CATALYST INSIDER BUYING FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 98.0%     
     APPAREL & TEXTILE PRODUCTS - 2.6%     
 5,530   Crocs, Inc.(a)  $379,690 
           
     AUTOMOTIVE - 1.3%     
 705   Tesla, Inc. (a)   187,001 
           
     E-COMMERCE DISCRETIONARY - 4.2%     
 745   MercadoLibre, Inc. (a)   616,696 
           
     INSURANCE - 6.8%     
 76,690   Ambac Financial Group, Inc.(a),(b)   977,798 
           
     INTERNET MEDIA & SERVICES - 0.6%     
 305   Alphabet, Inc., Class C (a)   29,326 
 460   Meta Platforms, Inc., Class A (a)   62,413 
         91,739 
     MEDICAL EQUIPMENT & DEVICES - 1.9%     
 670   Repligen Corporation (a)   125,364 
 290   Thermo Fisher Scientific, Inc.   147,085 
         272,449 
     METALS & MINING - 22.7%     
 30,750   Alliance Resource Partners, L.P.   704,175 
 4,820   Alpha Metallurgical Resources, Inc.(b)   659,569 
 4,880   Arch Resources, Inc.(b)   578,768 
 28,400   Peabody Energy Corporation(a),(b)   704,888 
 23,300   Warrior Met Coal, Inc.   662,652 
         3,310,052 
     OIL & GAS PRODUCERS - 21.4%     
 4,300   Antero Resources Corporation(a)   131,279 
 7,530   Chesapeake Energy Corporation(b)   709,401 
 17,450   EQT Corporation(b)   711,087 
 27,750   Range Resources Corporation(b)   700,965 
 114,200   Southwestern Energy Company(a)   698,904 
 6,600   Vermilion Energy, Inc.   141,372 
         3,093,008 

 

 

CATALYST INSIDER BUYING FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 98.0% (Continued)     
     RENEWABLE ENERGY - 5.0%     
 1,620   Enphase Energy, Inc.(a)  $449,501 
 1,195   SolarEdge Technologies, Inc.(a),(b)   276,595 
         726,096 
     SOFTWARE - 22.7%     
 270   Crowdstrike Holdings, Inc., Class A(a)   44,499 
 620   Digital Turbine, Inc.(a)   8,934 
 635   DocuSign, Inc.(a),(b)   33,953 
 450,920   Hims & Hers Health, Inc.(a),(b)   2,516,134 
 70   Microsoft Corporation   16,303 
 2,700   Okta, Inc.(a)   153,549 
 6,550   RingCentral, Inc., Class A(a)   261,738 
 325   ServiceNow, Inc.(a)   122,723 
 2,090   Twilio, Inc., Class A(a)   144,503 
         3,302,336 
     SPECIALTY FINANCE - 2.8%     
 84,080   SoFi Technologies, Inc.(a),(b)   410,310 
           
     TRANSPORTATION & LOGISTICS - 4.4%     
 27,250   ZIM Integrated Shipping Services Ltd.(b)   640,375 
           
     WHOLESALE - CONSUMER STAPLES - 1.6%     
 2,900   Archer-Daniels-Midland Company   233,305 
           
     TOTAL COMMON STOCKS (Cost $16,410,552)   14,240,855 
           
     SHORT-TERM INVESTMENT — 32.5%     
     COLLATERAL FOR SECURITIES LOANED - 32.5%     
 4,722,320   Mount Vernon Liquid Assets Portfolio,3.18% (Cost $4,722,320)(c) (d)   4,722,320 
           
     TOTAL INVESTMENTS - 130.5% (Cost $21,132,872)  $18,963,175 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (30.5)%   (4,437,108)
     NET ASSETS - 100.0%  $14,526,067 

 

 

CATALYST INSIDER BUYING FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

LP - Limited Partnership

 

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 September 30, 2022 was $4,626,864.

 

(c)Rate disclosed is the seven day effective yield as of September 30, 2022.

 

(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%.

 

 

CATALYST/MILLBURN DYNAMIC COMMODITY STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 21.4%     
     AUTOMOTIVE - 1.2%     
 22,827   Sumitomo Electric Industries Ltd.  $230,904 
           
     CHEMICALS - 1.2%     
 989   Air Liquide S.A.   113,931 
 396   Linde PLC   106,758 
         220,689 
     ELECTRIC UTILITIES - 1.3%     
 6,425   Brookfield Renewable Partners, L.P.   201,103 
 6,074   Fusion Fuel Green PLC(a)   30,309 
         231,412 
     ELECTRICAL EQUIPMENT - 4.4%     
 1,791   Bloom Energy Corporation, Class A(a)   35,802 
 17,214   Furukawa Electric Company Ltd.   272,727 
 1,971   Nexans S.A.   177,496 
 3,462   NKT A/S(a)   164,637 
 6,850   Prysmian SpA   198,821 
         849,483 
     INSTITUTIONAL FINANCIAL SERVICES - 6.0%     
 3,096   Cboe Global Markets, Inc.   363,378 
 1,574   CME Group, Inc.   278,803 
 7,526   Hong Kong Exchanges & Clearing Ltd.   258,483 
 2,907   Intercontinental Exchange, Inc.   262,647 
         1,163,311 
     RENEWABLE ENERGY - 1.4%     
 5,503   Ballard Power Systems, Inc.(a)   33,678 
 27,434   Cell Impact A.B.(a)   30,724 
 6,361   Ceres Power Holdings PLC(a)   26,247 
 9,880   FuelCell Energy, Inc.(a)   33,691 
 19,771   ITM Power PLC(a)   23,094 
 4,411   McPhy Energy S.A.(a)   41,019 
 34,021   NEL ASA(a)   37,809 
 1,567   Plug Power, Inc.(a)   32,923 
         259,185 

 

 

CATALYST/MILLBURN DYNAMIC COMMODITY STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 21.4% (Continued)     
     SPECIALTY REIT - 2.3%     
 21,144   Farmland Partners, Inc.  $267,894 
 9,708   Gladstone Land Corporation   175,715 
         443,609 
     TIMBER REIT - 3.6%     
 7,986   PotlatchDeltic Corporation   327,746 
 5,662   Rayonier, Inc.   169,690 
 6,357   Weyerhaeuser Company   181,556 
         678,992 
           
     TOTAL COMMON STOCKS (Cost $4,762,302)   4,077,585 
           
     EXCHANGE-TRADED FUNDS — 26.7%     
     EQUITY - 23.7%     
 17,199   First Trust Global Wind Energy ETF   260,116 
 2,799   First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund   210,597 
 10,001   Global X US Infrastructure Development ETF   230,623 
 2,367   Invesco Solar ETF(a)   174,235 
 3,859   Invesco Water Resources ETF   176,549 
 14,561   iShares Emerging Markets Infrastructure ETF   276,375 
 10,002   iShares Global Clean Energy ETF   190,938 
 7,226   iShares Global Infrastructure ETF   302,263 
 3,271   iShares Global Timber & Forestry ETF   214,022 
 20,205   Utilities Select Sector SPDR Fund   1,323,629 
 5,719   VanEck Agribusiness ETF   461,408 
 1,238   VanEck Environmental Services ETF   161,822 
 3,587   VanEck Natural Resources ETF   155,367 
 1,240   VanEck Rare Earth/Strategic Metals ETF   103,329 
 2,372   VanEck Steel ETF   113,263 
 4,050   VanEck Uranium + Nuclear Energy ETF   209,183 
         4,563,719 
     FIXED INCOME - 3.0%     
 5,455   iShares TIPS Bond ETF   572,230 

 

 

CATALYST/MILLBURN DYNAMIC COMMODITY STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares            Fair Value 
                 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $5,872,506) $5,135,949 
                 
Principal      Coupon Rate        
Amount ($)      (%)  Maturity     
     U.S. GOVERNMENT & AGENCIES — 10.9%           
     U.S. TREASURY NOTES — 10.9%           
 700,000   United States Treasury Note  1.6250  11/15/22   698,756 
 525,000   United States Treasury Note  2.0000  02/15/23   521,708 
 525,000   United States Treasury Note  1.7500  05/15/23   517,551 
 350,000   United States Treasury Note  2.5000  08/15/23   344,833 
               2,082,848 
                 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,099,118)   2,082,848 
                 
Shares               
     SHORT-TERM INVESTMENTS — 25.2%           
     MONEY MARKET FUNDS - 25.2%           
 4,815,634   First American Government Obligations Fund, Class U, 2.79% (Cost $4,815,634)(b)   4,815,634 
                 
     TOTAL INVESTMENTS - 84.2% (Cost $17,549,560)  $16,112,016 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 15.8%   3,026,268 
     NET ASSETS - 100.0%        $19,138,284 

 

OPEN FUTURES CONTRACTS 
Number of
Contracts
   Open Long Futures Contracts  Expiration  Notional Amount(c)   Value and Unrealized
Appreciation (Depreciation)
 
 17     CBOT Corn Future(d)  12/14/2022  $575,875   $31,050 
 7   CBOT Soybean Future(d)  11/14/2022   477,663    (34,112)
 9   CBOT Soybean Meal Future(d)  12/14/2022   362,700    4,740 
 7   CBOT Soybean Oil Future(d)  12/14/2022   258,552    (10,050)
 2   CBOT Wheat Future(d)  12/14/2022   92,150    975 
 2   CME Lean Hogs Future(d)  12/14/2022   60,980    (5,340)
 3   CME Live Cattle Future(d)  12/30/2022   176,460    (4,810)
 4   COMEX Copper Future(d)  12/28/2022   341,250    (463)
 2   COMEX Gold 100 Troy Ounces Future(d)  12/28/2022   334,400    (12,960)
 2   COMEX Silver Future(d)  12/28/2022   190,390    250 
 12   ICE Brent Crude Oil Future(d)  10/31/2022   1,021,680    (71,910)
 7   ICE Gas Oil Future(d)  11/10/2022   659,225    (4,575)

 

 

CATALYST/MILLBURN DYNAMIC COMMODITY STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

OPEN FUTURES CONTRACTS (Continued) 
Number of
Contracts
   Open Long Futures Contracts  Expiration  Notional Amount(d)   Value and Unrealized
Appreciation (Depreciation)
 
 4     KCBT Hard Red Winter Wheat Future(d)  12/14/2022  $198,300   $18,150 
 3   LME Lead Future(d)  12/19/2022   143,250    1,144 
 1   LME Nickel Future(d)  12/19/2022   126,552    (23,514)
 3   LME Zinc Future(d)  12/19/2022   223,725    (26,025)
 2   NYBOT CSC C Coffee Future(d)  12/19/2022   166,163    (4,181)
 3   NYBOT CSC Cocoa Future(d)  12/14/2022   70,620    (150)
 4   NYBOT CSC Number 11 World Sugar Future(d)  02/28/2023   79,206    (717)
 2   NYBOT CTN Number 2 Cotton Future(d)  12/07/2022   85,340    (17,285)
 23   NYMEX Henry Hub Natural Gas Futures(d)  12/28/2022   1,666,810    (336,750)
 16   NYMEX Light Sweet Crude Oil Future(d)  10/20/2022   1,271,839    (63,651)
 3   NYMEX NY Harbor ULSD Futures(d)  10/31/2022   405,922    (16,333)
 2   NYMEX Platinum Future(d)  01/27/2023   85,910    (5,970)
 5   NYMEX Reformulated Gasoline Blendstock for Oxygen
Blending RBOB Future(d)
  10/31/2022   497,658    (21,731)
     TOTAL FUTURES CONTRACTS          $(604,218)

 

A.B. - Aktiebolag

 

A/S - Anonim Sirketi

 

ETF - Exchange-Traded Fund

 

L.P. - Limited Partnership

 

Ltd. - Limited Company

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

S.A. - Société Anonyme

 

SpA - Società per azioni

 

SPDR - Standard & Poor’s Depositary Receipt

 

(a)Non-income producing security.

 

(b)Rate disclosed is the seven-day effective yield as of September 30, 2022.

 

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

 

(d)All or a portion of this investment is a holding of the CHCSF Fund Limited.

 

 

CATALYST/WARRINGTON STRATEGIC PROGRAM FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 35.2%           
     U.S. TREASURY BILLS — 35.2%           
 13,000,000   United States Treasury Bill(a)  2.4192  11/03/22  $12,970,297 
 13,000,000   United States Treasury Bill(a)  3.3992  02/02/23   12,846,566 
 13,000,000   United States Treasury Bill(a),(e)  3.4346  05/18/23   12,714,737 
 13,000,000   United States Treasury Bill(a),(e)  3.6068  07/13/23   12,627,501 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $51,282,151)         51,159,101 
                 
Shares               
     SHORT-TERM INVESTMENTS — 32.5%           
     MONEY MARKET FUNDS - 32.5%           
 47,282,282   First American Government Obligations Fund, Class U, 2.79% (Cost $47,282,282)(b)   47,282,282 
                 
     TOTAL INVESTMENTS - 67.7% (Cost $98,564,433)  $98,441,383 
     CALL OPTIONS WRITTEN - 0.0% (Proceeds - $22,095)   (9,243)
     OTHER ASSETS IN EXCESS OF LIABILITIES- 32.3%   46,870,922 
     NET ASSETS - 100.0%        $145,303,062 

 

Contracts(c)      Counterparty  Expiration Date  Exercise Price   Notional Value   Fair Value 
     WRITTEN FUTURE OPTIONS - 0.0% (d)                     
     CALL OPTIONS WRITTEN- 0.0%(d)                     
 500     S&P 500 Index E-mini Future, Maturing Dec. 2022  ADM  10/07/2022  $4,140   $103,500,000   $1,250 
 350   S&P 500 Index E-mini Future, Maturing Dec. 2022  FCS  10/07/2022   4,140    72,450,000    875 
 175   S&P 500 Index E-mini Future, Maturing Dec. 2022  ADM  10/07/2022   4,350    38,062,500    438 
 122   S&P 500 Index E-mini Future, Maturing Dec. 2022  FCS  10/07/2022   4,350    26,535,000    305 
 500   S&P 500 Index E-mini Future, Maturing Dec. 2022  ADM  10/14/2022   4,220    105,500,000    3,750 
 350   S&P 500 Index E-mini Future, Maturing Dec. 2022  FCS  10/14/2022   4,220    73,850,000    2,625 
     TOTAL CALL OPTIONS WRITTEN (Proceeds - $22,095)                   9,243 

 

ADM ADM Investor Services, Inc.

 

FCS StoneX Group, Inc.

 

(a)Zero coupon bond.

 

(b)Rate disclosed is the seven day effective yield as of September 30, 2022.

 

(c)Each contract is equivalent to one futures contract.

 

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

 

(e)Held as collateral for written options.

 

 

CATALYST INSIDER INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     CONVERTIBLE BONDS — 48.8%           
     ASSET MANAGEMENT — 14.2%           
 7,079,000   Prospect Capital Corporation  6.3750  03/01/25  $7,265,177 
 6,039,000   RWT Holdings, Inc.  5.7500  10/01/25   5,190,521 
               12,455,698 
     INSTITUTIONAL FINANCIAL SERVICES — 5.1%           
 6,700,000   Coinbase Global, Inc.  0.5000  06/01/26   4,458,850 
                 
     INTERNET MEDIA & SERVICES — 2.6%           
 4,000,000   Opendoor Technologies, Inc.(a)  0.2500  08/15/26   2,262,214 
                 
     SPECIALTY FINANCE — 26.9%           
 4,500,000   Arbor Realty Trust, Inc.(a)  7.5000  08/01/25   4,099,500 
 4,620,000   Redwood Trust, Inc.  5.6250  07/15/24   4,192,490 
 10,000,000   SoFi Technologies, Inc.(a),(b)  6.6000  10/15/26   6,927,270 
 10,000,000   Two Harbors Investment Corporation  6.2500  01/15/26   8,368,999 
               23,588,259 
                 
     TOTAL CONVERTIBLE BONDS (Cost $48,528,415)         42,765,021 
                 
     CORPORATE BONDS — 48.9%           
     AEROSPACE & DEFENSE — 5.0%           
 4,300,000   TransDigm, Inc.(a)  8.0000  12/15/25   4,367,682 
                 
     ASSET MANAGEMENT — 12.3%           
 4,180,000   Ares Capital Corporation  4.2500  03/01/25   3,953,578 
 4,500,000   Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation  6.3750  12/15/25   4,268,732 
 2,861,000   Prospect Capital Corporation  3.7060  01/22/26   2,481,894 
               10,704,204 
     GAS & WATER UTILITIES — 4.9%           
 4,400,000   National Fuel Gas Company  5.5000  01/15/26   4,327,518 
                 
     HEALTH CARE FACILITIES & SERVICES — 4.6%           
 4,407,000   Centene Corporation  4.2500  12/15/27   4,032,185 

 

 

CATALYST INSIDER INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     CORPORATE BONDS — 48.9% (Continued)           
     HOME & OFFICE PRODUCTS — 5.0%           
 4,700,000   Newell Brands, Inc.  4.2000  04/01/26  $4,338,711 
                 
     INTERNET MEDIA & SERVICES — 4.9%           
 4,300,000   Netflix, Inc.  5.8750  02/15/25   4,302,563 
                 
     REAL ESTATE INVESTMENT TRUSTS — 7.3%           
 725,000   Omega Healthcare Investors, Inc.  4.5000  01/15/25   707,317 
 2,007,000   Omega Healthcare Investors, Inc.  4.5000  04/01/27   1,865,146 
 4,110,000   Sabra Health Care, L.P.  5.1250  08/15/26   3,862,717 
               6,435,180 
     STEEL — 4.9%           
 4,400,000   Steel Dynamics, Inc.  5.0000  12/15/26   4,318,370 
                 
     TOTAL CORPORATE BONDS (Cost $45,476,401)   42,826,413 
                 
     TOTAL INVESTMENTS - 97.7% (Cost $94,004,816)  $85,591,434 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 2.3%   1,980,090 
     NET ASSETS - 100.0%        $87,571,524 

 

L.P. - Limited Partnership

 

(a)Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2022, the total market value of 144A securities is 17,656,666 or 20.2% of net assets.

 

(b)Zero coupon bond. Discount rate shown.

 

 

CATALYST SYSTEMATIC ALPHA FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     CORPORATE BONDS — 64.5%           
     AEROSPACE & DEFENSE — 4.8%           
 225,000   L3Harris Technologies, Inc.  3.8500  06/15/23  $224,017 
                 
     ASSET MANAGEMENT — 8.5%           
 225,000   Ares Capital Corporation  3.5000  02/10/23   223,894 
 175,000   Prospect Capital Corporation  5.8750  03/15/23   174,792 
               398,686 
     BIOTECH & PHARMA — 4.8%           
 225,000   Mylan, Inc.(a)  3.1250  01/15/23   223,841 
                 
     HOME & OFFICE PRODUCTS — 6.4%           
 300,000   NEWELL BRANDS, INC.  4.1000  04/01/23   300,035 
                 
     HOME CONSTRUCTION — 2.9%           
 135,000   Mohawk Industries, Inc.  3.8500  02/01/23   134,918 
                 
     REAL ESTATE INVESTMENT TRUSTS — 4.8%           
 225,000   American Tower Corporation  3.0000  06/15/23   222,194 
                 
     RETAIL - DISCRETIONARY — 3.7%           
 175,000   O’Reilly Automotive, Inc.  3.8500  06/15/23   173,962 
                 
     SEMICONDUCTORS — 4.7%           
 225,000   Skyworks Solutions, Inc.  0.9000  06/01/23   218,368 
                 
     TECHNOLOGY HARDWARE — 4.8%           
 225,000   Dell International, LLC / EMC Corporation  5.4500  06/15/23   225,592 
                 
     TECHNOLOGY SERVICES — 19.1%           
 225,000   Equifax, Inc.  3.9500  06/15/23   223,906 
 225,000   Global Payments, Inc.  4.0000  06/01/23   223,360 
 225,000   Leidos, Inc.  2.9500  05/15/23   221,873 
 225,000   Western Union Company (The)  4.2500  06/09/23   224,117 

 

 

CATALYST SYSTEMATIC ALPHA FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     CORPORATE BONDS— 64.5% (Continued)     
     TECHNOLOGY SERVICES — 19.1% (Continued)     
        $893,256 
     TOTAL CORPORATE BONDS (Cost $3,034,646)   3,014,869 
           
     SHORT-TERM INVESTMENTS — 7.9%     
     MONEY MARKET FUNDS – 7. 9%     
 371,005   First American Government Obligations Fund, Class U, 2.79%(b) (c) (Cost $371,005)   371,005 
           
     TOTAL INVESTMENTS – 72.4% (Cost $3,405,651)  $3,385,874 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 27.6%   1,291,384 
     NET ASSETS - 100.0%  $4,677,258 

 

LLC - Limited Liability Company

 

(a)Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2022 the total market value of 144A securities is 223,841 or 4.8% of net assets.

 

(b)Rate disclosed is the seven day effective yield as of June 30, 2022.

 

(c)All or part of this security is held by CSACS Fund Ltd.

 

 

CATALYST SYSTEMATIC ALPHA FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 30, 2022

 

TOTAL RETURN SWAP - (7.5) %

 

The BNP Paribas Catalyst Systematic Index (“BNP CASA Index”) is a rules based index designed to capitalize on structural inefficiencies and behavioral biases present within the equity, fixed income, commodity and currency markets. The BNP CASA Index is comprised of seven rules-based Index components created by BNP Paribas.

 

      Notional        Pay/Receive Fixed  Upfront  Unrealized 
Shares  Frequency and Reference Entity  Amount  Counterparty  Maturity  Rate  Payments  Depreciation 
1,617  At Maturity BNP Paribas Catalyst Systematic Index +  6,800,000  BNP Paribas  6/12/2023  0.5000%    $(349,244)

 

+This instrument is held by CSACS Fund Ltd.

 

 

CATALYST SYSTEMATIC ALPHA FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 30, 2022

 

BNP Paribas Catalyst Systematic Index Swap Holdings 1% of Notional ^

 

                 Value     
                 Unrealized     
                 Appreciation/     
Long Contracts      Counterparty  Notional Amount   Maturity  (Depreciation)   Weighted % 
     OPEN LONG FUTURES CONTRACTS                     
 2   CMX Gold  BNP Paribas  $252,608   12/31/2022  $(7,931)   3.71%
 1   CMX silver  BNP Paribas   93,732   12/31/2022   6,065    1.38%
 3   ICE Brent Crude  BNP Paribas   261,581   12/31/2022   (25,184)   3.85%
 3   ICE Brent Crude  BNP Paribas   257,261   2/28/2023   (27,341)   3.78%
 1   ICE Gas Oil  BNP Paribas   126,534   12/31/2022   (12,880)   1.86%
 1   ICE Gas Oil  BNP Paribas   127,365   3/31/2023   (11,526)   1.87%
 2   Japenese Government Bond  BNP Paribas   2,300,874   12/31/2022   (10,195)   33.84%
 2   LME Aluminium HG  BNP Paribas   110,035   12/31/2022   (9,364)   1.62%
 0   LME Aluminium HG  BNP Paribas   21,935   1/31/2023   (1,814)   0.32%
 0   LME Aluminium HG  BNP Paribas   21,870   4/30/2023   (1,688)   0.32%
 1   LME Aluminium HG  BNP Paribas   65,726   9/30/2023   (4,354)   0.97%
 1   LME Copper  BNP Paribas   149,797   11/30/2022   (3,300)   2.20%
 1   LME Copper  BNP Paribas   148,954   12/31/2022   (4,118)   2.19%
 1   LME Copper  BNP Paribas   149,489   1/31/2023   (4,475)   2.20%
 1   LME Nickel  BNP Paribas   78,337   12/31/2022   (1,261)   1.15%
 1   LME Nickel  BNP Paribas   78,370   2/28/2023   (1,148)   1.15%
 1   LME Nickel  BNP Paribas   98,056   3/31/2023   (1,344)   1.44%
 1   LME Zinc  BNP Paribas   93,579   1/31/2023   (12,315)   1.38%
 1   LME Zinc  BNP Paribas   94,360   2/28/2023   (12,277)   1.39%
 1   LME Zinc  BNP Paribas   93,125   3/31/2023   (11,999)   1.37%
 9   Nikkei  BNP Paribas   832,592   12/31/2022   (55,626)   12.24%
 84   NYMEX Gasoline RBOB  BNP Paribas   80,731   12/31/2022   (2,708)   1.19%
 81   NYMEX Gasoline RBOB  BNP Paribas   76,047   1/31/2023   (3,391)   1.12%
 15   NYMEX Heating Oil  BNP Paribas   19,589   12/31/2022   (2,318)   0.29%
 63   NYMEX Heating Oil  BNP Paribas   78,515   3/31/2023   (8,768)   1.15%
 79   NYMEX Heating Oil  BNP Paribas   95,668   4/30/2023   (10,445)   1.41%
 9   NYMEX Natural Gas  BNP Paribas   622,922   2/28/2023   (143,480)   9.16%
 9   NYMEX Natural Gas  BNP Paribas   570,489   3/31/2023   (121,545)   8.39%
 13   NYMEX Natural Gas  BNP Paribas   657,455   4/30/2023   (115,179)   9.67%
 4   NYMEX WTI Crude  BNP Paribas   291,427   2/28/2023   (33,759)   4.29%
 3   NYMEX WTI Crude  BNP Paribas   234,577   3/31/2023   (28,065)   3.45%
 4   NYMEX WTI Crude  BNP Paribas   291,205   4/30/2023   (35,686)   4.28%
 1   NYMEX WTI Crude  BNP Paribas   58,928   1/31/2023   (6,578)   0.87%
     NET UNREALIZED LOSS FROM OPEN LONG FUTURE CONTRACTS  $(725,997)     
                           
Short Contracts                         
     OPEN SHORT FUTURES CONTRACTS                     
 (2)  3 Month SOFR  BNP Paribas  $(508,476)  12/31/2022  $2,905    7.48%
 (2)  3 Month SOFR  BNP Paribas   (508,007)  1/31/2023   2,958    7.47%
 (2)  3 Month SOFR  BNP Paribas   (507,753)  3/31/2023   2,905    7.47%
 (2)  3 Month SOFR  BNP Paribas   (508,388)  9/30/2023   3,457    7.48%
 (1)  3 Month SOFR  BNP Paribas   (341,119)  12/31/2023   2,668    5.02%
 (1)  3 Month SOFR  BNP Paribas   (341,757)  3/31/2024   2,791    5.03%
 (1)  3 Month SOFR  BNP Paribas   (342,377)  6/30/2024   2,774    5.03%
 (1)  3 Month SOFR  BNP Paribas   (342,837)  9/30/2024   2,705    5.04%
 (2)  3 Months Euribor  BNP Paribas   (593,484)  12/31/2022   2,449    8.73%
 (2)  3 Months Euribor  BNP Paribas   (588,627)  1/31/2023   3,470    8.66%
 (2)  3 Months Euribor  BNP Paribas   (590,114)  3/31/2023   3,623    8.68%
 (2)  3 Months Euribor  BNP Paribas   (588,323)  9/30/2023   3,620    8.65%
 (2)  3 Months Euribor  BNP Paribas   (565,297)  12/31/2023   3,419    8.31%
 (2)  3 Months Euribor  BNP Paribas   (565,501)  3/31/2024   4,315    8.32%
 (2)  3 Months Euribor  BNP Paribas   (565,647)  6/30/2024   3,966    8.32%
 (2)  3 Months Euribor  BNP Paribas   (565,851)  9/30/2024   4,167    8.32%
 (23)  CBOE VIX  BNP Paribas   (722,329)  10/31/2022   (121,814)   10.62%
 (402)  CMX Copper  BNP Paribas   (342,644)  12/31/2022   10,323    5.04%
 (5)  ICE Brent Crude  BNP Paribas   (396,576)  1/31/2023   40,157    5.83%
 (2)  ICE Gas Oil  BNP Paribas   (201,183)  11/30/2022   19,268    2.96%
 (3)  LME Aluminium HG  BNP Paribas   (143,925)  11/30/2022   12,581    2.12%
 (1)  LME Nickel  BNP Paribas   (186,840)  11/30/2022   3,029    2.75%
 (3)  LME Zinc  BNP Paribas   (218,900)  11/30/2022   29,722    3.22%
 (124)  NYMEX Gasoline RBOB  BNP Paribas   (123,343)  11/30/2022   935    1.81%
 (118)  NYMEX Heating Oil  BNP Paribas   (159,059)  11/30/2022   17,074    2.34%
 (23)  NYMEX Natural Gas  BNP Paribas   (1,564,967)  11/30/2022   412,658    23.01%
 (9)  NYMEX WTI Crude  BNP Paribas   (746,051)  11/30/2022   79,943    10.97%
     NET UNREALIZED GAIN FROM OPEN SHORT FUTURE CONTRACTS  $556,068      

 

^The make up of the underlying index and the total positions will not correlate to the unrealized for the total return swap due to timing of contracts opened and closed in the index.

 

 

 

CATALYST INCOME AND MULTI-STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 19.9%     
     MORTGAGE FINANCE - 16.4%     
 6,520   AGNC Investment Corporation  $54,898 
 3,015   Annaly Capital Management, Inc.   51,737 
 5,260   Arbor Realty Trust, Inc.   60,490 
 2,680   Blackstone Mortgage Trust, Inc., Class A   62,551 
 8,240   Granite Point Mortgage Trust, Inc.   53,066 
 4,030   KKR Real Estate Finance Trust, Inc.   65,488 
 7,030   Ladder Capital Corporation   62,989 
 7,289   MFA Financial, Inc.   56,708 
 27,890   New York Mortgage Trust, Inc.   65,263 
 5,290   PennyMac Mortgage Investment Trust   62,316 
 10,130   Redwood Trust, Inc.   58,146 
 8,340   Rithm Capital Corporation   61,049 
 3,390   Starwood Property Trust, Inc.   61,766 
 8,440   TPG RE Finance Trust, Inc.   59,080 
 16,110   Two Harbors Investment Corporation   53,485 
         889,032 
     REAL ESTATE INVESTMENT TRUSTS - 3.5%     
 6,040   Franklin BSP Realty Trust, Inc.   65,051 
 1,950   Hannon Armstrong Sustainable Infrastructure   58,364 
 1,480   NexPoint Residential Trust, Inc.   68,390 
         191,805 
           
     TOTAL COMMON STOCKS (Cost $1,611,716)   1,080,837 
           
     EXCHANGE-TRADED FUNDS — 34.5%     
     FIXED INCOME - 34.5%     
 3,250   iShares Convertible Bond ETF   223,925 
 8,170   iShares MBS ETF   748,210 

 

 

CATALYST INCOME AND MULTI-STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 34.5% (Continued)     
     FIXED INCOME - 34.5% (Continued)     
 2,340   iShares Trust iShares 1-5 Year Investment Grade  $115,315 
 1,490   Vanguard Intermediate-Term Corporate Bond ETF   112,763 
 12,460   Vanguard Mortgage-Backed Securities ETF   561,821 
 1,550   Vanguard Short-Term Corporate Bond ETF   115,134 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $2,166,192)   1,877,168 
           
     OPEN END FUNDS — 9.9%     
     FIXED INCOME - 9.9%     
 26,993   Catalyst Enhanced Income Strategy Fund, Class I(a)   267,497 
 14,911   Rational Special Situations Income Fund, Institutional Class(a)   271,527 
     TOTAL OPEN END FUNDS (Cost $576,706)   539,024 
           
     SHORT-TERM INVESTMENTS — 11.9%     
     MONEY MARKET FUNDS - 11.9%     
 649,333   First American Government Obligations Fund, Class U, 2.79% (Cost $649,333)(b)   649,333 
           
     TOTAL INVESTMENTS - 76.2% (Cost $5,003,947)  $4,146,362 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 23.8%   1,296,005 
     NET ASSETS - 100.0%  $5,442,367 

 

OPEN FUTURES CONTRACTS 
Number of Contracts   Open Long Futures Contracts  Expiration  Notional Amount(c)   Value and Unrealized
Appreciation
 
 16   CBOE Volatility Index Future  12/21/2022  $480,760   $6,954 
     TOTAL FUTURES CONTRACTS             
                   
Number of Contracts   Open Short Futures Contracts  Expiration  Notional Amount(c)   Value and Unrealized
Appreciation/Depreciation
 
 9   3 Month Euro Euribor Future  12/16/2024  $2,140,752   $15,902 
 9   CME 3 Month Eurodollar Future  12/16/2024   2,161,238    25,612 
 5   CME British Pound Currency Future  12/19/2022   349,406    9,875 
 4   CME Japanese Yen Currency Future  12/19/2022   348,175    3,825 
 3   CME Lean Hogs Future(d)  12/14/2022   91,470    568 
 1   COMEX Gold 100 Troy Ounces Future(d)  12/28/2022   167,200    (2,078)
 1   ICE Brent Crude Oil Future(d)  10/31/2022   85,140    5,220 
 2   NYMEX Light Sweet Crude Oil Future(d)  11/21/2022   157,440    5,656 
 6   Three Month SONIA Index Futures  03/18/2025   1,585,696    46,717 
     TOTAL FUTURES CONTRACTS          $111,297 

 

 

CATALYST INCOME AND MULTI-STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

ETF - Exchange-Traded Fund

 

(a)Affiliated Company.

 

(b)Rate disclosed is the seven day effective yield as of September 30, 2022.

 

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

 

(d)All or a portion of this investment is a holding of the CAMFMSF Fund Limited.

 

 

CATALYST ENERGY INFRASTRUCTURE
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 99.9%     
     OIL & GAS PRODUCERS - 99.9%     
 151,883   Cheniere Energy, Inc.  $25,198,910 
 149,052   Crestwood Equity Partners, L.P.   4,139,174 
 110,597   DT Midstream, Inc.   5,738,878 
 230,277   Enbridge, Inc.   8,543,277 
 1,961,630   Energy Transfer, L.P.   21,636,778 
 1,131,863   EnLink Midstream, LLC   10,062,262 
 416,493   Enterprise Products Partners, L.P.   9,904,204 
 1,026,278   Equitrans Midstream Corporation   7,676,559 
 259,726   Gibson Energy, Inc.   4,131,440 
 134,607   Hess Midstream, L.P., A   3,435,171 
 232,071   Keyera Corporation   4,778,664 
 532,732   Kinder Morgan, Inc.   8,864,660 
 32,136   Kinetik Holdings, Inc.   1,046,991 
 93,263   Magellan Midstream Partners, L.P.   4,430,925 
 24,010   Marathon Petroleum Corporation   2,384,913 
 126,740   MPLX, L.P.   3,803,467 
 2,239,658   NextDecade Corporation(a)   13,482,741 
 282,401   NuStar Energy, L.P.   3,812,414 
 312,778   ONEOK, Inc.   16,026,745 
 281,610   Pembina Pipeline Corporation   8,552,496 
 913,932   Plains GP Holdings, L.P., A - Series MLP   9,970,998 
 163,148   Targa Resources Corporation - Series MLP   9,844,350 
 205,012   TC Energy Corporation   8,259,933 
 155,792   Western Midstream Partners, L.P.   3,919,727 
 580,471   Williams Companies, Inc. (The)   16,618,885 
         216,264,562 
           
     TOTAL COMMON STOCKS (Cost $189,686,273)   216,264,562 
           
     TOTAL INVESTMENTS - 99.9% (Cost $189,686,273)  $216,264,562 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%   132,930 
     NET ASSETS - 100.0%  $216,397,492 

 

LLC - Limited Liability Company

 

LP - Limited Partnership

 

(a)Non-income producing security.

 

 

CATALYST PIVOTAL GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 99.6%     
     APPAREL & TEXTILE PRODUCTS - 3.6%     
 1,555   NIKE, Inc., Class B  $129,252 
           
     BANKING - 5.1%     
 4,615   Wells Fargo & Company   185,615 
           
     BIOTECH & PHARMA - 4.8%     
 1,290   AbbVie, Inc.(a)   173,131 
           
     E-COMMERCE DISCRETIONARY - 13.6%     
 2,160   Amazon.com, Inc.(b)   244,079 
 460   Etsy, Inc.(b)   46,060 
 245   MercadoLibre, Inc.(b)   202,806 
         492,945 
     ENTERTAINMENT CONTENT - 1.8%     
 1,145   Sea Ltd. - ADR(a),(b)   64,177 
           
     HEALTH CARE FACILITIES & SERVICES - 7.1%     
 510   UnitedHealth Group, Inc.   257,570 
           
     INTERNET MEDIA & SERVICES - 11.1%     
 1,800   Alphabet, Inc., Class A(b)   172,170 
 670   Meta Platforms, Inc., Class A(b)   90,906 
 315   Netflix, Inc.(a),(b)   74,164 
 1,150   Roku, Inc.(b)   64,860 
         402,100 
     LEISURE FACILITIES & SERVICES - 4.3%     
 1,865   Starbucks Corporation   157,145 
           
     LEISURE PRODUCTS - 0.6%     
 3,400   Peloton Interactive, Inc., Class A(b)   23,562 
           
     SEMICONDUCTORS - 8.0%     
 2,300   Advanced Micro Devices, Inc.(b)   145,728 

 

 

CATALYST PIVOTAL GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 99.6% (Continued)     
     SEMICONDUCTORS - 8.0% (Continued)     
 1,195   NVIDIA Corporation  $145,061 
         290,789 
     SOFTWARE - 19.1%     
 600   Adobe, Inc. (b)   165,120 
 700   Bill.com Holdings, Inc. (b)   92,659 
 1,310   Crowdstrike Holdings, Inc., Class A(b)   215,901 
 3,700   Shopify, Inc., Class A(a),(b)   99,678 
 1,270   SS&C Technologies Holdings, Inc.   60,643 
 797   Zoom Video Communications, Inc., Class A (b)   58,651 
         692,652 
     TECHNOLOGY HARDWARE - 6.3%     
 1,655   Apple, Inc.   228,721 
           
           
     TECHNOLOGY SERVICES - 7.5%     
 950   Block, Inc., Class A (b)   52,241 
 1,240   Visa, Inc., Class A(a)   220,286 
         272,527 
     TELECOMMUNICATIONS - 2.5%     
 2,395   Verizon Communications, Inc.   90,938 
           
           
     TRANSPORTATION & LOGISTICS - 4.2%     
 790   Union Pacific Corporation   153,908 
           
     TOTAL COMMON STOCKS (Cost $6,581,432)   3,615,032 
           
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 14.6%     
     COLLATERAL FOR SECURITIES LOANED - 14.6%     
 570,737   Mount Vernon Liquid Assets Portfolio, 3.18% (Cost $530,737)(c),(e)   530,737 

 

 

CATALYST PIVOTAL GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 14.6% (Continued)     
     MONEY MARKET FUND - 0.0% (d)     
 1,027   Federated Hermes Government Obligations Fund, Institutional Class, 2.81% (Cost $1,027)(c)  $1,027 
     TOTAL SHORT-TERM INVESTMENTS (Cost $531,764)   531,764 
           
     TOTAL INVESTMENTS - 114.2% (Cost $7,113,196)  $4,146,796 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (14.2)%   (516,381)
     NET ASSETS - 100.0%  $3,630,415 

 

ADR - American Depositary Receipt

 

ETF - Exchange-Traded Fund

 

LTD - Limited Company

 

(a)All or a portion of this security is on loan. The total fair value of securities on loan at September 30, 2022 was $514,450.

 

(b)Non-income producing security.

 

(c)Rate disclosed is the seven day effective yield as of September 30, 2022.

 

(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%.

 

 

CATALYST NASDAQ-100 HEDGED EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 60.9%     
     AUTOMOTIVE - 3.1%     
 1,338   Lucid Group, Inc.(a)(b)  $18,692 
 1,494   Tesla, Inc.(a)   396,283 
         414,975 
     BEVERAGES - 2.0%     
 1,129   Keurig Dr Pepper, Inc.   40,441 
 420   Monster Beverage Corporation(a)(b)   36,523 
 1,100   PepsiCo, Inc.   179,586 
         256,550 
     BIOTECH & PHARMA - 3.0%     
 427   Amgen, Inc.(b)   96,245 
 472   AstraZeneca PLC - ADR(b)   25,884 
 116   Biogen, Inc.(a)(b)   30,972 
 1,000   Gilead Sciences, Inc.   61,690 
 312   Moderna, Inc.(a)   36,894 
 85   Regeneron Pharmaceuticals, Inc.(a)(b)   58,554 
 147   Seagen, Inc.(a)   20,114 
 205   Vertex Pharmaceuticals, Inc.(a)(b)   59,356 
         389,709 
     CABLE & SATELLITE - 1.2%     
 128   Charter Communications, Inc., Class A(a)(b)   38,829 
 3,512   Comcast Corporation, Class A(b)   103,007 
 3,106   Sirius XM Holdings, Inc.(b)   17,735 
         159,571 
     COMMERCIAL SUPPORT SERVICES - 0.2%     
 81   Cintas Corporation   31,443 
           
     DIVERSIFIED INDUSTRIALS - 0.7%     
 537   Honeywell International, Inc.   89,663 
           
     E-COMMERCE DISCRETIONARY - 4.8%     
 4,897   Amazon.com, Inc.(a)   553,361 
 438   eBay, Inc.(b)   16,123 
 402   JD.com, Inc. - ADR   20,221 
 40   MercadoLibre, Inc.(a)(b)   33,111 

 

 

CATALYST NASDAQ-100 HEDGED EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 60.9% (Continued)     
     E-COMMERCE DISCRETIONARY - 4.8% (Continued)     
 373   Pinduoduo, Inc. - ADR(a)  $23,343 
         646,159 
     ELECTRIC UTILITIES - 0.9%     
 410   American Electric Power Company, Inc.   35,445 
 260   Constellation Energy Corporation   21,629 
 792   Exelon Corp.   29,668 
 436   Xcel Energy, Inc.   27,904 
         114,646 
     ENTERTAINMENT CONTENT - 0.6%     
 624   Activision Blizzard, Inc.   46,388 
 222   Electronic Arts, Inc.   25,688 
 130   NetEase, Inc. - ADR(b)   9,828 
         81,904 
     FOOD - 0.7%     
 977   Kraft Heinz Company (The)   32,583 
 1,093   Mondelez International, Inc., Class A   59,929 
         92,512 
     INDUSTRIAL SUPPORT SERVICES - 0.2%     
 458   Fastenal Company   21,086 
           
     INTERNET MEDIA & SERVICES - 7.6%     
 318   Airbnb, Inc., Class A(a)   33,403 
 2,882   Alphabet, Inc., Class A(a)   275,663 
 2,962   Alphabet, Inc., Class C(a)   284,796 
 145   Baidu, Inc. - ADR(a)(b)   17,036 
 32   Booking Holdings, Inc.(a)   52,583 
 226   Match Group, Inc.(a)   10,792 
 1,642   Meta Platforms, Inc., Class A(a)   222,787 
 355   Netflix, Inc.(a)(b)   83,581 
 86   VeriSign, Inc.(a)   14,938 
         995,579 
     LEISURE FACILITIES & SERVICES - 0.9%     
 259   Marriott International, Inc., Class A   36,296 

 

 

CATALYST NASDAQ-100 HEDGED EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 60.9% (Continued)     
     LEISURE FACILITIES & SERVICES - 0.9% (Continued)     
 915   Starbucks Corporation  $77,098 
         113,394 
     MEDICAL EQUIPMENT & DEVICES - 1.0%     
 62   Align Technology, Inc.(a)   12,841 
 313   DexCom, Inc.(a)   25,209 
 66   IDEXX Laboratories, Inc.(a)   21,503 
 125   Illumina, Inc.(a)   23,849 
 285   Intuitive Surgical, Inc.(a)   53,420 
         136,822 
     RETAIL - CONSUMER STAPLES - 1.6%     
 353   Costco Wholesale Corporation   166,711 
 179   Dollar Tree, Inc.(a)(b)   24,362 
 689   Walgreens Boots Alliance, Inc.(b)   21,635 
         212,708 
     RETAIL - DISCRETIONARY - 0.7%     
 98   Lululemon Athletica, Inc.(a)   27,397 
 50   O’Reilly Automotive, Inc.(a)   35,168 
 279   Ross Stores, Inc.   23,511 
         86,076 
     SEMICONDUCTORS - 8.2%     
 1,287   Advanced Micro Devices, Inc.(a)   81,544 
 410   Analog Devices, Inc.   57,129 
 686   Applied Materials, Inc.   56,204 
 69   ASML Holding N.V. - ADR   28,659 
 323   Broadcom, Inc.   143,415 
 3,274   Intel Corporation   84,371 
 113   KLA Corporation   34,197 
 109   Lam Research Corporation   39,894 
 680   Marvell Technology, Inc.(b)   29,179 
 441   Microchip Technology, Inc.(b)   26,914 
 880   Micron Technology, Inc.   44,088 
 1,684   NVIDIA Corporation   204,421 
 209   NXP Semiconductors N.V.   30,830 
 896   QUALCOMM, Inc.   101,230 

 

 

CATALYST NASDAQ-100 HEDGED EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 60.9% (Continued)     
     SEMICONDUCTORS - 8.2% (Continued)     
 128   Skyworks Solutions, Inc.  $10,915 
 729   Texas Instruments, Inc.   112,835 
         1,085,825 
     SOFTWARE - 10.4%     
 373   Adobe, Inc.(a)   102,650 
 69   ANSYS, Inc.(a)   15,297 
 116   Atlassian Corp PLC, Class A(a)   24,428 
 172   Autodesk, Inc.(a)(b)   32,130 
 218   Cadence Design Systems, Inc.(a)   35,628 
 171   Crowdstrike Holdings, Inc., Class A(a)   28,183 
 232   Datadog, Inc.(a)   20,597 
 159   DocuSign, Inc.(a)(b)   8,502 
 629   Fortinet, Inc.(a)   30,903 
 225   Intuit, Inc.   87,147 
 3,585   Microsoft Corporation   834,946 
 120   Okta, Inc.(a)   6,824 
 238   Palo Alto Networks, Inc.(a)   38,982 
 130   Splunk, Inc.(a)   9,776 
 122   Synopsys, Inc.(a)   37,272 
 160   Workday, Inc., Class A(a)(b)   24,355 
 200   Zoom Video Communications, Inc., Class A(a)   14,718 
 113   Zscaler, Inc.(a)   18,574 
         1,370,912 
     TECHNOLOGY HARDWARE - 9.1%     
 7,725   Apple, Inc.   1,067,595 
 3,302   Cisco Systems, Inc.   132,080 
         1,199,675 
     TECHNOLOGY SERVICES - 2.1%     
 331   Automatic Data Processing, Inc.   74,869 
 413   Cognizant Technology Solutions Corporation, Class A   23,723 
 510   Fiserv, Inc.(a)   47,721 
 287   Paychex, Inc.   32,204 
 922   PayPal Holdings, Inc.(a)   79,356 

 

 

CATALYST NASDAQ-100 HEDGED EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 60.9% (Continued)     
     TECHNOLOGY SERVICES - 2.1% (Continued)     
 125   Verisk Analytics, Inc.  $21,316 
         279,189 
     TELECOMMUNICATIONS - 1.0%     
 1,000   T-Mobile US, Inc.(a)(b)   134,170 
           
     TRANSPORTATION & LOGISTICS - 0.5%     
 1,708   CSX Corporation   45,501 
 89   Old Dominion Freight Line, Inc.   22,141 
         67,642 
     TRANSPORTATION EQUIPMENT - 0.2%     
 277   PACCAR, Inc.   23,182 
           
     WHOLESALE - DISCRETIONARY - 0.2%     
 190   Copart, Inc.(a)   20,216 
           
           
     TOTAL COMMON STOCKS (Cost $9,902,965)   8,023,608 
           
     EXCHANGE-TRADED FUNDS — 19.2%     
     EQUITY - 19.2%     
 9,488   Invesco QQQ Trust Series 1(b)   2,535,763 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $3,002,724)   2,535,763 
           
     SHORT-TERM INVESTMENTS — 32.9%     
     COLLATERAL FOR SECURITIES LOANED - 27.0%     
 3,552,187   Mount Vernon Liquid Assets Portfolio, LLC, 3.18% (Cost $3,552,187)(c),(d),(e)   3,552,187 
           
     MONEY MARKET FUNDS - 5.9%     
 777,940   First American Government Obligations Fund, Class U, 2.79% (Cost $777,940)(d)   777,940 

 

 

CATALYST NASDAQ-100 HEDGED EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

       Fair Value 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $4,330,127)  $4,330,127 

 

Contracts(f)      Counterparty  Expiration Date  Exercise Price   Notional Value     
     FUTURE OPTIONS PURCHASED - 5.1%                     
     CALL OPTIONS PURCHASED - 0.1%                     
 25   S&P Emini 3rd Week Index Future  WED  10/21/2022  $4,000   $4,501,875   $4,000 
 25   S&P Emini Index Future  WED  10/31/2022   3,900    4,501,875    19,375 
     TOTAL CALL OPTIONS PURCHASED (Cost - $101,876)     23,375 
                           
     PUT OPTIONS PURCHASED - 5.0%                     
 50   CME E-Mini NASDAQ 100 Index Future  WED  12/16/2022   11,000    11,035,500    657,000 
     TOTAL PUT OPTIONS PURCHASED (Cost - $380,000)       
                           
     TOTAL FUTURE OPTIONS PURCHASED (Cost - $481,876)     680,375 
                           
     TOTAL INVESTMENTS - 118.1% (Cost $17,717,692)    $15,569,873 
     CALL OPTIONS WRITTEN - (0.7)% (Proceeds - $380,273)     (93,000)
     PUT OPTIONS WRITTEN - (0.9)% (Proceeds - $66,500)     (123,000)
     LIABILITIES IN EXCESS OF OTHER ASSETS - (16.5)%     (2,178,743)
     NET ASSETS - 100.0%                  $13,175,130 
                           
       Counterparty  Expiration Date  Exercise Price   Notional Value     
     WRITTEN FUTURE OPTIONS - (1.6)%                     
     CALL OPTIONS WRITTEN- (0.7)%                     
 50   CME E-Mini NASDAQ 100 Index Future  WED  12/16/2022  $12,800   $11,035,500   $89,750 
 50   S&P Emini Index Future  WED  10/21/2022   4,100    9,003,750    3,000 
 25   S&P Emini Index Future  WED  10/21/2022   4,300    4,501,875    250 
     TOTAL CALL OPTIONS WRITTEN (Proceeds - $380,273)     93,000 
                           
     PUT OPTIONS WRITTEN - (0.9)%                     
 50   CME E-Mini NASDAQ 100 Index Future  WED  12/16/2022   8,800    11,035,500    123,000 
     TOTAL PUT OPTIONS WRITTEN (Proceeds - $66,500)       
                           
     TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $446,773)    $216,000 

 

 

CATALYST NASDAQ-100 HEDGED EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

OPEN FUTURES CONTRACTS 
Number of
Contracts
   Open Long Futures Contracts  Expiration  Notional Amount(g)   Value and Unrealized
Appreciation (Depreciation)
 
 8   CBOE Volatility Index Future  10/19/2022  $252,128   $9,866 
 2   CME E-Mini NASDAQ 100 Index Future  12/16/2022   441,420    (39,780)
     TOTAL FUTURES CONTRACTS          $(29,914)

 

ADR - American Depositary Receipt

 

ETF - Exchange-Traded Fund

 

LLC - Limited Liability Company

 

N.V. - Naamioze Vennootschap

 

PLC - Public Limited Company

 

WED - Wedbush Securities

 

(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 September 30, 2022, was $3,423,254.

 

(c)Security was purchased with cash received as collateral for securities on loan on September 30, 2022. Total collateral had a value of $3,552,187 on September 30, 2022.

 

(d)Rate disclosed is the seven-day effective yield as of September 30, 2022.

 

(e)Mutual Fund Series Trust’s securities lending policy 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%.

 

(f)Each contract is equivalent to one futures contract.

 

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

 

 

CATALYST/MAP GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Shares      Fair Value 
     CLOSED END FUND — 3.4%     
     COMMODITY - 3.4%     
 144,000   Sprott Physical Gold and Silver Trust(a)  $2,242,080 
           
     TOTAL CLOSED END FUND (Cost $1,917,569)   2,242,080 
           
Shares      Fair Value 
     COMMON STOCKS — 91.2%     
     AEROSPACE & DEFENSE - 2.2%     
 143,840   Kratos Defense & Security Solutions, Inc.(a)   1,461,414 
           
     ASSET MANAGEMENT - 2.3%     
 21,800   Groupe Bruxelles Lambert S.A.(b)   1,535,506 
           
     BEVERAGES - 1.4%     
 2,200,000   Thai Beverage PCL   919,092 
           
     BIOTECH & PHARMA - 13.8%     
 13,900   Johnson & Johnson   2,270,704 
 35,680   Novartis A.G. - ADR   2,712,036 
 59,750   Sanofi - ADR   2,271,695 
 138,000   Takeda Pharmaceutical Company Ltd. - ADR   1,789,860 
         9,044,295 
     CABLE & SATELLITE - 1.0%     
 102,000   MultiChoice Group(b)   651,713 
           
     CHEMICALS - 4.3%     
 59,465   Mosaic Company (The)   2,873,943 
           
     CONSTRUCTION MATERIALS - 3.6%     
 25,180   Holcim Ltd.(b)   1,045,796 
 46,800   MDU Resources Group, Inc.   1,279,980 
         2,325,776 
     E-COMMERCE DISCRETIONARY - 1.4%     
 24,603   eBay, Inc.   905,636 

 

 

CATALYST/MAP GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 91.2% (Continued)     
     ENGINEERING & CONSTRUCTION - 3.4%     
 16,925   Tetra Tech, Inc.  $2,175,371 
           
     ENTERTAINMENT CONTENT - 4.4%     
 5,359   Electronic Arts, Inc.   620,090 
 239,280   Vivendi S.A.(b)   1,869,221 
 36,002   Warner Bros Discovery, Inc.(a)   414,023 
         2,903,334 
     FOOD - 8.6%     
 29,082   Campbell Soup Company   1,370,344 
 169,700   GrainCorp Ltd.(b)   846,601 
 360,200   Grupo Herdez S.A.B. de C.V.   670,730 
 16,550   Nestle S.A. - ADR   1,780,946 
 471,260   United Malt Grp Ltd.   943,424 
         5,612,045 
     GAS & WATER UTILITIES - 5.8%     
 39,270   National Fuel Gas Company   2,417,069 
 43,000   UGI Corporation   1,390,190 
         3,807,259 
     HOUSEHOLD PRODUCTS - 1.3%     
 66,000   Reckitt Benckiser Group plc - ADR   877,140 
           
           
     INSTITUTIONAL FINANCIAL SERVICES - 0.7%     
 79,500   JSE Ltd.   444,173 
           
     INTERNET MEDIA & SERVICES - 0.4%     
 1,743   Meta Platforms, Inc., Class A(a)   236,490 
           
     MEDICAL EQUIPMENT & DEVICES - 1.6%     
 15,150   Koninklijke Philips N.V. - ADR   233,158 
 9,578   Medtronic plc   773,424 
         1,006,582 
     METALS & MINING - 2.7%     
 42,000   Anglo American plc - ADR   630,000 
 13,000   Anglo American PLC   397,118 

 

 

CATALYST/MAP GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 91.2% (Continued)     
     METALS & MINING - 2.7% (Continued)     
 25,755   Freeport-McMoRan, Inc.  $703,884 
         1,731,002 
     RETAIL - CONSUMER STAPLES - 1.4%     
 7,062   Walmart, Inc.   915,941 
           
           
     RETAIL - DISCRETIONARY - 1.9%     
 4,445   Home Depot, Inc. (The)   1,226,554 
           
           
     SEMICONDUCTORS - 5.1%     
 15,472   Applied Materials, Inc.   1,267,621 
 29,505   Intel Corporation   760,344 
 26,179   Micron Technology, Inc.   1,311,567 
         3,339,532 
     SOFTWARE - 3.0%     
 8,500   Microsoft Corporation   1,979,650 
           
           
     TECHNOLOGY HARDWARE - 7.4%     
 10,300   Apple, Inc.   1,423,460 
 46,500   Cisco Systems, Inc.   1,860,000 
 365,550   Nokia OYJ - ADR   1,560,899 
         4,844,359 
     TELECOMMUNICATIONS - 5.8%     
 59,000   AT&T, Inc.   905,060 
 204,606   Orange S.A. - ADR   1,839,408 
 92,930   Vodafone Group plc - ADR   1,052,897 
         3,797,365 
     TOBACCO & CANNABIS - 3.3%     
 10,800,000   Hanjaya Mandala Sampoerna Tbk P.T.   645,390 
 71,000   Imperial Brands plc - ADR   1,478,220 
         2,123,610 

 

 

CATALYST/MAP GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 91.2% (Continued)     
     WHOLESALE - CONSUMER STAPLES - 4.4%     
 35,060   Bunge Ltd.  $2,894,904 
           
     TOTAL COMMON STOCKS (Cost $58,019,907)  $59,632,686 
           
     TOTAL INVESTMENTS - 94.6% (Cost $59,937,476)  $61,874,766 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 5.4%   3,548,735 
     NET ASSETS - 100.0%  $65,423,501 

 

ADR - American Depositary Receipt

 

LTD - Limited Company

 

OYJ - Julkinen osakeyhtiö

 

PLC - Public Limited Company

 

PT - Perseroan Terbatas

 

S/A - Société Anonyme

 

(a)Non-income producing security.

 

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

 

 

CATALYST/LYONS TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 85.8%           
     U.S. TREASURY BILLS — 71.3%           
 3,046,000   United States Treasury Bill(a)  0.0000  06/15/23  $2,968,162 
 3,011,000   United States Treasury Note  2.5000  05/31/24   2,924,904 
 2,804,000   United States Treasury Note  0.3750  07/15/24   2,619,111 
 2,739,000   United States Treasury Note  1.5000  02/15/25   2,568,347 
 2,826,000   United States Treasury Note  2.8750  06/15/25   2,726,648 
 2,743,000   United States Treasury Note  0.8750  09/30/26   2,414,804 
 2,903,000   United States Treasury Note  2.7500  04/30/27   2,741,861 
 3,710,000   United States Treasury Note  0.5000  08/31/27   3,127,704 
 4,017,000   United States Treasury Note  2.8750  04/30/29   3,752,129 
 3,708,000   United States Treasury Note  2.8750  05/15/32   3,427,872 
               29,271,542 
     U.S. TREASURY NOTES — 14.5%           
 2,887,000   United States Treasury Note  0.7500  03/31/26   2,564,581 
 3,960,000   United States Treasury Note  1.5000  02/15/30   3,363,061 
               5,927,642 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $37,001,139)         35,199,184 

 

Contracts(b)      Broker/Counterparty  Expiration Date  Exercise Price   Notional Value   Fair Value 
     INDEX OPTIONS PURCHASED - 0.0% (c)                     
     CALL OPTIONS PURCHASED - 0.0%(c)                     
 66   S&P 500 INDEX SPX US 10/21/22 C4225  USB  10/21/2022  $4,225   $27,885,000   $2,145 
 125   S&P 500 INDEX SPX US 10/21/22 C4325  USB  10/21/2022   4,325    54,062,500    2,813 
     TOTAL CALL OPTIONS PURCHASED (Cost - $278,382)     4,958 
                           
     TOTAL INDEX OPTIONS PURCHASED (Cost - $278,382)     4,958 
                           
     TOTAL INVESTMENTS - 85.8% (Cost $37,279,521)    $35,204,142 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 14.2%     5,804,484 
     NET ASSETS - 100.0%                  $41,008,626 

 

USB US Bank

 

(a)Zero coupon bond.

 

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

 

(c)Percentage rounds to less than 0.1%.

 

 

CATALYST/MAP GLOBAL BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Shares      Fair Value 
     CLOSED END FUNDS — 2.4%     
     COMMODITY - 2.4%     
 23,500   Sprott Physical Gold and Silver Trust(a)  $365,895 
           
     TOTAL CLOSED END FUNDS (Cost $336,373)   365,895 
           
     COMMON STOCKS — 62.1%     
     ASSET MANAGEMENT - 2.4%     
 5,368   Groupe Bruxelles Lambert S.A.   378,101 
           
     BEVERAGES - 1.0%     
 375,000   Thai Beverage PCL   156,663 
           
     BIOTECH & PHARMA - 12.0%     
 2,900   Johnson & Johnson   473,744 
 6,900   Novartis A.G. - ADR   524,469 
 13,640   Sanofi - ADR   518,593 
 26,000   Takeda Pharmaceutical Company Ltd. - ADR   337,220 
         1,854,026 
     CHEMICALS - 2.9%     
 9,250   Mosaic Company   447,052 
           
     CONSTRUCTION MATERIALS - 2.6%     
 3,930   Holcim Ltd.   163,224 
 9,000   MDU Resources Group, Inc.   246,150 
         409,374 
     E-COMMERCE DISCRETIONARY - 0.8%     
 3,500   eBay, Inc.   128,835 
           
     ENGINEERING & CONSTRUCTION - 2.0%     
 2,440   Tetra Tech, Inc.   313,613 
           
     ENTERTAINMENT CONTENT - 0.8%     
 7,700   Vivendi S.A.   60,151 

 

 

CATALYST/MAP GLOBAL BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 62.1% (Continued)     
     ENTERTAINMENT CONTENT - 0.8% (Continued)     
 5,279   Warner Bros Discovery, Inc.(a)  $60,709 
         120,860 
     FOOD - 4.5%     
 6,715   Campbell Soup Company   316,411 
 3,533   Nestle S.A. - ADR   380,186 
         696,597 
     GAS & WATER UTILITIES - 5.1%     
 7,575   National Fuel Gas Company   466,241 
 10,000   UGI Corporation   323,300 
         789,541 
     HOUSEHOLD PRODUCTS - 1.1%     
 3,800   Unilever PLC - ADR   166,592 
           
     MEDICAL EQUIPMENT & DEVICES - 0.9%     
 1,800   Medtronic PLC   145,350 
           
     METALS & MINING - 1.4%     
 7,000   Anglo American PLC   213,833 
           
     RETAIL - DISCRETIONARY - 1.1%     
 594   Home Depot, Inc.   163,908 
           
     SEMICONDUCTORS - 3.6%     
 1,400   Applied Materials, Inc.   114,702 
 4,915   Intel Corporation   126,660 
 6,120   Micron Technology, Inc.   306,613 
         547,975 
     SOFTWARE - 3.0%     
 2,000   Microsoft Corporation   465,800 
           
     TECHNOLOGY HARDWARE - 3.5%     
 11,390   Cisco Systems, Inc.   455,600 
 20,500   Nokia OYJ - ADR   87,535 
         543,135 

 

 

CATALYST/MAP GLOBAL BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 62.1% (Continued)     
     TELECOMMUNICATIONS - 5.6%     
 13,000   AT&T, Inc.  $199,420 
 44,170   Orange S.A. - ADR   397,088 
 23,800   Vodafone Group PLC - ADR   269,654 
         866,162 
     TOBACCO & CANNABIS - 4.4%     
 3,991,700   Hanjaya Mandala Sampoerna Tbk P.T.   238,537 
 22,000   Imperial Brands PLC - ADR   458,040 
         696,577 
     WHOLESALE - CONSUMER STAPLES - 3.4%     
 6,275   Bunge Ltd.   518,127 
           
     TOTAL COMMON STOCKS (Cost $9,512,020)   9,622,121 

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity    
     CONVERTIBLE BONDS — 1.7%           
     BIOTECH & PHARMA — 1.7%           
 275,000   Ligand Pharmaceuticals, Inc.  0.7500  05/15/23   267,438 
                 
     TOTAL CONVERTIBLE BONDS (Cost $270,176)         267,438 
                 
     CORPORATE BONDS — 21.6%           
     AUTOMOTIVE — 1.3%           
 200,000   Ford Motor Credit Company, LLC  3.3700  11/17/23   193,743 
                 
     BIOTECH & PHARMA — 4.1%           
 225,000   Elanco Animal Health, Inc.  5.7720  08/28/23   221,717 
 165,000   Teva Pharmaceutical Finance Company BV  2.9500  12/18/22   163,730 
 250,000   Teva Pharmaceutical Finance Netherlands III BV  2.8000  07/21/23   241,922 
               627,369 
     CABLE & SATELLITE — 1.4%           
 225,000   Quebecor Media, Inc.  5.7500  01/15/23   223,093 

 

 

CATALYST/MAP GLOBAL BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     CORPORATE BONDS — 21.6% (Continued)           
     CHEMICALS — 1.4%           
 225,000   Sasol Financing International Ltd.  4.5000  11/14/22  $224,146 
                 
     ELECTRIC UTILITIES — 1.6%           
 250,000   TransAlta Corporation  4.5000  11/15/22   249,670 
                 
     LEISURE FACILITIES & SERVICES — 6.1%           
 375,000   Brinker International, Inc.  3.8750  05/15/23   368,796 
 276,000   Carnival Corporation  7.2000  10/01/23   272,559 
 225,000   MGM Resorts International  6.0000  03/15/23   225,353 
 65,000   Wyndham Destinations, Inc.  3.9000  03/01/23   64,243 
               930,951 
     RETAIL - DISCRETIONARY — 1.6%           
 250,000   QVC, Inc.  4.3750  03/15/23   246,892 
                 
     SPECIALTY FINANCE — 0.6%           
 100,000   Navient Corporation  5.5000  01/25/23   99,532 
                 
     TECHNOLOGY HARDWARE — 2.2%           
 350,000   Seagate HDD Cayman  4.7500  06/01/23   345,638 
                 
     TELECOMMUNICATIONS — 1.3%           
 50,000   CenturyLink, Inc.  7.5000  04/01/24   51,531 
 150,000   Sprint Communications, Inc.  6.0000  11/15/22   150,150 
               201,681 
                 
     TOTAL CORPORATE BONDS (Cost $3,408,478)         3,342,715 
                 
     U.S. GOVERNMENT & AGENCIES — 8.1%           
     U.S. TREASURY INFLATION PROTECTED — 5.6%           
 443,000   United States Treasury Inflation Indexed Bonds  0.3750  01/15/27   508,468 
 360,000   United States Treasury Inflation Indexed Bonds  0.1250  01/15/31   357,755 
              $866,223 

 

 

CATALYST/MAP GLOBAL BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 8.1% (Continued)           
     U.S. TREASURY NOTES — 2.5%           
 405,000   United States Treasury Note  2.5000  01/31/25  $389,290 
                 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,423,035)         1,255,513 
                 
     TOTAL INVESTMENTS - 95.9% (Cost $14,950,082)        $14,853,682 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 4.1%         638,488 
     NET ASSETS - 100.0%        $15,492,170 

 

ADR - American Depositary Receipt

 

BV - Besloten vennootschap

 

LLC. - Limited Liability Company

 

Ltd. - Limited Company

 

OYJ - Julkinen osakeyhtiö

 

PCL - Public Company Limited

 

PLC - Public Limited Company

 

P.T. - Perseroan Terbatas

 

S.A. - Société Anonyme

 

(a)Non-income producing security.

 

 

 

CATALYST/MILLBURN HEDGE STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 45.0%     
     EQUITY - 45.0%     
 509,743   iShares China Large-Cap ETF  $13,181,954 
 1,705,475   iShares Core S&P Mid-Cap ETF   373,942,448 
 2,613,357   iShares Core S&P Small-Cap ETF   227,858,596 
 680,168   iShares MSCI Australia ETF   13,344,896 
 69,759   iShares MSCI Austria ETF   1,082,178 
 17,648   iShares MSCI Belgium ETF   254,837 
 470,134   iShares MSCI Brazil ETF   13,930,070 
 433,526   iShares MSCI Canada ETF   13,335,260 
 275,240   iShares MSCI Chile ETF   6,605,760 
 343,997   iShares MSCI France ETF   9,219,120 
 513,226   iShares MSCI Germany ETF   10,131,081 
 718,697   iShares MSCI Hong Kong ETF   13,109,033 
 46,511   iShares MSCI India ETF(a)   1,896,719 
 27,623   iShares MSCI Israel ETF   1,582,715 
 172,822   iShares MSCI Italy ETF   3,715,673 
 279,826   iShares MSCI Japan ETF   13,669,500 
 221,114   iShares MSCI Malaysia ETF   4,464,292 
 265,891   iShares MSCI Mexico ETF   11,760,359 
 91,401   iShares MSCI Netherlands ETF   2,794,129 
 77,364   iShares MSCI Peru ETF   1,898,513 
 542,465   iShares MSCI Singapore ETF   9,281,576 
 153,516   iShares MSCI South Africa ETF   5,532,717 
 263,957   iShares MSCI South Korea ETF   12,501,004 
 387,032   iShares MSCI Spain ETF   7,670,974 
 144,048   iShares MSCI Sweden ETF   3,925,308 
 265,493   iShares MSCI Switzerland ETF   9,942,713 
 321,939   iShares MSCI Taiwan ETF   13,875,571 
 96,513   iShares MSCI Thailand ETF   6,272,380 
 243,470   iShares MSCI Turkey ETF   5,375,818 
 380,894   iShares MSCI United Kingdom ETF   9,983,232 
 1,630,230   iShares Russell 1000 ETF, EQUITY   321,693,285 
 1,642,226   iShares Russell 2000 ETF   270,835,911 
 1,433,724   iShares Russell Mid-Cap ETF, EQUITY   89,105,947 
 1,001,049   Schwab U.S. REIT ETF   18,709,606 

 

 

CATALYST/MILLBURN HEDGE STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 45.0% (Continued)     
     EQUITY - 45.0% (Continued)     
 2,554,188   Vanguard FTSE Emerging Markets ETF  $93,202,320 
 666,684   Vanguard FTSE Europe ETF   30,767,467 
 383,183   Vanguard Large-Cap ETF   62,673,411 
 711,771   Vanguard Mid-Cap ETF   133,798,713 
 1,791,548   Vanguard Real Estate ETF   143,628,403 
 217,151   Vanguard S&P 500 ETF   71,290,673 
 619,205   Vanguard Small-Cap ETF   105,828,327 
 372,646   WisdomTree India Earnings Fund   11,380,609 
         2,175,053,098 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $2,119,967,014)   2,175,053,098 

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 36.6%           
     U.S. TREASURY NOTES — 36.6%           
 414,400,000   United States Treasury Note  1.6250  11/15/22   413,664,021 
 470,555,000   United States Treasury Note  2.0000  02/15/23   467,604,135 
 404,710,000   United States Treasury Note  1.7500  05/15/23   398,967,582 
 498,855,000   United States Treasury Note  2.5000  08/15/23   491,490,390 
               1,771,726,128 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,782,263,403)         1,771,726,128 
                 
     TOTAL INVESTMENTS – 81.6% (Cost $3,902,230,417)        $3,946,779,226 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 18.4%         888,601,160 
     NET ASSETS - 100.0%        $4,835,380,386 

 

 

CATALYST/MILLBURN HEDGE STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

OPEN FUTURES CONTRACTS 
Number of
Contracts
   Open Long Futures Contracts  Expiration  Notional Amount(b)   Value and Unrealized
Appreciation (Depreciation)
 
 1   CME E-Mini Standard & Poor’s MidCap 400 Index  12/16/2022  $220,820   $(330)
 178   CME Live Cattle Future(c)  12/30/2022   10,469,960    (24,220)
 716   CME Mexican Peso Currency Future  12/19/2022   17,545,580    204,635 
 70   Euronext Amsterdam Index Future  10/21/2022   8,788,927    126,631 
 1,719   ICE Brent Crude Oil Future(c)  10/31/2022   146,355,660    (7,649,150)
 528   ICE Brent Crude Oil Future(c)  11/30/2022   44,098,560    (2,222,850)
 160   ICE Brent Crude Oil Future(c)  12/29/2022   13,118,400    (397,450)
 101   ICE Brent Crude Oil Future(c)  01/31/2023   8,151,710    (174,280)
 53   ICE Brent Crude Oil Future(c)  02/28/2023   4,220,390    (130,920)
 33   ICE Brent Crude Oil Future(c)  03/31/2023   2,598,090    (77,730)
 81   ICE Gas Oil Future(c)  11/10/2022   7,186,725    6,425 
 610   ICE Gas Oil Future(c)  12/12/2022   57,446,750    (575,300)
 337   ICE Gas Oil Future(c)  01/12/2023   30,405,825    (126,500)
 454   KCBT Hard Red Winter Wheat Future(c)  12/14/2022   22,507,050    953,900 
 744   Long Gilt Future  12/28/2022   80,092,017    682,704 
 50   Montreal Exchange S&P/TSX 60 Index Future  12/15/2022   8,080,165    (51,749)
 67   NYBOT CSC Cocoa Future(c)  12/14/2022   1,577,180    45,490 
 398   NYBOT CSC Number 11 World Sugar Future(c)  02/28/2023   7,881,037    (86,643)
 44   NYMEX Henry Hub Natural Gas Futures(c)  12/28/2022   3,188,680    (53,220)
 1,536   NYMEX Light Sweet Crude Oil Future(c)  10/20/2022   122,096,640    (2,658,200)
 424   NYMEX Light Sweet Crude Oil Future(c)  11/21/2022   33,377,280    (436,110)
 112   NYMEX Light Sweet Crude Oil Future(c)  12/20/2022   8,708,000    (93,550)
 71   NYMEX Light Sweet Crude Oil Future(c)  01/20/2023   5,440,730    (238,010)
 47   NYMEX Light Sweet Crude Oil Future(c)  02/21/2023   3,551,790    (73,210)
 21   NYMEX Light Sweet Crude Oil Future(c)  03/21/2023   1,566,810    (62,580)
 522   NYMEX NY Harbor ULSD Futures(c)  10/31/2022   70,630,358    (470,652)
 184   NYMEX NY Harbor ULSD Futures(c)  11/30/2022   24,165,456    143,228 
 39   NYMEX NY Harbor ULSD Futures(c)  12/30/2022   5,034,393    (35,860)
 20   NYMEX NY Harbor ULSD Futures(c)  01/31/2023   2,534,028    15,977 
 52   NYMEX Platinum Future(c)  01/27/2023   2,233,660    (104,410)
 605   NYMEX Reformulated Gasoline Blendstock for Oxygen(c)  10/31/2022   60,216,618    62,055 
 323   NYMEX Reformulated Gasoline Blendstock for Oxygen(c)  11/30/2022   30,915,557    (471,967)
 107   NYMEX Reformulated Gasoline Blendstock for Oxygen(c)  12/30/2022   10,051,280    (221,483)
 40   NYMEX Reformulated Gasoline Blendstock for Oxygen(c)  01/31/2023   3,731,784    (77,389)
 3   SAFEX FTSE/JSE Top 40 Index Future  12/15/2022   95,825    1,050 
 116   SFE S&P ASX Share Price Index 200 Future  12/15/2022   11,993,220    (24,032)
 70   TEF SET50 Index Future  12/29/2022   352,016    (6,422)
 65   TSE Japanese 10 Year Bond Futures  12/13/2022   66,603,330    30,885 
     TOTAL FUTURES CONTRACTS          $(14,271,237)

 

 

CATALYST/MILLBURN HEDGE STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

OPEN FUTURES CONTRACTS 
Number of
Contracts
   Open Short Futures Contracts  Expiration  Notional Amount(b)   Value and Unrealized
Appreciation (Depreciation)
 
 595   3 Month Euro Euribor Future  03/18/2024  $141,381,737   $(82,400)
 474   3 Month Euro Euribor Future  06/19/2023   112,583,709    413,919 
 822   3 Month Euro Euribor Future  06/17/2024   195,370,995    787,146 
 410   3 Month Euro Euribor Future  09/18/2023   97,332,313    (230,575)
 757   3 Month Euro Euribor Future  09/16/2024   179,986,857    1,180,676 
 544   3 Month Euro Euribor Future  12/18/2023   129,216,659    302,178 
 615   3 Month Euro Euribor Future  12/16/2024   146,284,726    1,288,694 
 3,440   BMF Ibovespa Index Future  10/13/2022   70,489,157    (915,723)
 275   Carbon Emissions Future(c)  12/19/2022   17,982,166    (19,793)
 161   CBOE Volatility Index Future(c)  12/21/2022   4,837,648    (94,648)
 278   CBOE Volatility Index Future(c)  11/16/2022   8,637,933    (142,283)
 97   CBOE Volatility Index Future(c)  10/19/2022   3,057,052    (30,952)
 873   CBOT $5 Mini Dow Jones Industrial Average e-CBOT  12/16/2022   125,716,365    3,512,780 
 5,572   CBOT 10 Year US Treasury Note  12/20/2022   624,412,250    (1,131,625)
 4,526   CBOT 2 Year US Treasury Note Future  12/30/2022   929,595,139    103,393 
 8,495   CBOT 5 Year US Treasury Note  12/30/2022   913,280,460    8,831,057 
 1,819   CBOT Corn Future(c)  12/14/2022   61,618,625    (197,313)
 1,271   CBOT Soybean Future(c)  11/14/2022   86,729,863    4,932,313 
 804   CBOT Soybean Meal Future(c)  12/14/2022   32,401,200    645,990 
 38   CBOT Soybean Oil Future(c)  12/14/2022   1,403,568    1,122 
 2,572   CBOT US Long Bond Future  12/20/2022   325,116,232    7,766,612 
 162   CBOT Wheat Future(c)  12/14/2022   7,464,150    (100,538)
 2,340   CME 3 Month Eurodollar Future  03/18/2024   559,669,499    4,150,375 
 834   CME 3 Month Eurodollar Future  06/19/2023   198,773,475    931,950 
 2,178   CME 3 Month Eurodollar Future  06/17/2024   521,794,349    3,063,013 
 1,135   CME 3 Month Eurodollar Future  09/18/2023   270,754,250    1,656,975 
 1,993   CME 3 Month Eurodollar Future  09/16/2024   478,070,875    3,634,138 
 1,672   CME 3 Month Eurodollar Future  12/18/2023   399,231,800    2,451,563 
 1,993   CME 3 Month Eurodollar Future  12/16/2024   478,594,037    3,255,313 
 462   CME Australian Dollar Currency Future  12/19/2022   29,639,610    851,590 
 432   CME British Pound Currency Future  12/19/2022   30,188,700    (86,081)
 1,067   CME Canadian Dollar Currency Future  12/20/2022   77,245,465    1,498,889 
 561   CME E-Mini NASDAQ 100 Index Future  12/16/2022   123,818,310    3,119,965 
 980   CME E-mini Russell 2000 Index Futures  12/16/2022   81,820,200    9,420,400 
 439   CME E-Mini Standard & Poor’s 500 Index Future  12/16/2022   79,052,925    2,617,200 
 464   CME Euro Foreign Exchange Currency Future  12/19/2022   57,196,700    166,788 
 684   CME Japanese Yen Currency Future  12/19/2022   59,537,925    296,619 
 209   CME Lean Hogs Future(c)  12/14/2022   6,372,410    119,150 
 219   CME New Zealand Dollar Currency Future  12/19/2022   12,293,565    252,075 
 282   CME Swiss Franc Currency Future  12/19/2022   36,004,350    402,356 
 1,368   CME Ultra Long Term US Treasury Bond Future  12/20/2022   187,416,000    5,486,063 
 445   COMEX Copper Future(c)  12/28/2022   37,964,063    (437,850)
 827   COMEX Gold 100 Troy Ounces Future(c)  12/28/2022   138,274,400    (674,350)
 15   COMEX Silver Future(c)  12/28/2022   1,427,925    (2,025)
 2,957   Eurex 10 Year Euro BUND Future  12/08/2022   401,288,516    10,905,416 
 3,086   Eurex 2 Year Euro SCHATZ Future  12/08/2022   324,067,800    (602,178)
 898   Eurex 30 Year Euro BUXL Future  12/08/2022   129,037,453    8,881,933 
 4,912   Eurex 5 Year Euro BOBL Future  12/08/2022   576,395,885    (1,239,733)

 

 

CATALYST/MILLBURN HEDGE STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

OPEN FUTURES CONTRACTS (Continued) 
Number of
Contracts
   Open Short Futures Contracts  Expiration  Notional Amount(b)   Value and Unrealized
Appreciation (Depreciation)
 
 686   Eurex DAX Index Future  12/16/2022  $203,917,785   $12,003,651 
 3,015   Eurex EURO STOXX 50 Future  12/16/2022   97,939,490    (828,782)
 2,491   Euro-BTP Italian Bond Futures  12/08/2022   273,338,736    7,241,495 
 928   Euronext CAC 40 Index Future  10/21/2022   52,410,858    (353,886)
 3,633   French Government Bond Futures  12/08/2022   470,349,789    10,239,324 
 425   FTSE 100 Index Future  12/16/2022   32,816,252    (14,569)
 576   FTSE/MIB Index Future  12/16/2022   57,935,835    3,260,761 
 554   HKG Hang Seng China Enterprises Index Future  10/28/2022   20,869,387    542,642 
 672   HKG Hang Seng Index Future  10/28/2022   73,666,282    1,953,698 
 1,781   ICE US mini MSCI EAFE Index Futures  12/16/2022   147,876,430    5,123,385 
 2,872   ICE US MSCI Emerging Markets EM Index Futures  12/16/2022   125,147,400    3,109,560 
 1,642   KFE KOSPI 200 Index Future  12/08/2022   80,412,323    3,365,743 
 61   LME Copper Future(c)  12/19/2022   11,557,975    (188,196)
 21   LME Lead Future(c)  12/19/2022   1,002,750    (12,972)
 33   LME Nickel Future(c)  12/19/2022   4,176,216    163,339 
 394   LME Primary Aluminum Future(c)  12/19/2022   21,285,850    720,822 
 74   LME Zinc Future(c)  12/19/2022   5,518,550    32,547 
 67   MEFF Madrid IBEX 35 Index Future  10/21/2022   4,834,373    (11,276)
 509   Montreal Exchange 10 Year Canadian Bond Future  12/19/2022   45,546,722    403,015 
 145   NYBOT CSC C Coffee Future(c)  12/19/2022   12,046,781    85,613 
 206   NYBOT CTN Number 2 Cotton Future(c)  12/07/2022   8,790,020    125,415 
 65   NYMEX Henry Hub Natural Gas Futures(c)  01/27/2023   4,509,050    6,700 
 299   NYMEX Henry Hub Natural Gas Futures(c)  10/27/2022   20,230,340    430,340 
 178   NYMEX Henry Hub Natural Gas Futures(c)  11/28/2022   12,575,700    128,580 
 136   OSE Nikkei 225 Index Future  12/08/2022   24,375,320    631,961 
 1,608   SFE 10 Year Australian Bond Future  12/15/2022   120,449,834    (399,055)
 1,045   SFE 3 Year Australian Bond Future  12/15/2022   71,223,190    14,335 
 3,448   SGX FTSE China A50 Futures Contract  10/28/2022   44,534,368    117,919 
 661   SGX FTSE Taiwan Index Futures  10/28/2022   30,868,700    688,920 
 258   SGX Nifty 50 Index Futures  10/27/2022   8,817,408    (53,883)
 47   SGX Nikkei 225 Stock Index Future  12/08/2022   4,218,407    2,505 
 99   Three Month SONIA Index Futures  06/18/2024   26,072,779    (18,788)
 131   Three Month SONIA Index Futures  09/19/2023   34,441,828    (95,534)
 110   Three Month SONIA Index Futures  09/17/2024   28,994,322    (31,213)
 155   Three Month SONIA Index Futures  12/19/2023   40,762,599    (100,098)
 202   Three Month SONIA Index Futures  12/17/2024   53,303,331    518,977 
 206   Three Month SONIA Index Futures  03/19/2024   54,215,067    (34,864)
 188   Three Month SONIA Index Futures  03/18/2025   49,685,144    263,799 
 397   TSE TOPIX (Tokyo Price Index) Future  12/08/2022   50,362,192    2,314,688 
     TOTAL FUTURES CONTRACTS          $138,286,202 

 

ETF - Exchange-Traded Fund

 

MSCI - Morgan Stanley Capital International

 

REIT - Real Estate Investment Trust

 

(a)Non-income producing security.

 

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

 

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

 

 

CATALYST/MILLBURN HEDGE STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

                 Unrealized 
Foreign Currency  Settlement Date  Counterparty  Local Currency   U.S. Dollar Value   Appreciation/(Depreciation) 
To Buy:                     
British Pound  10/03/2022  Bank Of America Merrill Lynch   33,150,000   $37,018,840   $825,138 
Canadian Dollar  10/03/2022  Deutsche Bank   42,790,000    30,981,205    (212,086)
Euro  10/03/2022  Bank Of America Merrill Lynch   59,410,000    58,216,561    354,149 
Israeli Shekel  10/03/2022  Bank Of America Merrill Lynch   39,310,000    11,023,865    (8,198)
Japanese Yen  10/03/2022  Bank Of America Merrill Lynch   3,358,999,999    23,208,734    (32,276)
Mexican Peso  10/03/2022  Bank Of America Merrill Lynch   454,040,000    22,545,869    30,026 
New Zealand Dollar  10/03/2022  Deutsche Bank   5,000,000    2,797,047    (53,843)
Norwegian Krone  10/03/2022  Bank Of America Merrill Lynch   122,970,000    11,294,438    (171,808)
Polish Zloty  10/03/2022  Bank Of America Merrill Lynch   32,430,000    6,542,131    18,673 
South African Rand  10/03/2022  Bank Of America Merrill Lynch   182,280,000    10,071,330    (36,693)
Swedish Krona  10/03/2022  Deutsche Bank   57,320,000    5,164,374    61,452 
Swiss Franc  10/03/2022  Bank Of America Merrill Lynch   5,810,000    5,888,374    (38,144)
Australian Dollar  10/04/2022  Deutsche Bank   19,310,000    12,350,495    (176,701)
British Pound  10/04/2022  Bank Of America Merrill Lynch   49,570,000    55,355,169    177,223 
Euro  10/04/2022  Bank Of America Merrill Lynch   108,070,000    105,899,069    96,728 
Japanese Yen  10/04/2022  Bank Of America Merrill Lynch   1,718,000,000    11,870,380    (2,472)
Mexican Peso  10/04/2022  Bank Of America Merrill Lynch   392,570,000    19,493,509    (25,057)
New Zealand Dollar  10/04/2022  Deutsche Bank   64,030,000    35,818,975    (345,809)
Norwegian Krone  10/04/2022  Bank Of America Merrill Lynch   230,580,000    21,178,104    (44,267)
Polish Zloty  10/04/2022  Bank Of America Merrill Lynch   3,610,000    728,248    (1,881)
Singapore Dollar  10/04/2022  Bank Of America Merrill Lynch   440,000    306,364    (325)
South African Rand  10/04/2022  Bank Of America Merrill Lynch   215,460,000    11,904,591    (84,525)
Swedish Krona  10/04/2022  Deutsche Bank   429,250,000    38,674,237    49,138 
Swiss Franc  10/04/2022  Bank Of America Merrill Lynch   58,500,000    59,289,138    (159,060)
Australian Dollar  10/05/2022  Deutsche Bank   35,380,000    22,628,987    (344,692)
Israeli Shekel  10/06/2022  Bank Of America Merrill Lynch   6,190,000    1,736,206    (1,875)
Australian Dollar  10/19/2022  Deutsche Bank   330,800,000    211,614,428    (9,482,738)
Brazilian Real  10/19/2022  Bank Of America Merrill Lynch   805,070,000    148,735,171    (6,171,331)
British Pound  10/19/2022  Bank Of America Merrill Lynch   236,580,000    264,280,600    (3,512,338)
Canadian Dollar  10/19/2022  Deutsche Bank   198,620,000    143,800,252    (5,032,499)
Chilean Peso  10/19/2022  Bank Of America Merrill Lynch   11,341,000,000    11,688,352    (157,973)
Euro  10/19/2022  Bank Of America Merrill Lynch   445,520,000    437,035,247    (6,447,898)
Indian Rupee  10/19/2022  Bank Of America Merrill Lynch   7,748,679,999    94,822,673    (1,982,726)
Israeli Shekel  10/19/2022  Bank Of America Merrill Lynch   41,440,000    11,637,215    (668,122)
Japanese Yen  10/19/2022  Bank Of America Merrill Lynch   58,961,999,994    407,979,480    (5,017,529)
Mexican Peso  10/19/2022  Bank Of America Merrill Lynch   9,367,769,999    463,841,066    1,768,356 
New Zealand Dollar  10/19/2022  Deutsche Bank   267,650,000    149,732,298    (11,189,257)

 

 

CATALYST/MILLBURN HEDGE STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

                 Unrealized 
Foreign Currency  Settlement Date  Counterparty  Local Currency   U.S. Dollar Value   Appreciation/(Depreciation) 
To Buy: (Continued)                     
Norwegian Krone  10/19/2022  Bank Of America Merrill Lynch   894,350,000   $82,154,170   $(4,095,034)
Polish Zloty  10/19/2022  Bank Of America Merrill Lynch   505,110,000    101,645,560    (4,548,055)
Singapore Dollar  10/19/2022  Bank Of America Merrill Lynch   39,260,000    27,339,605    (692,464)
South African Rand  10/19/2022  Bank Of America Merrill Lynch   1,523,080,000    84,037,545    (3,401,299)
South Korean Won  10/19/2022  Bank Of America Merrill Lynch   91,537,999,999    63,512,637    (2,457,331)
Swedish Krona  10/19/2022  Deutsche Bank   1,403,080,000    126,500,184    (2,566,885)
Swiss Franc  10/19/2022  Bank Of America Merrill Lynch   266,170,000    270,128,415    (5,166,107)
              $3,722,471,138   $(70,948,415)
                      
To Sell:                     
British Pound  10/03/2022  Bank Of America Merrill Lynch   33,150,000   $37,018,839   $(339,690)
Canadian Dollar  10/03/2022  Deutsche Bank   42,790,000    30,981,204    129,262 
Euro  10/03/2022  Bank Of America Merrill Lynch   59,410,000    58,216,560    (130,215)
Israeli Shekel  10/03/2022  Bank Of America Merrill Lynch   39,310,000    11,023,863    66,279 
Japanese Yen  10/03/2022  Bank Of America Merrill Lynch   3,359,000,000    23,208,733    26,042 
Mexican Peso  10/03/2022  Bank Of America Merrill Lynch   454,040,000    22,545,870    (53,499)
New Zealand Dollar  10/03/2022  Deutsche Bank   5,000,000    2,797,046    46,372 
Norwegian Krone  10/03/2022  Bank Of America Merrill Lynch   122,970,000    11,294,439    129,498 
Polish Zloty  10/03/2022  Bank Of America Merrill Lynch   32,430,000    6,542,132    (93,378)
South African Rand  10/03/2022  Bank Of America Merrill Lynch   182,280,000    10,071,331    43,716 
Swedish Krona  10/03/2022  Deutsche Bank   57,320,000    5,164,373    (42,812)
Swiss Franc  10/03/2022  Bank Of America Merrill Lynch   5,810,000    5,888,375    32,018 
Australian Dollar  10/04/2022  Deutsche Bank   19,310,000    12,350,495    162,462 
British Pound  10/04/2022  Bank Of America Merrill Lynch   49,570,000    55,355,167    (265,679)
Euro  10/04/2022  Bank Of America Merrill Lynch   108,070,000    105,899,071    (213,754)
Japanese Yen  10/04/2022  Bank Of America Merrill Lynch   1,718,000,000    11,870,380    2,153 
Mexican Peso  10/04/2022  Bank Of America Merrill Lynch   392,570,000    19,493,507    44,143 
New Zealand Dollar  10/04/2022  Deutsche Bank   64,030,000    35,818,977    683,114 
Norwegian Krone  10/04/2022  Bank Of America Merrill Lynch   230,580,000    21,178,104    181,369 
Polish Zloty  10/04/2022  Bank Of America Merrill Lynch   3,610,000    728,248    2,172 
Singapore Dollar  10/04/2022  Bank Of America Merrill Lynch   440,000    306,364    331 
South African Rand  10/04/2022  Bank Of America Merrill Lynch   215,460,000    11,904,590    94,916 
Swedish Krona  10/04/2022  Deutsche Bank   429,250,000    38,674,236    (97,892)
Swiss Franc  10/04/2022  Bank Of America Merrill Lynch   58,500,000    59,289,135    336,210 
Australian Dollar  10/05/2022  Deutsche Bank   35,380,000    22,628,987    123,537 
Israeli Shekel  10/06/2022  Bank Of America Merrill Lynch   6,190,000    1,736,207    10,306 
Australian Dollar  10/19/2022  Deutsche Bank   583,050,000    372,980,023    14,760,100 

 

 

CATALYST/MILLBURN HEDGE STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022 (Unaudited) (Continued)

 

                 Unrealized 
Foreign Currency  Settlement Date  Counterparty  Local Currency   U.S. Dollar Value   Appreciation/(Depreciation) 
To Sell: (continued)                     
Brazilian Real  10/19/2022  Bank Of America Merrill Lynch   1,081,640,000   $199,830,958   $1,853,411 
British Pound  10/19/2022  Bank Of America Merrill Lynch   236,580,000    264,280,597    4,892,421 
Canadian Dollar  10/19/2022  Deutsche Bank   628,940,000    455,350,569    24,198,915 
Chilean Peso  10/19/2022  Bank Of America Merrill Lynch   11,546,999,999    11,900,662    622,728 
Euro  10/19/2022  Bank Of America Merrill Lynch   921,360,000    903,813,053    10,701,787 
Indian Rupee  10/19/2022  Bank Of America Merrill Lynch   10,533,650,000    128,903,103    1,062,793 
Israeli Shekel  10/19/2022  Bank Of America Merrill Lynch   142,270,000    39,952,383    1,000,348 
Japanese Yen  10/19/2022  Bank Of America Merrill Lynch   106,651,999,986    737,963,897    14,131,730 
Mexican Peso  10/19/2022  Bank Of America Merrill Lynch   4,062,619,999    201,158,865    178,137 
New Zealand Dollar  10/19/2022  Deutsche Bank   658,100,000    368,162,993    22,642,156 
Norwegian Krone  10/19/2022  Bank Of America Merrill Lynch   2,727,900,000    250,582,390    15,541,694 
Polish Zloty  10/19/2022  Bank Of America Merrill Lynch   578,610,000    116,436,297    3,925,825 
Singapore Dollar  10/19/2022  Bank Of America Merrill Lynch   117,560,000    81,865,614    1,439,545 
South African Rand  10/19/2022  Bank Of America Merrill Lynch   1,523,080,000    84,037,545    1,776,069 
South Korean Won  10/19/2022  Bank Of America Merrill Lynch   72,412,999,999    50,242,982    1,888,773 
Swedish Krona  10/19/2022  Deutsche Bank   3,286,349,999    296,293,783    7,040,204 
Swiss Franc  10/19/2022  Bank Of America Merrill Lynch   705,050,000    715,535,324    12,831,845 
British Pound  11/16/2022  Bank Of America Merrill Lynch   46,360,000    51,808,562    (183,364)
              $5,953,085,833   $141,182,098 
                      
Total                  $70,233,683 

 

            Local Currency   Local Currency             
      Settlement     Amount   Amount Purchased   U.S. Dollar Market   U.S. Dollar Market   Unrealized 
Foreign Currency  Date  Counterparty  Purchased Sell   Sell   Value Buy   Value Sell   Appreciation/(Depreciation) 
To Buy:  To Sell:                               
Euro    Norwegian Krone    10/19/2022    Bank Of America
Merrill Lynch
   106,410,000    1,092,693,004    104,383,462    (100,373,782)  $4,009,680 
Euro  Polish Zloty  10/19/2022  Bank Of America
Merrill Lynch
   44,390,000    213,810,897    43,544,610    (43,026,134)   518,476 
Euro  Swedish Krona  10/19/2022  Bank Of America
Merrill Lynch
   96,510,000    1,034,702,142    94,672,004    (93,287,634)   1,384,370 
Norwegian Krone  Euro  10/19/2022  Bank Of America
Merrill Lynch
   1,658,630,211    162,100,000    152,360,250    (159,012,868)   (6,652,618)
Polish Zloty  Euro  10/19/2022  Bank Of America
Merrill Lynch
   255,624,839    53,780,000    51,440,537    (52,755,781)   (1,315,244)
Swedish Krona  Euro  10/19/2022  Bank Of America
Merrill Lynch
   1,438,486,951    132,990,000    129,692,441    (130,457,255)   (764,814)
             3,600,052,001    2,690,076,043   $576,093,304   $578,913,454   $(2,820,150)
                                   
Total                               $(2,820,150)

 

 

CATALYST DYNAMIC ALPHA FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Shares      Fair Value 
     COMMON STOCKS — 99.4%     
     AEROSPACE & DEFENSE - 2.8%     
 41,900   Raytheon Technologies Corporation  $3,429,934 
           
     ASSET MANAGEMENT - 4.2%     
 23,000   LPL Financial Holdings, Inc.(a)   5,025,040 
           
     BEVERAGES - 2.9%     
 15,500   Constellation Brands, Inc., Class A   3,560,040 
           
     BIOTECH & PHARMA - 6.6%     
 73,850   AstraZeneca plc - ADR   4,049,934 
 90,550   Pfizer, Inc.   3,962,468 
         8,012,402 
     CHEMICALS - 6.2%     
 12,500   Albemarle Corporation   3,305,500 
 73,900   Corteva, Inc.   4,223,385 
         7,528,885 
     ELECTRICAL EQUIPMENT - 2.0%     
 37,000   Amphenol Corporation, Class A   2,477,520 
           
     ENGINEERING & CONSTRUCTION - 5.4%     
 50,600   Quanta Services, Inc.(a)   6,445,934 
           
     FOOD - 4.2%     
 22,700   Hershey Company (The)   5,004,669 
           
     GAS & WATER UTILITIES - 2.5%     
 117,600   NiSource, Inc.   2,962,344 
           
     HEALTH CARE FACILITIES & SERVICES - 10.0%     
 32,250   AmerisourceBergen Corporation   4,364,393 
 15,250   UnitedHealth Group, Inc.   7,701,860 
         12,066,253 
     INSURANCE - 5.8%     
 49,300   MetLife, Inc.   2,996,454 

 

 

CATALYST DYNAMIC ALPHA FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares      Fair Value 
     COMMON STOCKS — 99.4% (Continued)     
     INSURANCE - 5.8% (Continued)     
 26,750   Travelers Companies, Inc. (The)  $4,098,100 
         7,094,554 
     OIL & GAS PRODUCERS - 7.7%     
 86,300   Devon Energy Corporation(a)   5,189,219 
 144,600   Williams Companies, Inc. (The)   4,139,898 
         9,329,117 
     RENEWABLE ENERGY - 3.5%     
 15,300   Enphase Energy, Inc.(b)   4,245,291 
           
     RETAIL - DISCRETIONARY - 3.0%     
 62,300   Builders FirstSource, Inc.(a),(b)   3,670,716 
           
     RETAIL REIT - 2.7%     
 173,300   Kimco Realty Corporation   3,190,453 
           
     SEMICONDUCTORS - 7.7%     
 10,325   KLA Corporation   3,124,654 
 98,850   ON Semiconductor Corporation(a),(b)   6,161,320 
         9,285,974 
     SOFTWARE - 4.0%     
 16,025   Synopsys, Inc.(b)   4,895,798 
           
     SPECIALTY REITS - 2.2%     
 61,700   Iron Mountain, Inc.(a)   2,712,949 
           
     TECHNOLOGY HARDWARE - 2.9%     
 15,900   Motorola Solutions, Inc.   3,561,123 
           
     TECHNOLOGY SERVICES - 4.2%     
 23,800   Booz Allen Hamilton Holding Corporation   2,197,930 
 7,125   FactSet Research Systems, Inc.   2,850,784 
         5,048,714 

 

 

CATALYST DYNAMIC ALPHA FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares      Fair Value 
     COMMON STOCKS — 99.4% (Continued)     
     TELECOMMUNICATIONS - 3.5%     
 31,400   T-Mobile US, Inc.(a),(b)  $4,212,938 
           
     TRANSPORTATION & LOGISTICS - 2.2%     
 13,500   Union Pacific Corporation   2,630,070 
           
     WHOLESALE - CONSUMER STAPLES - 3.2%     
 54,850   Sysco Corporation   3,878,444 
           
     TOTAL COMMON STOCKS (Cost $113,779,259)   120,269,162 
           
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 22.0%     
     COLLATERAL FOR SECURITIES LOANED - 22.0%     
 26,555,228   Mount Vernon Liquid Assets Portfolio, , 1.64% (Cost $26,555,228)(c),(d)   26,555,228 
           
     TOTAL INVESTMENTS - 121.4% (Cost $140,334,487)  $146,824,390 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (21.4)%   (25,924,120)
     NET ASSETS - 100.0%  $120,900,270 

 

ADR - American Depositary Receipt

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

(a)All or a portion of this security is on loan. The total fair value of securities on loan at September 30, 2022 was $25,991,882.

 

(b)Non-income producing security.

 

(c)Rate disclosed is the seven day effective yield as of September 30, 2022.

 

(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%.

 

 

CATALYST/CIFC FLOATING RATE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022

 

Shares      Fair Value 
     COMMON STOCK - 0.0% +     
     SOFTWARE - 0.0% +     
 7,832   Avaya Holdings Corp.  $12,453 
     TOTAL COMMON STOCK (Cost - $198,736)     
                           
Principal         Coupon        
Amount ($)      Variable Rate  Rate (%)   Maturity    
     ASSET BACKED SECURITIES - 7.9%                
     COLLATERALIZED LOAN OBLIGATIONS - 7.9%                
 500,000   Apidos CLO XX #  3 Month LIBOR + 5.700%   8.440 *  7/16/2031   392,949 
 500,000   Apidos CLO XXX #  3 Month LIBOR + 5.600%   8.340 *  10/18/2031   403,826 
 500,000   Apidos CLO XXXV #  3 Month LIBOR + 5.750%   8.460 *  4/20/2034   408,156 
 500,000   ARES LII CLO Ltd. #  3 Month LIBOR + 6.450%   9.209 *  4/22/2031   401,782 
 500,000   ARES XLVII CLO Ltd. #  3 Month LIBOR + 5.500%   8.012 *  4/15/2030   400,990 
 835,000   BlueMountain CLO 2015-4 Ltd. #  3 Month LIBOR + 2.950%   5.660 *  4/20/2030   696,539 
 500,000   BlueMountain CLO 2018-3 Ltd. #  3 Month LIBOR + 5.950%   8.733 *  10/25/2030   400,716 
 500,000   BlueMountain CLO XXII Ltd. #  3 Month LIBOR + 5.050%   7.562 *  7/15/2031   392,303 
 500,000   BlueMountain Fuji US CLO I Ltd. #  3 Month LIBOR + 6.000%   8.710 *  7/20/2029   422,523 
 500,000   BlueMountain Fuji US CLO III Ltd. #  3 Month LIBOR + 5.200%   7.712 *  1/15/2030   391,319 
 750,000   Burnham Park CLO Ltd. #  3 Month LIBOR + 5.400%   8.110 *  10/20/2029   613,591 
 500,000   Canyon CLO 2018-1 Ltd. #  3 Month LIBOR + 5.750%   8.262 *  7/15/2031   408,105 
 500,000   Carlyle Global Market Strategies CLO 2014-1 Ltd. #  3 Month LIBOR + 5.400%   8.140 *  4/17/2031   392,273 
 500,000   Carlyle Global Market Strategies CLO 2017-1 Ltd. #  3 Month LIBOR + 6.000%   8.710 *  4/20/2031   408,873 
 500,000   CARLYLE US CLO 2017-5 Ltd. #  3 Month LIBOR + 5.300%   8.010 *  1/20/2030   394,704 
 500,000   Cook Park CLO Ltd. #  3 Month LIBOR + 5.400%   8.140 *  4/17/2030   399,770 
 500,000   Flatiron CLO 17 Ltd. #  3 Month LIBOR + 5.900%   8.805 *  5/15/2030   439,766 
 500,000   Galaxy XXI CLO Ltd. #  3 Month LIBOR + 5.250%   7.960 *  4/20/2031   418,022 
 500,000   Goldentree Loan Management US CLO 1 Ltd. #  3 Month LIBOR + 4.750%   7.460 *  1/20/2033   398,140 
 500,000   Goldentree Loan Management US ClO 2 Ltd. #  3 Month LIBOR + 4.700%   7.410 *  11/28/2030   409,426 
 750,000   Goldentree Loan Opportunities X Ltd. #  3 Month LIBOR + 5.650%   8.360 *  7/20/2031   640,613 
 250,000   Grippen Park CLO Ltd. #  3 Month LIBOR + 5.700%   8.410 *  1/20/2030   209,050 
 500,000   Highbridge Loan Management 7-2015 Ltd. #  3 Month LIBOR + 5.000%   7.905 *  3/15/2027   462,788 
 500,000   Jamestown CLO II Ltd. #  3 Month LIBOR + 5.450%   8.209 *  4/22/2030   404,575 
 500,000   KKR CLO 13 Ltd. #  3 Month LIBOR + 4.950%   7.690 *  1/16/2028   467,926 
 500,000   Magnetite XV Ltd. #  3 Month LIBOR + 5.200%   7.983 *  7/25/2031   411,500 
 500,000   Neuberger Berman CLO XVIII Ltd. #  3 Month LIBOR + 5.920%   8.652 *  10/21/2030   417,573 
 500,000   Octagon Investment Partners XXII Ltd. #  3 Month LIBOR + 5.450%   8.209 *  1/22/2030   406,042 
 500,000   Octagon Investment Partners XVII Ltd. #  3 Month LIBOR + 5.150%   7.933 *  1/25/2031   392,402 
 500,000   Octagon Investment Partners 18-R Ltd. #  3 Month LIBOR + 2.700%   5.440 *  4/16/2031   421,910 
 500,000   Octagon Investment Partners 26 Ltd. #  3 Month LIBOR + 5.400%   7.912 *  7/15/2030   396,489 
 500,000   Octagon Investment Partners 37 Ltd. #  3 Month LIBOR + 5.400%   8.183 *  7/25/2030   410,626 
 500,000   OHA Credit Partners XV Ltd. #  3 Month LIBOR + 5.300%   8.010 *  1/20/2030   423,358 
 500,000   Palmer Square CLO 2018-2 #  3 Month LIBOR + 5.600%   8.340 *  7/16/2031   430,404 
 500,000   Regatta X Funding Ltd. #  3 Month LIBOR + 5.550%   8.290 *  1/17/2031   408,538 
 550,000   Regatta XI Funding Ltd. #  3 Month LIBOR + 5.500%   8.240 *  7/17/2031   455,406 
 500,000   RR 5 Ltd. #  3 Month LIBOR + 5.750%   8.262 *  10/15/2031   416,093 
 500,000   Wellfleet CLO 2015-1 Ltd. #  3 Month LIBOR + 7.050%   9.760 *  7/20/2029   419,632 
 500,000   Wellfleet CLO 2017-1 Ltd. #  3 Month LIBOR + 6.050%   8.760 *  4/20/2029   406,026 
 500,000   Wellfleet CLO 2018-2 Ltd. #  3 Month LIBOR + 6.070%   8.780 *  10/20/2031   403,586 
 500,000   Wellfleet CLO 2018-3 Ltd. #  3 Month LIBOR + 6.250%   8.960 *  1/20/2032   401,041 
 500,000   Wellfleet CLO X LTD #  3 Month LIBOR + 6.610%   9.320 *  7/20/2032   393,106 
 1,500,000   York CLO 1 Ltd. #  3 Month LIBOR + 5.580%   8.339 *  10/22/2029   1,319,931 
     TOTAL ASSET BACKED SECURITIES (Cost - $21,895,187)              19,112,388 
                      
     CORPORATE BONDS - 2.0%                
     CABLE & SATELLITE - 0.3%                
 27,000   CCO Holdings, LLC / CCO Holdings Capital Corporation #      6.375   9/1/2029   24,838 
 750,000   CCO Holdings, LLC / CCO Holdings Capital Corporation #      4.750   3/1/2030   610,282 
                    635,120 
     INSURANCE- 0.1%                
 243,000   Alliant Holdings Intermediate LLC #      6.750   10/15/2027   209,940 
                      
     LEISURE FACILITIES & SERVICES - 0.7%                
 999,000   CDI Escrow Issuer, Inc. #      5.750   4/1/2030   874,035 
 1,000,000   New Red Finance, Inc. #      3.875   1/15/2028   871,895 
                    1,745,930 
     REIT - 0.2%                
 700,000   SBA Communications Corporation      3.125   2/1/2029   564,518 
                      
     SOFTWARE- 0.0%                
 53,000   NortonLifeLock, Inc. #      6.750   9/30/2027   51,167 
 53,000   NortonLifeLock, Inc. #      7.125   9/30/2030   51,378 
                    102,545 
     TECHNOLOGY SERVICES - 0.4%                
 1,030,000   MSCI, Inc. #      3.875   2/15/2031   869,309 
                      
     WHOLESALE - CONSUMER STAPLES - 0.3%                
 875,000   Performance Food Group, Inc. #      4.250   8/1/2029   730,249 
     TOTAL CORPORATE BONDS (Cost - $5,230,641)              4,857,611 

 

 

CATALYST/CIFC FLOATING RATE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 30, 2022
 
Principal         Coupon        
Amount ($)      Variable Rate  Rate (%)   Maturity  Fair Value 
     CORPORATE BONDS - 2.0% (Continued)                
     BANK LOANS - 79.1%                
     ADVERTISING & MARKETING - 0.3%                
 675,000   ABG Intermediate Holdings 2, LLC  SOFRRATE + 6.000%   9.134 *  12/10/2029  $639,562 
                      
     AEROSPACE & DEFENSE - 1.4%                
 2,447,513   Dynasty Acquisition Co., Inc.  3 Month LIBOR + 3.500%   6.024 *  4/8/2026   2,266,751 
 1,316,637   Standard Aero Ltd.  3 Month LIBOR + 3.500%   6.024 *  4/8/2026   1,219,397 
                    3,486,148 
     APPAREL & TEXTILE PRODUCTS - 0.1%                
 273,315   Crocs, Inc.  SOFRRATE + 3.500%   4.449 *  1/27/2029   258,112 
                      
     ASSET MANAGEMENT - 1.8%                
 2,850,921   Advisor Group Holdings, Inc.  1 Month LIBOR + 4.500%   7.024 *  7/31/2026   2,720,149 
 365,994   Edelman Financial Center LLC  1 Month LIBOR + 6.750%   9.274 *  7/20/2026   325,735 
 1,306,623   KPAE Finance Sub, Inc.  3 Month LIBOR + 3.500%   6.556 *  10/26/2027   1,242,377 
 1,240   Nexus Buyer LLC  1 Month LIBOR + 3.750%   6.274 *  11/8/2026   1,195 
                    4,289,456 
     AUTOMOTIVE - 1.4%                
 3,462,663   First Brands Group LLC  SOFRRATE + 5.000%   8.368 *  3/24/2027   3,340,605 
                      
     BIOTECH - 1.3%                
 1,038,398   Curium Bidco Sarl Floating Rate  3 Month LIBOR + 4.250%   6.500 *  9/10/2027   987,776 
 2,200,000   Jazz Financing Lux Sarl  1 Month LIBOR + 3.500%   6.024 *  4/22/2028   2,130,656 
                    3,118,432 
     BUSINESS AND DEVELOPMENT - 0.1%                
 245,000   Garda World Security Corp.  SOFRRATE + 4.250%   7.050 *  2/11/2029   228,870 
                      
     CABLE & SATELLITE - 1.0%                
 2,481,755   Directv Financing, LLC  1 Month LIBOR + 5.000%   7.524 *  7/22/2027   2,318,120 
                      
     CHEMICALS - 1.6%                
 1,344,336   Herens US Holdco Corp.  3 Month LIBOR +4.000%   6.250 *  4/30/2028   1,207,253 
 2,032,555   Olympus Water US Holdings Corp.  1 Month LIBOR + 3.750%   6.063 *  10/1/2028   1,860,428 
 117,705   Olympus Water US Holdings Corp.  SOFRRATE + 4.500%   6.654 *  11/9/2028   109,208 
 647,870   PQ Group Holdings, Inc.  1 Month LIBOR + 3.500%   5.803 *  4/30/2028   616,896 
                    3,793,785 
     COMMERCIAL SUPPORT SERVICES - 5.7%                
 3,962,392   Allied Universal Holdco LLC  1 Month LIBOR + 3.750%   6.274 *  5/5/2028   3,494,335 
 725,000   Amentum Government Services Holdings LLC  3 Month LIBOR + 8.750%   11.000 *  1/31/2028   670,625 
 1,447,000   Amentum Government Services Holdings LLC  3 Month LIBOR + 4.000%   7.558 *  2/7/2029   1,385,502 
 1,086,225   AVSC Holding Corporation  6 Month LIBOR + 4.500%   8.644 *  9/26/2026   967,761 
 2,481,502   Conservice Midco LLC  1 Month LIBOR + 4.250%   6.774 *  5/7/2027   2,392,578 
 238,140   Creative Artists Agency LLC  1 Month LIBOR + 4.250%   6.774 *  5/4/2026   235,287 
 122,000   Creative Artists Agency, LLC  1 Month LIBOR + 4.250%   6.705 *  11/26/2026   120,932 
 2,228,490   Dispatch Terra Acquisition LLC  3 Month LIBOR + 4.250%   6.500 *  3/25/2028   1,838,504 
 2,100,000   Ensemble RCM, LLC  3 Month LIBOR + 3.750%   6.556 *  8/1/2026   2,054,073 
 736,875   Stiphout Finance LLC  1 Month LIBOR + 3.750%   6.274 *  10/26/2025   716,611 
                    13,876,208 
     CONSUMER SERVICES - 1.2%                
 912,581   Prometric Holdings, Inc.  1 Month LIBOR + 3.000%   5.530 *  1/19/2025   845,278 
 2,481,061   Spin Holdco, Inc.  3 Month LIBOR + 4.000%   7.144 *  3/1/2028   2,186,435 
                    3,031,713 
     CONTAINERS & PACKAGING - 1.1%                
 2,433,096   Mauser Packaging Solutions Holding Company  1 Month LIBOR + 3.250%   5.814 *  3/23/2024   2,276,477 
 465,808   Pretium PKG Holdings, Inc.  1 Month LIBOR + 4.000%   6.372 *  9/22/2028   419,926 
                    2,696,403 
     ELECTRONICS - 0.5%                
 1,246,875   Motus Operations, LLC  3 Month LIBOR + 4.000%   6.524 *  11/3/2028   1,165,828 
                      
     ELECTRIC UTILITIES - 0.5%                
 1,214,785   Granite Generation LLC  3 Month LIBOR + 3.750%   6.274 *  11/7/2026   1,165,653 
                      
     ELECTRICAL EQUIPMENT - 0.3%                
 700,000   Brookfield WEC Holdings, Inc.  1 Month LIBOR + 3.750%   6.190 *  8/1/2025   684,579 
                      
     ENGINEERING & CONSTRUCTION - 0.1%                
 289,902   PowerTeam Services LLC  3 Month LIBOR + 7.250%   9.500 *  3/6/2026   172,202 
                      
     ENTERTAINMENT CONTENT - 1.4%                
 974,684   AP Core Holdings II, LLC  1 Month LIBOR + 5.500%   8.024 *  9/1/2027   906,456 
 2,500,000   AP Core Holdings II, LLC  1 Month LIBOR + 5.500%   8.024 *  9/1/2027   2,325,000 
 111,000   Univision Communications, Inc.  SOFRRATE + 4.250%   6.254 *  6/8/2029   108,502 
                    3,339,958 

 

 

CATALYST/CIFC FLOATING RATE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 30, 2022
 
Principal         Coupon        
Amount ($)      Variable Rate  Rate (%)   Maturity  Fair Value 
     BANK LOANS - 79.1% (Continued)                
     HEALTH CARE FACILITIES & SERVICES - 10.1%                
 6,781,312   Aveanna Healthcare LLC  1 Month LIBOR + 3.750%   6.802 *  6/30/2028  $548,015 
 220,243   Aveanna Healthcare LLC  1 Month LIBOR + 3.750%   6.802 *  6/30/2028   201,685 
 827,361   Bella Holding Co. LLC  1 Month LIBOR + 3.750%   6.274 *  4/1/2028   774,970 
 1,005,799   Cano Health, LLC  SOFRRATE + 4.000%   6.555 *  11/23/2027   978,140 
 36,613   Change Healthcare Holdings LLC  1 Month LIBOR + 2.500%   4.872 *  2/3/2024   36,547 
 1,068,690   Envision Healthcare Corp.  1 Month LIBOR + 4.250%   6.825 *  3/31/2027   496,941 
 1,879,688   Eyecare Partners LLC  3 Month LIBOR + 3.750%   6.000 *  2/5/2027   1,711,691 
 604,788   Eyecare Partners LLC  3 Month LIBOR + 3.750%   6.000 *  10/14/2028   566,989 
 75,000   Eyecare Partners LLC  3 Month LIBOR + 3.750%   7.621 *  11/1/2028   70,125 
 2,828,463   FC Compassus, LLC  6 Month LIBOR + 4.250%   7.127 *  12/31/2026   2,546,805 
 1,398,467   Heartland Dental LLC  1 Month LIBOR + 3.500%   6.024 *  4/19/2025   1,292,708 
 2,243,276   Legacy LifePoint Health, LLC  1 Month LIBOR + 3.750%   6.871 *  11/16/2025   2,091,451 
 3,049,270   MED ParentCo LP  1 Month LIBOR + 4.250%   6.774 *  8/2/2026   2,586,787 
 75,000   MED ParentCo LP  1 Month LIBOR + 8.250%   10.774 *  8/30/2027   65,062 
 3,561,674   Milano Acquisition Corporation  3 Month LIBOR + 4.000%   6.250 *  8/17/2027   3,403,180 
 3,134,183   National Mentor Holdings, Inc.  1 Month LIBOR + 3.750%   7.430 *  2/18/2028   2,258,571 
 87,656   National Mentor Holdings, Inc.  3 Month LIBOR + 3.750%   6.010 *  2/18/2028   63,167 
 1,326,925   One Call Medical Co.  3 Month LIBOR + 5.500%   8.313 *  4/8/2027   988,559 
 1,798,915   Upstream Newco, Inc.  SOFRRATE + 4.250%   6.820 *  11/20/2026   1,674,493 
 1,797,896   US Anesthesia Partners, Inc.  6 Month LIBOR + 4.250%   6.814 *  9/23/2028   1,693,878 
 711,512   WP CityMD Bidco LLC  6 Month LIBOR + 3.250%   5.500 *  11/18/2028   681,941 
                    24,731,705 
     HOME & OFFICE PRODUCTS - 0.5%                
 1,235,715   Osmosis Debt Merger Sub, Inc.  SOFRRATE + 3.750%   6.345 *  6/17/2028   1,151,149 
                      
     INSTITUTIONAL FINANCIAL SERVICES - 2.6%                
 1,266,724   Aretec Group, Inc.  1 Month LIBOR + 4.250%   6.805 *  10/1/2025   1,246,621 
 1,632,693   Armor Holdco, Inc.  3 Month LIBOR + 4.500%   6.750 *  10/29/2028   1,589,835 
 832,520   Ascensus Holdings, Inc.  3 Month LIBOR + 6.500%   8.813 *  8/2/2029   753,430 
 2,994,911   Deerfield Dakota Holding, LLC  SOFRRATE + 3.750%   6.205 *  3/6/2027   2,832,692 
                    6,422,578 
     INSURANCE - 4.0%                
 915,531   Acrisure LLC  1 Month LIBOR + 3.500%   6.024 *  1/31/2027   839,615 
 104,738   AssuredPartners, Inc.  1 Month LIBOR + 3.500%   6.024 *  2/13/2027   418,570 
 1,088,826   AssuredPartners, Inc.  SOFRRATE + 3.500%   5.955 *  2/13/2027   99,403 
 600,000   AssuredPartners, Inc.  1 Month LIBOR + 3.500%   6.024   2/13/2027   1,033,024 
 2,411,000   Asurion LLC  1 Month LIBOR + 5.250%   7.774 *  1/29/2028   1,829,346 
 2,411,000   Asurion LLC  1 Month LIBOR + 4.000%   6.401 *  8/17/2028   235,297 
 275,000   Asurion LLC  1 Month LIBOR + 5.250%   7.774 *  1/14/2029   462,000 
 1,333,053   Hyperion Insurance  1 Month LIBOR + 3.250%   5.812 *  11/12/2027   1,273,692 
 1,485,296   OneDigital Borrower LLC  SOFRRATE + 4.250%   6.977 *  11/16/2027   1,388,752 
 4,749   Ryan Specialty Group LLC  SOFRRATE + 3.000%   5.555 *  7/23/2027   4,607 
 989,744   Sedgwick Claims Management Services, Inc.  1 Month LIBOR + 4.250%   6.774 *  9/3/2026   956,963 
 1,246,787   Sedgwick Claims Management Services, Inc.  1 Month LIBOR + 3.750%   6.274 *  9/3/2026   1,194,185 
                    9,735,454 
     INTERNET MEDIA & SERVICES - 1.3%                
 2,740,914   MH Sub I LLC  1 Month LIBOR + 3.750%   6.274 *  9/15/2024   2,618,943 
 550,000   MH Sub I LLC  1 Month LIBOR + 6.250%   8.705 *  2/23/2029   519,294 
                    3,138,237 
     LEISURE FACILITIES & SERVICES - 3.6%                
 1,883,719   AMC Entertainment Holdings, Inc.  1 Month LIBOR + 3.000%   5.756 *  4/22/2026   1,481,555 
 500,000   Bally’s Corporation  1 Month LIBOR + 3.250%   5.623 *  8/6/2028   452,950 
 2,169,185   Fertitta Entertainment, LLC/NV  SOFRRATE + 4.000%   6.455 *  1/13/2029   2,018,470 
 600,000   Fitness International LLC  3 Month LIBOR + 3.250%   5.774 *  4/18/2025   553,500 
 463   Motion Finco LLC  3 Month LIBOR + 3.250%   5.500 *  11/4/2026   424 
 705,155   NEP Group, Inc.      9.250 *  10/20/2025   657,557 
 1,257,470   Playa Resorts Holding BV  1 Month LIBOR + 2.750%   5.270 *  4/27/2024   1,215,638 
 2,479,241   Raptor Acquisition Corp.  3 Month LIBOR + 4.000%   7.602 *  11/1/2026   2,372,324 
                    8,752,418 
     MACHINERY - 0.0%                
 121,829   Pro Mach Group, Inc.  1 Month LIBOR + 4.000%   7.115 *  8/13/2028   116,625 
                      
     OIL & GAS PRODUCERS - 1.5%                
 847,036   EG America LLC  3 Month LIBOR + 4.000%   6.250 *  2/5/2025   792,512 
 59,886   Energy & Exploration Partners LLC ^      0.000   12/31/2049   299 
 915,816   GIP III Stetson I LP  1 Month LIBOR + 4.250%   6.774 *  7/18/2025   879,472 
 1,500,000   M6 ETX Holdings II Midco, LLC  1 Month LIBOR + 4.500%   0.000 @  8/11/2029   1,475,160 
 550,000   Prairie ECI Acquiror LP  1 Month LIBOR + 4.750%   7.274 *  3/7/2026   516,255 
                    3,663,698 
     PUBLISHING & BROADCASTING - 1.9%                
 3,348,200   Mav Acquisition Corporation  6 Month LIBOR + 4.750%   7.820 *  7/21/2028   3,096,047 
 1,577,120   Sinclair Television Group, Inc.  SOFRRATE + 3.750%   6.305 *  4/13/2029   1,495,630 
                    4,591,677 

 

 

CATALYST/CIFC FLOATING RATE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 30, 2022
 
Principal         Coupon        
Amount ($)      Variable Rate  Rate (%)   Maturity  Fair Value 
     BANK LOANS - 79.1% (Continued)                
     RETAIL - DISCRETIONARY - 4.2%                
 1,698,547   Great Outdoors Group, LLC  1 Month LIBOR + 3.750%   6.865 *  3/5/2028  $1,575,403 
 1,113,868   LS Group OpCo AcquisItion LLC  6 Month LIBOR + 3.250%   6.580 *  11/2/2027   1,069,314 
 3,344,554   Mavis Tire Express Services Corp.  SOFRRATE + 4.000%   7.250 *  4/30/2028   3,148,078 
 1,727,050   Michaels Companies, Inc.  3 Month LIBOR + 4.250%   6.500 *  4/9/2028   1,398,910 
 2,161,082   PetSmart, Inc.  6 Month LIBOR + 3.750%   6.270 *  1/29/2028   2,052,585 
 1,080,457   Staples, Inc.  3 Month LIBOR + 5.000%   7.782 *  4/9/2026   952,714 
                    10,197,004 
     SOFTWARE - 14.0%                
 17,413,189   Boxer Parent Co., Inc.  1 Month LIBOR + 3.750%   6.274 *  10/2/2025   1,654,923 
 1,644,873   Boxer Parent Co., Inc.  3 Month LIBOR + 5.500%   8.024 *  3/23/2026   1,536,928 
 2,482,911   Central Parent, Inc.  1 Month LIBOR + 4.500%   6.610 *  6/9/2029   2,397,710 
 2,900,000   Condor Merger Sub, Inc.  SOFRRATE + 4.000%   6.362 *  2/3/2029   2,652,978 
 2,760,311   Greeneden US Holdings II, LLC  1 Month LIBOR + 4.000%   6.524 *  10/8/2027   2,635,848 
 1,874,219   HS Purchaser LLC  SOFRRATE + 4.000%   6.559 *  11/30/2026   1,728,030 
 750,000   HS Purchaser LLC      9.305 *  11/19/2027   723,750 
 3,241,580   Hyland Software, Inc.  1 Month LIBOR + 3.500%   6.024 *  7/1/2024   3,147,380 
 600,000   Hyland Software, Inc.  1 Month LIBOR + 6.250%   8.774 *  7/10/2025   591,999 
 994,962   Idera, Inc.  1 Month LIBOR + 3.750%   6.320 *  3/2/2028   926,971 
 1,500,000   Imprivata, Inc.  1 Month LIBOR + 4.250%   6.709 *  12/1/2027   1,454,535 
 1,321,688   Mediaocean, LLC  1 Month LIBOR + 3.500%   6.024 *  12/9/2028   1,243,483 
 1,745,625   Mitchell International, Inc.  3 Month LIBOR + 3.750%   6.734 *  10/1/2028   1,586,773 
 475,000   Mitchell International, Inc.  1 Month LIBOR + 6.500%   9.570 *  10/1/2029   445,906 
 995,000   Project Sky Merger Sub, Inc.  1 Month LIBOR + 3.750%   6.274 *  8/10/2028   878,088 
 1,235,398   Project Sky Merger Sub, Inc.  1 Month LIBOR + 6.000%   8.524 *  8/10/2029   1,050,088 
 76,587   Quasar Intermediate Holdings Ltd.  SOFRRATE + 4.250%   6.977 *  1/20/2029   57,057 
 3,259,952   Solera LLC  1 Month LIBOR + 4.000%   6.524 *  6/4/2028   3,016,825 
 1,000,000   TIBCO Software, Inc.  1 Month LIBOR + 3.750%   6.280 *  7/3/2026   998,250 
 1,000,000   TIBCO Software, Inc.  1 Month LIBOR + 7.250%   9.780 *  3/4/2028   998,125 
 1,738,880   UKG, Inc.  3 Month LIBOR + 5.250%   7.535 *  5/3/2027   1,653,388 
 763,838   Ultimate Software Group, Inc.  3 Month LIBOR + 3.750%   6.274 *  4/8/2026   730,420 
 1,931,506   Weld North Education LLC  1 Month LIBOR + 3.750%   6.274 *  12/17/2027   1,872,750 
                    33,982,205 
     SPECIALTY FINANCE - 0.8%                
 2,017,658   Orion Advisor Solutions, Inc.  3 Month LIBOR + 3.750%   6.556 *  9/24/2027   1,910,046 
                      
     TECHNOLOGY HARDWARE - 0.7%                
 1,004,446   Atlas CC Acquisition Corporation  1 Month LIBOR + 4.250%   7.320 *  4/29/2028   884,164 
 204,294   Atlas CC Acquisition Corporation  1 Month LIBOR + 4.250%   7.320 *  4/29/2028   179,830 
 713,500   VeriFone Systems, Inc.  3 Month LIBOR + 4.000%   6.997 *  8/20/2025   643,266 
                    1,707,260 
                      
     TECHNOLOGY SERVICES - 7.5%                
 923,922   Acuris Finance US, Inc.  SOFRRATE + 4.000%   6.204 *  2/4/2028   887,889 
 290,970   Blackhawk Network Holdings, Inc.  1 Month LIBOR + 7.000%   9.500 *  5/22/2026   275,694 
 2,302,486   Ensono Holdings, LLC  1 Month LIBOR + 4.000%   6.524 *  5/20/2028   2,026,188 
 748,111   ION Trading Finance Ltd.  3 Month LIBOR + 4.750%   7.000 *  3/26/2028   696,491 
 2,471,325   MPH Acquisition Holdings LLC  3 Month LIBOR + 4.250%   7.320 *  8/17/2028   2,291,005 
 3,174,069   Netsmart, Inc.  1 Month LIBOR + 4.000%   6.524 *  10/1/2027   3,037,853 
 2,163,886   Peraton Corp.  1 Month LIBOR + 3.750%   6.274 *  2/24/2028   2,056,504 
 242,702   Peraton Corp.  1 Month LIBOR + 7.750%   10.568 *  2/1/2029   230,872 
 902,527   Sabre GLBL, Inc.  1 Month LIBOR + 5.000%   7.555 *  6/30/2028   838,222 
 1,710,819   Sitel Worldwide Corporation  3 Month LIBOR + 3.750%   6.010 *  7/29/2028   1,661,368 
 2,884,817   TierPoint, LLC  1 Month LIBOR + 3.750%   6.274 *  5/1/2026   2,741,787 
 1,440,832   Verscend Holding Corp.  1 Month LIBOR + 4.000%   6.524 *  8/27/2025   1,401,209 
                    18,145,082 
     TELECOMMUNICATIONS - 2.3%                
 1,976,283   CCI Buyer, Inc.  SOFRRATE + 4.000%   6.054 *  12/12/2027   1,868,081 
 2,515,017   Metronet Systems Holdings LLC  SOFRRATE + 3.750%   6.614 *  5/26/2028   2,371,976 
 1,637,625   Xplornet Communications, Inc.  1 Month LIBOR + 4.000%   6.524 *  9/30/2028   1,449,503 
                    5,689,560 
     TRANSPORTATION & LOGISTICS - 3.2%                
 2,000,000   AAdvantage Loyalty IP Ltd.  3 Month LIBOR + 4.750%   7.460 *  3/10/2028   1,943,000 
 1,075,000   Brown Group Holding, LLC  SOFRRATE + 3.750%   6.205 *  6/8/2029   1,044,986 
 66,000   KKR Apple Bidco, LLC  1 Month LIBOR + 4.000%   7.064 *  9/23/2028   64,886 
 500,000   KKR Apple Bidco, LLC  1 Month LIBOR + 5.750%   8.274 *  7/13/2029   480,833 
 2,595,018   United Airlines, Inc.  1 Month LIBOR + 3.750%   6.533 *  4/14/2028   2,487,792 
 2,009,798   WestJet Airlines Ltd.  3 Month LIBOR + 3.000%   5.993 *  10/8/2026   1,781,435 
                    7,802,932 

 

 

CATALYST/CIFC FLOATING RATE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 30, 2022
 
Principal         Coupon        
Amount ($)      Variable Rate  Rate (%)   Maturity  Fair Value 
     BANK LOANS - 79.1% (Continued)                
     WHOLESALE - CONSUMER STAPLES - 1.1%                
 1,243,523   H-Food Holdings, LLC  1 Month LIBOR + 3.690%   6.211 *  5/17/2025  $980,518 
 1,489,711   H-Food Holdings, LLC  1 Month LIBOR + 4.000%   6.524 *  5/31/2025   1,200,461 
 565,321   Quirch Foods Holdings LLC  SOFRRATE + 4.500%   7.074 *  10/27/2027   530,695 
                    2,711,674 
                      
     TOTAL BANK LOANS (Cost - $206,902,797)              192,054,938 
                      
     SHORT-TERM INVESTMENT - 5.2%                
     MONEY MARKET - 5.2%                
 12,697,020   First American Government Obligations Fund - Class U, 2.79%**              12,697,020 
     TOTAL SHORT-TERM INVESTMENT (Cost - $12,697,020)                
                      
     TOTAL INVESTMENTS - 94.2% (Cost - $246,924,381)             $228,734,410 
     OTHER ASSETS LESS LIABILITIES - 5.8%              14,004,865 
     NET ASSETS - 100.0%             $242,739,275 

 

*Variable rate; rate shown represents the rate on September 30, 2022.

 

**Rate disclosed is the seven day effective yield as of September 30, 2022.

 

#Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At September 30, 2022, these securities amounted to $23,405,481 or 9.6% of net assets.

 

^The security is illiquid; total illiquid securities represent 0.00% of net assets.

 

@Security has not settled. Interest rate will be set at settlement.

 

+Round to less than 0.1%

 

LLC - Limited Liability Company.

 

LP - Limited Partnership.

 

REIT - Real Estate Investment Trust

 

SOFRRATE - Secured Overnight Financing Rate

 

 

CATALYST/SMH HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Shares            Fair Value 
     COMMON STOCKS — 1.3%           
     OIL & GAS SERVICES & EQUIPMENT - 1.3%           
 17,102   PHI Group, Inc. (Cost $418,742)        $218,051 
                 
        Coupon        
        Rate (%)  Maturity     
     PREFERRED STOCKS — 2.8%           
     LEISURE FACILITIES & SERVICES — 2.8%           
 25,352   FAT Brands, Inc. (b) (Cost $563,439)  8.2500  12/31/49   455,575 
                 
Principal               
Amount ($)               
     CONVERTIBLE BONDS — 14.7%           
     ASSET MANAGEMENT — 4.5%           
 850,000   WisdomTree Investments, Inc. (b)  3.2500  06/15/26   762,025 
                 
     AUTOMOTIVE — 4.6%           
 1,000,000   NIO, Inc.  0.5000  02/01/27   755,500 
                 
     INTERNET MEDIA & SERVICES — 2.9%           
 1,000,000   fuboTV, Inc.  3.2500  02/15/26   485,500 
                 
     SPECIALTY FINANCE — 2.6%           
 500,000   EZCORP, Inc.  2.3750  05/01/25   429,750 
                 
     TOTAL CONVERTIBLE BONDS (Cost $3,016,577)         2,432,775 
                 
     CORPORATE BONDS — 77.2%           
     ASSET MANAGEMENT — 4.6%           
 850,000   Icahn Enterprises, L.P. / Icahn Enterprises  5.2500  05/15/27   747,826 

 

 

CATALYST/SMH HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal      Coupon       
Amount ($)      Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 77.2% (Continued)           
     AUTOMOTIVE — 4.0%           
 874,000   American Axle & Manufacturing, Inc. (b)  5.0000  10/01/29  $663,130 
                 
     CHEMICALS — 5.2%           
 973,000   Rayonier AM Products, Inc.(b)(c)  7.6250  01/15/26   858,648 
                 
     HOME CONSTRUCTION — 4.0%           
 844,000   Beazer Homes USA, Inc. (b)  5.8750  10/15/27   653,513 
                 
     INTERNET MEDIA & SERVICES — 4.6%           
 755,000   Uber Technologies, Inc.(c)  8.0000  11/01/26   758,900 
                 
     MACHINERY — 5.3%           
 954,000   Titan International, Inc.  7.0000  04/30/28   877,556 
                 
     METALS & MINING — 5.7%           
 865,000   Coeur Mining, Inc.(b) (c)  5.1250  02/15/29   655,354 
 300,000   Hecla Mining Company  7.2500  02/15/28   278,906 
               934,260 
     OIL & GAS PRODUCERS — 3.9%           
 325,000   Occidental Petroleum Corporation  6.6000  03/15/46   335,499 
 316,000   PBF Logistics, L.P. / PBF Logistics Finance  6.8750  05/15/23   315,703 
               651,202 
     OIL & GAS SERVICES & EQUIPMENT — 6.4%           
 593,000   Transocean, Inc.(c)  11.5000  01/30/27   550,663 
 1,017,000   Transocean, Inc.(b)  6.8000  03/15/38   505,408 
               1,056,071 
     REAL ESTATE INVESTMENT TRUSTS — 6.6%           
 900,000   CoreCivic, Inc. (b)  4.7500  10/15/27   727,641 
 447,000   Service Properties Trust  5.2500  02/15/26   356,771 
               1,084,412 
     REAL ESTATE OWNERS & DEVELOPERS — 3.7%           
 840,000   Howard Hughes Corporation (The)(c)  4.3750  02/01/31   604,682 

 

 

CATALYST/SMH HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal      Coupon       
Amount ($)      Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 77.2% (Continued)           
     RETAIL - CONSUMER STAPLES — 4.2%           
 983,000   Rite Aid Corporation(c)  8.0000  11/15/26  $701,476 
                 
     RETAIL - DISCRETIONARY — 9.9%           
 1,170,000   BATH & BODY WORKS INC  6.7500  07/01/36   965,981 
 1,065,000   Bed Bath & Beyond, Inc.  5.1650  08/01/44   161,606 
 825,000   Nordstrom, Inc.  5.0000  01/15/44   511,624 
               1,639,211 
     SPECIALTY FINANCE — 4.4%           
 836,000   Enova International, Inc.(c)  8.5000  09/15/25   734,058 
                 
     STEEL — 4.8%           
 966,000   United States Steel Corporation  6.6500  06/01/37   794,493 
                 
     TECHNOLOGY HARDWARE — 0%(b)           
 8,669,000   ENERGY CONVERSION DEVICES INC (a),(c),(e),(f),(g)  0.0000  12/15/49   0 
                 
     TOTAL CORPORATE BONDS (Cost $18,734,752)         12,759,438 
                 
Shares               
     WARRANT — 1.0%           
     OIL & GAS SERVICES & EQUIPMENT - 1.0%           
 14,310   PHI Group, Inc. (a),(g) (Cost $350,379)         163,134 
                 
     COLLATERAL FOR SECURITIES LOANED – 17.4%           
 2,881,770   Mount Vernon Prime Portfolio, 3.18% (h),(i) (Cost $2,881,770)         2,881,770 
                 
     TOTAL INVESTMENTS – 114.4% (Cost $25,965,659)        $18,910,743 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (14.4)%         (2,385,013)
     NET ASSETS - 100.0%        $16,525,730 

 

 

CATALYST/SMH HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
(a)Non-income producing security

 

(b)All or a portion of these securities are on loan. Total loaned securities had a value of $2,836,604 at September 30, 2022.

 

(c)Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2022 the total market value of 144A securities is 4,863,781 or 29.4% of net assets.

 

(d)Percentage rounds to less than 0.1%.

 

(e)Illiquid security. The total fair value of these securities as of September 30, 2022 was $0, representing 0% of net assets.

 

(f)Represents issuer in default on interest payments; non-income producing security.

 

(g)The value of this security has been determined in good faith under policies of the Board of Trustees. The total of these securities is $163,134 or 1.0% of net assets.

 

(h)Rate disclosed is the seven day effective yield as of September 30, 2022.

 

(i)Mutual Fund Series Trust’s securities lending policy 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%.

 

 

CATALYST/SMH TOTAL RETURN INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Shares      Fair Value 
     CLOSED END FUNDS — 2.2%     
     MIXED ALLOCATION - 2.2%     
 28,217   NexPoint Diversified Real Estate Trust (Cost $322,855)  $354,123 
           
     COMMON STOCKS — 37.8%     
     ASSET MANAGEMENT - 13.0%     
 3,300   Apollo Global Management, Inc.   153,450 
 37,930   Compass Diversified Holdings   685,015 
 116,675   PennantPark Investment Corporation   637,046 
 31,103   Sculptor Capital Management, Inc.   274,951 
 42,466   SuRo Capital Corporation   164,343 
 49,500   US Global Investors, Inc., Class A   142,065 
         2,056,870 
     AUTOMOTIVE - 0.4%     
 6,200   Ford Motor Company   69,440 
           
     BUSINESS DEVELOPMENT COMPANIES - 4.3%     
 109,809   Prospect Capital Corporation(b)   680,816 
           
     ENTERTAINMENT CONTENT - 0.2%     
 3,386   Warner Bros Discovery, Inc.(a)   38,939 
           
     FOOD - 1.1%     
 5,284   Kraft Heinz Company (The)   176,221 
           
     HEALTH CARE FACILITIES & SERVICES – 1.0%     
 1,225   Quest Diagnostics, Inc.(b)   150,295 
           
     HOME CONSTRUCTION - 2.0%     
 4,665   DR Horton, Inc.(b)   314,188 

 

 

CATALYST/SMH TOTAL RETURN INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares      Fair Value 
     COMMON STOCKS — 37.8% (Continued)     
     INDUSTRIAL REIT - 1.3%     
 2,390   Innovative Industrial Properties, Inc.(b)  $211,515 
           
     OIL & GAS PRODUCERS - 3.7%     
 1,491   Chevron Corporation(b)   214,212 
 4,177   Exxon Mobil Corporation   364,694 
         578,906 
     REAL ESTATE INVESTMENT TRUSTS - 2.4%     
 15,250   Americold Realty Trust, Inc.(b)   375,150 
           
     TECHNOLOGY HARDWARE - 2.5%     
 8,890   HP, Inc.   221,539 
 47,154   Pitney Bowes, Inc.   109,869 
 4,612   Xerox Holdings Corporation(b)   60,325 
         391,733 
     TECHNOLOGY SERVICES - 1.6%     
 2,161   International Business Machines Corporation   256,748 
 432   Kyndryl Holdings, Inc.(a)   3,573 
         260,321 
     TELECOMMUNICATIONS - 1.8%     
 14,000   AT&T, Inc.   214,760 
 2,050   Verizon Communications, Inc.   77,839 
         292,599 
     TRANSPORTATION & LOGISTICS - 2.5%     
 26,000   AFC Gamma, Inc.   397,800 
           
     TOTAL COMMON STOCKS (Cost $9,149,496)   5,994,793 
           
     PREFERRED STOCKS — 0%(g)     
     ASSET MANAGEMENT — 0%(g)     
 1,389   Pershing Square Tontine Holdings Ltd.(d),(e),(f)   0 

 

 

CATALYST/SMH TOTAL RETURN INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal      Coupon       
Amount ($)      Rate (%)  Maturity  Fair Value 
     CONVERTIBLE BONDS — 12.9%           
     AUTOMOTIVE — 3.3%           
 700,000   NIO, Inc.  0.5000  02/01/27  $528,850 
                 
     INTERNET MEDIA & SERVICES — 5.7%           
 662,000   fuboTV, Inc.  3.2500  02/15/26   321,401 
 618,000   Hello Group, Inc.  1.2500  07/01/25   580,151 
               901,552 
     SPECIALTY FINANCE —3.9%           
 717,000   EZCORP, Inc.  2.3750  05/01/25   616,262 
                 
     TOTAL CONVERTIBLE BONDS (Cost $2,429,551)         2,046,664 
                 
     CORPORATE BONDS — 45.1%           
     AUTOMOTIVE — 3.1%           
 639,000   American Axle & Manufacturing, Inc.(b)  5.0000  10/01/29   484,828 
                 
     HOME CONSTRUCTION —3. 1%           
 635,000   Beazer Homes USA, Inc.(b)  5.8750  10/15/27   491,684 
                 
     INTERNET MEDIA & SERVICES — 2.1%           
 332,000   Uber Technologies, Inc.(c)  8.0000  11/01/26   333,715 
                 
     MACHINERY — 4.0%           
 687,000   Titan International, Inc.  7.0000  04/30/28   631,951 
                 
     METALS & MINING — 2.6%           
 534,000   Coeur Mining, Inc.(b)(c)  5.1250  02/15/29   404,577 

 

 

CATALYST/SMH TOTAL RETURN INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal      Coupon       
Amount ($)      Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 45.1% (Continued)           
     OIL & GAS PRODUCERS —6.5%           
 350,000   Occidental Petroleum Corporation  6.6000  03/15/46  $361,307 
 671,000   PBF Logistics, L.P. / PBF Logistics Finance  6.8750  05/15/23   670,369 
               1,031,676 
     OIL & GAS SERVICES & EQUIPMENT —9. 7%           
 1,154,000   Transocean, Inc.(c)  11.5000  01/30/27   1,071,609 
 953,000   Transocean, Inc.  6.8000  03/15/38   473,603 
               1,545,212 
     REAL ESTATE INVESTMENT TRUSTS —5. 6%           
 778,000   CoreCivic, Inc.(b)  4.7500  10/15/27   629,005 
 332,000   Service Properties Trust  5.2500  02/15/26   264,984 
               893,989 
     REAL ESTATE OWNERS & DEVELOPERS — 2.0%           
 445,000   Howard Hughes Corporation (The)(c)  4.3750  02/01/31   320,338 
                 
     RETAIL - DISCRETIONARY — 2.8%           
 411,000   BATH & BODY WORKS INC  6.7500  07/01/36   339,332 
 373,000   Bed Bath & Beyond, Inc.  5.1650  08/01/44   56,600 
 74,000   Kohl’s Corporation  5.5500  07/17/45   44,414 
               440,346 
     SPECIALTY FINANCE — 3.6%           
 647,000   Enova International, Inc.(b) (c)  8.5000  09/15/25   568,105 
                 
     TECHNOLOGY HARDWARE —0.0%(g)           
 5,543,000   EnergyConversion Devices , Inc.(c),(d),(e),(f)  0.0000  12/15/49   0 
                 
     TOTAL CORPORATE BONDS (Cost $10,108,308)         7,146,421 

 

 

CATALYST/SMH TOTAL RETURN INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares      Fair Value 
     COLLATERAL FOR SECURITIES LOANED – 19.8%     
 3,143,966   Mount Vernon Prime Portfolio, 3.18% (h)(i)(Cost $ 3,143,966)  $3,143,966 
           
     TOTAL INVESTMENTS – 117.8% (Cost $25,154,176)  $18,685,967 
     LIABILITIESIN EXCESS OF OTHER ASSETS - (17.8)%   (2,828,306)
     NET ASSETS - 100.0%  $15,857,661 
           

LTD - Limited Company

 

REIT - Real Estate Investment Trust

 

(a)All or a portion of these securities are on loan. Total loaned securities had a value of $3,092,124 at September 30, 2022.

 

(b)Non-income producing security.

 

(c)Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2022 the total market value of 144A securities is 2,698,344 or 17.0% of net assets.

 

(d)The security is illiquid; total illiquid securities represent 0.0% of net assets

 

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

 

(f)Represents issuer in default on interest payments; non-income producing security.

 

(g)Percentage rounds to less than 0.1%.

 

(h)Rate disclosed is the seven day effective yield as of September 30, 2022.

 

(i)Mutual Fund Series Trust’s securities lending policy 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%.

 

 

CATALYST INTEREST RATE OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     MORTGAGE-BACKED SECURITIES — 113.8%              
     AGENCY CMBS — 4.0%              
 97,533   Fannie Mae-Aces 2006-M2 A2A(a)     5.2710  10/25/32  $95,755 
 18,886   Freddie Mac Multifamily Structured Pass Through K095 A1     2.6300  11/25/28   17,750 
 10,464   Government National Mortgage Association 2019-2 A     3.1500  08/16/51   10,295 
                  123,800 
     COLLATERALIZED MORTGAGE OBLIGATIONS — 109.8%              
 28,203   Banc of America Funding 2004-1 Trust(b)     0.0000  03/25/34   19,954 
 372,981   Fannie Mae Interest Strip 359 18(c)     6.0000  07/25/35   73,547 
 87,766   Fannie Mae Interest Strip 383 46(c)     6.0000  04/25/38   20,263 
 7,898   Fannie Mae Interest Strip 383 89(c),(d)     7.5000  09/25/37   1,694 
 164,144   Fannie Mae Interest Strip 385 6(c)     5.0000  01/25/38   33,043 
 302,936   Fannie Mae Interest Strip 402 7(c)     4.5000  11/25/39   71,125 
 143,897   Fannie Mae Interest Strip 407 8(c)     5.0000  03/25/41   30,461 
 454,324   Fannie Mae Interest Strip 409 C22(c)     4.5000  11/25/39   93,301 
 220,464   Fannie Mae Interest Strip 413 80(c),(d)     4.0000  07/25/32   26,096 
 305,447   Fannie Mae REMIC Trust 2004-W10 PO(b)     0.0000  08/25/34   267,070 
 6,870,915   Fannie Mae REMIC Trust 2004-W4 IO1(c),(d)     0.0880  06/25/34   17,177 
 64,744   Fannie Mae REMIC Trust 2005-W2 PO(b)     0.0000  05/25/35   56,954 
 12,903,405   Fannie Mae REMICS 2002-33 IO(c),(d)     0.2800  06/25/28   73,124 
 16,777   Fannie Mae REMICS 2002-40 SK(a),(c)  US0001M + 8.000%  4.9160  09/25/23   275 
 252,863   Fannie Mae REMICS 2002-90 DS(a),(c),  US0001M + 7.000%  3.9160  09/25/32   26,106 
 384,426   Fannie Mae REMICS 2003-2 S(a),(c)  US0001M + 7.750%  4.6660  02/25/33   51,225 
 125,973   Fannie Mae REMICS 2003-33 IA(c)     6.5000  05/25/33   22,871 
 744,863   Fannie Mae REMICS 2003-48 SI(a),(c)  US0001M + 8.250%  5.1660  06/25/33   105,574 
 136,181   Fannie Mae REMICS 2004-17 ST(a),(c)  US0001M + 7.600%  4.5160  04/25/34   15,624 
 10,251   Fannie Mae REMICS 2004-51 SY(a)  US0001M + 14.240%  8.0720  07/25/34   9,584 
 363,445   Fannie Mae REMICS 2004-70 XJ(c),(d)     5.0000  10/25/34   64,347 
 339,097   Fannie Mae REMICS 2004-72 BS(a),(c)  US0001M + 6.500%  3.4160  09/25/34   21,578 
 497,149   Fannie Mae REMICS 2005-89 S(a),(c)  US0001M + 6.700%  3.6160  10/25/35   40,324 
 259,265   Fannie Mae REMICS 2005-93 SI(a),(c)  US0001M + 6.100%  3.0160  10/25/35   21,436 
 201,744   Fannie Mae REMICS 2007-44 SA(a),(c)  US0001M + 6.780%  3.6960  05/25/37   24,010 
 238,484   Fannie Mae REMICS 2007-60 AX(a),(c)  US0001M + 7.150%  4.0660  07/25/37   32,081 
 831,927   Fannie Mae REMICS 2010-52 S(a),(c)  US0001M + 6.350%  3.2660  05/25/40   70,571 
 563,720   Fannie Mae REMICS 2010-58 SA(a),(c)  US0001M + 6.450%  3.3660  06/25/40   52,956 

 

 

CATALYST INTEREST RATE OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     MORTGAGE-BACKED SECURITIES — 113.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 109.8% (Continued)              
 128,454   Fannie Mae REMICS 2011-127 TE(a),(c)  US0001M + 6.45%  4.5000  12/25/41  $22,903 
 49,957   Fannie Mae REMICS 2012-106 SA(a),(c)  US0001M + 6.160%  3.0760  10/25/42   4,273 
 679,856   Fannie Mae REMICS 2012-98 WS(a),(c)  US0001M + 6.550%  3.4660  09/25/42   87,714 
 202,902   Fannie Mae REMICS 2013-10 JS(a),(c)  US0001M + 6.150%  3.0660  02/25/43   22,076 
 214,709   Fannie Mae REMICS 2016-78 CS(a),(c)  US0001M + 6.100%  3.0160  05/25/39   16,172 
 88,695   Fannie Mae Trust 2005-W3 2AF(a)  US0001M + 0.220%  3.3040  03/25/45   88,494 
 187,462   Freddie Mac REMICS 2470 SR(a),(c)  US0001M + 8.000%  5.1820  12/15/31   18,378 
 222,563   Freddie Mac REMICS 2479 SA(a),(c)  US0001M + 8.100%  5.2820  08/15/32   12,468 
 38,329   Freddie Mac REMICS 3034 LA     5.0000  09/15/35   38,235 
 856,024   Freddie Mac REMICS 3055 CS(a),(c)  US0001M + 6.590%  3.7720  10/15/35   80,542 
 482,467   Freddie Mac REMICS 3147 LS(a),(c)  US0001M + 6.650%  3.8320  04/15/36   50,181 
 473,575   Freddie Mac REMICS 3218 AS(a),(c)  US0001M + 6.580%  3.7620  09/15/36   48,811 
 374,834   Freddie Mac REMICS 3347 SY(a),(c)  US0001M + 6.500%  3.6820  02/15/36   36,911 
 652,904   Freddie Mac REMICS 3365 SC(a),(c)  US0001M + 6.000%  3.1820  02/15/36   52,146 
 386,618   Freddie Mac REMICS 3424 XI(a),(c)  US0001M + 6.570%  3.7520  05/15/36   28,944 
 905,209   Freddie Mac REMICS 3428 SL(a),(c)  US0001M + 6.060%  3.2420  07/15/36   76,002 
 440,027   Freddie Mac REMICS 3457 SB(a),(c)  US0001M + 5.950%  3.1320  12/15/36   35,009 
 58,818   Freddie Mac REMICS 3820 HI(c)     4.5000  05/15/40   2,131 
 11,552   Freddie Mac REMICS 3967 AI(c)     5.0000  03/15/41   225 
 175,614   Freddie Mac REMICS 3997 SK(a),(c)  US0001M + 6.600%  3.7820  11/15/41   9,908 
 150,705   Freddie Mac REMICS 4001 MY(c)     4.0000  08/15/40   10,486 
 212,036   Freddie Mac REMICS 4185 ES(a)  US0001M + 6.000%  1.7730  03/15/43   142,901 
 389,997   Freddie Mac REMICS 4320 SD(a),(c)  US0001M + 6.100%  3.2820  07/15/39   30,217 
 2,018,936   Freddie Mac REMICS 4603 KI(a),(c)  US0001M + 1.295%  0.1880  01/15/43   34,499 
 6,092,239   Freddie Mac REMICS 4605 KI(a),(c)  US0001M + 1.170%  0.1700  08/15/43   20,413 
 1,077,817   Freddie Mac REMICS 4995 KI(c)     5.5000  12/25/43   210,169 
 166,000   Freddie Mac REMICS 5135 ML     2.5000  08/25/51   108,500 
 780,830   Freddie Mac Strips 240 S16(a),(c)  US0001M + 6.500%  3.6820  07/15/36   94,861 
 507,540   Freddie Mac Strips 240 S30(a),(c)  US0001M + 7.700%  4.8820  07/15/36   70,984 
 254,157   Freddie Mac Strips 242 S54(a),(c)  US0001M + 8.600%  5.7820  11/15/36   60,112 
 106,817   Freddie Mac Strips 244 S14(a),(c)  US0001M + 6.600%  3.7820  12/15/36   8,587 

 

 

CATALYST INTEREST RATE OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     MORTGAGE-BACKED SECURITIES — 113.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 109.8% (Continued)              
 30,844   Government National Mortgage Association 2014-131 BW(d)     3.0410  05/20/41  $30,940 
 9,482   Government National Mortgage Association 2015-10 SL(a)  US0001M + 4.100%  1.0860  02/20/42   6,337 
 1,834,567   Government National Mortgage Association 2016-17 GI(a),(c)  US0001M + 2.625%  0.3810  08/20/45   31,784 
 234,189   Government National Mortgage Association 2018-67 SC(a),(c)  US0001M + 6.200%  3.1860  05/20/48   19,863 
 1,375,237   Government National Mortgage Association 2021-154 GI(c)     2.5000  09/20/51   140,920 
 76,896   Government National Mortgage Association 2021-176 EZ     3.0000  10/20/51   41,285 
 14,897,885   Government National Mortgage Association 2021-87 SA(a),(c)  SOFR30A + 3.200%  0.9160  05/20/51   228,611 
                  3,365,363 
     TOTAL MORTGAGE-BACKED SECURITIES (Cost $5,189,841)            3,489,163 
                    
     U.S. GOVERNMENT & AGENCIES — 0.0%(e)              
     AGENCY FIXED RATE — 0.0%(e)              
 4   Freddie Mac Gold Pool G60687 (Cost$5)     8.5000  05/01/31   4 
                    
     TOTAL INVESTMENTS -113.8% (Cost $5,189, 846)           $3,489,167 
     LIABILITIES IN EXCESS OF OTHER ASSETS -(13.8)%            (421,831)
     NET ASSETS -100.0%           $3,067,336 
                    

REMIC - Real Estate Mortgage Investment Conduit

 

SOFR30A United States 30 Day Average SOFR Secured Overnight Financing Rate

 

US0001M ICE LIBOR USD 1 Month

 

(a)Variable rate security; the rate shown represents the rate on September 30, 2022.

 

(b)Zero coupon bond.

 

(c)Interest only securities.

 

(d)Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

 

(e)Percentage rounds to less than 0.1%.

 

 

CATALYST BUFFERED SHIELD FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 100.2%     
     FIXED INCOME - 100.2%     
 278,764   iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF  $13,737,490 
 309,165   PGIM Ultra Short Bond ETF(a)   15,173,818 
 226,723   Vanguard Short-Term Corporate Bond ETF   16,840,985 
         45,752,293 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $49,083,332)   45,752,293 
                                   
Contracts(b)      Counterparty  Expiration
Date
  Exercise
Price
   Notional
Value
     
     EQUITY OPTIONS PURCHASED - 16.3%                     
     CALL OPTIONS PURCHASED - 2.6%                     
 198   SPDR S&P 500 ETF Trust  FCS  12/16/2022  $425   $7,072,164   $14,850 
 170   SPDR S&P 500 ETF Trust  FCS  01/20/2023   430    6,072,060    20,740 
 25   SPDR S&P 500 ETF Trust  FCS  01/20/2023   445    892,950    1,425 
 125   SPDR S&P 500 ETF Trust  FCS  03/17/2023   430    4,464,750    36,750 
 25   SPDR S&P 500 ETF Trust  FCS  03/17/2023   435    892,950    6,250 
 120   SPDR S&P 500 ETF Trust  FCS  03/17/2023   440    4,286,160    23,640 
 50   SPDR S&P 500 ETF Trust  FCS  03/17/2023   445    1,785,900    7,850 
 250   SPDR S&P 500 ETF Trust  FCS  06/16/2023   365    8,929,500    783,750 
 45   SPDR S&P 500 ETF Trust  FCS  06/16/2023   400    1,607,310    66,870 
 70   SPDR S&P 500 ETF Trust  FCS  06/16/2023   410    2,500,260    84,350 
 125   SPDR S&P 500 ETF Trust  FCS  09/15/2023   415    4,464,750    194,125 
     TOTAL CALL OPTIONS PURCHASED (Cost - $3,725,626)                   1,240,600 
                           
     PUT OPTIONS PURCHASED - 13.7%                     
 198   SPDR S&P 500 ETF Trust  FCS  12/16/2022   415    7,072,164    1,148,400 
 120   SPDR S&P 500 ETF Trust  FCS  01/20/2023   415    4,286,160    703,200 
 75   SPDR S&P 500 ETF Trust  FCS  01/20/2023   425    2,678,850    509,175 
 320   SPDR S&P 500 ETF Trust  FCS  03/17/2023   415    11,429,760    1,828,480 
 45   SPDR S&P 500 ETF Trust  FCS  06/16/2023   370    1,607,310    151,110 
 30   SPDR S&P 500 ETF Trust  FCS  06/16/2023   375    1,071,540    104,760 
 250   SPDR S&P 500 ETF Trust  FCS  06/16/2023   380    8,929,500    961,500 
 70   SPDR S&P 500 ETF Trust  FCS  06/16/2023   390    2,500,260    307,790 
 125   SPDR S&P 500 ETF Trust  FCS  09/15/2023   385    4,464,750    556,250 
     TOTAL PUT OPTIONS PURCHASED (Cost - $3,113,830)                   6,270,665 
                           
     TOTAL EQUITY OPTIONS PURCHASED (Cost - $6,839,456)                   7,511,265 

 

 

CATALYST BUFFERED SHIELD FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
   Fair Value 
     
TOTAL INVESTMENTS - 116.5% (Cost $55,922,788)  $53,263,558 
CALL OPTIONS WRITTEN - (0.4)% (Proceeds - $2,166,628)   (228,665)
PUT OPTIONS WRITTEN - (16.5)% (Proceeds - $4,984,649)   (7,537,438)
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%   162,563 
NET ASSETS - 100.0%  $45,660,018 
                                      
Contracts(b)      Counterparty  Expiration
Date
  Exercise
Price
   Notional
Value
     
     WRITTEN EQUITY OPTIONS - (16.9)%                     
     CALL OPTIONS WRITTEN- (0.4)%                     
 198   SPDR S&P 500 ETF Trust  FCS  12/16/2022  $490   $7,072,164   $990 
 195   SPDR S&P 500 ETF Trust  FCS  01/20/2023   500    6,965,010    1,170 
 100   SPDR S&P 500 ETF Trust  FCS  03/17/2023   470    3,571,800    5,500 
 95   SPDR S&P 500 ETF Trust  FCS  03/17/2023   475    3,393,210    4,180 
 125   SPDR S&P 500 ETF Trust  FCS  03/17/2023   480    4,464,750    4,500 
 30   SPDR S&P 500 ETF Trust  FCS  06/16/2023   405    1,071,540    39,900 
 20   SPDR S&P 500 ETF Trust  FCS  06/16/2023   445    714,360    9,260 
 125   SPDR S&P 500 ETF Trust  FCS  06/16/2023   450    4,464,750    44,375 
 190   SPDR S&P 500 ETF Trust  FCS  06/16/2023   455    6,786,420    60,040 
 125   SPDR S&P 500 ETF Trust  FCS  09/15/2023   460    4,464,750    58,750 
     TOTAL CALL OPTIONS WRITTEN (Proceeds - $2,166,628)                   228,665 
                           
     PUT OPTIONS WRITTEN - (16.5)%                     
 198   SPDR S&P 500 ETF Trust  FCS  12/16/2022   425    7,072,164    1,335,708 
 170   SPDR S&P 500 ETF Trust  FCS  01/20/2023   430    6,072,060    1,232,670 
 25   SPDR S&P 500 ETF Trust  FCS  01/20/2023   445    892,950    204,450 
 125   SPDR S&P 500 ETF Trust  FCS  03/17/2023   430    4,464,750    901,250 
 25   SPDR S&P 500 ETF Trust  FCS  03/17/2023   435    892,950    176,000 
 120   SPDR S&P 500 ETF Trust  FCS  03/17/2023   440    4,286,160    971,040 
 50   SPDR S&P 500 ETF Trust  FCS  03/17/2023   445    1,785,900    425,800 
 250   SPDR S&P 500 ETF Trust  FCS  06/16/2023   365    8,929,500    755,250 
 45   SPDR S&P 500 ETF Trust  FCS  06/16/2023   400    1,607,310    226,620 
 30   SPDR S&P 500 ETF Trust  FCS  06/16/2023   405    1,071,540    156,000 
 70   SPDR S&P 500 ETF Trust  FCS  06/16/2023   410    2,500,260    391,650 
 125   SPDR S&P 500 ETF Trust  FCS  09/15/2023   415    4,464,750    761,000 
     TOTAL PUT OPTIONS WRITTEN (Proceeds - $4,984,649)                   7,537,438 
                           
     TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $7,151,277)                  $7,766,103 

 

ETF - Exchange-Traded Fund

 

SPDR - Standard & Poor’s Depositary Receipt FCS - StoneX Group, Inc.

 

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

 

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

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0%              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8%              
 4,353,103   Adjustable Rate Mortgage Trust 2005-12(a)  US0001M + 0.500%  3.5840  03/25/36  $1,557,008 
 1,638,741   Adjustable Rate Mortgage Trust 2007-3(b),(c)     5.7530  11/25/37   1,210,627 
 803,453   Alternative Loan Trust 2004-25CB     6.0000  12/25/34   701,519 
 412,606   Alternative Loan Trust 2005-11CB 2A1     5.5000  06/25/35   339,478 
 721,810   Alternative Loan Trust 2005-11CB 2A6     5.5000  06/25/25   593,881 
 113,178   Alternative Loan Trust 2005-28CB     6.0000  08/25/35   56,192 
 136,520   Alternative Loan Trust 2005-3CB 1A4     5.2500  03/25/35   116,279 
 246,424   Alternative Loan Trust 2005-3CB 2A1     5.0000  03/25/35   227,965 
 2,467,187   Alternative Loan Trust 2005-43(c)     2.5390  10/25/35   2,100,230 
 940,462   Alternative Loan Trust 2005-46CB     5.5000  10/25/35   693,166 
 1,774,587   Alternative Loan Trust 2005-64CB 1A15     5.5000  12/25/35   1,567,460 
 723,419   Alternative Loan Trust 2005-64CB 1A3     6.0000  12/25/35   645,954 
 459,339   Alternative Loan Trust 2005-65CB     6.0000  01/25/36   337,221 
 1,999,669   Alternative Loan Trust 2005-69(a)  12MTA + 1.000%  1.8590  12/25/35   1,785,978 
 1,744,834   Alternative Loan Trust 2005-84(c)     2.6790  02/25/36   1,564,195 
 573,662   Alternative Loan Trust 2005-86CB     5.5000  02/25/36   375,756 
 421,792   Alternative Loan Trust 2005-J1     5.5000  02/25/35   398,624 
 1,369,098   Alternative Loan Trust 2005-J12(d)     5.9150  11/25/35   744,380 
 921,042   Alternative Loan Trust 2005-J13     5.5000  11/25/35   658,204 
 2,708,277   Alternative Loan Trust 2006-16CB     6.0000  06/25/36   1,701,293 
 5,437,774   Alternative Loan Trust 2006-20CB A5(a),(e)  US0001M + 7.150%  4.0660  07/25/36   857,213 
 6,293,563   Alternative Loan Trust 2006-20CB A7(a),(e)  US0001M + 5.500%  2.4160  07/25/36   586,204 
 832,556   Alternative Loan Trust 2006-23CB     6.0000  08/25/36   771,341 
 429,023   Alternative Loan Trust 2006-28CB     6.5000  10/25/36   251,550 
 560,758   Alternative Loan Trust 2006-29T1     6.5000  10/25/36   378,069 
 1,034,640   Alternative Loan Trust 2006-32CB     6.0000  11/25/36   649,234 
 504,506   Alternative Loan Trust 2006-42     6.0000  01/25/47   314,166 
 1,658,497   Alternative Loan Trust 2006-45T1     6.0000  02/25/37   964,227 
 183,312   Alternative Loan Trust 2006-4CB 2A3     5.5000  04/25/36   146,503 
 1,209,437   Alternative Loan Trust 2006-4CB 2A6     5.5000  04/25/36   966,578 
 1,861,144   Alternative Loan Trust 2006-9T1     6.0000  05/25/36   896,192 
 290,438   Alternative Loan Trust 2006-J3     5.7500  05/25/26   269,845 
 1,708,120   Alternative Loan Trust 2006-J4     6.0000  07/25/36   1,115,733 
 675,296   Alternative Loan Trust 2007-12T1 A3     6.0000  06/25/37   347,412 
 2,001,341   Alternative Loan Trust 2007-23CB     6.5000  09/25/37   1,235,357 
 7,500,000   American Home Mortgage Investment Trust 2004-4(d)     6.0000  02/25/45   6,634,024 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)              
 228,444   Banc of America Alternative Loan Trust 2006-4     6.0000  05/25/46  $196,400 
 281,396   Banc of America Alternative Loan Trust 2006-5     6.0000  06/25/46   248,432 
 676,785   Banc of America Alternative Loan Trust 2006-6 2A10     6.0000  07/25/46   540,863 
 487,971   Banc of America Alternative Loan Trust 2006-6 2A8     6.0000  07/25/46   389,970 
 5,591   Banc of America Funding 2004-3 Trust     5.5000  10/25/34   5,179 
 141,902   Banc of America Funding 2005-5 Trust     5.5000  09/25/35   133,828 
 251,613   Banc of America Funding 2005-H Trust(c)     2.5640  11/20/35   239,022 
 47,357   Banc of America Funding 2006 J Trust 2A3(c)     3.1390  01/20/47   41,995 
 387,792   Banc of America Funding 2006 J Trust 4A1(c)     3.5100  01/20/47   362,733 
 64,347   Banc of America Funding 2006-5 Trust     6.0000  09/25/36   56,065 
 451,973   Banc of America Funding 2006-H Trust(c)     3.5300  09/20/46   393,393 
 465,712   Banc of America Funding 2007-4 Trust(d)     5.7740  05/25/37   431,101 
 2,183,484   Banc of America Funding 2007-4 Trust     6.0000  06/25/37   1,914,477 
 151,672   Banc of America Funding 2007-A Trust(a)  US0001M + 0.420%  3.4130  02/20/47   131,521 
 430,085   Banc of America Funding 2009-R9 Trust(b),(c)     3.5510  11/25/56   305,641 
 368,715   Banc of America Funding 2010-R8 Trust(b)     5.7500  05/26/36   264,815 
 112,423   Banc of America Mortgage 2005-A Trust 1A1(c)     2.5690  02/25/35   96,913 
 64,684   Banc of America Mortgage 2005-A Trust 2A1(c)     2.5410  02/25/35   62,820 
 13,941   Banc of America Mortgage 2005-G Trust(c)     3.7610  08/25/35   12,576 
 621,869   Banc of America Mortgage 2006-A Trust(c)     2.7580  02/25/36   574,671 
 2,237,119   Banc of America Mortgage 2007-2 Trust A1(a)  US0001M + 0.350%  3.4340  05/25/37   1,645,260 
 630,086   Banc of America Mortgage 2007-2 Trust A3     6.0000  05/25/37   486,774 
 213,021   Banc of America Mortgage 2007-2 Trust A6     5.7500  05/25/37   162,711 
 862,489   Bear Stearns ALT-A Trust 2005-4(c)     2.8330  05/25/35   818,923 
 537,467   Bear Stearns ALT-A Trust 2005-5(c)     3.5050  07/25/35   467,884 
 189,841   Bear Stearns ALT-A Trust 2005-7(c)     3.5230  09/25/35   122,990 
 2,081,256   Bear Stearns ALT-A Trust 2006-6(c)     3.1730  11/25/36   1,185,376 
 94,474   Bear Stearns ARM Trust 2004-7(c)     2.6250  10/25/34   79,238 
 148,818   Bear Stearns ARM Trust 2005-12(c)     3.5350  02/25/36   131,399 
 66,853   Bear Stearns ARM Trust 2006-2(c)     3.4400  07/25/36   60,681 
 257,615   Bear Stearns ARM Trust 2006-4(c)     3.1590  10/25/36   233,437 
 197,527   Bear Stearns Asset Backed Securities I Trust 2006-AC3(a)  US0001M + 0.400%  3.4840  05/25/36   71,341 
 991,857   Cascade MH Asset Trust 2022-MH1(b),(d)     4.2500  08/25/54   868,004 
 193,181   Chase Mortgage Finance Trust Series 2005-S2     5.5000  10/25/35   178,754 
 472,859   Chase Mortgage Finance Trust Series 2006-S2     6.2500  10/25/36   212,828 
 328,036   Chase Mortgage Finance Trust Series 2006-S3     6.0000  11/25/36   155,472 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)              
 631,365   Chase Mortgage Finance Trust Series 2006-S4     6.0000  12/25/36  $316,355 
 2,534,508   ChaseFlex Trust Series 2005-1     6.0000  02/25/35   2,058,279 
 225,256   ChaseFlex Trust Series 2005-2     6.5000  06/25/35   143,601 
 103,503   ChaseFlex Trust Series 2006-1(c)     6.3000  06/25/36   85,364 
 343,676   ChaseFlex Trust Series 2007-1     6.5000  02/25/37   136,689 
 115,074   Chevy Chase Funding, LLC Mortgage-Backed Certificates Series 2004- 1(a),(b)  US0001M + 0.330%  3.4140  01/25/35   108,859 
 674,663   CHL Mortgage Pass-Through Trust 2003-46(c)     4.0200  01/19/34   641,893 
 89,031   CHL Mortgage Pass-Through Trust 2003-56(c)     4.2710  12/25/33   92,293 
 434,683   CHL Mortgage Pass-Through Trust 2004-5     5.2500  05/25/34   411,248 
 659,797   CHL Mortgage Pass-Through Trust 2004-HYB6(c)     3.3030  11/20/34   629,465 
 300,066   CHL Mortgage Pass-Through Trust 2005-18     5.5000  10/25/35   180,343 
 1,044,118   CHL Mortgage Pass-Through Trust 2005-21     5.5000  10/25/35   691,066 
 288,429   CHL Mortgage Pass-Through Trust 2005-24     5.5000  11/25/35   168,635 
 87,889   CHL Mortgage Pass-Through Trust 2005-HYB2(c)     3.1760  05/20/35   82,704 
 538,940   CHL Mortgage Pass-Through Trust 2005-HYB9(a)  US0012M + 1.750%  1.9910  02/20/36   503,689 
 963,810   CHL Mortgage Pass-Through Trust 2006-12     6.0000  07/25/36   563,134 
 3,103,655   CHL Mortgage Pass-Through Trust 2006-17     6.0000  12/25/36   1,453,500 
 415,710   CHL Mortgage Pass-Through Trust 2006-HYB2(c)     3.2820  04/20/36   340,088 
 114,755   CHL Mortgage Pass-Through Trust 2006-J4     6.2500  09/25/36   47,434 
 831,392   CHL Mortgage Pass-Through Trust 2007-17     6.7500  10/25/37   262,099 
 328,374   CHL Mortgage Pass-Through Trust 2007-8     6.0000  01/25/38   165,432 
 777,870   CHL Mortgage Pass-Through Trust 2007-HY3(c)     3.6420  06/25/47   763,059 
 299,730   CHL Mortgage Pass-Through Trust 2007-J2 1A1     6.0000  07/25/37   256,493 
 166,873   CHL Mortgage Pass-Through Trust 2007-J2 2A5     6.0000  07/25/37   71,489 
 724,474   Citicorp Mortgage Securities Trust Series 2006-3     6.2500  06/25/36   644,286 
 384,671   Citicorp Mortgage Securities Trust Series 2007-7     6.0000  08/25/37   373,609 
 5,210,672   Citicorp Mortgage Securities Trust Series 2008-1     6.2500  02/25/38   4,690,583 
 161,233   Citigroup Mortgage Loan Trust 2005-3(c)     3.7930  08/25/35   138,664 
 409,257   Citigroup Mortgage Loan Trust 2006-AR5(c)     3.1990  07/25/36   437,923 
 337,062   Citigroup Mortgage Loan Trust 2007-6(c)     2.4070  03/25/37   285,746 
 37,264   Citigroup Mortgage Loan Trust 2009-6(b),(c)     6.0000  10/25/22   37,197 
 362,210   Citigroup Mortgage Loan Trust, Inc. 2004-1(a),(b)  US0001M + 0.350%  3.4340  02/25/31   353,235 
 783,638   Citigroup Mortgage Loan Trust, Inc. 2005-5(c)     3.0300  10/25/35   474,041 
 3,129,692   Citigroup Mortgage Loan Trust, Inc. 2007 AR-7(c)     2.9150  05/25/47   2,751,557 
 561,200   CitiMortgage Alternative Loan Trust Series 2007-A1 1A3     6.0000  01/25/37   491,385 
 892,629   CitiMortgage Alternative Loan Trust Series 2007-A1 1A5     6.0000  01/25/37   781,583 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)              
 141,998   CitiMortgage Alternative Loan Trust Series 2007-A4 1A6     5.7500  04/25/37  $126,359 
 554,815   Credit Suisse First Boston Mortgage Securities     5.5000  04/25/33   528,015 
 288,182   Credit Suisse First Boston Mortgage Securities 2003-AR28 6M3(a)  US0001M + 2.750%  5.8340  12/25/33   292,221 
 294,334   Credit Suisse First Boston Mortgage Securities 2005-11 8A4     6.0000  12/25/35   235,355 
 698,571   Credit Suisse First Boston Mortgage Securities 2005-12 1A1     6.5000  01/25/36   192,943 
 396,686   Credit Suisse First Boston Mortgage Securities 2005-5 6A3     5.0000  07/25/35   372,755 
 2,797,968   Credit Suisse First Boston Mortgage Securities 2005-8 2A1     6.0000  09/25/35   1,118,350 
 33,709   CSFB Mortgage-Backed Pass-Through Certificates Series 2003-29     6.5000  12/25/33   30,636 
 9,804   CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5(c)     2.8020  06/25/34   9,776 
 1,402,771   CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 3A3     5.5000  11/25/35   853,884 
 220,569   CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 6A3     5.7500  11/25/35   112,284 
 582,408   CSFB Mortgage-Backed Pass-Through Certificates Series 2005-4     5.5000  06/25/35   443,879 
 6,504,880   CSMC Mortgage-Backed Trust 2006-3 1A3(d)     6.8100  04/25/36   698,810 
 2,008,353   CSMC Mortgage-Backed Trust 2006-3 1A4B(d)     6.6640  04/25/36   215,999 
 4,842,627   CSMC Mortgage-Backed Trust 2006-3 5A7     6.0000  04/25/36   1,618,480 
 1,864,437   CSMC Mortgage-Backed Trust 2006-5 3A1     6.5000  06/25/36   436,318 
 1,570,770   CSMC Mortgage-Backed Trust 2006-5 3A3     6.5000  06/25/36   367,594 
 664,451   CSMC Mortgage-Backed Trust 2006-5 3A4     6.5000  06/25/36   155,496 
 1,693,275   CSMC Mortgage-Backed Trust 2006-5 3A6     6.2500  06/25/36   402,101 
 3,002,923   CSMC Mortgage-Backed Trust 2006-7 9A5     6.5000  08/25/36   641,259 
 4,371,620   CSMC Mortgage-Backed Trust 2006-9 4A1     6.0000  11/25/36   3,035,198 
 2,847,561   CSMC Mortgage-Backed Trust 2007-1 5413     6.0000  02/25/37   1,774,857 
 522,312   CSMC Mortgage-Backed Trust 2007-1 5A4     6.0000  02/25/37   325,176 
 50,543   CSMC Mortgage-Backed Trust 2007-5 8A2     6.0000  10/25/24   47,883 
 2,300,000   Deephaven Residential Mortgage Trust 2021-2(b),(c)     2.2170  04/25/66   1,678,180 
 3,551,514   Deutsche Alt-A Securities Mortgage Loan Trust(a)  US0001M + 0.110%  3.1940  08/25/37   3,162,040 
 582,585   Deutsche Mortgage Securities Inc Mortgage Loan Trust 2004-4(c)     3.7460  06/25/34   557,536 
 101,658   Deutsche Mortgage Securities Inc Mortgage Loan Trust Series 2004-2(d)     5.5900  01/25/34   91,114 
 513,532   DSLA Mortgage Loan Trust 2004-AR2(a)  US0001M + 0.800%  3.7930  11/19/44   478,421 
 67,558   First Horizon Alternative Mortgage Securities 2004-AA3(c)     3.7290  09/25/34   62,297 
 10,021   First Horizon Alternative Mortgage Securities 2005-AA6(c)     3.5450  08/25/35   8,188 
 28,620   First Horizon Mortgage Pass-Through Trust 2000-H(c)     3.7310  05/25/30   28,150 
 275,689   First Horizon Mortgage Pass-Through Trust 2007-AR3(c)     3.4760  11/25/37   245,788 
 430,814   Flagstar Mortgage Trust 2017-1(b),(c)     3.5000  03/25/47   389,694 
 995,843   GCAT 2022-NQM4 Trust(b),(d)     5.7300  09/25/67   955,876 
 51,150   GMACM Mortgage Loan Trust 2005-AR1(c)     2.9180  03/18/35   49,941 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)              
 381,679   GMACM Mortgage Loan Trust 2006-J1     5.7500  04/25/36  $324,510 
 111,123   GSMPS Mortgage Loan Trust 1998-5 A(b),(c)     7.5000  06/19/27   106,132 
 200,807   GSMPS Mortgage Loan Trust 1999-2 A(b),(c)     8.0000  09/19/27   195,221 
 180,916   GSR Mortgage Loan Trust 2003-5F 2A1     4.0000  08/25/32   167,328 
 48,217   GSR Mortgage Loan Trust 2004-14 3A2(c)     2.7300  12/25/34   44,696 
 54,371   GSR Mortgage Loan Trust 2004-2F 6A1     7.0000  01/25/34   54,828 
 46,521   GSR Mortgage Loan Trust 2004-6F 1A2     5.0000  05/25/34   43,383 
 488,261   GSR Mortgage Loan Trust 2005-3F 1A3     5.5000  03/25/35   438,190 
 114,544   GSR Mortgage Loan Trust 2005-AR4 4A1(c)     3.3750  07/25/35   111,061 
 441,866   GSR Mortgage Loan Trust 2006-2F 2A1     5.7500  02/25/36   389,277 
 279,351   GSR Mortgage Loan Trust 2006-3F 2A7     5.7500  03/25/36   271,963 
 518,183   GSR Mortgage Loan Trust 2006-9F 4A1     6.5000  10/25/36   254,845 
 127,176   GSR Mortgage Loan Trust 2006-AR1 2A1(c)     2.8700  01/25/36   125,203 
 269,637   GSR Mortgage Loan Trust 2007-1F 3A1     6.0000  01/25/37   185,731 
 3,273,873   HarborView Mortgage Loan Trust 2005-16(a)  US0001M + 0.500%  3.4930  01/19/36   2,050,907 
 128,393   HomeBanc Mortgage Trust 2004-2(a)  US0001M + 0.740%  3.8240  12/25/34   120,961 
 476,113   HSI Asset Loan Obligation Trust 2007-2     6.0000  09/25/37   178,653 
 1,247,133   Impac CMB Trust Series 2004-10 1A1(a)  US0001M + 0.640%  3.7240  03/25/35   1,153,684 
 166,314   Impac CMB Trust Series 2004-10 4A1(a)  US0001M + 0.740%  3.8240  03/25/35   154,198 
 300,612   Impac CMB Trust Series 2004-9 1A2(a)  US0001M + 0.880%  3.9640  01/25/35   278,100 
 789,196   Impac CMB Trust Series 2004-9 M2(a)  US0001M + 0.975%  4.0590  01/25/35   735,375 
 1,228,123   Impac CMB Trust Series 2005-1 M2(a)  US0001M + 0.750%  3.8340  04/25/35   1,138,149 
 472,655   Impac CMB Trust Series 2005-4 1M2(a)  US0001M + 0.460%  3.7740  05/25/35   433,081 
 306,754   Impac CMB Trust Series 2005-5(a)  US0001M + 0.510%  3.8490  08/25/35   279,231 
 490,509   Imperial Fund Mortgage Trust(b),(d)     6.2500  08/25/67   473,882 
 2,114,370   IndyMac IMSC Mortgage Loan Trust 2007-F2     6.0000  07/25/37   1,622,699 
 586,037   IndyMac INDA Mortgage Loan Trust 2006-AR1(c)     3.4030  08/25/36   490,640 
 1,110,563   IndyMac INDX Mortgage Loan Trust 2004-AR2(c)     2.8400  06/25/34   887,568 
 159,048   IndyMac INDX Mortgage Loan Trust 2005-AR3(c)     2.6590  04/25/35   152,108 
 129,751   IndyMac INDX Mortgage Loan Trust 2005-AR5(c)     2.8080  05/25/35   97,223 
 1,380,993   JP Morgan Alternative Loan Trust 2005-S1     6.5000  12/25/35   592,132 
 257,749   JP Morgan Alternative Loan Trust 2006-S1     6.0000  03/25/36   150,543 
 5,674   JP Morgan Mortgage Trust 2004-A3 2A1(c)     3.3650  07/25/34   5,513 
 487,946   JP Morgan Mortgage Trust 2004-A6(c)     2.4580  12/25/34   446,852 
 137,977   JP Morgan Mortgage Trust 2004-S1 1A7     5.0000  09/25/34   139,368 
 41,461   JP Morgan Mortgage Trust 2005-A1 4A1(c)     3.5110  02/25/35   40,374 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)              
 830,215   JP Morgan Mortgage Trust 2005-A4 B1(c)     3.3460  07/25/35  $768,182 
 152,455   JP Morgan Mortgage Trust 2005-A6 1A2(c)     4.1100  09/25/35   144,094 
 981,657   JP Morgan Mortgage Trust 2005-S3 1A1     6.5000  01/25/36   553,171 
 790,564   JP Morgan Mortgage Trust 2006-A2 2A1(c)     2.9610  04/25/36   731,864 
 34,576   JP Morgan Mortgage Trust 2006-A2 2A2(c)     2.9610  04/25/36   32,591 
 337,966   JP Morgan Mortgage Trust 2007-A1 5A4(c)     2.4940  07/25/35   320,188 
 467,378   JP Morgan Mortgage Trust 2007-A3(c)     3.2150  05/25/37   418,384 
 224,075   JP Morgan Mortgage Trust 2007-S1 2A10     6.0000  03/25/37   104,863 
 275,357   JP Morgan Mortgage Trust 2016-1(b),(c)     3.5000  05/25/46   248,777 
 17,916   Lehman Mortgage Trust 2007-9     6.0000  10/25/37   21,230 
 10,869   MASTR Adjustable Rate Mortgages Trust 2003-5(c)     1.4950  11/25/33   9,881 
 28,475   MASTR Adjustable Rate Mortgages Trust 2004-4(c)     2.5770  05/25/34   27,086 
 502,579   MASTR Adjustable Rate Mortgages Trust 2005-2(c)     2.8760  03/25/35   467,662 
 199,170   MASTR Adjustable Rate Mortgages Trust 2006-2(c)     2.6480  04/25/36   185,773 
 7,300   MASTR Alternative Loan Trust 2004-5     5.5000  06/25/34   6,951 
 88,154   MASTR Alternative Loan Trust 2005-3     6.0000  03/25/35   79,254 
 214,379   MASTR Alternative Loan Trust 2005-5     5.5000  07/25/25   200,247 
 110,515   MASTR Alternative Loan Trust 2005-6     5.5000  12/25/35   78,309 
 916,373   MASTR Asset Securitization Trust 2004-3     5.5000  03/25/34   826,449 
 351   MASTR Asset Securitization Trust 2005-1(h)     5.0000  05/25/20   159 
 820,610   MASTR Reperforming Loan Trust 2005-1(b)     8.0000  08/25/34   678,164 
 7,465,699   MASTR Reperforming Loan Trust 2006-2(b),(c)     4.0470  05/25/36   6,032,441 
 685,659   Merrill Lynch Alternative Note Asset Trust Series 2007-A2(a)  US0001M + 0.600%  3.6840  03/25/37   32,336 
 10,396   Merrill Lynch Mortgage Investors Trust MLMI Series 2002-A3(c)     2.8750  09/25/32   9,965 
 292,335   Merrill Lynch Mortgage Investors Trust Series 2006-AF2     6.2500  10/25/36   151,338 
 1,074,481   Merrill Lynch Mortgage Investors Trust Series MLCC(a)  US0001M + 1.125%  4.2090  04/25/28   933,924 
 199,305   Merrill Lynch Mortgage Investors Trust Series MLMI 2005-A1-1A(c)     3.8910  12/25/34   197,614 
 72,084   Morgan Stanley Mortgage Loan Trust 2004-5AR(c)     2.4820  07/25/34   72,212 
 1,000,000   Morgan Stanley Mortgage Loan Trust 2005-6AR(a)  US0001M + 2.025%  5.1090  11/25/35   992,795 
 294,518   Morgan Stanley Mortgage Loan Trust 2006-2 2A4     5.7500  02/25/36   259,172 
 920,125   Morgan Stanley Mortgage Loan Trust 2006-2 6A     6.5000  02/25/36   477,014 
 657,412   Morgan Stanley Mortgage Loan Trust 2006-7 4A7     6.0000  06/25/36   377,385 
 578,961   Morgan Stanley Mortgage Loan Trust 2006-8AR(c)     3.7470  06/25/36   455,723 
 314,465   MortgageIT Trust 2004-2(a)  US0001M + 1.800%  4.8840  12/25/34   296,178 
 7,046   MortgageIT Trust 2005-1(a)  US0001M + 1.250%  3.8140  02/25/35   6,802 
 1,211,088   MRFC Mortgage Pass-Through Trust Series 1999-TBC2 Class A-1(a)  US0001M + 0.480%  3.2980  06/15/30   1,163,657 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)              
 1,070,821   NAAC Reperforming Loan REMIC Trust Certificates(b)     6.5000  02/25/35  $945,466 
 1,712,416   New Century Alternative Mortgage Loan Trust 2006-ALT1 AF2(c)     5.9090  07/25/36   431,143 
 628,096   New Century Alternative Mortgage Loan Trust 2006-ALT2 AF4(d)     4.6920  10/25/36   138,621 
 2,208,000   New Century Alternative Mortgage Loan Trust 2006-ALT2 AF6B(d)     4.6920  10/25/36   132,897 
 498,388   Nomura Asset Acceptance Corp Alternative Loan Trust Series 2004-AP2(d)     6.0000  07/25/34   430,154 
 1,262,773   Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AP3(c)     5.3180  08/25/35   658,472 
 597,973   Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AR4(a)  US0001M + 0.580%  3.6640  08/25/35   306,907 
 1,036,444   Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AR5(c)     2.8610  10/25/35   671,355 
 11,540,645   Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-AR2(a)  US0001M + 0.400%  3.4840  04/25/36   3,261,888 
 2,179,951   Nomura Asset Acceptance Corp Alternative Loan Trust Series 2007-3A1(a)  US0001M + 0.260%  3.3440  07/25/37   2,208,422 
 460,104   OBX 2021-NQM1 Trust(b),(c)     1.0720  02/25/66   372,660 
 742,686   OBX 2022-NQM7 Trust(b),(d)     5.7000  08/25/62   714,935 
 133,942   Prime Mortgage Trust 2004-1     5.2500  08/25/34   122,135 
 9,908   Prime Mortgage Trust 2006-CL1(a)  US0001M + 0.500%  3.5840  02/25/35   9,823 
 918,199   Prime Mortgage Trust 2007-1     6.0000  03/25/37   761,554 
 325,447   RALI Series 2005-QO1 Trust(a)  12MTA + 1.500%  2.3590  08/25/35   273,028 
 3,752,667   RALI Series 2006-QO2 Trust(a)  US0001M + 0.540%  3.6240  02/25/46   864,879 
 2,563,837   RALI Series 2006-QO3 Trust(a)  US0001M + 0.520%  3.6040  04/25/46   814,797 
 84,767   RALI Series 2006-QS17 Trust     6.0000  12/25/36   69,825 
 423,419   RALI Series 2006-QS5 Trust     6.0000  05/25/36   347,379 
 605,204   RAMP Series 2004-SL1 Trust     6.5000  11/25/31   552,426 
 296,420   Residential Asset Securitization Trust 2004-A7 A2     5.5000  10/25/34   263,209 
 6,382,154   Residential Asset Securitization Trust 2005-A11CB 2A1     4.8500  10/25/35   2,987,427 
 128,740   Residential Asset Securitization Trust 2005-A4 A1(a)  US0001M + 0.450%  3.5340  04/25/35   73,578 
 485,425   Residential Asset Securitization Trust 2006-A1 1A1     6.0000  04/25/36   244,615 
 894,783   Residential Asset Securitization Trust 2006-A13 A1     6.2500  12/25/36   345,394 
 740,817   Residential Asset Securitization Trust 2006-A6 1A1     6.5000  07/25/36   240,175 
 3,672,290   Residential Asset Securitization Trust 2006-A6 1A13     6.0000  07/25/36   1,134,178 
 2,836,271   Residential Asset Securitization Trust 2006-A6 1A14     6.0000  07/25/36   875,974 
 600,078   Residential Asset Securitization Trust 2006-A8     6.7500  08/25/36   206,242 
 4,298,560   Residential Asset Securitization Trust 2007-A1 A9     5.7500  03/25/37   1,484,291 
 468,125   Residential Asset Securitization Trust 2007-A2     6.0000  04/25/37   291,573 
 3,017,705   Residential Asset Securitization Trust 2007-A2 1A2     6.0000  04/25/37   1,879,600 
 1,272,968   Residential Asset Securitization Trust 2007-A5 2A5     6.0000  05/25/37   760,745 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)              
 361,368   Residential Asset Securitization Trust 2007-A7 A6     6.0000  07/25/37  $149,455 
 215,076   Residential Asset Securitization Trust 2007-A8 1A2     6.0000  08/25/37   134,134 
 2,377,945   Residential Asset Securitization Trust 2007-A8 3A1(c)     6.2280  08/25/37   1,460,643 
 441,368   Residential Asset Securitization Trust 2007-A9     6.2500  09/25/37   197,089 
 1,344,269   Residential Asset Securitization Trust 2007-A9 A3     6.2500  09/25/37   600,271 
 21,161   RFMSI Series 2005-SA3 3A Trust(c)     3.7490  08/25/35   19,247 
 51,408   RFMSI Series 2006-S3 A2 Trust     5.5000  03/25/36   41,539 
 1,640,468   RFMSI Series 2006-SA4 Trust(c)     4.8260  11/25/36   1,384,076 
 1,382,884   RFMSI Series 2007-S1 A4 Trust     6.0000  01/25/37   1,129,293 
 696,651   RFMSI Series 2007-S1 A5 Trust     6.0000  01/25/37   568,902 
 200,912   RFMSI Series 2007-S6 1A16 Trust     6.0000  06/25/37   165,452 
 420,528   STARM Mortgage Loan Trust 2007-2(c)     2.2790  04/25/37   263,434 
 183,624   Structured Adjustable Rate Mortgage Loan Trust 2004-17 A1(c)     1.5820  11/25/34   163,129 
 217,829   Structured Adjustable Rate Mortgage Loan Trust 2004-19 1A2(c)     2.3890  01/25/35   208,443 
 207,745   Structured Adjustable Rate Mortgage Loan Trust 2005-7 3A1(c)     3.2860  04/25/35   201,031 
 326,458   Structured Asset Mortgage Investments II Trust(a)  US0001M + 0.190%  3.2740  09/25/47   299,266 
 1,755,698   Structured Asset Securities Corporation 1998-RF1 A(b),(c)     4.0780  04/15/27   1,754,226 
 1,207,708   SunTrust Alternative Loan Trust 2006-1F     6.5000  04/25/36   547,575 
 20,785,000   TBW Mortgage-Backed Trust 2006-5 A4(d)     6.7000  11/25/36   3,288,293 
 616,973   TBW Mortgage-Backed Trust 2006-6 A2A(a)  US0001M + 0.360%  3.4440  01/25/37   178,236 
 893,406   TBW Mortgage-Backed Trust 2006-6 A3(d)     6.2500  01/25/37   297,439 
 1,963,000   TBW Mortgage-Backed Trust 2007-2 A2B(c)     5.9100  07/25/37   138,297 
 1,525,000   TBW Mortgage-Backed Trust 2007-2 A3B(c)     6.0430  07/25/37   105,159 
 3,295,120   TBW Mortgage-Backed Trust 2007-2 A6B(d)     6.6530  07/25/37   228,950 
 164,504   TBW Mortgage-Backed Trust Series 2006-2 3A1     5.5000  07/25/36   15,794 
 4,633,297   TBW Mortgage-Backed Trust Series 2006-3 3A     6.5000  07/25/36   1,278,670 
 5,758,004   Thornburg Mortgage Securities Trust 2006-3(c)     2.6420  06/25/46   4,042,028 
 12,199   Thornburg Mortgage Securities Trust 2006-4(c)     3.1620  07/25/36   10,278 
 2,095,467   Thornburg Mortgage Securities Trust 2007-2(a)  US0012M + 1.250%  6.0500  06/25/37   1,931,735 
 336,472   Thornburg Mortgage Securities Trust 2007-3(a)  US0012M + 1.250%  6.0500  06/25/47   272,935 
 975,173   Verus Securitization Trust 2022-7(b),(c)     5.3500  07/25/67   937,216 
 99,702   WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust(c)     4.0240  09/25/33   88,914 
 27,336   WaMu Mortgage Pass-Through Certificates Series 2004-CB2 Trust     5.0000  07/25/34   26,618 
 220,789   WaMu Mortgage Pass-Through Certificates Series 2005-AR16 Trust(c)     2.7310  12/25/35   206,187 
 89,981   WaMu Mortgage Pass-Through Certificates Series 2005-AR18 Trust(c)     3.1830  01/25/36   81,703 
 771,925   WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust(c)     2.9200  03/25/37   626,979 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)              
 693,385   Washington Mutual Mortgage Pass-Through Certificates(a)  US0001M + 0.700%  3.7840  03/25/36  $640,094 
 1,193,811   Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-7 Trust(d)     4.0510  09/25/36   358,888 
 354,349   Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-10 Trust     6.0000  11/25/35   327,456 
 229,041   Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-4 Trust     5.5000  06/25/35   206,572 
 1,275,546   Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-8 Trust(d)     4.1740  10/25/36   486,809 
 239,990   Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-4 Trust     5.5000  06/25/37   217,068 
 42,645   Wells Fargo Alternative Loan 2007-PA2 Trust(a)  US0001M + 0.430%  3.5140  06/25/37   34,506 
 3,806,855   Wells Fargo Alternative Loan 2007-PA3 Trust     6.5000  07/25/37   3,279,526 
 264,198   Wells Fargo Mortgage Backed Securities 2006-7 Trust     6.0000  06/25/36   220,752 
 1,568,816   Wells Fargo Mortgage Backed Securities 2006-AR5 Trust(c)     2.7350  04/25/36   1,496,259 
                  177,300,195 
     HOME EQUITY — 13.9%              
 111,914   ABFC 2003-AHL1 Trust A1(d)     4.1840  03/25/33   107,065 
 5,392   ABFC 2003-AHL1 Trust M1(a)  US0001M + 1.275%  4.3590  03/25/33   5,133 
 1,955,532   ABFC 2004-OPT4 Trust(a)  US0001M + 1.770%  4.8540  12/25/33   1,808,272 
 1,901,212   ABFC 2006-HE1 Trust(a)  US0001M + 0.220%  3.3040  01/25/37   1,157,055 
 7,772,092   ACE Securities Corp Home Equity Loan Trust Series 2007-HE5(a)  US0001M + 0.360%  3.4440  07/25/37   3,354,899 
 78,848   AFC Home Equity Loan Trust 1998-1(a)  US0001M + 0.660%  3.7440  04/25/28   78,073 
 326,580   AFC Home Equity Loan Trust 1998-2(a)  US0001M + 0.550%  3.6340  06/25/28   315,150 
 2,060,544   AFC Home Equity Loan Trust 1999-2(a)  US0001M + 0.650%  3.7340  06/25/29   1,540,641 
 73,969   Ameriquest Mortgage Securities Asset-Backed Pass-Through 2002- AR1(a)  US0001M + 1.950%  3.6810  09/25/32   72,718 
 167,056   Amresco Residential Securities Corp Mortgage Loan Trust 1997-3(c)     5.2210  09/25/27   147,678 
 602,433   Bayview Financial Acquisition Trust(a)  US0001M + 0.525%  3.6380  05/28/37   526,287 
 1,167,021   Bayview Financial Mortgage Pass-Through Trust 2004-B A1(a),(b)  US0001M + 1.000%  4.1130  05/28/39   1,011,771 
 1,500,000   Bayview Financial Mortgage Pass-Through Trust 2005-C M4(a)  US0001M + 1.200%  3.9130  06/28/44   1,468,784 
 3,019,369   Bayview Financial Mortgage Pass-Through Trust 2007-B A3(a)  US0001M + 1.275%  4.3880  08/28/47   1,068,285 
 988,726   Bayview Financial Mortgage Pass-Through Trust 2007-B A4(a)  US0001M + 1.050%  4.1630  08/28/47   349,834 
 334,034   Bear Stearns Asset Backed Securities I Trust 2004-FR2(a)  US0001M + 2.625%  4.7360  06/25/34   300,644 
 219,677   Bear Stearns Asset Backed Securities I Trust 2004-FR3 M2(a)  US0001M + 1.755%  4.8390  09/25/34   214,164 
 412,395   Bear Stearns Asset Backed Securities I Trust 2004-FR3 M5(a)  US0001M + 2.850%  5.9340  09/25/34   361,070 
 984,306   Bear Stearns Asset Backed Securities I Trust 2004-HE6(a)  US0001M + 1.875%  4.9590  08/25/34   975,196 
 166,185   Bear Stearns Asset Backed Securities I Trust 2004-HE7 M1(a)  US0001M + 0.900%  3.9840  08/25/34   158,140 
 111,644   Bear Stearns Asset Backed Securities I Trust 2004-HE7 M5(a)  US0001M + 2.925%  6.0090  08/25/34   103,727 
 457,270   Bear Stearns Asset Backed Securities Trust 2004-HE3(a)  US0001M + 2.775%  4.8650  04/25/34   423,164 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     HOME EQUITY — 13.9% (Continued)              
 11,570   Centex Home Equity Loan Trust 2002-A     5.5400  01/25/32  $11,315 
 317,642   Centex Home Equity Loan Trust 2004-C(a)  US0001M + 1.005%  4.0890  06/25/34   295,810 
 180,852   CHEC Loan Trust 2004-2(a)  US0001M + 0.960%  4.0440  06/25/34   175,902 
 4,725,000   Credit Suisse Seasoned Loan Trust 2006-1(a),(b)  US0001M + 0.825%  3.9090  10/25/34   4,478,111 
 606,627   CWHEQ Revolving Home Equity Loan Trust Series(a)  US0001M + 0.140%  2.9580  01/15/37   556,582 
 436,565   Delta Funding Home Equity Loan Trust 1998-1(a)  US0001M + 1.890%  4.9740  05/25/30   419,351 
 718,820   Delta Funding Home Equity Loan Trust 1999-3(a)  US0001M + 0.820%  3.6380  09/15/29   663,501 
 765,466   EMC Mortgage Loan Trust 2001-A(a),(b)  US0001M + 0.740%  3.8240  05/25/40   709,392 
 4,245,000   EMC Mortgage Loan Trust 2004-B(a),(b)  US0001M + 3.375%  6.4590  01/25/41   3,813,844 
 120,820   GE Mortgage Services, LLC(c)     6.6450  09/25/28   114,852 
 494,909   GSAA Home Equity Trust 2005-12 AF3(c)     5.0690  09/25/35   339,747 
 147,967   GSAA Home Equity Trust 2005-3 B2(a)  US0001M + 1.950%  5.0340  12/25/34   141,639 
 1,630,118   GSAA Home Equity Trust 2006-15 AF6(d)     6.3760  09/25/36   480,500 
 2,076,558   GSAA Home Equity Trust 2006-18 AF3B(c)     5.8220  11/25/36   130,778 
 1,427,020   GSAA Home Equity Trust 2006-18 AF4B(d)     6.5220  11/25/36   89,038 
 1,655,000   GSAA Home Equity Trust 2006-18 AF5B(d)     6.5900  11/25/36   103,169 
 11,286,673   GSAA Home Equity Trust 2006-3 A4(a)  US0001M + 0.700%  3.7840  03/25/36   965,512 
 204,230   GSAA Home Equity Trust 2006-6 AF4(d)     6.6210  03/25/36   63,391 
 3,155,264   GSR Mortgage Loan Trust 2005-AR3 6A1(c)     3.0350  05/25/35   2,730,612 
 257,420   Home Equity Asset Trust(a)  US0001M + 1.500%  4.5840  06/25/33   253,417 
 44,563   Home Equity Asset Trust(a)  US0001M + 2.370%  5.4540  08/25/33   43,032 
 2,769,518   Home Equity Asset Trust(a)  US0001M + 1.950%  5.0340  11/25/34   2,740,406 
 735,695   Home Equity Asset Trust(a)  US0001M + 1.600%  4.6840  03/25/35   674,855 
 3,972,085   Home Equity Loan Trust 2006-HSA2(c)     4.7740  03/25/36   1,217,444 
 120,060   Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2003-A(a)   US0001M + 0.860%  3.9440  10/25/33   118,391 
 184,628   Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2004-C(a)   US0001M + 2.625%  3.9430  03/25/35   151,867 
 313,129   Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2004-C(a)   US0001M + 0.975%  4.0590  03/25/35   266,126 
 35,084   Irwin Home Equity Loan Trust 2004-1(a)  US0001M + 3.075%  6.1590  12/25/34   34,506 
 968,136   Mastr Asset Backed Securities Trust 2003-OPT2(a)  US0001M + 5.775%  8.8590  05/25/33   790,340 
 534,733   Mastr Asset Backed Securities Trust 2004-HE1(a)  US0001M + 2.475%  5.5590  09/25/34   493,193 
 134,581   Mastr Asset Backed Securities Trust 2005-WMC1(a)  US0001M + 0.945%  4.0290  03/25/35   136,010 
 5,471,223   Mastr Asset Backed Securities Trust 2006-WMC2(a)  US0001M + 0.500%  3.5840  04/25/36   1,486,782 
 411,932   Meritage Mortgage Loan Trust 2004-1(a)  US0001M + 0.750%  3.8340  07/25/34   396,898 
 664,986   Merrill Lynch Mortgage Investors Trust Series 2004-HE1(a)  US0001M + 2.250%  5.3340  04/25/35   610,647 
 516,885   Merrill Lynch Mortgage Investors Trust Series 2006-AR1(a)  US0001M + 0.330%  3.4140  03/25/37   198,258 
 64,641   Morgan Stanley A.B.S Capital I Inc Trust 2004-HE1(a)  US0001M + 2.625%  5.7090  01/25/34   62,354 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     HOME EQUITY — 13.9% (Continued)              
 435,326   Morgan Stanley A.B.S Capital I Inc Trust 2004-SD2(a)  US0001M + 0.930%  4.0140  04/25/34  $427,563 
 175,628   Morgan Stanley A.B.S Capital I Inc Trust 2007-HE5(a)  US0001M + 0.250%  0.6720  03/25/37   80,352 
 2,136,266   Morgan Stanley Mortgage Loan Trust 2006-17XS A2B(d)     6.1240  10/25/46   114,343 
 5,243,857   Morgan Stanley Mortgage Loan Trust 2006-17XS A3B(d)     6.2410  10/25/46   280,697 
 7,146,801   Morgan Stanley Mortgage Loan Trust 2007-7AX 2A4(a)  US0001M + 0.640%  3.7240  04/25/37   305,889 
 4,580,762   Morgan Stanley Mortgage Loan Trust 2007-7AX 2A6(a)  US0001M + 0.640%  3.7240  04/25/37   196,060 
 575,175   New Century Home Equity Loan Trust(a),(b)  US0001M + 1.125%  3.3720  10/25/33   559,094 
 849,135   Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006- AF1(a)  US0001M + 0.330%  3.4140  10/25/36   197,344 
 351,509   NovaStar Mortgage Funding Trust Series 2003-1 M1(a)  US0001M + 1.425%  4.5090  05/25/33   336,008 
 845,629   NovaStar Mortgage Funding Trust Series 2004-1 M3(a)  US0001M + 0.825%  3.9090  06/25/34   828,229 
 167,479   NovaStar Mortgage Funding Trust Series 2004-1 M4(a)  US0001M + 1.463%  4.5470  06/25/34   157,432 
 911,080   NovaStar Mortgage Funding Trust Series 2006-4 A2C(a)  US0001M + 0.300%  3.3840  09/25/36   411,919 
 2,151,906   NovaStar Mortgage Funding Trust Series 2006-6 A2B(a)  US0001M + 0.100%  3.1840  01/25/37   785,795 
 780,379   Option One Mortgage Loan Trust 2007-FXD2(d)     5.6800  03/25/37   737,213 
 2,967,624   RAMP Series 2004-KR1 Trust(a),(b)  US0001M + 0.580%  3.6640  04/25/34   2,880,832 
 747,374   RASC Series 2003-KS11 MII2 Trust(a)  US0001M + 1.200%  4.8840  01/25/34   721,904 
 497,522   RASC Series 2004-KS10 M3 Trust(a)  US0001M + 1.950%  5.0340  11/25/34   477,461 
 254,492   RASC Series 2004-KS10 M4 Trust(a)  US0001M + 2.475%  5.5590  11/25/34   245,534 
 19,817   Renaissance Home Equity Loan Trust 2002-4 M2(d)     6.5430  03/25/33   14,374 
 345,101   Renaissance Home Equity Loan Trust 2003-2 M1(a)  US0001M + 1.238%  4.3220  08/25/33   328,052 
 67,320   Renaissance Home Equity Loan Trust 2005-2 AF4(d)     4.9340  08/25/35   65,269 
 2,062,139   Renaissance Home Equity Loan Trust 2006-2 AF5(d)     6.2540  08/25/36   919,159 
 10,873,252   Renaissance Home Equity Loan Trust 2007-1 AF3(d)     5.6120  04/25/37   3,413,682 
 2,781,357   Renaissance Home Equity Loan Trust 2007-1 AF4(d)     5.7610  04/25/37   856,193 
 431,110   Renaissance Home Equity Loan Trust 2007-1 AF5(d)     5.9090  04/25/37   142,316 
 330,202   Renaissance Home Equity Loan Trust 2007-2 AF2(d)     5.6750  06/25/37   103,636 
 180,913   Renaissance Home Equity Loan Trust 2007-3 AF3(d)     7.2380  09/25/37   87,067 
 693,739   Saxon Asset Sec Trust 2000 1 Mtg Ln Asset Bk Cert Ser 2000 1(c)     9.7600  02/25/30   748,911 
 166,291   Security National Mortgage Loan Trust 2006-1(b),(c)     6.4500  09/25/36   164,434 
 3,392,722   Structured Asset Securities Corp Mortgage Loan(a)  US0001M + 1.050%  4.1340  05/25/35   3,029,736 
 1,752,237   Structured Asset Securities Corp Trust 2005-SC1(b),(c)     6.6000  05/25/31   1,443,258 
 33,562   Terwin Mortgage Trust 2004-7HE(a),(b)  US0001M + 1.275%  4.3590  07/25/34   31,126 
 1,043,933   Terwin Mortgage Trust 2005-11(b),(c)     4.5000  11/25/36   1,005,055 
 23,587,000   Terwin Mortgage Trust 2006-3(a),(b)  US0001M + 0.620%  3.7040  04/25/37   7,342,982 
 407,263   Terwin Mortgage Trust Series TMTS 2003-4HE(a)  US0001M + 1.125%  4.2090  09/25/34   396,644 
 3,002,389   Terwin Mortgage Trust Series TMTS 2005-6HE(a)  US0001M + 1.200%  4.2840  04/25/36   2,728,175 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     HOME EQUITY — 13.9% (Continued)              
                 $74,069,060 
     MANUFACTURED HOUSING — 0.3%              
 1,420,764   BCMSC Trust 1999-B(c)     7.3000  12/15/29   228,220 
 1,611,849   BCMSC Trust 2000-A(c)     8.2900  06/15/30   268,480 
 500,000   Cascade MH Asset Trust 2019-MH1 M(b),(c)     5.9850  11/01/44   462,580 
 834,992   UCFC Manufactured Housing Contract(c)     6.9800  07/15/29   778,993 
                  1,738,273 
     NON AGENCY CMBS — 27.2%              
 2,841,000   Bayview Commercial Asset Trust 2006-SP1(a),(b)  US0001M + 1.650%  4.7340  04/25/36   2,733,361 
 1,561,004   Bayview Commercial Asset Trust 2007-2(a),(b)  US0001M + 0.370%  3.4540  07/25/37   1,334,940 
 11,519,337   Bayview Commercial Asset Trust 2007-6(a),(b)  US0001M + 1.500%  4.5840  12/25/37   10,586,434 
 6,550,000   CG-CCRE Commercial Mortgage Trust 2014-FL1(a),(b)  US0001M + 2.750%  5.5680  06/15/31   4,781,500 
 3,000,000   Citigroup Commercial Mortgage Trust 2014-GC21 D(b),(c)     5.1100  05/10/47   2,694,962 
 6,357,126   Citigroup Commercial Mortgage Trust 2014-GC21 E(b),(c)     3.5880  05/10/47   4,884,563 
 5,000,000   Citigroup Commercial Mortgage Trust 2015-GC35 C(c)     4.6100  11/10/48   4,409,527 
 4,565,000   Citigroup Commercial Mortgage Trust 2015-GC35 D     3.2360  11/10/48   3,063,570 
 4,108,000   COMM 2013-CCRE12 Mortgage Trust(c)     5.2160  10/10/46   2,847,560 
 1,500,000   COMM 2013-CCRE9 Mortgage Trust(b),(c)     4.4330  07/10/45   1,438,170 
 1,550,000   COMM 2015-DC1 Mortgage Trust(c)     4.4410  02/10/48   1,427,284 
 5,400,000   Commercial Mortgage Pass Through Certificates 2012-LTRT A2(b)     3.4000  10/05/30   5,097,586 
 2,964,000   Commercial Mortgage Pass Through Certificates 2012-LTRT B(b)     3.8000  10/05/30   2,718,540 
 11,536   Credit Suisse First Boston Mortgage Securities 1998-C1 H(b)     6.0000  05/17/40   11,672 
 2,750,000   CSAIL 2015-C1 D Commercial Mortgage Trust(b),(c)     3.9010  04/15/50   1,859,122 
 6,000,000   CSAIL 2015-C2 C Commercial Mortgage Trust(c)     4.3170  06/15/57   5,283,810 
 4,177,000   CSAIL 2015-C2 D Commercial Mortgage Trust(c)     4.3170  06/15/57   3,012,864 
 6,391,446   GS Mortgage Securities Corporation II(a),(b)  US0001M + 1.800%  4.6180  09/15/31   5,433,911 
 3,322,000   GS Mortgage Securities Trust 2011-GC5 C(b),(c)     5.3020  08/10/44   2,778,360 
 360,000   GS Mortgage Securities Trust 2013-GC13(b),(c)     4.2090  07/10/46   331,382 
 3,327,300   GS Mortgage Securities Trust 2014-GC22 D(b),(c)     4.8430  06/10/47   2,973,071 
 5,726,000   GS Mortgage Securities Trust 2014-GC22 E(b)     3.5820  06/10/47   4,075,904 
 3,000,000   GS Mortgage Securities Trust 2014-GC24(c)     4.6440  09/10/47   2,816,299 
 1,350,000   HMH Trust 2017-NSS(b)     6.2920  07/05/31   1,250,375 
 2,820,245   JP Morgan Chase Commercial Mortgage Securities(b)     3.9100  05/05/30   2,284,399 
 7,005,000   JP Morgan Chase Commercial Mortgage Securities(b),(c)     5.3600  02/15/46   6,553,146 
 140,000   JP Morgan Chase Commercial Mortgage Securities 2012-LC9 C(b),(c)     4.4720  12/15/47   138,575 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     NON AGENCY CMBS — 27.2% (Continued)              
 2,512,644   JP Morgan Chase Commercial Mortgage Securities(c)     7.0510  02/15/51  $2,354,768 
 3,880,000   JPMBB Commercial Mortgage Securities Trust 2013-C14(c)     4.6990  08/15/46   3,657,281 
 1,250,000   JPMBB Commercial Mortgage Securities Trust 2015-C32(c)     4.3050  11/15/48   588,174 
 1,305,000   Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6(b),(c)     4.6940  11/15/45   1,156,230 
 4,056,000   Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12(b),(c)     4.9140  10/15/46   3,728,315 
 4,150,000   Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7(c)     4.2220  02/15/46   4,011,981 
 3,500,000   Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31(b),(c)     3.0000  11/15/49   2,376,427 
 2,626,409   Morgan Stanley Capital I Trust 2006-HQ10(c)     5.4480  11/12/41   2,450,555 
 2,740,000   Morgan Stanley Capital I Trust 2006-TOP21(b),(c)     5.2270  10/12/52   2,706,778 
 4,000,000   Morgan Stanley Capital I Trust 2012-C4(b),(c)     5.3360  03/15/45   3,106,708 
 3,800,000   MSBAM Commercial Mortgage Securities Trust 2012-CKSV B(b)     4.0880  10/15/30   3,495,593 
 235,000   MSBAM Commercial Mortgage Securities Trust 2012-CKSV C(b),(c)     4.4230  10/15/30   192,572 
 11,093,922   Starwood Retail Property Trust 2014-STAR(a),(b)  US0001M + 1.470%  4.2880  11/15/27   7,765,745 
 7,767,000   UBS-Barclays Commercial Mortgage Trust 2012-C2 D(b),(c)     4.8700  05/10/63   2,365,052 
 2,233,138   Wachovia Bank Commercial Mortgage Trust Series 2006-C24(c)     5.6590  03/15/45   2,208,136 
 3,000,000   Wells Fargo Commercial Mortgage Trust 2013-LC12(c)     4.4320  07/15/46   2,621,285 
 3,106,000   Wells Fargo Commercial Mortgage Trust 2015-SG1 D(c)     4.6020  12/15/47   2,258,339 
 139,294   WFRBS Commercial Mortgage Trust 2012-C7 B(c)     4.7490  06/15/45   139,483 
 700,000   WFRBS Commercial Mortgage Trust 2012-C7 D(b),(c)     4.8140  06/15/45   269,500 
 6,000,000   WFRBS Commercial Mortgage Trust 2013-C14(b),(c)     4.0900  06/15/46   5,371,559 
 6,546,000   WFRBS Commercial Mortgage Trust 2013-C15(b),(c)     4.6710  08/15/46   4,708,800 
 3,000,000   WFRBS Commercial Mortgage Trust 2014-C22(b)     3.4550  09/15/57   1,949,319 
                  146,303,487 
     RESIDENTIAL MORTGAGE — 12.8%              
 3,409,661   Ameriquest Mortgage Securities Asset-Backed Pass-Thorugh 2004- R12(a)  US0001M + 1.680%  4.7640  01/25/35   2,892,482 
 4,000,000   Ameriquest Mortgage Securities Trust 2006-R2(a)  US0001M + 0.570%  3.6540  04/25/36   3,421,996 
 487,056   Bear Stearns Asset Backed Securities Trust 2003-SD2(c)     3.7020  06/25/43   439,271 
 75,623   Bear Stearns Asset Backed Securities Trust 2004-SD4(a)  US0001M + 0.900%  3.9840  08/25/44   72,449 
 39,379   Bear Stearns Asset Backed Securities Trust 2006-SD3(c)     3.1080  07/25/36   39,031 
 97,271   Carrington Mortgage Loan Trust Series 2004-NC2 M1(a)  US0001M + 1.035%  4.1190  08/25/34   87,926 
 10,359,045   Carrington Mortgage Loan Trust Series 2006-FRE2 A2(a)  US0001M + 0.120%  3.2040  10/25/36   8,658,391 
 2,487,543   Carrington Mortgage Loan Trust Series 2006-FRE2 A3(a)  US0001M + 0.160%  3.2440  10/25/36   2,079,272 
 4,581,256   Carrington Mortgage Loan Trust Series 2006-FRE2 A5(a)  US0001M + 0.080%  3.1640  03/25/35   3,828,902 
 1,004,264   Carrington Mortgage Loan Trust Series 2006-NC3(a)  US0001M + 0.150%  3.2340  08/25/36   948,834 
 4,059,344   C-BASS 2007-CB1 TRUST AF1B(d)     3.1220  01/25/37   1,419,857 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     RESIDENTIAL MORTGAGE — 12.8% (Continued)              
 2,716,098   C-BASS 2007-CB1 TRUST AF2(d)     5.7210  01/25/37  $950,647 
 2,690,390   C-BASS 2007-CB1 TRUST AF3(d)     3.1220  01/25/37   941,614 
 2,927,667   C-BASS 2007-CB1 TRUST AF6(d)     5.8350  01/25/37   1,024,426 
 350,305   Chase Funding Trust Series 2003-3(a)  US0001M + 1.845%  4.9290  11/25/32   335,639 
 665,014   Citigroup Mortgage Loan Trust 2006-WF2(d)     6.3520  05/25/36   253,563 
 573,059   Countrywide Asset-Backed Certificates(a)  US0001M + 2.175%  5.2590  08/25/34   489,738 
 292,420   Countrywide Asset-Backed Certificates(a)  US0001M + 0.975%  4.0590  12/25/34   287,433 
 245,763   Countrywide Asset-Backed Certificates(a),(b)  US0001M + 0.660%  3.7440  07/25/36   238,300 
 37,734   Credit-Based Asset Servicing and Securitization, LLC 2002-CB4 B1(a)  US0001M + 2.850%  5.9340  02/25/33   37,101 
 24,212   Credit-Based Asset Servicing and Securitization, LLC 2004-CB6 M2(a)  US0001M + 1.725%  3.9540  07/25/35   23,797 
 1,727,392   Credit-Based Asset Servicing and Securitization, LLC 2004-CB8 M3(a)  US0001M + 1.500%  3.3630  12/25/35   1,553,182 
 462,654   CWABS Asset-Backed Certificates Trust 2005-17(d)     6.5470  05/25/36   359,220 
 312,110   CWABS Asset-Backed Certificates Trust 2006-11(d)     6.4000  09/25/46   231,383 
 626,282   Encore Credit Receivables Trust 2005-1(a)  US0001M + 1.020%  4.1040  07/25/35   572,216 
 208,879   Equity One Mortgage Pass-Through Trust 2003-1(c)     4.8600  08/25/33   203,158 
 655,785   Equity One Mortgage Pass-Through Trust 2004-3(d)     4.0200  07/25/34   536,076 
 246,381   Finance America Mortgage Loan Trust 2004-3(a)  US0001M + 1.380%  4.4640  11/25/34   212,836 
 280,256   First Franklin Mortgage Loan Trust 2003-FF5(a)  US0001M + 2.475%  5.5590  03/25/34   264,548 
 727,035   First Franklin Mortgage Loan Trust 2004-FF4(a)  US0001M + 1.875%  4.9590  06/25/34   703,553 
 292,770   First Franklin Mortgage Loan Trust 2004-FF7(a)  US0001M + 1.800%  4.8840  09/25/34   284,780 
 167,962   Fremont Home Loan Trust 2004-2(a)  US0001M + 2.025%  5.1090  07/25/34   146,845 
 2,873,835   Fremont Home Loan Trust 2006-3(a)  US0001M + 0.340%  3.4240  02/25/37   1,085,683 
 2,399,698   Fremont Home Loan Trust 2006-B(a)  US0001M + 0.480%  3.3240  08/25/36   867,499 
 8,508,189   GE-WMC Mortgage Securities Trust 2006-1 A2B(a)  US0001M + 0.300%  3.3840  08/25/36   4,016,703 
 3,318,797   GE-WMC Mortgage Securities Trust 2006-1 A2C(a)  US0001M + 0.480%  3.5640  08/25/36   1,566,732 
 283,870   GSAMP Trust 2007-FM2 A2A(a)  US0001M + 0.060%  3.1440  01/25/37   177,242 
 120,105   GSAMP Trust 2007-FM2 A2B(a)  US0001M + 0.090%  3.1740  01/25/37   74,991 
 2,639,214   GSRPM Mortgage Loan Trust 2007-1(a),(b)  US0001M + 0.400%  3.4840  10/25/46   2,283,833 
 94,639   Home Equity Mortgage Loan Asset-Backed Trust Series INABS 2006-D(a)  US0001M + 0.160%  3.2440  11/25/36   81,750 
 412,234   IXIS Real Estate Capital Trust 2006-HE2(a)  US0001M + 0.320%  3.4040  08/25/36   121,398 
 128,936   JP Morgan Mortgage Acquisition Trust 2007-CH2(d)     4.4260  10/25/30   72,540 
 471,291   Lehman XS Trust 2007-3 1BA1(a)  US0001M + 0.320%  3.4040  03/25/37   454,055 
 443,180   Lehman XS Trust 2007-3 1BA2(a)  US0006M + 0.500%  3.8410  03/25/37   434,205 
 918,049   Long Beach Mortgage Loan Trust 2002-1(a)  US0001M + 3.750%  6.8340  05/25/32   897,636 
 27,694   Long Beach Mortgage Loan Trust 2004-3(a)  US0001M + 0.855%  3.9390  07/25/34   26,204 
 44,650,621   Merrill Lynch Mortgage Investors Trust Series 2006-RM2 A1B(a)  US0001M + 0.470%  3.5540  05/25/37   1,890,485 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 87.0% (Continued)              
     RESIDENTIAL MORTGAGE — 12.8% (Continued)              
 214,269   Morgan Stanley A.B.S Capital I Inc Trust 2004-NC5(a)  US0001M + 0.900%  3.9840  05/25/34  $198,981 
 263,133   Morgan Stanley A.B.S Capital I Inc Trust 2004-NC8(a)  US0001M + 1.500%  4.5840  09/25/34   260,185 
 8,875,000   Morgan Stanley A.B.S Capital I Inc Trust 2007-SEA1(a),(b)  US0001M + 1.900%  4.9840  02/25/47   848,021 
 3,173,453   Park Place Securities Inc Asset-Backed Pass-Through Certificates(a)  US0001M + 2.175%  5.2590  10/25/34   2,681,305 
 2,036,609   RAMP Series 2007-RS1 Trust(a)  US0001M + 0.340%  3.4240  02/25/37   615,176 
 10,389,363   Securitized Asset Backed Receivables, LLC Trust 2006-FR4(a)  US0001M + 0.340%  3.4240  08/25/36   3,494,184 
 5,921,825   Securitized Asset Backed Receivables, LLC Trust 2007-BR5(a)  US0001M + 0.130%  3.2140  05/25/37   4,664,909 
 13,059,034   Securitized Asset Backed Receivables, LLC Trust 2007-HE1(a)  US0001M + 0.220%  3.3040  12/25/36   3,532,162 
 1,229,619   Specialty Underwriting & Residential Finance Trust Series 2006-BC5 A2C(a)  US0001M + 0.100%  3.2840  11/25/37   769,173 
 3,663,963   Specialty Underwriting & Residential Finance Trust Series 2006-BC5 A2E(a)  US0001M + 0.210%  3.5040  11/25/37   2,308,474 
 582,166   Specialty Underwriting & Residential Finance Trust Series 2007-AB1 A2D(a)  US0001M + 0.350%  3.4340  03/25/37   367,793 
 645,730   Structured Asset Investment Loan Trust 2004-11(a)  US0001M + 0.975%  4.0590  01/25/35   589,821 
 202,841   Structured Asset Investment Loan Trust 2004-5(a)  US0001M + 1.725%  4.8090  05/25/34   186,218 
 278,525   Structured Asset Securities Corp 2005-WF1(a)  US0001M + 2.055%  5.1390  02/25/35   255,299 
 472,911   WaMu Asset-Backed Certificates WaMu Series 2007-HE1 Trust(a)  US0001M + 0.150%  3.2340  01/25/37   410,771 
                  68,771,894 
     TOTAL ASSET BACKED SECURITIES (Cost $525,990,068)            468,182,909 
                    
     U.S. GOVERNMENT & AGENCY OBLIGATIONS — 8.9%              
 1,080,443   Fannie Mae REMICS 2011-124 NS(a),(e)  US0001M + 6.500%  3.4160  12/25/41   107,305 
 412,045   Fannie Mae REMICS 2012-126 DI(e)     3.0000  11/25/27   22,862 
 378,084   Fannie Mae REMICS 2012-88 SB(a),(e)  US0001M + 6.670%  3.5860  07/25/42   33,959 
 1,040,457   Fannie Mae REMICS 2012-94 YS(a),(e)  US0001M + 6.650%  3.5660  06/25/39   27,561 
 82,590   Fannie Mae REMICS 2013-42 PD     1.2500  05/25/43   68,353 
 327,877   Fannie Mae REMICS 2016-3 NI(e)     6.0000  02/25/46   64,236 
 1,056,782   Fannie Mae REMICS 2017-112 SC(a),(e)  US0001M + 6.150%  3.0660  01/25/48   117,624 
 1,527,493   Fannie Mae REMICS 2017-30 MI(e)     4.0000  02/25/44   122,300 
 748,260   Fannie Mae REMICS 2017-38 S(a),(e)  US0001M + 6.100%  3.0160  05/25/47   81,809 
 45,221   Fannie Mae REMICS 2017-6 MI(e)     4.0000  08/25/44   3,276 
 20,353,834   Fannie Mae REMICS 2018-28 ID(c),(e)     0.0001  05/25/48   860,273 
 1,222,858   Fannie Mae REMICS 2019-34 KI(e)     4.0000  07/25/49   192,471 
 976,221   Fannie Mae REMICS 2019-37 CI(e)     4.5000  09/25/48   228,779 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCY OBLIGATIONS — 8.9% (Continued)              
 1,062,550   Fannie Mae REMICS 2020-14 BI(e)     4.0000  03/25/50  $133,096 
 320,800   Fannie Mae REMICS 2020-16 SJ(a),(e)  US0001M + 6.050%  2.9660  03/25/50   29,757 
 802,226   Fannie Mae REMICS 2020-20 IA(e)     3.0000  04/25/50   107,865 
 4,338,902   Fannie Mae REMICS 2020-25 PI(e)     3.0000  03/25/50   766,120 
 3,559,343   Fannie Mae REMICS 2020-28 IK(e)     3.0000  10/25/49   417,027 
 3,400,387   Fannie Mae REMICS 2020-95 IB(e)     2.5000  01/25/51   540,090 
 17,553,545   Fannie Mae REMICS 2020-95 IU(e)     1.5000  01/25/51   3,000,983 
 9,015,147   Fannie Mae REMICS 2021-34 MI(e)     2.5000  03/25/51   1,296,730 
 8,044,233   Fannie Mae REMICS 2021-45 JI(e)     2.5000  07/25/51   1,329,068 
 3,040,478   Fannie Mae REMICS 2021-56 IM(a),(e)  SOFR30A + 2.200%  0.6780  09/25/51   112,287 
 6,817,136   Fannie Mae REMICS 2021-69 IK(e)     2.0000  05/25/51   1,236,288 
 23,904,693   Fannie Mae REMICS 2021-69 JS(a),(e)  SOFR30A + 2.550%  0.2690  10/25/51   582,677 
 14,655,206   Fannie Mae REMICS 2021-80 IA(e)     2.0000  11/25/51   1,964,092 
 192,448   Freddie Mac REMICS 3980TS(a),(e)  US0001M + 6.500%  3.6820  09/15/41   20,838 
 1,024,255   Freddie Mac REMICS 4100 JI(e)     3.5000  10/15/41   141,647 
 112,633   Freddie Mac REMICS 4103 DS(a),(e)  US0001M + 6.150%  3.3320  09/15/40   671 
 320,947   Freddie Mac REMICS 4205 AI(e)     2.5000  05/15/28   14,773 
 5,234,449   Freddie Mac REMICS 4226 IM(e)     3.5000  09/15/31   189,850 
 5,250,294   Freddie Mac REMICS 4239 NI(a),(e)  US0001M + 29.458%  3.2080  07/15/43   702,246 
 430,835   Freddie Mac REMICS 4314 SE(a),(e)  US0001M + 6.050%  3.2320  03/15/44   43,510 
 442,675   Freddie Mac REMICS 4431 ST(a),(e)  US0001M + 6.100%  3.2820  01/15/45   40,553 
 84,011   Freddie Mac REMICS 4449 PI(e)     4.0000  11/15/43   8,759 
 1,001,356   Freddie Mac REMICS 4580 MI(e)     3.5000  02/15/43   44,197 
 10,598,537   Freddie Mac REMICS 4639 GS(a),(e)     0.0001  03/15/36   648,989 
 660,563   Freddie Mac REMICS 4672 AI(e)     4.5000  03/15/45   32,158 
 260,165   Freddie Mac REMICS 4680 LI(e)     4.0000  10/15/43   10,523 
 194,378   Freddie Mac REMICS 4818 BI(e)     4.0000  03/15/45   16,697 
 1,293,540   Freddie Mac REMICS 4891 PI(e)     4.0000  06/15/49   204,695 
 399,000   Freddie Mac REMICS 5050 GL     1.2500  12/25/50   194,079 
 980,532   Freddie Mac REMICS 5071 IF(e)     2.0000  02/25/51   87,799 
 6,468,544   Freddie Mac REMICS 5071 IS(e)     2.0000  02/25/51   797,086 
 5,155,279   Freddie Mac REMICS 5071 KI(e)     2.0000  02/25/51   526,599 
 20,300,765   Freddie Mac REMICS 5090 SA(a),(e)  SOFR30A + 1.550%  0.0001  03/25/51   103,838 
 15,692,378   Freddie Mac REMICS 5177 AS(a),(e)  SOFR30A + 3.150%  0.8690  12/25/51   428,956 
 795,937   Government National Mortgage Association 2004-56 S(a),(e)  US0001M + 7.650%  4.6360  06/20/33   21,276 
 56,775   Government National Mortgage Association 2010-131 SB(a),(e)  US0001M + 6.050%  3.1110  04/16/40   105 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Principal         Coupon       
Amount ($)      Spread  Rate (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCY OBLIGATIONS — 8.9% (Continued)              
 214,622   Government National Mortgage Association 2012-36 QS(a),(e)  US0001M + 6.620%  3.6060  03/20/42  $16,986 
 691,621   Government National Mortgage Association 2014-118 AI(e)     3.5000  05/16/40   45,787 
 6,282,508   Government National Mortgage Association 2015-3 DS(a),(e)  US0001M + 5.600%  2.5860  11/20/41   145,123 
 253,943   Government National Mortgage Association 2016-1 ST(a),(e)  US0001M + 6.200%  3.1860  01/20/46   26,232 
 694,497   Government National Mortgage Association 2018-154 DI(e)     4.0000  01/20/45   49,766 
 5,471,527   Government National Mortgage Association 2018-154 SP(a),(e)  US0001M + 6.150%  3.1360  11/20/48   551,037 
 3,300,925   Government National Mortgage Association 2019-110 SE(a),(e)  US0001M + 6.100%  3.0860  09/20/49   260,415 
 23,496,856   Government National Mortgage Association 2019-112 AS(a),(e)  US0001M + 3.410%  0.3960  09/20/49   345,448 
 14,713,206   Government National Mortgage Association 2019-20 ES(a),(e)  US0001M + 3.790%  0.7760  02/20/49   200,347 
 4,750,090   Government National Mortgage Association 2020-122 YI(e)     2.5000  08/20/50   658,248 
 952,000   Government National Mortgage Association 2020-141 ML     1.5000  09/20/50   506,853 
 16,393,714   Government National Mortgage Association 2020-33 AI(e)     3.0000  03/20/50   2,542,682 
 1,786,915   Government National Mortgage Association 2020-61 SF(a),(e)  US0001M + 6.440%  3.4260  07/20/43   175,310 
 321,967   Government National Mortgage Association 2020-62 GI(e)     4.5000  05/20/50   40,320 
 12,344,054   Government National Mortgage Association 2021-105 EI(e)     2.5000  05/20/51   1,753,880 
 15,330,123   Government National Mortgage Association 2021-117 PI(e)     2.5000  07/20/51   1,716,422 
 5,464,501   Government National Mortgage Association 2021-118 GI(e)     2.5000  07/20/51   768,232 
 11,546,935   Government National Mortgage Association 2021-156 BI(e)     2.5000  09/20/51   1,800,445 
 7,478,157   Government National Mortgage Association 2021-156 QI(e)     2.5000  09/20/51   938,935 
 18,305,740   Government National Mortgage Association 2021-177 MI(e)     2.5000  10/20/51   2,448,577 
 22,438,794   Government National Mortgage Association 2021-194 TI(e)     3.0000  11/20/51   3,328,931 
 2,868,574   Government National Mortgage Association 2021-196 PI(e)     2.5000  09/20/51   357,037 
 4,151,524   Government National Mortgage Association 2021-214 HI(e)     2.5000  12/20/51   542,841 
 1,705,801   Government National Mortgage Association 2021-226 HL     1.5000  12/20/51   1,056,290 
 18,563,577   Government National Mortgage Association 2021-24 IH(e)     2.5000  02/20/50   2,394,554 
 8,797,252   Government National Mortgage Association 2021-24 LI(e)     2.5000  01/20/51   1,312,374 
 10,528,738   Government National Mortgage Association 2021-41 BI(e)     2.0000  03/20/51   1,439,457 
 3,782,047   Government National Mortgage Association 2021-49 IP(e)     2.5000  01/20/51   439,364 
 3,971,683   Government National Mortgage Association 2021-83 EI(e)     2.5000  05/20/51   555,654 
 290,582   Government National Mortgage Association 2021-89 JL     1.5000  05/20/51   159,872 
 49,793,153   Government National Mortgage Association 2022-121 SA(a),(e)  SOFR30A + 3.690%  1.4060  07/20/52   846,912 
 18,965,496   Government National Mortgage Association 2022-22 PS(a),(e)  SOFR30A + 3.650%  1.3660  08/20/51   562,833 
 12,085,808   Government National Mortgage Association 2022-69 QI(e)     4.0000  04/20/52   1,746,979 
 19,728,446   Government National Mortgage Association 2022-83 SJ(a),(e)  SOFR30A + 3.200%  0.9160  05/20/52   325,257 
     TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS              
     (Cost $48,201,271)            47,786,132 

 

 

CATALYST ENHANCED INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 4.0%     
     MONEY MARKET FUNDS - 4.0%     
           
 21,713,506   First American Government Obligations Fund, Class U, 2.79% (Cost $21,713,506)(f)  $21,713,506 
           
     TOTAL INVESTMENTS - 99.9% (Cost $595,904,845)  $537,682,547 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%   429,706 
     NET ASSETS - 100.0%  $538,112,253 
           

LLC - Limited Liability Company

 

REMIC - Real Estate Mortgage Investment Conduit

 

12MTA - Federal Reserve US 12 Month Cumulative Avg 1 Year CMT

 

SOFR30A - United States 30 Day Average SOFR Secured Overnight Financing Rate

 

US0001M - ICE LIBOR USD 1 Month

 

US0006M - ICE LIBOR USD 6 Month

 

US0012M - ICE LIBOR USD 12 Month

 

(a)Variable rate security: the rate shown represents the rate on September 30, 2022.

 

(b)Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2022, the total market value of 144A securities is 149,056,452 or 27.7% of net assets.

 

(c)Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

 

(d)Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at September 30, 2022.

 

(e)Interest only securities.

 

(f)Rate disclosed is the seven-day effective yield as of September 30, 2022.

 

(h)Maturity not determined on this security; maturity will occur based on the maturity of the underlying bonds.