# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0000910472-25-004710
**Filing Date:** 2025-11
**Character Count:** 252074
**Document Hash:** 647b240af4e06f79c294f0951779c912
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004710.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004710

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21872
- **FILM NUMBER:** 251531164

**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 Dynamic Alpha Fund (Series ID: S000035242)

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

## Nport-Ex

---

| |
|:---|
| **CATALYST INSIDER BUYING FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.0%** |  |
|  | **AEROSPACE & DEFENSE - 0.6%** |  |
| 900 | TAT Technologies Ltd.<sup>(a)</sup> | $39627 |
| 56 | TransDigm Group, Inc. | 73809 |
|  |  | 113436 |
|  | **ASSET MANAGEMENT - 19.4%** |  |
| 910 | Apollo Global Management, Inc. | 121276 |
| 655 | Ares Management Corporation, Class A | 104728 |
| 8425 | Blue Owl Capital, Inc. | 142635 |
| 1635 | KKR & Company, Inc. | 212468 |
| 1710 | LPL Financial Holdings, Inc. | 568900 |
| 2560 | Raymond James Financial, Inc. | 441856 |
| 13650 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 1954407 |
|  |  | 3546270 |
|  | **AUTOMOTIVE - 0.1%** |  |
| 700 | XPEL, Inc.<sup>(a)</sup> | 23149 |
|  | **BANKING - 0.4%** |  |
| 2450 | Merchants Bancorp | 77910 |
|  | **BIOTECH & PHARMA - 4.2%** |  |
| 100 | Corcept Therapeutics, Inc.<sup>(a)</sup> | 8311 |
| 6875 | TransMedics Group, Inc.<sup>(a),(b)</sup> | 771375 |
|  |  | 779686 |
|  | **CONSUMER SERVICES - 2.9%** |  |
| 3560 | Stride, Inc.<sup>(a)</sup> | 530226 |
|  | **ELECTRICAL EQUIPMENT - 1.5%** |  |
| 1525 | Badger Meter, Inc. | 272335 |
|  | **ENGINEERING & CONSTRUCTION - 5.6%** |  |
| 850 | Comfort Systems USA, Inc. | 701402 |
| 220 | IES Holdings, Inc.<sup>(a)</sup> | 87483 |
| 590 | Quanta Services, Inc. | 244508 |
|  |  | 1033393 |

---

---

| |
|:---|
| **CATALYST INSIDER BUYING FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.0% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.5%** |  |
| 140 | Ensign Group, Inc. (The) | $24188 |
| 1190 | Medpace Holdings, Inc.<sup>(a)</sup> | 611850 |
|  |  | 636038 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.9%** |  |
| 5174 | StoneX Group, Inc.<sup>(a)</sup> | 522160 |
|  | **INSURANCE - 3.1%** |  |
| 420 | Brown & Brown, Inc. | 39392 |
| 12850 | International General Insurance Holdings Ltd. | 298120 |
| 540 | Kinsale Capital Group, Inc. | 229640 |
|  |  | 567152 |
|  | **INTERNET MEDIA & SERVICES - 8.0%** |  |
| 215 | Alphabet, Inc., Class A | 52267 |
| 900 | Groupon, Inc.<sup>(a)</sup> | 21015 |
| 680 | Meta Platforms, Inc., Class A | 499378 |
| 6400 | Opera Ltd. - ADR | 132096 |
| 7840 | Uber Technologies, Inc.<sup>(a)</sup> | 768085 |
|  |  | 1472841 |
|  | **METALS & MINING - 3.6%** |  |
| 950 | Agnico Eagle Mines Ltd. | 160132 |
| 10450 | Kinross Gold Corporation | 259683 |
| 2875 | Newmont Corporation | 242391 |
|  |  | 662206 |
|  | **OIL & GAS PRODUCERS - 0.2%** |  |
| 100 | Murphy USA, Inc. | 38826 |
|  | **RETAIL - DISCRETIONARY - 1.5%** |  |
| 15 | AutoZone, Inc.<sup>(a)</sup> | 64354 |
| 1875 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 202143 |
|  |  | 266497 |
|  | **SOFTWARE - 16.5%** |  |
| 6900 | AvePoint, Inc.<sup>(a)</sup> | 103569 |
| 2600 | Cellebrite DI Ltd.<sup>(a)</sup> | 48178 |
| 1115 | CyberArk Software Ltd.<sup>(a)</sup> | 538712 |

---

---

| |
|:---|
| **CATALYST INSIDER BUYING FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.0% (Continued)** |  |
|  | **SOFTWARE - 16.5% (Continued)** |  |
| 5075 | Fortinet, Inc.<sup>(a)</sup> | $426706 |
| 21700 | GigaCloud Technology, Inc., Class A<sup>(a)</sup> | 616280 |
| 80 | Microsoft Corporation | 41436 |
| 660 | Monday.com Ltd.<sup>(a)</sup> | 127835 |
| 11380 | Oddity Tech Ltd.<sup>(a)</sup> | 708975 |
| 280 | Qualys, Inc.<sup>(a)</sup> | 37052 |
| 400 | Rubrik, Inc., Class A<sup>(a)</sup> | 32900 |
| 700 | Samsara, Inc., Class A<sup>(a)</sup> | 26075 |
| 650 | Synopsys, Inc.<sup>(a)</sup> | 320704 |
|  |  | 3028422 |
|  | **SPECIALTY FINANCE - 0.6%** |  |
| 525 | Dave, Inc.<sup>(a)</sup> | 104659 |
|  | **TECHNOLOGY HARDWARE - 2.7%** |  |
| 2800 | Arista Networks, Inc.<sup>(a)</sup> | 407988 |
| 635 | Fiserv, Inc.<sup>(a)</sup> | 81871 |
|  |  | 489859 |
|  | **TECHNOLOGY SERVICES - 4.7%** |  |
| 766 | Mastercard, Inc., Class A | 435708 |
| 60 | MSCI, Inc. | 34045 |
| 7500 | Nayax Ltd.<sup>(a)</sup> | 357075 |
| 80 | Visa, Inc., Class A | 27310 |
|  |  | 854138 |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 9700 | Allot Ltd.<sup>(a)</sup> | 102626 |
|  | **WHOLESALE - DISCRETIONARY - 3.4%** |  |
| 4630 | Climb Global Solutions, Inc. | 624310 |
| 135 | Copart, Inc.<sup>(a)</sup> | 6071 |
|  |  | 630381 |
|  | **TOTAL COMMON STOCKS (Cost $12,290,446)** | 15752210 |

---

---

| |
|:---|
| **CATALYST INSIDER BUYING FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 12.6%** |  |  |  |
|  | **U.S. TREASURY BILLS — 12.6%** |  |  |  |
| 1492000 | United States Treasury Bill<sup>(d),(f)</sup> |  | &nbsp;&nbsp;&nbsp;10/30/25 | $1487144 |
| 850000 | United States Treasury Bill<sup>(d),(f)</sup> |  | &nbsp;&nbsp;&nbsp;08/06/26 | 824151 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,310,165)** |  |  | 2311295 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.0%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 1.1%** |  |  |  |
| 205390 | Mount Vernon Liquid Assets Portfolio, 4.22% (Cost $205,390)<sup>(e)</sup> |  |  | 205390 |
|  | **MONEY MARKET FUNDS - 1.9%** |  |  |  |
| 336101 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $336,101)<sup>(e)</sup> |  |  | 336101 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $541,491)** |  |  | 541491 |
|  | **TOTAL INVESTMENTS - 101.6% (Cost $15,142,102)** |  |  | $18604996 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%** |  |  | (293170) |
|  | **NET ASSETS - 100.0%** |  |  | $18311826 |

---

---

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

---

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

<sup>(b)</sup> All or a portion of this security is on loan. The total fair value of securities on loan as of September 30, 2025 was $200,389.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $205,390 at September 30, 2025.

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

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

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

---

| |
|:---|
| **CATALYST INSIDER BUYING FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

**TOTAL RETURN SWAP - (1.4)% +**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shares** | **Reference Entity** | **Payment<br> Frequency** | **Pay Fixed<br> Rate** | **Upfront<br> Payments** | **Maturity** | **Notional Amount** | **Unrealized<br> Depreciation** |
| 7000 | CIBC Macro Hedge Index | Monthly | 0.5000% | — CIBC | 11/30/2025 | (23248671) | $(247481) |
|  |  |  |  |  |  |  | $(247481) |

---

+ This instrument is held by CIBF Fund Ltd.

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 77.3%** |  |  |  |
|  | **U.S. TREASURY BILLS — 77.3%** |  |  |  |
| 23000000 | United States Treasury Bill<sup>(a)(d)</sup> | 3.7517 | &nbsp;&nbsp;&nbsp;01/22/26 | $22726751 |
| 37000000 | United States Treasury Bill<sup>(a)</sup> | 3.5399 | &nbsp;&nbsp;&nbsp;06/11/26 | 36075887 |
|  |  |  |  | 58802638 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $58,708,524)** |  |  | 58802638 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 14.7%** |  |  |  |
|  | **MONEY MARKET FUNDS - 14.7%** |  |  |  |
| 11167728 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $11,167,728)<sup>(b)</sup> |  |  | 11167728 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **FUTURE OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
| 780 | S&P Emini Future, Maturing October 2025 | ADM | 10/01/2025 | $6000 | $234000000 | $1950 |
| 220 | S&P Emini Future, Maturing October 2025 | FCS | 10/01/2025 | 6000 | 66000000 | 550 |
| 390 | S&P Emini Future, Maturing October 2025 | ADM | 10/01/2025 | 6400 | 124800000 | 4875 |
| 110 | S&P Emini Future, Maturing October 2025 | FCS | 10/01/2025 | 6400 | 35200000 | 1375 |
| 2200 | S&P Emini Future, Maturing October 2025 | ADM | 10/02/2025 | 5500 | 605000000 | 5500 |
| 600 | S&P Emini Future, Maturing October 2025 | FCS | 10/02/2025 | 5500 | 165000000 | 1500 |
| 780 | S&P Emini Future, Maturing October 2025 | ADM | 10/06/2025 | 6075 | 236925000 | 23400 |
| 220 | S&P Emini Future, Maturing October 2025 | FCS | 10/06/2025 | 6075 | 66825000 | 6600 |
| 390 | S&P Emini Future, Maturing October 2025 | ADM | 10/06/2025 | 6375 | 124312500 | 36075 |
| 110 | S&P Emini Future, Maturing October 2025 | FCS | 10/06/2025 | 6375 | 35062500 | 10175 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $275,750) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $275,750) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $275,750) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $275,750) |  | 92000 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $275,750) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $275,750) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $275,750) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $275,750) |  | 92000 |
|  | **TOTAL INVESTMENTS - 92.1% (Cost $70,152,002)** | **TOTAL INVESTMENTS - 92.1% (Cost $70,152,002)** | **TOTAL INVESTMENTS - 92.1% (Cost $70,152,002)** | **TOTAL INVESTMENTS - 92.1% (Cost $70,152,002)** |  | $70062366 |
|  | **PUT OPTIONS WRITTEN – (0.1)% (Premiums received - $267,500)** | **PUT OPTIONS WRITTEN – (0.1)% (Premiums received - $267,500)** | **PUT OPTIONS WRITTEN – (0.1)% (Premiums received - $267,500)** | **PUT OPTIONS WRITTEN – (0.1)% (Premiums received - $267,500)** |  | (87500) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 8.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 8.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 8.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 8.0%** |  | 6067045 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $76041911 |
| **Contracts<sup>(c)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS - 0.1%** |  |  |  |  |  |
|  | **PUT OPTIONS WRITTEN - 0.1%** |  |  |  |  |  |
| 1560 | S&P Emini Future, Maturing October 2025 | ADM | 10/01/2025 | $5750 | $448500000 | $3900 |
| 440 | S&P Emini Future, Maturing October 2025 | FCS | 10/01/2025 | 5750 | 126500000 | 1100 |
| 780 | S&P Emini Future, Maturing October 2025 | ADM | 10/01/2025 | 6200 | 241800000 | 5850 |

---

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS - 0.1% (Continued)** |  |  |  |  |  |
|  | **PUT OPTIONS WRITTEN - 0.1% (Continued)** |  |  |  |  |  |
| 220 | S&P Emini Future, Maturing October 2025 | FCS | 10/01/2025 | $6200 | $68200000 | $1650 |
| 1560 | S&P Emini Future, Maturing October 2025 | ADM | 10/06/2025 | 5800 | 452400000 | 19500 |
| 440 | S&P Emini Future, Maturing October 2025 | FCS | 10/06/2025 | 5800 | 127600000 | 5500 |
| 780 | S&P Emini Future, Maturing October 2025 | ADM | 10/06/2025 | 6225 | 242775000 | 39000 |
| 220 | S&P Emini Future, Maturing October 2025 | FCS | 10/06/2025 | 6225 | 68475000 | 11000 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $267,500) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $267,500) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $267,500) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $267,500) |  | 87500 |
|  | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $267,500) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $267,500) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $267,500) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $267,500) |  | $87500 |

---

ADM ADM Investor Services, Inc. <br>FCS StoneX Group, Inc.

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

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

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

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

---

| |
|:---|
| **CATALYST INSIDER INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE BONDS — 25.2%** |  |  |  |
|  | **ASSET MANAGEMENT — 4.4%** |  |  |  |
| 2600000 | New Mountain Finance Corporation | 7.5000 | &nbsp;&nbsp;&nbsp;10/15/25 | $2602600 |
|  | **SPECIALTY FINANCE — 20.8%** |  |  |  |
| 4203000 | PennyMac Corporation | 5.5000 | &nbsp;&nbsp;&nbsp;03/15/26 | 4194594 |
| 1000000 | PennyMac Corporation | 8.5000 | &nbsp;&nbsp;&nbsp;06/01/29 | 1033500 |
| 7000000 | Two Harbors Investment Corporation | 6.2500 | &nbsp;&nbsp;&nbsp;01/15/26 | 7000003 |
|  |  |  |  | 12228097 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $14,703,548)** |  |  | 14830697 |
|  | **CORPORATE BONDS — 73.7%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 4.3%** |  |  |  |
| 2500000 | TransDigm, Inc.<sup>(a)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;08/15/28 | 2550840 |
|  | **ASSET MANAGEMENT — 13.8%** |  |  |  |
| 2800000 | Ares Capital Corporation | 2.8750 | &nbsp;&nbsp;&nbsp;06/15/28 | 2674004 |
| 2700000 | Blue Owl Capital Corporation | 2.8750 | &nbsp;&nbsp;&nbsp;06/11/28 | 2556177 |
| 2900000 | Main Street Capital Corporation | 3.0000 | &nbsp;&nbsp;&nbsp;07/14/26 | 2864604 |
|  |  |  |  | 8094785 |
|  | **AUTOMOTIVE — 4.5%** |  |  |  |
| 2250000 | Ford Motor Company | 9.6250 | &nbsp;&nbsp;&nbsp;04/22/30 | 2627435 |
|  | **BEVERAGES — 3.4%** |  |  |  |
| 2000000 | Keurig Dr Pepper, Inc. | 3.4000 | &nbsp;&nbsp;&nbsp;11/15/25 | 1997075 |
|  | **CHEMICALS — 5.1%** |  |  |  |
| 2967000 | DuPont de Nemours, Inc. | 4.4930 | &nbsp;&nbsp;&nbsp;11/15/25 | 2966047 |
|  | **ENGINEERING & CONSTRUCTION — 0.1%** |  |  |  |
| 50000 | MasTec, Inc.<sup>(a)</sup> | 6.6250 | &nbsp;&nbsp;&nbsp;08/15/29 | 50214 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.8%** |  |  |  |
| 2800000 | HCA, Inc. | 5.2500 | &nbsp;&nbsp;&nbsp;06/15/26 | 2805769 |

---

---

| |
|:---|
| **CATALYST INSIDER INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 73.7% (Continued)** |  |  |  |
|  | **HOME CONSTRUCTION — 4.3%** |  |  |  |
| 2500000 | Century Communities, Inc. | 6.7500 | &nbsp;&nbsp;&nbsp;06/01/27 | $2501146 |
|  | **INSURANCE — 6.1%** |  |  |  |
| 2862526 | Ambac Assurance Corporation<sup>(a),(b)</sup> | 5.1000 | &nbsp;&nbsp;&nbsp;Perpetual | 3564948 |
|  | **INTERNET MEDIA & SERVICES — 1.2%** |  |  |  |
| 722000 | Expedia Group, Inc. | 5.0000 | &nbsp;&nbsp;&nbsp;02/15/26 | 722059 |
|  | **LEISURE PRODUCTS — 4.2%** |  |  |  |
| 2500000 | Mattel, Inc.<sup>(a)</sup> | 3.3750 | &nbsp;&nbsp;&nbsp;04/01/26 | 2482513 |
|  | **METALS & MINING — 0.5%** |  |  |  |
| 299000 | Warrior Met Coal, Inc.<sup>(a)</sup> | 7.8750 | &nbsp;&nbsp;&nbsp;12/01/28 | 304732 |
|  | **OIL & GAS PRODUCERS — 3.4%** |  |  |  |
| 2000000 | Murphy Oil USA, Inc. | 5.6250 | &nbsp;&nbsp;&nbsp;05/01/27 | 2003862 |
|  | **SEMICONDUCTORS — 7.1%** |  |  |  |
| 1675000 | Amkor Technology, Inc.<sup>(a)</sup> | 6.6250 | &nbsp;&nbsp;&nbsp;09/15/27 | 1679923 |
| 2500000 | Skyworks Solutions, Inc. | 1.8000 | &nbsp;&nbsp;&nbsp;06/01/26 | 2459174 |
|  |  |  |  | 4139097 |
|  | **STEEL — 2.5%** |  |  |  |
| 1450000 | Steel Dynamics, Inc. | 5.0000 | &nbsp;&nbsp;&nbsp;12/15/26 | 1450437 |
|  | **TELECOMMUNICATIONS — 4.2%** |  |  |  |
| 2500000 | Verizon Communications, Inc. | 0.8500 | &nbsp;&nbsp;&nbsp;11/20/25 | 2488621 |
|  | **TRANSPORTATION & LOGISTICS — 4.2%** |  |  |  |
| 2500000 | United Airlines, Inc.<sup>(a)</sup> | 4.3750 | &nbsp;&nbsp;&nbsp;04/15/26 | 2494737 |
|  | **TOTAL CORPORATE BONDS (Cost $43,395,401)** |  |  | 43244317 |

---

---

| |
|:---|
| **CATALYST INSIDER INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 12.5%** |  |
|  | **MONEY MARKET FUNDS - 12.5%** |  |
| 7337332 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $7,337,332)<sup>(c)</sup> | $7337332 |
|  | **TOTAL INVESTMENTS - 111.4% (Cost $65,436,281)** | $65412346 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (11.4)%** | (6712259) |
|  | **NET ASSETS - 100.0%** | $58700087 |

---

<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 September 30, 2025 the total market value of 144A securities is 13,127,907 or 22.4% of net assets.

<sup>(b)</sup> Security in default. Non income producing.

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **OPEN END FUNDS — 16.9%** |  |  |  |
|  | **FIXED INCOME - 16.9%** |  |  |  |
| 265046 | Catalyst International Income Opportunities Fund<sup>(a)</sup> |  |  | $32869651 |
|  | **TOTAL OPEN END FUNDS (Cost $30,000,000)** |  |  | 32869651 |
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** |  |
|  | **CONVERTIBLE BONDS — 0.2%** |  |  |  |
|  | **ASSET MANAGEMENT — 0.1%** |  |  |  |
| 225000 | New Mountain Finance Corporation | 7.5000 | &nbsp;&nbsp;&nbsp;10/15/25 | 225225 |
|  | **SPECIALTY FINANCE — 0.1%** |  |  |  |
| 225000 | Two Harbors Investment Corporation | 6.2500 | &nbsp;&nbsp;&nbsp;01/15/26 | 225000 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $424,260)** |  |  | 450225 |
|  | **CORPORATE BONDS — 27.8%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.5%** |  |  |  |
| 3000000 | Boeing Company (The) | 3.1000 | &nbsp;&nbsp;&nbsp;05/01/26 | 2980509 |
|  | **AUTOMOTIVE — 1.5%** |  |  |  |
| 3000000 | Ford Motor Company | 4.3460 | &nbsp;&nbsp;&nbsp;12/08/26 | 2988528 |
|  | **BIOTECH & PHARMA — 3.3%** |  |  |  |
| 6500000 | Gilead Sciences, Inc. | 3.6500 | &nbsp;&nbsp;&nbsp;03/01/26 | 6490027 |
|  | **FOOD — 4.1%** |  |  |  |
| 7960000 | Kraft Heinz Foods Company | 3.0000 | &nbsp;&nbsp;&nbsp;06/01/26 | 7895985 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.6%** |  |  |  |
| 3000000 | HCA, Inc. | 5.2500 | &nbsp;&nbsp;&nbsp;06/15/26 | 3006181 |
|  | **LEISURE FACILITIES & SERVICES — 4.1%** |  |  |  |
| 8000000 | McDonald's Corporation Series MTN | 3.7000 | &nbsp;&nbsp;&nbsp;01/30/26 | 7986203 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 27.8% (Continued)** |  |  |  |
|  | **LEISURE PRODUCTS — 0.5%** |  |  |  |
| 1000000 | Mattel, Inc.<sup>(b)</sup> | 3.3750 | &nbsp;&nbsp;&nbsp;04/01/26 | $993005 |
|  | **SEMICONDUCTORS — 6.1%** |  |  |  |
| 9000000 | Intel Corporation | 4.8750 | &nbsp;&nbsp;&nbsp;02/10/26 | 9019449 |
| 3000000 | Skyworks Solutions, Inc. | 1.8000 | &nbsp;&nbsp;&nbsp;06/01/26 | 2951009 |
|  |  |  |  | 11970458 |
|  | **TECHNOLOGY SERVICES — 5.1%** |  |  |  |
| 10000000 | International Business Machines Corporation | 3.3000 | &nbsp;&nbsp;&nbsp;05/15/26 | 9957201 |
|  | **TOTAL CORPORATE BONDS (Cost $54,117,147)** |  |  | 54268097 |
|  |  | **Discount Rate<br> (%)** |  |  |
|  | **U.S. GOVERNMENT & AGENCIES — 46.6%** |  |  |  |
|  | **U.S. TREASURY BILLS — 46.6%** |  |  |  |
| 9000000 | United States Treasury Bill<sup>(c),(d),(f)</sup> | 2.0038 | &nbsp;&nbsp;&nbsp;10/02/25 | 8998998 |
| 20500000 | United States Treasury Bill<sup>(d),(f)</sup> | 3.6956 | &nbsp;&nbsp;&nbsp;02/19/26 | 20201169 |
| 19000000 | United States Treasury Bill<sup>(d),(f)</sup> | 3.7056 | &nbsp;&nbsp;&nbsp;03/19/26 | 18667528 |
| 8050000 | United States Treasury Bill<sup>(c),(d),(f)</sup> | 3.6081 | &nbsp;&nbsp;&nbsp;04/16/26 | 7890252 |
| 24000000 | United States Treasury Bill<sup>(c),(d),(f)</sup> | 3.5371 | &nbsp;&nbsp;&nbsp;07/09/26 | 23335023 |
| 9300000 | United States Treasury Bill<sup>(c),(d),(f)</sup> | 3.5316 | &nbsp;&nbsp;&nbsp;08/06/26 | 9017180 |
| 3000000 | United States Treasury Bill<sup>(c),(d),(f)</sup> | 3.4648 | &nbsp;&nbsp;&nbsp;09/03/26 | 2902407 |
|  |  |  |  | 91012557 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $90,936,332)** |  |  | 91012557 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 10.3%** |  |  |  |
|  | **MONEY MARKET FUNDS - 10.3%** |  |  |  |
| 20175627 | First American Treasury Obligations Fund, Class X, 4.02%<sup>(c),(e)</sup> |  |  | 20175627 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $20,175,627)** |  |  | 20175627 |

---

---

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

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 101.8% (Cost $195,653,366)** | $198776157 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.8)%** | (3504393) |
| **NET ASSETS - 100.0%** | $195271764 |

---

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

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025 the total market value of 144A securities is 993,005 or 0.5% of net assets.

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

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

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

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

---

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

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL RETURN SWAPS - (1.9)%** |

| Custom Asset Series X1 Excess Return Strategy ("RCXTCAX1") is a rules-based index containing strategies across a mix of non-commodity asset classes which look to invest in premias including carry, volatility, trend and relative value. The index has 13 components which comprise the broader index. |
| Custom Asset Series X2 Excess Return Strategy ("RCXTCAX2") is a rules-based index containing two commodities strategies (one based on carry and the other on curve RV). |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shares** | **Reference Entity** | **Payment<br> Frequency** | **Notional<br> Amount** | **Counterparty** | **Maturity** | **Pay Fixed<br> Rate** | **Upfront<br> Payments** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 30470 | BNP Paribas Catalyst Systematic Alpha Non-Commodities Index \* | Maturity | (133987149) | BNP Paribas | 1/12/2026 | 0.2000% |  | $361484 |
| 30470 | BNP Paribas Catalyst Systematic Alpha Commodities Index +\* | Monthly | (132350979) | BNP Paribas | 1/12/2026 | 0.2000% |  | (4052517) |
| 5350 | CIBC Multi Asset Systematic Alpha Index +\*\*\* | Monthly | (15185127) | CIBC | 4/30/2026 | 0.1000% |  | (183023) |
| 16522 | Barclays BEFSRPPM Index\*\* | Maturity | (10000000) | Barclays | 4/7/2026 | 0.0000% |  | (593260) |
| 179083 | Custom Asset Series X1 Excess Return Strategy | Monthly | (14529004) | Goldman Sachs | 2/12/2026 | 1.0690% |  | 213434 |
| 179083 | Custom Asset Series X2 Excess Return Strategy + | Monthly | (3637176) | Goldman Sachs | 2/12/2026 | 0.7170% |  | 61230 |
| 8197 | J.P. Morgan XRJPCT12 Index +\*\*\*\* | Quarterly | (19702254) | JP Morgan | 12/3/2025 | 0.2800% |  | 412261 |
|  |  |  |  |  |  |  |  | $(3780391) |

---

+ 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

---

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

---

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

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

**Credit Default Swaps**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Name** | **Counterparty** | **Pay/Receive** | **Interest<br> Rate** | **Maturity<br> Date** | **Notional** | **Fair Value** |
| (3591828) | CDX.NA.HY.44-V1.5Y | Goldman Sachs | Pay | 0.0500 | 6/20/2030 | (3591828) | 290721 |
| (4412977) | CDX.NA.IG.44-V1.5Y | Goldman Sachs | Pay | 0.0100 | 6/20/2030 | (4412977) | 101170 |
| (8511534) | iTraxx Europe.43-V1.5Y | Goldman Sachs | Pay | 0.0100 | 6/20/2030 | (8511534) | 226410 |
| **Equity Forwards** | **Equity Forwards** |  |  |  |  |  |  |
| **Contracts** | **Name** | **Counterparty** |  |  |  | **Notional** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| (816) | S&P 500 Index | Goldman Sachs |  |  |  | (5458176) |  |
| (652) | S&P 500 Index | Goldman Sachs |  |  |  | (4361750) |  |
| 481 | S&P 500 Index | Goldman Sachs |  |  |  | 3218895 |  |
| **Open Long Futures** | **Open Long Futures** |  |  |  |  |  |  |
| **Contracts** | **Name** |  |  |  | **Expiration<br> Date** | **Notional** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 42970 | Euro BTPs |  |  |  | 12/8/2025 | 6050674 |  |
| 45813 | Euro OATs |  |  |  | 12/8/2025 | 6532318 |  |
| (5838725) | JGB |  |  |  | 12/11/2025 | (5368456) |  |
| 4664937 | JGB |  |  |  | 12/11/2025 | 4289209 |  |
| 35871 | Ten-Year Australian Government Bonds |  |  |  | 12/15/2025 | 2694799 |  |
| (94238) | Ultra 10yr US Notes |  |  |  | 12/19/2025 | (10872489) |  |
| (28006) | US 10-year Treasury Note |  |  |  | 12/19/2025 | (3150709) |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Options Purchased** | **Options Purchased** | **Options Purchased** | **Options Purchased** | **Options Purchased** | **Options Purchased** | | |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration<br> Date** | **Exercise<br> Price** |<br>**Notional** |<br>**Fair Value** |
| 540 | S&P 500 Index | Goldman Sachs | Put | 11/21/2025 | 5600 | 3614119 | 5859 |
| **Options Written** |  |  |  |  |  |  |  |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional** | **Fair Value** |
| (4741026) | CDX.NA.IG.44-V1.5Y | Goldman Sachs |  | 10/15/2025 | 50 | (4741026) | (5584) |
| (3740035) | CDX.NA.IG.44-V1.5Y | Goldman Sachs |  | 10/15/2025 | 58 | (3740035) | (308) |
| (5704939) | CDX.NA.IG.44-V1.5Y | Goldman Sachs |  | 10/15/2025 | 47.5000 | (5704939) | (2634) |
| (5704939) | CDX.NA.IG.44-V1.5Y | Goldman Sachs |  | 10/15/2025 | 55.0000 | (5704939) | (701) |
| (6140274) | CDX.NA.IG.44-V1.5Y | Goldman Sachs |  | 10/15/2025 | 52.5000 | (6140274) | (1229) |
| (4297658) | iTraxx Europe.43-V1.5Y | Goldman Sachs |  | 10/15/2025 | 52.5 | (5049748) | (7007) |
| (5060426) | iTraxx Europe.43-V1.5Y | Goldman Sachs |  | 10/15/2025 | 50.0000 | (5946000) | (3618) |
| (3374491) | iTraxx Europe.43-V1.5Y | Goldman Sachs |  | 10/15/2025 | 60 | (3965027) | (423) |
| (3755515) | iTraxx Europe.43-V1.5Y | Goldman Sachs |  | 10/15/2025 | 55 | (4412731) | (1102) |
| (4712851) | iTraxx Europe.43-V1.5Y | Goldman Sachs |  | 10/15/2025 | 57.5 | (5537600) | (878) |
| (714) | S&P 500 Index | Goldman Sachs | Call | 10/03/2025 | 6870 | (4775838) | (71) |
| (843) | S&P 500 Index | Goldman Sachs | Call | 10/03/2025 | 6820 | (5636599) | (209) |
| (974) | S&P 500 Index | Goldman Sachs | Call | 10/03/2025 | 6780 | (6511916) | (1349) |
| (987) | S&P 500 Index | Goldman Sachs | Call | 10/03/2025 | 6910 | (6601407) | (89) |
| (1151) | S&P 500 Index | Goldman Sachs | Call | 10/03/2025 | 6880 | (7701554) | (114) |
| (1355) | S&P 500 Index | Goldman Sachs | Call | 10/03/2025 | 6775 | (9063201) | (2343) |
| (1487) | S&P 500 Index | Goldman Sachs | Call | 10/10/2025 | 6850 | (9942729) | (3881) |
| (553) | S&P 500 Index | Goldman Sachs | Call | 10/10/2025 | 6950 | (3698439) | (192) |
| (465) | S&P 500 Index | Goldman Sachs | Call | 10/17/2025 | 6915 | (3110275) | (1676) |
| (404) | S&P 500 Index | Goldman Sachs | Call | 10/24/2025 | $6975 | (2701762) | (1748) |
| (500) | S&P 500 Index | Goldman Sachs | Put | 11/21/2025 | 5900 | (3346809) | (9208) |
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |  |  |  |
| **Contracts** | **Name** | **Counterparty** | **Pay/Receive** | **Interest<br> Rate** | **Maturity<br> Date** | **Notional** | **Fair Value** |
| 3823741 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0370 | 10/3/2035 | 3823741 | (19968) |
| 3421996 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0350 | 10/10/2035 | 3421996 | 25231 |
| 3608725 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0350 | 10/15/2035 | 3608725 | 29634 |
| (4177481) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0350 | 10/16/2035 | (4177481) | (34206) |
| 4365774 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0350 | 10/17/2035 | 4365774 | 54078 |
| (9223230) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0350 | 10/22/2035 | (9223230) | (90965) |
| 3831828 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0360 | 10/24/2035 | 3831828 | 8717 |
| (8410193) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0360 | 10/29/2035 | (8410193) | (12062) |
| (6741589) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0360 | 10/29/2035 | (6741589) | (9782) |
| (5291091) | 10yr Point On US Dollar | Goldman Sachs | Pay | 0.0370 | 10/31/2035 | (5291091) | 19155 |
| 3636854 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0360 | 11/5/2035 | 3636854 | (6990) |
| 4918689 | 20yr Point On US Dollar | Goldman Sachs | Receive | 0.0410 | 10/3/2045 | 4918689 | (86766) |
| (4702686) | 20yr Point On US Dollar | Goldman Sachs | Pay | 0.0380 | 10/23/2045 | (4702686) | (54793) |
| (3015198) | 20yr Point On US Dollar | Goldman Sachs | Pay | 0.0400 | 10/30/2045 | (3015198) | 11304 |
| 3004938 | 30yr Point On US Dollar | Goldman Sachs | Receive | 0.0410 | 10/4/2055 | 3004938 | (80359) |

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Open Long Futures** | **Open Long Futures** | | | |
| **Contracts** | **Name** | <br>**Expiration<br> Date** |<br>**Notional** |<br>**Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 17854 | Brent Crude Oil | 01/2026 | 1171567 |  |
| 82478 | Chicago Wheat | 03/2026 | 434657 |  |
| 126249 | Coffee | 03/2026 | 453171 |  |
| 328015 | Copper HG | 12/2025 | 1593004 |  |
| 307711 | Corn | 12/2025 | 1278540 |  |
| 107124 | Corn | 03/2026 | 462774 |  |
| 106624 | Corn | 05/2026 | 471011 |  |
| 772 | Gasoil | 01/2026 | 513109 |  |
| 727 | Gold | 12/2025 | 2816833 |  |
| 330806 | Live Cattle | 04/2026 | 787815 |  |
| 208532 | Natural Gas | 05/2026 | 733614 |  |
| 52420 | Soybean | 11/2025 | 525121 |  |
| 46493 | Soybean | 07/2026 | 493180 |  |
| 1169576 | Soybean Oil | 05/2026 | 590168 |  |
| 15749 | WTI Crude Oil | 01/2026 | 971372 |  |
| **Open Short Futures** | **Open Short Futures** | **Open Short Futures** |  |  |
| **Contracts** | **Name** | **Expiration<br> Date** | **Notional** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| (301) | Aluminium | 11/2025 | (808137) |  |
| (7826) | Brent Crude Oil | 12/2025 | (516760) |  |
| (19036) | Brent Crude Oil | 01/2026 | (1249166) |  |
| (95073) | Chicago Wheat | 12/2025 | (482970) |  |
| (171285) | Coffee | 12/2025 | (642061) |  |
| (233885) | Copper HG | 12/2025 | (1135862) |  |
| (224188) | Corn | 12/2025 | (931503) |  |
| (747) | Gasoil | 11/2025 | (513246) |  |
| (335298) | Live Cattle | 12/2025 | (787196) |  |
| (468056) | Natural Gas | 11/2025 | (1545990) |  |
| (109221) | Soybean | 11/2025 | (1094122) |  |
| (2123) | Soybean Meal | 12/2025 | (580174) |  |
| (1488999) | Soybean Oil | 12/2025 | (736905) |  |
| (2811863) | Sugar | 03/2026 | (466769) |  |
| (17287) | WTI Crude Oil | 11/2025 | (1078162) |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Options Purchased** | **Options Purchased** | **Options Purchased** | **Options Purchased** | | | | |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | <br>**Expiration<br> Date** | <br>**Exercise<br> Price** |<br>**Notional** |<br>**Fair Value** |
| 12957 | Brent Crude Oil | Goldman Sachs | Call | 10/28/2025 | 81.00 | 855544 | 1814 |
| 9394 | Brent Crude Oil | Goldman Sachs | Put | 10/28/2025 | 58.00 | 620261 | 1973 |
| 9047 | Brent Crude Oil | Goldman Sachs | Put | 10/28/2025 | 59.00 | 597377 | 2533 |
| 8483 | Brent Crude Oil | Goldman Sachs | Call | 10/28/2025 | 79.00 | 560113 | 1442 |
| 8451 | Brent Crude Oil | Goldman Sachs | Put | 10/28/2025 | 56.00 | 558022 | 1183 |
| 8258 | Brent Crude Oil | Goldman Sachs | Call | 10/28/2025 | 78.00 | 545282 | 1569 |
| 8011 | Brent Crude Oil | Goldman Sachs | Call | 10/28/2025 | 78.50 | 528956 | 1442 |
| 7412 | Brent Crude Oil | Goldman Sachs | Put | 10/28/2025 | 57.00 | 489411 | 1260 |
| 6809 | Brent Crude Oil | Goldman Sachs | Put | 10/28/2025 | 55.50 | 449587 | 817 |
| **Options Written** | **Options Written** | **Options Written** | **Options Written** |  |  |  |  |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional** | **Fair Value** |
| (7314) | Brent Crude Oil | Goldman Sachs | Put | 10/28/2025 | 65.75 | (482910) | (13676) |
| (8002) | Brent Crude Oil | Goldman Sachs | Put | 10/28/2025 | 67.25 | (528350) | (21604) |
| (111150) | Corn | Goldman Sachs | Call | 10/24/2025 | 4.55 | (461827) | (417) |
| (115360) | Corn | Goldman Sachs | Call | 10/24/2025 | 4.40 | (479322) | (1009) |
| (158618) | Corn | Goldman Sachs | Call | 10/24/2025 | 4.45 | (659059) | (991) |
| (174826) | Corn | Goldman Sachs | Call | 10/24/2025 | 4.35 | (726401) | (2185) |
| (174943) | Corn | Goldman Sachs | Call | 10/24/2025 | 4.30 | (726889) | (3280) |
| (55331) | Soybean | Goldman Sachs | Call | 10/24/2025 | 10.80 | (554275) | (346) |
| (56372) | Soybean | Goldman Sachs | Call | 10/24/2025 | 10.60 | (564710) | (634) |
| (57050) | Soybean | Goldman Sachs | Call | 10/24/2025 | 10.70 | (571503) | (428) |
| (66930) | Soybean | Goldman Sachs | Call | 10/24/2025 | 10.50 | (670469) | (1088) |

---

---

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

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Name** | **Fair Value** |
| 19.63 | J.P. Morgan Locator Curve Carry Index (JMABLCCU) | 4635 |
| 9.35 | J.P. Morgan FX Neo Carry Index (JMFXTNCL) | 1854 |
| 1.53 | J.P. Morgan Cross Asset Trend Following Index (AIJPLT2U) | 1085 |
| 19.99 | J.P.Morgan ERP Global Trend 4 Factor Multi-Factor (L/S) USD Index (Series 1)(JPQTR4W1) | 2059 |
| 3.26 | J.P. Morgan Helix 3 Index (JHLXH3US) | 1159 |
| 10.76 | J.P. Morgan Intraday Bespoke Index (JPOSIOB5) | 1141 |
| 5.67 | J.P. Morgan U.S. Technology Momentum QES Long Short Bespoke Index (JPUSNQIM) | 1129 |

---

---

| |
|:---|
| **CATALYST/ASPECT ENHANCED MULTI-ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 38.7%** |  |
|  | **FIXED INCOME - 38.7%** |  |
| 121939 | iShares Core U.S. Aggregate Bond ETF | $12224384 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $11,971,140)** | 12224384 |
|  | **SHORT-TERM INVESTMENTS — 40.6%** |  |
|  | **MONEY MARKET FUNDS - 40.6%** |  |
| 12808216 | First American Treasury Obligations Fund, Class X, 4.02%<sup>(a),(c)</sup> | 12808216 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $12,808,216)** | 12808216 |
|  | **TOTAL INVESTMENTS - 79.3% (Cost $24,779,356)** | $25032600 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 20.7%** | 6524992 |
|  | **NET ASSETS - 100.0%** | $31557592 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 1 | 3 Month Euro Euribor Future | 03/16/2027 | $287377 | $(234) |
| 1 | 3 Month Euro Euribor Future | 06/15/2027 | 287201 | (351) |
| 1 | 3 Month Euro Euribor Future | 09/14/2027 | 287025 | (190) |
| 1 | 3 Month Euro Euribor Future | 12/14/2027 | 286848 | (366) |
| 10 | 3-Month CORRA Futures | 06/17/2026 | 1756531 | 710 |
| 18 | 3-Month CORRA Futures | 09/16/2026 | 3161917 | 5224 |
| 14 | 3-Month CORRA Futures | 12/16/2026 | 2458389 | 3883 |
| 10 | 3-Month CORRA Futures | 03/17/2027 | 1755004 | 2605 |
| 5 | 3-Month CORRA Futures | 06/16/2027 | 877053 | 918 |
| 3 | 3-Month CORRA Futures | 09/15/2027 | 525989 | 490 |
| 2 | Carbon Emissions Future<sup>(c)</sup> | 12/16/2025 | 177788 | (2787) |
| 15 | CBOT 10 Year US Treasury Note Future | 12/22/2025 | 1687500 | (8438) |
| 1 | CBOT 2 Year US Treasury Note Future | 01/01/2026 | 208398 | (477) |
| 12 | CBOT 5 Year US Treasury Note Future | 01/02/2026 | 1310344 | (5992) |
| 2 | CBOT US Treasury Bond Futures | 12/22/2025 | 233188 | (2312) |
| 1 | CME British Pound Currency Future | 12/16/2025 | 84069 | (565) |
| 1 | CME E-Mini NASDAQ 100 Index Future | 12/22/2025 | 498035 | 10909 |
| 3 | CME E-mini Russell 2000 Index Futures | 12/22/2025 | 368325 | 5900 |
| 58 | CME E-Mini Standard & Poor's 500 Index Future | 12/22/2025 | 19542375 | 268612 |
| 1 | CME E-Mini Standard & Poor's MidCap 400 Index Future | 12/22/2025 | 328620 | (2255) |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 3 | CME Feeder Cattle Future<sup>(c)</sup> | 11/21/2025 | $539025 | $(950) |
| 2 | CME Feeder Cattle Future<sup>(c)</sup> | 01/30/2026 | 353050 | 5975 |
| 5 | CME Lean Hogs Future<sup>(c)</sup> | 12/15/2025 | 177450 | 1550 |
| 12 | CME Lean Hogs Future<sup>(c)</sup> | 02/17/2026 | 433440 | 140 |
| 7 | CME Live Cattle Future<sup>(c)</sup> | 01/01/2026 | 657370 | (17750) |
| 6 | CME Live Cattle Future<sup>(c)</sup> | 03/02/2026 | 569220 | (6240) |
| 6 | CME Live Cattle Future<sup>(c)</sup> | 05/01/2026 | 571560 | 9280 |
| 1 | CME Nikkei 225 Index Future | 12/12/2025 | 224700 | 10750 |
| 1 | COMEX Copper Future<sup>(c)</sup> | 12/30/2025 | 121413 | 4650 |
| 6 | COMEX Gold 100 Troy Ounces Future<sup>(c)</sup> | 12/30/2025 | 2323920 | 215330 |
| 4 | COMEX Silver Future<sup>(c)</sup> | 12/30/2025 | 932800 | 129705 |
| 2 | E-mini Dow Jones Industrial Average Index Futures | 12/22/2025 | 466890 | 4930 |
| 1 | Eurex DAX Index Future | 12/22/2025 | 704714 | 4665 |
| 8 | Eurex EURO STOXX 50 Future | 12/22/2025 | 520404 | 7733 |
| 5 | Euro-BTP Italian Bond Futures | 12/09/2025 | 703452 | 1626 |
| 5 | Euronext CAC 40 Index Future | 10/20/2025 | 463430 | 4413 |
| 13 | EUX Short term Euro-BTP Futures | 12/09/2025 | 1647282 | (1172) |
| 8 | FTSE 100 Index Future | 12/22/2025 | 1012171 | 8292 |
| 2 | FTSE/MIB Index Future | 12/22/2025 | 498873 | (2908) |
| 1 | Future on STOXX Europe 600 ESG-X | 12/22/2025 | 23949 | (1) |
| 14 | HKG Hang Seng China Enterprises Index Future | 10/31/2025 | 861388 | 19445 |
| 5 | HKG Hang Seng Index Future | 10/31/2025 | 864575 | 23187 |
| 1 | ICE Gas Oil Future<sup>(c)</sup> | 11/13/2025 | 68700 | 550 |
| 1 | ICE Gas Oil Future<sup>(c)</sup> | 12/12/2025 | 67350 | (1675) |
| 4 | ICE US mini MSCI EAFE Index Futures | 12/22/2025 | 557060 | 1515 |
| 11 | ICE US MSCI Emerging Markets EM Index Futures | 12/22/2025 | 747835 | 12705 |
| 1 | LME Copper Future<sup>(c)</sup> | 12/16/2025 | 256785 | (993) |
| 2 | LME Primary Aluminum Future<sup>(c)</sup> | 12/16/2025 | 134045 | (863) |
| 1 | LME Zinc Future<sup>(c)</sup> | 12/16/2025 | 74229 | (547) |
| 1 | MDE Crude Palm Oil Future<sup>(c)</sup> | 12/16/2025 | 25854 | (667) |
| 12 | Montreal Exchange 10 Year Canadian Bond Future | 12/19/2025 | 1056107 | 1100 |
| 37 | Montreal Exchange 2 Year Canadian Bond Future | 12/19/2025 | 2815186 | 4411 |
| 22 | Montreal Exchange 5 Year Canadian Bond Future | 12/19/2025 | 1823307 | 2346 |
| 3 | Montreal Exchange S&P/TSX 60 Index Future | 12/19/2025 | 764440 | 18085 |
| 1 | NYBOT CSC C Coffee Future<sup>(c)</sup> | 12/19/2025 | 140569 | 11175 |
| 1 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 11/03/2025 | 97612 | (937) |
| 1 | NYMEX Palladium Future<sup>(c)</sup> | 12/30/2025 | 128740 | (2810) |
| 6 | NYMEX Platinum Future<sup>(c)</sup> | 01/29/2026 | 481710 | 37150 |
| 1 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 11/03/2025 | 80737 | (751) |
| 12 | OML Stockholm OMXS30 Index Future | 10/20/2025 | 339683 | 1807 |
| 1 | OSE Platinum Future<sup>(c)</sup> | 08/27/2026 | 25226 | 2834 |
| 6 | SAFEX FTSE/JSE Top 40 Index Future | 12/19/2025 | 354928 | 14164 |
| 4 | SFE 10 Year Australian Bond Future | 12/16/2025 | 299971 | (1499) |
| 1 | SFE 3 Year Australian Bond Future | 12/16/2025 | 70685 | (271) |
| 4 | SFE 90 Day Australian Bank Accepted Bills Future | 06/12/2026 | 2624569 | (957) |
| 4 | SFE 90 Day Australian Bank Accepted Bills Future | 09/11/2026 | 2624440 | (1338) |
| 2 | SFE 90 Day Australian Bank Accepted Bills Future | 12/11/2026 | 1312156 | (605) |
| 2 | SFE 90 Day Australian Bank Accepted Bills Future | 03/12/2027 | 1312028 | (636) |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 1 | SFE 90 Day Australian Bank Accepted Bills Future | 06/11/2027 | $655966 | $(349) |
| 3 | SFE S&P ASX Share Price Index 200 Future | 12/19/2025 | 440275 | (617) |
| 24 | SGX Asiaclear TSI Iron Ore CFR China 62% FE Fines Future<sup>(c)</sup> | 12/01/2025 | 248591 | 516 |
| 88 | SGX FTSE China A50 Futures Contract | 10/31/2025 | 1330120 | 3223 |
| 4 | SGX FTSE Taiwan Index Futures | 10/31/2025 | 342120 | (3020) |
| 4 | SGX MSCI Singapore Index Future | 10/31/2025 | 138725 | (258) |
| 2 | SGX Nikkei 225 Stock Index Future | 12/12/2025 | 303687 | 10605 |
| 7 | TEF SET50 Index Future | 12/30/2025 | 35216 | (738) |
| 2 | Three Month SONIA Index Futures | 06/16/2027 | 648107 | (620) |
| 3 | Three Month SONIA Index Futures | 09/15/2027 | 971858 | (989) |
| 2 | Three Month SONIA Index Futures | 12/15/2027 | 647670 | (687) |
| 1 | Three Month SONIA Index Futures | 03/15/2028 | 323734 | (284) |
| 2 | Three-Month SOFR Futures | 03/17/2027 | 484525 | (1000) |
| 4 | Three-Month SOFR Futures | 06/16/2027 | 969150 | (1763) |
| 6 | Three-Month SOFR Futures | 09/15/2027 | 1453500 | (2513) |
| 7 | Three-Month SOFR Futures | 12/15/2027 | 1695138 | (2412) |
| 8 | Three-Month SOFR Futures | 03/15/2028 | 1936400 | (2213) |
| 7 | Three-Month SOFR Futures | 06/21/2028 | 1693475 | (2238) |
| 3 | TSE TOPIX (Tokyo Price Index) Future | 12/12/2025 | 637266 | 5725 |
| 9 | TurkDEX ISE 30 Futures | 11/03/2025 | 27048 | (1247) |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $790348 |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 11 | 3 Month Euro Euribor Future | 03/16/2026 | $3164211 | $2094 |
| 3 | 3 Month Euro Euribor Future | 06/15/2026 | 863143 | 102 |
| 2 | 3 Month Euro Euribor Future | 09/14/2026 | 575340 | 15 |
| 1 | CBOT Corn Future<sup>(c)</sup> | 03/16/2026 | 21600 | 525 |
| 4 | CBOT Corn Future<sup>(c)</sup> | 12/15/2025 | 83100 | (1612) |
| 2 | CBOT Soybean Future<sup>(c)</sup> | 11/17/2025 | 100175 | 663 |
| 27 | CBOT Soybean Meal Future<sup>(c)</sup> | 12/15/2025 | 737910 | 23240 |
| 8 | CBOT Wheat Future<sup>(c)</sup> | 03/16/2026 | 210800 | 4513 |
| 11 | CBOT Wheat Future<sup>(c)</sup> | 12/15/2025 | 279400 | 9625 |
| 1 | CME Canadian Dollar Currency Future | 12/17/2025 | 72100 | (20) |
| 1 | CME Japanese Yen Currency Future | 12/16/2025 | 85175 | (382) |
| 1 | CME New Zealand Dollar Currency Future | 12/16/2025 | 58145 | (45) |
| 1 | Cocoa Future<sup>(c)</sup> | 12/12/2025 | 63614 | 2551 |
| 6 | Eurex 10 Year Euro BUND Future | 12/09/2025 | 905635 | (2211) |
| 20 | Eurex 2 Year Euro SCHATZ Future | 12/09/2025 | 2511857 | 68 |
| 5 | Eurex 30 Year Euro BUXL Future | 12/09/2025 | 671989 | (9897) |
| 5 | Eurex 5 Year Euro BOBL Future | 12/09/2025 | 691536 | (812) |
| 31 | Euronext Milling Wheat Future<sup>(c)</sup> | 12/11/2025 | 338915 | 16846 |
| 1 | Euronext Rapeseed Future<sup>(c)</sup> | 02/02/2026 | 27295 | 322 |
| 1 | French Government Bond Futures | 12/09/2025 | 142463 | (281) |
| 6 | IFSC NIFTY 50 Index Futures | 10/29/2025 | 297138 | 3152 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | | | |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 17 | KCBT Hard Red Winter Wheat Future<sup>(c)</sup> | 12/15/2025 | $423087 | $26788 |
| 1 | LME Lead Future<sup>(c)</sup> | 12/16/2025 | 49549 | 97 |
| 2 | LME Nickel Future<sup>(c)</sup> | 12/16/2025 | 182525 | (1865) |
| 14 | Long Gilt Future | 12/30/2025 | 1710389 | (5192) |
| 5 | MGE Red Wheat Future<sup>(c)</sup> | 12/15/2025 | 140688 | 4412 |
| 21 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 03/02/2026 | 390432 | (3203) |
| 15 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 05/01/2026 | 271152 | (1870) |
| 6 | NYBOT CTN Number 2 Cotton Future<sup>(c)</sup> | 12/09/2025 | 197310 | 3485 |
| 5 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 10/30/2025 | 165150 | (340) |
| 3 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 11/26/2025 | 116400 | (1440) |
| 1 | SAFEX White Maize Future<sup>(c)</sup> | 12/23/2025 | 21223 | 590 |
| 9 | SFE 90 Day Australian Bank Accepted Bills Future | 12/12/2025 | 5903259 | 1608 |
| 7 | SFE 90 Day Australian Bank Accepted Bills Future | 03/13/2026 | 4592547 | 701 |
| 15 | Three Month SONIA Index Futures | 06/16/2026 | 4854247 | 1372 |
| 3 | Three Month SONIA Index Futures | 09/15/2026 | 971707 | 115 |
| 2 | Three Month SONIA Index Futures | 12/15/2026 | 648107 | (101) |
| 1 | Three Month SONIA Index Futures | 03/17/2027 | 324104 | (50) |
| 4 | Three-Month SOFR Futures | 06/16/2026 | 965050 | (175) |
| 4 | Three-Month SOFR Futures | 09/15/2026 | 967150 | (62) |
| 4 | TSE Japanese 10 Year Bond Futures | 12/16/2025 | 3673327 | 17700 |
| 5 | TTF Natural Gas Base Load Monthly Futures<sup>(c)</sup> | 10/31/2025 | 132754 | 4567 |
| 1 | WCE Canola Future<sup>(c)</sup> | 01/15/2026 | 8886 | 224 |
| 1 | White Sugar Future<sup>(c)</sup> | 11/17/2025 | 23415 | (450) |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $95367 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $885715 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Brazilian Real | 10/02/2025 | Deutsche Bank | 9282823 | $1744139 | $44138 |
| Australian Dollar | 10/15/2025 | Deutsche Bank | 800000 | 529396 | (2103) |
| British Pound | 10/15/2025 | Deutsche Bank | 1200000 | 1614021 | (9866) |
| Canadian Dollar | 10/15/2025 | Deutsche Bank | 2357962 | 1695953 | (4048) |
| Euro | 10/15/2025 | Deutsche Bank | 1150000 | 1351392 | (2300) |
| Israeli Shekel | 10/15/2025 | Deutsche Bank | 2990269 | 902750 | 2749 |
| Japanese Yen | 10/15/2025 | Deutsche Bank | 169814698 | 1150436 | 436 |
| Mexican Peso | 10/15/2025 | Deutsche Bank | 43991856 | 2397644 | 47642 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** |
| <br>**Foreign Currency** | <br>**Settlement Date** | <br>**Counterparty** |<br>**Local Currency** |<br>**U.S. Dollar Value** | **Unrealized**<br>**Appreciation/<br> (Depreciation)** |
| **To Buy: (continued)** |  |  |  |  |  |
| New Zealand Dollar | 10/15/2025 | Deutsche Bank | 1600000 | $928217 | $(8526) |
| Singapore Dollar | 10/15/2025 | Deutsche Bank | 256639 | 199212 | (788) |
| South African Rand | 10/15/2025 | Deutsche Bank | 17568243 | 1016192 | 16192 |
| Swiss Franc | 10/15/2025 | Deutsche Bank | 552971 | 696041 | (3959) |
| Thailand Baht | 10/15/2025 | Deutsche Bank | 14252338 | 439781 | (10219) |
| Chinese Yuan Offshore | 10/15/2025 | Deutsche Bank | 5688774 | 798967 | (1033) |
| Brazilian Real | 11/04/2025 | Deutsche Bank | 7501435 | 1397401 | (2607) |
| Australian Dollar | 11/19/2025 | Deutsche Bank | 300000 | 198611 | 456 |
| British Pound | 11/19/2025 | Deutsche Bank | 750000 | 1008840 | 124 |
| Euro | 11/19/2025 | Deutsche Bank | 850000 | 1000892 | 327 |
| Israeli Shekel | 11/19/2025 | Deutsche Bank | 2145187 | 647701 | (2299) |
| Mexican Peso | 11/19/2025 | Deutsche Bank | 35029426 | 1901947 | 1946 |
| South African Rand | 11/19/2025 | Deutsche Bank | 17356865 | 1001457 | 1456 |
| Swiss Franc | 11/19/2025 | Deutsche Bank | 277435 | 350660 | 660 |
| Thailand Baht | 11/19/2025 | Deutsche Bank | 4839110 | 149605 | (395) |
| Chilean Peso | 12/17/2025 | Deutsche Bank | 286358472 | 297829 | (2171) |
| Columbian Peso | 12/17/2025 | Deutsche Bank | 2596341998 | 654519 | 4516 |
| Indian Rupee | 12/17/2025 | Deutsche Bank | 13263734 | 148577 | (1423) |
| Indonesia Rupiah | 12/17/2025 | Deutsche Bank | 822745979 | 49171 | (829) |
| Peruvian Sole | 12/17/2025 | Deutsche Bank | 1412432 | 406091 | 6091 |
| Philippine Peso | 12/17/2025 | Deutsche Bank | 2843360 | 48615 | (1385) |
| South Korean Won | 12/17/2025 | Deutsche Bank | 137702348 | 98443 | (1557) |
| Taiwanese Dollar | 12/17/2025 | Deutsche Bank | 4483510 | 148062 | (1938) |
|  |  |  |  | $24972562 | $69287 |
| **To Sell:** |  |  |  |  |  |
| Brazilian Real | 10/02/2025 | Deutsche Bank | 9282825 | $1744139 | $(3901) |
| Australian Dollar | 10/15/2025 | Deutsche Bank | 800000 | 529396 | (2838) |
| British Pound | 10/15/2025 | Deutsche Bank | 1200000 | 1614016 | (800) |
| Canadian Dollar | 10/15/2025 | Deutsche Bank | 2353214 | 1692536 | 7464 |
| Chinese Yuan Offshore | 10/15/2025 | Deutsche Bank | 5693599 | 799641 | 359 |
| Euro | 10/15/2025 | Deutsche Bank | 1150000 | 1351393 | (1376) |
| Israeli Shekel | 10/15/2025 | Deutsche Bank | 2984180 | 900911 | (911) |
| Japanese Yen | 10/15/2025 | Deutsche Bank | 170075381 | 1152203 | (2203) |
| Mexican Peso | 10/15/2025 | Deutsche Bank | 43240983 | 2356722 | (6721) |
| New Zealand Dollar | 10/15/2025 | Deutsche Bank | 1600000 | 928207 | 8943 |
| Singapore Dollar | 10/15/2025 | Deutsche Bank | 257787 | 200103 | (103) |
| South African Rand | 10/15/2025 | Deutsche Bank | 17313614 | 1001465 | (1465) |
| Swiss Franc | 10/15/2025 | Deutsche Bank | 557145 | 701295 | (1295) |
| Thailand Baht | 10/15/2025 | Deutsche Bank | 14492886 | 447204 | 2796 |
| Canadian Dollar | 11/19/2025 | Deutsche Bank | 1943635 | 1400225 | (225) |
| Chinese Yuan Offshore | 11/19/2025 | Deutsche Bank | 2487773 | 350272 | (272) |
| Japanese Yen | 11/19/2025 | Deutsche Bank | 139999425 | 951791 | (1791) |
| New Zealand Dollar | 11/19/2025 | Deutsche Bank | 1100000 | 639009 | (145) |
| Singapore Dollar | 11/19/2025 | Deutsche Bank | 128520 | 100023 | (23) |
| Swiss Franc | 11/19/2025 | Deutsche Bank | 39629 | 50088 | (88) |
| Chilean Peso | 12/17/2025 | Deutsche Bank | 384674162 | 400081 | (82) |
| Indian Rupee | 12/17/2025 | Deutsche Bank | 97682454 | 1094210 | 5790 |
| Indonesia Rupiah | 12/17/2025 | Deutsche Bank | 4987773851 | 298090 | 1910 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** |
| <br>**Foreign Currency** | <br>**Settlement Date** | <br>**Counterparty** |<br>**Local Currency** |<br>**U.S. Dollar Value** | **Unrealized**<br>**Appreciation/<br> (Depreciation)** |
| **To Sell: (continued)** |  |  |  |  |  |
| Peruvian Sole | 12/17/2025 | Deutsche Bank | 174645 | $50213 | $(213) |
| Philippine Peso | 12/17/2025 | Deutsche Bank | 2915374 | 49846 | 154 |
| South Korean Won | 12/17/2025 | Deutsche Bank | 555846472 | 397373 | 2626 |
| Taiwanese Dollar | 12/17/2025 | Deutsche Bank | 15098977 | 498621 | 1379 |
|  |  |  |  | $21699073 | $6969 |
| **Total** |  |  |  |  | $76256 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** |
| **Foreign Currency** | **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local Currency<br> Amount<br> Purchased Sell** | **Local Currency<br> Amount Purchased<br> Sell** | **U.S. Dollar Market<br> Value Buy** | **U.S. Dollar Market<br> Value Sell** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |  |  |
| British Pound | Euro | 10/15/2025 | Deutsche Bank | 1178755 | 1350000 | 1585447 | (1586422) | $(975) |
| Czech Koruna | Euro | 10/15/2025 | Deutsche Bank | 14658236 | 600000 | 707278 | (705075) | 2203 |
| Euro | British Pound | 10/15/2025 | Deutsche Bank | 1350000 | 1177191 | 1586415 | (1583337) | 3078 |
| Euro | Czech Koruna | 10/15/2025 | Deutsche Bank | 600000 | 14593720 | 705075 | (704164) | 911 |
| Euro | Hungarian Forints | 10/15/2025 | Deutsche Bank | 1600000 | 626410055 | 1880201 | (1883830) | (3629) |
| Euro | Japanese Yen | 10/15/2025 | Deutsche Bank | 3900000 | 674705580 | 4582990 | (4570901) | 12089 |
| Euro | Norwegian Krone | 10/15/2025 | Deutsche Bank | 1500000 | 17604746 | 1762687 | (1764042) | (1355) |
| Euro | Polish Zloty | 10/15/2025 | Deutsche Bank | 1200000 | 5125427 | 1410149 | (1409793) | 356 |
| Euro | Swedish Krona | 10/15/2025 | Deutsche Bank | 1200000 | 13267698 | 1410149 | (1410735) | (586) |
| Euro | Swiss Franc | 10/15/2025 | Deutsche Bank | 1000000 | 932293 | 1175124 | (1173508) | 1616 |
| Hungarian Forints | Euro | 10/15/2025 | Deutsche Bank | 632175867 | 1600000 | 1901168 | (1880202) | 20966 |
| Japanese Yen | Euro | 10/15/2025 | Deutsche Bank | 677354706 | 3900000 | 4588845 | (4582989) | 5856 |
| Norwegian Krone | Euro | 10/15/2025 | Deutsche Bank | 17561143 | 1500000 | 1759674 | (1762687) | (3013) |
| Polish Zloty | Euro | 10/15/2025 | Deutsche Bank | 5115901 | 1200000 | 1407171 | (1410150) | (2979) |
| Swedish Krona | Euro | 10/15/2025 | Deutsche Bank | 13172883 | 1200000 | 1400654 | (1410149) | (9495) |
| Swiss Franc | Euro | 10/15/2025 | Deutsche Bank | 933746 | 1000000 | 1175333 | (1175125) | 208 |
| Czech Koruna | Euro | 11/19/2025 | Deutsche Bank | 13395731 | 550000 | 646825 | (647637) | (812) |
| Euro | British Pound | 11/19/2025 | Deutsche Bank | 1250000 | 1094152 | 1471902 | (1471769) | 133 |
| Euro | Japanese Yen | 11/19/2025 | Deutsche Bank | 3350000 | 581433034 | 3944696 | (3952893) | (8197) |
| Euro | Swiss Franc | 11/19/2025 | Deutsche Bank | 700000 | 652990 | 824265 | (825339) | (1074) |
| Hungarian Forints | Euro | 11/19/2025 | Deutsche Bank | 491356534 | 1250000 | 1474414 | (1471902) | 2512 |

---

---

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)** |
| **Foreign Currency** | **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local Currency<br> Amount<br> Purchased Sell** | **Local Currency<br> Amount Purchased<br> Sell** | **U.S. Dollar Market<br> Value Buy** | **U.S. Dollar Market<br> Value Sell** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy:<br> (continued)** | **To Sell:<br> (continued)** |  |  |  |  |  |  |  |
| Norwegian Krone | Euro | 11/19/2025 | Deutsche Bank | 13536742 | 1150000 | 1356590 | (1354150) | $2440 |
| Polish Zloty | Euro | 11/19/2025 | Deutsche Bank | 3641476 | 850000 | 1001095 | (1000894) | 201 |
| Swedish Krona | Euro | 11/19/2025 | Deutsche Bank | 8852186 | 800000 | 943303 | (942018) | 1285 |
|  |  |  |  |  |  | $**40701450** | $**40679711** | $**21739** |
| **Total** |  |  |  |  |  |  |  | $21739 |

---

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

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

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

---

| |
|:---|
| **CATALYST ENERGY INFRASTRUCTURE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8%** |  |
|  | **OIL & GAS PRODUCERS - 99.8%** |  |
| 159281 | Cheniere Energy, Inc. | $37427848 |
| 167910 | DT Midstream, Inc. | 18983905 |
| 366049 | Enbridge, Inc. | 18470833 |
| 2156405 | Energy Transfer, L.P. | 37003910 |
| 564894 | Enterprise Products Partners, L.P. | 17664235 |
| 201361 | Hess Midstream, L.P., Class A | 6957023 |
| 662578 | Kinder Morgan, Inc. | 18757583 |
| 426663 | Kinetik Holdings, Inc. | 18235577 |
| 362219 | MPLX, L.P. | 18092839 |
| 4642512 | NextDecade Corporation<sup>(a)</sup> | 31522656 |
| 243414 | ONEOK, Inc. | 17761920 |
| 445057 | Pembina Pipeline Corporation | 18007006 |
| 938873 | Plains GP Holdings, L.P., Class A | 17125044 |
| 203969 | South Bow Corporation | 5770283 |
| 211971 | Targa Resources Corporation | 35513621 |
| 346288 | TC Energy Corporation | 18841530 |
| 1875673 | Venture Global, Inc. | 26615800 |
| 464840 | Western Midstream Partners, L.P. | 18263564 |
| 304251 | Williams Companies, Inc. (The) | 19274301 |
|  |  | 400289478 |
|  | **TOTAL COMMON STOCKS (Cost $291,026,353)** | 400289478 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $291,026,353)** | $400289478 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 603658 |
|  | **NET ASSETS - 100.0%** | $400893136 |

---

LP - Limited Partnership <br>

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

---

| |
|:---|
| **CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 65.6%** |  |
|  | **AEROSPACE & DEFENSE - 1.5%** |  |
| 869 | Boeing Company (The)<sup>(a)</sup> | $187556 |
| 434 | General Dynamics Corporation | 147994 |
| 434 | Howmet Aerospace, Inc. | 85164 |
| 434 | L3Harris Technologies, Inc. | 132548 |
| 869 | RTX Corporation | 145410 |
| 869 | Textron, Inc. | 73422 |
|  |  | 772094 |
|  | **ASSET MANAGEMENT - 0.4%** |  |
| 434 | Apollo Global Management, Inc. | 57839 |
| 434 | Blackstone, Inc. | 74149 |
| 869 | Charles Schwab Corporation (The) | 82964 |
|  |  | 214952 |
|  | **AUTOMOTIVE - 2.0%** |  |
| 13035 | Ford Motor Company | 155899 |
| 1738 | General Motors Company | 105966 |
| 1738 | Tesla, Inc.<sup>(a)</sup> | 772923 |
|  |  | 1034788 |
|  | **BANKING - 4.3%** |  |
| 10428 | Bank of America Corporation | 537981 |
| 869 | Citigroup, Inc. | 88204 |
| 1738 | Fifth Third Bancorp | 77428 |
| 2607 | Huntington Bancshares, Inc. | 45023 |
| 2172 | JPMorgan Chase & Company | 685113 |
| 434 | M&T Bank Corporation | 85767 |
| 869 | PNC Financial Services Group, Inc. (The) | 174608 |
| 1738 | Regions Financial Corporation | 45831 |
| 1738 | Truist Financial Corporation | 79461 |
| 2172 | US Bancorp | 104973 |
| 3041 | Wells Fargo & Company | 254897 |
|  |  | 2179286 |
|  | **BEVERAGES - 0.3%** |  |
| 2607 | Coca-Cola Company (The) | 172896 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 65.6% (Continued)** |  |
|  | **CHEMICALS - 0.7%** |  |
| 1303 | DuPont de Nemours, Inc. | $101504 |
| 434 | Ecolab, Inc. | 118855 |
| 434 | Sherwin-Williams Company (The) | 150277 |
|  |  | 370636 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.9%** |  |
| 869 | Cintas Corporation | 178371 |
| 869 | Republic Services, Inc. | 199418 |
| 434 | Waste Management, Inc. | 95840 |
|  |  | 473629 |
|  | **CONSTRUCTION MATERIALS - 0.3%** |  |
| 434 | Vulcan Materials Company | 133507 |
|  | **CONTAINERS & PACKAGING - 0.2%** |  |
| 434 | Packaging Corporation of America | 94582 |
|  | **DATA CENTER REIT - 0.3%** |  |
| 869 | Digital Realty Trust, Inc. | 150233 |
|  | **DIVERSIFIED INDUSTRIALS - 1.7%** |  |
| 869 | 3M Company | 134851 |
| 869 | Emerson Electric Company | 113995 |
| 434 | General Electric Company | 130556 |
| 1303 | Honeywell International, Inc. | 274283 |
| 869 | Illinois Tool Works, Inc. | 226600 |
|  |  | 880285 |
|  | **E-COMMERCE DISCRETIONARY - 0.2%** |  |
| 869 | eBay, Inc. | 79036 |
|  | **ELECTRIC UTILITIES - 4.2%** |  |
| 869 | Ameren Corporation | 90706 |
| 869 | American Electric Power Company, Inc. | 97763 |
| 1303 | CMS Energy Corporation | 95458 |
| 869 | Consolidated Edison, Inc. | 87352 |
| 2172 | Dominion Energy, Inc. | 132861 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 65.6% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 4.2% (Continued)** |  |
| 1303 | Duke Energy Corporation | $161246 |
| 869 | Entergy Corporation | 80982 |
| 1303 | Eversource Energy | 92695 |
| 2172 | Exelon Corporation | 97762 |
| 1738 | FirstEnergy Corporation | 79635 |
| 5214 | NextEra Energy, Inc. | 393605 |
| 2172 | PPL Corporation | 80712 |
| 1738 | Public Service Enterprise Group, Inc. | 145053 |
| 1738 | Sempra | 156385 |
| 1738 | Southern Company (The) | 164710 |
| 869 | WEC Energy Group, Inc. | 99579 |
| 1303 | Xcel Energy, Inc. | 105087 |
|  |  | 2161591 |
|  | **ELECTRICAL EQUIPMENT - 1.5%** |  |
| 434 | AMETEK, Inc. | 81592 |
| 869 | Amphenol Corporation, Class A | 107539 |
| 434 | Hubbell, Inc. | 186754 |
| 434 | Keysight Technologies, Inc.<sup>(a)</sup> | 75915 |
| 434 | Rockwell Automation, Inc. | 151696 |
| 434 | Trane Technologies PLC | 183131 |
|  |  | 786627 |
|  | **ENGINEERING & CONSTRUCTION - 0.1%** |  |
| 434 | Jacobs Solutions, Inc. | 65039 |
|  | **FOOD - 0.2%** |  |
| 1738 | Mondelez International, Inc., Class A | 108573 |
|  | **HEALTH CARE REIT - 0.8%** |  |
| 7386 | Healthpeak Properties, Inc. | 141442 |
| 1738 | Ventas, Inc. | 121643 |
| 869 | Welltower, Inc. | 154803 |
|  |  | 417888 |
|  | **HOME CONSTRUCTION - 0.3%** |  |
| 434 | DR Horton, Inc. | 73550 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 65.6% (Continued)** |  |
|  | **HOME CONSTRUCTION - 0.3% (Continued)** |  |
| 434 | PulteGroup, Inc. | $57344 |
|  |  | 130894 |
|  | **HOTEL REIT - 0.2%** |  |
| 6083 | Host Hotels & Resorts, Inc. | 103533 |
|  | **INDUSTRIAL REIT - 0.8%** |  |
| 3476 | Prologis, Inc. | 398072 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 2172 | Fastenal Company | 106515 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.5%** |  |
| 434 | Bank of New York Mellon Corporation (The) | 47289 |
| 434 | Intercontinental Exchange, Inc. | 73120 |
| 869 | Nasdaq, Inc. | 76863 |
| 434 | State Street Corporation | 50348 |
|  |  | 247620 |
|  | **INSURANCE - 3.0%** |  |
| 869 | Aflac, Inc. | 97067 |
| 434 | Allstate Corporation (The) | 93158 |
| 869 | American International Group, Inc. | 68251 |
| 434 | Aon PLC, Class A | 154756 |
| 434 | Arthur J. Gallagher & Company | 134427 |
| 434 | Brown & Brown, Inc. | 40705 |
| 434 | Cincinnati Financial Corporation | 68615 |
| 434 | Marsh & McLennan Companies, Inc. | 87464 |
| 1738 | MetLife, Inc. | 143159 |
| 869 | Principal Financial Group, Inc. | 72049 |
| 1303 | Progressive Corporation (The) | 321777 |
| 869 | Prudential Financial, Inc. | 90150 |
| 434 | Travelers Companies, Inc. (The) | 121181 |
| 434 | W R Berkley Corporation | 33253 |
|  |  | 1526012 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 65.6% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 2.7%** |  |
| 3041 | Alphabet, Inc., Class A | $739267 |
| 869 | Meta Platforms, Inc., Class A | 638176 |
|  |  | 1377443 |
|  | **LEISURE FACILITIES & SERVICES - 2.1%** |  |
| 3041 | Carnival Corporation<sup>(a)</sup> | 87915 |
| 869 | Hilton Worldwide Holdings, Inc. | 225453 |
| 869 | Marriott International, Inc., Class A | 226322 |
| 869 | McDonald's Corporation | 264081 |
| 434 | Royal Caribbean Cruises Ltd. | 140434 |
| 869 | Yum! Brands, Inc. | 132088 |
|  |  | 1076293 |
|  | **MACHINERY - 1.1%** |  |
| 434 | Caterpillar, Inc. | 207082 |
| 434 | Deere & Company | 198451 |
| 869 | Xylem, Inc. | 128178 |
|  |  | 533711 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.6%** |  |
| 3041 | Boston Scientific Corporation<sup>(a)</sup> | 296893 |
| 1303 | Edwards Lifesciences Corporation<sup>(a)</sup> | 101334 |
| 434 | ResMed, Inc. | 118799 |
| 869 | Stryker Corporation | 321243 |
|  |  | 838269 |
|  | **METALS & MINING - 0.1%** |  |
| 869 | Newmont Corporation | 73265 |
|  | **MULTI ASSET CLASS REIT - 0.2%** |  |
| 1303 | WP Carey, Inc. | 88044 |
|  | **OFFICE REIT - 0.2%** |  |
| 1303 | BXP, Inc. | 96865 |
|  | **OIL & GAS PRODUCERS – 5.0%** |  |
| 434 | Cheniere Energy, Inc. | 101981 |
| 2607 | Chevron Corporation | 404842 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 65.6% (Continued)** |  |
|  | **OIL & GAS PRODUCERS – 5.0% (Continued)** |  |
| 3476 | ConocoPhillips | $328796 |
| 434 | Diamondback Energy, Inc. | 62105 |
| 6083 | Exxon Mobil Corporation | 685859 |
| 4779 | Kinder Morgan, Inc. | 135293 |
| 869 | Marathon Petroleum Corporation | 167491 |
| 2172 | MPLX, L.P. | 108491 |
| 2172 | Occidental Petroleum Corporation | 102627 |
| 1303 | ONEOK, Inc. | 95080 |
| 869 | Phillips 66 | 118201 |
| 434 | Valero Energy Corporation | 73893 |
| 2172 | Williams Companies, Inc. (The) | 137596 |
|  |  | 2522255 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.2%** |  |
| 1738 | Baker Hughes Company | 84675 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.5%** |  |
| 1303 | Iron Mountain, Inc. | 132828 |
| 3041 | VICI Properties, Inc. | 99167 |
|  |  | 231995 |
|  | **REAL ESTATE SERVICES - 0.1%** |  |
| 434 | CBRE Group, Inc., Class A<sup>(a)</sup> | 68381 |
|  | **RENEWABLE ENERGY - 0.2%** |  |
| 434 | First Solar, Inc.<sup>(a)</sup> | 95710 |
|  | **RESIDENTIAL REIT - 0.6%** |  |
| 434 | AvalonBay Communities, Inc. | 83836 |
| 1303 | Equity Residential | 84343 |
| 434 | Essex Property Trust, Inc. | 116164 |
|  |  | 284343 |
|  | **RETAIL - DISCRETIONARY - 3.1%** |  |
| 1303 | Best Buy Company, Inc. | 98533 |
| 869 | Genuine Parts Company | 120443 |
| 1738 | Home Depot, Inc. (The) | 704221 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 65.6% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 3.1% (Continued)** |  |
| 1303 | Lowe's Companies, Inc. | $327457 |
| 869 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 93687 |
| 869 | TJX Companies, Inc. (The) | 125605 |
| 1738 | Tractor Supply Company | 98840 |
|  |  | 1568786 |
|  | **RETAIL REIT - 0.5%** |  |
| 4779 | Kimco Realty Corporation | 104421 |
| 869 | Simon Property Group, Inc. | 163084 |
|  |  | 267505 |
|  | **SELF-STORAGE REIT - 0.3%** |  |
| 434 | Public Storage | 125361 |
|  | **SEMICONDUCTORS - 4.8%** |  |
| 1738 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 281191 |
| 869 | Analog Devices, Inc. | 213513 |
| 1303 | Applied Materials, Inc. | 266776 |
| 1303 | Broadcom, Inc. | 429873 |
| 869 | Lam Research Corporation | 116359 |
| 1303 | Marvell Technology, Inc. | 109543 |
| 869 | Micron Technology, Inc. | 145401 |
| 3910 | NVIDIA Corporation | 729529 |
| 869 | Texas Instruments, Inc. | 159661 |
|  |  | 2451846 |
|  | **SOFTWARE - 4.3%** |  |
| 434 | Autodesk, Inc.<sup>(a)</sup> | 137869 |
| 434 | Cadence Design Systems, Inc.<sup>(a)</sup> | 152447 |
| 869 | Fortinet, Inc.<sup>(a)</sup> | 73066 |
| 434 | Intuit, Inc. | 296383 |
| 1303 | Microsoft Corporation | 674888 |
| 434 | Oracle Corporation | 122058 |
| 869 | Palo Alto Networks, Inc.<sup>(a)</sup> | 176946 |
| 434 | ServiceNow, Inc.<sup>(a)</sup> | 399402 |
| 869 | SS&C Technologies Holdings, Inc. | 77132 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 65.6% (Continued)** |  |
|  | **SOFTWARE - 4.3% (Continued)** |  |
| 434 | Workday, Inc., Class A<sup>(a)</sup> | $104477 |
|  |  | 2214668 |
|  | **SPECIALTY FINANCE - 0.6%** |  |
| 869 | American Express Company | 288647 |
| 434 | Synchrony Financial | 30836 |
|  |  | 319483 |
|  | **TECHNOLOGY HARDWARE - 3.5%** |  |
| 2607 | Apple, Inc. | 663820 |
| 869 | Arista Networks, Inc.<sup>(a)</sup> | 126622 |
| 5214 | Cisco Systems, Inc. | 356742 |
| 869 | Dell Technologies, Inc., Class C | 123198 |
| 3910 | Hewlett Packard Enterprise Company | 96030 |
| 3476 | HP, Inc. | 94651 |
| 434 | Motorola Solutions, Inc. | 198464 |
| 869 | NetApp, Inc. | 102942 |
|  |  | 1762469 |
|  | **TECHNOLOGY SERVICES - 5.0%** |  |
| 434 | Automatic Data Processing, Inc. | 127379 |
| 434 | Block, Inc.<sup>(a)</sup> | 31365 |
| 434 | Broadridge Financial Solutions, Inc. | 103366 |
| 434 | Equifax, Inc. | 111334 |
| 434 | Fiserv, Inc.<sup>(a)</sup> | 55956 |
| 434 | International Business Machines Corporation | 122457 |
| 1303 | Mastercard, Inc., Class A | 741159 |
| 434 | Moody's Corporation | 206792 |
| 1303 | PayPal Holdings, Inc.<sup>(a)</sup> | 87379 |
| 434 | S&P Global, Inc. | 211232 |
| 2172 | Visa, Inc., Class A | 741478 |
|  |  | 2539897 |
|  | **TELECOMMUNICATIONS - 1.9%** |  |
| 9124 | AT&T, Inc. | 257662 |
| 1738 | T-Mobile US, Inc. | 416042 |
| 6083 | Verizon Communications, Inc. | 267348 |
|  |  | 941052 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 65.6% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 1.2%** |  |
| 1738 | Delta Air Lines, Inc. | $98632 |
| 869 | Expeditors International of Washington, Inc. | 106531 |
| 434 | FedEx Corporation | 102342 |
| 1303 | Union Pacific Corporation | 307989 |
|  |  | 615494 |
|  | **TRANSPORTATION EQUIPMENT - 0.7%** |  |
| 434 | Cummins, Inc. | 183309 |
| 869 | PACCAR, Inc. | 85440 |
| 434 | Westinghouse Air Brake Technologies Corporation | 87004 |
|  |  | 355753 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.5%** |  |
| 1738 | Archer-Daniels-Midland Company | 103829 |
| 869 | Sysco Corporation | 71553 |
| 1303 | US Foods Holding Corporation<sup>(a)</sup> | 99836 |
|  |  | 275218 |
|  | **TOTAL COMMON STOCKS (Cost $32,092,092)** | 33417069 |
|  | **SHORT-TERM INVESTMENTS — 9.3%** |  |
|  | **MONEY MARKET FUNDS - 9.3%** |  |
| 4752952 | First American Treasury Obligations Fund, Class X, 4.02%<sup>(b)(d)</sup> | 4752952 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,752,952)** | 4752952 |
|  | **TOTAL INVESTMENTS - 74.9% (Cost $36,845,044)** | $38170021 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 25.1%** | 12807506 |
|  | **NET ASSETS - 100.0%** | $50977527 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(c)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 88 | CBOT 10 Year US Treasury Note Future | 12/22/2025 | $9900000 | $1077 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(c)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 136 | CBOT 5 Year US Treasury Note Future | 01/02/2026 | $14850563 | $(13471) |
| 43 | CBOT US Treasury Bond Futures | 12/22/2025 | 5013531 | (5001) |
| 49 | CME Australian Dollar Currency Future | 12/16/2025 | 3244780 | (1600) |
| 128 | CME British Pound Currency Future | 12/16/2025 | 10760800 | (56331) |
| 8 | CME E-Mini NASDAQ 100 Index Future | 12/22/2025 | 3984280 | 58412 |
| 15 | CME E-Mini Standard & Poor's 500 Index Future | 12/22/2025 | 5054062 | 53237 |
| 105 | CME Euro Foreign Exchange Currency Future | 12/16/2025 | 15477000 | 54675 |
| 58 | CME Euro FX/Japanese Yen Cross Rate Currency Future | 12/16/2025 | 8485284 | 43657 |
| 4 | COMEX Copper Future<sup>(d)</sup> | 12/30/2025 | 485650 | 25825 |
| 21 | COMEX Gold 100 Troy Ounces Future<sup>(d)</sup> | 12/30/2025 | 8133720 | 970310 |
| 4 | Eurex DAX Index Future | 12/22/2025 | 2818854 | 54232 |
| 37 | Eurex EURO STOXX 50 Future | 12/22/2025 | 2406868 | 56969 |
| 6 | HKG Hang Seng Index Future | 10/31/2025 | 1037490 | 15517 |
| 11 | LME Copper Future<sup>(d)</sup> | 12/16/2025 | 2824643 | 125905 |
| 88 | LME Lead Future<sup>(d)</sup> | 12/16/2025 | 4360334 | (45061) |
| 48 | LME Primary Aluminum Future<sup>(d)</sup> | 12/16/2025 | 3217068 | 73084 |
| 36 | LME Zinc Future<sup>(d)</sup> | 12/16/2025 | 2672226 | 129250 |
| 6 | NYBOT CSC C Coffee Future<sup>(d)</sup> | 12/19/2025 | 843413 | 96844 |
| 46 | NYMEX Light Sweet Crude Oil Future<sup>(d)</sup> | 10/22/2025 | 2869020 | (87850) |
| 12 | SGX Nikkei 225 Stock Index Future | 12/12/2025 | 1822123 | 39526 |
| 147 | Three-Month SOFR Futures | 09/15/2027 | 35610750 | (21050) |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $1568156 |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(c)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 199 | CBOT 2 Year US Treasury Note Future | 01/01/2026 | $41471289 | $(32652) |
| 90 | CBOT Soybean Future<sup>(d)</sup> | 11/17/2025 | 4507875 | 30863 |
| 331 | CME Canadian Dollar Currency Future | 12/17/2025 | 23865100 | 95477 |
| 273 | CME Japanese Yen Currency Future | 12/16/2025 | 23252775 | (10279) |
| 94 | Eurex 10 Year Euro BUND Future | 12/09/2025 | 14188284 | (20983) |
| 100 | Eurex 2 Year Euro SCHATZ Future | 12/09/2025 | 12559286 | 11809 |
| 179 | Eurex 5 Year Euro BOBL Future | 12/09/2025 | 24756973 | 25919 |
| 54 | Long Gilt Future | 12/30/2025 | 6597216 | (24871) |
| 162 | NYBOT CSC Number 11 World Sugar Future<sup>(d)</sup> | 03/02/2026 | 3011905 | (28370) |
| 107 | NYBOT CTN Number 2 Cotton Future<sup>(d)</sup> | 12/09/2025 | 3518695 | 80410 |
| 54 | NYMEX Henry Hub Natural Gas Futures<sup>(d)</sup> | 10/30/2025 | 1783620 | (25690) |
| 103 | Three Month SONIA Index Futures | 09/15/2027 | 33367124 | (6759) |
| 16 | TSE Japanese 10 Year Bond Futures | 12/16/2025 | 14693303 | 86842 |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $181716 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $1749872 |

---

**CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND<br> SCHEDULE OF INVESTMENTS (Unaudited) (Continued)<br> September 30, 2025**

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

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

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

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 51.0%** |  |
|  | **ADVERTISING & MARKETING - 0.1%** |  |
| 223 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | $10929 |
|  | **AUTOMOTIVE - 1.8%** |  |
| 742 | Tesla, Inc.<sup>(a)</sup> | 329982 |
|  | **BEVERAGES - 0.9%** |  |
| 231 | Coca-Cola Europacific Partners PLC<sup>(b)</sup> | 20885 |
| 676 | Keurig Dr Pepper, Inc. | 17245 |
| 480 | Monster Beverage Corporation<sup>(a),(b)</sup> | 32309 |
| 670 | PepsiCo, Inc. | 94094 |
|  |  | 164533 |
|  | **BIOTECH & PHARMA - 1.4%** |  |
| 267 | Amgen, Inc. | 75348 |
| 294 | AstraZeneca PLC - ADR | 22556 |
| 69 | Biogen, Inc.<sup>(a)</sup> | 9666 |
| 617 | Gilead Sciences, Inc. | 68487 |
| 53 | Regeneron Pharmaceuticals, Inc. | 29800 |
| 124 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 48563 |
|  |  | 254420 |
|  | **CABLE & SATELLITE - 0.4%** |  |
| 70 | Charter Communications, Inc., Class A<sup>(a)</sup> | 19257 |
| 1834 | Comcast Corporation, Class A | 57625 |
|  |  | 76882 |
|  | **CHEMICALS - 0.6%** |  |
| 235 | Linde PLC | 111625 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.2%** |  |
| 204 | Cintas Corporation | 41873 |
|  | **DIVERSIFIED INDUSTRIALS - 0.4%** |  |
| 320 | Honeywell International, Inc. | 67360 |
|  | **E-COMMERCE DISCRETIONARY - 3.2%** |  |
| 2166 | Amazon.com, Inc.<sup>(a)</sup> | 475589 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 51.0% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 3.2% (Continued)** |  |
| 28 | MercadoLibre, Inc.<sup>(a)</sup> | $65434 |
| 327 | PDD Holdings, Inc. - ADR<sup>(a),(b)</sup> | 43220 |
|  |  | 584243 |
|  | **ELECTRIC UTILITIES - 0.7%** |  |
| 267 | American Electric Power Company, Inc. | 30038 |
| 156 | Constellation Energy Corporation | 51334 |
| 503 | Exelon Corporation | 22640 |
| 287 | Xcel Energy, Inc. | 23147 |
|  |  | 127159 |
|  | **ENTERTAINMENT CONTENT - 1.0%** |  |
| 151 | AppLovin Corporation, Class A<sup>(a)</sup> | 108500 |
| 124 | Electronic Arts, Inc.<sup>(b)</sup> | 25011 |
| 87 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 22477 |
| 1225 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 23924 |
|  |  | 179912 |
|  | **FOOD - 0.3%** |  |
| 637 | Mondelez International, Inc., Class A | 39794 |
| 628 | The Kraft Heinz Company | 16353 |
|  |  | 56147 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 573 | Fastenal Company | 28100 |
|  | **INTERNET MEDIA & SERVICES - 7.1%** |  |
| 218 | Airbnb, Inc., Class A<sup>(a)</sup> | 26470 |
| 1177 | Alphabet, Inc., Class A | 286129 |
| 1104 | Alphabet, Inc., Class C | 268879 |
| 16 | Booking Holdings, Inc. | 86388 |
| 198 | DoorDash, Inc., Class A<sup>(a),(b)</sup> | 53854 |
| 439 | Meta Platforms, Inc., Class A | 322393 |
| 209 | Netflix, Inc.<sup>(a)</sup> | 250574 |
|  |  | 1294687 |
|  | **LEISURE FACILITIES & SERVICES - 0.5%** |  |
| 137 | Marriott International, Inc., Class A<sup>(b)</sup> | 35680 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 51.0% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 0.5% (Continued)** |  |
| 552 | Starbucks Corporation | $46699 |
|  |  | 82379 |
|  | **LEISURE PRODUCTS - 0.2%** |  |
| 39 | Axon Enterprise, Inc.<sup>(a)</sup> | 27988 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.7%** |  |
| 197 | DexCom, Inc.<sup>(a)</sup> | 13256 |
| 233 | GE HealthCare Technologies, Inc. | 17498 |
| 40 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 25556 |
| 179 | Intuitive Surgical, Inc.<sup>(a)</sup> | 80054 |
|  |  | 136364 |
|  | **OIL & GAS PRODUCERS - 0.1%** |  |
| 143 | Diamondback Energy, Inc. | 20463 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.1%** |  |
| 490 | Baker Hughes Company | 23873 |
|  | **RETAIL - CONSUMER STAPLES - 1.1%** |  |
| 221 | Costco Wholesale Corporation | 204564 |
|  | **RETAIL - DISCRETIONARY - 0.4%** |  |
| 57 | Lululemon Athletica, Inc.<sup>(a)</sup> | 10142 |
| 425 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 45819 |
| 158 | Ross Stores, Inc.<sup>(b)</sup> | 24078 |
|  |  | 80039 |
|  | **SEMICONDUCTORS - 13.0%** |  |
| 804 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 130079 |
| 248 | Analog Devices, Inc. | 60934 |
| 405 | Applied Materials, Inc. | 82920 |
| 69 | ARM Holdings PLC - ADR<sup>(a),(b)</sup> | 9763 |
| 44 | ASML Holding N.V. - ADR | 42595 |
| 1559 | Broadcom, Inc. | 514329 |
| 275 | GLOBALFOUNDRIES, Inc.<sup>(a),(b)</sup> | 9856 |
| 2169 | Intel Corporation<sup>(b)</sup> | 72770 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 51.0% (Continued)** |  |
|  | **SEMICONDUCTORS - 13.0% (Continued)** |  |
| 67 | KLA Corporation | $72266 |
| 653 | Lam Research Corporation | 87437 |
| 416 | Marvell Technology, Inc. | 34973 |
| 273 | Microchip Technology, Inc. | 17532 |
| 555 | Micron Technology, Inc. | 92863 |
| 4997 | NVIDIA Corporation | 932339 |
| 126 | NXP Semiconductors N.V. | 28694 |
| 209 | ON Semiconductor Corporation<sup>(a)</sup> | 10306 |
| 550 | QUALCOMM, Inc. | 91498 |
| 455 | Texas Instruments, Inc. | 83597 |
|  |  | 2374751 |
|  | **SOFTWARE - 9.2%** |  |
| 217 | Adobe, Inc.<sup>(a)</sup> | 76547 |
| 84 | Atlassian Corporation, Class A<sup>(a),(b)</sup> | 13415 |
| 104 | Autodesk, Inc.<sup>(a)</sup> | 33038 |
| 138 | Cadence Design Systems, Inc.<sup>(a)</sup> | 48474 |
| 126 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 61788 |
| 160 | Datadog, Inc., Class A<sup>(a)</sup> | 22784 |
| 387 | Fortinet, Inc.<sup>(a)</sup> | 32539 |
| 139 | Intuit, Inc. | 94924 |
| 1498 | Microsoft Corporation | 775889 |
| 1116 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 203581 |
| 329 | Palo Alto Networks, Inc.<sup>(a)</sup> | 66991 |
| 54 | Roper Technologies, Inc. | 26929 |
| 612 | Shopify, Inc., Class A<sup>(a)</sup> | 90949 |
| 123 | Strategy, Inc., Class A<sup>(a),(b)</sup> | 39632 |
| 93 | Synopsys, Inc.<sup>(a)</sup> | 45885 |
| 108 | Workday, Inc., Class A<sup>(a)</sup> | 25999 |
| 78 | Zscaler, Inc.<sup>(a)</sup> | 23373 |
|  |  | 1682737 |
|  | **TECHNOLOGY HARDWARE - 5.0%** |  |
| 3035 | Apple, Inc. | 772802 |
| 1997 | Cisco Systems, Inc. | 136635 |
|  |  | 909437 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 51.0% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.2%** |  |
| 204 | Automatic Data Processing, Inc. | $59875 |
| 66 | CDW Corporation | 10512 |
| 245 | Cognizant Technology Solutions Corporation, Class A | 16432 |
| 212 | CoStar Group, Inc.<sup>(a)</sup> | 17886 |
| 183 | Paychex, Inc. | 23197 |
| 487 | PayPal Holdings, Inc.<sup>(a)</sup> | 32658 |
| 223 | Thomson Reuters Corporation | 34639 |
| 70 | Verisk Analytics, Inc. | 17606 |
|  |  | 212805 |
|  | **TELECOMMUNICATIONS - 0.7%** |  |
| 553 | T-Mobile US, Inc. | 132377 |
|  | **TRANSPORTATION & LOGISTICS - 0.3%** |  |
| 939 | CSX Corporation | 33344 |
| 105 | Old Dominion Freight Line, Inc. | 14782 |
|  |  | 48126 |
|  | **TRANSPORTATION EQUIPMENT - 0.1%** |  |
| 262 | PACCAR, Inc. | 25760 |
|  | **WHOLESALE - DISCRETIONARY - 0.1%** |  |
| 481 | Copart, Inc.<sup>(a)</sup> | 21631 |
|  | **TOTAL COMMON STOCKS (Cost $6,217,762)** | 9311146 |
|  | **EXCHANGE-TRADED FUNDS — 34.0%** |  |
|  | **EQUITY - 34.0%** |  |
| 10336 | Invesco QQQ Trust Series 1 | 6205424 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $5,035,414)** | 6205424 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 6.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.1%** |  |
| 387741 | Mount Vernon Liquid Assets Portfolio, LLC, 4.22% (Cost $387,741)<sup>(c)(f)</sup> | $387741 |
|  | **MONEY MARKET FUNDS - 4.3%** |  |
| 776518 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $776,517)<sup>(c)</sup> | 776517 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $1,164,258)** | 1164258 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(d)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | |
|  | **FUTURE OPTIONS PURCHASED - 0.5%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.5%** |  |  |  |  |  |
| 54 | S&P Emini Future, Maturing October 2025 | WED | 10/17/2025 | $6800 | $18360000 | 100575 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $116,100) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $116,100) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $116,100) |  |  |  |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $116,100) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $116,100) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $116,100) |  |  | 100575 |
|  | **TOTAL INVESTMENTS - 91.9% (Cost $12,533,534)** | **TOTAL INVESTMENTS - 91.9% (Cost $12,533,534)** | **TOTAL INVESTMENTS - 91.9% (Cost $12,533,534)** |  |  | $16781403 |
|  | **PUT OPTIONS WRITTEN - 0.0%<sup>(e)</sup> (Premiums received - $18,525)** | **PUT OPTIONS WRITTEN - 0.0%<sup>(e)</sup> (Premiums received - $18,525)** | **PUT OPTIONS WRITTEN - 0.0%<sup>(e)</sup> (Premiums received - $18,525)** | **PUT OPTIONS WRITTEN - 0.0%<sup>(e)</sup> (Premiums received - $18,525)** |  | (8645) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 8.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 8.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 8.1%** |  |  | 1487768 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  |  | $18260526 |
| **Contracts<sup>(d)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS - 0.0% <sup>(e)</sup>** |  |  |  |  |  |
|  | **PUT OPTIONS WRITTEN - 0.0%<sup>(e)</sup>** |  |  |  |  |  |
| 19 | S&P Emini Future, Maturing October 2025 | WED | 10/17/2025 | $6310 | $5994500 | $8645 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $18,525) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $18,525) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $18,525) |  |  |  |
|  | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $18,525) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $18,525) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $18,525) |  |  | $8645 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(f)</sup>** | **Value and<br> Unrealized<br> Depreciation** |
| 53 | CBOE Volatility Index Future | 10/23/2025 | $932164 | $(19927) |
| 19 | CBOE Volatility Index Future | 11/20/2025 | 365735 | (5720) |
| 48 | CBOE Volatility Index Future | 12/18/2025 | 950400 | (12227) |
| 18 | CBOE Volatility Index Future | 01/22/2026 | 372393 | (5693) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(43567) |

---

---

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

---

---

| | |
|:---|:---|
| 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 $375,770 at September 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of September 30, 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 $387,741 at September 30, 2025.

---

| |
|:---|
| **CATALYST/MAP GLOBAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.5%** |  |
|  | **AEROSPACE & DEFENSE - 0.5%** |  |
| 4666 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | $426332 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.9%** |  |
| 1000 | LVMH Moet Hennessy Louis Vuitton S.E. | 611059 |
| 1200 | LVMH Moet Hennessy Louis Vuitton SE - ADR | 146772 |
|  |  | 757831 |
|  | **BEVERAGES - 3.6%** |  |
| 125000 | Arca Continental COM NPV | 1312661 |
| 4950000 | Thai Beverage PCL | 1784455 |
|  |  | 3097116 |
|  | **BIOTECH & PHARMA - 12.2%** |  |
| 11900 | Johnson & Johnson | 2206498 |
| 22002 | Novartis A.G. - ADR | 2821536 |
| 64000 | Sanofi - ADR | 3020801 |
| 162000 | Takeda Pharmaceutical Company Ltd. - ADR | 2371680 |
|  |  | 10420515 |
|  | **CHEMICALS - 2.2%** |  |
| 55000 | Mosaic Company (The) | 1907400 |
|  | **CONSTRUCTION MATERIALS - 1.7%** |  |
| 82010 | MDU Resources Group, Inc. | 1460598 |
|  | **DIVERSIFIED INDUSTRIALS - 2.7%** |  |
| 2602 | Eaton Corporation PLC | 973799 |
| 6400 | Honeywell International, Inc. | 1347200 |
|  |  | 2320999 |
|  | **ELECTRICAL EQUIPMENT - 0.7%** |  |
| 4856 | Daikin Industries Ltd.<sup>(b)</sup> | 560917 |
|  | **ENGINEERING & CONSTRUCTION - 4.7%** |  |
| 20502 | Everus Construction Group, Inc.<sup>(a)</sup> | 1758046 |
| 69675 | Tetra Tech, Inc. | 2325751 |
|  |  | 4083797 |

---

---

| |
|:---|
| **CATALYST/MAP GLOBAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.5% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 2.2%** |  |
| 510000 | Vivendi S.A. | $1794999 |
| 25500 | Vivendi S.A. - ADR | 88013 |
|  |  | 1883012 |
|  | **FOOD - 5.9%** |  |
| 384700 | GrainCorp Ltd. | 2290638 |
| 29500 | Nestle S.A. - ADR | 2707215 |
|  |  | 4997853 |
|  | **GAS & WATER UTILITIES - 3.1%** |  |
| 28270 | National Fuel Gas Company | 2611300 |
|  | **HOME CONSTRUCTION - 0.9%** |  |
| 14000 | Fortune Brands Innovations, Inc. | 747460 |
|  | **HOUSEHOLD PRODUCTS - 1.8%** |  |
| 26000 | Unilever plc - ADR | 1541280 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.9%** |  |
| 2775 | CME Group, Inc. | 749777 |
|  | **INSURANCE - 1.2%** |  |
| 3000 | Aon PLC, Class A | 1069740 |
|  | **INTERNET MEDIA & SERVICES - 7.0%** |  |
| 8124 | Alphabet, Inc., Class C | 1978600 |
| 5428 | Meta Platforms, Inc., Class A | 3986215 |
|  |  | 5964815 |
|  | **LEISURE FACILITIES & SERVICES - 1.3%** |  |
| 164640 | Arcos Dorados Holdings, Inc., Class A | 1111320 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.9%** |  |
| 26425 | Medtronic PLC | 2516717 |
|  | **METALS & MINING - 3.3%** |  |
| 29000 | Freeport-McMoRan, Inc. | 1137380 |

---

---

| |
|:---|
| **CATALYST/MAP GLOBAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.5% (Continued)** |  |
|  | **METALS & MINING - 3.3% (Continued)** |  |
| 188340 | Grupo Mexico S.A.B. de C.V., Class B | $1638598 |
|  |  | 2775978 |
|  | **OIL & GAS PRODUCERS - 2.9%** |  |
| 13327 | Chevron Corporation | 2069550 |
| 4000 | ConocoPhillips | 378360 |
|  |  | 2447910 |
|  | **PUBLISHING & BROADCASTING - 0.5%** |  |
| 256280 | Louis Hachette Group<sup>(b)</sup> | 464240 |
|  | **RETAIL - CONSUMER STAPLES - 5.9%** |  |
| 11000 | PriceSmart, Inc. | 1333090 |
| 423500 | Wal-Mart de Mexico SAB de CV | 1308178 |
| 23000 | Walmart, Inc. | 2370379 |
|  |  | 5011647 |
|  | **RETAIL - DISCRETIONARY - 1.0%** |  |
| 2104 | Home Depot, Inc. (The) | 852520 |
|  | **SEMICONDUCTORS - 4.8%** |  |
| 7854 | Applied Materials, Inc. | 1608029 |
| 6598 | Micron Technology, Inc. | 1103977 |
| 5500 | Tokyo Electron Ltd. | 980482 |
| 4000 | Tokyo Electron Ltd. - ADR | 358400 |
|  |  | 4050888 |
|  | **SOFTWARE - 4.3%** |  |
| 7110 | Microsoft Corporation | 3682625 |
|  | **TECHNOLOGY HARDWARE - 3.6%** |  |
| 44810 | Cisco Systems, Inc. | 3065900 |
|  | **TECHNOLOGY SERVICES - 2.2%** |  |
| 8688 | Fidelity National Information Services, Inc. | 572887 |
| 3900 | Visa, Inc., Class A | 1331382 |
|  |  | 1904269 |

---

---

| |
|:---|
| **CATALYST/MAP GLOBAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 91.5% (Continued)** |  |  |  |
|  | **TELECOMMUNICATIONS - 2.9%** |  |  |  |
| 152000 | Orange S.A. - ADR |  |  | $2466960 |
|  | **TOBACCO & CANNABIS - 1.6%** |  |  |  |
| 32463 | Imperial Brands plc - ADR |  |  | 1382924 |
|  | **WHOLESALE - CONSUMER STAPLES - 2.1%** |  |  |  |
| 22003 | Bunge Global S.A. |  |  | 1787744 |
|  | **TOTAL COMMON STOCKS (Cost $55,477,329)** |  |  | 78122384 |
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 5.4%** |  |  |  |
|  | **COMMODITY - 4.9%** |  |  |  |
| 54900 | SPDR Gold MiniShares Trust<sup>(a)</sup> |  |  | 4197105 |
|  | **FIXED INCOME - 0.5%** |  |  |  |
| 5000 | SPDR Bloomberg 1-3 Month T-Bill ETF |  |  | 458750 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,556,320)** |  |  | 4655855 |
| **Shares** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **PREFERRED STOCK — 1.9%** |  |  |  |
|  | **HOUSEHOLD PRODUCTS — 1.9%** |  |  |  |
| 20600 | Henkel A.G. & Company KGaA<sup>(b)</sup> |  |  | 1661446 |
|  | **TOTAL PREFERRED STOCK (Cost $1,686,122)** |  |  | 1661446 |

---

---

| |
|:---|
| **CATALYST/MAP GLOBAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.0%** |  |
|  | **MONEY MARKET FUND - 1.0%** |  |
| 884169 | First American Treasury Obligations Fund, Class X, 4.05% (Cost $884,169)<sup>(c)</sup> | $884169 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $60,603,940)** | $85323854 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 178118 |
|  | **NET ASSETS - 100.0%** | $85501972 |

---

---

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

---

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

<sup>(b)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

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

---

| |
|:---|
| **CATALYST/LYONS TACTICAL ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.1%** |  |
|  | **AEROSPACE & DEFENSE - 5.8%** |  |
| 2948 | Howmet Aerospace, Inc. | $578486 |
| 2900 | RTX Corporation | 485257 |
|  |  | 1063743 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.3%** |  |
| 3545 | Waste Management, Inc. | 782842 |
|  | **ELECTRICAL EQUIPMENT - 6.5%** |  |
| 7850 | Vertiv Holdings Company | 1184251 |
|  | **HEALTH CARE FACILITIES & SERVICES - 8.0%** |  |
| 2144 | HCA Healthcare, Inc. | 913772 |
| 714 | McKesson Corporation | 551594 |
|  |  | 1465366 |
|  | **INTERNET MEDIA & SERVICES - 8.8%** |  |
| 2811 | Alphabet, Inc., Class A | 683354 |
| 1254 | Meta Platforms, Inc., Class A | 920913 |
|  |  | 1604267 |
|  | **LEISURE FACILITIES & SERVICES - 4.3%** |  |
| 2977 | Marriott International, Inc., Class A | 775330 |
|  | **MACHINERY - 2.6%** |  |
| 613 | Parker-Hannifin Corporation | 464746 |
|  | **RETAIL - CONSUMER STAPLES - 2.4%** |  |
| 4275 | Dollar General Corporation | 441821 |
|  | **RETAIL - DISCRETIONARY - 9.3%** |  |
| 243 | AutoZone, Inc.<sup>(a)</sup> | 1042528 |
| 1736 | Carvana Company<sup>(a)</sup> | 654889 |
|  |  | 1697417 |
|  | **SEMICONDUCTORS - 12.4%** |  |
| 1570 | Broadcom, Inc. | 517959 |
| 919 | KLA Corporation | 991233 |

---

---

| |
|:---|
| **CATALYST/LYONS TACTICAL ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.1% (Continued)** |  |
|  | **SEMICONDUCTORS - 12.4% (Continued)** |  |
| 4001 | NVIDIA Corporation | $746507 |
|  |  | 2255699 |
|  | **SOFTWARE - 13.4%** |  |
| 2522 | Cadence Design Systems, Inc.<sup>(a)</sup> | 885878 |
| 1910 | Microsoft Corporation | 989285 |
| 3000 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 547260 |
|  |  | 2422423 |
|  | **TECHNOLOGY HARDWARE - 8.3%** |  |
| 4000 | Apple, Inc. | 1018520 |
| 3440 | Arista Networks, Inc.<sup>(a)</sup> | 501242 |
|  |  | 1519762 |
|  | **TOTAL COMMON STOCKS (Cost $12,097,555)** | 15677667 |
|  | **TOTAL INVESTMENTS - 86.1% (Cost $12,097,555)** | $15677667 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 13.9%** | 2539784 |
|  | **NET ASSETS - 100.0%** | $18217451 |

---

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

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.9%** |  |
|  | **AEROSPACE & DEFENSE - 0.3%** |  |
| 526 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | $48061 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.4%** |  |
| 100 | LVMH Moet Hennessy Louis Vuitton S.E. | 61106 |
|  | **BEVERAGES - 1.5%** |  |
| 7800 | Arca Continental S.A.B. de C.V. | 81910 |
| 375000 | Thai Beverage PCL | 135186 |
|  |  | 217096 |
|  | **BIOTECH & PHARMA - 9.3%** |  |
| 1960 | Johnson & Johnson | 363423 |
| 2240 | Novartis A.G. - ADR | 287258 |
| 7528 | Sanofi S.A. - ADR | 355322 |
| 23000 | Takeda Pharmaceutical Company Ltd. - ADR | 336720 |
|  |  | 1342723 |
|  | **CHEMICALS - 1.1%** |  |
| 4790 | Mosaic Company | 166117 |
|  | **CONSTRUCTION MATERIALS - 0.9%** |  |
| 7400 | MDU Resources Group, Inc. | 131794 |
|  | **DIVERSIFIED INDUSTRIALS - 1.1%** |  |
| 270 | Eaton Corporation PLC | 101048 |
| 250 | Honeywell International, Inc. | 52625 |
|  |  | 153673 |
|  | **ENGINEERING & CONSTRUCTION - 2.7%** |  |
| 2190 | Everus Construction Group, Inc.<sup>(a)</sup> | 187793 |
| 5985 | Tetra Tech, Inc. | 199778 |
|  |  | 387571 |
|  | **ENTERTAINMENT CONTENT - 1.5%** |  |
| 33980 | Vivendi S.E. | 119596 |
| 30000 | Vivendi S.E. - ADR | 103545 |
|  |  | 223141 |

---

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.9% (Continued)** |  |
|  | **FOOD - 3.2%** |  |
| 24000 | GrainCorp Ltd. | $142904 |
| 3533 | Nestle S.A. - ADR | 324223 |
|  |  | 467127 |
|  | **GAS & WATER UTILITIES - 2.4%** |  |
| 3775 | National Fuel Gas Company | 348697 |
|  | **HOME CONSTRUCTION - 0.2%** |  |
| 500 | Fortune Brands Innovations, Inc. | 26695 |
|  | **HOUSEHOLD PRODUCTS - 1.2%** |  |
| 2900 | Unilever PLC - ADR | 171912 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.7%** |  |
| 360 | CME Group, Inc. | 97268 |
|  | **INSURANCE - 1.2%** |  |
| 500 | Aon PLC, Class A | 178290 |
|  | **INTERNET MEDIA & SERVICES - 1.8%** |  |
| 600 | Alphabet, Inc., Class C | 146130 |
| 153 | Meta Platforms, Inc., Class A | 112360 |
|  |  | 258490 |
|  | **LEISURE FACILITIES & SERVICES - 0.8%** |  |
| 17450 | Arcos Dorados Holdings, Inc., Class A | 117788 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.9%** |  |
| 2900 | Medtronic PLC | 276196 |
|  | **METALS & MINING - 1.3%** |  |
| 2000 | Freeport-McMoRan, Inc. | 78440 |
| 12000 | Grupo Mexico S.A.B. de C.V., Class B | 104403 |
|  |  | 182843 |
|  | **OIL & GAS PRODUCERS - 1.8%** |  |
| 1300 | Chevron Corporation | 201877 |

---

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.9% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 1.8% (Continued)** |  |
| 555 | ConocoPhillips | $52497 |
|  |  | 254374 |
|  | **PUBLISHING & BROADCASTING - 0.5%** |  |
| 37700 | Louis Hachette Group | 68292 |
|  | **RETAIL - CONSUMER STAPLES - 2.8%** |  |
| 1339 | PriceSmart, Inc. | 162274 |
| 45942 | Wal-Mart de Mexico SAB de CV | 141913 |
| 1000 | Walmart, Inc. | 103060 |
|  |  | 407247 |
|  | **RETAIL - DISCRETIONARY - 0.9%** |  |
| 323 | Home Depot, Inc. | 130876 |
|  | **SEMICONDUCTORS - 2.7%** |  |
| 600 | Applied Materials, Inc. | 122844 |
| 680 | Micron Technology, Inc. | 113778 |
| 650 | Tokyo Electron Ltd. | 115875 |
| 400 | Tokyo Electron Ltd. - ADR | 35840 |
|  |  | 388337 |
|  | **SOFTWARE - 4.3%** |  |
| 1190 | Microsoft Corporation | 616361 |
|  | **TECHNOLOGY HARDWARE - 2.5%** |  |
| 5325 | Cisco Systems, Inc. | 364337 |
|  | **TECHNOLOGY SERVICES - 1.2%** |  |
| 1000 | Fidelity National Information Services, Inc. | 65940 |
| 300 | Visa, Inc., Class A | 102414 |
|  |  | 168354 |
|  | **TELECOMMUNICATIONS – 2.9%** |  |
| 26340 | Orange S.A. - ADR | 427498 |

---

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 55.9% (Continued)** |  |  |  |
|  | **TOBACCO & CANNABIS - 1.0%** |  |  |  |
| 3340 | Imperial Brands PLC - ADR |  |  | $142284 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.8%** |  |  |  |
| 3217 | Bunge Global S.A. |  |  | 261381 |
|  | **TOTAL COMMON STOCKS (Cost $5,668,857)** |  |  | 8085929 |
|  | **EXCHANGE-TRADED FUNDS — 4.5%** |  |  |  |
|  | **COMMODITY - 4.5%** |  |  |  |
| 8500 | SPDR Gold MiniShares Trust<sup>(a)</sup> |  |  | 649825 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $314,458)** |  |  |  |
|  |  | **Dividend Rate<sup>(b)</sup>** |  |  |
|  | **PREFERRED STOCKS — 1.9%** |  |  |  |
|  | **HOUSEHOLD PRODUCTS — 1.9%** |  |  |  |
| 3500 | Henkel A.G. & Company KGaA | 2.04 |  | 282285 |
|  | **TOTAL PREFERRED STOCKS (Cost $323,349)** |  |  |  |
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 36.5%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 2.1%** |  |  |  |
| 300000 | Spirit AeroSystems, Inc. | 3.8500 | &nbsp;&nbsp;06/15/26 | 298180 |
|  | **AUTOMOTIVE — 3.4%** |  |  |  |
| 300000 | Ford Motor Credit Company, LLC | 5.8500 | &nbsp;&nbsp;05/17/27 | 303848 |
| 200000 | Honda Motor Company Ltd. | 2.5340 | &nbsp;&nbsp;03/10/27 | 195774 |
|  |  |  |  | 499622 |

---

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 36.5% (Continued)** |  |  |  |
|  | **CABLE & SATELLITE — 1.7%** |  |  |  |
| 250000 | Grupo Televisa S.A.B | 4.6250 | &nbsp;&nbsp;01/30/26 | $248120 |
|  | **CHEMICALS — 1.4%** |  |  |  |
| 200000 | Methanex Corporation | 5.1250 | &nbsp;&nbsp;10/15/27 | 200389 |
|  | **HOME & OFFICE PRODUCTS — 1.4%** |  |  |  |
| 201000 | Steelcase, Inc. | 5.1250 | &nbsp;&nbsp;01/18/29 | 200759 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.0%** |  |  |  |
| 250000 | Nomura Holdings, Inc. | 1.6530 | &nbsp;&nbsp;07/14/26 | 245294 |
| 200000 | Nomura Holdings, Inc. | 2.3290 | &nbsp;&nbsp;01/22/27 | 195129 |
|  |  |  |  | 440423 |
|  | **LEISURE FACILITIES & SERVICES — 1.5%** |  |  |  |
| 225000 | Six Flags Entertainment Corp / Canada's Wonderland Company / Magnum Management Corp | 5.3750 | &nbsp;&nbsp;04/15/27 | 224549 |
|  | **LEISURE PRODUCTS — 1.6%** |  |  |  |
| 225000 | Brunswick Corporation | 5.8500 | &nbsp;&nbsp;03/18/29 | 233107 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 1.4%** |  |  |  |
| 200000 | Oceaneering International, Inc. | 6.0000 | &nbsp;&nbsp;02/01/28 | 203232 |
|  | **PUBLISHING & BROADCASTING — 3.4%** |  |  |  |
| 466000 | Belo Corporation | 7.7500 | &nbsp;&nbsp;06/01/27 | 486869 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.0%** |  |  |  |
| 275000 | Elme Communities | 7.2500 | &nbsp;&nbsp;02/25/28 | 288661 |
|  | **RETAIL - DISCRETIONARY — 1.6%** |  |  |  |
| 225000 | Nordstrom, Inc. | 6.9500 | &nbsp;&nbsp;03/15/28 | 233018 |
|  | **SPECIALTY FINANCE — 7.4%** |  |  |  |
| 200000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 2.4500 | &nbsp;&nbsp;10/29/26 | 196572 |
| 625000 | Aircastle Ltd. | 4.2500 | &nbsp;&nbsp;06/15/26 | 624531 |

---

---

| |
|:---|
| **CATALYST/MAP GLOBAL BALANCED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 36.5% (Continued)** |  |  |  |
|  | **SPECIALTY FINANCE — 7.4% (Continued)** |  |  |  |
| 250000 | Ally Financial, Inc. | 5.7500 | 11/20/25 | $250140 |
|  |  |  |  | 1071243 |
|  | **STEEL — 2.9%** |  |  |  |
| 400000 | ArcelorMittal S.A. | 6.5500 | &nbsp;&nbsp;11/29/27 | 417524 |
|  | **TOBACCO & CANNABIS — 1.7%** |  |  |  |
| 250000 | BAT International Finance PLC | 1.6680 | &nbsp;&nbsp;03/25/26 | 247015 |
|  | **TOTAL CORPORATE BONDS (Cost $5,260,726)** |  |  | 5292711 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |  |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |  |  |
| 70829 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $70,829)<sup>(c)</sup> |  |  | 70829 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $11,638,219)** |  |  | $14381579 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** |  |  | 115054 |
|  | **NET ASSETS - 100.0%** |  |  | $14496633 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| DAC | - Designated Activity Company |
| KGaA | - Kommanditgesellschaft auf Aktien |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| PCL | - Public Company Limited |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| S.A.B | - Sociedad Anónima Bursátil |
| S.A.B de C.V. | - Sociedad Anónima Bursátil de Capital Variable |
| S.E. | - Societas Europeae |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

<sup>(b)</sup> Euro. Pays annually.

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 50.4%** |  |
|  | **EQUITY - 50.4%** |  |
| 1697608 | Dimensional Emerging Core Equity Market ETF | $53525580 |
| 1534780 | Dimensional International Core Equity 2 ETF | 50325436 |
| 2939529 | Dimensional US Core Equity 2 ETF | 113377634 |
| 986101 | Dimensional US High Profitability ETF | 37245035 |
| 7838358 | iShares Core S&P Mid-Cap ETF | 511531243 |
| 2208715 | iShares Core S&P Small-Cap ETF | 262461603 |
| 776099 | iShares MSCI Australia ETF | 20954673 |
| 675879 | iShares MSCI Brazil ETF | 20952249 |
| 417732 | iShares MSCI Canada ETF | 21116353 |
| 178952 | iShares MSCI France ETF | 7861361 |
| 675976 | iShares MSCI Hong Kong ETF | 14567283 |
| 2276392 | iShares MSCI India ETF | 118508968 |
| 1509275 | iShares MSCI Intl Quality Factor ETF | 66694862 |
| 803643 | iShares MSCI Japan ETF | 64460205 |
| 195858 | iShares MSCI Malaysia ETF | 5076639 |
| 314747 | iShares MSCI Mexico ETF | 21468893 |
| 458054 | iShares MSCI Singapore ETF | 12981250 |
| 111939 | iShares MSCI South Africa ETF | 7175290 |
| 216614 | iShares MSCI Spain ETF | 10722393 |
| 471240 | iShares MSCI Switzerland ETF | 26031298 |
| 992815 | iShares MSCI Taiwan ETF | 63162890 |
| 76746 | iShares MSCI Thailand ETF | 4519572 |
| 99658 | iShares MSCI Turkey ETF | 3411293 |
| 1357538 | iShares MSCI United Kingdom ETF | 56975870 |
| 3752960 | iShares MSCI USA Min Vol Factor ETF | 357056614 |
| 228911 | iShares MSCI USA Quality Factor ETF | 44523190 |
| 1465713 | iShares Russell 1000 ETF | 535688787 |
| 1507119 | iShares Russell 2000 ETF | 364662513 |
| 685140 | iShares Russell Mid-Cap ETF | 66150267 |
| 467964 | SPDR S&P 500 ETF Trust | 311748258 |
| 6211582 | Vanguard FTSE Emerging Markets ETF | 336543513 |
| 102070 | Vanguard FTSE Europe ETF | 8145186 |
| 398909 | Vanguard Large-Cap ETF | 122808125 |
| 379615 | Vanguard Mid-Cap ETF | 111508110 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 50.4% (Continued)** |  |  |  |
|  | **EQUITY - 50.4% (Continued)** |  |  |  |
| 1174363 | Vanguard Real Estate ETF |  |  | $107360265 |
| 229564 | Vanguard S&P 500 ETF |  |  | 140580402 |
| 341352 | Vanguard Small-Cap ETF |  |  | 86798987 |
| 464642 | WisdomTree India Earnings Fund |  |  | 20537176 |
|  |  |  |  | 4189219266 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,763,087,757)** |  |  | 4189219266 |
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES — 40.6%** |  |  |  |
|  | **U.S. TREASURY NOTES — 40.6%** |  |  |  |
| 1827489000 | United States Treasury Note<sup>(c)(d)</sup> | 2.2500 | &nbsp;&nbsp;11/15/25 | 1823594913 |
| 985570000 | United States Treasury Note<sup>(c)(d)</sup> | 1.6250 | &nbsp;&nbsp;02/15/26 | 977223770 |
| 585927000 | United States Treasury Note<sup>(d)</sup> | 1.5000 | &nbsp;&nbsp;08/15/26 | 574661891 |
|  |  |  |  | 3375480574 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,373,531,737)** |  |  | 3375480574 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 7.3%** |  |  |  |
|  | **MONEY MARKET FUNDS - 7.3%** |  |  |  |
| 604052183 | First American Treasury Obligations Fund, Class X, 4.02%<sup>(a)(c)</sup> |  |  | 604052183 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $604,052,183)** |  |  | 604052183 |
|  | **TOTAL INVESTMENTS - 98.3% (Cost $6,740,671,677)** |  |  | $8168752023 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7%** |  |  | 142923429 |
|  | **NET ASSETS - 100.0%** |  |  | $8311675452 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 10655 | CBOT 10 Year US Treasury Note Future | 12/22/2025 | $1198687499 | $(1118579) |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 1864 | CBOT US Treasury Bond Futures | 12/22/2025 | $217330750 | $589031 |
| 84 | CME Live Cattle Future<sup>(c)</sup> | 01/01/2026 | 7888440 | (13080) |
| 926 | CME Mexican Peso Currency Future | 12/16/2025 | 25057560 | 107095 |
| 566 | COMEX Gold 100 Troy Ounces Future<sup>(c)</sup> | 12/30/2025 | 219223120 | 3773990 |
| 469 | COMEX Silver Future<sup>(c)</sup> | 12/30/2025 | 109370800 | 2804500 |
| 6015 | Eurex 10 Year Euro BUND Future | 12/09/2025 | 907899213 | 678839 |
| 3348 | Eurex 2 Year Euro SCHATZ Future | 12/09/2025 | 420484903 | (123927) |
| 1035 | Eurex 30 Year Euro BUXL Future | 12/09/2025 | 139101667 | 354603 |
| 4713 | Eurex 5 Year Euro BOBL Future | 12/09/2025 | 651841430 | 84644 |
| 37 | Eurex DAX Index Future | 12/22/2025 | 26074401 | 30024 |
| 750 | Eurex EURO STOXX 50 Future | 12/22/2025 | 48787861 | (57197) |
| 3749 | Euro-BTP Italian Bond Futures | 12/09/2025 | 527447946 | 968888 |
| 3304 | French Government Bond Futures | 12/09/2025 | 470697816 | 61155 |
| 253 | FTSE 100 Index Future | 12/22/2025 | 32009919 | 10591 |
| 3335 | HKG Hang Seng China Enterprises Index Future | 10/31/2025 | 205194902 | 2369345 |
| 2361 | HKG Hang Seng Index Future | 10/31/2025 | 408252218 | 4552314 |
| 2147 | ICE Brent Crude Oil Future<sup>(c)</sup> | 11/03/2025 | 141766410 | (5264420) |
| 414 | ICE Gas Oil Future<sup>(c)</sup> | 11/13/2025 | 28441800 | (301425) |
| 222 | ICE Gas Oil Future<sup>(c)</sup> | 12/12/2025 | 14951700 | 40725 |
| 79 | ICE Gas Oil Future<sup>(c)</sup> | 01/13/2026 | 5251525 | 14650 |
| 2336 | KFE KOSPI 200 Index Future | 12/12/2025 | 197968570 | 7421818 |
| 199 | LME Copper Future<sup>(c)</sup> | 12/16/2025 | 51100362 | 12275 |
| 38 | LME Primary Aluminum Future<sup>(c)</sup> | 12/16/2025 | 2546846 | 6109 |
| 2258 | Long Gilt Future | 12/30/2025 | 275861368 | 68319 |
| 12 | MEFF Madrid IBEX 35 Index Future | 10/20/2025 | 2184752 | (620) |
| 4318 | Montreal Exchange 10 Year Canadian Bond Future | 12/19/2025 | 380022480 | 3021033 |
| 73 | NYBOT CSC C Coffee Future<sup>(c)</sup> | 12/19/2025 | 10261519 | 45600 |
| 39 | NYBOT CSC Cocoa Future<sup>(c)</sup> | 12/16/2025 | 2632110 | (202570) |
| 276 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 10/30/2025 | 9116280 | 354860 |
| 747 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 10/22/2025 | 46590390 | (2020510) |
| 38 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 11/03/2025 | 3709264 | (100816) |
| 5 | NYMEX Platinum Future<sup>(c)</sup> | 01/29/2026 | 401425 | (450) |
| 858 | OSE Nikkei 225 Index Future | 12/12/2025 | 261056768 | 6180880 |
| 2683 | SGX FTSE China A50 Futures Contract | 10/31/2025 | 40553545 | (41890) |
| 424 | SGX FTSE Taiwan Index Futures | 10/31/2025 | 36264720 | 89910 |
| 332 | SGX Nikkei 225 Stock Index Future | 12/12/2025 | 50412062 | 991601 |
| 25 | Three-Month SOFR Futures | 06/16/2027 | 6057188 | 1563 |
| 884 | Three-Month SOFR Futures | 09/15/2027 | 214149000 | 22862 |
| 983 | Three-Month SOFR Futures | 12/15/2027 | 238045738 | 248088 |
| 435 | Three-Month SOFR Futures | 03/15/2028 | 105291750 | 48987 |
| 118 | TSE Japanese 10 Year Bond Futures | 12/16/2025 | 108363113 | (177258) |
| 549 | TSE TOPIX (Tokyo Price Index) Future | 12/12/2025 | 116619710 | (67880) |
| 647 | Ultra U.S. Treasury Bond Futures | 12/22/2025 | 77680438 | 426094 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $25889771 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | | | |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 125 | 3 Month Euro Euribor Future | 03/16/2027 | $35922091 | $5454 |
| 1594 | 3 Month Euro Euribor Future | 06/15/2026 | 458616518 | 364170 |
| 281 | 3 Month Euro Euribor Future | 06/15/2027 | 80703378 | 24724 |
| 647 | 3 Month Euro Euribor Future | 09/14/2026 | 186122637 | 89026 |
| 250 | 3 Month Euro Euribor Future | 09/14/2027 | 71756134 | 24923 |
| 257 | 3 Month Euro Euribor Future | 12/15/2026 | 73901077 | 17078 |
| 224 | 3 Month Euro Euribor Future | 12/14/2027 | 64254050 | 16638 |
| 485 | BMF Ibovespa Index Future | 10/16/2025 | 13409011 | 21734 |
| 214 | Carbon Emissions Future<sup>(c)</sup> | 12/16/2025 | 19023339 | 49048 |
| 9567 | CBOT 2 Year US Treasury Note Future | 01/01/2026 | 1993747857 | (1373860) |
| 9036 | CBOT 5 Year US Treasury Note Future | 01/02/2026 | 986688848 | 536177 |
| 2557 | CBOT Corn Future<sup>(c)</sup> | 12/15/2025 | 53121675 | 371438 |
| 3821 | CBOT Soybean Future<sup>(c)</sup> | 11/17/2025 | 191384338 | 7457287 |
| 482 | CBOT Soybean Meal Future<sup>(c)</sup> | 12/15/2025 | 13173060 | 612990 |
| 1785 | CBOT Soybean Oil Future<sup>(c)</sup> | 12/15/2025 | 53003790 | 1869930 |
| 246 | CBOT Wheat Future<sup>(c)</sup> | 12/15/2025 | 6248400 | 223587 |
| 1952 | CME Australian Dollar Currency Future | 12/16/2025 | 129261440 | 328439 |
| 497 | CME British Pound Currency Future | 12/16/2025 | 41782169 | (163119) |
| 1614 | CME Canadian Dollar Currency Future | 12/17/2025 | 116369400 | 1287765 |
| 279 | CME E-Mini NASDAQ 100 Index Future | 12/22/2025 | 138951765 | (298170) |
| 2271 | CME E-mini Russell 2000 Index Futures | 12/22/2025 | 278822025 | 795255 |
| 688 | CME E-Mini Standard & Poor's 500 Index Future | 12/22/2025 | 231813000 | (557825) |
| 255 | CME E-Mini Standard & Poor's MidCap 400 Index Future | 12/22/2025 | 83798100 | 1040850 |
| 618 | CME Euro Foreign Exchange Currency Future | 12/16/2025 | 91093200 | (286419) |
| 1553 | CME Japanese Yen Currency Future | 12/16/2025 | 132276774 | 489828 |
| 470 | CME Lean Hogs Future<sup>(c)</sup> | 12/15/2025 | 16680300 | 41410 |
| 363 | CME New Zealand Dollar Currency Future | 12/16/2025 | 21106635 | 566455 |
| 559 | CME Swiss Franc Currency Future | 12/16/2025 | 88552588 | 107850 |
| 408 | COMEX Copper Future<sup>(c)</sup> | 12/30/2025 | 49536300 | (1467837) |
| 1143 | E-mini Dow Jones Industrial Average Index Futures | 12/22/2025 | 266827635 | (761965) |
| 1004 | Euronext CAC 40 Index Future | 10/20/2025 | 93056821 | (561740) |
| 57 | FTSE/MIB Index Future | 12/22/2025 | 14217880 | (122822) |
| 297 | ICE Brent Crude Oil Future<sup>(c)</sup> | 12/01/2025 | 19489140 | 34000 |
| 75 | ICE Brent Crude Oil Future<sup>(c)</sup> | 12/31/2025 | 4899000 | 5730 |
| 49 | ICE Brent Crude Oil Future<sup>(c)</sup> | 02/02/2026 | 3191860 | 3620 |
| 73 | ICE Brent Crude Oil Future<sup>(c)</sup> | 03/02/2026 | 4749380 | (1260) |
| 23 | ICE Brent Crude Oil Future<sup>(c)</sup> | 04/01/2026 | 1495460 | 660 |
| 717 | ICE US mini MSCI EAFE Index Futures | 12/22/2025 | 99853005 | 227595 |
| 847 | ICE US MSCI Emerging Markets EM Index Futures | 12/22/2025 | 57583295 | (143310) |
| 1295 | IFSC NIFTY 50 Index Futures | 10/29/2025 | 64132285 | 656914 |
| 152 | KCBT Hard Red Winter Wheat Future<sup>(c)</sup> | 12/15/2025 | 3782900 | 86113 |
| 12 | LME Lead Future<sup>(c)</sup> | 12/16/2025 | 594591 | 1014 |
| 43 | LME Nickel Future<sup>(c)</sup> | 12/16/2025 | 3924291 | (7750) |
| 46 | LME Zinc Future<sup>(c)</sup> | 12/16/2025 | 3414511 | (40492) |
| 210 | Montreal Exchange S&P/TSX 60 Index Future | 12/19/2025 | 53510798 | (191590) |
| 61 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 03/02/2026 | 1134112 | (22120) |
| 590 | NYBOT CTN Number 2 Cotton Future<sup>(c)</sup> | 12/09/2025 | 19402150 | 277020 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | | | |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 183 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 02/26/2026 | $6630090 | $(49910) |
| 160 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 11/26/2025 | 6208000 | (117890) |
| 390 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 12/30/2025 | 16290300 | 76010 |
| 281 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 01/29/2026 | 11180990 | (120630) |
| 90 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 12/22/2025 | 5551200 | 20650 |
| 6 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 01/21/2026 | 368880 | 1050 |
| 7 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 02/23/2026 | 429520 | 320 |
| 8 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 03/23/2026 | 490320 | 460 |
| 389 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 11/21/2025 | 24102440 | 163460 |
| 65 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 01/01/2026 | 6233136 | 12293 |
| 23 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 02/02/2026 | 2192240 | 1802 |
| 170 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 12/01/2025 | 16424142 | 32806 |
| 507 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 12/01/2025 | 39919862 | 149646 |
| 676 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 11/03/2025 | 54577943 | 160884 |
| 181 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 01/01/2026 | 14072822 | 62694 |
| 86 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 02/02/2026 | 6700260 | 29858 |
| 370 | SAFEX FTSE/JSE Top 40 Index Future | 12/19/2025 | 21887233 | (574343) |
| 2658 | SFE 10 Year Australian Bond Future | 12/16/2025 | 199330920 | (170731) |
| 3015 | SFE 3 Year Australian Bond Future | 12/16/2025 | 213115938 | 50708 |
| 107 | SFE S&P ASX Share Price Index 200 Future | 12/19/2025 | 15703126 | 44041 |
| 2985 | TEF SET50 Index Future | 12/30/2025 | 15017039 | 55031 |
| 22 | Three Month SONIA Index Futures | 09/15/2027 | 7126959 | (1480) |
| 82 | Three Month SONIA Index Futures | 06/16/2027 | 26572389 | (4375) |
| 926 | Three Month SONIA Index Futures | 09/15/2026 | 299933461 | 227459 |
| 455 | Three Month SONIA Index Futures | 12/15/2026 | 147444355 | 111200 |
| 117 | Three Month SONIA Index Futures | 12/15/2027 | 37888693 | (1655) |
| 101 | Three Month SONIA Index Futures | 03/17/2027 | 32734500 | (5096) |
| 102 | Three Month SONIA Index Futures | 03/15/2028 | 33020880 | (6322) |
| 1488 | Three-Month SOFR Futures | 12/16/2026 | 360282000 | (234062) |
| 626 | Three-Month SOFR Futures | 03/17/2027 | 151656325 | (74475) |
| 2807 | Three-Month SOFR Futures | 09/15/2026 | 678697514 | (453014) |
| 425 | TTF Natural Gas Base Load Monthly Futures<sup>(c)</sup> | 10/31/2025 | 11284064 | 83761 |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $11104593 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $36994364 |

---

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  |  |  | | | **Unrealized** |
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | **Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Australian Dollar | 10/01/2025 | Bank Of America Merrill Lynch | 148020000 | $97929211 | $733495 |
| British Pound | 10/01/2025 | Deutsche Bank | 16320000 | 21948757 | 36782 |
| Canadian Dollar | 10/01/2025 | Deutsche Bank | 156950000 | 112796002 | 45972 |
| Euro | 10/01/2025 | Deutsche Bank | 33120000 | 38882366 | 65258 |
| Japanese Yen | 10/01/2025 | Deutsche Bank | 18187999999 | 123003264 | 624696 |
| Mexican Peso | 10/01/2025 | Deutsche Bank | 326470000 | 17823528 | 21031 |
| New Zealand Dollar | 10/01/2025 | Bank Of America Merrill Lynch | 56370000 | 32682051 | 64906 |
| Norwegian Krone | 10/01/2025 | Bank Of America Merrill Lynch | 273010000 | 27354094 | (18074) |
| Polish Zloty | 10/01/2025 | Bank Of America Merrill Lynch | 90890000 | 25005501 | 45441 |
| Singapore Dollar | 10/01/2025 | Bank Of America Merrill Lynch | 34580000 | 26808486 | 5862 |
| South African Rand | 10/01/2025 | Bank Of America Merrill Lynch | 218630000 | 12660039 | 2668 |
| Swedish Krona | 10/01/2025 | Bank Of America Merrill Lynch | 233290000 | 24779440 | 3106 |
| Swiss Franc | 10/01/2025 | Bank Of America Merrill Lynch | 73500000 | 92337843 | 137838 |
| Australian Dollar | 10/02/2025 | Bank Of America Merrill Lynch | 72380000 | 47886204 | 147031 |
| British Pound | 10/02/2025 | Deutsche Bank | 66610000 | 89583747 | 58000 |
| Euro | 10/02/2025 | Deutsche Bank | 20790000 | 24407139 | (153) |
| Japanese Yen | 10/02/2025 | Deutsche Bank | 36139000000 | 244403718 | 674838 |
| Mexican Peso | 10/02/2025 | Deutsche Bank | 708940000 | 38704357 | 32210 |
| New Zealand Dollar | 10/02/2025 | Bank Of America Merrill Lynch | 130170000 | 75469619 | 43367 |
| Norwegian Krone | 10/02/2025 | Bank Of America Merrill Lynch | 44260000 | 4434608 | 1817 |
| Polish Zloty | 10/02/2025 | Bank Of America Merrill Lynch | 102880000 | 28304173 | 17946 |
| Singapore Dollar | 10/02/2025 | Bank Of America Merrill Lynch | 87080000 | 67509631 | 23362 |
| South African Rand | 10/02/2025 | Bank Of America Merrill Lynch | 437520000 | 25335135 | 7410 |
| Swedish Krona | 10/02/2025 | Bank Of America Merrill Lynch | 267440000 | 28406761 | 8807 |
| Swiss Franc | 10/02/2025 | Bank Of America Merrill Lynch | 73420000 | 92237340 | (149724) |
| Israeli Shekel | 10/03/2025 | Bank Of America Merrill Lynch | 45120000 | 13621544 | (27943) |
| Chinese Yuan Offshore | 10/09/2025 | Bank Of America Merrill Lynch | 654500000 | 91866609 | (1109) |
| Chinese Yuan Offshore | 10/10/2025 | Bank Of America Merrill Lynch | 1292210000 | 181390139 | 118719 |
| Australian Dollar | 10/15/2025 | Bank Of America Merrill Lynch | 495120000 | 327633939 | 831770 |
| Brazilian Real | 10/15/2025 | Bank Of America Merrill Lynch | 4710429999 | 882200559 | 21437887 |
| British Pound | 10/15/2025 | Deutsche Bank | 727640000 | 978677374 | (3840760) |
| Canadian Dollar | 10/15/2025 | Deutsche Bank | 366480000 | 263560994 | (32042) |
| Chilean Peso | 10/15/2025 | Bank Of America Merrill Lynch | 40215999999 | 41832200 | 194468 |
| Euro | 10/15/2025 | Deutsche Bank | 1378390000 | 1619571939 | 1849769 |
| Indian Rupee | 10/15/2025 | Bank Of America Merrill Lynch | 7424060000 | 83502828 | (646959) |
| Israeli Shekel | 10/15/2025 | Bank Of America Merrill Lynch | 281560000 | 85001810 | 795882 |
| Japanese Yen | 10/15/2025 | Deutsche Bank | 135110999991 | 915118287 | (1729037) |
| Mexican Peso | 10/15/2025 | Deutsche Bank | 13405619999 | 730798821 | 10858191 |
| New Zealand Dollar | 10/15/2025 | Bank Of America Merrill Lynch | 836070000 | 484995034 | (7715185) |
| Norwegian Krone | 10/15/2025 | Bank Of America Merrill Lynch | 3592100000 | 359933868 | (3040912) |
| Polish Zloty | 10/15/2025 | Bank Of America Merrill Lynch | 803940000 | 221136829 | 117747 |
| Singapore Dollar | 10/15/2025 | Bank Of America Merrill Lynch | 444230000 | 344770560 | (2991642) |
| South African Rand | 10/15/2025 | Bank Of America Merrill Lynch | 3711430000 | 214710211 | 2194874 |
| South Korean Won | 10/15/2025 | Bank Of America Merrill Lynch | 220700999999 | 157298457 | (1874845) |

---

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 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)** |
|  |  |  | | | **Unrealized** |
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | **Appreciation/<br> (Depreciation)** |
| **To Buy: (continued)** |  |  |  |  |  |
| Swedish Krona | 10/15/2025 | Bank Of America Merrill Lynch | 2718800000 | $289045626 | $(1566728) |
| Swiss Franc | 10/15/2025 | Bank Of America Merrill Lynch | 492810000 | 620155908 | (2178915) |
| Chinese Yuan Offshore | 10/15/2025 | Bank Of America Merrill Lynch | 7506799997 | 1054139619 | (3703634) |
| British Pound | 11/19/2025 | Deutsche Bank | 146780000 | 197437058 | (83263) |
| Chilean Peso | 11/19/2025 | Bank Of America Merrill Lynch | 2978000000 | 3097742 | 3183 |
| Euro | 11/19/2025 | Deutsche Bank | 57800000 | 68053460 | 24409 |
| Norwegian Krone | 11/19/2025 | Bank Of America Merrill Lynch | 31130000 | 3119691 | (562) |
| Singapore Dollar | 11/19/2025 | Bank Of America Merrill Lynch | 117190000 | 91192572 | (40081) |
| South African Rand | 11/19/2025 | Bank Of America Merrill Lynch | 1753150000 | 101167419 | (146788) |
| South Korean Won | 11/19/2025 | Bank Of America Merrill Lynch | 28967000000 | 20675543 | (23580) |
| Swedish Krona | 11/19/2025 | Bank Of America Merrill Lynch | 484590000 | 51632774 | (320677) |
| Chinese Yuan Offshore | 11/19/2025 | Bank Of America Merrill Lynch | 1761899999 | 248036559 | 75566 |
|  |  |  |  | $**12166068987** | $**11171695** |
| **To Sell:** |  |  |  |  |  |
| Australian Dollar | 10/01/2025 | Bank Of America Merrill Lynch | 148020000 | $97929209 | $(604579) |
| British Pound | 10/01/2025 | Deutsche Bank | 16320000 | 21948761 | (23816) |
| Canadian Dollar | 10/01/2025 | Deutsche Bank | 156950000 | 112796004 | (18108) |
| Euro | 10/01/2025 | Deutsche Bank | 33120000 | 38882368 | (34748) |
| Japanese Yen | 10/01/2025 | Deutsche Bank | 18187999999 | 123003260 | (594387) |
| Mexican Peso | 10/01/2025 | Deutsche Bank | 326470000 | 17823528 | (15973) |
| New Zealand Dollar | 10/01/2025 | Bank Of America Merrill Lynch | 56370000 | 32682050 | (68592) |
| Norwegian Krone | 10/01/2025 | Bank Of America Merrill Lynch | 273010000 | 27354093 | 47110 |
| Polish Zloty | 10/01/2025 | Bank Of America Merrill Lynch | 90890000 | 25005502 | (43951) |
| Singapore Dollar | 10/01/2025 | Bank Of America Merrill Lynch | 34580000 | 26808488 | (1262) |
| South African Rand | 10/01/2025 | Bank Of America Merrill Lynch | 218630000 | 12660038 | (2669) |
| Swedish Krona | 10/01/2025 | Bank Of America Merrill Lynch | 233290000 | 24779440 | 34952 |
| Swiss Franc | 10/01/2025 | Bank Of America Merrill Lynch | 73500000 | 92337842 | (140682) |
| Australian Dollar | 10/02/2025 | Bank Of America Merrill Lynch | 72380000 | 47886206 | 29367 |
| British Pound | 10/02/2025 | Deutsche Bank | 66610000 | 89583752 | 72497 |
| Euro | 10/02/2025 | Deutsche Bank | 20790000 | 24407138 | 37230 |
| Japanese Yen | 10/02/2025 | Deutsche Bank | 36138999999 | 244403716 | 224999 |
| Mexican Peso | 10/02/2025 | Deutsche Bank | 708940000 | 38704359 | (13456) |
| New Zealand Dollar | 10/02/2025 | Bank Of America Merrill Lynch | 130170000 | 75469620 | (10071) |
| Norwegian Krone | 10/02/2025 | Bank Of America Merrill Lynch | 44260000 | 4434608 | 5271 |
| Polish Zloty | 10/02/2025 | Bank Of America Merrill Lynch | 102880000 | 28304171 | 59305 |
| Singapore Dollar | 10/02/2025 | Bank Of America Merrill Lynch | 87080000 | 67509633 | 38228 |
| South African Rand | 10/02/2025 | Bank Of America Merrill Lynch | 437520000 | 25335132 | 25979 |
| Swedish Krona | 10/02/2025 | Bank Of America Merrill Lynch | 267440000 | 28406760 | 5559 |
| Swiss Franc | 10/02/2025 | Bank Of America Merrill Lynch | 73420000 | 92237343 | (86764) |
| Israeli Shekel | 10/03/2025 | Bank Of America Merrill Lynch | 45120000 | 13621539 | 21609 |
| Chinese Yuan Offshore | 10/09/2025 | Bank Of America Merrill Lynch | 654500000 | 91866610 | (29071) |
| Chinese Yuan Offshore | 10/10/2025 | Bank Of America Merrill Lynch | 1292210000 | 181390142 | (83826) |
| Australian Dollar | 10/15/2025 | Bank Of America Merrill Lynch | 1454730000 | 962633139 | (4957217) |
| Brazilian Real | 10/15/2025 | Bank Of America Merrill Lynch | 2183790000 | 408994675 | (5161608) |
| British Pound | 10/15/2025 | Deutsche Bank | 727640000 | 978677372 | 5889949 |
| Canadian Dollar | 10/15/2025 | Deutsche Bank | 1728700000 | 1243227159 | 11812904 |
| Chilean Peso | 10/15/2025 | Bank Of America Merrill Lynch | 40216000000 | 41832202 | (280497) |
| Chinese Yuan Offshore | 10/15/2025 | Bank Of America Merrill Lynch | 7506800000 | 1054139619 | 1535025 |

---

---

| |
|:---|
| **CATALYST/MILLBURN HEDGE STRATEGY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 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)** |
|  |  |  | | | **Unrealized** |
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | **Appreciation/<br> (Depreciation)** |
| **To Sell: (continued)** |  |  |  |  |  |
| Euro | 10/15/2025 | Deutsche Bank | 1378390000 | $1619571936 | $2113538 |
| Indian Rupee | 10/15/2025 | Bank Of America Merrill Lynch | 11781820000 | 132517159 | 710651 |
| Israeli Shekel | 10/15/2025 | Bank Of America Merrill Lynch | 181850000 | 54899772 | (204071) |
| Japanese Yen | 10/15/2025 | Deutsche Bank | 224929999989 | 1523470009 | 905818 |
| Mexican Peso | 10/15/2025 | Deutsche Bank | 7233550000 | 394332363 | (4993913) |
| New Zealand Dollar | 10/15/2025 | Bank Of America Merrill Lynch | 1718070000 | 996633561 | 10963070 |
| Norwegian Krone | 10/15/2025 | Bank Of America Merrill Lynch | 3592100000 | 359933869 | (73200) |
| Polish Zloty | 10/15/2025 | Bank Of America Merrill Lynch | 456560000 | 125584286 | 134133 |
| Singapore Dollar | 10/15/2025 | Bank Of America Merrill Lynch | 444230000 | 344770560 | 1405402 |
| South African Rand | 10/15/2025 | Bank Of America Merrill Lynch | 3711430000 | 214710212 | (3124470) |
| South Korean Won | 10/15/2025 | Bank Of America Merrill Lynch | 220700999999 | 157298448 | 1552867 |
| Swedish Krona | 10/15/2025 | Bank Of America Merrill Lynch | 2718800000 | 289045626 | 1753981 |
| Swiss Franc | 10/15/2025 | Bank Of America Merrill Lynch | 492810000 | 620155906 | (283990) |
| Chilean Peso | 11/19/2025 | Bank Of America Merrill Lynch | 3011000000 | 3132069 | 7847 |
| Chinese Yuan Offshore | 11/19/2025 | Bank Of America Merrill Lynch | 7233209999 | 1018276018 | (1472562) |
| Norwegian Krone | 11/19/2025 | Bank Of America Merrill Lynch | 317270000 | 31795198 | 16718 |
| Singapore Dollar | 11/19/2025 | Bank Of America Merrill Lynch | 252640000 | 196594345 | (454824) |
| South African Rand | 11/19/2025 | Bank Of America Merrill Lynch | 688490000 | 39730061 | (212002) |
| South Korean Won | 11/19/2025 | Bank Of America Merrill Lynch | 47974000000 | 34242020 | (79441) |
| Swedish Krona | 11/19/2025 | Bank Of America Merrill Lynch | 1603450000 | 170846638 | (390596) |
| Swiss Franc | 11/19/2025 | Bank Of America Merrill Lynch | 522710000 | 660527179 | (1642928) |
|  |  |  |  | $**15385142713** | $**14300735** |
| **Total** |  |  |  |  | $**25472430** |

---

---

| | |
|:---|:---|
| 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 September 30, 2025.

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

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

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

---

| |
|:---|
| **CATALYST DYNAMIC ALPHA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3%** |  |
|  | **AEROSPACE & DEFENSE - 3.0%** |  |
| 2800 | TransDigm Group, Inc. | $3690456 |
|  | **APPAREL & TEXTILE PRODUCTS - 3.1%** |  |
| 12450 | Ralph Lauren Corporation | 3903822 |
|  | **ASSET MANAGEMENT - 5.6%** |  |
| 6250 | LPL Financial Holdings, Inc. | 2079313 |
| 34025 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 4871699 |
|  |  | 6951012 |
|  | **AUTOMOTIVE - 1.6%** |  |
| 16200 | Autoliv, Inc.<sup>(b)</sup> | 2000700 |
|  | **BANKING - 3.2%** |  |
| 55550 | HSBC Holdings plc - ADR<sup>(b)</sup> | 3942939 |
|  | **BIOTECH & PHARMA - 3.8%** |  |
| 17025 | Corcept Therapeutics, Inc.<sup>(a)</sup> | 1414948 |
| 25650 | Novartis A.G. - ADR | 3289356 |
|  |  | 4704304 |
|  | **CONSUMER SERVICES - 1.0%** |  |
| 7950 | Stride, Inc.<sup>(a),(b)</sup> | 1184073 |
|  | **E-COMMERCE DISCRETIONARY - 4.4%** |  |
| 24775 | Amazon.com, Inc.<sup>(a)</sup> | 5439847 |
|  | **ELECTRICAL EQUIPMENT - 6.9%** |  |
| 55000 | Amphenol Corporation, Class A | 6806250 |
| 10250 | Generac Holdings, Inc.<sup>(a)</sup> | 1715850 |
|  |  | 8522100 |
|  | **ENGINEERING & CONSTRUCTION - 5.4%** |  |
| 5850 | EMCOR Group, Inc. | 3799809 |
| 8725 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 2963708 |
|  |  | 6763517 |

---

---

| |
|:---|
| **CATALYST DYNAMIC ALPHA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 6.4%** |  |
| 5000 | AppLovin Corporation, Class A<sup>(a)</sup> | $3592700 |
| 24575 | Sea Ltd. - ADR<sup>(a)</sup> | 4392290 |
|  |  | 7984990 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.9%** |  |
| 20675 | Cardinal Health, Inc. | 3245147 |
| 14575 | Quest Diagnostics, Inc. | 2777704 |
|  |  | 6022851 |
|  | **HOME CONSTRUCTION - 1.9%** |  |
| 17250 | Toll Brothers, Inc. | 2382915 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.4%** |  |
| 5100 | Evercore, Inc., Class A | 1720332 |
|  | **INTERNET MEDIA & SERVICES - 14.3%** |  |
| 13425 | Expedia Group, Inc. | 2869594 |
| 7225 | Meta Platforms, Inc., Class A | 5305896 |
| 16900 | Reddit, Inc., Class A<sup>(a)</sup> | 3886831 |
| 32660 | Uber Technologies, Inc.<sup>(a)</sup> | 3199700 |
| 8825 | VeriSign, Inc. | 2467205 |
|  |  | 17729226 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.9%** |  |
| 60000 | TechnipFMC plc | 2367000 |
|  | **SEMICONDUCTORS - 6.2%** |  |
| 27500 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 7680475 |
|  | **SOFTWARE - 6.9%** |  |
| 7275 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 3567514 |
| 17075 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 3114822 |
| 20700 | SS&C Technologies Holdings, Inc. | 1837332 |
|  |  | 8519668 |
|  | **SPECIALTY FINANCE - 3.8%** |  |
| 14225 | American Express Company | 4724976 |

---

---

| |
|:---|
| **CATALYST DYNAMIC ALPHA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 11.3%** |  |
| 52375 | Corning, Inc. | $4296321 |
| 12025 | F5, Inc.<sup>(a)</sup> | 3886360 |
| 103100 | Flex Ltd.<sup>(a)</sup> | 5976706 |
|  |  | 14159387 |
|  | **WHOLESALE - CONSUMER STAPLES - 2.3%** |  |
| 37375 | US Foods Holding Corporation<sup>(a)</sup> | 2863673 |
|  | **TOTAL COMMON STOCKS (Cost $87,298,390)** | 123258263 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.0%** |  |
| 2396380 | Mount Vernon Liquid Assets Portfolio, 4.22% (Cost $2,396,380)<sup>(c),(d)</sup> | 2396380 |
|  | **MONEY MARKET FUND - 0.4%** |  |
| 548260 | First American Treasury Obligations Fund, Class X, 4.05% (Cost $548,260)<sup>(c)</sup> | 548260 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $2,944,640)** | 2944640 |
|  | **TOTAL INVESTMENTS - 101.7% (Cost $90,243,030)** | $126202903 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.7)%** | (2076791) |
|  | **NET ASSETS - 100.0%** | $124126112 |

---

---

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

---

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

<sup>(b)</sup> All or a portion of this security is on loan. The total fair value of the securities on loan as of September 30, 2025 was $2,330,358.

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

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $2,396,380 at September 30, 2025.

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 5.0%** |  |  |  |  |
|  | **FIXED INCOME - 5.0%** |  |  |  |  |
| 901688 | Invesco Senior Loan ETF |  |  |  | $18872330 |
| 374591 | SPDR Blackstone Senior Loan ETF |  |  |  | 15575494 |
|  |  |  |  |  | 34447824 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $34,559,095)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $34,559,095)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $34,559,095)** |  | 34447824 |
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** |  |
|  | **ASSET BACKED SECURITIES — 4.3%** |  |  |  |  |
|  | **CLO — 4.3%** |  |  |  |  |
| 2000000 | Apidos CLO LI Ltd. Series 2024-51A E<sup>(a),(b)</sup> | TSFR3M + 4.850% | 9.1750 | &nbsp;&nbsp;01/20/38 | 2023627 |
| 1500000 | Apidos Clo XL Ltd. Series 2022-40A ER<sup>(a),(b)</sup> | TSFR3M + 5.600% | 9.9180 | &nbsp;&nbsp;07/15/37 | 1502597 |
| 1250000 | Apidos CLO XXXII Series 2019-32A ER<sup>(a),(b)</sup> | TSFR3M + 5.500% | 9.8250 | &nbsp;&nbsp;01/20/33 | 1249906 |
| 1000000 | Benefit Street Partners CLO XVI Ltd. Series 2018-16A ER2<sup>(a),(b)</sup> | TSFR3M + 4.900% | 9.2220 | &nbsp;&nbsp;01/17/38 | 994502 |
| 1510000 | Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A ER<sup>(a),(b)</sup> | TSFR3M + 5.400% | 9.7250 | &nbsp;&nbsp;10/20/37 | 1519191 |
| 500000 | BlueMountain CLO Ltd. Series 2018-3A E<sup>(a),(b)</sup> | TSFR3M + 6.212% | 10.5300 | &nbsp;&nbsp;10/25/30 | 468321 |
| 500000 | BlueMountain CLO XXII Ltd. Series 2018-22A E<sup>(a),(b)</sup> | TSFR3M + 5.312% | 9.6290 | &nbsp;&nbsp;07/15/31 | 455122 |
| 500000 | Carbone Clo Ltd. Series 2017-1A D<sup>(a),(b)</sup> | TSFR3M + 6.162% | 10.4870 | &nbsp;&nbsp;01/20/31 | 498207 |
| 2000000 | Carlyle Global Market Strategies CLO Ltd Series 2014-2R<sup>(a),(b)</sup> | TSFR3M + 5.612% | 9.8230 | &nbsp;&nbsp;05/15/31 | 1992680 |
| 1000000 | Cook Park CLO Ltd. Series 2018-1A E<sup>(a),(b)</sup> | TSFR3M + 5.662% | 9.9840 | &nbsp;&nbsp;04/17/30 | 993303 |
| 1000000 | Dewolf Park CLO Ltd. Series 2017-1A E<sup>(a),(b)</sup> | TSFR3M + 6.462% | 10.7790 | &nbsp;&nbsp;10/15/30 | 1004788 |
| 750000 | Dryden 54 Senior Loan Fund Series 2017-54A E<sup>(a),(b)</sup> | TSFR3M + 6.462% | 10.7870 | &nbsp;&nbsp;10/19/29 | 736090 |
| 500000 | Harbor Park CLO Ltd. Series 2018-1A E<sup>(a),(b)</sup> | TSFR3M + 5.862% | 10.1870 | &nbsp;&nbsp;01/20/31 | 500862 |
| 500000 | Highbridge Loan Management Ltd. Series 2013-2A DR<sup>(a),(b)</sup> | TSFR3M + 6.862% | 11.1870 | &nbsp;&nbsp;10/20/29 | 499938 |
| 2000000 | KKR CLO 14 Ltd. Series 14 ER<sup>(a),(b)</sup> | TSFR3M + 6.412% | 10.7290 | &nbsp;&nbsp;07/15/31 | 1979942 |
| 1500000 | Meacham Park Clo Ltd. Series 2024-1A E<sup>(a),(b)</sup> | TSFR3M + 5.350% | 9.6750 | &nbsp;&nbsp;10/20/37 | 1509125 |
| 500000 | Neuberger Berman Loan Advisers CLO 59 Ltd. Series 2024-59A E<sup>(a),(b)</sup> | TSFR3M + 4.800% | 9.1190 | &nbsp;&nbsp;01/23/39 | 499313 |
| 500000 | Octagon Investment Partners 26 Ltd. Series 2016-1A ER<sup>(a),(b)</sup> | TSFR3M + 5.662% | 9.9790 | &nbsp;&nbsp;07/15/30 | 475843 |
| 500000 | Octagon Investment Partners XVII Ltd. Series 2013-1A ER2<sup>(a),(b)</sup> | TSFR3M + 5.412% | 9.7300 | &nbsp;&nbsp;01/25/31 | 487018 |
| 1500000 | Octagon Investment Partners XXII Ltd. Series 2014-1A ERR<sup>(a),(b)</sup> | TSFR3M + 5.712% | 10.0440 | &nbsp;&nbsp;01/22/30 | 1460261 |
| 1325000 | OHA Credit Funding 2 LTD Series 2019-2A ER2<sup>(a),(b)</sup> | TSFR3M + 4.800% | 9.1250 | &nbsp;&nbsp;01/21/38 | 1291501 |
| 750000 | OHA Credit Partners VII Ltd. Series 2012-7A ER4<sup>(a),(b)</sup> | TSFR3M + 4.500% | 8.7040 | &nbsp;&nbsp;02/20/38 | 749149 |
| 2000000 | Palmer Square CLO Ltd. Series 2023-1A ER<sup>(a),(b)</sup> | TSFR3M + 4.900% | 9.2250 | &nbsp;&nbsp;01/20/38 | 2013895 |
| 1000000 | Rockford Tower CLO Ltd. Series 2017-3A E<sup>(a),(b)</sup> | TSFR3M + 6.012% | 10.3370 | &nbsp;&nbsp;10/20/30 | 983208 |
| 1000000 | Shackleton CLO Ltd. Series 2013-4RA D<sup>(a),(b)</sup> | TSFR3M + 6.112% | 10.4320 | &nbsp;&nbsp;04/13/31 | 983111 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 4.3% (Continued)** |  |  |  |  |
|  | **CLO — 4.3% (Continued)** |  |  |  |  |
| 1000000 | THL Credit Wind River Clo Ltd. Series 2018-1A E<sup>(a),(b)</sup> | TSFR3M + 5.762% | 10.0790 | &nbsp;&nbsp;07/15/30 | $1004669 |
| 500000 | Upland CLO Ltd. Series 2016-1A DR<sup>(a),(b)</sup> | TSFR3M + 6.162% | 10.4870 | &nbsp;&nbsp;04/20/31 | 501461 |
| 1000000 | VOYA CLO Series 2017-2A D<sup>(a),(b)</sup> | TSFR3M + 6.282% | 10.5990 | &nbsp;&nbsp;06/07/30 | 999950 |
| 29806 | Wellfleet CLO Ltd. Series 2015-1A ER3<sup>(a),(b)</sup> | TSFR3M + 7.312% | 11.6370 | &nbsp;&nbsp;07/20/29 | 16393 |
|  |  |  |  |  | 29393973 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $29,383,034)** | **TOTAL ASSET BACKED SECURITIES (Cost $29,383,034)** | **TOTAL ASSET BACKED SECURITIES (Cost $29,383,034)** |  | 29393973 |
|  | **CORPORATE BONDS — 4.7%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.3%** |  |  |  |  |
| 2000000 | Outfront Media Capital, LLC / Outfront Media<sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;01/15/29 | 1922548 |
|  | **AEROSPACE & DEFENSE — 0.0%** |  |  |  |  |
| 401000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;01/31/34 | 414895 |
|  | **AUTOMOTIVE — 0.1%** |  |  |  |  |
| 700000 | Nissan Motor Company Ltd.<sup>(a)</sup> |  | 8.1250 | &nbsp;&nbsp;07/17/35 | 751905 |
|  | **CHEMICALS — 0.3%** |  |  |  |  |
| 2500000 | Valvoline, Inc.<sup>(a)</sup> |  | 3.6250 | &nbsp;&nbsp;06/15/31 | 2290303 |
|  | **COMMERCIAL SUPPORT SERVICES — –%<sup>(c)</sup>** |  |  |  |  |
| 207000 | ADT Security Corporation (The)<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;10/15/33 |  |
|  | **CONTAINERS & PACKAGING — 0.4%** |  |  |  |  |
| 1144000 | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;04/15/32 | 1174344 |
| 1441000 | Graphic Packaging International, LLC<sup>(a)</sup> |  | 3.5000 | &nbsp;&nbsp;03/01/29 | 1367375 |
|  |  |  |  |  | 2541719 |
|  | **FOOD — 0.3%** |  |  |  |  |
| 2019972 | Chobani Holdco II, LLC<sup>(a)</sup> |  | 8.7500 | &nbsp;&nbsp;10/01/29 | 2146828 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.3%** |  |  |  |  |
| 1090000 | LifePoint Health, Inc.<sup>(a)</sup> |  | 11.0000 | &nbsp;&nbsp;10/15/30 | 1202680 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 4.7% (Continued)** |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.3% (Continued)** |  |  |  |
| 910000 | LifePoint Health, Inc.<sup>(a)</sup> | 8.3750 | &nbsp;&nbsp;02/15/32 | $970662 |
|  |  |  |  | 2173342 |
|  | **HOME & OFFICE PRODUCTS — 0.3%** |  |  |  |
| 219000 | Scotts Miracle-Gro Company (The) | 4.0000 | &nbsp;&nbsp;04/01/31 | 202771 |
| 2137000 | Scotts Miracle-Gro Company (The) | 4.3750 | &nbsp;&nbsp;02/01/32 | 1976100 |
|  |  |  |  | 2178871 |
|  | **HOME CONSTRUCTION — 0.2%** |  |  |  |
| 1174000 | APi Group DE, Inc.<sup>(a)</sup> | 4.1250 | &nbsp;&nbsp;07/15/29 | 1135575 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.3%** |  |  |  |
| 2000000 | Roller Bearing Company of America, Inc.<sup>(a)</sup> | 4.3750 | &nbsp;&nbsp;10/15/29 | 1945362 |
|  | **INSURANCE — 0.5%** |  |  |  |
| 1350000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> | 8.5000 | &nbsp;&nbsp;06/15/29 | 1418275 |
| 2000000 | Acrisure, LLC / Acrisure Finance, Inc.<sup>(a)</sup> | 6.7500 | &nbsp;&nbsp;07/01/32 | 2061008 |
|  |  |  |  | 3479283 |
|  | **LEISURE FACILITIES & SERVICES — 0.1%** |  |  |  |
| 418000 | Viking Cruises Ltd.<sup>(a)</sup> | 5.8750 | &nbsp;&nbsp;10/15/33 | 418933 |
|  | **OIL & GAS PRODUCERS — 0.4%** |  |  |  |
| 301000 | Howard Midstream Energy Partners, LLC<sup>(a)</sup> | 6.6250 | &nbsp;&nbsp;01/15/34 | 306951 |
| 2223000 | Venture Global Plaquemines LNG, LLC<sup>(a)</sup> | 6.7500 | &nbsp;&nbsp;01/15/36 | 2362613 |
|  |  |  |  | 2669564 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.0%<sup>(c)</sup>** |  |  |  |
| 207000 | Kodiak Gas Services, LLC<sup>(a)</sup> | 6.5000 | &nbsp;&nbsp;10/01/33 | 210873 |
|  | **RETAIL - DISCRETIONARY — 0.1%** |  |  |  |
| 416000 | Park River Holdings, Inc.<sup>(a)</sup> | 8.0000 | &nbsp;&nbsp;03/15/31 | 421942 |
|  | **SPECIALTY FINANCE — 0.3%** |  |  |  |
| 1344000 | Azorra Finance Ltd.<sup>(a)</sup> | 7.7500 | &nbsp;&nbsp;04/15/30 | 1417069 |
| 777000 | Azorra Finance Ltd.<sup>(a)</sup> | 7.2500 | &nbsp;&nbsp;01/15/31 | 810988 |
|  |  |  |  | 2228057 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 4.7% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 0.3%** |  |  |  |  |
| 2000000 | Amentum Escrow Corporation<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;08/01/32 | $2078194 |
|  | **TRANSPORTATION & LOGISTICS — 0.5%** |  |  |  |  |
| 2000000 | Beacon Mobility Corporation<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;08/01/30 | 2080759 |
| 1400000 | JetBlue Airways Corp / JetBlue Loyalty, L.P.<sup>(a)</sup> |  | 9.8750 | &nbsp;&nbsp;09/20/31 | 1422133 |
|  |  |  |  |  | 3502892 |
|  | **TOTAL CORPORATE BONDS (Cost $31,904,145)** |  |  |  | 32511086 |
|  |  | **Spread** |  |  |  |
|  | **TERM LOANS — 84.3%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.7%** |  |  |  |  |
| 4760602 | Endeavor Operating Company, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3270 | &nbsp;&nbsp;01/28/32 | 4771909 |
|  | **AEROSPACE & DEFENSE — 0.7%** |  |  |  |  |
| 493229 | Bleriot US Bidco, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 6.7960 | &nbsp;&nbsp;10/31/28 | 494021 |
| 2019131 | Goat Holdco, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.1490 | &nbsp;&nbsp;12/10/31 | 2023825 |
| 142600 | Signia Aerospace, LLC<sup>(b)(e)</sup> | TSFR3M + 2.750% | 3.0190 | &nbsp;&nbsp;12/11/31 | 143046 |
| 2269820 | Signia Aerospace, LLC<sup>(b)</sup> | TSFR3M + 2.750% | 7.0760 | &nbsp;&nbsp;12/11/31 | 2276913 |
|  |  |  |  |  | 4937805 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.7%** |  |  |  |  |
| 4397858 | Beach Acquisition Bidco, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5620 | &nbsp;&nbsp;06/28/32 | 4424443 |
| 699532 | Varsity Brands, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.1360 | &nbsp;&nbsp;08/26/31 | 700493 |
|  |  |  |  |  | 5124936 |
|  | **ASSET MANAGEMENT — 6.8%** |  |  |  |  |
| 1545200 | Aragorn Parent Corporation<sup>(b)</sup> | TSFR1M + 3.500% | 7.8270 | &nbsp;&nbsp;12/15/28 | 1555955 |
| 2692262 | Edelman Financial Engines Center, LLC (The)<sup>(b)</sup> | TSFR1M + 3.000% | 7.3250 | &nbsp;&nbsp;04/07/28 | 2697189 |
| 5750710 | Edelman Financial Engines Center, LLC (The)<sup>(b)</sup> | TSFR1M + 5.250% | 9.5750 | &nbsp;&nbsp;10/23/28 | 5770464 |
| 4973896 | Focus Financial Partners, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 7.0770 | &nbsp;&nbsp;09/15/31 | 4980710 |
| 4954167 | GC Ferry Acquisition I, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.7110 | &nbsp;&nbsp;06/07/32 | 4912601 |
| 845833 | GC Ferry Acquisition I, Inc.<sup>(b)(e)</sup> | TSFR1M + 3.500% | 7.8250 | &nbsp;&nbsp;06/07/32 | 838737 |
| 1539013 | Gryphon Debt Merger Sub, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3130 | &nbsp;&nbsp;06/21/32 | 1545031 |
| 3000000 | GTCR Everest Borrower, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 6.8850 | &nbsp;&nbsp;09/05/31 | 3003510 |
| 262495 | June Purchaser, LLC<sup>(b)(e)</sup> | TSFR1M + 3.250% | 3.2500 | &nbsp;&nbsp;09/11/31 | 263588 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 84.3% (Continued)** |  |  |  |  |
|  | **ASSET MANAGEMENT — 6.8% (Continued)** |  |  |  |  |
| 1571030 | June Purchaser, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.3830 | &nbsp;&nbsp;09/11/31 | $1577574 |
| 2537679 | Nexus Buyer, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.8270 | &nbsp;&nbsp;07/31/31 | 2534570 |
| 2329134 | Nexus Buyer, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.2550 | &nbsp;&nbsp;07/31/31 | 2332058 |
| 6855422 | Osaic Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3160 | &nbsp;&nbsp;07/19/32 | 6859328 |
| 1715702 | Russell Investments US Institutional Holdco, Inc.<sup>(b)</sup> | TSFR3M + 5.000% | 9.1850 | &nbsp;&nbsp;05/28/27 | 1651672 |
| 6404019 | Sophos Intermediate II Ltd.<sup>(b)</sup> | TSFR1M + 3.610% | 7.9360 | &nbsp;&nbsp;03/05/27 | 6420445 |
| 151000 | Virtus Investment Partners, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5050 | &nbsp;&nbsp;09/17/32 | 151189 |
|  |  |  |  |  | 47094621 |
|  | **AUTOMOTIVE — 0.9%** |  |  |  |  |
| 4725000 | Tenneco, Inc.<sup>(b)</sup> | TSFR1M + 4.750% | 9.1220 | &nbsp;&nbsp;11/17/28 | 4630997 |
| 1685000 | Tenneco, Inc.<sup>(b)</sup> | TSFR1M + 5.000% | 9.3500 | &nbsp;&nbsp;11/17/28 | 1654063 |
|  |  |  |  |  | 6285060 |
|  | **BIOTECH & PHARMA — 0.9%** |  |  |  |  |
| 3913942 | Amneal Pharmaceuticals, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.8160 | &nbsp;&nbsp;07/26/32 | 3917190 |
| 2202613 | Curium Bidco Sarl<sup>(b)</sup> | TSFR1M + 3.000% | 7.2960 | &nbsp;&nbsp;08/07/31 | 2206281 |
|  |  |  |  |  | 6123471 |
|  | **CABLE & SATELLITE — 0.7%** |  |  |  |  |
| 935144 | Cogeco Communications USA II, L.P.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5770 | &nbsp;&nbsp;09/18/30 | 934854 |
| 935144 | COGECO Financing 2, L.P.<sup>(b)</sup> | TSFR1M + 2.615% | 6.7880 | &nbsp;&nbsp;09/01/28 | 927714 |
| 1173724 | Virgin Media Bristol, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.3730 | &nbsp;&nbsp;03/06/31 | 1159053 |
| 1815744 | WideOpenWest Finance, LLC<sup>(b)</sup> | TSFR1M + 7.262% | 11.5820 | &nbsp;&nbsp;12/11/28 | 1859722 |
|  |  |  |  |  | 4881343 |
|  | **CHEMICALS — 1.2%** |  |  |  |  |
| 1744863 | Discovery Purchaser Corporation<sup>(b)</sup> | TSFR1M + 3.750% | 8.0820 | &nbsp;&nbsp;10/04/29 | 1739053 |
| 2129229 | Nouryon Finance BV<sup>(b)</sup> | TSFR3M + 3.250% | 7.5000 | &nbsp;&nbsp;04/03/28 | 2135446 |
| 3000000 | Olympus Water US Holding Corporation<sup>(b)</sup> | TSFR1M + 3.250% | 7.3930 | &nbsp;&nbsp;07/26/32 | 2982870 |
| 1035929 | Windsor Holdings III, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 7.0750 | &nbsp;&nbsp;08/01/30 | 1038089 |
|  |  |  |  |  | 7895458 |
|  | **COMMERCIAL SUPPORT SERVICES — 6.3%** |  |  |  |  |
| 1306332 | Action Environmental Group, Inc. (The)<sup>(b)</sup> | TSFR1M + 4.500% | 7.5460 | &nbsp;&nbsp;10/05/30 | 1307964 |
| 4300000 | Allied Universal Holdco, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.6060 | &nbsp;&nbsp;08/06/32 | 4321027 |
| 5665754 | Amspec Parent, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.7960 | &nbsp;&nbsp;12/22/31 | 5703828 |
| 871654 | Amspec Parent, LLC<sup>(b)(e)</sup> | TSFR1M + 3.500% | 7.8180 | &nbsp;&nbsp;12/22/31 | 877512 |
| 1000000 | Bifm CA Buyer, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.8860 | &nbsp;&nbsp;05/31/28 | 1004375 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 84.3% (Continued)** |  |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 6.3% (Continued)** |  |  |  |  |
| 4392335 | CHG Healthcare Services, Inc.<sup>(b)</sup> | TSFR3M + 2.750% | 7.0460 | &nbsp;&nbsp;09/29/28 | $4398396 |
| 3979376 | Conservice Midco, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 7.0660 | &nbsp;&nbsp;05/13/30 | 3995115 |
| 1571543 | Ensemble RCM, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3080 | &nbsp;&nbsp;08/03/29 | 1577704 |
| 728145 | First Advantage Holdings, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 6.9050 | &nbsp;&nbsp;10/31/31 | 712446 |
| 5087218 | Garda World Security Corporation<sup>(b)</sup> | TSFR1M + 3.000% | 7.1740 | &nbsp;&nbsp;02/01/29 | 5099936 |
| 1033519 | Grant Thornton Advisors Holdings, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 6.8160 | &nbsp;&nbsp;05/30/31 | 1028564 |
| 266635 | Raven Acquisition Holdings, LLC<sup>(b)(e)</sup> | TSFR1M + 1.000% | 3.2500 | &nbsp;&nbsp;10/24/31 | 266849 |
| 3723554 | Raven Acquisition Holdings, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.3160 | &nbsp;&nbsp;10/24/31 | 3726551 |
| 1175861 | Ryan, LLC<sup>(b)</sup> | TSFR1M + 4.500% | 7.8270 | &nbsp;&nbsp;11/09/30 | 1179648 |
| 1850000 | Wash Bidco, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.6030 | &nbsp;&nbsp;08/09/32 | 1859629 |
| 6500000 | WestJet Loyalty, L.P.<sup>(b)</sup> | TSFR1M + 3.850% | 7.5490 | &nbsp;&nbsp;02/01/31 | 6515698 |
|  |  |  |  |  | 43575242 |
|  | **CONSUMER DISCRETIONARY — 0.1%** |  |  |  |  |
| 734000 | Peer USA, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 6.3850 | &nbsp;&nbsp;09/27/32 | 735607 |
|  | **CONSUMER PRODUCTS — 0.0%<sup>(c)</sup>** |  |  |  |  |
| 164000 | ACP Tara Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5000 | &nbsp;&nbsp;09/17/32 | 164410 |
|  | **CONSUMER SERVICES — 3.0%** |  |  |  |  |
| 5251241 | Fugue Finance, LLC<sup>(b)</sup> | TSFR1M + 2.750% | 6.9490 | &nbsp;&nbsp;01/09/32 | 5269542 |
| 3206453 | KUEHG Corporation<sup>(b)</sup> | TSFR3M + 2.750% | 7.0410 | &nbsp;&nbsp;06/12/30 | 3208120 |
| 4092687 | Lernen US Finco, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.8700 | &nbsp;&nbsp;10/27/31 | 4114010 |
| 2425228 | Opal, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.4350 | &nbsp;&nbsp;03/31/32 | 2434625 |
| 1352692 | Prometric Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0660 | &nbsp;&nbsp;06/18/32 | 1360978 |
| 3978863 | University Support Services, LLC<sup>(b)</sup> | US1M + 3.350% | 7.0660 | &nbsp;&nbsp;06/29/28 | 3924571 |
|  |  |  |  |  | 20311846 |
|  | **CONTAINERS & PACKAGING — 0.3%** |  |  |  |  |
| 1956674 | Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5660 | &nbsp;&nbsp;03/29/32 | 1955871 |
| 34208 | Clydesdale Acquisition Holdings, Inc.<sup>(b)(e)</sup> | TSFR1M + 3.250% | 7.5660 | &nbsp;&nbsp;03/29/32 | 34194 |
| 263000 | Owens-Brockway Glass Container, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.1500 | &nbsp;&nbsp;09/27/32 | 262836 |
|  |  |  |  |  | 2252901 |
|  | **ELECTRIC UTILITIES — 0.2%** |  |  |  |  |
| 1320572 | Edgewater Generation, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.3220 | &nbsp;&nbsp;08/01/30 | 1325418 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 84.3% (Continued)** |  |  |  |  |
|  | **ELECTRICAL EQUIPMENT — 0.3%** |  |  |  |  |
| 1687500 | Vantage Elevator Solutions<sup>(b)</sup> | TSFR1M + 3.860% | 8.1910 | &nbsp;&nbsp;11/10/28 | $1695187 |
|  | **ENGINEERING & CONSTRUCTION — 0.3%** |  |  |  |  |
| 1264900 | Chromalloy Corporation<sup>(b)</sup> | TSFR1M + 3.750% | 7.5420 | &nbsp;&nbsp;03/24/31 | 1269954 |
| 548000 | Green Infrastructure Partners, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 6.9420 | &nbsp;&nbsp;09/18/32 | 549200 |
|  |  |  |  |  | 1819154 |
|  | **ENTERTAINMENT CONTENT — 0.1%** |  |  |  |  |
| 642544 | AP Core Holdings II, LLC<sup>(b)</sup> | TSFR1M + 5.500% | 9.9300 | &nbsp;&nbsp;09/01/27 | 627081 |
| 282856 | AP Core Holdings II, LLC<sup>(b)</sup> | TSFR1M + 5.500% | 9.9390 | &nbsp;&nbsp;09/01/27 | 275815 |
|  |  |  |  |  | 902896 |
|  | **FOOD — 1.0%** |  |  |  |  |
| 1343213 | Froneri US, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.1970 | &nbsp;&nbsp;09/18/31 | 1335100 |
| 1151000 | Froneri US, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8250 | &nbsp;&nbsp;07/16/32 | 1149947 |
| 1244203 | Nomad Foods US, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 6.5350 | &nbsp;&nbsp;11/08/29 | 1247164 |
| 3345574 | Nourish Buyer I, Inc.<sup>(b)</sup> | TSFR1M + 4.500% | 8.8380 | &nbsp;&nbsp;07/08/32 | 3353938 |
|  |  |  |  |  | 7086149 |
|  | **HEALTH CARE FACILITIES & SERVICES — 8.0%** |  |  |  |  |
| 244885 | ADMI Corporation<sup>(b)</sup> | TSFR1M + 3.375% | 7.8140 | &nbsp;&nbsp;12/23/27 | 231824 |
| 5072380 | Bella Holding Company, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.3270 | &nbsp;&nbsp;05/10/28 | 5086100 |
| 364000 | Boots Group Finco, L.P.<sup>(b)</sup> | TSFR1M + 3.500% | 7.7050 | &nbsp;&nbsp;07/19/32 | 365440 |
| 390000 | Global Medical Response, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.7800 | &nbsp;&nbsp;10/02/28 | 390558 |
| 354146 | Hanger, Inc.<sup>(b)(e)</sup> | TSFR1M + 1.000% | 7.8160 | &nbsp;&nbsp;10/16/31 | 355341 |
| 2744687 | Hanger, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8270 | &nbsp;&nbsp;10/16/31 | 2753950 |
| 5789298 | Heartland Dental, LLC<sup>(b)</sup> | TSFR1M + 3.750% | 8.0660 | &nbsp;&nbsp;08/07/32 | 5786433 |
| 8150748 | LifePoint Health, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0680 | &nbsp;&nbsp;05/14/31 | 8146103 |
| 1332721 | LifePoint Health, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.6600 | &nbsp;&nbsp;05/19/31 | 1328457 |
| 4031889 | MED ParentCo, L.P.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5770 | &nbsp;&nbsp;04/15/31 | 4044771 |
| 161491 | National Mentor Holdings, Inc.<sup>(b)</sup> | US1M + 3.850% | 8.1490 | &nbsp;&nbsp;02/18/28 | 161108 |
| 5573159 | National Mentor Holdings, Inc.<sup>(b)</sup> | US1M + 3.750% | 8.1620 | &nbsp;&nbsp;02/18/28 | 5559922 |
| 1893629 | National Mentor Holdings, Inc.<sup>(b)</sup> | US1M + 7.250% | 11.6490 | &nbsp;&nbsp;02/18/29 | 1884947 |
| 1348192 | Onex TSG Intermediate Corporation<sup>(b)</sup> | TSFR1M + 3.750% | 8.0050 | &nbsp;&nbsp;07/24/32 | 1357103 |
| 2471720 | Outcomes Group Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3160 | &nbsp;&nbsp;05/06/31 | 2488491 |
| 1389874 | Precision Medicine Group, LLC<sup>(b)</sup> | TSFR3M + 3.500% | 7.7040 | &nbsp;&nbsp;08/16/32 | 1386114 |
| 2014694 | Southern Veterinary Partners, LLC<sup>(b)</sup> | TSFR3M + 2.500% | 6.8180 | &nbsp;&nbsp;12/04/31 | 2013233 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 84.3% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 8.0% (Continued)** |  |  |  |  |
| 7416203 | Star Parent, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 8.2990 | &nbsp;&nbsp;09/19/30 | $7425474 |
| 4101614 | Team Health Holdings, Inc.<sup>(b)</sup> | TSFR1M + 4.500% | 8.7960 | &nbsp;&nbsp;06/30/28 | 4099050 |
|  |  |  |  |  | 54864419 |
|  | **HOME & OFFICE PRODUCTS — 2.6%** |  |  |  |  |
| 7659303 | AI Aqua Merger Sub, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.2800 | &nbsp;&nbsp;07/31/28 | 7683085 |
| 8604724 | Weber-Stephen Products, LLC<sup>(b)</sup> | US1M + 3.365% | 7.6890 | &nbsp;&nbsp;10/20/27 | 8540188 |
| 667155 | Weber-Stephen Products, LLC<sup>(b)</sup> | TSFR1M + 4.350% | 8.6750 | &nbsp;&nbsp;10/29/27 | 668323 |
| 854000 | Weber-Stephen Products, LLC<sup>(b)</sup> | TSFR1M + 3.750% | 7.9730 | &nbsp;&nbsp;09/17/32 | 846263 |
|  |  |  |  |  | 17737859 |
|  | **HOME CONSTRUCTION — 0.1%** |  |  |  |  |
| 1003666 | Chariot Buyer, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3430 | &nbsp;&nbsp;07/23/32 | 1005864 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.5%** |  |  |  |  |
| 6782957 | Aretec Group, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8250 | &nbsp;&nbsp;08/09/30 | 6790351 |
| 5292886 | Armor Holdco, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 7.9160 | &nbsp;&nbsp;12/11/28 | 5302149 |
| 8693685 | Ascensus Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3270 | &nbsp;&nbsp;08/02/28 | 8697293 |
| 3000000 | Hudson River Trading, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.1500 | &nbsp;&nbsp;03/20/30 | 3008310 |
| 236408 | Summit Acquisition, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8430 | &nbsp;&nbsp;10/16/31 | 238082 |
| 118000 | VFH Parent, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 6.8100 | &nbsp;&nbsp;06/20/31 | 118295 |
|  |  |  |  |  | 24154480 |
|  | **INSURANCE — 8.1%** |  |  |  |  |
| 4024681 | Acrisure, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3250 | &nbsp;&nbsp;11/06/30 | 4022809 |
| 1748000 | Acrisure, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5740 | &nbsp;&nbsp;06/07/32 | 1749460 |
| 4973996 | Alera Group Intermediate Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | &nbsp;&nbsp;05/21/32 | 4998145 |
| 2300847 | Alliant Holdings Intermediate, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 6.8230 | &nbsp;&nbsp;09/19/31 | 2296993 |
| 2411000 | Asurion, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 9.6910 | &nbsp;&nbsp;01/29/28 | 2353739 |
| 1779907 | Asurion, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.4250 | &nbsp;&nbsp;08/17/28 | 1785593 |
| 900000 | Asurion, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 9.6910 | &nbsp;&nbsp;01/14/29 | 863564 |
| 1496241 | Baldwin Insurance Group Holdings, LLC (The)<sup>(b)</sup> | TSFR1M + 2.500% | 6.7360 | &nbsp;&nbsp;05/27/31 | 1499360 |
| 9874580 | BroadStreet Partners, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.0660 | &nbsp;&nbsp;05/12/31 | 9894921 |
| 4172571 | Howden Group Holdings Ltd.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8270 | &nbsp;&nbsp;04/18/30 | 4173864 |
| 2705143 | Hyperion Refinance Sarl<sup>(b)</sup> | TSFR1M + 2.750% | 7.0660 | &nbsp;&nbsp;02/18/31 | 2708335 |
| 8393393 | IMA Financial Group, Inc. (The)<sup>(b)</sup> | TSFR1M + 3.850% | 7.3160 | &nbsp;&nbsp;11/01/28 | 8409886 |
| 2596790 | OneDigital Borrower, LLC<sup>(b)</sup> | TSFR1M + 3.000% | 7.3250 | &nbsp;&nbsp;07/02/31 | 2600088 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 84.3% (Continued)** |  |  |  |  |
|  | **INSURANCE — 8.1% (Continued)** |  |  |  |  |
| 1507984 | OneDigital Borrower, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 9.5750 | &nbsp;&nbsp;06/14/32 | $1524006 |
| 2147487 | PCF Insurance Services of the West, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5660 | &nbsp;&nbsp;06/14/32 | 2155540 |
| 3282124 | Sedgwick Claims Management Services, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 6.8270 | &nbsp;&nbsp;02/17/28 | 3281615 |
| 1200000 | TIH Insurance Holdings, LLC<sup>(b)</sup> | TSFR3M + 2.750% | 7.0490 | &nbsp;&nbsp;05/06/31 | 1201878 |
|  |  |  |  |  | 55519796 |
|  | **INTERNET MEDIA & SERVICES — 1.6%** |  |  |  |  |
| 881178 | Endurance International Group Holdings, Inc.<sup>(b)</sup> | US6M + 3.500% | 7.8380 | &nbsp;&nbsp;02/10/28 | 638854 |
| 1595980 | Knot Worldwide, Inc. (The)<sup>(b)</sup> | TSFR1M + 3.750% | 8.0750 | &nbsp;&nbsp;01/31/28 | 1598972 |
| 1370242 | MH Sub I, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 8.5750 | &nbsp;&nbsp;05/03/28 | 1321427 |
| 1487697 | MH Sub I, LLC<sup>(b)</sup> | TSFR1M + 6.250% | 10.5750 | &nbsp;&nbsp;02/23/29 | 1299525 |
| 1391853 | MH Sub I, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 8.5740 | &nbsp;&nbsp;12/11/31 | 1283985 |
| 2363912 | Pug, LLC<sup>(b)</sup> | TSFR1M + 4.750% | 9.0770 | &nbsp;&nbsp;03/12/30 | 2349137 |
| 2720546 | team.blue Finco S.A.RL<sup>(b)</sup> | TSFR1M + 3.250% | 7.5990 | &nbsp;&nbsp;07/02/32 | 2723961 |
|  |  |  |  |  | 11215861 |
|  | **LEISURE FACILITIES & SERVICES — 0.7%** |  |  |  |  |
| 1604075 | Tortuga Resorts Ghd, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.6010 | &nbsp;&nbsp;08/13/32 | 1607091 |
| 2846956 | Voyager Parent, LLC<sup>(b)</sup> | TSFR1M + 4.750% | 9.0410 | &nbsp;&nbsp;05/10/32 | 2856223 |
|  |  |  |  |  | 4463314 |
|  | **MEDICAL EQUIPMENT & DEVICES — 2.0%** |  |  |  |  |
| 1732457 | Archimedes Debt Merger Sub, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.2910 | &nbsp;&nbsp;05/17/32 | 1715132 |
| 4250000 | Bausch + Lomb Corporation<sup>(b)</sup> | TSFR1M + 4.000% | 8.3290 | &nbsp;&nbsp;09/14/28 | 4255312 |
| 3228477 | Bausch + Lomb Corporation<sup>(b)</sup> | TSFR1M + 4.250% | 8.5660 | &nbsp;&nbsp;12/18/30 | 3234531 |
| 4500000 | Medline Borrower, L.P.<sup>(b)</sup> | TSFR1M + 2.000% | 6.1350 | &nbsp;&nbsp;10/23/28 | 4504477 |
| 233000 | Performance Health Holdings, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 7.9500 | &nbsp;&nbsp;02/27/32 | 228923 |
|  |  |  |  |  | 13938375 |
|  | **OIL & GAS PRODUCERS — 1.1%** |  |  |  |  |
| 1906639 | EG America, LLC<sup>(b)</sup> | TSFR3M + 3.500% | 7.6990 | &nbsp;&nbsp;02/07/28 | 1920081 |
| 1495378 | Prairie Acquiror, L.P.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0660 | &nbsp;&nbsp;08/01/29 | 1509240 |
| 2504881 | RelaDyne, Inc.<sup>(b)</sup> | SOFRRATE + 4.250% | 7.8160 | &nbsp;&nbsp;12/23/28 | 2514274 |
| 1880809 | Rockpoint Gas Storage Partners, L.P.<sup>(b)</sup> | TSFR3M + 3.000% | 7.2990 | &nbsp;&nbsp;09/18/31 | 1889546 |
|  |  |  |  |  | 7833141 |
|  | **PUBLISHING & BROADCASTING — 1.6%** |  |  |  |  |
| 6401944 | Cengage Learning, Inc.<sup>(b)</sup> | TSFR6M + 3.500% | 7.7600 | &nbsp;&nbsp;03/24/31 | 6393269 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 84.3% (Continued)** |  |  |  |  |
|  | **PUBLISHING & BROADCASTING — 1.6% (Continued)** |  |  |  |  |
| 3255436 | Houghton Mifflin Harcourt Company<sup>(b)</sup> | TSFR1M + 5.350% | 9.6660 | &nbsp;&nbsp;04/09/29 | $2925595 |
| 1759193 | McGraw-Hill Education, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 6.9730 | &nbsp;&nbsp;08/06/31 | 1761805 |
|  |  |  |  |  | 11080669 |
|  | **RENEWABLE ENERGY — 1.2%** |  |  |  |  |
| 8104355 | Granite Acquisition, Inc.<sup>(b)</sup> | US1M + 2.865% | 7.1890 | &nbsp;&nbsp;03/17/28 | 8109461 |
|  | **RETAIL - CONSUMER STAPLES — 0.2%** |  |  |  |  |
| 1804098 | Heritage Grocers Group, LLC<sup>(b)</sup> | TSFR3M + 6.850% | 11.1460 | &nbsp;&nbsp;08/01/29 | 1543758 |
|  | **RETAIL - DISCRETIONARY — 2.3%** |  |  |  |  |
| 264000 | Evergreen Acqco 1, L.P.<sup>(b)</sup> | TSFR3M + 3.000% | 7.1710 | &nbsp;&nbsp;09/13/32 | 264550 |
| 992462 | Foundation Building Materials, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 8.3240 | &nbsp;&nbsp;01/27/31 | 995395 |
| 6209399 | Great Outdoors Group, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.4130 | &nbsp;&nbsp;01/16/32 | 6214057 |
| 261000 | LBM Acquisition, LLC<sup>(b)</sup> | TSFR1M + 5.000% | 9.3520 | &nbsp;&nbsp;06/06/31 | 260534 |
| 5985000 | Mavis Tire Express Services Topco Corporation<sup>(b)</sup> | TSFR1M + 3.000% | 7.1990 | &nbsp;&nbsp;05/04/28 | 5991224 |
| 1935544 | Petco Health & Wellness Company, Inc.<sup>(b)</sup> | TSFR3M + 3.350% | 7.8110 | &nbsp;&nbsp;02/25/28 | 1889671 |
| 436000 | PetSmart, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.3510 | &nbsp;&nbsp;08/09/32 | 430007 |
|  |  |  |  |  | 16045438 |
|  | **SEMICONDUCTORS — 0.2%** |  |  |  |  |
| 1500000 | Icon Parent, Inc.<sup>(b)</sup> | TSFR1M + 5.000% | 9.2050 | &nbsp;&nbsp;09/13/32 | 1522268 |
|  | **SOFTWARE — 16.1%** |  |  |  |  |
| 1798439 | athenahealth, Inc.<sup>(b)</sup> | SOFRRATE + 3.500% | 7.0770 | &nbsp;&nbsp;01/27/29 | 1797126 |
| 4692300 | Avalara, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5530 | &nbsp;&nbsp;03/29/32 | 4699456 |
| 4863028 | Azalea Topco, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3160 | &nbsp;&nbsp;04/30/31 | 4855442 |
| 5765320 | BMC Software, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.1990 | &nbsp;&nbsp;07/30/31 | 5762611 |
| 1121494 | Boxer Parent Company, Inc.<sup>(b)</sup> | TSFR1M + 5.750% | 9.9490 | &nbsp;&nbsp;07/06/32 | 1095212 |
| 1698444 | Bracket Intermediate Holding Corporation<sup>(b)</sup> | TSFR3M + 4.250% | 8.5490 | &nbsp;&nbsp;05/08/28 | 1710418 |
| 5106651 | Central Parent, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5490 | &nbsp;&nbsp;07/06/29 | 4430250 |
| 5427177 | Cloud Software Group, Inc.<sup>(b)</sup> | TSFR3M + 3.250% | 7.4830 | &nbsp;&nbsp;03/24/31 | 5453825 |
| 3015000 | Cloud Software Group, Inc.<sup>(b)</sup> | TSFR3M + 3.250% | 7.4830 | &nbsp;&nbsp;08/09/32 | 3027678 |
| 3585842 | Clover Holdings 2, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 7.9420 | &nbsp;&nbsp;11/03/31 | 3593695 |
| 6777143 | ConnectWise, LLC<sup>(b)</sup> | US1M + 3.762% | 8.0610 | &nbsp;&nbsp;09/24/28 | 6798322 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 84.3% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 16.1% (Continued)** |  |  |  |  |
| 7253962 | Cotiviti, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.0300 | &nbsp;&nbsp;02/24/31 | $7139095 |
| 801906 | DS Admiral Bidco, LLC<sup>(b)</sup> | TSFR1M + 4.250% | 8.5490 | &nbsp;&nbsp;06/05/31 | 802572 |
| 114000 | Entrata, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 0.0000 | &nbsp;&nbsp;09/20/32 | 114428 |
| 8165972 | Envestnet, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.3160 | &nbsp;&nbsp;09/19/31 | 8190020 |
| 1500000 | Genesys Cloud Services Holdings II, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 6.8250 | &nbsp;&nbsp;01/26/32 | 1492343 |
| 2894567 | Idera, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.7910 | &nbsp;&nbsp;03/02/28 | 2547219 |
| 615000 | Jaggaer, LLC<sup>(b)</sup> | TSFR1M + 5.250% | 9.1990 | &nbsp;&nbsp;10/08/32 | 615384 |
| 5259696 | McAfee Corporation<sup>(b)</sup> | TSFR1M + 3.000% | 7.2230 | &nbsp;&nbsp;03/01/29 | 5039446 |
| 3923085 | Mitchell International, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | &nbsp;&nbsp;06/06/31 | 3923929 |
| 2311391 | Mitchell International, Inc.<sup>(b)</sup> | TSFR1M + 5.250% | 9.5740 | &nbsp;&nbsp;06/07/32 | 2295789 |
| 3097906 | Modena Buyer, LLC<sup>(b)</sup> | TSFR1M + 4.500% | 8.8080 | &nbsp;&nbsp;04/21/31 | 3063612 |
| 2666270 | PointClickCare Technologies, Inc.<sup>(b)</sup> | US1M + 2.750% | 7.0920 | &nbsp;&nbsp;11/03/31 | 2672429 |
| 3405780 | Project Alpha Intermediate Holding, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5490 | &nbsp;&nbsp;10/28/30 | 3419130 |
| 1235398 | Project Sky Merger Sub, Inc.<sup>(b)</sup> | TSFR1M + 6.000% | 10.4250 | &nbsp;&nbsp;08/10/29 | 1133477 |
| 3331170 | Proofpoint, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3270 | &nbsp;&nbsp;08/31/28 | 3348392 |
| 1399880 | RealPage, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5610 | &nbsp;&nbsp;02/18/28 | 1398018 |
| 1747087 | RealPage, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0490 | &nbsp;&nbsp;04/24/28 | 1754844 |
| 1092000 | Red Planet Borrower, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.2230 | &nbsp;&nbsp;08/09/32 | 1064700 |
| 3446641 | Rocket Software, Inc.<sup>(b)</sup> | TSFR1M + 4.750% | 8.0660 | &nbsp;&nbsp;11/28/28 | 3458136 |
| 2162120 | Starlight Parent, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.3600 | &nbsp;&nbsp;03/15/32 | 2126985 |
| 4504625 | Storable, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5770 | &nbsp;&nbsp;04/17/31 | 4525278 |
| 1072971 | Zelis Payments Buyer, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 7.0750 | &nbsp;&nbsp;09/28/29 | 1071742 |
| 5078264 | Zelis Payments Buyer, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | &nbsp;&nbsp;10/27/31 | 5084612 |
| 1375624 | Zuora, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8160 | &nbsp;&nbsp;12/15/31 | 1368574 |
|  |  |  |  |  | 110874189 |
|  | **SPECIALTY FINANCE — 2.5%** |  |  |  |  |
| 6700000 | Apex Group Treasury, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.7550 | &nbsp;&nbsp;02/20/32 | 6566001 |
| 4326511 | CFC USA 2025, LLC<sup>(b)</sup> | TSFR1M + 3.750% | 8.0410 | &nbsp;&nbsp;05/31/32 | 4142635 |
| 308000 | IMC Global Holdings, LLC<sup>(b)</sup> | TSFR1M + 3.500% | 7.8600 | &nbsp;&nbsp;06/02/32 | 311080 |
| 3286805 | Kestra Advisor Services Holdings A, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.3160 | &nbsp;&nbsp;03/24/31 | 3291422 |
| 2605622 | Orion US Finco<sup>(b)</sup> | TSFR1M + 3.500% | 7.8330 | &nbsp;&nbsp;05/20/32 | 2621907 |
|  |  |  |  |  | 16933045 |
|  | **TECHNOLOGY HARDWARE — 0.9%** |  |  |  |  |
| 3961913 | Bingo Holdings I, LLC<sup>(b)</sup> | TSFR1M + 4.750% | 9.0460 | &nbsp;&nbsp;06/14/32 | 3968113 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 84.3% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY HARDWARE — 0.9% (Continued)** |  |  |  |  |
| 1875302 | Pitney Bowes, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 8.0750 | &nbsp;&nbsp;02/02/32 | $1878425 |
|  |  |  |  |  | 5846538 |
|  | **TECHNOLOGY SERVICES — 3.7%** |  |  |  |  |
| 5971665 | Access CIG, LLC<sup>(b)</sup> | TSFR1M + 4.000% | 8.1750 | &nbsp;&nbsp;08/19/30 | 5996984 |
| 2254439 | Blackhawk Network Holdings, Inc.<sup>(b)</sup> | TSFR1M + 4.000% | 8.3250 | &nbsp;&nbsp;03/12/29 | 2265892 |
| 950000 | CoreLogic, Inc.<sup>(b)</sup> | TSFR1M + 3.615% | 7.9300 | &nbsp;&nbsp;06/02/28 | 951781 |
| 181000 | Disco Parent, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.4840 | &nbsp;&nbsp;08/01/32 | 181905 |
| 997423 | Escape Velocity Holdings, Inc.<sup>(b)</sup> | US1M + 4.512% | 8.8400 | &nbsp;&nbsp;10/06/28 | 1000435 |
| 3553259 | Fortress Intermediate 3, Inc.<sup>(b)</sup> | TSFR1M + 3.000% | 7.2550 | &nbsp;&nbsp;06/27/31 | 3575467 |
| 1033000 | ION Platform Finance US, Inc.<sup>(b)</sup> | TSFR1M + 3.750% | 0.0000 | &nbsp;&nbsp;09/30/32 |  |
| 1503870 | ION Trading Technologies Sarl<sup>(b)</sup> | TSFR3M + 3.500% | 7.7990 | &nbsp;&nbsp;04/03/28 | 1505517 |
| 5528055 | Kaseya, Inc.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5720 | &nbsp;&nbsp;03/08/32 | 5542511 |
| 2858830 | Neon Maple US Debt Mergersub, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 7.0660 | &nbsp;&nbsp;11/17/31 | 2862532 |
| 1720828 | Neptune Bidco US, Inc.<sup>(b)</sup> | TSFR3M + 4.850% | 9.1790 | &nbsp;&nbsp;10/11/28 | 1641239 |
|  |  |  |  |  | 25524263 |
|  | **TELECOMMUNICATIONS — 0.9%** |  |  |  |  |
| 3107901 | Crown Subsea Communications Holding, Inc.<sup>(b)</sup> | TSFR1M + 3.500% | 7.8180 | &nbsp;&nbsp;01/30/31 | 3131598 |
| 3045892 | QualityTech, L.P.<sup>(b)</sup> | US1M + 3.500% | 7.7230 | &nbsp;&nbsp;11/04/31 | 3053507 |
|  |  |  |  |  | 6185105 |
|  | **TRANSPORTATION & LOGISTICS — 2.0%** |  |  |  |  |
| 275310 | AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | TSFR1M + 3.250% | 7.5800 | &nbsp;&nbsp;05/28/32 | 276859 |
| 398436 | Beacon Mobility Corporation<sup>(b)(e)</sup> | TSFR1M + 3.250% | 7.4690 | &nbsp;&nbsp;06/17/30 | 400305 |
| 2908586 | Beacon Mobility Corporation<sup>(b)</sup> | TSFR1M + 3.250% | 7.5050 | &nbsp;&nbsp;06/17/30 | 2922228 |
| 6115571 | JetBlue Airways Corporation<sup>(b)</sup> | TSFR1M + 5.500% | 9.0710 | &nbsp;&nbsp;08/13/29 | 5884708 |
| 1068908 | Kenan Advantage Group, Inc. (The)<sup>(b)</sup> | TSFR1M + 3.250% | 7.5750 | &nbsp;&nbsp;01/25/29 | 1057214 |
| 995006 | Radar Bidco Sarl<sup>(b)</sup> | TSFR3M + 3.250% | 7.5580 | &nbsp;&nbsp;04/25/31 | 1001225 |
| 2344629 | Savage Enterprises, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 6.7500 | &nbsp;&nbsp;08/04/32 | 2349447 |
|  |  |  |  |  | 13891986 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.8%** |  |  |  |  |
| 5329859 | Golden State Foods Corporation<sup>(b)</sup> | TSFR1M + 4.250% | 8.2260 | &nbsp;&nbsp;10/07/31 | 5349659 |
|  | **TOTAL TERM LOANS (Cost $581,791,891)** |  |  |  | 580622901 |

---

---

| |
|:---|
| **CATALYST/CIFC SENIOR SECURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 6.5%** |  |
|  | **MONEY MARKET FUNDS - 6.5%** |  |
| 44790290 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $44,790,290)<sup>(d)</sup> | $44790290 |
|  | **TOTAL INVESTMENTS - 104.8% (Cost $722,428,455)** | $721766074 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.8)%** | (33218200) |
|  | **NET ASSETS - 100.0%** | $688547874 |

---

---

| | |
|:---|:---|
| BV | - Besloten Vennootschap |
| CLO | - Collateralized Loan Obligation |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | Secured Overnight Financing Rate 1 Month |
| TSFR3M | Secured Overnight Financing Rate 3 Month |
| TSFR6M | Secured Overnight Financing Rate 6 Month |

---

<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 September 30, 2025 the total market value of 144A securities is 59,726,188 or 8.7% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on September 30, 2025.

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

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

<sup>(e)</sup> This investment or portion thereof was not funded as of September 30, 2025. The Fund had $2,359,831 at par value in unfunded commitments as of September 30, 2025.

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 10.4%** |  |  |  |
|  | **FIXED INCOME - 10.4%** |  |  |  |
| 132000 | SPDR Portfolio High Yield Bond ETF<sup>(a)</sup> |  |  | $3160080 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,153,558)** |  |  |  |
|  |  | **Coupon Rate (%)** |  |  |
|  | **PREFERRED STOCKS — 0.0%<sup>(b)</sup>** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 0.0%<sup>(b)</sup>** |  |  |  |
| 2988 | FAT Brands, Inc. | 8.2500 |  | 7111 |
|  | **TOTAL PREFERRED STOCKS (Cost $70,248)** |  |  |  |
| **Principal<br> Amount ($)** |  |  | **Maturity** |  |
|  | **CONVERTIBLE BONDS — 27.4%** |  |  |  |
|  | **ASSET MANAGEMENT — 2.9%** |  |  |  |
| 887000 | Capital Southwest Corporation | 5.1250 | &nbsp;&nbsp;11/15/29 | 878130 |
|  | **ENGINEERING & CONSTRUCTION — 1.0%** |  |  |  |
| 200000 | Granite Construction, Inc. | 3.2500 | &nbsp;&nbsp;06/15/30 | 306900 |
|  | **INTERNET MEDIA & SERVICES — 0.9%** |  |  |  |
| 200000 | Lyft, Inc. | 0.6250 | &nbsp;&nbsp;03/01/29 | 258750 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.1%** |  |  |  |
| 200000 | Alphatec Holdings, Inc.<sup>(c)</sup> | 0.7500 | &nbsp;&nbsp;03/15/30 | 238833 |
| 100000 | Exact Sciences Corporation<sup>(c)</sup> | 2.0000 | &nbsp;&nbsp;03/01/30 | 104213 |
|  |  |  |  | 343046 |
|  | **METALS & MINING — 0.5%** |  |  |  |
| 100000 | Centrus Energy Corporation<sup>(c),(d)</sup> | 0.0000 | &nbsp;&nbsp;08/15/32 | 154625 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.8%** |  |  |  |
| 200000 | HAT Holdings I, LLC / HAT Holdings II, LLC<sup>(c)</sup> | 3.7500 | &nbsp;&nbsp;08/15/28 | 250400 |

---

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE BONDS — 27.4% (Continued)** |  |  |  |
|  | **RENEWABLE ENERGY — 0.8%** |  |  |  |
| 200000 | Array Technologies, Inc.<sup>(c)</sup> | 2.8750 | &nbsp;&nbsp;07/01/31 | $255300 |
|  | **RETAIL - CONSUMER STAPLES — 1.1%** |  |  |  |
| 300000 | Hims & Hers Health, Inc.<sup>(c),(d)</sup> | 0.0000 | &nbsp;&nbsp;05/15/30 | 338250 |
|  | **RETAIL - DISCRETIONARY — 0.8%** |  |  |  |
| 200000 | GameStop Corporation<sup>(c),(d)</sup> | 0.0000 | &nbsp;&nbsp;06/15/32 | 228900 |
|  | **SOFTWARE — 7.8%** |  |  |  |
| 200000 | BigBear.ai Holdings, Inc.<sup>(c)</sup> | 6.0000 | &nbsp;&nbsp;12/15/29 | 406766 |
| 200000 | BlackLine, Inc. | 1.0000 | &nbsp;&nbsp;06/01/29 | 208182 |
| 100000 | DigitalOcean Holdings, Inc.<sup>(c),(d)</sup> | 0.0000 | &nbsp;&nbsp;08/15/30 | 111688 |
| 200000 | Nebius Group N.V.<sup>(c)</sup> | 3.0000 | &nbsp;&nbsp;06/05/31 | 464850 |
| 800000 | Nebius Group N.V.<sup>(c)</sup> | 2.7500 | &nbsp;&nbsp;09/15/32 | 932001 |
| 200000 | Nutanix, Inc.<sup>(c)</sup> | 0.5000 | &nbsp;&nbsp;12/15/29 | 225640 |
|  |  |  |  | 2349127 |
|  | **SPECIALTY FINANCE — 2.4%** |  |  |  |
| 400000 | EZCORP, Inc.<sup>(c)</sup> | 3.7500 | &nbsp;&nbsp;12/15/29 | 732400 |
|  | **TECHNOLOGY SERVICES — 7.3%** |  |  |  |
| 550000 | Cleanspark, Inc.<sup>(c),(d)</sup> | 0.0000 | &nbsp;&nbsp;06/15/30 | 684946 |
| 200000 | Euronet Worldwide, Inc.<sup>(c)</sup> | 0.6250 | &nbsp;&nbsp;10/01/30 | 191000 |
| 500000 | MARA Holdings, Inc.<sup>(c),(d)</sup> | 0.0000 | &nbsp;&nbsp;06/01/31 | 475791 |
| 550000 | Riot Platforms, Inc.<sup>(c)</sup> | 0.7500 | &nbsp;&nbsp;01/15/30 | 842466 |
|  |  |  |  | 2194203 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $7,181,799)** |  |  | 8290031 |
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 58.4%** |  |  |  |
|  | **ASSET MANAGEMENT — 4.2%** |  |  |  |
| 1250000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation<sup>(c)</sup> | 10.0000 | &nbsp;&nbsp;11/15/29 | 1260403 |

---

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 58.4% (Continued)** |  |  |  |
|  | **BIOTECH & PHARMA — 5.1%** |  |  |  |
| 1000000 | 1261229 BC Ltd.<sup>(c)</sup> | 10.0000 | &nbsp;&nbsp;04/15/32 | $1025842 |
| 500000 | Harrow, Inc.<sup>(c)</sup> | 8.6250 | &nbsp;&nbsp;09/15/30 | 520313 |
|  |  |  |  | 1546155 |
|  | **ENGINEERING & CONSTRUCTION — 0.5%** |  |  |  |
| 145000 | Tutor Perini Corporation<sup>(c)</sup> | 11.8750 | &nbsp;&nbsp;04/30/29 | 162215 |
|  | **ENTERTAINMENT CONTENT — 2.5%** |  |  |  |
| 478000 | AMC Networks, Inc.<sup>(c)</sup> | 10.2500 | &nbsp;&nbsp;01/15/29 | 504111 |
| 250000 | Univision Communications, Inc.<sup>(c)</sup> | 9.3750 | &nbsp;&nbsp;08/01/32 | 266710 |
|  |  |  |  | 770821 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 1.5%** |  |  |  |
| 600000 | Mercer International, Inc. | 5.1250 | &nbsp;&nbsp;02/01/29 | 442720 |
|  | **HOUSEHOLD PRODUCTS — 0.5%** |  |  |  |
| 150000 | Central Garden & Pet Company | 4.1250 | &nbsp;&nbsp;10/15/30 | 142697 |
|  | **LEISURE FACILITIES & SERVICES — 4.2%** |  |  |  |
| 750000 | Full House Resorts, Inc.<sup>(c)</sup> | 8.2500 | &nbsp;&nbsp;02/15/28 | 696811 |
| 550000 | Odeon Finco PLC<sup>(c)</sup> | 12.7500 | &nbsp;&nbsp;11/01/27 | 571230 |
|  |  |  |  | 1268041 |
|  | **METALS & MINING — 3.1%** |  |  |  |
| 166000 | Hecla Mining Company | 7.2500 | &nbsp;&nbsp;02/15/28 | 167635 |
| 750000 | Nickel Industries Ltd.<sup>(c)</sup> | 9.0000 | &nbsp;&nbsp;09/30/30 | 762275 |
|  |  |  |  | 929910 |
|  | **OIL & GAS PRODUCERS — 0.6%** |  |  |  |
| 175000 | Occidental Petroleum Corporation | 6.6000 | &nbsp;&nbsp;03/15/46 | 183153 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 4.6%** |  |  |  |
| 200000 | Nine Energy Service, Inc. | 13.0000 | &nbsp;&nbsp;02/01/28 | 100854 |
| 1517000 | Transocean, Inc. | 6.8000 | &nbsp;&nbsp;03/15/38 | 1288185 |
|  |  |  |  | 1389039 |
|  | **PUBLISHING & BROADCASTING — 0.9%** |  |  |  |
| 250000 | Gray Media, Inc.<sup>(c)</sup> | 10.5000 | &nbsp;&nbsp;07/15/29 | 270319 |

---

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 58.4% (Continued)** |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.1%** |  |  |  |
| 1000000 | Office Properties Income Trust<sup>(c)</sup> | 9.0000 | &nbsp;&nbsp;09/30/29 | $643750 |
|  | **RETAIL - DISCRETIONARY — 10.2%** |  |  |  |
| 1065000 | Bed Bath & Beyond, Inc.<sup>(e)</sup> | 5.1650 | &nbsp;&nbsp;08/01/44 | 14746 |
| 490017 | Carvana Company<sup>(c)</sup> | 14.0000 | &nbsp;&nbsp;06/01/31 | 555125 |
| 1000000 | Hertz Corporation (The)<sup>(c)</sup> | 12.6250 | &nbsp;&nbsp;07/15/29 | 1061110 |
| 1283000 | Kohl's Corporation | 5.5500 | &nbsp;&nbsp;07/17/45 | 840114 |
| 825000 | Nordstrom, Inc. | 5.0000 | &nbsp;&nbsp;01/15/44 | 610176 |
|  |  |  |  | 3081271 |
|  | **SOFTWARE — 8.3%** |  |  |  |
| 1000000 | CoreWeave, Inc.<sup>(c)</sup> | 9.0000 | &nbsp;&nbsp;02/01/31 | 1025477 |
| 1600000 | Pagaya US Holdings Company, LLC<sup>(c)</sup> | 8.8750 | &nbsp;&nbsp;08/01/30 | 1497245 |
|  |  |  |  | 2522722 |
|  | **SPECIALTY FINANCE — 6.6%** |  |  |  |
| 1500000 | Atlanticus Holdings Corporation<sup>(c)</sup> | 9.7500 | &nbsp;&nbsp;09/01/30 | 1481242 |
| 500000 | Enova International, Inc.<sup>(c)</sup> | 9.1250 | &nbsp;&nbsp;08/01/29 | 526739 |
|  |  |  |  | 2007981 |
|  | **TECHNOLOGY HARDWARE — 0.0%<sup>(b)</sup>** |  |  |  |
| 8669000 | Energy Conversion Devices, Inc.<sup>(c)(d)(e)(f)(g)</sup> | 0.0000 | &nbsp;&nbsp;12/15/49 |  |
|  | **TECHNOLOGY SERVICES — 3.5%** |  |  |  |
| 1000000 | Unisys Corporation<sup>(c)</sup> | 10.6250 | &nbsp;&nbsp;01/15/31 | 1066301 |
|  | **TOTAL CORPORATE BONDS (Cost $21,559,869)** |  |  | 17687498 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 11.5%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 9.0%** |  |  |  |
| 2716560 | Mount Vernon Liquid Assets Portfolio, 4.22% (Cost $2,716,560)<sup>(h)(i)</sup> |  |  | 2716560 |

---

---

| |
|:---|
| **CATALYST/SMH HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 11.5% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 2.5%** |  |
| 760929 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $760,929)<sup>(i)</sup> | $760929 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,477,489)** | 3477489 |
|  | **TOTAL INVESTMENTS - 107.7% (Cost $35,442,963)** | $32622209 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (7.7)%** | (2357483) |
|  | **NET ASSETS - 100.0%** | $30264726 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2025 was $2,654,467.

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

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025 the total market value of 144A securities is 20,535,287 or 67.9% of net assets.

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

<sup>(e)</sup> Represents issuer in default on interest payments; non-income producing security.

<sup>(f)</sup> Illiquid security. The total fair value of these securities as of September 30, 2025 was $0, representing 0% of net assets.

<sup>(g)</sup> The value of this security has been determined using significant unobservable inputs in good faith under policies of the Board of Trustees. The total of these securities is $0 or 0.0% of net assets.

<sup>(h)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $2,716,560 at September 30, 2025.

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

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 48.2%** |  |
|  | **ASSET MANAGEMENT - 26.4%** |  |
| 1000 | Apollo Global Management, Inc.<sup>(a)</sup> | $133270 |
| 3500 | Ares Capital Corporation | 71435 |
| 39034 | Blue Owl Capital, Inc. | 660846 |
| 20000 | Capital Southwest Corporation<sup>(a)</sup> | 437200 |
| 11000 | Carlyle Group, Inc. (The) | 689699 |
| 7087 | Carlyle Secured Lending, Inc. | 88588 |
| 4900 | Crescent Capital BDC, Inc. | 69874 |
| 12128 | Main Street Capital Corporation<sup>(a)</sup> | 771219 |
| 200742 | Prospect Capital Corporation<sup>(a)</sup> | 552041 |
| 42466 | SuRo Capital Corporation | 382194 |
| 3400 | TPG, Inc. | 195330 |
| 70337 | Trinity Capital, Inc.<sup>(a)</sup> | 1088817 |
| 49500 | US Global Investors, Inc., Class A | 136125 |
|  |  | 5276638 |
|  | **AUTOMOTIVE - 0.4%** |  |
| 6200 | Ford Motor Company | 74152 |
|  | **INFRASTRUCTURE REIT - 1.2%** |  |
| 1200 | American Tower Corporation | 230784 |
|  | **OIL & GAS PRODUCERS - 5.2%** |  |
| 23298 | Civitas Resources, Inc. | 757185 |
| 40000 | HighPeak Energy, Inc.<sup>(a)</sup> | 282800 |
|  |  | 1039985 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 9.9%** |  |
| 600 | Extra Space Storage, Inc. | 84564 |
| 7947 | Hannon Armstrong Sustainable Infrastructure Capital, Inc.<sup>(a)</sup> | 243973 |
| 4890 | Innovative Industrial Properties, Inc. | 262006 |
| 33631 | NexPoint Diversified Real Estate Trust | 124097 |
| 5000 | Realty Income Corporation<sup>(a)</sup> | 303950 |
| 29475 | VICI Properties, Inc. | 961180 |
|  |  | 1979770 |

---

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 48.2% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 1.9%** |  |
| 1689 | Dick's Sporting Goods, Inc. | $375330 |
|  | **SPECIALTY FINANCE - 2.8%** |  |
| 26000 | Advanced Flower Capital, Inc. | 99580 |
| 1600 | OneMain Holdings, Inc.<sup>(a)</sup> | 90336 |
| 24106 | Rithm Capital Corporation | 274567 |
| 8666 | Sunrise Realty Trust, Inc. | 90040 |
|  |  | 554523 |
|  | **TRANSPORTATION & LOGISTICS - 0.4%** |  |
| 700 | Copa Holdings S.A., Class A | 83174 |
|  | **TOTAL COMMON STOCKS (Cost $10,794,247)** | 9614356 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | |
|  | **CONVERTIBLE BONDS — 20.7%** |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 5.2%** |  |  |  |
| 850000 | Lyft, Inc.<sup>(b),(c)</sup> | 0.0000 | &nbsp;&nbsp;09/15/30 | 1029775 |
|  | **RETAIL - CONSUMER STAPLES — 1.1%** |  |  |  |
| 200000 | Hims & Hers Health, Inc.<sup>(b),(c)</sup> | 0.0000 | &nbsp;&nbsp;05/15/30 | 225500 |
|  | **SOFTWARE — 5.4%** |  |  |  |
| 300000 | BigBear.ai Holdings, Inc.<sup>(b)</sup> | 6.0000 | &nbsp;&nbsp;12/15/29 | 610149 |
| 200000 | Nebius Group N.V.<sup>(b)</sup> | 3.0000 | &nbsp;&nbsp;06/05/31 | 464850 |
|  |  |  |  | 1074999 |
|  | **SPECIALTY FINANCE — 1.4%** |  |  |  |
| 150000 | EZCORP, Inc.<sup>(b)</sup> | 3.7500 | &nbsp;&nbsp;12/15/29 | 274650 |
|  | **TECHNOLOGY SERVICES — 7.6%** |  |  |  |
| 550000 | Cleanspark, Inc.<sup>(b),(c)</sup> | 0.0000 | &nbsp;&nbsp;06/15/30 | 684946 |
| 550000 | Riot Platforms, Inc., 0.750%, 01/15/30<sup>(b)</sup> | 0.7500 | &nbsp;&nbsp;01/15/30 | 842466 |
|  |  |  |  | 1527412 |

---

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  |  |  | **Fair Value** |
|  | **TOTAL CONVERTIBLE BONDS (Cost $3,362,250)** |  |  | $4132336 |
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 30.0%** |  |  |  |
|  | **ASSET MANAGEMENT — 1.3%** |  |  |  |
| 250000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation<sup>(b)</sup> | 10.0000 | &nbsp;&nbsp;11/15/29 | 252081 |
|  | **ENTERTAINMENT CONTENT — 0.8%** |  |  |  |
| 150000 | Univision Communications, Inc.<sup>(b)</sup> | 9.3750 | &nbsp;&nbsp;08/01/32 | 160026 |
|  | **LEISURE FACILITIES & SERVICES — 5.0%** |  |  |  |
| 500000 | Full House Resorts, Inc.<sup>(b)</sup> | 8.2500 | &nbsp;&nbsp;02/15/28 | 464541 |
| 515000 | Odeon Finco PLC<sup>(b)</sup> | 12.7500 | &nbsp;&nbsp;11/01/27 | 534879 |
|  |  |  |  | 999420 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 4.7%** |  |  |  |
| 250000 | Nine Energy Service, Inc. | 13.0000 | &nbsp;&nbsp;02/01/28 | 126068 |
| 953000 | Transocean, Inc. | 6.8000 | &nbsp;&nbsp;03/15/38 | 809255 |
|  |  |  |  | 935323 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 8.9%** |  |  |  |
| 1112000 | MPT Operating Partnership, L.P. / MPT Finance Corporation | 5.0000 | &nbsp;&nbsp;10/15/27 | 1078315 |
| 1096000 | Office Properties Income Trust<sup>(b)</sup> | 9.0000 | &nbsp;&nbsp;09/30/29 | 705550 |
|  |  |  |  | 1783865 |
|  | **RETAIL - DISCRETIONARY — 8.5%** |  |  |  |
| 373000 | Bed Bath & Beyond, Inc.<sup>(d)</sup> | 5.1650 | &nbsp;&nbsp;08/01/44 | 5164 |
| 490017 | Carvana Company<sup>(b)</sup> | 14.0000 | &nbsp;&nbsp;06/01/31 | 555124 |
| 750000 | Hertz Corporation (The)<sup>(b)</sup> | 12.6250 | &nbsp;&nbsp;07/15/29 | 795832 |
| 528000 | Kohl's Corporation | 5.5500 | &nbsp;&nbsp;07/17/45 | 345737 |
|  |  |  |  | 1701857 |
|  | **TECHNOLOGY HARDWARE — 0.0%** |  |  |  |
| 5543000 | Energy Conversion Devices, Inc.<sup>(b)(c)(d)(e)(f)</sup> | 0.0000 | &nbsp;&nbsp;12/15/49 |  |

---

---

| |
|:---|
| **CATALYST/SMH TOTAL RETURN INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.0% (Continued)** |  |  |  |
|  | **TECHNOLOGY SERVICES — 0.8%** |  |  |  |
| 150000 | Unisys Corporation<sup>(b)</sup> | 10.6250 | &nbsp;&nbsp;01/15/31 | $159945 |
|  | **TOTAL CORPORATE BONDS (Cost $8,093,208)** |  |  | 5992517 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 14.1%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 13.9%** |  |  |  |
| 2779240 | Mount Vernon Liquid Assets Portfolio, 4.22% (Cost $2,779,240)<sup>(g)(h)</sup> |  |  | 2779240 |
|  | **MONEY MARKET FUNDS - 0.2%** |  |  |  |
| 41359 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $41,359)<sup>(h)</sup> |  |  | 41359 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $2,820,599)** |  |  | 2820599 |
|  | **TOTAL INVESTMENTS – 113.0% (Cost $25,070,304)** |  |  | $22559808 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (13.0)%** |  |  | (2573733) |
|  | **NET ASSETS - 100.0%** |  |  | $19986075 |

---

---

| | |
|:---|:---|
| BDC | - Business Development Company |
| L.P. | - Limited Partnership |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2025 was $2,711,006.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025 the total market value of 144A securities is 7,760,314 or 38.8% of net assets.

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

<sup>(d)</sup> Represents issuer in default on interest payments; non-income producing security.

<sup>(e)</sup> Illiquid security. The total fair value of these securities as of September 30, 2025 was $0, representing 0% of net assets.

<sup>(f)</sup> The value of this security has been determined using significant unobservable inputs in good faith under policies of the Board of Trustees. The total of these securities is $0 or 0.0% of net assets.

<sup>(g)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $2,779,240 at September 30, 2025.

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 90.1%** |  |
|  | **FIXED INCOME - 90.1%** |  |
| 93764 | iShares 1-5 Year Investment Grade Corporate Bond | $4972305 |
| 119165 | PGIM Ultra Short Bond ETF | 5937992 |
| 81223 | Vanguard Short-Term Corporate Bond ETF<sup>(c)</sup> | 6492154 |
|  |  | 17402451 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $17,471,983)** | 17402451 |
|  | **SHORT-TERM INVESTMENTS — 1.1%** |  |
|  | **MONEY MARKET FUNDS - 1.1%** |  |
| 219118 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $219,118)<sup>(a)</sup> | 219118 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | |
| | **EQUITY OPTIONS PURCHASED - 17.5%** |  | | | |
|  | **CALL OPTIONS PURCHASED - 16.2%** |  |  |  |  |
| 35 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | $570 | $1995000 | 368883 |
| 15 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 590 | 885000 | 130553 |
| 85 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | 570 | 4845000 | 956293 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 560 | 2800000 | 648075 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 600 | 3000000 | 477225 |
| 70 | SPDR S&P 500 ETF Trust IB | 09/18/2026 | 635 | 4445000 | 539525 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,629,396) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,629,396) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,629,396) |  | 3120554 |
|  | **PUT OPTIONS PURCHASED - 1.3%** |  |  |  |  |
| 35 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | $520 | $1820000 | $8120 |
| 15 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 535 | 802500 | 4155 |
| 85 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | 515 | 4377500 | 34850 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 515 | 2575000 | 34150 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 540 | 2700000 | 43725 |
| 70 | SPDR S&P 500 ETF Trust IB | 09/18/2026 | 585 | 4095000 | 125580 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $653,524) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $653,524) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $653,524) |  | 250580 |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,282,920) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,282,920) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,282,920) |  | 3371134 |

---

---

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

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 108.7% (Cost $19,974,021)** | $20992703 |
| **CALL OPTIONS WRITTEN - (6.7)% (Premiums received - $444,891)** | (1296828) |
| **PUT OPTIONS WRITTEN - (2.2)% (Premiums received - $1,089,648)** | (415956) |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 43209 |
| **NET ASSETS - 100.0%** | $19323128 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
| | **WRITTEN EQUITY OPTIONS - (8.9)%** | **WRITTEN EQUITY OPTIONS - (8.9)%** | | | |
|  | **CALL OPTIONS WRITTEN- (6.7)%** | **CALL OPTIONS WRITTEN- (6.7)%** |  |  |  |
| 35 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | $640 | $2240000 | $153703 |
| 15 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 670 | 1005000 | 33030 |
| 85 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | 650 | 5525000 | 386580 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 635 | 3175000 | 338300 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 675 | 3375000 | 197300 |
| 70 | SPDR S&P 500 ETF Trust IB | 09/18/2026 | 715 | 5005000 | 187915 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $444,891) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $444,891) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $444,891) |  | 1296828 |
|  | **PUT OPTIONS WRITTEN - (2.2)%** |  |  |  |  |
| 35 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | $570 | $1995000 | $15278 |
| 15 | SPDR S&P 500 ETF Trust IB | 01/16/2026 | 590 | 885000 | 8678 |
| 85 | SPDR S&P 500 ETF Trust IB | 03/20/2026 | 570 | 4845000 | 64515 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 560 | 2800000 | 53400 |
| 50 | SPDR S&P 500 ETF Trust IB | 06/18/2026 | 600 | 3000000 | 79625 |
| 70 | SPDR S&P 500 ETF Trust IB | 09/18/2026 | 635 | 4445000 | 194460 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $1,089,648) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $1,089,648) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $1,089,648) |  | 415956 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,534,539) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,534,539) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,534,539) |  | $1712784 |

---

---

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

---

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

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

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

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.8%** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8%** |  |
| 49280 | Alternative Loan Trust Series 2006-J3 4A2 |  | 5.7500 | 05/25/26 | $48831 |
| 120703 | Alternative Loan Trust Series 2005-3CB 2A1 |  | 5.0000 | 03/25/35 | 110255 |
| 34008 | Banc of America Funding Trust Series 2006-J 2A3<sup>(a)</sup> |  | 4.5220 | 01/20/47 | 29373 |
| 8089 | Banc of America Mortgage Trust Series 2005-G 4A2<sup>(a)</sup> |  | 3.4800 | 08/25/35 | 7135 |
| 394963 | Bear Stearns ALT-A Trust Series 2005-5 24A1<sup>(a)</sup> |  | 4.6290 | 07/25/35 | 256397 |
| 37148 | Bear Stearns ARM Trust Series 2004-7 1A1<sup>(a),(h)</sup> |  | 0.0000 | 10/25/34 | 28905 |
| 168727 | Bear Stearns ARM Trust Series 2006-4 2A1<sup>(a)</sup> |  | 4.2580 | 10/25/36 | 148955 |
| 79398 | ChaseFlex Trust Series 2006-1 A4<sup>(a)</sup> |  | 6.3000 | 06/25/36 | 70531 |
| 64750 | CHL Mortgage Pass-Through Trust Series 2005-HYB2 1A4<sup>(a)</sup> |  | 5.3530 | 05/20/35 | 63303 |
| 289095 | CHL Mortgage Pass-Through Trust Series 2006-HYB2 1A1<sup>(a)</sup> |  | 5.3900 | 04/20/36 | 252108 |
| 246930 | Citigroup Mortgage Loan Trust, Inc. Series 2007-6 1A1A<sup>(a)</sup> |  | 4.9760 | 03/25/37 | 220359 |
| 19072 | CSMC Mortgage-Backed Trust Series 2007-5 8A2 |  | 6.0000 | 09/01/26 | 18992 |
| 2999202 | CSMC Mortgage-Backed Trust Series 2006-7 9A5 |  | 1.3240 | 08/25/36 | 499354 |
| 39263 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3 A1<sup>(a)</sup> |  | 5.0990 | 09/25/34 | 40092 |
| 6855 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA6 2A1<sup>(a)</sup> |  | 5.2860 | 08/25/35 | 4700 |
| 77884 | GSMPS Mortgage Loan Trust Series 1998-5 A<sup>(a),(b)</sup> |  | 4.2140 | 06/19/27 | 77095 |
| 122552 | GSMPS Mortgage Loan Trust Series 1999-2 A<sup>(a),(b)</sup> |  | 8.0000 | 09/19/27 | 122099 |
| 148216 | GSR Mortgage Loan Trust Series 2003-5F 2A1 |  | 4.0000 | 08/25/32 | 146009 |
| 30343 | GSR Mortgage Loan Trust Series 2004-6F 1A2 |  | 5.0000 | 05/25/34 | 30371 |
| 562140 | GSR Mortgage Loan Trust Series 3F 2A5 |  | 5.7500 | 03/25/36 | 505510 |
| 448032 | HSI Asset Loan Obligation Trust Series 2007-2 3A6 |  | 2.0910 | 09/25/37 | 139801 |
| 480692 | IndyMac INDA Mortgage Loan Trust Series 2006-AR1 A3<sup>(a)</sup> |  | 3.6470 | 08/25/36 | 374789 |
| 117874 | IndyMac INDX Mortgage Loan Trust Series 2005-AR3 3A1<sup>(a)</sup> |  | 4.0540 | 04/25/35 | 110388 |
| 23429 | JP Morgan Mortgage Trust Series 2006-A2 2A2<sup>(a)</sup> |  | 5.2360 | 04/25/36 | 20533 |
| 8269 | MASTR Adjustable Rate Mortgages Trust Series 2003-5 4A1<sup>(a)</sup> |  | 2.8380 | 11/25/33 | 7533 |
| 351 | MASTR Asset Securitization Trust Series 2005-1 1A1<sup>(g)</sup> |  | 5.0000 | Perpetual | 193 |
| 685659 | Merrill Lynch Alternative Note Asset Trust Series 2007-A2 A3D<sup>(c)</sup> | TSFR1M + 0.714% | 4.1300 | 03/25/37 | 24460 |
| 46553 | Morgan Stanley Mortgage Loan Trust Series 2004-5AR 1A1<sup>(a)</sup> |  | 6.3260 | 07/25/34 | 47336 |
| 148228 | Morgan Stanley Mortgage Loan Trust Series 2006-2 2A4 |  | 5.7500 | 02/25/36 | 139691 |
| 1270220 | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AP3 A3<sup>(a)</sup> |  | 1.5260 | 08/25/35 | 551270 |
| 43220 | Prime Mortgage Trust Series 2004-1 1A6 |  | 5.2500 | 08/25/34 | 42959 |
| 66745 | RALI Series 2006-QS17 Trust Series 2006-QS17 A4 |  | 6.0000 | 12/25/36 | 55985 |
| 1327206 | Structured Asset Securities Corporation Series 1998-RF1 A<sup>(a),(b)</sup> |  | 4.0720 | 04/15/27 | 1325749 |
| 1273328 | Thornburg Mortgage Securities Trust Series 2007-2 A2A<sup>(c)</sup> | TSFR12M + 1.965% | 4.4470 | 06/25/37 | 1092335 |
| 5277789 | Thornburg Mortgage Securities Trust Series 2006-3 A1<sup>(a)</sup> |  | 2.9990 | 06/25/46 | 3083715 |

---

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.8% (Continued)** | **ASSET BACKED SECURITIES — 65.8% (Continued)** | **ASSET BACKED SECURITIES — 65.8% (Continued)** | **ASSET BACKED SECURITIES — 65.8% (Continued)** |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8% (Continued)** |  |
| 48524 | WaMu Mortgage Pass-Through Certificates Series 2005-AR18 2A1<sup>(a)</sup> |  | 4.3830 | &nbsp;&nbsp;01/25/36 | $45420 |
| 229287 | Wells Fargo Mortgage Backed Securities Series 2006-7 2A1 |  | 6.0000 | &nbsp;&nbsp;06/25/36 | 208436 |
|  |  |  |  |  | 9950967 |
|  | **HOME EQUITY — 13.4%** |  |  |  |  |
| 167056 | Amresco Residential Securities Corp Mortgage Loan Trust Series 1997-3 M2F<sup>(a)</sup> |  | 3.6300 | &nbsp;&nbsp;09/25/27 | 163371 |
| 423706 | Bayview Financial Acquisition Trust Series 2007-A 2A<sup>(c)</sup> | TSFR1M + 0.639% | 4.4960 | &nbsp;&nbsp;05/28/37 | 402707 |
| 381400 | Delta Funding Home Equity Loan Trust Series 1998-1 B1A<sup>(c)</sup> | TSFR1M + 2.004% | 6.3300 | &nbsp;&nbsp;05/25/30 | 323633 |
| 184628 | Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2004-C M7<sup>(c)</sup> | TSFR1M + 2.739% | 4.2520 | &nbsp;&nbsp;03/25/35 | 153205 |
| 927142 | Mastr Asset Backed Securities Trust Series 2003-OPT2 M4<sup>(c)</sup> | TSFR1M + 5.889% | 3.6200 | &nbsp;&nbsp;05/25/33 | 807375 |
| 443099 | Mastr Asset Backed Securities Trust Series 2003-WMC2 M6<sup>(c)</sup> | TSFR1M + 6.114% | 4.0200 | &nbsp;&nbsp;08/25/33 | 466434 |
| 5827783 | Morgan Stanley Mortgage Loan Trust Series 2006-15XS A6B<sup>(d)</sup> |  | 4.2530 | &nbsp;&nbsp;11/25/36 | 4629653 |
| 167479 | NovaStar Mortgage Funding Trust Series 2004-1 M4<sup>(c)</sup> | TSFR1M + 1.577% | 4.3660 | &nbsp;&nbsp;06/25/34 | 161711 |
| 609972 | Saxon Asset Sec Trust Mtg Ln Asset Bk Cert Series 2000-1 BF1<sup>(a)</sup> |  | 1.7780 | &nbsp;&nbsp;02/25/30 | 779815 |
|  |  |  |  |  | 7887904 |
|  | **NON AGENCY CMBS — 24.6%** |  |  |  |  |
| 4565000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 D |  | 3.2360 | &nbsp;&nbsp;11/10/48 | 2811181 |
| 4108000 | COMM Mortgage Trust Series 2013-CR12 C<sup>(a)</sup> |  | 4.9600 | &nbsp;&nbsp;10/10/46 | 454848 |
| 5726000 | GS Mortgage Securities Trust Series 2014-GC22 E<sup>(b)</sup> |  | 3.5800 | &nbsp;&nbsp;06/10/47 | 625888 |
| 1350000 | HMH Trust Series 2017-NSS E<sup>(b)</sup> |  | 6.2920 | &nbsp;&nbsp;07/05/31 | 104625 |
| 127617 | JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-WLDN A<sup>(b)</sup> |  | 3.9100 | &nbsp;&nbsp;05/05/30 | 126023 |
| 1250000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C32 D<sup>(a)</sup> |  | 4.3400 | &nbsp;&nbsp;11/15/48 | 132694 |
| 4413218 | Morgan Stanley Capital I Trust Series 2006-T21 C<sup>(a),(b)</sup> |  | 5.1490 | &nbsp;&nbsp;10/12/52 | 3502268 |
| 1500000 | Morgan Stanley Capital I Trust Series 150E A<sup>(b)</sup> |  | 3.9120 | &nbsp;&nbsp;09/09/32 | 1364404 |
| 5902991 | Starwood Retail Property Trust Series 2014-STAR A A<sup>(b),(c)</sup> | PRIME | 7.4900 | &nbsp;&nbsp;11/15/27 | 3656903 |
| 116564 | Wachovia Bank Commercial Mortgage Trust Series 2006-C24 E<sup>(a)</sup> |  | 6.3130 | &nbsp;&nbsp;03/15/45 | 114759 |
| 3000000 | WFRBS Commercial Mortgage Trust Series 2014-C22 E<sup>(b)</sup> |  | 3.4500 | &nbsp;&nbsp;09/15/57 | 568575 |
| 1145000 | WFRBS Commercial Mortgage Trust Series 2011-C4 E<sup>(a),(b)</sup> |  | 5.1500 | &nbsp;&nbsp;06/15/44 | 1083459 |
|  |  |  |  |  | 14545627 |
|  | **RESIDENTIAL MORTGAGE — 11.0%** |  |  |  |  |
| 2548967 | Carrington Mortgage Loan Trust Series 2006-FRE2 A2<sup>(c)</sup> | TSFR1M + 0.234% | 4.5600 | &nbsp;&nbsp;10/25/36 | 1960021 |
| 246381 | Finance America Mortgage Loan Trust Series 2004-3 M4<sup>(c)</sup> | TSFR1M + 1.380% | 3.3400 | &nbsp;&nbsp;11/25/34 | 223175 |
| 63754 | Home Equity Mortgage Loan Asset-Backed Trust Series 2006-D 2A3<sup>(c)</sup> | TSFR1M + 0.274% | 4.4320 | &nbsp;&nbsp;11/25/36 | 58424 |
| 3173453 | Park Place Securities Inc Asset-Backed Pass-Through Certificates Series 2004-WCW2 M6<sup>(c)</sup> | TSFR1M + 2.289% | 4.0900 | &nbsp;&nbsp;10/25/34 | 2835705 |

---

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 65.8% (Continued)** |  |  | |
|  | **RESIDENTIAL MORTGAGE — 11.0% (Continued)** |  |  |  |
| 12206000 Structured Asset Securities Corp Mortgage Loan Series BNC1 A4<sup>(c)</sup> | TSFR1M + 1.614% | 3.0300 | &nbsp;&nbsp;10/25/37 | $1439993 |
|  |  |  |  | 6517318 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $54,442,171)** | **TOTAL ASSET BACKED SECURITIES (Cost $54,442,171)** | **TOTAL ASSET BACKED SECURITIES (Cost $54,442,171)** | 38901816 |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 18.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 18.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 18.4%** |  |
| 2185466 Fannie Mae REMICS Series 2010-27 SG<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 4.886% | 0.5290 | &nbsp;&nbsp;04/25/40 | 154641 |
| 2647047 Fannie Mae REMICS Series 2011-117 SA<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 6.436% | 2.0790 | &nbsp;&nbsp;11/25/41 | 348553 |
| 88233 Fannie Mae REMICS Series 2012-126 DI<sup>(e)</sup> |  | 3.0000 | &nbsp;&nbsp;11/25/27 | 1829 |
| 667690 Fannie Mae REMICS Series 2012-126 SJ<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 4.886% | 0.5290 | &nbsp;&nbsp;11/25/42 | 43390 |
| 2258028 Fannie Mae REMICS Series 2012-88 SB<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 6.556% | 2.1990 | &nbsp;&nbsp;07/25/42 | 273209 |
| 2542255 Fannie Mae REMICS Series 2014-6 SA<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 6.486% | 2.1290 | &nbsp;&nbsp;02/25/44 | 305243 |
| 1895975 Fannie Mae REMICS Series 2016-64 SA<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 5.886% | 1.5290 | &nbsp;&nbsp;09/25/46 | 216740 |
| 783186 Fannie Mae REMICS Series 2017-112 SC<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 6.150% | 1.6790 | &nbsp;&nbsp;01/25/48 | 98369 |
| 423396 Fannie Mae REMICS Series 2017-30 MI<sup>(e)</sup> |  | 4.0000 | &nbsp;&nbsp;02/25/44 | 11652 |
| 508360 Fannie Mae REMICS Series 2017-38 S<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 6.100% | 1.6290 | &nbsp;&nbsp;05/25/47 | 64248 |
| 19105 Fannie Mae REMICS Series 2017-6 MI<sup>(e)</sup> |  | 4.0000 | &nbsp;&nbsp;08/25/44 | 794 |
| 11378751 Fannie Mae REMICS Series 2018-28 ID<sup>(a),(e)</sup> |  | 2.0740 | &nbsp;&nbsp;05/25/48 | 966420 |
| 211060 Fannie Mae REMICS Series 2020-16 SJ<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 6.050% | 1.5790 | &nbsp;&nbsp;03/25/50 | 22000 |
| 3040454 Fannie Mae REMICS Series 2021-56 IM<sup>(c),(e)</sup> | -0.67 x SOFR30A + 2.200% | 0.0000 | &nbsp;&nbsp;09/25/51 | 72271 |
| 18617918 Fannie Mae REMICS Series 2021-69 JS<sup>(c),(e)</sup> | -SOFR30A + 2.550% | 0.0000 | &nbsp;&nbsp;10/25/51 | 194096 |
| 10307226 Fannie Mae REMICS Series 2021-80 IA<sup>(e)</sup> |  | 2.0000 | &nbsp;&nbsp;11/25/51 | 1262851 |
| 646788 Freddie Mac REMICS Series 3852 SW<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 6.000% | 1.5130 | &nbsp;&nbsp;05/15/41 | 70140 |
| 119634 Freddie Mac REMICS Series 3980 TS<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 6.500% | 2.0130 | &nbsp;&nbsp;09/15/41 | 15458 |
| 575718 Freddie Mac REMICS Series 4100 JI<sup>(e)</sup> |  | 3.5000 | &nbsp;&nbsp;10/15/41 | 60258 |
| 86276 Freddie Mac REMICS Series 4205 AI<sup>(e)</sup> |  | 2.5000 | &nbsp;&nbsp;05/15/28 | 1882 |
| 5250294 Freddie Mac REMICS Series 4239 NI<sup>(c),(e)</sup> | -5.8333 x (SOFR30A+.114%) + 28.791% | 3.2080 | &nbsp;&nbsp;07/15/43 | 1002066 |
| 389215 Freddie Mac REMICS Series 4314 SE<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 6.050% | 1.5630 | &nbsp;&nbsp;03/15/44 | 42549 |
| 300431 Freddie Mac REMICS Series 4431 ST<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 6.100% | 1.6130 | &nbsp;&nbsp;01/15/45 | 33904 |

---

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 18.4% (Continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 18.4% (Continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 18.4% (Continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 18.4% (Continued)** |  |
| 44965 | Freddie Mac REMICS Series 4449 PI<sup>(e)</sup> |  | 4.0000 | 11/15/43 | $3178 |
| 170693 | Freddie Mac REMICS Series 4580 MI<sup>(e)</sup> |  | 3.5000 | 02/15/43 | 1471 |
| 4588079 | Freddie Mac REMICS Series 4604 SA<sup>(c),(e)</sup> | -(SOFR30A+.114%) + 5.986% | 1.6130 | 08/15/46 | 460660 |
| 5136207 | Freddie Mac REMICS Series 4639 GS<sup>(c),(e)</sup> |  | 1.8650 | 03/15/36 | 304550 |
| 17270559 | Freddie Mac REMICS Series 5090 SA<sup>(c),(e)</sup> | -SOFR30A + 1.550% | 0.0000 | 03/25/51 | 89078 |
| 13333605 | Freddie Mac REMICS Series 5177 AS<sup>(c),(e)</sup> | -SOFR30A + 3.150% | 0.0000 | 12/25/51 | 143250 |
| 2058405 | Government National Mortgage Association Series 2011-100 SA<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 5.336% | 1.2000 | 07/20/41 | 196263 |
| 9223879 | Government National Mortgage Association Series 2011-99 DS<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 5.986% | 1.8390 | 07/16/41 | 955999 |
| 144889 | Government National Mortgage Association Series 2012-36 QS<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 6.506% | 2.3700 | 03/20/42 | 13903 |
| 124153 | Government National Mortgage Association Series 2014-118 AI<sup>(e)</sup> |  | 3.5000 | 05/16/40 | 2417 |
| 2236054 | Government National Mortgage Association Series 2014-133 SA<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 6.136% | 1.9890 | 09/16/44 | 207042 |
| 1372004 | Government National Mortgage Association Series 2014-3 SE<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 6.036% | 1.8890 | 01/16/44 | 151432 |
| 1961651 | Government National Mortgage Association Series 2014-36 SY<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 6.086% | 1.9390 | 03/16/44 | 218202 |
| 1971439 | Government National Mortgage Association Series 2015-3 DS<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 5.486% | 1.3500 | 11/20/41 | 32461 |
| 183356 | Government National Mortgage Association Series 2016-1 ST<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 6.086% | 1.9500 | 01/20/46 | 21958 |
| 1859760 | Government National Mortgage Association Series 2018-120 JS<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 6.086% | 1.9500 | 09/20/48 | 213178 |
| 94881 | Government National Mortgage Association Series 2018-154 DI<sup>(e)</sup> |  | 4.0000 | 01/20/45 | 821 |
| 2963467 | Government National Mortgage Association Series 2018-154 HS<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 6.086% | 1.9500 | 11/20/48 | 334774 |
| 18411641 | Government National Mortgage Association Series 2019-112 AS<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 3.296% | 0.0000 | 09/20/49 | 278828 |
| 9346827 | Government National Mortgage Association Series 2019-20 ES<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 3.676% | 0.0000 | 02/20/49 | 201505 |
| 1518831 | Government National Mortgage Association Series 2019-22 SA<sup>(c),(e)</sup> | -(TSFR1M+.114%) + 5.486% | 1.3500 | 02/20/45 | 139886 |
| 290582 | Government National Mortgage Association Series 2021-89 JL |  | 1.5000 | 05/20/51 | 157706 |
| 37056177 | Government National Mortgage Association Series 2022-121 SA<sup>(c),(e)</sup> | -SOFR30A + 3.690% | 0.0000 | 07/20/52 | 556302 |
| 13499315 | Government National Mortgage Association Series 2022-22 PS<sup>(c),(e)</sup> | -SOFR30A + 3.650% | 0.0000 | 08/20/51 | 268293 |
| 15888016 | Government National Mortgage Association Series 2022-93 AS<sup>(c),(e)</sup> | -SOFR30A + 4.150% | 0.0000 | 05/20/52 | 631423 |
| 1319 | Government National Mortgage Association Series 2024-4 IC<sup>(e)</sup> |  | 7.0000 | 03/20/52 |  |
|  | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $15,952,661)** | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $15,952,661)** | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $15,952,661)** | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $15,952,661)** | 10847143 |

---

---

| |
|:---|
| **CATALYST ENHANCED INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 15.5%** |  |
|  | **MONEY MARKET FUNDS - 15.5%** |  |
| 9161400 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $9,161,400)<sup>(f)</sup> | $9161400 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $79,556,232)** | $58910359 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 177711 |
|  | **NET ASSETS - 100.0%** | $59088070 |

---

---

| | |
|:---|:---|
| REMIC | - Real Estate Mortgage Investment Conduit |
| PRIME | - Prime Rate by Country United States |
| SOFR30A | - United States 30 Day Average SOFR Secured Overnight Financing Rate |
| TSFR12M | - Secured Overnight Financing Rate 12 Month |
| TSFR1M | - Secured Overnight Financing Rate 1 Month |

---

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

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025 the total market value of 144A securities is 12,557,088 or 21.3% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on September 30, 2025.

<sup>(d)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at September 30, 2025.

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MUTUAL FUND SERIES TRUST

- **b. Investment Company Act file number:** 811-21872

- **c. CIK number of Registrant:** 0001355064

- **d. LEI of Registrant:** 5493002ZGLQMLR4QMA96

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** C/O GEMINI FUND SERVICES LLC

  - **City:** ELKHORN

  - **State:** NE

  - **Foreign country:** US

  - **Zip / Postal Code:** 68022

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Catalyst Dynamic Alpha Fund

- **b. EDGAR series identifier (if any):** S000035242

- **c. LEI of Series:** 5493002MRDVV4AGG1I53

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $127389224.22

**Total Liabilities:** $3263112.54

**Net Assets:** $124126111.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000108407 | 1.27%                | 1.84%                | 6.52%                |
| Class ID C000142551 | 1.28%                | 1.87%                | 6.51%                |
| Class ID C000108408 | 1.19%                | 1.81%                | 6.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1068828.51              | $450839.15                                 |
| Month 2  | $2203820.51              | $46909.42                                  |
| Month 3  | $3970902.03              | $3514167.77                                |

### Schedule of Portfolio Investments

| Name                                         | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Sea Ltd.                                     | SEA LTD-ADR                          | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     24575 | NS      | $4392289.75   | 3.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Expedia Group Inc                            | EXPEDIA GROUP IN                     | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |     13425 | NS      | $2869593.75   | 2.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Amphenol Corporation                         | AMPHENOL CORP-A                      | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     55000 | NS      | $6806250.00   | 5.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Crowdstrike Holdings Inc                     | CROWDSTRIKE HO-A                     | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      7275 | NS      | $3567514.50   | 2.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Sterling Infrastructure Inc                  | STERLING INFRAST                     | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      8725 | NS      | $2963708.00   | 2.39%             |  |  |  | No            | 1                  | On Loan: No      |
| US Foods Holding Corp                        | US FOODS HOLDING                     | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |     37375 | NS      | $2863672.50   | 2.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Meta Platforms Inc                           | META PLATFORMS-A                     | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7225 | NS      | $5305895.50   | 4.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Corning Incorporated                         | CORNING INC                          | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     52375 | NS      | $4296321.25   | 3.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Robinhood Markets Inc                        | ROBINHOOD MARK-A                     | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     34025 | NS      | $4871699.50   | 3.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Ralph Lauren Corp.                           | RALPH LAUREN COR                     | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     12450 | NS      | $3903822.00   | 3.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Novartis AG                                  | NOVARTIS AG-ADR                      | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     25650 | NS      | $3289356.00   | 2.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Flex Ltd.                                    | FLEX LTD                             | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |    103100 | NS      | $5976707.00   | 4.82%             |  |  |  | No            | 1                  | On Loan: No      |
| F5 Inc                                       | F5 INC                               | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     12025 | NS      | $3886359.75   | 3.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Generac Holdings Inc.                        | GENERAC HOLDINGS                     | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     10250 | NS      | $1715850.00   | 1.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMIC-ADR                     | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     27500 | NS      | $7680475.00   | 6.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Quest Diagnostics Incorporated               | QUEST DIAGNOSTIC                     | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     14575 | NS      | $2777703.50   | 2.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Emcor Group Inc                              | EMCOR GROUP INC                      | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      5850 | NS      | $3799809.00   | 3.06%             |  |  |  | No            | 1                  | On Loan: No      |
| American Express Company                     | AMERICAN EXPRESS                     | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     14225 | NS      | $4724976.00   | 3.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Palantir Technologies Inc                    | PALANTIR TECHN-A                     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     17075 | NS      | $3114821.50   | 2.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Transdigm Group Inc.                         | TRANSDIGM GROUP                      | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2800 | NS      | $3690456.00   | 2.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Toll Brothers, Inc.                          | TOLL BROTHERS                        | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     17250 | NS      | $2382915.00   | 1.92%             |  |  |  | No            | 1                  | On Loan: No      |
| TechnipFMC PLC                               | TECHNIPFMC PLC                       | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     60000 | NS      | $2367000.00   | 1.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Applovin Corp.                               | APPLOVIN CO-CL A                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      5000 | NS      | $3592700.00   | 2.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Cardinal Health, Inc.                        | CARDINAL HEALTH                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     20675 | NS      | $3245148.00   | 2.61%             |  |  |  | No            | 1                  | On Loan: No      |
| First American Funds Inc.                    | FIRST AM-TR OB-X                     | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    548260 | PA      | $548259.79    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Uber Technologies Inc                        | UBER TECHNOLOGIE                     | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     32660 | NS      | $3199700.20   | 2.58%             |  |  |  | No            | 1                  | On Loan: No      |
| HSBC Holdings PLC                            | HSBC HOLDING-ADR                     | CUSIP: 404280406<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |     55550 | NS      | $3942939.00   | 3.18%             |  |  |  | No            | 1                  | On Loan: —       |
| N/A                                          | MOUNT VERNON LIQUID ASSETS PORTFOLIO | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Amazon.com, Inc.                             | AMAZON.COM INC                       | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     24775 | NS      | $5439846.75   | 4.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Evercore Inc                                 | EVERCORE INC                         | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      5100 | NS      | $1720332.00   | 1.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Corcept Therapeutics Inc.                    | CORCEPT THERA                        | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     17025 | NS      | $1414947.75   | 1.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Stride Inc                                   | STRIDE INC                           | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      7950 | NS      | $1184073.00   | 0.95%             |  |  |  | No            | 1                  | On Loan: —       |
| Verisign, Inc.                               | VERISIGN INC                         | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      8825 | NS      | $2467205.25   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| SS&C Technologies Holdings Inc.              | SS&C TECHNOLOGIE                     | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     20700 | NS      | $1837332.00   | 1.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Autoliv Inc.                                 | AUTOLIV INC                          | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | US        |     16200 | NS      | $2000700.00   | 1.61%             |  |  |  | No            | 1                  | On Loan: —       |
| Reddit Inc                                   | REDDIT INC-A                         | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16900 | NS      | $3886831.00   | 3.13%             |  |  |  | No            | 1                  | On Loan: No      |
| LPL Financial Holdings Inc.                  | LPL FINANCIAL HO                     | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      6250 | NS      | $2079312.50   | 1.68%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** MUTUAL FUND SERIES TRUST

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer