# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-25-007739
**Filing Date:** 2025-12
**Character Count:** 121311
**Document Hash:** b6c93dfcdb9da307eaac98e5ac6c3f28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007739.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001580642-25-007739

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21872
- **FILM NUMBER:** 251559070

**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

### JAG Large Cap Growth Fund (Series ID: S000035241)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000108404 | JAG Large Cap Growth Fund Class A | JLGAX           |
| C000108406 | JAG Large Cap Growth Fund Class I | JLGIX           |
| C000218687 | JAG Large Cap Growth Fund Class R | JGRRX           |

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

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

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

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

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

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

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

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>9/30</u>

Date of reporting period: <u>9/30/2025</u>

**Item 1. Reports to Stockholders.** 

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

#### JAG Large Cap Growth Fund

#### Class A (JLGAX)

#### Annual Shareholder Report - September 30, 2025
![Image](ib93aa6aba5a9eec2c6c0a515.jpg)

# Fund Overview
This annual shareholder report contains important information about JAG Large Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://www.jagcapitalfunds.com/**. You can also request this information by contacting us at (855) 552-4596.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $163 | 1.50% |

---

# How did the Fund perform during the reporting period?
During the Fiscal Year ending September 30, 2025, the JAG Large Cap Growth Fund's (JLGIX) performance was primarily influenced by three key factors:

• Within the Communication Services sector, poor security selection and our overweight sector stance resulted in -210 bps of total attribution effects.

• Although holdings in the Information Technology sector generated positive absolute returns, poor security selection and our underweight sector stance resulted in c. -200bps of total attribution effects.

• The benchmark's top holdings and biggest performance contributors were mega cap Technology and adjacent companies. Given historically high index concentration in such a small group of companies, the Fund's broader diversification represented a headwind to relative returns.

Our investment team employs a bottom-up stock selection strategy, focused on investing in companies that we believe have strong fundamentals and sustainable competitive advantages. We maintained a focused portfolio of 30-40 securities, aligning with our long-standing "best ideas" approach to equity investing.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i92808e576ee55ab76d9b8f4b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **JAG Large Cap Growth Fund - with load** | **Russell 1000<sup>®</sup> Growth Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $9424 | $10000 | $10000 |
| **Sep-2016** | $10570 | $11376 | $11543 |
| **Sep-2017** | $13282 | $13872 | $13691 |
| **Sep-2018** | $16758 | $17520 | $16143 |
| **Sep-2019** | $15795 | $18169 | $16830 |
| **Sep-2020** | $20819 | $24989 | $19380 |
| **Sep-2021** | $25809 | $31815 | $25194 |
| **Sep-2022** | $18140 | $24628 | $21296 |
| **Sep-2023** | $22852 | $31455 | $25900 |
| **Sep-2024** | $33386 | $44726 | $35315 |
| **Sep-2025** | $39258 | $56188 | $41530 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| JAG Large Cap Growth Fund - Class A | JAG Large Cap Growth Fund - Class A | JAG Large Cap Growth Fund - Class A | JAG Large Cap Growth Fund - Class A |
| Without Load | 17.59% | 13.53% | 15.34% |
| With Load | 10.81% | 12.19% | 14.66% |
| Russell 1000<sup>®</sup> Growth Index | 25.63% | 17.59% | 18.84% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $49443553 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee (net of waivers) | $180561 |
| Portfolio Turnover | 90% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3657943245f95193daae3044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.9% |
| Money Market Funds | 1.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibb13842c8238bddbeb410bae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Utilities | 0.9% |
| Industrials | 1.1% |
| Money Market Funds | 1.1% |
| Financials | 1.5% |
| Consumer Staples | 2.6% |
| Health Care | 5.1% |
| Consumer Discretionary | 13.8% |
| Communications | 32.1% |
| Technology | 41.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.0% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ia9d4166d9d2b28ea2c2db43d.jpg)

#### JAG Large Cap Growth Fund - Class A (JLGAX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-JLGAX

#### JAG Large Cap Growth Fund

#### Class I (JLGIX)

#### Annual Shareholder Report - September 30, 2025
![Image](ib93aa6aba5a9eec2c6c0a515.jpg)

# Fund Overview
This annual shareholder report contains important information about JAG Large Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://www.jagcapitalfunds.com/**. You can also request this information by contacting us at (855) 552-4596.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $136 | 1.25% |

---

# How did the Fund perform during the reporting period?
During the Fiscal Year ending September 30, 2025, the JAG Large Cap Growth Fund's (JLGIX) performance was primarily influenced by three key factors:

• Within the Communication Services sector, poor security selection and our overweight sector stance resulted in -210 bps of total attribution effects.

• Although holdings in the Information Technology sector generated positive absolute returns, poor security selection and our underweight sector stance resulted in c. -200bps of total attribution effects.

• The benchmark's top holdings and biggest performance contributors were mega cap Technology and adjacent companies. Given historically high index concentration in such a small group of companies, the Fund's broader diversification represented a headwind to relative returns.

Our investment team employs a bottom-up stock selection strategy, focused on investing in companies that we believe have strong fundamentals and sustainable competitive advantages. We maintained a focused portfolio of 30-40 securities, aligning with our long-standing "best ideas" approach to equity investing.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0fcb0da6d6fc1a33937ee495.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **JAG Large Cap Growth Fund** | **Russell 1000<sup>®</sup> Growth Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11245 | $11376 | $11543 |
| **Sep-2017** | $14158 | $13872 | $13691 |
| **Sep-2018** | $17914 | $17520 | $16143 |
| **Sep-2019** | $16927 | $18169 | $16830 |
| **Sep-2020** | $22370 | $24989 | $19380 |
| **Sep-2021** | $27805 | $31815 | $25194 |
| **Sep-2022** | $19596 | $24628 | $21296 |
| **Sep-2023** | $24732 | $31455 | $25900 |
| **Sep-2024** | $36222 | $44726 | $35315 |
| **Sep-2025** | $42701 | $56188 | $41530 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| JAG Large Cap Growth Fund | 17.89% | 13.80% | 15.62% |
| Russell 1000<sup>®</sup> Growth Index | 25.63% | 17.59% | 18.84% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $49443553 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee (net of waivers) | $180561 |
| Portfolio Turnover | 90% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3657943245f95193daae3044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.9% |
| Money Market Funds | 1.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibb13842c8238bddbeb410bae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Utilities | 0.9% |
| Industrials | 1.1% |
| Money Market Funds | 1.1% |
| Financials | 1.5% |
| Consumer Staples | 2.6% |
| Health Care | 5.1% |
| Consumer Discretionary | 13.8% |
| Communications | 32.1% |
| Technology | 41.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.0% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ia9d4166d9d2b28ea2c2db43d.jpg)

#### JAG Large Cap Growth Fund - Class I (JLGIX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-JLGIX

#### JAG Large Cap Growth Fund

#### Class R (JGRRX)

#### Annual Shareholder Report - September 30, 2025
![Image](ib93aa6aba5a9eec2c6c0a515.jpg)

# Fund Overview
This annual shareholder report contains important information about JAG Large Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://www.jagcapitalfunds.com/**. You can also request this information by contacting us at (855) 552-4596.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $98 | 0.90% |

---

# How did the Fund perform during the reporting period?
During the Fiscal Year ending September 30, 2025, the JAG Large Cap Growth Fund's (JLGIX) performance was primarily influenced by three key factors:

• Within the Communication Services sector, poor security selection and our overweight sector stance resulted in -210 bps of total attribution effects.

• Although holdings in the Information Technology sector generated positive absolute returns, poor security selection and our underweight sector stance resulted in c. -200bps of total attribution effects.

• The benchmark's top holdings and biggest performance contributors were mega cap Technology and adjacent companies. Given historically high index concentration in such a small group of companies, the Fund's broader diversification represented a headwind to relative returns.

Our investment team employs a bottom-up stock selection strategy, focused on investing in companies that we believe have strong fundamentals and sustainable competitive advantages. We maintained a focused portfolio of 30-40 securities, aligning with our long-standing "best ideas" approach to equity investing.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifac5dabadedc4216caef7810.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **JAG Large Cap Growth Fund** | **Russell 1000<sup>®</sup> Growth Index** | **S&P 500<sup>®</sup> Index** |
| **Feb-2020** | $10000 | $10000 | $10000 |
| **Sep-2020** | $12006 | $12018 | $10485 |
| **Sep-2021** | $14971 | $15301 | $13631 |
| **Sep-2022** | $10588 | $11845 | $11522 |
| **Sep-2023** | $13418 | $15128 | $14013 |
| **Sep-2024** | $19718 | $21511 | $19107 |
| **Sep-2025** | $23319 | $27024 | $22470 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (February 3, 2020)** |
| JAG Large Cap Growth Fund | 18.26% | 14.20% | 16.14% |
| Russell 1000<sup>®</sup> Growth Index | 25.63% | 17.59% | 19.21% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.38% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $49443553 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee (net of waivers) | $180561 |
| Portfolio Turnover | 90% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3657943245f95193daae3044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.9% |
| Money Market Funds | 1.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibb13842c8238bddbeb410bae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Utilities | 0.9% |
| Industrials | 1.1% |
| Money Market Funds | 1.1% |
| Financials | 1.5% |
| Consumer Staples | 2.6% |
| Health Care | 5.1% |
| Consumer Discretionary | 13.8% |
| Communications | 32.1% |
| Technology | 41.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.0% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ia9d4166d9d2b28ea2c2db43d.jpg)

#### JAG Large Cap Growth Fund - Class R (JGRRX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-JGRRX

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

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

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

(a)(1) The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.<br>(a)(2) Not applicable.<br>(a)(3) Not applicable.<br>

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

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| |
|:---|
| 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13600 |
| 2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13600 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

---

| |
|:---|
| 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3000 |
| 2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended September 30, 2025 and 2024 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended September 30, 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

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

Not applicable

**Item 6. Investments.**

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

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

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

---

| |
|:---|
| ![(LOGO)](ja001_v1.jpg) |
| **Annual** |
| **Financial Statements and** |
| **Additional Information** |
| **JAG Large Cap Growth Fund** |
| **September 30, 2025** |

---

---

| |
|:---|
| **JAG LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0%** |  |
|  | **AUTOMOTIVE - 4.1%** |  |
| 4504 | Tesla, Inc.<sup>(a)</sup> | $2003019 |
|  | **BIOTECH & PHARMA - 1.1%** |  |
| 707 | Eli Lilly & Company | 539441 |
|  | **E-COMMERCE DISCRETIONARY - 5.5%** |  |
| 9042 | Amazon.com, Inc.<sup>(a)</sup> | 1985352 |
| 8047 | eBay, Inc. | 731875 |
|  |  | 2717227 |
|  | **ELECTRIC UTILITIES - 0.9%** |  |
| 2248 | Vistra Corporation | 440428 |
|  | **ELECTRICAL EQUIPMENT - 1.0%** |  |
| 3410 | Vertiv Holdings Company | 514433 |
|  | **ENTERTAINMENT CONTENT - 4.6%** |  |
| 8888 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 2296304 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.5%** |  |
| 952 | Goldman Sachs Group, Inc. (The) | 758125 |
|  | **INTERNET MEDIA & SERVICES - 27.5%** |  |
| 10905 | Alphabet, Inc., Class A | 2651006 |
| 121 | Booking Holdings, Inc. | 653312 |
| 5677 | Meta Platforms, Inc., Class A | 4169074 |
| 1501 | Netflix, Inc.<sup>(a)</sup> | 1799579 |
| 2813 | Spotify Technology S.A.<sup>(a)</sup> | 1963474 |
| 23999 | Uber Technologies, Inc.<sup>(a)</sup> | 2351182 |
|  |  | 13587627 |
|  | **LEISURE FACILITIES & SERVICES - 1.6%** |  |
| 3968 | TKO Group Holdings, Inc. | 801377 |
|  | **LEISURE PRODUCTS - 2.6%** |  |
| 1780 | Axon Enterprise, Inc.<sup>(a)</sup> | 1277399 |

---

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

---

| |
|:---|
| **JAG LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS – 99.0% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.0%** |  |
| 10948 | Boston Scientific Corporation<sup>(a)</sup> | $1068854 |
| 5653 | Natera, Inc.<sup>(a)</sup> | 909963 |
|  |  | 1978817 |
|  | **RETAIL - CONSUMER STAPLES - 2.6%** |  |
| 1407 | Costco Wholesale Corporation | 1302361 |
|  | **SEMICONDUCTORS - 20.3%** |  |
| 10679 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 1727755 |
| 892 | ASML Holding N.V. - ADR | 863536 |
| 6512 | Broadcom, Inc. | 2148374 |
| 10898 | Micron Technology, Inc. | 1823453 |
| 13064 | NVIDIA Corporation | 2437482 |
| 3624 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1012147 |
|  |  | 10012747 |
|  | **SOFTWARE - 9.9%** |  |
| 7419 | Microsoft Corporation | 3842671 |
| 5740 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 1047091 |
|  |  | 4889762 |
|  | **TECHNOLOGY HARDWARE - 7.7%** |  |
| 8863 | Apple, Inc. | 2256786 |
| 11049 | Cisco Systems, Inc. | 755973 |
| 1729 | Motorola Solutions, Inc. | 790654 |
|  |  | 3803413 |
|  | **TECHNOLOGY SERVICES - 4.1%** |  |
| 2633 | Mastercard, Inc., Class A | 1497677 |
| 14275 | Toast, Inc., Class A<sup>(a)</sup> | 521180 |
|  |  | 2018857 |
|  | **TOTAL COMMON STOCKS (Cost $33,587,737)** | 48941337 |

---

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

---

| |
|:---|
| **JAG LARGE CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.1%** |  |
|  | **MONEY MARKET FUNDS - 1.1%** |  |
| 535580 | First American Treasury Obligations Fund, Class Z, 3.98% (Cost $535,580)<sup>(b)</sup> | $535580 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $34,123,317)** | $49476917 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (33364) |
|  | **NET ASSETS - 100.0%** | $49443553 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| Ltd | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| S.A. | - Société Anonyme |

---

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

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

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

---

| |
|:---|
| **JAG Large Cap Growth Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **September 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $34123317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $49476917 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 6620 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 8355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 49491892 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 7241 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 2 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 17656 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 23440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 48339 |
| **NET ASSETS** | $**49443553** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $26176152 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 23267401 |
| **NET ASSETS** | $**49443553** |
| **Net Asset Value Per Share:** |  |
| Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**201062** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **9218** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share (b) | $**21.81** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (net asset value plus maximum sales charge of 5.75%) | $**23.14** |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**19660665** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **840100** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price |  |
| &nbsp;&nbsp;&nbsp;and redemption price per share | $**23.40** |
| Class R Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**29581826** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **1231394** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**24.02** |

---

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

(b) Investments in Class A shares made
 at or above the $1 million breakpoint are not subject to an initial sales charge but may be subject to a 1.00% contingent deferred sales
 charge ("CDSC") on shares redeemed within 18 months after the date of purchase (excluding shares purchased with reinvested dividends
 and/or distributions).

See accompanying notes to financial statements.

---

| |
|:---|
| **JAG Large Cap Growth Fund** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended September 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $178476 |
| &nbsp;&nbsp;&nbsp;Interest | 2043 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (3790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 176729 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 393564 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 444 |
| &nbsp;&nbsp;&nbsp;Financial administration/fund accounting fees | 83651 |
| &nbsp;&nbsp;&nbsp;Registration fees | 56750 |
| &nbsp;&nbsp;&nbsp;Legal administration/management services fees | 48806 |
| &nbsp;&nbsp;&nbsp;Legal fees | 28460 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees | 23772 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 22134 |
| &nbsp;&nbsp;&nbsp;Audit fees | 20163 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 15803 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 14136 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 5896 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 4380 |
| &nbsp;&nbsp;&nbsp;Custody overdraft fees | 2191 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1825 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 725156 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the adviser | (213003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 512153 |
| **NET INVESTMENT LOSS** | (335424) |
| **REALIZED AND UNREALIZED GAIN(LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 10435397 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2181540) |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 8253857 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**7918433** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **JAG Large Cap Growth Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**September 30, 2025** | **For the**<br>**Year Ended**<br>**September 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(335424) | $(270996) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 10435397 | 6963552 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (2181540) | 10108959 |
| Net increase in net assets resulting from operations | 7918433 | 16801515 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (24632) | (14522) |
| &nbsp;&nbsp;&nbsp;Class I | (4720412) | (1457493) |
| &nbsp;&nbsp;&nbsp;Class R | (2721885) | (2175170) |
| Net decrease in net assets from distributions to shareholders | (7466929) | (3647185) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 69926 | 12613 |
| &nbsp;&nbsp;&nbsp;Class I | 1176266 | 553616 |
| &nbsp;&nbsp;&nbsp;Class R | 3587552 | 4333560 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 24288 | 14522 |
| &nbsp;&nbsp;&nbsp;Class I | 2041037 | 1042197 |
| &nbsp;&nbsp;&nbsp;Class R | 1657025 | 767020 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (53085) | (51783) |
| &nbsp;&nbsp;&nbsp;Class I | (2871470) | (3808145) |
| &nbsp;&nbsp;&nbsp;Class R | (7646528) | (3771203) |
| Net decrease in net assets from shares of beneficial interest | (2014989) | (907603) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1563485) | 12246727 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 51007038 | 38760311 |
| &nbsp;&nbsp;&nbsp;End of Year | $**49443553** | $**51007038** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **JAG Large Cap Growth Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**September 30, 2025** | **For the**<br>**Year Ended**<br>**September 30, 2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3281 | 698 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1172 | 873 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2381) | (2526) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 2072 | (955) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 58749 | 26826 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 91980 | 59216 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (131186) | (200174) |
| &nbsp;&nbsp;&nbsp;Net Increase (decrease) in shares of beneficial interest outstanding | 19543 | (114132) |
| Class R: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 157478 | 218003 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 72965 | 42850 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (372685) | (186721) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (142242) | 74132 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **JAG Large Cap Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of year | $21.59 | $16.29 | $13.14 | $22.62 | $20.73 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.23) | (0.20) | (0.16) | (0.17) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.85 | 7.20 | 3.53 | (5.29) | 4.90 |
| Total from investment operations | 3.62 | 7.00 | 3.37 | (5.46) | 4.67 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.40) | (1.70) | (0.22) | (4.02) | (2.78) |
| Total distributions | (3.40) | (1.70) | (0.22) | (4.02) | (2.78) |
| Net asset value, end of year | $21.81 | $21.59 | $16.29 | $13.14 | $22.62 |
| Total return (2) | 17.59% | 46.09% | 25.98% | (29.72)% | 23.97% |
| Net assets, at end of year (000s) | $201 | $154 | $132 | $173 | $222 |
| Ratio of gross expenses to average net assets (3)(4)(6) | 1.73% | 1.72% | 1.73% | 1.61% | 1.59% |
| Ratio of net expenses to average net assets (4)(6) | 1.50% | 1.51% | 1.51% | 1.51% | 1.51% |
| Ratio of net investment loss to average net assets (4)(5)(6) | (1.14)% | (1.07)% | (1.06)% | (1.04)% | (1.13)% |
| Portfolio Turnover Rate | 90% | 74% | 73% | 78% | 72% |

---

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

(2) Total
 return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment
 in the Fund assuming reinvestment of dividends and capital gains distributions, if any, and does not reflect the impact of sales charges.
 Had the adviser not waived a portion of the Fund's expenses, total returns would have been lower.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

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

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

(6) Excluding
 interest expense, the following ratios would have been:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30,**<br>**2025(a)** | **September 30,**<br>**2024** | **September 30,**<br>**2023** | **September 30,**<br>**2022** | **September 30,**<br>**2021** |
| Gross expenses to average net assets | 1.73% | 1.71% | 1.72% | 1.60% | 1.58% |
| Net expenses to average net assets | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| Net investment loss to average net assets | (1.14)% | (1.06)% | (1.05)% | (1.03)% | (1.12)% |

---

(a) interest
 expense is less than 0.01%

See accompanying notes to financial statements.

---

| |
|:---|
| **JAG Large Cap Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of year | $22.89 | $17.14 | $13.79 | $23.49 | $21.38 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.20) | (0.16) | (0.13) | (0.14) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.11 | 7.61 | 3.70 | (5.54) | 5.09 |
| Total from investment operations | 3.91 | 7.45 | 3.57 | (5.68) | 4.89 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.40) | (1.70) | (0.22) | (4.02) | (2.78) |
| Total distributions | (3.40) | (1.70) | (0.22) | (4.02) | (2.78) |
| Net asset value, end of year | $23.40 | $22.89 | $17.14 | $13.79 | $23.49 |
| Total return (2) | 17.89% | 46.46% | 26.21% | (29.52)% | 24.30% |
| Net assets, at end of year (000s) | $19661 | $18784 | $16023 | $29248 | $56561 |
| Ratio of gross expenses to average net assets (3)(4)(6) | 1.48% | 1.47% | 1.48% | 1.36% | 1.34% |
| Ratio of net expenses to average net assets (4)(6) | 1.25% | 1.26% | 1.26% | 1.26% | 1.26% |
| Ratio of net investment loss to average net assets (4)(5)(6) | (0.89)% | (0.82)% | (0.81)% | (0.79)% | (0.88)% |
| Portfolio Turnover Rate | 90% | 74% | 73% | 78% | 72% |

---

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

(2) Total
 return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment
 in the Fund assuming reinvestment of dividends and capital gains distributions, if any, and does not reflect the impact of sales charges.
 Had the adviser not waived a portion of the Fund's expenses, total returns would have been lower.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

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

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

(6) Excluding
 interest expense, the following ratios would have been:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30,**<br>**2025** | **September 30,**<br>**2024** | **September 30,**<br>**2023** | **September 30,**<br>**2022** | **September 30,**<br>**2021** |
| Gross expenses to average net assets | 1.47% | 1.46% | 1.47% | 1.35% | 1.33% |
| Net expenses to average net assets | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Net investment loss to average net assets | (0.89)% | (0.81)% | (0.80)% | (0.78)% | (0.87)% |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **JAG Large Cap Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of year | $23.35 | $17.40 | $13.94 | $23.63 | $21.43 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.13) | (0.10) | (0.07) | (0.08) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.20 | 7.75 | 3.75 | (5.59) | 5.10 |
| Total from investment operations | 4.07 | 7.65 | 3.68 | (5.67) | 4.98 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.40) | (1.70) | (0.22) | (4.02) | (2.78) |
| Total distributions | (3.40) | (1.70) | (0.22) | (4.02) | (2.78) |
| Net asset value, end of year | $24.02 | $23.35 | $17.40 | $13.94 | $23.63 |
| Total return (2) | 18.26% | 46.95% | 26.72% | (29.27)% | 24.70% |
| Net assets, at end of year (000s) | $29582 | $32068 | $22605 | $10445 | $13599 |
| Ratio of gross expenses to average net assets (3)(4)(6) | 1.47% | 1.12% | 1.13% | 1.02% | 0.99% |
| Ratio of net expenses to average net assets (4)(6) | 0.90% | 0.91% | 0.91% | 0.91% | 0.91% |
| Ratio of net investment loss to average net assets (4)(5)(6) | (0.55)% | (0.47)% | (0.46)% | (0.42)% | (0.53)% |
| Portfolio Turnover Rate | 90% | 74% | 73% | 78% | 72% |

---

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

(2) Total
 return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment
 in the Fund assuming reinvestment of dividends and capital gains distributions, if any, and does not reflect the impact of sales charges.
 Had the adviser not waived a portion of the Fund's expenses, total returns would have been lower.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

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

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

(6) Excluding
 interest expense, the following ratios would have been:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30,**<br>**2025** | **September 30,**<br>**2024** | **September 30,**<br>**2023** | **September 30,**<br>**2022** | **September 30,**<br>**2021** |
| Gross expenses to average net assets | 1.47 % <sup>(a)</sup> | 1.11% | 1.12% | 1.01% | 0.98% |
| Net expenses to average net assets | 0.90 % <sup>(a)</sup> | 0.90% | 0.90% | 0.90% | 0.90% |
| Net investment loss to average net assets | (0.54)% | (0.46)% | (0.45)% | (0.41)% | (0.52)% |

---

(a) interest
 expense is less than 0.01%

See accompanying notes to financial statements.

**JAG Large Cap Growth Fund NOTES TO FINANCIAL STATEMENTS September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

Mutual Fund Series Trust (the **"*Trust*"**), was organized as an Ohio business trust on February 27, 2006. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (***"1940 Act"***). The Trust currently consists of thirty-four series. These financial statements pertain to the following series: JAG Large Cap Growth Fund (the ***"Fund"***). The Fund is a separate diversified series of the Trust. JAG Capital Management LLC (the ***"Adviser"***), acts as investment adviser to the Fund.

The Fund currently offers three classes of shares: Class A, Class I and Class R shares. Each share class represents an interest in the same assets of the Fund, has the same rights and is identical in all material respects except that (i) each class of shares may bear different distribution fees; (ii) each class of shares may be subject to different (or no) sales charges; (iii) certain other class specific expenses will be borne solely by the class to which such expenses are attributable; and (iv) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements. Class A and Class I shares commenced operations on December 22, 2011. Class R shares commenced operations on February 3, 2020. The Fund's investment objective is capital appreciation.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp; Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price (***"NOCP"***). In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. The Fund may invest in portfolios of open-end or closed-end investment companies and exchange traded funds (the ***"underlying funds"***). Open-end funds are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds. The shares of many closed-end investment companies and exchange traded funds, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or exchange traded fund purchased by the Fund will not change. Short-term debt obligations having 60 days or less remaining until maturity, at the time of purchase, may be valued at amortized cost, provided such valuations represent fair value.

In unusual circumstances, instead of valuing securities in the usual manner, the Fund may value securities at "fair value" as determined in good faith by the Board of Trustees (the ***"Board")***, pursuant to the procedures (the ***"Procedures"***) approved by the Board. The Board has designated the Adviser as its valuation designee (the ***"Valuation Designee"***) to execute these procedures. The Procedures consider, among others, the following factors to determine a security's fair value: the nature and

**JAG Large Cap Growth Fund NOTES TO FINANCIAL STATEMENTS (Continued) September 30, 2025**

pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the New York Stock Exchange close. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the Procedures.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of September 30, 2025, for the Fund's assets and liabilities measured at fair value:

**Assets**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Security**<br>**Classifications <sup>(a)</sup>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Totals** |
| Common Stocks | $48941337 | $— | $— | $48941337 |
| Short-Term Investment | 535580 |  |  | 535580 |
| **Total** | $49476917 | $— | $— | $49476917 |

---

(a) As of and during the year ended ended
 September 30, 2025, the Fund held no securities that were considered to be "Level 3" securities. Therefore, a reconciliation
 of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp; Federal Income Taxes – The Fund has qualified and intends to continue to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Trust's officers have reviewed the Fund's tax positions and have concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination

**JAG Large Cap Growth Fund NOTES TO FINANCIAL STATEMENTS (Continued) September 30, 2025**

by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the fiscal year, the Fund did not incur any interest or penalties. The Fund typically intends to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that it will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Fund could incur a tax expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp; Distribution to Shareholders – Distributions of net investment income and capital gains to shareholders, which are determined in accordance with income tax regulations and may differ from GAAP, are recorded on the ex-dividend date and distributed on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)&nbsp;&nbsp;&nbsp;&nbsp; Multiple Class Allocations – Income, non-class specific expenses and realized/unrealized gains or losses are allocated to each class based on relative net assets. Distribution fees are charged to each respective share class in accordance with the distribution plan. Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f)&nbsp;&nbsp;&nbsp;&nbsp; Other – Investment and shareholder transactions are recorded on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on debt securities using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g)&nbsp;&nbsp;&nbsp;&nbsp; Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)&nbsp;&nbsp;&nbsp;&nbsp; Sales Charges (loads) – A maximum sales charge of 5.75% is imposed on Class A shares of the Fund. Investments in Class A shares made at or above the $1 million breakpoint are not subject to an initial sales charge and may be subject to a 1% contingent deferred sales charge (***"CDSC"***) on shares redeemed within 18 months of purchase (excluding shares purchased with reinvested dividends and/or distributions). The respective shareholders pay such CDSC charges, which are not an expense of the Fund. For the year ended September 30, 2025, there were $350 in CDSC fees paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j)&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents – The Fund considers its investment in a Federal Deposit Insurance Corporation (***"FDIC"***) insured interest bearing savings account to be cash. The Fund maintains cash balances, which, at times, may exceed federally insured limits. The Fund maintains these balances with a high quality financial institution.

**JAG Large Cap Growth Fund NOTES TO FINANCIAL STATEMENTS (Continued) September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **INVESTMENT TRANSACTIONS** 

For the year ended September 30, 2025, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Fund were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $43764871 | $53444913 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

JAG Capital Management LLC acts as investment adviser to the Fund pursuant to the terms of an advisory agreement (the ***"Advisory Agreement"***) with the Trust on behalf of the Fund. Under the terms of the Advisory Agreement, the Adviser directs the investment operations of the Fund in accordance with the Fund's investment policies and restrictions. The Adviser provides the Fund with investment advice and supervision and furnishes an investment program for the Fund. For its investment advisory services, the Fund pays to the Adviser, as of the last day of each month, an annualized fee equal to 0.80% of average net assets, such fee to be computed daily based upon daily net assets of the Fund. For the year ended September 30, 2025, the investment advisory fees of $393,564 were incurred by the Fund, before the waiver and reimbursement described below.

The Adviser and the Trust, with respect to the Fund, have entered into an expense limitation agreement under which the Adviser has contractually agreed to waive fees and/or reimburse expenses but only to the extent necessary to maintain total annual operating expenses (excluding brokerage costs; borrowing and liquidity costs such as interest and dividends on securities sold short; taxes; underlying/acquired fund expenses; and extraordinary expenses) at 1.50%, 1.25% and 0.90% for Classes A, I and R, respectively, of the Fund's average daily net assets through January 31, 2026 (the ***"Expense Limitation Agreement"***). Each waiver or reimbursement by the Adviser is subject to recoupment within three years after the fees have been waived or reimbursed, if such recoupment may be achieved without exceeding the lesser of the expense limitation in place at the time of waiver or reimbursement and the expense limitation in effect at that time.

For the year ended September 30, 2025, the Adviser waived advisory fees in the amount of $213,003. As of September 30, 2025, the Adviser may recapture $167,676 before September 30, 2026, $186,983 before September 30, 2027, and $213,003 before September 30, 2028, subject to the terms of the Expense Limitation Agreement.

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

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

**JAG Large Cap Growth Fund NOTES TO FINANCIAL STATEMENTS (Continued) September 30, 2025**

A Trustee is the controlling member of MFund and of AlphaCentric Advisors LLC and Catalyst Capital Advisors LLC (investment advisers to other series of the Trust) and is not paid any fees directly by the Trust for serving in such capacities. Trustees who are not "interested persons" as that term is defined in the 1940 Act, are paid a quarterly retainer and receive compensation for each special Board meeting and Risk and Compliance Committee meeting attended. The fees paid to the Independent Trustees for their attendance at a meeting will be shared equally by the funds of the Trust to which the meeting relates. The Lead Independent Trustee of the Trust and the Chairmen of the Trust's Audit Committee and Risk and Compliance Committee receive an additional quarterly retainer. The "interested persons" of the Trust receive no compensation from the Fund. The Trust reimburses each Trustee and Officer for his or her travel and other expenses related to attendance at such meetings.

Northern Lights Distributors, LLC, ("***Distributor***") serves as the principal underwriter and national distributor for the shares of the Fund pursuant to an Underwriting Agreement with the Trust. For the year ended September 30, 2025, the Distributor received $424 in underwriter commissions from the sale of Class A shares and Class R shares of the Fund.

Ultimus Fund Solutions, LLC ("***UFS***"), an affiliate of the Distributor, provides administrative, fund accounting, and transfer agency services to the Fund pursuant to agreements with the Trust, for which it receives from the Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses.

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

Certain Officers of the Trust are also employees of UFS, and are not paid any fees directly by the Fund for serving in such capacity.

The Trust has adopted a Distribution Plan pursuant to Rule 12b-1(the ***"Plan"***), under the 1940 Act for Class A shares and Class R shares that allows the Fund to pay distribution and shareholder servicing expenses of up to 0.50% per annum for the Class A shares and Class R shares, based on average daily net assets of each class. Class A shares and Class R shares are currently paying 0.25% and 0.00% per annum of 12b-1 fees, respectively. The Trust has not adopted a plan for Class I. The fee may be used for a variety of purposes, including compensating dealers and other financial service organizations for eligible services provided by those parties to the Fund and its shareholders and to reimburse the Distributor and the Adviser for distribution related expenses.

**(4)&nbsp;&nbsp;&nbsp;&nbsp; TAX COMPONENTS OF CAPITAL**

The Statement of Assets and Liabilities represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $34,128,124 for the Fund and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

---

| | |
|:---|:---|
| Unrealized appreciation: | $15662514 |
| Unrealized depreciation: | (313721) |
| Net unrealized appreciation: | $15348793 |

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**JAG Large Cap Growth Fund NOTES TO FINANCIAL STATEMENTS (Continued) September 30, 2025**

The tax character of fund distributions paid for the year ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>September 30, 2025 | Fiscal Year Ended<br>September 30, 2024 |
| Ordinary Income | $1161870 | $17150 |
| Long-Term Capital Gain | 6305059 | 3630035 |
| Return of Capital |  |  |
|  | $7466929 | $3647185 |

---

As of September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | /(Accumulated Deficit) |
| $— | $8161127 | $(242519) | $— | $— | $15348793 | $23267401 |

---

The difference between book basis and tax basis accumulated net realized gains, and unrealized appreciation from investments is primarily attributable to attributable to the tax deferral of losses on wash sales.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such late year losses of $242,519.

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses and the tax treatment of earnings and profits on the redemption of shares for the fiscal year ended September 30, 2025, as follows:

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| | |
|:---|:---|
| Paid in | Distributable |
| Capital | Earnings |
| $711108 | $(711108) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **BENEFICIAL OWNERSHIP** 

The beneficial ownership either directly or indirectly, of more than 25% of voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of September 30, 2025, the shareholders listed below held more than 25% of the Fund and may be deemed to control the Fund.

---

| | |
|:---|:---|
| Owner |  |
| National Financial Services LLC (1) | 34% |
| Pershing LLC (1) | 40% |

---

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

**JAG Large Cap Growth Fund NOTES TO FINANCIAL STATEMENTS (Continued) September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **SECTOR EXPOSURE RISK** 

Sector exposure risk is the possibility that securities within the same sector will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. Additionally, some sectors could be subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **SUBSEQUENT EVENTS** 

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

![(COHEN LOGO)](ja002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of JAG Large Cap Growth Fund

and Board of Trustees of Mutual Fund Series Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of JAG Large Cap Growth Fund (the "Fund"), a series of Mutual Fund Series Trust, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2018.

![(SIGNATURE)](ja003_v1.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

November 21, 2025

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| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

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**JAG Large Cap Growth Fund ADDITIONAL INFORMATION (Unaudited) September 30, 2025**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not Applicable.

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

Refer to the financial statements included herein.

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

**Approval of the Renewal of the Advisory Agreement between the Trust and JAG Capital Management LLC with respect to JAG Large Cap Growth Fund**

At a meeting held on February 25, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, each an "Independent Trustee" and collectively the "Independent Trustees") discussed the renewal of the advisory agreement (the "JAG Agreement") between the Trust and JAG Capital Management LLC ("JAG"), with respect to JAG Large Cap Growth Fund (the "Fund").

The Board examined JAG's responses to a series of questions regarding, among other things, its advisory services provided to the Fund, comparative fee and expense information, and profitability from managing the Fund. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the JAG Agreement and the weight to be given to each factor considered.

The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the JAG Agreement.

*Nature, Extent and Quality of Services.* The Board noted that there were no changes to the key personnel who serviced the Fund. The Board discussed that JAG primarily used a bottom-up quantitatively driven approach to purchasing securities, with a focus on growth characteristics and fundamental strength. The Board noted that the Fund's strategy was focused on a long-term investment philosophy and that investment restrictions were reviewed before trades were placed to ensure compliance with Fund and Trust investment limitations. The Board commented that there were no material data incidents, no litigation, and no compliance issues since the last renewal of the JAG Agreement. The Board concluded that the services provided by JAG were satisfactory and in line with its expectations.

*Performance.* The Board acknowledged that the Fund outperformed the peer group average and Large Cap Morningstar category for all time periods. The Board added that the Fund outperformed the benchmark index for the 1- year period but slightly underperformed in each of the 3-,5-, and 10-year periods. The Board noted that the Class R shares for the Fund were five-star rated by Morningstar and Class I shares were three-star rated, with the discrepancy likely related to the length of time the different share classes had been available. The Board agreed that the Fund had performed well.

*Fees and Expenses.* The Board observed that JAG operated the Fund with an advisory fee of 0.80% which was slightly above the peer group and Morningstar category median and average but within the ranges of each. The Board acknowledged that when taking the fee waiver into account, the advisory fee was below the median and average for both the peer group and Morningstar category. The Board reviewed that the net expense ratio of 1.26% was above the median and average for the peer group and Morningstar Category but well below the highs for each. The Board concluded that the advisory fee for the Fund was not unreasonable.

**JAG Large Cap Growth Fund ADDITIONAL INFORMATION (Unaudited) (Continued) September 30, 2025**

*Profitability.* The Board recognized that JAG advised the Fund at a loss and therefore excess profitability was not a concern at this time.

*Economies of Scale.* The Board considered whether JAG benefited from economies of scale. The Board agreed that given the current level of assets in the Fund, it was unlikely that JAG experienced any meaningful benefits from economies of scale at this time but that it would review the issue as the Fund continued to grow.

*Conclusion*. Having requested and received such information from JAG as the Board believed to be reasonably necessary to evaluate the terms of the JAG Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the JAG Agreement was in the best interests of the Fund and its shareholders.

**Fund Proxy Voting Policies, Procedures and Summaries**

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-855-552-4596; and on the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures** 

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

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

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

Not applicable

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

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

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

**Item 19. Exhibits.** 

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

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex_99cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex_99-906cert.htm)

**SIGNATURES**

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

Mutual Fund Series Trust

---

| | |
|:---|:---|
| By | /s/ Michael Schoonover |
| Michael Schoonover | Michael Schoonover |
| Principal Executive Officer | Principal Executive Officer |
| Date: 12/4/2025 | Date: 12/4/2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ Michael Schoonover |
| Michael Schoonover | Michael Schoonover |
| Principal Executive Officer | Principal Executive Officer |
| Date: 12/4/2025 | Date: 12/4/2025 |

---

---

| | |
|:---|:---|
| By | /s/ Erik Naviloff |
| Erik Naviloff | Erik Naviloff |
| Principal Financial Officer | Principal Financial Officer |
| Date: 12/4/2025 | Date: 12/4/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Michael Schoonover, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the JAG Large Cap Growth
Fund, a series of the Mutual Fund Series Trust ("registrant");

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 12/4/2025 | /s/ Michael Schoonover |
|  |  | Michael Schoonover |
|  |  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Erik Naviloff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the JAG Large Cap Growth
Fund, a series of the Mutual Fund Series Trust ("registrant");

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 12/4/2025 | /s/ Erik Naviloff |
|  |  | Erik Naviloff |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION** [Exhibit 99.906CERT]

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Mutual Fund Series Trust | Mutual Fund Series Trust | Mutual Fund Series Trust | Mutual Fund Series Trust |
| /s/ Michael Schoonover | /s/ Michael Schoonover | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Michael Schoonover | Michael Schoonover | Erik Naviloff | Erik Naviloff |
| Date: | 12/4/2025 | Date: | 12/4/2025 |

---

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

## Ex-99.Code

**CODE OF ETHICS**

**I.** **Statement of General Principles**

This Code of Ethics has been adopted by the Mutual Fund Series Trust (the "Trust") for the purpose of instructing all employees, officers and trustees of the Trust and Catalyst Capital Advisors, LLC, the adviser to the Trust (the "Adviser"), in their ethical obligations and to provide rules for their personal securities transactions. All such persons owe a fiduciary duty to the Trust and its shareholders. A fiduciary duty means a duty of loyalty, fairness and good faith towards the Trust and its shareholders, and the obligation to adhere not only to the specific provisions of this Code but to the general principles that guide the Code. These general principles are:

· The duty at all times to place the interests of the Trust and its shareholders first;

· The requirement that all personal securities transactions be conducted in a manner consistent with the Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of any individual's position of trust and responsibility; and

· The fundamental standard that such employees, officers, directors and trustees should not take inappropriate advantage of their positions, or of their relationship with the Trust or its shareholders.

It is imperative that the personal trading activities of the employees, officers, directors and trustees of the Trust and the Adviser, respectively, be conducted with the highest regard for these general principles in order to avoid any possible conflict of interest, any appearance of a conflict, or activities that could lead to disciplinary action. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

All personal securities transactions must also comply with the Securities & Exchange Commission's Rule 17j-1. Under this rule, no Employee may:

· employ any device, scheme or artifice to defraud the Trust or any of its shareholders;

· make to the Trust or any of its shareholders any untrue statement of a material fact or omit to state to such client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

· engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or any of its shareholders; or

· engage in any manipulative practice with respect to the Trust or any of its shareholders.

**II.** **Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Advisory Employees</u>: Employees who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of securities by a Fund, or whose functions relate to the making of any recommendation with respect to purchases or sales. The Compliance Officer will maintain a current list of all Advisory Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Beneficial Interest</u>: ownership or any benefits of ownership, including the opportunity to directly or indirectly profit or otherwise obtain financial benefits from any interest in a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Compliance Officer</u>: the Compliance Officer for the Adviser and the Trust is each company's duly named Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Disinterested Trustees</u>: trustees of the Trust whose affiliation with the Trust is solely by reason of being a trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Employee Account</u>: each account in which an Employee or a member of his or her family has any direct or indirect Beneficial Interest or over which such person exercises control or influence, including, but not limited to, any joint account, partnership, corporation, trust or estate. An Employee's family members include the Employee's spouse, minor children, any person living in the home of the Employee and any relative of the Employee (including in-laws) to whose support an Employee directly or indirectly contributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Employees</u>: the employees, officers, and trustees of the Trust and the employees, officers and directors of the Adviser, including Advisory Employees. The Compliance Officer will maintain a current list of all Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Exempt Transactions</u>: transactions which are 1) effected in an amount or in a manner over which the Employee has no direct or indirect influence or control, 2) pursuant to a systematic dividend reinvestment plan, systematic cash purchase plan or systematic withdrawal plan, 3) in connection with the exercise or sale of rights to purchase additional securities from an issuer and granted by such issuer pro-rata to all holders of a class of its securities, 4) in connection with the call by the issuer of a preferred stock or bond, 5) pursuant to the exercise by a second party of a put or call option, 6) closing transactions no more than five business days prior to the expiration of a related put or call option, 7) inconsequential to any Fund because the transaction is very unlikely to affect a highly liquid market or because the security is clearly not related economically to any securities that a Fund may purchase or sell, 8) involving shares of a security of a company with a market capitalization in excess of $500 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Funds</u>: any series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Related Securities</u>: securities issued by the same issuer or issuer under common control, or when either security gives the holder any contractual rights with respect to the other security, including options, warrants or other convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Securities</u>: any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as a "security," or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing; except for the following: 1) securities issued by the government of the United States, 2) bankers' acceptances, 3) bank certificates of deposit, 4) commercial paper, and 5) shares of unaffiliated registered open-end investment companies (other than exchange traded funds)..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Securities Transaction</u>: the purchase or sale, or any action to accomplish the purchase or sale, of a Security for an Employee Account. The term Securities Transaction does not include transactions executed by the Adviser for the benefit of unaffiliated persons, such as investment advisory and brokerage clients.

**III.** **Personal Investment Guidelines**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Personal Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Personal Investment Guidelines in this Section III do not apply to Exempt Transactions unless the transaction involves a private placement or initial public offering. Employees must remember that regardless of the transaction's status as exempt or not exempt, the Employee's fiduciary obligations remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. While trustees of the Trust are subject at all times to the fiduciary obligations described in this Code, the Personal Investment Guidelines and Compliance Procedures in Sections III and IV of this Code apply to Disinterested Trustees only if such person knew, or in the ordinary course of fulfilling the duties of that position, should have known, that during the fifteen days immediately preceding or after the date of the such person's transaction that the same Security or a Related Security was or was to be purchased or sold for a Fund or that such purchase or sale for a Fund was being considered, in which case such Sections apply only to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employees may not execute a Securities Transaction on a day during which a purchase or sell order in that same Security or a Related Security is pending for a Fund unless the Securities Transaction is combined ("blocked") with the Fund's transaction. Securities Transactions executed in violation of this prohibition shall be unwound or, if not possible or practical, the Employee must disgorge to the Fund the value received by the Employee due to any favorable price differential received by the Employee. For example, if the Employee buys 100 shares at $10 per share, and the Fund buys 1000 shares at $11 per share, the Employee will pay $100 (100 shares x $1 differential) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any Securities Transactions in a private placement must be authorized by the Compliance Officer, in writing, prior to the transaction. In connection with a private placement acquisition, the Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for a Fund, and whether the opportunity is being offered to the Employee by virtue of the Employee's position with the Trust or the Adviser. If the private placement acquisition is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization. Employees who have been authorized to acquire securities in a private placement will, in connection therewith, be required to disclose that investment if and when the Employee takes part in any subsequent investment in the same issuer. In such circumstances, the determination to purchase Securities of that issuer on behalf of a Fund will be subject to an independent review by personnel of the Adviser with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Employees are prohibited from acquiring any Securities in an initial public offering without the prior written approval of the Compliance Officer. This restriction is imposed in order to preclude any possibility of an Employee profiting improperly from the Employee's position with the Trust or the Adviser. If the initial public offering is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Other Restrictions**

Employees are prohibited from serving on the boards of directors of publicly traded companies, absent prior authorization by the Compliance Officer. The consideration of prior authorization will be based upon a determination that the board service will be consistent with the interests of the Trust and the Funds' shareholders. In the event that board service is authorized, Employees serving as directors will be isolated from other Employees making investment decisions with respect to the securities of the company in question.

**IV.** **Compliance Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Employee Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Within ten (10) days of commencement of employment with the Trust or the Adviser, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, and must disclose the following information, which information must be current as of a date no more than 45 days prior to the date the person became an Employee: a) the title, number of shares and principal amount of each Security in which the Employee has a Beneficial Interest when the person became an Employee, b) the name of any broker/dealer with whom the Employee maintained an account when the person became an Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, that he or she has complied with the requirements of this Code and has disclosed or reported all personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. In addition, each Employee shall annually provide the following information (as of a date no more than 30 days before the report is submitted): a) the title, number of shares and principal amount of each Security in which the Employee had any Beneficial Interest, b) the name of any broker, dealer or bank with whom the Employee maintains an account in which any Securities are held for the direct or indirect benefit of the Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Employees must provide copies of all periodic broker account statements to the Compliance Officer. Each Employee must report, no later than thirty (30) days after the close of each calendar quarter, on the Securities Transaction Report form provided by the Trust or the Adviser, all transactions in which the Employee acquired or sold any direct or indirect Beneficial Interest in a Security, including Exempt Transactions, and certify that he or she has reported all transactions required to be disclosed pursuant to the requirements of this Code. The report will also identify any trading account, in which the Employee has a direct or indirect Beneficial Interest, established during the quarter with a broker, dealer or bank. The Employee may exclude transactions effected pursuant to an automatic investment plan. An automatic investment plan is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Compliance Officer will, on a quarterly basis, check the trading account statements provided by brokers to verify that the Employee has not violated the Code. The Compliance Officer shall identify all Employees, inform those persons of their reporting obligations, and maintain a record of all current and former access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If an Employee violates this Code, the Compliance Officer will report the violation to management personnel of the Trust and the Adviser for appropriate remedial action which, in addition to the actions specifically delineated in other sections of this Code, may include a reprimand of the Employee, or suspension or termination of the Employee's relationship with the Trust and/or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management personnel of the Trust will prepare an annual report to the Trust's board of trustees that summarizes existing procedures and any changes in the procedures made during the past year and certify to the Trust's Board of Trustees that the Adviser and the Trust have each adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will describe any issues existing under this Code since the last report, including without limitation, information about any material violations of this Code, any significant remedial action during the past year and any recommended procedural or substantive changes to this Code based on management's experience under this Code, evolving industry practices or legal developments.

**Responsible Party/Compliance Process:** Chief Compliance Officer/Investment Adviser

**Approved**: <u>DFG</u> 

**Revised**: <u>02/01/2007</u> 

**ANNUAL EMPLOYEE SECURITIES REPORT**

This information is current as of _______________ (must be current as of a date no more than 45 days before the Report is submitted). Please list all Securities in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

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

---

Please list all brokers, dealers and banks that maintain a brokerage account in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

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

---

I certify that I have read and understand the Code of Ethics and recognize that I am subject to it. I certify that this is a complete list of all Securities in which I have a Beneficial Interest, and that I have complied with the requirements of the Code of Ethics including disclosure of all Securities Transactions for which the Code of Ethics requires disclosure.

Printed Name:

Signature:

Date:

 **PRE-CLEARANCE OF SECURITY TRANSACTION**

&nbsp;&nbsp;&nbsp;&nbsp;To:

Compliance Officer

From:

__________________________________________

(Name of Employee)

Date:

__________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. I hereby seek approval for the □ purchase/□ sale of _________ shares or $__________ par value of _______________________ for the cash or margin account of _____________________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. The price per share or contract is approximately $_________________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. The transaction □ is/□ is not in connection with a private placement or an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. Said transaction was recommended to me by __________________________________.

I have no knowledge of any pending purchase or sell order for this Security or a Related Security.

I have read the Code of Ethics within the past year and recognize that I am subject to it.

After inquiry, I am satisfied that this transaction is consistent with the Code of Ethics and the Insider Trading Policy. If I become aware that the trade does not comply with this Code or that the statements made on the request are no longer true, I will immediately notify the Compliance Officer.

______________________________________

Signature of Employee

APPROVED: _________________________________

DATE: ______________________

**TRANSACTION COMPLETED:** Date ___________

No. of Shares _________

Price _______

TRANSACTION UNFILLED: ___________________

<u>COMMENTS/FOLLOW UP</u>:

(This authorization is valid until close of business on the second trading day following authorization.

**QUARTERLY SECURITIES TRANSACTIONS REPORT**

**Calendar Quarter/Year:**

Persons subject to the Code of Ethics must report **ALL** Securities Transactions (including Exempt Transactions and transactions involving affiliated mutual Funds) as defined in the Code of Ethics, executed during the reporting period. **DO NOT ATTACH BROKERAGE REPORTS**. The report must be returned to the Compliance Officer, regardless of whether any Securities Transactions occurred, before the 30th day after the close of the calendar quarter. Please note that this Report covers all Securities in which you have a Beneficial Interest.

<br> □

I have executed no Securities Transactions during the quarter. □

The following is a complete list of my Securities Transactions:

---

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

---

\*Provide interest rate, maturity date, ticker symbol or CUSIP, if applicable

I have not opened a brokerage account during the quarter.

The following is a complete list of all brokerage accounts I opened during the quarter:

---

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

---

I certify that I have read and understand the Code of Ethics and that I have complied with the requirements of the Code of Ethics, including disclosure of all Securities Transactions that require disclosure.

Printed Name:

Signature:

Filing Date:

THIS REPORT SHALL NOT BE CONSTRUED AS AN ADMISSION THAT THE REPORTING PERSON HAS ANY DIRECT OR INDIRECT BENEFICIAL OWNERSHIP IN ANY SECURITY TO WHICH THIS REPORT RELATES.

**NEW EMPLOYEE SECURITIES REPORT**

This information is current as of _______________ (must be current as of a date no more than 45 days before your commencing employment). *Return to Compliance Officer within 10 days of your commencing employment.*

Please list all Securities in which you have a Beneficial Interest, as defined in the Code of Ethics.

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

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Please list all brokers, dealers and banks that maintain a brokerage account in which you have a Beneficial Interest, as defined in the Code of Ethics.

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

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I certify that I have read and understand the Code of Ethics and recognize that I am subject to it. I certify that this is a complete list of all Securities in which I have a Beneficial Interest, and that I have complied with the requirements of the Code of Ethics including disclosure of all Securities Transactions for which the Code of Ethics requires disclosure.

Printed Name:

Signature:

Date:

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**CATALYST FUNDS**

For the period__________ to ______________

**A. Issues Report**. Rule 17j-1 under the 1940 Act requires that the Catalysts Funds (the "Trust") submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Trust hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**Name of Adviser or Sub Adviser**

For the period _______________ to __________________

**A.** 

**Issues Report**. Rule 17j-1 under the 1940 Act requires that __________________ (the "Adviser"), adviser to the Mutual Fund Series Trust submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Adviser hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**Matrix Capital Group, Inc.** 

For the period _______________ to __________________

**A.** 

**Issues Report**. Rule 17j-1 under the 1940 Act requires that Matrix Capital Group, Inc. principal underwriter of the Mutual Fund Series Trust (the "Underwriter") submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Underwriter hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

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