mount Vernon Liquid Assets Portfolio | 5.0% |
| Amazon.com, Inc. | 4.7% |
| American Express Company | 4.3% |
| Alphabet, Inc., Class A | 4.0% |
| Corning, Inc. | 3.9% |
| Ralph Lauren Corporation | 3.6% |
| Cardinal Health, Inc. | 3.6% |

---

![Image](i40f4fd2caee6da78aacbfb8a.jpg)

# Catalyst Dynamic Alpha Fund - Class C (CPECX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ib0ae846490a5ab965d31f839.jpg)

TSR-SAR 123125-CPECX

# Catalyst Dynamic Alpha Fund

# Class I (CPEIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id37369412be139b71521297c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Dynamic Alpha Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $59 | 1.13%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$115,876,723

* Number of Portfolio Holdings37

* Advisory Fee (net of waivers)$537,530

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3bce195f6c97db7d19ae01b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.6% |
| Money Market Funds | 5.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia138cae711ce11bc4b56b514.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.2% |
| Money Market Funds | 0.7% |
| Consumer Staples | 2.3% |
| Energy | 3.9% |
| Collateral for Securities Loaned | 5.0% |
| Health Care | 9.9% |
| Consumer Discretionary | 11.9% |
| Financials | 12.7% |
| Communications | 15.0% |
| Industrials | 17.4% |
| Technology | 26.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 7.1% |
| Amphenol Corporation, Class A | 6.3% |
| Flex Ltd. | 5.3% |
| Mount Vernon Liquid Assets Portfolio | 5.0% |
| Amazon.com, Inc. | 4.7% |
| American Express Company | 4.3% |
| Alphabet, Inc., Class A | 4.0% |
| Corning, Inc. | 3.9% |
| Ralph Lauren Corporation | 3.6% |
| Cardinal Health, Inc. | 3.6% |

---

![Image](i40f4fd2caee6da78aacbfb8a.jpg)

# Catalyst Dynamic Alpha Fund - Class I (CPEIX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ib0ae846490a5ab965d31f839.jpg)

TSR-SAR 123125-CPEIX

# Catalyst Energy Infrastructure Fund

# Class A (MLXAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i3710542c3d44b3ffb86d54a7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Energy Infrastructure Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $80 | 1.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$327,542,994

* Number of Portfolio Holdings19

* Advisory Fee (net of waivers)$2,293,652

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1ca3525eb94b8e9d51e40194.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 100.0% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i480630095cf6e7f60ff4fe66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 100.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;Targa Resources Corporation | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;NextDecade Corporation | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;Venture Global, Inc., Class A | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Pembina Pipeline Corporation | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;4.6% |

---

![Image](i53f06e9f8e5e529e6a1eb2c7.jpg)

# Catalyst Energy Infrastructure Fund - Class A (MLXAX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i393a1012cb3ed6dbffd097e5.jpg)

TSR-SAR 123125-MLXAX

# Catalyst Energy Infrastructure Fund

# Class C (MLXCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i3710542c3d44b3ffb86d54a7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Energy Infrastructure Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $116 | 2.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$327,542,994

* Number of Portfolio Holdings19

* Advisory Fee (net of waivers)$2,293,652

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1ca3525eb94b8e9d51e40194.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 100.0% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i480630095cf6e7f60ff4fe66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 100.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;Targa Resources Corporation | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;NextDecade Corporation | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;Venture Global, Inc., Class A | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Pembina Pipeline Corporation | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;4.6% |

---

![Image](i53f06e9f8e5e529e6a1eb2c7.jpg)

# Catalyst Energy Infrastructure Fund - Class C (MLXCX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i393a1012cb3ed6dbffd097e5.jpg)

TSR-SAR 123125-MLXCX

# Catalyst Energy Infrastructure Fund

# Class I (MLXIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i3710542c3d44b3ffb86d54a7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Energy Infrastructure Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $69 | 1.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$327,542,994

* Number of Portfolio Holdings19

* Advisory Fee (net of waivers)$2,293,652

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1ca3525eb94b8e9d51e40194.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 100.0% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i480630095cf6e7f60ff4fe66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 100.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;Targa Resources Corporation | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;NextDecade Corporation | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;Venture Global, Inc., Class A | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Pembina Pipeline Corporation | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;4.6% |

---

![Image](i53f06e9f8e5e529e6a1eb2c7.jpg)

# Catalyst Energy Infrastructure Fund - Class I (MLXIX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i393a1012cb3ed6dbffd097e5.jpg)

TSR-SAR 123125-MLXIX

#### Catalyst Insider Buying Fund

#### Class A (INSAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ia9c2fb746426e34cb257d32e.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Insider Buying Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $78 | 1.53%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18643329 |
| Number of Portfolio Holdings | 60 |
| Advisory Fee (net of waivers) | $27062 |
| Portfolio Turnover | 44% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic48a251df2fdcd2a1dc222ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 86.6% |
| Money Market Funds | 2.1% |
| U.S. Government & Agencies | 11.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i825e1a5fd2ff44a6d0fceeaa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.7% |
| Collateral for Securities Loaned | 0.1% |
| Energy | 0.1% |
| Money Market Funds | 1.9% |
| Consumer Discretionary | 7.1% |
| Industrials | 7.4% |
| Communications | 7.8% |
| Health Care | 8.0% |
| Materials | 8.8% |
| U.S. Treasury Obligations | 10.7% |
| Financials | 18.9% |
| Technology | 24.5% |

---

Excludes investments in swaps.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;GigaCloud Technology, Inc., Class A | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;TransMedics Group, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Medpace Holdings, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;3.4% |

---

![Image](i77b2fcc7542802e41630369f.jpg)

#### Catalyst Insider Buying Fund - Class A (INSAX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Catalyst Insider Buying Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.**

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i2c1230346514346124b2d055.jpg)

TSR-SAR 123125-INSAX

#### Catalyst Insider Buying Fund

#### Class C (INSCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ia9c2fb746426e34cb257d32e.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Insider Buying Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $116 | 2.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18643329 |
| Number of Portfolio Holdings | 60 |
| Advisory Fee (net of waivers) | $27062 |
| Portfolio Turnover | 44% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic48a251df2fdcd2a1dc222ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 86.6% |
| Money Market Funds | 2.1% |
| U.S. Government & Agencies | 11.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i825e1a5fd2ff44a6d0fceeaa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.7% |
| Collateral for Securities Loaned | 0.1% |
| Energy | 0.1% |
| Money Market Funds | 1.9% |
| Consumer Discretionary | 7.1% |
| Industrials | 7.4% |
| Communications | 7.8% |
| Health Care | 8.0% |
| Materials | 8.8% |
| U.S. Treasury Obligations | 10.7% |
| Financials | 18.9% |
| Technology | 24.5% |

---

Excludes investments in swaps.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;GigaCloud Technology, Inc., Class A | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;TransMedics Group, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Medpace Holdings, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;3.4% |

---

![Image](i77b2fcc7542802e41630369f.jpg)

#### Catalyst Insider Buying Fund - Class C (INSCX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Catalyst Insider Buying Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.**

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i2c1230346514346124b2d055.jpg)

TSR-SAR 123125-INSCX

#### Catalyst Insider Buying Fund

#### Class I (INSIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ia9c2fb746426e34cb257d32e.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Insider Buying Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $66 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18643329 |
| Number of Portfolio Holdings | 60 |
| Advisory Fee (net of waivers) | $27062 |
| Portfolio Turnover | 44% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic48a251df2fdcd2a1dc222ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 86.6% |
| Money Market Funds | 2.1% |
| U.S. Government & Agencies | 11.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i825e1a5fd2ff44a6d0fceeaa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.7% |
| Collateral for Securities Loaned | 0.1% |
| Energy | 0.1% |
| Money Market Funds | 1.9% |
| Consumer Discretionary | 7.1% |
| Industrials | 7.4% |
| Communications | 7.8% |
| Health Care | 8.0% |
| Materials | 8.8% |
| U.S. Treasury Obligations | 10.7% |
| Financials | 18.9% |
| Technology | 24.5% |

---

Excludes investments in swaps.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;GigaCloud Technology, Inc., Class A | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;TransMedics Group, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Medpace Holdings, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;3.4% |

---

![Image](i77b2fcc7542802e41630369f.jpg)

#### Catalyst Insider Buying Fund - Class I (INSIX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Catalyst Insider Buying Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228. **This report describes changes to the Fund that occurred during the reporting period.**

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i2c1230346514346124b2d055.jpg)

TSR-SAR 123125-INSIX

#### Catalyst/Lyons Tactical Allocation Fund

#### Class A (CLTAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i277680bd7e196040e24dc934.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/Lyons Tactical Allocation Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $81 | 1.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17878677 |
| Number of Portfolio Holdings | 26 |
| Advisory Fee (net of waivers) | $35378 |
| Portfolio Turnover | 36% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8ae2b3294e47113d194b2a30.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2a59c421392be95f4a351a28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.4% |
| Consumer Staples | 6.5% |
| Financials | 6.6% |
| Health Care | 8.3% |
| Communications | 9.0% |
| Consumer Discretionary | 17.4% |
| Industrials | 18.6% |
| Technology | 32.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Marriott International Inc, Class A | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Vertiv Holdings Company, Class A | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;AutoZone, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Cadence Design Systems, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;4.4% |

---

![Image](if6cb64f11e48c076c20493e7.jpg)

#### Catalyst/Lyons Tactical Allocation Fund - Class A (CLTAX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i16e7bf52973236a194a90a55.jpg)

TSR-SAR 123125-CLTAX

#### Catalyst/Lyons Tactical Allocation Fund

#### Class C (CLTCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i277680bd7e196040e24dc934.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/Lyons Tactical Allocation Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $120 | 2.29%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17878677 |
| Number of Portfolio Holdings | 26 |
| Advisory Fee (net of waivers) | $35378 |
| Portfolio Turnover | 36% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8ae2b3294e47113d194b2a30.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2a59c421392be95f4a351a28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.4% |
| Consumer Staples | 6.5% |
| Financials | 6.6% |
| Health Care | 8.3% |
| Communications | 9.0% |
| Consumer Discretionary | 17.4% |
| Industrials | 18.6% |
| Technology | 32.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Marriott International Inc, Class A | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Vertiv Holdings Company, Class A | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;AutoZone, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Cadence Design Systems, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;4.4% |

---

![Image](if6cb64f11e48c076c20493e7.jpg)

#### Catalyst/Lyons Tactical Allocation Fund - Class C (CLTCX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i16e7bf52973236a194a90a55.jpg)

TSR-SAR 123125-CLTCX

#### Catalyst/Lyons Tactical Allocation Fund

#### Class I (CLTIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i277680bd7e196040e24dc934.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/Lyons Tactical Allocation Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $68 | 1.29%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17878677 |
| Number of Portfolio Holdings | 26 |
| Advisory Fee (net of waivers) | $35378 |
| Portfolio Turnover | 36% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8ae2b3294e47113d194b2a30.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2a59c421392be95f4a351a28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.4% |
| Consumer Staples | 6.5% |
| Financials | 6.6% |
| Health Care | 8.3% |
| Communications | 9.0% |
| Consumer Discretionary | 17.4% |
| Industrials | 18.6% |
| Technology | 32.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Marriott International Inc, Class A | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Vertiv Holdings Company, Class A | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;AutoZone, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Cadence Design Systems, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;4.4% |

---

![Image](if6cb64f11e48c076c20493e7.jpg)

#### Catalyst/Lyons Tactical Allocation Fund - Class I (CLTIX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i16e7bf52973236a194a90a55.jpg)

TSR-SAR 123125-CLTIX

#### Catalyst/MAP Global Equity Fund

#### Class A (CAXAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ie91af989e1c217d884d2ac32.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/MAP Global Equity Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $63 | 1.21%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $85298099 |
| Number of Portfolio Holdings | 53 |
| Advisory Fee (net of waivers) | $275842 |
| Portfolio Turnover | 15% |

---

# **Fund Statistics**![Group By Asset Type Chart](i76b8a2dfd957c06d90ed6b1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.9% |
| Exchange-Traded Funds | 4.8% |
| Money Market Funds | 0.3% |
| Preferred Stocks | 2.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i377f681c6ff5de94c38d5606.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Energy | 3.0% |
| Financials | 3.8% |
| Consumer Discretionary | 4.2% |
| Utilities | 4.5% |
| Commodity | 4.8% |
| Materials | 5.9% |
| Industrials | 7.1% |
| Communications | 13.4% |
| Health Care | 15.0% |
| Technology | 16.5% |
| Consumer Staples | 21.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR Gold MiniShares Trust | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Sanofi | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Novartis A.G. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Nestle S.A. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Takeda Pharmaceutical Company Ltd. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;3.0% |

---

![Image](ia43dae68c239d21aece1ebd9.jpg)

#### Catalyst/MAP Global Equity Fund - Class A (CAXAX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i39824648d3e6b04d59712f73.jpg)

TSR-SAR 123125-CAXAX

#### Catalyst/MAP Global Equity Fund

#### Class C (CAXCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ie91af989e1c217d884d2ac32.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/MAP Global Equity Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $102 | 1.96%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $85298099 |
| Number of Portfolio Holdings | 53 |
| Advisory Fee (net of waivers) | $275842 |
| Portfolio Turnover | 15% |

---

# **Fund Statistics**![Group By Asset Type Chart](i76b8a2dfd957c06d90ed6b1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.9% |
| Exchange-Traded Funds | 4.8% |
| Money Market Funds | 0.3% |
| Preferred Stocks | 2.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i377f681c6ff5de94c38d5606.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Energy | 3.0% |
| Financials | 3.8% |
| Consumer Discretionary | 4.2% |
| Utilities | 4.5% |
| Commodity | 4.8% |
| Materials | 5.9% |
| Industrials | 7.1% |
| Communications | 13.4% |
| Health Care | 15.0% |
| Technology | 16.5% |
| Consumer Staples | 21.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR Gold MiniShares Trust | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Sanofi | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Novartis A.G. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Nestle S.A. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Takeda Pharmaceutical Company Ltd. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;3.0% |

---

![Image](ia43dae68c239d21aece1ebd9.jpg)

#### Catalyst/MAP Global Equity Fund - Class C (CAXCX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i39824648d3e6b04d59712f73.jpg)

TSR-SAR 123125-CAXCX

#### Catalyst/MAP Global Equity Fund

#### Class I (CAXIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ie91af989e1c217d884d2ac32.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/MAP Global Equity Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://catalystmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-866-447-4228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $50 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $85298099 |
| Number of Portfolio Holdings | 53 |
| Advisory Fee (net of waivers) | $275842 |
| Portfolio Turnover | 15% |

---

# **Fund Statistics**![Group By Asset Type Chart](i76b8a2dfd957c06d90ed6b1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.9% |
| Exchange-Traded Funds | 4.8% |
| Money Market Funds | 0.3% |
| Preferred Stocks | 2.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i377f681c6ff5de94c38d5606.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Energy | 3.0% |
| Financials | 3.8% |
| Consumer Discretionary | 4.2% |
| Utilities | 4.5% |
| Commodity | 4.8% |
| Materials | 5.9% |
| Industrials | 7.1% |
| Communications | 13.4% |
| Health Care | 15.0% |
| Technology | 16.5% |
| Consumer Staples | 21.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR Gold MiniShares Trust | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Sanofi | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Novartis A.G. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Nestle S.A. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Takeda Pharmaceutical Company Ltd. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;3.0% |

---

![Image](ia43dae68c239d21aece1ebd9.jpg)

#### Catalyst/MAP Global Equity Fund - Class I (CAXIX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i39824648d3e6b04d59712f73.jpg)

TSR-SAR 123125-CAXIX

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

**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

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 1 of this form.

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

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

---

| |
|:---|
| **SEMI-ANNUAL FINANCIAL STATEMENTS** |
| **AND** |
| **ADDITIONAL INFORMATION** |
| **Catalyst Insider Buying Fund** |
| **(INSAX, INSCX, INSIX)** |
| **Catalyst Energy Infrastructure Fund** |
| **(MLXAX, MLXCX, MLXIX)** |
| **Catalyst/MAP Global Equity Fund** |
| **(CAXAX, CAXCX, CAXIX)** |
| **Catalyst/Lyons Tactical Allocation Fund** |
| **(CLTAX, CLTCX, CLTIX)** |
| **Catalyst Dynamic Alpha Fund** |
| **(CPEAX, CPECX, CPEIX)** |
| **December 31, 2025** |
| **Mutual Fund Series Trust** |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| **FINANCIAL STATEMENTS** |
| **<u>**TABLE OF CONTENTS**</u>** |

---

---

| | |
|:---|:---|
| Schedules of Investments | Page 1 |
| Statements of Assets and Liabilities | Page 16 |
| Statements of Operations | Page 18 |
| Statements of Changes in Net Assets | Page 20 |
| Financial Highlights | Page 22 |
| Notes to Financial Statements | Page 32 |
| Additional Information | Page 46 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 82.6%** |  |
|  | **AEROSPACE & DEFENSE - 0.4%** |  |
| 900 | TAT Technologies Ltd.<sup>(a)</sup> | $40194 |
| 26 | TransDigm Group, Inc. | 34576 |
|  |  | 74770 |
|  | **ASSET MANAGEMENT - 9.1%** |  |
| 2485 | LPL Financial Holdings, Inc. | 887568 |
| 2560 | Raymond James Financial, Inc. | 411110 |
| 3430 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 387933 |
|  |  | 1686611 |
|  | **AUTOMOTIVE - 0.2%** |  |
| 700 | XPEL, Inc.<sup>(a)</sup> | 34937 |
|  | **BIOTECH & PHARMA - 4.3%** |  |
| 100 | Corcept Therapeutics, Inc.<sup>(a)</sup> | 3480 |
| 6575 | TransMedics Group, Inc.<sup>(a)</sup> | 799848 |
|  |  | 803328 |
|  | **E-COMMERCE DISCRETIONARY - 3.1%** |  |
| 295 | MercadoLibre, Inc.<sup>(a)</sup> | 594207 |
|  | **ELECTRICAL EQUIPMENT - 0.9%** |  |
| 1015 | Badger Meter, Inc. | 177026 |
|  | **ENGINEERING & CONSTRUCTION - 6.1%** |  |
| 850 | Comfort Systems USA, Inc. | 793298 |
| 220 | IES Holdings, Inc.<sup>(a)</sup> | 85584 |
| 590 | Quanta Services, Inc. | 249015 |
|  |  | 1127897 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.7%** |  |
| 140 | Ensign Group, Inc. (The) | 24388 |
| 1190 | Medpace Holdings, Inc.<sup>(a)</sup> | 668364 |
|  |  | 692752 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.7%** |  |
| 580 | Intercontinental Exchange, Inc. | 93937 |
| 1020 | Nasdaq, Inc. | 99073 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 82.6% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.7% (Continued)** |  |
| 5174 | StoneX Group, Inc.<sup>(a)</sup> | $492202 |
|  |  | 685212 |
|  | **INSURANCE - 3.0%** |  |
| 420 | Brown & Brown, Inc. | 33474 |
| 12850 | International General Insurance Holdings Ltd. | 322406 |
| 540 | Kinsale Capital Group, Inc. | 211205 |
|  |  | 567085 |
|  | **INTERNET MEDIA & SERVICES - 7.3%** |  |
| 215 | Alphabet, Inc., Class A | 67295 |
| 870 | Meta Platforms, Inc., Class A | 574278 |
| 5300 | Opera Ltd. - ADR<sup>(e)</sup> | 75048 |
| 7840 | Uber Technologies, Inc.<sup>(a)</sup> | 640607 |
|  |  | 1357228 |
|  | **METALS & MINING - 8.8%** |  |
| 1835 | Agnico Eagle Mines Ltd. | 311088 |
| 2850 | Barrick Mining Corporation | 124118 |
| 4480 | Gold Fields Ltd. - ADR | 195597 |
| 17850 | Kinross Gold Corporation | 502655 |
| 5010 | Newmont Corporation | 500249 |
|  |  | 1633707 |
|  | **OIL & GAS PRODUCERS - 0.1%** |  |
| 50 | Murphy USA, Inc. | 20176 |
|  | **RETAIL - DISCRETIONARY - 1.2%** |  |
| 15 | AutoZone, Inc.<sup>(a)</sup> | 50873 |
| 1875 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 171018 |
|  |  | 221891 |
|  | **SOFTWARE - 13.3%** |  |
| 6900 | AvePoint, Inc.<sup>(a)</sup> | 95841 |
| 2600 | Cellebrite DI Ltd.<sup>(a)</sup> | 46878 |
| 605 | CyberArk Software Ltd.<sup>(a)</sup> | 269866 |
| 5075 | Fortinet, Inc.<sup>(a)</sup> | 403006 |
| 20400 | GigaCloud Technology, Inc., Class A<sup>(a)</sup> | 801311 |
| 80 | Microsoft Corporation | 38690 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 82.6% (Continued)** |  |
|  | **SOFTWARE - 13.3% (Continued)** |  |
| 660 | Monday.com Ltd.<sup>(a)</sup> | $97390 |
| 7730 | Oddity Tech Ltd., Class A<sup>(a)</sup> | 310591 |
| 280 | Qualys, Inc.<sup>(a)</sup> | 37212 |
| 400 | Rubrik, Inc., Class A<sup>(a)</sup> | 30592 |
| 700 | Samsara, Inc., Class A<sup>(a)</sup> | 24815 |
| 650 | Synopsys, Inc.<sup>(a)</sup> | 305318 |
|  |  | 2461510 |
|  | **SPECIALTY FINANCE - 0.6%** |  |
| 525 | Dave, Inc.<sup>(a)</sup> | 116240 |
|  | **TECHNOLOGY HARDWARE - 3.9%** |  |
| 5600 | Arista Networks, Inc.<sup>(a)</sup> | 733768 |
|  | **TECHNOLOGY SERVICES - 9.8%** |  |
| 1456 | Mastercard, Inc., Class A | 831200 |
| 60 | MSCI, Inc. | 34424 |
| 7500 | Nayax Ltd.<sup>(a)</sup> | 378769 |
| 13000 | Toast, Inc., Class A<sup>(a)</sup> | 461630 |
| 350 | Visa, Inc., Class A | 122749 |
|  |  | 1828772 |
|  | **TELECOMMUNICATIONS - 0.5%** |  |
| 9700 | Allot Ltd.<sup>(a)</sup> | 95351 |
|  | **WHOLESALE - DISCRETIONARY - 2.6%** |  |
| 4630 | Climb Global Solutions, Inc. | 475918 |
| 135 | Copart, Inc.<sup>(a)</sup> | 5284 |
|  |  | 481202 |
|  | **TOTAL COMMON STOCKS (Cost $13,508,648)** | 15393670 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 10.7%** |  |  |  |
|  | **U.S. TREASURY BILLS — 10.7%** |  |  |  |
| 850000 | United States Treasury Bill<sup>(b),(f)</sup> |  | 08/06/26 | 832657 |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 10.7% (Continued)** |  |  |  |
|  | **U.S. TREASURY BILLS — 10.7% (Continued)** |  |  |  |
| 300000 | United States Treasury Bill<sup>(b),(f)</sup> |  | 10/01/26 | $292373 |
| 900000 | United States Treasury Bill<sup>(b),(f)</sup> |  | 10/29/26 | 874748 |
|  |  |  |  | 1999778 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,997,439)** |  |  | 1999778 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 0.1%** |  |
| 19352 | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $19,352)<sup>(c),(d)</sup> | 19352 |
|  | **MONEY MARKET FUND - 1.9%** |  |
| 350199 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $350,199)<sup>(c)</sup> | 350199 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $369,551)** | 369551 |
|  | **TOTAL INVESTMENTS - 95.3% (Cost $15,875,638)** | $17762999 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 4.7%** | 880330 |
|  | **NET ASSETS - 100.0%** | $18643329 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |

---

(a) Non-income producing security.

(b) Zero coupon bond.

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

(d) Security was purchased with cash received as collateral for securities on loan
 at December 31, 2025. Total collateral had a value of $19,352 at December 31, 2025.

(e) All or a portion of this security is on loan. The total fair value of the securities
 on loan as of December 31, 2025 was $18,578.

(f) All or a portion of this investment is a holding of the CIBF Fund Ltd.

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

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAP - 0.9% +** | **TOTAL RETURN SWAP - 0.9% +** | **TOTAL RETURN SWAP - 0.9% +** | **TOTAL RETURN SWAP - 0.9% +** | **TOTAL RETURN SWAP - 0.9% +** | **TOTAL RETURN SWAP - 0.9% +** | **TOTAL RETURN SWAP - 0.9% +** | **TOTAL RETURN SWAP - 0.9% +** |
|  |  | **Payment** | **Pay Fixed** | **Upfront** |  |  | **Unrealized** |
| **Shares** | **Reference Entity** | **Frequency** | **Rate** | **Payments** | **Maturity** | **Notional Amount** | **Appreciation** |
| 10900 | CIBC Macro Hedge Index | Monthly | 0.5000% | — CIBC | 8/31/2026 | (22651399) | $160243 |
|  |  |  |  |  |  |  | $160243 |

---

+ This instrument is held by CIBF Fund Ltd.

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

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.0%** |  |
|  | **OIL & GAS PRODUCERS - 100.0%** |  |
| 166728 | Cheniere Energy, Inc. | $32410257 |
| 110308 | DT Midstream, Inc. | 13201661 |
| 317006 | Enbridge, Inc. | 15162397 |
| 2014200 | Energy Transfer, L.P. | 33214158 |
| 458840 | Enterprise Products Partners, L.P. | 14710410 |
| 163561 | Hess Midstream, L.P., Class A | 5642855 |
| 551633 | Kinder Morgan, Inc. | 15164391 |
| 401767 | Kinetik Holdings, Inc. | 14483700 |
| 273464 | MPLX, L.P. | 14594774 |
| 4642512 | NextDecade Corporation<sup>(a)</sup> | 24466038 |
| 207322 | ONEOK, Inc. | 15238167 |
| 399887 | Pembina Pipeline Corporation | 15219699 |
| 693523 | Plains GP Holdings, L.P., Class A | 13274030 |
| 161679 | South Bow Corporation | 4441322 |
| 174928 | Targa Resources Corporation | 32274216 |
| 268698 | TC Energy Corporation | 14781077 |
| 2871398 | Venture Global, Inc., Class A | 19582934 |
| 369992 | Western Midstream Partners, L.P. | 14614686 |
| 252171 | Williams Companies, Inc. (The) | 15157998 |
|  |  | 327634770 |
|  | **TOTAL COMMON STOCKS (Cost $260,694,632)** | 327634770 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $260,694,632)** | $327634770 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** | (91776) |
|  | **NET ASSETS - 100.0%** | $327542994 |

---

LP - Limited Partnership

(a) Non-income producing security.

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.9%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 1.1%** |  |
| 1000 | LVMH Moet Hennessy Louis Vuitton S.E. | $757754 |
| 1200 | LVMH Moet Hennessy Louis Vuitton SE - ADR | 180972 |
|  |  | 938726 |
|  | **BEVERAGES - 1.6%** |  |
| 125000 | Arca Continental COM NPV | 1349967 |
|  | **BIOTECH & PHARMA - 11.9%** |  |
| 6489 | Johnson & Johnson | 1342899 |
| 22002 | Novartis A.G. - ADR | 3033416 |
| 64000 | Sanofi - ADR | 3101439 |
| 169000 | Takeda Pharmaceutical Company Ltd. - ADR | 2634710 |
|  |  | 10112464 |
|  | **CHEMICALS - 2.1%** |  |
| 55000 | Mosaic Company (The) | 1324950 |
| 8765 | Solstice Advanced Materials, Inc.<sup>(a)</sup> | 425804 |
|  |  | 1750754 |
|  | **DIVERSIFIED INDUSTRIALS - 1.5%** |  |
| 6400 | Honeywell International, Inc. | 1248576 |
|  | **ELECTRICAL EQUIPMENT - 1.7%** |  |
| 4856 | Daikin Industries Ltd. | 622544 |
| 2602 | Eaton Corporation PLC | 828763 |
|  |  | 1451307 |
|  | **ENGINEERING & CONSTRUCTION - 3.9%** |  |
| 11808 | Everus Construction Group, Inc.<sup>(a)</sup> | 1010292 |
| 69675 | Tetra Tech, Inc. | 2336900 |
|  |  | 3347192 |
|  | **ENTERTAINMENT CONTENT - 2.4%** |  |
| 710000 | Vivendi S.A. | 1973520 |
| 25500 | Vivendi S.A. - ADR | 69615 |
|  |  | 2043135 |
|  | **FOOD - 5.6%** |  |
| 384700 | GrainCorp Ltd. | 1843028 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.9% (Continued)** |  |
|  | **FOOD - 5.6% (Continued)** |  |
| 29500 | Nestle S.A. - ADR | $2914010 |
|  |  | 4757038 |
|  | **GAS & WATER UTILITIES - 4.5%** |  |
| 82010 | MDU Resources Group, Inc. | 1600835 |
| 28270 | National Fuel Gas Company | 2263296 |
|  |  | 3864131 |
|  | **HOME CONSTRUCTION - 0.8%** |  |
| 14000 | Fortune Brands Innovations, Inc. | 700280 |
|  | **HOUSEHOLD PRODUCTS - 2.5%** |  |
| 32304 | Unilever plc - ADR | 2112682 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.9%** |  |
| 2775 | CME Group, Inc. | 757797 |
|  | **INSURANCE - 2.2%** |  |
| 5500 | Aon PLC, Class A | 1940840 |
|  | **INTERNET MEDIA & SERVICES - 6.7%** |  |
| 8124 | Alphabet, Inc., Class C | 2549311 |
| 3590 | Meta Platforms, Inc., Class A | 2369723 |
| 9150 | Uber Technologies, Inc.<sup>(a)</sup> | 747647 |
|  |  | 5666681 |
|  | **LEISURE FACILITIES & SERVICES - 1.5%** |  |
| 164640 | Arcos Dorados Holdings, Inc., Class A | 1208458 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.1%** |  |
| 27650 | Medtronic PLC | 2656059 |
|  | **METALS & MINING - 3.8%** |  |
| 29000 | Freeport-McMoRan, Inc. | 1472910 |
| 188340 | Grupo Mexico S.A.B. de C.V., Class B | 1779900 |
|  |  | 3252810 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.9% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 3.0%** |  |
| 16677 | Chevron Corporation | $2541742 |
|  | **PUBLISHING & BROADCASTING - 0.6%** |  |
| 256280 | Louis Hachette Group | 470589 |
|  | **RETAIL - CONSUMER STAPLES - 7.4%** |  |
| 11000 | PriceSmart, Inc. | 1349370 |
| 217400 | Tesco PLC | 1294735 |
| 423500 | Wal-Mart de Mexico SAB de CV | 1317081 |
| 22000 | Walmart, Inc. | 2451020 |
|  |  | 6412206 |
|  | **RETAIL - DISCRETIONARY - 0.8%** |  |
| 2104 | Home Depot, Inc. (The) | 723986 |
|  | **SEMICONDUCTORS - 5.4%** |  |
| 7854 | Applied Materials, Inc. | 2018400 |
| 3464 | Micron Technology, Inc. | 988660 |
| 5500 | Tokyo Electron Ltd. | 1205141 |
| 4000 | Tokyo Electron Ltd. - ADR | 444400 |
|  |  | 4656601 |
|  | **SOFTWARE - 5.4%** |  |
| 7110 | Microsoft Corporation | 3438538 |
| 5493 | Workday, Inc., Class A<sup>(a)</sup> | 1179787 |
|  |  | 4618325 |
|  | **SPECIALTY FINANCE - 0.7%** |  |
| 8688 | Fidelity National Information Services, Inc. | 577404 |
|  | **TECHNOLOGY HARDWARE - 4.0%** |  |
| 44810 | Cisco Systems, Inc. | 3451714 |
|  | **TECHNOLOGY SERVICES - 1.6%** |  |
| 3900 | Visa, Inc., Class A | 1367769 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.9% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 3.8%** |  |
| 106195 | Orange S.A. - ADR | $1772395 |
| 36500 | Verizon Communications, Inc. | 1486645 |
|  |  | 3259040 |
|  | **WHOLESALE - CONSUMER STAPLES - 2.4%** |  |
| 23000 | Bunge Global S.A. | 2048839 |
|  | **TOTAL COMMON STOCKS (Cost $58,245,950)** | 79287112 |
|  | **EXCHANGE-TRADED FUND — 4.8%** |  |
|  | **COMMODITY - 4.8%** |  |
| 48400 | SPDR Gold MiniShares Trust<sup>(a)</sup> | 4131908 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $1,850,414)** | 4131908 |
|  | **PREFERRED STOCKS — 2.0%** |  |
|  | **HOUSEHOLD PRODUCTS — 2.0%** |  |
| 20600 | Henkel A.G. & Company KGaA | 1683914 |
|  | **TOTAL PREFERRED STOCKS (Cost $1,686,122)** | 1683914 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 213921 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $213,921)<sup>(b)</sup> | 213921 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $61,996,407)** | $85316855 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** | (18756) |
|  | **NET ASSETS - 100.0%** | $85298099 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of December 31, 2025.

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

---

| |
|:---|
| **CATALYST/LYONS TACTICAL ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6%** |  |
|  | **AEROSPACE & DEFENSE - 6.3%** |  |
| 2948 | Howmet Aerospace, Inc. | $604399 |
| 2900 | RTX Corporation | 531860 |
|  |  | 1136259 |
|  | **ASSET MANAGEMENT - 2.5%** |  |
| 3988 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 451043 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.4%** |  |
| 3545 | Waste Management, Inc. | 778872 |
|  | **DIVERSIFIED INDUSTRIALS - 3.0%** |  |
| 613 | Parker-Hannifin Corporation | 538802 |
|  | **ELECTRICAL EQUIPMENT - 4.9%** |  |
| 5425 | Vertiv Holdings Company, Class A | 878904 |
|  | **HEALTH CARE FACILITIES & SERVICES - 8.3%** |  |
| 1932 | HCA Healthcare, Inc. | 901974 |
| 714 | McKesson Corporation | 585687 |
|  |  | 1487661 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.1%** |  |
| 6225 | Bank of New York Mellon Corporation (The) | 722660 |
|  | **INTERNET MEDIA & SERVICES - 9.0%** |  |
| 2491 | Alphabet, Inc., Class A | 779683 |
| 1254 | Meta Platforms, Inc., Class A | 827753 |
|  |  | 1607436 |
|  | **LEISURE FACILITIES & SERVICES - 8.6%** |  |
| 2977 | Marriott International Inc, Class A | 923585 |
| 5173 | Wynn Resorts Ltd. | 622467 |
|  |  | 1546052 |
|  | **RETAIL - CONSUMER STAPLES - 3.2%** |  |
| 4275 | Dollar General Corporation | 567592 |

---

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

---

| |
|:---|
| **CATALYST/LYONS TACTICAL ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 8.8%** |  |
| 243 | AutoZone, Inc.<sup>(a)</sup> | $824134 |
| 1736 | Carvana Company<sup>(a)</sup> | 732627 |
|  |  | 1556761 |
|  | **SEMICONDUCTORS - 12.3%** |  |
| 1570 | Broadcom, Inc. | 543377 |
| 754 | KLA Corporation | 916170 |
| 4001 | NVIDIA Corporation | 746187 |
|  |  | 2205734 |
|  | **SOFTWARE - 12.5%** |  |
| 2522 | Cadence Design Systems, Inc.<sup>(a)</sup> | 788327 |
| 1910 | Microsoft Corporation | 923713 |
| 3000 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 533250 |
|  |  | 2245290 |
|  | **TECHNOLOGY HARDWARE - 7.4%** |  |
| 3220 | Apple, Inc. | 875389 |
| 3440 | Arista Networks, Inc.<sup>(a)</sup> | 450743 |
|  |  | 1326132 |
|  | **WHOLESALE - CONSUMER STAPLES - 3.3%** |  |
| 6526 | Performance Food Group Company<sup>(a)</sup> | 586819 |
|  | **TOTAL COMMON STOCKS (Cost $14,046,311)** | 17636017 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.4%** |  |
|  | **MONEY MARKET FUNDS - 1.4%** |  |
| 244231 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $244,231)<sup>(b)</sup> | 244231 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $14,290,542)** | $17880248 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** | (1571) |
|  | **NET ASSETS - 100.0%** | $17878677 |

---

LTD - Limited Company

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of December 31, 2025.

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5%** |  |
|  | **ADVERTISING & MARKETING - 2.9%** |  |
| 5000 | AppLovin Corporation, Class A<sup>(a)</sup> | $3369100 |
|  | **AEROSPACE & DEFENSE - 3.1%** |  |
| 2700 | TransDigm Group, Inc. | 3590595 |
|  | **APPAREL & TEXTILE PRODUCTS - 3.6%** |  |
| 11925 | Ralph Lauren Corporation | 4216799 |
|  | **ASSET MANAGEMENT - 3.2%** |  |
| 33280 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 3763968 |
|  | **AUTOMOTIVE - 1.6%** |  |
| 15550 | Autoliv, Inc.<sup>(c)</sup> | 1845785 |
|  | **BANKING - 3.6%** |  |
| 53125 | HSBC Holdings plc - ADR | 4179344 |
|  | **BIOTECH & PHARMA - 4.2%** |  |
| 16225 | Corcept Therapeutics, Inc.<sup>(a)</sup> | 564630 |
| 7800 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 1106274 |
| 23400 | Novartis A.G. - ADR <sup>(c)</sup> | 3226158 |
|  |  | 4897062 |
|  | **E-COMMERCE DISCRETIONARY - 4.7%** |  |
| 23850 | Amazon.com, Inc.<sup>(a)</sup> | 5505057 |
|  | **ELECTRICAL EQUIPMENT - 7.9%** |  |
| 54200 | Amphenol Corporation, Class A | 7324588 |
| 10650 | BWX Technologies, Inc. | 1840746 |
|  |  | 9165334 |
|  | **ENGINEERING & CONSTRUCTION - 4.9%** |  |
| 5425 | EMCOR Group, Inc.<sup>(c)</sup> | 3318961 |
| 7825 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 2396250 |
|  |  | 5715211 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.8%** |  |
| 20425 | Cardinal Health, Inc. | $4197338 |
| 14025 | Quest Diagnostics, Inc. | 2433758 |
|  |  | 6631096 |
|  | **HOME CONSTRUCTION - 2.0%** |  |
| 16725 | Toll Brothers, Inc. | 2261555 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.5%** |  |
| 5025 | Evercore, Inc., Class A | 1709756 |
|  | **INTERNET MEDIA & SERVICES - 12.1%** |  |
| 14750 | Alphabet, Inc., Class A | 4616750 |
| 12775 | Expedia Group, Inc. | 3619285 |
| 15500 | Reddit, Inc., Class A<sup>(a)</sup> | 3562985 |
| 27660 | Uber Technologies, Inc.<sup>(a)</sup> | 2260099 |
|  |  | 14059119 |
|  | **MACHINERY - 1.5%** |  |
| 24500 | Flowserve Corporation | 1699810 |
|  | **OIL & GAS PRODUCERS - 1.7%** |  |
| 17500 | Expand Energy Corporation | 1931300 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.2%** |  |
| 59025 | TechnipFMC plc | 2630154 |
|  | **SEMICONDUCTORS - 10.0%** |  |
| 6100 | Micron Technology, Inc. | 1741001 |
| 1800 | Monolithic Power Systems, Inc. | 1631448 |
| 27250 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 8281002 |
|  |  | 11653451 |
|  | **SOFTWARE - 7.0%** |  |
| 7175 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 3363352 |
| 16800 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 2986200 |
| 19525 | SS&C Technologies Holdings, Inc. | 1706876 |
|  |  | 8056428 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **SPECIALTY FINANCE - 4.4%** |  |
| 13575 | American Express Company<sup>(c)</sup> | $5022072 |
|  | **TECHNOLOGY HARDWARE - 9.3%** |  |
| 51800 | Corning, Inc. | 4535608 |
| 101525 | Flex Ltd.<sup>(a)</sup> | 6134140 |
|  |  | 10669748 |
|  | **WHOLESALE - CONSUMER STAPLES - 2.3%** |  |
| 35825 | US Foods Holding Corporation<sup>(a)</sup> | 2698338 |
|  | **TOTAL COMMON STOCKS (Cost $80,767,572)** | 115271082 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 5.7%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 5.0%** |  |
| 5798450 | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $5,798,450)<sup>(b),(d)</sup> | 5798450 |
|  | **MONEY MARKET FUND - 0.7%** |  |
| 817651 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $817,651)<sup>(b)</sup> | 817651 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,616,101)** | 6616101 |
|  | **TOTAL INVESTMENTS - 105.2% (Cost $87,383,673)** | $121887183 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.2)%** | (6010460) |
|  | **NET ASSETS - 100.0%** | $115876723 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PLC | - Public Limited Company |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of December 31, 2025.

(c) All or a portion of this security is on loan. The total fair value of the securities
 on loan as of June 30, 2025 was $5,633,462.

(d) Security was purchased with cash received as collateral for securities on loan
 at December 31, 2025. Total collateral had a value of $5,798,450 at December 31, 2025.

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

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Assets and Liabilities (Unaudited) |
| December 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Catalyst Insider**<br>**Buying Fund** | **Catalyst Energy**<br>**Infrastructure Fund** | **Catalyst/MAP**<br>**Global Equity Fund** |
|  | **(Consolidated)** |  |  |
| **ASSETS:** |  |  |  |
| Investment in Securities, at Cost | $15875638 | $260694632 | $61996407 |
| Investment in Securities, at Value | $17762999 | $327634770 | $85316855 |
| Cash | 743163 | 179490 |  |
| Foreign Currency, at value (at cost $0, $157,688, $0) |  | 157688 |  |
| Unrealized appreciation on swap contracts | 160243 |  |  |
| Receivable for securities sold |  | 500013 |  |
| Receivable for Fund shares sold | 96 | 113533 | 8172 |
| Dividends and interest receivable | 3966 | 162102 | 162285 |
| Prepaid expenses and other assets | 34583 | 61001 | 27507 |
| &nbsp;&nbsp;&nbsp;Total Assets | **18705050** | **328808597** | **85514819** |
| **LIABILITIES:** |  |  |  |
| Payable upon return of securities loaned (Market value of securities on loan $18,578, $0, $0) | 19352 |  |  |
| Payable for Fund shares redeemed | 407 | 615646 | 118772 |
| Line of credit outstanding |  | 143000 |  |
| Investment advisory fees payable | 5411 | 330866 | 47927 |
| Trustee fee payable | 3716 | 3741 | 3799 |
| Payable to related parties | 621 | 16627 | 6327 |
| Compliance Officer fees payable | 52 | 187 | 183 |
| Accrued 12b-1 fees | 10544 | 57229 | 13544 |
| Accrued expenses and other liabilities | 21618 | 98307 | 26168 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **61721** | **1265603** | **216720** |
| &nbsp;&nbsp;&nbsp;Net Assets | $**18643329** | $**327542994** | $**85298099** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid in capital | $61056525 | $254417387 | $60452604 |
| Accumulated earnings (deficits) | (42413196) | 73125607 | 24845495 |
| **Net Assets** | $**18643329** | $**327542994** | $**85298099** |
| **Class A** |  |  |  |
| Net Assets | $12249876 | $36173116 | $11921943 |
| Shares of beneficial interest outstanding (a) | 507483 | 1493959 | 616131 |
| Net asset value per share (Net assets/shares outstanding) | $24.14 | $24.21 | $19.35 |
| Maximum offering price per share (b) | $25.61 | $25.69 | $20.53 |
| Minimum redemption price per share (c) | $23.90 | $23.97 | $19.16 |
| **Class C** |  |  |  |
| Net Assets | $760449 | $25380349 | $5898053 |
| Shares of beneficial interest outstanding (a) | 33788 | 1050102 | 315052 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $22.51 | $24.17 | $18.72 |
| **Class I** |  |  |  |
| Net Assets | $5633004 | $265989529 | $67478103 |
| Shares of beneficial interest outstanding (a) | 226795 | 10929463 | 3479044 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $24.84 | $24.34 | $19.40 |

---

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

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

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

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

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Assets and Liabilities (Unaudited)(Continued) |
| December 31, 2025 |

---

---

| | | |
|:---|:---|:---|
|  | **Catalyst/Lyons**<br>**Tactical**<br>**Allocation Fund** | **Catalyst**<br>**Dynamic Alpha**<br>**Fund** |
| **ASSETS:** |  |  |
| Investment in Securities, at Cost | $14290542 | $87383673 |
| Investment in Securities, at Value | $17880248 | $121887183 |
| Receivable for Fund shares sold | 88 | 101323 |
| Dividends and interest receivable | 857 | 53273 |
| Prepaid expenses and other assets | 35512 | 33066 |
| &nbsp;&nbsp;&nbsp;Total Assets | **17916705** | **122074845** |
| **LIABILITIES:** |  |  |
| Payable upon return of securities loaned (Market value of securities on loan $0, $5,633,462) |  | 5798450 |
| Payable for Fund shares redeemed | 5773 | 214351 |
| Line of credit outstanding |  |  |
| Investment advisory fees payable | 5407 | 89573 |
| Trustee fee payable | 4034 | 3757 |
| Payable to related parties | 5087 | 8248 |
| Compliance Officer fees payable | 198 | 294 |
| Accrued 12b-1 fees | 9026 | 56218 |
| Accrued expenses and other liabilities | 8503 | 27231 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **38028** | **6198122** |
| &nbsp;&nbsp;&nbsp;Net Assets | $**17878677** | $**115876723** |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid in capital | $13949403 | $83040914 |
| Accumulated earnings | 3929274 | 32835809 |
| **Net Assets** | $**17878677** | $**115876723** |
| **Class A** |  |  |
| Net Assets | $7089570 | $60428111 |
| Shares of beneficial interest outstanding (a) | 447205 | 2757815 |
| Net asset value per share (Net assets/shares outstanding) | $15.85 | $21.91 |
| Maximum offering price per share (b) | $16.82 | $23.25 |
| Minimum redemption price per share (c) | $15.69 | $21.69 |
| **Class C** |  |  |
| Net Assets | $3995915 | $13967434 |
| Shares of beneficial interest outstanding (a) | 269055 | 769338 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $14.85 | $18.16 |
| **Class I** |  |  |
| Net Assets | $6793192 | $41481178 |
| Shares of beneficial interest outstanding (a) | 426156 | 1836668 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $15.94 | $22.59 |

---

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

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

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

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

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Operations (Unaudited) |
| For the Six Months Ended December 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Catalyst Insider**<br>**Buying Fund** | **Catalyst Energy**<br>**Infrastructure Fund** | **Catalyst/MAP**<br>**Global Equity Fund** |
|  | **(Consolidated)** | | |
| **Investment Income:** |  |  |  |
| Dividend income | $35600 | $8545590 | $809692 |
| Interest income | 45950 | 7589 | 19362 |
| Securities lending - net | 2084 |  |  |
| Foreign tax withheld | (808) | (226080) | (78772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **82826** | **8327099** | **750282** |
| **Operating Expenses:** |  |  |  |
| Investment advisory fees | 91152 | 2402454 | 424273 |
| 12b-1 fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 15377 | 49404 | 15026 |
| &nbsp;&nbsp;&nbsp;Class C | 3172 | 147519 | 30206 |
| Registration fees | 20688 | 48062 | 15913 |
| Legal fees | 18234 | 12355 | 11122 |
| Financial administration/Fund accounting fees | 15832 | 57604 | 26690 |
| Networking fees | 8865 | 211840 | 36261 |
| Trustee fees | 8067 | 8067 | 8067 |
| Audit fees | 4236 | 7535 | 4121 |
| Printing expense | 3544 | 27670 | 3275 |
| Compliance officer fees | 3029 | 10766 | 5284 |
| Transfer agent fees | 2339 | 11525 | 3537 |
| Custody fees | 1616 | 12122 | 7560 |
| Legal administration/Management services fees | 1559 | 32863 | 7255 |
| Insurance expense | 226 | 5787 | 1058 |
| Interest expense | 6 | 9242 |  |
| Miscellaneous expense | 1463 | 4380 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **199405** | **3059195** | **601112** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by Advisor | (64090) | (108802) | (148431) |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **135315** | **2950393** | **452681** |
| **Net Investment Income (Loss)** | **(52489)** | **5376706** | **297601** |
| **Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Options Written, and Foreign Currency Translations:** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1413203 | 18637227 | 3894452 |
| &nbsp;&nbsp;&nbsp;Swap contracts | (55502) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (6029) | (8605) |
| **Net realized gain** | 1357701 | 18631198 | 3885847 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;(depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1167202) | (64309795) | 1906309 |
| &nbsp;&nbsp;&nbsp;Swap contracts | 335912 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | (113) |
| **Net change in unrealized appreciation (depreciation)** | (831290) | (64309795) | 1906196 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **526411** | **(45678597)** | **5792043** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**473922** | $**(40301891)** | $**6089644** |

---

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

---

| |
|:---|
| **CATALYST FUNDS** |
| Statements of Operations (Unaudited)(Continued) |
| For the Six Months Ended December 31, 2025 |

---

---

| | | |
|:---|:---|:---|
|  | **Catalyst/Lyons**<br>**Tactical**<br>**Allocation Fund** | **Catalyst**<br>**Dynamic Alpha**<br>**Fund** |
| **Investment Income:** |  |  |
| Dividend Income | $68175 | $668405 |
| Interest Income | 1388 | 9772 |
| Securities lending - net |  | 18407 |
| Foreign tax withheld |  | (10809) |
| For **Total Investment Income** | **69563** | **685775** |
| **Operating Expenses:** |  |  |
| Investment advisory fees | 117435 | 606338 |
| 12b-1 fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 9039 | 78360 |
| &nbsp;&nbsp;&nbsp;Class C | 22543 | 75922 |
| Registration fees | 21215 | 23200 |
| Financial administration/Fund accounting fees | 14980 | 27217 |
| Legal fees | 11620 | 12116 |
| Networking fees | 9299 | 38445 |
| Trustees' fees | 8067 | 8067 |
| Compliance officer fees | 5745 | 6934 |
| Audit fees | 3511 | 4473 |
| Transfer agent fees | 2433 | 4440 |
| Custody fees | 2016 | 4030 |
| Printing expense | 2015 | 5024 |
| Legal administration/Management services fees | 1606 | 10368 |
| Interest expense | 576 | 97 |
| Insurance expense | 354 | 1816 |
| Miscellaneous expense | 1915 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **234369** | **908311** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by Advisor | (82057) | (68808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **152312** | **839503** |
| **Net Investment Loss** | **(82749)** | **(153728)** |
| **Realized and Unrealized Gain on Investments and Purchased Options:** |  |  |
| Net realized gain from: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2416395 | 6024071 |
| **Net realized gain** | 2416395 | 6024071 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (728226) | 2421399 |
| **Net change in unrealized appreciation (depreciation) on:** | (728226) | 2421399 |
| **Net Realized and Unrealized Gain on Investments** | **1688169** | **8445470** |
| **Net Increase in Net Assets Resulting From Operations** | $**1605420** | $**8291742** |

---

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Catalyst Insider Buying Fund** | **Catalyst Insider Buying Fund** | **Catalyst Energy Infrastructure Fund** | **Catalyst Energy Infrastructure Fund** | **Catalyst/MAP Global Equity Fund** | **Catalyst/MAP Global Equity Fund** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** |
|  | **(Consolidated)** | **(Consolidated)** | **(Unaudited)** | | **(Unaudited)** | |
|  | **(Unaudited)** | | | | | |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $(52489) | $(65198) | $5376706 | $7483028 | $297601 | $2780826 |
| Net realized gain | 1357701 | 515824 | 18631198 | 21509458 | 3885847 | 4368287 |
| Net change in unrealized appreciation (depreciation) | (831290) | 1365287 | (64309795) | 35759225 | 1906196 | 4412695 |
| **Net increase in net assets resulting from operations** | **473922** | **1815913** | **(40301891)** | **64751711** | **6089644** | **11561808** |
| **Distributions to Shareholders from:** |  |  |  |  |  |  |
| Return of Capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  | (1020695) |  |  |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  | (699729) |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | (8729385) |  |  |
| Accumulated Earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  | (2180793) | (978847) | (751842) | (764665) |
| &nbsp;&nbsp;&nbsp;Class C |  |  | (1465982) | (736722) | (339352) | (475280) |
| &nbsp;&nbsp;&nbsp;Class I |  |  | (17016325) | (7070098) | (4339980) | (4660904) |
| **Total distributions to shareholders** | **—** | **—** | **(20663100)** | **(19235476)** | **(5431174)** | **(5900849)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1192256 | 1482524 | 3781687 | 12582748 | 960230 | 1813222 |
| &nbsp;&nbsp;&nbsp;Class C | 433994 | 194827 | 798051 | 5204028 | 402613 | 311187 |
| &nbsp;&nbsp;&nbsp;Class I | 1144130 | 369027 | 34424719 | 148084897 | 4079650 | 10802253 |
| Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  | 1859750 | 1622944 | 656304 | 625586 |
| &nbsp;&nbsp;&nbsp;Class C |  |  | 1321646 | 1213939 | 322670 | 446025 |
| &nbsp;&nbsp;&nbsp;Class I |  |  | 15511081 | 13690993 | 4002008 | 4330854 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (667651) | (1873834) | (5062147) | (12334211) | (1017651) | (2442345) |
| &nbsp;&nbsp;&nbsp;Class C | (268898) | (1321167) | (4517158) | (8786483) | (982405) | (2181927) |
| &nbsp;&nbsp;&nbsp;Class I | (373788) | (2578833) | (88270879) | (73672871) | (4144834) | (14236964) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **1460043** | **(3727456)** | **(40153250)** | **87605984** | **4278585** | **(532109)** |
| **Total Increase (Decrease) in Net Assets** | **1933965** | **(1911543)** | **(101118241)** | **133122219** | **4937055** | **5128850** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 16709364 | 18620907 | 428661235 | 295539016 | 80361044 | 75232194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $**18643329** | $**16709364** | $**327542994** | $**428661235** | $**85298099** | $**80361044** |
| **Share Activity:** |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 48552 | 69228 | 142503 | 443360 | 49170 | 102943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  | 74437 | 59009 | 33848 | 35547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (27111) | (89229) | (194692) | (448834) | (51469) | (132863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 21441 | (20001) | 22248 | 53535 | 31549 | 5627 |
| Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 18208 | 9902 | 28539 | 191001 | 21034 | 17612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  | 53113 | 44338 | 17200 | 26177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (11649) | (66038) | (172921) | (321354) | (51749) | (126774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 6559 | (56136) | (91269) | (86015) | (13515) | (82985) |
| Class I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 45272 | 17004 | 1303616 | 5233409 | 206438 | 592020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  | 615836 | 494314 | 205971 | 245855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (14899) | (120029) | (3356536) | (2645363) | (208074) | (791231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 30373 | (103025) | (1437084) | 3082360 | 204335 | 46644 |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catalyst/Lyons Tactical Allocation Fund** | **Catalyst/Lyons Tactical Allocation Fund** | **Catalyst Dynamic Alpha Fund** | **Catalyst Dynamic Alpha Fund** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** | | | | |
| Net investment loss | $(82749) | $(176744) | $(153728) | $(318523) |
| Net realized gain | 2416395 | 1222721 | 6024071 | 15638735 |
| Net change in unrealized appreciation (depreciation) | (728226) | (257463) | 2421399 | (5294041) |
| **Net increase in net assets resulting from operations** | **1605420** | **788514** | **8291742** | **10026171** |
| **Distributions to Shareholders from:** |  |  |  |  |
| Return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (1389) |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (23313) |  |  |
| Accumulated Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (635496) |  | (8390030) | (5468144) |
| &nbsp;&nbsp;&nbsp;Class C | (403535) |  | (2284516) | (1859574) |
| &nbsp;&nbsp;&nbsp;Class I | (622136) |  | (5682926) | (4241158) |
| **Total distributions to shareholders** | **(1661167)** | **(24702)** | **(16357472)** | **(11568876)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 495460 | 2341088 | 3485858 | 9002929 |
| &nbsp;&nbsp;&nbsp;Class C | 269067 | 211658 | 261670 | 864946 |
| &nbsp;&nbsp;&nbsp;Class I | 509308 | 2434081 | 1685843 | 11197668 |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 617657 | 1340 | 8152139 | 5314869 |
| &nbsp;&nbsp;&nbsp;Class C | 398964 |  | 2225682 | 1776938 |
| &nbsp;&nbsp;&nbsp;Class I | 605677 | 20246 | 5383024 | 4014700 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1269162) | (2834724) | (7400957) | (19015167) |
| &nbsp;&nbsp;&nbsp;Class C | (1768509) | (5721505) | (2666229) | (5424114) |
| &nbsp;&nbsp;&nbsp;Class I | (1897159) | (13973766) | (5034329) | (17302293) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(2038697)** | **(17521582)** | **6092701** | **(9569524)** |
| **Total increase (decrease) in Net Assets** | **(2094444)** | **(16757770)** | **(1973029)** | **(11112229)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 19973121 | 36730891 | 117849752 | 128961981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $**17878677** | $**19973121** | $**115876723** | $**117849752** |
| **Share Activity:** |  |  |  |  |
| Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 30611 | 151779 | 143252 | 390969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 38822 | 84 | 368209 | 224067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (75768) | (184209) | (305094) | (819056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (6335) | (32346) | 206367 | (204020) |
| Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 16657 | 14219 | 12189 | 43483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 26758 |  | 121291 | 87276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (112696) | (391087) | (126294) | (277851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (69281) | (376868) | 7186 | (147092) |
| Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 30101 | 155801 | 68104 | 464413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 37855 | 1269 | 235891 | 165214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (114471) | (893975) | (203475) | (750219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (46515) | (736905) | 100520 | (120592) |

---

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

---

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

---

For a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Consolidated)** | **(Consolidated)** | | | | |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $23.42 | $20.88 | $15.02 | $11.33 | $24.08 | $18.49 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.08) | (0.09) | (0.16) | 0.07 | (0.24) | (0.28) |
| Net realized and unrealized gain (loss) on investments | 0.80 | 2.63 | 6.02 | 3.62 | (12.51) | 5.87 |
| Total from investment operations | 0.72 | 2.54 | 5.86 | 3.69 | (12.75) | 5.59 |
| Net asset value, end of period | $24.14 | $23.42 | $20.88 | $15.02 | $11.33 | $24.08 |
| Total return (B) | 3.07 % (G) | 12.11% | 39.01% | 32.57% | (52.95)% | 30.23% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $12250 | $11384 | $10568 | $8322 | $7959 | $21299 |
| Ratios to average net assets (including interest expense)(E) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.23 % (H) | 2.46% | 2.24% | 2.29% | 1.81% | 1.70% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.53 % (H) | 1.54% | 1.54% | 1.55% | 1.53% | 1.53% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (C,D) | (1.33)% (H) | (1.36)% | (1.62)% | (0.21)% | (1.57)% | (1.47)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | (0.62)% (H) | (0.43)% | (0.92)% | 0.53% | (1.29)% | (1.30)% |
| Portfolio turnover rate | 44 % (G) | 76% | 183% | 214% | 66% | 77% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | **(Consolidated)** | **(Consolidated)** |  |  |  |  |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of period | $21.92 | $19.69 | $14.27 | $10.85 | $23.22 | $17.97 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment loss (A) | (0.16) | (0.22) | (0.27) | (0.03) | (0.37) | (0.43) |
| Net realized and unrealized gain (loss) on investments | 0.75 | 2.45 | 5.69 | 3.45 | (12.00) | 5.68 |
| Total from investment operations | 0.59 | 2.23 | 5.42 | 3.42 | (12.37) | 5.25 |
| Net asset value, end of period | $22.51 | $21.92 | $19.69 | $14.27 | $10.85 | $23.22 |
| Total return (B) | 2.69 % (G) | 11.27% | 37.98% | 31.52% | (53.27)% | 29.22% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $760 | $597 | $1642 | $2244 | $2485 | $9015 |
| Ratios to average net assets (including interest expense)(F) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.98 % (H) | 3.13% | 3.02% | 3.04% | 2.56% | 2.45% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.28 % (H) | 2.29% | 2.29% | 2.29% | 2.28% | 2.28% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (C,D) | (2.07)% (H) | (1.97)% | (2.41)% | (1.00)% | (2.32)% | (2.22)% |
| &nbsp;&nbsp;&nbsp;Net investment loss, net waiver and reimbursement (C,D) | (1.37)% (H) | (1.13)% | (1.66)% | (0.25)% | (2.04)% | (2.05)% |
| Portfolio turnover rate | 44 % (G) | 76% | 183% | 214% | 66% | 77% |

---

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.23% (H) | 2.45% | 2.23% | 2.28% | 1.81% | 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.53% (H) | 1.53% | 1.53% | 1.54% | 1.53% | 1.53% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.98% (H) | 3.12% | 3.01% | 3.03% | 2.56% | 2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.28% (H) | 2.28% | 2.28% | 2.28% | 2.28% | 2.28% |

---

(G) Not annualized.

(H) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Consolidated)** | **(Consolidated)** | | | | |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $24.07 | $21.41 | $15.36 | $11.56 | $24.50 | $18.77 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.05) | (0.03) | (0.12) | 0.10 | (0.20) | (0.23) |
| Net realized and unrealized gain (loss) on investments | 0.82 | 2.69 | 6.17 | 3.70 | (12.74) | 5.96 |
| Total from investment operations | 0.77 | 2.66 | 6.05 | 3.80 | (12.94) | 5.73 |
| Net asset value, end of period | $24.84 | $24.07 | $21.41 | $15.36 | $11.56 | $24.50 |
| Total return (B) | 3.20 % (F) | 12.42% | 39.39% | 32.87% | (52.82)% | 30.53% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $5633 | $4728 | $6411 | $3912 | $4682 | $23773 |
| Ratios to average net assets (including interest expense)(E) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.98 % (G) | 2.18% | 1.97% | 2.04% | 1.56% | 1.45% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.28 % (G) | 1.29% | 1.29% | 1.29% | 1.28% | 1.28% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (C,D) | (1.07)% (G) | (1.05)% | (1.36)% | (0.01)% | (1.32)% | (1.22)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement(C,D) | (0.37)% (G) | (0.15)% | (0.68)% | 0.74% | (1.04)% | (1.05)% |
| Portfolio turnover rate | 44 % (F) | 76% | 183% | 214% | 66% | 77% |

---

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.98% (G) | 2.17% | 1.96% | 2.03% | 1.56% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.28% (G) | 1.28% | 1.28% | 1.28% | 1.28% | 1.28% |

---

(F) Not annualized.

(G) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $28.51 | $24.69 | $20.55 | $18.02 | $17.47 | $12.18 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.37 | 0.52 | 0.57 | 0.56 | 0.63 | 0.59 |
| Net realized and unrealized gain (loss) on investments | (3.18) | 4.70 | 4.93 | 3.31 | 1.25 | 6.00 |
| Total from investment operations | (2.81) | 5.22 | 5.50 | 3.87 | 1.88 | 6.59 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.71) | (0.70) | (0.80) | (0.48) | (0.42) | (0.16) |
| From net realized gains on investments | (0.78) |  |  |  |  |  |
| From return of capital |  | (0.70) | (0.56) | (0.86) | (0.91) | (1.14) |
| Total distributions | (1.49) | (1.40) | (1.36) | (1.34) | (1.33) | (1.30) |
| Net asset value, end of period | $24.21 | $28.51 | $24.69 | $20.55 | $18.02 | $17.47 |
| Total return (B) | (9.94)% (E) | 21.51% | 27.93% | 22.08% | 11.07% | 58.01% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $36173 | $41953 | $35015 | $28702 | $26527 | $30687 |
| Ratios to average net assets (including interest expense)(C) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.74 % (F) | 1.70% | 1.73% | 1.75% | 1.73% | 1.81% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.68 % (F) | 1.68% | 1.68% | 1.69% | 1.68% | 1.68% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 1.88 % (F) | 1.88% | 2.58% | 2.78% | 3.46% | 4.16% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 2.68 % (F) | 1.90% | 2.64% | 2.84% | 3.51% | 4.28% |
| Portfolio turnover rate | 4 % (E) | 16% | 22% | 18% | 25% | 32% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of period | $28.46 | $24.65 | $20.52 | $18.00 | $17.45 | $12.17 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.26 | 0.32 | 0.41 | 0.41 | 0.49 | 0.48 |
| Net realized and unrealized gain (loss) on investments | (3.17) | 4.69 | 4.92 | 3.31 | 1.26 | 6.00 |
| Total from investment operations | (2.91) | 5.01 | 5.33 | 3.72 | 1.75 | 6.48 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.60) | (0.60) | (0.70) | (0.43) | (0.38) | (0.15) |
| From net realized gains on investments | (0.78) |  |  |  |  |  |
| From return of capital |  | (0.60) | (0.50) | (0.77) | (0.82) | (1.05) |
| Total distributions | (1.38) | (1.20) | (1.20) | (1.20) | (1.20) | (1.20) |
| Net asset value, end of period | $24.17 | $28.46 | $24.65 | $20.52 | $18.00 | $17.45 |
| Total return (B) | (10.26)% (E) | 20.61% | 26.99% | 21.15% | 10.26% | 56.78% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $25380 | $32479 | $30257 | $26745 | $22817 | $21492 |
| Ratios to average net assets (including interest expense)(D) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.49 % (F) | 2.45% | 2.48% | 2.50% | 2.48% | 2.56% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.43 % (F) | 2.43% | 2.43% | 2.44% | 2.43% | 2.43% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 1.14 % (F) | 1.14% | 1.84% | 2.03% | 2.67% | 3.40% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 1.94 % (F) | 1.16% | 1.89% | 2.09% | 2.72% | 3.52% |
| Portfolio turnover rate | 4 % (E) | 16% | 22% | 18% | 25% | 32% |

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.74% (F) | 1.70% | 1.73% | 1.75% | 1.73% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.68% (F) | 1.68% | 1.68% | 1.69% | 1.68% | 1.67% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.49% (F) | 2.44% | 2.48% | 2.50% | 2.48% | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.43% (F) | 2.43% | 2.43% | 2.44% | 2.43% | 2.42% |

---

(E) Not annualized.

(F) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $28.64 | $24.80 | $20.64 | $18.09 | $17.53 | $12.22 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.39 | 0.60 | 0.63 | 0.61 | 0.68 | 0.62 |
| Net realized and unrealized gain (loss) on investments | (3.17) | 4.71 | 4.94 | 3.34 | 1.26 | 6.03 |
| Total from investment operations | (2.78) | 5.31 | 5.57 | 3.95 | 1.94 | 6.65 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.74) | (0.73) | (0.82) | (0.50) | (0.44) | (0.17) |
| From net realized gains on investments | (0.78) |  |  |  |  |  |
| From return of capital |  | (0.74) | (0.59) | (0.90) | (0.94) | (1.17) |
| Total distributions | (1.52) | (1.47) | (1.41) | (1.40) | (1.38) | (1.34) |
| Net asset value, end of period | $24.34 | $28.64 | $24.80 | $20.64 | $18.09 | $17.53 |
| Total return (B) | (9.78)% (D) | 21.80% | 28.21% | 22.42% | 11.37% | 58.39% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $265990 | $354230 | $230267 | $182380 | $154931 | $103297 |
| Ratios to average net assets (including interest expense)(C) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.49 % (E) | 1.45% | 1.48% | 1.50% | 1.48% | 1.55% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.43 % (E) | 1.43% | 1.43% | 1.44% | 1.43% | 1.43% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 2.15 % (E) | 2.15% | 2.84% | 3.03% | 3.65% | 4.32% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement | 2.91 % (E) | 2.18% | 2.89% | 3.09% | 3.70% | 4.43% |
| Portfolio turnover rate | 4 % (D) | 16% | 22% | 18% | 25% | 32% |

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.49% (E) | 1.45% | 1.48% | 1.50% | 1.48% | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.43% (E) | 1.43% | 1.43% | 1.44% | 1.43% | 1.42% |

---

(D) Not annualized.

(E) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $19.19 | $17.85 | $16.74 | $15.55 | $17.10 | $13.28 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.06 | 0.62 | 0.22 | 0.25 | 0.20 | 0.16 |
| Net realized and unrealized gain (loss) on investments | 1.36 | 2.11 | 1.29 | 0.94 | (1.44) | 3.93 |
| Total from investment operations | 1.42 | 2.73 | 1.51 | 1.19 | (1.24) | 4.09 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.20) | (0.60) | (0.30) |  | (0.31) | (0.27) |
| From net realized gains on investments | (1.06) | (0.79) | (0.10) |  |  |  |
| Total distributions | (1.26) | (1.39) | (0.40) |  | (0.31) | (0.27) |
| Net asset value, end of period | $19.35 | $19.19 | $17.85 | $16.74 | $15.55 | $17.10 |
| Total return (B) | 7.41 % (G) | 16.18% | 9.24% | 7.65% | (7.41)% | 31.10% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $11922 | $11219 | $10332 | $9719 | $8845 | $10172 |
| Ratios to average net assets (including interest expense)(E) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.56 % (H) | 1.61% | 1.60% | 1.59% | 1.57% | 1.63% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.21 % (H) | 1.21% | 1.21% | 1.21% | 1.21% | 1.21% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C,D) | 0.21 % (H) | 3.04% | 0.89% | 1.20% | 0.83% | 0.60% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | 0.56 % (H) | 3.44% | 1.28% | 1.58% | 1.19% | 1.02% |
| Portfolio turnover rate | 15 % (G) | 30% | 22% | 27% | 10% | 14% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of period | $18.54 | $17.26 | $16.19 | $15.16 | $16.67 | $12.95 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.01) | 0.49 | 0.09 | 0.12 | 0.07 | 0.04 |
| Net realized and unrealized gain (loss) on investments | 1.31 | 2.03 | 1.25 | 0.91 | (1.40) | 3.85 |
| Total from investment operations | 1.30 | 2.52 | 1.34 | 1.03 | (1.33) | 3.89 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.06) | (0.45) | (0.17) |  | (0.18) | (0.17) |
| From net realized gains on investments | (1.06) | (0.79) | (0.10) |  |  |  |
| Total distributions | (1.12) | (1.24) | (0.27) |  | (0.18) | (0.17) |
| Net asset value, end of period | $18.72 | $18.54 | $17.26 | $16.19 | $15.16 | $16.67 |
| Total return (B) | 6.98 % (G) | 15.37% | 8.40% | 6.79% | (8.07)% | 30.18% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $5898 | $6091 | $7104 | $7808 | $8279 | $10321 |
| Ratios to average net assets (including interest expense)(F) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.31 % (H) | 2.36% | 2.35% | 2.34% | 2.32% | 2.38% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.96 % (H) | 1.96% | 1.96% | 1.96% | 1.96% | 1.96% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (C,D) | (0.55)% (H) | 2.37% | 0.15% | 0.40% | 0.05% | (0.13)% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C,D) | (0.20)% (H) | 2.77% | 0.54% | 0.78% | 0.41% | 0.29% |
| Portfolio turnover rate | 15 % (G) | 30% | 22% | 27% | 10% | 14% |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.56% (H) | 1.61% | 1.60% | 1.59% | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.21% (H) | 1.21% | 1.21% | 1.21% | 1.21% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.31% (H) | 2.36% | 2.35% | 2.34% | 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.96% (H) | 1.96% | 1.96% | 1.96% | 1.96% |

---

(G) Not annualized.

(H) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $19.25 | $17.90 | $16.79 | $15.56 | $17.11 | $13.29 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.08 | 0.68 | 0.26 | 0.29 | 0.25 | 0.21 |
| Net realized and unrealized gain (loss) on investments | 1.38 | 2.11 | 1.29 | 0.94 | (1.45) | 3.92 |
| Total from investment operations | 1.46 | 2.79 | 1.55 | 1.23 | (1.20) | 4.13 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.25) | (0.65) | (0.34) |  | (0.35) | (0.31) |
| From net realized gains on investments | (1.06) | (0.79) | (0.10) |  |  |  |
| Total distributions | (1.31) | (1.44) | (0.44) |  | (0.35) | (0.31) |
| Net asset value, end of period | $19.40 | $19.25 | $17.90 | $16.79 | $15.56 | $17.11 |
| Total return (B) | 7.58 % (F) | 16.44% | 9.49 % (F) | 7.90% | (7.15)% | 31.42% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $67478 | $63052 | $57796 | $56847 | $54994 | $51380 |
| Ratios to average net assets (including interest expense)(E) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.31 % (G) | 1.36% | 1.35% | 1.34% | 1.32% | 1.37% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 0.96 % (G) | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (C)(D) | 0.46 % (G) | 3.34% | 1.15% | 1.44% | 1.12% | 0.96% |
| &nbsp;&nbsp;&nbsp;Net investment income, net waiver and reimbursement (C)(D) | 0.81 % (G) | 3.74% | 1.54% | 1.82% | 1.48% | 1.38% |
| Portfolio turnover rate | 15 % (F) | 30% | 22% | 27% | 10% | 14% |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 1.31% (G) | 1.36% | 1.35% | 1.34% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 0.96% (G) | 0.96% | 0.96% | 0.96% | 0.96% |

---

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

(F) Not annualized.

(G) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $16.00 | $15.43 | $14.09 | $15.25 | $19.01 | $11.75 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.07) | (0.09) | 0.06 | 0.20 | (0.06) | (0.03) |
| Net realized and unrealized gain (loss) on investments | 1.51 | 0.66 | 1.43 (G) | 0.31 | (3.59) | 5.81 |
| Total from investment operations | 1.44 | 0.57 | 1.49 | 0.51 | (3.65) | 5.78 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | - (H) | (0.15) |  |  |  |
| From net realized gains on investments | (1.59) |  |  | (1.67) | (0.11) | (0.58) |
| From return of capital |  | (0.00) (H) |  |  |  |  |
| Total distributions | (1.59) | (0.00) | (0.15) | (1.67) | (0.11) | (0.58) |
| Net asset value, end of period | $15.85 | $16.00 | $15.43 | $14.09 | $15.25 | $16.95 |
| Total return (B) | 8.99 % (I) | 3.71% | 10.65% | 3.84% | (19.33)% | 42.45% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $7090 | $7258 | $7495 | $5229 | $6317 | $8874 |
| Ratios to average net assets (including interest expense)(E) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.41 % (J) | 2.32% | 2.09% | 2.01% | 1.90% | 1.94% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.54 % (J) | 1.59% | 1.56% | 1.53% | 1.53% | 1.53% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (C,D) | (1.68)% (J) | (1.30)% | (0.15)% | 0.91% | (0.70)% | (0.62)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | (0.80)% (J) | (0.56)% | 0.38% | 1.39% | (0.33)% | (0.20)% |
| Portfolio turnover rate | 36 % (I) | 69% | 17% | 94% | 54% | 32% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of period | $15.14 | $14.70 | $13.42 | $14.71 | $18.48 | $13.53 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.12) | (0.19) | (0.05) | 0.09 | (0.19) | (0.16) |
| Net realized and unrealized gain (loss) on investments | 1.42 | 0.63 | 1.36 (G) | 0.29 | (3.47) | 5.69 |
| Total from investment operations | 1.30 | 0.44 | 1.31 | 0.38 | (3.66) | 5.53 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  | (0.03) |  |  |  |
| From net realized gains on investments | (1.59) |  |  | (1.67) | (0.11) | (0.58) |
| Total distributions | (1.59) |  | (0.03) | (1.67) | (0.11) | (0.58) |
| Net asset value, end of period | $14.85 | $15.14 | $14.70 | $13.42 | $14.71 | $18.48 |
| Total return (B) | 8.57 % (I) | 2.99% | 9.81% | 3.05% | (19.94)% | 41.46% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $3996 | $5123 | $10514 | $14775 | $16480 | $21494 |
| Ratios to average net assets (including interest expense) (F) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 3.16 % (J) | 3.06% | 2.86% | 2.76% | 2.65% | 2.69% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.29 % (J) | 2.34% | 2.32% | 2.28% | 2.28% | 2.28% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (C,D) | (2.42)% (J) | (2.02)% | (0.92)% | 0.16% | (1.44)% | (1.37)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | (1.54)% (J) | (1.31)% | (0.38)% | 0.64% | (1.07)% | (0.96)% |
| Portfolio turnover rate | 36 % (I) | 69% | 17% | 94% | 54% | 32% |

---

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.40% (J) | 2.26% | 2.06% | 2.01% | 1.90% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.53% (J) | 1.53% | 1.53% | 1.53% | 1.53% | 1.53% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 3.15% (J) | 3.00% | 2.82% | 2.76% | 2.65% | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.28% (J) | 2.28% | 2.28% | 2.28% | 2.28% | 2.28% |

---

(G) As required by SEC standard per share
 data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that
 captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the
 net realized and unrealized gain (loss) in the Statement of Operations for the year ended June 30, 2024, primarily due to the timing of
 sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

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

(I) Not annualized.

(J) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $16.06 | $15.48 | $14.13 | $15.26 | $18.98 | $11.69 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.05) | (0.04) | 0.09 | 0.23 | (0.01) | 0.01 |
| Net realized and unrealized gain (loss) on investments | 1.52 | 0.66 | 1.44 | 0.31 | (3.60) | 5.80 |
| Total from investment operations | 1.47 | 0.62 | 1.53 | 0.54 | (3.61) | 5.81 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  | (0.18) |  |  |  |
| From net realized gains on investments | (1.59) |  |  | (1.67) | (0.11) | (0.58) |
| From return of capital |  | (0.04) |  |  |  |  |
| Total distributions | (1.59) | (0.04) | (0.18) | (1.67) | (0.11) | (0.58) |
| Net asset value, end of period | $15.94 | $16.06 | $15.48 | $14.13 | $15.26 | $16.92 |
| Total return (B) | 9.14 % (F) | 4.00% | 10.95% | 4.05% | (19.15)% | 42.86% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $6793 | $7592 | $18722 | $12998 | $17044 | $22650 |
| Ratios to average net assets (including interest expense)(E) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.16 % (G) | 2.03% | 1.82% | 1.75% | 1.65% | 1.69% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.29 % (G) | 1.33% | 1.30% | 1.28% | 1.28% | 1.28% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (C,D) | (1.41)% (G) | (0.96)% | 0.13% | 1.15% | (0.44)% | (0.36)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | (0.54)% (G) | (0.26)% | 0.64% | 1.62% | (0.07)% | 0.05% |
| Portfolio turnover rate | 36 % (F) | 69% | 17% | 94% | 54% | 32% |

---

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.15% (G) | 1.98% | 1.79% | 1.75% | 1.65% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.28% (G) | 1.28% | 1.28% | 1.28% | 1.28% | 1.28% |

---

(F) Not annualized.

(G) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $23.65 | $23.68 | $20.07 | $17.42 | $24.69 | $20.47 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.03) | (0.06) | 0.01 | 0.06 | 0.01 | (0.13) |
| Net realized and unrealized gain (loss) on investments | 1.74 | 2.23 | 3.60 (H) | 2.81 | (0.62) | 4.35 |
| Total from investment operations | 1.71 | 2.17 | 3.61 | 2.87 | (0.61) | 4.22 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  | (0.00) (E) |  |  |  |
| From net realized gains on investments | (3.45) | (2.20) |  | (0.22) | (6.66) |  |
| Total distributions | (3.45) | (2.20) | (0.00) | (0.22) | (6.66) |  |
| Net asset value, end of period | $21.91 | $23.65 | $23.68 | $20.07 | $17.42 | $24.69 |
| Total return (B) | 7.08 % (J) | 9.15% | 17.99% | 16.55% | (6.77)% | 20.62% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $60428 | $60342 | $65255 | $63267 | $65337 | $84018 |
| Ratios to average net assets (including interest expense)(C) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 1.49 % (K) | 1.51% | 1.51% | 1.52% | 1.49% | 1.48% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 1.38 % (K) | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (F,G) | (0.37)% (K) | (0.37)% | (0.10)% | 0.19% | (0.05)% | (0.67)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (F,G) | (0.25)% (K) | (0.24)% | 0.03% | 0.33% | 0.06% | (0.58)% |
| Portfolio turnover rate | 36 % (J) | 92% | 63% | 79% | 85% | 116% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of period | $20.22 | $20.68 | $17.66 | $15.47 | $22.74 | $18.99 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment loss (A) | (0.10) | (0.20) | (0.14) | (0.07) | (0.14) | (0.28) |
| Net realized and unrealized gain (loss) on investments | 1.49 | 1.94 | 3.16 (H) | 2.48 | (0.47) | 4.03 |
| Total from investment operations | 1.39 | 1.74 | 3.02 | 2.41 | (0.61) | 3.75 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  |  |  |  |  |
| From net realized gains on investments | (3.45) | (2.20) |  | (0.22) | (6.66) |  |
| Total distributions | (3.45) | (2.20) |  | (0.22) | (6.66) |  |
| Net asset value, end of period | $18.16 | $20.22 | $20.68 | $17.66 | $15.47 | $22.74 |
| Total return (B) | 6.70 % (J) | 8.30% | 17.10 % (I) | 15.65% | (7.45)% | 19.75% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $13967 | $15409 | $18806 | $25098 | $26315 | $36180 |
| Ratios to average net assets (including interest expense)(D) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.24 % (K) | 2.26% | 2.26% | 2.27% | 2.24% | 2.23% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.13 % (K) | 2.13% | 2.14% | 2.13% | 2.13% | 2.13% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (F,G) | (1.10)% (K) | (1.12)% | (0.87)% | (0.56)% | (0.81)% | (1.43)% |
| &nbsp;&nbsp;&nbsp;Net investment loss, net waiver and reimbursement (F,G) | (0.99)% (K) | (0.99)% | (0.74)% | (0.42)% | (0.70)% | (1.33)% |
| Portfolio turnover rate | 36 % (J) | 92% | 63% | 79% | 85% | 116% |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 1.49% (K) | 1.51% | 1.52% | 1.49% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 1.38% (K) | 1.38% | 1.38% | 1.38% | 1.38% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.24% (K) | 2.26% | 2.27% | 2.24% | 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.13% (K) | 2.13% | 2.13% | 2.13% | 2.13% |

---

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

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

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

(H) As required by SEC standard per share
 data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that
 captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the
 net realized and unrealized gain (loss) in the Statement of Operations for the year ended June 30, 2024, primarily due to the timing of
 sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

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

(J) Not annualized.

(K) Annualized.

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

---

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

---

For a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $24.25 | $24.18 | $20.52 | $17.76 | $25.00 | $20.67 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) |  |  | 0.06 | 0.11 | 0.07 | (0.08) |
| Net realized and unrealized gain (loss) on investments | 1.79 | 2.27 | 3.68 (F) | 2.87 | (0.65) | 4.41 |
| Total from investment operations | 1.79 | 2.27 | 3.74 | 2.98 | (0.58) | 4.33 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  | (0.08) |  |  |  |
| From net realized gains on investments | (3.45) | (2.20) |  | (0.22) | (6.66) |  |
| Total distributions | (3.45) | (2.20) | (0.08) | (0.22) | (6.66) |  |
| Net asset value, end of period | $22.59 | $24.25 | $24.18 | $20.52 | $17.76 | $25.00 |
| Total return (B) | 7.24 % (G) | 9.38% | 18.27% | 16.85% | (6.54)% | 20.95% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $41481 | $42099 | $44900 | $35784 | $34899 | $51163 |
| Ratios to average net assets (including interest expense)(C) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 1.24 % (H) | 1.26% | 1.26% | 1.27% | 1.24% | 1.23% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.13 % (H) | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (D,E) | (0.11)% (H) | (0.12)% | 0.17% | 0.44% | 0.18% | (0.43)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (D,E) | (0.00)% (H) | 0.01% | 0.30% | 0.58% | 0.29% | (0.33)% |
| Portfolio turnover rate | 36 % (G) | 92% | 63% | 79% | 85% | 116% |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 1.24% (H) | 1.26% | 1.27% | 1.24% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.13% (H) | 1.13% | 1.13% | 1.13% | 1.13% |

---

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

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

(F) As required by SEC standard per share
 data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that
 captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the
 net realized and unrealized gain (loss) in the Statement of Operations for the year ended June 30, 2024, primarily due to the timing of
 sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

(G) Not annualized.

(H) Annualized.

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

---

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

---

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

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

---

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

---

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

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

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

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

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

---

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

---

Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. Foreign currency and forward currency exchange contracts are valued daily at the London Stock Exchange close each day.

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

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2025, for each Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Insider Buying** | | | | |
| **Assets<sup>(a)</sup>** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Common Stocks | $15393670 | $15393670 | $— | $— |
| U.S. Government & Agencies | 1999778 | 1999778 |  |  |
| Total Return Swap (c) | 160243 |  | 160243 |  |
| Short-Term Investment | 350199 | 350199 |  |  |
| **Total** | $17903890 | $17743647 | $— | $— |
| Collateral for Securities Loaned(b) | 19352 |  |  |  |
| **Total Assets** | $17923242 |  |  |  |
| **Energy Infrastructure** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Common Stocks | $327634770 | $327634770 | $— | $— |
| **Total Assets** | $327634770 | $327634770 | $— | $— |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Equity** | | | | |
| **Assets<sup>(a)</sup>** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Common Stocks | $79287112 | $79287112 | $— | $— |
| Exchange-Traded Funds | 4131908 | 4131908 |  |  |
| Preferred Stocks | 1683914 | 1683914 |  |  |
| Short-Term Investment | 213921 | 213921 |  |  |
| **Total Assets** | $85316855 | $85316855 | $— | $— |
| **Tactical Allocation** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Common Stocks | $17636017 | $17636017 | $— | $— |
| Short-Term Investment | 244231 | 244231 |  |  |
| **Total Assets** | $17880248 | $17880248 | $— | $— |
| **Dynamic Alpha** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Common Stocks | $115271082 | $115271082 | $— | $— |
| Short-Term Investment | 817651 | 817651 |  |  |
| **Total** | $116088733 | $116088733 | $— | $— |
| Collateral for Securities Loaned (b) | 5798450 |  |  |  |
| **Total Assets** | $121887183 |  |  |  |

---

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

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

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

(c) Amounts shown are cumulative net
 unrealized appreciation/depreciation on total return swaps contracts open as of December 31, 2025.

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

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

---

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

---

Swap Agreements – Insider Buying has entered into total return swap transactions for investment purposes. These are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

The gross returns to be exchanged or "swapped" between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund amortizes upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The Fund segregates liquid securities having a value at least equal to the amount of their current obligation under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. The Fund's maximum risk of loss from counterparty credit risk is the unrealized appreciation to be received from the counterparty over the contract's remaining life, to the extent that that amount is positive.

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.

**Consolidation of Subsidiary** – **CIBF Fund Limited ("*CIBF-CBC*")** – The Consolidated Schedules of Investments, Consolidated Statements of Asset and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and the Consolidated Financial Highlights of Insider Buying include the accounts of CIBF-CFC, which is a wholly-owned and controlled foreign subsidiary. All inter-company accounts and transactions have been eliminated in consolidation.

Insider Buying may invest up to 25% of its total assets in CIBF-CFC, which acts as an investment vehicle in order to effect certain investments consistent with the Fund's investment objectives and policies.

A summary of the Insider Buying Fund' investment in CIBF-CFC is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Inception Date of<br>CFC | CFC Net Assets at<br>December 31, 2025 | % of Total Net Assets at<br>December 31, 2025 |
| CIBF-CFC | 11/5/2024 | $2903400 | 15.57% |

---

For tax purposes, CIBF-CFC is an exempted Cayman investment company. CIBF-CFC has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, CIBF-CFC is a controlled foreign corporation which generates and is allocated no income which is considered effectively connected with U.S. trade of business and as such is not subject to U.S. income tax. However, as a wholly-owned controlled foreign corporation, CIBF-CFC's net income and capital gain, to the extent of its earnings and profits, will be included each year in Insider Buying's investment company taxable income.

CIBC-CFC utilizes commodity-based derivative products to facilitate Insider Buying's pursuit of its investment objectives.

In accordance with its investment objectives and through its exposure to the aforementioned commodity-based derivative products, each Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

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

---

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

---

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; tariffs and trade wars; climate-change and climate related events; the spread of infectious illnesses or other public health issues; recessions and depressions; tariffs and trade wars; or other tragedies, catastrophes and events could have a significant impact on the Funds and their investments and could result in increased premiums or discounts to a Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions, you could lose your entire investment.

Derivatives Risk **-** Even a small investment in derivatives (including a Fund's exposure to futures, forwards and options) may give rise to leverage risk (which can increase volatility and magnify a Fund's potential for loss), counterparty risk (the risk that a counterparty (the other party to a transaction or an agreement or the party with whom a Fund executes transactions) to a transaction with a Fund may be unable or unwilling to make timely principal, interest or settlement payments), and can have a significant impact on a Fund's performance. Derivatives are also subject to credit risk (the counterparty may default) and liquidity risk (a Fund may not be able to sell the security or otherwise exit the contract in a timely manner).

Swaps Risk **-** Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify a Fund's losses. The costs of investing in swaps will be indirectly paid by a Fund.

Wholly-Owned Subsidiary Risk **-** By investing in CIBF-CFC, Insider Buying is indirectly exposed to the commodities risks associated with CIBF-CFC's investments in commodity-related instruments. Shareholders of Insider Buying are indirectly subject to the principal risks of CIBF-CFC by virtue of Insider Buying's investment in CIBF-CFC. There can be no assurance that CIBF-CFC's investments will contribute to Insider Buying's returns. CIBF-CFC is not registered under the 1940 Act, and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of Insider Buying and/or CIBF-CFC to operate as described in this Prospectus and could adversely affect Insider Buying, such as by reducing Insider Buying's investment returns. Insider Buying and CIBF-CFC are "commodity pools" under the U.S. Commodity Exchange Act, and the Advisor is a "commodity pool operator" registered with and regulated by the Commodity Futures Trading Commission (***"CFTC"***). As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to Insider Buying and CIBF-CFC and subject each to CFTC penalties if reporting was found to be deficient.

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, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | <br>**Location of derivatives on Statements of Assets and Liabilities** | **Fair value of<br> asset/liability**<br>**derivatives** |
| Insider Buying | Insider Buying |  |  |  |
|  | Total Return Swap | Commodity, Currency | Unrealized appreciation on swap contracts | $160243 |
|  |  |  | **Totals** | $160243 |

---

---

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

---

The effect of derivative instruments on the Statements of Operations for the six months ended December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | <br>**Location of gain (loss) on derivatives** | **Realized and unrealized**<br>**gain (loss) on derivatives** |
| Insider Buying | Insider Buying |  |  |  |
|  | Total Return Swap | Commodity, Currency | Net realized loss on swap contracts | $(55502) |
|  | Total Return Swap | Commodity, Currency | Net change in unrealized appreciation on swap contracts | 335912 |
|  |  |  | **Totals** | $280410 |

---

As of December 31, 2025, the amounts realized and changes in unrealized gains and losses on derivative instruments during the six months 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 Fund's assets and liabilities available for offset under a master netting arrangement net of collateral pledged as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Gross Amounts of | Derivatives available for | | Financial Instruments | Cash Collateral | |
| **Insider Buying** | Counterparty | Recognized Assets | Offset | Net Amounts of Assets | Pledged | Received (1) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Asset: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | CIBC | $160243 | $— | $160243 |  | $— | $160243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $160243 | $— | $160243 |  | $— | $160243 |

---

(1) Excess collateral is not shown on
 this table.

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

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

e)&nbsp;&nbsp;&nbsp;&nbsp; Federal Income Tax - The Funds have qualified and/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 period ended December 31, 2025, the Funds did not have a liability for any unrecognized tax expense. The Funds recognize interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statements of Operations. As of December 31, 2025, the Funds did not incur any interest or penalties. As required, the Trust's officers have analyzed the Funds' tax positions taken on or to be taken on Federal income tax returns for all open tax years (tax years or periods ended 2023-2025 for the Funds) or expected to be taken in 2026 and has concluded that no provision for income tax is required in these financial statements. The tax filings are open for examination by applicable taxing authorities, including the Internal Revenue Service. No examinations of the Funds' filings are presently in progress.

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

---

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

---

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

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

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

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

---

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

---

k)&nbsp;&nbsp;&nbsp;&nbsp; Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies.

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

m)&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees and Sales Charges (loads) - A wire transfer fee of $15 may be charged to defray custodial charges for redemptions paid by wire transfer. A maximum sales charge of 5.75% is imposed on Class A shares of the Funds. Investments in Class A shares made at or above the $1 million breakpoint where you do not pay an initial sales charge and may be subject to a 1% contingent deferred sales charge (**"*CDSC*"**) on shares redeemed within two years of purchase (excluding shares purchased with reinvested dividends and/or distributions). A CDSC of 1.00% is imposed on Class A in the event of certain redemption transactions within one year following such investments. There were no CDSC fees paid by the shareholders of the Funds.

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

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

---

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

---

**(2) INVESTMENT TRANSACTIONS**

For the six months ended December 31, 2025, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | **Purchases**<br>**(excluding U.S.**<br>**Government**<br>**Securities)** | **Sales Proceeds**<br>**(excluding U.S.**<br>**Government**<br>**Securities)** |<br>**Purchases of**<br>**U.S. Government**<br>**Securities** |<br>**Sales Proceeds of**<br>**U.S. Government**<br>**Securities** |
| Insider Buying | $7079291 | $5974477 | $— | $— |
| Energy Infrastructure | 14567824 | 71472773 |  |  |
| Global Equity | 13597171 | 12404287 |  |  |
| Tactical Allocation | 6531348 | 10482029 |  |  |
| Dynamic Alpha | 42912489 | 53346441 |  |  |

---

**(3) INVESTMENT ADVISORY AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS**

The Advisor acts as investment advisor for the Funds pursuant to the terms of an investment advisory agreement with the Trust, on behalf of the Funds (the ***"Investment Advisory Agreement"***). Under the terms of the Investment Advisory Agreement, the Advisor manages the investment operations of the Funds in accordance with each Fund's respective investment policies and restrictions. Each Fund's investment sub-advisor is responsible for the day-to-day operation of its portfolios. The Advisor provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. For its investment advisory services, the Funds pay to the Advisor an annualized fee as shown in the below table, such fees to be computed daily based upon daily average net assets of the Funds. The Funds' sub-advisors are paid by the Advisor, not the Funds.

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

For the six months ended December 31, 2025, the Advisor waived investment advisory fees. The Advisor may recapture a portion of the waived amounts. The Advisor may seek reimbursement only for fees waived or expenses reimbursed by a Fund within the three years following the date the waiver and/or reimbursement was incurred, if the Fund is able to make the repayment without exceeding the limitation in effect at that time of the waiver or at the time of the reimbursement, no later than the dates as stated below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** | | |
| <br>**Fund** | **Investment**<br>**Advisory**<br>**Agreement** | **Cl A** | **Cl C** | **Cl I** | <br>**Expires** | **Investment Advisory**<br>**Fee Waived and/or**<br>**Reimbursed** |
| Insider Buying | 1.00% | 1.53% | 2.28% | 1.28% | 10/31/2026 | $64090 |
| Energy Infrastructure | 1.25% | 1.68% | 2.43% | 1.43% | 10/31/2026 | 108802 |
| Global Equity | 1.00% | 1.21% | 1.96% | 0.96% | 10/31/2026 | 148431 |
| Tactical Allocation | 1.25% | 1.53% | 2.28% | 1.28% | 10/31/2026 | 82057 |
| Dynamic Alpha | 1.00% | 1.38% | 2.13% | 1.13% | 10/31/2026 | 68808 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Recapture Expires** | **Recapture Expires** | **Recapture Expires** |
| | **No Later Than June 30,** | **No Later Than June 30,** | **No Later Than June 30,** |
| <br>**Fund** | **2026** | **2027** | **2028** |
| Insider Buying | $114421 | $111701 | $150325 |
| Energy Infrastructure | 145542 | 126735 | 83422 |
| Global Equity | 285664 | 291573 | 309046 |
| Tactical Allocation | 175583 | 170596 | 184483 |
| Dynamic Alpha | 172829 | 154667 | 158458 |

---

---

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

---

A Trustee is also the controlling member of MFund Services, LLC (***"MFund"***) and the Advisor, and is not paid any fees directly by the Trust for serving in such capacities.

Trustees who are not "interested persons" as that term is defined in the 1940 Act are paid a quarterly retainer and receive compensation for each special Board meeting and Risk and Compliance Committee meeting attended. The fees paid to the Independent Trustees for their attendance at a meeting will be shared equally by the Funds of the Trust in which the meeting relates. The Lead Independent Trustee of the Trust, and the Chairmen of the Trust's Audit Committee and Risk and Compliance Committee receive an additional quarterly retainer. The "interested persons" of the Trust receive no compensation from the Funds. The Trust reimburses each Trustee and Officer for his or her travel and other expenses related to attendance at such meetings.

The Board has adopted the Trust's Master Distribution Plan Pursuant to Rule 12b-1 (the "***Plan***") under the 1940 Act. Each class of shares, excluding Class I shares, allows the Funds to pay distribution and shareholder servicing expenses of up to 0.50% per annum for the Class A shares and up to 1.00% for the Class C 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 Advisor for distribution related expenses. Brokers may receive a 1.00% commission from the Distributor for the sale of Class C shares. Alt Fund Distributors LLC, acts as a wholesale marketing and distribution agent for the Funds. As compensation for these services, Alt Fund Distributors is entitled to reimbursement, through the Funds' Rule 12b-1 Plan, of expenses attributable to sales of Fund shares including marketing materials, broker commission financing costs, and wholesaling fees.

Pursuant to the Management Services Agreement between the Trust and Mfund (the ***"Management Services Agreement"***), an affiliate of the Advisor, Mfund provides the Funds with various management and legal administrative services. For these services, the Funds pay MFund an annual asset-based fee in accordance with the following schedule applied at the Fund family level (i.e., all the Funds in the Trust advised by the Advisor): 0.10% of net assets up to $50 million; 0.07% of net assets from $50 million to $100 million; 0.05% of net assets from $100 million to $250 million; 0.04% of net assets from $250 million to $500 million; 0.03% of net assets from $500 million to $1 billion; 0.02% of net assets from $1 billion to $5 billion; and 0.01% of assets from $5 billion and above. In addition, the Funds reimburse MFund for any reasonable out-of-pocket expenses incurred in the performance of its duties under the Management Services Agreement. The amounts due to MFund for the Management Services Agreement are listed in the Statements of Assets and Liabilities under "Payable to related parties" and the amounts accrued for the year are shown in the Statements of Operations under "Legal administration/Management service fees."

Pursuant to the Compliance Services Agreement between the Trust and Mfund (the "***Compliance Services Agreement***"), MFund provides chief compliance officer services to the Funds. For these services, the Funds pay MFund $1,200 per month for the first fund in the fund family and $400 each additional fund; $400 for each adviser and sub-adviser; and .0025% of the assets of each Fund. In addition, the Funds reimburse MFund for any reasonable out-of-pocket expenses incurred in the performance of its duties under the Compliance Services Agreement. The amounts due to MFund for chief compliance officer services are listed in the Statements of Assets and Liabilities under "Compliance Officer fees payable" and the amounts accrued for the year are shown in the Statements of Operations under "Compliance Officer fees."

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

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

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

---

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

---

For the six months ended December 31, 2025, the 12b-1 expenses accrued by the Funds were as follows:

---

| | | |
|:---|:---|:---|
| | **12b-1 Fees** | **12b-1 Fees** |
| <br>**Fund** | **Class A** | **Class C** |
| Insider Buying | $15377 | $3172 |
| Energy Infrastructure | 49404 | 147519 |
| Global Equity | 15026 | 30206 |
| Tactical Allocation | 9039 | 22543 |
| Dynamic Alpha | 78360 | 75922 |

---

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes (including derivatives), and its respective gross unrealized appreciation and depreciation at December 31, 2025 (except for Energy Infrastructure in which its tax period-ended November 30, 2025 cost has been adjusted for December 31, 2025 activity), were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Insider Buying | $15881697 | $2491620 | $(610318) | $1881302 |
| Energy Infrastructure | 262118833 | 78507232 | (12991295) | 65515937 |
| Global Equity | 62002882 | 24782949 | (1468976) | 23313973 |
| Tactical Allocation | 14290542 | 3866860 | (277154) | 3589706 |
| Dynamic Alpha | 87426388 | 36136417 | (1675622) | 34460795 |

---

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

The tax character of distributions paid for the years ended June 30, 2025 and June 30, 2024 (for the period ended November 30, 2024 and November 30, 2023 for the Energy Infrastructure Fund) was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**6/30/2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Insider Buying | $— | $— | $— | $— |
| Energy Infrastructure |  |  | 16626844 | 16626844 |
| Global Equity | 2807464 | 3093385 |  | 5900849 |
| Lyons Tactical Allocation |  |  | 24702 | 24702 |
| Dynamic Alpha |  | 11568875 |  | 11568875 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **6/30/2024** | **Income** | **Capital Gains** | **Capital** | **Total** |
| Insider Buying | $— | $— | $— | $— |
| Energy Infrastructure | 3723004 |  | 12342871 | 16065875 |
| Global Equity | 1380160 | 442784 |  | 1822944 |
| Lyons Tactical Allocation | 208446 |  |  | 208446 |
| Dynamic Alpha | 142824 | 380 |  | 143204 |

---

---

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

---

As of June 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows (except for Energy Infrastructure in which its November 30, 2024 components of distributable earnings have been adjusted for June 30, 2025 activity):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Insider Buying | $— | $— | $(60308) | $(45875341) | $— | $3048531 | $(42887118) |
| Energy Infrastructure |  |  |  | (5587581) |  | 148278634 | 142691053 |
| Global Equity | 1021081 | 1757635 |  |  |  | 21408309 | 24187025 |
| Tactical Allocation |  |  | (205767) | (127144) |  | 4317932 | 3985021 |
| Dynamic Alpha |  | 9178482 | (316340) |  |  | 32039396 | 40901538 |

---

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

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

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| Insider Buying | $60308 |
| Energy Infrastructure |  |
| Global Equity |  |
| Tactical Allocation | 85023 |
| Dynamic Alpha | 316340 |

---

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 Buying | $— |
| Energy Infrastructure |  |
| Global Equity |  |
| Tactical Allocation | 120744 |
| Dynamic Alpha |  |

---

At June 30, 2025, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains and utilized capital loss carryforwards as follows (except for the Energy Infrastructure Fund in which its November 30, 2024 capital loss carryforwards are as follows):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term**<br>**Non-Expiring** | **Long-Term**<br>**Non-Expiring** |<br>**Total** |<br>**CLCF Utilized** |
| Insider Buying | $45750472 | $124869 | $45875341 | $1882273 |
| Energy Infrastructure | 5587581 |  | 5587581 | 20196480 |
| Global Equity |  |  |  |  |
| Tactical Allocation | 127144 |  | 127144 | 1343465 |
| Dynamic Alpha |  |  |  |  |

---

---

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

---

During the fiscal period ended June 30, 2025, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses, accumulated losses from the Funds' wholly owned subsidiaries, the use of tax equalization credits and distributions in excess resulted in reclassifications for the Funds for the fiscal year ended June 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Deficit)** |
| Insider Buying | $(1664463) | $1664463 |
| Energy Infrastructure | (641537) | 641537 |
| Global Equity | 392654 | (392654) |
| Tactical Allocation | (91721) | 91721 |
| Dynamic Alpha | 1952298 | (1952298) |

---

**(6) LINE OF CREDIT**

The Funds have a $200,000,000 uncommitted line of credit provided by U.S. Bank National Association (the "***Bank***") under an agreement (the "***Uncommitted Line***"). Any advance under the Uncommitted Line is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable on an annualized basis. The Uncommitted Line has an interest rate of the Prime Rate with a maturity of January 20, 2027. The Uncommitted Line is not a "committed" line of credit, which is to say that the Bank is not obligated to lend money to the Funds. Accordingly, it is possible that the Funds may wish to borrow money for a temporary or emergency purpose but may not be able to do so. During the six months ended December 31, 2025, the Funds accessed the line of credit, based only on the days borrowed, as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average Amount**<br>**Borrowings**<br>**Outstanding** |<br>**Interest**<br>**Expense <sup>(1)</sup>** |<br>**Average**<br>**Interest Rate** |<br>**Number of Days**<br>**Outstanding** | **Outstanding**<br>**Borrowings**<br>**12/31/2025** |
| Insider Buying | $29000 | $6 | 7.50% | 1 | $— |
| Energy Infrastructure | 718573 | 11755 | 7.23% | 82 | 143000 |
| Global Equity | 174500 | 262 | 6.75% | 8 |  |
| Tactical Allocation | 127420 | 1231 | 7.01% | 50 |  |
| Dynamic Alpha | 1086000 | 417 | 7.13% | 2 |  |

---

<sup>(1)</sup> Includes only Interest Expense related to Line of Credit for the six months ended December 31, 2025 and may not tie back to the Statements of Operations, which also may include overdrafts, line of credit fees, and broker interests.

**(7) SECURITIES LENDING**

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

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

---

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

---

The below table shows the collateral held by the relevant Funds at the six months ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | | | Percentage of |
|  | Market Value of | | Total |
|  | Loaned | Market Value | Investment |
| Fund | Securities | of Collateral | Income |
| Insider Buying | $18578 | $19352 | 2.52% |
| Dynamic Alpha | 5633462 | 5798450 | 2.68% |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
|  |  | | | | Statement of Assets & Liabilities | Statement of Assets & Liabilities | |
|  |  | | Gross Amounts | Net Amounts of | | | |
|  |  | Gross Amounts | Offset in the | Liabilities Presented in |  |  |  |
|  |  | of Recognized | Statement of Assets & | the Statement of Assets | Financial | Cash Collateral |  |
| Description | Counterparty | Assets | Liabilities | & Liabilities | Instruments (1) | Received (1) | Net Amount |
| **Insider Buying** |  |  |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |
| Securities Loaned | US Bank | $18578 | $— | $18578 | $(18578) | $— | $— |
| **Dynamic Alpha** |  |  |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |
| Securities Loaned | US Bank | $5633462 | $— | $5633462 | $(5633462) | $— | $— |

---

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

**(8) BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, the companies that held more than 25% of the voting securities of the Funds, and may be deemed to control each respective Fund, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Energy | Global | Dynamic |
| Owner | Infrastructure | Equity | Alpha |
| LPL Financial, LLC \* | 38.1% |  |  |
| Charles Schwab & Co., Inc. \* |  | 40.0% | 36.8% |

---

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

**(9) ACCOUNTING PRONOUNCEMENT**

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

---

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

---

**(10) SUBSEQUENT EVENTS**

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

On January 29, 2026, the sub-advisory agreement with respect to Catalyst/Lyons-Tactical Allocation Fund was terminated and the Fund was renamed "Catalyst Tactical Allocation Fund."

---

| |
|:---|
| **CATALYST FUNDS** |
| ***ADDITIONAL INFORMATION (Unaudited)*** |
| **December 31, 2025** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** - Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable

---

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

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

**Item 19. Exhibits.** 

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

(a)(2) Not applicable

[(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

[(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](ex99-906cert.htm)

**SIGNATURES**

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

Mutual Fund Series Trust

---

| | |
|:---|:---|
| By | /s/ Michael Schoonover |
| Michael Schoonover | Michael Schoonover |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 3/10/2026 | Date: 3/10/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Michael Schoonover |
| Michael Schoonover | Michael Schoonover |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 3/10/2026 | Date: 3/10/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Erik Naviloff |
| Erik Naviloff | Erik Naviloff |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 3/10/2026 | Date: 3/10/2026 |

---

## 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** |

---

Printed Name:   Signature:   <br> 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; <br>**Security\*** | &nbsp;&nbsp; **Transaction**<br> **Date** | &nbsp;&nbsp; **Purchase, Sale,**<br> **or Other** | &nbsp;&nbsp;**# of Shares &**<br> **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:   <br> 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:   <br> 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:___________________ _________________________________________ <br> 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:___________________ _________________________________________ <br> 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:___________________ _________________________________________ <br> Authorized Officer

## Ex-99.Cert

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

I, Michael Schoonover, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Mutual Fund Series Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 3/10/2026 | /s/ Michael Schoonover |
|  | Michael Schoonover |
|  | Principal Executive Officer /President |

---

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

I, Erik Naviloff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Mutual Fund Series Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 3/10/2026 | /s/ Erik Naviloff |
|  | Erik Naviloff |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

Michael Schoonover, Principal Executive Officer/President, and Erik Naviloff, Principal Financial Officer/Treasurer of Mutual Fund Series Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Michael Schoonover | Michael Schoonover | Erik Naviloff | Erik Naviloff |
| /s/ Michael Schoonover | /s/ Michael Schoonover | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Michael Schoonover | Michael Schoonover | Erik Naviloff | Erik Naviloff |
| Date: | 3/10/2026 | Date: | 3/10/2026 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.