Mutual Fund Series Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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 811-21872

Mutual Fund Series Trust

(Exact name of Registrant as specified in charter)

4221 North 203^rd Street, Suite 100, Elkhorn, NE 68022

(Address of principal executive offices) (Zip code)

Ultimus Fund Solutions ___

80 Arkay Drive, Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 402-895-1600

Date of fiscal year end: 6/30

Date of reporting period: 12/31/20

ITEM 1. REPORTS TO SHAREHOLDERS.

SEMI-ANNUAL REPORT

Catalyst Insider Income Fund

(IIXAX, IIXCX, IIXIX)

Catalyst Enhanced Income Strategy Fund

(EIXAX, EIXCX, EIXIX)

Catalyst/MAP Global Balanced Fund

(TRXAX, TRXCX, TRXIX)

Catalyst/CIFC Floating Rate Income Fund

(CFRAX, CFRCX, CFRIX)

Catalyst/SMH High Income Fund

(HIIFX, HIICX, HIIIX)

Catalyst/SMH Total Return Income Fund

(TRIFX, TRICX, TRIIX)

Catalyst/Stone Beach Income Opportunity Fund

(IOXAX, IOXCX, IOXIX)

December 31, 2020

Mutual Fund Series Trust

CATALYST FUNDS

SEMI-ANNUAL REPORT

TABLE OF CONTENTS

Investment Review	Page 1
Portfolios of Investments	Page 8
Statements of Assets and Liabilities	Page 30
Statements of Operations	Page 31
Statements of Changes in Net Assets	Page 32
Financial Highlights	Page 35
Notes to Financial Statements	Page 49
Supplemental Information	Page 65
Expense Example	Page 70
Privacy Notice	Page 71

Catalyst Insider Income Fund

PORTFOLIO REVIEW (Unaudited)

December 31, 2020

The Fund’s performance figures* for each of the periods ended December 31, 2020, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	Since Inception**
Class A	5.40%	6.34%	4.48%	2.13%
Class A with load	0.43%	1.26%	3.45%	1.36%
Class C	5.12%	5.65%	3.73%	1.43%
Class I	5.56%	6.57%	4.78%	2.42%
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index(a)	0.44%	3.33%	2.21%	1.86%
Bloomberg Barclays U.S. Aggregate Bond Index(b)	1.29%	7.51%	4.44%	3.81%

* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 4.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods less than 1 year are not annualized. As disclosed in the Fund’s prospectus dated November 1, 2020, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 1.43% for Class A, 2.18% for Class C and 1.18% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

(a) The Bloomberg Barclays 1-3 Year U.S. Government/Credit Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued. Investors cannot invest direct in an index.

(b) The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based index that measures the investment grade, US dollar-denominated, fix-rated taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Investors cannot invest direct in an index.

 ** Inception date is July 29, 2014.

Top 10 Holdings by Industry	% of Net Assets
Retail - Discretionary		19.7	%
Specialty Finance		19.3	%
Healthcare Facilities & Services		9.2	%
Internet Media & Services		7.3	%
Real Estate Investment Trusts		7.2	%
Biotech & Pharmaceuticals		5.5	%
Asset Management		5.5	%
Gas & Water Utilities		4.8	%
Software		4.4	%
Technology Hardware		4.0	%
Other/Cash & Equivalents		13.1	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

1

Catalyst Enhanced Income Strategy Fund

PORTFOLIO REVIEW (Unaudited)

December 31, 2020

The Fund’s performance figures* for the period ended December 31, 2020, compared to its benchmark:

			Annualized
	6 Month Return	1 Year Return	Since Inception**
Class A	4.33%	5.91%	11.19%
Class A with load	-1.68%	-0.21%	7.95%
Class C	4.00%	5.12%	10.34%
Class I	4.46%	6.16%	11.45%
Bloomberg Barclays U.S. Aggregate Bond Index(a)	1.29%	7.51%	8.11%

* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 4.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods less than 1 year are not annualized. As disclosed in the Fund’s prospectus dated November 1, 2020, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 2.11% for Class A, 2.86% for Class C and 1.86% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

(a) The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based index that measures the investment grade, US dollar-denominated, fix-rated taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Investors cannot invest direct in an index.

 ** Inception date is December 31, 2018.

Top Holdings by Security Type	% of Net Assets
Asset Backed Securities		92.9	%
Interest Only Federal National Mortgage Association		1.7	%
Interest Only Government National Mortgage Association		1.2	%
Interest Only Federal Home Loan Mortgage Association		1.1	%
Real Estate Investment Trust		0.5	%
Federal National Mortgage Association		0.1	%
Other/Cash & Equivalents		2.5	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

2

Catalyst/MAP Global Balanced Fund

PORTFOLIO REVIEW (Unaudited)

December 31, 2020

The Fund’s performance figures* for each of the periods ended December 31, 2020, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	Since Inception**
Class A	10.63%	3.61%	5.41%	5.52%
Class A with load	4.26%	-2.35%	4.17%	4.86%
Class C	10.20%	2.84%	4.63%	4.73%
Class I	10.77%	3.88%	5.71%	4.06%
MSCI All Country World Stock Index(a)	24.26%	16.82%	12.86%	9.96%
MSCI All Country World Stock Value Index Gross(b)	21.66%	0.42%	8.18%	6.98%
ICE BofA ML A-AAA 1-3yr US Corp. Index(c)	0.92%	3.98%	2.81%	2.25%
50% MSCI ACWI U.S./50% BofA ML A-AAA 1-3yr US Corp.(d)	12.30%	11.00%	8.01%	6.29%
50% MSCI ACWI U.S. Value Index Gross/50% BofA ML A-AAA 1-3yr US Corp	11.14%	3.07%	5.78%	4.86%

* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. As disclosed in the Fund’s prospectus dated November 1, 2020, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 1.95% for Class A, 2.70% for Class C, and 1.70% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

(a) The “MSCI All Country World Stock Index” is maintained by Morgan Stanley Capital International, and is comprised of stocks from both developed and emerging markets. Investors cannot invest directly in an index.

(b) The MSCI World Value Index captures large and mid cap securities exhibiting overall value style characteristics across 23 Developed Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Investors cannot invest directly in an index.

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

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

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

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

Top 10 Holdings by Industry	% of Net Assets
Biotech & Pharmaceuticals		16.8	%
Telecommunications		10.5	%
Food		8.9	%
Technology Hardware		7.3	%
Retail - Discretionary		5.7	%
Tobacco & Cannabis		4.7	%
Gas & Water Utilities		4.4	%
Semiconductors		3.8	%
Wholesale - Consumer Staples		3.7	%
Auto Manufacturers		3.4	%
Other/Cash & Equivalents		30.8	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

3

Catalyst/CIFC Floating Rate Income Fund

PORTFOLIO REVIEW (Unaudited)

December 31, 2020

The Fund’s performance figures* for each of the periods ended December 31, 2020, compared to its benchmark:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	Since Inception**
Class A	6.56%	2.99%	5.87%	4.07%
Class A with load	1.54%	-1.90%	4.84%	3.44%
Class C	6.17%	2.23%	5.08%	3.28%
Class I	6.68%	3.25%	6.16%	4.34%
S&P/LSTA U.S. Leveraged Loan 100 Index (a)	7.05%	2.84%	5.31%	3.69%

* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 4.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. As disclosed in the Fund’s prospectus dated November 1, 2020, the Fund’s total gross annual operating expenses, including the cost of underlying funds are 1.67% for Class A and 2.42% for Class C, and 1.42% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

Performance information for the period prior to November 2018 does not reflect the Fund’s current strategy and the Fund’s portfolio was not managed by the Fund’s current Sub-Advisor.

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

 ** Inception date is December 31, 2012.

Top Ten Holdings by Industry	% of Net Assets
Insurance		13.7	%
Health Care Facilities & Services		12.9	%
Commercial Support Services		8.0	%
Software		6.7	%
Technology Services		5.1	%
Leisure Facilities & Services		4.5	%
Retail - Discretionary		4.2	%
Transportation & Logistics		3.5	%
Asset Management		3.0	%
Electrical Equipment		3.0	%
Other/Cash & Equivalents		35.4	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

4

Catalyst/SMH High Income Fund

PORTFOLIO REVIEW (Unaudited)

December 31, 2020

The Fund’s performance figures* for each of the periods ended December 31, 2020, compared to its benchmark:

			Annualized	Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return	Since Inception **
Class A	15.22%	9.99%	12.33%	2.01%	3.34%
Class A with load	9.75%	4.77%	11.24%	1.52%	2.94%
Class C	15.06%	9.43%	11.47%	1.26%	2.59%
Class I	15.66%	10.54%	12.59%	N/A	1.48%
ICE BofA Merrill Lynch U.S. Cash Pay High Yield Index(a)	11.48%	6.20%	8.41%	6.61%	7.44%

* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 4.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods less than 1 year are not annualized. As disclosed in the Fund’s prospectus dated November 1, 2020, the Fund’s total gross annual operating expenses are 2.07% for Class A, 2.82% for Class C and 1.82% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

Performance information for the period prior to September 2013 does not reflect the Fund’s current strategy and the Fund’s portfolio was not managed by the Fund’s current Sub-Advisor.

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

 ** Inception date is May 21, 2008 for Class A, Class C and the Benchmark, and July 1, 2013 for Class I.

Top 10 Holdings by Industry	% of Net Assets
Retail - Discretionary		13.1	%
REIT		11.4	%
Automotive		8.4	%
Home Construction		7.2	%
Technology Hardware		6.6	%
Asset Management		5.4	%
Metals & Mining		4.8	%
Transportation & Logistic		4.2	%
Apparel & Textile Products		4.1	%
Specialty Finance		4.0	%
Other/Cash & Equivalents		30.8	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

5

Catalyst/SMH Total Return Income Fund

PORTFOLIO REVIEW (Unaudited)

December 31, 2020

The Fund’s performance figures* for each of the periods ended December 31, 2020, compared to its benchmarks:

			Annualized	Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return	Since Inception**
Class A	19.86%	5.10%	11.64%	2.37%	2.36%
Class A with load	12.96%	-0.94%	10.32%	1.77%	1.88%
Class C	19.46%	4.10%	10.77%	1.60%	1.58%
Class I	20.06%	5.38%	11.95%	N/A	2.27%
S&P 500 Total Return Index(a)	22.16%	18.40%	15.22%	13.88%	10.50%
ICE BofA Merrill Lynch U.S. Cash Pay High Yield Index(b)	11.48%	6.20%	8.41%	6.61%	7.44%
Blended Index (c)	16.84%	12.45%	11.91%	10.31%	9.12%

* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods less than 1 year are not annualized. As disclosed in the Fund’s prospectus dated November 1, 2020, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 4.08% for Class A, 4.83% for Class C and 3.83% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

Performance information for the period prior to September 2013 does not reflect the Fund’s current strategy and the Fund’s portfolio was not managed by the Fund’s current Sub-Advisor.

(a) The “S&P 500 Total Return Index,” a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index.

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

(c) Blended Index reflects an unmanaged portfolio of 50% of the S&P 500 Total Return Index and 50% of the ICE BofA Merrill Lynch U.S. Cash Pay High Yield Index.

 ** Inception date is May 21, 2008 for Class A, Class C and the Benchmarks, and July 1, 2013 for Class I.

Top 10 Holdings by Industry	% of Net Assets
Asset Management		23.3	%
Retail - Discretionary		7.6	%
Specialty Finance		7.4	%
Technology Hardware		5.9	%
Oil & Gas Producers		5.4	%
Semiconductors		5.2	%
REITs		4.3	%
Home Construction		4.3	%
Automotive		3.7	%
Equity Fund		3.5	%
Other/Cash & Equivalents		29.4	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

6

Catalyst/Stone Beach Income Opportunity Fund

PORTFOLIO REVIEW (Unaudited)

December 31, 2020

The Fund’s performance figures* for each of the periods ended December 31, 2020, compared to its benchmarks:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	Since Inception**
Class A	-1.31%	2.73%	3.13%	2.77%
Class A with load	-6.00%	-2.14%	2.12%	1.95%
Class C	-1.62%	2.09%	2.36%	1.99%
Class I	-1.09%	3.09%	3.36%	3.00%
Bloomberg Barclays U.S. MBS Index (a)	0.36%	3.87%	3.05%	2.84%
ICE BofA Merrill Lynch High Yield U.S. Corporated Cash Pay Index (b)	11.48%	6.20%	8.41%	5.83%

* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 4.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods less than 1 year are not annualized. As disclosed in the Fund’s prospectus dated November 1, 2020, the Fund’s total gross annual operating expenses are 2.24% for Class A, 2.96% for Class C and 1.99% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

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

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

 ** Inception date is November 20, 2014.

Top Holdings by Security Type & Issuer Type	% of Total Investments
Agency Fixed Rate		54.5	%
CMO		39.0	%
Agency CMBS		3.1	%
Agency MBS Other		0.4	%
Non Agency CMBS		0.1	%
Other/Cash & Equivalents		2.9	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

7

CATALYST FUNDS

CATALYST INSIDER INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2020

Principal			Coupon Rate (%)	Maturity	Value
		CORPORATE BONDS - 73.6%
		AEROSPACE & DEFENSE - 3.8%
$	2,584,000	TransDigm, Inc.	6.500	7/15/2024	$	2,634,634
		ASSET MANAGEMENT - 5.5%
	790,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.	6.375	12/15/2025		819,230
	2,900,000	Oppenheimer Holdings Inc	5.500	10/1/2025		2,943,500
						3,762,730
		BIOTECH & PHARMACEUTICALS - 3.8%
	2,500,000	AbbVie, Inc.	5.000	12/15/2021		2,581,343
		GAS & WATER UTILITIES - 4.8%
	3,169,000	National Fuel Gas Co.	4.900	12/1/2021		3,256,685
		HEALTHCARE FACILITIES & SERVICES - 9.2%
	2,400,000	Centene Corp.	4.250	12/15/2027		2,549,556
	1,050,000	Universal Health Services, Inc. #	5.000	6/1/2026		1,087,863
	2,650,000	Goldman Sachs Group, Inc.	3.000	4/26/2022		2,671,627
						6,309,046
		INTERNET MEDIA & SERVICES - 7.3%
	4,925,000	VeriSign, Inc.	4.625	5/1/2023		4,977,328
		REAL ESTATE INVESTMENT TRUSTS - 7.2%
	2,400,000	CyrusOne LP / CyrusOne Finance Corp.	2.900	11/15/2024		2,566,764
	2,110,000	Sabra Health Care LP	5.125	8/15/2026		2,355,253
						4,922,017
		RETAIL - DISCRETIONARY - 19.7%
	8,165,000	Carvana Co. #	5.625	10/1/2025		8,389,538
	5,047,000	Lowe’s Cos., Inc.	3.750	4/15/2021		5,059,361
						13,448,899
		SEMICONDUCTORS - 3.9%
	2,173,000	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.875	1/15/2027		2,440,048
	186,000	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.125	1/15/2025		200,950
						2,640,998
		SOFTWARE - 4.4%
	1,086,000	CA, Inc.	4.500	8/15/2023		1,164,597
	95,000	CA, Inc.	3.600	8/15/2022		97,897
	1,500,000	Vmware, Inc.	4.500	5/15/2025		1,718,408
						2,980,902
		TECHNOLOGY HARDWARE - 4.0%
	2,450,000	Dell International LLC / EMC Corp. #	5.450	6/15/2023		2,710,633
		TOTAL CORPORATE BONDS (Cost - $49,143,849)				50,225,215
		CONVERTIBLE BONDS - 21.0%
		BIOTECH & PHARMACEUTICALS - 1.7%
	1,260,000	Ligand Pharmaceuticals, Inc.	0.750	5/15/2023		1,195,092
		SPECIALTY FINANCE - 19.3%
	8,856,000	EZCORP, Inc.	4.750	11/1/2022		8,908,338
	1,531,000	Arbor Realty Trust, Inc.	2.375	5/1/2025		1,243,771
	3,000,000	Two Harbors Investment Corp.	6.250	1/15/2022		3,007,500
						13,159,609
		TOTAL CONVERTIBLE BONDS (Cost - $13,344,931)				14,354,701
		TOTAL INVESTMENTS - 94.6% (Cost - $62,488,780)			$	64,579,916
		OTHER ASSETS LESS LIABILITIES - 5.4%				3,707,641
		NET ASSETS - 100.0%			$	68,287,557

LP - Limited Partnership

# Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2020, these securities amounted to $12,188,034 or 17.85% of net assets.

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

8

CATALYST FUNDS

CATALYST ENHANCED INCOME STRATEGY FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2020

Principal			Variable Rate	Coupon Rate (%)		Maturity	Value
		ASSET BACKED SECURITIES - 92.9%
$	21,388	ABFC 2003-AHL1 Trust	1 Month LIBOR + 1.275%	1.423	*	3/25/2033	$	21,837
	379,127	ABFC 2005-AQ1 Trust		4.622	+	6/25/2035		401,652
	632,169	ABFC 2006-HE1 Trust	1 Month LIBOR + 0.22%	0.368	*	1/25/2037		453,845
	186,178	ABFS Mortgage Loan Trust 2000-3		8.110	+	9/15/2031		183,867
	153,424	Accredited Mortgage Loan Trust 2003-2	1 Month LIBOR + 0.74%	0.888	*	10/25/2033		150,209
	365,006	Accredited Mortgage Loan Trust 2003-3	1 Month LIBOR + 0.76%	0.908	*	1/25/2034		345,807
	375,167	Accredited Mortgage Loan Trust 2004-3		6.000	+	10/25/2034		384,673
	4,995,703	Adjustable Rate Mortgage Trust 2005-12	1 Month LIBOR + 0.5%	0.648	*	3/25/2036		2,558,362
	1,956,711	AFC Home Equity Loan Trust	1 Month LIBOR + 0.65%	0.798	*	6/25/2029		1,609,817
	178,177	AFC Home Equity Loan Trust 1998-1	1 Month LIBOR + 0.66%	0.808	*	4/25/2028		176,853
	442,862	AFC Home Equity Loan Trust 1998-2	1 Month LIBOR + 0.55%	0.698	*	6/25/2028		435,295
	147,008	Alternative Loan Trust 2005-28CB		6.000		8/25/2035		97,344
	320,914	Alternative Loan Trust 2005-3CB		5.000		3/25/2035		313,145
	671,474	Alternative Loan Trust 2005-65CB		6.000		1/25/2036		628,446
	2,039,978	Alternative Loan Trust 2005-69	12 Month TA + 1%	1.609	*	12/25/2035		1,922,674
	370,900	Alternative Loan Trust 2005-7CB		5.500		3/25/2035		373,268
	640,721	Alternative Loan Trust 2006-12CB		6.000		5/25/2036		501,054
	2,137,278	Alternative Loan Trust 2006-45T1		6.000		2/25/2037		1,581,059
	1,602,093	Alternative Loan Trust 2006-9T1		6.000		5/25/2036		1,104,264
	1,012,610	Alternative Loan Trust 2006-J7		6.250		11/25/2036		704,917
	2,922,351	Alternative Loan Trust 2007-12T1		6.000		6/25/2037		2,123,091
	73,969	Ameriquest Mort Sec, Inc. Asset Bckd Ps Thr Cert Ser 2002-AR1	1 Month LIBOR + 1.95%	2.098	*	9/25/2032		75,978
	1,485,265	Amresco Residential Securities Corp. Mort Loan Trust 1999-1	1 Month LIBOR + 1.25%	1.398	*	11/25/2029		1,480,577
	167,056	AMRESCO Residential Securities Corp. Mortgage Loan Trust 1997-3		5.515	#	9/25/2027		170,486
	55,628	Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-W7	1 Month LIBOR + 2.7%	2.848	*	9/25/2033		55,975
	91,547	Argent Securities Trust 2006-W1	1 Month LIBOR + 0.3%	0.748	*	3/25/2036		86,851
	3,409,661	Asset-Backed Pass-Through Certificates Series 2004-R12	1 Month LIBOR + 1.68%	1.828	*	1/25/2035		3,430,850
	529,493	Asset-Backed Pass-Through Certificates Series 2004-R2	1 Month LIBOR + 0.72%	0.868	*	4/25/2034		516,079
	74,864	Banc of America Alternative Loan Trust 2005-12		5.250		1/25/2021		69,917
	311,643	Banc of America Alternative Loan Trust 2006-4		6.000		5/25/2046		310,840
	13,288	Banc of America Funding 2004-3 Trust		5.500		10/25/2034		13,323
	269,420	Banc of America Funding 2005-5 Trust		5.500		9/25/2035		288,848
	394,255	Banc of America Funding 2005-H Trust		2.791	#	11/20/2035		379,905
	67,671	Banc of America Funding 2006 J Trust		3.263	#	1/20/2047		65,345
	71,163	Banc of America Funding 2006 J Trust		3.500	#	1/20/2047		67,552
	193,616	Banc of America Funding 2006-5 Trust		6.000		9/25/2036		191,083
	845,090	Banc of America Funding 2006-H Trust		3.137	#	9/20/2046		807,269
	141,525	Banc of America Funding 2007-2 Trust		3.615	#	3/25/2037		141,471
	457,920	Banc of America Funding 2007-4 Trust		5.774	+	5/25/2037		479,314
	1,321,615	Banc of America Funding 2007-7 Trust		6.000		8/25/2037		1,326,946
	262,450	Banc of America Funding 2007-A Trust	1 Month LIBOR + 0.21%	0.362	*	2/20/2047		242,984
	572,193	Banc of America Funding 2009-R9 Trust ^		4.085	#	11/26/2021		532,311
	177,263	Banc of America Mortgage 2005-A Trust		3.319	#	2/25/2035		158,291
	12,418	Banc of America Mortgage 2005-A Trust		3.672	#	2/25/2035		12,549
	26,638	Banc of America Mortgage 2005-G Trust		3.043	#	8/25/2035		24,807
	380,185	Banc of America Mortgage 2006-2 Trust	1 Month LIBOR + 6%	6.000	*	7/25/2046		368,974
	532,772	Banc of America Mortgage 2006-A Trust		3.629	#	2/25/2036		508,720
	1,500,000	Bayview Financial Mortgage Pass-Through Trust 2005-C	1 Month LIBOR + 1.2%	1.348	*	6/28/2044		1,471,407
	757,736	Bayview Financial Mortgage Pass-Through Trust 2007-B	1 Month LIBOR + 0.85%	0.998	*	8/28/2047		336,374
	227,588	Bayview Financial Mortgage Pass-Through Trust 2007-B	1 Month LIBOR + 0.7%	0.848	*	8/28/2047		99,948
	3,000,000	BB-UBS Trust ^		2.890		6/5/2030		2,933,798
	1,420,764	BCMSC Trust 1999-B		7.300	#	12/15/2029		352,730
	1,611,849	BCMSC Trust 2000-A		8.290	#	6/15/2030		516,084
	134,360	Bear Stearns ALT-A Trust 2005-4		3.396	#	5/25/2035		135,570
	1,004,474	Bear Stearns ALT-A Trust 2006-6		3.160	#	11/25/2036		675,893
	110,678	Bear Stearns ALT-A Trust 2006-8		3.200	#	8/25/2046		88,268
	40,017	Bear Stearns ARM Trust 2004-10		2.858	#	1/25/2035		38,642
	110,906	Bear Stearns ARM Trust 2004-7		2.625	#	10/25/2034		110,285
	226,560	Bear Stearns ARM Trust 2005-12		3.587	#	2/25/2036		218,411
	49,984	Bear Stearns ARM Trust 2006-2		3.317	#	7/25/2036		48,433
	465,714	Bear Stearns ARM Trust 2006-4		3.030	#	10/25/2036		447,916
	334,034	Bear Stearns Asset Backed Securities I Trust 2004-FR2	1 Month LIBOR + 2.625%	2.773	*	6/25/2034		329,732
	228,360	Bear Stearns Asset Backed Securities I Trust 2004-FR3	1 Month LIBOR + 1.755%	1.903	*	9/25/2034		229,754
	41,933	Bear Stearns Asset Backed Securities I Trust 2004-HE10	1 Month LIBOR + 2.025%	2.173	*	12/25/2034		43,874
	223,835	Bear Stearns Asset Backed Securities I Trust 2004-HE7	1 Month LIBOR + 0.9%	1.048	*	8/25/2034		218,173
	111,644	Bear Stearns Asset Backed Securities I Trust 2004-HE7	1 Month LIBOR + 2.925%	3.073	*	8/25/2034		104,690
	226,750	Bear Stearns Asset Backed Securities I Trust 2006-AC3	1 Month LIBOR + 0.4%	0.548	*	5/25/2036		95,075
	457,270	Bear Stearns Asset Backed Securities Trust 2004-HE3	1 Month LIBOR + 2.775%	2.923	*	4/25/2034		437,374
	841,032	Bear Stearns Asset Backed Securities Trust 2004-SD2		4.249	#	3/25/2044		813,484
	32,699	Bear Stearns Asset Backed Securities Trust 2004-SD4	1 Month LIBOR + 0.9%	1.048	*	8/25/2044		32,958
	140,113	Bear Stearns Asset Backed Securities Trust 2006-SD3		3.345	#	7/25/2036		140,816
	126,057	Carrington Mortgage Loan Trust Series 2004-NC2	1 Month LIBOR + 1.035%	1.183	*	8/25/2034		125,285
	4,030,844	Carrington Mortgage Loan Trust Series 2006-FRE2	1 Month LIBOR + 0.08%	0.228	*	3/25/2035		3,452,366
	3,387,400	Carrington Mortgage Loan Trust Series 2006-NC4	1 Month LIBOR + 0.24%	0.388	*	10/25/2036		2,831,629
	500,000	Cascade MH Asset Trust 2019-MH1 ^		5.985	#	11/1/2044		522,766
	3,254,439	C-BASS 2007-CB1 TRUST		3.353	+	1/25/2037		1,493,123

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

9

CATALYST FUNDS

CATALYST ENHANCED INCOME STRATEGY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

December 31, 2020

Principal			Variable Rate	Coupon Rate (%)		Maturity	Value
		ASSET BACKED SECURITIES (Continued) - 92.9%
$	22,411	CDC Mortgage Capital Trust 2003-HE4	1 Month LIBOR + 0.62%	0.768	*	3/25/2034	$	21,588
	21,424	Centex Home Equity Loan Trust 2002-A		5.540		1/25/2032		22,162
	1,251,506	Chase Funding Trust Series 2003-6	1 Month LIBOR + 0.75%	0.898	*	11/25/2034		1,258,846
	619,584	Chase Mortgage Finance Trust Series 2006-S2		6.250		10/25/2036		409,119
	376,477	Chase Mortgage Finance Trust Series 2006-S3		6.000		11/25/2036		253,873
	365,114	Chase Mortgage Finance Trust Series 2006-S4		6.000		12/25/2036		258,479
	276,250	ChaseFlex Trust Series 2005-2		6.500		6/25/2035		230,295
	387,905	ChaseFlex Trust Series 2007-1		6.500		2/25/2037		211,630
	180,852	CHEC Loan Trust 2004-2	1 Month LIBOR + 0.64%	1.108	*	6/25/2034		176,794
	102,271	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-1 ^	1 Month LIBOR + 0.33%	0.478	*	1/25/2035		102,577
	135,848	CHL Mortgage Pass-Through Trust 2003-56		3.632	#	12/25/2033		136,899
	656,302	CHL Mortgage Pass-Through Trust 2004-HYB6		2.743	#	11/20/2034		659,691
	800,983	CHL Mortgage Pass-Through Trust 2005-HYB9	12 Month LIBOR + 1.75%	2.109	*	2/20/2036		786,317
	803,198	CHL Mortgage Pass-Through Trust 2006-12		6.000		7/25/2036		635,720
	3,114,587	CHL Mortgage Pass-Through Trust 2006-3	1 Month LIBOR + 0.25%	0.648	*	2/25/2036		2,838,362
	155,201	CHL Mortgage Pass-Through Trust 2006-J4		6.250		9/25/2036		103,913
	2,064,560	CHL Mortgage Pass-Through Trust 2007-1		6.000		3/25/2037		1,651,006
	485,186	CHL Mortgage Pass-Through Trust 2007-5		5.750		5/25/2037		376,481
	410,542	CHL Mortgage Pass-Through Trust 2007-8		6.000		1/25/2038		294,944
	822,815	CHL Mortgage Pass-Through Trust 2007-HY3		3.907	#	6/25/2047		834,752
	194,312	CHL Mortgage Pass-Through Trust 2007-J2		6.000		7/25/2037		118,404
	1,902,340	Citicorp Mortgage Securities Trust Series 2006-3		6.000		6/25/2036		1,939,610
	1,119,023	Citicorp Mortgage Securities Trust Series 2006-3		6.250		6/25/2036		1,151,600
	1,457,369	Citicorp Mortgage Securities Trust Series 2006-5		6.000		10/25/2036		1,472,923
	642,328	Citicorp Mortgage Securities Trust Series 2007-7		6.000		8/25/2037		643,669
	793,403	Citigroup Mortgage Loan Trust 2006-AR5		3.209	#	7/25/2036		730,210
	102,095	Citigroup Mortgage Loan Trust 2006-WF1		4.837	+	3/25/2036		66,305
	979,274	Citigroup Mortgage Loan Trust 2006-WF1		4.837	+	3/25/2036		635,859
	412,993	Citigroup Mortgage Loan Trust 2007-6		2.965	#	3/25/2037		368,574
	41,121	Citigroup Mortgage Loan Trust 2007-FS1 ^		5.750	+	10/25/2037		43,475
	3,623,675	Citigroup Mortgage Loan Trust 2018-A ^		4.000	#	1/25/2068		3,644,636
	613,111	Citigroup Mortgage Loan Trust Inc ^	1 Month LIBOR + 0.35%	0.498	*	2/25/2031		576,861
	48,988	Citigroup Mortgage Loan Trust Inc		5.000		7/25/2034		48,994
	4,342,396	Citigroup Mortgage Loan Trust Inc		2.937	#	5/25/2047		4,147,668
	736,219	CONSUMER LOAN UNDERLYING BOND CREDIT TRUST 2017-P1 ^		5.020		9/15/2023		741,994
	137,117	Countrywide Asset-Backed Certificates		5.115	+	2/25/2035		137,118
	107,288	Countrywide Asset-Backed Certificates	1 Month LIBOR + 1.5%	1.648	*	3/25/2033		107,415
	320,244	Countrywide Asset-Backed Certificates ^	1 Month LIBOR + 0.33%	0.808	*	7/25/2036		308,891
	329,995	Credit Suisse First Boston Mortgage Securities Corp.		5.000		7/25/2035		334,533
	3,236,274	Credit Suisse First Boston Mortgage Securities Corp.		6.000		9/25/2035		1,901,205
	772,747	Credit Suisse First Boston Mortgage Securities Corp.		6.500		1/25/2036		365,252
	469,810	Credit Suisse First Boston Mortgage Securities Corp.		5.250		1/25/2036		464,884
	368,223	Credit Suisse First Boston Mortgage Securities Corp.		6.000		12/25/2035		364,164
	37,734	Credit-Based Asset Servicing and Securitization LLC	1 Month LIBOR + 1.9%	2.048	*	2/25/2033		39,413
	139,705	Credit-Based Asset Servicing and Securitization LLC	1 Month LIBOR + 0.78%	0.928	*	7/25/2033		136,553
	31,950	Credit-Based Asset Servicing and Securitization LLC	1 Month LIBOR + 1.725%	1.873	*	7/25/2035		31,955
	51,171	CSFB Mortgage-Backed Pass-Through Certificates Series 2003-29		6.500		12/25/2033		53,126
	26,112	CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5		3.510	#	6/25/2034		26,462
	215,306	CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10		5.750		11/25/2035		148,214
	714,221	CSMC 2019-RPL8 Trust ^		3.322	#	10/25/2058		721,117
	789,416	CSMC Mortgage-Backed Trust 2006-5		6.500		6/25/2036		284,002
	3,015,941	CSMC Mortgage-Backed Trust 2006-7		6.500		8/25/2036		964,362
	134,837	CSMC Mortgage-Backed Trust 2007-5		6.000		10/25/2024		138,142
	726,475	CWABS Asset-Backed Certificates Trust 2006-9		3.922	#	10/25/2046		702,623
	410,442	Delta Funding Home Equity Loan Trust 1999-3	1 Month LIBOR + 0.82%	0.979	*	9/15/2029		401,948
	743,338	Deutsche Mortgage Securities, Inc. Mortgage Loan Trust 2004-4		3.649	#	6/25/2034		747,888
	101,658	Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-2		5.590	+	1/25/2034		105,826
	213,426	EMC Mortgage Loan Trust 2001-A ^	1 Month LIBOR + 0.74%	0.888	*	5/25/2040		210,893
	613,340	Encore Credit Receivables Trust 2005-1	1 Month LIBOR + 1.02%	1.168	*	7/25/2035		585,857
	246,381	Finance America Mortgage Loan Trust 2004-3	1 Month LIBOR + 1.38%	1.528	*	11/25/2034		235,491
	304,347	First Franklin Mortgage Loan Trust 2003-FF5	1 Month LIBOR + 2.475%	2.623	*	3/25/2034		314,372
	250,541	First Franklin Mortgage Loan Trust 2005-FF1	1 Month LIBOR + 1.125%	1.273	*	12/25/2034		252,249
	57,103	First Horizon Alternative Mortgage Securities Trust 2004-AA3		2.445	#	9/25/2034		56,009
	16,194	First Horizon Alternative Mortgage Securities Trust 2005-AA6		2.586	#	8/25/2035		15,145
	44,280	First Horizon Mortgage Pass-Through Trust 2000-H		2.717	#	5/25/2030		43,955
	416,206	First Horizon Mortgage Pass-Through Trust 2007-AR3		3.140	#	11/25/2037		398,716
	85,000	First Investors Auto Owner Trust 2017-2 ^		3.560		9/15/2023		87,336
	197,784	Fremont Home Loan Trust 2004-2	1 Month LIBOR + 2.025%	2.173	*	7/25/2034		194,839
	100,265	Fremont Home Loan Trust 2006-2	1 Month LIBOR + 0.17%	0.488	*	2/25/2036		97,365
	2,691,112	Fremont Home Loan Trust 2006-B	1 Month LIBOR + 0.24%	0.388	*	8/25/2036		1,191,506
	191,665	GE Mortgage Services LLC		6.645	#	9/25/2028		197,862
	7,278,001	GE-WMC Mortgage Securities Trust 2006-1	1 Month LIBOR + 0.15%	0.298	*	8/25/2036		4,607,137
	126,255	GMACM Mortgage Loan Trust 2005-AR1		4.390	#	3/18/2035		127,830
	111,153	GSAA Home Equity Trust 2005-12		5.069	#	9/25/2035		95,627
	72,991	GSAA Home Equity Trust 2005-3	1 Month LIBOR + 1.95%	2.098	*	12/25/2034		71,631
	285,835	GSAA Home Equity Trust 2006-1	1 Month LIBOR + 0.33%	0.808	*	1/25/2036		169,981
	315,009	GSAA Home Equity Trust 2006-13		6.040	#	7/25/2036		146,811
	2,512,000	GSAA Home Equity Trust 2006-14	1 Month LIBOR + 0.56%	0.708	*	9/25/2036		164,557
	1,276,852	GSAA Home Equity Trust 2006-15		5.876	+	9/25/2036		541,547
	1,427,020	GSAA Home Equity Trust 2006-18		6.022	+	11/25/2036		146,498
	813,162	GSAA Home Equity Trust 2006-18		5.682	+	11/25/2036		316,600

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

10

CATALYST FUNDS

CATALYST ENHANCED INCOME STRATEGY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

December 31, 2020

Principal			Variable Rate	Coupon Rate (%)		Maturity	Value
		ASSET BACKED SECURITIES (Continued) - 92.9%
$	2,076,558	GSAA Home Equity Trust 2006-18		5.822	#	11/25/2036	$	213,744
	1,655,000	GSAA Home Equity Trust 2006-18		6.090	+	11/25/2036		169,641
	512,782	GSAA Home Equity Trust 2006-3	1 Month LIBOR + 0.3%	0.748	*	3/25/2036		352,089
	5,000,000	GSAA Home Equity Trust 2006-3	1 Month LIBOR + 0.35%	0.848	*	3/25/2036		419,559
	526,783	GSAA Home Equity Trust 2006-9	1 Month LIBOR + 0.16%	0.468	*	6/25/2036		191,754
	544,836	GSAA Trust		6.220	+	3/25/2046		326,130
	16,542,673	GSAA Trust	1 Month LIBOR + 0.28%	0.708	*	5/25/2047		1,256,767
	341,260	GSAMP Trust 2007-FM2	1 Month LIBOR + 0.06%	0.208	*	1/25/2037		248,826
	144,387	GSAMP Trust 2007-FM2	1 Month LIBOR + 0.09%	0.238	*	1/25/2037		105,773
	172,402	GSMPS Mortgage Loan Trust ^		7.500	#	6/19/2027		172,447
	253,515	GSMPS Mortgage Loan Trust ^		8.000	#	9/19/2027		253,551
	471,426	GSR Mortgage Loan Trust 2003-5F		4.000		8/25/2032		494,241
	107,108	GSR Mortgage Loan Trust 2004-14		2.833	#	12/25/2034		111,153
	124,518	GSR Mortgage Loan Trust 2004-2F		7.000		1/25/2034		133,634
	98,498	GSR Mortgage Loan Trust 2004-6F		5.000		5/25/2034		97,061
	710,928	GSR Mortgage Loan Trust 2005-AR3		3.467	#	5/25/2035		683,970
	215,309	GSR Mortgage Loan Trust 2005-AR4		3.750	#	7/25/2035		217,987
	395,053	GSR Mortgage Loan Trust 2006-3F		5.750		3/25/2036		431,432
	26,583	GSR Mortgage Loan Trust 2006-AR1		3.409	#	1/25/2036		26,775
	395,889	GSR Mortgage Loan Trust 2007-1F		6.000		1/25/2037		346,606
	46,133	HarborView Mortgage Loan Trust 2004-6		1.759	#	8/19/2034		47,780
	44,563	Home Equity Asset Trust	1 Month LIBOR + 2.37%	2.518	*	8/25/2033		45,455
	38,440	Home Equity Asset Trust	1 Month LIBOR + 1.9%	2.048	*	11/25/2032		37,302
	78,667	Home Equity Asset Trust	1 Month LIBOR + 2.1%	2.248	*	7/25/2034		78,751
	65,666	Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2002-B	1 Month LIBOR + 1.425%	1.573	*	10/25/2033		67,861
	292,121	Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2003-A	1 Month LIBOR + 0.86%	1.008	*	10/25/2033		291,047
	312,597	Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2004-C	1 Month LIBOR + 2.625%	2.773	*	3/25/2035		318,461
	11,919,486	Home Equity Mortgage Trust 2006-6	1 Month LIBOR + 0.2%	0.348	*	3/25/2037		652,125
	9,242,250	Home Equity Mortgage Trust 2006-6	1 Month LIBOR + 0.42%	0.568	*	3/25/2037		533,525
	216,472	HomeBanc Mortgage Trust 2004-2	1 Month LIBOR + 0.74%	0.888	*	12/25/2034		223,767
	119,298	HomeBanc Mortgage Trust 2005-5	1 Month LIBOR + 0.34%	0.830	*	1/25/2036		116,758
	537,163	HSI Asset Loan Obligation Trust 2007-2		6.000		9/25/2037		285,827
	1,213,748	Impac CMB Trust Series 2004-10	1 Month LIBOR + 0.64%	0.788	*	3/25/2035		1,210,920
	253,535	Impac CMB Trust Series 2004-10	1 Month LIBOR + 0.74%	0.888	*	3/25/2035		245,934
	557,672	Impac CMB Trust Series 2004-9	1 Month LIBOR + 0.88%	1.028	*	1/25/2035		551,452
	1,377,282	Impac CMB Trust Series 2004-9	1 Month LIBOR + 0.975%	1.123	*	1/25/2035		1,341,411
	125,780	Impac CMB Trust Series 2005-4	1 Month LIBOR + 0.69%	0.838	*	5/25/2035		118,880
	28,252	IndyMac INDX Mortgage Loan Trust 2004-AR6		3.300	#	10/25/2034		27,841
	110,200	IndyMac INDX Mortgage Loan Trust 2005-AR3		3.267	#	4/25/2035		110,836
	151,629	IndyMac INDX Mortgage Loan Trust 2005-AR5		3.244	#	5/25/2035		116,563
	27,724	Irwin Home Equity Loan Trust 2004-1	1 Month LIBOR + 2.05%	3.223	*	12/25/2034		27,797
	35,850	IXIS Real Estate Capital Trust 2005-HE2	1 Month LIBOR + 0.93%	1.078	*	9/25/2035		38,457
	448,924	IXIS Real Estate Capital Trust 2006-HE2	1 Month LIBOR + 0.16%	0.468	*	8/25/2036		176,300
	1,110,007	JP Morgan Alternative Loan Trust		6.500		12/25/2035		666,898
	319,176	JP Morgan Alternative Loan Trust 2006-S1		6.000		3/25/2036		246,052
	168,288	JP Morgan Mortgage Acquisition Trust 2007-CH2		4.584	+	10/25/2030		119,937
	27,151	JP Morgan Mortgage Trust 2004-A3		3.850	#	7/25/2034		27,456
	269,095	JP Morgan Mortgage Trust 2004-S1		5.000		9/25/2034		276,135
	37,837	JP Morgan Mortgage Trust 2005-A1		2.936	#	2/25/2035		37,949
	66,057	JP Morgan Mortgage Trust 2005-A6		2.942	#	9/25/2035		66,845
	469,159	JP Morgan Mortgage Trust 2005-S3		6.500		1/25/2036		372,519
	1,312,319	JP Morgan Mortgage Trust 2006-A2		3.537	#	4/25/2036		1,298,252
	57,542	JP Morgan Mortgage Trust 2006-A2		3.537	#	4/25/2036		57,945
	650,113	JP Morgan Mortgage Trust 2007-A1		3.059	#	7/25/2035		636,798
	125,598	JP Morgan Mortgage Trust 2007-A1		3.059	#	7/25/2035		128,931
	2,603,275	Legacy Mortgage Asset Trust 2018-GS1 ^		4.000	+	3/25/2058		2,616,051
	2,984,157	Legacy Mortgage Asset Trust 2019-GS2 ^		3.750	+	1/25/2059		2,996,508
	3,850,675	Legacy Mortgage Asset Trust 2019-GS6 ^		3.000	+	6/25/2059		3,873,876
	227,541	Lehman Mortgage Trust 2005-3		6.000		1/25/2036		106,704
	65,863	Lehman Mortgage Trust 2007-9		6.000		10/25/2037		71,295
	785,207	Lehman XS Trust 2007-3	1 Month LIBOR + 0.16%	0.468	*	3/25/2037		771,543
	81,748	Long Beach Mortgage Loan Trust 2001-4	1 Month LIBOR + 1.425%	1.573	*	3/25/2032		80,911
	918,049	Long Beach Mortgage Loan Trust 2002-1	1 Month LIBOR + 3.75%	3.898	*	5/25/2032		951,334
	32,958	Long Beach Mortgage Loan Trust 2004-3	1 Month LIBOR + 0.855%	1.003	*	7/25/2034		32,545
	13,247	MASTR Adjustable Rate Mortgages Trust 2003-5		2.221	#	11/25/2033		12,797
	38,675	MASTR Adjustable Rate Mortgages Trust 2004-4		2.908	#	5/25/2034		40,559
	293,782	MASTR Adjustable Rate Mortgages Trust 2006-2		3.837	#	4/25/2036		301,273
	13,812	MASTR Alternative Loan Trust 2004-5		5.500		6/25/2034		14,244
	560,558	MASTR Alternative Loan Trust 2005-5		5.500		7/25/2025		561,003
	187,514	MASTR Alternative Loan Trust 2005-6		5.500		12/25/2035		179,195
	49,243	Mastr Asset Backed Securities Trust 2003-WMC2	1 Month LIBOR + 6%	3.961	*	8/25/2033		48,375
	7,797,318	Mastr Asset Backed Securities Trust 2005-NC2	1 Month LIBOR + 0.5%	0.648	*	11/25/2035		5,901,782
	510,901	Mastr Asset Backed Securities Trust 2005-WMC1	1 Month LIBOR + 0.945%	1.093	*	3/25/2035		515,847
	1,781,168	Mastr Asset Backed Securities Trust 2006-WMC2	1 Month LIBOR + 0.5%	0.648	*	4/25/2036		700,075
	1,240,464	MASTR Asset Securitization Trust 2004-11		5.750		12/25/2034		1,274,787
	1,504,599	MASTR Asset Securitization Trust 2004-3		5.500		3/25/2034		1,525,451
	351	MASTR Asset Securitization Trust 2005-1		5.000		5/25/2020		350
	518,341	Meritage Mortgage Loan Trust 2004-1	1 Month LIBOR + 0.75%	0.898	*	7/25/2034		505,938
	685,659	Merrill Lynch Alternative Note Asset Trust Series 2007-A2	1 Month LIBOR + 0.3%	0.448	*	3/25/2037		47,079
	63,631	Merrill Lynch Mortgage Investors Trust MLMI Series 2002-A3		2.600	#	9/25/2032		64,016

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

11

CATALYST FUNDS

CATALYST ENHANCED INCOME STRATEGY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

December 31, 2020

Principal			Variable Rate	Coupon Rate (%)		Maturity	Value
		ASSET BACKED SECURITIES (Continued) - 92.9%
$	224,527	Merrill Lynch Mortgage Investors Trust Series MLMI 2005-A1		3.073	#	12/25/2034	$	235,015
	178,519	Morgan Stanley ABS Capital I, Inc. Trust 2004-NC5	1 Month LIBOR + 0.9%	1.048	*	5/25/2034		174,856
	80,777	Morgan Stanley ABS Capital I, Inc. Trust 2004-NC8	1 Month LIBOR + 1.5%	1.648	*	9/25/2034		80,601
	115,654	Morgan Stanley ABS Capital I, Inc. Trust 2006-HE7	1 Month LIBOR + 0.16%	0.308	*	9/25/2036		67,505
	206,966	Morgan Stanley ABS Capital I, Inc. Trust 2007-HE5	1 Month LIBOR + 0.25%	0.672	*	3/25/2037		109,717
	738,757	Morgan Stanley ABS Capital I, Inc. Trust Series 2004-SD2	1 Month LIBOR + 0.93%	1.078	*	4/25/2034		731,485
	198,039	Morgan Stanley Dean Witter Capital I, Inc. Trust 2002-AM1	1 Month LIBOR + 1.53%	1.678	*	1/25/2032		209,907
	263,899	Morgan Stanley Dean Witter Capital I, Inc. Trust 2003-HYB1		2.045	#	3/25/2033		264,133
	42,245	Morgan Stanley Mortgage Loan Trust 2004-5AR		2.614	#	7/25/2034		43,359
	551,921	Morgan Stanley Mortgage Loan Trust 2006-2		5.750		2/25/2036		546,926
	480,236	Morgan Stanley Mortgage Loan Trust 2006-2		6.500		2/25/2036		357,709
	691,475	Morgan Stanley Mortgage Loan Trust 2006-8AR		3.493	#	6/25/2036		603,535
	7,146,801	Morgan Stanley Mortgage Loan Trust 2007-7AX	1 Month LIBOR + 0.32%	0.468	*	4/25/2037		472,719
	4,580,762	Morgan Stanley Mortgage Loan Trust 2007-7AX	1 Month LIBOR + 0.32%	0.468	*	4/25/2037		302,990
	12,982	MortgageIT Trust 2005-1	1 Month LIBOR + 1.25%	1.405	*	2/25/2035		12,884
	1,474,811	MRFC Mortgage Pass-Through Trust Series 1999-TBC2	1 Month LIBOR + 0.48%	0.639	*	6/15/2030		1,464,072
	2,065,745	New Century Alternative Mortgage Loan Trust 2006-ALT1		5.909	#	7/25/2036		837,583
	728,953	New Century Alternative Mortgage Loan Trust 2006-ALT2		5.001	+	10/25/2036		278,738
	712,556	New Century Alternative Mortgage Loan Trust 2006-ALT2		5.001	+	10/25/2036		272,554
	1,736,185	New Residential Mortgage LLC ^		5.437		6/25/2025		1,774,248
	972,261	New Residential Mortgage Loan Trust 2020-RPL2 ^		3.578	#	8/25/2025		975,994
	669,429	Nomura Asset Acceptance Corp Alternative Loan Trust Series 2004-AP2		6.000	+	7/25/2034		653,980
	1,220,700	Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AP3		5.318	#	8/25/2035		797,645
	520,540	Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AR5		2.694	#	10/25/2035		514,159
	245,896	Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AR6		3.156	#	12/25/2035		249,914
	3,526,004	Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-AR2	1 Month LIBOR + 0.4%	0.548	*	4/25/2036		1,202,068
	912,816	Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006-AF1	1 Month LIBOR + 0.33%	0.478	*	10/25/2036		255,429
	351,509	NovaStar Mortgage Funding Trust Series 2003-1	1 Month LIBOR + 1.425%	1.573	*	5/25/2033		352,228
	66,161	NovaStar Mortgage Funding Trust Series 2003-4	1 Month LIBOR + 1.065%	1.213	*	2/25/2034		66,112
	1,380,279	NovaStar Mortgage Funding Trust Series 2004-1	1 Month LIBOR + 0.825%	0.973	*	6/25/2034		1,352,914
	516,800	NovaStar Mortgage Funding Trust Series 2004-1	1 Month LIBOR + 1.4625%	1.610	*	6/25/2034		515,935
	277,836	NovaStar Mortgage Funding Trust Series 2004-2	1 Month LIBOR + 1.02%	1.168	*	9/25/2034		269,802
	905,454	NovaStar Mortgage Funding Trust Series 2006-4	1 Month LIBOR + 0.15%	0.298	*	9/25/2036		539,952
	1,500,000	NRZ Excess Spread-Collateralized Notes Series 2020-PLS1 ^		3.844		12/25/2025		1,504,305
	1,917,282	NRZ FHT Excess LLC ^		4.212		11/25/2025		1,924,434
	1,271,048	Option One Mortgage Loan Trust 2007-FXD2		5.680	+	3/25/2037		1,301,128
	251,880	Popular ABS Mortgage Pass-Through Trust 2005-B	1 Month LIBOR + 1.25%	2.023	*	8/25/2035		253,424
	913,115	Pretium Mortgage Credit Partners I 2020-NPL2 LLC ^		3.721	+	2/27/2060		920,752
	26,155	Prime Mortgage Trust 2006-CL1	1 Month LIBOR + 0.5%	0.648	*	2/25/2035		25,062
	497,716	RALI Series 2005-QO1 Trust	12 Month TA + 1.5%	2.243	*	8/25/2035		451,799
	177,845	RAMP Series 2002-RS3 Trust	1 Month LIBOR + 0.975%	1.123	*	6/25/2032		150,911
	2,353,264	RAMP Series 2004-KR1 Trust ^	1 Month LIBOR + 0.87%	1.018	*	4/25/2034		2,346,375
	2,474,094	RAMP Series 2007-RS1 Trust	1 Month LIBOR + 0.17%	0.318	*	2/25/2037		1,311,826
	713,082	RASC Series 2003-KS11 Trust	1 Month LIBOR + 1.8%	1.948	*	1/25/2034		708,079
	254,492	RASC Series 2004-KS10 Trust	1 Month LIBOR + 2.475%	2.623	*	11/25/2034		266,668
	2,122,074	Renaissance Home Equity Loan Trust		6.254	+	8/25/2036		1,319,416
	431,110	Renaissance Home Equity Loan Trust		5.909	+	4/25/2037		189,221
	27,711	Renaissance Home Equity Loan Trust 2002-4		6.543	+	3/25/2033		28,016
	498,541	Renaissance Home Equity Loan Trust 2004-2		6.414	+	7/25/2034		506,198
	88,856	Renaissance Home Equity Loan Trust 2004-2		6.511	+	7/25/2034		90,085
	330,202	Renaissance Home Equity Loan Trust 2007-2		5.675	+	6/25/2037		129,116
	197,182	Renaissance Home Equity Loan Trust 2007-3		7.238	+	9/25/2037		113,930
	363,165	Residential Asset Securitization Trust 2004-A7		5.500		10/25/2034		365,150
	7,369,749	Residential Asset Securitization Trust 2005-A11CB		4.850		10/25/2035		4,660,475
	156,051	Residential Asset Securitization Trust 2005-A4	1 Month LIBOR + 0.45%	0.598	*	4/25/2035		96,217
	563,283	Residential Asset Securitization Trust 2006-A1		6.000		4/25/2036		404,569
	920,891	Residential Asset Securitization Trust 2006-A13		6.250		12/25/2036		525,885
	559,173	Residential Asset Securitization Trust 2006-A6		6.500		7/25/2036		266,912
	3,658,840	Residential Asset Securitization Trust 2006-A6		6.000		7/25/2036		1,690,588
	2,825,917	Residential Asset Securitization Trust 2006-A6		6.000		7/25/2036		1,305,727
	1,495,753	Residential Asset Securitization Trust 2007-A1		5.750		3/25/2037		855,118
	494,938	Residential Asset Securitization Trust 2007-A2		6.000		4/25/2037		393,787
	303,147	Residential Asset Securitization Trust 2007-A5		6.000		5/25/2037		247,316
	240,261	Residential Asset Securitization Trust 2007-A8		6.000		8/25/2037		195,877
	17,770	RFMSI Series 2005-SA3 Trust		3.307	#	8/25/2035		16,805
	1,056,465	RFMSI Series 2006-S11 Trust		6.000		11/25/2036		1,037,511
	86,285	RFMSI Series 2006-S3 Trust		5.500		3/25/2036		84,024
	2,099,806	RFMSI Series 2007-S1 Trust		6.000		1/25/2037		2,065,883
	846,250	RFMSI Series 2007-S1 Trust		6.000		1/25/2037		832,614
	295,986	RFMSI Series 2007-S6 Trust		6.000		6/25/2037		290,910
	936,425	Saxon Asset Sec Trust 2000 1 Mtg Ln Asset Bk Cert Ser 2000 1		9.760	#	2/25/2030		1,048,620
	98,371	Saxon Asset Securities Trust 2004-2		6.000	+	8/25/2035		95,482
	28,986	Securitized Asset Backed Receivables LLC Trust 2005-FR2	1 Month LIBOR + 0.975%	1.123	*	3/25/2035		29,013
	410,885	Specialty Underwriting & Residential Finance Trust Series 2006-BC5	1 Month LIBOR + 0.1%	0.248	*	11/25/2037		280,379
	326,414	Structured Adjustable Rate Mortgage Loan Trust		2.013	#	1/25/2035		319,846
	444,389	Structured Adjustable Rate Mortgage Loan Trust		2.978	#	4/25/2035		444,583
	235,708	Structured Asset Investment Loan Trust 2004-5	1 Month LIBOR + 1.725%	1.873	*	5/25/2034		234,259
	297,677	Structured Asset Investment Loan Trust 2004-9	1 Month LIBOR + 1.95%	2.098	*	10/25/2034		295,707
	639,601	Structured Asset Securities Corp. ^		4.686	#	4/15/2027		635,870
	14,847	Structured Asset Securities Corp. Mor Cer Ser 2003-31A		2.508	#	10/25/2033		14,950
	175,031	Structured Asset Securities Corp. Mortgage Pass-Through Ctfs Ser 2003-34A		2.671	#	11/25/2033		168,522

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

12

CATALYST FUNDS

CATALYST ENHANCED INCOME STRATEGY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

December 31, 2020

Principal			Variable Rate	Coupon Rate (%)		Maturity	Value
		ASSET BACKED SECURITIES (Continued) - 92.9%
$	604,082	TBW Mortgage-Backed Trust 2006-6		5.750	+	1/25/2037	$	294,807
	242,980	TBW Mortgage-Backed Trust Series 2006-2		5.500		7/25/2036		108,274
	5,037,960	TBW Mortgage-Backed Trust Series 2006-3		6.500		7/25/2036		2,410,536
	565,256	Terwin Mortgage Trust 2004-1HE ^	1 Month LIBOR + 2.475%	2.623	*	2/25/2034		539,280
	115,815	Terwin Mortgage Trust 2004-7HE ^	1 Month LIBOR + 0.85%	1.423	*	7/25/2034		114,692
	6,520,420	Terwin Mortgage Trust 2006-3 ^	1 Month LIBOR + 0.31%	0.768	*	4/25/2037		2,037,292
	1,250,000	Theorem Funding Trust 2020-1 ^		3.950		10/15/2026		1,294,995
	22,008	Thornburg Mortgage Securities Trust 2006-4		3.075	#	7/25/2036		20,751
	2,321,057	Thornburg Mortgage Securities Trust 2007-2	12 Month LIBOR + 1.25%	1.589	*	6/25/2037		2,206,948
	355,224	Truman Capital Mortgage Loan Trust ^	1 Month LIBOR + 2.55%	2.698	*	1/25/2034		354,587
	2,006,712	Voyager CNTYW Delaware Trust ^		0.409	#	3/16/2030		1,877,227
	223,681	WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust		2.780	#	9/25/2033		211,451
	125,084	WaMu Mortgage Pass-Through Certificates Series 2004-AR14 Trust		2.897	#	1/25/2035		127,972
	21,613,160	WaMu Mortgage Pass-Through Certificates Series 2005-AR15 Trust		2.276	#	11/25/2045		1,261,372
	326,038	WaMu Mortgage Pass-Through Certificates Series 2005-AR16 Trust		3.646	#	12/25/2035		323,230
	667,307	WaMu Mortgage Pass-Through Certificates Series 2007-HY1 Trust		3.451	#	2/25/2037		655,561
	497,077	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-10 Trust		6.000		11/25/2035		499,933
	1,319,653	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-7 Trust		4.170	+	9/25/2036		559,496
	732,909	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-8 Trust		6.000	+	10/25/2036		386,870
	1,484,449	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-9 Trust		4.534	+	10/25/2036		586,443
	899,666	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-9 Trust		4.534	+	10/25/2036		357,720
	66,527	Wells Fargo Alternative Loan 2007-PA2 Trust	1 Month LIBOR + 0.43%	0.578	*	6/25/2037		53,675
	344,298	Wells Fargo Mortgage Backed Securities 2006-7 Trust		6.000		6/25/2036		345,903
	118,600	Wells Fargo Mortgage Backed Securities 2006-AR14 Trust		2.536	#	10/25/2036		109,112
		TOTAL ASSET BACKED SECURITIES (Cost - $192,588,049)						198,388,303
		U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.1%
		INTEREST ONLY FEDERAL HOME LOAN MORTGAGE ASSOCIATION - 1.1%
	602,357	Freddie Mac REMICS 4205 AI		2.500		5/15/2028		32,468
	796,258	Freddie Mac REMICS 3349 SM		5.841	*	7/15/2037		144,365
	3,390,167	Freddie Mac REMICS 4175 ES		5.991	*	6/15/2038		106,255
	6,471,196	Freddie Mac REMICS 4199 SD		6.041	*	6/15/2039		158,009
	1,074,164	Freddie Mac REMICS 4103 DS		5.991	*	9/15/2040		75,245
	1,181,744	Freddie Mac REMICS 4535 HI		3.000		3/15/2041		33,222
	410,039	Freddie Mac REMICS 3980 TS		6.341	*	9/15/2041		73,581
	3,639,829	Freddie Mac REMICS 4580 MI		3.500		2/15/2043		229,324
	1,356,925	Freddie Mac REMICS 4680 LI		4.000		10/15/2043		75,514
	181,673	Freddie Mac REMICS 4449 PI		4.000		11/15/2043		15,306
	15,622,204	Freddie Mac REMICS 4957 DI		4.500		1/25/2044		622,804
	5,538,954	Freddie Mac REMICS 4672 AI		4.500		3/15/2045		313,340
	940,332	Freddie Mac REMICS 4818 BI		4.000		3/15/2045		47,095
	211,189	Freddie Mac REMICS 4840 IA		4.000		9/15/2045		806
	178,615	Freddie Mac REMICS 4840 GI		4.000		5/15/2046		1,282
	4,111,313	Freddie Mac REMICS 5050 IJ		2.000		4/25/2050		322,606
								2,251,222
		FEDERAL NATIONAL MORTGAGE ASSOCIATION - 0.1%
	184,883	Fannie Mae REMICS 2013-42 PD		1.250		5/25/2043		186,798
	119,229	Fannie Mae REMICS 2017-96KT	1 Month LIBOR + 16.00%	4.000	*	12/25/2057		119,072
								305,870
		INTEREST ONLY FEDERAL NATIONAL MORTGAGE ASSOCIATION - 1.7%
	791,015	Fannie Mae REMICS 2012-126 DI		3.000		11/25/2027		53,026
	1,274,792	Fannie Mae REMICS 2013-109 AS	1 Month LIBOR + 6.15%	6.002	*	11/25/2030		56,833
	3,214,628	Fannie Mae REMICS 2012-99 AI		3.500		5/25/2039		100,491
	3,686,091	Fannie Mae REMICS 2012-94 YS	1 Month LIBOR + 6.65%	6.502	*	6/25/2039		485,995
	784,585	Fannie Mae REMICS 2012-111 JS	1 Month LIBOR + 6.1%	5.952	*	7/25/2040		37,075
	1,534,712	Fannie Mae REMICS 2010-135 MS	1 Month LIBOR + 5.95%	5.802	*	12/25/2040		248,747
	2,121,502	Fannie Mae REMICS 2011-124 NS	1 Month LIBOR + 6.5%	6.352	*	12/25/2041		398,972
	860,422	Fannie Mae REMICS 2012-88 SB	1 Month LIBOR + 6.67%	6.522	*	7/25/2042		136,109
	5,348,012	Fannie Mae REMICS 2017-30 MI		4.000		2/25/2044		471,876
	117,342	Fannie Mae REMICS 2017-6 MI		4.000		8/25/2044		8,883
	508,502	Fannie Mae REMICS 2016-3 NI		6.000		2/25/2046		108,453
	1,737,338	Fannie Mae REMICS 2017-112 SC	1 Month LIBOR + 6.15%	6.002	*	1/25/2048		313,395
	2,103,884	Fannie Mae REMICS 2019-37 CI		4.500		9/25/2048		355,767
	4,965,315	Fannie Mae REMICS 2019-34 KI		4.000		7/25/2049		353,365
	1,176,138	Fannie Mae REMICS 2020-16 SJ	1 Month LIBOR + 6.05%	5.902	*	3/25/2050		158,466
	2,335,880	Fannie Mae REMICS 2020-14 BI		4.000		3/25/2050		287,680
								3,575,133
		INTEREST ONLY GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.2%
	1,204,358	Government National Mortgage Association 2004-56 S	1 Month LIBOR + 7.65%	7.498	*	6/20/2033		217,940
	2,318,613	Government National Mortgage Association 2019-58 IO		2.201		10/20/2039		144,772
	2,003,538	Government National Mortgage Association 2010-131 SB		5.897	*	4/16/2040		116,359
	1,576,405	Government National Mortgage Association 2014-118 AI	1 Month LIBOR + 6.05%	3.500		5/16/2040		95,744
	342,862	Government National Mortgage Association 2012-36 QS		6.468	*	3/20/2042		59,531
	3,020,569	Government National Mortgage Association 2020-61 SF	1 Month LIBOR + 6.62%	6.288	*	7/20/2043		567,919

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

13

CATALYST FUNDS

CATALYST ENHANCED INCOME STRATEGY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

December 31, 2020

Principal			Coupon Rate (%)	Maturity	Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued) - 4.1%
		INTEREST ONLY GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (Continued) - 1.2%
$	3,023,849	Government National Mortgage Association 2018-154 DI	4.000	1/20/2045	$	213,063
	763,714	Government National Mortgage Association 2020-62 GI	4.500	5/20/2050		102,035
	3,858,133	Government National Mortgage Association 2020-62 IG	4.500	5/20/2050		543,425
	7,409,970	Government National Mortgage Association 2020-164 AI	3.500	7/20/2050		387,802
						2,448,590
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost - $9,855,839)				8,580,815
Shares
		REAL ESTATE INVESTMENT TRUST - 0.5%
	100,000	Chimera Investment Corp.				1,025,000
		(Cost - $1,034,400)
		SHORT-TERM INVESTMENT - 2.5%
		MONEY MARKET FUND - 2.5%
	5,413,825	First American Government Obligations Fund - Institutional Class 0.04% **				5,413,825
		TOTAL SHORT-TERM INVESTMENT (Cost - $5,413,825)
		TOTAL INVESTMENTS - 100.0% (Cost - $208,892,113)			$	213,407,943
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%				50,037
		NET ASSETS - 100.0%			$	213,457,980

* Floating Rate, rate shown represents the rate at December 31, 2020.

# Variable or Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

+ Step Rate, rate shown represents the rate at December 31, 2020.

 ** Rate shown represents the rate at December 31, 2020, is subject to change and resets daily.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2020 the total market value of 144A securities is $36,639,139 or 17.16% of net assets.

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

14

CATALYST FUNDS

CATALYST/MAP GLOBAL BALANCED FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2020

Shares					Value
		COMMON STOCK - 66.3%
		ASSET MANAGEMENT - 3.1%
	6,895	Groupe Bruxelles Lambert SA			$	696,170
		BEVERAGES - 0.9%
	375,000	Thai Beverage PCL				208,546
		BIOTECH & PHARMACEUTICALS - 13.1%
	5,400	Johnson & Johnson				849,852
	8,525	Novartis AG - ADR				805,016
	17,300	Sanofi - ADR				840,607
	26,000	Takeda Pharmaceutical Co. Ltd. - ADR				473,200
						2,968,675
		CHEMICALS - 1.0%
	10,000	Mosaic Co.				230,100
		CONSTRUCTION MATERIALS - 1.3%
	11,000	MDU Resources Group, Inc.				289,740
		E-COMMERCE DISCRETIONARY - 1.2%
	5,500	eBay, Inc. +				276,375
		ENGINEERING & CONSTRUCTION - 3.2%
	6,271	Tetra Tech, Inc.				726,056
		FOOD - 8.9%
	9,326	Campbell Soup Co.				450,912
	25,000	GrainCorp Ltd. *				80,830
	197,800	Grupo Herdez SAB de CV				529,009
	8,050	Nestle SA - ADR				948,290
						2,009,041
		GAS & WATER UTILITIES - 4.4%
	15,820	National Fuel Gas Co.				650,677
	10,000	UGI Corp.				349,600
						1,000,277
		METALS & MINING - 1.0%
	7,000	Anglo American PLC				231,992
		SEMICONDUCTORS - 3.8%
	3,500	Intel Corp.				174,370
	9,000	Micron Technology, Inc. *				676,620
						850,990
		SOFTWARE - 2.4%
	2,400	Microsoft Corp.				533,808
		TECHNOLOGY HARDWARE - 6.2%
	20,400	Cisco Systems, Inc.				912,900
	125,000	Nokia Oyj +				488,750
						1,401,650
		TELECOMMUNICATIONS - 7.4%
	64,500	Orange SA - ADR				764,970
	7,500	Verizon Communications, Inc.				440,625
	28,570	Vodafone Group PLC - ADR				470,834
						1,676,429
		TOBACCO & CANNABIS - 4.7%
	3,991,700	Hanjaya Mandala Sampoerna Tbk. PT				427,581
	30,800	Imperial Brands PLC - ADR				647,416
						1,074,997
		WHOLESALE - CONSUMER STAPLES - 3.7%
	12,600	Bunge Ltd.				826,308
		TOTAL COMMON STOCK (Cost - $12,443,285)				15,001,154
Principal			Coupon Rate (%)	Maturity
		CONVERTIBLE BONDS - 1.2%
		BIOTECH & PHARMACEUTICALS - 1.2%
$	275,000	Ligand Pharmaceuticals, Inc.	0.750	5/15/2023		260,834
		(Cost - $257,190)
		CORPORATE BONDS - 26.3%
		AEROSPACE/DEFENSE - 0.3%
	76,000	Howmet Aerospace, Inc.	5.400	4/15/2021		76,148
		AUTO MANUFACTURERS - 3.4%
	490,000	Ford Motor Co.	9.215	9/15/2021		516,950
	250,000	Ford Motor Credit Co. LLC	3.339	3/28/2022		252,813
						769,763

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

15

CATALYST FUNDS

CATALYST/MAP GLOBAL BALANCED FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

December 31, 2020

Principal			Coupon Rate (%)	Maturity		Value
		CORPORATE BONDS (Continued) - 26.3%
		BIOTECH & PHARMACEUTICALS - 2.5%
$	570,000	Teva Pharmaceutical Finance Netherlands III BV	2.200	7/21/2021		$	569,644
		CABLE & SATELLITE - 1.6%
	236,000	CSC Holdings LLC	5.875	9/15/2022			250,307
	110,000	DISH DBS Corp.	6.750	6/1/2021			112,333
							362,640
		ELECTRIC UTILITIES - 1.2%
	250,000	TransAlta Corp.	4.500	11/15/2022			260,000
		LEISURE FACILITIES & SERVICES - 2.4%
	500,000	MGM Resorts International	7.750	3/15/2022			533,438
		METALS & MINING - 1.5%
	40,000	AngloGold Ashanti Holdings PLC	5.125	8/1/2022			42,140
	300,000	Freeport-McMoRan, Inc.	3.550	3/1/2022			305,917
							348,057
		OIL & GAS PRODUCERS - 2.0%
	200,000	Murphy Oil Corp.	4.000	6/1/2022			200,895
	75,000	Occidental Petroleum Corp.	2.700	8/15/2022			75,206
	175,000	Occidental Petroleum Corp.	2.600	8/13/2021			176,859
							452,960
		RETAIL - CONSUMER STAPLES - 0.8%
	175,000	Safeway, Inc.	4.75	12/1/2021			178,697
		RETAIL - DISCRETIONARY - 5.7%
	185,000	Foot Locker, Inc.	8.500	1/15/2022			197,719
	300,000	L Brands, Inc.	5.625	2/15/2022			311,437
	500,000	Nordstrom, Inc.	4.000	10/15/2021			505,864
	250,000	QVC, Inc.	4.375	3/15/2023			262,812
							1,277,832
		SPECIALTY FINANCE - 0.7%
	175,000	Navient Corp.	6.625	7/26/2021			160,631
		TECHNOLOGY HARDWARE - 1.1%
	250,000	Seagate HDD Cayman	4.25	3/1/2022			258,281
		TELECOMMUNICATIONS - 3.1%
	306,000	Sprint Communications, Inc.	11.500	11/15/2021			332,584
	150,000	Sprint Communications, Inc.	6.000	11/15/2022			162,563
	200,000	Sprint Corp.	7.250	9/15/2021			208,350
							703,497
		TOTAL CORPORATE BONDS (Cost - $5,912,709)					5,951,588
Shares
		CLOSED-END FUND - 2.0%
	23,500	Sprott Physical Gold and Silver Trust					454,725
		TOTAL CLOSED-END FUND (Cost - $336,373)
		TOTAL INVESTMENTS - 95.8% (Cost - $18,949,557)				$	21,668,301
		OTHER ASSETS LESS LIABILITIES - 4.2%					959,315
		NET ASSETS - 100.0%				$	22,627,616
Contracts (a)				Notional Value	Expiration Date - Exercise Price
		CALL OPTIONS WRITTEN - (0.3)% *
	55	eBay, Inc.		247,500	1/15/2021 - $45.00	$	28,710
	200	Nokia Oyj		100,000	6/18/2021 - $5.00		3,600
	300	Nokia Oyj		210,000	6/18/2021 - $7.00		1,800
	300	Nokia Oyj		120,000	1/21/2022 - $4.00		18,900
	425	Nokia Oyj		212,500	1/21/2022 - $5.00		14,025
		TOTAL OPTIONS (Premium - $63,915)				$	67,035

ADR - American Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

LLC - Limited Liability Company

* Non-income producing security.

+ All or a portion of this security is segregated as collateral for and is subject to call options written.

(a) One contract is equivalent to 100 shares of the underlying common stock.

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

16

CATALYST FUNDS

CATALYST/CIFC FLOATING RATE INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2020

Shares							Value
		COMMON STOCK - 0.1%
		SOFTWARE - 0.1%
	7,817	Avaya Holdings Corp.					$	149,696
		TOTAL COMMON STOCK (Cost - $198,736)
Principal			Variable Rate	Coupon Rate (%)		Maturity		Value
		ASSET BACKED SECURITIES - 2.0%
		CLO - 2.0%
$	500,000	CARLYLE US CLO 2017-1 Ltd. #	3 Month LIBOR + 6.000%	6.218	*	4/20/2031	$	462,516
	1,000,000	Neuberger Berman CLO XVI-S Ltd. #	3 Month LIBOR + 5.400%	5.637	*	1/15/2028		960,265
	500,000	Octagon Investment Partners 37 Ltd. #	3 Month LIBOR + 5.400%	5.615	*	7/25/2030		467,602
	500,000	Sound Point CLO X Ltd. #	3 Month LIBOR + 5.250%	5.468	*	1/20/2028		480,160
		TOTAL ASSET BACKED SECURITIES (Cost - $2,483,346)						2,370,543
		CORPORATE BONDS - 5.5%
		ASSET MANAGEMENT - 0.2%
	206,000	NFP Corp. #		6.875		8/15/2028		220,200
		AUTOMOTIVE - 0.4%
	384,000	Clarios Global LP #		8.500		5/15/2027		417,815
		BIOTECH & PHARMA - 0.1%
	71,000	Bausch Health Cos., Inc. #		5.250		1/30/2030		74,630
		CABLE & SATELLITE - 0.2%
	32,000	Virgin Media Vendor Financing Notes IV DAC #		5.000		7/15/2028		33,312
	189,000	Ziggo Bond Co. BV #		6.000		1/15/2027		200,084
								233,396
		CHEMICALS - 0.1%
	59,000	Chemours Co. #		5.750		11/15/2028		60,291
	16,000	Rayonier AM Products, Inc. #		7.625		1/15/2026		16,704
	16,000	Valvoline, Inc. #		3.625		6/15/2031		16,440
								93,435
		COMMERCIAL SUPPORT SERVICES - 0.4%
	196,000	GFL Environmental, Inc. #		8.500		5/1/2027		217,928
	249,000	Prime Security Services Borrower LLC		5.750		4/15/2026		272,966
								490,894
		CONTAINERS & PACKAGING - 0.1%
	86,000	Silgan Holdings, Inc.		4.750		3/15/2025		87,666
		ELECTRICAL EQUIPMENT - 0.1%
	141,000	Vertical Holdco GmbH #		7.625		7/15/2028		153,954
		ENGINEERING & CONSTRUCTION - 0.1%
	72,000	PowerTeam Services LLC #		9.033		12/4/2025		80,288
		HEALTH CARE FACILITIES & SERVICES - 0.4%
	32,000	AdaptHealth LLC #		4.625		8/1/2029		32,920
	149,000	LifePoint Health, Inc. #		5.375		1/15/2029		148,866
	47,000	Prime Healthcare Services, Inc. #		7.250		11/1/2025		49,996
	179,000	RP Escrow Issuer LLC #		5.250		12/15/2025		187,289
								419,071
		HOUSEHOLD PRODUCTS - 0.1%
	149,000	Kronos Acquisition Holdings, Inc. #		7.000		12/31/2027		156,285
		INDUSTRIAL INTERMEDIATE PRODUCTS - 0.2%
	174,000	FXI Holdings, Inc. #		12.250		11/15/2026		198,658
		INSURANCE- 0.2%
	218,000	HUB International Ltd. #		7.000		5/1/2026		228,201
		INTERNET MEDIA & SERVICES - 0.1%
	98,000	Arches Buyer, Inc. #		6.125		12/1/2028		101,388
		LEISURE FACILITIES & SERVICES - 0.5%
	142,000	Boyd Gaming Corp.		4.750		12/1/2027		147,795
	200,000	Royal Caribbean Cruises Ltd. #		11.500		6/1/2025		234,060
	129,000	Scientific Games International, Inc. #		7.250		11/15/2029		141,796
	89,000	Yum! Brands, Inc.		3.625		3/15/2031		90,075
								613,726
		METALS & MINING - 0.1%
	142,000	Novelis Corp. #		5.875		9/30/2026		148,568

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

17

CATALYST FUNDS

CATALYST/CIFC FLOATING RATE INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

December 31, 2020

Principal			Variable Rate	Coupon Rate (%)			Maturity		Value
		CORPORATE BONDS - 5.5% (Continued)
		LEISURE FACILITIES & SERVICES - 1.0%
$	233,000	EQM Midstream Partners LP			6.500			7/15/2048	$	242,685
	48,000	Occidental Petroleum Corp.			6.125			1/1/2031		51,490
	150,000	Occidental Petroleum Corp.			4.500			7/15/2044		127,781
	174,000	Ovintiv, Inc.			6.500			8/15/2034		201,687
	295,000	Tallgrass Energy Partners LP #			6.000			12/31/2030		304,123
	179,000	WPX Energy, Inc.			5.250			10/15/2027		189,974
										1,117,740
		PUBLISHING & BROADCASTING - 0.5%
	180,000	iHeartCommunications, Inc.			8.375			5/1/2027		192,470
	310,000	Sinclair Television Group, Inc. #			5.500			3/1/2030		322,924
										515,394
		RETAIL - DISCRETIONARY - 0.5%
	213,000	Builders FirstSource, Inc. #			6.750			6/1/2027		231,309
	109,000	LBM Acquisition LLC #			6.250			1/15/2029		112,747
	175,000	L Brands, Inc.			6.875			11/1/2035		196,766
										540,822
		TELECOMMUNICATIONS - 0.2%
	154,000	Cablevision Lightpath LLC #			3.875			9/15/2027		155,155
	234,000	CenturyLink, Inc.			6.875			1/15/2028		271,833
										426,988
		TOTAL CORPORATE BONDS (Cost - $6,162,490)								6,319,119
		BANK LOANS - 90.1%
		ADVERTISING & MARKETING - 0.4%
	500,000	Red Ventures LLC	1 Month LIBOR + 2.500%		2.647	*		11/8/2024		492,775
		AEROSPACE & DEFENSE - 0.9%
	682,339	Dynasty Acquisition Co., Inc.	3 Month LIBOR + 3.500%		3.750	*		4/6/2026		652,012
	367,283	Standard Aero Ltd.	3 Month LIBOR + 3.500%		3.720	*		4/6/2026		350,960
										1,002,972
		ASSET MANAGEMENT - 2.8%
	825,000	Advisor Group Holdings, Inc.	1 Month LIBOR + 5.000%		5.147	*		7/31/2026		819,844
	365,994	Edelman Financial Center LLC	1 Month LIBOR + 6.750%		6.897	*		7/20/2026		368,739
	783,000	Nexus Buyer LLC	1 Month LIBOR + 3.750%		3.902	*		11/9/2026		778,924
	1,331,632	NFP Corp.	1 Month LIBOR + 3.250%		3.397	*		2/15/2027		1,306,191
										3,273,698
		AUTOMOTIVE - 1.5%
	750,000	Clarios Global LP	1 Month LIBOR + 3.500%		3.647	*		4/30/2026		748,905
	950,000	First Brands Group LLC	3 Month LIBOR + 7.500%		8.500	*		2/2/2024		949,112
										1,698,017
		CABLE & SATELLITE - 1.3%
	400,000	CSC Holdings LLC	1 Month LIBOR + 2.250%		2.409	*		7/17/2025		395,000
	497,468	CSC Holdings LLC	1 Month LIBOR + 2.250%		2.409	*		1/15/2026		491,250
	304,000	Newco Financing Partnership	3 Month LIBOR + 3.500%		3.673	*		1/31/2029		305,406
	304,000	UPC Financing Partnership	3 Month LIBOR + 3.500%		3.677	*		1/31/2029		305,406
										1,497,062
		CHEMICALS - 0.7%
	845,594	Nouryon USA LLC	1 Month LIBOR + 3.000%		3.153	*		10/1/2025		838,724
		COMMERCIAL SUPPORT SERVICES - 7.6%
	1,750,452	Allied Universal Holdco LLC	1 Month LIBOR + 4.250%		4.397	*		7/10/2026		1,745,629
	566,858	Amentum Government Services Holdings LLC	1 Month LIBOR + 3.500%		3.645	*		1/29/2027		566,858
	1,038,933	Amentum Government Services Holdings LLC	3 Month LIBOR + 4.750%		5.500	*		1/29/2027		1,049,323
	375,000	American Residential Services LLC	3 Month LIBOR + 3.500%		4.250	*		10/15/2027		375,469
	1,250,000	Conservice Midco LLC	3 Month LIBOR + 4.250%		4.504	*		5/13/2027		1,253,125
	242,393	Creative Artists Agency LLC	1 Month LIBOR + 4.250%		5.250	*		11/27/2026		240,171
	55,000	GFL Environmental Inc	3 Month LIBOR + 3.000%		3.500	*		5/30/2025		55,149
	500,000	Packers Holdings LLC	1 Month LIBOR + 3.000%		4.000	*		12/4/2024		499,250
	400,000	Packers Holdings LLC	1 Month LIBOR + 4.000%		4.750	*		12/4/2024		401,002
	1,805,125	Prime Security Services Borrower LLC	1 Month LIBOR + 3.250%		4.250	*		9/23/2026		1,818,943
	750,000	Stiphout Finance LLC	1 Month LIBOR + 3.750%		4.750	*		10/27/2025		751,879
										8,756,798
		CONSUMER SERVICES - 1.3%
	205,757	Prometric Holdings, Inc.	1 Month LIBOR + 3.000%		4.000	*		1/29/2025		200,922
	1,240,385	Spin Holdco, Inc.	3 Month LIBOR + 3.250%		4.250	*		11/14/2022		1,235,932
										1,436,854
		CONTAINERS & PACKAGING - 1.0%
	120,000	Charter NEX US, Inc.	3 Month LIBOR + 4.250%		5.000	*		12/1/2027		120,765
	1,000,000	Pactiv Evergreen Group Holdings, Inc.	1 Month LIBOR + 3.250%		3.397	*		2/5/2026		994,250
										1,115,015
		ELECTRIC UTILITIES - 2.0%
	336,156	APLP Holdings LP	1 Month LIBOR + 2.500%		3.500	*		4/14/2025		336,156
	393,602	Edgewater Generation LLC	1 Month LIBOR + 3.750%		3.897	*		12/13/2025		386,688
	1,571,409	Granite Generation LLC	1 Month LIBOR + 2.500%		3.500	*		11/9/2026		1,576,649
										2,299,493
		ELECTRICAL EQUIPMENT - 2.9%
	668,233	Belfor Holdings, Inc.	1 Month LIBOR + 4.000%		4.147	*		4/6/2026		669,937
	1,247,411	Brookfield WEC Holdings, Inc.	1 Month LIBOR + 3.000%		3.750	*		8/1/2025		1,246,076
	27,625	Energizer Holdings, Inc	1 Month LIBOR + 2.250%		2.750	*		12/22/2027		27,677
	1,391,468	Mirion Technologies, Inc.	6 Month LIBOR + 4.000%		4.269	*		3/6/2026		1,392,122
										3,335,812

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

18

CATALYST FUNDS

CATALYST/CIFC FLOATING RATE INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

December 31, 2020

Principal			Variable Rate	Coupon Rate (%)			Maturity		Value
		BANK LOANS - 90.1% (Continued)
		ENGINEERING & CONSTRUCTION - 1.1%
$	335,000	PowerTeam Services LLC	3 Month LIBOR + 7.250%		8.250	*		3/6/2026	$	310,433
	992,525	USIC Holdings, Inc.	1 Month LIBOR + 3.000%		4.000	*		12/8/2023		997,075
										1,307,508
		ENTERTAINMENT CONTENT - 1.8%
	53,000	Alchemy Copyrights LLC	1 Month LIBOR + 3.250%		4.000	*		8/16/2027		53,398
	1,654,969	Univision Communications, Inc.	1 Month LIBOR + 2.750%		3.750	*		3/15/2024		1,648,250
	372,530	Univision Communications, Inc.	1 Month LIBOR + 3.750%		4.750	*		3/15/2026		374,055
										2,075,703
		FOOD - 1.9%
	200,000	Froneri US, Inc.	1 Month LIBOR + 5.750%		5.897	*		1/31/2028		202,500
	1,000,000	Shearer’s Foods LLC	3 Month LIBOR + 4.000%		4.750	*		9/23/2027		1,001,955
	900,000	Snacking Investments US LLC	1 Month LIBOR + 4.000%		5.000	*		12/18/2026		901,125
	53,000	WellPet	12 Month LIBOR + 3.750%		4.500	*		12/21/2027		53,022
										2,158,602
		HEALTH CARE FACILITIES & SERVICES - 12.5 %
	1,000,000	ADMI Corp.	1 Month LIBOR + 4.000%		4.750	*		12/23/2027		1,002,750
	1,429,541	Change Healthcare Holdings LLC	1 Month LIBOR + 2.500%		3.500	*		3/1/2024		1,425,345
	160,000	Envision Healthcare Corp.	1 Month LIBOR + 3.750%		3.897	*		10/10/2025		134,181
	1,051,662	ExamWorks Group, Inc.	3 Month LIBOR + 3.250%		4.250	*		7/27/2023		1,052,103
	498,587	Eyecare Partners LLC	1 Month LIBOR + 3.750%		3.897	*		2/18/2027		487,246
	158,594	Eyecare Partners LLC	3 Month LIBOR + 3.750%		3.897	*		2/18/2027		154,987
	469,156	Gentiva Health Services, Inc.	1 Month LIBOR + 3.250%		3.438	*		7/2/2025		467,986
	1,000,000	Heartland Dental LLC	1 Month LIBOR + 3.500%		3.647	*		4/30/2025		977,810
	1,250,000	Jaguar Holding Co. II	1 Month LIBOR + 2.500%		3.500	*		8/18/2022		1,251,019
	1,298,089	LifePoint Health, Inc.	1 Month LIBOR + 3.750%		3.897	*		11/16/2025		1,297,199
	1,500,000	Milano Acquisition Corp,.	3 Month LIBOR + 4.000%		4.750	*		10/1/2027		1,503,435
	478,216	National Mentor Holdings, Inc.	1-3 Month LIBOR + 4.250%		4.400-4.510	*		3/9/2026		478,417
	21,827	National Mentor Holdings, Inc.	3 Month LIBOR + 4.250%		4.510	*		3/9/2026		21,836
	1,246,859	Phoenix Guarantor, Inc.	1 Month LIBOR + 3.250%		4.250	*		3/5/2026		1,241,928
	53,000	Phoenix Guarantor, Inc.	1 Month LIBOR + 3.250%		4.750	*		3/5/2026		53,044
	334,328	Radnet Management, Inc.	6 Month LIBOR + 3.750%		4.750	*		6/30/2023		334,287
	1,319,957	Upstream Newco, Inc.	1 Month LIBOR + 4.500%		4.647	*		11/20/2026		1,319,132
	1,250,000	WP CityMD Bidco LLC	3 Month LIBOR + 4.500%		5.500	*		8/13/2026		1,251,475
										14,454,180
		HOME & OFFICE PRODUCTS - 0.8%
	342,005	AI Aqua Merger Sub, Inc.	1 Month LIBOR + 3.250%		4.250	*		12/13/2023		340,723
	597,000	AI Aqua Merger Sub, Inc.	1 Month LIBOR + 5.250%		6.250	*		12/13/2023		599,239
										939,962
		HOUSEHOLD PRODUCTS - 0.0%
	23,375	Energizer Holdings, Inc.	1 Month LIBOR + 2.500%		2.750	*		12/22/2027		23,419
		INSTITUTIONAL FINANCIAL SERVICES - 1.7%
	1,000,000	AqGen Ascensus, Inc.	3 Month LIBOR + 4.000%		5.000	*		12/3/2026		1,004,375
	1,000,000	Aretec Group, Inc.	1 Month LIBOR + 4.250%		4.397	*		10/1/2025		981,250
										1,985,625
		INSURANCE - 13.5%
	940,000	Achilles Acquisition LLC	1 Month LIBOR + 4.500%		5.250	*		11/16/2027		943,525
	1,498,744	Acrisure LLC	1 Month LIBOR + 3.500%		3.647	*		2/15/2027		1,474,709
	500,000	Alera Group Intermediate Holdings, Inc.	1 Month LIBOR + 4.000%		4.500	*		8/1/2025		496,250
	1,000,000	AmWINS Group, Inc.	1 Month LIBOR + 2.750%		3.750	*		1/25/2024		1,002,325
	997,487	AssuredPartners, Inc.	1 Month LIBOR + 3.500%		3.647	*		2/12/2027		984,470
	448,872	AssuredPartners, Inc.	1 Month LIBOR + 4.500%		5.500	*		2/12/2027		450,558
	197,186	Asurion LLC	1 Month LIBOR + 3.000%		6.647	*		8/4/2025		199,108
	1,447,921	Asurion LLC	1 Month LIBOR + 6.500%		3.397	*		12/18/2026		1,435,252
	995,000	BroadStreet Partners, Inc.	1 Month LIBOR + 3.250%		3.397	*		1/27/2027		980,075
	299,250	BroadStreet Partners, Inc.	1 Month LIBOR + 3.750%		4.750	*		1/27/2027		299,624
	852,792	Confie Seguros Holding II Co.	1 Month LIBOR + 4.750%		5.750	*		4/19/2022		842,264
	300,000	Confie Seguros Holding II Co.	1 Month LIBOR + 8.500%		8.725	*		10/31/2025		275,250
	1,250,000	HUB International Ltd.	3 Month LIBOR + 4.000%		5.000	*		4/25/2025		1,255,531
	1,446,282	Hyperion Insurance Group Ltd.	1 Month LIBOR + 3.500%		4.500	*		12/20/2024		1,444,677
	382,407	Hyperion Insurance Group Ltd.	1 Month LIBOR + 4.500%		4.647	*		11/12/2027		382,407
	317,593	Hyperion Insurance Group Ltd.	3 Month LIBOR + 3.750%		4.750	*		11/12/2027		317,593
	113,125	OneDigital Borrower LLC	1 Month LIBOR + 4.500%		5.250	*		11/16/2027		113,549
	500,000	Ryan Specialty Group LLC	1 Month LIBOR + 3.250%		4.000	*		9/1/2027		500,000
	1,400,000	Sedgwick Claims Management Services, Inc.	1 Month LIBOR + 3.250%		3.397	*		12/31/2025		1,380,463
	831,594	USI, Inc.	3 Month LIBOR + 3.000%		3.254	*		5/16/2024		821,112
										15,598,742
		INTERNET MEDIA & SERVICES - 2.9%
	227,496	Hoya Midco LLC	6 Month LIBOR + 3.500%		4.500	*		6/30/2024		215,838
	1,000,000	MH Sub I LLC	1 Month LIBOR + 3.500%		3.647	*		9/13/2024		989,315
	1,000,000	MH Sub I LLC	1 Month LIBOR + 3.750%		4.750	*		9/13/2024		1,000,000
	527,000	ProQuest LLC	1 Month LIBOR + 3.500%		3.647	*		10/23/2026		527,000
	600,000	Uber Technologies, Inc.	1 Month LIBOR + 4.000%		5.000	*		4/4/2025		604,338
										3,336,491
		LEISURE FACILITIES & SERVICES - 3.0%
	1,250,000	Delta 2 Lux Sarl	1 Month LIBOR + 2.500%		3.500	*		2/1/2024		1,241,294
	500,000	IRB Holding Corp	6 Month LIBOR + 3.750%		3.750	*		11/4/2026		496,733
	1,000,000	IRB Holding Corp	3 Month LIBOR + 3.250%		4.250	*		11/19/2026		1,002,970
	751,062	UFC Holdings LLC	3 Month LIBOR + 3.250%		4.250	*		4/29/2026		749,947
										3,490,944

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

19

CATALYST FUNDS

CATALYST/CIFC FLOATING RATE INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

December 31, 2020

Principal			Variable Rate	Coupon Rate (%)			Maturity		Value
		BANK LOANS - 90.1% (Continued)
		MACHINERY - 2.2%
$	249,365	Engineered Machinery Holdings, Inc.	3 Month LIBOR + 4.250%		5.250	*		7/19/2024	$	250,404
	1,150,000	Restaurant Technologies, Inc.	1 Month LIBOR + 3.250%		3.397	*		10/1/2025		1,124,125
	1,054,480	WASH Multifamily Laundry Systems LLC	1 Month LIBOR + 3.250%		4.250	*		5/16/2022		1,049,213
	163,387	WASH Multifamily Laundry Systems LLC	1 Month LIBOR + 3.250%		4.250	*		5/16/2022		162,571
										2,586,313
		MEDICAL EQUIPMENT & DEVICES - 0.9%
	1,000,000	athenahealth, Inc.	1 Month LIBOR + 4.500%		4.648	*		2/11/2026		1,001,250
		OIL & GAS PRODUCERS - 1.4%
	238,949	Crestwood Holdings LLC	1 Month LIBOR + 7.500%		7.660	*		3/6/2023		186,380
	59,886	Energy & Exploration Partners LLC ^			5.000			5/13/2022		299
	438,613	GIP III Stetson I LP	1 Month LIBOR + 4.250%		4.395	*		7/18/2025		396,249
	417,623	Lower Cadence Holdings LLC	1 Month LIBOR + 4.000%		4.147	*		5/22/2026		408,880
	583,021	Prairie ECI Acquiror LP	1 Month LIBOR + 4.750%		4.897	*		3/11/2026		570,949
										1,562,757
		PUBLISHING & BROADCASTING - 0.1%
	98,000	Recorded Books, Inc.	1 Month LIBOR + 4.250%		4.750	*		8/29/2025		98,408
		REAL ESTATE SERVICES - 0.9%
	999,487	Cushman & Wakefield U.S. Borrower, LLC	1 Month LIBOR + 2.750%		2.897	*		8/21/2025		984,371
		RETAIL - DISCRETIONARY - 3.7%
	850,000	Harbor Freight Tools USA, Inc.	1 Month LIBOR + 2.500%		4.000	*		10/19/2027		851,547
	50,727	LBM Acquisition LLC	1 Month LIBOR + 4.250%		4.397	*		12/17/2027		50,791
	11,273	LBM Acquisition LLC	1 Month LIBOR + 3.750%		4.500	*		12/17/2027		11,287
	750,000	LS Group OpCo Acquistion LLC	1 Month LIBOR + 3.500%		4.250	*		11/2/2027		750,937
	350,000	Mavis Tire Express Services Corp.	3 Month LIBOR + 4.000%		5.000	*		3/20/2025		352,844
	297,000	Midas Intermediate Holdco II LLC	3 Month LIBOR + 7.500%		7.500	*		12/22/2025		302,012
	475,000	Petco Animal Supplies, Inc.	1 Month LIBOR + 3.250%		4.250	*		1/26/2023		456,133
	1,000,000	Staples, Inc.	3 Month LIBOR + 5.000%		5.214	*		4/16/2026		971,360
	500,000	Wand NewCo 3, Inc.	1 Month LIBOR + 3.000%		3.147	*		2/5/2026		493,875
										4,240,786
		SOFTWARE - 6.6%
	1,000,000	Camelot Finance SA	1 Month LIBOR + 3.000%		3.147	*		10/30/2026		996,980
	438,677	Castle US Holding Corp.	3 Month LIBOR + 3.750%		4.004	*		1/29/2027		431,684
	79,000	CT Technologies Intermediate Holdings Inc	1 Month LIBOR + 5.000%		6.000	*		12/16/2025		78,901
	496,211	Helios Software Holdings, Inc.	6 Month LIBOR + 4.250%		4.519	*		10/24/2025		494,556
	100,000	Imprivata Inc	1 Month LIBOR + 3.750%		4.250	*		12/1/2027		100,250
	1,141,686	Mitchell International, Inc.	1 Month LIBOR + 3.250%		3.397	*		11/29/2024		1,124,829
	500,000	Project Boost Purchaser LLC	1 Month LIBOR + 4.250%		5.000	*		6/1/2026		501,043
	148,935	Quest Software US Holdings, Inc.	3 Month LIBOR + 8.250%		8.464	*		5/18/2026		142,084
	847,386	Quest Software US Holdings, Inc.	3 Month LIBOR + 4.250%		4.464	*		5/16/2025		835,523
	1,496,222	Ultimate Software Group, Inc.	1 Month LIBOR + 3.750%		3.897	*		5/4/2026		1,497,546
	781,537	Waystar Technologies, Inc.	1 Month LIBOR + 4.000%		4.147	*		10/22/2026		781,541
	53,000	Waystar Technologies, Inc.	1 Month LIBOR + 4.000%		4.750	*		10/22/2026		53,066
	575,000	Weld North Education LLC	1 Month LIBOR + 4.000%		4.750	*		12/21/2027		574,761
										7,612,764
		SPECIALTY FINANCE - 1.0%
	124,000	Avolon TLB Borrower 1 US LLC	1 Month LIBOR + 2.500%		3.250	*		12/1/2027		124,252
	1,000,000	GT Polaris, Inc.	3 Month LIBOR + 4.000%		5.000	*		9/24/2027		1,005,375
										1,129,627
		TECHNOLOGY HARDWARE - 0.5%
	87,982	Global Tel*Link Corp.	1 Month LIBOR + 8.250%		8.397	*		11/29/2026		62,291
	582,921	VeriFone Systems, Inc.	3 Month LIBOR + 4.000%		4.224	*		8/20/2025		565,433
										627,724
		TECHNOLOGY SERVICES - 5.1%
	500,000	Blackhawk Network Holdings, Inc.	1 Month LIBOR + 7.000%		7.188	*		6/15/2026		457,500
	499,063	Dun & Bradstreet Corp.	1 Month LIBOR + 3.750%		3.898	*		2/6/2026		500,241
	1,375,000	MPH Acquisition Holdings LLC	3 Month LIBOR + 2.750%		3.750	*		6/7/2023		1,371,246
	1,100,000	Netsmart, Inc.	3 Month LIBOR + 4.000%		4.750	*		10/1/2027		1,101,375
	1,244,419	Refinitiv US Holdings, Inc.	1 Month LIBOR + 3.250%		3.397	*		10/1/2025		1,244,164
	1,250,000	Verscend Holding Corp.	1 Month LIBOR + 4.500%		4.647	*		8/27/2025		1,251,875
										5,926,401
		TELECOMMUNICATIONS - 1.5%
	488,665	Altice France SA	1 Month LIBOR + 3.688%		3.841	*		1/31/2026		485,305
	500,000	CenturyLink, Inc.	1 Month LIBOR + 2.250%		2.397	*		3/15/2027		495,500
	690,423	Zayo Group Holdings, Inc.	1 Month LIBOR + 3.000%		3.147	*		3/9/2027		687,772
										1,668,577
		TRANSPORTATION & LOGISTICS - 3.5%
	692,784	American Airlines, Inc.	1 Month LIBOR + 2.000%		2.159	*		12/15/2023		626,336
	707,942	Atlantic Aviation FBO, Inc.	1 Month LIBOR + 3.750%		3.900	*		12/6/2025		707,942
	500,000	Patriot Rail Co LLC	3 Month LIBOR + 5.250%		5.504	*		10/19/2026		503,125
	500,000	SkyMiles IP Ltd.	3 Month LIBOR + 3.750%		4.750	*		10/20/2027		519,687
	1,721,852	WestJet Airlines Ltd.	6 Month LIBOR + 3.000%		4.000	*		12/11/2026		1,658,367
										4,015,457

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

20

CATALYST FUNDS

CATALYST/CIFC FLOATING RATE INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

December 31, 2020

Principal			Variable Rate	Coupon Rate (%)			Maturity		Value
		BANK LOANS - 90.1% (Continued)
		WHOLESALE - CONSUMER STAPLES - 1.1%
$	858,747	H-Food Holdings LLC	1 Month LIBOR + 3.688%		3.834	*		5/23/2025	$	845,797
	450,000	Quirch Foods Holdings LLC	6 Month LIBOR + 5.250%		6.250	*		10/27/2027		448,594
										1,294,391
		TOTAL BANK LOANS (Cost - $103,068,850)								103,867,222
		SHORT-TERM INVESTMENT - 5.0%
		MONEY MARKET - 5.0%
	5,766,074	First American Government Obligations Fund - Institutional Class 0.07%								5,766,074
		TOTAL SHORT-TERM INVESTMENT (Cost - $5,766,074)
		TOTAL INVESTMENTS - 102.7% (Cost - 117,679,496)							$	118,472,654
		LIABILITIES LESS OTHER ASSETS - (2.7)%								(3,131,738	)
		NET ASSETS - 100.0%							$	115,340,916

 * Floating Rate, rate shown represents the rate at December 31, 2020.

# Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2020, these securities amounted to $6,889,440 or 6.0% of net assets.

^ The security is illiquid; total illiquid securities represent 0.00% of net assets. LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

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

21

CATALYST FUNDS

CATALYST/SMH HIGH INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2020

Shares					Value
		COMMON STOCK - 0.78%
		OIL & GAS SERVICES & EQUIPMENT - 0.8%
	17,102	PHI Group, Inc. ^#*			$	153,918
		SPECIALTY FINANCE - 0.0%
	3,588	Community Choice Financial, Inc. (a) ^#*				—
		TOTAL COMMON STOCK (Cost - $418,742)				153,918
		EXCHANGE TRADED FUND - 3.5%
		FIXED INCOME - 3.5%
	7,700	iShares iBoxx High Yield Corporate Bond ETF ^^
		TOTAL EXCHANGE TRADED FUND (Cost - $664,347)				672,210
Principal		CONVERTIBLE BONDS - 9.0%	Coupon Rate (%)	Maturity
		ASSET MANAGEMENT - 3.5%
$	671,000	Prospect Capital Corp.	4.950	7/15/2022		689,387
		ENGINEERING & CONSTRUCTION - 1.6%
	308,000	Tutor Perini Corp.	2.875	6/15/2021		304,920
		REIT - 3.9%
	769,000	Colony Capital, Inc.	5.000	4/15/2023		757,745
		TOTAL CONVERTIBLE BONDS - (Cost - $1,705,328)				1,752,052
		CORPORATE BONDS - 76.8%
		APPAREL & TEXTILE PRODUCTS - 4.1%
	797,000	Under Armour, Inc.	3.250	6/15/2026		803,476
		ASSET MANAGEMENT - 1.9%
	360,000	Ares Capital Corp. ^^	3.250	7/15/2025		381,922
		AUTOMOTIVE - 8.4%
	787,000	American Axle & Manufacturing, Inc. ^^	6.250	4/1/2025		815,529
	791,000	Dana, Inc.	5.500	12/15/2024		808,303
						1,623,832
		CONSTRUCTION MATERIALS - 1.3%
	242,000	US Concrete, Inc.	6.375	6/1/2024		248,504
		HOME CONSTRUCTION - 7.2%
	844,000	Beazer Homes USA, Inc.	5.875	10/15/2027		889,892
	465,000	TRI Pointe Group, Inc.	5.875	6/15/2024		509,001
						1,398,893
		INTERNET MEDIA & SERVICES - 0.9%
	155,000	Uber Technologies, Inc. (a) ^^	8.000	11/1/2026		169,453
		MACHINERY - 3.8%
	789,000	Titan International, Inc.	6.500	11/30/2023		732,701
		METALS & MINING - 4.8%
	604,000	Coeur Mining, Inc.	5.875	6/1/2024		610,732
	300,000	Hecla Mining Co.	7.250	2/15/2028		328,125
						938,857
		OIL & GAS PRODUCERS - 3.9%
	750,000	Occidental Petroleum Corp.	6.600	3/15/2046		762,412
		OIL & GAS SERVICES & EQUIPMENT - 1.8%
	791,000	PHI, Inc. (a) ^#+	5.250	3/15/2021		—
	1,017,000	Transocean, Inc.	6.800	3/15/2038		343,237
						343,237

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

22

CATALYST FUNDS

CATALYST/SMH HIGH INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

December 31, 2020

Principal			Coupon Rate (%)		Maturity		Value
		CORPORATE BONDS - 76.8% (Continued)
		REITS - 7.5%
$	1,048,000	GEO Group, Inc.		5.875		1/15/2022	$	1,043,268
	382,000	SITE Centers Corp.		4.250		2/1/2026		412,990
								1,456,258
		RETAIL - DISCRETIONARY - 13.1%
	670,000	Kohl’s Corp.		3.250		2/1/2023		695,443
	1,270,000	L Brands, Inc.		6.750		7/1/2036		1,417,320
	450,000	Nordstrom, Inc.		5.000		1/15/2044		425,270
								2,538,033
		SEMICONDUCTORS - 3.3%
	588,000	Advanced Micro Devices, Inc.		7.500		8/15/2022		642,023
		SPECIALTY FINANCE - 4.0%
	1,382,395	Community Choice Financial, Inc. (a)^ ~		10.750		12/15/2023		4,147
	786,000	Enova International, Inc. (a)		8.500		9/15/2025		766,350
								770,497
		TECHNOLOGY HARDWARE - 6.6%
	8,669,000	Energy Conversion Devices, Inc. (a) ^+#		—		Perpetual		—
	1,281,000	Pitney Bowes, Inc.		4.625		3/15/2024		1,290,607
								1,290,607
		TRANSPORTATION & LOGISTICS - 4.2%
	713,000	Bristow Group, Inc. ^^		7.750		12/15/2022		716,422
	100,000	Southwest Airlines Co. ^^		3.000		11/15/2026		106,712
								823,134
		TOTAL CORPORATE BONDS (Cost - $18,084,233)						14,923,839
Shares
		WARRANT - 0.6%
		OIL & GAS SERVICES & EQUIPMENT - 0.6%
	14,310	PHI Group, Inc. ^ #*						119,131
		TOTAL WARRANTS (Cost - $350,379)
		COLLATERAL FOR SECURITIES LOANED - 17.3%
	3,359,335	Mount Vernon Prime Portfolio, 0.16% ++ **						3,359,335
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $3,359,335)
		TOTAL INVESTMENTS - 108.0% (Cost - $24,582,364)					$	20,980,485
		LIABILITIES LESS OTHER ASSETS - (8.0)%						(1,561,874	)
		NET ASSETS - 100.0%					$	19,418,611

^ The security is illiquid; total illiquid securities represent 1.4% of net assets.

^^ All or a portion of these securities are on loan. Total loaned securities had a value of $3,284,787 at December 31, 2020. + Represents issuer in default on interest payments; non-income producing security.

++ Variable rate security. Interest rate is as of December 31, 2020. ~ Pay in kind rate security.

 * Non-Income Producing Security.

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

# The value of this security has been determined in good faith under policies of the Board of Trustees. The total of these securities is $273,049 or 1.4% of net assets.

(a) Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2020, these securities amounted to $939,950 or 4.8% of net assets.

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

23

CATALYST FUNDS

CATALYST/SMH TOTAL RETURN INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2020

Shares					Value
		BUSINESS DEVELOPMENT COMPANIES - 11.5%
		ASSET MANAGEMENT - 11.5%
	38,487	Apollo Investment Corp. ^^			$	408,924
	116,675	PennantPark Investment Corp.				537,872
	126,900	Prospect Capital Corp. ^^				686,529
	8,470	Solar Capital Ltd.				148,310
		TOTAL BUSINESS DEVELOPMENT COMPANIES (Cost - $4,018,248)				1,781,635
		COMMON STOCK - 24.5%
		ASSET MANAGEMENT - 11.7%
	30,291	Compass Diversified Holdings				589,160
	12,500	Pershing Square Tontine Holdings Ltd. *				346,500
	34,803	Sculptor Capital Management, Inc. ^^				529,006
	26,600	SuRo Capital Corp. ^^				348,194
						1,812,860
		FOOD - 1.2%
	5,284	Kraft Heinz Co.				183,143
		OIL & GAS PRODUCERS - 3.1%
	1,491	Chevron Corp.				125,915
	2,177	Exxon Mobile Corp. ^^				89,736
	6,282	Marathon Petroleum Corp.				259,824
						475,475
		SPECIALTY FINANCE - 0.0%
	4,515	Community Choice Financial, Inc. (a) ^#*				—
		TECHNOLOGY HARDWARE - 5.9%
	8,890	HP, Inc.				218,605
	94,307	Pitney Bowes, Inc. ^^				580,931
	4,612	Xerox Holdings Corp.				106,952
						906,488
		TECHNOLOGY SERVICES - 1.8%
	2,161	International Business Machines Corp.				272,027
		TELECOMMUNICATIONS - 0.8%
	2,050	Verizon Communications, Inc.				120,437
		TOTAL COMMON STOCK (Cost - $4,018,476)				3,770,430
		REIT - 2.0%
		REIT - 2.0%
	10,370	Iron Mountain, Inc. ^^
		TOTAL REITS (Cost - $272,854)				305,708
		EXCHANGE TRADED FUND - 3.5%
		EQUITY FUND - 3.5%
	16,895	iShares Mortgage Real Estate ETF
		TOTAL EXCHANGE TRADED FUND (Cost - $682,281)				538,275
Principal			Coupon Rate (%)	Maturity
		CONVERTIBLE BOND - 3.8%
		SPECIALTY FINANCE - 3.8%
$	717,000	EZCORP, Inc.	2.375	5/1/2025		582,484
		TOTAL CONVERTIBLE BOND (Cost - $651,426)

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

24

CATALYST FUNDS

CATALYST/SMH TOTAL RETURN INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

December 31, 2020

Principal			Coupon Rate (%)		Maturity		Value
		CORPORATE BONDS - 43.0%
		APPAREL & TEXTILE PRODUCTS - 2.6%
$	397,000	Under Armour, Inc. ^^		3.250		6/15/2026	$	400,226
		AUTOMOTIVE - 3.7%
	554,000	American Axle & Manufacturing, Inc. ^^		6.250		4/1/2025		574,082
		CONSTRUCTION MATERIALS - 1.2%
	180,000	US Concrete, Inc.		6.375		6/1/2024		184,837
		HOME CONSTRUCTION - 4.3%
	635,000	Beazer Homes USA, Inc.		5.875		10/15/2027		669,528
		INTERNET MEDIA & SERVICES - 2.4%
	332,000	Uber Technologies, Inc. (a) ^^		8.000		11/1/2026		362,957
		MACHINERY - 2.5%
	415,000	Titan International, Inc.		6.500		11/30/2023		385,388
		OIL & GAS PRODUCERS - 2.3%
	350,000	Occidental Petroleum Corp.		6.600		3/15/2046		355,793
		OIL & GAS SERVICES & EQUIPMENT - 2.1%
	953,000	Transocean, Inc.		6.800		3/15/2038		321,637
		REIT - 2.3%
	350,000	EPR Properties		5.250		7/15/2023		359,057
		RETAIL - DISCRETIONARY - 7.6%
	274,000	Kohl’s Corp. ^^		5.550		7/17/2045		295,965
	789,000	L Brands, Inc.		6.750		7/1/2036		880,524
								1,176,489
		SEMICONDUCTORS - 5.2%
	731,000	Advanced Micro Devices, Inc.		7.500		8/15/2022		798,161
		SPECIALTY FINANCE - 3.6%
	1,739,345	Community Choice Financial, Inc. (a)^ ~		10.750		12/15/2023		5,218
	566,000	Enova International, Inc. (a)		8.500		9/15/2025		551,850
								557,068
		TECHNOLOGY HARDWARE - 0.0%
	5,543,000	Energy Conversion Devices, Inc. (a) ^+#		—		Perpetual		—
		TRANSPORTATION & LOGISTICS - 3.2%
	461,000	Southwest Airlines Co.		3.000		11/15/2026		491,943
		TOTAL CORPORATE BONDS (Cost - $9,553,640)						6,637,166
Shares
		WARRANT - 0.1%
		ASSET MANAGEMENT - 0.1%
	1,389	Pershing Square Tontine Holdings Ltd.						13,334
		TOTAL WARRANTS (Cost - $8,509)

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

25

CATALYST FUNDS

CATALYST/SMH TOTAL RETURN INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

December 31, 2020

Shares			Value
		COLLATERAL FOR SECURITIES LOANED - 27.1%
	4,177,607	Mount Vernon Prime Portfolio, 0.16% ++ **	$	4,177,607
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $4,177,607)
		TOTAL INVESTMENTS - 115.5% (Cost - $23,383,041)	$	17,806,639
		LIABILITIES LESS OTHER ASSETS - (15.5)%		(2,396,195	)
		NET ASSETS - 100.0%	$	15,410,444

ETF - Exchange Traded Fund

^ The security is illiquid; total illiquid securities represent 0.0% of net assets.

^^ All or a portion of these securities are on loan. Total loaned securities had a value of $4,027,665 at December 31, 2020.

+ Represents issuer in default on interest payments; non-income producing security.

++ Variable rate security. Interest rate is as of December 31, 2020.

* Non-Income Producing Security.

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

~ Pay in kind rate security.

# The value of this security has been determined in good faith under policies of the Board of Trustees. The total of these securities is $0 or 0.0% of net assets.

(a) Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At September 30, 2020, these securities amounted to $920,025 or 6.0% of net assets.

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

26

CATALYST FUNDS

CATALYST/STONE BEACH INCOME OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2020

Shares							Value
		ASSET BACKED SECURITIES - 2.9%
		CMO - 2.8%
$	46,561	Banc of America Funding 2004-1 Trust PO		—		3/25/2034	$	37,478
	10,938,296	Fannie Mae REMIC Trust 2004-W4 IO1 (a)		0.084		6/25/2034		38,125
	253,812	Fannie Mae REMIC Trust 2004-W4 PO (a)		—		6/25/2034		246,271
	473,341	Fannie Mae REMIC Trust 2004-W10 PO (a)		—		8/25/2034		463,686
	85,081	Fannie Mae REMIC Trust 2005-W2 PO (a)		—		5/25/2035		84,694
	134,401	Fannie Mae Trust 2005-W3 2AF (a)	(-1xlibor01m)+22bps	0.368	*	3/25/2045		134,021
								1,004,275
		NON AGENCY CMBS - 0.1%
	32,257	GS Mortgage Securities Trust 2017-GS5 A2		3.218		3/10/2050		32,668
		TOTAL ASSET BACKED SECURITIES (Cost - $942,417)						1,036,943
		COLLATERALIZED MORTGAGE OBLIGATIONS - 41.1%
		AGENCY CMBS (a) - 3.2%
	133,395	Fannie Mae-Aces 2006-M2 A2A		5.271	**	10/25/2032		152,217
	19,518	Freddie Mac Multifamily Structured Pass Through Certificates K095 A1		2.630		11/25/2028		21,318
	383,000	FREMF 2015-K50 Mortgage Trust #		3.908	**	10/25/2048		421,814
	270,586	Government National Mortgage Association 2007-15 Z		4.297	**	3/16/2047		289,810
	65,602	Government National Mortgage Association 2013-32 A		1.900		6/16/2036		65,766
	137,619	Government National Mortgage Association 2014-143 AB		2.500		3/16/2040		138,760
	42,842	Government National Mortgage Association 2019-2A		3.150		8/16/2051		44,337
								1,134,022
		CMO (a) - 37.9%
	12,485	Fannie Mae Interest Strip 153 2		7.500		7/25/2022		507
	44,863	Fannie Mae Interest Strip 264 2		8.000		7/25/2024		4,867
	68,316	Fannie Mae Interest Strip 274 2		8.500		10/25/2025		8,137
	548,155	Fannie Mae Interest Strip 359 18		6.000		7/25/2035		116,943
	1,520,916	Fannie Mae Interest Strip 362 7		5.000	**	8/25/2035		308,724
	12,348	Fannie Mae Interest Strip 383 89		7.500	**	9/25/2037		2,965
	273,088	Fannie Mae Interest Strip 385 6		5.000		1/25/2038		47,929
	492,926	Fannie Mae Interest Strip 402 7		4.500		11/25/2039		85,558
	261,164	Fannie Mae Interest Strip 407 8		5.000		3/25/2041		51,393
	781,505	Fannie Mae Interest Strip 408 C3		5.000		11/25/2040		149,003
	803,153	Fannie Mae Interest Strip 409 C22		4.500		11/25/2039		125,459
	900,721	Fannie Mae REMIC Trust 2004-W5 S1	(-1xlibor01m)+705bps	6.902	*	2/25/2047		221,324
	16,545,759	Fannie Mae REMICS 2002-33 IO		0.284	**	6/25/2028		144,372
	81,176	Fannie Mae REMICS 2002-40 SK	(-1xlibor01m)+800bps	7.852	*	9/25/2023		7,366
	279,057	Fannie Mae REMICS 2002-8 SC	(-1xlibor01m)+775bps	7.602	*	3/25/2032		58,401
	394,573	Fannie Mae REMICS 2002-90 DS	(-1xlibor01m)+700bps	6.852	*	9/25/2032		83,399
	611,960	Fannie Mae REMICS 2003-2 S	(-1xlibor01m)+775bps	7.602	*	2/25/2033		146,836
	118,029	Fannie Mae REMICS 2003-33 IA		6.500		5/25/2033		25,043
	1,117,372	Fannie Mae REMICS 2003-48 SI	(-1xlibor01m)+825bps	8.102	*	6/25/2033		290,613
	207,727	Fannie Mae REMICS 2004-17 ST	(-1xlibor01m)+760bps	7.452	*	4/25/2034		53,243
	15,260	Fannie Mae REMICS 2004-51 SY	(-1xlibor01m)+1424bps	13.944	*	7/25/2034		19,217
	573,563	Fannie Mae REMICS 2004-70 XJ		5.000	**	10/25/2034		94,684
	560,516	Fannie Mae REMICS 2004-72 BS	(-1xlibor01m)+650bps	6.352	*	9/25/2034		95,753
	772,388	Fannie Mae REMICS 2005-89 S	(-1xlibor01m)+670bps	6.552	*	10/25/2035		162,826
	371,882	Fannie Mae REMICS 2005-93 Sl	(-1xlibor01m)+610bps	5.952	*	10/25/2035		73,648
	555,171	Fannie Mae REMICS 2006-109 SG	(-1xlibor01m)+663bps	6.482	*	11/25/2036		128,253
	328,687	Fannie Mae REMICS 2007-44 SA	(-1xlibor01m)+678bps	6.632	*	5/25/2037		75,163
	353,931	Fannie Mae REMICS 2007-60 AX	(-1xlibor01m)+715bps	7.002	*	7/25/2037		90,491
	189,007	Fannie Mae REMICS 2007-75 ID	(-1xlibor01m)+587bps	5.722	*	8/25/2037		37,988
	859,076	Fannie Mae REMICS 2010-58 SA	(-1xlibor01m)+645bps	6.302	*	6/25/2040		181,161
	238,532	Fannie Mae REMICS 2011-127 TE	(-90xlibor01m)+53550bps	4.500	*	12/25/2041		36,164
	77,784	Fannie Mae REMICS 2012-106 SA	(-1xlibor01m)+616bps	6.012	*	10/25/2042		15,899
	459	Fannie Mae REMICS 2012-52 NB		3.500		12/25/2039		459
	1,365,645	Fannie Mae REMICS 2012-98 WS	(-1xlibor01m)+655bps	6.402	*	9/25/2042		304,545
	396,670	Fannie Mae REMICS 2013-10 JS	(-1xlibor01m)+615bps	6.002	*	2/25/2043		74,819
	23,586	Fannie Mae REMICS 2013-13 YB		2.500		11/25/2042		23,770
	3,461,425	Fannie Mae REMICS 2013-3 IO		3.000		2/25/2033		369,020
	689,660	Fannie Mae REMICS 2013-80 HS	(-1xlibor01m)+1300bps	12.408	*	7/25/2043		898,524
	2,485,338	Fannie Mae REMICS 2016-32 IG	(-1xlibor01m)+180bps	1.707	*	1/25/2043		110,233
	330,433	Fannie Mae REMICS 2016-78 CS	(-1xlibor01m)+610bps	5.952	*	5/25/2039		65,232
	976,210	Fannie Mae REMICS 2019-68 IO	(-1xlibor01m)+400bps	3.852	*	6/25/2043		27,220
	2,227,261	Fannie Mae Trust 2003-W6 5S	(-1xlibor01m)+760bps	7.452	*	9/25/2042		516,062
	197,744	Freddie Mac REMICS 2385 SB	(-1xlibor01m)+787bps	7.711	*	5/15/2029		38,913
	306,156	Freddie Mac REMICS 2470 SR	(-1xlibor01m)+800bps	7.841	*	12/15/2031		66,902
	462,379	Freddie Mac REMICS 2479 SA	(-1xlibor01m)+810bps	7.941	*	8/15/2032		75,298
	713,961	Freddie Mac REMICS 2530 QI	(-1xlibor01m)+700bps	6.841	*	1/15/2032		154,869
	51,174	Freddie Mac REMICS 2611 SQ	(-1xlibor01m)+1300bps	12.683	*	5/15/2033		68,234
	45,127	Freddie Mac REMICS 2795 SY	(-1xlibor01m)+1440bps	14.019	*	12/15/2032		60,811
	137,054	Freddie Mac REMICS 2979 BS	(-1xlibor01m)+2427bps	23.692	*	5/15/2035		231,772

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

27

CATALYST FUNDS

CATALYST/STONE BEACH INCOME OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

December 31, 2020

Principal			Variable Rate	Coupon Rate (%)			Maturity		Value
		COLLATERALIZED MORTGAGE OBLIGATIONS - 41.1% (Continued)
		CMO (a) - 37.9% (Continued)
$	86,776	Freddie Mac REMICS 3034 LA			5.000			9/15/2035	$	95,381
	1,357,331	Freddie Mac REMICS 3055 CS	(-1xlibor01m)+659bps		6.431	*		10/15/2035		321,633
	684,516	Freddie Mac REMICS 3147 LS	(-1xlibor01m)+665bps		6.491	*		4/15/2036		154,910
	671,425	Freddie Mac REMICS 3218 AS	(-1xlibor01m)+658bps		6.421	*		9/15/2036		159,876
	182,000	Freddie Mac REMICS 3237 CE			5.500			11/15/2036		228,812
	577,997	Freddie Mac REMICS 3347 SY	(-1xlibor01m)+650bps		6.341	*		2/15/2036		129,922
	1,006,781	Freddie Mac REMICS 3365 SC	(-1xlibor01m)+600bps		5.841	*		2/15/2036		208,793
	226,531	Freddie Mac REMICS 3415 IP			6.500			12/15/2037		46,677
	549,973	Freddie Mac REMICS 3424 XI	(-1xlibor01m)+657bps		6.411	*		5/15/2036		122,553
	1,472,840	Freddie Mac REMICS 3428 SL	(-1xlibor01m)+606bps		5.901	*		7/15/2036		302,399
	716,725	Freddie Mac REMICS 3457 SB	(-1xlibor01m)+595bps		5.791	*		12/15/2036		148,800
	375,351	Freddie Mac REMICS 3744 SC	(-1xlibor01m)+980bps		9.483	*		10/15/2040		495,894
	123,010	Freddie Mac REMICS 3772 SA	(-1xlibor01m)+1491bps		14.434	*		12/15/2040		220,168
	179,061	Freddie Mac REMICS 3820 HI			4.500			5/15/2040		10,709
	261,573	Freddie Mac REMICS 3828 SW	(-1xlibor01m)+1320bps		12.724	*		2/15/2041		411,562
	126,169	Freddie Mac REMICS 3967 AI			5.000			3/15/2041		11,152
	751,734	Freddie Mac REMICS 3984 QS	(-1xlibor01m)+660bps		6.441	*		12/15/2039		36,676
	320,203	Freddie Mac REMICS 3997 SK	(-1xlibor01m)+660bps		6.441	*		11/15/2041		40,906
	281,891	Freddie Mac REMICS 4001 MY			4.000			8/15/2040		21,232
	199,787	Freddie Mac REMICS 4238 YX	(-1xlibor01m)+1297bps		12.471	*		8/15/2043		210,934
	109,533	Freddie Mac REMICS 4437 AO			—			2/15/2045		109,301
	2,876,266	Freddie Mac REMICS 4603 KI	(-1xlibor01m)+130bps		1.229	*		1/15/2043		181,262
	8,858,417	Freddie Mac REMICS 4605 KI	(-1xlibor01m)+117bps		1.110	*		8/15/2043		338,308
	1,090,864	Freddie Mac REMICS 4776 XT			4.000			7/15/2042		1,095,309
	38,966	Freddie Mac REMICS 4784 EA			4.500			11/15/2042		38,968
	445,686	Freddie Mac REMICS 4784 ED			4.000			6/15/2044		450,609
	110,976	Freddie Mac REMICS 4794 DA			4.500			8/15/2044		112,051
	188,465	Freddie Mac REMICS 4881 PB			3.000			1/15/2047		191,494
	142,516	Freddie Mac Strips 183 IO			7.000			4/1/2027		19,346
	1,270,467	Freddie Mac Strips 240 S16	(-1xlibor01m)+650bps		6.341	*		7/15/2036		285,181
	825,804	Freddie Mac Strips 240 S30	(-1xlibor01m)+770bps		7.541	*		7/15/2036		209,953
	411,774	Freddie Mac Strips 242 S54	(-1xlibor01m)+860bps		8.441	*		11/15/2036		122,792
	173,985	Freddie Mac Strips 244 S14	(-1xlibor01m)+660bps		6.441	*		12/15/2036		37,747
	79,550	Government National Mortgage Association 2004-1 TE			5.000			6/20/2033		87,133
	144,533	Government National Mortgage Association 2013-22 GA			2.500			10/20/2041		148,524
	53,707	Government National Mortgage Association 2014-131 BW			2.720	**		5/20/2041		56,064
	73,702	Government National Mortgage Association 2015-10 SL	(-1xlibor01m)+410bps		3.948	*		2/20/2042		75,865
	2,248,257	Government National Mortgage Association 2016-17 GI	(-1xlibor01m)+263bps		2.490	*		8/20/2045		268,479
	512,533	Government National Mortgage Association 2018-67 SC	(-1xlibor01m)+620bps		6.048	*		5/20/2048		76,095
										13,313,482
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $13,441,140)								14,447,504
		U.S. GOVERNMENT & AGENCIES - 57.3%
		AGENCY FIXED RATE (a) - 56.9%
	11,000,000	Fannie Mae or Freddie Mac 2 1/21			2.000			5/25/2050		11,427,539
	7,000,000	Fannie Mae or Freddie Mac 2.5 1/21			2.500			1/15/2051		7,378,438
	4,972	Fannie Mae Pool AM6381			3.290			8/1/2026		5,554
	1,008,278	Freddie Mac Gold Pool G60687			8.500			5/1/2031		1,163,528
										19,975,059
		AGENCY MBS OTHER (a) - 0.4%
	129,252	Fannie Mae Pool AM2788			2.800			3/1/2023		135,235
	6,311	Fannie Mae Pool FN0003			4.404	**		1/1/2021		6,309
										141,544
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost - $20,053,549)								20,116,603
Shares									Value
		SHORT-TERM INVESTMENT - 3.1%
		MONEY MARKET FUND - 3.1%
	1,077,384	Fidelity Investments Money Market Funds - Institutional Class, 0.01% *							$	1,077,384
		TOTAL SHORT TERM INVESTMENT (Cost $1,077,384)
		TOTAL INVESTMENTS - 104.4% (Cost - $35,514,490)							$	36,678,434
		LIABILITIES LESS OTHER ASSETS - (4.4)%								(1,557,451	)
		NET ASSETS - 100.0%							$	35,120,983

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

28

CATALYST FUNDS

CATALYST/STONE BEACH INCOME OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

December 31, 2020

								Unrealized
Short Contracts			Counterparty	Notional Amount		Maturity		Depreciation
		OPEN SHORT FUTURES CONTRACTS - (0.2)%
	30	90-Day Euro$ Future	Wedbush	$	7,480,875	March-23		$	(9,625	)
	30	90-Day Euro$ Future	Wedbush		7,477,500	June-23			(9,438	)
	30	90-Day Euro$ Future	Wedbush		7,467,375	September-23			(2,875	)
	30	90-Day Euro$ Future	Wedbush		7,463,625	December-23			(4,750	)
	35	90-Day Euro$ Future	Wedbush		8,702,750	March-24			(6,700	)
	35	90-Day Euro$ Future	Wedbush		8,697,063	June-24			(7,000	)
	35	90-Day Euro$ Future	Wedbush		8,690,938	September-24			(6,687	)
	35	90-Day Euro$ Future	Wedbush		8,684,375	December-24			(750	)
	57	US 5 Year Note (CBT)	Wedbush		7,191,348	March-21			(11,246	)
	35	US 10 Year Note (CBT)	Wedbush		4,832,730	March-21			(332	)
		NET UNREALIZED DEPRECIATION FROM OPEN SHORT FUTURE CONTRACTS							(59,403	)
Contracts (b)			Counterparty		Notional	Expiration Date	Exercise Price		Value
		WRITTEN OPTIONS - 0.0% ^
		CALL OPTIONS WRITTEN - 0.0%
	420	Annaly Capital Management, Inc.	Interactive Brokers		378,000	1/19/2021	9.00		420
		TOTAL CALL OPTIONS WRITTEN (Premiums Received - $188)							420

 * Floating or variable rate security; rate shown represents the rate at December 31, 2020.

 ** Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. ^ Non-income producing security.

# Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2020, these securities amounted to $401,814 or 1.1% of net assets.

(a) Issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. government, (except Government National Mortgage Association which is government guaranteed). The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation currently operate under a federal conservatorship. (b) Each contract is equivalent to one futures contract.

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

29

CATALYST FUNDS

Statements of Assets and Liabilities (Unaudited)

December 31, 2020

					Catalyst/MAP		Catalyst/CIFC						Catalyst/SMH			Catalyst/Stone
	Catalyst Insider		Catalyst Enhanced		Global Balanced		Floating Rate			Catalyst/SMH			Total Return			Beach Income
	Income Fund		Income Strategy Fund		Fund		Income Fund			High Income Fund			Income Fund			Opportunity Fund
ASSETS:
Investment in Securities, at Cost	$	62,488,780	$	208,892,113	$	18,949,557	$	117,679,496		$	24,582,364		$	23,383,041		$	35,514,490
Investment in Securities, at Value	$	64,579,916	$	213,407,943	$	21,668,301	$	118,472,654		$	20,980,485		$	17,806,639		$	36,678,434
Cash		2,901,428		—		1,096,963		4,557,769			1,551,329			1,615,343			12,768,047
Dividends and interest receivable		652,277		975,798		220,691		578,470			266,310			187,308			210,108
Receivable for Fund shares sold		453,752		501,601		66		584,672			456			—			21,634
Receivable for securities sold		—		—		—		6,163,894			—			—			3,913,445
Deposits with Broker		—		—		—		—			—			—			384,944
Prepaid expenses and other assets		29,501		45,021		22,174		39,096			27,020			22,829			23,661
Total Assets		68,616,874		214,930,363		23,008,195		130,396,555			22,825,600			19,632,119			54,000,273
LIABILITIES:
Options written (premiums received $0, $0, $63,915, $0, $0, $0, $188)		—		—		67,035		—			—			—			420
Payable for securities purchased		—		1,143,537		267,790		14,400,169			—			—			18,763,059
Management fees payable		19,472		207,467		3,879		52,869			6,435			3,922			20,252
Payable upon return of securities loaned (Note 1)		—		—		—		—			3,359,335			4,177,607			—
Payable to related parties		2,322		15,826		5,348		16,204			6,674			5,688			8,571
Trustee fee payable		2,751		2,755		2,753		2,734			2,817			2,743			2,736
Accrued 12b-1 fees		2,001		14,120		11,840		48,847			12,204			15,078			1,727
Payable for Fund shares redeemed		119,814		54,202		—		162,744			—			—			—
Futures unrealized depreciation		—		—		—		—			—			—			59,403
Distributions payable		158,174		—		—		353,493			—			—			—
Compliance Officer fees payable		—		—		394		288			472			459			—
Accrued expenses and other liabilities		24,783		34,476		21,540		18,291			19,052			16,178			23,122
Total Liabilities		329,317		1,472,383		380,579		15,055,639			3,406,989			4,221,675			18,879,290
Net Assets	$	68,287,557	$	213,457,980	$	22,627,616	$	115,340,916		$	19,418,611		$	15,410,444		$	35,120,983
NET ASSETS CONSIST OF:
Paid in capital	$	66,793,375	$	209,629,455	$	20,447,735	$	125,715,034		$	52,295,066		$	37,705,948		$	36,167,267
Accumulated earnings (losses)		1,494,182		3,828,525		2,179,881		(10,374,118	)		(32,876,455	)		(22,295,504	)		(1,046,284	)
Net Assets	$	68,287,557	$	213,457,980	$	22,627,616	$	115,340,916		$	19,418,611		$	15,410,444		$	35,120,983
Class A
Net Assets	$	4,951,977	$	22,734,025	$	2,637,877	$	18,766,863		$	8,542,116		$	3,167,788		$	1,711,205
Shares of beneficial interest outstanding (a)		503,792		2,017,626		219,982		1,964,581			2,155,458			725,071			184,335
Net asset value per share (Net assets/shares outstanding)	$	9.83	$	11.27	$	11.99	$	9.55		$	3.96		$	4.37		$	9.28
Maximum offering price per share (b)	$	10.32	$	11.83	$	12.72	$	10.03		$	4.16		$	4.64		$	9.74
Minimum redemption price per share (c)	$	9.73	$	11.16	$	11.87	$	9.45		$	3.92		$	4.33		$	9.19
Class C
Net Assets	$	1,986,347	$	10,036,462	$	6,873,867	$	12,161,641		$	5,863,826		$	7,638,487		$	679,139
Shares of beneficial interest outstanding (a)		201,950		893,932		579,262		1,277,465			1,477,598			1,750,580			73,356
Net asset value, offering price and redemption price per share (Net assets/shares outstanding)	$	9.84	$	11.23	$	11.87	$	9.52		$	3.97		$	4.36		$	9.26
Class I
Net Assets	$	61,349,233	$	180,687,493	$	13,115,872	$	84,412,412		$	5,012,669		$	4,604,169		$	32,730,639
Shares of beneficial interest outstanding (a)		6,225,837		16,034,188		1,092,801		8,830,032			1,263,909			1,056,233			3,535,472
Net asset value, offering price and redemption price per share (Net assets/shares outstanding)	$	9.85	$	11.27	$	12.00	$	9.56		$	3.97		$	4.36		$	9.26

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

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

(c) Investments in Class A shares made at or above $1 million breakpoint are not subject to an initial sales charge and may be subject to a 1% contingent deferred sales charges (“CDSC”) on shares redeemed within two years of purchases.

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

30

CATALYST FUNDS

Statements of Operations (Unaudited)

For the Six Months Ended December 31, 2020

							Catalyst/MAP			Catalyst/CIFC						Catalyst/SMH			Catalyst/Stone
	Catalyst Insider			Catalyst Enhanced			Global Balanced			Floating Rate			Catalyst/SMH			Total Return			Beach Income
	Income Fund			Income Strategy Fund			Fund			Income Fund			High Income Fund			Income Fund			Opportunity Fund
Investment Income:
Dividend Income	$	—		$	—		$	180,509		$	—		$	—		$	227,665		$	627,602
Interest Income		1,320,333			6,703,621			118,070			1,627,102			555,919			268,872			308,640
Securities Lending Income - net		—			—			—			—			17,464			22,346			—
Foreign tax withheld		—			—			(14,673	)		—			—			—			—
Total Investment Income		1,320,333			6,703,621			283,906			1,627,102			573,383			518,883			936,242
Operating Expenses:
Investment management fees		220,827			1,366,911			113,215			525,104			90,787			71,376			204,016
12b-1 Fees:
Class A		5,565			25,564			3,816			23,557			10,966			3,555			2,274
Class C		8,608			32,484			32,813			59,710			29,593			35,028			4,871
Registration fees		24,865			37,340			18,482			29,734			21,002			19,413			17,397
Networking fees		35,810			73,924			8,489			41,903			6,050			4,322			13,390
Transfer Agent fees		5,990			15,187			2,360			3,864			1,723			851			1,470
Management services fees		9,882			25,290			5,351			15,641			4,791			4,305			6,600
Administration fees		21,093			87,158			16,968			48,742			17,327			15,832			31,530
Audit fees		7,183			7,183			7,436			7,183			7,183			7,183			8,571
Legal fees		5,113			5,540			5,546			6,640			5,702			8,565			5,458
Trustees’ fees		6,050			6,050			6,050			6,050			6,050			6,050			6,050
Compliance officer fees		3,438			7,749			4,567			6,627			4,506			4,460			5,807
Printing expense		5,318			12,808			2,787			7,270			2,734			1,978			1,583
Custody fees		1,922			8,138			5,165			10,514			1,490			1,589			2,719
Insurance expense		811			1,091			403			1,604			302			278			312
Interest expense		—			—			—			—			—			—			1,537
Miscellaneous expense		1,210			1,078			1,058			3,536			1,058			1,058			1,811
Total Operating Expenses		363,685			1,713,495			234,506			797,679			211,264			185,843			315,396
Less: Fees waived/ Expenses reimbursed by Manager		(128,331	)		(285,539	)		(88,047	)		(241,190	)		(58,939	)		(52,216	)		(89,434	)
Net Operating Expenses		235,354			1,427,956			146,459			556,489			152,325			133,627			225,962
Net Investment Income		1,084,979			5,275,665			137,447			1,070,613			421,058			385,256			710,280
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investments		255,398			764,500			130,741			918,382			(3,079,625	)		(2,042,447	)		(51,576	)
Options purchased		—			—			—			—			—			—			(456,158	)
Options written		—			—			—			—			—			—			71,127
Futures		—			—			—			—			—			—			(36,800	)
Foreign currency transactions		—			—			(2,961	)		—			—			—			—
Net realized gain (loss)		255,398			764,500			127,780			918,382			(3,079,625	)		(2,042,447	)		(473,407	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,748,596			1,459,489			1,925,850			4,651,849			5,207,305			4,220,616			(591,021	)
Options purchased		—			—			—			—			—			—			25,699
Options written		—			—			73,840			—			—			—			(1,854	)
Futures		—			—			—			—			—			—			(60,542	)
Foreign currency translations		—			—			3,197			—			—			—			—
Net change in unrealized appreciation (depreciation)		1,748,596			1,459,489			2,002,887			4,651,849			5,207,305			4,220,616			(627,718	)
Net Realized and Unrealized Gain (Loss) on Investments		2,003,994			2,223,989			2,130,667			5,570,231			2,127,680			2,178,169			(1,101,125	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	3,088,973		$	7,499,654		$	2,268,114		$	6,640,844		$	2,548,738		$	2,563,425		$	(390,845	)

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

31

CATALYST FUNDS

Statements of Changes in Net Assets

							Catalyst Enhanced						Catalyst/MAP Global
	Catalyst Insider Income Fund						Income Strategy Fund						Balanced Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	December 31, 2020			June 30, 2020			December 31, 2020			June 30, 2020			December 31, 2020			June 30, 2020
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income	$	1,084,979		$	1,553,206		$	5,275,665		$	4,112,903		$	137,447		$	440,838
Net realized gain (loss) on investments		255,398			(750,578	)		764,500			(907,547	)		127,780			(82,341	)
Net change in unrealized appreciation on investments		1,748,596			107,456			1,459,489			2,656,699			2,002,887			(1,230,158	)
Net increase (decrease) in net assets resulting from operations		3,088,973			910,084			7,499,654			5,862,055			2,268,114			(871,661	)
Distributions to Shareholders from:
Total Distributions
Class A		(81,730	)		(119,097	)		(587,846	)		(320,222	)		(26,939	)		(112,050	)
Class C		(25,326	)		(38,139	)		(173,997	)		(130,261	)		(49,553	)		(122,634	)
Class I		(998,674	)		(1,528,495	)		(4,660,817	)		(4,021,148	)		(151,161	)		(423,247	)
Total distributions to shareholders		(1,105,730	)		(1,685,731	)		(5,422,660	)		(4,471,631	)		(227,653	)		(657,931	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		1,780,245			3,129,390			9,100,784			18,395,551			45,746			1,682,551
Class C		815,858			927,743			6,133,328			5,020,735			406,730			1,157,085
Class I		19,196,266			34,932,165			68,176,357			139,765,543			1,003,765			2,425,356
Reinvestment of distributions
Class A		63,731			86,470			402,583			270,037			22,448			83,251
Class C		22,332			34,685			126,436			90,100			44,365			108,814
Class I		812,050			1,248,506			3,217,538			3,214,822			129,043			364,900
Cost of shares redeemed
Class A		(531,266	)		(2,116,353	)		(2,984,999	)		(4,303,584	)		(1,196,808	)		(2,100,737	)
Class C		(577,438	)		(423,105	)		(875,021	)		(1,219,015	)		(417,695	)		(906,978	)
Class I		(7,025,508	)		(18,617,408	)		(18,298,446	)		(47,404,962	)		(1,965,063	)		(2,206,288	)
Net increase (decrease) in net assets from share transactions of beneficial interest		14,556,270			19,202,093			64,998,560			113,829,227			(1,927,469	)		607,954
Total Increase (Decrease) in Net Assets		16,539,513			18,426,446			67,075,554			115,219,651			112,992			(921,638	)
Net Assets:
Beginning of period		51,748,044			33,321,598			146,382,426			31,162,775			22,514,624			23,436,262
End of period	$	68,287,557		$	51,748,044		$	213,457,980		$	146,382,426		$	22,627,616		$	22,514,624
Share Activity:
Class A
Shares Sold		183,689			328,848			807,664			1,710,097			4,109			146,937
Shares Reinvested		6,565			9,151			35,692			24,538			1,898			7,304
Shares Redeemed		(54,929	)		(226,302	)		(264,276	)		(387,139	)		(105,851	)		(189,091	)
Net increase (decrease) in shares of Beneficial interest		135,325			111,697			579,080			1,347,496			(99,844	)		(34,850	)
Class C
Shares Sold		83,685			98,606			544,746			451,978			36,071			105,859
Shares Reinvested		2,300			3,669			11,246			8,184			3,753			9,626
Shares Redeemed		(59,504	)		(45,104	)		(77,889	)		(113,430	)		(36,788	)		(81,781	)
Net increase in shares of Beneficial interest		26,481			57,171			478,103			346,732			3,036			33,704
Class I
Shares Sold		1,974,284			3,670,289			6,044,866			12,717,077			86,894			216,779
Shares Reinvested		83,478			131,898			285,202			290,989			10,946			32,101
Shares Redeemed		(727,390	)		(2,016,447	)		(1,621,613	)		(4,316,398	)		(169,348	)		(203,110	)
Net increase (decrease) in shares of Beneficial interest		1,330,372			1,785,740			4,708,455			8,691,668			(71,508	)		45,770

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

32

CATALYST FUNDS

Statements of Changes in Net Assets (Continued)

	Catalyst/CIFC Floating
	Rate Income Fund						Catalyst/SMH High Income Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	December 31, 2020			June 30, 2020			December 31, 2020			June 30, 2020
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	1,070,613		$	3,559,843		$	421,058		$	881,388
Net realized gain (loss) on investments		918,382			(3,270,932	)		(3,079,625	)		493,638
Net change in unrealized appreciation/ (depreciation) on investments		4,651,849			(3,294,612	)		5,207,305			(1,747,792	)
Net increase (decrease) in net assets resulting from operations		6,640,844			(3,005,701	)		2,548,738			(372,766	)
Distributions to Shareholders from:
From Return of Capital
Class A		—			—			—			(55,167	)
Class C		—			—			—			(37,328	)
Class I		—			—			—			(23,379	)
Total Distributions
Class A		(310,662	)		(796,334	)		(230,923	)		(443,978	)
Class C		(153,107	)		(465,981	)		(131,515	)		(252,920	)
Class I		(1,323,652	)		(2,853,820	)		(104,522	)		(192,434	)
Total distributions to shareholders		(1,787,421	)		(4,116,135	)		(466,960	)		(1,005,206	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		6,051,475			7,115,334			357,315			597,281
Class C		1,740,448			7,250,280			1,777,270			898,876
Class I		29,159,372			79,897,343			2,044,107			879,483
Reinvestment of distributions
Class A		(3,714,282	)		604,318			120,998			248,443
Class C		(1,981,690	)		393,918			63,319			145,764
Class I		(12,514,303	)		2,353,224			49,850			86,830
Cost of shares redeemed
Class A		214,690			(8,712,102	)		(1,367,697	)		(1,313,202	)
Class C		124,292			(5,048,119	)		(2,095,859	)		(2,246,525	)
Class I		1,159,557			(54,044,405	)		(472,701	)		(2,030,591	)
Capital Contribution (note 3)
Class A		—			4,321			—			—
Class C		—			4,764			—			—
Class I		—			71,335			—			—
Net increase (decrease) in net assets from share transactions of beneficial interest		20,239,559			29,890,211			476,602			(2,733,641	)
Total Increase (Decrease) in Net Assets		25,092,982			22,768,375			2,558,380			(4,111,613	)
Net Assets:
Beginning of year		90,247,934			67,479,559			16,860,231			20,971,844
End of year/period	$	115,340,916		$	90,247,934		$	19,418,611		$	16,860,231
Share Activity:
Class A
Shares Sold		653,851			752,684			94,396			165,944
Shares Reinvested		(396,022	)		64,742			31,733			67,926
Shares Redeemed		22,935			(939,298	)		(357,742	)		(357,927	)
Shares from Capital Contribution		—			473			—			—
Net increase (decrease) in shares of Beneficial interest		280,764			(121,399	)		(231,613	)		(124,057	)
Class C
Shares Sold		186,778			766,517			474,723			240,803
Shares Reinvested		(212,727	)		42,364			16,573			39,827
Shares Redeemed		13,320			(551,190	)		(554,982	)		(602,743	)
Shares from Capital Contribution		—			409			—			—
Net increase (decrease) in shares of Beneficial interest		(12,629	)		258,100			(63,686	)		(322,113	)
Class I
Shares Sold		3,118,750			8,503,259			528,877			234,822
Shares Reinvested		(1,334,336	)		252,780			12,897			23,563
Shares Redeemed		123,625			(6,042,399	)		(125,986	)		(566,126	)
Shares from Capital Contribution		—			5,870			—			—
Net increase (decrease) in shares of Beneficial interest		1,908,039			2,719,510			415,788			(307,741	)

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

33

CATALYST FUNDS

Statements of Changes in Net Assets (Continued)

	Catalyst/SMH Total						Catalyst/Stone Beach
	Return Income Fund						Income Opportunity Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	December 31, 2020			June 30, 2020			December 31, 2020			June 30, 2020
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	385,256		$	841,742		$	710,280		$	784,339
Net realized gain (loss) on investments		(2,042,447	)		625,304			(473,407	)		(1,098,079	)
Net change in unrealized appreciation (depreciation) on investments		4,220,616			(2,827,834	)		(627,718	)		1,515,761
Net increase (decrease) in net assets resulting from operations		2,563,425			(1,360,788	)		(390,845	)		1,202,021
Distributions to Shareholders from:
From Return of Capital
Class A		—			(29,319	)		—			(7,189	)
Class C		—			(73,821	)		—			(4,600	)
Class I		—			(51,950	)		—			(197,816	)
Total Distributions
Class A		(72,999	)		(167,939	)		(44,183	)		(17,729	)
Class C		(152,817	)		(358,679	)		(18,511	)		(10,963	)
Class I		(117,758	)		(338,882	)		(763,872	)		(800,683	)
Total distributions to shareholders		(343,574	)		(1,020,590	)		(826,566	)		(1,038,980	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		369,080			358,342			723,661			2,021,221
Class C		84,899			1,195,960			303,269			935,198
Class I		79,734			492,020			13,778,939			24,574,325
Reinvestment of distributions
Class A		37,592			93,981			30,118			21,308
Class C		128,005			349,306			18,123			15,462
Class I		37,706			109,330			546,658			879,229
Cost of shares redeemed
Class A		(161,690	)		(846,160	)		(477,919	)		(656,721	)
Class C		(130,178	)		(1,837,003	)		(509,520	)		(250,574	)
Class I		(498,710	)		(2,530,342	)		(7,362,627	)		(9,890,466	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(53,562	)		(2,614,566	)		7,050,702			17,648,982
Total Increase (Decrease) in Net Assets		2,166,289			(4,995,944	)		5,833,291			17,812,023
Net Assets:
Beginning of year		13,244,155			18,240,099			29,287,692			11,475,669
End of year/period	$	15,410,444		$	13,244,155		$	35,120,983		$	29,287,692
Share Activity:
Class A
Shares Sold		90,021			84,346			75,865			208,907
Shares Reinvested		9,262			23,278			3,182			2,218
Shares Redeemed		(39,405	)		(215,788	)		(50,947	)		(67,835	)
Net increase (decrease) in shares of Beneficial interest		59,878			(108,164	)		28,100			143,290
Class C
Shares Sold		20,937			273,428			31,785			97,542
Shares Reinvested		31,685			86,953			1,921			1,618
Shares Redeemed		(31,629	)		(453,747	)		(54,290	)		(26,230	)
Net increase (decrease) in shares of Beneficial interest		20,993			(93,366	)		(20,584	)		72,930
Class I
Shares Sold		19,998			114,603			1,452,116			2,565,202
Shares Reinvested		9,344			27,098			57,984			92,344
Shares Redeemed		(127,769	)		(613,031	)		(774,001	)		(1,035,202	)
Net increase (decrease) in shares of Beneficial interest		(98,427	)		(471,330	)		736,099			1,622,344

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

34

CATALYST FUNDS

Catalyst Insider Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	9.50		$	9.55		$	9.38		$	9.27		$	9.14		$	9.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.17			0.28			0.26			0.20			0.19			0.21
Net realized and unrealized gain (loss) on investments		0.34			(0.03	)		0.12			0.10			0.11			(0.45	)
Total from investment operations		0.51			0.25			0.38			0.30			0.30			(0.24	)
LESS DISTRIBUTIONS:
From net investment income		(0.18	)		(0.28	)		(0.21	)		(0.19	)		(0.17	)		(0.21	)
From net realized gains on investments		—			(0.02	)		—			—			—			—
Total distributions		(0.18	)		(0.30	)		(0.21	)		(0.19	)		(0.17	)		(0.21	)
Net asset value, end of year/period	$	9.83		$	9.50		$	9.55		$	9.38		$	9.27		$	9.14
Total return (B)		5.40	% (C)		2.72	%		4.06	%		3.28	%		3.29	%		(2.47	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	4,952		$	3,500		$	2,453		$	141		$	1,551		$	386
Ratios to average net assets
Expenses, before waiver and reimbursement		1.44	% (D)		1.43	%		2.12	%		4.17	%		6.09	%		7.88	%
Expenses, net waiver and reimbursement		1.00	% (D)		1.00	%		1.00	%		1.00	%		1.11	%		1.45	%
Net investment Income (loss), before waiver and reimbursement		3.01	% (D)		2.55	%		1.67	%		(1.07	)%		(2.96	)%		(4.13	)%
Net investment income, net waiver and reimbursement		3.45	% (D)		2.98	%		2.79	%		2.10	%		2.01	%		2.34	%
Portfolio turnover rate		58	% (C)		172	%		126	%		34	%		35	%		52	%
	Class C
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	9.50		$	9.56		$	9.37		$	9.25		$	9.14		$	9.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.13			0.21			0.19			0.13			0.13			0.15
Net realized and unrealized gain (loss) on investments		0.35			(0.04	)		0.14			0.11			0.09			(0.45	)
Total from investment operations		0.48			0.17			0.33			0.24			0.22			(0.30	)
LESS DISTRIBUTIONS:
From net investment income		(0.14	)		(0.21	)		(0.14	)		(0.12	)		(0.11	)		(0.15	)
From net realized gains on investments		—			(0.02	)		—			—			—			—
Total distributions		(0.14	)		(0.23	)		(0.14	)		(0.12	)		(0.11	)		(0.15	)
Net asset value, end of year/period	$	9.84		$	9.50		$	9.56		$	9.37		$	9.25		$	9.14
Total return (B)		5.12	% (C)		1.84	%		3.51	%		2.63	%		2.45	%		(3.16	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	1,986		$	1,668		$	1,131		$	41		$	408		$	90
Ratios to average net assets
Expenses, before waiver and reimbursement		2.19	% (D)		2.18	%		2.87	%		4.92	%		6.84	%		8.63	%
Expenses, net waiver and reimbursement		1.75	% (D)		1.75	%		1.75	%		1.75	%		1.86	%		2.20	%
Net investment income (loss), before waiver and reimbursement		2.30	% (D)		1.80	%		0.87	%		(1.85	)%		(3.72	)%		(4.79	)%
Net investment income, net waiver and reimbursement		2.74	% (D)		2.23	%		1.99	%		1.32	%		1.36	%		1.68	%
Portfolio turnover rate		58	% (C)		172	%		126	%		34	%		35	%		52	%

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

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

(C) Not annualized.

(D) Annualized.

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

35

CATALYST FUNDS

Catalyst Insider Income Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class I
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	9.51		$	9.56		$	9.38		$	9.27		$	9.14		$	9.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.18			0.31			0.29			0.23			0.20			0.23
Net realized and unrealized gain (loss) on investments		0.35			(0.05	)		0.13			0.10			0.12			(0.45	)
Total from investment operations		0.53			0.26			0.42			0.33			0.32			(0.22	)
LESS DISTRIBUTIONS:
From net investment income		(0.19	)		(0.29	)		(0.24	)		(0.22	)		(0.19	)		(0.23	)
From net realized gains on investments		—			(0.02	)		—			—			—			—
Total distributions		(0.19	)		(0.31	)		(0.24	)		(0.22	)		(0.19	)		(0.23	)
Net asset value, end of year/period	$	9.85		$	9.51		$	9.56		$	9.38		$	9.27		$	9.14
Total return (B)		5.56	% (C)		2.90	%		4.49	%		3.65	%		3.52	%		(2.22	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	61,349		$	46,580		$	29,737		$	2,179		$	482		$	208
Ratios to average net assets
Expenses, before waiver and reimbursement		1.19	% (D)		1.18	%		1.87	%		4.42	%		5.84	%		7.63	%
Expenses, net waiver and reimbursement		0.75	% (D)		0.75	%		0.75	%		0.75	%		0.86	%		1.20	%
Net investment Income (loss), before waiver and reimbursement		3.29	% (D)		2.80	%		1.89	%		(1.19	)%		(3.29	)%		(3.77	)%
Net investment income, net waiver and reimbursement		3.73	% (D)		3.23	%		3.01	%		2.48	%		2.18	%		2.55	%
Portfolio turnover rate		58	% (C)		172	%		126	%		34	%		35	%		52	%

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

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

(C) Not annualized.

(D) Annualized.

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

36

CATALYST FUNDS

Catalyst Enhanced Income Strategy Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class A
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	December 31, 2020			June 30, 2020			June 30, 2019 (A)
	(Unaudited)
Net asset value, beginning of year/period	$	11.11		$	11.16		$	10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.32			0.57			0.27
Net realized and unrealized gain(loss) on investments		0.16			(0.07	)		1.06
Total from investment operations		0.48			0.50			1.33
LESS DISTRIBUTIONS:
From net investment income		(0.32	)		(0.55	)		(0.17	)
Total distributions		(0.32	)		(0.55	)		(0.17	)
Net asset value, end of year/period	$	11.27		$	11.11		$	11.16
Total return (C)		4.33	% (E)		4.60	% (D)		13.28	% (D,E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	22,734		$	15,978		$	1,016
Ratios to average net assets
Expenses, before waiver and reimbursement		2.06	% (F)		2.11	%		2.71	% (F)
Expenses, net waiver and reimbursement		1.75	% (F)		1.75	%		1.75	% (F)
Net investment income, before waiver and reimbursement		5.28	% (F)		4.83	%		3.77	% (F)
Net investment income, net waiver and reimbursement		5.59	% (F)		5.18	%		4.73	% (F)
Portfolio turnover rate		25	% (E)		94	%		42	% (E)
	Class C
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	December 31, 2020			June 30, 2020			June 30, 2019 (A)
	(Unaudited)
Net asset value, beginning of year/period	$	11.07		$	11.13		$	10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.28			0.46			0.22
Net realized and unrealized gain (loss) on investments		0.16			(0.05	)		1.05
Total from investment operations		0.44			0.41			1.27
LESS DISTRIBUTIONS:
From net investment income		(0.28	)		(0.47	)		(0.14	)
Total distributions		(0.28	)		(0.47	)		(0.14	)
Net asset value, end of year/period	$	11.23		$	11.07		$	11.13
Total return (C)		4.00	% (E)		3.82	%		12.75	% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	10,037		$	4,605		$	769
Ratios to average net assets
Expenses, before waiver and reimbursement		2.81	% (F)		2.86	%		3.46	% (F)
Expenses, net waiver and reimbursement		2.50	% (F)		2.50	%		2.50	% (F)
Net investment Income, before waiver and reimbursement		4.54	% (F)		3.82	%		2.98	% (F)
Net investment income, net waiver and reimbursement		4.85	% (F)		4.17	%		3.94	% (F)
Portfolio turnover rate		25	% (E)		94	%		42	% (E)

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

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

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

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

(E) Not annualized.

(F) Annualized.

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

37

CATALYST FUNDS

Catalyst Enhanced Income Strategy Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class I
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	December 31, 2020			June 30, 2020			December 31, 2019 (A)
	(Unaudited)
Net asset value, beginning of year/period	$	11.11		$	11.15		$	10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.33			0.57			0.25
Net realized and unrealized gain (loss) on investments		0.16			(0.04	)		1.08
Total from investment operations		0.49			0.53			1.33
LESS DISTRIBUTIONS:
From net investment income		(0.33	)		(0.57	)		(0.18	)
Total distributions		(0.33	)		(0.57	)		(0.18	)
Net asset value, end of year/period	$	11.27		$	11.11		$	11.15
Total return (C)		4.46	% (D)		4.93	%		13.32	% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	180,688		$	125,800		$	29,378
Ratios to average net assets
Expenses, before waiver and reimbursement		1.81	% (E)		1.86	%		2.46	% (E)
Expenses, net waiver and reimbursement		1.50	% (E)		1.50	%		1.50	% (E)
Net investment income, before waiver and reimbursement		5.53	% (E)		4.82	%		3.47	% (E)
Net investment income, net waiver and reimbursement		5.84	% (E)		5.17	%		4.43	% (E)
Portfolio turnover rate		25	% (D)		94	%		42	% (D)

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

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

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

(D) Not annualized.

(E) Annualized.

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

38

CATALYST FUNDS

Catalyst/MAP Global Balanced Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	10.95		$	11.65		$	12.06		$	11.96		$	11.42		$	11.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.07			0.22			0.18			0.14			0.21			0.16
Net realized and unrealized gain (loss) on investments		1.09			(0.60	)		0.29			0.35			0.77			(0.05	)
Total from investment operations		1.16			(0.38	)		0.47			0.49			0.98			0.11
LESS DISTRIBUTIONS:
From return of capital		—			—			(0.02	)		—			—			—
From net investment income		(0.12	)		(0.21	)		(0.16	)		(0.22	)		(0.21	)		(0.15	)
From net realized gains on investments		—			(0.11	)		(0.70	)		(0.17	)		(0.23	)		(0.04	)
Total distributions		(0.12	)		(0.32	)		(0.88	)		(0.39	)		(0.44	)		(0.19	)
Net asset value, end of year/period	$	11.99		$	10.95		$	11.65		$	12.06		$	11.96		$	11.42
Total return (B)		10.63	% (C)		(3.27	)%		4.28	%		4.10	%		8.82	%		1.00	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	2,638		$	3,502		$	4,132		$	5,332		$	12,351		$	12,906
Ratios to average net assets
Expenses, before waiver and reimbursement (D)		2.00	% (E)		1.95	%		1.90	%		1.87	%		1.74	%		1.83	%
Expenses, net waiver and reimbursement (D)		1.22	% (E)		1.22	%		1.31	%		1.55	%		1.55	%		1.55	%
Net investment income, before waiver and reimbursement (D,F)		0.46	% (E)		1.22	%		0.98	%		0.84	%		1.62	%		1.09	%
Net investment income, net waiver and reimbursement (D,F)		1.24	% (E)		1.95	%		1.57	%		1.16	%		1.81	%		1.38	%
Portfolio turnover rate		15	% (C)		49	%		38	%		42	%		50	%		15	%
	Class C
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	10.85		$	11.52		$	11.96		$	11.88		$	11.36		$	11.45
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.03			0.13			0.10			0.07			0.12			0.08
Net realized and unrealized gain (loss) on investments		1.08			(0.58	)		0.27			0.33			0.76			(0.06	)
Total from investment operations		1.11			(0.45	)		0.37			0.40			0.88			0.02
LESS DISTRIBUTIONS:
From return of capital		—			—			(0.01	)		—			—			—
From net investment income		(0.09	)		(0.11	)		(0.10	)		(0.15	)		(0.13	)		(0.07	)
From net realized gains on investments		—			(0.11	)		(0.70	)		(0.17	)		(0.23	)		(0.04	)
Total distributions		(0.09	)		(0.22	)		(0.81	)		(0.32	)		(0.36	)		(0.11	)
Net asset value, end of year/period	$	11.87		$	10.85		$	11.52		$	11.96		$	11.88		$	11.36
Total return (B)		10.20	% (C)		(3.93	)%		3.45	%		3.34	%		7.93	%		0.25	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	6,874		$	6,249		$	6,251		$	5,904		$	6,169		$	6,843
Ratios to average net assets
Expenses, before waiver and reimbursement (D)		2.75	% (E)		2.70	%		2.65	%		2.62	%		2.49	%		2.58	%
Expenses, net waiver and reimbursement (D)		1.97	% (E)		1.97	%		2.06	%		2.30	%		2.30	%		2.30	%
Net investment income (loss), before waiver and reimbursement (D,F)		(0.22	)% (E)		0.47	%		0.31	%		0.30	%		0.86	%		0.44	%
Net investment income, net waiver and reimbursement (D,F)		0.56	% (E)		1.20	%		0.90	%		0.62	%		1.05	%		0.71	%
Portfolio turnover rate		15	% (C)		49	%		38	%		42	%		50	%		15	%

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

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

(C) Not annualized

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

(E) Annualized

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

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

39

CATALYST FUNDS

Catalyst/MAP Global Balanced Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class I
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	10.96		$	11.67		$	12.08		$	11.97		$	11.43		$	11.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.09			0.25			0.22			0.23			0.29			0.27
Net realized and unrealized gain (loss) on investments		1.09			(0.60	)		0.29			0.31			0.72			(0.13	)
Total from investment operations		1.18			(0.35	)		0.51			0.54			1.01			0.14
LESS DISTRIBUTIONS:
From return of capital		—			—			(0.03	)		—			—			—
From net investment income		(0.14	)		(0.25	)		(0.19	)		(0.26	)		(0.24	)		(0.18	)
From net realized gains on investments		—			(0.11	)		(0.70	)		(0.17	)		(0.23	)		(0.04	)
Total distributions		(0.14	)		(0.36	)		(0.92	)		(0.43	)		(0.47	)		(0.22	)
Net asset value, end of year/period	$	12.00		$	10.96		$	11.67		$	12.08		$	11.97		$	11.43
Total return (B)		10.77	% (C)		(3.04	)%		4.55	%		4.48	%		9.05	%		1.25	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	13,116		$	12,763		$	13,054		$	12,025		$	6,093		$	2,481
Ratios to average net assets
Expenses, before waiver and reimbursement (D)		1.75	% (E)		1.70	%		1.65	%		1.62	%		1.49	%		1.58	%
Expenses, net waiver and reimbursement (D)		0.97	% (E)		0.97	%		1.06	%		1.25	%		1.25	%		1.25	%
Net investment income, before waiver and reimbursement (D,F)		0.76	% (E)		1.47	%		1.31	%		1.43	%		2.14	%		2.14	%
Net investment income, net waiver and reimbursement (D,F)		1.54	% (E)		2.20	%		1.90	%		1.80	%		2.38	%		2.32	%
Portfolio turnover rate		15	% (C)		49	%		38	%		42	%		50	%		15	%

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

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

(C) Not annualized.

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

(E) Annualized.

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

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

40

CATALYST FUNDS

Catalyst/CIFC Floating Rate Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	9.11		$	9.57		$	9.61		$	9.31		$	8.84		$	10.10
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.09			0.40			0.46			0.41			0.34			0.45
Net realized and unrealized gain (loss) on investments		0.50			(0.40	)		(0.07	)		0.28			0.51			(1.12	)
Total from investment operations		0.59			0.00			0.39			0.69			0.85			(0.67	)
LESS DISTRIBUTIONS:
From net investment income		(0.15	)		(0.46	)		(0.43	)		(0.39	)		(0.38	)		(0.41	)
From net realized gains on investments		—			—			—			—			—			—
From return of capital		—			—			—			—			—			(0.18	)
Total distributions		(0.15	)		(0.46	)		(0.43	)		(0.39	)		(0.38	)		(0.59	)
Net asset value, end of year/period	$	9.55		$	9.11		$	9.57		$	9.61		$	9.31		$	8.84
Total return (B)		6.56	% (I)		(0.06	)% (C,H)		4.22	%		7.54	%		9.66	% (C)		(6.62	)% (C)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	18,767		$	15,341		$	17,287		$	12,004		$	6,764		$	6,264
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement (D,E)		1.60	% (I)		1.66	%		1.72	%		1.84	%		1.83	%		1.77	%
Expenses, net waiver and reimbursement (D,E)		1.15	% (I)		1.15	%		1.31	%		1.40	%		1.39	%		1.48	%
Net investment income, before waiver and reimbursement (D,G)		1.47	% (I)		3.75	%		4.40	%		3.88	%		3.24	%		4.45	%
Net investment income, net waiver and reimbursement (D,G)		1.92	% (I)		4.27	%		4.80	%		4.32	%		3.67	%		4.74	%
Portfolio turnover rate		91	% (I)		231	%		178	%		163	%		176	%		44	%
	Class C
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	9.08		$	9.54		$	9.58		$	9.29		$	8.82		$	10.07
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.05			0.32			0.38			0.34			0.29			0.31
Net realized and unrealized gain (loss) on investments		0.51			(0.40	)		(0.06	)		0.27			0.49			(1.05	)
Total from investment operations		0.56			(0.08	)		0.32			0.61			0.78			(0.74	)
LESS DISTRIBUTIONS:
From net investment income		(0.12	)		(0.38	)		(0.36	)		(0.32	)		(0.31	)		(0.35	)
From net realized gains on investments		—			—			—			—			—			—
From return of capital		—			—			—			—			—			(0.16	)
Total distributions		(0.12	)		(0.38	)		(0.36	)		(0.32	)		(0.31	)		(0.51	)
Net asset value, end of year/period	$	9.52		$	9.08		$	9.54		$	9.58		$	9.29		$	8.82
Total return (B)		6.16	% (H,I)		(0.81	)% (C,H)		3.46	%		6.64	%		8.88	% (C)		(7.24	)% (C)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	12,162		$	11,716		$	9,851		$	9,417		$	7,534		$	5,284
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement (D,F)		2.36	% (J)		2.41	%		2.46	%		2.59	%		2.58	%		2.54	%
Expenses, net waiver and reimbursement (D,F)		1.90	% (J)		1.90	%		2.07	%		2.15	%		2.14	%		2.22	%
Net investment income, before waiver and reimbursement (D,G)		0.64	% (J)		2.95	%		3.59	%		3.13	%		2.65	%		3.00	%
Net investment income, net waiver and reimbursement (D,G)		1.10	% (J)		3.46	%		3.97	%		3.59	%		3.07	%		3.31	%
Portfolio turnover rate		91	% (I)		231	%		178	%		163	%		176	%		44	%

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

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

(C) Includes increase from payments made by affiliated parties of 0.00%, 0.34% and 0.53% for the A shares and 0.11%, 0.34% and 0.53% for the C shares for June 30, 2020, 2017 and 2016 related to the pricing errors reimbursement. Without these transactions, total return would have been (0.81)% 9.32% and (7.15)% for the A shares and (0.92)%, 8.54% and (7.77)% for the C shares for June 30, 2020, 2017 and 2016.

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

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

Expenses, before waiver and reimbursement	1.60	% (J)	1.66	%	1.71	%	1.79	%	1.78	%	1.70	%
Expenses, net waiver and reimbursement	1.15	% (J)	1.15	%	1.31	%	1.35	%	1.35	%	1.41	%

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

Expenses, before waiver and reimbursement	2.36	% (J)	2.41	%	2.45	%	2.57	%	2.52	%	2.46	%
Expenses, net waiver and reimbursement	1.90	% (J)	1.90	%	2.06	%	2.10	%	2.10	%	2.15	%

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

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

(I) Not annualized.

(J) Annualized.

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

41

CATALYST FUNDS

Catalyst/CIFC Floating Rate Income Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class I
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	9.12		$	9.59		$	9.62		$	9.32		$	8.84		$	10.09
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.10			0.41			0.48			0.44			0.42			0.50
Net realized and unrealized gain (loss) on investments		0.50			(0.40	)		(0.05	)		0.27			0.46			(1.13	)
Total from investment operations		0.60			0.01			0.43			0.71			0.88			(0.63	)
LESS DISTRIBUTIONS:
From net investment income		(0.16	)		(0.48	)		(0.46	)		(0.41	)		(0.40	)		(0.43	)
From net realized gains on investments		—			—			—			—			—			—
From return of capital		—			—			—			—			—			(0.19	)
Total distributions		(0.16	)		(0.48	)		(0.46	)		(0.41	)		(0.40	)		(0.62	)
Net asset value, end of year/period	$	9.56		$	9.12		$	9.59		$	9.62		$	9.32		$	8.84
Total return (B)		6.68	% (H)		0.21	% (C,G)		4.58	% (G)		7.79	%		10.05	% (C)		(6.27	)% (C)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	84,412		$	63,191		$	40,341		$	30,021		$	10,853		$	4,272
Ratios to average net assets
Expenses, before waiver and reimbursement (D,E)		1.36	% (I)		1.41	%		1.46	%		1.56	%		1.58	%		1.47	%
Expenses, net waiver and reimbursement (D,E)		0.90	% (I)		0.90	%		1.07	%		1.15	%		1.14	%		1.22	%
Net investment income, before waiver and reimbursement (D,F)		1.76	% (I)		3.88	%		4.65	%		4.14	%		4.17	%		4.94	%
Net investment income, net waiver and reimbursement (D,F)		2.22	% (I)		4.39	%		5.03	%		4.55	%		4.54	%		5.19	%
Portfolio turnover rate		91	% (H)		231	%		178	%		163	%		176	%		44	%

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

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

(C) Includes increase from payments made by affiliated parties of 0.11%, 0.34% and 0.64% related to the pricing errors reimbursement for June 30, 2020, 2017 and 2016. Without these transactions, total return would have been 0.10%, 9.71% and (6.91)% for June 30, 2020, 2017 and 2016.

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

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

Expenses, before waiver and reimbursement	1.36	% (I)	1.41	%	1.45	%	1.51	%	1.47	%	1.41	%
Expenses, net waiver and reimbursement	0.90	% (I)	0.90	%	1.06	%	1.10	%	1.10	%	1.16	%

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

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

(H) Not annualized.

(I) Annualized.

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

42

CATALYST FUNDS

Catalyst/SMH High Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	3.53		$	3.79		$	3.92		$	3.86		$	3.45		$	4.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.09			0.18			0.20			0.21			0.23			0.31
Net realized and unrealized gain (loss) on investments		0.44			(0.24	)		(0.12	)		0.06			0.40			(0.74	)
Total from investment operations		0.53			(0.06	)		0.08			0.27			0.63			(0.43	)
LESS DISTRIBUTIONS:
From net investment income		(0.10	)		(0.18	)		(0.21	)		(0.21	)		(0.22	)		(0.31	)
From return of capital		—			(0.02	)		—			—			—			(0.01	)
Total distributions		(0.10	)		(0.20	)		(0.21	)		(0.21	)		(0.22	)		(0.32	)
Net asset value, end of year/period	$	3.96		$	3.53		$	3.79		$	3.92		$	3.86		$	3.45
Total return (B)		15.22	% (D)		(1.51	)%		2.09	%		7.07	%		18.61	%		(9.27	)% (C)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	8,542		$	8,421		$	9,517		$	14,858		$	20,214		$	15,250
Ratios to average net assets
Expenses, before waiver and reimbursement		2.13	% (E)		2.07	%		1.87	%		1.78	%		1.55	%		1.76	%
Expenses, net waiver and reimbursement		1.48	% (E)		1.48	%		1.47	%		1.45	%		1.45	%		1.45	%
Net investment income, before waiver and reimbursement		4.20	% (E)		4.22	%		4.70	%		4.88	%		5.85	%		9.10	%
Net investment income, net waiver and reimbursement		4.85	% (E)		4.81	%		5.10	%		5.21	%		5.94	%		9.40	%
Portfolio turnover rate		4	% (D)		21	%		28	%		19	%		85	%		26	%
	Class C
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	3.53		$	3.79		$	3.92		$	3.86		$	3.46		$	4.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.08			0.15			0.18			0.18			0.20			0.28
Net realized and unrealized gain (loss) on investments		0.44			(0.23	)		(0.13	)		0.06			0.39			(0.72	)
Total from investment operations		0.52			(0.08	)		0.05			0.24			0.59			(0.44	)
LESS DISTRIBUTIONS:
From net investment income		(0.08	)		(0.16	)		(0.18	)		(0.18	)		(0.19	)		(0.29	)
From return of capital		—			(0.02	)		—			—			—			(0.01	)
Total distributions		(0.08	)		(0.18	)		(0.18	)		(0.18	)		(0.19	)		(0.30	)
Net asset value, end of year/period	$	3.97		$	3.53		$	3.79		$	3.92		$	3.86		$	3.46
Total return (B)		15.06	% (D)		(2.26	)%		1.33	%		6.26	%		17.38	%		(9.70	)% (C)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	5,864		$	5,444		$	7,069		$	9,212		$	10,615		$	11,644
Ratios to average net assets
Expenses, before waiver and reimbursement		2.88	% (E)		2.82	%		2.62	%		2.53	%		2.30	%		2.51	%
Expenses, net waiver and reimbursement		2.23	% (E)		2.23	%		2.22	%		2.20	%		2.20	%		2.20	%
Net investment income, before waiver and reimbursement		3.44	% (E)		3.51	%		4.30	%		4.13	%		5.13	%		8.13	%
Net investment income, net waiver and reimbursement		4.09	% (E)		4.09	%		4.70	%		4.46	%		5.23	%		8.44	%
Portfolio turnover rate		4	% (D)		21	%		28	%		19	%		85	%		26	%

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

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

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

(D) Not annualized.

(E) Annualized.

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

43

CATALYST FUNDS

Catalyst/SMH High Income Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class I
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	3.53		$	3.79		$	3.92		$	3.86		$	3.46		$	4.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.10			0.19			0.22			0.22			0.23			0.32
Net realized and unrealized gain (loss) on investments		0.44			(0.24	)		(0.13	)		0.06			0.40			(0.73	)
Total from investment operations		0.54			(0.05	)		0.09			0.28			0.63			(0.41	)
LESS DISTRIBUTIONS:
From net investment income		(0.10	)		(0.19	)		(0.22	)		(0.22	)		(0.23	)		(0.32	)
From return of capital		—			(0.02	)		—			—			—			(0.01	)
Total distributions		(0.10	)		(0.21	)		(0.22	)		(0.22	)		(0.23	)		(0.33	)
Net asset value, end of year/period	$	3.97		$	3.53		$	3.79		$	3.92		$	3.86		$	3.46
Total return (B)		15.66	% (D)		(1.27	)%		2.35	%		7.34	%		18.56	%		(8.77	)% (C)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	5,013		$	2,995		$	4,385		$	5,146		$	12,075		$	3,398
Ratios to average net assets
Expenses, before waiver and reimbursement		1.88	% (E)		1.82	%		1.62	%		1.53	%		1.30	%		1.51	%
Expenses, net waiver and reimbursement		1.23	% (E)		1.23	%		1.22	%		1.20	%		1.20	%		1.20	%
Net investment income, before waiver and reimbursement		4.37	% (E)		4.53	%		5.35	%		5.13	%		5.95	%		9.62	%
Net investment income, net waiver and reimbursement		5.01	% (E)		5.12	%		5.76	%		5.46	%		6.03	%		9.92	%
Portfolio turnover rate		4	% (D)		21	%		28	%		19	%		85	%		26	%

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

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

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

(D) Not Annualized.

(E) Annualized.

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

44

CATALYST FUNDS

Catalyst/SMH Total Return Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	3.74		$	4.32		$	4.39		$	4.47		$	3.75		$	4.57
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.12			0.22			0.27			0.29			0.26			0.27
Net realized and unrealized gain (loss) on investments		0.61			(0.53	)		(0.09	)		(0.09	)		0.72			(0.78	)
Total from investment operations		0.73			(0.31	)		0.18			0.20			0.98			(0.51	)
LESS DISTRIBUTIONS:
From net investment income		(0.10	)		(0.23	)		(0.25	)		(0.28	)		(0.22	)		(0.26	)
From return of capital		—			(0.04	)		—			—			(0.04	)		(0.05	)
Total distributions		(0.10	)		(0.27	)		(0.25	)		(0.28	)		(0.26	)		(0.31	)
Net asset value, end of year/period	$	4.37		$	3.74		$	4.32		$	4.39		$	4.47		$	3.75
Total return (B)		19.86	% (E)		(7.48	)%		4.33	%		4.56	%		26.47	%		(10.60	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	3,168		$	2,485		$	3,344		$	4,161		$	8,799		$	4,660
Ratios to average net assets
Expenses, before waiver and reimbursement (C)		2.31	% (F)		2.12	%		2.03	%		1.84	%		1.76	%		1.91	%
Expenses, net waiver and reimbursement (C)		1.58	% (F)		1.58	%		1.57	%		1.55	%		1.55	%		1.56	%
Net investment income, before waiver and reimbursement (C,D)		4.98	% (F)		4.81	%		5.83	%		6.21	%		5.77	%		7.05	%
Net investment income, net waiver and reimbursement (C,D)		5.71	% (F)		5.35	%		6.29	%		6.51	%		5.98	%		7.39	%
Portfolio turnover rate		2	% (E)		22	%		30	%		11	%		32	%		4	%
	Class C
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	3.73		$	4.32		$	4.38		$	4.47		$	3.75		$	4.57
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.10			0.19			0.24			0.27			0.22			0.25
Net realized and unrealized gain (loss) on investments		0.62			(0.54	)		(0.08	)		(0.11	)		0.72			(0.79	)
Total from investment operations		0.72			(0.35	)		0.16			0.16			0.94			(0.54	)
LESS DISTRIBUTIONS:
From net investment income		(0.09	)		(0.20	)		(0.22	)		(0.25	)		(0.19	)		(0.23	)
From return of capital		—			(0.04	)		—			—			(0.03	)		(0.05	)
Total distributions		(0.09	)		(0.24	)		(0.22	)		(0.25	)		(0.22	)		(0.28	)
Net asset value, end of year/period	$	4.36		$	3.73		$	4.32		$	4.38		$	4.47		$	3.75
Total return (B)		19.46	% (E)		(8.40	)%		3.79	%		3.56	%		25.56	%		(11.29	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	7,638		$	6,455		$	7,877		$	8,213		$	9,881		$	8,413
Ratios to average net assets
Expenses, before waiver and reimbursement (C)		3.06	% (F)		2.87	%		2.78	%		2.59	%		2.51	%		2.65	%
Expenses, net waiver and reimbursement (C)		2.33	% (F)		2.33	%		2.32	%		2.30	%		2.30	%		2.30	%
Net investment income, before waiver and reimbursement (C,D)		4.20	% (F)		4.08	%		5.08	%		5.60	%		4.89	%		6.29	%
Net investment income, net waiver and reimbursement (C,D)		4.93	% (F)		4.62	%		5.54	%		5.90	%		5.11	%		6.64	%
Portfolio turnover rate		2	% (E)		22	%		30	%		11	%		32	%		4	%

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

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

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

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

(E) Not annualized.

(F) Annualized.

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

45

CATALYST FUNDS

Catalyst/SMH Total Return Income Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class I
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	3.73		$	4.32		$	4.38		$	4.46		$	3.74		$	4.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.12			0.23			0.29			0.31			0.26			0.28
Net realized and unrealized gain (loss) on investments		0.62			(0.54	)		(0.09	)		(0.10	)		0.72			(0.79	)
Total from investment operations		0.74			(0.31	)		0.20			0.21			0.98			(0.51	)
LESS DISTRIBUTIONS:
From net investment income		(0.11	)		(0.24	)		(0.26	)		(0.29	)		(0.23	)		(0.26	)
From return of capital		—			(0.04	)		—			—			(0.03	)		(0.05	)
Total distributions		(0.11	)		(0.28	)		(0.26	)		(0.29	)		(0.26	)		(0.31	)
Net asset value, end of year/period	$	4.36		$	3.73		$	4.32		$	4.38		$	4.46		$	3.74
Total return (B)		20.06	% (E)		(7.48	)%		4.84	%		4.85	%		26.83	%		(10.40	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	4,604		$	4,304		$	7,019		$	7,279		$	9,986		$	5,813
Ratios to average net assets
Expenses, before waiver and reimbursement (C)		2.07	% (F)		1.87	%		1.78	%		1.59	%		1.51	%		1.65	%
Expenses, net waiver and reimbursement (C)		1.33	% (F)		1.33	%		1.32	%		1.30	%		1.30	%		1.30	%
Net investment income, before waiver and reimbursement (C,D)		5.19	% (F)		5.03	%		6.19	%		6.59	%		5.92	%		7.26	%
Net investment income, net waiver and reimbursement (C,D)		5.92	% (F)		5.56	%		6.65	%		6.88	%		6.13	%		7.64	%
Portfolio turnover rate		2	% (E)		22	%		30	%		11	%		32	%		4	%

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

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

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

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

(E) Not Annualized.

(F) Annualized.

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

46

CATALYST FUNDS

Catalyst/Stone Beach Income Opportunity Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	9.63		$	9.63		$	9.58		$	9.58		$	9.84		$	10.10
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.20			0.36			0.39			0.22			0.31			0.32
Net realized and unrealized gain (loss) on investments		(0.05	)		0.14			0.06			0.02	(B)		(0.24	)		(0.26	)
Total from investment operations		0.15			0.50			0.45			0.24			0.07			0.06
LESS DISTRIBUTIONS:
From net investment income		(0.41	)		(0.41	)		(0.53	)		(0.24	)		(0.21	)		(0.27	)
From return of capital		(0.09	)		(0.09	)		—			—			(0.12	)		(0.05	)
Total distributions		(0.50	)		(0.50	)		(0.53	)		(0.24	)		(0.33	)		(0.32	)
Net asset value, end of year/period	$	9.28		$	9.63		$	9.50		$	9.58		$	9.58		$	9.84
Total return (C)		(1.31	)% (F)		6.77	%		4.89	% (E)		2.48	% (E)		0.69	%		0.64	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	1,711		$	1,505		$	123		$	169		$	656		$	132
Ratios to average net assets
Expenses, before waiver and reimbursement		2.13	% (G)		2.24	%		2.60	%		2.75	%		3.16	%		3.93	%
Expenses, net waiver and reimbursement		1.58	% (G)		1.58	%		1.57	%		1.55	%		1.55	%		1.55	%
Net investment income, before waiver and reimbursement		3.67	% (G)		3.13	%		3.03	%		1.08	%		1.67	%		0.76	%
Net investment income, net waiver and reimbursement		4.22	% (G)		3.73	%		4.07	%		2.30	%		3.13	%		3.31	%
Portfolio turnover rate (D)		247	% (F)		589	%		168	%		369	%		41	%		78	%
	Class C
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	9.60		$	9.60		$	9.55		$	9.57		$	9.83		$	10.08
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.16			0.29			0.32			0.17			0.21			0.23
Net realized and unrealized gain (loss) on investments		(0.07	)		0.14			0.06			(0.02	)		(0.22	)		(0.23	)
Total from investment operations		0.09			0.43			0.38			0.15			(0.01	)		0.00
LESS DISTRIBUTIONS:
From net investment income		(0.34	)		(0.34	)		(0.46	)		(0.17	)		(0.16	)		(0.22	)
From return of capital		(0.09	)		(0.09	)		—			—			(0.09	)		(0.03	)
Total distributions		(0.43	)		(0.43	)		(0.46	)		(0.17	)		(0.25	)		(0.25	)
Net asset value, end of year/period	$	9.26		$	9.60		$	9.47		$	9.55		$	9.57		$	9.83
Total return (C)		(1.62	)% (F)		6.01	%		4.14	% (E)		1.59	% (E)		(0.08	)%		0.02	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	679		$	902		$	199		$	190		$	178		$	207
Ratios to average net assets
Expenses, before waiver and reimbursement		2.88	% (G)		2.96	%		3.35	%		3.50	%		3.91	%		4.68	%
Expenses, net waiver and reimbursement		2.33	% (G)		2.33	%		2.32	%		2.30	%		2.30	%		2.30	%
Net investment income (loss), before waiver and reimbursement		2.88	% (G)		2.37	%		2.38	%		0.54	%		0.54	%		(0.04	)%
Net investment income, net waiver and reimbursement		3.43	% (G)		2.99	%		3.40	%		1.74	%		2.16	%		2.38	%
Portfolio turnover rate (D)		247	% (F)		589	%		168	%		369	%		41	%		78	%

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

(B) As required by SEC standard per share data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations for the period ended June 30,2018, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

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

(D) The portfolio turnover rate excludes dollar roll transactions for the year ended June 30, 2018, June 30, 2019, June 30, 2020 and six months ended December 31, 2020. If these were included in the calculation the turnover percentage would be 851%, 242%, 811% and 415%, respectively.

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

(F) Not annualized.

(G) Annualized.

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

47

CATALYST FUNDS

Catalyst/Stone Beach Income Opportunity Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class I
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2020			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017			June 30, 2016
	(Unaudited)
Net asset value, beginning of year/period	$	9.60		$	9.60		$	9.55		$	9.58		$	9.84		$	10.09
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.21			0.41			0.42			0.27			0.32			0.31
Net realized and unrealized gain (loss) on investments		(0.03	)		0.11			0.07			(0.03	)		(0.23	)		(0.21	)
Total from investment operations		0.18			0.52			0.49			0.24			0.09			0.10
LESS DISTRIBUTIONS:
From net investment income		(0.43	)		(0.43	)		(0.56	)		(0.27	)		(0.23	)		(0.30	)
From return of capital		(0.09	)		(0.09	)		—			—			(0.12	)		(0.05	)
Total distributions		(0.52	)		(0.52	)		(0.56	)		(0.27	)		(0.35	)		(0.35	)
Net asset value, beginning of year/period	$	9.26		$	9.60		$	9.48		$	9.55		$	9.58		$	9.84
Total return (B)		(1.09	)% (E)		6.93	%		5.28	% (D)		2.48	% (D)		0.93	%		1.01	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	32,731		$	26,882		$	11,154		$	8,527		$	4,077		$	4,213
Ratios to average net assets
Expenses, before waiver and reimbursement		1.88	% (F)		3.97	%		2.35	%		2.50	%		2.91	%		3.68	%
Expenses, net waiver and reimbursement		1.33	% (F)		2.65	%		1.32	%		1.30	%		1.30	%		1.30	%
Net investment income, before waiver and reimbursement		3.85	% (F)		7.17	%		3.42	%		1.64	%		1.67	%		0.82	%
Net investment income, net waiver and reimbursement		4.40	% (F)		8.48	%		4.44	%		2.84	%		3.27	%		3.19	%
Portfolio turnover rate (C)		247	% (E)		589	%		168	%		369	%		41	%		78	%

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

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

(C) The portfolio turnover rate excludes dollar roll transactions for the year ended June 30, 2018, June 30, 2019, June 30, 2020 and six months ended December 31, 2020. If these were included in the calculation the turnover percentage would be 851%, 242%, 811% and 415%, respectively.

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

(E) Not annualized.

(F) Annualized.

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

48

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
December 31, 2020	SEM-ANNUAL REPORT

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

Fund	Sub-Advisor	Primary Objective
Catalyst Insider Income (“Insider Income”)		Current income
Catalyst Enhanced Income Strategy (“Enhanced Income”)	Wynkoop, LLC	Current income
Catalyst/MAP Global Balanced (“Global Balanced”)	Managed Asset Portfolios, LLC (“MAP”)	Total return which consists of current income and capital appreciation
Catalyst/ CIFC Floating Rate Income (“Floating Rate Income”)	CIFC Investment Management, LLC	Current income
Catalyst/SMH High Income (“High Income”)	SMH Capital Advisors LLC (“SMH”)	Income with capital appreciation as secondary objective
Catalyst/SMH Total Return Income (“Total Return Income”)	SMH	Income and capital appreciation
Catalyst/Stone Beach Income Opportunity (“Income Opportunity”)	Stone Beach Investment Management, LLC	Current income

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

As of December 31, 2020, each Fund offers Class A, Class C and Class I shares. Each class represents an interest in the same assets of the applicable Fund, and the classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans.

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

a)       Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. Debt securities including Bank Loans (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The Funds may invest in portfolios of open-end or closed-end investment companies (the “open-end 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 directors of the open-end funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, provided each such valuations represent fair value. Options are valued at their closing price on the exchange they are traded on. When no closing price is available, options are valued at their mean price. Futures, which are traded on an exchange, are valued at the settlement price determined by the exchange. Foreign currency and forward currency exchange contracts are valued daily at the London Stock Exchange close each day.

In unusual circumstances, instead of valuing securities in the usual manner, the Funds may value securities at “fair value” as determined in good faith by the Board, pursuant to the procedures (the “Procedures”) approved by the Board. The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the

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December 31, 2020	SEMI-ANNUAL REPORT

security. Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the NYSE close.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2020 for each Fund’s assets and liabilities measured at fair value:

Insider Income
Assets(a)	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	50,225,215	$	—	$	50,225,215
Convertible Bonds		—		14,354,701		—		14,354,701
Total Assets	$	—	$	64,579,916	$	—	$	64,579,916
Enhanced Income
Assets(a)	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	198,388,303	$	—	$	198,388,303
U.S. Government Agency Obligations		—		8,580,815		—		8,580,815
Real Estate Investment Trust		1,025,000		—		—		1,025,000
Short-Term Investment		5,413,825		—		—		5,413,825
Total Assets	$	6,438,825	$	206,969,118	$	—	$	213,407,943

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Global Balanced
Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	15,001,154	$	—	$	—	$	15,001,154
Convertible Bonds		—		260,834		—		260,834
Corporate Bonds		—		5,951,588		—		5,951,588
Closed-End Fund		454,725		—		—		454,725
Total Assets	$	15,455,879	$	6,212,422	$	—	$	21,668,301
Liabilities(a)
Call Options Written	$	67,035	$	—	$	—	$	67,035
Total Liabilities	$	67,035	$	—	$	—	$	67,035
Floating Rate Income
Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	149,696	$	—	$	—	$	149,696
Asset Backed Securities		—		2,370,543		—		2,370,543
Corporate Bonds		—		6,319,119		—		6,319,119
Bank Loans		—		103,867,222		—		103,867,222
Short-Term Investments		5,766,074		—		—		5,766,074
Total Assets	$	5,915,770	$	112,556,884	$	—	$	118,472,654
High Income
Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	—	$	—	$	153,918	$	153,918
Exchange Traded Fund		672,210		—		—		672,210
Convertible Bonds		—		1,752,052		—		1,752,052
Corporate Bonds		—		14,923,839		—		14,923,839
Warrants		—		—		119,131		119,131
Collateral for Securities Loaned		3,359,335		—		—		3,359,335
Total Assets	$	4,031,545	$	16,675,891	$	273,049	$	20,980,485
Total Return Income
Assets(a)	Level 1		Level 2		Level 3		Total
Business Development Companies	$	1,781,635	$	—	$	—	$	1,781,635
Common Stock		3,770,430		—		—		3,770,430
REIT		305,708		—		—		305,708
Exchange Traded Fund		538,275		—		—		538,275
Convertible Bonds		—		582,484		—		582,484
Corporate Bonds		—		6,637,166		—		6,637,166
Warrant		13,334		—		—		13,334
Collateral for Securities Loaned		4,177,607		—		—		4,177,607
Total Assets	$	10,586,989	$	7,219,650	$	—	$	17,806,639

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Income Opportunity
Assets(a)	Level 1			Level 2		Level 3		Total
Asset Backed Securities	$	—		$	1,036,943	$	—	$	1,036,943
Collateralized Mortgage Obligations		—			14,447,504		—		14,447,504
U.S. Government & Agencies		—			20,116,603		—		20,116,603
Short-Term Investments		1,077,384			—		—		1,077,384
Total Assets	$	1,077,384		$	35,601,050	$	—	$	36,678,434
Derivatives
Liabilities(a)
Futures Contracts	$	(59,403	)	$	—	$	—	$	(59,403	)
Call Options Written		(420	)		—		—		(420	)
Total	$	(59,823	)	$	—	$	—	$	(59,823	)

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

^(a) Refer to the Portfolio of Investments for security details.

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

	High Income		High Income		High Income
	Energy Conversion
	Devices, Inc.		PHI Group, Inc.		PHI Group, Inc.
Beginning balance June 30, 2020	$	0	$	71,550	$	85,510
Purchases		—		—		—
Total realized gain/(loss)		—		—		—
Change in unrealized depreciation		—		47,581		68,408
Proceeds from sale/maturities/calls		—		—		—
Capital distribution		—		—		—
Net transfers in/(out) of Level 3		—		—		—
Ending balance December 31, 2020	$	0	$	119,131	$	153,918
	Total Return Income		Total Return Income
	Energy Conversion		Community Choice
	Devices, Inc.		Financial, Inc.
Beginning balance June 30, 2020		0	$	0
Purchases		—		—
Total realized gain/(loss)		—		—
Change in unrealized depreciation		—		—
Proceeds from sale/maturities/calls		—		—
Capital distribution		—		—
Net transfers in/(out) of Level 3		—		—
Ending balance December 31, 2020		0	$	0

The total change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments still held at December 31, 2020, was $115,989 and $0 for High Income and Total Return Income, respectively.

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

					Market Value impact if
Fund	Investment Type	Fair Value	Valuation Methodology	Unobservable Input Type	input increases
High Income	Corporate Bonds	$0	Bankruptcy	Potential Future Cash Payments	Increase
High Income	Warrant	$119,131	No executable broker quote	N/A	Increase
High Income	Common Stock	$153,918	No executable broker quote	N/A	Increase
Total Return Income	Common Stock	$0	Bankruptcy	Potential Future Cash Payments	Increase
Total Return Income	Corporate Bonds	$0	Bankruptcy	Potential Future Cash Payments	Increase

Fair value securities as a percent of net assets at December 31, 2020, were 1.4% and 0.0% for High Income and Total Return Income, respectively.

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

Certain Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in a Funds’ portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. Initial margin deposits required upon entering into options contracts are satisfied by the deposits of cash as collateral for the account of the broker (the relevant Fund’s agent in acquiring the options). For the six months ended December 31, 2020, Global Balanced and Income Opportunity invested in options.

Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. For the six months ended December 31, 2020, only Income Opportunity invested in Futures Contracts.

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

TBA Commitments – In a mortgage-backed “to-be-announced” or “TBA” transaction, a seller agrees to deliver a mortgage back security at a future date, but does not specify the particular MBS to be delivered. Instead, the seller agrees to accept any MBS that meets specified terms. The principal risks of mortgaged backed TBA transactions are increased interest rate risk and increased overall investment exposure.

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

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

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

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

Libor Risk – The Funds’ investment, payment obligations and financing terms may be based on floating rates such as the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Plans are underway to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Funds’ transactions and the financial markets generally. As such, the potential effect of the transition away from the LIBOR on the Funds’ investments cannot yet be determined.

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

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

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

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in December 2019 and subsequently spread globally. This coronavirus has resulted in, among other things, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, significant disruptions to business operations, market closures, cancellations and restrictions, supply chain disruptions, lower consumer demand, and significant volatility and declines in global financial markets, as well as general concern and uncertainty. The impact of COVID -19 has adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of many nations and the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

The derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Assets and Liabilities at December 31, 2020, was as follows:

			Location of Derivatives on Statements	Fair Value of asset/liability
Fund	Derivative	Risk Type	of Assets and Liabilities	derivatives
Global Balanced	Call options written	Equity	Options written	$	(67,035	)
			Total	$	(67,035	)
Income Opportunity	Futures	Interest	Net unrealized depreciation on futures contracts	$	(59,403	)
	Call options written	Equity	Options written		(420	)
			Total	$	(59,823	)

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2020, was as follows:

				Realized and unrealized
Fund	Derivative	Risk Type	Location of gain (loss) on derivatives	gain (loss) on derivatives
Global Balanced
	Options written	Equity	Net change in unrealized depreciation on options written	$	73,840
			Totals	$	73,840
Income Opportunity
	Options purchased	Equity	Net realized loss on options purchased	$	(456,158	)
	Options written	Equity	Net realized gain on options written		71,127
	Futures	Interest Rate	Net realized loss on futures		(36,800	)
	Options purchased	Equity	Net change in unrealized appreciation on options purchased		25,699
	Options written	Equity	Net change in unrealized depreciation on options written		(1,854	)
	Futures	Interest Rate	Net change in unrealized depreciation on futures		(60,542	)
			Totals	$	(458,528	)

The notional value of derivative instruments outstanding as of December 31, 2020, as disclosed in the Portfolios of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

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December 31, 2020	SEMI-ANNUAL REPORT

The following table presents the Funds’ assets and liabilities available for offset net of collateral pledged as of December 31, 2020:

										Gross Amounts Not Offset in the Statements
										of Assets & Liabilities
		Gross Amounts of			Gross Amounts Offset		Net Amounts of Liabilities			Financial
		Recognized			in the Statement of		Presented in the Statement			Instruments			Cash Collateral		Net Amount of
	Counterparty	Assets/Liabilities			Assets & Liabilities		of Assets & Liabilities			Pledged			Pledged		Assets
Global Balanced
Description of Liability:
Options Written	Pershing	$	(67,035	)	$	—	$	(67,035	) (1)	$	67,035	(2)	$	—	$	—
Total		$	(67,035	)	$	—	$	(67,035	)	$	67,035		$	—	$	—
Income Opportunity
Description of Liability:
Futures Contracts	Wedbush	$	(59,403	)	$	59,403	$	—	(1)	$	—	(2)	$	—	$	—
Options Written	Interactive Brokers		(420	)		—		(420	) (1)		—	(2)		—		—
Total		$	(59,823	)	$	59,403	$	(420	)	$	—		$	—	$	—

⁽¹⁾ Value as presented in the Portfolio of Investments.

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

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

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

d)       Federal Income Tax – The Funds have qualified and/or intend to continue to qualify as regulated investment companies and to comply with the applicable provisions of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income or excise tax provisions are required.

As of and during the six months ended December 31, 2020, the Funds did not have a liability for any unrecognized tax expense. The Funds recognize interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statements of Operations. As of December 31, 2020, the Funds did not incur any interest or penalties. As required, management has analyzed the Funds’ tax positions taken on or to be taken on federal income tax returns for all open tax years (tax years or periods ended 2018-2020 for the Funds) or expected to be taken in 2021 and has concluded that no provision for income tax is required in these financial statements. The tax filings are open for examination by applicable taxing authorities, including the Internal Revenue Service. No examinations of the Funds’ filings are presently in progress.

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

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December 31, 2020	SEMI-ANNUAL REPORT

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

g)       Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

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

Fund	Income Dividends	Capital Gains
Insider Income	Daily	Annually
Enhanced Income	Monthly	Annually
Global Balanced	Quarterly	Annually
Floating Rate Income	Daily	Annually
High Income	Monthly	Annually
Total Return Income	Monthly	Annually
Income Opportunity	Monthly	Annually

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

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

k)       Redemption Fees and Sales Charges (loads) – A wire transfer fee of $15 may be charged to defray custodial charges for redemptions paid by wire transfer. A maximum sales charge of 5.75% is imposed on Class A shares of the Global Balanced and Total Return Income. A maximum sales charge of 4.75% is imposed on Class A shares of the Insider Income, Enhanced Income, Floating Rate Income, High Income and Income Opportunity. Investments in Class A shares made at or above the $1 million breakpoint are not subject to an initial sales charge and may be subject to a 1% contingent deferred sales charge (“CDSC”) on shares redeemed within two years of purchase (excluding shares purchased with reinvested dividends and/or distributions). A CDSC of 1.00% is imposed on Class A in the event of certain redemption transactions within one year following such investments. The respective shareholders pay such CDSC charges, which are not an expense of the Funds. There were no CDSC fees paid by the shareholders of the Funds.

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

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

57

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2020	SEMI-ANNUAL REPORT

(2) INVESTMENT TRANSACTIONS

For the year ended December 31, 2020, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

Fund	Purchases		Sales		Purchases		Sales
Insider Income	$	34,033,178	$	30,791,846	$	—	$	—
Enhanced Income		108,683,018		43,514,633		—		—
Global Balanced		2,994,166		5,161,876		—		—
Floating Rate Income		114,154,290		90,522,740		—		—
High Income		664,347		1,762,017		—		—
Total Return Income		269,703		1,738,432		—		—
Income Opportunity		136,753,470		134,688,025		80,763,158		78,580,525

(3) MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS

CCA acts as investment manager for the Funds pursuant to the terms of a Management Agreement with the Trust, on behalf of the Funds (the “Management Agreement”). Under the terms of the Management Agreement, the Manager manages the investment operations of the Funds in accordance with each Fund’s respective investment policies and restrictions. The investment sub-advisors are responsible for the day-to-day management of their Fund’s portfolios. The Manager provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. For its investment management services, the Funds pay to the Manager, as of the last day of each month, an annualized fee as shown in the below table, such fees are to be computed daily based upon daily average net assets of the Funds. The Funds’ sub-advisors are paid by the Manager, not the Funds.

The Manager and the Trust, with respect to the Funds have entered into Expense Limitation Agreements (the “limitation”) under which the Manager has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to maintain total annual operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; costs of investing in underlying funds; and extraordinary expenses) do not exceed the expense limitation shown in the table below, and is based on each Fund’s average daily net assets. The Manager shall be entitled to reimbursement by a Fund for such waived fees or reimbursed expenses provided that said reimbursement doesn’t cause the Fund’s expenses to exceed the limitation.

For the six months ended December 31, 2020, the Manager waived management fees and reimbursed expenses. The Manager may recapture a portion of the waived and/or reimbursed amounts. The Manager may seek reimbursement only for fees waived or expenses reimbursed by a Fund within the three years following the date the waiver and/or reimbursement was incurred if the Fund is able to make the repayment without exceeding the limitation in effect at that time of the waiver, no later than the dates as stated below:

						Management
						Fees Waived/
	Management		Expense Limitation			Expenses
Fund	Agreement	Cl A	Cl C	Cl I	Expires	Reimbursed
Insider Income	0.75%	1.00%	1.75%	0.75%	10/31/2021	$	128,331
Enhanced Income	1.50%	1.75%	2.50%	1.50%	10/31/2021		285,539
Global Balanced	1.00%	1.22%	1.97%	0.97%	10/31/2021		88,047
Floating Rate Income	1.00%	1.15%	1.90%	0.90%	10/31/2021		241,190
High Income	1.00%	1.48%	2.23%	1.23%	10/31/2021		58,939
Total Return Income	1.00%	1.58%	2.33%	1.33%	10/31/2021		52,216
Income Opportunity	1.25%	1.58%	2.33%	1.33%	10/31/2021		89,434

58

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2020	SEMI-ANNUAL REPORT

	Recapture Expires
	June 30,
Fund	2021		2022		2023
Insider Income	$	86,088	$	126,505	$	209,122
Enhanced Income		—		86,403		283,966
Global Balanced		80,140		131,387		170,253
Floating Rate Income		132,914		243,895		427,070
High Income		107,137		102,216		111,113
Total Return Income		68,348		84,675		88,817
Income Opportunity		93,262		114,875		121,305

A Trustee and Officer of the Trust is also the controlling member of MFund Services LLC and the Manager, and is not paid any fees directly by the Trust for serving in such capacities.

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

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

For the six months ended December 31, 2020, the 12b-1 expenses accrued by the Funds were as follows:

	12b-1 Fees
Fund	Class A		Class C
Insider Income	$	5,565	$	8,608
Enhanced Income		25,564		32,484
Global Balanced		3,816		32,813
Floating Rate Income		23,557		59,710
High Income		10,966		29,593
Total Return Income		3,555		35,028
Income Opportunity		2,274		4,871

Pursuant to the Management Services Agreement between the Trust and MFund Services LLC (“MFund”), MFund provides the Funds with various management and administrative services (the “Management Services Agreement”). For these services, the Funds pay MFund an annual base fee plus an annual asset-based fee which scales downward based upon net assets. In addition, the Funds reimburse MFund for any reasonable out- of- pocket expenses incurred in the performance of its duties under the Management Services Agreement.

Pursuant to the Management Services Agreement, MFund provides chief compliance officer services to the Funds. For these services, the Funds pay MFund an annual base fee plus an annual asset-based fee based upon net assets. In addition, the Funds reimburse MFund for any reasonable out- of - pocket expenses incurred in the performance of its duties under the Management Services Agreement. The amounts due to MFund at December 31, 2020 for management and chief compliance officer services accrued for the period are shown in the Statements of Operations under “Management services fees” and “Compliance officer fees.”

59

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2020	SEMI-ANNUAL REPORT

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

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

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

(4) AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

			Gross		Gross			Net Unrealized
			Unrealized		Unrealized			Appreciation
Fund	Tax Cost		Appreciation		Depreciation			(Depreciation)
Insider Income	$	62,523,185	$	2,206,438	$	(149,707	)	$	2,056,731
Enhanced Income		208,947,587		7,837,876		(3,377,520	)		4,460,356
Global Balanced		19,020,566		3,485,052		(904,352	)		2,580,700
Floating Rate Income		117,792,398		1,382,298		(702,042	)		680,256
High Income		24,582,364		1,304,433		(4,906,312	)		(3,601,879	)
Total Return Income		23,383,041		1,634,546		(7,210,948	)		(5,576,402	)
Income Opportunity		35,594,645		1,753,006		(729,040	)		1,023,966

(5) DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid for the years ended June 30, 2020 and June 30, 2019 was as follows:

For fiscal year ended	Ordinary		Long-Term		Return of
6/30/2020	Income		Capital Gains		Capital		Total
Insider Income	$	1,661,563	$	25,810	$	—	$	1,687,373
Enhanced Income		4,471,631		—		—		4,471,631
Global Balanced		428,787		229,144		—		657,931
Floating Rate Income		4,072,281		—		43,854		4,116,135
High Income		889,332		—		115,874		1,005,206
Total Return Income		865,500		—		155,090		1,020,590
Income Opportunity		829,375		—		209,605		1,038,980
For fiscal year ended	Ordinary		Long-Term		Return of
6/30/2019	Income		Capital Gains		Capital		Total
Insider Income	$	325,564	$	—	$	—	$	325,564
Enhanced Income	$	423,132		—		—		423,132
Global Balanced		308,802		1,311,604		41,810		1,662,216
Floating Rate Income		2,915,270		—		—		2,915,270
High Income		1,318,953		—		—		1,318,953
Total Return Income		1,026,734		—		—		1,026,734
Income Opportunity		636,319		—		25,199		661,518

Tax equalization allows a Fund to treat as distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable and net capital gains. Catalyst Insider Income Fund utilized equalization in the amount of $1,642, which resulted in a difference between tax distributions and book distributions as disclosed on the Statements of Changes for the year ended

60

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2020	SEMI-ANNUAL REPORT

June 30, 2020. Net investment income and net realized gains(losses), as disclosed on the Statements of Operations and net assets were not affected by these reclassifications.

As of June 30, 2020, the components of accumulated earnings/(deficit) 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/			Accumulated
	Income		Capital Gains		Late Year Loss			Forwards			Differences			(Depreciation)			Earnings/(Deficits)
Insider Income	$	8,033	$	—	$	(805,230	)	$	—		$	—		$	308,136		$	(489,061	)
Enhanced Income		138,680		—		(854,686	)		(533,330	)		—			3,000,867			1,751,531
Global Balanced		62,467		1,370		(505,120	)		—			—			580,703			139,420
Floating Rate Income		—		—		(3,450,409	)		(7,769,614	)		(35,925	)		(3,971,593	)		(15,227,541	)
High Income		—		—		—			(26,142,322	)		—			(8,815,911	)		(34,958,233	)
Total Return Income		—		—		—			(14,568,703	)		—			(9,946,652	)		(24,515,355	)
Income Opportunity		—		—		(1,145,324	)		(332,418	)		(1,444	)		1,650,313			171,127

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales, straddles, dividends payable, deemed dividend distributions, mark-to-market of passive foreign investment companies and 1256 option contracts, future contracts, partnerships, C-Corporation adjustments, and dividend distributions from business development companies. In addition, the amount listed under other book/tax differences is primarily attributable to dividends payable and straddles deferrals. The unrealized appreciation (depreciation) in the table above may include unrealized foreign currency gains (losses).

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

	Late Year Losses
Insider Income	$	—
Enhanced Income		—
Global Balanced		—
Floating Rate Income		—
High Income		—
Total Return Income		—
Income Opportunity		139,317

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

	Post October
	Losses
Insider Income	$	805,230
Enhanced Income		854,686
Global Balanced		505,120
Floating Rate Income		3,450,409
High Income		—
Total Return Income		—
Income Opportunity		1,006,007

61

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2020	SEMI-ANNUAL REPORT

At June 30, 2020, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring		Non-Expiring
	Short-Term		Long-Term		Total		Utilized
Insider Income	$	—	$	—	$	—	$	—
Enhanced Income		533,330		—		533,330		—
Global Balanced		—		—		—		—
Floating Rate Income		2,148,772		5,620,842		7,769,614		—
High Income		—		26,142,322		26,142,322		491,013
Total Return Income		532,960		14,035,743		14,568,703		521,694
Income Opportunity		308,930		23,488		332,418		—

Permanent book and tax differences, primarily attributable to the to the reclassification of Fund distributions and book/tax basis treatment of non-deductible expenses, and equalization credits resulted in reclassification for the following Funds for the year ended June 30, 2020 as follows:

	Paid In			Accumulated
	Capital			Earnings (Deficits)
Insider Income	$	1,642		$	(1,642	)
Enhanced Income		—			—
Global Balanced		—			—
Floating Rate Income		(43,854	)		43,854
High Income		(1,476	)		1,476
Total Return Income		—			—
Income Opportunity		(3,134	)		3,134

(6) LINE OF CREDIT

Currently, the Funds each have a $20,000,000 uncommitted line of credit provided by U.S. Bank National Association (the “Bank”) under an agreement (the ” Uncommitted Line”). Any advance under the Uncommitted Line is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable on an annualized basis. The Uncommitted Line is not a “committed” line of credit, which is to say that the Bank is not obligated to lend money to the Funds. Accordingly, it is possible that the Funds may wish to borrow money for a temporary or emergency purpose but may not be able to do so. During the six months ended December 31, 2020, Global Balanced and Floating Rate Income did not access the line of credit. The Funds accessed the line of credit, based only on the days borrowed, as follows:

	Average Amount							Outstanding
	Borrowings		Interest		Average			Borrowings
	Outstanding		Expense (1)		Interest Rate			12/31/2020
Insider Income	$	89,500	$	48		3.25	%	$	—
Enhanced Income		—		—		—			—
Global Balanced		11,000		3		3.25	%		—
Floating Rate		—		—		—			—
High Income		152,559		41		3.25	%		—
Total Return		—		—		0.00	%		—
Income Opportunity		—		—		0.00	%		—

⁽¹⁾ Includes only Interest Expense for the six months ended December 31, 2020 and may not agree back to the Statement of Operations, which also may include overdrafts, line of credit fees, and broker interests.

(7) SECURITIES LENDING

The Funds have entered into a Securities Lending Agreement (” Agreement”) with the Bank Each participating Fund can lend its securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. Loans are collateralized at a value at

62

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2020	SEMI-ANNUAL REPORT

least equal to 105% of the then current market value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. All interest and dividend payments received on securities which are held on loan, provided that there is no material default, will be paid to the respective Fund. A portion of the income generated by the investment in the Funds collateral, net of any rebates paid by the Bank to the borrowers is remitted to the Bank as lending agent and the remainder is paid to the Fund(s).

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2020.

					Percentage of Total
Fund	Market Value of Loaned Securities		Market Value of Collateral		Investment Income
SMH High Income *	$	3,284,787	$	3,359,335	3.05%
SMH Total Return		4,027,665		4,177,607	4.31%

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

The below table shows the collateral held by each Fund at the end of the period.

										Gross Amounts Not Offset in the
										Statement of Assets & Liabilities
					Gross Amounts		Net Amounts of
		Gross Amounts			Offset in the		Liabilities Presented in
		of Recognized			Statement of Assets &		the Statement of Assets			Financial		Cash Collateral
Description	Counterparty	Liabilities			Liabilities		& Liabilities			Instruments		Pledged		Net Amount
SMH High Income
Liabilities Securities Loaned	US Bank	$	(3,359,335	)	$	—	$	(3,359,335	)	$	3,359,335	$	—	$	—
SMH Total Return
Liabilities Securities Loaned	US Bank	$	(4,177,607	)	$	—	$	(4,177,607	)	$	4,177,607	$	—	$	—

(8) BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2020, the companies that held more than 25% of the voting securities of the Funds, and may be deemed to control each respective Fund, are as follows:

																MAP
				Floating Rate						Total Return			Income			Global
Owner	Insider Income			Income			High Income			Income			Opportunity			Balanced
LPL Financial (1)		—			26	%		—			—			42	%		—
Charles Schwab & Co.(1)		27	%		—			—			—			—			—
Pershing LLC(1)		29	%		—			33	%		—			—			—
Raymond James (1)		—			—			—			—			—			27	%
Wells Fargo(1)		—			—			31	%		72	%		—			—

63

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2020	SEMI-ANNUAL REPORT

(9) SUBSEQUENT EVENTS

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

64

CATALYST FUNDS

SUPPLEMENTAL INFORMATION (Unaudited)

December 31, 2020

Consideration and Renewal of a Management Agreement between Catalyst Capital Advisors, LLC and the Trust with respect to the Catalyst Enhanced Income Strategy Fund

In connection with a regular meeting held on November 30, 2020, the Board of Trustees (the “Board”) of Mutual Fund Series 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, discussed the renewal of a management agreement (the “Management Agreement”) between the Trust and Catalyst Capital Advisors, LLC (“Catalyst”), with respect to the Catalyst Enhanced Income Strategy Fund (“Catalyst EIS”).

The Board was assisted by legal counsel throughout the review process. The Board relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Management 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 the renewal of the Management Agreement. In connection with its deliberations regarding renewal of the Management Agreement, the Board reviewed materials prepared by Catalyst.

Nature, Extent, and Quality of Services. The Board reviewed Catalyst’s corporate structure, officers, owners, and compliance record. A representative of the advisor reviewed the services Catalyst provided to Catalyst EIS and the manner in which Catalyst supervised Catalyst EIS’s investment program and the sub-advisor. The Board discussed the experience of Catalyst’s senior personnel and its satisfaction with its access to Catalyst’s chief compliance officer and chief risk officer. A representative of the advisor reviewed Catalyst’s risk management process which was aimed at mitigating risk while maintaining returns. The Board agreed that Catalyst’s focus on risk management and mitigation was beneficial to shareholders. The Board discussed Catalyst’s compliance program, and the Trust’s chief compliance officer confirmed that Catalyst had appropriate and reasonably designed compliance policies and procedures to prevent violations of the federal securities laws. The Board acknowledged Catalyst’s infrastructure, including the addition of an investment operations analyst in Puerto Rico, and compliance and risk management cultures. The Board concluded that the services provided by Catalyst to Catalyst EIS were in line with the Board’s expectations.

Performance. The Board discussed that Catalyst EIS significantly outperformed its peer group and Morningstar categories over the 1-year and since-inception periods and outperformed the Bloomberg Barclays US Aggregate Bond TR Index since-inception. The Board noted the advisor’s explanation that Catalyst EIS underperformed the benchmark in the 1-year period because declining interest rates had driven the benchmark’s performance. After discussion, the Board concluded that the performance of Catalyst EIS was acceptable.

Fees and Expenses. The Board noted that Catalyst EIS’s advisory fee, before waiver, was higher than the high of its peer group and was the high of its Morningstar category. The Board noted, however, that Catalyst EIS’s advisory fee, after waiver, was lower than the peer group and Morningstar category averages and medians. The Board observed that Catalyst EIS’s expense ratio was higher than the medians and averages of its peer group and Morningstar categories, but well-below the highs of each. The Board discussed Catalyst’s explanation that its advisory fee was warranted due to the specialized, alternative nature and active management of Catalyst EIS’s investment strategy. The Board recognized that Catalyst EIS was smaller than the funds in its peer group and Morningstar categories. The Board considered the allocation of revenue compared to the allocation of duties between Catalyst and the sub-advisor. The Board acknowledged that the fee allocation between Catalyst and the sub-advisor was the result of arm’s length negotiations and determined the allocation was appropriate. After further discussion, the Board concluded that the advisory fee for Catalyst EIS was not unreasonable.

Profitability. The Board remarked that Catalyst earned a profit from managing Catalyst EIS. The Board discussed that Catalyst’s profit margins were well within the industry norm for strategies similar to that of Catalyst EIS. They also considered related benefits to the adviser and its affiliates related to the Fund. The Board concluded that Catalyst’s profit in connection with Catalyst EIS was not excessive.

65

CATALYST FUNDS

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

December 31, 2020

Economies of Scale. The Board noted that the management agreement did not contain breakpoints reducing the fee rate on assets above specified levels, but that shareholders of Catalyst EIS had benefitted from Catalyst EIS’s expense cap. The Board agreed that breakpoints may be an appropriate way for Catalyst to share economies of scale with Catalyst EIS and its shareholders if Catalyst EIS experienced significant growth in assets. The Board noted that Catalyst EIS had not reached such levels and agreed to revisit the issue of breakpoints at the management agreement’s next renewal.

Conclusion. Having requested and received information from Catalyst as it believed to be reasonably necessary to evaluate the terms of the Management Agreement, and as assisted by the advice and guidance of counsel, the Board concluded that renewal of the Management Agreement was in the best interests of Catalyst EIS and its shareholders.

66

CATALYST FUNDS

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

December 31, 2020

Consideration and Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Wynkoop, LLC with respect to Catalyst Enhanced Income Strategy Fund.

In connection with a regular meeting held on November 30, 2020, the Board of Trustees (the “Board”) of Mutual Fund Series 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, discussed the renewal of a sub-advisory agreement (the “Sub-Advisory Agreement”) between Catalyst Capital Advisors, LLC (“Catalyst”) and Wynkoop, LLC (“Wynkoop”), with respect to Catalyst Enhanced Income Strategy Fund (“Catalyst EIS”).

The Board was assisted by legal counsel throughout the approval process. The Board relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory 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 the renewal of the Sub- Advisory Agreement. In connection with its deliberations regarding the renewal of the Sub-Advisory Agreement, the Board reviewed materials prepared by Wynkoop.

Nature, Extent, and Quality of Services. The Board reviewed Wynkoop’s corporate structure, officers, owners, and compliance record. The Board discussed the investment sub-advisory services Wynkoop provided to Catalyst EIS. The Board considered the experience of Wynkoop’s key personnel and noted its satisfaction with the background and experience of each individual. The Board acknowledged that Wynkoop reviewed and utilized street research but made investment decisions based on its understanding of prevailing market conditions and the availability of investments as informed by research. The Board remarked favorably on Wynkoop’s sound understanding of risk management. It noted that Wynkoop demonstrated a thorough understanding of the main risks associated with real estate asset classes, including credit spreads, national housing prices, interest rates and liquidity. The Board observed that Wynkoop reported no material compliance or litigation issues since the approval of the sub-advisory agreement, and that the advisor recommended renewal of the sub-advisory agreement. The Board concluded that the services provided by Wynkoop were satisfactory and in line with its expectations.

Performance. The Board discussed that Catalyst EIS significantly outperformed its peer group and Morningstar categories over the 1-year and since-inception periods and outperformed the Bloomberg Barclays US Aggregate Bond TR Index since-inception. The Board noted Catalyst’s explanation that Catalyst EIS underperformed the benchmark in the 1-year period because declining interest rates had driven the benchmark’s performance. After discussion, the Board concluded that the performance of Catalyst EIS was acceptable.

Fees and Expenses. The Board noted that Catalyst charged an advisory fee of 1.50% for Catalyst EIS and that 50% of the net advisory fee was paid to Wynkoop. The Board acknowledged that Wynkoop’s sub-advisory fee for Catalyst EIS was lower than the fee Wynkoop charged to other accounts with similar strategies. The Board discussed the allocation of fees between Catalyst and Wynkoop relative to their respective duties and other factors and agreed the allocation for Catalyst EIS was appropriate. The Board concluded that the sub-advisory fee received by Wynkoop for Catalyst EIS was not unreasonable.

Profitability. The Board reviewed the profitability analysis provided by Wynkoop, noting that Wynkoop was earning a reasonable profit from sub-advising Catalyst EIS. The Board concluded that the excessive profitability of Wynkoop was not an issue for Wynkoop at this time.

Economies of Scale. The Board considered whether it was likely that Wynkoop would realize economies of scale with respect to the sub-advisory services provided to Catalyst EIS. The Board agreed that this was primarily an advisor level issue and should be considered with respect to the overall management agreement, taking into consideration the impact of the sub-advisory expense. The Board concluded that, based on the current size of Catalyst EIS, it was unlikely that Wynkoop was benefitting from any material economies of scale.

67

CATALYST FUNDS

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

December 31, 2020

Conclusion. Having requested and received such information from Wynkoop as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement between Catalyst and Wynkoop, and as assisted by the advice and guidance of counsel, the Board concluded that renewal of the Sub-Advisory Agreement was in the best interests of Catalyst EIS and its shareholders.

68

CATALYST FUNDS

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

December 31, 2020

Consideration of Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC (“Catalyst”) and Stone Beach Investment Management, LLC, (“Stone Beach”) with respect to the Catalyst/Stone Beach Income Opportunity Fund (Stone Beach IO”).

In connection with a regular meeting held on August 19, 2020, the Board of Trustees (the “Board”) of Mutual Fund Series 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, discussed the renewal of the sub-advisory agreement between Catalyst and Stone Beach (the “Sub-Advisory Agreement”), with respect to Stone Beach IO.

The Board was assisted by legal counsel throughout the review process. The Board relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory 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 the renewal of the Sub-Advisory Agreement. In connection with its deliberations regarding the renewal of the Sub-Advisory Agreement, the Board reviewed materials prepared by Stone Beach. Nature, Extent, and Quality of Services. The Board observed there had been no changes in Stone Beach’s investment personnel. The Board acknowledged that Stone Beach had credible portfolio managers and a dedicated risk manager focused on risk mitigation with third-party compliance support. The Board noted that Stone Beach’s investment process was premised on a disciplined, fundamental-value approach to security selection that focused on the underlying characteristics of potential investments. It discussed that Stone Beach employed an active management approach to adjust Stone Beach IO’s portfolio composition in an effort to maximize income and minimize loss. The Board noted that Stone Beach evaluated risks associated with Stone Beach IO on a daily basis and reviewed market offerings throughout the day for relative value candidates that fit Stone Beach’s risk profile. The Board discussed that Stone Beach chose broker dealers based on relationships that had been cultivated over the past several decades. The Board concluded that the services provided by Stone Beach were in line with its expectations.

Performance. The Board discussed that Stone Beach IO outperformed the Bloomberg Barclays MBS Index across all periods. The Board concluded that Stone Beach IO’s performance was acceptable.

Fees and Expenses. The Board noted that Catalyst charged an advisory fee of 1.25% for Stone Beach IO, and that 0.50% of the net advisory fee (after certain expenses) was paid to Stone Beach by Catalyst as a sub-advisory fee. The Board considered that the maximum sub-advisory fee continued to be well below the base fee charged by Stone Beach to the other accounts under its management. The Board concluded that the sub-advisory fee was not unreasonable.

Profitability. The Board observed that, based on the information Stone Beach provided, Stone Beach did not earn a profit from its Sub-Advisory Agreement but had adequate resources to continue as sub-advisor to Stone Beach IO. The Board concluded therefore that excessive profitability was not an issue for Stone Beach at this time.

Economies of Scale. The Board considered whether Stone Beach had realized economies of scale with respect to the sub-advisory services provided to Stone Beach IO. The Board agreed that this was primarily an advisor level issue and should be considered with respect to the overall management agreement, taking into consideration the impact of the sub-advisory expense. The Board agreed that, based on the size of Stone Beach IO, Stone Beach did not appear to have benefited from economies of scale.

Conclusion. Having requested and received such information from Stone Beach as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement between Catalyst and Stone Beach, and as assisted by the advice and guidance of counsel, the Board concluded that renewal of the Sub-Advisory Agreement was in the best interests of Stone Beach IO and its shareholders.

69

CATALYST FUNDS

INFORMATION ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees; and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below illustrates an investment of $1,000 invested at the beginning of the period (07/01/20) and held for the entire period through 12/31/20.

Actual Expenses

The “Actual” columns of each table below provides information about actual account values and actual expenses. You may use the information in these sections, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” columns of each table provides information about the hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. For more information on transactional costs, please refer to the Funds’ prospectus.

								Hypothetical
				Actual				(5% return before expenses)
	Fund’s	Beginning
	Annualized	Account Value		Ending Account		Expenses Paid		Ending Account		Expenses Paid
	Expense Ratio	07/01/20		Value 12/31/20		During Period *		Value 12/31/20		During Period *
Catalyst Insider Income Fund - Class A	1.00%	$	1,000.00	$	1,054.00	$	5.18	$	1,020.16	$	5.09
Catalyst Insider Income Fund - Class C	1.75%		1,000.00		1,051.20		9.05		1,016.38		8.89
Catalyst Insider Income Fund - Class I	0.75%		1,000.00		1,055.60		3.89		1,021.42		3.82
Catalyst Enhanced Income Strategy Fund - Class A	1.75%		1,000.00		1,043.30		9.01		1,016.38		8.89
Catalyst Enhanced Income Strategy Fund - Class C	2.50%		1,000.00		1,040.00		12.85		1,012.60		12.68
Catalyst Enhanced Income Strategy Fund - Class I	1.50%		1,000.00		1,044.60		7.73		1,017.64		7.63
Catalyst/MAP Global Balanced Fund - Class A	1.22%		1,000.00		1,106.30		6.48		1,019.06		6.21
Catalyst/MAP Global Balanced Fund - Class C	1.97%		1,000.00		1,102.00		10.44		1,015.27		10.01
Catalyst/MAP Global Balanced Fund - Class I	0.97%		1,000.00		1,107.70		5.15		1,020.32		4.94
Catalyst/CIFC Floating Rate Income Fund - Class A	1.15%		1,000.00		1,065.60		5.99		1,019.41		5.85
Catalyst/CIFC Floating Rate Income Fund - Class C	1.90%		1,000.00		1,061.70		9.87		1,015.63		9.65
Catalyst/CIFC Floating Rate Income Fund - Class I	0.90%		1,000.00		1,066.80		4.69		1,020.67		4.58
Catalyst/SMH High Income Fund - Class A	1.48%		1,000.00		1,152.20		8.03		1,017.74		7.53
Catalyst/SMH High Income Fund - Class C	2.23%		1,000.00		1,150.60		12.09		1,013.96		11.32
Catalyst/SMH High Income Fund - Class I	1.23%		1,000.00		1,156.60		6.69		1,019.00		6.26
Catalyst/SMH Total Return Income Fund - Class A	1.58%		1,000.00		1,198.60		8.76		1,017.24		8.03
Catalyst/SMH Total Return Income Fund - Class C	2.33%		1,000.00		1,194.60		12.89		1,013.46		11.82
Catalyst/SMH Total Return Income Fund - Class I	1.33%		1,000.00		1,200.60		7.38		1,018.50		6.77
Catalyst/Stone Beach Income Opportunity Fund - Class A	1.58%		1,000.00		986.90		7.91		1,017.24		8.03
Catalyst/Stone Beach Income Opportunity Fund - Class C	2.33%		1,000.00		983.80		11.65		1,013.46		11.82
Catalyst/Stone Beach Income Opportunity Fund - Class I	1.33%		1,000.00		989.10		6.67		1,018.50		6.77

* Expenses are equal to the Funds’ annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

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

For more information on Fund expenses, please refer to the Funds’ prospectus, which can be obtained from your investment representative or by calling 1-866-447-4228. Please read it carefully before you invest or send money.

70

PRIVACY NOTICE

Mutual Fund Series Trust

Rev. July 2017

FACTS WHAT DOES MUTUAL FUND SERIES TRUST DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information.  Federal law gives consumers the right to limit some, but not all sharing.  Federal law also requires us to tell you how we collect, share, and protect your personal information.  Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depends on the product or service that you have with us. This information can include:   ●         Social Security number and wire transfer instructions   ●         account transactions and transaction history   ●         investment experience and purchase history   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business.  In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Mutual Fund Series Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Mutual Fund Series Trust share information?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	YES	NO
For our marketing purposes - to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness.	NO	We don’t share
For our affiliates to market to you	NO	We don’t share
For non-affiliates to market to you	NO	We don’t share

QUESTIONS?   Call 1-844-223-8637

71

PRIVACY NOTICE

Mutual Fund Series Trust

What we do:
How does Mutual Fund Series Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Mutual Fund Series Trust collect my personal information?	We collect your personal information, for example, when you: ●     open an account or deposit money ●     direct us to buy securities or direct us to sell your securities ●     seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: ●     sharing for affiliates’ everyday business purposes – information about your creditworthiness. ●     affiliates from using your information to market to you. ●     sharing for non-affiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ●     Mutual Fund Series Trust does not share with affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ●     Mutual Fund Series Trust doesn’t share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ●     Mutual Fund Series Trust doesn’t jointly market.

72

MUTUAL FUND SERIES TRUST

4221 North 203rd Street, Suite 100

Elkhorn, NE 68022-3474

MANAGER

Catalyst Capital Advisors, LLC

53 Palmeras Street, Suite 601

San Juan, PR 00901

ADMINISTRATOR

Gemini Fund Services LLC

80 Arkay Dr. Suite 110

Hauppauge, NY 11788

Reference is made to the Prospectus and the Statement of Additional Information for more detailed descriptions of the Management Agreements, Services Agreements and Distribution and/or Service (12b-1) Plans, tax aspects of the Funds and the calculations of the net asset values of shares of the Funds.

The Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-447-4228; and on the SEC’s website at http://www.sec.gov.

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

CatalystIncome-SA20

ITEM 2. CODE OF ETHICS.

Not applicable for semi-annual reports.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semi-annual reports.

ITEM 6. SCHEDULE OF INVESTMENT

See Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable Fund is an open-end management investment company

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable Fund is an open-end management investment company

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable Fund is an open-end management investment company

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable at this time.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act, are effective, as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-ENDED MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(1) Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(3) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

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 Jerry Szilagyi	/s/ Jerry Szilagyi
President
Date:  March 8, 2021

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

By Jerry Szilagyi	/s/ Jerry Szilagyi
President
Date: March 8, 2021

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

By Erik Naviloff	/s/ Erik Naviloff
Treasurer
Date: March 8, 2021