# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-26-001699
**Filing Date:** 2026-3
**Character Count:** 397543
**Document Hash:** 2cce2a2f8ac1f267c0d6e969484615b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001699.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001699

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 38

**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:** 26737705

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

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

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

## Series and Classes Contracts Data

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

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

### Catalyst Systematic High Income Fund (Series ID: S000041894)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000130114 | Catalyst Systematic High Income Fund Class A | CWXAX           |
| C000130115 | Catalyst Systematic High Income Fund Class C | CWXCX           |
| C000130116 | Catalyst Systematic High Income Fund Class I | CWXIX           |

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

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

### Catalyst/Millburn Dynamic Commodity Strategy Fund (Series ID: S000050259)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000158688 | Catalyst/Millburn Dynamic Commodity Strategy Fund Class A | DCXAX           |
| C000158689 | Catalyst/Millburn Dynamic Commodity Strategy Fund Class C | DCXCX           |
| C000158690 | Catalyst/Millburn Dynamic Commodity Strategy Fund Class I | DCXIX           |

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

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

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

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

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

**Item 1. Reports to Stockholders.** 

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

# Catalyst Buffered Shield Fund

# Class A (SHIEX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i66ae2946aa960f505ac4b808.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Buffered Shield 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 | $77 | 1.49%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$18,930,594

* Number of Portfolio Holdings24

* Advisory Fee (net of waivers)$38,918

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if263c59bc9a670943f87f0fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 83.5% |
| Money Market Funds | 1.1% |
| Purchased Options | 15.4% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i572ab18f16cecfd10d378003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.0% |
| Money Market Funds | 1.2% |
| Equity Option | 8.2% |
| Fixed Income | 88.6% |

---

Excludes investments in options.

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Vanguard Short-Term Corporate Bond ETF | &nbsp;&nbsp;34.2% |
| &nbsp;&nbsp;PGIM Ultra Short Bond ETF | &nbsp;&nbsp;31.2% |
| &nbsp;&nbsp;iShares 1-5 Year Investment Grade Corporate Bond | &nbsp;&nbsp;23.2% |

---

![Image](i9d03584c753d27afb2b09ef6.jpg)

# Catalyst Buffered Shield Fund - Class A (SHIEX)

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

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

![Image](if058415af5499b2e0f6e7a15.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-SHIEX

# Catalyst Buffered Shield Fund

# Class C (SHINX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i66ae2946aa960f505ac4b808.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Buffered Shield 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 | 2.24%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$18,930,594

* Number of Portfolio Holdings24

* Advisory Fee (net of waivers)$38,918

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if263c59bc9a670943f87f0fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 83.5% |
| Money Market Funds | 1.1% |
| Purchased Options | 15.4% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i572ab18f16cecfd10d378003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.0% |
| Money Market Funds | 1.2% |
| Equity Option | 8.2% |
| Fixed Income | 88.6% |

---

Excludes investments in options.

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Vanguard Short-Term Corporate Bond ETF | &nbsp;&nbsp;34.2% |
| &nbsp;&nbsp;PGIM Ultra Short Bond ETF | &nbsp;&nbsp;31.2% |
| &nbsp;&nbsp;iShares 1-5 Year Investment Grade Corporate Bond | &nbsp;&nbsp;23.2% |

---

![Image](i9d03584c753d27afb2b09ef6.jpg)

# Catalyst Buffered Shield Fund - Class C (SHINX)

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

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

![Image](if058415af5499b2e0f6e7a15.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-SHINX

# Catalyst Buffered Shield Fund

# Class I (SHIIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i66ae2946aa960f505ac4b808.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Catalyst Buffered Shield 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 | $64 | 1.24%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$18,930,594

* Number of Portfolio Holdings24

* Advisory Fee (net of waivers)$38,918

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if263c59bc9a670943f87f0fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 83.5% |
| Money Market Funds | 1.1% |
| Purchased Options | 15.4% |

---

## What did the Fund invest in?

## **Asset Weighting (% of net assets)**![Group By Sector Chart](i572ab18f16cecfd10d378003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.0% |
| Money Market Funds | 1.2% |
| Equity Option | 8.2% |
| Fixed Income | 88.6% |

---

Excludes investments in options.

## Top Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Vanguard Short-Term Corporate Bond ETF | &nbsp;&nbsp;34.2% |
| &nbsp;&nbsp;PGIM Ultra Short Bond ETF | &nbsp;&nbsp;31.2% |
| &nbsp;&nbsp;iShares 1-5 Year Investment Grade Corporate Bond | &nbsp;&nbsp;23.2% |

---

![Image](i9d03584c753d27afb2b09ef6.jpg)

# Catalyst Buffered Shield Fund - Class I (SHIIX)

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

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

![Image](if058415af5499b2e0f6e7a15.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-SHIIX

#### Catalyst Nasdaq-100 Hedged Equity Fund

#### Class A (CLPAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i68897887274758ea398b239f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Nasdaq-100 Hedged 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 | $94 | 1.81%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14606345 |
| Number of Portfolio Holdings | 109 |
| Advisory Fee (net of waivers) | $45589 |
| Portfolio Turnover | 23% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7f00632996baca7d990992b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 51.1% |
| Exchange-Traded Funds | 45.2% |
| Money Market Funds | 3.2% |
| Purchased Options | 0.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if6513cb992c1cdc3b05b3cc1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.1% |
| Energy | 0.2% |
| Materials | 0.5% |
| Future Option | 0.5% |
| Money Market Funds | 0.6% |
| Utilities | 0.7% |
| Industrials | 1.1% |
| Consumer Staples | 2.2% |
| Health Care | 2.4% |
| Collateral for Securities Loaned | 2.5% |
| Consumer Discretionary | 5.7% |
| Communications | 8.8% |
| Technology | 27.4% |
| Equity | 43.3% |

---

Excludes investments in futures and options.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;43.2% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;1.4% |

---

![Image](iee908ebe311e2797a1af5002.jpg)

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

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

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

![Image](ib526cd72cefca4fd55806a32.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-CLPAX

#### Catalyst Nasdaq-100 Hedged Equity Fund

#### Class C (CLPCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i68897887274758ea398b239f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Nasdaq-100 Hedged 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 | $133 | 2.56%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14606345 |
| Number of Portfolio Holdings | 109 |
| Advisory Fee (net of waivers) | $45589 |
| Portfolio Turnover | 23% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7f00632996baca7d990992b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 51.1% |
| Exchange-Traded Funds | 45.2% |
| Money Market Funds | 3.2% |
| Purchased Options | 0.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if6513cb992c1cdc3b05b3cc1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.1% |
| Energy | 0.2% |
| Materials | 0.5% |
| Future Option | 0.5% |
| Money Market Funds | 0.6% |
| Utilities | 0.7% |
| Industrials | 1.1% |
| Consumer Staples | 2.2% |
| Health Care | 2.4% |
| Collateral for Securities Loaned | 2.5% |
| Consumer Discretionary | 5.7% |
| Communications | 8.8% |
| Technology | 27.4% |
| Equity | 43.3% |

---

Excludes investments in futures and options.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;43.2% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;1.4% |

---

![Image](iee908ebe311e2797a1af5002.jpg)

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

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

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

![Image](ib526cd72cefca4fd55806a32.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-CLPCX

#### Catalyst Nasdaq-100 Hedged Equity Fund

#### Class I (CLPFX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i68897887274758ea398b239f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Nasdaq-100 Hedged 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 | $81 | 1.56%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14606345 |
| Number of Portfolio Holdings | 109 |
| Advisory Fee (net of waivers) | $45589 |
| Portfolio Turnover | 23% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7f00632996baca7d990992b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 51.1% |
| Exchange-Traded Funds | 45.2% |
| Money Market Funds | 3.2% |
| Purchased Options | 0.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if6513cb992c1cdc3b05b3cc1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.1% |
| Energy | 0.2% |
| Materials | 0.5% |
| Future Option | 0.5% |
| Money Market Funds | 0.6% |
| Utilities | 0.7% |
| Industrials | 1.1% |
| Consumer Staples | 2.2% |
| Health Care | 2.4% |
| Collateral for Securities Loaned | 2.5% |
| Consumer Discretionary | 5.7% |
| Communications | 8.8% |
| Technology | 27.4% |
| Equity | 43.3% |

---

Excludes investments in futures and options.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;43.2% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;1.4% |

---

![Image](iee908ebe311e2797a1af5002.jpg)

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

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

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

![Image](ib526cd72cefca4fd55806a32.jpg)

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-CLPFX

#### Catalyst Systematic Alpha Fund

#### Class A (ATRAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Systematic 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 | $109 | 2.02%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$169,014,225

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$1,391,524

* Portfolio Turnover19%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i80c5e4010eff7313057fcd2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.1% |
| Corporate Bonds | 27.0% |
| Money Market Funds | 6.6% |
| Open End Funds | 20.3% |
| U.S. Government & Agencies | 46.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i29b33da71180d5240254ef38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.9% |
| Financials | 0.1% |
| Industrials | 1.8% |
| Consumer Discretionary | 2.6% |
| Consumer Staples | 4.7% |
| Health Care | 5.6% |
| Money Market Funds | 6.5% |
| Technology | 11.7% |
| Fixed Income | 19.9% |
| U.S. Treasury Obligations | 45.2% |

---

Excludes investments in swaps.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Catalyst International Income Opportunities Fund | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;United States Treasury Bill, 3.340%, 07/09/26 | &nbsp;&nbsp;11.6% |
| &nbsp;&nbsp;United States Treasury Bill, 3.423%, 03/19/26 | &nbsp;&nbsp;11.2% |
| &nbsp;&nbsp;United States Treasury Bill, 3.413%, 02/19/26 | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;United States Treasury Bill, 3.340%, 10/01/26 | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;United States Treasury Bill, 3.369%, 08/06/26 | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;International Business Machines Corporation, 3.300%, 05/15/26 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Intel Corporation, 4.875%, 02/10/26 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Kraft Heinz Foods Company, 3.000%, 06/01/26 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Gilead Sciences, Inc., 3.650%, 03/01/26 | &nbsp;&nbsp;3.8% |

---

![Image](i56e21436123fc659ab821feb.jpg)

#### Catalyst Systematic Alpha Fund - Class A (ATRAX)

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-ATRAX

#### Catalyst Systematic Alpha Fund

#### Class C (ATRCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Systematic 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 | $149 | 2.77%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$169,014,225

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$1,391,524

* Portfolio Turnover19%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i80c5e4010eff7313057fcd2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.1% |
| Corporate Bonds | 27.0% |
| Money Market Funds | 6.6% |
| Open End Funds | 20.3% |
| U.S. Government & Agencies | 46.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i29b33da71180d5240254ef38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.9% |
| Financials | 0.1% |
| Industrials | 1.8% |
| Consumer Discretionary | 2.6% |
| Consumer Staples | 4.7% |
| Health Care | 5.6% |
| Money Market Funds | 6.5% |
| Technology | 11.7% |
| Fixed Income | 19.9% |
| U.S. Treasury Obligations | 45.2% |

---

Excludes investments in swaps.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Catalyst International Income Opportunities Fund | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;United States Treasury Bill, 3.340%, 07/09/26 | &nbsp;&nbsp;11.6% |
| &nbsp;&nbsp;United States Treasury Bill, 3.423%, 03/19/26 | &nbsp;&nbsp;11.2% |
| &nbsp;&nbsp;United States Treasury Bill, 3.413%, 02/19/26 | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;United States Treasury Bill, 3.340%, 10/01/26 | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;United States Treasury Bill, 3.369%, 08/06/26 | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;International Business Machines Corporation, 3.300%, 05/15/26 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Intel Corporation, 4.875%, 02/10/26 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Kraft Heinz Foods Company, 3.000%, 06/01/26 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Gilead Sciences, Inc., 3.650%, 03/01/26 | &nbsp;&nbsp;3.8% |

---

![Image](i56e21436123fc659ab821feb.jpg)

#### Catalyst Systematic Alpha Fund - Class C (ATRCX)

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-ATRCX

#### Catalyst Systematic Alpha Fund

#### Class I (ATRFX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst Systematic 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 | $95 | 1.77%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$169,014,225

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$1,391,524

* Portfolio Turnover19%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i80c5e4010eff7313057fcd2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.1% |
| Corporate Bonds | 27.0% |
| Money Market Funds | 6.6% |
| Open End Funds | 20.3% |
| U.S. Government & Agencies | 46.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i29b33da71180d5240254ef38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.9% |
| Financials | 0.1% |
| Industrials | 1.8% |
| Consumer Discretionary | 2.6% |
| Consumer Staples | 4.7% |
| Health Care | 5.6% |
| Money Market Funds | 6.5% |
| Technology | 11.7% |
| Fixed Income | 19.9% |
| U.S. Treasury Obligations | 45.2% |

---

Excludes investments in swaps.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Catalyst International Income Opportunities Fund | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;United States Treasury Bill, 3.340%, 07/09/26 | &nbsp;&nbsp;11.6% |
| &nbsp;&nbsp;United States Treasury Bill, 3.423%, 03/19/26 | &nbsp;&nbsp;11.2% |
| &nbsp;&nbsp;United States Treasury Bill, 3.413%, 02/19/26 | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;United States Treasury Bill, 3.340%, 10/01/26 | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;United States Treasury Bill, 3.369%, 08/06/26 | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;International Business Machines Corporation, 3.300%, 05/15/26 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Intel Corporation, 4.875%, 02/10/26 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Kraft Heinz Foods Company, 3.000%, 06/01/26 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Gilead Sciences, Inc., 3.650%, 03/01/26 | &nbsp;&nbsp;3.8% |

---

![Image](i56e21436123fc659ab821feb.jpg)

#### Catalyst Systematic Alpha Fund - Class I (ATRFX)

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-ATRFX

#### Catalyst/Aspect Enhanced Multi-Asset Fund

#### Class A (CASAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/Aspect Enhanced Multi-Asset 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 | $122 | 2.24%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$30,371,473

* Number of Portfolio Holdings197

* Advisory Fee (net of waivers)$223,848

* Portfolio Turnover13%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie3ba498443086dd24e2cc740.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 49.5% |
| Money Market Funds | 50.5% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i5470471cf6179091f21eff25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 21.2% |
| Fixed Income | 39.0% |
| Money Market Funds | 39.8% |

---

Excludes investments in futures and foreign currency exchange contracts.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;39.0% |

---

![Image](i56e21436123fc659ab821feb.jpg)

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

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-CASAX

#### Catalyst/Aspect Enhanced Multi-Asset Fund

#### Class C (CASCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/Aspect Enhanced Multi-Asset 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 | $163 | 2.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$30,371,473

* Number of Portfolio Holdings197

* Advisory Fee (net of waivers)$223,848

* Portfolio Turnover13%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie3ba498443086dd24e2cc740.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 49.5% |
| Money Market Funds | 50.5% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i5470471cf6179091f21eff25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 21.2% |
| Fixed Income | 39.0% |
| Money Market Funds | 39.8% |

---

Excludes investments in futures and foreign currency exchange contracts.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;39.0% |

---

![Image](i56e21436123fc659ab821feb.jpg)

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

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-CASCX

#### Catalyst/Aspect Enhanced Multi-Asset Fund

#### Class I (CASIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Catalyst/Aspect Enhanced Multi-Asset 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 | $108 | 1.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$30,371,473

* Number of Portfolio Holdings197

* Advisory Fee (net of waivers)$223,848

* Portfolio Turnover13%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie3ba498443086dd24e2cc740.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 49.5% |
| Money Market Funds | 50.5% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i5470471cf6179091f21eff25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 21.2% |
| Fixed Income | 39.0% |
| Money Market Funds | 39.8% |

---

Excludes investments in futures and foreign currency exchange contracts.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;39.0% |

---

![Image](i56e21436123fc659ab821feb.jpg)

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

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-CASIX

#### Catalyst/Millburn Hedge Strategy Fund

#### Class C-1 (MBXFX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C-1 | $150 | 2.92%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$8,400,990,321

* Number of Portfolio Holdings265

* Advisory Fee $73,500,839

* Portfolio Turnover10%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3c2012c7dcb6d82bb50d2bb2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 50.7% |
| Money Market Funds | 4.5% |
| U.S. Government & Agencies | 44.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i83dcddecafb16a8f25f2aa9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Money Market Funds | 4.5% |
| U.S. Treasury Obligations | 44.1% |
| Equity | 49.9% |

---

Excludes investments in futures, options, and forward foreign currency exchange contracts.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note, 1.625%, 02/15/26 | &nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;United States Treasury Note, 1.500%, 08/15/26 | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;United States Treasury Note, 1.625%, 05/15/26 | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;iShares Russell 1000 ETF | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;iShares MSCI USA Min Vol Factor ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;iShares Russell 2000 ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;iShares Core S&P Small-Cap ETF | &nbsp;&nbsp;3.2% |

---

![Image](i56e21436123fc659ab821feb.jpg)

#### Catalyst/Millburn Hedge Strategy Fund - Class C-1 (MBXFX)

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-MBXFX

#### Catalyst/Millburn Hedge Strategy Fund

#### Class A (MBXAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $111 | 2.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$8,400,990,321

* Number of Portfolio Holdings265

* Advisory Fee $73,500,839

* Portfolio Turnover10%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3c2012c7dcb6d82bb50d2bb2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 50.7% |
| Money Market Funds | 4.5% |
| U.S. Government & Agencies | 44.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i83dcddecafb16a8f25f2aa9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Money Market Funds | 4.5% |
| U.S. Treasury Obligations | 44.1% |
| Equity | 49.9% |

---

Excludes investments in futures, options, and forward foreign currency exchange contracts.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note, 1.625%, 02/15/26 | &nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;United States Treasury Note, 1.500%, 08/15/26 | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;United States Treasury Note, 1.625%, 05/15/26 | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;iShares Russell 1000 ETF | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;iShares MSCI USA Min Vol Factor ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;iShares Russell 2000 ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;iShares Core S&P Small-Cap ETF | &nbsp;&nbsp;3.2% |

---

![Image](i56e21436123fc659ab821feb.jpg)

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

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-MBXAX

#### Catalyst/Millburn Hedge Strategy Fund

#### Class C (MBXCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $150 | 2.92%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$8,400,990,321

* Number of Portfolio Holdings265

* Advisory Fee $73,500,839

* Portfolio Turnover10%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3c2012c7dcb6d82bb50d2bb2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 50.7% |
| Money Market Funds | 4.5% |
| U.S. Government & Agencies | 44.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i83dcddecafb16a8f25f2aa9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Money Market Funds | 4.5% |
| U.S. Treasury Obligations | 44.1% |
| Equity | 49.9% |

---

Excludes investments in futures, options, and forward foreign currency exchange contracts.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note, 1.625%, 02/15/26 | &nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;United States Treasury Note, 1.500%, 08/15/26 | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;United States Treasury Note, 1.625%, 05/15/26 | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;iShares Russell 1000 ETF | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;iShares MSCI USA Min Vol Factor ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;iShares Russell 2000 ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;iShares Core S&P Small-Cap ETF | &nbsp;&nbsp;3.2% |

---

![Image](i56e21436123fc659ab821feb.jpg)

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

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-MBXCX

#### Catalyst/Millburn Hedge Strategy Fund

#### Class I (MBXIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $99 | 1.92%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$8,400,990,321

* Number of Portfolio Holdings265

* Advisory Fee $73,500,839

* Portfolio Turnover10%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3c2012c7dcb6d82bb50d2bb2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 50.7% |
| Money Market Funds | 4.5% |
| U.S. Government & Agencies | 44.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i83dcddecafb16a8f25f2aa9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Money Market Funds | 4.5% |
| U.S. Treasury Obligations | 44.1% |
| Equity | 49.9% |

---

Excludes investments in futures, options, and forward foreign currency exchange contracts.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note, 1.625%, 02/15/26 | &nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;United States Treasury Note, 1.500%, 08/15/26 | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;United States Treasury Note, 1.625%, 05/15/26 | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;iShares Russell 1000 ETF | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;iShares MSCI USA Min Vol Factor ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;iShares Russell 2000 ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;iShares Core S&P Small-Cap ETF | &nbsp;&nbsp;3.2% |

---

![Image](i56e21436123fc659ab821feb.jpg)

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

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-MBXIX

#### Catalyst Systematic High Income Fund

#### Class A (CWXAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

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

# 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 | $113 | 2.24%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$43,992,377

* Number of Portfolio Holdings16

* Advisory Fee (net of waivers)$549,839

* Portfolio Turnover212%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2276d8ba79d73b13bcaf11dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 54.3% |
| Money Market Funds | 17.6% |
| U.S. Government & Agencies | 28.1% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i085b3426b8f7dffe10c6f09a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Financials | 4.5% |
| Communications | 4.5% |
| Industrials | 4.5% |
| Energy | 4.6% |
| Health Care | 4.6% |
| Technology | 13.3% |
| Money Market Funds | 17.6% |
| Consumer Discretionary | 18.2% |
| U.S. Treasury Obligations | 28.0% |

---

Excludes investments in swaps.

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, please review the Fund's prospectus, dated November 1, 2025, at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 1, 2025, the sub-advisory agreement between Catalyst Capital Advisors LLC ("Catalyst"), the Fund's investment adviser, and Warrington Asset Management LLC, the Fund's prior investment sub-adviser, terminated and Catalyst assumed the day-to-day management of the Fund's portfolio. Also, effective November 1, 2025, the Fund's name, investment objective, and principal investment strategies and risks materially changed.

![Image](i56e21436123fc659ab821feb.jpg)

#### Catalyst Systematic High Income Fund - Class A (CWXAX)

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-CWXAX

#### Catalyst Systematic High Income Fund

#### Class C (CWXCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

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

# 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 | $151 | 2.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$43,992,377

* Number of Portfolio Holdings16

* Advisory Fee (net of waivers)$549,839

* Portfolio Turnover212%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2276d8ba79d73b13bcaf11dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 54.3% |
| Money Market Funds | 17.6% |
| U.S. Government & Agencies | 28.1% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i085b3426b8f7dffe10c6f09a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Financials | 4.5% |
| Communications | 4.5% |
| Industrials | 4.5% |
| Energy | 4.6% |
| Health Care | 4.6% |
| Technology | 13.3% |
| Money Market Funds | 17.6% |
| Consumer Discretionary | 18.2% |
| U.S. Treasury Obligations | 28.0% |

---

Excludes investments in swaps.

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, please review the Fund's prospectus, dated November 1, 2025, at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 1, 2025, the sub-advisory agreement between Catalyst Capital Advisors LLC ("Catalyst"), the Fund's investment adviser, and Warrington Asset Management LLC, the Fund's prior investment sub-adviser, terminated and Catalyst assumed the day-to-day management of the Fund's portfolio. Also, effective November 1, 2025, the Fund's name, investment objective, and principal investment strategies and risks materially changed.

![Image](i56e21436123fc659ab821feb.jpg)

#### Catalyst Systematic High Income Fund - Class C (CWXCX)

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-CWXCX

#### Catalyst Systematic High Income Fund

#### Class I (CWXIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

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

# 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 | $100 | 1.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$43,992,377

* Number of Portfolio Holdings16

* Advisory Fee (net of waivers)$549,839

* Portfolio Turnover212%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2276d8ba79d73b13bcaf11dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 54.3% |
| Money Market Funds | 17.6% |
| U.S. Government & Agencies | 28.1% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i085b3426b8f7dffe10c6f09a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Financials | 4.5% |
| Communications | 4.5% |
| Industrials | 4.5% |
| Energy | 4.6% |
| Health Care | 4.6% |
| Technology | 13.3% |
| Money Market Funds | 17.6% |
| Consumer Discretionary | 18.2% |
| U.S. Treasury Obligations | 28.0% |

---

Excludes investments in swaps.

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, please review the Fund's prospectus, dated November 1, 2025, at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 1, 2025, the sub-advisory agreement between Catalyst Capital Advisors LLC ("Catalyst"), the Fund's investment adviser, and Warrington Asset Management LLC, the Fund's prior investment sub-adviser, terminated and Catalyst assumed the day-to-day management of the Fund's portfolio. Also, effective November 1, 2025, the Fund's name, investment objective, and principal investment strategies and risks materially changed.

![Image](i56e21436123fc659ab821feb.jpg)

#### Catalyst Systematic High Income Fund - Class I (CWXIX)

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-CWXIX

#### Catalyst/Welton Advantage Multi-Strategy Fund

#### Class A (CWEAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $116 | 2.24%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$50,823,526

* Number of Portfolio Holdings152

* Advisory Fee (net of waivers)$380,958

* Portfolio Turnover577%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifc0643b51f3af471bb57bbb9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 40.3% |
| Money Market Funds | 20.5% |
| U.S. Government & Agencies | 39.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifb9b1433503b3fbbc29d969e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 14.8% |
| Consumer Staples | 0.6% |
| Materials | 0.7% |
| Health Care | 1.1% |
| Real Estate | 1.2% |
| Utilities | 2.0% |
| Communications | 2.5% |
| Consumer Discretionary | 2.9% |
| Energy | 3.6% |
| Financials | 4.4% |
| Industrials | 5.5% |
| Technology | 9.8% |
| Money Market Funds | 17.5% |
| U.S. Treasury Obligations | 33.4% |

---

Excludes investments in futures.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 01/22/26 | &nbsp;&nbsp;33.4% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Visa, Inc. | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;0.6% |

---

![Image](i56e21436123fc659ab821feb.jpg)

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

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-CWEAX

#### Catalyst/Welton Advantage Multi-Strategy Fund

#### Class C (CWECX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $154 | 2.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$50,823,526

* Number of Portfolio Holdings152

* Advisory Fee (net of waivers)$380,958

* Portfolio Turnover577%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifc0643b51f3af471bb57bbb9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 40.3% |
| Money Market Funds | 20.5% |
| U.S. Government & Agencies | 39.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifb9b1433503b3fbbc29d969e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 14.8% |
| Consumer Staples | 0.6% |
| Materials | 0.7% |
| Health Care | 1.1% |
| Real Estate | 1.2% |
| Utilities | 2.0% |
| Communications | 2.5% |
| Consumer Discretionary | 2.9% |
| Energy | 3.6% |
| Financials | 4.4% |
| Industrials | 5.5% |
| Technology | 9.8% |
| Money Market Funds | 17.5% |
| U.S. Treasury Obligations | 33.4% |

---

Excludes investments in futures.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 01/22/26 | &nbsp;&nbsp;33.4% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Visa, Inc. | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;0.6% |

---

![Image](i56e21436123fc659ab821feb.jpg)

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

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-CWECX

#### Catalyst/Welton Advantage Multi-Strategy Fund

#### Class I (CWEIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i8e7d4576e2f3ff6cf89402d8.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $103 | 1.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 
* Net Assets$50,823,526

* Number of Portfolio Holdings152

* Advisory Fee (net of waivers)$380,958

* Portfolio Turnover577%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifc0643b51f3af471bb57bbb9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 40.3% |
| Money Market Funds | 20.5% |
| U.S. Government & Agencies | 39.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifb9b1433503b3fbbc29d969e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 14.8% |
| Consumer Staples | 0.6% |
| Materials | 0.7% |
| Health Care | 1.1% |
| Real Estate | 1.2% |
| Utilities | 2.0% |
| Communications | 2.5% |
| Consumer Discretionary | 2.9% |
| Energy | 3.6% |
| Financials | 4.4% |
| Industrials | 5.5% |
| Technology | 9.8% |
| Money Market Funds | 17.5% |
| U.S. Treasury Obligations | 33.4% |

---

Excludes investments in futures.

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 01/22/26 | &nbsp;&nbsp;33.4% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Visa, Inc. | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;0.6% |

---

![Image](i56e21436123fc659ab821feb.jpg)

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

#### 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](i8d83c582a6c75a9e8693a7a4.jpg)

TSR-SAR 123125-CWEIX

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

**Item 2. Code of Ethics.** 

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

**Item 6. Investments.** 

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

(b) Not applicable

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

(a)&nbsp;&nbsp;&nbsp;&nbsp; Long Form Financial Statements

---

| |
|:---|
| **SEMI-ANNUAL FINANCIAL STATEMENTS** |
| **AND** |
| **ADDITIONAL INFORMATION** |
| **Catalyst Systematic High Income Fund** |
| **(Formerly, Catalyst/Warrington Strategic Program Fund)** |
| **(CWXAX, CWXCX, CWXIX)** |
| **Catalyst Systematic Alpha Fund** |
| **(ATRAX, ATRCX, ATRFX)** |
| **Catalyst/Welton Advantage Multi-Strategy Fund** |
| **(CWEAX, CWECX, CWEIX)** |
| **Catalyst/Aspect Enhanced Multi-Asset Fund** |
| **(CASAX, CASCX, CASIX)** |
| **Catalyst Nasdaq-100 Hedged Equity Fund** |
| **(CLPAX, CLPCX, CLPFX)** |
| **Catalyst/Millburn Hedge Strategy Fund** |
| **(MBXAX, MBXCX, MBXIX)** |
| **Catalyst Buffered Shield Fund** |
| **(SHIEX, SHINX, SHIIX)** |
| **December 31, 2025** |
| ![(CATALYST LOGO)](ca001_v1.jpg) |
| **Mutual Fund Series Trust** |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| **SEMI-ANNUAL FINANCIAL STATEMENTS** |
| **AND ADDITIONAL INFORMATION** |

---

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

---

| | |
|:---|:---|
| Schedules of Investments | Page 1 |
| Statements of Assets and Liabilities | Page 41 |
| Statements of Operations | Page 43 |
| Statements of Changes in Net Assets | Page 45 |
| Financial Highlights | Page 49 |
| Notes to Financial Statements | Page 63 |
| Additional Information | Page 85 |

---

---

| |
|:---|
| **CATALYST SYSTEMATIC HIGH INCOME FUND** |
| **(FORMERLY, CATALYST/WARRINGTON STRATEGIC PROGRAM FUND)** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 52.9%** |  |  |  |
|  | **ASSET MANAGEMENT — 4.4%** |  |  |  |
| 2000000 | Ares Capital Corporation | 2.1500 | 07/15/26 | $1974737 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.5%** |  |  |  |
| 100000 | HCA, Inc. | 5.2500 | 06/15/26 | 100080 |
| 1900000 | HCA, Inc. | 5.3750 | 09/01/26 | 1904236 |
|  |  |  |  | 2004316 |
|  | **INTERNET MEDIA & SERVICES — 4.5%** |  |  |  |
| 2000000 | Uber Technologies, Inc.<sup>(a)</sup> | 4.5000 | 08/15/29 | 2003996 |
|  | **LEISURE PRODUCTS — 4.4%** |  |  |  |
| 2000000 | Mattel, Inc.<sup>(a)</sup> | 5.8750 | 12/15/27 | 2000446 |
|  | **OIL & GAS PRODUCERS — 4.5%** |  |  |  |
| 2000000 | Energy Transfer, L.P. Midstream Finance Corporation<sup>(a)</sup> | 6.0000 | 02/01/29 | 2021896 |
|  | **RETAIL - DISCRETIONARY — 13.3%** |  |  |  |
| 2000000 | Best Buy Company, Inc. | 1.9500 | 10/01/30 | 1801003 |
| 2000000 | Dick's Sporting Goods, Inc.<sup>(a)</sup> | 4.0000 | 10/01/29 | 1963836 |
| 2500000 | Lowe's Companies, Inc. | 1.7000 | 10/15/30 | 2223832 |
|  |  |  |  | 5988671 |
|  | **SEMICONDUCTORS — 8.5%** |  |  |  |
| 2000000 | Intel Corporation | 2.4500 | 11/15/29 | 1868817 |
| 2000000 | Skyworks Solutions, Inc. | 1.8000 | 06/01/26 | 1978380 |
|  |  |  |  | 3847197 |
|  | **TECHNOLOGY SERVICES — 4.4%** |  |  |  |
| 2000000 | Gartner, Inc.<sup>(a)</sup> | 4.5000 | 07/01/28 | 1994807 |
|  | **TRANSPORTATION & LOGISTICS — 4.4%** |  |  |  |
| 2000000 | United Airlines, Inc.<sup>(a)</sup> | 4.3750 | 04/15/26 | 1998702 |
|  | **TOTAL CORPORATE BONDS (Cost $23,807,371)** |  |  | 23834768 |

---

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

---

| |
|:---|
| **CATALYST SYSTEMATIC HIGH INCOME FUND** |
| **(FORMERLY, CATALYST/WARRINGTON STRATEGIC PROGRAM FUND)** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 27.4%** |  |  |  |
|  | **U.S. TREASURY BILLS — 27.4%** |  |  |  |
| 12500000 | United States Treasury Bill<sup>(b),(c)</sup> | 3.5300 | 06/11/26 | $12306965 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $12,283,656)** |  |  | 12306965 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 17.2%** |  |  |  |
|  | **MONEY MARKET FUNDS - 17.2%** |  |  |  |
| 7730884 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $7,730,884)<sup>(d)</sup> |  |  | 7730884 |
|  | **TOTAL INVESTMENTS - 97.5% (Cost $43,821,911)** |  |  | $43872617 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.5%** |  |  | 1119760 |
|  | **NET ASSETS - 100.0%** |  |  | $44992377 |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025 the total market value of 144A securities is $11,983,683 or 26.6% of net assets.

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

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

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

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

---

| |
|:---|
| **CATALYST SYSTEMATIC HIGH INCOME FUND** |
| **(FORMERLY, CATALYST/WARRINGTON STRATEGIC PROGRAM FUND)** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

**TOTAL RETURN SWAPS - 0.1%**

The Bespoke Basket Series 1 Excess Return Strategy is a rules-based index containing options based strategies including relatively short-term options strategies (long and short), option spreads on the S&P 500, and covered call options on stock indexes or individual stocks. It is a fixed weight basket with quarterly rebalance of 6 systematic trading strategies.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Shares** | <br>**Reference Entity** | <br>**Payment Frequency** | <br>**Notional Amount** | <br>**Counterparty** | <br>**Maturity** | <br>**Pay Fixed Rate** | <br>**Upfront Payments** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| 670400 | Bespoke Basket Series 1 Excess Return Strategy | Monthly | (72000960) | Goldman Sachs | 12/7/2026 | 0.0000% |  | $53632 |
|  |  |  |  |  |  |  |  | $53632 |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **OPEN END FUNDS — 19.9%** |  |  |  |
|  | **FIXED INCOME - 19.9%** |  |  |  |
| 265046 | Catalyst International Income Opportunities Fund<sup>(a)</sup> |  |  | $33616815 |
|  | **TOTAL OPEN END FUNDS (Cost $30,000,000)** |  |  | 33616815 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **CONVERTIBLE BONDS — 0.1%** |  |  |  |
|  | **SPECIALTY FINANCE — 0.1%** |  |  |  |
| 225000 | Two Harbors Investment Corporation | 6.2500 | 01/15/26 | 224438 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $195,188)** |  |  | 224438 |
|  | **CORPORATE BONDS — 26.4%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.8%** |  |  |  |
| 3000000 | Boeing Company (The) | 3.1000 | 05/01/26 | 2988521 |
|  | **AUTOMOTIVE — 1.7%** |  |  |  |
| 3000000 | Ford Motor Company | 4.3460 | 12/08/26 | 2997607 |
|  | **BIOTECH & PHARMA — 3.8%** |  |  |  |
| 6500000 | Gilead Sciences, Inc. | 3.6500 | 03/01/26 | 6497551 |
|  | **FOOD — 4.7%** |  |  |  |
| 7960000 | Kraft Heinz Foods Company | 3.0000 | 06/01/26 | 7926430 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.8%** |  |  |  |
| 3000000 | HCA, Inc. | 5.2500 | 06/15/26 | 3002404 |
|  | **RETAIL - DISCRETIONARY — 0.9%** |  |  |  |
| 1460000 | Ross Stores, Inc. | 0.8750 | 04/15/26 | 1447325 |
|  | **SEMICONDUCTORS — 6.7%** |  |  |  |
| 8400000 | Intel Corporation | 4.8750 | 02/10/26 | 8405637 |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 26.4% (Continued)** |  |  |  |
|  | **SEMICONDUCTORS — 6.7% (Continued)** |  |  |  |
| 3000000 | Skyworks Solutions, Inc. | 1.8000 | 06/01/26 | $2967570 |
|  |  |  |  | 11373207 |
|  | **TECHNOLOGY SERVICES — 5.0%** |  |  |  |
| 8500000 | International Business Machines Corporation | 3.3000 | 05/15/26 | 8482936 |
|  | **TOTAL CORPORATE BONDS (Cost $44,633,502)** |  |  | 44715981 |
|  |  | **Discount Rate** |  |  |
|  |  | **(%)** |  |  |
|  | **U.S. GOVERNMENT & AGENCIES — 45.2%** |  |  |  |
|  | **U.S. TREASURY BILLS — 45.2%** |  |  |  |
| 10500000 | United States Treasury Bill<sup>(b),(e)</sup> | 3.4129 | 02/19/26 | 10450227 |
| 19000000 | United States Treasury Bill<sup>(b),(e)</sup> | 3.4234 | 03/19/26 | 18859069 |
| 5050000 | United States Treasury Bill<sup>(b),(c),(e)</sup> | 3.4514 | 04/16/26 | 4998680 |
| 20000000 | United States Treasury Bill<sup>(b),(c),(e)</sup> | 3.3395 | 07/09/26 | 19647499 |
| 9300000 | United States Treasury Bill<sup>(b),(c),(e)</sup> | 3.3693 | 08/06/26 | 9110252 |
| 3000000 | United States Treasury Bill<sup>(b),(c),(e)</sup> | 3.3110 | 09/03/26 | 2932124 |
| 9600000 | United States Treasury Bill<sup>(b),(c),(e)</sup> | 3.3404 | 10/01/26 | 9355926 |
| 1000000 | United States Treasury Bill<sup>(b),(c),(e)</sup> | 3.3447 | 10/29/26 | 971942 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $76,234,230)** |  |  | 76325719 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 6.5%** |  |  |  |
|  | **MONEY MARKET FUNDS - 6.5%** |  |  |  |
| 10991143 | First American Treasury Obligations Fund, Class X, 3.65%<sup>(c),(d)</sup> |  |  | 10991143 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $10,991,143)** |  |  | 10991143 |
|  | **TOTAL INVESTMENTS - 98.1% (Cost $162,054,063)** |  |  | $165874096 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9%** |  |  | 3140129 |
|  | **NET ASSETS - 100.0%** |  |  | $169014225 |

---

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

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

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

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

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

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

---

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

---

**TOTAL RETURN SWAPS - 2.2%**

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

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

The HSBC Systematic Alpha Index ("HSIESA1I") is a rules-based index containing strategies across a mix of asset classes which look to invest in premias including carry, trend, and smart beta. The index has 6 components which comprise the broader index. \*\*\*\*\*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Shares** | <br>**Reference Entity** | <br>**Payment Frequency** | <br>**Notional Amount** | <br>**Counterparty** | <br>**Maturity** | <br>**Pay Fixed Rate** | <br>**Upfront Payments** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| 26140 | BNP Paribas Catalyst Systematic Alpha Non-Commodities Index \* | Maturity | (115166124) | BNP Paribas | 1/12/2026 | 0.2000% |  | $2074956 |
| 26140 | BNP Paribas Catalyst Systematic Alpha Commodities Index +\* | Monthly | (112523057) | BNP Paribas | 1/12/2026 | 0.2000% |  | 1703338 |
| 5350 | CIBC Multi Asset Systematic Alpha Index +\*\*\* | Monthly | (14326698) | CIBC | 4/30/2026 | 0.1000% |  | (487751) |
| 16522 | Barclays BEFSRPPM Index\*\* | Maturity | (9685810) | Barclays | 4/7/2026 | 0.0000% |  | (370137) |
| 179083 | Custom Asset Series X1 Excess Return Strategy | Monthly | (14598846) | Goldman Sachs | 2/12/2026 | 1.0690% |  | 369195 |
| 179083 | Custom Asset Series X2 Excess Return Strategy + | Monthly | (3538680) | Goldman Sachs | 2/12/2026 | 0.7170% |  | 106040 |
| 8197 | J.P. Morgan XRJPCT12 Index +\*\*\*\* | Quarterly | (19603102) | JP Morgan | 12/3/2026 | 0.2800% |  | 263138 |
| 26294 | HSBC Systematic Alpha 1 Index\*\*\*\*\* | Monthly | (14999938) | HSBC | 11/13/2026 | 1.0000% |  | 55743 |
|  |  |  |  |  |  |  |  | $3714522 |

---

+ This instrument is held by CSACS Fund Ltd.

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

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

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

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

\*\*\*\*\* Additional information can be found on https://www.solactive.com/index/DE000SL0PR63/

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

---

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

---

---

| |
|:---|
| **Custom Asset Series X1 Excess Return Strategy Total Return Swap Top 50 Holdings** |
| The following table represents the individual positions and related values of underlying securities of the Custom Asset Series X1 Excess Return Strategy Total Return Swap. |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** |
| **Contracts** | **Name** | **Counterparty** | **Pay/Receive** | **Interest Rate** | **Maturity Date** | **Notional** | **Notional** | **Fair Value** | **Fair Value** |
| (3379691) | CDX.NA.HY.45-V1.5Y | Goldman Sachs | Pay | 0.0500 | 12/20/2030 |  | (3379691) |  | 264124 |
| (5282155) | CDX.NA.IG.45-V1.5Y | Goldman Sachs | Pay | 0.0100 | 12/20/2030 |  | (5282155) |  | 121134 |
| (7042470) | iTraxx Europe.44-V1.5Y | Goldman Sachs | Pay | 0.0100 | 12/20/2030 |  | (7042470) |  | 193597 |
| **Equity Forwards** | **Equity Forwards** | **Equity Forwards** | **Equity Forwards** | **Equity Forwards** | **Equity Forwards** | **Equity Forwards** | **Equity Forwards** | **Equity Forwards** | **Equity Forwards** |
|  |  |  |  |  |  |  |  | **Value and Unrealized** | **Value and Unrealized** |
| **Contracts** | **Name** | **Counterparty** |  |  |  | **Notional** | **Notional** | **Appreciation(Depreciation)** | **Appreciation(Depreciation)** |
| (521) | S&P 500 Index | Goldman Sachs |  |  |  |  | (3564968) |  |  |
| (469) | S&P 500 Index | Goldman Sachs |  |  |  |  | (3210380) |  |  |
| **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** |  |  |  |
|  |  |  |  |  |  |  |  | **Value and Unrealized** | **Value and Unrealized** |
| **Contracts** | **Name** |  |  |  | **Expiration Date** | **Notional** | **Notional** | **Appreciation(Depreciation)** | **Appreciation(Depreciation)** |
| 36351 | Euro BTPs |  |  |  | 3/6/2026 |  | 5130708 |  |  |
| 47323 | Euro OATs |  |  |  | 3/6/2026 |  | 6702199 |  |  |
| 5508567 | JGB |  |  |  | 3/11/2026 |  | 4653350 |  |  |
| 42706 | Ten-Year Australian Government Bonds |  |  |  | 3/16/2026 |  | 3117962 |  |  |
| (36508) | Ultra 10yr US Notes |  |  |  | 3/20/2026 |  | (4203967) |  |  |
| **Options Written** | **Options Written** | **Options Written** | **Options Written** | **Options Written** | **Options Written** | **Options Written** | **Options Written** | **Options Written** |  |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration Date** | **Exercise Price** | **Notional** | **Notional** | **Fair Value** | **Fair Value** |
| (4730974) | CDX.NA.IG.45-V1.5Y | Goldman Sachs |  | 1/21/2026 | 47.5000 |  | (4730974) |  | (521) |
| (6591610) | CDX.NA.IG.45-V1.5Y | Goldman Sachs |  | 1/21/2026 | 50.0000 |  | (6591610) |  | (3150) |
| (4835685) | CDX.NA.IG.45-V1.5Y | Goldman Sachs |  | 1/21/2026 | 52.5000 |  | (4835685) |  | (1991) |
| (5911633) | CDX.NA.IG.45-V1.5Y | Goldman Sachs |  | 1/21/2026 | 55.0 |  | (5911633) |  | (1499) |
| (5473925) | CDX.NA.IG.45-V1.5Y | Goldman Sachs |  | 1/21/2026 | 57.5000 |  | (5473925) |  | (962) |
| (3059178) | CDX.NA.IG.45-V1.5Y | Goldman Sachs |  | 2/18/2026 | 48 |  | (3059178) |  | (1080) |
| (3059178) | CDX.NA.IG.45-V1.5Y | Goldman Sachs |  | 2/18/2026 | 50 |  | (3059178) |  | (2482) |
| (5500050) | iTraxx Europe.44-V1.5Y | Goldman Sachs |  | 1/21/2026 | 50 |  | (6459533) |  | (2883) |
| (4623208) | iTraxx Europe.44-V1.5Y | Goldman Sachs |  | 1/21/2026 | 53 |  | (5429727) |  | (6235) |
| (4638460) | iTraxx Europe.44-V1.5Y | Goldman Sachs |  | 1/21/2026 | 55.0 |  | (5447639) |  | (1563) |
| (5195684) | iTraxx Europe.44-V1.5Y | Goldman Sachs |  | 1/21/2026 | 58 |  | (6102071) |  | (1095) |
| (4203906) | iTraxx Europe.44-V1.5Y | Goldman Sachs |  | 1/21/2026 | 60 |  | (4937278) |  | (601) |
| (590) | S&P 500 Index | Goldman Sachs | Call | 1/2/2026 | 6995 |  | (4041469) |  | (44) |
| (607) | S&P 500 Index | Goldman Sachs | Call | 1/2/2026 | 7020 |  | (4155134) |  | (30) |
| (797) | S&P 500 Index | Goldman Sachs | Call | 1/2/2026 | 7025 |  | (5455518) |  | (40) |
| (1869) | S&P 500 Index | Goldman Sachs | Call | 1/2/2026 | 7030 |  | (12794687) |  | (93) |
| (1175) | S&P 500 Index | Goldman Sachs | Call | 1/2/2026 | 7050 |  | (8042167) |  | (59) |
| (463) | S&P 500 Index | Goldman Sachs | Call | 1/2/2026 | 7225 |  | (3169500) |  | (23) |
| (990) | S&P 500 Index | Goldman Sachs | Call | 1/9/2026 | 7055 |  | (6773976) |  | (348) |
| (795) | S&P 500 Index | Goldman Sachs | Call | 1/9/2026 | 7075 |  | (5444757) |  | (199) |
| (756) | S&P 500 Index | Goldman Sachs | Call | 1/9/2026 | 7100 |  | (5177479) |  | (126) |
| (601) | S&P 500 Index | Goldman Sachs | Call | 1/9/2026 | 7120 |  | (4112659) |  | (90) |
| (483) | S&P 500 Index | Goldman Sachs | Call | 1/16/2026 | 7190 |  | (3303238) |  | (229) |
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| **Contracts** | **Name** | **Counterparty** | **Pay/Receive** | **Interest Rate** | **Maturity Date** | **Notional** | **Notional** | **Fair Value** | **Fair Value** |
| (5245908) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0370 | 1/8/2036 |  | (5245908) |  | (38733) |
| 3876195 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0370 | 1/14/2036 |  | 3876195 |  | 32220 |
| 6522139 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0370 | 1/14/2036 |  | 6522139 |  | 43278 |
| 2855115 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0370 | 1/14/2036 |  | 2855115 |  | 11774 |
| 5070893 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0380 | 1/16/2036 |  | 5070893 |  | (4411) |
| 4636561 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0370 | 1/22/2036 |  | 4636561 |  | 15799 |
| 3507126 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0380 | 1/22/2036 |  | 3507126 |  | (2720) |
| (4437284) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0380 | 1/28/2036 |  | (4437284) |  | 3012 |
| 4203779 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0380 | 1/28/2036 |  | 4203779 |  | 4175 |
| (9112672) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0370 | 1/29/2036 |  | (9112672) |  | (16799) |
| 3386579 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0380 | 2/4/2036 |  | 3386579 |  | (4781) |
| (6893416) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0380 | 2/4/2036 |  | (6893416) |  | (7556) |
| (8395153) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0380 | 2/5/2036 |  | (8395153) |  | (2320) |
| 6136065 | 20yr Point On US Dollar | Goldman Sachs | Receive | 0.0410 | 1/16/2046 |  | 6136065 |  | 76967 |
| (4664922) | 20yr Point On US Dollar | Goldman Sachs | Pay | 0.0410 | 1/29/2046 |  | (4664922) |  | (14577) |
| (2974718) | 20yr Point On US Dollar | Goldman Sachs | Pay | 0.0410 | 2/5/2046 |  | (2974718) |  | (1423) |
| 3659600 | 30yr Point On US Dollar | Goldman Sachs | Receive | 0.0400 | 1/13/2056 |  | 3659600 |  | 62705 |

---

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

---

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

---

**Custom Asset Series X2 Excess Return Strategy Total Return Swap Top 50 Holdings**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** | **Open Long Futures** |
| | |  |  |  |  | | | **Value and Unrealized** | **Value and Unrealized** |
| **Contracts** | **Name** | | | | **Expiration Date** | **Notional** | **Notional** | **Appreciation(Depreciation)** | **Appreciation(Depreciation)** |
| 218 | Aluminium |  |  |  | 11/2026 |  | 656913 |  |  |
| 19947 | Brent Crude Oil |  |  |  | 05/2026 |  | 1203184 |  |  |
| 186006 | Coffee |  |  |  | 05/2026 |  | 620052 |  |  |
| 274407 | Copper HG |  |  |  | 03/2026 |  | 1559179 |  |  |
| 90006 | Copper HG |  |  |  | 07/2026 |  | 521225 |  |  |
| 285274 | Corn |  |  |  | 03/2026 |  | 1255918 |  |  |
| 228515 | Corn |  |  |  | 09/2026 |  | 1024890 |  |  |
| 198 | Gold |  |  |  | 02/2026 |  | 861435 |  |  |
| 205423 | Natural Gas |  |  |  | 03/2026 |  | 642973 |  |  |
| 136361 | Natural Gas |  |  |  | 07/2026 |  | 500580 |  |  |
| 55389 | Soybean |  |  |  | 03/2026 |  | 580197 |  |  |
| 56550 | Soybean |  |  |  | 05/2026 |  | 600000 |  |  |
| 55793 | Soybean |  |  |  | 07/2026 |  | 599358 |  |  |
| 17960 | WTI Crude Oil |  |  |  | 03/2026 |  | 1027680 |  |  |
| 150 | Zinc |  |  |  | 11/2026 |  | 467052 |  |  |
| **Open Short Futures** | **Open Short Futures** | **Open Short Futures** | **Open Short Futures** | **Open Short Futures** | **Open Short Futures** | **Open Short Futures** | **Open Short Futures** | **Open Short Futures** |  |
|  |  |  |  |  |  |  |  |  | **Value and Unrealized** |
| **Contracts** | **Name** |  |  |  | **Expiration Date** | **Notional** | **Notional** | **Appreciation(Depreciation)** | **Appreciation(Depreciation)** |
| (313) | Aluminium |  |  |  | 03/2026 |  | (937740) |  |  |
| (19778) | Brent Crude Oil |  |  |  | 03/2026 |  | (1203502) |  |  |
| (98778) | Chicago Wheat |  |  |  | 03/2026 |  | (500803) |  |  |
| (177959) | Coffee |  |  |  | 03/2026 |  | (620634) |  |  |
| (242999) | Copper HG |  |  |  | 03/2026 |  | (1380720) |  |  |
| (232925) | Corn |  |  |  | 03/2026 |  | (1025451) |  |  |
| (776) | Gasoil |  |  |  | 03/2026 |  | (477942) |  |  |
| (348364) | Live Cattle |  |  |  | 02/2026 |  | (806811) |  |  |
| (486295) | Natural Gas |  |  |  | 03/2026 |  | (1522105) |  |  |
| (30) | Nickel |  |  |  | 03/2026 |  | (493325) |  |  |
| (113477) | Soybean |  |  |  | 03/2026 |  | (1188674) |  |  |
| (2206) | Soybean Meal |  |  |  | 03/2026 |  | (660347) |  |  |
| (1547022) | Soybean Oil |  |  |  | 03/2026 |  | (751234) |  |  |
| (17960) | WTI Crude Oil |  |  |  | 03/2026 |  | (1027680) |  |  |
| (150) | Zinc |  |  |  | 03/2026 |  | (466824) |  |  |
| **Options Purchased** | **Options Purchased** | **Options Purchased** | **Options Purchased** | **Options Purchased** | **Options Purchased** | **Options Purchased** |  |  |  |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration Date** | **Exercise Price** | **Notional** | **Notional** | **Fair Value** | **Fair Value** |
| 17969 | Brent Crude Oil | Goldman Sachs | Put | 1/27/2026 | 53.00 |  | 1093414 |  | 2516 |
| 13896 | Brent Crude Oil | Goldman Sachs | Put | 1/27/2026 | 52.00 |  | 845586 |  | 1390 |
| 13847 | Brent Crude Oil | Goldman Sachs | Put | 1/27/2026 | 51.50 |  | 842562 |  | 1246 |
| 8460 | Brent Crude Oil | Goldman Sachs | Call | 2/24/2026 | 73.00 |  | 511737 |  | 2369 |
| 8408 | Brent Crude Oil | Goldman Sachs | Put | 1/27/2026 | 50.50 |  | 511619 |  | 589 |
| 8281 | Brent Crude Oil | Goldman Sachs | Put | 2/24/2026 | 50.00 |  | 500895 |  | 2236 |
| 7879 | Brent Crude Oil | Goldman Sachs | Put | 1/27/2026 | 53.50 |  | 479415 |  | 1261 |
| 7812 | Brent Crude Oil | Goldman Sachs | Put | 1/27/2026 | 52.50 |  | 475359 |  | 937 |
| 7623 | Brent Crude Oil | Goldman Sachs | Put | 2/24/2026 | 51.50 |  | 461134 |  | 2744 |
| 7507 | Brent Crude Oil | Goldman Sachs | Call | 1/27/2026 | 71.50 |  | 456824 |  | 826 |
| **Options Written** | **Options Written** | **Options Written** | **Options Written** | **Options Written** | **Options Written** | **Options Written** | **Options Written** |  |  |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration Date** | **Exercise Price** | **Notional** | **Notional** | **Fair Value** | **Fair Value** |
| (7384) | Brent Crude Oil | Goldman Sachs | Put | 1/27/2026 | 59.25 |  | (449346) |  | (7311) |
| (7802) | Brent Crude Oil | Goldman Sachs | Call | 1/27/2026 | 62.75 |  | (474742) |  | (7334) |
| (108195) | Corn | Goldman Sachs | Call | 1/23/2026 | 4.50 |  | (476330) |  | (4193) |
| (7886) | Brent Crude Oil | Goldman Sachs | Put | 1/27/2026 | 60.50 |  | (479865) |  | (11750) |
| (113185) | Corn | Goldman Sachs | Call | 1/23/2026 | 4.70 |  | (498296) |  | (849) |
| (113978) | Corn | Goldman Sachs | Call | 1/23/2026 | 4.75 |  | (501789) |  | (570) |
| (9082) | Brent Crude Oil | Goldman Sachs | Put | 1/27/2026 | 59.00 |  | (552663) |  | (8265) |
| (133297) | Corn | Goldman Sachs | Call | 1/23/2026 | 4.65 |  | (586840) |  | (1500) |
| (179218) | Corn | Goldman Sachs | Call | 1/23/2026 | 4.55 |  | (789008) |  | (4704) |
| (180845) | Corn | Goldman Sachs | Call | 1/23/2026 | 4.60 |  | (796171) |  | (3165) |

---

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

---

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

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Name** | **Fair Value** |
| 20.86 | J.P. Morgan Locator Curve Carry Index (JMABLCCU) | 4896 |
| 9.82 | J.P. Morgan FX Neo Carry Index (JMFXTNCL) | 1932 |
| 1.55 | J.P. Morgan Cross Asset Trend Following Index (AIJPLT2U) | 1149 |
| 19.88 | J.P.Morgan ERP Global Trend 4 Factor Multi-Factor (L/S) USD Index (Series 1)(JPQTR4W1) | 2091 |
| 3.57 | J.P. Morgan Helix 3 Index (JHLXH3US) | 1258 |
| 11.48 | J.P. Morgan Intraday Bespoke Index (JPOSIOB5) | 1229 |
| 6.06 | J.P. Morgan U.S. Technology Momentum QES Long Short Bespoke Index (JPUSNQIM) | 1139 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 34.3%** |  |
|  | **AEROSPACE & DEFENSE - 1.2%** |  |
| 505 | Boeing Company (The)<sup>(a)</sup> | $109646 |
| 505 | General Electric Company | 155555 |
| 505 | Howmet Aerospace, Inc. | 103535 |
| 505 | L3Harris Technologies, Inc. | 148253 |
| 505 | RTX Corporation | 92617 |
|  |  | 609606 |
|  | **ASSET MANAGEMENT - 0.2%** |  |
| 505 | Apollo Global Management, Inc. | 73103 |
| 505 | Charles Schwab Corporation (The) | 50455 |
|  |  | 123558 |
|  | **AUTOMOTIVE - 1.2%** |  |
| 7074 | Ford Motor Company | 92811 |
| 1011 | General Motors Company | 82215 |
| 1011 | Tesla, Inc.<sup>(a)</sup> | 454666 |
|  |  | 629692 |
|  | **BANKING - 2.1%** |  |
| 6063 | Bank of America Corporation | 333466 |
| 505 | Citigroup, Inc. | 58928 |
| 1011 | JPMorgan Chase & Company | 325764 |
| 505 | PNC Financial Services Group, Inc. (The) | 105409 |
| 1011 | Truist Financial Corporation | 49751 |
| 1011 | US Bancorp | 53947 |
| 2021 | Wells Fargo & Company | 188357 |
|  |  | 1115622 |
|  | **BEVERAGES - 0.6%** |  |
| 3537 | Coca-Cola Company (The) | 247272 |
| 2526 | Keurig Dr Pepper, Inc. | 70753 |
|  |  | 318025 |
|  | **CHEMICALS - 0.3%** |  |
| 505 | Ecolab, Inc. | 132573 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.6%** |  |
| 505 | Cintas Corporation | 94975 |
| 505 | Republic Services, Inc. | 107025 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 34.3% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 0.6% (Continued)** |  |
| 505 | Waste Management, Inc. | $110954 |
|  |  | 312954 |
|  | **DATA CENTER REIT - 0.2%** |  |
| 505 | Digital Realty Trust, Inc. | 78129 |
|  | **DIVERSIFIED INDUSTRIALS - 0.9%** |  |
| 505 | 3M Company | 80851 |
| 505 | Emerson Electric Company | 67024 |
| 1011 | Honeywell International, Inc. | 197235 |
| 505 | Illinois Tool Works, Inc. | 124382 |
|  |  | 469492 |
|  | **ELECTRIC UTILITIES - 2.0%** |  |
| 1011 | American Electric Power Company, Inc. | 116578 |
| 1011 | Duke Energy Corporation | 118500 |
| 2021 | Exelon Corporation | 88095 |
| 3032 | NextEra Energy, Inc. | 243410 |
| 6569 | PG&E Corporation | 105564 |
| 1011 | Public Service Enterprise Group, Inc. | 81183 |
| 1011 | Sempra | 89261 |
| 505 | Vistra Corporation | 81472 |
| 1011 | Xcel Energy, Inc. | 74672 |
|  |  | 998735 |
|  | **ELECTRICAL EQUIPMENT - 0.7%** |  |
| 505 | AMETEK, Inc. | 103682 |
| 505 | Amphenol Corporation, Class A | 68246 |
| 505 | Trane Technologies PLC | 196545 |
|  |  | 368473 |
|  | **ENTERTAINMENT CONTENT - 0.3%** |  |
| 1516 | Walt Disney Company (The) | 172475 |
|  | **HEALTH CARE REIT - 0.2%** |  |
| 505 | Welltower, Inc. | 93733 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 34.3% (Continued)** |  |
|  | **INDUSTRIAL REIT - 0.4%** |  |
| 2021 | Prologis, Inc. | $258000 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 2021 | Fastenal Company | 81103 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.4%** |  |
| 505 | Bank of New York Mellon Corporation (The) | 58625 |
| 505 | Intercontinental Exchange, Inc. | 81790 |
| 505 | Nasdaq, Inc. | 49051 |
|  |  | 189466 |
|  | **INSURANCE - 1.3%** |  |
| 505 | Aflac, Inc. | 55686 |
| 505 | Aon PLC, Class A | 178204 |
| 1516 | MetLife, Inc. | 119673 |
| 1011 | Progressive Corporation (The) | 230226 |
| 505 | Prudential Financial, Inc. | 57004 |
|  |  | 640793 |
|  | **INTERNET MEDIA & SERVICES - 1.0%** |  |
| 505 | Alphabet, Inc., Class A | 158065 |
| 505 | Meta Platforms, Inc., Class A | 333345 |
|  |  | 491410 |
|  | **LEISURE FACILITIES & SERVICES - 1.4%** |  |
| 505 | Hilton Worldwide Holdings, Inc. | 145061 |
| 505 | Marriott International, Inc., Class A | 156672 |
| 505 | McDonald's Corporation | 154343 |
| 505 | Royal Caribbean Cruises Ltd. | 140855 |
| 505 | Yum! Brands, Inc. | 76396 |
|  |  | 673327 |
|  | **MACHINERY - 0.5%** |  |
| 505 | Deere & Company | 235113 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 2021 | Boston Scientific Corporation<sup>(a)</sup> | 192702 |
| 1011 | Edwards Lifesciences Corporation<sup>(a)</sup> | 86188 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 34.3% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1% (Continued)** |  |
| 505 | Intuitive Surgical, Inc.<sup>(a)</sup> | $286012 |
|  |  | 564902 |
|  | **METALS & MINING - 0.2%** |  |
| 3032 | Freeport-McMoRan, Inc. | 153994 |
|  | **OIL & GAS PRODUCERS - 3.1%** |  |
| 2021 | Chevron Corporation | 308021 |
| 2021 | ConocoPhillips | 189186 |
| 505 | Diamondback Energy, Inc. | 75917 |
| 3032 | Exxon Mobil Corporation | 364870 |
| 4547 | Kinder Morgan, Inc. | 124997 |
| 505 | Marathon Petroleum Corporation | 82128 |
| 1516 | MPLX, L.P. | 80909 |
| 1011 | ONEOK, Inc. | 74309 |
| 505 | Phillips 66 | 65165 |
| 505 | Valero Energy Corporation | 82209 |
| 2021 | Williams Companies, Inc. (The) | 121482 |
|  |  | 1569193 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.5%** |  |
| 1516 | Baker Hughes Company | 69039 |
| 4547 | SLB Ltd. | 174514 |
|  |  | 243553 |
|  | **REAL ESTATE SERVICES - 0.2%** |  |
| 505 | CBRE Group, Inc., Class A<sup>(a)</sup> | 81199 |
|  | **RETAIL - DISCRETIONARY - 0.4%** |  |
| 505 | Lowe's Companies, Inc. | 121786 |
| 505 | TJX Companies, Inc. (The) | 77573 |
|  |  | 199359 |
|  | **RETAIL REIT - 0.2%** |  |
| 505 | Simon Property Group, Inc. | 93481 |
|  | **SEMICONDUCTORS - 2.2%** |  |
| 505 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 108151 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 34.3% (Continued)** |  |
|  | **SEMICONDUCTORS - 2.2% (Continued)** |  |
| 505 | Analog Devices, Inc. | $136956 |
| 505 | Applied Materials, Inc. | 129780 |
| 505 | Broadcom, Inc. | 174781 |
| 505 | Lam Research Corporation | 86446 |
| 2021 | NVIDIA Corporation | 376916 |
| 505 | Texas Instruments, Inc. | 87612 |
|  |  | 1100642 |
|  | **SOFTWARE - 3.1%** |  |
| 505 | Autodesk, Inc.<sup>(a)</sup> | 149485 |
| 505 | Cadence Design Systems, Inc.<sup>(a)</sup> | 157853 |
| 1011 | Fortinet, Inc.<sup>(a)</sup> | 80284 |
| 505 | Intuit, Inc. | 334521 |
| 505 | Microsoft Corporation | 244228 |
| 1011 | Oracle Corporation | 197054 |
| 1011 | Palo Alto Networks, Inc.<sup>(a)</sup> | 186226 |
| 1011 | Salesforce, Inc. | 267824 |
|  |  | 1617475 |
|  | **SPECIALTY FINANCE - 0.4%** |  |
| 505 | American Express Company | 186825 |
|  | **STEEL - 0.2%** |  |
| 505 | Nucor Corporation | 82371 |
|  | **TECHNOLOGY HARDWARE - 1.8%** |  |
| 1516 | Apple, Inc. | 412140 |
| 505 | Arista Networks, Inc.<sup>(a)</sup> | 66170 |
| 2526 | Cisco Systems, Inc. | 194578 |
| 505 | Dell Technologies, Inc., Class C | 63569 |
| 505 | Motorola Solutions, Inc. | 193577 |
|  |  | 930034 |
|  | **TECHNOLOGY SERVICES - 2.6%** |  |
| 505 | Automatic Data Processing, Inc. | 129901 |
| 1516 | Cognizant Technology Solutions Corporation, Class A | 125828 |
| 505 | International Business Machines Corporation | 149586 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 34.3% (Continued)** |  |  |  |
|  | **TECHNOLOGY SERVICES - 2.6% (Continued)** |  |  |  |
| 505 | Mastercard, Inc., Class A |  |  | $288294 |
| 505 | S&P Global, Inc. |  |  | 263908 |
| 1011 | Visa, Inc., Class A |  |  | 354568 |
|  |  |  |  | 1312085 |
|  | **TELECOMMUNICATIONS - 1.2%** |  |  |  |
| 6063 | AT&T, Inc. |  |  | 150605 |
| 1011 | T-Mobile US, Inc. |  |  | 205274 |
| 6569 | Verizon Communications, Inc. |  |  | 267556 |
|  |  |  |  | 623435 |
|  | **TRANSPORTATION & LOGISTICS - 1.4%** |  |  |  |
| 1516 | Delta Air Lines, Inc. |  |  | 105210 |
| 505 | FedEx Corporation |  |  | 145874 |
| 505 | Old Dominion Freight Line, Inc. |  |  | 79184 |
| 505 | Union Pacific Corporation |  |  | 116817 |
| 2526 | United Parcel Service, Inc., Class B |  |  | 250553 |
|  |  |  |  | 697638 |
|  | **TOTAL COMMON STOCKS (Cost $17,267,425)** |  |  | 17448465 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES — 33.4%** |  |  |  |
|  | **U.S. TREASURY BILLS — 33.4%** |  |  |  |
| 17000000 | United States Treasury Bill<sup>(b)</sup> | 3.2303 | 01/22/26 | 16966440 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $16,964,746)** |  |  | 16966440 |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 17.5%** |  |
|  | **MONEY MARKET FUNDS - 17.5%** |  |
| 8898521 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $8,898,521)<sup>(c)</sup> | $8898521 |
|  | **TOTAL INVESTMENTS - 85.2% (Cost $43,130,692)** | $43313426 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 14.8%** | 7510100 |
|  | **NET ASSETS - 100.0%** | $50823526 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(d)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 232 | CBOT 10 Year US Treasury Note Future | 03/23/2026 | $26085500 | $(55956) |
| 394 | CBOT 5 Year US Treasury Note Future | 04/01/2026 | 43066048 | (44472) |
| 3 | CBOT US Treasure Bond Future | 03/23/2026 | 346781 | (750) |
| 15 | CME British Pound Currency Future | 03/17/2026 | 1261688 | 3325 |
| 12 | CME E-Mini NASDAQ 100 Index Future | 03/23/2026 | 6109620 | (11015) |
| 71 | CME E-Mini Standard & Poor's 500 Index Future | 03/23/2026 | 24468374 | 92049 |
| 26 | CME Euro Foreign Exchange Currency Future | 03/17/2026 | 3828500 | (1600) |
| 162 | CME Euro FX/Japanese Yen Cross Rate Currency Future | 03/17/2026 | 23727934 | 198803 |
| 2 | COMEX Copper Future<sup>(e)</sup> | 03/30/2026 | 284100 | 9712 |
| 2 | COMEX Gold 100 Troy Ounces Future<sup>(e)</sup> | 02/26/2026 | 868220 | 18700 |
| 5 | Eurex DAX Index Future | 03/23/2026 | 3625764 | 52132 |
| 58 | Eurex EURO STOXX 50 Future | 03/23/2026 | 3980005 | 53090 |
| 9 | HKG Hang Seng Index Future | 01/30/2026 | 1482978 | (25449) |
| 1 | LME Copper Future<sup>(e)</sup> | 03/17/2026 | 311013 | (1887) |
| 16 | LME Lead Future<sup>(e)</sup> | 03/17/2026 | 803076 | (3167) |
| 7 | LME Primary Aluminum Future<sup>(e)</sup> | 03/17/2026 | 524032 | 15951 |
| 5 | LME Zinc Future<sup>(e)</sup> | 03/17/2026 | 389865 | 3619 |
| 113 | Long Gilt Future | 03/30/2026 | 13918027 | 19660 |
| 14 | SGX Nikkei 225 Stock Index Future | 03/13/2026 | 2254468 | (10642) |
| 242 | Three Month SONIA Index Future | 12/15/2027 | 78741423 | 38036 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $350139 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(d)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 2 | CBOT 2 Year US Treasury Note Future | 04/01/2026 | $417578 | $86 |
| 72 | CBOT Soybean Future<sup>(e)</sup> | 03/16/2026 | 3771000 | 53338 |
| 144 | CME Australian Dollar Currency Future | 03/17/2026 | 9609120 | (71192) |
| 588 | CME Canadian Dollar Currency Future | 03/18/2026 | 42994561 | (153910) |
| 45 | CME Japanese Yen Currency Future | 03/17/2026 | 3610406 | (4350) |
| 36 | Eurex 10 Year Euro BUND Future | 03/09/2026 | 5395348 | (4757) |
| 55 | Eurex 2 Year Euro SCHATZ Future | 03/09/2026 | 6900200 | (2499) |

---

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(d)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 70 | Eurex 5 Year Euro BOBL Future | 03/09/2026 | $9552632 | $(11368) |
| 12 | NYBOT CSC C Coffee Future<sup>(e)</sup> | 03/20/2026 | 1569375 | (23325) |
| 150 | NYBOT CSC Number 11 World Sugar Future<sup>(e)</sup> | 03/02/2026 | 2521680 | (38864) |
| 98 | NYBOT CTN Number 2 Cotton Future<sup>(e)</sup> | 03/10/2026 | 3149230 | (18460) |
| 53 | Three-Month SOFR Future | 12/15/2027 | 12826663 | (1138) |
| 7 | TSE Japanese 10 Year Bond Future | 03/16/2026 | 5917614 | 37241 |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $(239198) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $110941 |

---

(a) Non-income producing security.

(b) Zero coupon bond.

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

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

(e) All or a portion of this investment
 is a holding of the CWAMSF Fund Limited.

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 39.0%** |  |
|  | **FIXED INCOME - 39.0%** |  |
| 118496 | iShares Core U.S. Aggregate Bond ETF | $11835380 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $11,640,898)** | 11835380 |
|  | **SHORT-TERM INVESTMENTS — 39.8%** |  |
|  | **MONEY MARKET FUNDS - 39.8%** |  |
| 12095298 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $12,095,298)<sup>(a)</sup> | 12095298 |
|  | **TOTAL INVESTMENTS - 78.8% (Cost $23,736,196)** | $23930678 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 21.2%** | 6440795 |
|  | **NET ASSETS - 100.0%** | $30371473 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 5 | 3-Month CORRA Futures | 06/17/2026 | $889891 | $(1089) |
| 14 | 3-Month CORRA Futures | 09/16/2026 | 2490929 | (3668) |
| 10 | 3-Month CORRA Futures | 12/16/2026 | 1777869 | (2571) |
| 6 | 3-Month CORRA Futures | 03/17/2027 | 1065683 | (1316) |
| 3 | 3-Month CORRA Futures | 06/16/2027 | 532295 | (707) |
| 1 | 3-Month CORRA Futures | 09/15/2027 | 177286 | (412) |
| 6 | Carbon Emissions Future<sup>(c)</sup> | 12/15/2026 | 615860 | 22522 |
| 30 | CBOT 10 Year US Treasury Note Future | 03/23/2026 | 3373125 | (19399) |
| 8 | CBOT 2 Year US Treasury Note Future | 04/01/2026 | 1670313 | 118 |
| 26 | CBOT 5 Year US Treasury Note Future | 04/01/2026 | 2841922 | (8820) |
| 6 | CBOT US Treasure Bond Futures | 03/23/2026 | 693563 | (7093) |
| 1 | CME Australian Dollar Currency Future | 03/17/2026 | 66730 | 364 |
| 1 | CME British Pound Currency Future | 03/17/2026 | 84113 | 343 |
| 1 | CME E-Mini NASDAQ 100 Index Future | 03/23/2026 | 509135 | (143) |
| 3 | CME E-Mini Russell 2000 Index Futures | 03/23/2026 | 374700 | (17365) |
| 54 | CME E-Mini Standard & Poor's 500 Index Future | 03/23/2026 | 18609750 | (200879) |
| 1 | CME E-Mini Standard & Poor's MidCap 400 Index Future | 03/23/2026 | 332520 | (9735) |
| 2 | CME Feeder Cattle Future<sup>(c)</sup> | 03/27/2026 | 345325 | 7275 |
| 1 | CME Feeder Cattle Future<sup>(c)</sup> | 05/01/2026 | 172113 | 2675 |
| 2 | CME Lean Hogs Future<sup>(c)</sup> | 02/17/2026 | 68080 | 10 |
| 3 | CME Lean Hogs Future<sup>(c)</sup> | 04/16/2026 | 107880 | 870 |
| 4 | CME Live Cattle Future<sup>(c)</sup> | 03/02/2026 | 370560 | 4580 |
| 3 | CME Live Cattle Future<sup>(c)</sup> | 05/01/2026 | 278640 | 12550 |
| 3 | CME Live Cattle Future<sup>(c)</sup> | 07/01/2026 | 272130 | 10470 |
| 1 | CME Nikkei 225 Index Future | 03/13/2026 | 252875 | 150 |

---

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 3 | COMEX Copper Future<sup>(c)</sup> | 03/30/2026 | $426150 | $34275 |
| 3 | COMEX Gold 100 Troy Ounces Future<sup>(c)</sup> | 02/26/2026 | 1302330 | 30670 |
| 1 | COMEX Silver Future<sup>(c)</sup> | 03/30/2026 | 353015 | 22140 |
| 2 | E-Mini Dow Jones Industrial Average Index Futures | 03/23/2026 | 483360 | (3670) |
| 1 | Eurex DAX Index Future | 03/23/2026 | 725153 | 7376 |
| 8 | Eurex EURO STOXX 50 Future | 03/23/2026 | 548966 | 6698 |
| 6 | Euro-BTP Italian Bond Futures | 03/09/2026 | 847133 | (1656) |
| 5 | Euronext CAC 40 Index Future | 01/20/2026 | 478971 | 326 |
| 8 | FTSE 100 Index Future | 03/23/2026 | 1072052 | 16107 |
| 3 | FTSE/MIB Index Future | 03/23/2026 | 793932 | 11964 |
| 8 | HKG Hang Seng China Enterprises Index Future | 01/30/2026 | 457578 | (2924) |
| 4 | HKG Hang Seng Index Future | 01/30/2026 | 659101 | (8171) |
| 4 | ICE US Mini MSCI EAFE Index Futures | 03/23/2026 | 580420 | 4285 |
| 7 | ICE US MSCI Emerging Markets EM Index Futures | 03/23/2026 | 493990 | 9712 |
| 2 | IFSC NIFTY 50 Index Futures | 01/28/2026 | 105102 | (486) |
| 5 | KFE KOSPI 200 Index Future | 03/13/2026 | 526567 | 20586 |
| 2 | LME Copper Future<sup>(c)</sup> | 03/17/2026 | 622025 | 83352 |
| 12 | LME Primary Aluminum Future<sup>(c)</sup> | 03/17/2026 | 898341 | 33779 |
| 4 | LME Zinc Future<sup>(c)</sup> | 03/17/2026 | 311892 | 5074 |
| 5 | Long Gilt Future | 03/30/2026 | 615842 | 370 |
| 6 | Montreal Exchange 10 Year Canadian Bond Future | 03/23/2026 | 528541 | 241 |
| 32 | Montreal Exchange 2 Year Canadian Bond Future | 03/23/2026 | 2462068 | (5251) |
| 16 | Montreal Exchange 5 Year Canadian Bond Future | 03/23/2026 | 1320618 | (6692) |
| 2 | Montreal Exchange S&P/TSX 60 Index Future | 03/20/2026 | 542603 | 2388 |
| 1 | NYMEX Palladium Future<sup>(c)</sup> | 03/30/2026 | 165140 | (12110) |
| 2 | NYMEX Platinum Future<sup>(c)</sup> | 04/29/2026 | 204420 | 17630 |
| 19 | OML Stockholm OMXS30 Index Future | 01/20/2026 | 597499 | 13659 |
| 4 | SAFEX FTSE/JSE Top 40 Index Future | 03/20/2026 | 264114 | 2486 |
| 3 | SFE S&P ASX Share Price Index 200 Future | 03/20/2026 | 434176 | 971 |
| 39 | SGX Asiaclear TSI Iron Ore CFR China 62% FE Fines Future<sup>(c)</sup> | 03/02/2026 | 409929 | 3854 |
| 67 | SGX FTSE China A50 Futures | 01/30/2026 | 1023760 | (4622) |
| 3 | SGX FTSE Taiwan Index Futures | 01/30/2026 | 284520 | 5145 |
| 2 | SGX MSCI Singapore Index Future | 01/30/2026 | 69355 | 569 |
| 2 | SGX Nikkei 225 Stock Index Future | 03/13/2026 | 322067 | (516) |
| 2 | STOXX Europe 600 ESG-X Future | 03/23/2026 | 51269 | 962 |
| 10 | TEF SET50 Index Future | 03/31/2026 | 52710 | (32) |
| 3 | Three Month SONIA Index Futures | 09/15/2026 | 976538 | 101 |
| 13 | Three Month SONIA Index Futures | 12/15/2026 | 4234730 | 1359 |
| 12 | Three Month SONIA Index Futures | 03/17/2027 | 3909386 | 1117 |
| 12 | Three Month SONIA Index Futures | 06/16/2027 | 3908173 | 1082 |
| 12 | Three Month SONIA Index Futures | 09/15/2027 | 3906353 | 991 |
| 11 | Three Month SONIA Index Futures | 12/15/2027 | 3579156 | 616 |
| 9 | Three Month SONIA Index Futures | 03/15/2028 | 2927035 | 2286 |
| 6 | Three Month SONIA Index Futures | 06/21/2028 | 1950346 | 830 |
| 5 | Three Month SONIA Index Futures | 09/20/2028 | 1624446 | 1061 |
| 4 | Three-Month SOFR Futures | 03/17/2027 | 968900 | (188) |
| 6 | Three-Month SOFR Futures | 06/16/2027 | 1453275 | (275) |
| 6 | Three-Month SOFR Futures | 09/15/2027 | 1452825 | (1263) |

---

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br>Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 6 | Three-Month SOFR Futures | 12/15/2027 | $1452075 | $(1750) |
| 6 | Three-Month SOFR Futures | 03/15/2028 | 1451175 | (2313) |
| 6 | Three-Month SOFR Futures | 06/21/2028 | 1450200 | (2525) |
| 7 | Three-Month SOFR Futures | 09/20/2028 | 1690850 | (250) |
| 3 | TSE TOPIX (Tokyo Price Index) Future | 03/13/2026 | 653806 | 7290 |
| 1 | Ultra U.S. Treasury Bond Futures | 03/23/2026 | 118000 | (500) |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $84888 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 11 | 3 Month Euro Euribor Future | 06/15/2026 | $3164826 | $167 |
| 3 | 3 Month Euro Euribor Future | 09/14/2026 | 862958 | (339) |
| 3 | 3 Month Euro Euribor Future | 12/15/2026 | 862562 | (501) |
| 3 | 3 Month Euro Euribor Future | 03/16/2027 | 861989 | (720) |
| 5 | 3 Month Euro Euribor Future | 06/15/2027 | 1435620 | (957) |
| 5 | 3 Month Euro Euribor Future | 09/14/2027 | 1434592 | (971) |
| 6 | 3 Month Euro Euribor Future | 12/14/2027 | 1720365 | (1016) |
| 5 | 3 Month Euro Euribor Future | 03/14/2028 | 1432683 | (664) |
| 6 | 3 Month Euro Euribor Future | 06/20/2028 | 1718075 | (752) |
| 1 | CBOT Corn Future<sup>(c)</sup> | 03/16/2026 | 22013 | 25 |
| 2 | CBOT Soybean Future<sup>(c)</sup> | 03/16/2026 | 104750 | 1613 |
| 6 | CBOT Soybean Meal Future<sup>(c)</sup> | 03/16/2026 | 179640 | 3100 |
| 2 | CBOT Soybean Oil Future<sup>(c)</sup> | 03/16/2026 | 58272 | 96 |
| 9 | CBOT Wheat Future<sup>(c)</sup> | 03/16/2026 | 228150 | 10700 |
| 7 | CBOT Wheat Future<sup>(c)</sup> | 05/15/2026 | 181475 | 6500 |
| 2 | CME Japanese Yen Currency Future | 03/17/2026 | 160463 | 1075 |
| 2 | Cocoa Future<sup>(c)</sup> | 03/17/2026 | 118005 | (14405) |
| 2 | Cocoa Future<sup>(c)</sup> | 05/14/2026 | 117844 | (14922) |
| 13 | Eurex 10 Year Euro BUND Future | 03/09/2026 | 1948320 | 361 |
| 25 | Eurex 2 Year Euro SCHATZ Future | 03/09/2026 | 3136454 | 1096 |
| 9 | Eurex 30 Year Euro BUXL Future | 03/09/2026 | 1164333 | 13773 |
| 16 | Eurex 5 Year Euro BOBL Future | 03/09/2026 | 2183459 | (2407) |
| 26 | Euronext Milling Wheat Future<sup>(c)</sup> | 03/11/2026 | 289796 | 4132 |
| 1 | Euronext Rapeseed Future<sup>(c)</sup> | 05/01/2026 | 26433 | 689 |
| 1 | French Government Bond Futures | 03/09/2026 | 141671 | (755) |
| 1 | ICE Brent Crude Oil Future<sup>(c)</sup> | 02/02/2026 | 60850 | (1560) |
| 1 | ICE Gas Oil Future<sup>(c)</sup> | 02/13/2026 | 62000 | (575) |
| 7 | ICE Natural Gas Future<sup>(c)</sup> | 01/30/2026 | 195015 | (7570) |
| 9 | KCBT Hard Red Winter Wheat Future<sup>(c)</sup> | 03/16/2026 | 231638 | 3775 |
| 1 | LME Lead Future<sup>(c)</sup> | 03/17/2026 | 50192 | (1533) |
| 1 | MDE Crude Palm Oil Future<sup>(c)</sup> | 03/16/2026 | 24951 | (488) |
| 3 | MIAX Futures Onyx Hard Red Spring Wheat Futures<sup>(c)</sup> | 03/16/2026 | 86100 | 425 |
| 2 | NYBOT CSC Cocoa Future<sup>(c)</sup> | 03/17/2026 | 121300 | (19410) |
| 1 | NYBOT CSC Cocoa Future<sup>(c)</sup> | 05/14/2026 | 61020 | (11090) |
| 24 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 03/02/2026 | 403469 | (11984) |

---

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 14 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 05/01/2026 | $229869 | $(8019) |
| 7 | NYBOT CTN Number 2 Cotton Future<sup>(c)</sup> | 03/10/2026 | 224945 | 45 |
| 2 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 01/29/2026 | 73720 | (1400) |
| 2 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 02/26/2026 | 62600 | 2890 |
| 1 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 01/21/2026 | 57420 | (1100) |
| 1 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 02/23/2026 | 57220 | (920) |
| 1 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 02/02/2026 | 89103 | 1159 |
| 1 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 03/02/2026 | 73143 | 1071 |
| 1 | SAFEX White Maize Future<sup>(c)</sup> | 03/25/2026 | 21340 | 549 |
| 24 | SFE 10 Year Australian Bond Future | 03/17/2026 | 1753264 | (5811) |
| 62 | SFE 3 Year Australian Bond Future | 03/17/2026 | 4343582 | (7052) |
| 18 | SFE 90 Day Australian Bank Accepted Bills Future | 03/13/2026 | 11898045 | 5598 |
| 16 | SFE 90 Day Australian Bank Accepted Bills Future | 06/12/2026 | 10572941 | 6873 |
| 7 | SFE 90 Day Australian Bank Accepted Bills Future | 09/11/2026 | 4624420 | 2019 |
| 8 | SFE 90 Day Australian Bank Accepted Bills Future | 12/11/2026 | 5284277 | 3037 |
| 7 | SFE 90 Day Australian Bank Accepted Bills Future | 03/12/2027 | 4623517 | 2779 |
| 5 | SFE 90 Day Australian Bank Accepted Bills Future | 06/11/2027 | 3302351 | 981 |
| 3 | SFE 90 Day Australian Bank Accepted Bills Future | 09/10/2027 | 1981314 | 1093 |
| 5 | Three-Month SOFR Futures | 09/15/2026 | 1208625 | (300) |
| 4 | Three-Month SOFR Futures | 12/16/2026 | 968450 | (825) |
| 5 | TSE Japanese 10 Year Bond Futures | 03/16/2026 | 4226868 | 26333 |
| 12 | TTF Natural Gas Base Load Monthly Futures<sup>(c)</sup> | 01/30/2026 | 266788 | (11935) |
| 24 | TurkDEX ISE 30 Futures | 03/02/2026 | 71420 | 996 |
| 3 | WCE Canola Future<sup>(c)</sup> | 03/16/2026 | 26333 | 311 |
| 1 | White Sugar Future<sup>(c)</sup> | 02/17/2026 | 21375 | (250) |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $(26970) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $57918 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS** |
| <br>**Foreign Currency** | <br>**Settlement Date** | <br>**Counterparty** |<br>**Local Currency** |<br>**U.S. Dollar Value** | **Unrealized**<br>**Appreciation/(Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Australian Dollar | 01/21/2026 | Deutsche Bank | 2050000 | $1368008 | $7995 |
| British Pound | 01/21/2026 | Deutsche Bank | 1050000 | 1415386 | 10616 |
| Canadian Dollar | 01/21/2026 | Deutsche Bank | 3787155 | 2761876 | 11876 |
| Euro | 01/21/2026 | Deutsche Bank | 1050000 | 1234824 | 3732 |
| Israeli Shekel | 01/21/2026 | Deutsche Bank | 2925611 | 918209 | 18208 |
| Japanese Yen | 01/21/2026 | Deutsche Bank | 255621531 | 1635170 | (14830) |

---

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025 (Unaudited) (Continued)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** |
| <br>**Foreign Currency** | <br>**Settlement Date** | <br>**Counterparty** |<br>**Local Currency** |<br>**U.S. Dollar Value** | **Unrealized**<br>**Appreciation/(Depreciation)** |
| **To Buy: (continued)** |  |  |  |  |  |
| Mexican Peso | 01/21/2026 | Deutsche Bank | 35721506 | $1979265 | $29264 |
| New Zealand Dollar | 01/21/2026 | Deutsche Bank | 2050000 | 1180733 | (8958) |
| Singapore Dollar | 01/21/2026 | Deutsche Bank | 1029798 | 802292 | 2291 |
| South African Rand | 01/21/2026 | Deutsche Bank | 29933087 | 1804757 | 54756 |
| Swiss Franc | 01/21/2026 | Deutsche Bank | 871244 | 1102374 | 2374 |
| Thailand Baht | 01/21/2026 | Deutsche Bank | 17349663 | 551530 | 1530 |
| USD | 01/21/2026 | Deutsche Bank | 6672740 | 957902 | 7902 |
| Brazilian Real | 02/03/2026 | Deutsche Bank | 7641006 | 1383245 | (16763) |
| Chilean Peso | 03/18/2026 | Deutsche Bank | 646824270 | 719068 | 19064 |
| Columbian Peso | 03/18/2026 | Deutsche Bank | 1916709999 | 495267 | (4737) |
| Indian Rupee | 03/18/2026 | Deutsche Bank | 68037465 | 751324 | 1323 |
| Peruvian Sole | 03/18/2026 | Deutsche Bank | 1351782 | 400759 | 758 |
| South Korean Won | 03/18/2026 | Deutsche Bank | 1085375747 | 753805 | 3805 |
| Taiwanese Dollar | 03/18/2026 | Deutsche Bank | 15588570 | 495721 | (4279) |
| Indonesia Rupiah | 03/25/2026 | Deutsche Bank | 2507051186 | 149781 | (219) |
|  |  |  |  | $**22861296** | $**125708** |
| **To Sell:** |  |  |  |  |  |
| Australian Dollar | 01/21/2026 | Deutsche Bank | 50000 | $33366 | $(166) |
| British Pound | 01/21/2026 | Deutsche Bank | 100000 | 134799 | (2765) |
| Canadian Dollar | 01/21/2026 | Deutsche Bank | 3551148 | 2589765 | (39764) |
| Euro | 01/21/2026 | Deutsche Bank | 50000 | 58801 | (318) |
| Japanese Yen | 01/21/2026 | Deutsche Bank | 683484223 | 4372141 | 27860 |
| Mexican Peso | 01/21/2026 | Deutsche Bank | 2702819 | 149758 | 242 |
| New Zealand Dollar | 01/21/2026 | Deutsche Bank | 3050000 | 1756724 | 7947 |
| Singapore Dollar | 01/21/2026 | Deutsche Bank | 1097128 | 854747 | (4746) |
| South African Rand | 01/21/2026 | Deutsche Bank | 4191611 | 252727 | (2726) |
| Swiss Franc | 01/21/2026 | Deutsche Bank | 199353 | 252240 | (2239) |
| Brazilian Real | 02/03/2026 | Deutsche Bank | 1366039 | 247292 | 2708 |
| Chilean Peso | 03/18/2026 | Deutsche Bank | 45849500 | 50970 | (970) |
| Columbian Peso | 03/18/2026 | Deutsche Bank | 774976751 | 200250 | (250) |
| Indian Rupee | 03/18/2026 | Deutsche Bank | 113240101 | 1250485 | (484) |
| Peruvian Sole | 03/18/2026 | Deutsche Bank | 506665 | 150209 | (209) |
| Philippine Peso | 03/18/2026 | Deutsche Bank | 2955115 | 49962 | 38 |
| South Korean Won | 03/18/2026 | Deutsche Bank | 2266212926 | 1573910 | (23916) |
| Taiwanese Dollar | 03/18/2026 | Deutsche Bank | 35903223 | 1141734 | 8267 |
| Indonesia Rupiah | 03/25/2026 | Deutsche Bank | 5001750001 | 298826 | 1175 |
|  |  |  |  | $**15418706** | $**(30316)** |
| **Total** |  |  |  |  | $**95392** |

---

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

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025 (Unaudited)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** |
| **Foreign Currency** | **Foreign Currency** | <br>**Settlement**<br>**Date** | <br>**Counterparty** | **Local Currency**<br>**Amount**<br>**Purchased Sell** | **Local Currency**<br>**Amount Purchased**<br>**Sell** |<br>**U.S. Dollar Market**<br>**Value Buy** |<br>**U.S. Dollar Market**<br>**Value Sell** |<br>**Unrealized**<br>**Appreciation/(Depreciation)** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |  |  |
| British Pound | Euro | 1/21/2026 | Deutsche Bank | 1312158 | 1500000 | 1768765 | (1764018) | $4747 |
| Czech Koruna | Euro | 1/21/2026 | Deutsche Bank | 19316899 | 800000 | 940045 | (940816) | (771) |
| Euro | British Pound | 1/21/2026 | Deutsche Bank | 2100000 | 1850281 | 2469642 | (2494144) | (24502) |
| Euro | Czech Koruna | 1/21/2026 | Deutsche Bank | 500000 | 12130931 | 588005 | (590347) | (2342) |
| Euro | Hungarian Forints | 1/21/2026 | Deutsche Bank | 900000 | 347793900 | 1058406 | (1061943) | (3537) |
| Euro | Japanese Yen | 1/21/2026 | Deutsche Bank | 4550000 | 822141604 | 5350889 | (5259113) | 91776 |
| Euro | Norwegian Krone | 1/21/2026 | Deutsche Bank | 1300000 | 15524369 | 1528808 | (1540245) | (11437) |
| Euro | Polish Zloty | 1/21/2026 | Deutsche Bank | 750000 | 3178204 | 882006 | (885230) | (3224) |
| Euro | Swedish Krona | 1/21/2026 | Deutsche Bank | 400000 | 4378662 | 470404 | (476141) | (5737) |
| Euro | Swiss Franc | 1/21/2026 | Deutsche Bank | 1150000 | 1072727 | 1352416 | (1357314) | (4898) |
| Hungarian Forints | Euro | 1/21/2026 | Deutsche Bank | 595632781 | 1550000 | 1818681 | (1822831) | (4150) |
| Japanese Yen | Euro | 1/21/2026 | Deutsche Bank | 282020701 | 1550000 | 1804043 | (1822809) | (18766) |
| Norwegian Krone | Euro | 1/21/2026 | Deutsche Bank | 18878912 | 1600000 | 1873064 | (1881618) | (8554) |
| Polish Zloty | Euro | 1/21/2026 | Deutsche Bank | 6364356 | 1500000 | 1772671 | (1764028) | 8643 |
| Swedish Krona | Euro | 1/21/2026 | Deutsche Bank | 26205290 | 2400000 | 2849586 | (2822435) | 27151 |
| Swiss Franc | Euro | 1/21/2026 | Deutsche Bank | 835967 | 900000 | 1057738 | (1058402) | (664) |
|  |  |  |  | **962217064** | **1219870678** | $**27585169** | $**(27541434)** | $**43735** |
| **Total** |  |  |  |  |  |  |  | $**139127** |

---

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

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

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

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0%** |  |
|  | **ADVERTISING & MARKETING - 0.6%** |  |
| 112 | AppLovin Corporation, Class A<sup>(a)</sup> | $75468 |
| 174 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 6605 |
|  |  | 82073 |
|  | **AEROSPACE & DEFENSE - 0.1%** |  |
| 30 | Axon Enterprise, Inc.<sup>(a)</sup> | 17038 |
|  | **AUTOMOTIVE - 1.7%** |  |
| 550 | Tesla, Inc.<sup>(a)</sup> | 247346 |
|  | **BEVERAGES - 0.9%** |  |
| 161 | Coca-Cola Europacific Partners PLC | 14603 |
| 527 | Keurig Dr Pepper, Inc. | 14761 |
| 394 | Monster Beverage Corporation<sup>(a),(b)</sup> | 30208 |
| 495 | PepsiCo, Inc. | 71042 |
|  |  | 130614 |
|  | **BIOTECH & PHARMA - 1.5%** |  |
| 183 | Amgen, Inc. | 59898 |
| 163 | AstraZeneca PLC - ADR | 14985 |
| 88 | Biogen, Inc.<sup>(a)</sup> | 15487 |
| 481 | Gilead Sciences, Inc. | 59038 |
| 40 | Regeneron Pharmaceuticals, Inc. | 30875 |
| 98 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 44429 |
|  |  | 224712 |
|  | **CABLE & SATELLITE - 0.4%** |  |
| 71 | Charter Communications, Inc., Class A<sup>(a),(b)</sup> | 14821 |
| 1470 | Comcast Corporation, Class A | 43939 |
|  |  | 58760 |
|  | **CHEMICALS - 0.5%** |  |
| 182 | Linde PLC<sup>(b)</sup> | 77603 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.2%** |  |
| 158 | Cintas Corporation | 29715 |

---

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **DIVERSIFIED INDUSTRIALS - 0.3%** |  |
| 224 | Honeywell International, Inc. | $43700 |
|  | **E-COMMERCE DISCRETIONARY - 2.9%** |  |
| 1568 | Amazon.com, Inc.<sup>(a)</sup> | 361926 |
| 19 | MercadoLibre, Inc.<sup>(a),(b)</sup> | 38271 |
| 278 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 31522 |
|  |  | 431719 |
|  | **ELECTRIC UTILITIES - 0.7%** |  |
| 256 | American Electric Power Company, Inc. | 29519 |
| 116 | Constellation Energy Corporation | 40979 |
| 335 | Exelon Corporation | 14603 |
| 201 | Xcel Energy, Inc. | 14846 |
|  |  | 99947 |
|  | **ENTERTAINMENT CONTENT - 0.4%** |  |
| 73 | Electronic Arts, Inc. | 14916 |
| 70 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 17922 |
| 1076 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 31011 |
|  |  | 63849 |
|  | **FOOD - 0.3%** |  |
| 545 | Mondelez International, Inc., Class A | 29337 |
| 595 | The Kraft Heinz Company | 14429 |
|  |  | 43766 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.1%** |  |
| 351 | Fastenal Company | 14086 |
|  | **INTERNET MEDIA & SERVICES - 6.8%** |  |
| 111 | Airbnb, Inc., Class A<sup>(a)</sup> | 15065 |
| 882 | Alphabet, Inc., Class A | 276066 |
| 830 | Alphabet, Inc., Class C | 260454 |
| 12 | Booking Holdings, Inc. | 64264 |
| 128 | DoorDash, Inc., Class A<sup>(a)</sup> | 28989 |
| 312 | Meta Platforms, Inc., Class A | 205948 |
| 1574 | Netflix, Inc.<sup>(a)</sup> | 147578 |
|  |  | 998364 |

---

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 0.4%** |  |
| 104 | Marriott International Inc, Class A<sup>(b)</sup> | $32265 |
| 330 | Starbucks Corporation | 27789 |
|  |  | 60054 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.9%** |  |
| 224 | Dexcom, Inc.<sup>(a)</sup> | 14867 |
| 171 | GE HealthCare Technologies, Inc.<sup>(b)</sup> | 14025 |
| 30 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 20296 |
| 136 | Intuitive Surgical, Inc.<sup>(a)</sup> | 77025 |
|  |  | 126213 |
|  | **OIL & GAS PRODUCERS - 0.1%** |  |
| 100 | Diamondback Energy, Inc. | 15033 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.1%** |  |
| 332 | Baker Hughes Company | 15119 |
|  | **RETAIL - CONSUMER STAPLES - 1.0%** |  |
| 173 | Costco Wholesale Corporation | 149185 |
|  | **RETAIL - DISCRETIONARY - 0.5%** |  |
| 68 | Lululemon Athletica, Inc.<sup>(a)</sup> | 14131 |
| 330 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 30099 |
| 163 | Ross Stores, Inc. | 29363 |
|  |  | 73593 |
|  | **SEMICONDUCTORS - 13.4%** |  |
| 591 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 126569 |
| 162 | Analog Devices, Inc. | 43934 |
| 296 | Applied Materials, Inc. | 76069 |
| 51 | ARM Holdings PLC - ADR<sup>(a),(b)</sup> | 5575 |
| 32 | ASML Holding N.V. - ADR | 34235 |
| 1218 | Broadcom, Inc. | 421551 |
| 409 | GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 14282 |
| 1627 | Intel Corporation<sup>(a)</sup> | 60036 |
| 49 | KLA Corporation | 59539 |
| 458 | Lam Research Corporation | 78400 |

---

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **SEMICONDUCTORS - 13.4% (Continued)** |  |
| 352 | Marvell Technology, Inc.<sup>(b)</sup> | $29913 |
| 229 | Microchip Technology, Inc.<sup>(b)</sup> | 14592 |
| 410 | Micron Technology, Inc. | 117018 |
| 3734 | NVIDIA Corporation | 696392 |
| 66 | NXP Semiconductors N.V. | 14326 |
| 271 | ON Semiconductor Corporation<sup>(a)</sup> | 14675 |
| 424 | QUALCOMM, Inc. | 72525 |
| 335 | Texas Instruments, Inc. | 58119 |
|  |  | 1937750 |
|  | **SOFTWARE - 8.0%** |  |
| 164 | Adobe, Inc.<sup>(a)</sup> | 57398 |
| 90 | Atlassian Corporation, Class A<sup>(a),(b)</sup> | 14593 |
| 99 | Autodesk, Inc.<sup>(a)</sup> | 29305 |
| 94 | Cadence Design Systems, Inc.<sup>(a)</sup> | 29383 |
| 94 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 44063 |
| 107 | Datadog, Inc., Class A<sup>(a),(b)</sup> | 14551 |
| 373 | Fortinet, Inc.<sup>(a)</sup> | 29620 |
| 108 | Intuit, Inc. | 71541 |
| 1099 | Microsoft Corporation | 531498 |
| 797 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 141667 |
| 240 | Palo Alto Networks, Inc.<sup>(a)</sup> | 44208 |
| 42 | Roper Technologies, Inc. | 18695 |
| 448 | Shopify, Inc., Class A<sup>(a),(b)</sup> | 72115 |
| 98 | Strategy, Inc., Class A<sup>(a),(b)</sup> | 14891 |
| 69 | Synopsys, Inc.<sup>(a)</sup> | 32411 |
| 68 | Workday, Inc., Class A<sup>(a)</sup> | 14605 |
| 58 | Zscaler, Inc.<sup>(a)</sup> | 13045 |
|  |  | 1173589 |
|  | **SPECIALTY FINANCE - 0.1%** |  |
| 248 | PayPal Holdings, Inc. | 14478 |
|  | **TECHNOLOGY HARDWARE - 5.1%** |  |
| 2291 | Apple, Inc. | 622831 |

---

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 5.1% (Continued)** |  |
| 1535 | Cisco Systems, Inc. | $118241 |
|  |  | 741072 |
|  | **TECHNOLOGY SERVICES - 0.9%** |  |
| 170 | Automatic Data Processing, Inc. | 43729 |
| 50 | CDW Corp | 6810 |
| 176 | Cognizant Technology Solutions Corporation, Class A | 14608 |
| 228 | CoStar Group, Inc.<sup>(a)</sup> | 15331 |
| 130 | Paychex, Inc.<sup>(b)</sup> | 14583 |
| 113 | Thomson Reuters Corporation | 14904 |
| 68 | Verisk Analytics, Inc.<sup>(b)</sup> | 15211 |
|  |  | 125176 |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 440 | T-Mobile US, Inc. | 89337 |
|  | **TRANSPORTATION & LOGISTICS - 0.3%** |  |
| 807 | CSX Corporation | 29254 |
| 94 | Old Dominion Freight Line, Inc. | 14739 |
|  |  | 43993 |
|  | **TRANSPORTATION EQUIPMENT - 0.1%** |  |
| 133 | PACCAR, Inc. | 14565 |
|  | **WHOLESALE - DISCRETIONARY - 0.1%** |  |
| 377 | Copart, Inc.<sup>(a)</sup> | 14760 |
|  | **TOTAL COMMON STOCKS (Cost $5,170,772)** | 7157209 |
|  | **EXCHANGE-TRADED FUNDS — 43.3%** |  |
|  | **EQUITY - 43.3%** |  |
| 10274 | Invesco QQQ Trust Series 1 ETF | 6311421 |
| 312 | ProShares Ultra Semiconductors | 16383 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $5,587,764)** | 6327804 |

---

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.1%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.5%** |  |
| 364045 | Mount Vernon Liquid Assets Portfolio, LLC, 3.84% (Cost $364,045)<sup>(c),(f)</sup> | $364045 |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 84148 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $84,148)<sup>(c)</sup> | 84148 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $448,193)** | 448193 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(d)</sup>** |  | **Broker/<br> Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **FUTURE OPTIONS PURCHASED - 0.5%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.5%** |  |  |  |  |  |
| 38 | S&P Emini Future, Maturing January 2026 | WED | 01/16/2026 | $6950 | $13205000 | $71725 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $105,250) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $105,250) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $105,250) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $105,250) |  |  |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $105,250) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $105,250) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $105,250) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $105,250) |  | 71725 |
|  | **TOTAL INVESTMENTS - 95.9% (Cost $11,311,979)** | **TOTAL INVESTMENTS - 95.9% (Cost $11,311,979)** | **TOTAL INVESTMENTS - 95.9% (Cost $11,311,979)** |  |  | $14004931 |
|  | **PUT OPTIONS WRITTEN — (0.0)%<sup>(e)</sup> (Premiums received - $13,100)** | **PUT OPTIONS WRITTEN — (0.0)%<sup>(e)</sup> (Premiums received - $13,100)** | **PUT OPTIONS WRITTEN — (0.0)%<sup>(e)</sup> (Premiums received - $13,100)** | **PUT OPTIONS WRITTEN — (0.0)%<sup>(e)</sup> (Premiums received - $13,100)** |  | (3535) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 4.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 4.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 4.1%** |  |  | 604949 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $14606345 |
| **Contracts<sup>(d)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS — (0.0)% <sup>(e)</sup>** |  |  |  |  |  |
|  | **PUT OPTIONS WRITTEN — (0.0)%<sup>(e)</sup>** |  |  |  |  |  |
| 14 | S&P Emini Future, Maturing January 2026 | WED | 01/16/2026 | $6425 | $4497500 | $3535 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $13,100) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $13,100) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $13,100) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $13,100) |  |  |
|  | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $13,100) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $13,100) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $13,100) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $13,100) |  | $3535 |

---

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

---

| |
|:---|
| **CATALYST NASDAQ-100 HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(f)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 49 | CBOE Volatility Index Future | 03/19/2026 | $967162 | $(16420) |
| 40 | CBOE Volatility Index Future | 04/16/2026 | 818132 | 7632 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(8788) |

---

---

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

---

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

<sup>(b)</sup> All or a portion of these securities are on loan. Total loaned securities had a value of $353,108 at December 31, 2025.

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

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

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

<sup>(f)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $364,045 at December 31, 2025.

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 49.9%** |  |
|  | **EQUITY - 49.9%** |  |
| 1569653 | Dimensional Emerging Core Equity Market ETF | $51123598 |
| 1454948 | Dimensional International Core Equity 2 ETF | 50137508 |
| 2939529 | Dimensional US Core Equity 2 ETF | 116375953 |
| 986101 | Dimensional US High Profitability ETF | 37501421 |
| 7792453 | iShares Core S&P Mid-Cap ETF | 514301898 |
| 2221679 | iShares Core S&P Small-Cap ETF | 267001382 |
| 816234 | iShares MSCI Australia ETF | 21377168 |
| 659985 | iShares MSCI Brazil ETF | 20967723 |
| 394205 | iShares MSCI Canada ETF | 21259476 |
| 178952 | iShares MSCI France ETF | 8051050 |
| 638585 | iShares MSCI Hong Kong ETF | 13569931 |
| 2393426 | iShares MSCI India ETF | 129364675 |
| 1431920 | iShares MSCI Intl Quality Factor ETF | 65080764 |
| 759224 | iShares MSCI Japan ETF | 61299746 |
| 206182 | iShares MSCI Malaysia ETF | 5641140 |
| 297086 | iShares MSCI Mexico ETF | 20596972 |
| 475622 | iShares MSCI Singapore ETF | 13084361 |
| 106287 | iShares MSCI South Africa ETF | 7312546 |
| 204438 | iShares MSCI Spain ETF | 11021253 |
| 500955 | iShares MSCI Switzerland ETF | 30037262 |
| 1023668 | iShares MSCI Taiwan ETF | 65033628 |
| 70522 | iShares MSCI Thailand ETF | 4208048 |
| 107637 | iShares MSCI Turkey ETF | 3704866 |
| 1281507 | iShares MSCI United Kingdom ETF | 56360678 |
| 3752960 | iShares MSCI USA Min Vol Factor ETF | 353378714 |
| 212601 | iShares MSCI USA Quality Factor ETF | 42226811 |
| 1462605 | iShares Russell 1000 ETF | 546195211 |
| 1431749 | iShares Russell 2000 ETF | 352439334 |
| 685140 | iShares Russell Mid-Cap ETF | 65958428 |
| 466818 | SPDR S&P 500 ETF Trust | 318332531 |
| 6211582 | Vanguard FTSE Emerging Markets ETF | 333934648 |
| 96955 | Vanguard FTSE Europe ETF | 8106408 |
| 378439 | Vanguard Large-Cap ETF | 119132597 |
| 379615 | Vanguard Mid-Cap ETF | 110171865 |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 49.9% (Continued)** |  |
|  | **EQUITY - 49.9% (Continued)** |  |
| 1174363 | Vanguard Real Estate ETF | $103919382 |
| 227957 | Vanguard S&P 500 ETF | 142958673 |
| 323914 | Vanguard Small-Cap ETF | 83553616 |
| 440569 | WisdomTree India Earnings Fund | 20393939 |
|  |  | 4195115204 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,747,687,640)** | 4195115204 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** | |
|  | **U.S. GOVERNMENT & AGENCIES — 44.1%** |  |  |  |
|  | **U.S. TREASURY NOTES — 44.1%** |  |  |  |
| 1594733000 | United States Treasury Note<sup>(c),(d)</sup> | 1.6250 | 02/15/26 | 1590758591 |
| 853663000 | United States Treasury Note<sup>(c)</sup> | 1.6250 | 05/15/26 | 847735044 |
| 1279590000 | United States Treasury Note<sup>(c)</sup> | 1.5000 | 08/15/26 | 1263478222 |
|  |  |  |  | 3701971857 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,699,041,182)** |  |  | 3701971857 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 4.5%** |  |  |  |
|  | **MONEY MARKET FUNDS - 4.5%** |  |  |  |
| 374656192 | First American Treasury Obligations Fund, Class X, 3.65%<sup>(a),(c)</sup> |  |  | 374656192 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $374,656,192)** |  |  | 374656192 |
|  | **TOTAL INVESTMENTS - 98.5% (Cost $6,821,385,014)** |  |  | $8271743253 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%** |  |  | 129247068 |
|  | **NET ASSETS - 100.0%** |  |  | $8400990321 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 359 | Carbon Emissions Future<sup>(c)</sup> | 12/15/2026 | $36848954 | $(44962) |
| 866 | CBOT Soybean Oil Future<sup>(c)</sup> | 03/16/2026 | 25231776 | (303984) |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 569 | CME British Pound Currency Future | 03/17/2026 | $47860013 | $48694 |
| 540 | CME E-Mini NASDAQ 100 Index Future | 03/23/2026 | 274932900 | (886080) |
| 1277 | CME E-mini Russell 2000 Index Futures | 03/23/2026 | 159497300 | (1069080) |
| 1318 | CME E-Mini Standard & Poor's 500 Index Future | 03/23/2026 | 454215749 | (3230550) |
| 50 | CME Live Cattle Future<sup>(c)</sup> | 03/02/2026 | 4632000 | 14300 |
| 2542 | CME Mexican Peso Currency Future | 03/17/2026 | 70057520 | 479561 |
| 277 | CME Swiss Franc Currency Future | 03/17/2026 | 43999719 | 541750 |
| 267 | COMEX Copper Future<sup>(c)</sup> | 03/30/2026 | 37927350 | 479525 |
| 340 | COMEX Gold 100 Troy Ounces Future<sup>(c)</sup> | 02/26/2026 | 147597400 | (2049130) |
| 357 | E-mini Dow Jones Industrial Average Index Futures | 03/23/2026 | 86279760 | (509400) |
| 366 | Eurex DAX Index Future | 03/23/2026 | 265405898 | 1031303 |
| 4028 | Eurex EURO STOXX 50 Future | 03/23/2026 | 276404464 | 2766162 |
| 1677 | Euro-BTP Italian Bond Futures | 03/09/2026 | 236773802 | 183410 |
| 14 | Euronext CAC 40 Index Future | 01/20/2026 | 1341118 | 6654 |
| 671 | French Government Bond Futures | 03/09/2026 | 95060961 | (76867) |
| 1404 | FTSE 100 Index Future | 03/23/2026 | 188145047 | 1158591 |
| 615 | FTSE/MIB Index Future | 03/23/2026 | 162756080 | 1568800 |
| 2361 | HKG Hang Seng China Enterprises Index Future | 01/30/2026 | 135042652 | (1329253) |
| 887 | HKG Hang Seng Index Future | 01/30/2026 | 146155689 | (1544804) |
| 6141 | ICE Brent Crude Oil Future<sup>(c)</sup> | 02/02/2026 | 373679850 | (2634380) |
| 1416 | ICE Brent Crude Oil Future<sup>(c)</sup> | 03/02/2026 | 85653840 | (1007560) |
| 290 | ICE Brent Crude Oil Future<sup>(c)</sup> | 04/01/2026 | 17492800 | (255070) |
| 179 | ICE Brent Crude Oil Future<sup>(c)</sup> | 05/01/2026 | 10784750 | (145260) |
| 83 | ICE Brent Crude Oil Future<sup>(c)</sup> | 06/01/2026 | 4998260 | (66590) |
| 37 | ICE Brent Crude Oil Future<sup>(c)</sup> | 07/01/2026 | 2227030 | (16690) |
| 647 | ICE Gas Oil Future<sup>(c)</sup> | 02/13/2026 | 40114000 | (94474) |
| 477 | ICE Gas Oil Future<sup>(c)</sup> | 03/13/2026 | 29371275 | 30250 |
| 136 | ICE Gas Oil Future<sup>(c)</sup> | 04/13/2026 | 8285800 | 12700 |
| 286 | ICE US mini MSCI EAFE Index Futures | 03/23/2026 | 41500030 | (105625) |
| 566 | ICE US MSCI Emerging Markets EM Index Futures | 03/23/2026 | 39942620 | 214545 |
| 215 | IFSC NIFTY 50 Index Futures | 01/28/2026 | 11298465 | (7695) |
| 2618 | KFE KOSPI 200 Index Future | 03/13/2026 | 275710693 | 8974873 |
| 182 | LME Copper Future<sup>(c)</sup> | 03/17/2026 | 56604274 | 1326544 |
| 349 | LME Primary Aluminum Future<sup>(c)</sup> | 03/17/2026 | 26126751 | 651680 |
| 226 | LME Zinc Future<sup>(c)</sup> | 03/17/2026 | 17621898 | 123600 |
| 2063 | Long Gilt Future | 03/30/2026 | 254096370 | 1703253 |
| 17 | MEFF Madrid IBEX 35 Index Future | 01/20/2026 | 3451028 | 37457 |
| 690 | Montreal Exchange 10 Year Canadian Bond Future | 03/23/2026 | 60782255 | (49367) |
| 171 | Montreal Exchange S&P/TSX 60 Index Future | 03/20/2026 | 46392519 | (74386) |
| 129 | NYBOT CSC C Coffee Future<sup>(c)</sup> | 03/20/2026 | 16870781 | (100894) |
| 16 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 05/28/2026 | 548960 | (23990) |
| 5426 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 01/21/2026 | 311560920 | 1036930 |
| 1165 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 02/23/2026 | 66661300 | (492980) |
| 110 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 03/23/2026 | 6277700 | (36090) |
| 7 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 06/23/2026 | 399280 | (680) |
| 346 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 02/02/2026 | 30829638 | (408652) |
| 174 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 03/02/2026 | 15371647 | (193087) |
| 32 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 04/01/2026 | 2784096 | (40060) |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 11 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 05/01/2026 | $946638 | $(12487) |
| 277 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 02/02/2026 | 19952310 | (244255) |
| 352 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 03/02/2026 | 25746336 | (429383) |
| 129 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 04/01/2026 | 10627949 | (145836) |
| 114 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 05/01/2026 | 9421348 | (118070) |
| 37 | OSE Nikkei 225 Index Future | 03/13/2026 | 11905841 | 359506 |
| 87 | SAFEX FTSE/JSE Top 40 Index Future | 03/20/2026 | 5744488 | 4329 |
| 554 | SFE 3 Year Australian Bond Future | 03/17/2026 | 38811997 | (901) |
| 680 | SGX FTSE China A50 Futures | 01/30/2026 | 10390400 | (53073) |
| 544 | SGX FTSE Taiwan Index Futures | 01/30/2026 | 51592960 | 453220 |
| 1620 | TEF SET50 Index Future | 03/31/2026 | 8539048 | (66300) |
| 1006 | Three Month SONIA Index Futures | 12/15/2026 | 327702978 | 193095 |
| 1301 | Three Month SONIA Index Futures | 03/17/2027 | 423842626 | 290899 |
| 1389 | Three Month SONIA Index Futures | 06/16/2027 | 452371028 | 313898 |
| 1113 | Three Month SONIA Index Futures | 09/15/2027 | 362314260 | 257284 |
| 752 | Three Month SONIA Index Futures | 12/15/2027 | 244684092 | 167046 |
| 639 | Three Month SONIA Index Futures | 03/15/2028 | 207819497 | 151552 |
| 376 | Three Month SONIA Index Futures | 06/21/2028 | 122221668 | 77545 |
| 120 | TSE Japanese 10 Year Bond Futures | 03/16/2026 | 101444815 | 47617 |
| 432 | TSE TOPIX (Tokyo Price Index) Future | 03/13/2026 | 94148082 | 535015 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $7373643 |
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 1780 | 3 Month Euro Euribor Future | 03/16/2027 | $511446781 | $(65650) |
| 887 | 3 Month Euro Euribor Future | 03/14/2028 | 254158012 | (50781) |
| 1494 | 3 Month Euro Euribor Future | 06/15/2027 | 428963346 | (79258) |
| 2048 | 3 Month Euro Euribor Future | 09/14/2026 | 589112782 | 274930 |
| 1293 | 3 Month Euro Euribor Future | 09/14/2027 | 370985579 | (70743) |
| 1950 | 3 Month Euro Euribor Future | 12/15/2026 | 560665090 | (41890) |
| 1073 | 3 Month Euro Euribor Future | 12/14/2027 | 307658673 | (72080) |
| 2110 | BMF Ibovespa Index Future | 02/19/2026 | 63142078 | (462200) |
| 1820 | CBOT 10 Year US Treasury Note Future | 03/23/2026 | 204636250 | 672016 |
| 2152 | CBOT 2 Year US Treasury Note Future | 04/01/2026 | 449314061 | (272857) |
| 10013 | CBOT 5 Year US Treasury Note Future | 04/01/2026 | 1094467842 | 1450714 |
| 2944 | CBOT Corn Future<sup>(c)</sup> | 03/16/2026 | 64804800 | 1180875 |
| 1217 | CBOT Soybean Future<sup>(c)</sup> | 03/16/2026 | 63740375 | 1992488 |
| 1377 | CBOT Soybean Meal Future<sup>(c)</sup> | 03/16/2026 | 41227380 | 595230 |
| 2345 | CBOT US Treasure Bond Futures | 03/23/2026 | 271067344 | 1374031 |
| 952 | CBOT Wheat Future<sup>(c)</sup> | 03/16/2026 | 24133200 | 1778063 |
| 315 | CME Australian Dollar Currency Future | 03/17/2026 | 21019950 | 56390 |
| 841 | CME Canadian Dollar Currency Future | 03/18/2026 | 61493920 | (284905) |
| 75 | CME E-Mini Standard & Poor's MidCap 400 Index Future | 03/23/2026 | 24939000 | 574950 |
| 136 | CME Euro Foreign Exchange Currency Future | 03/17/2026 | 20026000 | 96431 |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 210 | CME Japanese Yen Currency Future | 03/17/2026 | $16848563 | $24768 |
| 384 | CME Lean Hogs Future<sup>(c)</sup> | 02/17/2026 | 13071360 | (273070) |
| 80 | CME New Zealand Dollar Currency Future | 03/17/2026 | 4614400 | 695 |
| 2 | COMEX Silver Future<sup>(c)</sup> | 03/30/2026 | 706030 | (2180) |
| 3401 | Eurex 10 Year Euro BUND Future | 03/09/2026 | 509710491 | 2266603 |
| 5829 | Eurex 2 Year Euro SCHATZ Future | 03/09/2026 | 731295712 | 638875 |
| 799 | Eurex 30 Year Euro BUXL Future | 03/09/2026 | 103366870 | 889753 |
| 6480 | Eurex 5 Year Euro BOBL Future | 03/09/2026 | 884300752 | 3626496 |
| 398 | KCBT Hard Red Winter Wheat Future<sup>(c)</sup> | 03/16/2026 | 10243525 | 292800 |
| 21 | LME Lead Future<sup>(c)</sup> | 03/17/2026 | 1054037 | (4193) |
| 56 | LME Nickel Future<sup>(c)</sup> | 03/17/2026 | 5590680 | (575275) |
| 55 | NYBOT CSC Cocoa Future<sup>(c)</sup> | 03/17/2026 | 3335750 | (21270) |
| 312 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 03/02/2026 | 5245094 | 19298 |
| 575 | NYBOT CTN Number 2 Cotton Future<sup>(c)</sup> | 03/10/2026 | 18477625 | 146300 |
| 1782 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 01/29/2026 | 65684520 | 998310 |
| 192 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 02/26/2026 | 6009600 | 212130 |
| 133 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 03/30/2026 | 4193490 | 289300 |
| 26 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 04/29/2026 | 839800 | (20) |
| 1 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 05/20/2026 | 57010 | 520 |
| 11 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 04/22/2026 | 627000 | 6850 |
| 17 | NYMEX Platinum Future<sup>(c)</sup> | 04/29/2026 | 1737570 | 92175 |
| 610 | SFE 10 Year Australian Bond Future | 03/17/2026 | 44562138 | 72943 |
| 148 | SFE S&P ASX Share Price Index 200 Future | 03/20/2026 | 21419363 | 153264 |
| 16 | SGX Nikkei 225 Stock Index Future | 03/13/2026 | 2576534 | 9496 |
| 588 | Three-Month SOFR Futures | 06/16/2027 | 142420950 | (2625) |
| 165 | Three-Month SOFR Futures | 06/21/2028 | 39880500 | (12250) |
| 202 | Three-Month SOFR Futures | 09/15/2027 | 48911775 | 6313 |
| 358 | Three-Month SOFR Futures | 12/16/2026 | 86676275 | 49225 |
| 178 | Three-Month SOFR Futures | 12/15/2027 | 43078225 | (22212) |
| 543 | Three-Month SOFR Futures | 03/17/2027 | 131528175 | (12662) |
| 397 | Three-Month SOFR Futures | 03/15/2028 | 96019413 | (40263) |
| 50 | TTF Natural Gas Base Load Monthly Futures<sup>(c)</sup> | 01/30/2026 | 1111618 | (4918) |
| 338 | Ultra U.S. Treasury Bond Futures | 03/23/2026 | 39884000 | 258406 |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $17729336 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $25102979 |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025 (Unaudited)** |

---

**OPEN FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Foreign Currency** | <br>**Settlement Date** | <br>**Counterparty** |<br>**Local Currency** |<br>**U.S. Dollar Value** | **Unrealized**<br>**Appreciation/(Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Australian Dollar | 01/02/2026 | Bank Of America Merrill Lynch | 123290000 | $82264629 | $(412545) |
| British Pound | 01/02/2026 | Deutsche Bank | 59840000 | 80665385 | 28766 |
| Canadian Dollar | 01/02/2026 | Deutsche Bank | 71730000 | 52259630 | (14853) |
| Euro | 01/02/2026 | Deutsche Bank | 124420000 | 146170111 | (235761) |
| Israeli Shekel | 01/02/2026 | Bank Of America Merrill Lynch | 220000 | 69050 | (104) |
| Mexican Peso | 01/02/2026 | Deutsche Bank | 1087290000 | 60372463 | (162907) |
| Norwegian Krone | 01/02/2026 | Bank Of America Merrill Lynch | 96470000 | 9570785 | (40391) |
| Polish Zloty | 01/02/2026 | Bank Of America Merrill Lynch | 1300000 | 362137 | (495) |
| Singapore Dollar | 01/02/2026 | Bank Of America Merrill Lynch | 7250000 | 5640180 | (3945) |
| South African Rand | 01/02/2026 | Bank Of America Merrill Lynch | 19220000 | 1160600 | 5156 |
| Swedish Krona | 01/02/2026 | Bank Of America Merrill Lynch | 130220000 | 14144109 | (22265) |
| Australian Dollar | 01/05/2026 | Bank Of America Merrill Lynch | 65100000 | 43437642 | (39126) |
| British Pound | 01/05/2026 | Deutsche Bank | 222580000 | 300041792 | 747834 |
| Euro | 01/05/2026 | Deutsche Bank | 189390000 | 222497649 | 250378 |
| Japanese Yen | 01/05/2026 | Deutsche Bank | 25729999998 | 164273537 | (549646) |
| Mexican Peso | 01/05/2026 | Deutsche Bank | 1542230000 | 85633301 | (87841) |
| New Zealand Dollar | 01/05/2026 | Bank Of America Merrill Lynch | 135890000 | 78196570 | (756911) |
| Norwegian Krone | 01/05/2026 | Bank Of America Merrill Lynch | 17350000 | 1721293 | (2089) |
| Polish Zloty | 01/05/2026 | Bank Of America Merrill Lynch | 8580000 | 2390105 | 2932 |
| Singapore Dollar | 01/05/2026 | Bank Of America Merrill Lynch | 20520000 | 15963654 | 9805 |
| South African Rand | 01/05/2026 | Bank Of America Merrill Lynch | 13930000 | 841163 | 1097 |
| Swedish Krona | 01/05/2026 | Bank Of America Merrill Lynch | 1248350000 | 135592061 | 88010 |
| Swiss Franc | 01/05/2026 | Bank Of America Merrill Lynch | 49790000 | 62851877 | (253912) |
| Chinese Yuan Offshore | 01/05/2026 | Bank Of America Merrill Lynch | 210060000 | 30114397 | 60997 |
| Japanese Yen | 01/06/2026 | Deutsche Bank | 23387999998 | 149334742 | (20414) |
| New Zealand Dollar | 01/06/2026 | Bank Of America Merrill Lynch | 218420000 | 125693208 | 62063 |
| Swiss Franc | 01/06/2026 | Bank Of America Merrill Lynch | 128870000 | 162695784 | 274398 |
| Chinese Yuan Offshore | 01/06/2026 | Bank Of America Merrill Lynch | 445060000 | 63808330 | 109889 |
| Australian Dollar | 01/21/2026 | Bank Of America Merrill Lynch | 1054320000 | 703550036 | 4431315 |
| Brazilian Real | 01/21/2026 | Bank Of America Merrill Lynch | 5097949999 | 926904061 | (11024061) |
| British Pound | 01/21/2026 | Deutsche Bank | 1014820000 | 1367963889 | 16523833 |
| Canadian Dollar | 01/21/2026 | Deutsche Bank | 1860440000 | 1356455876 | 3475024 |
| Chilean Peso | 01/21/2026 | Bank Of America Merrill Lynch | 64036999999 | 71160028 | 1599166 |
| Euro | 01/21/2026 | Deutsche Bank | 1291060000 | 1517939638 | 4106885 |
| Indian Rupee | 01/21/2026 | Bank Of America Merrill Lynch | 6886110000 | 76484915 | 213848 |
| Israeli Shekel | 01/21/2026 | Bank Of America Merrill Lynch | 152330000 | 47809484 | 402201 |
| Japanese Yen | 01/21/2026 | Deutsche Bank | 147216999991 | 941291952 | (8865089) |
| Mexican Peso | 01/21/2026 | Deutsche Bank | 15905499998 | 881739858 | 11125836 |
| New Zealand Dollar | 01/21/2026 | Bank Of America Merrill Lynch | 852640000 | 490990436 | (2926240) |
| Norwegian Krone | 01/21/2026 | Bank Of America Merrill Lynch | 6825649999 | 677196394 | (177774) |
| Polish Zloty | 01/21/2026 | Bank Of America Merrill Lynch | 724060000 | 201679187 | 1853350 |
| Singapore Dollar | 01/21/2026 | Bank Of America Merrill Lynch | 580620000 | 452192136 | 2562368 |
| South African Rand | 01/21/2026 | Bank Of America Merrill Lynch | 5776499999 | 348409348 | 10288101 |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025 (Unaudited) (Continued)** |

---

**OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Foreign Currency** | <br>**Settlement Date** | <br>**Counterparty** |<br>**Local Currency** |<br>**U.S. Dollar Value** | **Unrealized**<br>**Appreciation/(Depreciation)** |
| **To Buy: (continued)** |  |  |  |  |  |
| South Korean Won | 01/21/2026 | Bank Of America Merrill Lynch | 166392999979 | $115325487 | $1909638 |
| Swedish Krona | 01/21/2026 | Bank Of America Merrill Lynch | 6481169999 | 704576578 | 9813421 |
| Swiss Franc | 01/21/2026 | Bank Of America Merrill Lynch | 648460000 | 820034702 | 3384408 |
| Chinese Yuan Offshore | 01/21/2026 | Bank Of America Merrill Lynch | 7650559998 | 1097919569 | 10603856 |
| British Pound | 02/18/2026 | Deutsche Bank | 408780000 | 550995006 | 600226 |
|  |  |  |  | $**15448384764** | $**58938432** |
| **To Sell:** |  |  |  |  |  |
| Australian Dollar | 01/02/2026 | Bank Of America Merrill Lynch | 123290000 | $82264629 | $379124 |
| British Pound | 01/02/2026 | Deutsche Bank | 59840000 | 80665381 | (50886) |
| Canadian Dollar | 01/02/2026 | Deutsche Bank | 71730000 | 52259634 | 38795 |
| Euro | 01/02/2026 | Deutsche Bank | 124420000 | 146170113 | 101558 |
| Israeli Shekel | 01/02/2026 | Bank Of America Merrill Lynch | 220000 | 69050 | (33) |
| Mexican Peso | 01/02/2026 | Deutsche Bank | 1087290000 | 60372466 | 73805 |
| Norwegian Krone | 01/02/2026 | Bank Of America Merrill Lynch | 96470000 | 9570788 | 45517 |
| Polish Zloty | 01/02/2026 | Bank Of America Merrill Lynch | 1300000 | 362137 | (332) |
| Singapore Dollar | 01/02/2026 | Bank Of America Merrill Lynch | 7250000 | 5640180 | 2282 |
| South African Rand | 01/02/2026 | Bank Of America Merrill Lynch | 19220000 | 1160600 | (4703) |
| Swedish Krona | 01/02/2026 | Bank Of America Merrill Lynch | 130220000 | 14144108 | 35016 |
| Australian Dollar | 01/05/2026 | Bank Of America Merrill Lynch | 65100000 | 43437645 | (2065) |
| British Pound | 01/05/2026 | Deutsche Bank | 222580000 | 300041788 | (662786) |
| Chinese Yuan Offshore | 01/05/2026 | Bank Of America Merrill Lynch | 210060000 | 30114402 | (63588) |
| Euro | 01/05/2026 | Deutsche Bank | 189390000 | 222497650 | (211720) |
| Japanese Yen | 01/05/2026 | Deutsche Bank | 25730000000 | 164273539 | 382099 |
| Mexican Peso | 01/05/2026 | Deutsche Bank | 1542229999 | 85633298 | 2853 |
| New Zealand Dollar | 01/05/2026 | Bank Of America Merrill Lynch | 135890000 | 78196570 | 663430 |
| Norwegian Krone | 01/05/2026 | Bank Of America Merrill Lynch | 17350000 | 1721293 | (1760) |
| Polish Zloty | 01/05/2026 | Bank Of America Merrill Lynch | 8580000 | 2390104 | (4962) |
| Singapore Dollar | 01/05/2026 | Bank Of America Merrill Lynch | 20520000 | 15963654 | 955 |
| South African Rand | 01/05/2026 | Bank Of America Merrill Lynch | 13930000 | 841162 | (1825) |
| Swedish Krona | 01/05/2026 | Bank Of America Merrill Lynch | 1248350000 | 135592061 | 10855 |
| Swiss Franc | 01/05/2026 | Bank Of America Merrill Lynch | 49790000 | 62851877 | 81327 |
| Chinese Yuan Offshore | 01/06/2026 | Bank Of America Merrill Lynch | 445060000 | 63808327 | (70622) |
| Japanese Yen | 01/06/2026 | Deutsche Bank | 23388000000 | 149334756 | 80578 |
| New Zealand Dollar | 01/06/2026 | Bank Of America Merrill Lynch | 218420000 | 125693209 | 328245 |
| Swiss Franc | 01/06/2026 | Bank Of America Merrill Lynch | 128870000 | 162695787 | (227237) |
| Australian Dollar | 01/21/2026 | Bank Of America Merrill Lynch | 1220480000 | 814428963 | (5313168) |
| Brazilian Real | 01/21/2026 | Bank Of America Merrill Lynch | 2637270000 | 479505751 | (3906115) |
| British Pound | 01/21/2026 | Deutsche Bank | 1014820000 | 1367963889 | (7043682) |
| Canadian Dollar | 01/21/2026 | Deutsche Bank | 2292200000 | 1671254200 | (20342140) |
| Chilean Peso | 01/21/2026 | Bank Of America Merrill Lynch | 38449000000 | 42725787 | (696873) |
| Chinese Yuan Offshore | 01/21/2026 | Bank Of America Merrill Lynch | 2277000000 | 326768611 | (3473956) |
| Euro | 01/21/2026 | Deutsche Bank | 1007620000 | 1184690361 | (6717852) |
| Indian Rupee | 01/21/2026 | Bank Of America Merrill Lynch | 7458920000 | 82847196 | 159815 |
| Japanese Yen | 01/21/2026 | Deutsche Bank | 147216999992 | 941291952 | 6158164 |
| Mexican Peso | 01/21/2026 | Deutsche Bank | 5007869999 | 277617087 | 195709 |
| New Zealand Dollar | 01/21/2026 | Bank Of America Merrill Lynch | 852640000 | 490990434 | 3000181 |
| Norwegian Krone | 01/21/2026 | Bank Of America Merrill Lynch | 689250000 | 68382883 | (366041) |
| Polish Zloty | 01/21/2026 | Bank Of America Merrill Lynch | 265720000 | 74013469 | (65955) |

---

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

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025 (Unaudited) (Continued)** |

---

**OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Foreign Currency** | <br>**Settlement Date** | <br>**Counterparty** |<br>**Local Currency** |<br>**U.S. Dollar Value** | **Unrealized**<br>**Appreciation/(Depreciation)** |
| **To Sell: (continued)** |  |  |  |  |  |
| Singapore Dollar | 01/21/2026 | Bank Of America Merrill Lynch | 176810000 | $137701236 | $(315522) |
| South African Rand | 01/21/2026 | Bank Of America Merrill Lynch | 2091670000 | 126158985 | (1733932) |
| South Korean Won | 01/21/2026 | Bank Of America Merrill Lynch | 140694999997 | 97514423 | (810545) |
| Swedish Krona | 01/21/2026 | Bank Of America Merrill Lynch | 2787940000 | 303080653 | (564979) |
| Swiss Franc | 01/21/2026 | Bank Of America Merrill Lynch | 322530000 | 407867551 | (686784) |
| Japanese Yen | 02/18/2026 | Deutsche Bank | 24315999997 | 155848757 | 42642 |
| New Zealand Dollar | 02/18/2026 | Bank Of America Merrill Lynch | 262100000 | 151089230 | 45597 |
|  |  |  |  | $**11299507626** | $**(41511516)** |
| **Total** |  |  |  |  | $**17426916** |

---

---

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

---

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

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

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

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

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.6%** |  |
|  | **FIXED INCOME - 88.6%** |  |
| 82764 | iShares 1-5 Year Investment Grade Corporate Bond | $4376560 |
| 119165 | PGIM Ultra Short Bond ETF | 5909392 |
| 81223 | Vanguard Short-Term Corporate Bond ETF<sup>(a)</sup> | 6475910 |
|  |  | 16761862 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $16,884,582)** | 16761862 |
|  | **SHORT-TERM INVESTMENTS — 1.2%** |  |
|  | **MONEY MARKET FUNDS - 1.2%** |  |
| 227841 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $227,841)<sup>(b)</sup> | 227841 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Expiration Date** | **Exercise Price** | **Exercise Price** | **Notional Value** | |
|  | **EQUITY OPTIONS PURCHASED - 16.3%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 14.7%** |  |  |  |  |  |
| 75 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | $| 570 | $5114400 | $894638 |
| 30 | SPDR S&P 500 ETF Trust IB | 06/18/2026 |  | 560 | 2045760 | 409140 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 |  | 600 | 3409600 | 501575 |
| 70 | SPDR S&P 500 ETF Trust IB | 09/18/2026 |  | 635 | 4773440 | 570570 |
| 70 | SPDR S&P 500 ETF Trust IB | 01/15/2027 |  | 680 | 4773440 | 425705 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,601,159) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,601,159) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,601,159) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,601,159) |  | 2801627 |
|  | **PUT OPTIONS PURCHASED - 1.6%** |  |  |  |  |  |
| 75 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | $| 515 | $5114400 | $7388 |
| 30 | SPDR S&P 500 ETF Trust IB | 06/18/2026 |  | 515 | 2045760 | 10395 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 |  | 540 | 3409600 | 22400 |
| 70 | SPDR S&P 500 ETF Trust IB | 09/18/2026 |  | 585 | 4773440 | 86695 |
| 70 | SPDR S&P 500 ETF Trust IB | 01/15/2027 |  | 620 | 4773440 | 167615 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $664,425) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $664,425) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $664,425) |  |  | 294493 |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,265,582) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,265,582) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,265,582) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,265,582) |  | 3096121 |
|  | **TOTAL INVESTMENTS - 106.1% (Cost $19,378,007)** | **TOTAL INVESTMENTS - 106.1% (Cost $19,378,007)** | **TOTAL INVESTMENTS - 106.1% (Cost $19,378,007)** | **TOTAL INVESTMENTS - 106.1% (Cost $19,378,007)** |  | $20085823 |
|  | **CALL OPTIONS WRITTEN - (5.5)% (Premiums received - $411,023)** | **CALL OPTIONS WRITTEN - (5.5)% (Premiums received - $411,023)** | **CALL OPTIONS WRITTEN - (5.5)% (Premiums received - $411,023)** | **CALL OPTIONS WRITTEN - (5.5)% (Premiums received - $411,023)** |  | (1044592) |
|  | **PUT OPTIONS WRITTEN - (2.6)% (Premiums received - $1,106,278)** | **PUT OPTIONS WRITTEN - (2.6)% (Premiums received - $1,106,278)** | **PUT OPTIONS WRITTEN - (2.6)% (Premiums received - $1,106,278)** | **PUT OPTIONS WRITTEN - (2.6)% (Premiums received - $1,106,278)** |  | (492420) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** |  | 381783 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $18930594 |

---

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

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (8.1)%** |  |  |  |  |
|  | **CALL OPTIONS WRITTEN - (5.5)%** |  |  |  |  |
| 75 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | $650 | $5114400 | $342487 |
| 30 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 635 | 2045760 | 212070 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 675 | 3409600 | 199150 |
| 70 | SPDR S&P 500 ETF Trust IB | 09/18/2026 | 715 | 4773440 | 190750 |
| 70 | SPDR S&P 500 ETF Trust IB | 01/15/2027 | 775 | 4773440 | 100135 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $411,023) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $411,023) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $411,023) |  | 1044592 |
|  | **PUT OPTIONS WRITTEN - (2.6)%** |  |  |  |  |
| 75 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | $570 | $5114400 | $14550 |
| 30 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 560 | 2045760 | 16725 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 600 | 3409600 | 44400 |
| 70 | SPDR S&P 500 ETF Trust IB | 09/18/2026 | 635 | 4773440 | 141925 |
| 70 | SPDR S&P 500 ETF Trust IB | 01/15/2027 | 680 | 4773440 | 274820 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $1,106,278) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $1,106,278) |  |  | 492420 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,517,301) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,517,301) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,517,301) |  | $1537012 |

---

---

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

---

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

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

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

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Catalyst Systematic**<br>**High Income**<br>**Fund**<br>**(Formerly Catalyst/Warrington**<br>**Strategic Program Fund)** |<br>**Catalyst**<br>**Systematic Alpha**<br>**Fund**<br>**(Consolidated)** |<br>**Catalyst/Welton**<br>**Advantage**<br>**Multi-Strategy Fund**<br>**(Consolidated)** |
| **ASSETS:** |  |  |  |
| Investments in Securities at Cost | $43821911 | $162054063 | $43130692 |
| Investments in Securities at Value | $43872617 | $165874096 | $43313426 |
| Foreign Cash Held with Broker for Futures and Options (Cost $0, $0, $937,772) (a) |  |  | 1037839 |
| Deposits with Broker for futures and options (a) | 9843 |  | 6549728 |
| Dividends and interest receivable | 269372 | 361721 | 49611 |
| Receivable for Fund shares sold | 10724 | 31736 |  |
| Unrealized appreciation - on swap contracts | 53632 | 3714522 |  |
| Receivable for securities sold |  |  | 49645 |
| Futures unrealized appreciation |  |  | 595742 |
| Prepaid expenses and other assets | 40226 | 32756 | 10702 |
| &nbsp;&nbsp;&nbsp;Total Assets | **44256414** | **170014831** | **51606693** |
| **LIABILITIES:** |  |  |  |
| Payable for securities purchased |  |  | 180087 |
| Investment advisory fees payable | 58181 | 219265 | 65800 |
| Due to Broker | 94 |  |  |
| Accrued 12b-1 fees | 6775 | 20236 | 458 |
| Payable to related parties | 7995 | 24372 | 9197 |
| Payable for Fund shares redeemed | 158541 | 616677 | 5114 |
| Trustee fee payable | 3767 | 3772 | 3807 |
| Futures unrealized depreciation |  |  | 484801 |
| Compliance officer fees payable | 1220 | 343 |  |
| Accrued expenses and other liabilities | 27464 | 115941 | 33903 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **264037** | **1000606** | **783167** |
| &nbsp;&nbsp;&nbsp;Net Assets | $**43992377** | $**169014225** | $**50823526** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid in capital | $1040122113 | $149944779 | $51582150 |
| Accumulated earnings (deficit) | (996129736) | 19069446 | (758624) |
| **Net Assets** | $**43992377** | $**169014225** | $**50823526** |
| **Class A** |  |  |  |
| Net Assets | $10371411 | $21877885 | $251180 |
| Shares of beneficial interest outstanding (b) | 1147321 | 1974742 | 14550 |
| Net asset value per share (Net assets/shares outstanding) | $9.04 | $11.08 | $17.26 |
| Maximum offering price per share (c) | $9.59 | $11.76 | $18.31 |
| Minimum redemption price per share (d) | $8.95 | $10.97 | $17.09 |
| **Class C** |  |  |  |
| Net Assets | $4545409 | $7058633 | $469149 |
| Shares of beneficial interest outstanding (b) | 534993 | 671633 | 28063 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $8.50 | $10.51 | $16.72 |
| **Class I** |  |  |  |
| Net Assets | $29075557 | $140077707 | $50103197 |
| Shares of beneficial interest outstanding (b) | 3142354 | 12960210 | 2864451 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $9.25 | $10.81 | $17.49 |

---

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

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

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

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

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catalyst/Aspect**<br>**Enhanced Multi-Asset**<br>**Fund** | **Catalyst**<br>**Nasdaq-100 Hedged**<br>**Equity Fund** | **Catalyst/Millburn**<br>**Hedge Strategy**<br>**Fund** | **Catalyst**<br>**Buffered Shield**<br>**Fund** |
|  | **(Consolidated)** | | **(Consolidated)** | |
| **ASSETS:** |  |  |  |  |
| Investments in Securities at Cost | $23736196 | $11311979 | $6821385014 | $19378007 |
| Investments in Securities at Value | $23930678 | $14004931 | $8271743253 | $20085823 |
| Cash Collateral Held at Custodian | 897777 |  | 57839625 |  |
| Futures unrealized appreciation | 516540 | 7632 | 45342227 |  |
| Foreign Cash Held with Broker for Futures and Options (Cost $352,726, $0, $31,195,756, $0) (a) | 355211 |  | 31610435 |  |
| Deposits with Broker for futures and options (a) | 4999389 | 995427 |  | 356890 |
| Dividends and interest receivable | 34637 | 3452 | 21676263 | 27541 |
| Receivable for Fund shares sold |  | 6 | 7372249 | 8983 |
| Unrealized appreciation on forward currency exchange contracts | 464186 |  | 96363347 |  |
| Prepaid expenses and other assets | 13283 | 19079 | 160412 | 31271 |
| &nbsp;&nbsp;&nbsp;Total Assets | **31211701** | **15030527** | **8532107811** | **20510508** |
| **LIABILITIES:** |  |  |  |  |
| Options written, at value (proceeds $0, $13,100, $0, $1,517,301) |  | 3535 |  | 1537012 |
| Investment advisory fees payable | 36581 | 4961 | 12475253 | 6138 |
| Accrued 12b-1 fees | 111 | 3869 | 992378 | 6862 |
| Futures unrealized depreciation | 458622 | 16420 | 20239248 |  |
| Payable upon return of securities loaned (Market value of securities on loan $0, $353,108, $0, $0) |  | 364045 |  |  |
| Due from Broker for Futures and Options |  |  | 9699256 |  |
| Payable for Fund shares redeemed |  |  | 6970689 | 5204 |
| Unrealized depreciation on forward currency exchange contracts | 325059 |  | 78936431 |  |
| Payable to related parties | 4327 | 7562 | 344890 | 4605 |
| Trustee fee payable | 3793 | 3733 | 3855 | 4305 |
| Compliance officer fees payable | 190 |  |  | 227 |
| Accrued expenses and other liabilities | 11545 | 20057 | 1455490 | 15561 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **840228** | **424182** | **131117490** | **1579914** |
| &nbsp;&nbsp;&nbsp;Net Assets | $**30371473** | $**14606345** | $**8400990321** | $**18930594** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid in capital | $29399501 | $11057457 | $6919148805 | $27980482 |
| Accumulated earnings (deficit) | 971972 | 3548888 | 1481841516 | (9049888) |
| **Net Assets** | $**30371473** | $**14606345** | $**8400990321** | $**18930594** |
| **Class A** |  |  |  |  |
| Net Assets | $521658 | $375109 | $557183441 | $4941174 |
| Shares of beneficial interest outstanding (b) | 51110 | 27842 | 13888688 | 457679 |
| Net asset value per share (Net assets/shares outstanding) | $10.21 | $13.47 | $40.12 | $10.80 |
| Maximum offering price per share (c) | $10.83 | 14.29 | $42.57 | $11.46 |
| Minimum redemption price per share (d) | $10.11 | $13.34 | $39.72 | $10.69 |
| **Class C** |  |  |  |  |
| Net Assets | $1009 | $1611777 | $356713429 | $2575499 |
| Shares of beneficial interest outstanding (b) | 100 | 132623 | 9201722 | 245962 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $10.09 | $12.15 | $38.77 | $10.47 |
| **Class C-1 (e)** |  |  |  |  |
| Net Assets |  |  | $46567756 |  |
| Shares of beneficial interest outstanding (b) |  |  | 1211730 |  |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) |  |  | $38.43 |  |
| **Class I** |  |  |  |  |
| Net Assets | $29848806 | $12619459 | $7440525695 | $11413921 |
| Shares of beneficial interest outstanding (b) | 2909485 | 916394 | 183648790 | 1049253 |
| Net asset value, offering price and redemption price per share (Net assets/shares outstanding) | $10.26 | $13.77 | $40.51 | $10.88 |

---

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

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

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

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

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

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Catalyst Systematic**<br>**High Income**<br>**Fund**<br>**(Formerly Catalyst/Warrington**<br>**Strategic Program Fund)** |<br>**Catalyst**<br>**Systematic Alpha**<br>**Fund**<br>**(Consolidated)** |<br>**Catalyst/Welton**<br>**Advantage**<br>**Multi-Strategy Fund**<br>**(Consolidated)** |
| **Investment Income:** |  |  |  |
| Dividend income | $— | $— | $286230 |
| Interest income | 1330061 | 3405652 | 300210 |
| Foreign tax withheld |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **1330061** | **3405652** | **586440** |
| **Operating Expenses:** |  |  |  |
| Investment advisory fees | 614424 | 1460953 | 442226 |
| 12b-1 Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 15912 | 30147 | 313 |
| &nbsp;&nbsp;&nbsp;Class C | 30252 | 38102 | 2716 |
| Registration fees | 20686 | 37903 | 7042 |
| Financial administration/Fund accounting fees | 24980 | 39382 | 27860 |
| Custody fees | 2018 | 8597 | 30599 |
| Legal fees | 15188 | 18214 | 17754 |
| Trustees' fees | 8067 | 8067 | 8067 |
| Networking fees | 46367 | 121659 | 3411 |
| Compliance officer fees | 6455 | 5456 | 6105 |
| Audit fees | 4069 | 6160 | 4550 |
| Transfer Agent fees | 4929 | 23487 | 1147 |
| Legal administration/Management service fees | 6003 | 16654 | 4321 |
| Printing expense | 5496 | 30482 | 6577 |
| Insurance expense | 1263 | 5542 | 551 |
| Interest expense | 1407 | 239 |  |
| Miscellaneous expense | 1513 | 4672 | 4022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **809029** | **1855716** | **567261** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived by Advisor | (64585) | (69429) | (61268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **744444** | **1786287** | **505993** |
| **Net Investment Income** | **585617** | **1619365** | **80447** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 33035 | 52948 | 2693051 |
| &nbsp;&nbsp;&nbsp;Options purchased | (4799979) |  |  |
| &nbsp;&nbsp;&nbsp;Options written | 3314216 |  |  |
| &nbsp;&nbsp;&nbsp;Futures | 800320 |  | 1377612 |
| &nbsp;&nbsp;&nbsp;Swaps | (99085) | 6699446 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (60801) |
| **Net Realized Gain (Loss)** | (751493) | 6752394 | 4009862 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 55353 | 1068033 | (1251698) |
| &nbsp;&nbsp;&nbsp;Options purchased | 181650 |  |  |
| &nbsp;&nbsp;&nbsp;Options written | (165800) |  |  |
| &nbsp;&nbsp;&nbsp;Futures |  |  | (424826) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | 24644 |
| &nbsp;&nbsp;&nbsp;Swaps | 53632 | 15865839 |  |
| **Net change in unrealized appreciation (depreciation)** | 124835 | 16933872 | (1651880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** | **(626658)** | **23686266** | **2357982** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(41041)** | $**25305631** | $**2438429** |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catalyst/Aspect**<br>**Enhanced Multi-Asset**<br>**Fund** | **Catalyst**<br>**Nasdaq-100 Hedged**<br>**Equity Fund** | **Catalyst/Millburn**<br>**Hedge Strategy**<br>**Fund** | **Catalyst**<br>**Buffered Shield**<br>**Fund** |
|  | **(Consolidated)** | | **(Consolidated)** | |
| **Investment Income:** |  |  |  |  |
| Dividend Income | $281549 | $45419 | $40511534 | $465615 |
| Interest Income | 359550 | 18172 | 81286749 | 4947 |
| Securities Lending - net |  | 1960 |  |  |
| Foreign tax withheld |  | (90) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **641099** | **65461** | **121798283** | **470562** |
| **Operating Expenses:** |  |  |  |  |
| Investment advisory fees | 271641 | 110741 | 73500839 | 122086 |
| 12b-1 Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 708 | 544 | 701976 | 6348 |
| &nbsp;&nbsp;&nbsp;Class C | 5 | 8234 | 1852221 | 13740 |
| &nbsp;&nbsp;&nbsp;Class C-1 |  |  | 229380 |  |
| Legal fees | 14829 | 12119 | 36811 | 11615 |
| Financial administration/Fund accounting fees | 25490 | 21612 | 1022931 | 17828 |
| Trustees' fees | 8067 | 8067 | 8067 | 8067 |
| Compliance officer fees | 5911 | 5708 | 108454 | 5743 |
| Audit fees | 3657 | 3475 | 86048 | 3509 |
| Printing expense | 1238 | 1259 | 264453 | 1754 |
| Transfer Agent fees | 1867 | 1579 | 175934 | 2059 |
| Custody fees | 2770 | 2211 | 17169 | 1814 |
| Networking fees | 3072 | 9270 | 3896879 | 8703 |
| Legal administration/Management service fees | 2654 | 1515 | 718163 | 1670 |
| Registration fees | 13150 | 9589 | 94949 | 16649 |
| Insurance expense | 278 | 247 | 116527 | 302 |
| Dividend expense |  |  |  |  |
| Interest expense |  | 5830 | 502689 | 961 |
| Miscellaneous expense | 1918 | 9651 | 34602 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **357255** | **211651** | **83368092** | **224311** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived by Advisor | (47793) | (65152) |  | (83168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **309462** | **146499** | **83368092** | **141143** |
| **Net Investment Income (Loss)** | **331637** | **(81038)** | **38430191** | **329419** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 4276 | 2767503 | 74907620 | (17843) |
| &nbsp;&nbsp;&nbsp;Long Term Capital Gains from underlying investment companies |  |  | 1780398 |  |
| &nbsp;&nbsp;&nbsp;Options purchased |  | (597075) |  | 411873 |
| &nbsp;&nbsp;&nbsp;Options written |  | 487822 |  | 252478 |
| &nbsp;&nbsp;&nbsp;Futures | 4488542 | (292330) | (299841418) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 635468 | (5) | 182093096 |  |
| **Net Realized Gain (Loss)** | 5128286 | 2365915 | (41060304) | 646508 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 71083 | (1188167) | 255567966 | 27551 |
| &nbsp;&nbsp;&nbsp;Options purchased |  | (389263) |  | 476458 |
| &nbsp;&nbsp;&nbsp;Options written |  | 9565 |  | (323698) |
| &nbsp;&nbsp;&nbsp;Futures | (850317) | 309898 | 74931002 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (57363) |  | (18564190) |  |
| **Net change in unrealized appreciation/(depreciation)** | (836597) | (1257967) | 311934778 | 180311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** | **4291689** | **1107948** | **270874474** | **826819** |
| **Net Increase in Net Assets Resulting From Operations** | $**4623326** | $**1026910** | $**309304665** | $**1156238** |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Catalyst Systematic High Income Fund** | **Catalyst Systematic High Income Fund** |
|  | **(Formerly, Catalyst/Warrington Strategic Program Fund)** | **(Formerly, Catalyst/Warrington Strategic Program Fund)** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** |
|  | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $585617 | $1769128 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, options, futures and swaps | (751493) | 1686096 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, options, futures and swaps | 124835 | 3461 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **(41041)** | **3458685** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;From Accumulated Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (263872) | (375180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (61656) | (194491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (869395) | (2092265) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(1194923)** | **(2661936)** |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1719625 | 3720371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 22234 | 122315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 11034653 | 8627013 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 250802 | 356119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 57972 | 179624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 785122 | 1999503 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (5179597) | (4448464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (2890295) | (3282822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (36287206) | (35141024) |
| &nbsp;&nbsp;&nbsp;**Net decrease in net assets from share transactions of beneficial interest** | **(30486690)** | **(27867365)** |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | **(31722654)** | **(27070616)** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 75715031 | 102785647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**43992377** | $**75715031** |
| **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 186992 | 403441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 27867 | 39613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (565668) | (486468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of Beneficial interest | (350809) | (43414) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 2588 | 14227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 6853 | 21308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (337051) | (383144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of Beneficial interest | (327610) | (347609) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1167816 | 917103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 85247 | 217337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (3869185) | (3749065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of Beneficial interest | (2616122) | (2614625) |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catalyst Systematic Alpha Fund** | **Catalyst Systematic Alpha Fund** | **Catalyst/Welton Advantage Multi-Strategy Fund (a)** | **Catalyst/Welton Advantage Multi-Strategy Fund (a)** |
|  | **(Consolidated)** | **(Consolidated)** | **(Consolidated)** | **(Consolidated)** |
|  | **Six Months Ended** | **Year Ended** | **Six Months Ended** | **Period Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **December 31, 2025** | **June 30, 2025** |
|  | (Unaudited) |  | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1619365 | $13408775 | $80447 | $267873 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, swaps and futures and foreign currency transactions | 6752394 | (131520745) | 4009862 | (6520496) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, swaps, futures, and foreign currency translations | 16933872 | (19063942) | (1651880) | 2045604 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **25305631** | **(137175912)** | **2438429** | **(4207019** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (140422) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (26481) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (1309401) |  |  |
| &nbsp;&nbsp;&nbsp;From Accumulated Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (34195) | (3917478) |  | (483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (401) | (1164103) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (427565) | (42823384) |  | (423611 |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(462161)** | **(49381269)** | **—** | **(424094** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1365095 | 19516235 | 4905 | 361108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 397985 | 4701821 | 1419 | 824527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 10369995 | 257843384 | 325438 | 54513498 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 31412 | 3762463 |  | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 395 | 1162344 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 372451 | 39322044 |  | 411751 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (7548525) | (42492754) | (24485) | (66337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1995281) | (7705444) | (209900) | (174858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (67306553) | (571682257) | (1098780) | (1852559 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from share transactions of beneficial interest** | **(64313026)** | **(295572164)** | **(1001403)** | **54017613** |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | **(39469556)** | **(482129345)** | **1437026** | **49386500** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 208483781 | 690613126 | 49386500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**169014225** | $**208483781** | $**50823526** | $**49386500** |
| **Share Activity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 126818 | 1580892 | 294 | 19902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 3024 | 333271 |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (709309) | (3694313) | (1481) | (4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (579467) | (1780150) | (1187) | 15737 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 39346 | 404474 | 87 | 52260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 42 | 109140 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (199393) | (752010) | (13056) | (11228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (160005) | (238396) | (12969) | 41032 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1010663 | 21710777 | 19663 | 2998092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 36269 | 3569382 |  | 22414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (6540223) | (52394988) | (64611) | (111107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (5493291) | (27114829) | (44948) | 2909399 |

---

\* Less than $1.00.

\*\* Less than 1 share.

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

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catalyst/Aspect Enhanced Multi-Asset Fund** | **Catalyst/Aspect Enhanced Multi-Asset Fund** | **Catalyst Nasdaq-100 Hedged Equity Fund** | **Catalyst Nasdaq-100 Hedged Equity Fund** |
|  | **(Consolidated)** | **(Consolidated)** | | |
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31, 2025** | **June 30, 2025** | <br>**Six Months Ended**<br>**December 31, 2025** | <br>**Year Ended**<br>**June 30, 2025** |
|  | (Unaudited) |  | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gain (loss) | $331637 | $451469 | $(81038) | $(122591) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, options, futures and foreign currency transactions | 5128286 | (4526969) | 2365915 | 1681520 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, options futures and foreign currency translations | (836597) | 1105399 | (1257967) | 74407 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **4623326** | **(2970101)** | **1026910** | **1633336** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Accumulated Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (12079) | (159172) | (31893) |  |
| &nbsp;&nbsp;&nbsp;Class C | (24) | (144) | (150836) |  |
| &nbsp;&nbsp;&nbsp;Class I | (688122) | (2567018) | (1095296) |  |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(700225)** | **(2726334)** | **(1278025)** | **—** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 23651 | 489095 | 16044 | 24780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 22500 | 13799 | 34049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 12023 | 19475563 | 1929106 | 973544 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 11549 | 159023 | 31232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 139496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 653433 | 2177509 | 889939 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (236800) | (605891) | (111509) | (170165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (22817) | (48735) | (137676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (7345187) | (2681305) | (5528218) | (3349940) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from share transactions of beneficial interest** | **(6881331)** | **19013677** | **(2668846)** | **(2625408)** |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | **(2958230)** | **13317242** | **(2919961)** | **(992072)** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 33329703 | 20012461 | 17526306 | 18518378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**30371473** | $**33329703** | $**14606345** | $**17526306** |
| **Share Activity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 2603 | 44911 | 1073 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 1153 | 15823 | 2300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (25191) | (65576) | (7401) | (13192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of Beneficial interest | (21435) | (4842) | (4028) | (11303) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  | 1982 | 1032 | 2945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  | 11387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  | (1982) | (3769) | (11852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest |  |  | 8650 | (8907) |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1266 | 2017199 | 124835 | 75821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 64889 | 216237 | 64117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (769964) | (261324) | (373002) | (263464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (703809) | 1972112 | (184050) | (187643) |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catalyst/Millburn Hedge Strategy Fund** | **Catalyst/Millburn Hedge Strategy Fund** | **Catalyst Buffered Shield Fund** | **Catalyst Buffered Shield Fund** |
|  | **(Consolidated)** | **(Consolidated)** | | |
|  | **Six Months Ended** | **Year Ended** | | |
|  | **December 31, 2025** | **June 30, 2025** | <br>**Six Months Ended**<br>**December 31, 2025** | <br>**Year Ended**<br>**June 30, 2025** |
|  | (Unaudited) |  | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $38430191 | $86512241 | $329419 | $540126 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, options, futures and foreign currency transactions | (41060304) | (268524622) | 646508 | 1235198 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, futures, options, and foreign currency translations | 311934778 | 159791491 | 180311 | 245928 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **309304665** | **(22220890)** | **1156238** | **2021252** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From Accumulated Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (13330856) | (134587) | (133200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (6606133) | (52036) | (61737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) |  | (791528) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (181473235) | (338637) | (339237) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **—** | **(202201752)** | **(525260)** | **(534174)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 62786069 | 144902515 | 208644 | 516905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 17072380 | 73088835 |  | 235369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) | 3478605 | 10628342 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 840998040 | 2544827982 | 335482 | 854551 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 11404253 | 134085 | 131280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 6349587 | 52036 | 60997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) |  | 294980 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 128618460 | 286103 | 291581 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (75649857) | (148206863) | (622012) | (1735734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (46322237) | (79227994) | (355373) | (1098274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C-1 (a) | (2861818) | (4705142) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (920192930) | (1784724572) | (1669770) | (3127555) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from share transactions of beneficial interest** | **(120691748)** | **903250383** | **(1630805)** | **(3870880)** |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | **188612917** | **678827741** | **(999827)** | **(2383802)** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 8212377404 | 7533549663 | 19930421 | 22314223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**8400990321** | $**8212377404** | $**18930594** | $**19930421** |
| **Share Activity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1586869 | 3772974 | 19287 | 50968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  | 292342 | 12485 | 12896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1912834) | (3880895) | (57633) | (173767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (325965) | 184421 | (25861) | (109903) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 446129 | 1956118 |  | 24853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  | 167094 | 4994 | 6174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1210329) | (2137800) | (33970) | (112791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) in shares of Beneficial interest | (764200) | (14588) | (28976) | (81764) |
| &nbsp;&nbsp;&nbsp;Class C-1 (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 91566 | 285927 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  | 7831 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (75515) | (127387) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of Beneficial interest | 16051 | 166371 |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 21073759 | 65788297 | 30625 | 84865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  | 3273575 | 26442 | 28447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (23075517) | (46831227) | (154596) | (311064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (2001758) | 22230645 | (97529) | (197752) |

---

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

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst Systematic High Income Fund**<br>**(Formerly, Catalyst/Warrington Strategic Program Fund)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $9.23 | $9.14 | $8.90 | $8.72 | $8.02 | $7.61 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A,G) | 0.07 | 0.17 | 0.19 | (0.03) | (0.20) | (0.15) |
| Net realized and unrealized gain (loss) on investments | (0.05) | 0.18 | 0.11 | 0.28 | 0.90 | 0.56 |
| Total from investment operations | 0.02 | 0.35 | 0.30 | 0.25 | 0.70 | 0.41 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.21) | (0.26) | (0.06) | (0.07) |  |  |
| Total distributions | (0.21) | (0.26) | (0.06) | (0.07) |  |  |
| Net asset value, end of year/period | $9.04 | $9.23 | $9.14 | $8.90 | $8.72 | $8.02 |
| Total return (B) | 0.24 % (L) | 3.87% | 3.42 % (K) | 2.93 % (J) | 8.73 % (C) | 5.39 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $10371 | $13828 | $14089 | $16291 | $19212 | $17587 |
| Ratios to average net assets (including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 2.44 % (M) | 2.36% | 2.38 % (K) | 2.65% | 2.49% | 2.43% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 2.24 % (M) | 2.24% | 2.30 % (K) | 2.60% | 2.45% | 2.02 % (H) |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (D,G) | 1.37 % (M) | 1.72% | 1.99 % (K) | (0.35)% | (2.42)% | (2.40)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (D,G) | 1.56 % (M) | 1.84% | 2.08 % (K) | (0.30)% | (2.38)% | (1.98)% (H) |
| Portfolio turnover rate | 212 % (L) | 0% | 0% | 0% | 0% | 0% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | $8.62 | $8.54 | $8.32 | $8.14 | $7.54 | $7.21 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A,G) | 0.03 | 0.09 | 0.11 | (0.09) | (0.24) | (0.20) |
| Net realized and unrealized gain (loss) on investments | (0.04) | 0.17 | 0.11 | 0.27 | 0.84 | 0.53 |
| Total from investment operations | (0.01) | 0.26 | 0.22 | 0.18 | 0.60 | 0.33 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.11) | (0.18) |  | (0.00)(I) |  |  |
| Total distributions | (0.11) | (0.18) |  | (0.00) |  |  |
| Net asset value, end of year/period | $8.50 | $8.62 | $8.54 | $8.32 | $8.14 | $7.54 |
| Total return (B) | (0.11)% (L) | 3.14% | 2.64 % (K) | 2.21 % (J) | 7.96 % (C) | 4.58 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $4545 | $7434 | $10338 | $13583 | $15588 | $20305 |
| Ratios to average net assets (including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 3.18 % (M) | 3.11% | 3.13 % (K) | 3.40% | 3.24% | 3.19% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 2.99 % (M) | 2.99% | 3.05 % (K) | 3.35% | 3.20% | 2.77 % (H) |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (D,G) | 0.61 % (M) | 0.99% | 1.22 % (K) | (1.10)% | (3.16)% | (3.16)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (D,G) | 0.80 % (M) | 1.11% | 1.30 % (K) | (1.05)% | (3.12)% | (2.74)% (H) |
| Portfolio turnover rate | 212 % (L) | 0% | 0% | 0% | 0% | 0% |

---

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.44% (M) | 2.36% | 2.37% (K) | 2.64% | 2.49% | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.24 % (M) | 2.24% | 2.29 % (K) | 2.59% | 2.45% | 2.02 % (H) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 3.18% (M) | 3.11% | 3.12% (K) | 3.39% | 3.24% | 3.19.% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.99 % (M) | 2.99% | 3.04 % (K) | 3.34% | 3.2% | 2.77 % (H) |

---

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

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

(I) Amount is less than $0.005.

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

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

(L) Not annualized.

(M) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst Systematic High Income Fund**<br>**(Formerly, Catalyst/Warrington Strategic Program Fund)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $9.46 | $9.36 | $9.11 | $8.92 | $8.18 | $7.74 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A,F) | 0.09 | 0.20 | 0.22 | 0.00 (I) | (0.18) | (0.13) |
| Net realized and unrealized gain (loss) on investments | (0.06) | 0.18 | 0.12 | 0.28 | 0.92 | 0.57 |
| Total from investment operations | 0.03 | 0.38 | 0.34 | 0.28 | 0.74 | 0.44 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.24) | (0.28) | (0.09) | (0.09) |  |  |
| Total distributions | (0.24) | (0.28) | (0.09) | (0.09) |  |  |
| Net asset value, end of year/period | $9.25 | $9.46 | $9.36 | $9.11 | $8.92 | $8.18 |
| Total return (B) | 0.30 % (K) | 4.16% | 3.72 % (J) | 3.21 % (H) | 9.05 % (C) | 5.68 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $29076 | $54453 | $78359 | $88996 | $89859 | $61014 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 2.18 % (L) | 2.11% | 2.13 % (J) | 2.40% | 2.24% | 2.16% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 1.99 % (L) | 1.99% | 2.05 % (J) | 2.35% | 2.20% | 1.75 % (G) |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (D,F) | 1.62 % (L) | 1.99% | 2.25 % (J) | (0.05)% | (2.17)% | (2.13)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (D,F) | 1.80 % (L) | 2.11% | 2.34 % (J) | (0.00)% | (2.13)% | (1.71)% (G) |
| Portfolio turnover rate | 212 % (K) | 0% | 0% | 0% | 0% | 0% |

---

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.18% (L) | 2.11% (L) | 2.12% (J) | 2.39% | 2.24% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.99 % (L) | 1.99 % (L) | 2.04 % (J) | 2.34% | 2.2% | 1.75 % (G) |

---

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

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

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

(I) Amount less than $.005

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

(K) Not annualized.

(L) Annualized.

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $9.77 | $13.83 | $12.83 | $10.06 | $10.86 | $9.56 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.08 | 0.31 | 0.40 | 0.25 | (0.17) | 0.04 |
| Net realized and unrealized gain (loss) on investments | 1.24 | (3.21) | 0.87 | 3.03 | (0.05) | 3.16 |
| Total from investment operations | 1.32 | (2.90) | 1.27 | 3.28 | (0.22) | 3.20 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.01) | (1.12) | (0.27) | (0.51) | (0.58) | (1.90) |
| From net realized gains on investments |  | (0.00)(I) |  |  |  |  |
| From return of capital |  | (0.04) |  |  |  |  |
| Total distributions | (0.01 | (1.16) | (0.27) | (0.51) | (0.58) | (1.90) |
| Net asset value, end of year/period | $11.08 | $9.77 | $13.83 | $12.83 | $10.06 | $10.86 |
| Total return (B) | 13.68 | (21.86)% (C) | 10.08% | 33.65% | (2.53)% (C) | 37.12 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $21878 | $24945 | $59958 | $13659 | $324 | $164 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 2.09 | 2.03% | 1.96% | 2.83% | 4.63% | 5.77% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 2.02 | 2.02 % (H) | 2.02 % (H) | 2.02% | 2.06% | 2.03% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (F,G) | 1.41 | 2.67% | 3.09% | 1.25% | (4.14)% | (3.44)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (F,G) | 1.48 | 2.69 % (H) | 3.03 % (H) | 2.06% | (1.53)% | 0.35% |
| Portfolio turnover rate | 19 | 20% | 10% | 43% | 1335% | 121% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | $9.29 | $13.22 | $12.28 | $9.63 | $10.41 | $9.23 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.04 | 0.21 | 0.29 | 0.14 | (0.25) | (0.04) |
| Net realized and unrealized gain (loss) on investments | 1.18 | (3.06) | 0.83 | 2.93 | (0.05) | 3.04 |
| Total from investment operations | 1.22 | (2.85) | 1.12 | 3.07 | (0.30) | 3.00 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.00) | (1.04) | (0.18) | (0.42) | (0.48) | (1.82) |
| From net realized gains on investments |  | (0.00)(I) |  |  |  |  |
| From return of capital |  | (0.04) |  |  |  |  |
| Total distributions | (0.00 | (1.08) | (0.18) | (0.42) | (0.48) | (1.82) |
| Net asset value, end of year/period | $10.51 | $9.29 | $13.22 | $12.28 | $9.63 | $10.41 |
| Total return (B) | 13.14 | (22.48)% | 9.29% | 32.72% | (3.32)% (C) | 35.99 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $7059 | $7724 | $14144 | $3122 | $133 | $184 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E,F) | 2.84 | 2.80% | 2.71% | 3.58% | 5.38% | 6.53% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E,F) | 2.77 | 2.75 % (H) | 2.77 % (H) | 2.77% | 2.81% | 2.78% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (F,G) | 0.65 | 1.89% | 2.35% | 0.46% | (5.13)% | (4.16)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (F,G) | 0.72 | 1.93 % (H) | 2.29 % (H) | 1.27% | (2.35)% | (0.39)% |
| Portfolio turnover rate | 19 | 20% | 10% | 43% | 1335% | 121% |

---

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.09% (K) | 2.03% | 2.83% | 4.59% | 5.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.02 % (K) | 2.02% | 2.02% | 2.02% | 2.02% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.84% (K) | 2.8% | 3.58% | 5.34% | 6.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.77 % (K) | 2.75% | 2.77% | 2.77% | 2.77% |

---

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

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

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

(I) Amount is less than $0.005.

(J) Not annualized.

(K) Annualized.

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $9.53 | $13.53 | $12.55 | $9.87 | $10.67 | $9.43 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.09 | 0.34 | 0.42 | 0.25 | (0.14) | 0.06 |
| Net realized and unrealized gain (loss) on investments | 1.22 | (3.15) | 0.86 | 2.99 | (0.06) | 3.12 |
| Total from investment operations | 1.31 | (2.81) | 1.28 | 3.24 | (0.20) | 3.18 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.03) | (1.15) | (0.30) | (0.56) | (0.60) | (1.94) |
| From net realized gains on investments |  | (0.00)(H) |  |  |  |  |
| From return of capital |  | (0.04) |  |  |  |  |
| Total distributions | (0.03 | (1.19) | (0.30) | (0.56) | (0.60) | (1.94) |
| Net asset value, end of year/period | $10.81 | $9.53 | $13.53 | $12.55 | $9.87 | $10.67 |
| Total return (B) | 13.85 | (21.70)% (C) | 10.41% | 33.95% | (2.42)% (C) | 37.47 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $140078 | $175815 | $616511 | $75232 | $6044 | $2505 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 1.84 | 1.77% | 1.71% | 2.58% | 4.38% | 5.52% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement(D,E) | 1.77 | 1.77 % (G) | 1.77 % (G) | 1.77% | 1.81% | 1.78% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (E,F) | 1.66 | 2.95% | 3.34% | 1.40% | (3.84)% | (3.10)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (E,F) | 1.73 | 2.95 % (G) | 3.28 % (G) | 2.21% | (1.27)% | 0.63% |
| Portfolio turnover rate | 19 | 20% | 10% | 43% | 1335% | 121% |

---

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 1.84% (J) | 1.77% | 2.58% | 4.34% | 5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.77 % (J) | 1.77% | 1.77% | 1.77% | 1.77% |

---

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

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

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

(H) Amount is less than $0.005.

(I) Not annualized.

(J) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/Welton Advantage Multi-Strategy Fund (Consolidated)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout The Periods |

---

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Period Ended**<br>**June 30, 2025 (A)** |
|  | (Unaudited) | |
| Net asset value, beginning of period | $16.46 | $18.17 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net investment income (B) | 0.01 | 0.06 |
| Net realized and unrealized loss on investments | 0.79 | (1.55) |
| Total from investment operations | 0.80 | (1.49) |
| **LESS DISTRIBUTIONS:** |  |  |
| From net realized gains on investments |  | (0.22) |
| Total distributions |  | (0.22) |
| Net asset value, end of period | $17.26 | $16.46 |
| Total return (C) | 4.86 % (F) | (8.30)% (F) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of period (in 000's) | $251 | $259 |
| Ratios to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.48 % (G) | 2.75 % (G) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.24 % (G) | 2.24 % (G) |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | (0.16)% (G) | (0.33)% (G) |
| &nbsp;&nbsp;&nbsp;Net investment income net waiver and reimbursement | 0.08 % (G) | 0.38 % (G) |
| Portfolio turnover rate | 577 % (F) | 2575 % (F) |
|  | **Class C** | **Class C** |
|  | **For the** | **For the** |
|  | **Six Months Ended** | **Period Ended** |
|  | **December 31, 2025** | **June 30, 2025 (A)** |
|  | (Unaudited) |  |
| Net asset value, beginning of period | $16.00 | $17.67 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net investment loss (B) | (0.06) | (0.07) |
| Net realized and unrealized gain (loss) on investments | 0.78 | (1.38) |
| Total from investment operations | 0.72 | (1.45) |
| **LESS DISTRIBUTIONS:** |  |  |
| From net realized gains on investments |  | (0.22) |
| Total distributions |  | (0.22) |
| Net asset value, end of period | $16.72 | $16.00 |
| Total return (C) | 4.50 % (F) | (8.34)% (F) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of period (in 000's) | $469 | $657 |
| Ratios to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 3.24 % (G) | 3.50 % (G) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 2.99 % (G) | 2.99 % (G) |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement | (0.93)% (G) | (1.07)% (G) |
| &nbsp;&nbsp;&nbsp;Net investment loss net waiver and reimbursement | (0.69)% (G) | (0.47)% (G) |
| Portfolio turnover rate | 577 % (F) | 2575 % (F) |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.48% (G) | 2.75% (G) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.24 % (G) | 2.24 % (G) |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 3.24% (G) | 3.5% (G) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.99 % (G) | 2.99 % (G) |

---

(F) Not annualized.

(G) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/Welton Advantage Multi-Strategy Fund (Consolidated) (Continued)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout The Periods |

---

---

| | | |
|:---|:---|:---|
|  | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Period Ended**<br>**June 30, 2025 (A)** |
|  | (Unaudited) | |
| Net asset value, beginning of period | $16.66 | $18.34 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net investment Income (B) | 0.03 | 0.12 |
| Net realized and unrealized gain (loss) on investments | 0.80 | (1.58) |
| Total from investment operations | 0.83 | (1.46) |
| **LESS DISTRIBUTIONS:** |  |  |
| From net realized gains on investments |  | (0.22) |
| Total distributions |  | (0.22) |
| Net asset value, end of period | $17.49 | $16.66 |
| Total return (C) | 4.98 % (E) | (8.08)% (E) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of period (in 000's) | $50103 | $48471 |
| Ratios to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.23 % (F) | 2.50 % (F) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.99 % (F) | 1.99 % (F) |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement | 0.09 % (F) | 0.16 % (F) |
| &nbsp;&nbsp;&nbsp;Net investment income net waiver and reimbursement | 0.33 % (F) | 0.67 % (F) |
| Portfolio turnover rate | 577 % (E) | 2575 % (E) |

---

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

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

(C) Total return in the above table represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.23% (F) | 2.5% (F) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.99 % (F) | 1.99 % (F) |

---

(E) Not annualized.

(F) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/Aspect Enhanced Multi-Asset Fund (Consolidated)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout The Year/Period |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>**Period Ended**<br>**June 30, 2024 (A)** |  |
|  | (Unaudited) | | |  |
| Net asset value, beginning of year/period | $9.01 | $11.63 | $10.00 |  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income (B) | 0.09 | 0.18 | 0.21 |  |
| Net realized and unrealized gain (loss) on investments | 1.35 | (1.31) | 1.42 |  |
| Total from investment operations | 1.44 | (1.13) | 1.63 |  |
| **LESS DISTRIBUTIONS:** |  |  |  |  |
| From net investment income |  | (0.56) |  |  |
| From net realized gains on investments | (0.24) | (0.93) |  |  |
| Total distributions | (0.24) | (1.49) |  |  |
| Net asset value, end of year/period | $10.21 | $9.01 | $11.63 |  |
| Total return (C) | 16.05 % (D) | (11.05)% | 16.30 | % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets, end of year/period (in 000's) | $522 | $654 | $900 |  |
| Ratios to average net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.55 % (E) | 2.78% | 3.32 | % (E) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.24 % (E) | 2.24% | 2.24 | % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (F,G) | 1.53 % (E) | 1.18% | 2.52 | % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income net waiver and reimbursement (F,G) | 1.84 % (E) | 1.73% | 3.60 | % (E) |
| Portfolio turnover rate | 13 % (D) | 31% | 6 | % (D) |
|  | **Class C** | **Class C** | **Class C** |  |
|  | **For the** | **For the** | **For the** |  |
|  | **Six Months Ended** | **Year Ended** | **Period Ended** |  |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024 (A)** |  |
|  | (Unaudited) |  |  |  |
| Net asset value, beginning of year/period | $8.94 | $11.59 | $10.00 |  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income (B) | 0.05 | 0.11 | 0.17 |  |
| Net realized and unrealized gain (loss) on investments | 1.34 | (1.32) | 1.42 |  |
| Total from investment operations | 1.39 | (1.21) | 1.59 |  |
| **LESS DISTRIBUTIONS:** |  |  |  |  |
| From net investment income |  | (0.51) |  |  |
| From net realized gains on investments | (0.24) | (0.93) |  |  |
| Total distributions | (0.24) | (1.44) |  |  |
| Net asset value, end of year/period | $10.09 | $8.94 | $11.59 |  |
| Total return (C) | 15.62 % (D) | (11.78)% | 15.90 | % (D,H) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets, end of year/period (in 000's) | $1 | $1 | $1 |  |
| Ratios to average net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 3.26 % (E) | 3.53% | 4.07 | % (E) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.99 % (E) | 2.99% | 2.99 | % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (F,G) | 0.85 % (E) | 0.50% | 1.84 | % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income net waiver and reimbursement (F,G) | 1.11 % (E) | 1.01% | 2.97 | % (E) |
| Portfolio turnover rate | 13 % (D) | 31% | 6 | % (D) |

---

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

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

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

(D) Not annualized.

(E) Annualized.

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

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

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

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/Aspect Enhanced Multi-Asset Fund (Consolidated) (Continued)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout The Year/Period |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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>**Period Ended**<br>**June 30, 2024 (A)** |
|  | (Unaudited) | | |
| Net asset value, beginning of year/period | $9.04 | $11.64 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment Income (B) | 0.11 | 0.19 | 0.23 |
| Net realized and unrealized gain on investments | 1.35 | (1.29) | 1.41 |
| Total from investment operations | 1.46 | (1.10) | 1.64 |
| **LESS DISTRIBUTIONS:** |  |  |  |
| From net investment income |  | (0.57) |  |
| From net realized gains on investments | (0.24) | (0.93) |  |
| Total distributions | (0.24) | (1.50) |  |
| Net asset value, end of year/period | $10.26 | $9.04 | $11.64 |
| Total return (C) | 16.22 % (D) | (10.82)% | 16.40 % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| Net assets, end of year/period (in 000's) | $29849 | $32675 | $19111 |
| Ratios to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.30 % (E) | 2.53% | 3.01 % (E) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 1.99 % (E) | 1.99% | 1.99 % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income, before waiver and reimbursement (F,G) | 1.84 % (E) | 1.42% | 3.03 % (E) |
| &nbsp;&nbsp;&nbsp;Net investment income net waiver and reimbursement (F,G) | 2.14 % (E) | 1.95% | 4.05 % (E) |
| Portfolio turnover rate | 13 % (D) | 31% | 6 % (D) |

---

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

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

(C) Total return in the above table represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D) Not annualized.

(E) Annualized.

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

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

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst Nasdaq-100 Hedged Equity Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $13.84 | $12.56 | $11.01 | $9.60 | $11.75 | $10.12 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.08) | (0.11) | (0.10) | (0.07) | (0.14) | (0.09) |
| Net realized and unrealized gain (loss) on investments | 0.94 | 1.39 | 1.65 | 1.71 | (1.97) | 1.77 |
| Total from investment operations | 0.86 | 1.28 | 1.55 | 1.64 | (2.11) | 1.68 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net realized gains on investments | (1.23) |  |  | (0.23) | (0.04) | (0.01) |
| Total distributions | (1.23) |  |  | (0.23) | (0.04) | (0.05) |
| Net asset value, end of year/period | $13.47 | $13.84 | $12.56 | $11.01 | $9.60 | $11.75 |
| Total return (B) | 6.11 % (G) | 10.19% | 14.08% | 17.60% | (18.03)% | 16.68% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $375 | $441 | $542 | $598 | $873 | $1522 |
| Ratios to average net assets (including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 2.55 % (H) | 2.57% | 2.60% | 2.82% | 2.55% | 2.76% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 1.81 % (H) | 1.78% | 1.84% | 1.78% | 1.74% | 1.72% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (E,F) | (1.80)% (H) | (1.65)% | (1.63)% | (1.79)% | (1.96)% | (1.87)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (E,F) | (1.06)% (H) | (0.86)% | (0.87)% | (0.75)% | (1.15)% | (0.83)% |
| Portfolio turnover rate | 23 % (G) | 31% | 35% | 82% | 51% | 205% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | $12.64 | $11.56 | $10.21 | $8.99 | $11.08 | $9.62 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment (loss) (A) | (0.12) | (0.19) | (0.17) | (0.14) | (0.21) | (0.17) |
| Net realized and unrealized gain (loss) on investments | 0.86 | 1.27 | 1.52 | 1.59 | (1.84) | 1.68 |
| Total from investment operations | 0.74 | 1.08 | 1.35 | 1.45 | (2.05) | 1.51 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net realized gains on investments | (1.23) |  |  | (0.23) | (0.04) | (0.01) |
| Total distributions | (1.23) |  |  | (0.23) | (0.04) | (0.05) |
| Net asset value, end of year/period | $12.15 | $12.64 | $11.56 | $10.21 | $8.99 | $11.08 |
| Total return (B) | 5.75 % (G) | 9.34% | 13.22% | 16.66% | (18.58)% | 15.78% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $1612 | $1567 | $1536 | $1403 | $1242 | $1945 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 3.30 % (H) | 3.32% | 3.35% | 3.57% | 3.30% | 3.51% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 2.56 % (H) | 2.53% | 2.59% | 2.53% | 2.49% | 2.47% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (E,F) | (2.55)% (H) | (2.41)% | (2.36)% | (2.55)% | (2.71)% | (2.68)% |
| &nbsp;&nbsp;&nbsp;Net investment loss, net waiver and reimbursement (E,F) | (1.81)% (H) | (1.62)% | (1.60)% | (1.51)% | (1.89)% | (1.64)% |
| Portfolio turnover rate | 23 % (G) | 31% | 35% | 82% | 51% | 205% |

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 2.48% (H) | 2.53% | 2.5% | 2.78% | 2.55% | 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 1.74 % (H) | 1.74% | 1.74% | 1.74% | 1.74% | 1.7% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 3.24% (H) | 3.28% | 3.25% | 3.53% | 3.3% | 3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 2.49 % (H) | 2.49% | 2.49% | 2.49% | 2.49% | 2.45% |

---

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

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

(G) Not annualized.

(H) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst Nasdaq-100 Hedged Equity Fund (Continued)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $14.10 | $12.76 | $11.16 | $9.71 | $11.84 | $10.20 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.06) | (0.08) | (0.08) | (0.06) | (0.11) | (0.08) |
| Net realized and unrealized gain (loss) on investments | 0.96 | 1.42 | 1.68 | 1.74 | (1.98) | 1.79 |
| Total from investment operations | 0.90 | 1.34 | 1.60 | 1.68 | (2.09) | 1.71 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  |  |  |  | (0.02) |
| From net realized gains on investments | (1.23) |  |  | (0.23) | (0.04) | (0.01) |
| From return of capital |  |  |  |  |  | (0.04) |
| Total distributions | (1.23) |  |  | (0.23) | (0.04) | (0.07) |
| Net asset value, end of year/period | $13.77 | $14.10 | $12.76 | $11.16 | $9.71 | $11.84 |
| Total return (B) | 6.29 % (F) | 10.50% | 14.34% | 17.81% | (17.72)% | 16.91% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $12619 | $15518 | $16440 | $11158 | $12227 | $11146 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,D) | 2.29 % (G) | 2.32% | 2.35% | 2.57% | 2.30% | 2.51% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,D) | 1.56 % (G) | 1.53% | 1.59% | 1.53% | 1.49% | 1.47% |
| &nbsp;&nbsp;&nbsp;Net investment loss, before waiver and reimbursement (D,E) | (1.55)% (G) | (1.40)% | (1.32)% | (1.55)% | (1.68)% | (1.69)% |
| &nbsp;&nbsp;&nbsp;Net investment Income (loss), net waiver and reimbursement (D,E) | (0.82)% (G) | (0.62)% | (0.56)% | (0.51)% | (0.86)% | (0.65)% |
| Portfolio turnover rate | 23 % (F) | 31% | 35% | 82% | 51% | 205% |

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.22% (G) | 2.28% | 2.25% | 2.53% | 2.3% | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.49 % (G) | 1.49% | 1.49% | 1.49% | 1.49% | 1.45% |

---

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

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

(F) Not annualized.

(G) Annualized.

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

---

| |
|:---|
| **CATALYST FUNDS**<br>**Catalyst/Millburn Hedge Strategy Fund (Consolidated)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $38.69 | $39.77 | $35.18 | $36.99 | $36.25 | $27.63 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment Income (loss) (A) | 0.15 | 0.35 | 0.44 | 0.18 | (0.45) | (0.46) |
| Net realized and unrealized gain (loss) on investments | 1.28 | (0.50) | 4.86 | 0.72 | 1.19 | 10.29 |
| Total from investment operations | 1.43 | (0.15) | 5.30 | 0.90 | 0.74 | 9.83 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.64) | (0.56) | (1.42) |  | (1.21) |
| From net realized gains on investments |  | (0.29) | (0.15) | (1.29) |  | (0.00) (G) |
| Total distributions |  | (0.93) | (0.71) | (2.71) |  | (1.21) |
| Net asset value, end of year/period | $40.12 | $38.69 | $39.77 | $35.18 | $36.99 | $36.25 |
| Total return (B) | 3.70 % (H) | (0.38)% | 15.26% | 2.55% | 2.04% | 36.44% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $557183 | $549907 | $557931 | $443988 | $335527 | $306389 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 2.17 % (I) | 2.16% | 2.19% | 2.17% | 2.20% | 2.22% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 2.17 % (I) | 2.16% | 2.19% | 2.17% | 2.20% | 2.22% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (C,D) | 0.73 % (I) | 0.91% | 1.18% | 0.51% | (1.25)% | (1.47)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | 0.73 % (I) | 0.91% | 1.18% | 0.51% | (1.25)% | (1.47)% |
| Portfolio turnover rate | 10 % (H) | 19% | 48% | 30% | 9% | 13% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | 37.52 | $38.60 | $34.17 | $36.01 | $35.55 | $27.07 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.01) | 0.06 | 0.15 | (0.10) | (0.71) | (0.68) |
| Net realized and unrealized gain (loss) on investments | 1.26 | (0.50) | 4.73 | 0.71 | 1.17 | 10.08 |
| Total from investment operations | 1.25 | (0.44) | 4.88 | 0.61 | 0.46 | 9.40 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.35) | (0.30) | (1.16) |  | (0.92) |
| From net realized gains on investments |  | (0.29) | (0.15) | (1.29) |  | (0.00) (G) |
| Total distributions |  | (0.64) | (0.45) | (2.45) |  | (0.92) |
| Net asset value, end of year/period | $38.77 | $37.52 | $38.60 | $34.17 | $36.01 | $35.55 |
| Total return (B) | 3.33 % (H) | (1.14)% | 14.40% | 1.77% | 1.29% | 35.42% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $356713 | $373962 | $385224 | $363845 | $335127 | $334331 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,F) | 2.92 % (I) | 2.91% | 2.94% | 2.92% | 2.95% | 2.97% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,F) | 2.92 % (I) | 2.91% | 2.94% | 2.92% | 2.95% | 2.97% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (C,D) | (0.04)% (I) | 0.16% | 0.40% | (0.28)% | (2.00)% | (2.21)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (C,D) | (0.04)% (I) | 0.16% | 0.40% | (0.28)% | (2.00)% | (2.21)% |
| Portfolio turnover rate | 10 % (H) | 19% | 48% | 30% | 9% | 13% |

---

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

(B) Total return in the above tables represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect
 the impact of sales charges, if any.

(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) | 2.16% (I) | 2.16% | 2.18% | 2.17% | 2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.16 % (I) | 2.16% | 2.18% | 2.17% | 2.18% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.91% (I) | 2.91% | 2.93% | 2.92% | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.91 % (I) | 2.91% | 2.93% | 2.91% | 2.93% |

---

(G) Amount is less than $0.005.

(H) Not annualized.

(I) Annualized.

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C-1** | **Class C-1** | **Class C-1** | **Class C-1** | **Class C-1** | **Class C-1** |
|  | **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>**Period Ended**<br>**June 30, 2021 (A)** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $37.20 | $38.34 | $34.00 | $36.01 | $35.55 | $27.37 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment Income (loss) (B) | 0.00 | 0.06 | 0.15 | — (H) | (0.63) | (0.20) |
| Net realized and unrealized gain (loss) on investments | 1.23 | -0.48 | 4.69 | 0.62 | 1.09 | 9.30 |
| Total from investment operations | 1.23 | -0.42 | 4.84 | 0.62 | 0.46 | 9.10 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.43) | (0.35) | (1.34) |  | (0.92) |
| From net realized gains on investments |  | (0.29) | (0.15) | (1.29) |  | (0.00) (H) |
| Total distributions |  | (0.72) | (0.50) | (2.63) |  | (0.92) |
| Net asset value, end of year/period | $38.43 | $37.20 | $38.34 | $34.00 | $36.01 | $35.55 |
| Total return (C) | 3.31 % (D) | (1.12)% | 14.39% | 1.79% | 1.29% | 33.93 % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $46568 | $44479 | $39464 | $28127 | $5375 | $882 |
| Ratios to average net assets (Including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E,I) | 2.92 % (F) | 2.91% | 2.94% | 2.92% | 2.95% | 2.95 % (F) |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E,I) | 2.92 % (F) | 2.91% | 2.94% | 2.92% | 2.95% | 2.95 % (F) |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (E,G) | (0.01)% (F) | 0.16% | 0.42% | (0.01)% | (1.78)% | (0.83)% (F) |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (E,G) | (0.01)% (F) | 0.16% | 0.42% | (0.01)% | (1.78)% | (0.83)% (F) |
| Portfolio turnover rate | 10 % (D) | 19% | 48% | 30% | 9% | 13 % (D) |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | $39.02 | $40.09 | $35.45 | $37.25 | $36.41 | $27.78 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (B) | 0.20 | 0.45 | 0.53 | 0.29 | (0.35) | (0.38) |
| Net realized and unrealized gain (loss) on investments | 1.29 | (0.50) | 4.90 | 0.70 | 1.19 | 10.33 |
| Total from investment operations | 1.49 | (0.05) | 5.43 | 0.99 | 0.84 | 9.95 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.73) | (0.64) | (1.50) |  | (1.32) |
| From net realized gains on investments |  | (0.29) | (0.15) | (1.29) |  | (0.00) (H) |
| Total distributions |  | (1.02) | (0.79) | (2.79) |  | (1.32) |
| Net asset value, end of year/period | $40.51 | $39.02 | $40.09 | $35.45 | $37.25 | $36.41 |
| Total return (C) | 3.82 % (D) | (0.14)% | 15.56% | 2.77% | 2.31% | 36.78% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $7440526 | $7244030 | $6550931 | $5222008 | $3334146 | $2377768 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E,J) | 1.92 % (F) | 1.91% | 1.94% | 1.92% | 1.95% | 1.97% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E,J) | 1.92 % (F) | 1.91% | 1.94% | 1.92% | 1.95% | 1.97% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (E,G) | 0.98 % (F) | 1.16% | 1.42% | 0.79% | (0.95)% | (1.21)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (E,G) | 0.98 % (F) | 1.16% | 1.42% | 0.79% | (0.95)% | (1.21)% |
| Portfolio turnover rate | 10 % (D) | 19% | 48% | 30% | 9% | 13% |

---

(A) The Catalyst/Millburn Hedge Strategy
 Fund Class C-1 shares commenced operations on October 30, 2020.

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

(C) Total return in the above tables represents
 the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D) Not annualized.

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

(F) Annualized.

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

(H) Amount is less than $0.005.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 2.91% (F) | 2.91% | 2.93% | 2.91% | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 2.91 % (F) | 2.91% | 2.93% | 2.91% | 2.93% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 1.91% (F) | 1.91% | 1.93% | 1.92% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.91 % (F) | 1.91% | 1.93% | 1.92% | 1.93% |

---

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $10.46 | $9.72 | $8.77 | $8.44 | $11.24 | $9.64 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.18 | 0.26 | 0.23 | 0.12 | (0.02) | 0.01 |
| Net realized and unrealized gain (loss) on investments | 0.46 | 0.75 | 0.93 | 0.27 | (1.06) | 1.78 |
| Total from investment operations | 0.64 | 1.01 | 1.16 | 0.39 | (1.08) | 1.79 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.30) | (0.27) | (0.21) | (0.06) |  | (0.04) |
| From net realized gains on investments |  |  |  |  | (1.72) | (0.15) |
| Total distributions | (0.30) | (0.27) | (0.21) | (0.06) | (1.72) | (0.19) |
| Net asset value, end of year/period | $10.80 | $10.46 | $9.72 | $8.77 | $8.44 | $11.24 |
| Total return (B) | 6.14 % (I) | 10.45% | 13.42% | 4.60% | (11.85)% | 18.71% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $4941 | $5056 | $5771 | $13444 | $20599 | $23714 |
| Ratios to average net assets (including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 2.34 % (J) | 2.39% | 2.12% | 2.05% | 1.81% | 1.83% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 1.49 % (J) | 1.53% | 1.51% | 1.55% | 1.48% | 1.48% |
| Ratios of net Investment income (loss) (including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (F,G) | 2.48 % (J) | 1.78% | 1.98% | 0.89% | (0.50)% | (0.27)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (F,G) | 3.33 % (J) | 2.64% | 2.59% | 1.39% | (0.17)% | 0.08% |
| Portfolio turnover rate | 0 % (I) | 0% | 0% | 111% | 77% | 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 year/period | $10.11 | $9.41 | $8.48 | $8.17 | $11.01 | $9.48 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.13 | 0.18 | 0.15 | 0.05 | (0.09) | (0.07) |
| Net realized and unrealized gain (loss) on investments | 0.44 | 0.71 | 0.91 | 0.26 | (1.03) | 1.75 |
| Total from investment operations | 0.57 | 0.89 | 1.06 | 0.31 | (1.12) | 1.68 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.21) | (0.19) | (0.13) | (0.00) (H) |  |  |
| From net realized gains on investments |  |  |  |  | (1.72) | (0.15) |
| Total distributions | (0.21) | (0.19) | (0.13) | (0.00) (H) | (1.72) | (0.15) |
| Net asset value, end of year/period | $10.47 | $10.11 | $9.41 | $8.48 | $8.17 | $11.01 |
| Total return (B) | 5.69 % (I) | 9.53% | 12.67% | 3.81% | (12.51)% (C) | 17.86 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $2575 | $2779 | $3355 | $4084 | $4348 | $4720 |
| Ratios to average net assets (including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E,F) | 3.09 % (J) | 3.14% | 2.87% | 2.80% | 2.56% | 2.58% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E,F) | 2.24 % (J) | 2.28% | 2.26% | 2.30% | 2.23% | 2.23% |
| Ratios of net Investment income (loss) (including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (F,G) | 1.72 % (J) | 1.03% | 1.07% | 0.16% | (1.25)% | (1.02)% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), net waiver and reimbursement (F,G) | 2.57 % (J) | 1.89% | 1.68% | 0.66% | (0.92)% | (0.67)% |
| Portfolio turnover rate | 0 % (I) | 0% | 0% | 111% | 77% | 32% |

---

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.33% (J) | 2.34% | 2.09% | 1.98% | 1.81% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.48 % (J) | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 3.08% (J) | 3.09% | 2.84% | 2.73% | 2.56% | 2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.23 % (J) | 2.23% | 2.23% | 2.23% | 2.23% | 2.23% |

---

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

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

(H) Less than 0.005 per share.

(I) Not annualized.

(J) Annualized.

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $10.55 | $9.81 | $8.84 | $8.52 | $11.32 | $9.70 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.20 | 0.29 | 0.25 | 0.13 | 0.01 | 0.03 |
| Net realized and unrealized gain (loss) on investments | 0.46 | 0.75 | 0.95 | 0.28 | (1.08) | 1.80 |
| Total from investment operations | 0.66 | 1.04 | 1.20 | 0.41 | (1.07) | 1.83 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.33) | (0.30) | (0.23) | (0.09) | (0.01) | (0.06) |
| From net realized gains on investments |  |  |  |  | (1.72) | (0.15) |
| Total distributions | (0.33) | (0.30) | (0.23) | (0.09) | (1.73) | (0.21) |
| Net asset value, end of year/period | $10.88 | $10.55 | $9.81 | $8.84 | $8.52 | $11.32 |
| Total return (B) | 6.26 % (G) | 10.67% | 13.83% | 4.83% | (11.70)% (C) | 19.07 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $11414 | $12096 | $13189 | $23466 | $50313 | $60463 |
| Ratios to average net assets(including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 2.09 % (H) | 2.14% | 1.87% | 1.80% | 1.56% | 1.58% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 1.24 % (H) | 1.28% | 1.26% | 1.30% | 1.23% | 1.23% |
| Ratios of net Investment income (loss) (including dividend and interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss), before waiver and reimbursement (E,F) | 2.73 % (H) | 2.04% | 2.14% | 1.09% | (0.26)% | (0.04)% |
| &nbsp;&nbsp;&nbsp;Net investment Income, net waiver and reimbursement (E,F) | 3.58 % (H) | 2.90% | 2.75% | 1.59% | 0.07% | 0.31% |
| Portfolio turnover rate | 0 % (G) | 0% | 0% | 111% | 77% | 32% |

---

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 2.08% (H) | 2.09% | 1.84% | 1.73% | 1.56% | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.23 % (H) | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% |

---

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

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

(G) Not annualized.

(H) Annualized.

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

---

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

---

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

Mutual Fund Series Trust (the ***"Trust"***), was organized as an Ohio business trust on February 27, 2006. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (***"1940 Act"***). The Trust currently consists of thirty-four series. Catalyst/Welton Advantage Multi-Strategy Fund commenced operations on July 1, 2024. These financial statements include the following seven series set forth below (each a ***"Fund"*** and collectively, the **"*Funds"***). The investment objectives of each Fund are set forth below. The Funds' investment advisor is Catalyst Capital Advisors, LLC (the **"*Advisor"*** or **"*CCA").***

---

| | | |
|:---|:---|:---|
| **Fund** | **Sub-Advisor** | **Primary Objective** |
| Catalyst Systematic High Income Fund \* |  | Income and Long term capital appreciation |
| (Formerly, Catalyst/Warrington Strategic Program Fund) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***("Systematic High Income")*** |  |  |
| Catalyst Systematic Alpha |  | Long term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;(***"Systematic Alpha"***) |  |  |
| Catalyst/Welton Advantage Multi-Strategy Fund | Welton Investment | Long term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;(***"Welton Advantage"***) | Partners LLC |  |
| Catalyst/Aspect Enhanced Multi-Asset | Aspect Capital Limited | Long term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;(***"Aspect Enhanced"***) |  |  |
| Catalyst Nasdaq-100 Hedged Equity Fund | Equity Armor Investments, LLC | Long term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;(***"Hedged Equity"***) |  |  |
| Catalyst/Millburn Hedge Strategy | Millburn Ridgefield Corp. | Long-term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;(***"Millburn Hedge"***) |  |  |
| Catalyst Buffered Shield | Exceed Advisory LLC | Long-term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;(***"Buffered Shield"***) |  |  |

---

\* Prior to November 1, 2025 Warrington Asset Management, LLC served as the Fund's Sub-Advisor

Welton Advantage and Aspect Enhanced are non-diversified series of the Trust. All other Funds are diversified series of the Trust. Aspect Enhanced, Millburn Hedge, and Buffered Shield are "fund of funds", in that they generally invest in other investment companies.

Currently, each Fund offers Class A, Class C and Class I shares and Millburn Hedge also offers Class C-1 shares. Each class represents an interest in the same assets of the applicable Fund, and the classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans.

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

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

b) 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

---

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

---

comparable quality, coupon, maturity and type. The Funds may invest in portfolios of open-end (the ***"open-end funds"***) or closed-end (the **"*closed-end funds*"**) investment companies. Open-end funds are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of directors of the open-end funds. The shares of many closed-end 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. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. Foreign currency and forward currency exchange contracts are valued daily at the London Stock Exchange close each day.

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

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

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

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

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

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

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Systematic High Income** | | | | |
| **Assets <sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $23834768 | $— | $23834768 |
| U.S. Government & Agencies |  | 12306965 |  | 12306965 |
| Money Market Fund | 7730884 |  |  | 7730884 |
| **Total Assets** | $7730884 | $36141733 | $— | $43872617 |
| **Derivatives<sup>(a)</sup>** |  |  |  |  |
| **Assets** |  |  |  |  |
| Total Return Swap<sup>(b)</sup> | $— | $53632 | $— | $53632 |
| **Total Derivatives** | $— | $53632 | $— | $53632 |
| **Systematic Alpha** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $33616815 | $— | $— | $33616815 |
| Convertible Bonds |  | 224438 |  | 224438 |
| Corporate Bonds |  | 44715981 |  | 44715981 |
| U.S. Government & Agencies |  | 76325719 |  | 76325719 |
| Money Market Fund | 10991143 |  |  | 10991143 |
| **Total Assets** | $44607958 | $121266138 | $— | $165874096 |
| **Derivative** |  |  |  |  |
| **Assets** |  |  |  |  |
| Total Return Swap<sup>(b)</sup> |  | $3714522 | $— | 3714522 |
| **Total Derivatives** | $— | $3714522 | $— | $3714522 |
| **Welton Advantage** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $17448465 | $— | $— | $17448465 |
| U.S. Government & Agencies |  | 16966440 |  | 16966440 |
| Money Market Fund | 8898521 |  |  | 8898521 |
| **Total Assets** | $26346986 | $16966440 | $— | 43313426 |
| **Derivatives** |  |  |  |  |
| **Assets** |  |  |  |  |
| Open Futures Contracts<sup>(b)</sup> | $595742 | $— | $— | $595742 |
| **Liabilities** |  |  |  |  |
| Open Futures Contracts<sup>(b)</sup> | $(484801) | $— | $— | $(484801) |
| **Total Derivatives** | $110941 | $— | $— | $110941 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Aspect Enhanced** | | | | |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Fund | $11835380 | $— | $— | $11835380 |
| Money Market Fund | 12095298 |  |  | 12095298 |
| **Total Assets** | $23930678 | $— | $— | 23930678 |
| **Derivatives** |  |  |  |  |
| **Assets** |  |  |  |  |
| Open Futures Contracts<sup>(b)</sup> | $516540 | $— | $— | $516540 |
| Forward Foreign Currency Contracts <sup>(b)</sup> |  | 464186 |  | 464186 |
| **Liabilities** |  |  |  |  |
| Open Futures Contracts<sup>(b)</sup> | $(458622) | $— | $— | $(458622) |
| Forward Foreign Currency Contracts <sup>(b)</sup> |  | (325059) |  | (325059) |
| **Total Derivatives** | $57918 | $139127 | $— | $197045 |
| **Hedged Equity** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $7157209 | $— | $— | $7157209 |
| Exchange-Traded Fund | 6327804 |  |  | 6327804 |
| Money Market Fund | 84148 |  |  | 84148 |
| Future Call Options Purchased | 71725 |  |  | 71725 |
| **Total** | $13640886 | $— | $— | $13640886 |
| Collateral for Securities Loaned <sup>(c)</sup> |  |  |  | 364045 |
| **Total Assets** |  |  |  | 14004931 |
| **Derivatives <sup>(a)</sup>** |  |  |  |  |
| **Assets** |  |  |  |  |
| Open Futures Contracts<sup>(b)</sup> | $7632 | $— | $— | $7632 |
| **Liabilities** |  |  |  |  |
| Open Futures Contracts<sup>(b)</sup> | $(16420) | $— | $— | $(16420) |
| Future Options Written | (3535) |  |  | (3535) |
| **Total Derivatives** | $(12323) | $— | $— | $(12323) |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Millburn Hedge** | | | | |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $4195115204 | $— | $— | $4195115204 |
| U.S. Government & Agencies |  | 3701971857 |  | 3701971857 |
| Money Market Fund | 374656192 |  |  | 374656192 |
| **Total Assets** | $4569771396 | $3701971857 | $— | $8271743253 |
| **Derivatives** |  |  |  |  |
| **Assets** |  |  |  |  |
| Open Futures Contracts <sup>(b)</sup> | $45342227 | $— | $— | $45342227 |
| Forward Foreign Currency Contracts <sup>(b)</sup> |  | 96363347 |  | 96363347 |
| **Liabilities** |  |  |  |  |
| Open Futures Contracts <sup>(b)</sup> | $(20239248) | $— | $— | $(20239248) |
| Forward Foreign Currency Contracts <sup>(b)</sup> |  | (78936431) |  | (78936431) |
| **Total Derivatives** | $25102979 | $17426916 | $— | $42529895 |
| **Buffered Shield** |  |  |  |  |
| **Assets<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $16761862 | $— | $— | $16761862 |
| Money Market Fund | 227841 |  |  | 227841 |
| Equity Call Options Purchased | 2801627 |  |  | 2801627 |
| Equity Put Options Purchased | 294493 |  |  | 294493 |
| **Total Assets** | $20085823 | $— | $— | $20085823 |
| **Derivatives** |  |  |  |  |
| **Liabilities <sup>(a)</sup>** |  |  |  |  |
| Equity Call Options Written | $(1044592) | $— | $— | $(1044592) |
| Equity Put Options Written | (492420) |  |  | (492420) |
| **Total Liabilities** | $(1537012) | $— | $— | $(1537012) |

---

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

 

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

 

<sup>(b)</sup> Amounts shown for swaps, futures and forwards are unrealized appreciation/depreciation.

 

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

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

---

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

---

Certain Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in a Fund's portfolio. If such a decline occurs, the put options will permit a Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to a Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by a Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. Initial margin deposits required upon entering into options contracts are satisfied by the deposits of cash as collateral for the account of the broker (the Funds' agent in acquiring the options). For the six months ended December 31, 2025, Systematic High Income, Welton Advantage, Hedged Equity and Buffered Shield invested in options.

Futures Contracts **–** Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates, commodities or foreign currencies. Upon entering into a contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by a Fund as unrealized gains and losses. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, a Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. For the six months ended December 31, 2025, Welton Advantage, Aspect Enhanced, Hedged Equity and Millburn Hedge invested in futures.

Swap Agreements – Systematic Alpha has entered into various swap transactions for investment purposes. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

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

Forward Currency Contracts – A Fund may enter into forward foreign currency exchange contracts as an investment strategy consistent with that Fund's investment objective. As foreign securities are purchased, a Fund generally enters into forward foreign currency exchange contracts in order to hedge against foreign currency exchange rate risks. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains (losses) from investments and foreign currency transactions in the Statements of Operations.

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

---

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.

**Consolidation of Subsidiaries – CSACS Fund Limited (Systematic – CFC), CWAMSF Fund Limited (Welton Advantage-CFC), CAEMAF Fund Limited (Aspect Enhanced – CFC), CMHSF Fund Limited (Millburn-CFC) the (the *"CFCs", and each a "CFC" or a "Subsidiary"*).** The Consolidated Schedules of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and the Consolidated Financial Highlights of the Funds include the accounts of Systematic Alpha, Welton Advantage, Aspect Enhanced, and Millburn Hedge which include the accounts of Systematic-CFC, Welton Advantage-CFC, Aspect Enhanced-CFC, and Millburn-CFC respectively, which all are wholly-owned and controlled foreign subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Each of Systematic Alpha, Welton Advantage, Aspect Enhanced and Millburn Hedge may invest up to 25% of its total assets in its respective CFC, which acts as an investment vehicle in order to affect certain investments consistent with the Funds investment objectives and policies.

A summary of each Fund's investment in its respective CFC is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Inception Date of<br>CFC | CFC Net Assets as of<br>December 31, 2025 | % of Net Assets as of<br>December 31, 2025 |
| &nbsp;&nbsp;Systematic Alpha – CFC | 12/19/2017 | 39820429 | 23.56% |
| &nbsp;&nbsp;Welton Advantage – CFC | 7/1/2024 | 7334070 | 14.43% |
| &nbsp;&nbsp;Aspect Enhanced – CFC | 12/28/2023 | 5638463 | 18.56% |
| &nbsp;&nbsp;Millburn Hedge– CFC | 11/2/2015 | 1429499320 | 17.02% |

---

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

In accordance with its investment objectives and through their exposure to the aforementioned managed futures programs, each Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

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

Derivatives Risk - The use of derivative instruments, such as forwards, futures, options and swaps, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that

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

---

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

Commodity Risk - Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Counterparty Risk - Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.

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

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

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

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

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

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

---

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

---

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** | **Location of derivatives on Statements**<br>**of Assets and Liabilities** | **Fair value of asset/liability**<br>**derivatives** |
| Systematic High Income | Systematic High Income | Systematic High Income |  |  |
|  | Swap Contracts | Equity/Currency/Commodity/ Interest \* | Unrealized appreciation on swaps | $53632 |
|  |  |  | **Totals** | $53632 |
| Systematic Alpha | Systematic Alpha | Systematic Alpha |  |  |
|  | Swap Contracts | Equity/Currency/Commodity /Interest \* | Unrealized appreciation on swaps | $3714522 |
|  |  |  | **Totals** | $3714522 |
| Welton Advantage | Welton Advantage | Welton Advantage |  |  |
|  | Futures | Equity | Futures unrealized appreciation | $197271 |
|  | Futures | Commodity | Futures unrealized appreciation | 101320 |
|  | Futures | Currency | Futures unrealized appreciation | 202128 |
|  | Futures | Interest Rate | Futures unrealized appreciation | 95023 |
|  |  |  | **Total** | $595742 |
|  | Futures | Equity | Futures unrealized depreciation | $(47106) |
|  | Futures | Commodity | Futures unrealized depreciation | (85703) |
|  | Futures | Currency | Futures unrealized depreciation | (231052) |
|  | Futures | Interest Rate | Futures unrealized depreciation | (120940) |
|  |  |  | **Total** | $(484801) |
| Aspect Enhanced | Aspect Enhanced | Aspect Enhanced |  |  |
|  | Futures | Equity | Futures unrealized appreciation | $111670 |
|  | Futures | Commodity | Futures unrealized appreciation | 328806 |
|  | Futures | Currency | Futures unrealized appreciation | 1782 |
|  | Futures | Interest Rate | Futures unrealized appreciation | 74282 |
|  |  |  | **Total** | $516540 |
|  | Futures | Equity | Futures unrealized depreciation | $(248543) |
|  | Futures | Commodity | Futures unrealized depreciation | (119271) |
|  | Futures | Interest Rate | Futures unrealized depreciation | (90808) |
|  |  |  | **Total** | $(458622) |
|  | Foreign Forward Currency Contract | Currency | Unrealized appreciation on forward currency exchange contracts | $464186 |
|  | Foreign Forward Currency Contract | Currency | Unrealized depreciation on forward currency exchange contracts | (325059) |
|  |  |  | **Total** | $139127 |

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\* The risk types relates to the positions in the underlying index, which can be found on the counterparties website as referenced in the Schedule of Investments.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | **Location of derivatives on Statements of**<br>**Assets and Liabilities** | **Fair value of asset/liability**<br>**derivatives** |
| Hedged Equity | Hedged Equity | Hedged Equity |  |  |
|  | Call Options Purchased | Equity | Investments in securities, at value | $71725 |
|  | Put Options Written | Equity | Options written, at value | (3535) |
|  |  |  | **Totals** | $68190 |
|  | Futures Contracts | Equity | Futures unrealized appreciation | $7632 |
|  | Futures Contracts | Equity | Futures unrealized depreciation | (16420) |
|  |  |  | **Totals** | $(8788) |
| Millburn Hedge | Millburn Hedge | Millburn Hedge |  |  |
|  | Futures Contracts | Commodity | Futures unrealized appreciation | $11279867 |
|  | Futures Contracts | Currency | Futures unrealized appreciation | 1248289 |
|  | Futures Contracts | Equity | Futures unrealized appreciation | 17848165 |
|  | Futures Contracts | Interest Rate | Futures unrealized appreciation | 14965906 |
|  |  |  | **Totals** | $45342227 |
|  | Futures Contracts | Commodity | Futures unrealized depreciation | $(9745491) |
|  | Futures Contracts | Currency | Futures unrealized depreciation | (284905) |
|  | Futures Contracts | Equity | Futures unrealized depreciation | (9338446) |
|  | Futures Contracts | Interest Rate | Futures unrealized depreciation | (870406) |
|  |  |  | **Totals** | $(20239248) |
|  | Foreign Forward Currency Contract | Currency | Unrealized appreciation on |  |
|  |  |  | forward currency exchange contracts | $96363347 |
|  | Foreign Forward Currency Contract | Currency | Unrealized depreciation on |  |
|  |  |  | forward currency exchange contracts | (78936431) |
|  |  |  | **Totals** | $17426916 |
| Buffered Shield | Buffered Shield | Buffered Shield |  |  |
|  | Call options purchased | Equity | Investments in securities, at value | $2801627 |
|  | Put options purchased | Equity | Investments in securities, at value | 294493 |
|  | Call options written | Equity | Options written, at value | (1044592) |
|  | Put options written | Equity | Options written, at value | (492420) |
|  |  |  | **Totals** | $1559108 |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED 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**<br>**unrealized gain (loss)** |
| Systematic High Income | Systematic High Income | Systematic High Income |  |  |
|  | Options purchased | Equity | Net realized loss from options purchased | $(4799979) |
|  | Options written | Equity | Net realized gain from options written | 3314216 |
|  | Options purchased | Equity | Net change in unrealized appreciation on options purchased | 181650 |
|  | Options written | Equity | Net change in unrealized depreciation on options written | (165800) |
|  | Swap Contracts | Equity/Currency/Commodity/Interest \* | Net realized gain from swaps | $(99085) |
|  | Swap Contracts | Equity/Currency/Commodity/Interest \* | Net change in unrealized appreciation on swaps | 53632 |
|  |  |  | **Totals** | $(1469913) |
| Systematic Alpha | Systematic Alpha | Systematic Alpha |  |  |
|  | Swap Contracts | Equity/Currency/Commodity/Interest \* | Net realized gain from swaps | $6699446 |
|  | Swap Contracts | Equity/Currency/Commodity/Interest \* | Net change in unrealized appreciation on swaps | 15865839 |
|  |  |  | **Totals** | $22565285 |
| Welton Advantage | Welton Advantage | Welton Advantage |  |  |
|  | Futures | Equity | Net realized gain from futures | $1785449 |
|  |  | Commodity | Net realized gain from futures | 2483670 |
|  |  | Currency | Net realized loss from futures | (68707) |
|  |  | Interest Rate | Net realized loss from futures | (2822800) |
|  |  |  | **Totals** | $1377612 |
|  | Futures | Equity | Net change in unrealized appreciation on futures | 6030 |
|  |  | Commodity | Net change in unrealized appreciation on futures | (199729) |
|  |  | Currency | Net change in unrealized appreciation on futures | (156412) |
|  |  | Interest Rate | Net change in unrealized appreciation on futures | (74715) |
|  |  |  | **Totals** | $(424826) |
| Aspect Enhanced | Aspect Enhanced | Aspect Enhanced |  |  |
|  | Futures | Equity | Net realized gain from futures | $3696646 |
|  |  | Commodity | Net realized gain from futures | 1268066 |
|  |  | Currency | Net realized loss from futures | (3839) |
|  |  | Interest Rate | Net realized loss from futures | (472331) |
|  |  |  | **Totals** | $4488542 |
|  | Forward Contracts | Currency | Net realized gain on foreign currency transactions | $635468 |
|  | Futures | Equity | Net change in unrealized appreciation on futures | (926406) |
|  |  | Commodity | Net change in unrealized appreciation on futures | 104014 |
|  |  | Currency | Net change in unrealized depreciation. on futures | (1849) |
|  |  | Interest Rate | Net change in unrealized appreciation on futures | (26076) |
|  |  |  | **Totals** | $(850317) |
|  | Forward Contracts | Currency | Net change in unrealized depreciation on foreign currency translations | $(57363) |
| Hedged Equity | Hedged Equity | Hedged Equity |  |  |
|  | Options purchased | Equity | Net realized loss from options purchased | $(597075) |
|  | Options written | Equity | Net realized gain from options written | 487822 |
|  | Futures | Equity | Net realized loss from futures | (292330) |
|  | Options purchased | Equity | Net change in unrealized depreciation on options purchased | (389263) |
|  | Options written | Equity | Net change in unrealized appreciation on options written | 9565 |
|  | Futures | Equity | Net change in unrealized appreciation on futures | 309898 |
|  |  |  | **Totals** | $(471383) |
| Millburn Hedge | Millburn Hedge | Millburn Hedge |  |  |
|  | Futures | Commodity | Net realized loss from futures | $(150242750) |
|  |  | Currency | Net realized gain from futures | 21377017 |
|  |  | Equity | Net realized gain from futures | 99651893 |
|  |  | Interest Rate | Net realized loss from futures | (270627578) |
|  |  |  | **Totals** | $(299841418) |
|  | Forward Contracts | Currency | Net realized gain on foreign currency transactions | $182093096 |
|  | Futures | Commodity | Net change in unrealized appreciation on futures | 64165028 |
|  |  | Currency | Net change in unrealized appreciation on futures | 3243959 |
|  |  | Equity | Net change in unrealized appreciation on futures | 3249106 |
|  |  | Interest Rate | Net change in unrealized appreciation on futures | 4272909 |
|  |  |  | **Totals** | $74931002 |
|  | Forward Contracts | Currency | Net change in unrealized depreciation on foreign currency translations | $(18564190) |
| Buffered Shield | Buffered Shield | Buffered Shield |  |  |
|  | Options purchased | Equity | Net realized gain from options purchased | $411873 |
|  | Options written | Equity | Net realized gain from options written | 252478 |
|  | Options purchased | Equity | Net change in unrealized appreciation on options purchased | 476458 |
|  | Options written | Equity | Net change in unrealized appreciation on options written | (323698) |
|  |  |  | **Totals** | $817111 |

---

\* The risk types relates to the positions in the underlying index, which can be found on the counterparties website as referenced in the Schedule of Investments.

---

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

---

The notional value of derivative instruments outstanding as of December 31, 2025, as disclosed in the Schedules of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

The following table presents the Funds' assets and liabilities available for offset under a master netting arrangement net of collateral pledged as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
|  |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
| **Systematic High Income** | **Systematic High Income** | **Systematic High Income** | **Systematic High Income** | **Systematic High Income** | **Systematic High Income** | **Systematic High Income** | **Systematic High Income** |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: | Counterparty | Recognized Assets | Offset | Net Amounts of Assets | Received (2) | Received (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | Goldman Sachs | $53632<sup>(1)</sup> | $— | $53632 | $— | $— | $53632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $53632 | $— | $53632 | $— | $— | $53632 |
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
|  |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
| **Systematic Alpha** | **Systematic Alpha** | **Systematic Alpha** | **Systematic Alpha** | **Systematic Alpha** | **Systematic Alpha** | **Systematic Alpha** | **Systematic Alpha** |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: | Counterparty | Recognized Assets | Offset | Net Amounts of Assets | Received (2) | Received (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | BNP Paribas | $3778294<sup>(1)</sup> | $— | $3778294 | $— | $— | $3778294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | CIBC | $(487751) <sup>(1)</sup> | $— | $(487751) | $— | $— | $(487751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | Barclays | $(370137) <sup>(1)</sup> | $— | $(370137) | $— | $— | $(370137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | Goldman Sachs | $475235<sup>(1)</sup> | $— | $475235 | $— | $— | $475235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | JP Morgan | $263138<sup>(1)</sup> | $— | $263138 | $— | $— | $263138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap | HSBC | $55743<sup>(1)</sup> | $— | $55743 | $— | $— | $55743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $3714522 | $— | $3714522 | $— | $— | $3714522 |
| **Welton Advantage** | **Welton Advantage** | **Welton Advantage** | **Welton Advantage** | **Welton Advantage** | **Welton Advantage** | **Welton Advantage** | **Welton Advantage** |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Asset: | Counterparty | Recognized Assets | Offset | Net Amounts of Assets | Received (2) | Received (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Morgan Stanley | $595742 | $(484801) | $110941 | $— | $— | $110941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $595742 | $(484801) | $110941 | $— | $— | $110941 |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: | Counterparty | Recognized Liabilities | Offset | Net Amounts of Liabilities | Pledged (2) | Pledged (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Morgan Stanley | $(484801) | $484801 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $(484801) | $484801 | $— | $— | $— | $— |
| **Aspect Enhanced** | **Aspect Enhanced** | **Aspect Enhanced** | **Aspect Enhanced** | **Aspect Enhanced** | **Aspect Enhanced** | **Aspect Enhanced** | **Aspect Enhanced** |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Asset: | Counterparty | Recognized Assets | Offset | Net Amounts of Assets | Received (2) | Received (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | J.P. Morgan | $516540 | $(458622) | $57918 | $— | $— | $57918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Deutsche Bank | 464186 | (325059) | 139127 |  |  | 139127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $980726 | $(783681) | $197045 | $— | $— | $197045 |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: | Counterparty | Recognized Liabilities | Offset | Net Amounts of Liabilities | Pledged (2) | Pledged (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | J.P. Morgan | $(458622) | $458622 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Deutsche Bank | (325059) | 325059 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $(783681) | $783681 | $— | $— | $— | $— |
| **Hedged Equity** | **Hedged Equity** | **Hedged Equity** | **Hedged Equity** | **Hedged Equity** | **Hedged Equity** | **Hedged Equity** | **Hedged Equity** |
|  |  |  |  |  |  | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Financial | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Asset: | Counterparty | Recognized Assets | Offset | Net Amounts of Assets | Instruments | Received (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Wedbush | $7632 | $(7632) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future Options | Wedbush | $71725 | $(3535) | $68190 | $— | $— | $68190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $79357 | $(11167) | $68190 | $— | $— | $68190 |
|  |  |  |  |  | Financial | Cash |  |
|  |  | Gross Amounts of | Derivatives available for |  | Instruments | Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: | Counterparty | Recognized Liabilities | Offset | Net Amounts of Liabilities | Pledged (2) | Pledged (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Wedbush | $(16420) | $7632 | $(8788) | $— | $8788 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future Options | Wedbush | $(3535) | $3535 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $(16420) | $7632 | $(8788) | $— | $8788 |  |

---

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Millburn Hedge** | **Millburn Hedge** | **Millburn Hedge** | **Millburn Hedge** | **Millburn Hedge** | **Millburn Hedge** | **Millburn Hedge** | **Millburn Hedge** |
|  |  |  |  |  | Financial |  |  |
|  |  | Gross Amounts of | Derivatives available |  | Instruments | Cash Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Asset: | Counterparty | Recognized Assets | for Offset | Net Amounts of Assets | Received (2) | Received (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Bank of America Merrill Lynch | $21815054 | $(8182156) | $13632898 | $— | $— | $13632898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Deutsche Bank | $2878672 | $(2878672) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Goldman Sachs | $20648501 | $(8447077) | $12201424 | $— | $— | $12201424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Bank of America Merrill Lynch | $52428363 | $(33970855) | $18457508 | $— | $— | $18457508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Deutsche Bank | $43934985 | $(44965577) | $(1030592) | $— | $— | $(1030592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $141705575 | $(98444337) | $43261238 | $— | $— | $43261238 |
|  |  | Gross Amounts of |  |  | Financial |  |  |
|  |  | Recognized | Derivatives available |  | Instruments | Cash Collateral |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: | Counterparty | Liabilities | for Offset | Net Amounts of Liabilities | Pledged (2) | Pledged (2) | Net Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Bank of America Merrill Lynch | $(8182156) | $8182156 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Deutsche Bank | $(3610015) | $2878672 | $(731344) | $731344 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Goldman Sachs | $(8447077) | $8447077 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Bank of America Merrill Lynch | $(33970855) | $33970855 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | Deutsche Bank | $(44965577) | $44965577 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $(99175680) | $98444337 | $(731344) | $731344 | $— | $— |

---

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

 

<sup>(2)</sup> Excess collateral is not shown on this table.

 

d) Deposits with Broker for futures and options

---

| | | |
|:---|:---|:---|
| Fund | Broker | Deposit with Broker |
| Systematic High Income | ADM | (94) |
|  | StoneX | 9843 |
|  | Marex |  |
| Welton Advantage | Morgan Stanley | 6549728 |
| Aspect Enhanced | J.P. Morgan | 4999389 |
|  | Deutsche Bank |  |
| Hedged Equity | Wedbush | 995427 |
| Millburn Hedge | Bank of America Merrill Lynch | 5121469 |
|  | Deutsche Bank | 3497224 |
|  | Goldman Sachs | 13292486 |
| Buffered Shield | Interactive Brokers | 356890 |

---

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

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

f) 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 six months 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 officers have analyzed the Funds' tax positions 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.

---

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

---

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Dividends** | **Capital Gains** |
| Systematic High Income | Monthly | Annually |
| Systematic Alpha | Monthly | Annually |
| Welton Advantage | Annually | Annually |
| Aspect Enhanced | Annually | Annually |
| Hedged Equity | Annually | Annually |
| Millburn Hedge | Annually | Annually |
| Buffered Shield | Annually | Annually |

---

k) 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) 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) Redemption Fees and Sales Charges (loads) - A wire transfer fee of $15 may be charged to defray custodial charges for redemptions paid by wire transfer. A maximum sales charge of 5.75% is imposed on Class A shares of the Funds. Investments in Class A shares made at or above the $1 million breakpoint (where you do not pay an initial sales charge) may be subject to a 1% contingent deferred sales charge (***"CDSC"***) on shares redeemed within two years of purchase (excluding shares purchased with reinvested dividends and/or distributions). A CDSC of 1.00% is imposed on Class C-1 shares for certain redemption transactions within one year following such investments. The respective shareholders pay such CDSC charges, which are not an expense of the Funds. For the six months ended December 31, 2025, there were no CDSC fees paid by the shareholders of the Funds.

n) Forward Exchange Contracts **-** Millburn Hedge and Aspect Enhanced have entered into a foreign exchange contract agreement with Bank of America Merrill Lynch and Deutsche Bank as a part of their investment strategy. When executing forward contracts, each Fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forwards contracts, each Fund would incur a loss if the value of the contract increases between the date the forward contract is opened and the

---

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

---

date the forward contract is closed. Each Fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, each Fund would incur a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. Each Fund realizes a gain if the value of the contract increases between those dates. Each Fund is exposed to foreign currency risk as a result of changes in value of the underlying financial instruments. Each Fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from the changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, forward exchange contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the company's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

**(2)** **INVESTMENT TRANSACTIONS** 

For the six months ended December 31, 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** |
| Systematic High Income | $37226474 | $13418602 | $— | $— |
| Systematic Alpha | 16351926 | 32111382 | 5774854 | 32934367 |
| Welton Advantage | 184426413 | 204665964 |  |  |
| Aspect Enhanced | 1615802 | 2756381 |  |  |
| Hedged Equity | 4711428 | 6758487 |  |  |
| Millburn Hedge | 1127207177 | 166186033 | 2066906000 | 2195567712 |
| Buffered Shield |  | 2329995 |  |  |

---

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

The Advisor acts as investment advisor for the Funds pursuant to the terms of an investment advisory agreement with the Trust, on behalf of the Funds (the ***"Investment Advisory Agreement"***). Under the terms of the Investment Advisory Agreement, the Advisor directs the investment operations of the Funds in accordance with each Fund's respective investment policies and restrictions. Except for Systematic Alpha, each Fund's investment sub-advisor is responsible for the day-to-day operations of its portfolios. The Advisor provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. For its investment advisory services, the Funds pay to the Advisor, as of the last day of each month, an annualized fee as shown in the below table, such fees to be computed daily based upon daily average net assets of the Funds. The sub-advisors are paid by the Advisor, except in the case of Millburn Hedge, whose sub-advisor is paid by the Fund on behalf of the Advisor.

The Advisor and the Trust, with respect to the Funds have entered into Expense Limitation Agreements (the ***"Expense Limitation"***) under which the Advisor has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to maintain total annual

---

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

---

operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; underlying fund expenses; and extraordinary expenses such as regulatory and litigation expenses) do not exceed the limitation shown in the table below, and is based on the Funds' average daily net assets.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** | | |
| <br>**Fund** | <br>**Investment**<br>**Advisory**<br>**Fee** | **Cl A** | **Cl C** | **CL I** | **C-1** | <br>**Expires** | **Investment**<br>**Advisory Fee Waived/**<br>**Expenses**<br>**Reimbursed** |
| Systematic High | 1.75% | 2.24% | 2.99% | 1.99% | N/A | 10/31/2026 | $105080 |
| Systematic Alpha | 1.50% | 2.02% | 2.77% | 1.77% | N/A | 10/31/2026 | 2964 |
| Welton Advantage | 1.75% | 2.24% | 2.99% | 1.99% | N/A | 10/31/2026 | 205641 |
| Aspect Enhanced | 1.75% | 2.24% | 2.99% | 1.99% | N/A | 10/31/2026 | 124560 |
| Hedged Equity | 1.25% | 1.74% | 2.49% | 1.49% | N/A | 10/31/2026 | 65152 |
| Millburn Hedge | 1.75% | N/A | N/A | N/A | N/A | N/A |  |
| Buffered Shield | 1.25% | 1.48% | 2.23% | 1.23% | N/A | 10/31/2026 | 173651 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Recapture Expires** | **Recapture Expires** | **Recapture Expires** |
| | **June 30,** | **June 30,** | **June 30,** |
| <br>**Fund** | **2026** | **2027** | **2028** |
| Systematic High | $68573 | $97182 | $105080 |
| Systematic Alpha | N/A | N/A | 156827 |
| Welton Advantage | N/A | N/A | 205641 |
| Aspect Enhanced | N/A | 90533 | 124560 |
| Hedged Equity | 134268 | 118441 | 135582 |
| Millburn Hedge | N/A | N/A | N/A |
| Buffered Shield | 241278 | 183992 | 173651 |

---

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

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

The Board has adopted the Trust's Master Distribution Plan Pursuant to Rule 12b-1 (the **"Plan"**) under the 1940 Act. Each class of shares, excluding Class I shares, allows the Funds to pay distribution and shareholder servicing expenses of up to 0.50% per annum for the Class A shares and up to 1.00% for the Class C and C-1 shares based on average daily net assets of each class. The Class A shares are currently paying 0.25% per annum of 12b-1 fees and Class C and C-1 shares are currently paying 1.00% per annum of 12b-1 fees. The fee may be used for a variety of purposes, including compensating dealers and other financial service organizations for eligible services provided by those parties to the Funds and their shareholders and to reimburse Northern Lights Distributors, LLC. (the ***"Distributor"***) and the Advisor for distribution related expenses. Brokers may receive a 1.00% commission from the Distributor for the sale of Class C and C-1 shares. Catalyst Mutual Funds Distributors, LLC, acts as a wholesale marketing and distribution agent for the Funds. As compensation for these services, Catalyst Mutual Funds Distributors is entitled to reimbursement, through the Funds' Rule 12b-1 Plan, of expenses attributable to sales of Fund shares including marketing materials, broker commission financing costs, and wholesaling fees.

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| | **12b-1 Fees** | **12b-1 Fees** | **12b-1 Fees** |
| <br>**Fund** | **Class A** | **Class C** | **Class C-1** |
| Systematic High Income | $15912 | $30252 | N/A |
| Systematic Alpha | 30147 | 38102 | N/A |
| Welton Advantage | 313 | 2716 | N/A |
| Aspect Enhanced | 708 | 5 | N/A |
| Hedged Equity | 544 | 8234 | N/A |
| Millburn Hedge | 701976 | 1852221 | 229380 |
| Buffered Shield | 6348 | 13740 | N/A |

---

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

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

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

Ultimus Fund Solutions, LLC *(**"UFS"***) - an affiliate of the Distributor, provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Officers of the Trust are also employees of UFS, 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 CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **December 31, 2025** |

---

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes (including derivatives), and its respective gross unrealized appreciation and depreciation at December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax**<br>**Cost** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** | **Appreciation/**<br>**(Depreciation)** |
| Systematic High Income | $43806061 | $72685 | $(6129) | $66556 |
| Systematic Alpha | 162068648 | 313955766 | (310150318) | 3805448 |
| Welton Advantage | 45737396 | 970055 | (3283084) | (2313029) |
| Aspect Enhanced | 23744893 | 711020 | (467317) | 243703 |
| Hedged Equity | 11803230 | 2953611 | (751910) | 2201701 |
| Millburn Hedge | 6823423707 | 1602655280 | (154335734) | 1448319546 |
| Buffered Shield | 17860706 | 1847795 | (1159690) | 688105 |

---

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

The tax character of distributions paid for the years ended June 30, 2025 and June 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For year ended**<br>**6/30/2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Systematic High Income | 2661936 |  |  | 2661936 |
| Systematic Alpha | 47735091 | 169874 | 1476304 | 49381269 |
| Welton Advantage | 424094 |  |  | 424094 |
| Aspect Enhanced | 1839055 | 887279 |  | 2726334 |
| Hedged Equity |  |  |  |  |
| Millburn Hedge | 202201752 |  |  | 202201752 |
| Buffered Shield | 534174 |  |  | 534174 |
| **For year ended** | **Ordinary** | **Long-Term** |  |  |
| **6/30/2024** | **Income** | **Capital Gains** | **Total** |  |
| Systematic High Income | 985279 |  | 985279 |  |
| Systematic Alpha | 7811682 |  | 7811682 |  |
| Welton Advantage |  |  |  |  |
| Aspect Enhanced |  |  |  |  |
| Hedged Equity |  |  |  |  |
| Millburn Hedge | 133577938 |  | 133577938 |  |
| Buffered Shield | 861294 |  | 861294 |  |

---

---

| |
|:---|
| **CATALYST FUNDS** |
| ***NOTES TO CONSOLIDATED 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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)** |
| Systematic High Income | $791410 | $— | $— | $(995680535) | $— | $(4647) | $(994893772) |
| Systematic Alpha |  |  | (8511440) |  |  | 2737416 | (5774024) |
| Welton Advantage |  |  | (2283575) |  |  | (913478) | (3197053) |
| Aspect Enhanced |  |  | (2232982) | (853168) |  | 135021 | (2951129) |
| Hedged Equity |  | 92912 | (72040) |  |  | 3779131 | 3800003 |
| Millburn Hedge |  |  | (13206624) | (18231656) |  | 1203975131 | 1172536851 |
| Buffered Shield | 189411 |  |  | (9303568) | (1074504) | 507795 | (9680866) |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on swaps, non-equity options, future contracts and forward foreign currency contracts, deemed dividend distributions, and tax adjustments for C-Corporations and partnerships. The unrealized appreciation (depreciation) in the table above may include unrealized foreign currency gains (losses).

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

---

| | | |
|:---|:---|:---|
|  | **Late Year** | **Late Year** |
|  | **Losses** | **Losses** |
| Systematic High Income |  |  |
| Systematic Alpha |  | 8511440 |
| Welton Advantage |  | 1055345 |
| Aspect Enhanced |  | 2232982 |
| Hedged Equity |  | 72040 |
| Millburn Hedge |  |  |
| Buffered Shield |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Post October** | **Post October** |
|  | **Losses** | **Losses** |
| Systematic High Income |  |  |
| Systematic Alpha |  |  |
| Welton Advantage |  | 1228230 |
| Aspect Enhanced |  |  |
| Hedged Equity |  |  |
| Millburn Hedge |  | 13206624 |
| Buffered Shield |  |  |

---

---

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

---

At June 30, 2025, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains as well as capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term**<br>**Non-Expiring** | **Long-Term**<br>**Non-Expiring** |<br>**Total** |<br>**CLCF Utilized** |
| Systematic High Income | $395824898 | $599855637 | $995680535 | $746563 |
| Systematic Alpha |  |  |  | 230513 |
| Welton Advantage |  |  |  |  |
| Aspect Enhanced | 763857 | 89311 | 853168 |  |
| Hedged Equity |  |  |  | 673407 |
| Millburn Hedge |  | 18231656 | 18231656 |  |
| Buffered Shield | 5224584 | 4078984 | 9303568 | 430058 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Deficit)** |
| Systematic High Income | $— | $— |
| Systematic Alpha | (132929730) | 132929730 |
| Welton Advantage | (1434060) | 1434060 |
| Aspect Enhanced | (212240) | 212240 |
| Hedged Equity | (97777) | 97777 |
| Millburn Hedge | (320891998) | 320891998 |
| Buffered Shield |  |  |

---

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

The Funds have a $200,000,000 uncommitted line of credit provided by U.S. Bank National Association (the ***"Bank"***) under an agreement (the ***"Uncommitted Line"***). Any advance under the Uncommitted Line is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable on an annualized basis. The Uncommitted Line has an interest rate of the Prime Rate with a maturity of January 21, 2026. The Uncommitted Line is not a "committed" line of credit, which is to say that the Bank is not obligated to lend money to the Funds. Accordingly, it is possible that the Funds may wish to borrow money for a temporary or emergency purpose but may not be able to do so. During the six months ended December 31, 2025, Systematic High Income, Welton Advantage, Aspect Enhanced, Millburn Hedge and Buffered Shield did not access the line of credit. The Funds accessed the line of credit, based only on the days borrowed, as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average Amount**<br>**Borrowings**<br>**Outstanding** |<br>**Number of Days**<br>**Outstanding** |<br>**Interest**<br>**Expense <sup>(1)</sup>** |<br>**Average**<br>**Interest Rate** | **Outstanding**<br>**Borrowings**<br>**12/31/2025** |
| Systematic High Income | $— |  | $— | **—** | $— |
| Systematic Alpha | 333000 | 3 | 187 | 6.75% |  |
| Welton Advantage |  |  |  | **—** |  |
| Aspect Enhanced |  |  |  | **—** |  |
| Hedged Equity | 380000 | 11 | 815 | 7.02% |  |
| Millburn Hedge | **—** | **—** | **—** | **—** | **—** |
| Buffered Shield |  |  |  | **—** |  |

---

<sup>(1)</sup> Includes only Interest Expense for the year or period 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.

---

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

---

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

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

The performance of Aspect Enhanced will be directly affected by the performance of iShares Core U.S. Aggregate Bond ETF and the First American Treasury Obligations Fund, Class X. The performance of Hedged Equity will be directly affected by the performance of the Invesco QQQ Trust Series 1. The performance of Buffered Shield will be directly affected by the performance of the PGIM Ultra Short Bond ETF and Vanguard Short-Term Corporate Bond ETF. The financial statements of the iShares Core U.S. Aggregate Bond ETF, First American Treasury Obligations Fund, Class X, Invesco QQQ Trust Series1, PGIM Ultra Short Bond ETF and Vanguard Short-Term Corporate Bond ETF, including the Schedule of Investments, can be found at the SEC's website <u>www.sec.gov</u> and should be read in conjunction with the Fund's financial statements. As of December 31, 2025, the percentage of Aspect Enhanced's net assets invested in iShares Core U.S. Aggregate Bond ETF and the First American Treasury Obligations Fund, Class X were 39.0% and 39.8%, respectively. The percentage of Hedged Equity's net assets invested in Invesco QQQ Trust Series 1 was 43.2%. The percentage of Buffered Shield's net assets invested in PGIM Ultra Short Bond ETF and Vanguard Short-Term Corporate Bond ETF were 31.2% and 34.2%, respectively.

**(8) SECURITIES LENDING**

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | | | Percentage of Total |
| Fund | Market Value of Loaned Securities | Market Value of Collateral | Investment Income |
| Hedged Equity\* | $353108 | $364045 | 2.99% |

---

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

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
|  |  | | | | Statement of Assets & Liabilities | Statement of Assets & Liabilities | |
|  |  | | Gross Amounts | Net Amounts of | | | |
|  |  | Gross Amounts | Offset in the | Liabilities Presented in | | | |
|  |  | of Recognized | Statement of Assets & | the Statement of Assets | Financial | Cash Collateral | |
| Description | Counterparty | Assets | Liabilities | & Liabilities | Instruments (1) | Received | Net Amount |
| **Hedged Equity** | **Hedged Equity** | **Hedged Equity** |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |
| Securities Loaned | US Bank | $353108 | $— | $353108 | $(353108) | $— | $— |

---

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

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Systematic | Systematic | | Aspect | Hedged | Buffered |
| Owner (1) | High Income | Alpha | Welton Advantage | Enhanced | Equity | Shield |
| Charles Schwab | 26% |  |  |  | 35% | 28% |
| Aspect Capital Limited |  |  |  | 92% |  |  |
| Knights of Columbus |  |  | 92% |  |  |  |
| LPL Financial |  | 31% |  |  |  |  |

---

(1) These owners are comprised of multiple
 investors and accounts.

**(10)** **SUBSEQUENT EVENTS** 

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

---

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

---

**Changes in and Disagreements with Accountants**

Not Applicable.

**Proxy Disclosures**

Not Applicable.

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

This information is included in Item 7, as part of the financial statements.

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

Not Applicable.

---

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

---

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

**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(a)

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

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable

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

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

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

**Item 19. Exhibits.** 

(a)(1) Not applicable

(a)(2) Not applicable

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

(a)(4) Not applicable

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

**SIGNATURES**

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

Mutual Fund Series Trust

---

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

---

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

---

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

---

---

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

---

## Ex-99.Cert

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

I, Michael Schoonover, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

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

---

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

I, Erik Naviloff, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Michael Schoonover | Michael Schoonover | Erik Naviloff | Erik Naviloff |
| /s/ Michael Schoonover | /s/ Michael Schoonover | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Michael Schoonover | Michael Schoonover | Erik Naviloff | Erik Naviloff |
| Date: | 3/4/2026 | Date: | 3/4/2026 |

---

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