| CATALYST INSIDER BUYING FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 96.8% | ||||||||
| AEROSPACE & DEFENSE - 0.4% | ||||||||
| 900 | TAT Technologies Ltd.(a) | $ | 36,567 | |||||
| 26 | TransDigm Group, Inc. | 30,133 | ||||||
| 66,700 | ||||||||
| ASSET MANAGEMENT - 3.3% | ||||||||
| 595 | LPL Financial Holdings, Inc. | 178,994 | ||||||
| 1,470 | Raymond James Financial, Inc. | 212,841 | ||||||
| 1,820 | Robinhood Markets, Inc., Class A(a) | 126,126 | ||||||
| 517,961 | ||||||||
| AUTOMOTIVE - 0.2% | ||||||||
| 700 | XPEL, Inc.(a) | 30,982 | ||||||
| BIOTECH & PHARMA - 11.4% | ||||||||
| 100 | Corcept Therapeutics, Inc.(a) | 4,031 | ||||||
| 40,900 | Teva Pharmaceutical Industries Ltd. - ADR(a) | 1,231,908 | ||||||
| 5,355 | TransMedics Group, Inc.(a) | 532,341 | ||||||
| 1,768,280 | ||||||||
| E-COMMERCE DISCRETIONARY - 3.3% | ||||||||
| 295 | MercadoLibre, Inc.(a) | 510,061 | ||||||
| ELECTRIC UTILITIES - 6.4% | ||||||||
| 3,085 | Talen Energy Corporation(a) | 984,825 | ||||||
| ELECTRICAL EQUIPMENT - 0.4% | ||||||||
| 445 | Badger Meter, Inc. | 67,796 | ||||||
| ENGINEERING & CONSTRUCTION - 15.5% | ||||||||
| 720 | Comfort Systems USA, Inc. | 992,873 | ||||||
| 12,500 | Fluor Corporation(a) | 583,125 | ||||||
| 220 | IES Holdings, Inc.(a) | 104,823 | ||||||
| 590 | Quanta Services, Inc. | 323,922 | ||||||
| 935 | Sterling Infrastructure, Inc.(a) | 380,797 | ||||||
| 2,385,540 | ||||||||
| HEALTH CARE FACILITIES & SERVICES - 3.8% | ||||||||
| 140 | Ensign Group, Inc. (The) | 28,210 | ||||||
| CATALYST INSIDER BUYING FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 96.8% (Continued) | ||||||||
| HEALTH CARE FACILITIES & SERVICES - 3.8% (Continued) | ||||||||
| 1,190 | Medpace Holdings, Inc.(a) | $ | 571,426 | |||||
| 599,636 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES - 3.3% | ||||||||
| 580 | Intercontinental Exchange, Inc. | 91,222 | ||||||
| 1,020 | Nasdaq, Inc. | 86,588 | ||||||
| 4,191 | StoneX Group, Inc.(a) | 338,004 | ||||||
| 515,814 | ||||||||
| INSURANCE - 10.6% | ||||||||
| 420 | Brown & Brown, Inc. | 27,388 | ||||||
| 10,150 | International General Insurance Holdings Ltd. | 245,884 | ||||||
| 2,040 | Kinsale Capital Group, Inc. | 696,987 | ||||||
| 5,650 | Palomar Holdings, Inc.(a) | 675,175 | ||||||
| 1,645,434 | ||||||||
| INTERNET MEDIA & SERVICES - 10.0% | ||||||||
| 215 | Alphabet, Inc., Class A | 61,825 | ||||||
| 94,000 | Bumble, Inc., Class A(a) | 306,440 | ||||||
| 420 | Meta Platforms, Inc., Class A | 240,295 | ||||||
| 8,450 | Opera Ltd. - ADR | 120,497 | ||||||
| 1,160 | Spotify Technology S.A.(a) | 562,495 | ||||||
| 3,445 | Uber Technologies, Inc.(a) | 247,799 | ||||||
| 1,539,351 | ||||||||
| MEDICAL EQUIPMENT & DEVICES - 0.7% | ||||||||
| 1,200 | Dexcom, Inc.(a) | 75,360 | ||||||
| 290 | LeMaitre Vascular, Inc. | 31,659 | ||||||
| 107,019 | ||||||||
| OIL & GAS PRODUCERS - 3.3% | ||||||||
| 1,975 | Marathon Petroleum Corporation | 482,255 | ||||||
| 50 | Murphy USA, Inc. | 24,699 | ||||||
| 506,954 | ||||||||
| RETAIL - DISCRETIONARY - 1.2% | ||||||||
| 5 | AutoZone, Inc.(a) | 16,889 | ||||||
| 1,875 | O’Reilly Automotive, Inc.(a) | 173,081 | ||||||
| 189,970 | ||||||||
| CATALYST INSIDER BUYING FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 96.8% (Continued) | ||||||||
| SEMICONDUCTORS - 0.3% | ||||||||
| 130 | Broadcom, Inc. | $ | 40,236 | |||||
| SOFTWARE - 13.3% | ||||||||
| 700 | AvePoint, Inc.(a) | 6,657 | ||||||
| 1,350 | Cellebrite DI Ltd.(a) | 18,603 | ||||||
| 5,075 | Fortinet, Inc.(a) | 414,729 | ||||||
| 8,200 | GigaCloud Technology, Inc., Class A(a) | 372,116 | ||||||
| 120 | Intuit, Inc. | 51,886 | ||||||
| 80 | Microsoft Corporation | 29,614 | ||||||
| 1,331 | Palo Alto Networks, Inc.(a) | 213,386 | ||||||
| 280 | Qualys, Inc.(a) | 24,598 | ||||||
| 400 | Rubrik, Inc., Class A(a) | 19,588 | ||||||
| 200 | Samsara, Inc., Class A(a) | 6,338 | ||||||
| 4,080 | ServiceNow, Inc.(a) | 426,563 | ||||||
| 470 | Synopsys, Inc.(a) | 186,346 | ||||||
| 19,500 | Zeta Global Holdings Corporation, Class A(a) | 310,440 | ||||||
| 2,080,864 | ||||||||
| SPECIALTY FINANCE - 0.4% | ||||||||
| 325 | Dave, Inc.(a) | 56,579 | ||||||
| TECHNOLOGY HARDWARE - 3.5% | ||||||||
| 4,370 | Arista Networks, Inc.(a) | 536,549 | ||||||
| TECHNOLOGY SERVICES - 4.6% | ||||||||
| 631 | Mastercard, Inc., Class A | 315,284 | ||||||
| 60 | MSCI, Inc. | 32,341 | ||||||
| 3,290 | Nayax Ltd.(a),(b) | 184,372 | ||||||
| 6,500 | Toast, Inc., Class A(a) | 172,315 | ||||||
| 90 | Visa, Inc., Class A | 27,202 | ||||||
| 731,514 | ||||||||
| TELECOMMUNICATIONS - 0.4% | ||||||||
| 9,700 | Allot Ltd.(a) | 64,602 | ||||||
| CATALYST INSIDER BUYING FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 96.8% (Continued) | ||||||||
| WHOLESALE - DISCRETIONARY - 0.5% | ||||||||
| 3,360 | Climb Global Solutions, Inc. | $ | 66,595 | |||||
| 135 | Copart, Inc.(a) | 4,482 | ||||||
| 71,077 | ||||||||
| TOTAL COMMON STOCKS (Cost $14,563,177) | 15,017,744 | |||||||
| Principal Amount ($) | Coupon Rate (%) | Maturity | ||||||||||
| U.S. GOVERNMENT & AGENCIES — 2.6% | ||||||||||||
| U.S. TREASURY BILLS — 2.6% | ||||||||||||
| 413,000 | United States Treasury Bill(e),(d) | — | 01/21/27 | 401,165 | ||||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $401,764) | 401,165 | |||||||||||
| Shares | ||||||||
| SHORT-TERM INVESTMENTS — 1.5% | ||||||||
| COLLATERAL FOR SECURITIES LOANED - 0.9% | ||||||||
| 133,200 | Mount Vernon Liquid Assets Portfolio, 3.74% (Cost $133,200)(f) | 133,200 | ||||||
| MONEY MARKET FUND - 0.6% | ||||||||
| 94,421 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $94,421)(f) | 94,421 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $227,621) | 227,621 | |||||||
| TOTAL INVESTMENTS - 100.9% (Cost $15,192,562) | $ | 15,646,530 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.9)% | (142,624 | ) | ||||||
| NET ASSETS - 100.0% | $ | 15,503,906 | ||||||
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $134,400. |
| (c) | Security was purchased with cash received as collateral for securities on loan at March 31, 2026. Total collateral had a value of $133,200 at March 31, 2026. |
| (d) | All or a portion of this investment is a holding of the CIBF Fund Ltd. |
| (e) | Zero coupon bond. |
| (f) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| CATALYST INSIDER BUYING FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued) |
| March 31, 2026 |
TOTAL RETURN SWAP - (1.4)% +
| Shares | Reference Entity | Payment Frequency | Pay Fixed Rate | Upfront Payments | Counterparty | Maturity | Notional Amount | Unrealized Depreciation | ||||||||||||||
| 1,100 | CIBC Macro Hedge Index | Monthly | 0.5000% | — | CIBC | 8/31/2026 | (2,154,936 | ) | $ | (219,722 | ) | |||||||||||
| $ | (219,722 | ) | ||||||||||||||||||||
The CIBC Macro Hedge Index (“CIBQMCRO”) is a rules based index designed to capitalize on structural inefficiencies and behavioral biases present within the commodity markets. The CIBQMCRO is comprised of five rules-based index components created by CIBC. *
| + | This instrument is held by CIBF Fund Ltd. |
| * | Additional information can be found on https://indices.cibccm.com/CIBQMCRO/ |
| CATALYST SYSTEMATIC HIGH INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| CORPORATE BONDS — 53.9% | ||||||||||||
| ASSET MANAGEMENT — 4.8% | ||||||||||||
| 1,650,000 | Ares Capital Corporation | 2.1500 | 07/15/26 | $ | 1,636,120 | |||||||
| HEALTH CARE FACILITIES & SERVICES — 4.7% | ||||||||||||
| 1,625,000 | HCA, Inc. | 5.3750 | 09/01/26 | 1,626,294 | ||||||||
| INTERNET MEDIA & SERVICES — 4.7% | ||||||||||||
| 1,625,000 | Uber Technologies, Inc.(a) | 4.5000 | 08/15/29 | 1,612,524 | ||||||||
| LEISURE PRODUCTS — 5.8% | ||||||||||||
| 2,000,000 | Mattel, Inc.(a) | 5.8750 | 12/15/27 | 1,999,986 | ||||||||
| OIL & GAS PRODUCERS — 4.7% | ||||||||||||
| 1,600,000 | Energy Transfer, L.P. Midstream Finance Corporation(a) | 6.0000 | 02/01/29 | 1,611,882 | ||||||||
| RETAIL - DISCRETIONARY — 14.4% | ||||||||||||
| 1,850,000 | Best Buy Company, Inc. | 1.9500 | 10/01/30 | 1,648,807 | ||||||||
| 1,680,000 | Dick’s Sporting Goods, Inc.(a) | 4.0000 | 10/01/29 | 1,635,823 | ||||||||
| 1,850,000 | Lowe’s Companies, Inc. | 1.7000 | 10/15/30 | 1,630,486 | ||||||||
| 4,915,116 | ||||||||||||
| SEMICONDUCTORS — 9.6% | ||||||||||||
| 1,775,000 | Intel Corporation | 2.4500 | 11/15/29 | 1,649,293 | ||||||||
| 1,625,000 | Skyworks Solutions, Inc. | 1.8000 | 06/01/26 | 1,617,192 | ||||||||
| 3,266,485 | ||||||||||||
| TECHNOLOGY SERVICES — 5.2% | ||||||||||||
| 1,825,000 | Gartner, Inc.(a) | 4.5000 | 07/01/28 | 1,794,627 | ||||||||
| TOTAL CORPORATE BONDS (Cost $18,564,680) | 18,463,034 | |||||||||||
| Discount Rate (%) | ||||||||||||
| U.S. GOVERNMENT & AGENCIES — 36.2% | ||||||||||||
| U.S. TREASURY BILLS — 36.2% | ||||||||||||
| 12,500,000 | United States Treasury Bill(b),(c) | 3.5800 | 06/11/26 | 12,411,349 | ||||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $12,404,594) | 12,411,349 | |||||||||||
| CATALYST SYSTEMATIC HIGH INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 9.2% | ||||||||
| MONEY MARKET FUNDS - 9.2% | ||||||||
| 3,158,565 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $3,158,565)(d) | $ | 3,158,565 | |||||
| TOTAL INVESTMENTS - 99.3% (Cost $34,127,839) | $ | 34,032,948 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7% | 235,556 | |||||||
| NET ASSETS - 100.0% | $ | 34,268,504 | ||||||
| (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 March 31, 2026 the total market value of 144A securities is 8,654,842 or 25.3% of net assets. |
| (b) | Zero coupon bond. |
| (c) | This security is segregated as Collateral for a Swap Contract. |
| (d) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| CATALYST SYSTEMATIC HIGH INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
TOTAL RETURN SWAPS - (1.1)%
The Bespoke Basket Series 1 Excess Return Strategy is a rules-based index containing options based strategies including relatively short-term options strategies (long and short), option spreads on the S&P 500, and covered call options on stock indexes or individual stocks. It is a fixed weight basket with quarterly rebalance of 6 systematic trading strategies.
| Shares | Reference Entity | Payment
Frequency | Notional
Amount | Counterparty | Maturity | Pay Fixed Rate | Upfront
Payments | Unrealized
Appreciation/ (Depreciation) | ||||||||||||||
| 670,400 | Bespoke Basket Series 1 Excess Return Strategy | Monthly | (71,464,640) | Goldman Sachs | 12/7/2026 | 0.0000% | — | $ | (382,128 | ) | ||||||||||||
| $ | (382,128 | ) | ||||||||||||||||||||
| CATALYST SYSTEMATIC HIGH INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
Bespoke Basket Series 1 Excess Return Strategy Total Return Swap Holdings
| Open Futures Contracts | ||||||||||||||||||||
| Contracts | Open Long Futures | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ Depreciation | ||||||||||||||||
| 2,956 | E-Mini S&P 500 Futures | 6/19/2026 | 19,424,465 | — | ||||||||||||||||
| Equity Forwards | ||||||||||||||||||||
| Contracts | Name | Counterparty | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ Depreciation | |||||||||||||||
| (982 | ) | S&P 500 Index | Goldman Sachs | 04/02/26 | (6,229,752 | ) | (181,222 | ) | ||||||||||||
| (653 | ) | S&P 500 Index | Goldman Sachs | 04/10/26 | (4,142,973 | ) | (122,810 | ) | ||||||||||||
| (2,338 | ) | S&P 500 Index | Goldman Sachs | 04/17/26 | (45,292,397 | ) | (452,924 | ) | ||||||||||||
| (1,359 | ) | S&P 500 Index | Goldman Sachs | 04/17/26 | (8,873,276 | ) | (12,029 | ) | ||||||||||||
| (2,532 | ) | S&P 500 Index | Goldman Sachs | 05/15/26 | (16,063,856 | ) | (527,686 | ) | ||||||||||||
| (1,076 | ) | S&P 500 Index | Goldman Sachs | 05/15/26 | (7,024,617 | ) | (25,954 | ) | ||||||||||||
| (1,483 | ) | S&P 500 Index | Goldman Sachs | 06/18/26 | (9,410,791 | ) | (333,024 | ) | ||||||||||||
| (526 | ) | S&P 500 Index | Goldman Sachs | 07/17/26 | (3,335,214 | ) | (126,349 | ) | ||||||||||||
Options Purchased
| Contracts | Name | Counterparty | Call/Put | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||
| 424 | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/02/26 | 6460 | 2,737,612 | 39,109 | |||||||||||||
| 537 | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/17/26 | 6635 | 3,561,460 | 36,883 | |||||||||||||
| 487 | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/17/26 | 6490 | 3,163,215 | 73,206 | |||||||||||||
| 469 | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/17/26 | 6775 | 3,175,362 | 9,314 | |||||||||||||
| 435 | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/17/26 | 6455 | 2,805,720 | 75,292 | |||||||||||||
| 426 | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/17/26 | 6810 | 2,902,850 | 5,695 | |||||||||||||
| 383 | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/17/26 | 6890 | 2,636,350 | 1,658 | |||||||||||||
| 524 | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Call | 05/15/26 | 6555 | 3,431,938 | 99,210 | |||||||||||||
| 522 | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Call | 05/15/26 | 6520 | 3,401,867 | 110,196 | |||||||||||||
| 541 | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Put | 04/02/26 | 6405 | 3,467,460 | 6,424 | |||||||||||||
| 506 | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Put | 04/17/26 | 6000 | 3,034,366 | 8,498 | |||||||||||||
| 422 | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Put | 04/17/26 | 4350 | 1,837,526 | 409 | |||||||||||||
| 775 | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 3975 | 3,080,221 | 2,957 | |||||||||||||
| 767 | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 5850 | 4,488,827 | 32,947 | |||||||||||||
| 619 | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 5750 | 3,557,859 | 21,789 | |||||||||||||
| 476 | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 4025 | 1,916,879 | 1,929 | |||||||||||||
| 441 | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 3875 | 1,706,976 | 1,500 | |||||||||||||
| 422 | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 5800 | 2,446,267 | 16,376 | |||||||||||||
| 398 | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 4000 | 1,590,250 | 1,565 | |||||||||||||
| 372 | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 4125 | 1,535,968 | 1,694 | |||||||||||||
| 949 | S&P 500 Futures, Maturing June 2026 | Goldman Sachs | Put | 06/18/26 | 5450 | 5,170,406 | 41,805 | |||||||||||||
| 488 | S&P 500 Futures, Maturing June 2026 | Goldman Sachs | Put | 06/18/26 | 3550 | 1,734,117 | 3,206 | |||||||||||||
| 453 | S&P 500 Futures, Maturing June 2026 | Goldman Sachs | Put | 06/18/26 | 3450 | 1,561,271 | 2,689 | |||||||||||||
| 387 | S&P 500 Futures, Maturing June 2026 | Goldman Sachs | Put | 06/18/26 | 3700 | 1,433,547 | 2,949 | |||||||||||||
| 613 | S&P 500 Futures, Maturing July 2026 | Goldman Sachs | Put | 07/17/26 | 3400 | 2,082,761 | 5,823 | |||||||||||||
| 469 | S&P 500 Futures, Maturing July 2026 | Goldman Sachs | Put | 07/17/26 | 3300 | 1,546,067 | 4,069 | |||||||||||||
Options Written
| Contracts | Name | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||||||||||||||
| (607 | ) | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/01/26 | 6760 | (4,106,103 | ) | (97 | ) | ||||||||||
| (604 | ) | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/02/26 | 6710 | (4,054,199 | ) | (508 | ) | ||||||||||
| (616 | ) | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/06/26 | 6620 | (4,075,624 | ) | (15,687 | ) | ||||||||||
| (626 | ) | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/07/26 | 6605 | (4,137,754 | ) | (24,190 | ) | ||||||||||
| (629 | ) | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Call | 04/08/26 | 6615 | (4,162,696 | ) | (25,573 | ) | ||||||||||
| (457 | ) | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Put | 04/17/26 | 6260 | (2,860,491 | ) | (19,886 | ) | ||||||||||
| (400 | ) | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Put | 04/17/26 | 6310 | (2,524,642 | ) | (21,078 | ) | ||||||||||
| (399 | ) | S&P 500 Futures, Maturing April 2026 | Goldman Sachs | Put | 04/17/26 | 6350 | (2,534,933 | ) | (24,358 | ) | ||||||||||
| (627 | ) | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 6200 | (3,888,402 | ) | (56,656 | ) | ||||||||||
| (554 | ) | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 6210 | (3,439,375 | ) | (51,122 | ) | ||||||||||
| (516 | ) | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 6100 | (3,147,068 | ) | (37,530 | ) | ||||||||||
| (472 | ) | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 6150 | (2,901,964 | ) | (38,254 | ) | ||||||||||
| (407 | ) | S&P 500 Futures, Maturing May 2026 | Goldman Sachs | Put | 05/15/26 | 6080 | (2,471,673 | ) | (28,320 | ) | ||||||||||
| (860 | ) | S&P 500 Futures, Maturing June 2026 | Goldman Sachs | Put | 06/18/26 | 5800 | (4,986,994 | ) | (63,572 | ) | ||||||||||
| (446 | ) | S&P 500 Futures, Maturing June 2026 | Goldman Sachs | Put | 06/18/26 | 5810 | (2,592,403 | ) | (33,495 | ) | ||||||||||
| CATALYST INSIDER INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| CONVERTIBLE BONDS — 8.2% | ||||||||||||
| SPECIALTY FINANCE — 7.8% | ||||||||||||
| 3,000,000 | PennyMac Corporation | 8.5000 | 06/01/29 | $ | 3,136,768 | |||||||
| 2,000,000 | Redwood Trust, Inc. | 7.7500 | 06/15/27 | 2,030,000 | ||||||||
| 5,166,768 | ||||||||||||
| TECHNOLOGY SERVICES — 0.4% | ||||||||||||
| 250,000 | Block, Inc.(a) | 0.0000 | 05/01/26 | 249,375 | ||||||||
| TOTAL CONVERTIBLE BONDS (Cost $5,389,058) | 5,416,143 | |||||||||||
| CORPORATE BONDS — 86.4% | ||||||||||||
| AEROSPACE & DEFENSE — 4.4% | ||||||||||||
| 2,900,000 | TransDigm, Inc.(b) | 6.7500 | 08/15/28 | 2,938,956 | ||||||||
| ASSET MANAGEMENT — 12.6% | ||||||||||||
| 2,800,000 | Ares Capital Corporation | 2.8750 | 06/15/28 | 2,644,295 | ||||||||
| 2,700,000 | Blue Owl Capital Corporation | 2.8750 | 06/11/28 | 2,510,472 | ||||||||
| 3,200,000 | Main Street Capital Corporation | 3.0000 | 07/14/26 | 3,176,623 | ||||||||
| 8,331,390 | ||||||||||||
| AUTOMOTIVE — 4.7% | ||||||||||||
| 2,750,000 | Ford Motor Company | 9.6250 | 04/22/30 | 3,129,953 | ||||||||
| ENGINEERING & CONSTRUCTION — 1.6% | ||||||||||||
| 550,000 | MasTec, Inc.(b) | 6.6250 | 08/15/29 | 552,272 | ||||||||
| 500,000 | VM Consolidated, Inc.(b) | 5.5000 | 04/15/29 | 483,680 | ||||||||
| 1,035,952 | ||||||||||||
| HEALTH CARE FACILITIES & SERVICES — 14.0% | ||||||||||||
| 3,000,000 | Centene Corporation | 4.6250 | 12/15/29 | 2,849,675 | ||||||||
| 4,000,000 | HCA, Inc. | 5.2500 | 06/15/26 | 4,002,416 | ||||||||
| 2,500,000 | Tenet Healthcare Corporation | 4.3750 | 01/15/30 | 2,423,030 | ||||||||
| 9,275,121 | ||||||||||||
| INSURANCE — 5.8% | ||||||||||||
| 2,862,526 | Ambac Assurance Corporation(b),(c) | 5.1000 | Perpetual | 3,815,499 | ||||||||
| CATALYST INSIDER INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| CORPORATE BONDS — 86.4% (Continued) | ||||||||||||
| INTERNET MEDIA & SERVICES — 7.8% | ||||||||||||
| 2,500,000 | Go Daddy Operating Company, LLC / GD Finance Company(b) | 3.5000 | 03/01/29 | $ | 2,328,072 | |||||||
| 2,800,000 | VeriSign, Inc. | 4.7500 | 07/15/27 | 2,800,469 | ||||||||
| 5,128,541 | ||||||||||||
| LEISURE PRODUCTS — 3.8% | ||||||||||||
| 2,486,000 | Mattel, Inc.(b) | 5.8750 | 12/15/27 | 2,485,982 | ||||||||
| METALS & MINING — 2.0% | ||||||||||||
| 1,299,000 | Warrior Met Coal, Inc.(b) | 7.8750 | 12/01/28 | 1,315,153 | ||||||||
| OIL & GAS PRODUCERS — 10.4% | ||||||||||||
| 1,000,000 | Energy Transfer, L.P. Midsteam Finance Corporation(b) | 6.0000 | 02/01/29 | 1,007,426 | ||||||||
| 2,000,000 | Murphy Oil USA, Inc. | 5.6250 | 05/01/27 | 2,002,134 | ||||||||
| 1,000,000 | Murphy Oil USA, Inc. | 4.7500 | 09/15/29 | 986,948 | ||||||||
| 3,000,000 | Sunoco, L.P.(b) | 4.5000 | 10/01/29 | 2,900,873 | ||||||||
| 6,897,381 | ||||||||||||
| RETAIL - DISCRETIONARY — 4.4% | ||||||||||||
| 3,000,000 | Dick’s Sporting Goods, Inc.(b) | 4.0000 | 10/01/29 | 2,921,113 | ||||||||
| SEMICONDUCTORS — 3.0% | ||||||||||||
| 2,000,000 | Skyworks Solutions, Inc. | 1.8000 | 06/01/26 | 1,990,390 | ||||||||
| SPECIALTY FINANCE — 7.4% | ||||||||||||
| 5,000,000 | Rithm Capital Corporation(b) | 8.0000 | 04/01/29 | 4,913,299 | ||||||||
| TECHNOLOGY SERVICES — 4.5% | ||||||||||||
| 3,000,000 | Gartner, Inc.(b) | 4.5000 | 07/01/28 | 2,950,071 | ||||||||
| TOTAL CORPORATE BONDS (Cost $57,708,532) | 57,128,801 | |||||||||||
| CATALYST INSIDER INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 4.2% | ||||||||
| MONEY MARKET FUNDS - 4.2% | ||||||||
| 2,746,334 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $2,746,334)(d) | $ | 2,746,334 | |||||
| TOTAL INVESTMENTS - 98.8% (Cost $65,843,924) | $ | 65,291,278 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2% | 772,662 | |||||||
| NET ASSETS - 100.0% | $ | 66,063,940 | ||||||
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| (a) | Zero coupon bond. |
| (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 March 31, 2026 the total market value of 144A securities is 28,612,396 or 43.3% of net assets. |
| (c) | Security in default. Non income producing. |
| (d) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| CATALYST SYSTEMATIC ALPHA FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 25.1% | ||||||||
| FIXED INCOME - 25.1% | ||||||||
| 223,542 | Catalyst International Income Opportunities Fund(a) | $ | 28,565,039 | |||||
| TOTAL OPEN END FUNDS (Cost $25,302,226) | 28,565,039 | |||||||
| Principal Amount ($) | Coupon Rate (%) | Maturity | ||||||||||
| CORPORATE BONDS — 21.4% | ||||||||||||
| AEROSPACE & DEFENSE — 2.6% | ||||||||||||
| 3,000,000 | Boeing Company (The) | 3.1000 | 05/01/26 | 2,991,497 | ||||||||
| AUTOMOTIVE — 2.6% | ||||||||||||
| 3,000,000 | Ford Motor Company | 4.3460 | 12/08/26 | 2,990,553 | ||||||||
| FOOD — 4.8% | ||||||||||||
| 5,460,000 | Kraft Heinz Foods Company | 3.0000 | 06/01/26 | 5,447,036 | ||||||||
| HEALTH CARE FACILITIES & SERVICES — 2.6% | ||||||||||||
| 3,000,000 | HCA, Inc. | 5.2500 | 06/15/26 | 3,001,812 | ||||||||
| RETAIL - DISCRETIONARY — 1.3% | ||||||||||||
| 1,460,000 | Ross Stores, Inc. | 0.8750 | 04/15/26 | 1,457,888 | ||||||||
| SEMICONDUCTORS — 2.6% | ||||||||||||
| 3,000,000 | Skyworks Solutions, Inc. | 1.8000 | 06/01/26 | 2,985,584 | ||||||||
| TECHNOLOGY SERVICES — 4.9% | ||||||||||||
| 5,500,000 | International Business Machines Corporation | 3.3000 | 05/15/26 | 5,495,041 | ||||||||
| TOTAL CORPORATE BONDS (Cost $24,371,301) | 24,369,411 | |||||||||||
| Discount Rate (%) | ||||||||||||
| U.S. GOVERNMENT & AGENCIES — 47.4% | ||||||||||||
| U.S. TREASURY BILLS — 47.4% | ||||||||||||
| 3,550,000 | United States Treasury Bill(b), (e) | 3.4500 | 04/16/26 | 3,544,635 | ||||||||
| CATALYST SYSTEMATIC ALPHA FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Discount Rate (%) | Maturity | Fair Value | |||||||||
| U.S. GOVERNMENT & AGENCIES — 47.4% (Continued) | ||||||||||||
| U.S. TREASURY BILLS — 47.4% (Continued) | ||||||||||||
| 9,383,000 | United States Treasury Bill(b),(e) | 3.6500 | 07/09/26 | $ | 9,290,085 | |||||||
| 9,300,000 | United States Treasury Bill(b),(c),(e) | 3.6500 | 08/06/26 | 9,182,614 | ||||||||
| 3,000,000 | United States Treasury Bill(b),(c),(e) | 3.6600 | 09/03/26 | 2,953,768 | ||||||||
| 9,600,000 | United States Treasury Bill(b),(e) | 3.6900 | 10/01/26 | 9,424,889 | ||||||||
| 1,000,000 | United States Treasury Bill(b),(c),(e) | 3.6700 | 10/29/26 | 979,146 | ||||||||
| 732,000 | United States Treasury Bill(b),(c),(e) | 3.6400 | 01/21/27 | 711,023 | ||||||||
| 13,500,000 | United States Treasury Bill(b),(e) | 3.6700 | 02/18/27 | 13,073,943 | ||||||||
| 5,000,000 | United States Treasury Bill(b),(e) | 3.6900 | 03/18/27 | 4,828,400 | ||||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $54,001,187) | 53,988,503 | |||||||||||
| Shares | ||||||||
| SHORT-TERM INVESTMENTS — 19.2% | ||||||||
| MONEY MARKET FUNDS – 19.2% | ||||||||
| 21,869,703 | First American Treasury Obligations Fund, Class X, 3.58%(c),(d) | 21,869,703 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $21,869,703) | 21,869,703 | |||||||
| TOTAL INVESTMENTS – 113.1% (Cost $125,544,417) | $ | 128,792,656 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (13.1)% | (14,955,147 | ) | ||||||
| NET ASSETS - 100.0% | $ | 113,837,509 | ||||||
| (a) | Non-income producing security. |
| (b) | Zero coupon bond. |
| (c) | All or a portion of this investment is a holding of the CSACS Fund Limited. |
| (d) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| (e) | This security is segregated as Collateral for a Swap Contract. |
| CATALYST SYSTEMATIC ALPHA FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
TOTAL RETURN SWAPS - (13.3) %
The BNP Paribas Catalyst Systematic Alpha Non-Commodities Index (“BCKTSAXE”) is a rules based index designed to capitalize on structural inefficiencies and behavioral biases present within the equity, fixed income, and currency markets. The BCKTSAXE Index is comprised of four rules-based Index components created by BNP Paribas.*
The BNP Paribas Catalyst Systematic Alpha Commodities Index (“BCKTSACE”) is a rules based index designed to capitalize on structural inefficiencies and behavioral biases present within the commodity markets. The BCKTSACE Index is comprised of two rules-based Index components created by BNP Paribas.*
The CIBC Multi Asset Systematic Alpha Index (“CIBQMASA”) 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 CIBQMASA Index is comprised of five rules-based Index components created by CIBC.**
Custom Asset Series Y1 Excess Return Strategy (“RCXTCAY1”) is a rules-based index containing strategies across a mix of non-commodity asset classes which look to invest in premias including carry, volatility, trend and relative value. The index has 13 components which comprise the broader index.
Custom Asset Series Y2 Excess Return Strategy (“RCXTCAY2”) is a rules-based index containing two commodities strategies (one based on carry and the other on curve RV).
The J..P. Morgan XRJPCT12 Index is a cross-assets rules-based index that considers short-term and long-term portfolio dynamics to optimize the weight to ensure diversification and avoid concentration risk. The fund’s advisor We adds a layer of Volatility Targeting to adjust the overall portfolio exposure dynamically to maintain a target volatility of 12%. The index is comprised of seven rules-based index components created by JPMorgan. ***
The HSBC Systematic Alpha Index (“HSIESA1I”) is a rules-based index containing strategies across a mix of asset classes which look to invest in premias including carry, trend, and smart beta. The index has 6 components which comprise the broader index. ****
| Shares | Reference Entity | Payment Frequency | Notional Amount | Counterparty | Maturity | Pay Fixed Rate | Upfront Payments | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| 16,700 | BNP Paribas Catalyst Systematic Alpha Non-Commodities Index * | Maturity | (76,737,753) | BNP Paribas | 2/10/2027 | 0.2000% | — | $ | (6,483,869 | ) | ||||||||||
| 16,700 | BNP Paribas Catalyst Systematic Alpha Commodities Index +* | Monthly | (62,319,325) | BNP Paribas | 2/10/2027 | 0.2000% | — | (7,685,140 | ) | |||||||||||
| 5,350 | CIBC Multi Asset Systematic Alpha Index +** | Monthly | (14,184,455) | CIBC | 4/30/2026 | 0.1000% | — | (735,603 | ) | |||||||||||
| 124,794 | Custom Asset Series Y1 Excess Return Strategy | Monthly | (14,053,052) | Goldman Sachs | 2/12/2027 | 1.0690% | — | 248,340 | ||||||||||||
| 20,419 | Custom Asset Series Y2 Excess Return Strategy + | Monthly | (2,718,790) | Goldman Sachs | 2/12/2027 | 0.7170% | — | (417,773 | ) | |||||||||||
| 8,197 | J.P. Morgan XRJPCT12 Index +*** | Quarterly | (20,694,103) | JP Morgan | 12/3/2026 | 0.2800% | — | (488,488 | ) | |||||||||||
| 26,294 | HSBC Systematic Alpha 1 Index**** | Monthly | (14,999,938) | HSBC | 11/13/2026 | 1.0000% | — | 447,524 | ||||||||||||
| $ | (15,115,009 | ) | ||||||||||||||||||
| + | This instrument is held by CSACS Fund Ltd. |
| * | Additional information can be found on https://marketing-indx.bnpparibas.com/casaindex/index-performance/ |
| ** | Additional information can be found on https://indices.cibccm.com/CIBQMASA/ |
| *** | Additional information can be found on http://www.jpmorganindices.com/indices/XRJPCT12 |
| **** | Additional information can be found on https://www.solactive.com/index/DE000SL0PR63/ |
| CATALYST SYSTEMATIC ALPHA FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
Custom Asset Series Y1 Excess Return Strategy Total Return Swap Top 50 Holdings
The following table represents the individual positions and related values of underlying securities of the Custom Asset Series X1 Excess Return Strategy Total Return Swap.
| Credit Default Swaps | ||||||||||||||||||||
| Contracts | Name | Counterparty | Pay/Receive | Interest Rate | Maturity Date | Notional | Fair Value | |||||||||||||
| 5,276,852 | CDX.NA.IG.45-V1.5Y | Goldman Sachs | Receive | 0.0500 | 12/20/2030 | (3,379,691 | ) | 264,124 | ||||||||||||
| 2,796,732 | iTraxx Europe XOver.44-V1.5Y | Goldman Sachs | Receive | 0.0100 | 12/20/2030 | (5,282,155 | ) | 121,134 | ||||||||||||
| 10,418,797 | iTraxx Europe.44-V1.5Y | Goldman Sachs | Receive | 0.0100 | 12/20/2030 | (7,042,470 | ) | 193,597 | ||||||||||||
| Equity Forwards | ||||||||||||||||||||
| Contracts | Name | Counterparty | Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||||
| (1,073 | ) | S&P 500 Index | Goldman Sachs | (7,003,201 | ) | — | ||||||||||||||
| (765 | ) | S&P 500 Index | Goldman Sachs | (4,996,921 | ) | — | ||||||||||||||
| (617 | ) | S&P 500 Index | Goldman Sachs | (4,031,149 | ) | — | ||||||||||||||
| (509 | ) | S&P 500 Index | Goldman Sachs | (3,323,955 | ) | — | ||||||||||||||
| (403 | ) | S&P 500 Index | Goldman Sachs | (2,631,442 | ) | — | ||||||||||||||
| Open Long Futures | ||||||||||||||||||||
| Contracts | Name | Expiration Date | Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||||
| 51,504 | Euro BTPs | 6/8/2026 | 6,900,360 | — | ||||||||||||||||
| 38,796 | Euro OATs | 6/8/2026 | 5,305,487 | — | ||||||||||||||||
| 7,700,479 | JGB | 6/11/2026 | 6,307,433 | — | ||||||||||||||||
| 37,233 | Ten-Year Australian Government Bonds | 6/15/2026 | 2,747,843 | — | ||||||||||||||||
| (29,446 | ) | UK Long Gilts | 6/26/2026 | (3,408,942 | ) | — | ||||||||||||||
| 21,775 | US 10-year Treasury Note | 6/18/2026 | 2,418,029 | — | ||||||||||||||||
| Options Purchased | ||||||||||||||||||||
| Contracts | Name | Counterparty | Call/Put | Expiration Date | Exercise Price | Notional | Fair Value | |||||||||||||
| 341 | S&P 500 Index | Goldman Sachs | Put | 5/15/2026 | 3,975 | 2,223,966 | 1,321 | |||||||||||||
| 354 | S&P 500 Index | Goldman Sachs | Put | 6/18/2026 | 5,450 | 2,307,902 | 15,578 | |||||||||||||
| Options Written | ||||||||||||||||||||
| Contracts | Name | Counterparty | Call/Put | Expiration Date | Exercise Price | Notional | Fair Value | |||||||||||||
| (2,260,968 | ) | CDX.NA.IG.45-V1.5Y | Goldman Sachs | 4/15/2026 | 47.50 | (2,260,968 | ) | (29 | ) | |||||||||||
| (4,520,692 | ) | CDX.NA.IG.45-V1.5Y | Goldman Sachs | 4/15/2026 | 50.00 | (4,520,692 | ) | (288 | ) | |||||||||||
| (5,075,878 | ) | CDX.NA.IG.45-V1.5Y | Goldman Sachs | 4/15/2026 | 52.50 | (5,075,878 | ) | (1,109 | ) | |||||||||||
| (2,462,237 | ) | CDX.NA.IG.45-V1.5Y | Goldman Sachs | 4/15/2026 | 55.00 | (2,462,237 | ) | (5,849 | ) | |||||||||||
| (3,806,167 | ) | CDX.NA.IG.45-V1.5Y | Goldman Sachs | 4/15/2026 | 55.00 | (3,806,167 | ) | (2,041 | ) | |||||||||||
| (3,898,584 | ) | CDX.NA.IG.45-V1.5Y | Goldman Sachs | 4/15/2026 | 57.50 | (3,898,584 | ) | (6,978 | ) | |||||||||||
| (3,327,305 | ) | CDX.NA.IG.45-V1.5Y | Goldman Sachs | 4/15/2026 | 60.00 | (3,327,305 | ) | (4,506 | ) | |||||||||||
| (4,569,596 | ) | CDX.NA.IG.45-V1.5Y | Goldman Sachs | 4/15/2026 | 62.50 | (4,569,596 | ) | (4,757 | ) | |||||||||||
| (2,288,770 | ) | CDX.NA.IG.45-V1.5Y | Goldman Sachs | 4/15/2026 | 67.50 | (2,288,770 | ) | (1,478 | ) | |||||||||||
| (2,468,334 | ) | CDX.NA.IG.46-V1.5Y | Goldman Sachs | 5/20/2026 | 62.50 | (2,468,334 | ) | (4,810 | ) | |||||||||||
| (1,966,489 | ) | iTraxx Europe.44-V1.5Y | Goldman Sachs | 4/15/2026 | 57.50 | (2,265,789 | ) | (10,261 | ) | |||||||||||
| (2,089,473 | ) | iTraxx Europe.44-V1.5Y | Goldman Sachs | 4/15/2026 | 55.00 | (2,407,491 | ) | (13,210 | ) | |||||||||||
| (2,331,649 | ) | iTraxx Europe.44-V1.5Y | Goldman Sachs | 4/15/2026 | 65.00 | (2,686,526 | ) | (6,449 | ) | |||||||||||
| (2,350,788 | ) | iTraxx Europe.44-V1.5Y | Goldman Sachs | 4/15/2026 | 50.00 | (2,708,578 | ) | (14 | ) | |||||||||||
| (2,384,299 | ) | iTraxx Europe.44-V1.5Y | Goldman Sachs | 4/15/2026 | 60.00 | (2,747,189 | ) | (1,393 | ) | |||||||||||
| (2,880,220 | ) | iTraxx Europe.44-V1.5Y | Goldman Sachs | 4/15/2026 | 57.50 | (3,318,589 | ) | (801 | ) | |||||||||||
| (3,175,508 | ) | iTraxx Europe.44-V1.5Y | Goldman Sachs | 4/15/2026 | 52.50 | (3,658,820 | ) | (95 | ) | |||||||||||
| (3,404,239 | ) | iTraxx Europe.44-V1.5Y | Goldman Sachs | 4/15/2026 | 62.50 | (3,922,364 | ) | (11,689 | ) | |||||||||||
| (656 | ) | S&P 500 Index | Goldman Sachs | Call | 4/2/2026 | 6,595 | (4,284,380 | ) | (10,665 | ) | ||||||||||
| (981 | ) | S&P 500 Index | Goldman Sachs | Call | 4/2/2026 | 6,705 | (6,401,461 | ) | (940 | ) | ||||||||||
| (1,288 | ) | S&P 500 Index | Goldman Sachs | Call | 4/2/2026 | 6,790 | (8,405,832 | ) | (248 | ) | ||||||||||
| (881 | ) | S&P 500 Index | Goldman Sachs | Call | 4/2/2026 | 6,860 | (5,754,073 | ) | (92 | ) | ||||||||||
| (752 | ) | S&P 500 Index | Goldman Sachs | Call | 4/2/2026 | 6,870 | (4,911,938 | ) | (75 | ) | ||||||||||
| (490 | ) | S&P 500 Index | Goldman Sachs | Call | 4/2/2026 | 6,875 | (3,198,025 | ) | (55 | ) | ||||||||||
| (617 | ) | S&P 500 Index | Goldman Sachs | Call | 4/2/2026 | 6,900 | (4,029,903 | ) | (46 | ) | ||||||||||
| (351 | ) | S&P 500 Index | Goldman Sachs | Call | 4/2/2026 | 6,940 | (2,291,619 | ) | (37 | ) | ||||||||||
| (884 | ) | S&P 500 Index | Goldman Sachs | Call | 4/10/2026 | 6,730 | (5,772,012 | ) | (13,520 | ) | ||||||||||
| (667 | ) | S&P 500 Index | Goldman Sachs | Call | 4/10/2026 | 6,810 | (4,356,550 | ) | (2,807 | ) | ||||||||||
| (447 | ) | S&P 500 Index | Goldman Sachs | Call | 4/10/2026 | 6,870 | (2,918,692 | ) | (672 | ) | ||||||||||
| (612 | ) | S&P 500 Index | Goldman Sachs | Call | 4/10/2026 | 6,940 | (3,997,723 | ) | (387 | ) | ||||||||||
| (348 | ) | S&P 500 Index | Goldman Sachs | Call | 4/17/2026 | 6,805 | (2,273,478 | ) | (4,787 | ) | ||||||||||
| (336 | ) | S&P 500 Index | Goldman Sachs | Call | 4/17/2026 | 6,990 | (2,196,069 | ) | (442 | ) | ||||||||||
| Interest Rate Swaps | ||||||||||||||||||||
| Contracts | Name | Counterparty | Pay/Receive | Interest Rate | Maturity Date | Notional | Fair Value | |||||||||||||
| 3,745,803 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0390 | 5/7/2036 | 3,745,803 | (5,905 | ) | ||||||||||||
| 3,745,141 | 10yr Point On US Dollar | Goldman Sachs | Receive | 0.0390 | 5/7/2036 | 3,745,141 | (5,904 | ) | ||||||||||||
| CATALYST SYSTEMATIC ALPHA FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
Custom Asset Series Y2 Excess Return Strategy Total Return Swap Top 50 Holdings
| Open Long Futures | ||||||||||||||||||||
| Contracts | Name | Expiration Date | Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||||
| 10,769 | Brent Crude Oil | 06/2026 | 1,119,669 | — | ||||||||||||||||
| 12,807 | Brent Crude Oil | 07/2026 | 1,231,632 | — | ||||||||||||||||
| 51,384 | Chicago Wheat | 12/2026 | 336,311 | — | ||||||||||||||||
| 112,264 | Copper HG | 07/2026 | 636,031 | — | ||||||||||||||||
| 290,657 | Corn | 05/2026 | 1,330,484 | — | ||||||||||||||||
| 85,673 | Corn | 07/2026 | 401,163 | — | ||||||||||||||||
| 121,649 | Corn | 12/2026 | 589,083 | — | ||||||||||||||||
| 493 | Gasoil | 07/2026 | 498,428 | — | ||||||||||||||||
| 175 | Gold | 06/2026 | 817,137 | — | ||||||||||||||||
| 105,894 | Heating Oil | 07/2026 | 365,717 | — | ||||||||||||||||
| 176,276 | Live Cattle | 10/2026 | 415,790 | — | ||||||||||||||||
| 194,882 | Natural Gas | 09/2026 | 638,240 | — | ||||||||||||||||
| 114,462 | RBOB Gasoline | 07/2026 | 332,638 | — | ||||||||||||||||
| 88,323 | Soybean | 05/2026 | 1,034,257 | — | ||||||||||||||||
| 28,088 | Soybean | 07/2026 | 333,122 | — | ||||||||||||||||
| 1,009 | Soybean Meal | 07/2026 | 317,097 | — | ||||||||||||||||
| 9,190 | WTI Crude Oil | 07/2026 | 795,221 | — | ||||||||||||||||
| Open Short Futures | ||||||||||||||||||||
| Contracts | Name | Expiration Date | Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||||
| (134 | ) | Aluminium | 05/2026 | (471,022 | ) | — | ||||||||||||||
| (11,661 | ) | Brent Crude Oil | 07/2026 | (1,121,400 | ) | — | ||||||||||||||
| (54,855 | ) | Chicago Wheat | 05/2026 | (338,045 | ) | — | ||||||||||||||
| (107 | ) | Copper | 04/2026 | (1,317,085 | ) | — | ||||||||||||||
| (113,335 | ) | Copper HG | 05/2026 | (636,263 | ) | — | ||||||||||||||
| (129,189 | ) | Corn | 05/2026 | (591,363 | ) | — | ||||||||||||||
| (76,379 | ) | Corn | 09/2026 | (359,172 | ) | — | ||||||||||||||
| (404 | ) | Gasoil | 05/2026 | (500,967 | ) | — | ||||||||||||||
| (89,430 | ) | Heating Oil | 05/2026 | (367,897 | ) | — | ||||||||||||||
| (171,744 | ) | Live Cattle | 06/2026 | (417,810 | ) | — | ||||||||||||||
| (257,973 | ) | Natural Gas | 05/2026 | (743,994 | ) | — | ||||||||||||||
| (104,823 | ) | RBOB Gasoline | 05/2026 | (335,844 | ) | — | ||||||||||||||
| (52,400 | ) | Soybean | 05/2026 | (613,600 | ) | — | ||||||||||||||
| (1,003 | ) | Soybean Meal | 05/2026 | (317,290 | ) | — | ||||||||||||||
| (597,877 | ) | Soybean Oil | 05/2026 | (411,818 | ) | — | ||||||||||||||
| (2,056,961 | ) | Sugar | 05/2026 | (319,240 | ) | — | ||||||||||||||
| (9,934 | ) | WTI Crude Oil | 05/2026 | (1,007,086 | ) | — | ||||||||||||||
| Options Purchased | ||||||||||||||||||||
| Contracts | Name | Counterparty | Call/Put | Expiration Date | Exercise Price | Notional | Fair Value | |||||||||||||
| 3,777 | Brent Crude Oil | Goldman Sachs | Call | 4/27/2026 | 98.00 | 392,712 | 51,256 | |||||||||||||
| 3,249 | Brent Crude Oil | Goldman Sachs | Call | 4/27/2026 | 173.00 | 337,755 | 3,379 | |||||||||||||
| 3,190 | Brent Crude Oil | Goldman Sachs | Call | 4/27/2026 | 150.00 | 331,701 | 6,923 | |||||||||||||
| 8,959 | Brent Crude Oil | Goldman Sachs | Put | 4/27/2026 | 52.50 | 931,462 | 269 | |||||||||||||
| 3,586 | Brent Crude Oil | Goldman Sachs | Put | 4/27/2026 | 52.00 | 372,792 | 108 | |||||||||||||
| 3,267 | Brent Crude Oil | Goldman Sachs | Put | 4/27/2026 | 53.50 | 339,656 | 131 | |||||||||||||
| 3,105 | Brent Crude Oil | Goldman Sachs | Put | 4/27/2026 | 54.50 | 322,792 | 155 | |||||||||||||
| 3,039 | Brent Crude Oil | Goldman Sachs | Put | 4/27/2026 | 59.00 | 315,990 | 274 | |||||||||||||
| Options Written | ||||||||||||||||||||
| Contracts | Name | Counterparty | Call/Put | Expiration Date | Exercise Price | Notional | Fair Value | |||||||||||||
| (30,176 | ) | Soybean | Goldman Sachs | Call | 4/24/2026 | 11.90 | (353,364 | ) | (3,131 | ) | ||||||||||
| (35,208 | ) | Soybean | Goldman Sachs | Call | 4/24/2026 | 12.30 | (412,289 | ) | (1,100 | ) | ||||||||||
| (35,263 | ) | Soybean | Goldman Sachs | Call | 4/24/2026 | 12.00 | (412,934 | ) | (2,733 | ) | ||||||||||
| (79,379 | ) | Corn | Goldman Sachs | Call | 4/24/2026 | 4.70 | (363,358 | ) | (3,771 | ) | ||||||||||
| (79,518 | ) | Corn | Goldman Sachs | Call | 4/24/2026 | 4.65 | (363,993 | ) | (4,970 | ) | ||||||||||
| (81,463 | ) | Corn | Goldman Sachs | Call | 4/24/2026 | 4.75 | (372,898 | ) | (3,055 | ) | ||||||||||
| (84,412 | ) | Corn | Goldman Sachs | Call | 4/24/2026 | 4.80 | (386,395 | ) | (2,427 | ) | ||||||||||
| (107,993 | ) | Corn | Goldman Sachs | Call | 4/24/2026 | 4.85 | (494,338 | ) | (2,430 | ) | ||||||||||
| CATALYST/ASPECT ENHANCED MULTI-ASSET FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 42.2% | ||||||||
| FIXED INCOME - 42.2% | ||||||||
| 131,526 | iShares Core U.S. Aggregate Bond ETF | $ | 13,056,586 | |||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $12,945,120) | 13,056,586 | |||||||
| SHORT-TERM INVESTMENTS — 30.2% | ||||||||
| MONEY MARKET FUNDS - 30.2% | ||||||||
| 9,371,732 | First American Treasury Obligations Fund, Class X, 3.58%(a),(c) | 9,371,732 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,371,732) | 9,371,732 | |||||||
| TOTAL INVESTMENTS - 72.4% (Cost $22,316,852) | $ | 22,428,318 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 27.6% | 8,565,031 | |||||||
| NET ASSETS - 100.0% | $ | 30,993,349 | ||||||
| OPEN FUTURES CONTRACTS | ||||||||||||||
| Number of Contracts | Open Long Futures Contracts | Expiration | Notional
Amount(b) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
| 3 | CBOT Corn Future(c) | 07/15/2026 | $ | 70,238 | $ | 713 | ||||||||
| 4 | CBOT Corn Future(c) | 12/15/2026 | 96,850 | 100 | ||||||||||
| 6 | CBOT Soybean Future(c) | 05/15/2026 | 351,300 | (12,188 | ) | |||||||||
| 3 | CBOT Soybean Meal Future(c) | 07/15/2026 | 94,290 | (1,630 | ) | |||||||||
| 18 | CBOT Soybean Oil Future(c) | 07/15/2026 | 743,904 | 28,266 | ||||||||||
| 3 | CBOT Wheat Future(c) | 05/15/2026 | 92,438 | 1,888 | ||||||||||
| 3 | CBOT Wheat Future(c) | 07/15/2026 | 93,975 | 1,625 | ||||||||||
| 1 | CME Australian Dollar Currency Future | 06/16/2026 | 68,825 | (2,740 | ) | |||||||||
| 1 | CME E-mini Russell 2000 Index Futures | 06/22/2026 | 125,610 | 767 | ||||||||||
| 58 | CME E-Mini Standard & Poor’s 500 Index Future | 06/22/2026 | 19,055,176 | (334,224 | ) | |||||||||
| 2 | CME Feeder Cattle Future(c) | 05/22/2026 | 366,475 | 22,937 | ||||||||||
| 1 | CME Feeder Cattle Future(c) | 08/28/2026 | 182,213 | 8,788 | ||||||||||
| 3 | CME Lean Hogs Future(c) | 07/16/2026 | 128,670 | (5,590 | ) | |||||||||
| 4 | CME Live Cattle Future(c) | 07/01/2026 | 389,240 | 17,330 | ||||||||||
| 4 | CME Live Cattle Future(c) | 09/01/2026 | 383,680 | 18,920 | ||||||||||
| 5 | CME Live Cattle Future(c) | 11/02/2026 | 471,750 | 14,990 | ||||||||||
| 3 | COMEX Copper Future(c) | 05/28/2026 | 421,050 | (19,725 | ) | |||||||||
| 2 | COMEX Gold 100 Troy Ounces Future(c) | 06/29/2026 | 935,720 | 12,280 | ||||||||||
| 1 | COMEX Silver Future(c) | 05/28/2026 | 374,595 | (480 | ) | |||||||||
| 2 | Eurex EURO STOXX 50 Future | 06/22/2026 | 127,023 | (2,826 | ) | |||||||||
| CATALYST/ASPECT ENHANCED MULTI-ASSET FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FUTURES CONTRACTS (Continued) | ||||||||||||||
| Number of Contracts | Open Long Futures Contracts | Expiration | Notional
Amount(b) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
| 7 | Euronext Milling Wheat Future(c) | 05/12/2026 | $ | 82,828 | $ | (1,209 | ) | |||||||
| 6 | Euronext Rapeseed Future(c) | 08/03/2026 | 176,144 | 5,830 | ||||||||||
| 3 | FTSE 100 Index Future | 06/22/2026 | 404,969 | (403 | ) | |||||||||
| 1 | FTSE/MIB Index Future | 06/22/2026 | 251,826 | (796 | ) | |||||||||
| 4 | ICE Brent Crude Oil Future(c) | 05/01/2026 | 415,880 | 84,420 | ||||||||||
| 2 | ICE Brent Crude Oil Future(c) | 06/01/2026 | 192,340 | 35,620 | ||||||||||
| 2 | ICE Gas Oil Future(c) | 05/13/2026 | 247,850 | 63,400 | ||||||||||
| 1 | ICE Gas Oil Future(c) | 06/12/2026 | 110,200 | 22,675 | ||||||||||
| 1 | ICE US mini MSCI EAFE Index Futures | 06/22/2026 | 145,055 | (1,460 | ) | |||||||||
| 2 | ICE US MSCI Emerging Markets EM Index Futures | 06/22/2026 | 145,460 | (4,100 | ) | |||||||||
| 8 | KCBT Hard Red Winter Wheat Future(c) | 05/15/2026 | 254,199 | 7,050 | ||||||||||
| 1 | KFE KOSPI 200 Index Future | 06/12/2026 | 124,531 | (13,876 | ) | |||||||||
| 2 | LME Copper Future(c) | 06/16/2026 | 616,676 | (26,907 | ) | |||||||||
| 13 | LME Primary Aluminum Future(c) | 06/16/2026 | 1,131,695 | 53,818 | ||||||||||
| 4 | LME Zinc Future(c) | 06/16/2026 | 324,300 | (10,853 | ) | |||||||||
| 4 | MDE Crude Palm Oil Future(c) | 06/16/2026 | 119,239 | 6,862 | ||||||||||
| 4 | MDE Kuala Lumpur Composite Index Future | 05/01/2026 | 83,453 | (1,261 | ) | |||||||||
| 2 | MIAX Futures Onyx Hard Red Spring Wheat Futures(c) | 05/15/2026 | 65,850 | 1,287 | ||||||||||
| 1 | Montreal Exchange S&P/TSX 60 Index Future | 06/22/2026 | 274,231 | 2,246 | ||||||||||
| 3 | NYMEX Light Sweet Crude Oil Future(c) | 04/22/2026 | 304,140 | 42,690 | ||||||||||
| 1 | NYMEX Light Sweet Crude Oil Future(c) | 05/20/2026 | 93,160 | 15,560 | ||||||||||
| 2 | NYMEX NY Harbor ULSD Futures(c) | 05/01/2026 | 345,559 | 113,052 | ||||||||||
| 1 | NYMEX NY Harbor ULSD Futures(c) | 06/01/2026 | 157,118 | 34,171 | ||||||||||
| 2 | NYMEX Platinum Future(c) | 07/30/2026 | 197,020 | (2,350 | ) | |||||||||
| 5 | NYMEX Reformulated Gasoline Blendstock for Oxygen Futures(c) | 06/01/2026 | 641,676 | (18,135 | ) | |||||||||
| 6 | OML Stockholm OMXS30 Index Future | 04/20/2026 | 185,040 | (4,944 | ) | |||||||||
| 1 | SAFEX FTSE/JSE Top 40 Index Future | 06/22/2026 | 63,179 | (1,218 | ) | |||||||||
| 81 | SGX Asiaclear TSI Iron Ore CFR China 62% FE Fines Future(c) | 06/01/2026 | 854,388 | (10,856 | ) | |||||||||
| 21 | SGX FTSE China A50 Futures Contract | 04/30/2026 | 305,256 | (737 | ) | |||||||||
| 2 | SGX FTSE Taiwan Index Futures | 04/30/2026 | 206,640 | (14,680 | ) | |||||||||
| 3 | SGX MSCI Singapore Index Future | 04/30/2026 | 101,871 | 851 | ||||||||||
| 1 | SGX Nikkei 225 Stock Index Future | 06/12/2026 | 161,707 | (8,204 | ) | |||||||||
| 65 | TEF SET50 Index Future | 06/30/2026 | 383,816 | 4,130 | ||||||||||
| 1 | TSE TOPIX (Tokyo Price Index) Future | 06/12/2026 | 220,776 | (8,062 | ) | |||||||||
| 5 | TTF Natural Gas Base Load Monthly Futures(c) | 04/30/2026 | 218,234 | (4,197 | ) | |||||||||
| 28 | TurkDEX ISE 30 Futures | 05/01/2026 | 93,235 | (8,244 | ) | |||||||||
| 16 | WCE Canola Future(c) | 07/15/2026 | 171,226 | 1,909 | ||||||||||
| 1 | White Sugar Future(c) | 07/17/2026 | 22,600 | (325 | ) | |||||||||
| TOTAL LONG FUTURES CONTRACTS | $ | 101,955 | ||||||||||||
| Number of Contracts | Open Short Futures Contracts | Expiration | Notional
Amount(b) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
| 9 | 3 Month Euro Euribor Future | 03/16/2027 | $ | 2,526,439 | $ | 12,049 | ||||||||
| 10 | 3 Month Euro Euribor Future | 03/14/2028 | 2,811,344 | 3,864 | ||||||||||
| 9 | 3 Month Euro Euribor Future | 06/15/2027 | 2,526,959 | 6,705 | ||||||||||
| CATALYST/ASPECT ENHANCED MULTI-ASSET FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FUTURES CONTRACTS (Continued) | ||||||||||||||
| Number of Contracts | Open Short Futures Contracts | Expiration | Notional
Amount(b) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
| 10 | 3 Month Euro Euribor Future | 06/20/2028 | $ | 2,811,055 | $ | 3,220 | ||||||||
| 10 | 3 Month Euro Euribor Future | 09/14/2027 | 2,809,466 | 6,243 | ||||||||||
| 10 | 3 Month Euro Euribor Future | 09/19/2028 | 2,810,622 | 3,032 | ||||||||||
| 6 | 3 Month Euro Euribor Future | 12/15/2026 | 1,684,813 | 5,574 | ||||||||||
| 11 | 3 Month Euro Euribor Future | 12/14/2027 | 3,092,161 | 4,409 | ||||||||||
| 1 | 3-Month CORRA Futures | 03/17/2027 | 174,746 | (486 | ) | |||||||||
| 2 | 3-Month CORRA Futures | 12/15/2027 | 348,898 | 44 | ||||||||||
| 8 | 3-Month CORRA Futures | 09/16/2026 | 1,403,283 | 443 | ||||||||||
| 2 | 3-Month CORRA Futures | 06/16/2027 | 349,006 | (493 | ) | |||||||||
| 2 | 3-Month CORRA Futures | 09/15/2027 | 348,844 | 445 | ||||||||||
| 2 | Carbon Emissions Future(c) | 12/15/2026 | 167,614 | (9,902 | ) | |||||||||
| 32 | CBOT 10 Year US Treasury Note Future | 06/22/2026 | 3,553,500 | 7,672 | ||||||||||
| 29 | CBOT 2 Year US Treasury Note Future | 07/01/2026 | 6,015,914 | 19,899 | ||||||||||
| 36 | CBOT 5 Year US Treasury Note Future | 07/01/2026 | 3,894,469 | 12,500 | ||||||||||
| 11 | CBOT US Treasury Bond Futures | 06/22/2026 | 1,252,625 | (937 | ) | |||||||||
| 1 | CME Canadian Dollar Currency Future | 06/17/2026 | 72,000 | 545 | ||||||||||
| 4 | CME Japanese Yen Currency Future | 06/16/2026 | 316,700 | 619 | ||||||||||
| 1 | CME Lean Hogs Future(c) | 06/15/2026 | 42,020 | (250 | ) | |||||||||
| 1 | CME New Zealand Dollar Currency Future | 06/16/2026 | 57,530 | (195 | ) | |||||||||
| 10 | Cocoa Future(c) | 07/17/2026 | 332,477 | (6,123 | ) | |||||||||
| 7 | Cocoa Future(c) | 09/16/2026 | 234,865 | (7,667 | ) | |||||||||
| 32 | Eurex 10 Year Euro BUND Future | 06/09/2026 | 4,637,633 | 35,687 | ||||||||||
| 56 | Eurex 2 Year Euro SCHATZ Future | 06/09/2026 | 6,844,660 | 37,663 | ||||||||||
| 22 | Eurex 30 Year Euro BUXL Future | 06/09/2026 | 2,803,652 | 35,729 | ||||||||||
| 31 | Eurex 5 Year Euro BOBL Future | 06/09/2026 | 4,135,841 | 28,516 | ||||||||||
| 4 | Euro-BTP Italian Bond Futures | 06/09/2026 | 537,587 | 3,919 | ||||||||||
| 27 | EUX Short term Euro-BTP Futures | 06/09/2026 | 3,303,225 | 12,940 | ||||||||||
| 7 | French Government Bond Futures | 06/09/2026 | 960,275 | 6,707 | ||||||||||
| 3 | HKG Hang Seng China Enterprises Index Future | 04/30/2026 | 159,872 | 1,551 | ||||||||||
| 9 | IFSC NIFTY 50 Index Futures | 04/29/2026 | 404,667 | 11,348 | ||||||||||
| 7 | LME Lead Future(c) | 06/16/2026 | 331,954 | 13,249 | ||||||||||
| 9 | Long Gilt Future | 06/29/2026 | 1,045,755 | 6,413 | ||||||||||
| 19 | Montreal Exchange 10 Year Canadian Bond Future | 06/22/2026 | 1,638,798 | (4,686 | ) | |||||||||
| 8 | Montreal Exchange 2 Year Canadian Bond Future | 06/22/2026 | 604,810 | (1,329 | ) | |||||||||
| 5 | Montreal Exchange 5 Year Canadian Bond Future | 06/22/2026 | 407,833 | (1,814 | ) | |||||||||
| 6 | NYBOT CSC Cocoa Future(c) | 09/16/2026 | 205,020 | (6,180 | ) | |||||||||
| 10 | NYBOT CSC Cocoa Future(c) | 07/17/2026 | 336,700 | (3,970 | ) | |||||||||
| 3 | NYBOT CSC Number 11 World Sugar Future(c) | 07/01/2026 | 52,685 | 873 | ||||||||||
| 2 | NYBOT CSC Number 11 World Sugar Future(c) | 10/01/2026 | 35,952 | 582 | ||||||||||
| 1 | NYBOT CTN Number 2 Cotton Future(c) | 05/07/2026 | 35,000 | (2,945 | ) | |||||||||
| 2 | NYBOT CTN Number 2 Cotton Future(c) | 07/10/2026 | 72,130 | 880 | ||||||||||
| 1 | NYMEX Henry Hub Natural Gas Futures(c) | 04/29/2026 | 28,840 | 200 | ||||||||||
| 2 | NYMEX Henry Hub Natural Gas Futures(c) | 05/28/2026 | 60,120 | 5,760 | ||||||||||
| 2 | Robusta Coffee Future 10-Tonne(c) | 07/28/2026 | 68,100 | 3,620 | ||||||||||
| 1 | SAFEX White Maize Future(c) | 07/27/2026 | 20,239 | (347 | ) | |||||||||
| 84 | SFE 10 Year Australian Bond Future | 06/16/2026 | 6,244,958 | 43,955 | ||||||||||
| 124 | SFE 3 Year Australian Bond Future | 06/16/2026 | 8,868,073 | 33,664 | ||||||||||
| 6 | SFE 90 Day Australian Bank Accepted Bills Future | 12/10/2027 | 4,092,575 | 3,232 | ||||||||||
| CATALYST/ASPECT ENHANCED MULTI-ASSET FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FUTURES CONTRACTS (Continued) | ||||||||||||||
| Number of Contracts | Open Short Futures Contracts | Expiration | Notional
Amount(b) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
| 13 | SFE 90 Day Australian Bank Accepted Bills Future | 12/11/2026 | $ | 8,864,220 | $ | 6,670 | ||||||||
| 10 | SFE 90 Day Australian Bank Accepted Bills Future | 09/10/2027 | 6,820,293 | 5,681 | ||||||||||
| 11 | SFE 90 Day Australian Bank Accepted Bills Future | 03/12/2027 | 7,500,494 | 5,582 | ||||||||||
| 10 | SFE 90 Day Australian Bank Accepted Bills Future | 06/11/2027 | 6,819,462 | 4,908 | ||||||||||
| 13 | SFE 90 Day Australian Bank Accepted Bills Future | 06/12/2026 | 8,871,138 | 4,843 | ||||||||||
| 15 | SFE 90 Day Australian Bank Accepted Bills Future | 09/11/2026 | 10,229,690 | 7,624 | ||||||||||
| 1 | SFE S&P ASX Share Price Index 200 Future | 06/22/2026 | 146,839 | 1,598 | ||||||||||
| 5 | Three Month SONIA Index Futures | 12/20/2028 | 1,587,027 | 868 | ||||||||||
| 6 | Three Month SONIA Index Futures | 03/15/2028 | 1,903,142 | 2,498 | ||||||||||
| 1 | Three Month SONIA Index Futures | 03/17/2027 | 316,462 | (446 | ) | |||||||||
| 5 | Three Month SONIA Index Futures | 12/15/2027 | 1,584,711 | 826 | ||||||||||
| 2 | Three Month SONIA Index Futures | 06/16/2027 | 632,925 | (461 | ) | |||||||||
| 5 | Three Month SONIA Index Futures | 09/20/2028 | 1,586,862 | 1,819 | ||||||||||
| 4 | Three Month SONIA Index Futures | 09/15/2027 | 1,266,578 | 548 | ||||||||||
| 6 | Three Month SONIA Index Futures | 06/21/2028 | 1,903,738 | 2,243 | ||||||||||
| 8 | Three Month SONIA Index Futures | 12/15/2026 | 2,532,493 | 9,179 | ||||||||||
| 9 | Three-Month SOFR Futures | 06/16/2027 | 2,168,663 | 5,862 | ||||||||||
| 14 | Three-Month SOFR Futures | 06/21/2028 | 3,380,825 | 1,450 | ||||||||||
| 12 | Three-Month SOFR Futures | 09/15/2027 | 2,893,350 | 4,575 | ||||||||||
| 12 | Three-Month SOFR Futures | 09/20/2028 | 2,896,950 | 838 | ||||||||||
| 12 | Three-Month SOFR Futures | 12/20/2028 | 2,895,900 | 638 | ||||||||||
| 29 | Three-Month SOFR Futures | 12/16/2026 | 6,984,288 | 18,537 | ||||||||||
| 16 | Three-Month SOFR Futures | 12/15/2027 | 3,861,400 | 4,525 | ||||||||||
| 9 | Three-Month SOFR Futures | 03/17/2027 | 2,168,213 | 9,362 | ||||||||||
| 17 | Three-Month SOFR Futures | 03/15/2028 | 4,105,288 | 2,112 | ||||||||||
| 17 | TSE Japanese 10 Year Bond Futures | 06/16/2026 | 13,957,709 | 111,857 | ||||||||||
| 16 | Ultra U.S. Treasury Bond Futures | 06/22/2026 | 1,865,000 | 2,500 | ||||||||||
| TOTAL SHORT FUTURES CONTRACTS | $ | 542,663 | ||||||||||||
| TOTAL FUTURES CONTRACTS | $ | 644,618 | ||||||||||||
| OPEN FORWARD FOREIGN CURRENCY CONTRACTS | ||||||||||||||||
| Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Unrealized Appreciation/ (Depreciation) | |||||||||||
| To Buy: | ||||||||||||||||
| Brazilian Real | 04/02/2026 | Deutsche Bank | 14,511,211 | $ | 2,801,635 | $ | 35,183 | |||||||||
| Israeli Shekel | 04/21/2026 | Deutsche Bank | 2,768,893 | 881,385 | (18,616 | ) | ||||||||||
| Australian Dollar | 04/22/2026 | Deutsche Bank | 2,500,000 | 1,724,406 | (32,785 | ) | ||||||||||
| British Pound | 04/22/2026 | Deutsche Bank | 200,000 | 264,706 | (2,848 | ) | ||||||||||
| CATALYST/ASPECT ENHANCED MULTI-ASSET FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued) | ||||||||||||||||
| Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Unrealized Appreciation/ (Depreciation) | |||||||||||
| To Buy: (continued) | ||||||||||||||||
| Canadian Dollar | 04/22/2026 | Deutsche Bank | 407,446 | $ | 293,119 | $ | (6,882 | ) | ||||||||
| Euro | 04/22/2026 | Deutsche Bank | 700,000 | 809,969 | (2,163 | ) | ||||||||||
| Japanese Yen | 04/22/2026 | Deutsche Bank | 47,581,287 | 300,451 | 451 | |||||||||||
| Mexican Peso | 04/22/2026 | Deutsche Bank | 28,603,940 | 1,593,061 | (6,941 | ) | ||||||||||
| New Zealand Dollar | 04/22/2026 | Deutsche Bank | 100,000 | 57,508 | (1,072 | ) | ||||||||||
| Singapore Dollar | 04/22/2026 | Deutsche Bank | 63,771 | 49,681 | (319 | ) | ||||||||||
| South African Rand | 04/22/2026 | Deutsche Bank | 6,683,989 | 394,392 | (5,609 | ) | ||||||||||
| Swiss Franc | 04/22/2026 | Deutsche Bank | 465,773 | 584,044 | (15,957 | ) | ||||||||||
| Chinese Yuan Offshore | 04/22/2026 | Deutsche Bank | 19,634,767 | 2,855,709 | 5,707 | |||||||||||
| Brazilian Real | 05/05/2026 | Deutsche Bank | 7,973,099 | 1,528,522 | 28,513 | |||||||||||
| Chilean Peso | 06/17/2026 | Deutsche Bank | 454,699,999 | 490,126 | (9,877 | ) | ||||||||||
| Columbian Peso | 06/17/2026 | Deutsche Bank | 2,491,666,997 | 665,872 | 15,868 | |||||||||||
| Peruvian Sole | 06/17/2026 | Deutsche Bank | 1,025,505 | 291,774 | (8,227 | ) | ||||||||||
| Philippine Peso | 06/17/2026 | Deutsche Bank | 8,809,200 | 144,975 | (5,026 | ) | ||||||||||
| South Korean Won | 06/17/2026 | Deutsche Bank | 299,083,087 | 199,189 | (811 | ) | ||||||||||
| Thailand Baht | 06/17/2026 | Deutsche Bank | 7,905,033 | 242,960 | (7,041 | ) | ||||||||||
| $ | 16,173,484 | $ | (38,452 | ) | ||||||||||||
| To Sell: | ||||||||||||||||
| Brazilian Real | 04/02/2026 | Deutsche Bank | 14,511,212 | $ | 2,801,633 | $ | (51,639 | ) | ||||||||
| Israeli Shekel | 04/21/2026 | Deutsche Bank | 1,254,262 | 399,250 | 750 | |||||||||||
| Australian Dollar | 04/22/2026 | Deutsche Bank | 1,400,000 | 965,664 | 8,338 | |||||||||||
| British Pound | 04/22/2026 | Deutsche Bank | 550,000 | 727,940 | 2,827 | |||||||||||
| Canadian Dollar | 04/22/2026 | Deutsche Bank | 2,271,454 | 1,634,105 | 15,895 | |||||||||||
| Chinese Yuan Offshore | 04/22/2026 | Deutsche Bank | 8,272,396 | 1,203,149 | (3,149 | ) | ||||||||||
| Euro | 04/22/2026 | Deutsche Bank | 1,300,000 | 1,504,212 | (2,664 | ) | ||||||||||
| Japanese Yen | 04/22/2026 | Deutsche Bank | 888,954,318 | 5,613,291 | 36,713 | |||||||||||
| Mexican Peso | 04/22/2026 | Deutsche Bank | 19,618,239 | 1,092,613 | 7,387 | |||||||||||
| New Zealand Dollar | 04/22/2026 | Deutsche Bank | 1,450,000 | 833,866 | 9,652 | |||||||||||
| Singapore Dollar | 04/22/2026 | Deutsche Bank | 703,823 | 548,320 | 1,680 | |||||||||||
| South African Rand | 04/22/2026 | Deutsche Bank | 4,241,620 | 250,278 | (278 | ) | ||||||||||
| Swiss Franc | 04/22/2026 | Deutsche Bank | 944,982 | 1,184,928 | 15,072 | |||||||||||
| Brazilian Real | 05/05/2026 | Deutsche Bank | 263,038 | 50,427 | (427 | ) | ||||||||||
| Chilean Peso | 06/17/2026 | Deutsche Bank | 366,849,810 | 395,432 | 4,568 | |||||||||||
| Indian Rupee | 06/17/2026 | Deutsche Bank | 111,036,097 | 1,170,107 | 29,894 | |||||||||||
| Indonesia Rupiah | 06/17/2026 | Deutsche Bank | 10,156,471,471 | 597,109 | 2,892 | |||||||||||
| Peruvian Sole | 06/17/2026 | Deutsche Bank | 692,962 | 197,159 | 2,841 | |||||||||||
| Philippine Peso | 06/17/2026 | Deutsche Bank | 29,751,243 | 489,621 | 10,379 | |||||||||||
| South Korean Won | 06/17/2026 | Deutsche Bank | 2,215,497,585 | 1,475,519 | 24,479 | |||||||||||
| Taiwanese Dollar | 06/17/2026 | Deutsche Bank | 20,650,171 | 641,449 | 8,552 | |||||||||||
| Thailand Baht | 06/17/2026 | Deutsche Bank | 11,265,020 | 346,226 | 3,774 | |||||||||||
| $ | 24,122,298 | $ | 127,536 | |||||||||||||
| Total | $ | 89,084 | ||||||||||||||
| CATALYST/ASPECT ENHANCED MULTI-ASSET FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued) | ||||||||||||||||||||||||||
| Foreign Currency | Settlement Date | Counterparty | Local Currency Amount Purchased Sell | Local Currency Amount Purchased Sell | U.S. Dollar Market Value Buy | U.S. Dollar Market Value Sell | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||
| To Buy: | To Sell: | |||||||||||||||||||||||||
| British Pound | Euro | 4/22/2026 | Deutsche Bank | 2,207,863 | 2,550,000 | 2,922,152 | (2,950,567 | ) | $ | (28,415 | ) | |||||||||||||||
| Czech Koruna | Euro | 4/22/2026 | Deutsche Bank | 13,435,742 | 550,000 | 632,907 | (636,402 | ) | (3,495 | ) | ||||||||||||||||
| Euro | British Pound | 4/22/2026 | Deutsche Bank | 1,000,000 | 868,604 | 1,157,088 | (1,149,615 | ) | 7,473 | |||||||||||||||||
| Euro | Czech Koruna | 4/22/2026 | Deutsche Bank | 50,000 | 1,227,508 | 57,854 | (57,823 | ) | 31 | |||||||||||||||||
| Euro | Hungarian Forints | 4/22/2026 | Deutsche Bank | 350,000 | 137,328,522 | 404,978 | (412,414 | ) | (7,436 | ) | ||||||||||||||||
| Euro | Japanese Yen | 4/22/2026 | Deutsche Bank | 6,700,000 | 1,224,011,481 | 7,752,546 | (7,729,022 | ) | 23,524 | |||||||||||||||||
| Euro | Norwegian Krone | 4/22/2026 | Deutsche Bank | 1,350,000 | 15,199,151 | 1,562,059 | (1,569,900 | ) | (7,841 | ) | ||||||||||||||||
| Euro | Polish Zloty | 4/22/2026 | Deutsche Bank | 500,000 | 2,139,753 | 578,545 | (576,431 | ) | 2,114 | |||||||||||||||||
| Euro | Swedish Krona | 4/22/2026 | Deutsche Bank | 2,500,000 | 27,074,930 | 2,892,710 | (2,863,029 | ) | 29,681 | |||||||||||||||||
| Euro | Swiss Franc | 4/22/2026 | Deutsche Bank | 3,200,000 | 2,920,740 | 3,702,660 | (3,662,381 | ) | 40,279 | |||||||||||||||||
| Hungarian Forints | Euro | 4/22/2026 | Deutsche Bank | 328,740,464 | 850,000 | 987,253 | (983,530 | ) | 3,723 | |||||||||||||||||
| Japanese Yen | Euro | 4/22/2026 | Deutsche Bank | 118,842,549 | 650,000 | 750,434 | (752,115 | ) | (1,681 | ) | ||||||||||||||||
| Norwegian Krone | Euro | 4/22/2026 | Deutsche Bank | 50,321,619 | 4,500,000 | 5,197,662 | (5,206,927 | ) | (9,265 | ) | ||||||||||||||||
| Polish Zloty | Euro | 4/22/2026 | Deutsche Bank | 2,997,982 | 700,000 | 807,632 | (809,966 | ) | (2,334 | ) | ||||||||||||||||
| Swedish Krona | Euro | 4/22/2026 | Deutsche Bank | 40,050,948 | 3,750,000 | 4,235,177 | (4,339,085 | ) | (103,908 | ) | ||||||||||||||||
| Swiss Franc | Euro | 4/22/2026 | Deutsche Bank | 3,697,737 | 4,100,000 | 4,636,672 | (4,744,070 | ) | (107,398 | ) | ||||||||||||||||
| 575,944,904 | 1,428,420,689 | $ | 38,278,329 | $ | 38,443,277 | $ | (164,948 | ) | ||||||||||||||||||
| Total | $ | (164,948 | ) | |||||||||||||||||||||||
| (a) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| (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 CAEMAF Fund Limited. |
| CATALYST ENERGY INFRASTRUCTURE FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 100.0% | ||||||||
| OIL & GAS PRODUCERS - 100.0% | ||||||||
| 128,158 | Cheniere Energy, Inc. | $ | 36,366,114 | |||||
| 99,205 | DT Midstream, Inc. | 13,359,937 | ||||||
| 311,096 | Enbridge, Inc. | 16,842,737 | ||||||
| 1,939,020 | Energy Transfer, L.P. | 37,423,086 | ||||||
| 467,740 | Enterprise Products Partners, L.P. | 17,699,282 | ||||||
| 143,531 | Hess Midstream, L.P., Class A | 5,579,050 | ||||||
| 524,961 | Kinder Morgan, Inc. | 17,601,942 | ||||||
| 366,076 | Kinetik Holdings, Inc. | 17,721,739 | ||||||
| 277,648 | MPLX, L.P. | 15,845,371 | ||||||
| 5,216,592 | NextDecade Corporation(a) | 39,959,095 | ||||||
| 191,972 | ONEOK, Inc. | 17,352,349 | ||||||
| 370,106 | Pembina Pipeline Corporation | 16,565,945 | ||||||
| 717,163 | Plains GP Holdings, L.P., Class A | 17,412,718 | ||||||
| 121,679 | South Bow Corporation | 4,054,344 | ||||||
| 151,793 | Targa Resources Corporation | 38,059,059 | ||||||
| 283,508 | TC Energy Corporation | 17,747,601 | ||||||
| 2,918,823 | Venture Global, Inc. | 46,000,651 | ||||||
| 401,812 | Western Midstream Partners, L.P. | 16,542,600 | ||||||
| 240,355 | Williams Companies, Inc. (The) | 17,493,037 | ||||||
| 409,626,657 | ||||||||
| TOTAL COMMON STOCKS (Cost $269,182,078) | 409,626,657 | |||||||
| SHORT-TERM INVESTMENT — 1.3% | ||||||||
| MONEY MARKET FUND - 1.3% | ||||||||
| 5,497,470 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $5,497,470)(b) | 5,497,470 | ||||||
| TOTAL INVESTMENTS - 101.3% (Cost $274,679,548) | $ | 415,124,127 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (1.3)% | (5,446,924 | ) | ||||||
| NET ASSETS - 100.0% | $ | 409,677,203 | ||||||
| LP | - Limited Partnership |
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 16.3% | ||||||||
| AEROSPACE & DEFENSE - 0.5% | ||||||||
| 475 | General Electric Company | $ | 134,790 | |||||
| 475 | RTX Corporation | 91,628 | ||||||
| 226,418 | ||||||||
| ASSET MANAGEMENT - 0.2% | ||||||||
| 951 | Charles Schwab Corporation (The) | 89,375 | ||||||
| AUTOMOTIVE - 0.2% | ||||||||
| 3,328 | Ford Motor Company | 38,405 | ||||||
| 475 | General Motors Company | 35,388 | ||||||
| 73,793 | ||||||||
| BANKING - 1.4% | ||||||||
| 3,803 | Bank of America Corporation | 185,397 | ||||||
| 951 | Citigroup, Inc. | 107,853 | ||||||
| 475 | JPMorgan Chase & Company | 139,726 | ||||||
| 475 | PNC Financial Services Group, Inc. (The) | 98,843 | ||||||
| 951 | Truist Financial Corporation | 43,717 | ||||||
| 1,426 | US Bancorp | 74,166 | ||||||
| 649,702 | ||||||||
| BEVERAGES - 1.0% | ||||||||
| 2,377 | Coca-Cola Company (The) | 180,771 | ||||||
| 1,426 | Keurig Dr Pepper, Inc. | 37,547 | ||||||
| 1,426 | PepsiCo, Inc. | 221,443 | ||||||
| 439,761 | ||||||||
| CHEMICALS - 0.3% | ||||||||
| 475 | Ecolab, Inc. | 126,359 | ||||||
| COMMERCIAL SUPPORT SERVICES - 0.5% | ||||||||
| 475 | Republic Services, Inc. | 104,035 | ||||||
| 475 | Waste Management, Inc. | 109,150 | ||||||
| 213,185 | ||||||||
| DATA CENTER REIT - 0.2% | ||||||||
| 475 | Digital Realty Trust, Inc. | 85,600 | ||||||
| CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 16.3% (Continued) | ||||||||
| DIVERSIFIED INDUSTRIALS - 0.6% | ||||||||
| 475 | 3M Company | $ | 68,984 | |||||
| 475 | Emerson Electric Company | 62,235 | ||||||
| 475 | Honeywell International, Inc. | 107,365 | ||||||
| 238,584 | ||||||||
| E-COMMERCE DISCRETIONARY - 0.1% | ||||||||
| 475 | eBay, Inc. | 43,235 | ||||||
| ELECTRIC UTILITIES - 1.8% | ||||||||
| 475 | American Electric Power Company, Inc. | 62,263 | ||||||
| 475 | Consolidated Edison, Inc. | 53,761 | ||||||
| 951 | Dominion Energy, Inc. | 58,791 | ||||||
| 951 | Duke Energy Corporation | 124,524 | ||||||
| 1,426 | Exelon Corporation | 69,903 | ||||||
| 1,426 | NextEra Energy, Inc. | 132,446 | ||||||
| 951 | Public Service Enterprise Group, Inc. | 76,983 | ||||||
| 951 | Sempra | 92,409 | ||||||
| 475 | Vistra Corporation | 71,407 | ||||||
| 951 | Xcel Energy, Inc. | 75,547 | ||||||
| 818,034 | ||||||||
| ELECTRICAL EQUIPMENT - 0.1% | ||||||||
| 475 | Amphenol Corporation, Class A | 60,016 | ||||||
| HEALTH CARE REIT - 0.2% | ||||||||
| 475 | Welltower, Inc. | 93,912 | ||||||
| HOUSEHOLD PRODUCTS - 0.1% | ||||||||
| 475 | Colgate-Palmolive Company | 40,484 | ||||||
| INDUSTRIAL REIT - 0.3% | ||||||||
| 951 | Prologis, Inc. | 125,703 | ||||||
| INDUSTRIAL SUPPORT SERVICES - 0.1% | ||||||||
| 1,426 | Fastenal Company | 66,166 | ||||||
| CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 16.3% (Continued) | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES - 0.3% | ||||||||
| 475 | Bank of New York Mellon Corporation (The) | $ | 56,349 | |||||
| 951 | Nasdaq, Inc. | 80,731 | ||||||
| 137,080 | ||||||||
| INSURANCE - 0.9% | ||||||||
| 951 | Aflac, Inc. | 104,334 | ||||||
| 475 | Hartford Insurance Group, Inc. (The) | 64,234 | ||||||
| 475 | Progressive Corporation (The) | 94,164 | ||||||
| 475 | Travelers Companies, Inc. (The) | 138,548 | ||||||
| 401,280 | ||||||||
| INTERNET MEDIA & SERVICES - 0.3% | ||||||||
| 475 | Alphabet, Inc., Class A | 136,591 | ||||||
| LEISURE FACILITIES & SERVICES - 0.7% | ||||||||
| 475 | Hilton Worldwide Holdings, Inc. | 144,438 | ||||||
| 475 | McDonald’s Corporation | 147,624 | ||||||
| 475 | Yum! Brands, Inc. | 73,853 | ||||||
| 365,915 | ||||||||
| METALS & MINING - 0.2% | ||||||||
| 951 | Freeport-McMoRan, Inc. | 55,900 | ||||||
| 475 | Newmont Corporation | 51,419 | ||||||
| 107,319 | ||||||||
| OIL & GAS PRODUCERS - 1.3% | ||||||||
| 475 | Chevron Corporation | 98,277 | ||||||
| 475 | ConocoPhillips | 62,700 | ||||||
| 475 | EOG Resources, Inc. | 68,671 | ||||||
| 475 | Exxon Mobil Corporation | 80,589 | ||||||
| 1,902 | Kinder Morgan, Inc. | 63,774 | ||||||
| 951 | MPLX, L.P. | 54,274 | ||||||
| 1,426 | Occidental Petroleum Corporation | 92,689 | ||||||
| 475 | ONEOK, Inc. | 42,935 | ||||||
| 951 | Williams Companies, Inc. (The) | 69,214 | ||||||
| 633,123 | ||||||||
| OIL & GAS SERVICES & EQUIPMENT - 0.2% | ||||||||
| 475 | Baker Hughes Company | 28,999 | ||||||
| CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 16.3% (Continued) | ||||||||
| OIL & GAS SERVICES & EQUIPMENT - 0.2% (Continued) | ||||||||
| 951 | SLB Ltd. | $ | 48,872 | |||||
| 77,871 | ||||||||
| REAL ESTATE SERVICES - 0.1% | ||||||||
| 475 | CBRE Group, Inc., Class A(a) | 64,344 | ||||||
| RETAIL - CONSUMER STAPLES - 0.2% | ||||||||
| 951 | Target Corporation | 115,261 | ||||||
| RETAIL - DISCRETIONARY - 0.2% | ||||||||
| 475 | TJX Companies, Inc. (The) | 75,858 | ||||||
| RETAIL REIT - 0.2% | ||||||||
| 475 | Simon Property Group, Inc. | 88,602 | ||||||
| SEMICONDUCTORS - 0.9% | ||||||||
| 475 | Advanced Micro Devices, Inc.(a) | 96,629 | ||||||
| 475 | Broadcom, Inc. | 147,017 | ||||||
| 951 | NVIDIA Corporation | 165,855 | ||||||
| 409,501 | ||||||||
| SOFTWARE - 0.1% | ||||||||
| 475 | Fortinet, Inc.(a) | 38,817 | ||||||
| SPECIALTY FINANCE - 0.5% | ||||||||
| 475 | American Express Company | 143,678 | ||||||
| 475 | Capital One Financial Corporation | 86,654 | ||||||
| 230,332 | ||||||||
| TECHNOLOGY HARDWARE - 1.2% | ||||||||
| 951 | Apple, Inc. | 241,354 | ||||||
| 475 | Arista Networks, Inc.(a) | 58,321 | ||||||
| 2,377 | Cisco Systems, Inc. | 184,431 | ||||||
| 475 | Dell Technologies, Inc., Class C | 77,962 | ||||||
| 562,068 | ||||||||
| CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 16.3% (Continued) | ||||||||
| TECHNOLOGY SERVICES - 0.2% | ||||||||
| 475 | International Business Machines Corporation | $ | 115,135 | |||||
| TELECOMMUNICATIONS - 0.8% | ||||||||
| 6,656 | AT&T, Inc. | 192,957 | ||||||
| 951 | T-Mobile US, Inc. | 199,739 | ||||||
| 392,696 | ||||||||
| TRANSPORTATION & LOGISTICS - 0.4% | ||||||||
| 475 | Delta Air Lines, Inc. | 31,578 | ||||||
| 475 | Union Pacific Corporation | 115,244 | ||||||
| 475 | United Parcel Service, Inc., Class B | 46,731 | ||||||
| 193,553 | ||||||||
| TOTAL COMMON STOCKS (Cost $7,555,664) | 7,535,673 | |||||||
| Principal Amount ($) | Discount Rate (%) | Maturity | ||||||||||
| U.S. GOVERNMENT & AGENCIES — 36.7% | ||||||||||||
| U.S. TREASURY BILLS — 36.7% | ||||||||||||
| 17,000,000 | United States Treasury Bill(b) | 3.5300 | 04/23/26 | 16,962,298 | ||||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $16,962,814) | 16,962,298 | |||||||||||
| Shares | ||||||||||||
| SHORT-TERM INVESTMENTS — 32.9% | ||||||||||||
| MONEY MARKET FUNDS - 32.9% | ||||||||||||
| 15,222,058 | First American Treasury Obligations Fund, Class X, 3.58%(c) | 15,222,058 | ||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $15,222,058) | 15,222,058 | |||||||||||
| TOTAL INVESTMENTS - 85.9% (Cost $39,740,536) | $ | 39,720,029 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 14.1% | 6,545,228 | |||||||||||
| NET ASSETS - 100.0% | $ | 46,265,257 | ||||||||||
| CATALYST/WELTON ADVANTAGE MULTI-STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FUTURES CONTRACTS | ||||||||||||||
| Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(d) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
| 2 | CBOT Soybean Future(e) | 05/15/2026 | $ | 117,100 | $ | 112 | ||||||||
| 37 | CME E-Mini Standard & Poor’s 500 Index Future | 06/22/2026 | 12,155,888 | (321,227 | ) | |||||||||
| 77 | CME Euro FX/Japanese Yen Cross Rate Currency Future | 06/16/2026 | 11,092,404 | 9,698 | ||||||||||
| 1 | COMEX Gold 100 Troy Ounces Future(e) | 06/29/2026 | 467,860 | 23,140 | ||||||||||
| 1 | LME Primary Aluminum Future(e) | 06/16/2026 | 87,054 | 6,133 | ||||||||||
| 1 | NYBOT CSC C Coffee Future(e) | 07/22/2026 | 109,050 | (6,488 | ) | |||||||||
| 8 | NYBOT CSC Number 11 World Sugar Future(e) | 05/01/2026 | 139,059 | 10,327 | ||||||||||
| 6 | NYBOT CTN Number 2 Cotton Future(e) | 05/07/2026 | 210,000 | 2,670 | ||||||||||
| TOTAL LONG FUTURES CONTRACTS | $ | (275,635 | ) | |||||||||||
| Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(d) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
| 20 | CBOT 10 Year US Treasury Note | 06/22/2026 | $ | 2,220,938 | $ | (4,345 | ) | |||||||
| 32 | CBOT 2 Year US Treasury Note Future | 07/01/2026 | 6,638,249 | (14,997 | ) | |||||||||
| 30 | CBOT 5 Year US Treasury Note Future | 07/01/2026 | 3,245,390 | (12,578 | ) | |||||||||
| 10 | CBOT US Treasury Bond Futures | 06/22/2026 | 1,138,750 | 500 | ||||||||||
| 41 | CME Australian Dollar Currency Future | 06/16/2026 | 2,821,825 | 77,229 | ||||||||||
| 76 | CME British Pound Currency Future | 06/16/2026 | 6,282,350 | 46,394 | ||||||||||
| 307 | CME Canadian Dollar Currency Future | 06/17/2026 | 22,104,001 | 407,618 | ||||||||||
| 6 | CME E-Mini NASDAQ 100 Index Future | 06/22/2026 | 2,869,800 | 131,706 | ||||||||||
| 82 | CME Euro Foreign Exchange Currency Future | 06/16/2026 | 11,875,138 | (17,875 | ) | |||||||||
| 220 | CME Japanese Yen Currency Future | 06/16/2026 | 17,418,500 | 16,725 | ||||||||||
| 9 | COMEX Copper Future(e) | 05/28/2026 | 1,263,150 | (32,762 | ) | |||||||||
| 9 | Eurex 10 Year Euro BUND Future | 06/09/2026 | 1,304,334 | 5,492 | ||||||||||
| 7 | Eurex 2 Year Euro SCHATZ Future | 06/09/2026 | 855,583 | 6,199 | ||||||||||
| 15 | Eurex 5 Year Euro BOBL Future | 06/09/2026 | 2,001,214 | 18,402 | ||||||||||
| 1 | Eurex DAX Index Future | 06/22/2026 | 659,876 | 34,580 | ||||||||||
| 14 | Eurex EURO STOXX 50 Future | 06/22/2026 | 889,159 | 38,811 | ||||||||||
| 4 | HKG Hang Seng Index Future | 04/30/2026 | 631,426 | 10,163 | ||||||||||
| 4 | LME Copper Future(e) | 06/16/2026 | 1,233,352 | (62,063 | ) | |||||||||
| 50 | LME Lead Future(e) | 06/16/2026 | 2,371,100 | 21,424 | ||||||||||
| 18 | LME Zinc Future(e) | 06/16/2026 | 1,459,350 | (75,956 | ) | |||||||||
| 4 | Long Gilt Future | 06/29/2026 | 464,780 | (5,376 | ) | |||||||||
| 28 | NYMEX Henry Hub Natural Gas Futures(e) | 04/29/2026 | 807,520 | (2,400 | ) | |||||||||
| 4 | SGX Nikkei 225 Stock Index Future | 06/12/2026 | 646,828 | 42,333 | ||||||||||
| 5 | Three Month SONIA Index Futures | 03/15/2028 | 1,585,952 | 1,981 | ||||||||||
| 11 | Three-Month SOFR Futures | 03/15/2028 | 2,656,362 | 1,600 | ||||||||||
| 1 | TSE Japanese 10 Year Bond Futures | 06/16/2026 | 821,042 | 5,434 | ||||||||||
| TOTAL SHORT FUTURES CONTRACTS | $ | 638,239 | ||||||||||||
| TOTAL FUTURES CONTRACTS | $ | 362,604 | ||||||||||||
| (a) | Non-income producing security. |
| (b) | Zero coupon bond. |
| (c) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| (d) | 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. |
| (e) | All or a portion of this investment is a holding of the CWAMSF Fund Limited. |
| CATALYST NASDAQ-100 HEDGED EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 55.1% | ||||||||
| ADVERTISING & MARKETING - 0.4% | ||||||||
| 118 | AppLovin Corporation, Class A(a) | $ | 46,964 | |||||
| AEROSPACE & DEFENSE - 0.1% | ||||||||
| 30 | Axon Enterprise, Inc.(a),(b) | 12,741 | ||||||
| AUTOMOTIVE - 2.1% | ||||||||
| 683 | Tesla, Inc.(a) | 253,905 | ||||||
| BEVERAGES - 1.1% | ||||||||
| 121 | Coca-Cola Europacific Partners PLC | 10,971 | ||||||
| 420 | Keurig Dr Pepper, Inc.(b) | 11,059 | ||||||
| 303 | Monster Beverage Corporation(a) | 21,955 | ||||||
| 527 | PepsiCo, Inc. | 81,838 | ||||||
| 125,823 | ||||||||
| BIOTECH & PHARMA - 1.9% | ||||||||
| 39 | Alnylam Pharmaceuticals, Inc.(a) | 12,904 | ||||||
| 204 | Amgen, Inc. | 71,777 | ||||||
| 421 | Gilead Sciences, Inc. | 58,675 | ||||||
| 77 | Insmed, Inc.(a) | 12,591 | ||||||
| 40 | Regeneron Pharmaceuticals, Inc. | 30,906 | ||||||
| 107 | Vertex Pharmaceuticals, Inc.(a) | 47,780 | ||||||
| 234,633 | ||||||||
| CABLE & SATELLITE - 0.4% | ||||||||
| 55 | Charter Communications, Inc., Class A(a),(b) | 11,873 | ||||||
| 1,218 | Comcast Corporation, Class A | 34,969 | ||||||
| 46,842 | ||||||||
| CHEMICALS - 0.8% | ||||||||
| 181 | Linde PLC | 89,733 | ||||||
| COMMERCIAL SUPPORT SERVICES - 0.2% | ||||||||
| 132 | Cintas Corporation | 22,326 | ||||||
| CATALYST NASDAQ-100 HEDGED EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 55.1% (Continued) | ||||||||
| DIVERSIFIED INDUSTRIALS - 0.5% | ||||||||
| 262 | Honeywell International, Inc. | $ | 59,219 | |||||
| E-COMMERCE DISCRETIONARY - 3.1% | ||||||||
| 1,455 | Amazon.com, Inc.(a) | 303,034 | ||||||
| 19 | MercadoLibre, Inc.(a) | 32,851 | ||||||
| 242 | PDD Holdings, Inc. - ADR(a) | 24,728 | ||||||
| 360,613 | ||||||||
| ELECTRIC UTILITIES - 0.8% | ||||||||
| 197 | American Electric Power Company, Inc. | 25,823 | ||||||
| 154 | Constellation Energy Corporation | 43,004 | ||||||
| 257 | Exelon Corporation | 12,598 | ||||||
| 156 | Xcel Energy, Inc.(b) | 12,393 | ||||||
| 93,818 | ||||||||
| ENGINEERING & CONSTRUCTION - 0.2% | ||||||||
| 350 | Ferrovial S.E. | 22,768 | ||||||
| ENTERTAINMENT CONTENT - 0.4% | ||||||||
| 63 | Electronic Arts, Inc. | 12,844 | ||||||
| 58 | Take-Two Interactive Software, Inc.(a) | 11,455 | ||||||
| 889 | Warner Bros Discovery, Inc.(a) | 24,412 | ||||||
| 48,711 | ||||||||
| FOOD - 0.3% | ||||||||
| 416 | Mondelez International, Inc., Class A(b) | 23,979 | ||||||
| 515 | The Kraft Heinz Company(b) | 11,582 | ||||||
| 35,561 | ||||||||
| INDUSTRIAL SUPPORT SERVICES - 0.2% | ||||||||
| 544 | Fastenal Company | 25,242 | ||||||
| INTERNET MEDIA & SERVICES - 7.6% | ||||||||
| 189 | Airbnb, Inc., Class A(a) | 23,867 | ||||||
| 784 | Alphabet, Inc., Class A | 225,446 | ||||||
| 743 | Alphabet, Inc., Class C | 213,137 | ||||||
| 12 | Booking Holdings, Inc. | 50,524 | ||||||
| 151 | DoorDash, Inc., Class A(a),(b) | 22,673 | ||||||
| CATALYST NASDAQ-100 HEDGED EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 55.1% (Continued) | ||||||||
| INTERNET MEDIA & SERVICES - 7.6% (Continued) | ||||||||
| 387 | Meta Platforms, Inc., Class A | $ | 221,414 | |||||
| 1,554 | Netflix, Inc.(a) | 149,417 | ||||||
| 906,478 | ||||||||
| LEISURE FACILITIES & SERVICES - 0.6% | ||||||||
| 110 | Marriott International Inc, Class A | 35,977 | ||||||
| 391 | Starbucks Corporation | 35,030 | ||||||
| 71,007 | ||||||||
| MEDICAL EQUIPMENT & DEVICES - 0.9% | ||||||||
| 175 | Dexcom, Inc.(a) | 10,990 | ||||||
| 151 | GE HealthCare Technologies, Inc. | 10,748 | ||||||
| 40 | IDEXX Laboratories, Inc.(a) | 22,476 | ||||||
| 132 | Intuitive Surgical, Inc.(a) | 60,850 | ||||||
| 105,064 | ||||||||
| OIL & GAS PRODUCERS - 0.1% | ||||||||
| 78 | Diamondback Energy, Inc.(b) | 15,428 | ||||||
| OIL & GAS SERVICES & EQUIPMENT - 0.2% | ||||||||
| 389 | Baker Hughes Company | 23,748 | ||||||
| RETAIL - CONSUMER STAPLES - 3.3% | ||||||||
| 164 | Costco Wholesale Corporation | 163,415 | ||||||
| 1,885 | Walmart, Inc. | 234,267 | ||||||
| 397,682 | ||||||||
| RETAIL - DISCRETIONARY - 0.4% | ||||||||
| 266 | O’Reilly Automotive, Inc.(a) | 24,554 | ||||||
| 127 | Ross Stores, Inc. | 27,512 | ||||||
| 52,066 | ||||||||
| SEMICONDUCTORS - 14.3% | ||||||||
| 630 | Advanced Micro Devices, Inc.(a) | 128,161 | ||||||
| 180 | Analog Devices, Inc. | 57,265 | ||||||
| 308 | Applied Materials, Inc. | 105,271 | ||||||
| 105 | ARM Holdings PLC - ADR(a),(b) | 15,884 | ||||||
| 32 | ASML Holding N.V. | 42,267 | ||||||
| 635 | Broadcom, Inc. | 196,539 | ||||||
| CATALYST NASDAQ-100 HEDGED EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 55.1% (Continued) | ||||||||
| SEMICONDUCTORS - 14.3% (Continued) | ||||||||
| 1,666 | Intel Corporation(a) | $ | 73,521 | |||||
| 49 | KLA Corporation | 72,148 | ||||||
| 491 | Lam Research Corporation | 104,907 | ||||||
| 319 | Marvell Technology, Inc. | 31,597 | ||||||
| 165 | Microchip Technology, Inc. | 10,661 | ||||||
| 422 | Micron Technology, Inc. | 142,568 | ||||||
| 15 | Monolithic Power Systems, Inc.(b) | 16,400 | ||||||
| 3,187 | NVIDIA Corporation | 555,813 | ||||||
| 107 | NXP Semiconductors N.V.(b) | 21,064 | ||||||
| 443 | QUALCOMM, Inc. | 57,050 | ||||||
| 361 | Texas Instruments, Inc. | 70,085 | ||||||
| 1,701,201 | ||||||||
| SOFTWARE - 7.2% | ||||||||
| 145 | Adobe, Inc.(a) | 35,247 | ||||||
| 102 | Autodesk, Inc.(a) | 24,419 | ||||||
| 90 | Cadence Design Systems, Inc.(a) | 25,008 | ||||||
| 94 | Crowdstrike Holdings, Inc., Class A(a) | 36,699 | ||||||
| 107 | Datadog, Inc., Class A(a) | 12,631 | ||||||
| 320 | Fortinet, Inc.(a) | 26,150 | ||||||
| 99 | Intuit, Inc. | 42,806 | ||||||
| 984 | Microsoft Corporation | 364,246 | ||||||
| 786 | Palantir Technologies, Inc., Class A(a) | 114,976 | ||||||
| 336 | Palo Alto Networks, Inc.(a) | 53,868 | ||||||
| 42 | Roper Technologies, Inc. | 14,862 | ||||||
| 423 | Shopify, Inc., Class A(a) | 50,176 | ||||||
| 96 | Strategy, Inc., Class A(a),(b) | 11,981 | ||||||
| 62 | Synopsys, Inc.(a) | 24,582 | ||||||
| 92 | Workday, Inc., Class A(a) | 11,953 | ||||||
| 79 | Zscaler, Inc.(a) | 11,083 | ||||||
| 860,687 | ||||||||
| TECHNOLOGY HARDWARE - 5.8% | ||||||||
| 2,008 | Apple, Inc. | 509,610 | ||||||
| 1,435 | Cisco Systems, Inc. | 111,342 | ||||||
| 99 | Seagate Technology Holdings PLC | 38,784 | ||||||
| CATALYST NASDAQ-100 HEDGED EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 55.1% (Continued) | ||||||||
| TECHNOLOGY HARDWARE - 5.8% (Continued) | ||||||||
| 131 | Western Digital Corporation | $ | 35,434 | |||||
| 695,170 | ||||||||
| TECHNOLOGY SERVICES - 0.9% | ||||||||
| 181 | Automatic Data Processing, Inc. | 36,776 | ||||||
| 197 | Cognizant Technology Solutions Corporation, Class A | 12,086 | ||||||
| 279 | CoStar Group, Inc.(a),(b) | 11,255 | ||||||
| 140 | Paychex, Inc.(b) | 12,897 | ||||||
| 276 | PayPal Holdings, Inc. | 12,483 | ||||||
| 127 | Thomson Reuters Corporation | 11,427 | ||||||
| 59 | Verisk Analytics, Inc.(b) | 11,195 | ||||||
| 108,119 | ||||||||
| TELECOMMUNICATIONS - 0.7% | ||||||||
| 419 | T-Mobile US, Inc. | 88,003 | ||||||
| TRANSPORTATION & LOGISTICS - 0.3% | ||||||||
| 586 | CSX Corporation | 24,056 | ||||||
| 68 | Old Dominion Freight Line, Inc. | 13,287 | ||||||
| 37,343 | ||||||||
| TRANSPORTATION EQUIPMENT - 0.2% | ||||||||
| 206 | PACCAR, Inc. | 23,793 | ||||||
| WHOLESALE - DISCRETIONARY - 0.1% | ||||||||
| 329 | Copart, Inc.(a) | 10,923 | ||||||
| TOTAL COMMON STOCKS (Cost $5,505,453) | 6,575,611 | |||||||
| EXCHANGE-TRADED FUNDS — 27.2% | ||||||||
| EQUITY - 27.2% | ||||||||
| 5,608 | Invesco QQQ Trust Series 1 ETF(b) | 3,236,825 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $3,268,266) | 3,236,825 | |||||||
| CATALYST NASDAQ-100 HEDGED EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||||||||||||||
| SHORT-TERM INVESTMENTS — 38.5% | ||||||||||||||||||||
| COLLATERAL FOR SECURITIES LOANED - 28.4% | ||||||||||||||||||||
| 3,379,962 | Mount Vernon Liquid Assets Portfolio, LLC, , 3.74% (Cost $3,379,962)(c),(f) | $ | 3,379,962 | |||||||||||||||||
| MONEY MARKET FUNDS - 10.1% | ||||||||||||||||||||
| 1,205,855 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $1,205,855)(c) | 1,205,855 | ||||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,585,817) | 4,585,817 | |||||||||||||||||||
| Contracts(d) | Broker/ Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
| FUTURE OPTIONS PURCHASED - 2.9% | ||||||||||||||||||||
| CALL OPTIONS PURCHASED - 0.7% | ||||||||||||||||||||
| 35 | S&P Emini Future, Maturing April 2026 | WED | 04/17/2026 | $ | 6,750 | $ | 11,812,500 | $ | 66,938 | |||||||||||
| 14 | S&P Emini Future, Maturing April 2026 | WED | 04/17/2026 | 6,800 | 4,760,000 | 16,450 | ||||||||||||||
| TOTAL CALL OPTIONS PURCHASED (Cost - $113,138) | 83,388 | |||||||||||||||||||
| PUT OPTIONS PURCHASED - 2.2% | ||||||||||||||||||||
| 21 | S&P Emini Future, Maturing April 2026 | WED | 04/17/2026 | $ | 6,800 | $ | 7,140,000 | $ | 264,862 | |||||||||||
| TOTAL PUT OPTIONS PURCHASED (Cost - $309,575) | ||||||||||||||||||||
| TOTAL FUTURE OPTIONS PURCHASED (Cost - $422,713) | 348,250 | |||||||||||||||||||
| TOTAL INVESTMENTS - 123.7% (Cost $13,782,249) | $ | 14,746,503 | ||||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (23.7)% | (2,826,352 | ) | ||||||||||||||||||
| NET ASSETS - 100.0% | $ | 11,920,151 | ||||||||||||||||||
| OPEN FUTURES CONTRACTS | ||||||||||||||||||||
| Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(e) | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||||
| 13 | CBOE Volatility Index Future | 04/16/2026 | $ | 325,291 | $ | 1,188 | ||||||||||||||
| 16 | CBOE Volatility Index Future | 05/20/2026 | 390,592 | (1,185 | ) | |||||||||||||||
| TOTAL LONG FUTURES CONTRACTS | $ | 3 | ||||||||||||||||||
| Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(e) | Value and Unrealized Depreciation | ||||||||||||||||
| 4 | CME E-Mini Standard & Poor’s 500 Index Future | 06/22/2026 | $ | 1,314,150 | $ | (20,450 | ) | |||||||||||||
| TOTAL SHORT FUTURES CONTRACTS | ||||||||||||||||||||
| CATALYST NASDAQ-100 HEDGED EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| PLC | - Public Limited Company |
| WED | - Wedbush Securities |
| (a) | Non-income producing security. |
| (b) | All or a portion of these securities are on loan. Total loaned securities had a value of $3,422,067 at March 31, 2026. |
| (c) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| (d) | Each contract is equivalent to one futures contract. |
| (e) | 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. |
| (f) | Security was purchased with cash received as collateral for securities on loan at March 31, 2026. Total collateral had a value of $3,379,962 at March 31, 2026. |
| CATALYST/MAP GLOBAL EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 88.2% | ||||||||
| APPAREL & TEXTILE PRODUCTS - 0.7% | ||||||||
| 1,000 | LVMH Moet Hennessy Louis Vuitton S.E.(a) | $ | 535,252 | |||||
| 1,200 | LVMH Moet Hennessy Louis Vuitton SE - ADR | 131,088 | ||||||
| 666,340 | ||||||||
| BEVERAGES - 1.6% | ||||||||
| 125,000 | Arca Continental COM NPV | 1,439,921 | ||||||
| BIOTECH & PHARMA - 11.9% | ||||||||
| 6,489 | Johnson & Johnson | 1,586,171 | ||||||
| 15,718 | Novartis A.G. - ADR | 2,400,925 | ||||||
| 71,500 | Sanofi - ADR | 3,444,869 | ||||||
| 169,000 | Takeda Pharmaceutical Company Ltd. - ADR | 3,129,880 | ||||||
| 10,561,845 | ||||||||
| CHEMICALS - 2.5% | ||||||||
| 62,500 | Mosaic Company (The) | 1,593,750 | ||||||
| 8,765 | Solstice Advanced Materials, Inc. | 667,542 | ||||||
| 2,261,292 | ||||||||
| DIVERSIFIED INDUSTRIALS - 1.6% | ||||||||
| 6,400 | Honeywell International, Inc. | 1,446,592 | ||||||
| ELECTRICAL EQUIPMENT - 1.0% | ||||||||
| 2,602 | Eaton Corporation PLC | 930,657 | ||||||
| ENGINEERING & CONSTRUCTION - 2.4% | ||||||||
| 69,675 | Tetra Tech, Inc. | 2,098,611 | ||||||
| ENTERTAINMENT CONTENT - 1.7% | ||||||||
| 710,000 | Vivendi S.A.(a) | 1,456,600 | ||||||
| 25,500 | Vivendi S.A. - ADR | 55,845 | ||||||
| 1,512,445 | ||||||||
| FOOD - 5.7% | ||||||||
| 384,700 | GrainCorp Ltd.(a) | 1,759,760 | ||||||
| 33,500 | Nestle S.A. - ADR | 3,319,850 | ||||||
| 5,079,610 | ||||||||
| CATALYST/MAP GLOBAL EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 88.2% (Continued) | ||||||||
| GAS & WATER UTILITIES - 5.0% | ||||||||
| 82,010 | MDU Resources Group, Inc. | $ | 1,699,247 | |||||
| 30,000 | National Fuel Gas Company | 2,818,800 | ||||||
| 4,518,047 | ||||||||
| HOUSEHOLD PRODUCTS - 2.0% | ||||||||
| 32,304 | Unilever plc - ADR | 1,840,359 | ||||||
| INSTITUTIONAL FINANCIAL SERVICES - 1.9% | ||||||||
| 2,775 | CME Group, Inc. | 819,596 | ||||||
| 75,000 | Japan Exchange Group, Inc.(a) | 853,664 | ||||||
| 1,673,260 | ||||||||
| INSURANCE - 2.1% | ||||||||
| 6,077 | Aon PLC, Class A | 1,961,534 | ||||||
| INTERNET MEDIA & SERVICES - 5.6% | ||||||||
| 8,124 | Alphabet, Inc., Class C | 2,330,450 | ||||||
| 3,590 | Meta Platforms, Inc., Class A | 2,053,946 | ||||||
| 9,150 | Uber Technologies, Inc.(b) | 658,160 | ||||||
| 5,042,556 | ||||||||
| LEISURE FACILITIES & SERVICES - 1.5% | ||||||||
| 164,640 | Arcos Dorados Holdings, Inc., Class A | 1,358,280 | ||||||
| MEDICAL EQUIPMENT & DEVICES - 2.6% | ||||||||
| 27,650 | Medtronic PLC | 2,395,873 | ||||||
| METALS & MINING - 3.8% | ||||||||
| 23,200 | Freeport-McMoRan, Inc. | 1,363,696 | ||||||
| 188,340 | Grupo Mexico S.A.B. de C.V., Class B | 2,014,657 | ||||||
| 3,378,353 | ||||||||
| OIL & GAS PRODUCERS - 4.5% | ||||||||
| 19,500 | Chevron Corporation | 4,034,550 | ||||||
| PUBLISHING & BROADCASTING - 0.5% | ||||||||
| 256,280 | Louis Hachette Group(a) | 461,938 | ||||||
| CATALYST/MAP GLOBAL EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 88.2% (Continued) | ||||||||
| RETAIL - CONSUMER STAPLES - 6.5% | ||||||||
| 9,200 | PriceSmart, Inc. | $ | 1,384,600 | |||||
| 217,400 | Tesco PLC(a) | 1,361,304 | ||||||
| 423,500 | Wal-Mart de Mexico SAB de CV | 1,380,948 | ||||||
| 14,800 | Walmart, Inc. | 1,839,344 | ||||||
| 5,966,196 | ||||||||
| RETAIL - DISCRETIONARY - 0.8% | ||||||||
| 2,104 | Home Depot, Inc. (The) | 691,985 | ||||||
| SEMICONDUCTORS - 5.8% | ||||||||
| 7,854 | Applied Materials, Inc. | 2,684,419 | ||||||
| 2,300 | Micron Technology, Inc. | 777,032 | ||||||
| 5,500 | Tokyo Electron Ltd.(a) | 1,290,159 | ||||||
| 4,000 | Tokyo Electron Ltd. - ADR | 488,880 | ||||||
| 5,240,490 | ||||||||
| SOFTWARE - 3.9% | ||||||||
| 6,304 | Microsoft Corporation | 2,333,552 | ||||||
| 8,800 | Workday, Inc., Class A(b) | 1,143,296 | ||||||
| 3,476,848 | ||||||||
| TECHNOLOGY HARDWARE - 2.6% | ||||||||
| 30,500 | Cisco Systems, Inc. | 2,366,495 | ||||||
| TECHNOLOGY SERVICES - 1.8% | ||||||||
| 8,688 | Fidelity National Information Services, Inc. | 407,554 | ||||||
| 3,900 | Visa, Inc., Class A | 1,178,736 | ||||||
| 1,586,290 | ||||||||
| TELECOMMUNICATIONS - 4.9% | ||||||||
| 106,195 | Orange S.A. - ADR | 2,173,812 | ||||||
| 44,000 | Verizon Communications, Inc. | 2,208,800 | ||||||
| 4,382,612 | ||||||||
| CATALYST/MAP GLOBAL EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 88.2% (Continued) | ||||||||
| WHOLESALE - CONSUMER STAPLES - 3.3% | ||||||||
| 23,000 | Bunge Global S.A. | $ | 2,925,600 | |||||
| TOTAL COMMON STOCKS (Cost $58,273,171) | 79,298,579 | |||||||
| EXCHANGE-TRADED FUNDS — 6.6% | ||||||||
| COMMODITY - 5.0% | ||||||||
| 48,400 | SPDR Gold MiniShares Trust(b) | 4,486,196 | ||||||
| FIXED INCOME - 1.6% | ||||||||
| 15,500 | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 1,420,420 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $3,267,114) | 5,906,616 | |||||||
| PREFERRED STOCKS — 1.8% | ||||||||
| HOUSEHOLD PRODUCTS — 1.8% | ||||||||
| 20,600 | Henkel A.G. & Company KGaA | 1,578,571 | ||||||
| TOTAL PREFERRED STOCKS (Cost $1,686,122) | 1,578,571 | |||||||
| SHORT-TERM INVESTMENT — 2.5% | ||||||||
| MONEY MARKET FUND - 2.5% | ||||||||
| 2,265,108 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $2,265,108)(c) | 2,265,108 | ||||||
| TOTAL INVESTMENTS - 99.1% (Cost $65,491,515) | $ | 89,048,874 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9% | 784,146 | |||||||
| NET ASSETS - 100.0% | $ | 89,833,020 | ||||||
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | The value of this security has been determined in good faith under policies of the Board of Trustees. |
| (b) | Non-income producing security. |
| (c) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| CATALYST TACTICAL ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 99.0% | ||||||||
| AEROSPACE & DEFENSE - 7.6% | ||||||||
| 2,948 | Howmet Aerospace, Inc. | $ | 679,396 | |||||
| 2,900 | RTX Corporation | 559,410 | ||||||
| 1,238,806 | ||||||||
| ASSET MANAGEMENT - 1.7% | ||||||||
| 3,988 | Robinhood Markets, Inc., Class A(a) | 276,368 | ||||||
| COMMERCIAL SUPPORT SERVICES - 4.6% | ||||||||
| 3,285 | Waste Management, Inc. | 754,860 | ||||||
| DIVERSIFIED INDUSTRIALS - 3.4% | ||||||||
| 613 | Parker-Hannifin Corporation | 548,782 | ||||||
| ELECTRICAL EQUIPMENT - 8.4% | ||||||||
| 5,425 | Vertiv Holdings Company, Class A | 1,359,397 | ||||||
| HEALTH CARE FACILITIES & SERVICES - 8.8% | ||||||||
| 1,712 | HCA Healthcare, Inc. | 810,187 | ||||||
| 714 | McKesson Corporation | 617,867 | ||||||
| 1,428,054 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES - 4.5% | ||||||||
| 6,225 | Bank of New York Mellon Corporation (The) | 738,472 | ||||||
| INTERNET MEDIA & SERVICES - 8.8% | ||||||||
| 2,491 | Alphabet, Inc., Class A | 716,312 | ||||||
| 1,254 | Meta Platforms, Inc., Class A | 717,451 | ||||||
| 1,433,763 | ||||||||
| LEISURE FACILITIES & SERVICES - 8.0% | ||||||||
| 2,327 | Marriott International Inc, Class A | 761,092 | ||||||
| 5,173 | Wynn Resorts Ltd. | 525,318 | ||||||
| 1,286,410 | ||||||||
| RETAIL - CONSUMER STAPLES - 2.8% | ||||||||
| 3,850 | Dollar General Corporation | 457,111 | ||||||
| CATALYST TACTICAL ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 99.0% (Continued) | ||||||||
| RETAIL - DISCRETIONARY - 4.7% | ||||||||
| 228 | AutoZone, Inc.(a) | $ | 770,134 | |||||
| SEMICONDUCTORS - 14.1% | ||||||||
| 1,570 | Broadcom, Inc. | 485,931 | ||||||
| 754 | KLA Corporation | 1,110,197 | ||||||
| 4,001 | NVIDIA Corporation | 697,774 | ||||||
| 2,293,902 | ||||||||
| SOFTWARE - 10.7% | ||||||||
| 2,172 | Cadence Design Systems, Inc.(a) | 603,534 | ||||||
| 1,910 | Microsoft Corporation | 707,025 | ||||||
| 3,000 | Palantir Technologies, Inc., Class A(a) | 438,840 | ||||||
| 1,749,399 | ||||||||
| TECHNOLOGY HARDWARE - 7.4% | ||||||||
| 3,045 | Apple, Inc. | 772,790 | ||||||
| 3,440 | Arista Networks, Inc.(a) | 422,363 | ||||||
| 1,195,153 | ||||||||
| WHOLESALE - CONSUMER STAPLES - 3.5% | ||||||||
| 6,526 | Performance Food Group Company(a) | 559,017 | ||||||
| TOTAL COMMON STOCKS (Cost $13,007,489) | 16,089,628 | |||||||
| TOTAL INVESTMENTS - 99.0% (Cost $13,007,489) | $ | 16,089,628 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 1.0% | 166,830 | |||||||
| NET ASSETS - 100.0% | $ | 16,256,458 | ||||||
| LTD | - Limited Company |
| (a) | Non-income producing security. |
| CATALYST/MAP GLOBAL BALANCED FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 51.4% | ||||||||
| APPAREL & TEXTILE PRODUCTS - 0.4% | ||||||||
| 100 | LVMH Moet Hennessy Louis Vuitton S.E. | $ | 53,525 | |||||
| BEVERAGES - 1.0% | ||||||||
| 13,020 | Arca Continental S.A.B. de C.V. | 149,982 | ||||||
| BIOTECH & PHARMA - 8.1% | ||||||||
| 655 | Johnson & Johnson | 160,108 | ||||||
| 1,524 | Novartis A.G. - ADR | 232,791 | ||||||
| 7,528 | Sanofi S.A. - ADR - ADR | 362,699 | ||||||
| 23,000 | Takeda Pharmaceutical Company Ltd. - ADR | 425,959 | ||||||
| 1,181,557 | ||||||||
| CHEMICALS - 1.1% | ||||||||
| 4,790 | Mosaic Company | 122,145 | ||||||
| 562 | Solstice Advanced Materials, Inc. | 42,802 | ||||||
| 164,947 | ||||||||
| DIVERSIFIED INDUSTRIALS - 0.5% | ||||||||
| 350 | Honeywell International, Inc. | 79,111 | ||||||
| ELECTRICAL EQUIPMENT - 0.7% | ||||||||
| 270 | Eaton Corporation PLC | 96,571 | ||||||
| ENGINEERING & CONSTRUCTION - 1.2% | ||||||||
| 5,985 | Tetra Tech, Inc. | 180,268 | ||||||
| ENTERTAINMENT CONTENT - 1.1% | ||||||||
| 49,480 | Vivendi S.E. | 101,511 | ||||||
| 30,000 | Vivendi S.E. - ADR | 65,700 | ||||||
| 167,211 | ||||||||
| FOOD - 2.5% | ||||||||
| 3,625 | Nestle S.A. - ADR - ADR | 359,238 | ||||||
| GAS & WATER UTILITIES - 3.5% | ||||||||
| 7,400 | MDU Resources Group, Inc. | 153,328 | ||||||
| CATALYST/MAP GLOBAL BALANCED FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 51.4% (Continued) | ||||||||
| GAS & WATER UTILITIES - 3.5% (Continued) | ||||||||
| 3,775 | National Fuel Gas Company | $ | 354,699 | |||||
| 508,027 | ||||||||
| HOUSEHOLD PRODUCTS - 1.3% | ||||||||
| 3,263 | Unilever PLC - ADR | 185,893 | ||||||
| INSTITUTIONAL FINANCIAL SERVICES - 0.7% | ||||||||
| 360 | CME Group, Inc. | 106,326 | ||||||
| INSURANCE - 1.1% | ||||||||
| 500 | Aon PLC, Class A | 161,390 | ||||||
| INTERNET MEDIA & SERVICES - 2.0% | ||||||||
| 600 | Alphabet, Inc., Class C | 172,115 | ||||||
| 153 | Meta Platforms, Inc., Class A | 87,536 | ||||||
| 350 | Uber Technologies, Inc.(a) | 25,176 | ||||||
| 284,827 | ||||||||
| LEISURE FACILITIES & SERVICES - 1.0% | ||||||||
| 17,450 | Arcos Dorados Holdings, Inc., Class A | 143,963 | ||||||
| MEDICAL EQUIPMENT & DEVICES - 1.7% | ||||||||
| 2,900 | Medtronic PLC | 251,285 | ||||||
| METALS & MINING - 1.7% | ||||||||
| 2,000 | Freeport-McMoRan, Inc. | 117,560 | ||||||
| 12,000 | Grupo Mexico S.A.B. de C.V., Class B | 128,363 | ||||||
| 245,923 | ||||||||
| OIL & GAS PRODUCERS - 2.1% | ||||||||
| 1,500 | Chevron Corporation | 310,350 | ||||||
| PUBLISHING & BROADCASTING - 0.5% | ||||||||
| 37,700 | Louis Hachette Group | 67,953 | ||||||
| RETAIL - CONSUMER STAPLES - 3.9% | ||||||||
| 900 | PriceSmart, Inc. | 135,450 | ||||||
| CATALYST/MAP GLOBAL BALANCED FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 51.4% (Continued) | ||||||||
| RETAIL - CONSUMER STAPLES - 3.9% (Continued) | ||||||||
| 25,000 | Tesco PLC | $ | 156,544 | |||||
| 45,942 | Wal-Mart de Mexico SAB de CV | 149,808 | ||||||
| 1,000 | Walmart, Inc. | 124,280 | ||||||
| 566,082 | ||||||||
| RETAIL - DISCRETIONARY - 0.7% | ||||||||
| 323 | Home Depot, Inc. | 106,231 | ||||||
| SEMICONDUCTORS - 3.3% | ||||||||
| 600 | Applied Materials, Inc. | 205,074 | ||||||
| 220 | Micron Technology, Inc. | 74,325 | ||||||
| 650 | Tokyo Electron Ltd. | 152,473 | ||||||
| 400 | Tokyo Electron Ltd. - ADR | 48,888 | ||||||
| 480,760 | ||||||||
| SOFTWARE - 2.1% | ||||||||
| 511 | Microsoft Corporation | 189,157 | ||||||
| 850 | Workday, Inc., Class A(a) | 110,432 | ||||||
| 299,589 | ||||||||
| TECHNOLOGY HARDWARE - 1.6% | ||||||||
| 3,000 | Cisco Systems, Inc. | 232,770 | ||||||
| TECHNOLOGY SERVICES - 0.9% | ||||||||
| 1,000 | Fidelity National Information Services, Inc. | 46,910 | ||||||
| 300 | Visa, Inc., Class A | 90,672 | ||||||
| 137,582 | ||||||||
| TELECOMMUNICATIONS - 3.1% | ||||||||
| 10,725 | Orange S.A. - ADR | 219,541 | ||||||
| 4,500 | Verizon Communications, Inc. | 225,900 | ||||||
| 445,441 | ||||||||
| WHOLESALE - CONSUMER STAPLES - 3.6% | ||||||||
| 3,217 | Bunge Global S.A. | 409,202 | ||||||
| 24,000 | GrainCorp Ltd. | 109,785 | ||||||
| 518,987 | ||||||||
| CATALYST/MAP GLOBAL BALANCED FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||||||
| COMMON STOCKS — 51.4% (Continued) | ||||||||||||
| TOTAL COMMON STOCKS (Cost $5,433,960) | $ | 7,485,789 | ||||||||||
| EXCHANGE-TRADED FUNDS — 5.0% | ||||||||||||
| COMMODITY - 5.0% | ||||||||||||
| 7,900 | SPDR Gold MiniShares Trust(a) | 732,251 | ||||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $292,261) | ||||||||||||
| Dividend Rate(b) | ||||||||||||
| PREFERRED STOCKS — 1.8% | ||||||||||||
| HOUSEHOLD PRODUCTS — 1.8% | ||||||||||||
| 3,500 | Henkel A.G. & Company KGaA | 2.07 | 268,204 | |||||||||
| TOTAL PREFERRED STOCKS (Cost $323,349) | ||||||||||||
| Principal Amount ($) | Coupon Rate (%) | Maturity | ||||||||||
| CORPORATE BONDS — 39.3% | ||||||||||||
| AEROSPACE & DEFENSE — 2.1% | ||||||||||||
| 300,000 | Spirit AeroSystems, Inc. | 3.8500 | 06/15/26 | 299,402 | ||||||||
| AUTOMOTIVE — 3.5% | ||||||||||||
| 300,000 | Ford Motor Credit Company, LLC | 5.8500 | 05/17/27 | 302,263 | ||||||||
| 200,000 | Honda Motor Company Ltd. | 2.5340 | 03/10/27 | 196,593 | ||||||||
| 498,856 | ||||||||||||
| CHEMICALS — 2.9% | ||||||||||||
| 425,000 | Methanex Corporation | 5.1250 | 10/15/27 | 422,262 | ||||||||
| ENTERTAINMENT CONTENT — 1.4% | ||||||||||||
| 212,000 | Warner Media, LLC | 3.8000 | 02/15/27 | 208,248 | ||||||||
| CATALYST/MAP GLOBAL BALANCED FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| CORPORATE BONDS — 39.3% (Continued) | ||||||||||||
| GAS & WATER UTILITIES — 1.2% | ||||||||||||
| 175,000 | AmeriGas Partners, L.P. / AmeriGas Finance Corporation | 5.7500 | 05/20/27 | $ | 176,286 | |||||||
| HOME & OFFICE PRODUCTS — 1.3% | ||||||||||||
| 201,000 | Steelcase, Inc. | 5.1250 | 01/18/29 | 195,797 | ||||||||
| INDUSTRIAL SUPPORT SERVICES — 1.5% | ||||||||||||
| 225,000 | United Rentals North America, Inc. | 4.8750 | 01/15/28 | 224,050 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 3.0% | ||||||||||||
| 250,000 | Nomura Holdings, Inc. | 1.6530 | 07/14/26 | 248,200 | ||||||||
| 200,000 | Nomura Holdings, Inc. | 2.3290 | 01/22/27 | 196,681 | ||||||||
| 444,881 | ||||||||||||
| LEISURE FACILITIES & SERVICES — 1.8% | ||||||||||||
| 250,000 | Carnival Corporation | 6.6500 | 01/15/28 | 256,322 | ||||||||
| LEISURE PRODUCTS — 1.6% | ||||||||||||
| 225,000 | Brunswick Corporation | 5.8500 | 03/18/29 | 230,284 | ||||||||
| OIL & GAS PRODUCERS — 1.7% | ||||||||||||
| 250,000 | Buckeye Partners, L.P. | 4.1250 | 12/01/27 | 244,618 | ||||||||
| OIL & GAS SERVICES & EQUIPMENT — 1.4% | ||||||||||||
| 200,000 | Oceaneering International, Inc. | 6.0000 | 02/01/28 | 201,044 | ||||||||
| PUBLISHING & BROADCASTING — 3.3% | ||||||||||||
| 466,000 | Belo Corporation | 7.7500 | 06/01/27 | 480,864 | ||||||||
| RETAIL - DISCRETIONARY — 2.7% | ||||||||||||
| 175,000 | Advance Auto Parts, Inc. | 1.7500 | 10/01/27 | 164,816 | ||||||||
| 225,000 | Nordstrom, Inc. | 6.9500 | 03/15/28 | 227,038 | ||||||||
| 391,854 | ||||||||||||
| SPECIALTY FINANCE — 5.6% | ||||||||||||
| 200,000 | AerCap Ireland Capital DAC / AerCap Global Global Aviation Trust 2 | 2.4500 | 10/29/26 | 197,733 | ||||||||
| 625,000 | Aircastle Ltd. | 4.2500 | 06/15/26 | 624,160 | ||||||||
| CATALYST/MAP GLOBAL BALANCED FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| CORPORATE BONDS — 39.3% (Continued) | ||||||||||||
| SPECIALTY FINANCE — 5.6% (Continued) | ||||||||||||
| $ | 821,893 | |||||||||||
| STEEL — 2.8% | ||||||||||||
| 400,000 | ArcelorMittal S.A. | 6.5500 | 11/29/27 | 412,351 | ||||||||
| TECHNOLOGY HARDWARE — 1.5% | ||||||||||||
| 225,000 | Nokia OYJ | 4.3750 | 06/12/27 | 223,999 | ||||||||
| TOTAL CORPORATE BONDS (Cost $5,741,867) | 5,733,011 | |||||||||||
| Shares | ||||||||||||
| SHORT-TERM INVESTMENTS — 3.3% | ||||||||||||
| MONEY MARKET FUNDS - 3.3% | ||||||||||||
| 478,951 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $478,951)(c) | 478,951 | ||||||||||
| TOTAL INVESTMENTS - 100.8% (Cost $12,270,388) | $ | 14,698,206 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)% | (110,056 | ) | ||||||||||
| NET ASSETS - 100.0% | $ | 14,588,150 | ||||||||||
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| DAC | - Designated Activity Company |
| KGaA | - Kommanditgesellschaft auf Aktien |
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |
| OYJ | - Julkinen osakeyhtiö |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| S.A.B de C.V. - Sociedad Anónima Bursátil de Capital Variable | |
| S.E. | - Societas Europeae |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | Non-income producing security. |
| (b) | Euro. Pays annually. |
| (c) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| CATALYST/MILLBURN HEDGE STRATEGY FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 48.9% | ||||||||
| EQUITY - 48.9% | ||||||||
| 1,706,676 | Dimensional Emerging Core Equity Market ETF | $ | 57,788,049 | |||||
| 1,549,030 | Dimensional International Core Equity 2 ETF | 55,037,036 | ||||||
| 3,324,162 | Dimensional US Core Equity 2 ETF | 129,176,935 | ||||||
| 1,172,200 | Dimensional US High Profitability ETF | 43,090,072 | ||||||
| 8,281,613 | iShares Core S&P Mid-Cap ETF | 559,257,326 | ||||||
| 2,458,196 | iShares Core S&P Small-Cap ETF | 305,578,345 | ||||||
| 847,045 | iShares MSCI Australia ETF | 23,513,969 | ||||||
| 651,868 | iShares MSCI Brazil ETF | 25,025,213 | ||||||
| 410,926 | iShares MSCI Canada ETF | 22,514,636 | ||||||
| 180,371 | iShares MSCI France ETF | 7,824,494 | ||||||
| 714,153 | iShares MSCI Hong Kong ETF | 16,489,793 | ||||||
| 3,120,382 | iShares MSCI India ETF(a) | 146,158,693 | ||||||
| 1,571,192 | iShares MSCI Intl Quality Factor ETF | 72,636,206 | ||||||
| 799,771 | iShares MSCI Japan ETF | 67,532,663 | ||||||
| 216,707 | iShares MSCI Malaysia ETF | 6,156,646 | ||||||
| 323,428 | iShares MSCI Mexico ETF | 24,331,488 | ||||||
| 498,619 | iShares MSCI Singapore ETF | 14,071,028 | ||||||
| 121,460 | iShares MSCI South Africa ETF | 8,234,988 | ||||||
| 213,236 | iShares MSCI Spain ETF | 11,580,847 | ||||||
| 541,025 | iShares MSCI Switzerland ETF | 31,817,680 | ||||||
| 975,210 | iShares MSCI Taiwan ETF | 69,161,893 | ||||||
| 74,927 | iShares MSCI Thailand ETF | 5,198,435 | ||||||
| 102,007 | iShares MSCI Turkey ETF | 3,942,571 | ||||||
| 1,439,415 | iShares MSCI United Kingdom ETF | 65,579,747 | ||||||
| 4,242,597 | iShares MSCI USA Min Vol Factor ETF | 393,458,446 | ||||||
| 249,681 | iShares MSCI USA Quality Factor ETF | 47,891,313 | ||||||
| 1,641,733 | iShares Russell 1000 ETF | 585,376,318 | ||||||
| 1,603,667 | iShares Russell 2000 ETF | 397,709,416 | ||||||
| 768,475 | iShares Russell Mid-Cap ETF | 74,718,824 | ||||||
| 524,119 | State Street SPDR S&P 500 ETF Trust | 340,855,550 | ||||||
| 7,021,770 | Vanguard FTSE Emerging Markets ETF | 379,526,669 | ||||||
| 110,978 | Vanguard FTSE Europe ETF | 9,147,917 | ||||||
| 445,130 | Vanguard Large-Cap ETF | 133,027,101 | ||||||
| 421,239 | Vanguard Mid-Cap ETF | 120,971,416 | ||||||
| CATALYST/MILLBURN HEDGE STRATEGY FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||||||
| EXCHANGE-TRADED FUNDS — 48.9% (Continued) | ||||||||||||
| EQUITY - 48.9% (Continued) | ||||||||||||
| 1,393,147 | Vanguard Real Estate ETF | $ | 123,572,139 | |||||||||
| 255,244 | Vanguard S&P 500 ETF | 152,521,052 | ||||||||||
| 350,327 | Vanguard Small-Cap ETF | 91,757,648 | ||||||||||
| 587,752 | WisdomTree India Earnings Fund(a) | 23,980,282 | ||||||||||
| 4,646,212,844 | ||||||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $3,241,740,677) | 4,646,212,844 | |||||||||||
| Principal Amount ($) | Coupon Rate (%) | Maturity | ||||||||||
| U.S. GOVERNMENT & AGENCIES — 41.0% | ||||||||||||
| U.S. TREASURY NOTES — 41.0% | ||||||||||||
| 1,565,203,000 | United States Treasury Note(d),(e) | 1.6250 | 05/15/26 | 1,561,092,933 | ||||||||
| 1,811,130,000 | United States Treasury Note(d),(e) | 1.5000 | 08/15/26 | 1,795,843,719 | ||||||||
| 531,653,000 | United States Treasury Note(d),(e) | 2.0000 | 11/15/26 | 525,936,571 | ||||||||
| 3,882,873,223 | ||||||||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,884,142,965) | 3,882,873,223 | |||||||||||
| Shares | ||||||||||||
| SHORT-TERM INVESTMENTS — 6.7% | ||||||||||||
| MONEY MARKET FUNDS - 6.7% | ||||||||||||
| 632,590,160 | First American Treasury Obligations Fund, Class X, 3.58%(b),(d) | 632,590,160 | ||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $632,590,160) | 632,590,160 | |||||||||||
| TOTAL INVESTMENTS - 96.6% (Cost $7,758,473,802) | $ | 9,161,676,227 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 3.4% | 318,710,183 | |||||||||||
| NET ASSETS - 100.0% | $ | 9,480,386,410 | ||||||||||
| OPEN FUTURES CONTRACTS | ||||||||||||||
| Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
| 14 | Carbon Emissions Future(d) | 12/15/2026 | $ | 1,173,301 | $ | (18,589 | ) | |||||||
| 237 | CBOT Corn Future(d) | 05/15/2026 | 5,424,338 | (75,100 | ) | |||||||||
| CATALYST/MILLBURN HEDGE STRATEGY FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FUTURES CONTRACTS (Continued) | ||||||||||||||
| Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Value
and Unrealized Appreciation (Depreciation) | ||||||||||
| 540 | CBOT Soybean Future(d) | 05/15/2026 | $ | 31,617,000 | $ | (491,063 | ) | |||||||
| 1,222 | CBOT Soybean Meal Future(d) | 05/15/2026 | 38,664,080 | (753,860 | ) | |||||||||
| 1,968 | CBOT Soybean Oil Future(d) | 05/15/2026 | 81,333,504 | 4,828,110 | ||||||||||
| 1,748 | CME Australian Dollar Currency Future | 06/16/2026 | 120,306,100 | (161,025 | ) | |||||||||
| 72 | CME British Pound Currency Future | 06/16/2026 | 5,951,700 | 175 | ||||||||||
| 522 | CME E-Mini NASDAQ 100 Index Future | 06/22/2026 | 249,672,599 | 7,677,149 | ||||||||||
| 151 | CME E-mini Russell 2000 Index Futures | 06/22/2026 | 18,967,110 | 667,815 | ||||||||||
| 958 | CME E-Mini Standard & Poor’s 500 Index Future | 06/22/2026 | 314,738,924 | 7,110,837 | ||||||||||
| 62 | CME E-Mini Standard & Poor’s MidCap 400 Index Future | 06/22/2026 | 21,058,300 | 368,310 | ||||||||||
| 969 | CME Mexican Peso Currency Future | 06/16/2026 | 26,821,920 | 252,460 | ||||||||||
| 229 | COMEX Copper Future(d) | 05/28/2026 | 32,140,150 | 647,837 | ||||||||||
| 77 | COMEX Gold 100 Troy Ounces Future(d) | 06/29/2026 | 36,025,220 | 1,972,290 | ||||||||||
| 25 | COMEX Silver Future(d) | 05/28/2026 | 9,364,875 | 649,425 | ||||||||||
| 474 | E-mini Dow Jones Industrial Average Index Futures | 06/22/2026 | 110,399,340 | 2,308,030 | ||||||||||
| 39 | Eurex DAX Index Future | 06/22/2026 | 25,735,177 | 842,205 | ||||||||||
| 3,458 | Eurex EURO STOXX 50 Future | 06/22/2026 | 219,622,168 | 5,212,730 | ||||||||||
| 2,504 | Euronext CAC 40 Index Future | 04/20/2026 | 226,465,558 | 2,959,870 | ||||||||||
| 1,585 | FTSE 100 Index Future | 06/22/2026 | 213,958,427 | 8,794,657 | ||||||||||
| 257 | FTSE/MIB Index Future | 06/22/2026 | 64,719,325 | 2,301,248 | ||||||||||
| 381 | HKG Hang Seng China Enterprises Index Future | 04/30/2026 | 20,303,693 | 17,490 | ||||||||||
| 204 | HKG Hang Seng Index Future | 04/30/2026 | 32,202,735 | 311,409 | ||||||||||
| 928 | ICE Brent Crude Oil Future(d) | 05/01/2026 | 96,484,160 | (290,330 | ) | |||||||||
| 249 | ICE Brent Crude Oil Future(d) | 06/01/2026 | 23,946,330 | (917,510 | ) | |||||||||
| 83 | ICE Brent Crude Oil Future(d) | 07/01/2026 | 7,484,110 | (340,580 | ) | |||||||||
| 73 | ICE Brent Crude Oil Future(d) | 08/03/2026 | 6,271,430 | (332,460 | ) | |||||||||
| 65 | ICE Brent Crude Oil Future(d) | 08/31/2026 | 5,391,750 | (297,400 | ) | |||||||||
| 47 | ICE Brent Crude Oil Future(d) | 10/01/2026 | 3,807,470 | (198,040 | ) | |||||||||
| 130 | ICE Gas Oil Future(d) | 05/13/2026 | 16,110,250 | 228,351 | ||||||||||
| 189 | ICE Gas Oil Future(d) | 06/12/2026 | 20,827,799 | 268,425 | ||||||||||
| 76 | ICE Gas Oil Future(d) | 07/13/2026 | 7,691,200 | 65,600 | ||||||||||
| 553 | ICE US mini MSCI EAFE Index Futures | 06/22/2026 | 80,215,415 | 2,378,790 | ||||||||||
| 530 | ICE US MSCI Emerging Markets EM Index Futures | 06/22/2026 | 38,546,900 | 1,101,700 | ||||||||||
| 724 | IFSC NIFTY 50 Index Futures | 04/29/2026 | 32,553,212 | (65,502 | ) | |||||||||
| 282 | KFE KOSPI 200 Index Future | 06/12/2026 | 35,117,881 | (1,074,123 | ) | |||||||||
| 63 | LME Copper Future(d) | 06/16/2026 | 19,425,293 | 263,645 | ||||||||||
| 232 | LME Primary Aluminum Future(d) | 06/16/2026 | 20,196,412 | 1,174,920 | ||||||||||
| 89 | LME Zinc Future(d) | 06/16/2026 | 7,215,675 | 238,458 | ||||||||||
| 144 | MEFF Madrid IBEX 35 Index Future | 04/20/2026 | 28,238,280 | 734,290 | ||||||||||
| 208 | Montreal Exchange S&P/TSX 60 Index Future | 06/22/2026 | 57,040,119 | 1,478,164 | ||||||||||
| 15 | NYBOT CSC Cocoa Future(d) | 05/14/2026 | 495,000 | 10,090 | ||||||||||
| 258 | NYBOT CSC Number 11 World Sugar Future(d) | 05/01/2026 | 4,484,659 | (2,822 | ) | |||||||||
| 418 | NYMEX Henry Hub Natural Gas Futures(d) | 04/29/2026 | 12,055,120 | (155,470 | ) | |||||||||
| 90 | NYMEX Henry Hub Natural Gas Futures(d) | 05/28/2026 | 2,705,400 | (41,130 | ) | |||||||||
| 75 | NYMEX Henry Hub Natural Gas Futures(d) | 07/30/2026 | 2,475,000 | (62,540 | ) | |||||||||
| 11 | NYMEX Henry Hub Natural Gas Futures(d) | 08/28/2026 | 360,250 | (4,930 | ) | |||||||||
| 334 | NYMEX Light Sweet Crude Oil Future(d) | 04/22/2026 | 33,860,920 | (93,560 | ) | |||||||||
| 282 | NYMEX Light Sweet Crude Oil Future(d) | 05/20/2026 | 26,271,120 | 615,920 | ||||||||||
| 68 | NYMEX Light Sweet Crude Oil Future(d) | 06/23/2026 | 5,884,040 | (93,620 | ) | |||||||||
| CATALYST/MILLBURN HEDGE STRATEGY FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FUTURES CONTRACTS (Continued) | ||||||||||||||
| Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Value
and Unrealized Appreciation (Depreciation) | ||||||||||
| 35 | NYMEX Light Sweet Crude Oil Future(d) | 07/22/2026 | $ | 2,857,050 | $ | (85,600 | ) | |||||||
| 37 | NYMEX Light Sweet Crude Oil Future(d) | 08/21/2026 | 2,885,260 | (149,870 | ) | |||||||||
| 22 | NYMEX Light Sweet Crude Oil Future(d) | 09/23/2026 | 1,655,940 | (91,880 | ) | |||||||||
| 87 | NYMEX NY Harbor ULSD Futures(d) | 06/01/2026 | 13,669,249 | (170,919 | ) | |||||||||
| 39 | NYMEX NY Harbor ULSD Futures(d) | 07/01/2026 | 5,656,997 | (149,432 | ) | |||||||||
| 23 | NYMEX NY Harbor ULSD Futures(d) | 08/03/2026 | 3,164,906 | (99,788 | ) | |||||||||
| 20 | NYMEX Platinum Future(d) | 07/30/2026 | 1,970,200 | 41,850 | ||||||||||
| 113 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future(d) | 05/01/2026 | 15,205,709 | 209,403 | ||||||||||
| 96 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future(d) | 06/01/2026 | 12,320,179 | (113,350 | ) | |||||||||
| 43 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future(d) | 07/01/2026 | 5,248,417 | (85,499 | ) | |||||||||
| 30 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future(d) | 08/03/2026 | 3,494,106 | (93,265 | ) | |||||||||
| 239 | OSE Nikkei 225 Index Future | 06/12/2026 | 77,039,940 | 7,590 | ||||||||||
| 275 | SAFEX FTSE/JSE Top 40 Index Future | 06/22/2026 | 17,374,291 | 852,292 | ||||||||||
| 521 | SFE S&P ASX Share Price Index 200 Future | 06/22/2026 | 76,502,936 | 284,119 | ||||||||||
| 23 | SGX FTSE Taiwan Index Futures | 04/30/2026 | 2,376,360 | (1,620 | ) | |||||||||
| 159 | SGX Nikkei 225 Stock Index Future | 06/12/2026 | 25,711,410 | 24,552 | ||||||||||
| 3,763 | TEF SET50 Index Future | 06/30/2026 | 22,219,993 | 325,368 | ||||||||||
| 257 | TSE TOPIX (Tokyo Price Index) Future | 06/12/2026 | 56,739,398 | 631,807 | ||||||||||
| 370 | TTF Natural Gas Base Load Monthly Futures(d) | 04/30/2026 | 16,149,315 | (1,335,780 | ) | |||||||||
| TOTAL LONG FUTURES CONTRACTS | $ | 50,010,724 | ||||||||||||
| Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(c) | Value
and Unrealized Appreciation (Depreciation) | ||||||||||
| 2,167 | 3 Month Euro Euribor Future | 03/16/2027 | $ | 608,310,362 | $ | 777,014 | ||||||||
| 1,060 | 3 Month Euro Euribor Future | 03/14/2028 | 298,002,485 | 881,029 | ||||||||||
| 2,145 | 3 Month Euro Euribor Future | 06/15/2027 | 602,258,582 | 2,706,159 | ||||||||||
| 644 | 3 Month Euro Euribor Future | 06/20/2028 | 181,031,958 | 428,820 | ||||||||||
| 1,951 | 3 Month Euro Euribor Future | 09/14/2027 | 548,126,820 | 2,189,688 | ||||||||||
| 1,667 | 3 Month Euro Euribor Future | 12/15/2026 | 468,097,145 | 80,619 | ||||||||||
| 1,231 | 3 Month Euro Euribor Future | 12/14/2027 | 346,040,901 | 1,199,476 | ||||||||||
| 795 | BMF Ibovespa Index Future | 04/16/2026 | 28,938,979 | (636,130 | ) | |||||||||
| 10,022 | CBOT 10 Year US Treasury Note Future | 06/22/2026 | 1,112,911,781 | 3,682,547 | ||||||||||
| 8,457 | CBOT 2 Year US Treasury Note Future | 07/01/2026 | 1,754,365,003 | (605,213 | ) | |||||||||
| 13,133 | CBOT 5 Year US Treasury Note Future | 07/01/2026 | 1,420,723,842 | 6,738,762 | ||||||||||
| 4,376 | CBOT US Treasury Bond Futures | 06/22/2026 | 498,317,000 | 5,442,625 | ||||||||||
| 1,156 | CBOT Wheat Future(d) | 05/15/2026 | 35,619,250 | (1,053,500 | ) | |||||||||
| 1,295 | CME Canadian Dollar Currency Future | 06/17/2026 | 93,240,000 | 1,882,525 | ||||||||||
| 979 | CME Euro Foreign Exchange Currency Future | 06/16/2026 | 141,777,556 | 1,032,018 | ||||||||||
| 1,027 | CME Japanese Yen Currency Future | 06/16/2026 | 81,312,725 | 349,571 | ||||||||||
| 410 | CME Lean Hogs Future(d) | 06/15/2026 | 17,228,200 | 170,080 | ||||||||||
| 79 | CME Live Cattle Future(d) | 07/01/2026 | 7,687,490 | (169,290 | ) | |||||||||
| 177 | CME New Zealand Dollar Currency Future | 06/16/2026 | 10,182,810 | 259,935 | ||||||||||
| CATALYST/MILLBURN HEDGE STRATEGY FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FUTURES CONTRACTS (Continued) | ||||||||||||||
| Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(c) | Value
and Unrealized Appreciation (Depreciation) | ||||||||||
| 641 | CME Swiss Franc Currency Future | 06/16/2026 | $ | 100,941,475 | $ | 1,041,906 | ||||||||
| 6,381 | Eurex 10 Year Euro BUND Future | 06/09/2026 | 924,772,989 | 4,530,015 | ||||||||||
| 1,984 | Eurex 2 Year Euro SCHATZ Future | 06/09/2026 | 242,496,533 | 14,384 | ||||||||||
| 541 | Eurex 30 Year Euro BUXL Future | 06/09/2026 | 68,944,360 | (317,161 | ) | |||||||||
| 5,251 | Eurex 5 Year Euro BOBL Future | 06/09/2026 | 700,558,172 | (342,650 | ) | |||||||||
| 6,493 | Euro-BTP Italian Bond Futures | 06/09/2026 | 872,637,587 | 3,703,889 | ||||||||||
| 6,678 | French Government Bond Futures | 06/09/2026 | 916,102,427 | 1,718,247 | ||||||||||
| 253 | KCBT Hard Red Winter Wheat Future(d) | 05/15/2026 | 8,039,075 | (296,912 | ) | |||||||||
| 24 | LME Lead Future(d) | 06/16/2026 | 1,138,128 | (1,158 | ) | |||||||||
| 3,812 | Long Gilt Future | 06/29/2026 | 442,935,490 | 11,273,167 | ||||||||||
| 1,682 | Montreal Exchange 10 Year Canadian Bond Future | 06/22/2026 | 145,076,701 | 1,357,777 | ||||||||||
| 35 | NYBOT CSC C Coffee Future(d) | 05/19/2026 | 3,915,844 | 119,362 | ||||||||||
| 194 | NYBOT CTN Number 2 Cotton Future(d) | 05/07/2026 | 6,790,000 | (391,565 | ) | |||||||||
| 18 | NYMEX Henry Hub Natural Gas Futures(d) | 06/29/2026 | 581,940 | 11,810 | ||||||||||
| 9 | NYMEX NY Harbor ULSD Futures(d) | 05/01/2026 | 1,555,016 | 458 | ||||||||||
| 1,509 | SFE 10 Year Australian Bond Future | 06/16/2026 | 112,186,213 | (95,900 | ) | |||||||||
| 837 | SFE 3 Year Australian Bond Future | 06/16/2026 | 59,859,493 | (6,530 | ) | |||||||||
| 1,875 | SGX FTSE China A50 Futures | 04/30/2026 | 27,255,000 | 111,812 | ||||||||||
| 566 | Three Month SONIA Index Futures | 03/15/2028 | 179,529,740 | 315,437 | ||||||||||
| 631 | Three Month SONIA Index Futures | 03/17/2027 | 199,687,773 | (160,343 | ) | |||||||||
| 701 | Three Month SONIA Index Futures | 12/15/2027 | 222,176,473 | 169,344 | ||||||||||
| 785 | Three Month SONIA Index Futures | 09/15/2027 | 248,565,844 | 151 | ||||||||||
| 575 | Three Month SONIA Index Futures | 06/21/2028 | 182,441,532 | 499,608 | ||||||||||
| 710 | Three Month SONIA Index Futures | 06/16/2027 | 224,688,303 | 21,744 | ||||||||||
| 352 | Three Month SONIA Index Futures | 09/20/2028 | 111,715,065 | 371,589 | ||||||||||
| 3,844 | Three-Month SOFR Futures | 06/16/2027 | 926,259,849 | 3,473,025 | ||||||||||
| 1,274 | Three-Month SOFR Futures | 06/21/2028 | 307,655,075 | 604,575 | ||||||||||
| 3,808 | Three-Month SOFR Futures | 09/15/2027 | 918,156,399 | 3,244,500 | ||||||||||
| 1,043 | Three-Month SOFR Futures | 09/20/2028 | 251,793,238 | 580,887 | ||||||||||
| 2,875 | Three-Month SOFR Futures | 12/15/2027 | 693,845,313 | 2,652,662 | ||||||||||
| 3,321 | Three-Month SOFR Futures | 03/17/2027 | 800,070,412 | 3,077,088 | ||||||||||
| 1,444 | Three-Month SOFR Futures | 03/15/2028 | 348,707,950 | 1,056,950 | ||||||||||
| 393 | TSE Japanese 10 Year Bond Futures | 06/16/2026 | 322,669,410 | (250,739 | ) | |||||||||
| 2,152 | Ultra U.S. Treasury Bond Futures | 06/22/2026 | 250,842,500 | 4,297,031 | ||||||||||
| TOTAL SHORT FUTURES CONTRACTS | $ | 67,741,195 | ||||||||||||
| TOTAL FUTURES CONTRACTS | $ | 117,751,919 | ||||||||||||
| CATALYST/MILLBURN HEDGE STRATEGY FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FORWARD FOREIGN CURRENCY CONTRACTS | ||||||||||||||||
| Unrealized | ||||||||||||||||
| Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Appreciation/(Depreciation) | |||||||||||
| To Buy: | ||||||||||||||||
| Australian Dollar | 04/01/2026 | Bank Of America Merrill Lynch | 132,840,000 | $ | 91,652,983 | $ | 566,949 | |||||||||
| British Pound | 04/01/2026 | Deutsche Bank | 188,780,000 | 249,861,025 | 851,348 | |||||||||||
| Canadian Dollar | 04/01/2026 | Deutsche Bank | 300,160,000 | 215,728,269 | 346,746 | |||||||||||
| Euro | 04/01/2026 | Deutsche Bank | 63,510,000 | 73,404,992 | 447,425 | |||||||||||
| Israeli Shekel | 04/01/2026 | Bank Of America Merrill Lynch | 5,800,000 | 1,844,608 | 12,065 | |||||||||||
| Japanese Yen | 04/01/2026 | Deutsche Bank | 32,220,000,000 | 203,007,949 | 1,128,068 | |||||||||||
| Mexican Peso | 04/01/2026 | Deutsche Bank | 445,080,000 | 24,834,293 | 256,671 | |||||||||||
| New Zealand Dollar | 04/01/2026 | Bank Of America Merrill Lynch | 39,200,000 | 22,526,148 | 92,611 | |||||||||||
| Norwegian Krone | 04/01/2026 | Bank Of America Merrill Lynch | 1,119,590,000 | 115,655,584 | 1,066,986 | |||||||||||
| Polish Zloty | 04/01/2026 | Bank Of America Merrill Lynch | 43,430,000 | 11,700,145 | 77,698 | |||||||||||
| Singapore Dollar | 04/01/2026 | Bank Of America Merrill Lynch | 28,480,000 | 22,150,668 | 84,609 | |||||||||||
| South African Rand | 04/01/2026 | Bank Of America Merrill Lynch | 136,960,000 | 8,095,571 | 114,353 | |||||||||||
| Swedish Krona | 04/01/2026 | Bank Of America Merrill Lynch | 337,540,000 | 35,649,783 | 78,878 | |||||||||||
| Swiss Franc | 04/01/2026 | Bank Of America Merrill Lynch | 115,790,000 | 144,815,341 | 48,513 | |||||||||||
| Chinese Yuan Offshore | 04/01/2026 | Bank Of America Merrill Lynch | 947,150,000 | 137,512,055 | 588,583 | |||||||||||
| Australian Dollar | 04/02/2026 | Bank Of America Merrill Lynch | 144,020,000 | 99,366,629 | 265,118 | |||||||||||
| British Pound | 04/02/2026 | Deutsche Bank | 110,420,000 | 146,147,127 | 234,751 | |||||||||||
| Euro | 04/02/2026 | Deutsche Bank | 145,890,000 | 168,619,972 | 787,063 | |||||||||||
| Japanese Yen | 04/02/2026 | Deutsche Bank | 24,932,000,000 | 157,088,582 | 934,971 | |||||||||||
| New Zealand Dollar | 04/02/2026 | Bank Of America Merrill Lynch | 131,730,000 | 75,698,196 | 502,760 | |||||||||||
| Polish Zloty | 04/02/2026 | Bank Of America Merrill Lynch | 130,110,000 | 35,051,940 | 138,684 | |||||||||||
| Singapore Dollar | 04/02/2026 | Bank Of America Merrill Lynch | 81,370,000 | 63,286,511 | 159,702 | |||||||||||
| South African Rand | 04/02/2026 | Bank Of America Merrill Lynch | 188,710,000 | 11,154,459 | 90,892 | |||||||||||
| Swedish Krona | 04/02/2026 | Bank Of America Merrill Lynch | 695,900,000 | 73,498,503 | 518,815 | |||||||||||
| Swiss Franc | 04/02/2026 | Bank Of America Merrill Lynch | 125,070,000 | 156,421,576 | 226,604 | |||||||||||
| Chinese Yuan Offshore | 04/02/2026 | Bank Of America Merrill Lynch | 1,280,820,000 | 185,955,955 | 505,814 | |||||||||||
| Mexican Peso | 04/06/2026 | Deutsche Bank | 994,270,000 | 55,458,909 | 55,476 | |||||||||||
| Norwegian Krone | 04/07/2026 | Bank Of America Merrill Lynch | 870,520,000 | 89,923,641 | 803,401 | |||||||||||
| Australian Dollar | 04/15/2026 | Bank Of America Merrill Lynch | 2,329,880,000 | 1,607,240,262 | (23,845,717 | ) | ||||||||||
| Brazilian Real | 04/15/2026 | Bank Of America Merrill Lynch | 4,437,290,000 | 854,535,034 | 16,211,874 | |||||||||||
| British Pound | 04/15/2026 | Deutsche Bank | 807,720,000 | 1,069,045,402 | (10,694,330 | ) | ||||||||||
| Canadian Dollar | 04/15/2026 | Deutsche Bank | 1,841,260,000 | 1,324,091,769 | (21,744,720 | ) | ||||||||||
| Chilean Peso | 04/15/2026 | Bank Of America Merrill Lynch | 70,228,000,000 | 75,671,631 | (1,626,417 | ) | ||||||||||
| Euro | 04/15/2026 | Deutsche Bank | 1,405,500,000 | 1,625,552,232 | (6,925,513 | ) | ||||||||||
| Indian Rupee | 04/15/2026 | Bank Of America Merrill Lynch | 7,233,569,999 | 77,211,352 | (20,172 | ) | ||||||||||
| Israeli Shekel | 04/15/2026 | Bank Of America Merrill Lynch | 7,300,000 | 2,322,927 | (21,438 | ) | ||||||||||
| Japanese Yen | 04/15/2026 | Deutsche Bank | 208,630,999,990 | 1,316,218,550 | (1,202,040 | ) | ||||||||||
| Mexican Peso | 04/15/2026 | Deutsche Bank | 22,035,619,997 | 1,228,179,452 | (8,844,927 | ) | ||||||||||
| New Zealand Dollar | 04/15/2026 | Bank Of America Merrill Lynch | 1,486,300,000 | 854,486,416 | (20,901,711 | ) | ||||||||||
| Norwegian Krone | 04/15/2026 | Bank Of America Merrill Lynch | 6,932,119,999 | 716,046,501 | 2,249,705 | |||||||||||
| Polish Zloty | 04/15/2026 | Bank Of America Merrill Lynch | 1,498,550,000 | 403,703,525 | (3,812,672 | ) | ||||||||||
| Singapore Dollar | 04/15/2026 | Bank Of America Merrill Lynch | 314,160,000 | 244,582,213 | (1,837,301 | ) | ||||||||||
| CATALYST/MILLBURN HEDGE STRATEGY FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued) | ||||||||||||||||
| Unrealized | ||||||||||||||||
| Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Appreciation/(Depreciation) | |||||||||||
| To Buy: (continued) | ||||||||||||||||
| South African Rand | 04/15/2026 | Bank Of America Merrill Lynch | 7,703,070,000 | $ | 454,849,142 | $ | (4,768,428 | ) | ||||||||
| South Korean Won | 04/15/2026 | Bank Of America Merrill Lynch | 141,113,999,999 | 93,829,678 | (710,011 | ) | ||||||||||
| Swedish Krona | 04/15/2026 | Bank Of America Merrill Lynch | 5,192,520,000 | 548,809,229 | (12,711,434 | ) | ||||||||||
| Swiss Franc | 04/15/2026 | Bank Of America Merrill Lynch | 1,056,630,000 | 1,323,526,790 | (27,041,957 | ) | ||||||||||
| Chinese Yuan Offshore | 04/15/2026 | Bank Of America Merrill Lynch | 7,551,279,999 | 1,097,477,477 | (477,114 | ) | ||||||||||
| South African Rand | 05/20/2026 | Bank Of America Merrill Lynch | 4,217,039,999 | 248,345,246 | 2,190,771 | |||||||||||
| South Korean Won | 05/20/2026 | Bank Of America Merrill Lynch | 42,936,000,000 | 28,567,896 | 148,701 | |||||||||||
| Swedish Krona | 05/20/2026 | Bank Of America Merrill Lynch | 1,228,420,000 | 130,070,170 | (1,448,012 | ) | ||||||||||
| Chinese Yuan Offshore | 05/20/2026 | Bank Of America Merrill Lynch | 1,340,260,000 | 195,272,431 | 710,497 | |||||||||||
| $ | 18,195,746,739 | $ | (116,136,812 | ) | ||||||||||||
| To Sell: | ||||||||||||||||
| Australian Dollar | 04/01/2026 | Bank Of America Merrill Lynch | 132,840,000 | $ | 91,652,982 | $ | (597,249 | ) | ||||||||
| British Pound | 04/01/2026 | Deutsche Bank | 188,780,000 | 249,861,024 | (779,692 | ) | ||||||||||
| Canadian Dollar | 04/01/2026 | Deutsche Bank | 300,160,000 | 215,728,270 | (488,077 | ) | ||||||||||
| Chinese Yuan Offshore | 04/01/2026 | Bank Of America Merrill Lynch | 947,150,000 | 137,512,050 | (602,515 | ) | ||||||||||
| Euro | 04/01/2026 | Deutsche Bank | 63,510,000 | 73,404,992 | (642,462 | ) | ||||||||||
| Israeli Shekel | 04/01/2026 | Bank Of America Merrill Lynch | 5,800,000 | 1,844,607 | 135 | |||||||||||
| Japanese Yen | 04/01/2026 | Deutsche Bank | 32,219,999,999 | 203,007,944 | (947,218 | ) | ||||||||||
| Mexican Peso | 04/01/2026 | Deutsche Bank | 445,080,000 | 24,834,296 | (253,756 | ) | ||||||||||
| New Zealand Dollar | 04/01/2026 | Bank Of America Merrill Lynch | 39,200,000 | 22,526,146 | (100,217 | ) | ||||||||||
| Norwegian Krone | 04/01/2026 | Bank Of America Merrill Lynch | 1,119,590,000 | 115,655,584 | (1,002,230 | ) | ||||||||||
| Polish Zloty | 04/01/2026 | Bank Of America Merrill Lynch | 43,430,000 | 11,700,144 | (96,756 | ) | ||||||||||
| Singapore Dollar | 04/01/2026 | Bank Of America Merrill Lynch | 28,480,000 | 22,150,670 | (66,156 | ) | ||||||||||
| South African Rand | 04/01/2026 | Bank Of America Merrill Lynch | 136,960,000 | 8,095,567 | (123,267 | ) | ||||||||||
| Swedish Krona | 04/01/2026 | Bank Of America Merrill Lynch | 337,540,000 | 35,649,784 | (314,219 | ) | ||||||||||
| Swiss Franc | 04/01/2026 | Bank Of America Merrill Lynch | 115,790,000 | 144,815,337 | (120,160 | ) | ||||||||||
| Australian Dollar | 04/02/2026 | Bank Of America Merrill Lynch | 144,020,000 | 99,366,624 | (524,275 | ) | ||||||||||
| British Pound | 04/02/2026 | Deutsche Bank | 110,420,000 | 146,147,128 | (236,546 | ) | ||||||||||
| Chinese Yuan Offshore | 04/02/2026 | Bank Of America Merrill Lynch | 1,280,820,000 | 185,955,960 | (666,834 | ) | ||||||||||
| Euro | 04/02/2026 | Deutsche Bank | 145,890,000 | 168,619,972 | (261,454 | ) | ||||||||||
| Japanese Yen | 04/02/2026 | Deutsche Bank | 24,931,999,999 | 157,088,581 | (229,218 | ) | ||||||||||
| New Zealand Dollar | 04/02/2026 | Bank Of America Merrill Lynch | 131,730,000 | 75,698,195 | (393,478 | ) | ||||||||||
| Polish Zloty | 04/02/2026 | Bank Of America Merrill Lynch | 130,110,000 | 35,051,939 | (248,928 | ) | ||||||||||
| Singapore Dollar | 04/02/2026 | Bank Of America Merrill Lynch | 81,370,000 | 63,286,517 | (237,736 | ) | ||||||||||
| South African Rand | 04/02/2026 | Bank Of America Merrill Lynch | 188,710,000 | 11,154,458 | (118,656 | ) | ||||||||||
| Swedish Krona | 04/02/2026 | Bank Of America Merrill Lynch | 695,900,000 | 73,498,501 | (634,498 | ) | ||||||||||
| Swiss Franc | 04/02/2026 | Bank Of America Merrill Lynch | 125,070,000 | 156,421,574 | (359,002 | ) | ||||||||||
| Mexican Peso | 04/06/2026 | Deutsche Bank | 994,270,000 | 55,458,906 | (175,310 | ) | ||||||||||
| Norwegian Krone | 04/07/2026 | Bank Of America Merrill Lynch | 870,520,000 | 89,923,638 | (621,217 | ) | ||||||||||
| Australian Dollar | 04/15/2026 | Bank Of America Merrill Lynch | 1,506,850,000 | 1,039,482,717 | 24,031,030 | |||||||||||
| Brazilian Real | 04/15/2026 | Bank Of America Merrill Lynch | 2,340,900,000 | 450,811,442 | (5,494,137 | ) | ||||||||||
| British Pound | 04/15/2026 | Deutsche Bank | 807,720,000 | 1,069,045,404 | 7,157,460 | |||||||||||
| Canadian Dollar | 04/15/2026 | Deutsche Bank | 2,756,550,000 | 1,982,297,540 | 33,688,742 | |||||||||||
| Chilean Peso | 04/15/2026 | Bank Of America Merrill Lynch | 42,172,999,999 | 45,441,982 | 1,413,109 | |||||||||||
| Chinese Yuan Offshore | 04/15/2026 | Bank Of America Merrill Lynch | 7,551,280,000 | 1,097,477,478 | 1,067,885 | |||||||||||
| Euro | 04/15/2026 | Deutsche Bank | 1,668,120,000 | 1,929,289,360 | 8,907,413 | |||||||||||
| Indian Rupee | 04/15/2026 | Bank Of America Merrill Lynch | 7,233,570,000 | 77,211,350 | 742,580 | |||||||||||
| Israeli Shekel | 04/15/2026 | Bank Of America Merrill Lynch | 178,330,000 | 56,746,240 | 718,825 | |||||||||||
| CATALYST/MILLBURN HEDGE STRATEGY FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued) | ||||||||||||||||
| Unrealized | ||||||||||||||||
| Foreign Currency | Settlement Date | Counterparty | Local Currency | U.S. Dollar Value | Appreciation/(Depreciation) | |||||||||||
| To Sell: (continued) | ||||||||||||||||
| Japanese Yen | 04/15/2026 | Deutsche Bank | 249,458,999,989 | $ | 1,573,795,667 | $ | 5,614,529 | |||||||||
| Mexican Peso | 04/15/2026 | Deutsche Bank | 18,670,279,998 | 1,040,608,535 | 11,558,361 | |||||||||||
| New Zealand Dollar | 04/15/2026 | Bank Of America Merrill Lynch | 1,889,380,000 | 1,086,220,513 | 25,663,685 | |||||||||||
| Norwegian Krone | 04/15/2026 | Bank Of America Merrill Lynch | 2,585,340,000 | 267,050,147 | 1,278,242 | |||||||||||
| Polish Zloty | 04/15/2026 | Bank Of America Merrill Lynch | 1,192,510,000 | 321,257,543 | 1,232,552 | |||||||||||
| Singapore Dollar | 04/15/2026 | Bank Of America Merrill Lynch | 314,160,000 | 244,582,214 | 1,438,715 | |||||||||||
| South African Rand | 04/15/2026 | Bank Of America Merrill Lynch | 7,703,069,999 | 454,849,142 | 8,296,613 | |||||||||||
| South Korean Won | 04/15/2026 | Bank Of America Merrill Lynch | 141,114,000,000 | 93,829,674 | 1,904,416 | |||||||||||
| Swedish Krona | 04/15/2026 | Bank Of America Merrill Lynch | 5,192,519,999 | 548,809,230 | 17,919,337 | |||||||||||
| Swiss Franc | 04/15/2026 | Bank Of America Merrill Lynch | 1,700,420,000 | 2,129,933,299 | 51,698,706 | |||||||||||
| British Pound | 05/20/2026 | Deutsche Bank | 68,240,000 | 90,310,805 | (138,605 | ) | ||||||||||
| Chinese Yuan Offshore | 05/20/2026 | Bank Of America Merrill Lynch | 2,105,370,000 | 306,746,987 | (1,017,554 | ) | ||||||||||
| Singapore Dollar | 05/20/2026 | Bank Of America Merrill Lynch | 194,720,000 | 151,969,729 | (277,079 | ) | ||||||||||
| South Korean Won | 05/20/2026 | Bank Of America Merrill Lynch | 29,439,999,999 | 19,588,199 | (200,119 | ) | ||||||||||
| Swedish Krona | 05/20/2026 | Bank Of America Merrill Lynch | 961,780,000 | 101,837,228 | (417,213 | ) | ||||||||||
| $ | 18,855,303,815 | $ | 185,946,502 | |||||||||||||
| Total | $ | 69,809,690 | ||||||||||||||
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| (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 CMHSF Fund Limited. |
| (e) | Held as collateral for futures. |
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 4.5% | ||||||||
| FIXED INCOME - 4.5% | ||||||||
| 901,688 | Invesco Senior Loan ETF | $ | 18,403,452 | |||||
| 374,591 | State Street SPDR Blackstone Senior Loan ETF | 15,036,083 | ||||||
| 33,439,535 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $34,559,095) | 33,439,535 | |||||||
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 3.8% | ||||||||||||||
| CLO — 3.8% | ||||||||||||||
| 2,000,000 | Apidos CLO LI Ltd. Series 2024-51A E(a),(b) | TSFR3M + 4.850% | 8.5180 | 01/20/38 | 1,972,469 | |||||||||
| 1,500,000 | Apidos Clo XL Ltd. Series 2022-40A ER(a),(b) | TSFR3M + 5.600% | 9.2720 | 07/15/37 | 1,466,004 | |||||||||
| 1,250,000 | Apidos CLO XXXII Series 2019-32A ER(a),(b) | TSFR3M + 5.500% | 9.1680 | 01/20/33 | 1,236,698 | |||||||||
| 1,000,000 | Benefit Street Partners CLO XVI Ltd. Series 2018-16A ER2(a),(b) | TSFR3M + 4.900% | 8.5680 | 01/17/38 | 965,277 | |||||||||
| 1,510,000 | Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A ER(a),(b) | TSFR3M + 5.400% | 9.0680 | 10/20/37 | 1,436,498 | |||||||||
| 500,000 | BlueMountain CLO Ltd. Series 2018-3A E(a),(b) | TSFR3M + 6.212% | 9.8800 | 10/25/30 | 389,459 | |||||||||
| 500,000 | BlueMountain CLO XXII Ltd. Series 2018-22A E(a),(b) | TSFR3M + 5.312% | 8.9840 | 07/15/31 | 432,284 | |||||||||
| 2,000,000 | Carlyle Global Market Strategies CLO Ltd Series 2014-2R(a),(b) | TSFR3M + 5.612% | 9.2640 | 05/15/31 | 1,999,638 | |||||||||
| 750,000 | Dryden 54 Senior Loan Fund Series 2017-54A E(a),(b) | TSFR3M + 6.462% | 10.1290 | 10/19/29 | 707,741 | |||||||||
| 1,000,000 | Hartwick Park CLO Ltd. Series 2023-1A ER(a),(b) | TSFR3M + 4.850% | 8.5180 | 01/20/37 | 907,605 | |||||||||
| 2,000,000 | KKR CLO 14 Ltd. Series 14 ER(a),(b) | TSFR3M + 6.412% | 10.0840 | 07/15/31 | 1,893,936 | |||||||||
| 1,000,000 | KKR CLO 31 Ltd. Series 31A E(a),(b) | TSFR3M + 6.732% | 10.3990 | 04/20/34 | 888,790 | |||||||||
| 1,500,000 | Meacham Park Clo Ltd. Series 2024-1A E(a),(b) | TSFR3M + 5.350% | 9.0180 | 10/20/37 | 1,368,426 | |||||||||
| 1,000,000 | Neuberger Berman CLO XXI Ltd. Series 2016-21A ER3(a),(b) | TSFR3M + 5.250% | 8.9180 | 01/20/39 | 970,432 | |||||||||
| 500,000 | Neuberger Berman Loan Advisers CLO 59 Ltd. Series 2024-59A E(a),(b) | TSFR3M + 4.800% | 8.4710 | 01/23/39 | 473,509 | |||||||||
| 1,000,000 | OCP CLO Ltd. Series 2021-23A ER2(a),(b) | TSFR3M + 4.500% | 8.1680 | 01/17/39 | 921,312 | |||||||||
| 500,000 | Octagon Investment Partners 26 Ltd. Series 2016-1A ER(a),(b) | TSFR3M + 5.662% | 9.3340 | 07/15/30 | 416,665 | |||||||||
| 1,500,000 | Octagon Investment Partners XXII Ltd. Series 2014-1A ERR(a),(b) | TSFR3M + 5.712% | 9.3810 | 01/22/30 | 1,461,758 | |||||||||
| 1,325,000 | OHA Credit Funding 2 LTD Series 2019-2A ER2(a),(b) | TSFR3M + 4.800% | 8.4700 | 01/21/38 | 1,288,349 | |||||||||
| 1,250,000 | OHA Credit Partners VII Ltd. Series 2012-7A ER4(a),(b) | TSFR3M + 4.500% | 8.1560 | 02/20/38 | 1,198,723 | |||||||||
| 2,000,000 | Palmer Square CLO Ltd. Series 2023-1A ER(a),(b) | TSFR3M + 4.900% | 8.5680 | 01/20/38 | 1,963,541 | |||||||||
| 1,000,000 | Palmer Square CLO Ltd. Series 2021-1A DR(a),(b) | TSFR3M + 4.750% | 8.4180 | 04/20/38 | 903,614 | |||||||||
| 1,000,000 | Rockford Tower CLO Ltd. Series 2017-3A E(a),(b) | TSFR3M + 6.012% | 9.6790 | 10/20/30 | 895,907 | |||||||||
| 1,000,000 | Shackleton CLO Ltd. Series 2013-4RA D(a),(b) | TSFR3M + 6.112% | 9.7630 | 04/13/31 | 923,884 | |||||||||
| 1,000,000 | Shackleton CLO Ltd. Series 2015-7RA E(a),(b) | TSFR3M + 6.462% | 10.1340 | 07/15/31 | 871,795 | |||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 3.8% (Continued) | ||||||||||||||
| CLO — 3.8% (Continued) | ||||||||||||||
| 500,000 | Upland CLO Ltd. Series 2016-1A DR(a),(b) | TSFR3M + 6.162% | 9.8290 | 04/20/31 | $ | 486,998 | ||||||||
| 28,441,312 | ||||||||||||||
| TOTAL ASSET BACKED SECURITIES (Cost $29,719,802) | 28,441,312 | |||||||||||||
| CORPORATE BONDS — 5.4% | ||||||||||||||
| ADVERTISING & MARKETING — 0.3% | ||||||||||||||
| 2,000,000 | Outfront Media Capital, LLC / Outfront Media(a) | 4.2500 | 01/15/29 | 1,929,065 | ||||||||||
| AEROSPACE & DEFENSE — 0.3% | ||||||||||||||
| 2,000,000 | TransDigm, Inc.(a) | 6.7500 | 01/31/34 | 2,027,470 | ||||||||||
| BIOTECH & PHARMA — 0.1% | ||||||||||||||
| 547,000 | GENMAB A/S/GENMAB FINANCE, LLC(a) | 7.2500 | 12/15/33 | 572,845 | ||||||||||
| CHEMICALS — 0.3% | ||||||||||||||
| 137,000 | Celanese US Holdings, LLC | 7.0000 | 02/15/31 | 140,751 | ||||||||||
| 2,500,000 | Valvoline, Inc.(a) | 3.6250 | 06/15/31 | 2,261,550 | ||||||||||
| 2,402,301 | ||||||||||||||
| CONTAINERS & PACKAGING — 0.2% | ||||||||||||||
| 1,441,000 | Graphic Packaging International, LLC(a) | 3.5000 | 03/01/29 | 1,351,192 | ||||||||||
| ELECTRIC UTILITIES — 0.3% | ||||||||||||||
| 2,000,000 | Talen Energy Supply, LLC(a) | 6.5000 | 02/01/36 | 2,003,178 | ||||||||||
| ELECTRICAL EQUIPMENT — 0.1% | ||||||||||||||
| 577,000 | WESCO Distribution, Inc.(a) | 5.5000 | 04/15/34 | 570,969 | ||||||||||
| ENTERTAINMENT CONTENT — 0.1% | ||||||||||||||
| 296,000 | OAK-Eagle Acquireco, Inc.(a) | 7.2500 | 07/01/33 | 307,271 | ||||||||||
| 374,000 | OAK-Eagle Acquireco, Inc.(a) | 8.7500 | 07/01/34 | 392,247 | ||||||||||
| 699,518 | ||||||||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| CORPORATE BONDS — 5.4% (Continued) | ||||||||||||
| FOOD — 0.3% | ||||||||||||
| 2,115,920 | Chobani Holdco II, LLC(a) | 8.7500 | 10/01/29 | $ | 2,254,959 | |||||||
| HEALTH CARE FACILITIES & SERVICES — 0.3% | ||||||||||||
| 1,144,000 | DaVita, Inc.(a) | 6.7500 | 07/15/33 | 1,164,213 | ||||||||
| 1,090,000 | LifePoint Health, Inc.(a) | 11.0000 | 10/15/30 | 1,173,631 | ||||||||
| 2,337,844 | ||||||||||||
| HOME & OFFICE PRODUCTS — 0.5% | ||||||||||||
| 219,000 | Scotts Miracle-Gro Company (The) | 4.0000 | 04/01/31 | 202,245 | ||||||||
| 2,137,000 | Scotts Miracle-Gro Company (The) | 4.3750 | 02/01/32 | 1,997,950 | ||||||||
| 2,000,000 | Whirlpool Corporation | 6.5000 | 06/15/33 | 1,895,356 | ||||||||
| 4,095,551 | ||||||||||||
| HOME CONSTRUCTION — 0.1% | ||||||||||||
| 1,174,000 | APi Group DE, Inc.(a) | 4.1250 | 07/15/29 | 1,118,784 | ||||||||
| INDUSTRIAL INTERMEDIATE PROD — 0.3% | ||||||||||||
| 2,000,000 | Roller Bearing Company of America, Inc.(a) | 4.3750 | 10/15/29 | 1,944,081 | ||||||||
| INSURANCE — 0.4% | ||||||||||||
| 2,000,000 | Acrisure, LLC / Acrisure Finance, Inc.(a) | 6.7500 | 07/01/32 | 1,929,759 | ||||||||
| 1,165,000 | Asurion, LLC and Asurion Co-Issuer, Inc.(a) | 8.0000 | 12/31/32 | 1,207,607 | ||||||||
| 3,137,366 | ||||||||||||
| OIL & GAS PRODUCERS — 0.3% | ||||||||||||
| 2,223,000 | Venture Global Plaquemines LNG, LLC(a) | 6.7500 | 01/15/36 | 2,356,017 | ||||||||
| OIL & GAS SERVICES & EQUIPMENT — 0.1% | ||||||||||||
| 590,000 | Kodiak Gas Services, LLC(a) | 5.8750 | 04/01/31 | 593,332 | ||||||||
| PUBLISHING & BROADCASTING — 0.4% | ||||||||||||
| 2,000,000 | McGraw-Hill Education, Inc.(a) | 7.3750 | 09/01/31 | 2,043,400 | ||||||||
| 2,000,000 | Nexstar Media, Inc.(a) | 6.5000 | 09/15/33 | 2,017,404 | ||||||||
| 4,060,804 | ||||||||||||
| RETAIL - CONSUMER STAPLES — 0.1% | ||||||||||||
| 434,000 | Albertsons Companies, Inc.(a) | 5.7500 | 03/31/34 | 425,179 | ||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
| CORPORATE BONDS — 5.4% (Continued) | ||||||||||||||
| RETAIL - DISCRETIONARY — 0.3% | ||||||||||||||
| 2,000,000 | Metis Merger Sub, LLC(a) | 6.5000 | 05/15/29 | $ | 1,985,757 | |||||||||
| TELECOMMUNICATIONS — 0.4% | ||||||||||||||
| 583,000 | Black Pearl Compute, LLC(a) | 6.1250 | 02/15/31 | 594,126 | ||||||||||
| 2,000,000 | Level 3 Financing, Inc.(a) | 6.8750 | 06/30/33 | 2,037,822 | ||||||||||
| 416,000 | Level 3 Financing, Inc.(a) | 8.5000 | 01/15/36 | 434,370 | ||||||||||
| 3,066,318 | ||||||||||||||
| TRANSPORTATION & LOGISTICS — 0.2% | ||||||||||||||
| 2,000,000 | Beacon Mobility Corporation(a) | 7.2500 | 08/01/30 | 2,067,512 | ||||||||||
| TOTAL CORPORATE BONDS (Cost $40,901,671) | 41,000,042 | |||||||||||||
| Spread | ||||||||||||||
| TERM LOANS — 84.4% | ||||||||||||||
| ADVERTISING & MARKETING — 0.6% | ||||||||||||||
| 4,289,223 | Endeavor Operating Company, LLC(b) | TSFR1M + 3.000% | 6.4220 | 01/28/32 | 4,284,934 | |||||||||
| AEROSPACE & DEFENSE — 1.6% | ||||||||||||||
| 2,100,000 | Azorra Soar Tlb Finance Ltd.(b) | TSFR1M + 2.500% | 6.1600 | 10/18/29 | 2,106,122 | |||||||||
| 490,744 | Bleriot US Bidco, Inc.(b) | TSFR1M + 4.000% | 6.1720 | 10/31/28 | 492,057 | |||||||||
| 3,594,832 | Goat Holdco, LLC(b) | TSFR1M + 2.500% | 6.1680 | 01/27/32 | 3,594,832 | |||||||||
| 325,862 | Mahseer Holdings, LLC(b) | TSFR1M + 3.250% | 6.9250 | 02/07/33 | 327,390 | |||||||||
| 52,138 | Mahseer Holdings, LLC(b) | TSFR1M + 3.250% | 6.9250 | 02/07/33 | 52,382 | |||||||||
| 111,600 | Signia Aerospace, LLC(b),(d) | TSFR3M + 2.750% | 3.0190 | 12/11/31 | 112,019 | |||||||||
| 2,289,316 | Signia Aerospace, LLC(b) | TSFR3M + 2.750% | 6.4270 | 12/11/31 | 2,297,901 | |||||||||
| 3,000,000 | TransDigm Group, Inc.(b) | TSFR1M + 2.500% | 6.1730 | 08/13/32 | 3,003,315 | |||||||||
| 11,986,018 | ||||||||||||||
| APPAREL & TEXTILE PRODUCTS — 0.4% | ||||||||||||||
| 2,797,319 | Varsity Brands, Inc.(b) | TSFR1M + 3.000% | 6.6720 | 08/26/31 | 2,789,025 | |||||||||
| ASSET MANAGEMENT — 7.3% | ||||||||||||||
| 1,541,337 | Aragorn Parent Corporation(b) | TSFR1M + 3.500% | 7.1730 | 12/15/28 | 1,544,227 | |||||||||
| 3,526,293 | Chicago US Midco III, L.P.(b) | TSFR1M + 2.500% | 6.1730 | 10/09/32 | 3,497,642 | |||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| TERM LOANS — 84.4% (Continued) | ||||||||||||||
| ASSET MANAGEMENT — 7.3% (Continued) | ||||||||||||||
| 523,707 | Chicago US Midco III, L.P.(b),(d) | TSFR1M + 2.500% | 6.6580 | 10/09/32 | $ | 519,452 | ||||||||
| 694,266 | DRW Holdings, LLC(b) | TSFR6M + 3.500% | 7.7910 | 06/26/31 | 683,852 | |||||||||
| 3,178,733 | Edelman Financial Engines Center, LLC (The)(b) | TSFR1M + 3.000% | 6.6730 | 04/07/28 | 3,179,353 | |||||||||
| 6,800,000 | Edelman Financial Engines Center, LLC (The)(b) | TSFR1M + 5.250% | 8.9230 | 10/23/28 | 6,750,700 | |||||||||
| 7,122,296 | Focus Financial Partners, LLC(b) | TSFR1M + 2.750% | 6.1720 | 09/15/31 | 6,908,234 | |||||||||
| 5,387,853 | GC Ferry Acquisition I, Inc.(b) | TSFR1M + 3.500% | 7.1720 | 06/07/32 | 5,320,505 | |||||||||
| 919,877 | GC Ferry Acquisition I, Inc.(b),(d) | TSFR1M + 3.500% | 7.8250 | 06/07/32 | 908,379 | |||||||||
| 575,289 | June Purchaser, LLC(b),(d) | TSFR1M + 3.250% | 3.2500 | 09/11/31 | 575,082 | |||||||||
| 3,425,831 | June Purchaser, LLC(b) | TSFR1M + 3.250% | 6.4220 | 09/11/31 | 3,424,598 | |||||||||
| 1,562,000 | Jupiter Borrower, Inc.(b) | TSFR1M + 2.750% | 6.4230 | 03/25/33 | 1,562,000 | |||||||||
| 2,524,959 | Nexus Buyer, LLC(b) | TSFR1M + 3.500% | 7.1730 | 07/31/31 | 2,435,007 | |||||||||
| 2,572,687 | Nexus Buyer, LLC(b) | TSFR1M + 4.000% | 7.6730 | 07/31/31 | 2,498,722 | |||||||||
| 6,283,800 | Osaic Holdings, Inc.(b) | TSFR1M + 2.500% | 6.1820 | 08/02/32 | 6,178,169 | |||||||||
| 733,998 | Saphilux Sarl(b) | TSFR1M + 3.000% | 6.6790 | 07/27/28 | 734,273 | |||||||||
| 6,800,000 | Sophos Intermediate II Ltd.(b) | TSFR1M + 3.610% | 7.2870 | 03/05/27 | 6,492,946 | |||||||||
| 1,545,102 | Victory Capital Holdings, Inc.(b) | TSFR1M + 2.000% | 6.1710 | 09/10/32 | 1,543,364 | |||||||||
| 54,756,505 | ||||||||||||||
| AUTOMOTIVE — 0.8% | ||||||||||||||
| 4,700,769 | Tenneco, Inc.(b) | TSFR1M + 4.750% | 8.5110 | 11/17/28 | 4,590,324 | |||||||||
| 1,685,000 | Tenneco, Inc.(b) | TSFR1M + 5.000% | 8.7640 | 11/17/28 | 1,647,088 | |||||||||
| 6,237,412 | ||||||||||||||
| BEVERAGES — 0.5% | ||||||||||||||
| 418,945 | Pegasus Bidco BV(b) | TSFR3M + 2.750% | 6.7620 | 07/12/29 | 418,421 | |||||||||
| 2,277,417 | Primo Brands Corporation(b) | TSFR3M + 2.250% | 5.9220 | 03/31/28 | 2,282,348 | |||||||||
| 1,242,000 | Primo Brands Corporation(b) | TSFR1M + 2.750% | 6.4230 | 03/19/31 | 1,245,490 | |||||||||
| 3,946,259 | ||||||||||||||
| BIOTECH & PHARMA — 1.4% | ||||||||||||||
| 4,899,046 | Amneal Pharmaceuticals, LLC(b) | TSFR1M + 3.000% | 6.6820 | 08/02/32 | 4,921,508 | |||||||||
| 3,085,459 | Curium Bidco Sarl(b) | TSFR1M + 3.000% | 6.6720 | 08/07/31 | 3,083,530 | |||||||||
| 2,494,193 | Genmab A/S(b) | TSFR1M + 3.000% | 6.7330 | 11/18/32 | 2,506,465 | |||||||||
| 10,511,503 | ||||||||||||||
| CABLE & SATELLITE — 0.6% | ||||||||||||||
| 914,062 | Cogeco Communications USA II, L.P.(b) | TSFR1M + 3.250% | 6.9230 | 09/18/30 | 869,337 | |||||||||
| 930,278 | COGECO Financing 2, L.P.(b) | TSFR1M + 2.615% | 6.2870 | 09/01/28 | 889,578 | |||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| TERM LOANS — 84.4% (Continued) | ||||||||||||||
| CABLE & SATELLITE — 0.6% (Continued) | ||||||||||||||
| 1,173,724 | Virgin Media Bristol, LLC(b) | TSFR1M + 3.250% | 7.0520 | 03/06/31 | $ | 1,074,574 | ||||||||
| 1,806,597 | WideOpenWest Finance, LLC(b) | TSFR1M + 7.262% | 10.9290 | 12/11/28 | 1,843,858 | |||||||||
| 4,677,347 | ||||||||||||||
| CHEMICALS — 1.0% | ||||||||||||||
| 4,167,168 | Nouryon Finance BV(b) | TSFR3M + 3.250% | 7.0360 | 04/03/28 | 4,094,242 | |||||||||
| 3,500,000 | Olympus Water US Holding Corporation(b) | TSFR1M + 3.250% | 6.9220 | 07/26/32 | 3,382,978 | |||||||||
| 7,477,220 | ||||||||||||||
| COMMERCIAL SUPPORT SERVICES — 7.0% | ||||||||||||||
| 1,299,717 | Action Environmental Group, Inc. (The)(b) | TSFR1M + 4.500% | 6.6720 | 10/05/30 | 1,297,553 | |||||||||
| 7,067,123 | Allied Universal Holdco, LLC(b) | TSFR1M + 3.250% | 6.9230 | 08/06/32 | 7,075,956 | |||||||||
| 7,050,000 | Amspec Parent, LLC(b) | TSFR1M + 3.500% | 7.1720 | 12/22/31 | 7,048,519 | |||||||||
| 3,110,049 | Bifm CA Buyer, Inc.(b) | TSFR1M + 3.250% | 6.9230 | 05/31/28 | 3,113,937 | |||||||||
| 1,700,000 | CHG Healthcare Services, Inc.(b) | TSFR3M + 2.750% | 6.4170 | 09/29/28 | 1,703,451 | |||||||||
| 4,700,000 | Citrin Cooperman Advisors, LLC(b) | TSFR1M + 3.000% | 6.6720 | 03/31/32 | 4,529,625 | |||||||||
| 1,581,929 | Creative Artists Agency, LLC(b) | TSFR1M + 2.500% | 6.1800 | 10/01/31 | 1,582,791 | |||||||||
| 2,276,000 | Ensemble RCM, LLC(b) | TSFR1M + 3.000% | 6.6750 | 01/28/33 | 2,254,185 | |||||||||
| 6,693,937 | Garda World Security Corporation(b) | TSFR1M + 2.750% | 6.4210 | 02/01/29 | 6,660,467 | |||||||||
| 5,953,009 | Golden State Foods, LLC(b) | TSFR1M + 3.500% | 7.1800 | 12/04/31 | 5,968,368 | |||||||||
| 2,713,136 | Prime Security Services Borrower, LLC(b) | TSFR1M + 2.000% | 5.6880 | 10/15/30 | 2,704,658 | |||||||||
| 997,481 | Prime Security Services Borrower, LLC(b) | TSFR1M + 1.750% | 6.0630 | 02/09/32 | 985,322 | |||||||||
| 496,811 | Raven Acquisition Holdings, LLC(b),(d) | TSFR1M + 1.000% | 3.2500 | 10/24/31 | 487,983 | |||||||||
| 6,900,776 | Raven Acquisition Holdings, LLC(b) | TSFR1M + 3.250% | 6.6730 | 10/24/31 | 6,778,149 | |||||||||
| 52,190,964 | ||||||||||||||
| CONSTRUCTION MATERIALS — 0.1% | ||||||||||||||
| 498,728 | Quikrete Holdings, Inc.(b) | TSFR1M + 2.250% | 6.5770 | 03/26/29 | 498,870 | |||||||||
| 502,698 | Quikrete Holdings, Inc.(b) | TSFR1M + 2.250% | 5.9220 | 04/14/31 | 502,555 | |||||||||
| 1,001,425 | ||||||||||||||
| CONSUMER SERVICES — 2.4% | ||||||||||||||
| 3,740,625 | Fugue Finance, LLC(b) | TSFR1M + 2.250% | 5.9230 | 01/09/32 | 3,702,059 | |||||||||
| 2,712,087 | KUEHG Corporation(b) | TSFR3M + 2.750% | 6.4220 | 06/12/30 | 2,440,878 | |||||||||
| 4,719,003 | Lernen US Finco, LLC(b) | SOFRRATE + 3.500% | 7.1500 | 10/27/31 | 4,561,719 | |||||||||
| 2,868,727 | Prometric Holdings, Inc.(b) | TSFR1M + 3.750% | 7.4230 | 06/18/32 | 2,859,762 | |||||||||
| 4,231,046 | University Support Services, LLC(b) | TSFR1M + 3.350% | 6.4230 | 06/29/28 | 4,158,336 | |||||||||
| 17,722,754 | ||||||||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| TERM LOANS — 84.4% (Continued) | ||||||||||||||
| CONTAINERS & PACKAGING — 1.1% | ||||||||||||||
| 1,775,000 | Altium Packaging, LLC(b) | TSFR1M + 2.500% | 6.1720 | 06/05/31 | $ | 1,717,313 | ||||||||
| 1,175,765 | Charter Next Generation, Inc.(b) | TSFR1M + 2.500% | 6.1710 | 12/02/30 | 1,170,215 | |||||||||
| 4,425,921 | Clydesdale Acquisition Holdings, Inc.(b) | TSFR1M + 3.250% | 6.9500 | 03/29/32 | 4,145,427 | |||||||||
| 716,378 | Proampac PG Borrower, LLC(b) | TSFR3M + 4.000% | 7.6600 | 02/22/33 | 693,633 | |||||||||
| 7,726,588 | ||||||||||||||
| ELECTRICAL EQUIPMENT — 0.3% | ||||||||||||||
| 831,610 | Pinnacle Buyer, LLC(b) | TSFR1M + 2.500% | 6.1610 | 09/11/32 | 833,560 | |||||||||
| 160,326 | Pinnacle Buyer, LLC(b),(d) | TSFR1M + 2.500% | 6.7500 | 09/11/32 | 160,702 | |||||||||
| 961,782 | TK Elevator US Newco, Inc.(b) | TSFR1M + 2.750% | 6.4270 | 04/30/30 | 964,388 | |||||||||
| 1,958,650 | ||||||||||||||
| ENGINEERING & CONSTRUCTION — 0.4% | ||||||||||||||
| 84,324 | Azuria Water Solutions, Inc.(b) | TSFR1M + 2.750% | 6.4250 | 01/27/33 | 83,691 | |||||||||
| 632,429 | Azuria Water Solutions, Inc.(b) | TSFR1M + 2.750% | 6.4250 | 01/27/33 | 627,686 | |||||||||
| 1,258,512 | Chromalloy Corporation(b) | TSFR1M + 3.750% | 6.9110 | 03/24/31 | 1,260,972 | |||||||||
| 921,621 | Salas O’brien, Inc.(b) | TSFR1M + 2.750% | 6.4240 | 01/24/33 | 921,621 | |||||||||
| 118,919 | Salas O’brien, Inc.(b),(d) | TSFR1M + 2.750% | 6.4240 | 01/24/33 | 118,919 | |||||||||
| 3,012,889 | ||||||||||||||
| ENTERTAINMENT CONTENT — 1.1% | ||||||||||||||
| 2,526,973 | AP Core Holdings II, LLC(b) | TSFR1M + 5.500% | 9.4280 | 09/01/27 | 2,467,854 | |||||||||
| 2,716,256 | AP Core Holdings II, LLC(b) | TSFR1M + 5.500% | 9.4280 | 09/01/27 | 2,654,719 | |||||||||
| 2,890,850 | OAK-Eagle Acquireco, Inc.(b) | TSFR1M + 3.500% | 7.1720 | 03/24/33 | 2,876,396 | |||||||||
| 7,998,969 | ||||||||||||||
| FOOD — 1.3% | ||||||||||||||
| 1,463,392 | Chobani, LLC(b) | TSFR1M + 2.250% | 5.9230 | 10/22/32 | 1,465,601 | |||||||||
| 596,642 | Froneri US, Inc.(b) | TSFR1M + 2.000% | 5.8770 | 09/18/31 | 585,736 | |||||||||
| 5,000,000 | Nourish Buyer I, Inc.(b) | TSFR1M + 4.000% | 7.6740 | 07/12/32 | 5,018,775 | |||||||||
| 2,651,072 | Snacking Investments US, LLC(b) | TSFR3M + 3.000% | 6.6670 | 10/12/32 | 2,655,765 | |||||||||
| 9,725,877 | ||||||||||||||
| HEALTH CARE FACILITIES & SERVICES — 9.9% | ||||||||||||||
| 918,606 | ADMI Corporation(b) | TSFR1M + 3.375% | 7.1620 | 12/23/27 | 863,655 | |||||||||
| 775,000 | ADMI Corporation(b) | TSFR1M + 5.750% | 9.4220 | 12/23/27 | 743,031 | |||||||||
| 4,092,231 | Aveanna Healthcare, LLC(b) | TSFR3M + 3.750% | 7.9210 | 09/13/32 | 4,095,054 | |||||||||
| 6,987,602 | Bella Holding Company, LLC(b) | TSFR1M + 3.250% | 6.6730 | 05/10/28 | 6,982,676 | |||||||||
| 353,491 | Hanger, Inc.(b),(d) | TSFR1M + 1.000% | 7.1730 | 10/16/31 | 354,816 | |||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| TERM LOANS — 84.4% (Continued) | ||||||||||||||
| HEALTH CARE FACILITIES & SERVICES — 9.9% (Continued) | ||||||||||||||
| 2,730,929 | Hanger, Inc.(b) | TSFR1M + 3.500% | 7.1730 | 10/16/31 | $ | 2,741,170 | ||||||||
| 6,375,000 | Heartland Dental, LLC(b) | TSFR1M + 3.750% | 7.4230 | 08/07/32 | 6,370,282 | |||||||||
| 8,600,000 | LifePoint Health, Inc.(b) | TSFR1M + 3.750% | 7.4220 | 05/14/31 | 8,612,384 | |||||||||
| 466,573 | LifePoint Health, Inc.(b) | TSFR1M + 3.500% | 7.1520 | 05/19/31 | 466,822 | |||||||||
| 2,657,410 | MED ParentCo, L.P.(b) | TSFR1M + 3.000% | 6.6730 | 04/15/31 | 2,659,523 | |||||||||
| 573,319 | Milano Acquisition Corporation(b) | TSFR3M + 4.000% | 8.3990 | 08/17/27 | 557,793 | |||||||||
| 2,348,475 | National Mentor Holdings, Inc.(b) | TSFR1M + 6.000% | 9.6730 | 12/05/30 | 2,341,348 | |||||||||
| 1,006,489 | National Mentor Holdings, Inc.(b) | TSFR1M + 6.000% | 9.8730 | 12/05/30 | 1,003,435 | |||||||||
| 1,297,000 | National Mentor Holdings, Inc.(b) | TSFR1M + 6.000% | 9.6750 | 12/12/30 | 1,293,064 | |||||||||
| 1,002,402 | Onex TSG Intermediate Corporation(b) | TSFR1M + 3.250% | 6.9140 | 08/06/32 | 1,009,168 | |||||||||
| 3,861,048 | Outcomes Group Holdings, Inc.(b) | TSFR1M + 3.000% | 6.6730 | 05/06/31 | 3,866,492 | |||||||||
| 6,902,344 | PAREXEL International Corporation(b) | TSFR1M + 2.750% | 6.4230 | 12/09/31 | 6,887,953 | |||||||||
| 1,986,399 | Precision Medicine Group, LLC(b) | TSFR3M + 3.500% | 7.1720 | 08/16/32 | 1,986,191 | |||||||||
| 9,657,828 | Star Parent, Inc.(b) | TSFR1M + 4.000% | 7.6720 | 09/19/30 | 9,562,118 | |||||||||
| 7,200,000 | Team Health Holdings, Inc.(b) | TSFR3M + 4.000% | 7.6610 | 06/30/28 | 7,184,808 | |||||||||
| 625,000 | Team Public Choices, LLC(b) | TSFR1M + 5.250% | 8.9250 | 12/20/27 | 625,000 | |||||||||
| 1,043,193 | TEAM Services Holding, Inc.(b) | TSFR1M + 5.250% | 8.9270 | 01/31/33 | 992,990 | |||||||||
| 3,132,466 | US Fertility Enterprises, LLC(b) | TSFR3M + 3.500% | 7.1670 | 12/10/32 | 3,131,495 | |||||||||
| 474,616 | US Fertility Enterprises, LLC(b),(d) | TSFR3M + 3.500% | 7.2920 | 12/10/32 | 474,469 | |||||||||
| 74,805,737 | ||||||||||||||
| HOME & OFFICE PRODUCTS — 1.2% | ||||||||||||||
| 8,861,032 | AI Aqua Merger Sub, Inc.(b) | TSFR1M + 2.750% | 6.4230 | 07/31/28 | 8,851,329 | |||||||||
| INDUSTRIAL SUPPORT SERVICES — 0.4% | ||||||||||||||
| 2,225,356 | BCPE Empire Holdings, Inc.(b) | TSFR1M + 3.250% | 6.9370 | 12/26/30 | 2,195,681 | |||||||||
| 989,550 | FCG Acquisitions, Inc.(b) | TSFR1M + 3.250% | 6.9160 | 02/28/33 | 990,787 | |||||||||
| 3,186,468 | ||||||||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 3.4% | ||||||||||||||
| 8,500,000 | Aretec Group, Inc.(b) | TSFR1M + 3.000% | 6.6730 | 08/09/30 | 8,404,843 | |||||||||
| 6,174,154 | Armor Holdco, Inc.(b) | TSFR1M + 3.750% | 7.5490 | 12/11/31 | 6,149,736 | |||||||||
| 4,431,000 | Ascensus Holdings, Inc.(b) | TSFR1M + 3.000% | 6.6730 | 08/02/28 | 4,367,304 | |||||||||
| 200,000 | Ascensus Holdings, Inc.(b) | TSFR1M + 5.250% | 8.9220 | 11/20/33 | 203,000 | |||||||||
| 3,245,198 | Eisner Advisory Group, LLC(b) | TSFR1M + 4.000% | 8.3570 | 02/24/31 | 3,099,164 | |||||||||
| 2,796,318 | Jane Street Group, LLC(b) | TSFR1M + 2.000% | 5.6730 | 12/11/31 | 2,748,654 | |||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| TERM LOANS — 84.4% (Continued) | ||||||||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 3.4% (Continued) | ||||||||||||||
| 866,070 | Summit Acquisition, Inc.(b) | TSFR1M + 3.500% | 7.6630 | 10/16/31 | $ | 866,070 | ||||||||
| 25,838,771 | ||||||||||||||
| INSURANCE — 7.3% | ||||||||||||||
| 2,807,564 | Acrisure, LLC(b) | TSFR1M + 3.000% | 6.6730 | 11/06/30 | 2,725,442 | |||||||||
| 1,739,260 | Acrisure, LLC(b) | TSFR1M + 3.250% | 6.9230 | 06/07/32 | 1,688,169 | |||||||||
| 5,109,430 | Alera Group, Inc.(b) | TSFR1M + 2.750% | 6.4240 | 05/28/32 | 4,966,290 | |||||||||
| 1,000,000 | AmWINS Group, Inc.(b) | TSFR1M + 2.000% | 5.6780 | 01/30/32 | 994,510 | |||||||||
| 1,576,334 | Asurion, LLC(b) | TSFR1M + 4.000% | 7.8160 | 08/17/28 | 1,577,484 | |||||||||
| 2,878,688 | Asurion, LLC(b) | TSFR1M + 5.250% | 9.0810 | 01/14/29 | 2,864,554 | |||||||||
| 452,523 | Asurion, LLC(b) | TSFR1M + 4.250% | 8.5740 | 09/19/30 | 447,998 | |||||||||
| 452,754 | Asurion, LLC(b) | TSFR1M + 3.750% | 7.4100 | 02/14/33 | 438,325 | |||||||||
| 4,000,000 | Baldwin Insurance Group Holdings, LLC (The)(b) | TSFR1M + 2.500% | 6.1600 | 05/27/31 | 3,941,680 | |||||||||
| 9,583,855 | BroadStreet Partners, Inc.(b) | TSFR1M + 3.250% | 6.1720 | 05/12/31 | 9,364,049 | |||||||||
| 5,341,816 | Hyperion Refinance Sarl(b) | TSFR1M + 2.750% | 6.4230 | 04/18/30 | 5,221,625 | |||||||||
| 1,936,581 | Hyperion Refinance Sarl(b) | TSFR1M + 2.750% | 6.4230 | 02/18/31 | 1,880,468 | |||||||||
| 8,701,320 | IMA Financial Group, Inc.(b) | TSFR1M + 3.000% | 6.6800 | 11/01/28 | 8,636,060 | |||||||||
| 1,924,299 | OneDigital Borrower, LLC(b) | TSFR1M + 3.000% | 6.6730 | 07/02/31 | 1,865,367 | |||||||||
| 1,241,823 | OneDigital Borrower, LLC(b) | TSFR1M + 5.250% | 8.9230 | 06/14/32 | 1,216,987 | |||||||||
| 2,142,118 | PCF Insurance Services of the West, LLC(b) | TSFR1M + 3.250% | 6.9230 | 06/14/32 | 1,981,459 | |||||||||
| 2,003,180 | Sedgwick Claims Management Services, Inc.(b) | TSFR1M + 3.750% | 6.1730 | 02/17/28 | 1,969,557 | |||||||||
| 4,137,464 | TIH Insurance Holdings, LLC(b) | TSFR3M + 2.750% | 6.4220 | 05/06/31 | 4,089,635 | |||||||||
| 55,869,659 | ||||||||||||||
| INTERNET MEDIA & SERVICES — 0.6% | ||||||||||||||
| 701,857 | Knot Worldwide, Inc. (The)(b) | TSFR1M + 3.750% | 7.4230 | 01/31/28 | 603,057 | |||||||||
| 1,363,251 | MH Sub I, LLC(b) | TSFR1M + 4.250% | 7.9230 | 05/03/28 | 1,175,804 | |||||||||
| 1,487,697 | MH Sub I, LLC(b) | TSFR1M + 6.250% | 9.9220 | 02/23/29 | 1,016,298 | |||||||||
| 1,294,335 | MH Sub I, LLC(b) | TSFR1M + 4.250% | 7.9230 | 12/11/31 | 868,822 | |||||||||
| 127,869 | Newfold Digital Holdings Group, Inc.(b) | TSFR1M + 3.500% | 7.2840 | 01/31/29 | 42,197 | |||||||||
| 621,893 | Newfold Digital Holdings Group, Inc.(b) | TSFR1M + 3.500% | 7.2840 | 01/31/29 | 458,422 | |||||||||
| 4,164,600 | ||||||||||||||
| LEISURE FACILITIES & SERVICES — 1.6% | ||||||||||||||
| 2,583,958 | Alterra Mountain Company(b) | TSFR1M + 2.500% | 6.1730 | 08/17/28 | 2,586,387 | |||||||||
| 1,315,667 | Fitness International, LLC(b) | TSFR1M + 4.500% | 8.1690 | 02/12/29 | 1,322,864 | |||||||||
| 2,016,000 | Flynn Restaurant Group, L.P.(b) | TSFR1M + 3.750% | 7.4220 | 01/28/32 | 1,984,681 | |||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| TERM LOANS — 84.4% (Continued) | ||||||||||||||
| LEISURE FACILITIES & SERVICES — 1.6% (Continued) | ||||||||||||||
| 1,895,452 | Tortuga Resorts Ghd, LLC(b) | TSFR1M + 3.250% | 6.9360 | 08/13/32 | $ | 1,840,967 | ||||||||
| 1,500,000 | UFC Holdings, LLC(b) | TSFR3M + 2.000% | 5.6640 | 11/21/31 | 1,500,938 | |||||||||
| 2,800,837 | Voyager Parent, LLC(b) | TSFR1M + 4.250% | 7.9110 | 07/01/32 | 2,785,376 | |||||||||
| 12,021,213 | ||||||||||||||
| MEDICAL EQUIPMENT & DEVICES — 1.7% | ||||||||||||||
| 1,728,126 | Archimedes Debt Merger Sub, LLC(b) | TSFR1M + 4.000% | 7.6610 | 05/17/32 | 1,717,325 | |||||||||
| 7,440,706 | Bausch + Lomb Corporation(b) | TSFR1M + 3.750% | 7.4250 | 01/15/31 | 7,466,302 | |||||||||
| 3,305,000 | Hopper Merger Sub, Inc.(b) | TSFR1M + 2.250% | 5.9380 | 01/14/33 | 3,254,434 | |||||||||
| 12,438,061 | ||||||||||||||
| OIL & GAS PRODUCERS — 0.6% | ||||||||||||||
| 649,000 | EG America, LLC(b) | TSFR1M + 3.250% | 6.9230 | 01/30/31 | 650,298 | |||||||||
| 1,487,901 | Prairie Acquiror, L.P.(b) | TSFR1M + 3.250% | 6.9230 | 08/01/29 | 1,493,481 | |||||||||
| 2,492,357 | RelaDyne, Inc.(b) | SOFRRATE + 4.250% | 7.1730 | 12/23/28 | 2,495,035 | |||||||||
| 6,818 | Rockpoint Gas Storage Partners, L.P.(b) | TSFR1M + 2.500% | 6.1720 | 09/18/31 | 6,845 | |||||||||
| 4,645,659 | ||||||||||||||
| PUBLISHING & BROADCASTING — 2.1% | ||||||||||||||
| 7,250,000 | Cengage Learning, Inc.(b) | TSFR1M + 3.000% | 6.6710 | 03/24/31 | 7,117,070 | |||||||||
| 3,238,698 | Houghton Mifflin Harcourt Company(b) | TSFR1M + 5.350% | 9.0230 | 04/09/29 | 2,755,112 | |||||||||
| 4,000,000 | Nexstar Media, Inc.(b) | TSFR1M + 2.500% | 6.1730 | 06/24/32 | 3,963,920 | |||||||||
| 2,156,764 | Nexstar Media, Inc.(b) | TSFR1M + 2.750% | 6.4190 | 03/23/33 | 2,135,197 | |||||||||
| 15,971,299 | ||||||||||||||
| RENEWABLE ENERGY — 1.4% | ||||||||||||||
| 4,903,107 | Granite Acquisition, Inc.(b) | TSFR1M + 2.865% | 6.5370 | 03/17/28 | 4,912,692 | |||||||||
| 5,603,753 | Opal US, LLC(b) | TSFR6M + 3.000% | 6.6860 | 04/23/32 | 5,607,256 | |||||||||
| 10,519,948 | ||||||||||||||
| RETAIL - CONSUMER STAPLES — 0.1% | ||||||||||||||
| 755,492 | Heritage Grocers Group, LLC(b) | TSFR3M + 6.850% | 10.5220 | 08/01/29 | 584,959 | |||||||||
| RETAIL - DISCRETIONARY — 2.0% | ||||||||||||||
| 660 | Evergreen Acqco 1, L.P.(b) | TSFR3M + 3.000% | 6.7010 | 09/13/32 | 662 | |||||||||
| 3,530,066 | Great Outdoors Group, LLC(b) | TSFR1M + 3.250% | 6.9180 | 01/16/32 | 3,528,741 | |||||||||
| 1,307,739 | Gulfside Supply, Inc.(b) | TSFR1M + 3.000% | 7.2990 | 05/29/31 | 1,202,302 | |||||||||
| 3,501,058 | Mavis Tire Express Services Topco Corporation(b) | TSFR1M + 3.000% | 6.6730 | 05/04/28 | 3,502,388 | |||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| TERM LOANS — 84.4% (Continued) | ||||||||||||||
| RETAIL - DISCRETIONARY — 2.0% (Continued) | ||||||||||||||
| 247,000 | Mister Car Wash Holdings, Inc.(b) | TSFR1M + 3.000% | 6.6750 | 03/27/31 | $ | 244,686 | ||||||||
| 1,610,000 | Petco Health & Wellness Company, Inc.(b) | TSFR1M + 4.250% | 7.9240 | 01/22/31 | 1,577,253 | |||||||||
| 929,057 | PetSmart, LLC(b) | TSFR1M + 4.000% | 7.6770 | 08/09/32 | 924,644 | |||||||||
| 1,246,770 | Restoration Hardware, Inc.(b) | TSFR1M + 3.250% | 7.0270 | 10/20/28 | 1,242,095 | |||||||||
| 1,028,651 | Staples, Inc.(b) | TSFR1M + 5.750% | 10.6890 | 08/23/29 | 937,518 | |||||||||
| 1,000,000 | Victoria’s Secret & Company(b) | TSFR3M + 2.750% | 3.7500 | 06/30/28 | 1,000,630 | |||||||||
| 971,422 | White Cap Supply Holdings, LLC(b) | TSFR1M + 3.250% | 7.5770 | 10/31/29 | 936,577 | |||||||||
| 15,097,496 | ||||||||||||||
| SEMICONDUCTORS — 0.2% | ||||||||||||||
| 1,594,500 | Icon Parent, Inc.(b) | TSFR3M + 2.750% | 6.4280 | 11/13/31 | 1,533,710 | |||||||||
| SOFTWARE — 15.0% | ||||||||||||||
| 7,523,227 | athenahealth, Inc.(b) | SOFRRATE + 3.500% | 6.4230 | 01/27/29 | 7,396,273 | |||||||||
| 2,126,520 | Avalara, Inc.(b) | TSFR3M + 2.750% | 6.4220 | 03/29/32 | 2,081,331 | |||||||||
| 7,482,055 | Azalea Topco, Inc.(b) | TSFR1M + 3.000% | 6.6730 | 04/30/31 | 7,479,250 | |||||||||
| 6,899,250 | BCPE Pequod Buyer, Inc.(b) | TSFR1M + 2.750% | 6.4170 | 11/25/31 | 6,708,072 | |||||||||
| 3,399,764 | BMC Software, Inc.(b) | TSFR1M + 3.000% | 6.6730 | 07/30/31 | 3,161,424 | |||||||||
| 1,121,494 | Boxer Parent Company, Inc.(b) | TSFR1M + 5.750% | 9.4170 | 07/06/32 | 944,864 | |||||||||
| 4,715,925 | Central Parent, Inc.(b) | TSFR1M + 3.250% | 6.9220 | 07/06/29 | 3,378,206 | |||||||||
| 4,167,206 | Cloud Software Group, Inc.(b) | TSFR3M + 3.250% | 6.9220 | 03/24/31 | 3,829,662 | |||||||||
| 2,444,734 | Cloud Software Group, Inc.(b) | TSFR3M + 3.250% | 6.9220 | 08/09/32 | 2,243,911 | |||||||||
| 3,383,642 | Clover Holdings 2, LLC(b) | TSFR1M + 4.000% | 7.6740 | 11/03/31 | 3,248,296 | |||||||||
| 6,687,846 | ConnectWise, LLC(b) | TSFR3M + 3.762% | 7.4340 | 09/24/28 | 6,191,808 | |||||||||
| 7,442,844 | Cotiviti, Inc.(b) | TSFR1M + 2.750% | 6.4180 | 05/01/31 | 6,875,364 | |||||||||
| 6,000,000 | Dayforce, Inc.(b) | TSFR1M + 3.000% | 6.6610 | 10/07/32 | 5,691,660 | |||||||||
| 2,080,000 | DS Admiral Bidco, LLC(b) | TSFR1M + 4.250% | 7.9220 | 06/05/31 | 1,959,110 | |||||||||
| 1,492,462 | Genesys Cloud Services Holdings II, LLC(b) | TSFR1M + 2.500% | 6.1730 | 01/26/32 | 1,430,898 | |||||||||
| 2,492,920 | Idera, Inc.(b) | TSFR1M + 3.500% | 7.1600 | 03/02/28 | 1,987,481 | |||||||||
| 112,000 | IGT Holding IV A.B.(b) | TSFR1M + 3.000% | 6.6730 | 09/02/31 | 111,160 | |||||||||
| 615,000 | Jaggaer, LLC(b) | TSFR1M + 5.250% | 8.6730 | 10/08/32 | 565,800 | |||||||||
| 5,056,092 | Leia Finco US, LLC(b) | TSFR1M + 3.250% | 6.8980 | 07/02/31 | 4,854,506 | |||||||||
| 4,374,647 | McAfee Corporation(b) | TSFR1M + 3.000% | 6.6730 | 03/01/29 | 3,920,777 | |||||||||
| 748,101 | Mermaid Bidco, Inc.(b) | TSFR3M + 3.250% | 6.9110 | 07/02/31 | 734,074 | |||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| TERM LOANS — 84.4% (Continued) | ||||||||||||||
| SOFTWARE — 15.0% (Continued) | ||||||||||||||
| 594,000 | Metropolis Technologies, Inc.(b) | TSFR1M + 5.250% | 8.9800 | 10/20/32 | $ | 588,431 | ||||||||
| 227,000 | Mitchell International, Inc.(b) | TSFR1M + 3.000% | 6.6710 | 06/17/31 | 217,222 | |||||||||
| 2,911,149 | Mitchell International, Inc.(b) | TSFR1M + 3.000% | 6.6710 | 06/17/31 | 2,785,751 | |||||||||
| 2,311,391 | Mitchell International, Inc.(b) | TSFR1M + 5.250% | 8.9230 | 06/07/32 | 2,093,982 | |||||||||
| 3,082,300 | Modena Buyer, LLC(b) | TSFR1M + 4.500% | 7.9170 | 04/21/31 | 2,777,060 | |||||||||
| 1,649,551 | PointClickCare Technologies, Inc.(b) | TSFR1M + 2.750% | 6.4220 | 11/03/31 | 1,642,853 | |||||||||
| 6,655,684 | Project Alpha Intermediate Holding, Inc.(b) | TSFR1M + 3.250% | 6.9220 | 10/28/30 | 5,073,461 | |||||||||
| 1,235,398 | Project Sky Merger Sub, Inc.(b) | TSFR1M + 6.000% | 9.7730 | 08/10/29 | 961,553 | |||||||||
| 4,009 | Proofpoint, Inc.(b) | TSFR3M + 3.000% | 6.6720 | 08/31/28 | 3,887 | |||||||||
| 795,412 | RealPage, Inc.(b) | TSFR1M + 3.250% | 6.9340 | 02/18/28 | 763,818 | |||||||||
| 898,232 | RealPage, Inc.(b) | TSFR1M + 3.750% | 7.4220 | 04/24/28 | 874,770 | |||||||||
| 2,091,007 | Red Planet Borrower, LLC(b) | TSFR1M + 4.000% | 7.6730 | 08/09/32 | 2,049,710 | |||||||||
| 3,429,408 | Rocket Software, Inc.(b) | TSFR1M + 4.750% | 7.4230 | 11/28/28 | 3,297,238 | |||||||||
| 1,014,837 | Starlight Parent, LLC(b) | TSFR1M + 4.000% | 7.7010 | 03/15/32 | 865,148 | |||||||||
| 2,802,817 | Storable, Inc.(b) | TSFR1M + 3.250% | 6.9230 | 04/17/31 | 2,697,011 | |||||||||
| 5,616,738 | UKG, Inc.(b) | TSFR3M + 2.500% | 6.1670 | 02/10/31 | 5,374,881 | |||||||||
| 1,067,538 | Zelis Payments Buyer, Inc.(b) | TSFR1M + 2.750% | 6.4230 | 09/28/29 | 1,036,360 | |||||||||
| 5,651,234 | Zelis Payments Buyer, Inc.(b) | TSFR1M + 3.250% | 6.9230 | 10/27/31 | 5,482,403 | |||||||||
| 113,379,466 | ||||||||||||||
| SPECIALTY FINANCE — 0.9% | ||||||||||||||
| 4,415,935 | Apex Group Treasury, LLC(b) | TSFR1M + 3.500% | 7.1660 | 02/20/32 | 4,036,894 | |||||||||
| 900,000 | Orion Advisor Solutions, Inc.(b) | TSFR1M + 2.750% | 6.4210 | 09/09/30 | 885,753 | |||||||||
| 1,582,118 | Orion US Finco(b) | TSFR1M + 3.500% | 7.1500 | 05/20/32 | 1,569,263 | |||||||||
| 6,491,910 | ||||||||||||||
| TECHNOLOGY HARDWARE — 0.8% | ||||||||||||||
| 4,000,767 | Bingo Holdings I, LLC(b) | TSFR1M + 4.750% | 8.4220 | 06/14/32 | 3,907,629 | |||||||||
| 1,865,728 | Pitney Bowes, Inc.(b) | TSFR1M + 3.750% | 7.4220 | 02/02/32 | 1,856,400 | |||||||||
| 5,764,029 | ||||||||||||||
| TECHNOLOGY SERVICES — 3.2% | ||||||||||||||
| 1,539,416 | Access CIG, LLC(b) | TSFR1M + 4.000% | 7.6730 | 08/19/30 | 1,399,583 | |||||||||
| 351,347 | Ahead DB Holdings, LLC(b) | TSFR3M + 2.750% | 6.6510 | 02/03/31 | 346,681 | |||||||||
| 2,009,397 | Blackhawk Network Holdings, Inc.(b) | TSFR1M + 3.500% | 7.1730 | 03/12/29 | 1,986,540 | |||||||||
| 2,390,262 | CoreLogic, Inc.(b) | TSFR1M + 3.615% | 7.2870 | 06/02/28 | 2,291,676 | |||||||||
| 3,544,376 | Fortress Intermediate 3, Inc.(b) | TSFR1M + 3.000% | 6.6750 | 06/27/31 | 3,522,223 | |||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| TERM LOANS — 84.4% (Continued) | ||||||||||||||
| TECHNOLOGY SERVICES — 3.2% (Continued) | ||||||||||||||
| 2,415,549 | ION Platform Finance US, Inc.(b) | TSFR1M + 3.750% | 7.4220 | 09/30/32 | $ | 1,954,577 | ||||||||
| 5,467,150 | Kaseya, Inc.(b) | TSFR1M + 3.250% | 6.6730 | 03/08/32 | 5,121,408 | |||||||||
| 1,718,654 | Neon Maple US Debt Mergersub, Inc.(b) | TSFR1M + 2.750% | 6.1720 | 11/17/31 | 1,686,429 | |||||||||
| 3,500,000 | Neptune Bidco US, Inc.(b) | TSFR3M + 5.000% | 8.7600 | 01/28/33 | 3,346,000 | |||||||||
| 2,189,524 | Trio Bidco, Inc.(b) | TSFR1M + 4.000% | 7.6720 | 10/08/32 | 2,127,495 | |||||||||
| 230,476 | Trio Bidco, Inc.(b),(d) | TSFR1M + 4.000% | 8.1650 | 10/08/32 | 223,947 | |||||||||
| 24,006,559 | ||||||||||||||
| TELECOMMUNICATIONS — 1.0% | ||||||||||||||
| 3,107,901 | Crown Subsea Communications Holding, Inc.(b) | TSFR1M + 3.000% | 6.6730 | 01/30/31 | 3,121,498 | |||||||||
| 1,499,375 | Intrado Corporation(b) | TSFR1M + 3.000% | 8.8090 | 01/25/30 | 1,449,521 | |||||||||
| 3,279,996 | QualityTech, L.P.(b) | TSFR1M + 3.500% | 7.1820 | 11/04/31 | 3,275,896 | |||||||||
| 7,846,915 | ||||||||||||||
| TRANSPORTATION & LOGISTICS — 3.1% | ||||||||||||||
| 273,930 | AAdvantage Loyalty IP Ltd.(b) | TSFR3M + 2.750% | 6.3890 | 05/28/32 | 271,910 | |||||||||
| 3,698,853 | Beacon Mobility Corporation(b) | TSFR1M + 2.750% | 6.4180 | 08/06/30 | 3,708,692 | |||||||||
| 182,371 | Beacon Mobility Corporation(b),(d) | TSFR1M + 2.750% | 6.4180 | 08/06/30 | 182,856 | |||||||||
| 116,005 | First Student Bidco, Inc.(b) | TSFR1M + 2.250% | 5.9230 | 08/15/30 | 115,776 | |||||||||
| 633,995 | First Student Bidco, Inc.(b) | TSFR1M + 2.250% | 5.9270 | 08/15/30 | 632,739 | |||||||||
| 5,726,625 | JetBlue Airways Corporation(b) | TSFR1M + 5.500% | 8.4450 | 08/13/29 | 5,265,632 | |||||||||
| 1,487,561 | Rand Parent, LLC(b) | TSFR3M + 3.000% | 6.6720 | 03/18/30 | 1,487,613 | |||||||||
| 2,332,906 | Savage Enterprises, LLC(b) | TSFR1M + 2.500% | 6.1750 | 08/04/32 | 2,336,195 | |||||||||
| 992,519 | Swissport Stratosphere Usa, LLC(b) | TSFR1M + 2.750% | 6.4280 | 04/25/31 | 990,037 | |||||||||
| 8,648,133 | WestJet Loyalty, L.P.(b) | TSFR3M + 2.750% | 6.4180 | 02/14/31 | 8,424,234 | |||||||||
| 23,415,684 | ||||||||||||||
| TOTAL TERM LOANS (Cost $650,560,101) | 634,437,811 | |||||||||||||
| CATALYST/CIFC SENIOR SECURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 5.3% | ||||||||
| MONEY MARKET FUNDS - 5.3% | ||||||||
| 39,454,491 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $39,454,491)(c) | $ | 39,454,491 | |||||
| TOTAL INVESTMENTS - 103.4% (Cost $795,195,160) | $ | 776,773,191 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (3.4)% | (25,827,141 | ) | ||||||
| NET ASSETS - 100.0% | $ | 750,946,050 | ||||||
| CLO | - Collateralized Loan Obligation |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| SPDR | - Standard & Poor’s Depositary Receipt |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | Secured Overnight Financing Rate 1 Month |
| TSFR3M | Secured Overnight Financing Rate 3 Month |
| TSFR6M | Secured Overnight Financing Rate 6 Month |
| (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 March 31, 2026 the total market value of 144A securities is 65,205,052 or 8.7% of net assets. |
| (b) | Variable rate security; the rate shown represents the rate on December 31, 2025. |
| (c) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| (d) | This investment or portion thereof was not funded as of March 31, 2026. The Fund had $3,551,779 at par value in unfunded commitments as of March 31, 2026. |
| CATALYST/SMH HIGH INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| PREFERRED STOCKS — 4.1% | ||||||||||||
| ASSET MANAGEMENT — 2.5% | ||||||||||||
| 40,000 | CION Investment Corporation(a) | 7.5000 | 03/31/31 | $ | 976,000 | |||||||
| 80,000 | Saratoga Investment Corporation | 7.5000 | 02/06/31 | 1,996,000 | ||||||||
| 2,972,000 | ||||||||||||
| SPECIALTY FINANCE — 1.6% | ||||||||||||
| 80,000 | Rithm Capital Corporation | 8.7500 | Perpetual | 1,915,200 | ||||||||
| TOTAL PREFERRED STOCKS (Cost $4,987,200) | 4,887,200 | |||||||||||
| Principal Amount ($) | Coupon Rate (%) | Maturity | ||||||||||
| CONVERTIBLE BONDS — 6.2% | ||||||||||||
| INTERNET MEDIA & SERVICES — 0.2% | ||||||||||||
| 200,000 | Lyft, Inc. | 0.6250 | 03/01/29 | 202,977 | ||||||||
| MEDICAL EQUIPMENT & DEVICES — 0.6% | ||||||||||||
| 700,000 | Alphatec Holdings, Inc. | 0.7500 | 03/15/30 | 720,090 | ||||||||
| RETAIL - CONSUMER STAPLES — 0.2% | ||||||||||||
| 300,000 | Hims & Hers Health, Inc.(a),(b) | 0.0000 | 05/15/30 | 225,213 | ||||||||
| RETAIL - DISCRETIONARY — 0.2% | ||||||||||||
| 200,000 | GameStop Corporation(a),(b) | 0.0000 | 06/15/32 | 206,800 | ||||||||
| SOFTWARE — 3.9% | ||||||||||||
| 200,000 | BlackLine, Inc. | 1.0000 | 06/01/29 | 188,450 | ||||||||
| 4,000,000 | Nebius Group N.V.(a) | 2.7500 | 09/15/32 | 4,186,001 | ||||||||
| 200,000 | Nutanix, Inc. | 0.5000 | 12/15/29 | 180,901 | ||||||||
| 4,555,352 | ||||||||||||
| TECHNOLOGY SERVICES — 1.1% | ||||||||||||
| 200,000 | Euronet Worldwide, Inc.(a) | 0.6250 | 10/01/30 | 174,375 | ||||||||
| 500,000 | MARA Holdings, Inc.(b) | 0.0000 | 06/01/31 | 460,750 | ||||||||
| CATALYST/SMH HIGH INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| CONVERTIBLE BONDS — 6.2% (Continued) | ||||||||||||
| TECHNOLOGY SERVICES — 1.1% (Continued) | ||||||||||||
| 550,000 | Riot Platforms, Inc. | 0.7500 | 01/15/30 | $ | 633,875 | |||||||
| 1,269,000 | ||||||||||||
| TOTAL CONVERTIBLE BONDS (Cost $7,298,697) | 7,179,432 | |||||||||||
| CORPORATE BONDS — 82.4% | ||||||||||||
| ASSET MANAGEMENT — 7.6% | ||||||||||||
| 6,000,000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation(a) | 10.0000 | 11/15/29 | 5,918,360 | ||||||||
| 3,528,000 | Prospect Capital Corporation | 3.4370 | 10/15/28 | 3,089,556 | ||||||||
| 9,007,916 | ||||||||||||
| AUTOMOTIVE — 1.2% | ||||||||||||
| 1,500,000 | Cooper-Standard Automotive, Inc.(a) | 9.2500 | 03/01/31 | 1,424,475 | ||||||||
| BIOTECH & PHARMA — 7.6% | ||||||||||||
| 5,500,000 | 1261229 BC Ltd.(a) | 10.0000 | 04/15/32 | 5,628,565 | ||||||||
| 3,250,000 | Harrow, Inc.(a) | 8.6250 | 09/15/30 | 3,288,854 | ||||||||
| 8,917,419 | ||||||||||||
| ENTERTAINMENT CONTENT — 6.2% | ||||||||||||
| 6,132,000 | AMC Networks, Inc.(a) | 10.5000 | 07/15/32 | 6,058,678 | ||||||||
| 1,250,000 | Univision Communications, Inc.(a) | 9.3750 | 08/01/32 | 1,286,519 | ||||||||
| 7,345,197 | ||||||||||||
| HEALTH CARE FACILITIES & SERVICES — 0.9% | ||||||||||||
| 1,000,000 | CHS/Community Health Systems, Inc.(a) | 9.7500 | 01/15/34 | 1,039,566 | ||||||||
| HOME CONSTRUCTION — 2.9% | ||||||||||||
| 3,500,000 | K Hovnanian Enterprises, Inc.(a) | 8.3750 | 10/01/33 | 3,464,202 | ||||||||
| INDUSTRIAL INTERMEDIATE PROD — 2.4% | ||||||||||||
| 2,700,000 | Park-Ohio Industries, Inc.(a) | 8.5000 | 08/01/30 | 2,769,238 | ||||||||
| INTERNET MEDIA & SERVICES — 3.8% | ||||||||||||
| 5,000,000 | Getty Images, Inc.(a) | 10.5000 | 11/15/30 | 4,488,913 | ||||||||
| CATALYST/SMH HIGH INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| CORPORATE BONDS — 82.4% (Continued) | ||||||||||||
| LEISURE FACILITIES & SERVICES — 5.1% | ||||||||||||
| 1,550,000 | Full House Resorts, Inc.(a) | 8.2500 | 02/15/28 | $ | 1,414,375 | |||||||
| 550,000 | Odeon Finco PLC(a) | 12.7500 | 11/01/27 | 568,177 | ||||||||
| 4,000,000 | Six Flags Entertainment Corporation’s Wonderland/Millennium Operations, LLC(a) | 8.6250 | 01/15/32 | 4,012,134 | ||||||||
| 5,994,686 | ||||||||||||
| METALS & MINING — 4.0% | ||||||||||||
| 4,750,000 | Nickel Industries Ltd.(a) | 9.0000 | 09/30/30 | 4,759,112 | ||||||||
| OIL & GAS SERVICES & EQUIPMENT — 0.2% | ||||||||||||
| 250,000 | Transocean, Inc.(a) | 8.5000 | 05/15/31 | 262,295 | ||||||||
| PUBLISHING & BROADCASTING — 0.2% | ||||||||||||
| 224,000 | Gray Media, Inc.(a) | 10.5000 | 07/15/29 | 238,096 | ||||||||
| REAL ESTATE INVESTMENT TRUSTS — 5.1% | ||||||||||||
| 6,000,000 | MPT Operating Partnership, L.P. / MPT Finance Corporation | 3.5000 | 03/15/31 | 3,914,685 | ||||||||
| 2,000,000 | Uniti Group, L.P. / Uniti Group Finance 2019, Inc. / CSL Capital, LLC(a) | 8.6250 | 06/15/32 | 2,038,669 | ||||||||
| 5,953,354 | ||||||||||||
| RETAIL - DISCRETIONARY — 5.1% | ||||||||||||
| 1,065,000 | Bed Bath & Beyond, Inc.(c) | 5.1650 | 08/01/44 | 6,427 | ||||||||
| 5,250,000 | Hertz Corporation (The)(a) | 12.6250 | 07/15/29 | 4,582,226 | ||||||||
| 1,283,000 | Kohl’s Corporation | 5.5500 | 07/17/45 | 730,558 | ||||||||
| 1,075,000 | Nordstrom, Inc. | 5.0000 | 01/15/44 | 717,770 | ||||||||
| 6,036,981 | ||||||||||||
| SOFTWARE — 8.5% | ||||||||||||
| 6,098,000 | CoreWeave, Inc.(a) | 9.0000 | 02/01/31 | 5,861,490 | ||||||||
| 5,750,000 | Pagaya US Holdings Company, LLC(a) | 8.8750 | 08/01/30 | 4,123,726 | ||||||||
| 9,985,216 | ||||||||||||
| SPECIALTY FINANCE — 9.2% | ||||||||||||
| 4,097,000 | Arbor Realty SR, Inc.(a) | 8.5000 | 12/15/28 | 4,029,771 | ||||||||
| 4,750,000 | Atlanticus Holdings Corporation(a) | 9.7500 | 09/01/30 | 4,267,937 | ||||||||
| 500,000 | Enova International, Inc.(a) | 9.1250 | 08/01/29 | 511,353 | ||||||||
| 2,000,000 | Velocity Commercial Capital, LLC(a) | 9.3750 | 02/15/31 | 2,000,911 | ||||||||
| 10,809,972 | ||||||||||||
| CATALYST/SMH HIGH INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| CORPORATE BONDS — 82.4% (Continued) | ||||||||||||
| TECHNOLOGY HARDWARE — 0.0% | ||||||||||||
| 8,669,000 | ENERGY CONVERSION DEVICES INC(a),(b),(c),(d),(e) | 0.0000 | 12/15/49 | $ | — | |||||||
| TECHNOLOGY SERVICES — 3.1% | ||||||||||||
| 4,298,000 | Unisys Corporation(a) | 10.6250 | 01/15/31 | 3,702,089 | ||||||||
| TELECOMMUNICATIONS — 7.3% | ||||||||||||
| 3,750,000 | APLD ComputeCo, LLC(a) | 9.2500 | 12/15/30 | 3,869,708 | ||||||||
| 4,500,000 | Level 3 Financing, Inc.(a) | 8.5000 | 01/15/36 | 4,698,719 | ||||||||
| 8,568,427 | ||||||||||||
| TRANSPORTATION & LOGISTICS — 2.0% | ||||||||||||
| 2,500,000 | JetBlue Airways Corp / JetBlue Loyalty, L.P.(a) | 9.8750 | 09/20/31 | 2,367,333 | ||||||||
| TOTAL CORPORATE BONDS (Cost $106,193,330) | 97,134,487 | |||||||||||
| Shares | ||||||||||||
| SHORT-TERM INVESTMENTS — 5.5% | ||||||||||||
| MONEY MARKET FUNDS - 5.5% | ||||||||||||
| 6,538,878 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $6,538,878)(f) | 6,538,878 | ||||||||||
| TOTAL INVESTMENTS - 98.2% (Cost $125,018,105) | $ | 115,739,997 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8% | 2,130,830 | |||||||||||
| NET ASSETS - 100.0% | $ | 117,870,827 | ||||||||||
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited 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 March 31, 2026 the total market value of 144A securities is 94,443,880 or 80.1% of net assets. |
| (b) | Zero coupon bond. |
| (c) | Represents issuer in default on interest payments; non-income producing security. |
| (d) | Illiquid security. The total fair value of these securities as of March 31, 2026, was $0, representing 0% of net assets. |
| (e) | The value of this security has been determined using significant unobservable inputs in good faith under policies of the Board of Trustees. The total of these securities is $0 or 0.0% of net assets. |
| (f) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| CATALYST/SMH TOTAL RETURN INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 50.7% | ||||||||
| ASSET MANAGEMENT - 31.9% | ||||||||
| 1,000 | Apollo Global Management, Inc. | $ | 111,420 | |||||
| 10,500 | Ares Capital Corporation | 189,210 | ||||||
| 4,000 | Blackstone Secured Lending Fund(a) | 94,760 | ||||||
| 8,700 | Blue Owl Capital Corporation(a) | 96,222 | ||||||
| 39,034 | Blue Owl Capital, Inc.(a) | 356,380 | ||||||
| 49,000 | Capital Southwest Corporation(a) | 1,083,879 | ||||||
| 11,000 | Carlyle Group, Inc. (The) | 532,290 | ||||||
| 7,087 | Carlyle Secured Lending, Inc.(a) | 77,532 | ||||||
| 14,600 | CION Investment Corporation | 99,864 | ||||||
| 15,000 | Crescent Capital BDC, Inc.(a) | 182,250 | ||||||
| 40,565 | Hercules Capital, Inc.(a) | 599,145 | ||||||
| 12,128 | Main Street Capital Corporation(a) | 642,299 | ||||||
| 12,000 | New Mountain Finance Corporation(a) | 93,120 | ||||||
| 3,363 | Palmer Square Capital BDC, Inc. | 32,857 | ||||||
| 200,742 | Prospect Capital Corporation(a) | 523,937 | ||||||
| 14,000 | Runway Growth Finance Corporation | 96,180 | ||||||
| 42,466 | SuRo Capital Corporation | 454,811 | ||||||
| 3,400 | TPG, Inc. | 137,734 | ||||||
| 70,337 | Trinity Capital, Inc.(a) | 1,034,657 | ||||||
| 6,438,547 | ||||||||
| AUTOMOTIVE - 0.4% | ||||||||
| 6,200 | Ford Motor Company | 71,548 | ||||||
| OIL & GAS PRODUCERS - 5.2% | ||||||||
| 33,782 | SM Energy Company | 1,053,323 | ||||||
| REAL ESTATE INVESTMENT TRUSTS - 11.9% | ||||||||
| 26,000 | Advanced Flower Capital, Inc.(a) | 73,320 | ||||||
| 1,200 | American Tower Corporation, Class A | 207,096 | ||||||
| 600 | Extra Space Storage, Inc. | 78,678 | ||||||
| 2,947 | Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a) | 108,302 | ||||||
| 4,890 | Innovative Industrial Properties, Inc.(a) | 245,282 | ||||||
| CATALYST/SMH TOTAL RETURN INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||||||
| COMMON STOCKS — 50.7% (Continued) | ||||||||||||
| REAL ESTATE INVESTMENT TRUSTS - 11.9% (Continued) | ||||||||||||
| 34,477 | NexPoint Diversified Real Estate Trust | $ | 161,008 | |||||||||
| 54,106 | Rithm Capital Corporation | 512,925 | ||||||||||
| 37,475 | VICI Properties, Inc. | 1,023,817 | ||||||||||
| 2,410,428 | ||||||||||||
| RETAIL - DISCRETIONARY - 0.9% | ||||||||||||
| 1,000 | Dick’s Sporting Goods, Inc.(a) | 198,290 | ||||||||||
| TRANSPORTATION & LOGISTICS - 0.4% | ||||||||||||
| 700 | Copa Holdings S.A., Class A | 79,527 | ||||||||||
| TOTAL COMMON STOCKS (Cost $12,044,047) | 10,251,663 | |||||||||||
| Principal Amount ($) | Coupon Rate (%) | Maturity | ||||||||||
| CONVERTIBLE BONDS — 9.4% | ||||||||||||
| INTERNET MEDIA & SERVICES — 4.0% | ||||||||||||
| 850,000 | Lyft, Inc.(b),(c) | 0.0000 | 09/15/30 | 801,485 | ||||||||
| RETAIL - CONSUMER STAPLES — 0.7% | ||||||||||||
| 200,000 | Hims & Hers Health, Inc.(b),(c) | 0.0000 | 05/15/30 | 150,142 | ||||||||
| SOFTWARE — 1.6% | ||||||||||||
| 300,000 | Nebius Group N.V.(b) | 2.7500 | 09/15/32 | 313,950 | ||||||||
| TECHNOLOGY SERVICES — 3.1% | ||||||||||||
| 550,000 | Riot Platforms, Inc. | 0.7500 | 01/15/30 | 633,876 | ||||||||
| TOTAL CONVERTIBLE BONDS (Cost $2,119,750) | 1,899,453 | |||||||||||
| CORPORATE BONDS — 31.8% | ||||||||||||
| ASSET MANAGEMENT — 1.2% | ||||||||||||
| 250,000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation(b) | 10.0000 | 11/15/29 | 246,598 | ||||||||
| CATALYST/SMH TOTAL RETURN INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| CORPORATE BONDS — 31.8% (Continued) | ||||||||||||
| ENTERTAINMENT CONTENT — 0.8% | ||||||||||||
| 150,000 | Univision Communications, Inc.(b) | 9.3750 | 08/01/32 | $ | 154,382 | |||||||
| LEISURE FACILITIES & SERVICES — 4.9% | ||||||||||||
| 500,000 | Full House Resorts, Inc.(b) | 8.2500 | 02/15/28 | 456,250 | ||||||||
| 515,000 | Odeon Finco PLC(b) | 12.7500 | 11/01/27 | 532,020 | ||||||||
| 988,270 | ||||||||||||
| OIL & GAS SERVICES & EQUIPMENT — 4.5% | ||||||||||||
| 953,000 | Transocean, Inc. | 6.8000 | 03/15/38 | 915,799 | ||||||||
| RETAIL - DISCRETIONARY — 9.3% | ||||||||||||
| 373,000 | Bed Bath & Beyond, Inc.(d) | 5.1650 | 08/01/44 | 2,251 | ||||||||
| 40,017 | Carvana Company(b) | 9.0000 | 06/01/31 | 43,300 | ||||||||
| 1,750,000 | Hertz Corporation (The)(b) | 12.6250 | 07/15/29 | 1,527,408 | ||||||||
| 528,000 | Kohl’s Corporation | 5.5500 | 07/17/45 | 300,651 | ||||||||
| 1,873,610 | ||||||||||||
| SOFTWARE — 6.3% | ||||||||||||
| 500,000 | CoreWeave, Inc.(b) | 9.0000 | 02/01/31 | 480,608 | ||||||||
| 1,100,000 | Pagaya US Holdings Company, LLC(b) | 8.8750 | 08/01/30 | 788,886 | ||||||||
| 1,269,494 | ||||||||||||
| SPECIALTY FINANCE — 2.9% | ||||||||||||
| 600,000 | Arbor Realty SR, Inc.(b) | 8.5000 | 12/15/28 | 590,155 | ||||||||
| TECHNOLOGY HARDWARE — 0.0% | ||||||||||||
| 5,543,000 | Energy Conversion Devices, Inc.(b),(c),(d),(e),(f) | 0.0000 | 12/15/49 | — | ||||||||
| TECHNOLOGY SERVICES — 0.6% | ||||||||||||
| 150,000 | Unisys Corporation(b) | 10.6250 | 01/15/31 | 129,203 | ||||||||
| TELECOMMUNICATIONS — 1.3% | ||||||||||||
| 250,000 | APLD ComputeCo, LLC(b) | 9.2500 | 12/15/30 | 257,981 | ||||||||
| TOTAL CORPORATE BONDS (Cost $8,804,194) | 6,425,492 | |||||||||||
| CATALYST/SMH TOTAL RETURN INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 33.2% | ||||||||
| COLLATERAL FOR SECURITIES LOANED - 26.1% | ||||||||
| 5,265,814 | Mount Vernon Liquid Assets Portfolio, Class X, 3.74% (Cost $5,265,814)(g),(h) | $ | 5,265,814 | |||||
| MONEY MARKET FUNDS - 7.1% | ||||||||
| 1,439,413 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $1,439,413)(h) | $ | 1,439,413 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $6,705,227) | 6,705,227 | |||||||
| TOTAL INVESTMENTS – 125.1% (Cost $29,673,218) | $ | 25,281,835 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (25.1)% | (5,071,712 | ) | ||||||
| NET ASSETS - 100.0% | $ | 20,210,123 | ||||||
| BDC | - Business Development Company |
| LLC | - Limited Liability Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| (a) | All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2026 was $5,211,671. |
| (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 March 31, 2026 the total market value of 144A securities is 6,472,368 or 32.0% of net assets. |
| (c) | Zero coupon bond. |
| (d) | Represents issuer in default on interest payments; non-income producing security. |
| (e) | Illiquid security. The total fair value of these securities as of March 31, 2026 was $0, representing 0% of net assets. |
| (f) | The value of this security has been determined using significant unobservable inputs in good faith under policies of the Board of Trustees. The total of these securities is $0 or 0.0% of net assets. |
| (g) | Security was purchased with cash received as collateral for securities on loan at March 31, 2026. Total collateral had a value of $5,265,814 at December 31, 2025 |
| (h) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| CATALYST BUFFERED SHIELD FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| March 31, 2026 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 92.8% | ||||||||
| FIXED INCOME - 92.8% | ||||||||
| 82,764 | iShares 1-5 Year Investment Grade Corporate Bond | $ | 4,350,076 | |||||
| 119,165 | PGIM Ultra Short Bond ETF | 5,898,668 | ||||||
| 81,223 | Vanguard Short-Term Corporate Bond ETF(a) | 6,438,547 | ||||||
| 16,687,291 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $16,884,583) | 16,687,291 | |||||||
| SHORT-TERM INVESTMENTS — 2.2% | ||||||||
| MONEY MARKET FUNDS - 2.2% | ||||||||
| 388,747 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $388,747)(b) | 388,747 | ||||||
| Contracts(c) | Broker/ Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
| EQUITY OPTIONS PURCHASED - 12.1% | ||||||||||||||||||||
| CALL OPTIONS PURCHASED - 9.0% | ||||||||||||||||||||
| 30 | SPDR S&P 500 ETF Trust | IB | 06/18/2026 | $ | 560 | $ | 1,680,000 | $ | 301,635 | |||||||||||
| 50 | SPDR S&P 500 ETF Trust | IB | 06/18/2026 | 600 | 3,000,000 | 327,925 | ||||||||||||||
| 70 | SPDR S&P 500 ETF Trust | IB | 09/18/2026 | 635 | 4,445,000 | 370,720 | ||||||||||||||
| 70 | SPDR S&P 500 ETF Trust | IB | 01/15/2027 | 680 | 4,760,000 | 275,765 | ||||||||||||||
| 60 | State Street SPDR S&P 500 ETF Trust | IB | 03/19/2027 | 660 | 3,960,000 | 349,050 | ||||||||||||||
| TOTAL CALL OPTIONS PURCHASED (Cost - $1,621,454) | 1,625,095 | |||||||||||||||||||
| PUT OPTIONS PURCHASED - 3.1% | ||||||||||||||||||||
| 30 | SPDR S&P 500 ETF Trust | IB | 06/18/2026 | $ | 515 | $ | 1,545,000 | $ | 9,180 | |||||||||||
| 50 | SPDR S&P 500 ETF Trust | IB | 06/18/2026 | 540 | 2,700,000 | 21,075 | ||||||||||||||
| 70 | SPDR S&P 500 ETF Trust | IB | 09/18/2026 | 585 | 4,095,000 | 113,960 | ||||||||||||||
| 70 | SPDR S&P 500 ETF Trust | IB | 01/15/2027 | 620 | 4,340,000 | 228,655 | ||||||||||||||
| 60 | State Street SPDR S&P 500 ETF Trust | IB | 03/19/2027 | 595 | 3,570,000 | 176,250 | ||||||||||||||
| TOTAL PUT OPTIONS PURCHASED (Cost - $704,194) | 549,120 | |||||||||||||||||||
| TOTAL EQUITY OPTIONS PURCHASED (Cost - $2,325,648) | 2,174,215 | |||||||||||||||||||
| TOTAL INVESTMENTS - 107.1% (Cost $19,598,978) | $ | 19,250,253 | ||||||||||||||||||
| CALL OPTIONS WRITTEN - (2.2)% (Premiums received - $454,217) | (394,775 | ) | ||||||||||||||||||
| PUT OPTIONS WRITTEN - (5.3)% (Premiums received - $1,146,242) | (950,730 | ) | ||||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4% | 75,761 | |||||||||||||||||||
| NET ASSETS - 100.0% | $ | 17,980,509 | ||||||||||||||||||
| CATALYST BUFFERED SHIELD FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Contracts(c) | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
| WRITTEN EQUITY OPTIONS - (7.5)% | ||||||||||||||||||||
| CALL OPTIONS WRITTEN - (2.2)% | ||||||||||||||||||||
| 30 | SPDR S&P 500 ETF Trust | IB | 06/18/2026 | $ | 635 | $ | 1,905,000 | $ | 116,445 | |||||||||||
| 50 | SPDR S&P 500 ETF Trust | IB | 06/18/2026 | 675 | 3,375,000 | 68,800 | ||||||||||||||
| 70 | SPDR S&P 500 ETF Trust | IB | 09/18/2026 | 715 | 5,005,000 | 70,490 | ||||||||||||||
| 70 | SPDR S&P 500 ETF Trust | IB | 01/15/2027 | 775 | 5,425,000 | 37,520 | ||||||||||||||
| 60 | State Street SPDR S&P 500 ETF Trust | IB | 03/19/2027 | 745 | 4,470,000 | 101,520 | ||||||||||||||
| TOTAL CALL OPTIONS WRITTEN (Proceeds - $454,217) | 394,775 | |||||||||||||||||||
| PUT OPTIONS WRITTEN - (5.3)% | ||||||||||||||||||||
| 30 | SPDR S&P 500 ETF Trust | IB | 06/18/2026 | $ | 560 | $ | 1,680,000 | $ | 16,815 | |||||||||||
| 50 | SPDR S&P 500 ETF Trust | IB | 06/18/2026 | 600 | 3,000,000 | 52,425 | ||||||||||||||
| 70 | SPDR S&P 500 ETF Trust | IB | 09/18/2026 | 635 | 4,445,000 | 198,905 | ||||||||||||||
| 70 | SPDR S&P 500 ETF Trust | IB | 01/15/2027 | 680 | 4,760,000 | 382,795 | ||||||||||||||
| 60 | State Street SPDR S&P 500 ETF Trust | IB | 03/19/2027 | 660 | 3,960,000 | 299,790 | ||||||||||||||
| TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,146,242) | 950,730 | |||||||||||||||||||
| TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $1,600,459) | $ | 1,345,505 | ||||||||||||||||||
| ETF | - Exchange-Traded Fund |
| IB | - Interactive Brokers |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | All or a portion of this security is segregated as collateral for options written. |
| (b) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| (c) | 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) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 57.9% | ||||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% | ||||||||||||||
| 110,377 | Alternative Loan Trust Series 2005-3CB 2A1 | 5.0000 | 03/25/35 | $ | 101,446 | |||||||||
| 32,902 | Banc of America Funding Trust Series 2006-J 2A3(a) | 4.3440 | 01/20/47 | 28,629 | ||||||||||
| 7,928 | Banc of America Mortgage Trust Series 2005-G 4A2(a) | 3.4820 | 08/25/35 | 7,101 | ||||||||||
| 394,960 | Bear Stearns ALT-A Trust Series 2005-5 24A1(a) | 4.6170 | 07/25/35 | 268,626 | ||||||||||
| 36,619 | Bear Stearns ARM Trust Series 2004-7 1A1(a),(g) | 0.0000 | 10/25/34 | 28,250 | ||||||||||
| 76,625 | ChaseFlex Trust Series 2006-1 A4(a) | 6.3000 | 06/25/36 | 66,029 | ||||||||||
| 60,004 | CHL Mortgage Pass-Through Trust Series 2005-HYB2 1A4(a) | 5.0820 | 05/20/35 | 58,639 | ||||||||||
| 278,432 | CHL Mortgage Pass-Through Trust Series 2006-HYB2 1A1(a) | 5.0850 | 04/20/36 | 248,847 | ||||||||||
| 167,192 | Citigroup Mortgage Loan Trust, Inc. Series 2007-6 1A1A(a) | 4.5500 | 03/25/37 | 146,857 | ||||||||||
| 17,752 | CSMC Mortgage-Backed Trust Series 2007-5 8A2 | 6.0000 | 09/01/26 | 17,663 | ||||||||||
| 35,571 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3 A1(a) | 4.7820 | 09/25/34 | 35,763 | ||||||||||
| 6,609 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA6 2A1(a) | 5.0380 | 08/25/35 | 4,439 | ||||||||||
| 76,536 | GSMPS Mortgage Loan Trust Series 1998-5 A(a),(b) | 4.5730 | 06/19/27 | 75,844 | ||||||||||
| 117,479 | GSMPS Mortgage Loan Trust Series 1999-2 A(a),(b) | 8.0000 | 09/19/27 | 112,431 | ||||||||||
| 27,647 | GSR Mortgage Loan Trust Series 2004-6F 1A2 | 5.0000 | 05/25/34 | 27,176 | ||||||||||
| 508,489 | GSR Mortgage Loan Trust Series 2006-3F 2A5 | 5.7500 | 03/25/36 | 459,138 | ||||||||||
| 425,706 | HSI Asset Loan Obligation Trust Series 2007-2 3A6 | 1.4790 | 09/25/37 | 132,761 | ||||||||||
| 451,828 | IndyMac INDA Mortgage Loan Trust Series 2006-AR1 A3(a) | 3.4690 | 08/25/36 | 346,751 | ||||||||||
| 104,147 | IndyMac INDX Mortgage Loan Trust Series 2005-AR3 3A1(a) | 3.6740 | 04/25/35 | 98,109 | ||||||||||
| 22,227 | JP Morgan Mortgage Trust Series 2006-A2 2A2(a) | 5.0700 | 04/25/36 | 19,844 | ||||||||||
| 8,005 | MASTR Adjustable Rate Mortgages Trust Series 2003-5 4A1(a) | 2.7310 | 11/25/33 | 7,365 | ||||||||||
| 351 | MASTR Asset Securitization Trust Series 2005-1 1A1(f) | 5.0000 | Perpetual | 202 | ||||||||||
| 685,659 | Merrill Lynch Alternative Note Asset Trust Series 2007-A2 A3D(c) | TSFR1M + 0.714% | 4.3900 | 03/25/37 | 22,606 | |||||||||
| 29,975 | Morgan Stanley Mortgage Loan Trust Series 2004-5AR 1A1(a) | 6.0360 | 07/25/34 | 30,837 | ||||||||||
| 141,809 | Morgan Stanley Mortgage Loan Trust Series 2006-2 2A4 | 5.7500 | 02/25/36 | 133,335 | ||||||||||
| 39,136 | Prime Mortgage Trust Series 2004-1 1A6 | 5.2500 | 08/25/34 | 38,719 | ||||||||||
| 63,847 | RALI Series 2006-QS17 Trust Series 2006-QS17 A4 | 6.0000 | 12/25/36 | 53,450 | ||||||||||
| 1,260,118 | Structured Asset Securities Corporation Series 1998-RF1 A(a),(b) | 4.1150 | 04/15/27 | 1,258,870 | ||||||||||
| 46,611 | WaMu Mortgage Pass-Through Certificates Series 2005-AR18 2A1(a) | 4.2150 | 01/25/36 | 43,995 | ||||||||||
| 222,768 | Wells Fargo Mortgage Backed Securities Series 2006-7 2A1 | 6.0000 | 06/25/36 | 200,185 | ||||||||||
| 4,073,907 | ||||||||||||||
| HOME EQUITY — 4.9% | ||||||||||||||
| 411,918 | Bayview Financial Acquisition Trust Series 2007-A 2A(c) | TSFR1M + 0.639% | 4.3130 | 05/28/37 | 395,180 | |||||||||
| 927,142 | Mastr Asset Backed Securities Trust Series 2003-OPT2 M4(c) | TSFR1M + 5.889% | 9.5400 | 05/25/33 | 817,185 | |||||||||
| CATALYST ENHANCED INCOME STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 57.9% (Continued) | ||||||||||||||
| HOME EQUITY — 4.9% (Continued) | ||||||||||||||
| 443,099 | Mastr Asset Backed Securities Trust Series 2003-WMC2(c) | TSFR1M + 6.114% | 9.7900 | 08/25/33 | $ | 468,280 | ||||||||
| 1,680,645 | ||||||||||||||
| NON AGENCY CMBS — 34.4% | ||||||||||||||
| 4,565,000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 D | 3.2360 | 11/10/48 | 1,780,387 | ||||||||||
| 5,726,000 | GS Mortgage Securities Trust Series 2014-GC22 E(b) | 0.0000 | 06/10/47 | 300,254 | ||||||||||
| 1,250,000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C32 D(a) | 3.9940 | 11/15/48 | 77,344 | ||||||||||
| 1,500,000 | Morgan Stanley Capital I Trust Series 2014-150E A(b) | 3.9120 | 09/09/32 | 1,390,746 | ||||||||||
| 4,388,239 | Morgan Stanley Capital I Trust Series 2006-T21 C(a),(b) | 5.1360 | 10/12/52 | 3,482,445 | ||||||||||
| 5,902,991 | Starwood Retail Property Trust Series 2014-STAR A(b),(c) | PRIME | 6.7400 | 11/15/27 | 3,630,222 | |||||||||
| 1,145,000 | WFRBS Commercial Mortgage Trust Series 2011-C4 E(a),(b) | 4.9600 | 06/15/44 | 1,098,519 | ||||||||||
| 11,759,917 | ||||||||||||||
| RESIDENTIAL MORTGAGE — 6.7% | ||||||||||||||
| 2,425,103 | Carrington Mortgage Loan Trust Series 2006-FRE2 A2(c) | TSFR1M + 0.234% | 3.9100 | 10/25/36 | 1,977,795 | |||||||||
| 246,381 | Finance America Mortgage Loan Trust Series 2004-3 M4(c) | TSFR1M + 1.380% | 3.6700 | 11/25/34 | 228,435 | |||||||||
| 59,484 | Home Equity Mortgage Loan Asset-Backed Trust Series 2006-D 2A3(c) | TSFR1M + 0.274% | 3.9530 | 11/25/36 | 55,437 | |||||||||
| 2,261,667 | ||||||||||||||
| TOTAL ASSET BACKED SECURITIES (Cost $28,346,922) | 19,776,136 | |||||||||||||
| U.S. GOVERNMENT & AGENCY OBLIGATIONS — 27.7% | ||||||||||||||
| 57,726 | Fannie Mae REMICS Series 2012-126 DI(d) | 3.0000 | 11/25/27 | 877 | ||||||||||
| 2,055,322 | Fannie Mae REMICS Series 2010-27 SG(c),(d) | -(SOFR30A+.114%) + 4.886% | 1.2240 | 04/25/40 | 127,421 | |||||||||
| 2,457,473 | Fannie Mae REMICS Series 2011-117 SA(c),(d) | -(SOFR30A+.114%) + 6.436% | 2.7740 | 11/25/41 | 269,682 | |||||||||
| 2,078,834 | Fannie Mae REMICS Series 2012-88 SB(c),(d) | -(SOFR30A+.114%) + 6.556% | 2.8940 | 07/25/42 | 237,221 | |||||||||
| 630,768 | Fannie Mae REMICS Series 2012-126 SJ(c),(d) | -(SOFR30A+.114%) + 4.886% | 1.2240 | 11/25/42 | 37,061 | |||||||||
| 2,440,610 | Fannie Mae REMICS Series 2014-6 SA(c),(d) | -(SOFR30A+.114%) + 6.486% | 2.8240 | 02/25/44 | 273,471 | |||||||||
| 15,398 | Fannie Mae REMICS Series 2017-6 MI(d) | 4.0000 | 08/25/44 | 525 | ||||||||||
| 1,776,293 | Fannie Mae REMICS Series 2016-64 SA(c),(d) | -(SOFR30A+.114%) + 5.886% | 2.2240 | 09/25/46 | 191,645 | |||||||||
| 476,185 | Fannie Mae REMICS Series 2017-38 S(c),(d) | -(SOFR30A+.114%) + 6.100% | 2.3240 | 05/25/47 | 56,334 | |||||||||
| 751,506 | Fannie Mae REMICS Series 2017-112 SC(c),(d) | -(SOFR30A+.114%) + 6.150% | 2.3740 | 01/25/48 | 89,207 | |||||||||
| 10,274,999 | Fannie Mae REMICS Series 2018-28 ID(a),(d) | 2.3370 | 05/25/48 | 846,504 | ||||||||||
| CATALYST ENHANCED INCOME STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| U.S. GOVERNMENT & AGENCY OBLIGATIONS — 27.7% (Continued) | ||||||||||||||
| 208,006 | Fannie Mae REMICS Series 2020-16 SJ(c),(d) | -(SOFR30A+.114%) + 6.050% | 2.2740 | 03/25/50 | $ | 19,829 | ||||||||
| 3,040,448 | Fannie Mae REMICS Series 2021-56 IM(c),(d) | -0.67 x SOFR30A + 2.200% | 0.0000 | 09/25/51 | 60,244 | |||||||||
| 17,502,745 | Fannie Mae REMICS Series 2021-69 JS(c),(d) | -SOFR30A + 2.550% | 0.0000 | 10/25/51 | 221,898 | |||||||||
| 9,948,770 | Fannie Mae REMICS Series 2021-80 IA(d) | 2.0000 | 11/25/51 | 1,195,614 | ||||||||||
| 60,466 | Freddie Mac REMICS Series 4205 AI(d) | 2.5000 | 05/15/28 | 1,072 | ||||||||||
| 4,753,091 | Freddie Mac REMICS Series 4639 GS(c),(d) | 1.9700 | 03/15/36 | 264,887 | ||||||||||
| 619,305 | Freddie Mac REMICS Series 3852 SW(c),(d) | -(SOFR30A+.114%) + 6.000% | 2.2130 | 05/15/41 | 62,624 | |||||||||
| 108,850 | Freddie Mac REMICS Series 3980 TS(c),(d) | -(SOFR30A+.114%) + 6.500% | 2.7130 | 09/15/41 | 13,447 | |||||||||
| 549,367 | Freddie Mac REMICS Series 4100 JI(d) | 3.5000 | 10/15/41 | 54,016 | ||||||||||
| 5,250,294 | Freddie Mac REMICS Series 4239 NI(c),(d) | -5.8333 x (SOFR30A+.114%) + 29.458% | 7.3900 | 07/15/43 | 949,989 | |||||||||
| 38,217 | Freddie Mac REMICS Series 4449 PI(d) | 4.0000 | 11/15/43 | 2,440 | ||||||||||
| 366,564 | Freddie Mac REMICS Series 4314 SE(c),(d) | -(SOFR30A+.114%) + 6.050% | 2.2630 | 03/15/44 | 37,040 | |||||||||
| 280,976 | Freddie Mac REMICS Series 4431 ST(c),(d) | -(SOFR30A+.114%) + 5.986% | 2.3130 | 01/15/45 | 29,740 | |||||||||
| 4,247,615 | Freddie Mac REMICS Series 4604 SA(c),(d) | -(SOFR30A+.114%) + 5.986% | 2.3130 | 08/15/46 | 410,809 | |||||||||
| 16,766,009 | Freddie Mac REMICS Series 5090 SA(c),(d) | -SOFR30A + 1.550% | 0.0000 | 03/25/51 | 117,588 | |||||||||
| 12,985,916 | Freddie Mac REMICS Series 5177 AS(c),(d) | -SOFR30A + 3.150% | 0.0000 | 12/25/51 | 102,197 | |||||||||
| 30,086 | Government National Mortgage Association Series 2014-118 AI(d) | 3.5000 | 05/16/40 | 121 | ||||||||||
| 8,620,783 | Government National Mortgage Association Series 2011-99 DS(c),(d) | -(TSFR1M+.114%) + 5.986% | 2.3130 | 07/16/41 | 835,649 | |||||||||
| 1,941,027 | Government National Mortgage Association Series 2011-100 SA(c),(d) | -(TSFR1M+.114%) + 5.336% | 1.6600 | 07/20/41 | 168,627 | |||||||||
| 1,402,923 | Government National Mortgage Association Series 2015-3 DS(c),(d) | -(TSFR1M+.114%) + 5.486% | 1.8100 | 11/20/41 | 16,354 | |||||||||
| 138,189 | Government National Mortgage Association Series 2012-36 QS(c),(d) | -(TSFR1M+.114%) + 6.506% | 2.8300 | 03/20/42 | 12,097 | |||||||||
| 1,281,259 | Government National Mortgage Association Series 2014-3 SE(c),(d) | -(TSFR1M+.114%) + 6.036% | 2.3630 | 01/16/44 | 130,953 | |||||||||
| 1,854,456 | Government National Mortgage Association Series 2014-36 SY(c),(d) | -(TSFR1M+.114%) + 6.086% | 2.4130 | 03/16/44 | 188,326 | |||||||||
| 1,960,637 | Government National Mortgage Association Series 2014-133 SA(c),(d) | -(TSFR1M+.114%) + 6.136% | 2.4630 | 09/16/44 | 173,821 | |||||||||
| 1,443,585 | Government National Mortgage Association Series 2019-22 SA(c),(d) | -(TSFR1M+.114%) + 5.486% | 1.8100 | 02/20/45 | 121,391 | |||||||||
| 175,107 | Government National Mortgage Association Series 2016-1 ST(c),(d) | -(TSFR1M+.114%) + 6.086% | 2.4100 | 01/20/46 | 19,640 | |||||||||
| 1,764,749 | Government National Mortgage Association Series 2018-120 JS(c),(d) | -(TSFR1M+.114%) + 6.086% | 2.4100 | 09/20/48 | 191,512 | |||||||||
| CATALYST ENHANCED INCOME STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| March 31, 2026 |
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| U.S. GOVERNMENT & AGENCY OBLIGATIONS — 27.7% (Continued) | ||||||||||||||
| 2,820,570 | Government National Mortgage Association Series 2018-154 HS(c),(d) | -(TSFR1M+.114%) + 6.086% | 2.4100 | 11/20/48 | $ | 299,710 | ||||||||
| 9,235,701 | Government National Mortgage Association Series 2019-20 ES(c),(d) | -(TSFR1M+.114%) + 3.676% | 0.0000 | 02/20/49 | 154,037 | |||||||||
| 17,565,465 | Government National Mortgage Association Series 2019-112 AS(c),(d) | -(TSFR1M+.114%) + 3.296% | 0.0000 | 09/20/49 | 216,726 | |||||||||
| 12,783,322 | Government National Mortgage Association Series 2022-22 PS(c),(d) | -SOFR30A + 3.650% | 0.0000 | 08/20/51 | 261,131 | |||||||||
| 15,031,786 | Government National Mortgage Association Series 2022-93 AS(c),(d) | -SOFR30A + 4.150% | 0.4770 | 05/20/52 | 515,163 | |||||||||
| 34,920,219 | Government National Mortgage Association Series 2022-121 SA(c),(d) | -SOFR30A + 3.690% | 0.0170 | 07/20/52 | 463,482 | |||||||||
| TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $13,467,898) | 9,442,122 | |||||||||||||
| Shares | ||||||||||||||
| SHORT-TERM INVESTMENTS — 14.0% | ||||||||||||||
| MONEY MARKET FUNDS - 14.0% | ||||||||||||||
| 4,768,012 | First American Treasury Obligations Fund, Class X, 3.58% (Cost $4,768,012)(e) | 4,768,012 | ||||||||||||
| TOTAL INVESTMENTS - 99.6% (Cost $46,582,832) | $ | 33,986,270 | ||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4% | 145,900 | |||||||||||||
| NET ASSETS - 100.0% | $ | 34,132,170 | ||||||||||||
| PRIME | - Prime Rate by Country United States |
| REMIC | - Real Estate Mortgage Investment Conduit |
| SOFR30A | - United States 30 Day Average SOFR Secured Overnight Financing Rate |
| TSFR1M | - Secured Overnight Financing Rate 1 Month |
| (a) | 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. |
| (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 March 31, 2026 the total market value of 144A securities is 11,349,331 or 33.3% of net assets. |
| (c) | Variable rate security; the rate shown represents the rate on March 31, 2026. |
| (d) | Interest only securities. |
| (e) | Rate disclosed is the seven day effective yield as of March 31, 2026. |
| (f) | Maturity is not determined on this security, maturity will occur based on the maturity of the underlying bonds. |
| (g) | Zero coupon bond. |