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: 12/31/21

ITEM 1. REPORTS TO SHAREHOLDERS.

SEMI-ANNUAL REPORT

Catalyst Insider Buying Fund

(INSAX, INSCX, INSIX)

Catalyst Energy Infrastructure Fund

(MLXAX, MLXCX, MLXIX)

Catalyst Pivotal Growth Fund

(BUYAX, BUYCX, BUYIX)

Catalyst/MAP Global Equity Fund

(CAXAX, CAXCX, CAXIX)

Catalyst/Lyons Tactical Allocation Fund

(CLTAX, CLTCX, CLTIX)

Catalyst Dynamic Alpha Fund

(CPEAX, CPECX, CPEIX)

December 31, 2021

Mutual Fund Series Trust

CATALYST FUNDS

SEMI-ANNUAL REPORT

TABLE OF CONTENTS

Portfolio Review	Page 1
Schedules of Investments	Page 7
Statements of Assets and Liabilities	Page 22
Statements of Operations	Page 24
Statements of Changes in Net Assets	Page 26
Financial Highlights	Page 28
Notes to Financial Statements	Page 40
Supplemental Information	Page 52
Expense Example	Page 56
Privacy Notice	Page 57

Catalyst Insider Buying Fund
PORTFOLIO REVIEW (Unaudited)
December 31, 2021

The Fund’s performance figures* for each of the periods ended December 31, 2021, compared to its benchmark:

			Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	Ten Year Return	Since Inception**
Class A	(20.76)%	(17.45)%	5.80%	8.34%	N/A
Class A with load	(25.32)%	(22.39)%	4.56%	7.70%	N/A
Class C	(21.06)%	(18.28)%	5.02%	7.79%	N/A
Class I	(20.65)%	(17.45)%	6.08%	N/A	14.73%
S&P 500 Total Return Index(a)	11.67%	28.71%	18.47%	16.55%	3.35%

* 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, 2021, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 1.70% for Class A, 2.45% for Class C and 1.45% for Class I shares. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

(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.

** Inception date is June 6, 2014, for Class I and the benchmark.

Top Ten Holdings by Industry or Asset Type	% of Net Assets
Software		33.9	%
Internet Media & Services		22.7	%
Technology Services		11.6	%
Specialty Finance		9.8	%
E-Commerce Discretionary		8.7	%
Renewable Energy		4.6	%
Automotive		3.4	%
Health Care Facilities & Services		2.8	%
Entertainment Content		1.9	%
Medical Equipment & Devices		0.3	%
Other/Cash & Equivalents		0.3	%
		100.0	%

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

1

Catalyst Energy Infrastructure Fund
PORTFOLIO REVIEW (Unaudited)
December 31, 2021

The Fund’s performance figures* for each of the periods ended December 31, 2021, compared to its benchmark:

			Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	Since Inception**
Class A	(2.18)%	41.67%	(4.81)%	(4.99)%
Class A with load	(7.83)%	33.51%	(5.95)%	(5.79)%
Class C	(2.55)%	40.57%	(5.53)%	(5.67)%
Class I	(2.05)%	42.05%	(4.57)%	(4.74)%
Alerian MLP Total Return Index(a)	(5.19)%	40.17%	(2.70)%	(4.90)%

* 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, 2021, the Fund’s total gross annual operating expenses are 1.81% for Class A, 2.56% for Class C, and 1.56% 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 Alerian MLP Total Return Index is the leading gauge of large-cap and mid-cap energy Master Limited Partnerships. Investors cannot invest directly in an index.

** Inception date is December 22, 2014.

Top Holdings by Industry	% of Net Assets
Oil & Gas Producers		99.6	%
Other/Cash & Equivalents		0.4	%
		100.0	%

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

2

Catalyst Pivotal Growth Fund
PORTFOLIO REVIEW (Unaudited)
December 31, 2021

The Fund’s performance figures* for each of the periods ended December 31, 2021, compared to its benchmark:

			Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	Since Inception**
Class A	(10.04)%	2.94%	6.42%	5.60%
Class A with load	(15.19)%	(2.97)%	5.16%	4.82%
Class C	(10.45)%	2.16%	5.62%	4.81%
Class I	(9.95)%	3.17%	6.68%	5.88%
S&P 500 Total Return Index(a)	11.67%	28.71%	18.47%	14.78%
Russell 3000 Total Return Index(b)	9.17%	25.66%	17.97%	14.30%

* 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 for periods greater than 1 years are annualized. As disclosed in the Fund’s prospectus dated November 1, 2021, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 2.57% for Class A, 3.31% for Class C and 2.29% 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 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 Russell 3000 Total Return Index, is a market capitalization-weighted index of the 3,000 largest U.S. traded stocks. Investors cannot invest directly in an index.

** Inception date is December 31, 2013.

Top Ten Holdings by Industry or Asset Type	% of Net Assets
Software		24.3	%
Internet Media & Services		10.5	%
Semiconductors		10.5	%
E-Commerce Discretionary		8.9	%
Technology Services		7.8	%
Entertainment Content		6.3	%
Biotech & Pharma		6.1	%
Home Construction		4.6	%
Technology Hardware		3.3	%
Apparel & Textile Products		2.9	%
Other/Cash & Equivalents		14.8	%
		100.0	%

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

3

Catalyst/MAP Global Equity Fund
PORTFOLIO REVIEW (Unaudited)
December 31, 2021

The Fund’s performance figures* for each of the periods ended December 31, 2021, compared to its benchmark:

			Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	Ten Year Return	Since Inception**
Class A	4.62%	16.55%	10.35%	9.77%	N/A
Class A with load	(1.39)%	9.85%	9.05%	9.12%	N/A
Class C	4.18%	15.63%	9.49%	8.94%	N/A
Class I	4.78%	16.87%	10.62%	N/A	7.58%
MSCI All Country World Stock Index(a)	5.75%	19.04%	14.97%	12.44%	10.42%
MSCI All Country World Stock Value Index(b)	5.15%	20.41%	9.48%	9.61%	6.72%

* 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, 2021, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 1.65% for Class A, 2.40% for Class C, and 1.39% 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 a free float-adjusted market capitalization index that is designed to measure global developed market equity performance consisting of 24 developed market country indices. Investors cannot invest directly in an index.

(b) The MSCI All Country World Stock Value Index captures large and mid cap securities exhibiting overall value style characteristics across 23 Developed Markets countries and 27 Emerging 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.

** Inception date is June 6, 2014, for Class I and the benchmark.

Top Ten Holdings by Industry or Asset Type	% of Net Assets
Biotech & Pharma		12.5	%
Technology Hardware		8.7	%
Food		8.6	%
Semiconductors		7.1	%
Telecommunications		6.0	%
Gas & Water Utilities		5.2	%
Wholesale - Consumer Staples		5.0	%
Engineering & Construction		4.7	%
Chemicals		3.7	%
Software		3.5	%
Other/Cash & Equivalents		35.0	%
		100.0	%

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

4

Catalyst/Lyons Tactical Allocation Fund
PORTFOLIO REVIEW (Unaudited)
December 31, 2021

The Fund’s performance figures* for each of the periods ended December 31, 2021, compared to its benchmark:

			Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	Since Inception**	Since Inception***
Class A	5.43%	17.83%	11.42%	12.38%	N/A
Class A with load	(0.63)%	11.04%	10.11%	11.68%	N/A
Class C	5.04%	16.94%	10.59%	11.56%	N/A
Class I	5.54%	18.11%	11.70%	N/A	9.67%
Lipper Flexible Portfolio Funds Index(a)	3.79%	13.66%	11.21%	9.14%	7.75%
S&P 500 Total Return Index(b)	11.67%	28.71%	18.47%	16.35%	14.73%

* 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, 2021, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 1.94% for Class A, 2.69% for Class C, and 1.69% 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 Lipper Flexible Portfolio Funds Index, is an index that, by portfolio practice, allocates its investments across various asset classes, including both domestic and foreign stocks, bonds, and money market instruments, with a focus on total return. At least 25% of its portfolio is invested in securities traded outside of the United States. Investors cannot invest directly in an index.

(b) 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.

** Inception date is July 2, 2012, for Class A, Class C and the benchmarks.

*** Inception date is June 6, 2014, for Class I and the benchmarks.

Top Ten Holdings by Industry or Asset Type	% of Net Assets
Retail - Discretionary		13.2	%
Health Care Facilities & Services		13.0	%
Technology Services		10.2	%
Software		9.5	%
Technology Hardware		8.2	%
Leisure Facilities & Services		7.6	%
Retail - Consumer Staples		7.3	%
Electrical Equipment		6.1	%
Semiconductors		4.8	%
Biotech & Pharma		4.6	%
Other/Cash & Equivalents		15.5	%
		100.0	%

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

5

Catalyst Dynamic Alpha Fund
PORTFOLIO REVIEW (Unaudited)
December 31, 2021

The Fund’s performance figures* for each of the periods ended December 31, 2021, compared to its benchmark:

			Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	Ten Year Return	Since Inception**
Class A	15.49%	19.81%	14.42%	15.55%	N/A
Class A with load	8.85%	12.92%	13.07%	14.87%	N/A
Class C	15.05%	18.86%	13.55%	14.68%	N/A
Class I	15.61%	20.08%	14.70%	N/A	13.35%
S&P 500 Total Return Index(a)	11.67%	28.71%	18.47%	16.55%	14.73%

* 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, 2021, the Fund’s total gross annual operating expenses are 1.48% for Class A, 2.23% for Class C and 1.23% 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 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.

** Inception date is June 6, 2014, for Class I and the benchmark.

Top Ten Holdings by Industry or Asset Type	% of Net Assets
Electrical Equipment		10.7	%
Semiconductors		8.4	%
Technology Hardware		6.0	%
Automotive		5.3	%
Medical Equipment & Devices		5.1	%
Health Care Facilities & Services		5.0	%
Metals & Mining		4.9	%
Banking		4.8	%
Technology Services		4.6	%
Software		4.6	%
Other/Cash & Equivalents		40.6	%
		100.0	%

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

6

CATALYST INSIDER BUYING FUND

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.7%
		AUTOMOTIVE - 3.4%
	19,370	XPEL, Inc.(a),(b)	$	1,322,584
		E-COMMERCE DISCRETIONARY - 8.7%
	560	Amazon.com, Inc.(a)		1,867,230
	1,130	MercadoLibre, Inc.(a)		1,523,692
				3,390,922
		ENTERTAINMENT CONTENT - 1.9%
	16,210	Bilibili, Inc. - ADR(a),(b)		752,144
		HEALTH CARE FACILITIES & SERVICES - 2.8%
	3,675	Joint Corporation (The)(a)		241,411
	9,130	Teladoc Health, Inc.(a),(b)		838,317
				1,079,728
		INTERNET MEDIA & SERVICES - 22.7%
	830	Alphabet, Inc., Class C(a)		2,401,680
	1,063	Fiverr International Ltd.(a),(b)		120,863
	13,110	Meta Platforms, Inc., Class A(a)		4,409,549
	3,105	Netflix, Inc.(a)		1,870,576
				8,802,668
		MEDICAL EQUIPMENT & DEVICES - 0.3%
	479	Repligen Corporation(a)		126,858
		RENEWABLE ENERGY - 4.6%
	6,335	SolarEdge Technologies, Inc.(a),(b)		1,777,411
		SOFTWARE - 33.9%
	830	Adobe, Inc.(a),(b)		470,660
	8,790	Crowdstrike Holdings, Inc., Class A(a)		1,799,753
	4,020	Digital Turbine, Inc.(a),(b)		245,180
	9,595	DocuSign, Inc.(a)		1,461,414
	1,145	Everbridge, Inc.(a),(b)		77,093
	70	Microsoft Corporation		23,542
	8,595	Mimecast Ltd.(a),(b)		683,904
	8,565	Okta, Inc.(a),(b)		1,920,015

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

7

CATALYST INSIDER BUYING FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		SOFTWARE - 33.9% (Continued)
	6,500	RingCentral, Inc., Class A(a),(b)	$	1,217,775
	2,915	ServiceNow, Inc.(a)		1,892,155
	4,740	Twilio, Inc., Class A(a),(b)		1,248,232
	3,460	Veeva Systems, Inc., Class A(a)		883,961
	6,750	Zoom Video Communications, Inc., Class A(a)		1,241,393
				13,165,077
		SPECIALTY FINANCE - 9.8%
	411,197	OppFi, Inc.(a),(b)		1,866,834
	122,480	SoFi Technologies, Inc.(a),(b)		1,936,409
				3,803,243
		TECHNOLOGY SERVICES - 11.6%
	9,515	Block, Inc., Class A(a)		1,536,767
	4,205	Mastercard, Inc., Class A		1,510,941
	7,695	PayPal Holdings, Inc.(a)		1,451,123
				4,498,831
		TOTAL COMMON STOCKS (Cost $35,164,968)		38,719,466
		COLLATERAL FOR SECURITIES LOANED - 29.5%
	11,479,643	Mount Vernon Liquid Assets Portfolio, 0.12% (Cost $11,479,643)(c),(d)		11,479,643
		TOTAL INVESTMENTS - 129.2% (Cost $46,644,611)	$	50,199,109
		LIABILITIES IN EXCESS OF OTHER ASSETS - (29.2)%		(11,338,778	)
		NET ASSETS - 100.0%	$	38,860,331

ADR - American Depositary Receipt

LTD - Limited Company

^(a) Non-income producing security.

^(b) All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2021 was $10,675,505.

^(c) Rate disclosed is the seven day effective yield as of December 31, 2021.

^(d) 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 accompanying notes are an integral part of these financial statements.

8

CATALYST ENERGY INFRASTRUCTURE

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.6%
		OIL & GAS PRODUCERS - 99.6%
	135,205	Cheniere Energy, Inc.	$	13,712,491
	44,440	Crestwood Equity Partners, L.P.		1,226,100
	45,409	DT Midstream, Inc.		2,178,724
	182,242	Enbridge, Inc.		7,122,017
	1,562,278	Energy Transfer, L.P.		12,857,548
	1,020,456	EnLink Midstream, LLC		7,030,942
	598,416	Enterprise Products Partners, L.P.		13,141,215
	695,218	Equitrans Midstream Corporation		7,188,554
	257,369	Gibson Energy, Inc.		4,568,114
	92,733	Hess Midstream, L.P., A		2,562,213
	249,107	Keyera Corporation		5,626,428
	392,530	Kinder Morgan, Inc.		6,225,526
	136,963	Magellan Midstream Partners, L.P.		6,360,562
	37,510	Marathon Petroleum Corporation		2,400,265
	25,866	MPLX, L.P.		765,375
	871,487	NextDecade Corporation(a)		2,483,738
	76,671	NuStar Energy, L.P.		1,217,535
	115,965	ONEOK, Inc.		6,814,103
	376,991	Pembina Pipeline Corporation		11,434,137
	686,627	Plains GP Holdings, L.P., Class A		6,962,398
	129,378	Targa Resources Corporation		6,758,707
	143,570	TC Energy Corporation		6,681,748
	1,001,405	Tellurian, Inc.(a)		3,084,327
	36,643	Western Midstream Partners, L.P.		816,040
	547,089	Williams Companies, Inc. (The)		14,246,197
				153,465,004
		TOTAL COMMON STOCKS (Cost $146,500,732)		153,465,004
		TOTAL INVESTMENTS - 99.6% (Cost $146,500,732)	$	153,465,004
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%		687,696
		NET ASSETS - 100.0%	$	154,152,700

LLC - Limited Liability Company

L.P. - Limited Partnership

^(a) Non-income producing security.

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

9

CATALYST PIVOTAL GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 98.5%
		APPAREL & TEXTILE PRODUCTS - 2.9%
	1,555	NIKE, Inc., Class B	$	259,172
		BANKING - 2.5%
	4,615	Wells Fargo & Company		221,428
		BIOTECH & PHARMA - 6.1%
	1,290	AbbVie, Inc.(a)		174,666
	2,210	Bristol-Myers Squibb Company		137,794
	3,225	Gilead Sciences, Inc.		234,167
				546,627
		E-COMMERCE DISCRETIONARY - 8.9%
	108	Amazon.com, Inc.(b)		360,109
	460	Etsy, Inc.(a),(b)		100,712
	245	MercadoLibre, Inc.(b)		330,358
				791,179
		ENTERTAINMENT CONTENT - 6.3%
	1,145	Sea Ltd., Class A - ADR(b)		256,148
	1,960	Walt Disney Company (The)(b)		303,584
				559,732
		HEALTH CARE FACILITIES & SERVICES - 2.9%
	510	UnitedHealth Group, Inc.		256,091
		HOME CONSTRUCTION - 4.6%
	69	NVR, Inc.(b)		407,712
		INTERNET MEDIA & SERVICES - 10.5%
	90	Alphabet, Inc., Class A(b)		260,734
	670	Meta Platforms, Inc., Class A(b)		225,355
	315	Netflix, Inc.(b)		189,769
	1,150	Roku, Inc.(b)		262,430
				938,288
		LEISURE FACILITIES & SERVICES - 2.4%
	1,865	Starbucks Corporation		218,149

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

10

CATALYST PIVOTAL GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 98.5% (Continued)
		LEISURE PRODUCTS - 1.4%
	3,400	Peloton Interactive, Inc., Class A(a),(b)	$	121,584
		SEMICONDUCTORS - 10.5%
	3,400	Advanced Micro Devices, Inc.(b)		489,260
	1,525	NVIDIA Corporation		448,518
				937,778
		SOFTWARE - 24.3%
	880	Adobe, Inc.(b)		499,012
	700	Bill.com Holdings, Inc.(a),(b)		174,405
	1,910	Crowdstrike Holdings, Inc., Class A(b)		391,073
	1,370	DocuSign, Inc.(b)		208,665
	370	Shopify, Inc., Class A(b)		509,634
	2,920	SS&C Technologies Holdings, Inc.		239,382
	797	Zoom Video Communications, Inc., Class A(b)		146,576
				2,168,747
		TECHNOLOGY HARDWARE - 3.3%
	1,655	Apple, Inc.		293,878
		TECHNOLOGY SERVICES - 7.8%
	2,000	Block, Inc., Class A(b)		323,020
	1,740	Visa, Inc., Class A(a)		377,075
				700,095
		TELECOMMUNICATIONS - 1.4%
	2,395	Verizon Communications, Inc.		124,444
		TRANSPORTATION & LOGISTICS - 2.7%
	940	Union Pacific Corporation		236,814
		TOTAL COMMON STOCKS (Cost $8,983,294)		8,781,718

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

11

CATALYST PIVOTAL GROWTH FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 1.2%
		COMMODITY - 1.2%
	650	SPDR Gold Shares(b)	$	111,124
		TOTAL EXCHANGE-TRADED FUNDS (Cost $111,579)		111,124
		COLLATERAL FOR SECURITIES LOANED - 10.9%
	968,445	Mount Vernon Liquid Assets Portfolio, 0.12% (Cost $968,445)(c),(e)		968,445
		SHORT-TERM INVESTMENTS — 0.0% (d)
		MONEY MARKET FUNDS - 0.0% (d)
	2,323	Federated Hermes Government Obligations Fund, Institutional Class, 0.03% (Cost $2,323)(c)		2,323
		TOTAL INVESTMENTS - 110.6% (Cost $10,065,641)	$	9,863,610
		LIABILITIES IN EXCESS OF OTHER ASSETS - (10.6)%		(943,742	)
		NET ASSETS - 100.0%	$	8,919,868

ADR - American Depositary Receipt

LTD - Limited Company

SPDR - Standard & Poor’s Depositary Receipt

^(a) All or a portion of these securities are on loan. Total loaned securities had a value of $938,727 at December 31, 2021.

^(b) Non-income producing security.

^(c) Rate disclosed is the seven day effective yield as of December 31, 2021.

^(d) Percentage rounds to less than 0.1%.

^(e) 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 accompanying notes are an integral part of these financial statements. 

12

CATALYST/MAP GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Shares			Fair Value
		CLOSED END FUNDS — 3.2%
		COMMODITY - 3.2%
	144,000	Sprott Physical Gold and Silver Trust(a)	$	2,554,560
		TOTAL CLOSED END FUNDS (Cost $1,917,569)		2,554,560
		COMMON STOCKS — 93.0%
		AEROSPACE & DEFENSE - 2.9%
	120,840	Kratos Defense & Security Solutions, Inc.(a)		2,344,296
		ASSET MANAGEMENT - 3.0%
	21,800	Groupe Bruxelles Lambert S.A.		2,433,481
		BEVERAGES - 3.0%
	128,500	Distell Group Holdings Ltd.(a)		1,359,073
	2,200,000	Thai Beverage PCL		1,077,031
				2,436,104
		BIOTECH & PHARMA - 12.4%
	13,900	Johnson & Johnson		2,377,873
	33,180	Novartis A.G. - ADR		2,902,255
	62,000	Sanofi - ADR		3,106,199
	125,000	Takeda Pharmaceutical Company Ltd. - ADR		1,703,750
				10,090,077
		CHEMICALS - 3.7%
	75,570	Mosaic Company (The)		2,969,145
		CONSTRUCTION MATERIALS - 2.4%
	14,640	Holcim Ltd.		747,304
	38,945	MDU Resources Group, Inc.		1,201,064
				1,948,368
		E-COMMERCE DISCRETIONARY - 3.4%
	40,500	eBay, Inc.		2,693,250

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

13

CATALYST/MAP GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 93.0% (Continued)
		ENGINEERING & CONSTRUCTION - 4.7%
	22,305	Tetra Tech, Inc.	$	3,787,389
		ENTERTAINMENT CONTENT - 2.8%
	5,359	Electronic Arts, Inc.		706,852
	112,100	Vivendi S.A.(b)		1,515,739
				2,222,591
		FOOD - 8.6%
	39,050	Campbell Soup Company		1,697,113
	318,000	GrainCorp Ltd.(b)		1,909,729
	515,200	Grupo Herdez S.A.B. de C.V.		1,017,309
	16,550	Nestle S.A. - ADR		2,323,124
				6,947,275
		GAS & WATER UTILITIES - 5.2%
	41,855	National Fuel Gas Company		2,676,208
	32,960	UGI Corporation		1,513,194
				4,189,402
		HOUSEHOLD PRODUCTS - 1.4%
	66,000	Reckitt Benckiser Group plc - ADR		1,155,000
		INSTITUTIONAL FINANCIAL SERVICES - 0.7%
	79,500	JSE Ltd.		557,895
		INTERNET MEDIA & SERVICES - 0.7%
	1,743	Meta Platforms, Inc., Class A(a)		586,258
		METALS & MINING - 2.5%
	42,000	Anglo American plc - ADR		864,360
	13,000	Anglo American plc		531,053
	14,835	Freeport-McMoRan, Inc.		619,065
				2,014,478
		REAL ESTATE OWNERS & DEVELOPERS - 0.7%
	275,000	Swire Pacific Ltd.		269,487
	51,000	Swire Pacific Ltd., Class A		290,118
				559,605

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

14

CATALYST/MAP GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 93.0% (Continued)
		RETAIL - CONSUMER STAPLES - 1.3%
	7,062	Walmart, Inc.	$	1,021,801
		RETAIL - DISCRETIONARY - 0.6%
	1,243	Home Depot, Inc. (The)		515,857
		SEMICONDUCTORS - 7.1%
	6,500	Applied Materials, Inc.		1,022,840
	29,505	Intel Corporation		1,519,508
	35,000	Micron Technology, Inc.		3,260,251
				5,802,599
		SOFTWARE - 3.5%
	8,500	Microsoft Corporation		2,858,720
		TECHNOLOGY HARDWARE - 8.7%
	10,300	Apple, Inc.		1,828,971
	46,500	Cisco Systems, Inc.		2,946,705
	361,050	Nokia OYJ - ADR(a)		2,245,731
				7,021,407
		TELECOMMUNICATIONS - 6.0%
	55,000	AT&T, Inc.		1,353,000
	194,606	Orange S.A. - ADR		2,053,093
	92,930	Vodafone Group plc - ADR		1,387,445
				4,793,538
		TOBACCO & CANNABIS - 2.7%
	10,800,000	Hanjaya Mandala Sampoerna Tbk P.T.		731,240
	66,000	Imperial Brands plc - ADR		1,452,264
				2,183,504
		WHOLESALE - CONSUMER STAPLES - 5.0%
	43,300	Bunge Ltd.		4,042,488

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

15

CATALYST/MAP GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2021

Shares										Fair Value
		COMMON STOCKS — 93.0% (Continued)
		TOTAL COMMON STOCKS (Cost $53,583,754)								$	75,174,528
		TOTAL INVESTMENTS - 96.2% (Cost $55,501,323)								$	77,729,088
		CALL OPTIONS WRITTEN – (0.0)% (d) (Proceeds - $13,587)									(1,600	)
		OTHER ASSETS IN EXCESS OF LIABILITIES- 3.8%									3,056,760
		NET ASSETS - 100.0%								$	80,784,248
Contracts(c)			Counterparty		Expiration Date	Exercise Price		Notional Value
		WRITTEN EQUITY OPTIONS – (0.0)% (d)
		CALL OPTIONS WRITTEN- (0.0)%(d)
	400	Nokia OYJ		USB	01/21/2022	$	7	$	248,800	$	1,600
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $13,587)
		TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $13,587)								$	1,600

ADR - American Depositary Receipt

LTD - Limited Company

OYJ - Julkinen osakeyhtio (Public Stock Company)

PLC - Public Limited Company

USB - US Bank

^(a) Non-income producing security.

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

^(c) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

^(d) Percentage rounds to greater than (0.1%).

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

16

CATALYST/LYONS TACTICAL ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 96.3%
		BIOTECH & PHARMA - 4.6%
	10,625	Moderna, Inc.(a)	$	2,698,538
		COMMERCIAL SUPPORT SERVICES - 4.2%
	14,740	Waste Management, Inc.		2,460,106
		DIVERSIFIED INDUSTRIALS - 3.5%
	9,682	Honeywell International, Inc.		2,018,794
		ELECTRICAL EQUIPMENT - 6.1%
	5,366	Generac Holdings, Inc.(a)		1,888,403
	5,153	Lennox International, Inc.		1,671,427
				3,559,830
		HEALTH CARE FACILITIES & SERVICES - 13.0%
	4,481	Chemed Corporation		2,370,628
	9,887	HCA Healthcare, Inc.		2,540,168
	5,283	UnitedHealth Group, Inc.		2,652,805
				7,563,601
		INTERNET MEDIA & SERVICES - 4.1%
	13,152	Expedia Group, Inc.(a)		2,376,829
		LEISURE FACILITIES & SERVICES - 7.6%
	14,569	Darden Restaurants, Inc.		2,194,674
	18,924	Starbucks Corporation		2,213,540
				4,408,214
		RETAIL - CONSUMER STAPLES - 7.3%
	9,645	Dollar General Corporation		2,274,581
	8,610	Target Corporation		1,992,698
				4,267,279
		RETAIL - DISCRETIONARY - 13.2%
	10,327	Advance Auto Parts, Inc.		2,477,241
	6,667	Home Depot, Inc. (The)		2,766,872
	32,090	TJX Companies, Inc. (The)		2,436,273
				7,680,386

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

17

CATALYST/LYONS TACTICAL ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2021

Shares										Fair Value
		COMMON STOCKS — 96.3% (Continued)
		SEMICONDUCTORS - 4.8%
	6,532	KLA Corporation								$	2,809,479
		SOFTWARE - 9.5%
	15,477	Cadence Design Systems, Inc.(a)									2,884,139
	7,795	Microsoft Corporation									2,621,614
											5,505,753
		TECHNOLOGY HARDWARE - 8.2%
	14,904	Apple, Inc.									2,646,503
	7,000	Ubiquiti, Inc.									2,146,900
											4,793,403
		TECHNOLOGY SERVICES - 10.2%
	12,591	Broadridge Financial Solutions, Inc.									2,301,886
	15,460	Leidos Holdings, Inc.									1,374,394
	12,110	PayPal Holdings, Inc.(a)									2,283,704
											5,959,984
		TOTAL COMMON STOCKS (Cost $39,205,224)									56,102,196
Contracts(b)			Broker/Counterparty		Expiration Date	Exercise Price		Notional Value
		INDEX OPTIONS PURCHASED - 0.1%
		PUT OPTIONS PURCHASED - 0.1%
	60	S&P 500 Index		USB	01/21/2022	$	4,320	$	28,597,080	$	31,500
		TOTAL PUT OPTIONS PURCHASED (Cost - $476,551)
		TOTAL INDEX OPTIONS PURCHASED (Cost - $476,551)									31,500
		TOTAL INVESTMENTS - 96.4% (Cost $39,681,775)								$	56,133,696
		OTHER ASSETS IN EXCESS OF LIABILITIES- 3.6%									2,121,786
		NET ASSETS - 100.0%								$	58,255,482

USB - US Bank

^(a) Non-income producing security.

^(b) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

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

18

CATALYST DYNAMIC ALPHA FUND

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.7%
		ASSET MANAGEMENT - 2.4%
	26,950	LPL Financial Holdings, Inc.	$	4,314,426
		AUTOMOTIVE - 5.3%
	29,850	Aptiv plc(a)		4,923,757
	4,125	Tesla, Inc.(a)		4,359,218
				9,282,975
		BANKING - 4.8%
	95,400	Fifth Third Bancorp		4,154,670
	20,900	First Republic Bank		4,316,058
				8,470,728
		CHEMICALS - 3.8%
	17,950	Albemarle Corporation		4,196,172
	15,500	Celanese Corporation		2,604,930
				6,801,102
		ELECTRICAL EQUIPMENT - 10.7%
	28,800	Keysight Technologies, Inc.(a)		5,947,488
	18,200	Rockwell Automation, Inc.		6,349,070
	42,150	TE Connectivity Ltd.		6,800,480
				19,097,038
		ENGINEERING & CONSTRUCTION - 3.8%
	59,050	Quanta Services, Inc.		6,770,673
		FOOD - 2.4%
	22,050	Hershey Company (The)		4,266,014
		HEALTH CARE FACILITIES & SERVICES - 5.0%
	17,850	UnitedHealth Group, Inc.		8,963,199
		INDUSTRIAL SUPPORT SERVICES - 1.8%
	9,550	United Rentals, Inc.(a)		3,173,370
		INSTITUTIONAL FINANCIAL SERVICES - 3.6%
	65,250	Morgan Stanley		6,404,940

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

19

CATALYST DYNAMIC ALPHA FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		INSURANCE - 2.0%
	57,400	MetLife, Inc.	$	3,586,926
		MEDICAL EQUIPMENT & DEVICES - 5.1%
	34,150	Abbott Laboratories		4,806,271
	100,000	Avantor, Inc.(a),(b)		4,214,000
				9,020,271
		METALS & MINING - 4.9%
	209,200	Freeport-McMoRan, Inc.		8,729,916
		OIL & GAS PRODUCERS - 2.0%
	80,450	Devon Energy Corporation(b)		3,543,823
		RESIDENTIAL REIT - 1.7%
	17,350	Camden Property Trust		3,100,098
		RETAIL - CONSUMER STAPLES - 4.2%
	32,550	Target Corporation		7,533,372
		RETAIL - DISCRETIONARY - 3.5%
	72,750	Builders FirstSource, Inc.(a)		6,235,403
		SEMICONDUCTORS - 8.4%
	44,250	Applied Materials, Inc.		6,963,180
	115,400	ON Semiconductor Corporation(a)		7,837,967
				14,801,147
		SOFTWARE - 4.6%
	10,225	Atlassian Corp plc, Class A(a)		3,898,690
	11,700	Synopsys, Inc.(a)		4,311,450
				8,210,140
		SPECIALTY FINANCE - 3.1%
	114,100	Ally Financial, Inc.		5,432,301

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

20

CATALYST DYNAMIC ALPHA FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.7% (Continued)
		SPECIALTY REITS - 2.2%
	71,700	Iron Mountain, Inc.(b)	$	3,752,061
		TECHNOLOGY HARDWARE - 6.0%
	15,125	Motorola Solutions, Inc.		4,109,462
	57,850	Seagate Technology Holdings plc		6,535,893
				10,645,355
		TECHNOLOGY SERVICES - 4.6%
	325,900	Infosys Ltd. - ADR		8,248,529
		WHOLESALE - DISCRETIONARY - 3.8%
	12,000	Pool Corporation		6,792,000
		TOTAL COMMON STOCKS (Cost $133,315,423)		177,175,807
		COLLATERAL FOR SECURITIES LOANED - 4.7%
	8,397,311	Mount Vernon Liquid Assets Portfolio, 0.12% (Cost $8,397,311)(c),(d)		8,397,311
		TOTAL INVESTMENTS - 104.4% (Cost $141,712,734)	$	185,573,118
		LIABILITIES IN EXCESS OF OTHER ASSETS - (4.4)%		(7,803,723	)
		NET ASSETS - 100.0%	$	177,769,395

ADR - American Depositary Receipt

LTD - Limited Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

^(a) Non-income producing security.

^(b) All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2021 was $8,206,291.

^(c) Rate disclosed is the seven day effective yield as of December 31, 2021.

^(d) 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 accompanying notes are an integral part of these financial statements.

21

CATALYST FUNDS

Statements of Assets and Liabilities (Unaudited)

December 31, 2021

	Catalyst Insider			Catalyst Energy			Catalyst Pivotal
	Buying Fund			Infrastructure Fund			Growth Fund
ASSETS:
Investment in Securities, at Cost	$	46,644,611		$	146,500,732		$	10,065,641
Investment in Securities, at Value	$	50,199,109		$	153,465,004		$	9,863,610
Cash		376,429			2,848,925			11,818
Receivable for Fund shares sold		2,500			111,930			—
Dividends and interest receivable		5,383			240,033			76
Due from Manager		—			—			4,257
Prepaid expenses and other assets		35,966			34,732			27,349
Total Assets		50,619,387			156,700,624			9,907,110
LIABILITIES:
Payable upon return of securities loaned		11,479,643			—			968,445
Payable for securities purchased		—			2,202,249			—
Payable for Fund shares redeemed		89,911			95,786			—
Line of credit outstanding		118,000			—			—
Management fees payable		23,843			149,700			—
Trustee fee payable		3,164			2,921			2,798
Payable to related parties		7,488			10,864			3,767
Compliance Officer fees payable		—			789			42
Accrued 12b-1 fees		21,745			53,525			3,532
Accrued expenses and other liabilities		15,262			32,090			8,658
Total Liabilities		11,759,056			2,547,924			987,242
Net Assets	$	38,860,331		$	154,152,700		$	8,919,868
NET ASSETS CONSIST OF:
Paid in capital	$	79,928,046		$	204,582,205		$	9,305,604
Accumulated losses		(41,067,715	)		(50,429,505	)		(385,736	)
Net Assets	$	38,860,331		$	154,152,700		$	8,919,868
Class A
Net Assets	$	16,272,267		$	25,556,548		$	4,849,223
Shares of beneficial interest outstanding (a)		853,023			1,555,913			422,941
Net asset value per share (Net assets/shares outstanding)	$	19.08		$	16.43		$	11.47
Maximum offering price per share (b)	$	20.24		$	17.43		$	12.17
Minimum redemption price per share (c)	$	18.89		$	16.27		$	11.36
Class C
Net Assets	$	5,234,843		$	19,749,695		$	2,117,119
Shares of beneficial interest outstanding (a)		285,608			1,203,607			194,743
Net asset value, offering price and redemption price per share (Net assets/shares outstanding)	$	18.33		$	16.41		$	10.87
Class I
Net Assets	$	17,353,221		$	108,846,457		$	1,953,526
Shares of beneficial interest outstanding (a)		892,865			6,601,873			168,579
Net asset value, offering price and redemption price per share (Net assets/shares outstanding)	$	19.44		$	16.49		$	11.59

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

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

(c) Investments in Class A shares made at or above $1 million breakpoint 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.

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

22

CATALYST FUNDS

Statements of Assets and Liabilities (Unaudited) (Continued)

December 31, 2021

			Catalyst/Lyons		Catalyst
	Catalyst/MAP		Tactical		Dynamic Alpha
	Global Equity Fund		Allocation Fund		Fund
ASSETS:
Investment in Securities, at Cost	$	55,501,323	$	39,681,775	$	141,712,734
Investment in Securities, at Value	$	77,729,088	$	56,133,696	$	185,573,118
Cash		2,756,099		2,297,795		1,004,345
Receivable for securities sold		—		—		88,473
Receivable for Fund shares sold		2,694		6,443		46,055
Dividends and interest receivable		356,294		23,138		174,454
Prepaid expenses and other assets		28,389		33,760		32,004
Total Assets		80,872,564		58,494,832		186,918,449
LIABILITIES:
Options written, at value (premiums received, at cost $13,587, $0, $0)		1,600		—		—
Payable upon return of securities loaned		—		—		8,397,311
Payable for Fund shares redeemed		2,500		141,196		422,326
Management fees payable		41,254		44,032		133,302
Trustee fee payable		2,991		3,107		3,080
Payable to related parties		5,790		6,824		14,530
Compliance Officer fees payable		491		223		222
Accrued 12b-1 fees		13,673		25,861		132,946
Accrued expenses and other liabilities		20,017		18,107		45,337
Total Liabilities		88,316		239,350		9,149,054
Net Assets	$	80,784,248	$	58,255,482	$	177,769,395
NET ASSETS CONSIST OF:
Paid in capital	$	63,018,894	$	42,037,745	$	132,382,340
Accumulated earnings		17,765,354		16,217,737		45,387,055
Net Assets	$	80,784,248	$	58,255,482	$	177,769,395
Class A
Net Assets	$	10,221,602	$	9,383,195	$	89,238,523
Shares of beneficial interest outstanding (a)		581,817		470,710		4,135,489
Net asset value per share (Net assets/shares outstanding)	$	17.57	$	19.93	$	21.58
Maximum offering price per share (b)	$	18.64	$	21.15	$	22.90
Minimum redemption price per share (c)	$	17.39	$	19.73	$	21.36
Class C
Net Assets	$	9,863,680	$	22,456,820	$	37,824,158
Shares of beneficial interest outstanding (a)		573,973		1,163,500		1,966,654
Net asset value, offering price and redemption price per share (Net assets/shares outstanding)	$	17.18	$	19.30	$	19.23
Class I
Net Assets	$	60,698,966	$	26,415,467	$	50,706,714
Shares of beneficial interest outstanding (a)		3,457,041		1,325,993		2,307,742
Net asset value, offering price and redemption price per share (Net assets/shares outstanding)	$	17.56	$	19.92	$	21.97

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

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

(c) Investments in Class A shares made at or above $1 million breakpoint 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.

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

23

CATALYST FUNDS

Statements of Operations (Unaudited)

For the Six Months Ended December 31, 2021

	Catalyst Insider			Catalyst Energy			Catalyst Pivotal
	Buying Fund			Infrastructure Fund			Growth Fund
Investment Income:
Dividend income	$	10,503		$	4,258,908		$	28,136
Interest income		11			18			5
Securities lending - net		35,967			—			547
Foreign tax withheld		—			(166,692	)		(18	)
Total Investment Income		46,481			4,092,234			28,670
Operating Expenses:
Investment management fees		246,861			973,434			51,777
12b-1 Fees:
Class A		25,619			36,083			6,991
Class C		34,620			101,021			12,403
Registration fees		27,088			31,520			22,666
Networking fees		26,084			50,821			5,835
Administration fees		16,849			33,511			11,472
Management services fees		8,692			21,990			3,815
Audit fees		7,535			6,568			6,568
Legal fees		6,438			5,840			9,060
Trustees’ fees		6,301			6,301			6,301
Printing expense		5,412			4,209			3,820
Transfer agent fees		3,618			5,978			377
Compliance officer fees		3,412			7,025			5,307
Custody fees		2,281			7,242			2,016
Insurance expense		707			1,562			151
Interest expense		—			2,786			—
Miscellaneous expense		1,050			1,250			1,058
Total Operating Expenses		422,567			1,297,141			149,617
Less: Fees waived and/or reimbursed by Manager		(47,002	)		(43,681	)		(64,034	)
Net Operating Expenses		375,565			1,253,460			85,583
Net Investment Income (Loss)		(329,084	)		2,838,774			(56,913	)
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, and Foreign Currency Translations:
Net realized gain (loss) from:
Investments		1,824,787			(92,806	)		(87,735	)
Foreign currency transactions		(1	)		57			—
Net realized gain (loss)		1,824,786			(92,749	)		(87,735	)
Net change in unrealized appreciation (depreciation) on:
Investments		(12,202,866	)		(6,321,997	)		(896,575	)
Foreign currency translations		(21	)		2,912			—
Net change in unrealized depreciation		(12,202,887	)		(6,319,085	)		(896,575	)
Net Realized and Unrealized Loss on Investments		(10,378,101	)		(6,411,834	)		(984,310	)
Net Decrease in Net Assets Resulting From Operations	$	(10,707,185	)	$	(3,573,060	)	$	(1,041,223	)

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

24

CATALYST FUNDS

Statements of Operations (Unaudited) (Continued)

For the Six Months Ended December 31, 2021

				Catalyst/Lyons			Catalyst
	Catalyst/MAP			Tactical			Dynamic Alpha
	Global Equity Fund			Allocation Fund			Fund
Investment Income:
Dividend Income	$	690,086		$	319,167		$	1,118,015
Interest Income		77			83			28
Securities lending - net		—			—			4,113
Foreign tax withheld		(48,623	)		—			(10,965	)
Total Investment Income		641,540			319,250			1,111,191
Operating Expenses:
Investment management fees		370,508			356,027			878,875
12b-1 fees:
Class A		12,617			11,858			108,370
Class C		50,328			109,178			186,264
Networking fees		27,589			19,430			60,872
Registration fees		21,677			26,219			29,395
Administration fees		18,920			18,342			34,945
Management services fees		11,784			9,642			24,493
Audit fees		7,494			6,568			6,568
Trustees’ fees		6,224			6,301			6,301
Custody fees		5,793			1,814			5,953
Legal fees		5,351			5,849			5,339
Compliance officer fees		4,887			5,867			7,294
Transfer agent fees		3,380			2,192			7,067
Printing expense		1,791			3,200			2,299
Insurance expense		907			655			2,773
Miscellaneous expense		1,058			1,058			1,243
Total Operating Expenses		550,308			584,200			1,368,051
Less: Fees waived and/or reimbursed by Manager		(131,459	)		(98,374	)		(79,818	)
Net Operating Expenses		418,849			485,826			1,288,233
Net Investment Income (Loss)		222,691			(166,576	)		(177,042	)
Realized and Unrealized Gain (Loss) on Investments:
Foreign Currency Transactions, Purchased Options, Written Options, and Foreign Currency Translations:
Net realized gain (loss) from:
Investments		635,913			53,958			1,720,187
Foreign currency transactions		(7,891	)		—			—
Net realized gain		628,022			53,958			1,720,187
Net change in unrealized appreciation (depreciation) on:
Investments		2,700,090			3,412,740			23,417,271
Purchased Options		—			(445,051	)		—
Written Options		12,000			—			—
Foreign currency translations		(2,016	)		—			—
Net change in unrealized appreciation		2,710,074			2,967,689			23,417,271
Net Realized and Unrealized Gain on Investments		3,338,096			3,021,647			25,137,458
Net Increase in Net Assets Resulting From Operations	$	3,560,787		$	2,855,071		$	24,960,416

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

25

CATALYST FUNDS

Statements of Changes in Net Assets

	Catalyst Insider Buying Fund						Catalyst Energy Infrastructure Fund						Catalyst Pivotal Growth Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	December 31, 2021			June 30, 2021			December 31, 2021			June 30, 2021			December 31, 2021			June 30, 2021
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income (loss)	$	(329,084	)	$	(604,802	)	$	2,838,774		$	4,623,759		$	(56,913	)	$	(84,283	)
Net realized gain (loss) on investments		1,824,786			4,248,346			(92,749	)		(10,414,615	)		(87,735	)		4,326,873
Net change in unrealized appreciation (depreciation) on investments		(12,202,887	)		8,142,147			(6,319,085	)		58,092,171			(896,575	)		(554,952	)
Net increase (decrease) in net assets resulting from operations		(10,707,185	)		11,785,691			(3,573,060	)		52,301,315			(1,041,223	)		3,687,638
Distributions to Shareholders from:
Return of Capital
Class A		—			—			—			(2,080,231	)		—			—
Class C		—			—			—			(1,334,231	)		—			—
Class I		—			—			—			(5,581,993	)		—			—
Distributions paid
Class A		—			—			(1,112,269	)		(313,306	)		(153,715	)		—
Class C		—			—			(709,048	)		(204,894	)		(71,564	)		—
Class I		—			—			(4,323,591	)		(772,651	)		(62,002	)		—
Total distributions to shareholders		—			—			(6,144,908	)		(10,287,306	)		(287,281	)		—
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		1,861,087			864,976			2,871,870			4,046,509			198,250			1,360,706
Class C		25,138			162,319			2,104,125			2,303,332			7,276			21,607
Class I		840,167			2,491,725			28,987,036			44,715,776			447,805			476,893
Paid in capital from merger (see Note 1)
Class A		—			4,485,740			—			—			—			—
Class C		—			1,020,318			—			—			—			—
Class I		—			2,281,871			—			—			—			—
Reinvestment of distributions
Class A		—			—			812,772			1,802,250			150,239			—
Class C		—			—			604,917			1,047,100			67,689			—
Class I		—			—			3,552,514			5,548,236			51,738			—
Cost of shares redeemed
Class A		(2,432,468	)		(3,221,421	)		(7,064,760	)		(8,384,196	)		(752,628	)		(1,987,700	)
Class C		(2,297,284	)		(2,278,322	)		(3,128,636	)		(5,599,677	)		(305,759	)		(2,652,952	)
Class I		(2,515,761	)		(3,613,788	)		(20,344,918	)		(31,752,313	)		(429,245	)		(4,328,114	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(4,519,121	)		2,193,418			8,394,920			13,727,017			(564,635	)		(7,109,560	)
Total Increase (Decrease) in Net Assets		(15,226,306	)		13,979,109			(1,323,048	)		55,741,026			(1,893,139	)		(3,421,922	)
Net Assets:
Beginning of period		54,086,637			40,107,528			155,475,748			99,734,722			10,813,007			14,234,929
End of period	$	38,860,331		$	54,086,637		$	154,152,700		$	155,475,748		$	8,919,868		$	10,813,007
Share Activity:
Class A
Shares Sold		80,858			38,204			171,073			293,041			15,151			113,281
Share received from merger (see note 1)		—			197,598			—			—			—			—
Shares Reinvested		—			—			48,273			135,204			13,319			—
Shares Redeemed		(112,476	)		(146,184	)		(420,334	)		(610,835	)		(58,420	)		(183,894	)
Net increase (decrease) in shares of Beneficial interest		(31,618	)		89,618			(200,988	)		(182,590	)		(29,950	)		(70,613	)
Class C
Shares Sold		1,173			7,670			123,715			160,244			573			2,133
Share received from merger (see note 1)		—			46,543			—			—			—			—
Shares Reinvested		—			—			35,964			78,108			6,326			—
Shares Redeemed		(103,808	)		(107,031	)		(187,729	)		(414,117	)		(25,114	)		(245,775	)
Net decrease in shares of Beneficial interest		(102,635	)		(52,818	)		(28,050	)		(175,765	)		(18,215	)		(243,642	)
Class I
Shares Sold		37,553			106,909			1,688,424			3,038,122			33,586			37,673
Share received from merger (see note 1)		—			98,824			—			—			—			—
Shares Reinvested		—			—			210,225			408,134			4,538			—
Shares Redeemed		(115,044	)		(166,458	)		(1,189,277	)		(2,380,036	)		(32,935	)		(427,481	)
Net increase (decrease) in shares of Beneficial interest		(77,491	)		39,275			709,372			1,066,220			5,189			(389,808	)

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

26

CATALYST FUNDS

Statements of Changes in Net Assets (Continued)

	Catalyst/MAP Global Equity Fund						Catalyst/Lyons Tactical Allocation Fund						Catalyst Dynamic Alpha Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	December 31, 2021			June 30, 2021			December 31, 2021			June 30, 2021			December 31, 2021			June 30, 2021
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income (loss)	$	222,691		$	685,565		$	(166,576	)	$	(187,208	)	$	(177,042	)	$	(1,181,539	)
Net realized gain on investments		628,022			663,464			53,958			534,973			1,720,187			51,780,877
Net change in unrealized appreciation (depreciation) on investments		2,710,074			14,475,828			2,967,689			14,391,376			23,417,271			(16,750,562	)
Net increase in net assets resulting from operations		3,560,787			15,824,857			2,855,071			14,739,141			24,960,416			33,848,776
Distributions to Shareholders from:
Distributions paid
Class A		(176,950	)		(184,950	)		(51,044	)		(245,756	)		(21,254,845	)		—
Class C		(104,120	)		(104,642	)		(126,964	)		(652,365	)		(9,902,033	)		—
Class I		(1,176,800	)		(758,070	)		(149,253	)		(548,055	)		(12,443,436	)		—
Total distributions to shareholders		(1,457,870	)		(1,047,662	)		(327,261	)		(1,446,176	)		(43,600,314	)		—
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		377,352			1,323,603			1,493,660			2,072,578			2,896,952			7,817,389
Class C		37,868			977,728			1,759,499			2,156,462			999,252			5,048,861
Class I		9,417,612			17,220,846			5,172,715			7,394,318			2,743,658			8,018,083
Reinvestment of distributions
Class A		127,800			136,861			48,257			230,960			20,598,490			—
Class C		84,475			81,398			124,323			633,121			9,541,554			—
Class I		1,006,888			678,248			137,176			503,125			10,984,410			—
Cost of shares redeemed
Class A		(738,336	)		(4,597,753	)		(1,469,968	)		(1,495,357	)		(9,373,347	)		(24,555,539	)
Class C		(874,845	)		(2,071,116	)		(1,857,853	)		(2,504,373	)		(4,150,221	)		(11,073,257	)
Class I		(2,629,725	)		(8,386,360	)		(2,698,265	)		(3,598,605	)		(9,192,645	)		(27,816,074	)
Net increase (decrease) in net assets from share transactions of beneficial interest		6,809,089			5,363,455			2,709,544			5,392,229			25,048,103			(42,560,537	)
Total Increase (Decrease) in Net Assets		8,912,006			20,140,650			5,237,354			18,685,194			6,408,205			(8,711,761	)
Net Assets:
Beginning of period		71,872,242			51,731,592			53,018,128			34,332,934			171,361,190			180,072,951
End of period	$	80,784,248		$	71,872,242		$	58,255,482		$	53,018,128		$	177,769,395		$	171,361,190
Share Activity:
Class A
Shares Sold		22,235			87,085			76,657			123,179			117,425			340,569
Shares Reinvested		7,585			9,064			2,479			13,822			993,177			—
Shares Redeemed		(42,914	)		(304,583	)		(75,147	)		(88,562	)		(378,089	)		(1,069,458	)
Net increase (decrease) in shares of Beneficial interest		(13,094	)		(208,434	)		3,989			48,439			732,513			(728,889	)
Class C
Shares Sold		2,274			62,622			92,425			128,634			42,063			242,384
Shares Reinvested		5,123			5,507			6,592			38,818			516,039			—
Shares Redeemed		(52,647	)		(140,758	)		(98,399	)		(153,065	)		(182,312	)		(524,383	)
Net increase (decrease) in shares of Beneficial interest		(45,250	)		(72,629	)		618			14,387			375,790			(281,999	)
Class I
Shares Sold		547,093			1,097,601			263,790			434,843			108,362			343,316
Shares Reinvested		59,791			44,947			7,053			30,200			520,095			—
Shares Redeemed		(152,435	)		(555,851	)		(138,291	)		(218,452	)		(367,318	)		(1,196,391	)
Net increase (decrease) in shares of Beneficial interest		454,449			586,697			132,552			246,591			261,139			(853,075	)

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

27

CATALYST FUNDS

Catalyst Insider Buying Fund

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	24.08		$	18.49		$	19.28		$	18.53		$	15.46		$	13.28
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.15	)		(0.28	)		(0.04	)		(0.17	)		(0.08	)		0.06
Net realized and unrealized gain (loss) on investments		(4.85	)		5.87			(0.75	)		0.92			3.15			2.12
Total from investment operations		(5.00	)		5.59			(0.79	)		0.75			3.07			2.18
Net asset value, end of period	$	19.08		$	24.08		$	18.49		$	19.28		$	18.53		$	15.46
Total return (B)		(20.76	)% (G)		30.23	%		(4.10	)%		4.05	%		19.86	%		16.42	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	16,272		$	21,299		$	14,703		$	20,850		$	29,682		$	36,804
Ratios to average net assets (including interest expense)(E)
Expenses, before waiver and reimbursement (C)		1.72	% (H)		1.70	%		1.69	%		1.63	%		1.58	%		1.50	%
Expenses, net waiver and reimbursement (C)		1.53	% (H)		1.53	%		1.54	%		1.52	%		1.50	%		1.50	%
Net investment income (loss), before waiver and reimbursement (C,D)		(1.53	)% (H)		(1.47	)%		(0.34	)%		(1.01	)%		(0.57	)%		0.44	%
Net investment income (loss), net waiver and reimbursement (C,D)		(1.34	)% (H)		(1.30	)%		(0.20	)%		(0.90	)%		(0.49	)%		0.44	%
Portfolio turnover rate		26	% (G)		77	%		249	%		220	%		153	%		160	%
	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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	23.22		$	17.97		$	18.87		$	18.28		$	15.36		$	13.30
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.23	)		(0.43	)		(0.17	)		(0.30	)		(0.21	)		(0.04	)
Net realized and unrealized gain (loss) on investments		(4.66	)		5.68			(0.73	)		0.89			3.13			2.10
Total from investment operations		(4.89	)		5.25			(0.90	)		0.59			2.92			2.06
Net asset value, end of period	$	18.33		$	23.22		$	17.97		$	18.87		$	18.28		$	15.36
Total return (B)		(21.06	)% (G)		29.22	%		(4.77	)%		3.23	%		19.01	%		15.49	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	5,235		$	9,015		$	7,926		$	11,973		$	14,297		$	18,030
Ratios to average net assets (including interest expense)(F)
Expenses, before waiver and reimbursement (C)		2.47	% (H)		2.45	%		2.44	%		2.38	%		2.33	%		2.25	%
Expenses, net waiver and reimbursement (C)		2.28	% (H)		2.28	%		2.29	%		2.27	%		2.25	%		2.25	%
Net investment loss, before waiver and reimbursement (C,D)		(2.29	)% (H)		(2.22	)%		(1.09	)%		(1.75	)%		(1.32	)%		(0.30	)%
Net investment loss, net waiver and reimbursement (C,D)		(2.10	)% (H)		(2.05	)%		(0.94	)%		(1.64	)%		(1.24	)%		(0.30	)%
Portfolio turnover rate		26	% (G)		77	%		249	%		220	%		153	%		160	%

(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. Had the manager not waived its fees and reimbursed certain expenses, total return would have been lower.

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

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

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

Expenses, before waiver and reimbursement (C)	1.72	% (H)	1.70	%	1.68	%
Expenses, net waiver and reimbursement (C)	1.53	% (H)	1.53	%	1.53	%

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

Expenses, before waiver and reimbursement (C)	2.47	% (H)	2.45	%	2.43	%
Expenses, net waiver and reimbursement (C)	2.28	% (H)	2.28	%	2.28	%

(G) Not annualized.

(H) Annualized.

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

28

CATALYST FUNDS

Catalyst Insider Buying Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	24.50		$	18.77		$	19.51		$	18.71		$	15.57		$	13.34
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.13	)		(0.23	)		0.02			(0.12	)		(0.05	)		0.10
Net realized and unrealized gain (loss) on investments		(4.93	)		5.96			(0.76	)		0.92			3.19			2.13
Total from investment operations		(5.06	)		5.73			(0.74	)		0.80			3.14			2.23
Net asset value, end of period	$	19.44		$	24.50		$	18.77		$	19.51		$	18.71		$	15.57
Total return (B)		(20.65	)% (F)		30.53	%		(3.79	)%		4.28	%		20.17	%		16.72	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	17,353		$	23,773		$	17,478		$	19,386		$	14,876		$	12,827
Ratios to average net assets (including interest expense)(E)
Expenses, before waiver and reimbursement (C)		1.47	% (G)		1.45	%		1.44	%		1.38	%		1.33	%		1.25	%
Expenses, net waiver and reimbursement (C)		1.28	% (G)		1.28	%		1.29	%		1.27	%		1.25	%		1.25	%
Net investment income (loss), before waiver and reimbursement (C,D)		(1.28	)% (G)		(1.22	)%		(0.06	)%		(0.73	)%		(0.39	)%		0.70	%
Net investment income (loss), net waiver and reimbursement(C,D)		(1.09	)% (G)		(1.05	)%		0.09	%		(0.62	)%		(0.31	)%		0.70	%
Portfolio turnover rate		26	% (F)		77	%		249	%		220	%		153	%		160	%

(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 certain expenses, total return would have been lower.

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

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

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

Expenses, before waiver and reimbursement (C)	1.47	% (F)	1.45	%	1.43	%
Expenses, net waiver and reimbursement (C)	1.28	% (F)	1.28	%	1.28	%

(F) Not annualized.

(G) Annualized.

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

29

CATALYST FUNDS

Catalyst Energy Infrastructure Fund

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021			June 30, 2021			June 30, 2020 (C)			June 30, 2019 (C)			June 30, 2018 (C)			June 30, 2017 (C)
	(Unaudited)
Net asset value, beginning of period	$	17.47		$	12.18		$	22.94		$	27.40		$	31.40		$	31.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.31			0.59			0.96			1.05			1.10			1.20
Net realized and unrealized gain (loss) on investments		(0.69	)		6.00			(9.19	)		(2.36	)		(1.90	)		1.90
Total from investment operations		(0.38	)		6.59			(8.23	)		(1.31	)		(0.80	)		3.10
LESS DISTRIBUTIONS:
From net investment income		(0.66	)		(0.16	)		(1.63	)		(0.20	)		(0.20	)		(1.45	)
From return of capital		—			(1.14	)		(0.90	)		(2.95	)		(3.00	)		(1.80	)
Total distributions		(0.66	)		(1.30	)		(2.53	)		(3.15	)		(3.20	)		(3.25	)
Net asset value, end of period	$	16.43		$	17.47		$	12.18		$	22.94		$	27.40		$	31.40
Total return (B)		(2.18	)% (F)		58.01	%		(38.65	)%		(4.60	)%		(2.11	)%		9.38	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	25,557		$	30,687		$	23,625		$	50,216		$	50,624		$	50,307
Ratios to average net assets (including interest expense)(D)
Expenses, before waiver and reimbursement		1.74	% (G)		1.81	%		1.81	%		1.73	%		1.76	%		1.76	%
Expenses, net waiver and reimbursement		1.68	% (G)		1.68	%		1.70	%		1.68	%		1.65	%		1.65	%
Net investment income, before waiver and reimbursement		3.53	% (G)		4.16	%		5.34	%		4.14	%		3.80	%		3.33	%
Net investment income, net waiver and reimbursement		3.59	% (G)		4.28	%		5.45	%		4.19	%		3.91	%		3.44	%
Portfolio turnover rate		10	% (F)		32	%		49	%		40	%		49	%		32	%
	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, 2021			June 30, 2021			June 30, 2020 (C)			June 30, 2019 (C)			June 30, 2018 (C)			June 30, 2017 (C)
	(Unaudited)
Net asset value, beginning of period	$	17.45		$	12.17		$	22.92		$	27.40		$	31.40		$	31.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.24			0.48			0.83			0.85			0.90			0.90
Net realized and unrealized gain (loss) on investments		(0.68	)		6.00			(9.18	)		(2.33	)		(1.90	)		1.90
Total from investment operations		(0.44	)		6.48			(8.35	)		(1.48	)		(1.00	)		2.80
LESS DISTRIBUTIONS:
From net investment income		(0.60	)		(0.15	)		(1.54	)		(0.20	)		(0.20	)		(1.30	)
From return of capital		—			(1.05	)		(0.86	)		(2.80	)		(2.80	)		(1.70	)
Total distributions		(0.60	)		(1.20	)		(2.40	)		(3.00	)		(3.00	)		(3.00	)
Net asset value, end of period	$	16.41		$	17.45		$	12.17		$	22.92		$	27.40		$	31.40
Total return (B)		(2.55	)% (F)		56.78	%		(39.03	)%		(5.49	)%		(2.79	)%		8.47	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	19,750		$	21,492		$	17,127		$	31,580		$	30,078		$	18,160
Ratios to average net assets (including interest expense)(E)
Expenses, before waiver and reimbursement		2.49	% (G)		2.56	%		2.57	%		2.48	%		2.51	%		2.51	%
Expenses, net waiver and reimbursement		2.43	% (G)		2.43	%		2.45	%		2.43	%		2.40	%		2.40	%
Net investment income, before waiver and reimbursement		2.71	% (G)		3.40	%		4.61	%		3.40	%		3.12	%		2.49	%
Net investment income, net waiver and reimbursement		2.77	% (G)		3.52	%		4.73	%		3.45	%		3.23	%		2.60	%
Portfolio turnover rate		10	% (F)		32	%		49	%		40	%		49	%		32	%

(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. Had the manager not waived its fees and reimbursed certain expenses, total return would have been lower.

(C) Effective March 25, 2020, the Fund had a five-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the five-for-one stock split.

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

Expenses, before waiver and reimbursement	1.74	% (G)	1.80	%	1.79	%
Expenses, net waiver and reimbursement	1.68	% (G)	1.67	%	1.68	%

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

Expenses, before waiver and reimbursement	2.49	% (G)	2.55	%	2.54	%
Expenses, net waiver and reimbursement	2.43	% (G)	2.42	%	2.43	%

(F) Not annualized.

(G) Annualized.

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

30

CATALYST FUNDS

Catalyst Energy Infrastructure Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021				June 30, 2021			June 30, 2020 (C)			June 30, 2019 (C)			June 30, 2018 (C)			June 30, 2017 (C)
	(Unaudited)
Net asset value, beginning of period	$	17.53			$	12.22		$	23.02		$	27.50		$	31.45		$	31.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.33				0.62			1.01			1.15			1.20			1.25
Net realized and unrealized gain (loss) on investments		(0.68	)			6.03			(9.24	)		(2.38	)		(1.90	)		1.90
Total from investment operations		(0.35	)			6.65			(8.23	)		(1.23	)		(0.70	)		3.15
LESS DISTRIBUTIONS:
From net investment income		(0.69	)			(0.17	)		(1.65	)		(0.25	)		(0.20	)		(1.45	)
From return of capital		—				(1.17	)		(0.92	)		(3.00	)		(3.05	)		(1.85	)
Total distributions		(0.69	)			(1.34	)		(2.57	)		(3.25	)		(3.25	)		(3.30	)
Net asset value, end of period	$	16.49			$	17.53		$	12.22		$	23.02		$	27.50		$	31.45
Total return (B)		(2.05	)% (E)			58.39	%		(38.45	)%		(4.54	)%		(1.69	)%		9.61	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	108,846			$	103,297		$	58,983		$	118,252		$	107,804		$	71,237
Ratios to average net assets (including interest expense)(D)
Expenses, before waiver and reimbursement		1.49	% (F)			1.55	%		1.56	%		1.48	%		1.51	%		1.51	%
Expenses, net waiver and reimbursement		1.43	% (F)			1.43	%		1.45	%		1.43	%		1.40	%		1.40	%
Net investment income, before waiver and reimbursement		3.77	% (F)			4.32	%		5.63	%		4.51	%		4.07	%		3.44	%
Net investment income, net waiver and reimbursement		3.83	% (F)			4.43	%		5.74	%		4.56	%		4.18	%		3.55	%
Portfolio turnover rate		10	% (E)	��		32	%		49	%		40	%		49	%		32	%

(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 certain expenses, total return would have been lower.

(C) Effective March 25, 2020, the Fund had a five-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the five-for-one stock split.

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

Expenses, before waiver and reimbursement	1.49	% (F)	1.55	%	1.54	%
Expenses, net waiver and reimbursement	1.43	% (F)	1.42	%	1.43	%

(E) Not annualized.

(F) Annualized.

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

31

CATALYST FUNDS

Catalyst Pivotal Growth Fund

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	13.17		$	9.37		$	10.91		$	10.84		$	11.81		$	9.48
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.06	)		(0.07	)		(0.00	) (C)		0.07			0.03			(0.01	)
Net realized and unrealized gain (loss) on investments		(1.27	)		3.87			(1.50	)		0.22			1.22			2.36
Total from investment operations		(1.33	)		3.80			(1.50	)		0.29			1.25			2.35
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.04	)		—			—			(0.02	)
From net realized gains on investments		(0.37	)		—			—			(0.22	)		(2.22	)		—
Total distributions		(0.37	)		—			(0.04	)		(0.22	)		(2.22	)		(0.02	)
Net asset value, end of period	$	11.47		$	13.17		$	9.37		$	10.91		$	10.84		$	11.81
Total return (B)		(10.04	)% (F)		40.55	%		(13.79	)%		2.92	%		11.05	%		24.86	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	4,849		$	5,966		$	4,906		$	7,394		$	6,275		$	3,467
Ratios to average net assets (including interest expense)(D)
Expenses, before waiver and reimbursement		2.77	% (G)		2.57	%		1.97	%		1.80	%		2.17	%		2.18	%
Expenses, net waiver and reimbursement		1.53	% (G)		1.54	%		1.54	%		1.52	%		1.50	%		1.50	%
Net investment income (loss), before waiver and reimbursement		(2.21	)% (G)		(1.62	)%		(0.47	)%		0.33	%		(0.37	)%		(0.73	)%
Net investment income (loss), net waiver and reimbursement		(0.98	)% (G)		(0.60	)%		(0.04	)%		0.62	%		0.30	%		(0.06	)%
Portfolio turnover rate		16	% (F)		132	%		453	%		752	%		836	%		734	%
	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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	12.56		$	9.00		$	10.52		$	10.53		$	11.62		$	9.38
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.11	)		(0.14	)		(0.08	)		(0.01	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss) on investments		(1.21	)		3.70			(1.44	)		0.22			1.18			2.32
Total from investment operations		(1.32	)		3.56			(1.52	)		0.21			1.13			2.24
LESS DISTRIBUTIONS:
From net investment income		—			—			—			—			—			—
From net realized gains on investments		(0.37	)		—			—			(0.22	)		(2.22	)		—
Total distributions		(0.37	)		—			—			(0.22	)		(2.22	)		—
Net asset value, end of period	$	10.87		$	12.56		$	9.00		$	10.52		$	10.53		$	11.62
Total return (B)		(10.45	)% (F)		39.56	%		(14.45	)%		2.23	%		10.11	%		23.88	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,117		$	2,675		$	4,111		$	6,897		$	6,167		$	4,244
Ratios to average net assets (including interest expense)(E)
Expenses, before waiver and reimbursement		3.52	% (G)		3.31	%		2.72	%		2.55	%		2.92	%		2.93	%
Expenses, net waiver and reimbursement		2.28	% (G)		2.29	%		2.29	%		2.27	%		2.25	%		2.25	%
Net investment loss, before waiver and reimbursement		(2.96	)% (G)		(2.35	)%		(1.22	)%		(0.41	)%		(1.13	)%		(1.48	)%
Net investment loss, net waiver and reimbursement		(1.73	)% (G)		(1.33	)%		(0.79	)%		(0.13	)%		(0.46	)%		(0.80	)%
Portfolio turnover rate		16	% (F)		132	%		453	%		752	%		836	%		734	%

(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. Had the manager not waived its fees and reimbursed certain expenses, total return would have been lower.

(C) Represents an amount less than $0.01.

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

Expenses, before waiver and reimbursement	2.77	% (G)	2.56	%	1.95	%
Expenses, net waiver and reimbursement	1.53	% (G)	1.53	%	1.53	%

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

Expenses, before waiver and reimbursement	3.52	% (G)	3.30	%	2.70	%
Expenses, net waiver and reimbursement	2.28	% (G)	2.28	%	2.28	%

(F) Not annualized.

(G) Annualized.

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

32

CATALYST FUNDS

Catalyst Pivotal Growth Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	13.29		$	9.43		$	11.02		$	10.91		$	11.86		$	9.52
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.05	)		(0.04	)		0.02			0.10			0.06			0.02
Net realized and unrealized gain (loss) on investments		(1.28	)		3.90			(1.51	)		0.23			1.21			2.37
Total from investment operations		(1.33	)		3.86			(1.49	)		0.33			1.27			2.39
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.10	)		—			—			(0.05	)
From net realized gains on investments		(0.37	)		—			—			(0.22	)		(2.22	)		—
Total distributions		(0.37	)		—			(0.10	)		(0.22	)		(2.22	)		(0.05	)
Net asset value, end of period	$	11.59		$	13.29		$	9.43		$	11.02		$	10.91		$	11.86
Total return (B)		(9.95	)% (E)		40.93	%		(13.58	)%		3.27	%		11.19	%		25.19	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	1,954		$	2,172		$	5,218		$	10,721		$	7,873		$	1,242
Ratios to average net assets (including interest expense)(C)
Expenses, before waiver and reimbursement		2.52	% (F)		2.29	%		1.71	%		1.55	%		1.92	%		1.93	%
Expenses, net waiver and reimbursement		1.28	% (F)		1.29	%		1.29	%		1.27	%		1.25	%		1.25	%
Net investment income (loss), before waiver and reimbursement		(1.97	)% (F)		(1.32	)%		(0.23	)%		0.62	%		(0.10	)%		(0.49	)%
Net investment income (loss), net waiver and reimbursement		(0.73	)% (F)		(0.33	)%		0.19	%		0.90	%		0.57	%		0.19	%
Portfolio turnover rate		16	% (E)		132	%		453	%		752	%		836	%		734	%

(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 certain expenses, total return would have been lower.

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

Expenses, before waiver and reimbursement	2.52	% (F)	2.28	%	1.70	%
Expenses, net waiver and reimbursement	1.28	% (F)	1.28	%	1.28	%

(E) Not annualized.

(F) Annualized.

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

33

CATALYST FUNDS

Catalyst/MAP Global Equity Fund

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	17.10		$	13.28		$	14.75		$	15.33		$	14.54		$	12.44
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.05			0.16			0.18			0.14			0.09			0.18
Net realized and unrealized gain (loss) on investments		0.73			3.93			(1.14	)		0.57			1.13			2.13
Total from investment operations		0.78			4.09			(0.96	)		0.71			1.22			2.31
LESS DISTRIBUTIONS:
From net investment income		(0.31	)		(0.27	)		(0.31	)		—			(0.24	)		(0.14	)
From net realized gains on investments		—			—			(0.20	)		(1.29	)		(0.19	)		(0.07	)
Total distributions		(0.31	)		(0.27	)		(0.51	)		(1.29	)		(0.43	)		(0.21	)
Net asset value, end of period	$	17.57		$	17.10		$	13.28		$	14.75		$	15.33		$	14.54
Total return (B)		4.62	% (E)		31.10	%		(6.81	)%		5.39	%		8.50	%		18.73	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	10,222		$	10,172		$	10,667		$	11,977		$	12,314		$	22,381
Ratios to average net assets
Expenses, before waiver and reimbursement (C)		1.56	% (F)		1.63	%		1.64	%		1.62	%		1.66	%		1.65	%
Expenses, net waiver and reimbursement (C)		1.21	% (F)		1.21	%		1.21	%		1.28	%		1.55	%		1.55	%
Net investment income, before waiver and reimbursement (C,D)		0.17	% (F)		0.60	%		0.86	%		0.63	%		0.49	%		1.24	%
Net investment income, net waiver and reimbursement (C,D)		0.52	% (F)		1.02	%		1.29	%		0.97	%		0.60	%		1.34	%
Portfolio turnover rate		4	% (E)		14	%		42	%		13	%		30	%		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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	16.67		$	12.95		$	14.40		$	15.11		$	14.37		$	12.32
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.02	)		0.04			0.07			0.03			(0.01	)		0.10
Net realized and unrealized gain (loss) on investments		0.71			3.85			(1.12	)		0.55			1.11			2.07
Total from investment operations		0.69			3.89			(1.05	)		0.58			1.10			2.17
LESS DISTRIBUTIONS:
From net investment income		(0.18	)		(0.17	)		(0.20	)		—			(0.17	)		(0.05	)
From net realized gains on investments		—			—			(0.20	)		(1.29	)		(0.19	)		(0.07	)
Total distributions		(0.18	)		(0.17	)		(0.40	)		(1.29	)		(0.36	)		(0.12	)
Net asset value, end of period	$	17.18		$	16.67		$	12.95		$	14.40		$	15.11		$	14.37
Total return (B)		4.18	% (E)		30.18	%		(7.54	)%		4.58	%		7.73	%		17.69	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	9,864		$	10,321		$	8,961		$	10,534		$	10,037		$	11,524
Ratios to average net assets
Expenses, before waiver and reimbursement (C)		2.31	% (F)		2.38	%		2.39	%		2.37	%		2.41	%		2.40	%
Expenses, net waiver and reimbursement (C)		1.96	% (F)		1.96	%		1.96	%		2.03	%		2.30	%		2.30	%
Net investment income (loss), before waiver and reimbursement (C,D)		(0.58	)% (F)		(0.13	)%		0.10	%		(0.06	)%		(0.19	)%		0.66	%
Net investment income (loss), net waiver and reimbursement (C,D)		(0.23	)% (F)		0.29	%		0.53	%		0.28	%		(0.08	)%		0.76	%
Portfolio turnover rate		4	% (E)		14	%		42	%		13	%		30	%		26	%

(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. Had the manager not waived its fees and reimbursed certain expenses, total return would have been lower.

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

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

(E) Not annualized.

(F) Annualized.

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

34

CATALYST FUNDS

Catalyst/MAP Global Equity Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	17.11		$	13.29		$	14.76		$	15.32		$	14.54		$	12.45
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.07			0.21			0.21			0.22			0.18			0.30
Net realized and unrealized gain (loss) on investments		0.73			3.92			(1.14	)		0.53			1.09			2.03
Total from investment operations		0.80			4.13			(0.93	)		0.75			1.27			2.33
LESS DISTRIBUTIONS:
From net investment income		(0.35	)		(0.31	)		(0.34	)		(0.02	)		(0.30	)		(0.17	)
From net realized gains on investments		—			—			(0.20	)		(1.29	)		(0.19	)		(0.07	)
Total distributions		(0.35	)		(0.31	)		(0.54	)		(1.31	)		(0.49	)		(0.24	)
Net asset value, end of period	$	17.56		$	17.11		$	13.29		$	14.76		$	15.32		$	14.54
Total return (B)		4.78	% (E)		31.42	%		(6.59	)%		5.70	%		8.85	%		18.91	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	60,699		$	51,380		$	32,104		$	40,221		$	18,671		$	7,034
Ratios to average net assets
Expenses, before waiver and reimbursement (C)		1.31	% (F)		1.37	%		1.38	%		1.37	%		1.36	%		1.35	%
Expenses, net waiver and reimbursement (C)		0.96	% (F)		0.96	%		0.96	%		1.03	%		1.25	%		1.25	%
Net investment income, before waiver and reimbursement (C)(D)		0.41	% (F)		0.96	%		1.06	%		1.17	%		1.07	%		2.10	%
Net investment income, net waiver and reimbursement (C)(D)		0.77	% (F)		1.38	%		1.48	%		1.51	%		1.18	%		2.20	%
Portfolio turnover rate		4	% (E)		14	%		42	%		13	%		30	%		26	%

(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 certain expenses, total return would have been lower.

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

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

(E) Not annualized.

(F) Annualized.

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

35

CATALYST FUNDS

Catalyst/Lyons Tactical Allocation Fund

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	19.01		$	13.81		$	15.38		$	16.92		$	14.87		$	13.01
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.04	)		(0.03	)		0.10			0.13			0.10			0.14
Net realized and unrealized gain (loss) on investments		1.07			5.81			—	(E)		(1.26	)		2.41			1.91
Total from investment operations		1.03			5.78			0.10			(1.13	)		2.51			2.05
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.15	)		(0.09	)		(0.24	)		(0.19	)
From net realized gains on investments		(0.11	)		(0.58	)		(1.52	)		(0.32	)		(0.22	)		—
Total distributions		(0.11	)		(0.58	)		(1.67	)		(0.41	)		(0.46	)		(0.19	)
Net asset value, end of period	$	19.93		$	19.01		$	13.81		$	15.38		$	16.92		$	14.87
Total return (B)		5.43	% (H)		42.45	%		0.72	%		(6.71	)%		17.00	%		15.83	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	9,383		$	8,874		$	5,775		$	15,438		$	39,835		$	45,595
Ratios to average net assets (including interest expense)(F)
Expenses, before waiver and reimbursement (C)		1.88	% (I)		1.94	%		1.95	%		1.82	%		1.75	%		1.72	%
Expenses, net waiver and reimbursement (C)		1.53	% (I)		1.53	%		1.56	%		1.53	%		1.50	%		1.50	%
Net investment income (loss), before waiver and reimbursement (C,D)		(0.76	)% (I)		(0.62	)%		0.28	%		0.51	%		0.38	%		0.75	%
Net investment income (loss), net waiver and reimbursement (C,D)		(0.41	)% (I)		(0.20	)%		0.67	%		0.78	%		0.63	%		0.97	%
Portfolio turnover rate		23	% (H)		32	%		108	%		182	%		146	%		95	%
	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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	18.48		$	13.53		$	15.08		$	16.64		$	14.62		$	12.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.11	)		(0.16	)		(0.02	)		0.01			(0.02	)		0.03
Net realized and unrealized gain (loss) on investments		1.04			5.69			0.01	(E)		(1.24	)		2.36			1.88
Total from investment operations		0.93			5.53			(0.01	)		(1.23	)		2.34			1.91
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.02	)		(0.01	)		(0.10	)		(0.07	)
From net realized gains on investments		(0.11	)		(0.58	)		(1.52	)		(0.32	)		(0.22	)		—
Total distributions		(0.11	)		(0.58	)		(1.54	)		(0.33	)		(0.32	)		(0.07	)
Net asset value, end of period	$	19.30		$	18.48		$	13.53		$	15.08		$	16.64		$	14.62
Total return (B)		5.04	% (H)		41.46	%		(0.03	)%		(7.44	)%		16.11	%		14.99	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	22,457		$	21,494		$	15,542		$	22,334		$	25,769		$	27,280
Ratios to average net assets (including interest expense)(G)
Expenses, before waiver and reimbursement (C)		2.63	% (I)		2.69	%		2.72	%		2.56	%		2.50	%		2.47	%
Expenses, net waiver and reimbursement (C)		2.28	% (I)		2.28	%		2.32	%		2.28	%		2.25	%		2.25	%
Net investment loss, before waiver and reimbursement (C,D)		(1.51	)% (I)		(1.37	)%		(0.52	)%		(0.23	)%		(0.36	)%		(0.01	)%
Net investment income (loss), net waiver and reimbursement (C,D)		(1.16	)% (I)		(0.96	)%		(0.12	)%		0.05	%		(0.11	)%		0.21	%
Portfolio turnover rate		23	% (H)		32	%		108	%		182	%		146	%		95	%

(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. Had the manager not waived its fees and reimbursed certain expenses, total return would have been lower.

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

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

(E) 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 year ended June 30, 2020, 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.

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

Expenses, before waiver and reimbursement (C)	1.88	% (I)	1.94	%	1.95	%
Expenses, net waiver and reimbursement (C)	1.53	% (I)	1.53	%	1.55	%

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

Expenses, before waiver and reimbursement (C)	2.63	% (I)	2.69	%	2.70	%
Expenses, net waiver and reimbursement (C)	2.28	% (I)	2.28	%	2.30	%

(H) Not annualized.

(I) Annualized.

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

36

CATALYST FUNDS

Catalyst/Lyons Tactical Allocation Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	18.98		$	13.75		$	15.33		$	16.91		$	14.87		$	13.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.02	)		0.01			0.14			0.17			0.14			0.18
Net realized and unrealized gain (loss) on investments		1.07			5.80			0.01	(E)		(1.27	)		2.41			1.91
Total from investment operations		1.05			5.81			0.15			(1.10	)		2.55			2.09
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.21	)		(0.16	)		(0.29	)		(0.24	)
From net realized gains on investments		(0.11	)		(0.58	)		(1.52	)		(0.32	)		(0.22	)		—
Total distributions		(0.11	)		(0.58	)		(1.73	)		(0.48	)		(0.51	)		(0.24	)
Net asset value, end of period	$	19.92		$	18.98		$	13.75		$	15.33		$	16.91		$	14.87
Total return (B)		5.54	% (G)		42.86	%		1.02	%		(6.53	)%		17.28	%		16.14	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	26,415		$	22,650		$	13,016		$	29,104		$	34,533		$	22,176
Ratios to average net assets (including interest expense)(F)
Expenses, before waiver and reimbursement (C)		1.63	% (H)		1.69	%		1.70	%		1.56	%		1.50	%		1.47	%
Expenses, net waiver and reimbursement (C)		1.28	% (H)		1.28	%		1.30	%		1.28	%		1.25	%		1.25	%
Net investment income (loss), before waiver and reimbursement (C,D)		(0.50	)% (H)		(0.36	)%		0.53	%		0.75	%		0.64	%		1.00	%
Net investment income (loss), net waiver and reimbursement (C,D)		(0.16	)% (H)		0.05	%		0.93	%		1.02	%		0.89	%		1.22	%
Portfolio turnover rate		23	% (G)		32	%		108	%		182	%		146	%		95	%

(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 certain expenses, total return would have been lower.

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

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

(E) 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 year ended June 30, 2020, 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.

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

Expenses, before waiver and reimbursement (C)	1.63	% (H)	1.69	%	1.69	%
Expenses, net waiver and reimbursement (C)	1.28	% (H)	1.28	%	1.30	%

(G) Not annualized.

(H) Annualized.

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

37

CATALYST FUNDS

Catalyst Dynamic Alpha Fund

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	24.69		$	20.47		$	19.50		$	22.51		$	19.64		$	16.54
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.01	)		(0.13	)		—			0.11			(0.02	)		0.05
Net realized and unrealized gain on investments		3.56			4.35			0.99			0.31			3.40			3.05
Total from investment operations		3.55			4.22			0.99			0.42			3.38			3.10
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.02	)		(0.05	)		—			—
From net realized gains on investments		(6.66	)		—			—			(3.38	)		(0.51	)		—
Total distributions		(6.66	)		—			(0.02	)		(3.43	)		(0.51	)		—
Net asset value, end of period	$	21.58		$	24.69		$	20.47		$	19.50		$	22.51		$	19.64
Total return (B)		15.49	% (E)		20.62	%		5.10	%		3.04	%		17.28	%		18.74	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	89,239		$	84,018		$	84,563		$	132,383		$	139,479		$	136,717
Ratios to average net assets (including interest expense)(C)
Expenses, before waiver and reimbursement		1.47	% (F)		1.48	%		1.54	%		1.45	%		1.44	%		1.44	%
Expenses, net waiver and reimbursement		1.38	% (F)		1.38	%		1.39	%		1.37	%		1.35	%		1.35	%
Net investment income (loss), before waiver and reimbursement		(0.21	)% (F)		(0.67	)%		(0.14	)%		0.45	%		(0.18	)%		0.16	%
Net investment income (loss), net waiver and reimbursement		(0.12	)% (F)		(0.58	)%		0.01	%		0.54	%		(0.09	)%		0.26	%
Portfolio turnover rate		19	% (E)		116	%		106	%		113	%		87	%		95	%
	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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	22.74		$	18.99		$	18.21		$	21.35		$	18.79		$	15.94
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.10	)		(0.28	)		(0.13	)		(0.05	)		(0.17	)		(0.09	)
Net realized and unrealized gain on investments		3.25			4.03			0.91			0.29			3.24			2.94
Total from investment operations		3.15			3.75			0.78			0.24			3.07			2.85
LESS DISTRIBUTIONS:
From net realized gains on investments		(6.66	)		—			—			(3.38	)		(0.51	)		—
Total distributions		(6.66	)		—			—			(3.38	)		(0.51	)		—
Net asset value, end of period	$	19.23		$	22.74		$	18.99		$	18.21		$	21.35		$	18.79
Total return (B)		15.05	% (E)		19.75	%		4.28	%		2.26	%		16.41	%		17.88	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	37,824		$	36,180		$	35,572		$	59,985		$	58,216		$	42,815
Ratios to average net assets (including interest expense)(D)
Expenses, before waiver and reimbursement		2.22	% (F)		2.23	%		2.29	%		2.20	%		2.19	%		2.19	%
Expenses, net waiver and reimbursement		2.13	% (F)		2.13	%		2.14	%		2.12	%		2.10	%		2.10	%
Net investment loss, before waiver and reimbursement		(0.96	)% (F)		(1.43	)%		(0.89	)%		(0.33	)%		(0.93	)%		(0.60	)%
Net investment loss, net waiver and reimbursement		(0.87	)% (F)		(1.33	)%		(0.74	)%		(0.24	)%		(0.84	)%		(0.50	)%
Portfolio turnover rate		19	% (E)		116	%		106	%		113	%		87	%		95	%

(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. Had the manager not waived its fees and reimbursed certain expenses, total return would have been lower.

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

Expenses, before waiver and reimbursement	1.47	% (F)	1.48	%	1.53	%
Expenses, net waiver and reimbursement	1.38	% (F)	1.38	%	1.38	%

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

Expenses, before waiver and reimbursement	2.22	% (F)	2.23	%	2.28	%
Expenses, net waiver and reimbursement	2.13	% (F)	2.13	%	2.13	%

(E) Not annualized.

(F) Annualized.

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

38

CATALYST FUNDS

Catalyst Dynamic Alpha Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each 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, 2021			June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	25.00		$	20.67		$	19.71		$	22.72		$	19.77		$	16.61
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.02			(0.08	)		0.05			0.17			0.04			0.08
Net realized and unrealized gain on investments		3.61			4.41			0.99			0.31			3.42			3.08
Total from investment operations		3.63			4.33			1.04			0.48			3.46			3.16
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.08	)		(0.11	)		(0.00	) (B)		—
From net realized gains on investments		(6.66	)		—			—			(3.38	)		(0.51	)		—
Total distributions		(6.66	)		—			(0.08	)		(3.49	)		(0.51	)		—
Net asset value, end of period	$	21.97		$	25.00		$	20.67		$	19.71		$	22.72		$	19.77
Total return (C)		15.61	% (E)		20.95	%		5.32	%		3.32	%		17.60	%		19.02	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	50,707		$	51,163		$	59,938		$	147,479		$	190,499		$	90,821
Ratios to average net assets (including interest expense)(D)
Expenses, before waiver and reimbursement		1.22	% (F)		1.23	%		1.29	%		1.21	%		1.19	%		1.19	%
Expenses, net waiver and reimbursement		1.13	% (F)		1.13	%		1.14	%		1.12	%		1.10	%		1.10	%
Net investment income (loss), before waiver and reimbursement		0.04	% (F)		(0.43	)%		0.10	%		0.72	%		0.08	%		0.37	%
Net investment income (loss), net waiver and reimbursement		0.13	% (F)		(0.33	)%		0.25	%		0.81	%		0.17	%		0.45	%
Portfolio turnover rate		19	% (E)		116	%		106	%		113	%		87	%		95	%

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

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

(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. Had the manager not waived its fees and reimbursed certain expenses, total return would have been lower.

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

Expenses, before waiver and reimbursement	1.22	% (F)	1.23	%	1.28	%
Expenses, net waiver and reimbursement	1.13	% (F)	1.13	%	1.13	%

(E) Not annualized.

(F) Annualized.

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

39

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
December 31, 2021	SEMI-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 -eight series. These financial statements include the following six 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 Buying (“Insider Buying”)		Long-term capital appreciation
Catalyst Energy Infrastructure (“Energy Infrastructure”)	SL Advisors, LLC (“SL”)	Current income and capital appreciation
Catalyst Pivotal Growth (“Pivotal Growth”)	RCM Wealth Advisors, LLC (“RCM”)	Long-term capital appreciation
Catalyst/MAP Global Equity (“Global Equity”)	Managed Asset Portfolios, LLC (“MAP”)	Long-term capital appreciation
Catalyst/Lyons Tactical Allocation (“Tactical Allocation”)	Lyons Wealth Management, LLC (“Lyons”)	Long-term capital appreciation
Catalyst Dynamic Alpha (“Dynamic Alpha”)	Cookson, Peirce & Co., Inc. (“CP”)	Long-term capital appreciation

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

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

The following is a summary of significant accounting policies consistently followed by the Funds and is in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Each Fund is an investment company and accordingly follow 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 (the “open-end funds”) or closed-end investment companies. Open-end funds are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of directors of the open-end funds. The shares of many closed-end 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 valuation represents fair value. Options are valued at their closing price on the exchange they are traded on. When no closing price is available, options are valued at their mean price. Futures, which are traded on an exchange, are valued at the settlement price determined by the exchange. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. Foreign currency and forward currency exchange contracts are valued daily at the London Stock Exchange close each day.

In 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 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.

40

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2021	SEMI-ANNUAL REPORT

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, 2021, for each Fund’s assets and liabilities measured at fair value:

Insider Buying
Assets(a)	Level 1		Level 2		Level 3		Total
Common Stocks	$	38,719,466	$	—	$	—	$	38,719,466
Collateral for Securities Loaned		—		11,479,643		—		11,479,643
Total Assets	$	38,719,466	$	11,479,643	$	—	$	50,199,109
Energy Infrastructure
Assets(a)	Level 1		Level 2		Level 3		Total
Common Stocks	$	153,465,004	$	—	$	—	$	153,465,004
Total Assets	$	153,465,004	$	—	$	—	$	153,465,004
Pivotal Growth
Assets(a)	Level 1		Level 2		Level 3		Total
Common Stocks	$	8,781,718	$	—	$	—	$	8,781,718
Exchange-Traded Funds		111,124		—		—		111,124
Collateral for Securities Loaned		—		968,445		—		968,445
Short-Term Investments		2,323		—		—		2,323
Total Assets	$	8,895,165	$	968,445	$	—	$	9,863,610

41

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2021	SEMI-ANNUAL REPORT

Global Equity
Assets(a)	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	2,554,560	$	—	$	—	$	2,554,560
Common Stocks		75,174,528		—		—		75,174,528
Total Assets	$	77,729,088	$	—	$	—	$	77,729,088
Liability Derivatives(a,b)
Call Options Written	$	1,600	$	—	$	—	$	1,600
Total Liability Derivatives	$	1,600	$	—	$	—	$	1,600
Tactical Allocation
Assets(a,b)	Level 1		Level 2		Level 3		Total
Common Stocks	$	56,102,196	$	—	$	—	$	56,102,196
Put Options Purchased		31,500		—		—		31,500
Total Assets	$	56,133,696	$	—	$	—	$	56,133,696
Dynamic Alpha
Assets(a)	Level 1		Level 2		Level 3		Total
Common Stocks	$	177,175,807	$	—	$	—	$	177,175,807
Collateral for Securities Loaned		—		8,397,311		—		8,397,311
Total Assets	$	177,175,807	$	8,397,311	$	—	$	185,573,118

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

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

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

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, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract.

42

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2021	SEMI-ANNUAL REPORT

Such receipts or payments are known as “variation margin” and are recorded by a Fund as unrealized gains and losses. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, a Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.

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.

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.

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.

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, 2021, were as follows:

			Location of derivatives on Statements of Assets and	Fair value of
Fund	Derivative	Risk Type	Liabilities	Asset/Liability derivatives
Global Equity
	Call Options written	Equity	Options written	$	(1,600	)
Tactical Allocation
	Put Options Purchased	Equity	Investments in Securities	$	31,500

The effect of derivative instruments on the Statements of Operations for the six months ended December 31, 2021, were as follows:

				Realized and unrealized
Fund	Derivative	Risk Type	Location of gain (loss) on derivatives	gain (loss) on derivatives
Global Equity
	Options written	Equity	Net change in unrealized depreciation on written options	$	1,200
			Totals	$	1,200
Tactical Allocation
	Options purchased	Equity	Net change in unrealized depreciation on purchased options	$	(445,051	)
			Totals	$	(445,051	)

43

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2021	SEMI-ANNUAL REPORT

The contracts outstanding as of December 31, 2021 as disclosed in the Schedules of Investments and the amounts realized and changes in unrealized appreciation and depreciation on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

The following table presents the Fund’s assets and liabilities available for offset net of collateral pledged as of December 31, 2021:

					Gross Amounts Not Offset in the Statement
					of Assets & Liabilities
		Gross Amounts of			Financial
		Recognized			Instruments			Cash Collateral		Net Amount of
	Counterparty	Assets/Liabilities			Pledged			Pledged		Assets
Global Equity
Description of Liability:
Options Written	Wall Street Access	$	(1,600	) (1)	$	1,600	(2)	$	—	$	—
Total		$	(1,600	)	$	1,600		$	—	$	—
Tactical Allocation
Description of Asset:
Options Purchased	Trade Station	$	31,500	(1)	$	—		$	—	$	—
Total		$	31,500		$	—		$	—	$	—

⁽¹⁾ Value as presented in the Schedule 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”)(collectively, “Underlying Funds”). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Underlying Funds in which the Funds invest are subject to investment advisory and other expenses, which will be indirectly paid by the Funds. As a result, the cost of investing in the Funds will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each Underlying Fund is subject to its own specific risks, but the manager and/or 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 year or period ended December 31, 2021, 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, 2021, 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 Master Limited Partnerships (“MLPs”) generally are comprised of income and return of capital. The Funds record these distributions as investment income and subsequently

44

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2021	SEMI-ANNUAL REPORT

adjusts these distributions within the components of net assets based upon their tax treatment when the information becomes available.

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

g)       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.

h)       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.

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

Fund	Income Dividends	Capital Gains
Insider Buying	Annually	Annually
Energy Infrastructure	Monthly	Annually
Pivotal Growth	Annually	Annually
Global Equity	Annually	Annually
Tactical Allocation	Annually	Annually
Dynamic Alpha	Annually	Annually

j)       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.

k)       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.

l)       Redemption Fees and Sales Charges (loads) – A wire transfer fee of $15 may be charged to defray custodial charges for redemptions paid by wire transfer. A maximum sales charge of 5.75% is imposed on Class A shares of the Funds. Investments in Class A shares made at or above the $1 million breakpoint 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. There were no CDSC fees paid by the shareholders of the Funds.

45

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2021	SEMI-ANNUAL REPORT

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

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

(2) INVESTMENT TRANSACTIONS

For the six months ended December 31, 2021, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

	Purchases		Sales Proceeds
	(excluding U.S.		(excluding U.S.		Purchases of		Sales Proceeds of
	Government		Government		U.S. Government		U.S. Government
Fund	Securities)		Securities)		Securities		Securities
Insider Buying	$	12,445,267	$	17,261,242	$	—	$	—
Energy Infrastructure		19,663,469		15,784,115		—		—
Pivotal Growth		1,592,439		2,276,717		—		—
Global Equity		7,708,375		2,902,723		—		—
Tactical Allocation		16,381,632		12,265,092		—		—
Dynamic Alpha		33,696,353		52,152,787		—		—

(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. Each investment sub-advisor is responsible for the day-to-day management of their Fund’s portfolio. 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 an annualized fee as shown in the below table, such fees to be computed daily based upon daily average net assets of the Funds. The Funds’ sub-advisors are paid by the 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 ensure 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 the Fund’s average daily net assets.

For the six months ended December 31, 2021, the Manager waived management fees. The Manager may recapture a portion of the waived 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 or at the time of the reimbursement, no later than the dates as stated below:

						Management Fees
	Management	Expense Limitation				Waived and/or
Fund	Agreement	Cl A	Cl C	Cl I	Expires	Reimbursed
Insider Buying	1.00%	1.53%	2.28%	1.28%	10/31/2022	$	47,002
Energy Infrastructure	1.25%	1.68%	2.43%	1.43%	10/31/2022		43,681
Pivotal Growth	1.00%	1.53%	2.28%	1.28%	10/31/2022		64,034
Global Equity	1.00%	1.21%	1.96%	0.96%	10/31/2022		131,459
Tactical Allocation	1.25%	1.53%	2.28%	1.28%	10/31/2022		98,374
Dynamic Alpha	1.00%	1.38%	2.13%	1.13%	10/31/2022		79,818

46

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2021	SEMI-ANNUAL REPORT

	Recapture Expires
	No Later Than June 30,
Fund	2022		2023		2024
Insider Buying	$	57,926	$	71,022	$	77,264
Energy Infrastructure		103,243		172,965		129,460
Pivotal Growth		67,033		86,806		108,497
Global Equity		156,528		254,667		249,594
Tactical Allocation		247,376		194,493		180,235
Dynamic Alpha		343,166		366,079		173,971

A Trustee and Officer of the Trust is also the controlling member of MFund Services LLC (“MFund”) 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.

Pursuant to the Management Services Agreement between the Trust and MFund (the “Services Agreement”), MFund provides the Funds with various management and administrative services. 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 Services Agreement.

Pursuant to the 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 Services Agreement. The amounts due to MFund at December 31, 2021 for management and chief compliance officer services are listed in the Statements of Assets and Liabilities under “Compliance Officer fees payable” and the amounts accrued for the period are shown in the Statements of Operations under “Management Services fees” and “Compliance officer fees”.

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

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

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

47

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2021	SEMI-ANNUAL REPORT

For the six months ended December 31, 2021, the 12b-1 expenses accrued by the Funds were as follows:

	12b-1 Fees
Fund	Class A		Class C
Insider Buying	$	25,619	$	34,620
Energy Infrastructure		36,083		101,021
Pivotal Growth		6,991		12,403
Global Equity		12,617		50,328
Tactical Allocation		11,858		109,178
Dynamic Alpha		108,370		186,264

(4) AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

			Gross		Gross			Net Unrealized
			Unrealized		Unrealized			Appreciation/
Fund	Tax Cost		Appreciation		Depreciation			(Depreciation)
Insider Buying	$	46,826,214	$	7,586,346	$	(4,213,451	)	$	3,372,895
Energy Infrastructure		161,573,704		16,463,669		(24,572,369	)		(8,108,700	)
Pivotal Growth		10,065,641		960,868		(1,162,899	)		(202,031	)
Global Equity		56,909,762		24,737,330		(3,918,004	)		20,819,326
Tactical Allocation		39,802,903		18,195,569		(1,864,776	)		16,330,793
Dynamic Alpha		141,722,915		44,128,816		(278,613	)		43,850,203

(5) DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid for the years ended June 30, 2021 (for the period ended November 30, 2020 for the Energy Infrastructure Fund) and June 30, 2020 was as follows:

For fiscal year ended	Ordinary		Long-Term		Return of
6/30/2021	Income		Capital Gains		Capital		Total
Insider Buying	$	—	$	—	$	—	$	—
Energy Infrastructure		5,173,416		—		8,996,455		14,169,871
Pivotal Growth		—		—		—		—
Global Equity		1,047,662		—		—		1,047,662
Tactical Allocation		—		1,446,176		—		1,446,176
Dynamic Alpha		—		—		—		—
For fiscal year ended	Ordinary		Long-Term		Return of
6/30/2020	Income		Capital Gains		Capital		Total
Insider Buying	$	—	$	—	$	—	$	—
Energy Infrastructure		3,594,340		—		7,982,356		11,576,696
Pivotal Growth		105,613		—		56		105,669
Global Equity		1,660,853		733,267		—		2,394,120
Tactical Allocation		487,710		5,223,469		—		5,711,179
Dynamic Alpha		450,219		—		113,455		563,674

48

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2021	SEMI-ANNUAL REPORT

As of June 30, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows (except for the Energy Infrastructure Fund in which its November 30, 2020 components of distributable earnings have been adjusted for June 30, 2021 activity):

	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 Buying	$	—	$	—	$	(339,180	)	$	(45,597,188	)	$	—	$	15,575,838		$	(30,360,530	)
Energy Infrastructure		2,538,997		—		—			(41,464,523	)		—		(1,786,011	)		(40,711,537	)
Pivotal Growth		—		287,221		(38,997	)		—			—		694,544			942,768
Global Equity		718,721		—		—			(3,166,765	)		—		18,110,481			15,662,437
Tactical Allocation		227,063		99,760		—			—			—		13,363,104			13,689,927
Dynamic Alpha		11,633,009		31,961,012		—			—			—		20,432,932			64,026,953

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

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

	Late Year
	Losses
Insider Buying	$	339,180
Energy Infrastructure		—
Pivotal Growth		38,997
Global Equity		—
Tactical Allocation		—
Dynamic Alpha		—

At June 30, 2021, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains and utilized capital loss carryforwards as follows (except for the Energy Infrastructure Fund in which its November 30, 2020 capital loss carryforwards are as follows):

	Non-Expiring		Non-Expiring
	Short-Term		Long-Term		Total		CLCF Utilized
Insider Buying	$	42,375,325	$	3,221,864	$	45,597,189	$	—
Energy Infrastructure		12,810,775		28,671,752		41,482,527		—
Pivotal Growth		—		—		—		329,104
Global Equity		2,752,626		414,139		3,166,765		670,138
Tactical Allocation		—		—		—		—
Dynamic Alpha		—		—		—		6,814,137

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses and adjustment for merger resulted in reclassifications for the Funds for the fiscal year ended June 30, 2021 as follows:

	Paid In			Accumulated
	Capital			Earnings (Losses)
Insider Buying	$	30,715,146		$	(30,715,146	)
Energy Infrastructure		—			—
Pivotal Growth		(92,111	)		92,111
Global Equity		—			—
Tactical Allocation		—			—
Dynamic Alpha		13,955			(13,955	)

49

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2021	SEMI-ANNUAL REPORT

(6) LINE OF CREDIT

Currently, the Funds have a $150,000,000 uncommitted line of credit provided by U.S. Bank National Association (the “Bank”) under an agreement (the “Uncommitted Line”). Prior to January 28, 2021 the Funds had a $250,000,000 uncommitted line of credit. 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, 2021, 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	12/31/2021
Insider Buying	$	167,000	$	45	3.25%	$	118,000
Energy Infrastructure		818,114		3,250	3.25%		—
Pivotal Growth		30,353		186	3.25%		—
Dynamic Alpha		3,703,000		669	3.25%		—

⁽¹⁾ Includes only Interest Expense for the six months ended December 31, 2021 and may not tie back to the Statement of Operations, which also may include overdrafts, line of credit fees, and broker interests.

During the six months ended December 31, 2021, Global Equity and Tactical Allocation did not access the line of credit.

(7) SECURITIES LENDING

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

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2021.

Gross Amounts of Assets Presented in the Statements of Assets and Liabilities
					Percentage of
	Market Value of		Market Value of		Total Investment
Fund	Loaned Securities		Collateral (1)		Income
Insider Buying *	$	10,675,505	$	10,675,505		77.38	%
Pivotal Growth *		938,727		938,727		1.91	%
Dynamic Alpha *		8,206,291		8,206,291		0.37	%

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

* 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%.

50

CATALYST FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2021	SEMI-ANNUAL REPORT

The below table shows the collateral held by each Fund at the six months ended December 31, 2021.

										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
Insider Buying
Liabilities
Securities Loaned	US Bank	$	(11,479,643	)	$	—	$	(11,479,643	)	$	11,479,643	$	—	$	—
Pivotal Growth
Liabilities
Securities Loaned	US Bank	$	(968,445	)	$	—	$	(968,445	)	$	968,445	$	—	$	—
Dynamic Alpha
Liabilities
Securities Loaned	US Bank	$	(8,397,311	)	$	—	$	(8,397,311	)	$	8,397,311	$	—	$	—

(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, 2021, 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:

	Insider	Energy	Pivotal	Dynamic
Owner	Buying	Infrastructure	Growth	Alpha
National Financial Services LLC	39.4%	—	—	—
LPL Financial, LLC *	—	32.9%	—	—
Charles Schwab & Co., Inc.	—	—	47.7%	28.6%

* These owners are comprised of multiple investors and accounts.

(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 no events or transactions occurred requiring adjustment or disclosure in the financial statements.

51

CATALYST FUNDS

SUPPLEMENTAL INFORMATION (Unaudited)

December 31, 2021

Approval of the Renewal of the Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and SL Advisors, LLC with respect to the Catalyst Energy Infrastructure Fund

At a meeting held on November 15-16, 2021, the Board of Trustees (the “Board” ) of Mutual Fund Series Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the sub-advisory agreement (the “Sub-Advisory Agreement”) between Catalyst Capital Advisors, LLC (“Catalyst”) and SL Advisors, LLC (“SLA”) with respect to Catalyst Energy Infrastructure Fund (the “Fund”).The Board examined SLA’s responses to a series of questions regarding, among other things, its sub-advisory services provided to the Fund, comparative fee and expense information, and SLA’s profitability from managing the Fund. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the 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 approval of the Sub-Advisory Agreement.

Nature, Extent, and Quality of Services. The Board discussed that there had been no changes in SLA’s key personnel managing the Fund. The Board recognized that SLA conducted thorough bottom-up fundamental analysis of potential investments and reviewed company filings, presentations, sell-side research, and industry publications before making investment decisions. The Board acknowledged that the portfolio manager also served as chief compliance officer and that SLA monitored regulatory risks by keeping abreast of proposed changes in legislation that impacted the energy sector as well as company-specific risks. The Board observed that SLA attempted to mitigate risk by maintaining portfolio diversification and observing limits on position sizing. The Board discussed that SLA selected broker dealers based on competitive commissions, ability to execute, and the quality of their service and trading technology platform. The Board noted that SLA reported no material compliance, regulatory, or litigation issues since the last renewal of the Sub-Advisory Agreement. The Board concluded that the services provided by SLA were satisfactory and in line with its expectations.

Performance. The Board noted that despite negative returns, the Fund outperformed the benchmark Alerian Total Return Index across the 3-year and since inception periods and had positive performance for the 1-year period. The Board concluded that the Fund’s performance was acceptable in light of the Fund’s investment strategy.

Fees and Expenses. The Board commented that Catalyst paid SLA half of the Catalyst’s total management fee of 1.25% less waivers, if any, with a maximum annual fee of 0.625%. The Board noted that SLA’s sub-advisory fee for the Fund was lower than the fee it charged to other client accounts. The Board concluded that SLA’s sub-advisory fee was not unreasonable.

Profitability. The Board acknowledged that, based on information provided by SLA, SLA was sub-advising the Fund at a marginal profit. The Board concluded, therefore, that SLA’s profits in connection with SLA were not excessive.

Economies of Scale. The Board considered whether SLA had realized economies of scale with respect to the sub-advisory services provided to the Fund. 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

52

CATALYST FUNDS

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

December 31, 2021

the sub-advisory expense. The Board agreed that SLA did not appear to have materially benefited from economies of scale.

Conclusion. Having requested and received such information from SLA as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement between Catalyst and SLA, 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 the Fund and its shareholders.

53

CATALYST FUNDS

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

December 31, 2021

Approval of the Renewal of the Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Lyons Wealth Management, LLC with respect to the Catalyst/Lyons Tactical Allocation Fund

At a meeting held on November 15-16, 2021, the Board of Trustees (the “Board” ) of Mutual Fund Series Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) between Catalyst Capital Advisors, LLC (“Catalyst”) and Lyons Wealth Management, LLC (“Lyons”) with respect to Catalyst/Lyons Tactical Allocation Fund (the “Fund”)

The Board examined Lyons’s responses to a series of questions regarding, among other things, its sub-advisory services provided to the Fund, comparative fee and expense information, and Lyon’s profitability from managing the Fund. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the 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 renewal of the Sub-Advisory Agreement.

Nature, Extent and Quality of Services. The Board observed that Lyons made investment decisions for the Fund based on its proprietary tactical allocation risk model and stock selection model. The Board reviewed Lyons’s view that its models kept the Fund fully invested during numerous bull market corrections. The Board noted that Lyons implemented its non-principal options hedging strategy to buffer the bear market spurred by the pandemic. The Board noted that Lyons maintained a security screen that restricted stock selection to only those companies that fell within Lyons’s investment parameters. The Board observed that Lyons adhered to investment limitations by reviewing daily and monthly reports that were disseminated to various Lyon’s personnel to allow for multiple reconciliation of inflows, outflows, and trade executions. The Board commented that Lyons’s chief compliance officer reviewed the operational, financial, and regulatory status of potential broker-dealers, and periodically reviewed broker-dealers once selected. The Board noted that Lyons reported no material compliance, regulatory or litigation issues since the Sub-Advisory Agreement’s most recent renewal. The Board concluded that the services provided by Lyons were in line with its expectations.

Performance. The Board observed that the Fund outperformed the Lipper Flexible Portfolio Funds Index for the 1-year, 5-year and since inception periods and had outperformed the Tactical Allocation Morningstar category across all periods. The Board concluded that the Fund’s performance was acceptable.

Fees and Expenses. The Board observed that Lyons’s sub-advisory fee was 50% of Catalyst’s net management fee, or a maximum of 0.625% annually. It noted that Lyons’s sub-advisory fee, which was paid to it by Catalyst, was lower than the fee it charged to other accounts. The Board concluded that Lyons’s sub-advisory fee was not unreasonable.

Profitability. The Board observed that, based on the information Lyons provided, Lyons was operating at loss in connection with the Fund. The Board considered the ancillary benefits received by Lyons from soft dollar arrangements. The Board concluded that excessive profitability was not an issue for Lyons at this time.

Economies of Scale. The Board considered whether Lyons had realized economies of scale with respect to the sub-advisory services provided to the Fund. 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

54

CATALYST FUNDS

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

December 31, 2021

the sub-advisory expense. The Board agreed that Lyons did not appear to have benefited from material economies of scale.

Conclusion. Having requested and received such information from Lyons as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement between Catalyst and Lyons, 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 the Fund and its shareholders.

55

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 (7/01/21) and held for the entire period through 12/31/21.

Actual Expenses

The “Actual” columns of the table below provide 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 in the row 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 the table below provide 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	07/01/21		Value 12/31/21		During Period *		Value 12/31/21		During Period *
Catalyst Insider Buying Fund - Class A	1.53%	$	1,000.00	$	792.40	$	6.91	$	1,017.49	$	7.78
Catalyst Insider Buying Fund - Class C	2.28%		1,000.00		789.40		10.28		1,013.71		11.57
Catalyst Insider Buying Fund - Class I	1.28%		1,000.00		793.50		5.79		1,018.75		6.51
Catalyst Energy Infrastructure Fund - Class A	1.68%		1,000.00		978.20		8.38		1,016.74		8.54
Catalyst Energy Infrastructure Fund - Class C	2.43%		1,000.00		974.50		12.09		1,012.96		12.33
Catalyst Energy Infrastructure Fund - Class I	1.43%		1,000.00		979.50		7.13		1,018.00		7.27
Catalyst Pivotal Growth Fund - Class A	1.53%		1,000.00		899.60		7.33		1,017.49		7.78
Catalyst Pivotal Growth Fund - Class C	2.28%		1,000.00		895.50		10.89		1,013.71		11.57
Catalyst Pivotal Growth Fund - Class I	1.28%		1,000.00		900.50		6.13		1,018.75		6.51
Catalyst/MAP Global Equity Fund - Class A	1.21%		1,000.00		1,046.20		6.24		1,019.11		6.16
Catalyst/MAP Global Equity Fund - Class C	1.96%		1,000.00		1,041.80		10.09		1,015.32		9.96
Catalyst/MAP Global Equity Fund - Class I	0.96%		1,000.00		1,047.80		4.96		1,020.37		4.89
Catalyst/Lyons Tactical Allocation Fund - Class A	1.53%		1,000.00		1,054.30		7.92		1,017.49		7.78
Catalyst/Lyons Tactical Allocation Fund - Class C	2.28%		1,000.00		1,050.40		11.78		1,013.71		11.57
Catalyst/Lyons Tactical Allocation Fund - Class I	1.28%		1,000.00		1,055.40		6.63		1,018.75		6.51
Catalyst Dynamic Alpha Fund - Class A	1.38%		1,000.00		1,154.90		7.50		1,018.25		7.02
Catalyst Dynamic Alpha Fund - Class C	2.13%		1,000.00		1,150.50		11.55		1,014.47		10.82
Catalyst Dynamic Alpha Fund - Class I	1.13%		1,000.00		1,156.10		6.14		1,019.51		5.75

* 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.

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.

56

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

57

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.

58

MUTUAL FUND SERIES TRUST

4221 North 203^rd Street, Suite 100

Elkhorn, NE 68022

MANAGER

Catalyst Capital Advisors, LLC

53 Palmeras Street, Suite 601

San Juan, PR 00901

ADMINISTRATOR

Ultimus Fund Solutions, LLC

4221 North 203rd Street, Suite 100

Elkhorn, NE 68022-3474

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 their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-PORT may be obtained by calling 1-800-SEC-0330.

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

CatalystEquity-SA21

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

(a)(1) Code of Ethics filed herewith.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b)       Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) 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 7, 2022

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 7, 2022

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 7, 2022