FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Catalyst Buffered Shield Fund

Class A (SHIEX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about Catalyst Buffered Shield Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://catalystmf.com/literature-and-forms/. You can also request this information by contacting us at 1-866-447-4228.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$157	1.49%

How did the Fund perform during the reporting period?

The performance of the Fund for the fiscal year ended June 30, 2026 was primarily driven by higher returns for the S&P 500^® Index (the "S&P 500") and, to a lesser extent, a modest increase in the yield curve. Markets are pricing in a rate hike by the Fed and, while expectations are for further increases in the S&P 500, there remain persistent concerns regarding geopolitical risks, inflation, soaring artificial intelligence valuations, and high general debt levels. The Fund seeks to participate in upward equity price moves, while mitigating the potential for significant downside risk.

During the fiscal year ended June 30, 2026, the Fund’s investment strategy resulted in performance that was generally in line with manager expectations.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Chart showing performance over last 10 years or since inception

Table Summary
	Catalyst Buffered Shield Fund	Catalyst Buffered Shield Fund - with load	S&P 500^® Index
Jun-2016	$10,000	$9,423	$10,000
Jun-2017	$11,096	$10,455	$11,790
Jun-2018	$12,110	$11,411	$13,484
Jun-2019	$12,729	$11,994	$14,889
Jun-2020	$13,177	$12,416	$16,006
Jun-2021	$15,642	$14,739	$22,536
Jun-2022	$13,789	$12,992	$20,144
Jun-2023	$14,423	$13,590	$24,091
Jun-2024	$16,358	$15,413	$30,006
Jun-2025	$18,068	$17,025	$34,556
Jun-2026	$20,083	$18,923	$42,271

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst Buffered Shield Fund
Without Load	11.15%	5.12%	7.22%
With Load	4.74%	3.88%	6.59%
S&P 500^® Index	22.32%	13.41%	15.51%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-866-447-4228.

Fund Statistics

Net Assets$18,865,454
Number of Portfolio Holdings20
Advisory Fee (net of waivers)$70,787
Portfolio Turnover0%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	83.5%
Money Market Funds	1.4%
Purchased Options	15.1%

What did the Fund invest in?

Top 10 Long Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard Short-Term Corporate Bond ETF	34.0%
PGIM Ultra Short Bond ETF	31.3%
iShares 1-5 Year Investment Grade Corporate Bond	23.0%
State Street SPDR S&P 500 ETF Trust, 09/18/26 635.0 Call	4.4%
State Street SPDR S&P 500 ETF Trust, 03/19/27 660.0 Call	3.8%
State Street SPDR S&P 500 ETF Trust, 01/15/27 680.0 Call	3.5%
State Street SPDR S&P 500 ETF Trust, 06/17/27 740.0 Call	2.7%
First American Treasury Obligations Fund, Class X	1.5%
State Street SPDR S&P 500 ETF Trust, 06/17/27 670.0 Put	0.9%
State Street SPDR S&P 500 ETF Trust, 01/15/27 620.0 Put	0.3%

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.1%
Money Market	1.5%
Long Option	15.9%
Fixed Income	88.3%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Short Option	-7.8%

Top 10 Short Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street SPDR S&P 500 ETF Trust, 09/18/26 715.0 Call	-1.8%
State Street SPDR S&P 500 ETF Trust, 03/19/27 745.0 Call	-1.7%
State Street SPDR S&P 500 ETF Trust, 06/17/27 740.0 Put	-1.5%
State Street SPDR S&P 500 ETF Trust, 01/15/27 775.0 Call	-1.0%
State Street SPDR S&P 500 ETF Trust, 06/17/27 855.0 Call	-0.6%
State Street SPDR S&P 500 ETF Trust, 01/15/27 680.0 Put	-0.6%
State Street SPDR S&P 500 ETF Trust, 03/19/27 660.0 Put	-0.5%
State Street SPDR S&P 500 ETF Trust, 09/18/26 635.0 Put	-0.1%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst Buffered Shield Fund - Class A (SHIEX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://catalystmf.com/literature-and-forms/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-SHIEX

Catalyst Buffered Shield Fund

Class C (SHINX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$236	2.24%

How did the Fund perform during the reporting period?

During the fiscal year ended June 30, 2026, the Fund’s investment strategy resulted in performance that was generally in line with manager expectations.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst Buffered Shield Fund	S&P 500^® Index
Sep-2017	$10,000	$10,000
Jun-2018	$10,707	$11,235
Jun-2019	$11,172	$12,405
Jun-2020	$11,470	$13,336
Jun-2021	$13,519	$18,777
Jun-2022	$11,827	$16,783
Jun-2023	$12,277	$20,072
Jun-2024	$13,832	$25,001
Jun-2025	$15,150	$28,792
Jun-2026	$16,716	$35,219

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (September 5, 2017)
Catalyst Buffered Shield Fund	10.33%	4.34%	6.00%
S&P 500^® Index	22.32%	13.41%	15.35%

Fund Statistics

Net Assets$18,865,454
Number of Portfolio Holdings20
Advisory Fee (net of waivers)$70,787
Portfolio Turnover0%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	83.5%
Money Market Funds	1.4%
Purchased Options	15.1%

What did the Fund invest in?

Top 10 Long Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard Short-Term Corporate Bond ETF	34.0%
PGIM Ultra Short Bond ETF	31.3%
iShares 1-5 Year Investment Grade Corporate Bond	23.0%
State Street SPDR S&P 500 ETF Trust, 09/18/26 635.0 Call	4.4%
State Street SPDR S&P 500 ETF Trust, 03/19/27 660.0 Call	3.8%
State Street SPDR S&P 500 ETF Trust, 01/15/27 680.0 Call	3.5%
State Street SPDR S&P 500 ETF Trust, 06/17/27 740.0 Call	2.7%
First American Treasury Obligations Fund, Class X	1.5%
State Street SPDR S&P 500 ETF Trust, 06/17/27 670.0 Put	0.9%
State Street SPDR S&P 500 ETF Trust, 01/15/27 620.0 Put	0.3%

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.1%
Money Market	1.5%
Long Option	15.9%
Fixed Income	88.3%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Short Option	-7.8%

Top 10 Short Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street SPDR S&P 500 ETF Trust, 09/18/26 715.0 Call	-1.8%
State Street SPDR S&P 500 ETF Trust, 03/19/27 745.0 Call	-1.7%
State Street SPDR S&P 500 ETF Trust, 06/17/27 740.0 Put	-1.5%
State Street SPDR S&P 500 ETF Trust, 01/15/27 775.0 Call	-1.0%
State Street SPDR S&P 500 ETF Trust, 06/17/27 855.0 Call	-0.6%
State Street SPDR S&P 500 ETF Trust, 01/15/27 680.0 Put	-0.6%
State Street SPDR S&P 500 ETF Trust, 03/19/27 660.0 Put	-0.5%
State Street SPDR S&P 500 ETF Trust, 09/18/26 635.0 Put	-0.1%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst Buffered Shield Fund - Class C (SHINX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://catalystmf.com/literature-and-forms/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-SHINX

Catalyst Buffered Shield Fund

Class I (SHIIX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$131	1.24%

How did the Fund perform during the reporting period?

During the fiscal year ended June 30, 2026, the Fund’s investment strategy resulted in performance that was generally in line with manager expectations.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst Buffered Shield Fund	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,126	$11,790
Jun-2018	$12,179	$13,484
Jun-2019	$12,833	$14,889
Jun-2020	$13,314	$16,006
Jun-2021	$15,839	$22,536
Jun-2022	$13,998	$20,144
Jun-2023	$14,674	$24,091
Jun-2024	$16,703	$30,006
Jun-2025	$18,485	$34,556
Jun-2026	$20,598	$42,271

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst Buffered Shield Fund	11.44%	5.40%	7.49%
S&P 500^® Index	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$18,865,454
Number of Portfolio Holdings20
Advisory Fee (net of waivers)$70,787
Portfolio Turnover0%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	83.5%
Money Market Funds	1.4%
Purchased Options	15.1%

What did the Fund invest in?

Top 10 Long Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard Short-Term Corporate Bond ETF	34.0%
PGIM Ultra Short Bond ETF	31.3%
iShares 1-5 Year Investment Grade Corporate Bond	23.0%
State Street SPDR S&P 500 ETF Trust, 09/18/26 635.0 Call	4.4%
State Street SPDR S&P 500 ETF Trust, 03/19/27 660.0 Call	3.8%
State Street SPDR S&P 500 ETF Trust, 01/15/27 680.0 Call	3.5%
State Street SPDR S&P 500 ETF Trust, 06/17/27 740.0 Call	2.7%
First American Treasury Obligations Fund, Class X	1.5%
State Street SPDR S&P 500 ETF Trust, 06/17/27 670.0 Put	0.9%
State Street SPDR S&P 500 ETF Trust, 01/15/27 620.0 Put	0.3%

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.1%
Money Market	1.5%
Long Option	15.9%
Fixed Income	88.3%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Short Option	-7.8%

Top 10 Short Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street SPDR S&P 500 ETF Trust, 09/18/26 715.0 Call	-1.8%
State Street SPDR S&P 500 ETF Trust, 03/19/27 745.0 Call	-1.7%
State Street SPDR S&P 500 ETF Trust, 06/17/27 740.0 Put	-1.5%
State Street SPDR S&P 500 ETF Trust, 01/15/27 775.0 Call	-1.0%
State Street SPDR S&P 500 ETF Trust, 06/17/27 855.0 Call	-0.6%
State Street SPDR S&P 500 ETF Trust, 01/15/27 680.0 Put	-0.6%
State Street SPDR S&P 500 ETF Trust, 03/19/27 660.0 Put	-0.5%
State Street SPDR S&P 500 ETF Trust, 09/18/26 635.0 Put	-0.1%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst Buffered Shield Fund - Class I (SHIIX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://catalystmf.com/literature-and-forms/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-SHIIX

Catalyst Nasdaq-100 Hedged Equity Fund

Class A (CLPAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about Catalyst Nasdaq-100 Hedged Equity Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://catalystmf.com/literature-and-forms/. You can also request this information by contacting us at 1-866-447-4228.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$202	1.83%

How did the Fund perform during the reporting period?

We are generally pleased with the performance of the Fund for the fiscal year ended June 30, 2026. The Fund combines long equity exposure to Nasdaq-100 Index securities with a rules-based volatility hedge overlay using VIX futures and options, following the VOL 365 Strategy.

During the reporting period, equity markets broadly advanced. The Fund's Nasdaq-100 equity holdings generally benefited from strength in the technology and growth sectors. Conversely, the long volatility hedge overlay incurred costs from rolling VIX futures positions in what was a predominantly rising market environment. While these hedging costs limited full participation in the equity market's upward movement relative to an unhedged Nasdaq-100 Index, the overlay successfully mitigated the impact of interim market fluctuations, including the June correction.

The resulting performance was relatively comparable to that of the S&P 500 Index and compared favorably to that of many peer funds within certain moderate conservative allocation categories and hedged equity/options trading groups. This outcome demonstrates the value of active sub-advisory management in balancing equity return generation with embedded volatility protection.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst Nasdaq-100 Hedged Equity Fund	Catalyst Nasdaq-100 Hedged Equity Fund - with load	S&P 500^® Index	Nasdaq-100^® Index
Jun-2016	$10,000	$9,428	$10,000	$10,000
Jun-2017	$11,369	$10,718	$11,790	$12,939
Jun-2018	$12,038	$11,349	$13,484	$16,304
Jun-2019	$12,825	$12,091	$14,889	$17,961
Jun-2020	$12,744	$12,015	$16,006	$24,028
Jun-2021	$14,870	$14,019	$22,536	$34,685
Jun-2022	$12,189	$11,492	$20,144	$27,617
Jun-2023	$14,334	$13,514	$24,091	$36,767
Jun-2024	$16,352	$15,416	$30,006	$48,080
Jun-2025	$18,019	$16,987	$34,556	$55,823
Jun-2026	$21,803	$20,555	$42,271	$75,018

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst Nasdaq-100 Hedged Equity Fund
Without Load	21.00%	7.95%	8.11%
With Load	14.08%	6.68%	7.47%
Nasdaq-100^® Index	34.38%	16.68%	22.33%
S&P 500^® Index	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$13,666,025
Number of Portfolio Holdings110
Advisory Fee (net of waivers)$62,798
Portfolio Turnover45%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	53.7%
Exchange-Traded Funds	34.2%
Money Market Funds	11.8%
Purchased Options	0.3%

What did the Fund invest in?

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	8.0%
Energy	0.2%
Long Option	0.3%
Materials	0.5%
Utilities	0.6%
Industrials	1.4%
Health Care	1.8%
Consumer Staples	3.1%
Consumer Discretionary	4.9%
Communications	6.8%
Money Market	10.9%
Technology	30.1%
Equity	31.5%

Top 10 Long Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Invesco QQQ Trust Series 1 ETF	31.5%
First American Treasury Obligations Fund, Class X	10.9%
NVIDIA Corporation	3.8%
Apple, Inc.	3.3%
Micron Technology, Inc.	2.7%
Microsoft Corporation	2.2%
Amazon.com, Inc.	2.1%
Advanced Micro Devices, Inc.	1.9%
Alphabet, Inc., Class A	1.6%
Tesla, Inc.	1.6%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Short Option	-0.1%

Top 10 Short Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
S&P Emini 3rd Wk Jul26P 7200, 07/17/26 7200.0 Put	-0.1%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Short S&P500 & VIX Futures	-38.7%
Long S&P500 & VIX Futures	8.9%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst Nasdaq-100 Hedged Equity Fund - Class A (CLPAX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CLPAX

Catalyst Nasdaq-100 Hedged Equity Fund

Class C (CLPCX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$284	2.58%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst Nasdaq-100 Hedged Equity Fund	S&P 500^® Index	Nasdaq-100^® Index
Jun-2016	$10,000	$10,000	$10,000
Jun-2017	$11,255	$11,790	$12,939
Jun-2018	$11,840	$13,484	$16,304
Jun-2019	$12,508	$14,889	$17,961
Jun-2020	$12,337	$16,006	$24,028
Jun-2021	$14,284	$22,536	$34,685
Jun-2022	$11,630	$20,144	$27,617
Jun-2023	$13,569	$24,091	$36,767
Jun-2024	$15,363	$30,006	$48,080
Jun-2025	$16,798	$34,556	$55,823
Jun-2026	$20,190	$42,271	$75,018

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst Nasdaq-100 Hedged Equity Fund	20.19%	7.17%	7.28%
S&P 500^® Index	22.32%	13.41%	15.51%
Nasdaq-100^® Index	34.38%	16.68%	22.33%

Fund Statistics

Net Assets$13,666,025
Number of Portfolio Holdings110
Advisory Fee (net of waivers)$62,798
Portfolio Turnover45%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	53.7%
Exchange-Traded Funds	34.2%
Money Market Funds	11.8%
Purchased Options	0.3%

What did the Fund invest in?

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	8.0%
Energy	0.2%
Long Option	0.3%
Materials	0.5%
Utilities	0.6%
Industrials	1.4%
Health Care	1.8%
Consumer Staples	3.1%
Consumer Discretionary	4.9%
Communications	6.8%
Money Market	10.9%
Technology	30.1%
Equity	31.5%

Top 10 Long Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Invesco QQQ Trust Series 1 ETF	31.5%
First American Treasury Obligations Fund, Class X	10.9%
NVIDIA Corporation	3.8%
Apple, Inc.	3.3%
Micron Technology, Inc.	2.7%
Microsoft Corporation	2.2%
Amazon.com, Inc.	2.1%
Advanced Micro Devices, Inc.	1.9%
Alphabet, Inc., Class A	1.6%
Tesla, Inc.	1.6%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Short Option	-0.1%

Top 10 Short Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
S&P Emini 3rd Wk Jul26P 7200, 07/17/26 7200.0 Put	-0.1%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Short S&P500 & VIX Futures	-38.7%
Long S&P500 & VIX Futures	8.9%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst Nasdaq-100 Hedged Equity Fund - Class C (CLPCX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CLPCX

Catalyst Nasdaq-100 Hedged Equity Fund

Class I (CLPFX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$175	1.58%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst Nasdaq-100 Hedged Equity Fund	S&P 500^® Index	Nasdaq-100^® Index
Jun-2016	$10,000	$10,000	$10,000
Jun-2017	$11,386	$11,790	$12,939
Jun-2018	$12,083	$13,484	$16,304
Jun-2019	$12,896	$14,889	$17,961
Jun-2020	$12,859	$16,006	$24,028
Jun-2021	$15,033	$22,536	$34,685
Jun-2022	$12,369	$20,144	$27,617
Jun-2023	$14,572	$24,091	$36,767
Jun-2024	$16,661	$30,006	$48,080
Jun-2025	$18,411	$34,556	$55,823
Jun-2026	$22,340	$42,271	$75,018

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst Nasdaq-100 Hedged Equity Fund	21.34%	8.24%	8.37%
S&P 500^® Index	22.32%	13.41%	15.51%
Nasdaq-100^® Index	34.38%	16.68%	22.33%

Fund Statistics

Net Assets$13,666,025
Number of Portfolio Holdings110
Advisory Fee (net of waivers)$62,798
Portfolio Turnover45%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	53.7%
Exchange-Traded Funds	34.2%
Money Market Funds	11.8%
Purchased Options	0.3%

What did the Fund invest in?

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	8.0%
Energy	0.2%
Long Option	0.3%
Materials	0.5%
Utilities	0.6%
Industrials	1.4%
Health Care	1.8%
Consumer Staples	3.1%
Consumer Discretionary	4.9%
Communications	6.8%
Money Market	10.9%
Technology	30.1%
Equity	31.5%

Top 10 Long Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Invesco QQQ Trust Series 1 ETF	31.5%
First American Treasury Obligations Fund, Class X	10.9%
NVIDIA Corporation	3.8%
Apple, Inc.	3.3%
Micron Technology, Inc.	2.7%
Microsoft Corporation	2.2%
Amazon.com, Inc.	2.1%
Advanced Micro Devices, Inc.	1.9%
Alphabet, Inc., Class A	1.6%
Tesla, Inc.	1.6%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Short Option	-0.1%

Top 10 Short Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
S&P Emini 3rd Wk Jul26P 7200, 07/17/26 7200.0 Put	-0.1%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Short S&P500 & VIX Futures	-38.7%
Long S&P500 & VIX Futures	8.9%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst Nasdaq-100 Hedged Equity Fund - Class I (CLPFX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CLPFX

Catalyst Systematic Alpha Fund

Class A (ATRAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about Catalyst Systematic Alpha Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://catalystmf.com/literature-and-forms/. You can also request this information by contacting us at 1-866-447-4228.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$217	2.02%

How did the Fund perform during the reporting period?

The market fundamentals for the fiscal year ended June 30, 2026, proved rather challenging for some of the individual strategies that the Fund employs. In FY2026, we saw multiple trends reverse sharply across the stock, bond, and commodity indices tracked by the Fund. Despite these challenges, the Fund was able to generate double-digit returns. The Fund’s trend-following strategies generated strong gains, particularly in equities and commodities. The Fund’s currency strategies also generated solid returns. These gains were partially offset by the Fund’s commodity carry strategy which struggled during Q1 2026, as the U.S.-Iran conflict sparked a dramatic dislocation in the energy futures markets.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst Systematic Alpha Fund	Catalyst Systematic Alpha Fund - with load	S&P 500^® Index	BNP Paribas Catalyst Systematic Alpha Index III
Jun-2016	$10,000	$9,425	$10,000	$10,000
Jun-2017	$9,623	$9,069	$11,790	$11,279
Jun-2018	$9,043	$8,522	$13,484	$13,743
Jun-2019	$9,258	$8,725	$14,889	$15,838
Jun-2020	$9,768	$9,206	$16,006	$21,934
Jun-2021	$13,598	$12,816	$22,536	$27,473
Jun-2022	$13,193	$12,434	$20,144	$29,444
Jun-2023	$17,632	$16,618	$24,091	$38,151
Jun-2024	$19,410	$18,293	$30,006	$44,144
Jun-2025	$15,151	$14,280	$34,556	$39,509
Jun-2026	$17,357	$16,358	$42,271	$41,999

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst Systematic Alpha Fund
Without Load	14.44%	5.00%	5.67%
With Load	7.82%	3.76%	5.04%
BNP Paribas Catalyst Systematic Alpha Index III	6.30%	8.86%	15.43%
S&P 500^® Index	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$118,012,021
Number of Portfolio Holdings30
Advisory Fee (net of waivers)$2,406,046
Portfolio Turnover50%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	19.1%
Money Market Funds	8.6%
Open End Funds	26.5%
U.S. Government & Agencies	45.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	8.7%
Industrials	2.1%
Technology	4.3%
Consumer Discretionary	4.6%
Communications	6.4%
Money Market Funds	7.8%
Fixed Income	24.3%
U.S. Treasury Obligations	41.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Catalyst International Income Opportunities Fund	24.2%
United States Treasury Bill, 3.860%, 02/18/27	11.2%
United States Treasury Bill, 3.780%, 10/01/26	8.1%
United States Treasury Bill, 3.270%, 07/09/26	7.9%
United States Treasury Bill, 3.890%, 03/18/27	4.9%
United States Treasury Bill, 3.570%, 08/06/26	4.5%
Ford Motor Company, 4.346%, 12/08/26	2.5%
United States Treasury Bill, 3.660%, 09/03/26	2.5%
Netflix, Inc., 5.875%, 11/15/28	2.2%
Cisco Systems, Inc., 4.850%, 02/26/29	2.1%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Swap	194.7%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst Systematic Alpha Fund - Class A (ATRAX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-ATRAX

Catalyst Systematic Alpha Fund

Class C (ATRCX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$296	2.77%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst Systematic Alpha Fund	S&P 500^® Index	BNP Paribas Catalyst Systematic Alpha Index III
Jun-2016	$10,000	$10,000	$10,000
Jun-2017	$9,548	$11,790	$11,279
Jun-2018	$8,901	$13,484	$13,743
Jun-2019	$9,034	$14,889	$15,838
Jun-2020	$9,465	$16,006	$21,934
Jun-2021	$13,087	$22,536	$27,473
Jun-2022	$12,580	$20,144	$29,444
Jun-2023	$16,696	$24,091	$38,151
Jun-2024	$18,247	$30,006	$44,144
Jun-2025	$14,146	$34,556	$39,509
Jun-2026	$16,072	$42,271	$41,999

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst Systematic Alpha Fund	13.62%	4.19%	4.86%
S&P 500^® Index	22.32%	13.41%	15.51%
BNP Paribas Catalyst Systematic Alpha Index III	6.30%	8.86%	15.43%

Fund Statistics

Net Assets$118,012,021
Number of Portfolio Holdings30
Advisory Fee (net of waivers)$2,406,046
Portfolio Turnover50%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	19.1%
Money Market Funds	8.6%
Open End Funds	26.5%
U.S. Government & Agencies	45.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	8.7%
Industrials	2.1%
Technology	4.3%
Consumer Discretionary	4.6%
Communications	6.4%
Money Market Funds	7.8%
Fixed Income	24.3%
U.S. Treasury Obligations	41.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Catalyst International Income Opportunities Fund	24.2%
United States Treasury Bill, 3.860%, 02/18/27	11.2%
United States Treasury Bill, 3.780%, 10/01/26	8.1%
United States Treasury Bill, 3.270%, 07/09/26	7.9%
United States Treasury Bill, 3.890%, 03/18/27	4.9%
United States Treasury Bill, 3.570%, 08/06/26	4.5%
Ford Motor Company, 4.346%, 12/08/26	2.5%
United States Treasury Bill, 3.660%, 09/03/26	2.5%
Netflix, Inc., 5.875%, 11/15/28	2.2%
Cisco Systems, Inc., 4.850%, 02/26/29	2.1%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Swap	194.7%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst Systematic Alpha Fund - Class C (ATRCX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-ATRCX

Catalyst Systematic Alpha Fund

Class I (ATRFX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$190	1.77%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst Systematic Alpha Fund	S&P 500^® Index	BNP Paribas Catalyst Systematic Alpha Index III
Jun-2016	$10,000	$10,000	$10,000
Jun-2017	$9,649	$11,790	$11,279
Jun-2018	$9,095	$13,484	$13,743
Jun-2019	$9,324	$14,889	$15,838
Jun-2020	$9,865	$16,006	$21,934
Jun-2021	$13,771	$22,536	$27,473
Jun-2022	$13,375	$20,144	$29,444
Jun-2023	$17,916	$24,091	$38,151
Jun-2024	$19,781	$30,006	$44,144
Jun-2025	$15,490	$34,556	$39,509
Jun-2026	$17,779	$42,271	$41,999

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst Systematic Alpha Fund	14.78%	5.24%	5.92%
S&P 500^® Index	22.32%	13.41%	15.51%
BNP Paribas Catalyst Systematic Alpha Index III	6.30%	8.86%	15.43%

Fund Statistics

Net Assets$118,012,021
Number of Portfolio Holdings30
Advisory Fee (net of waivers)$2,406,046
Portfolio Turnover50%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	19.1%
Money Market Funds	8.6%
Open End Funds	26.5%
U.S. Government & Agencies	45.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	8.7%
Industrials	2.1%
Technology	4.3%
Consumer Discretionary	4.6%
Communications	6.4%
Money Market Funds	7.8%
Fixed Income	24.3%
U.S. Treasury Obligations	41.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Catalyst International Income Opportunities Fund	24.2%
United States Treasury Bill, 3.860%, 02/18/27	11.2%
United States Treasury Bill, 3.780%, 10/01/26	8.1%
United States Treasury Bill, 3.270%, 07/09/26	7.9%
United States Treasury Bill, 3.890%, 03/18/27	4.9%
United States Treasury Bill, 3.570%, 08/06/26	4.5%
Ford Motor Company, 4.346%, 12/08/26	2.5%
United States Treasury Bill, 3.660%, 09/03/26	2.5%
Netflix, Inc., 5.875%, 11/15/28	2.2%
Cisco Systems, Inc., 4.850%, 02/26/29	2.1%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Swap	194.7%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst Systematic Alpha Fund - Class I (ATRFX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-ATRFX

Catalyst/Aspect Enhanced Multi-Asset Fund

Class A (CASAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about Catalyst/Aspect Enhanced Multi-Asset Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://catalystmf.com/literature-and-forms/. You can also request this information by contacting us at 1-866-447-4228.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$253	2.24%

How did the Fund perform during the reporting period?

During the fiscal year ended June 30, 2026, both the 60/40 and the trend-following components generated positive returns in the Fund. Throughout the period, the S&P 500 Index continued to rally to record highs, driving the majority of the long-only allocation returns, while the bond portion of the Fund also contributed positively, albeit more muted. The trend-following component performed positively over the period, capturing sustained trends across a variety of markets within stock indices, currencies, and metals. Oscillatory price action and sharp reversals within fixed income and agricultural markets partially offset these gains.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst/Aspect Enhanced Multi-Asset Fund	Catalyst/Aspect Enhanced Multi-Asset Fund - with load	60% S&P 500^® Index/40% Bloomberg US Aggregate Bond	ICE BofA 3-Month U.S. Treasury Bill Index	S&P 500^® Index
Dec-2023	$10,000	$9,425	$10,000	$10,000	$10,000
Dec-2023	$10,000	$9,425	$9,983	$10,005	$9,972
Mar-2024	$11,790	$11,112	$10,576	$10,135	$11,025
Jun-2024	$11,630	$10,961	$10,851	$10,270	$11,497
Sep-2024	$11,520	$10,858	$11,460	$10,411	$12,174
Dec-2024	$11,183	$10,540	$11,485	$10,534	$12,467
Mar-2025	$10,517	$9,912	$11,318	$10,642	$11,935
Jun-2025	$10,345	$9,750	$12,112	$10,754	$13,241
Sep-2025	$11,355	$10,702	$12,798	$10,870	$14,316
Dec-2025	$12,006	$11,315	$13,058	$10,977	$14,696
Mar-2026	$11,970	$11,282	$12,716	$11,071	$14,059
Jun-2026	$13,029	$12,280	$13,900	$11,170	$16,197

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (December 28, 2023)
Catalyst/Aspect Enhanced Multi-Asset Fund	25.94%	11.13%
With Load	18.70%	8.54%
60% S&P 500^® Index/40% Bloomberg US Aggregate Bond	14.76%	14.04%
ICE BofA 3-Month U.S. Treasury Bill Index	3.87%	4.51%
S&P 500^® Index	22.32%	21.21%

Fund Statistics

Net Assets$33,846,599
Number of Portfolio Holdings196
Advisory Fee (net of waivers)$461,720
Portfolio Turnover28%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	56.3%
Money Market Funds	43.7%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	26.2%
Money Market Funds	32.3%
Fixed Income	41.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
iShares Core U.S. Aggregate Bond ETF	41.5%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Interest Rate	-106.8%
Commodity	17.9%
Equity Index	104.2%
Currency	-68.1%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst/Aspect Enhanced Multi-Asset Fund - Class A (CASAX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CASAX

Catalyst/Aspect Enhanced Multi-Asset Fund

Class C (CASCX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$337	2.99%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst/Aspect Enhanced Multi-Asset Fund	60% S&P 500^® Index/40% Bloomberg US Aggregate Bond	ICE BofA 3-Month U.S. Treasury Bill Index	S&P 500^® Index
Dec-2023	$10,000	$10,000	$10,000	$10,000
Dec-2023	$10,000	$9,983	$10,005	$9,972
Jun-2024	$11,590	$10,851	$10,270	$11,497
Dec-2024	$11,094	$11,485	$10,534	$12,467
Jun-2025	$10,224	$12,112	$10,754	$13,241
Dec-2025	$11,821	$13,058	$10,977	$14,696
Jun-2026	$12,794	$13,900	$11,170	$16,197

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (December 28, 2023)
Catalyst/Aspect Enhanced Multi-Asset Fund	25.13%	10.33%
60% S&P 500^® Index/40% Bloomberg US Aggregate Bond	14.76%	14.04%
ICE BofA 3-Month U.S. Treasury Bill Index	3.87%	4.51%
S&P 500^® Index	22.32%	21.21%

Fund Statistics

Net Assets$33,846,599
Number of Portfolio Holdings196
Advisory Fee (net of waivers)$461,720
Portfolio Turnover28%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	56.3%
Money Market Funds	43.7%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	26.2%
Money Market Funds	32.3%
Fixed Income	41.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
iShares Core U.S. Aggregate Bond ETF	41.5%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Interest Rate	-106.8%
Commodity	17.9%
Equity Index	104.2%
Currency	-68.1%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst/Aspect Enhanced Multi-Asset Fund - Class C (CASCX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CASCX

Catalyst/Aspect Enhanced Multi-Asset Fund

Class I (CASIX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$225	1.99%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst/Aspect Enhanced Multi-Asset Fund	60% S&P 500^® Index/40% Bloomberg US Aggregate Bond	ICE BofA 3-Month U.S. Treasury Bill Index	S&P 500^® Index
Dec-2023	$10,000	$10,000	$10,000	$10,000
Dec-2023	$10,000	$9,983	$10,005	$9,972
Jun-2024	$11,640	$10,851	$10,270	$11,497
Dec-2024	$11,208	$11,485	$10,534	$12,467
Jun-2025	$10,381	$12,112	$10,754	$13,241
Dec-2025	$12,065	$13,058	$10,977	$14,696
Jun-2026	$13,111	$13,900	$11,170	$16,197

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (December 28, 2023)
Catalyst/Aspect Enhanced Multi-Asset Fund	26.30%	11.41%
60% S&P 500^® Index/40% Bloomberg US Aggregate Bond	14.76%	14.04%
ICE BofA 3-Month U.S. Treasury Bill Index	3.87%	4.51%
S&P 500^® Index	22.32%	21.21%

Fund Statistics

Net Assets$33,846,599
Number of Portfolio Holdings196
Advisory Fee (net of waivers)$461,720
Portfolio Turnover28%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	56.3%
Money Market Funds	43.7%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	26.2%
Money Market Funds	32.3%
Fixed Income	41.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
iShares Core U.S. Aggregate Bond ETF	41.5%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Interest Rate	-106.8%
Commodity	17.9%
Equity Index	104.2%
Currency	-68.1%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst/Aspect Enhanced Multi-Asset Fund - Class I (CASIX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CASIX

Catalyst/Millburn Hedge Strategy Fund

Class C-1 (MBXFX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about Catalyst/Millburn Hedge Strategy Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://catalystmf.com/literature-and-forms/. You can also request this information by contacting us at 1-866-447-4228.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C-1	$320	2.92%

How did the Fund perform during the reporting period?

The Fund was profitable for the period, as gains from long ETF positions in the Equity Component, as well as from trading currency, stock index, and gold futures in the Futures Component, offset a relatively small loss from trading energy, grain, soft commodity, and livestock futures.

In terms of the Fund’s Equity Component, long positions in ETFs were broadly profitable, with U.S. focused ETFs, especially small and mid-caps, leading the way. Emerging market ETFs also performed relatively well.

The Futures component recorded strong gains from long gold, Kospi, and Taiwan equity index futures; trading of S&P 500 TR and NASDAQ equity index futures; long U.S. dollar trades versus the Japanese, Swiss, Swedish, and Canadian currencies; and short U.S. dollar trades against the high yield Brazilian, Mexican, South African, and British currencies. On the other hand, trading of U.S., French, German, and Italian longer term bond futures, as well as copper, soybeans, natural gas, WTI crude oil and US Dow Jones equity futures, were unprofitable.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst/Millburn Hedge Strategy Fund	ICE BofA 3-Month U.S. Treasury Bill Index	MSCI ACWI Index	S&P 500^® Index
Oct-2020	$10,000	$10,000	$10,000	$10,000
Jun-2021	$13,393	$10,005	$13,200	$13,278
Jun-2022	$13,567	$10,021	$11,121	$11,869
Jun-2023	$13,810	$10,384	$12,960	$14,194
Jun-2024	$15,797	$10,949	$15,471	$17,680
Jun-2025	$15,620	$11,464	$17,972	$20,361
Jun-2026	$18,626	$11,908	$22,226	$24,906

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (October 30, 2020)
Catalyst/Millburn Hedge Strategy Fund	19.25%	6.82%	11.60%
S&P 500^® Index	22.32%	13.41%	17.48%
ICE BofA 3-Month U.S. Treasury Bill Index	3.87%	3.54%	3.13%
MSCI ACWI Index	23.67%	10.98%	15.14%

Fund Statistics

Net Assets$10,607,693,878
Number of Portfolio Holdings267
Advisory Fee $155,695,450
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	51.2%
Money Market Funds	8.5%
U.S. Government & Agencies	22.5%
U.S. Treasuries	17.8%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.8%
Money Market Funds	8.3%
U.S. Treasury Obligations	39.2%
Equity	49.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Note, 1.500%, 08/15/26	17.0%
United States Treasury Note, 2.000%, 11/15/26	9.7%
United States Treasury Note, 2.375%, 05/15/27	7.6%
iShares Core S&P Mid-Cap ETF	6.4%
iShares Russell 1000 ETF	6.3%
United States Treasury Note, 2.250%, 02/15/27	4.9%
iShares Russell 2000 ETF	4.2%
iShares MSCI USA Min Vol Factor ETF	4.1%
Vanguard FTSE Emerging Markets ETF	4.0%
State Street SPDR S&P 500 ETF Trust	3.8%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Equity Index	-10.1%
Commodity	-6.5%
Currency	-29.0%
Interest Rate	153.3%
Currency Contracts	-%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst/Millburn Hedge Strategy Fund - Class C-1 (MBXFX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-MBXFX

Catalyst/Millburn Hedge Strategy Fund

Class A (MBXAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$239	2.17%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst/Millburn Hedge Strategy Fund	Catalyst/Millburn Hedge Strategy Fund - with load	S&P 500^® Index	MSCI ACWI Index	ICE BofA 3-Month U.S. Treasury Bill Index
Jun-2016	$10,000	$9,425	$10,000	$10,000	$10,000
Jun-2017	$10,652	$10,039	$11,790	$11,879	$10,049
Jun-2018	$11,492	$10,830	$13,484	$13,153	$10,186
Jun-2019	$12,196	$11,495	$14,889	$13,908	$10,421
Jun-2020	$11,040	$10,405	$16,006	$14,202	$10,591
Jun-2021	$15,064	$14,197	$22,536	$19,778	$10,601
Jun-2022	$15,371	$14,487	$20,144	$16,663	$10,619
Jun-2023	$15,763	$14,856	$24,091	$19,417	$11,003
Jun-2024	$18,168	$17,122	$30,006	$23,179	$11,601
Jun-2025	$18,099	$17,058	$34,556	$26,927	$12,148
Jun-2026	$21,744	$20,492	$42,271	$33,301	$12,618

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst/Millburn Hedge Strategy Fund
Without Load	20.13%	7.62%	8.08%
With Load	13.23%	6.35%	7.44%
ICE BofA 3-Month U.S. Treasury Bill Index	3.87%	3.54%	2.35%
MSCI ACWI Index	23.67%	10.98%	12.78%
S&P 500^® Index	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$10,607,693,878
Number of Portfolio Holdings267
Advisory Fee $155,695,450
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	51.2%
Money Market Funds	8.5%
U.S. Government & Agencies	22.5%
U.S. Treasuries	17.8%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.8%
Money Market Funds	8.3%
U.S. Treasury Obligations	39.2%
Equity	49.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Note, 1.500%, 08/15/26	17.0%
United States Treasury Note, 2.000%, 11/15/26	9.7%
United States Treasury Note, 2.375%, 05/15/27	7.6%
iShares Core S&P Mid-Cap ETF	6.4%
iShares Russell 1000 ETF	6.3%
United States Treasury Note, 2.250%, 02/15/27	4.9%
iShares Russell 2000 ETF	4.2%
iShares MSCI USA Min Vol Factor ETF	4.1%
Vanguard FTSE Emerging Markets ETF	4.0%
State Street SPDR S&P 500 ETF Trust	3.8%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Equity Index	-10.1%
Commodity	-6.5%
Currency	-29.0%
Interest Rate	153.3%
Currency Contracts	-%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst/Millburn Hedge Strategy Fund - Class A (MBXAX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-MBXAX

Catalyst/Millburn Hedge Strategy Fund

Class C (MBXCX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$320	2.92%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst/Millburn Hedge Strategy Fund	S&P 500^® Index	ICE BofA 3-Month U.S. Treasury Bill Index	MSCI ACWI Index
Jun-2016	$10,000	$10,000	$10,000	$10,000
Jun-2017	$10,577	$11,790	$10,049	$11,879
Jun-2018	$11,320	$13,484	$10,186	$13,153
Jun-2019	$11,923	$14,889	$10,421	$13,908
Jun-2020	$10,714	$16,006	$10,591	$14,202
Jun-2021	$14,508	$22,536	$10,601	$19,778
Jun-2022	$14,696	$20,144	$10,619	$16,663
Jun-2023	$14,955	$24,091	$11,003	$19,417
Jun-2024	$17,109	$30,006	$11,601	$23,179
Jun-2025	$16,914	$34,556	$12,148	$26,927
Jun-2026	$20,168	$42,271	$12,618	$33,301

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst/Millburn Hedge Strategy Fund	19.24%	6.81%	7.27%
S&P 500^® Index	22.32%	13.41%	15.51%
ICE BofA 3-Month U.S. Treasury Bill Index	3.87%	3.54%	2.35%
MSCI ACWI Index	23.67%	10.98%	12.78%

Fund Statistics

Net Assets$10,607,693,878
Number of Portfolio Holdings267
Advisory Fee $155,695,450
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	51.2%
Money Market Funds	8.5%
U.S. Government & Agencies	22.5%
U.S. Treasuries	17.8%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.8%
Money Market Funds	8.3%
U.S. Treasury Obligations	39.2%
Equity	49.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Note, 1.500%, 08/15/26	17.0%
United States Treasury Note, 2.000%, 11/15/26	9.7%
United States Treasury Note, 2.375%, 05/15/27	7.6%
iShares Core S&P Mid-Cap ETF	6.4%
iShares Russell 1000 ETF	6.3%
United States Treasury Note, 2.250%, 02/15/27	4.9%
iShares Russell 2000 ETF	4.2%
iShares MSCI USA Min Vol Factor ETF	4.1%
Vanguard FTSE Emerging Markets ETF	4.0%
State Street SPDR S&P 500 ETF Trust	3.8%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Equity Index	-10.1%
Commodity	-6.5%
Currency	-29.0%
Interest Rate	153.3%
Currency Contracts	-%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst/Millburn Hedge Strategy Fund - Class C (MBXCX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-MBXCX

Catalyst/Millburn Hedge Strategy Fund

Class I (MBXIX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$211	1.92%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst/Millburn Hedge Strategy Fund	S&P 500^® Index	ICE BofA 3-Month U.S. Treasury Bill Index	MSCI ACWI Index
Jun-2016	$10,000	$10,000	$10,000	$10,000
Jun-2017	$10,683	$11,790	$10,049	$11,879
Jun-2018	$11,548	$13,484	$10,186	$13,153
Jun-2019	$12,289	$14,889	$10,421	$13,908
Jun-2020	$11,152	$16,006	$10,591	$14,202
Jun-2021	$15,254	$22,536	$10,601	$19,778
Jun-2022	$15,606	$20,144	$10,619	$16,663
Jun-2023	$16,039	$24,091	$11,003	$19,417
Jun-2024	$18,534	$30,006	$11,601	$23,179
Jun-2025	$18,509	$34,556	$12,148	$26,927
Jun-2026	$22,294	$42,271	$12,618	$33,301

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst/Millburn Hedge Strategy Fund	20.45%	7.89%	8.35%
S&P 500^® Index	22.32%	13.41%	15.51%
ICE BofA 3-Month U.S. Treasury Bill Index	3.87%	3.54%	2.35%
MSCI ACWI Index	23.67%	10.98%	12.78%

Fund Statistics

Net Assets$10,607,693,878
Number of Portfolio Holdings267
Advisory Fee $155,695,450
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	51.2%
Money Market Funds	8.5%
U.S. Government & Agencies	22.5%
U.S. Treasuries	17.8%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.8%
Money Market Funds	8.3%
U.S. Treasury Obligations	39.2%
Equity	49.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Note, 1.500%, 08/15/26	17.0%
United States Treasury Note, 2.000%, 11/15/26	9.7%
United States Treasury Note, 2.375%, 05/15/27	7.6%
iShares Core S&P Mid-Cap ETF	6.4%
iShares Russell 1000 ETF	6.3%
United States Treasury Note, 2.250%, 02/15/27	4.9%
iShares Russell 2000 ETF	4.2%
iShares MSCI USA Min Vol Factor ETF	4.1%
Vanguard FTSE Emerging Markets ETF	4.0%
State Street SPDR S&P 500 ETF Trust	3.8%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Equity Index	-10.1%
Commodity	-6.5%
Currency	-29.0%
Interest Rate	153.3%
Currency Contracts	-%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst/Millburn Hedge Strategy Fund - Class I (MBXIX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-MBXIX

Catalyst Systematic High Income Fund

Class A (CWXAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about Catalyst Systematic High Income Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://catalystmf.com/literature-and-forms/. You can also request this information by contacting us at 1-866-447-4228. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$233	2.24%

How did the Fund perform during the reporting period?

The Fund navigated a multitude of economic and geopolitical challenges throughout the fiscal year. The major development in the U.S. was the conflict between the U.S. and Iran, which caused volatility to rise and energy prices to spike dramatically higher. Despite such episodic volatility, the U.S. equity market recovered quickly to new highs. The absence of a significant dislocation event for U.S. equities allowed the majority of the Fund’s strategies to achieve gains across core equity, equity carry, and equity value strategies. The Fund’s equity defensive strategy registered a modest loss, though this strategy is generally expected to lag during equity bull markets. The Fund achieved a gain for the fiscal year ended June 30, 2026.

On November 1, 2025, the Fund’s name, investment manager, investment objective, and principal investment strategies and risks materially changed. After accounting for the strategy transition, the Adviser is relatively pleased with the Fund's performance during the past fiscal year.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst Systematic High Income Fund	Catalyst Systematic High Income Fund - with load	S&P 500^® Index
Jun-2016	$10,000	$9,422	$10,000
Jun-2017	$8,361	$7,878	$11,790
Jun-2018	$7,837	$7,384	$13,484
Jun-2019	$7,633	$7,192	$14,889
Jun-2020	$7,400	$6,972	$16,006
Jun-2021	$7,749	$7,301	$22,536
Jun-2022	$8,468	$7,979	$20,144
Jun-2023	$8,716	$8,212	$24,091
Jun-2024	$9,014	$8,493	$30,006
Jun-2025	$9,363	$8,822	$34,556
Jun-2026	$10,056	$9,475	$42,271

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst Systematic High Income Fund
Without Load	7.40%	5.35%	0.06%
With Load	1.26%	4.10%	-0.54%
S&P 500^® Index	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$31,452,092
Number of Portfolio Holdings14
Advisory Fee (net of waivers)$790,140
Portfolio Turnover207%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	100.0%
Money Market Funds	0.0%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	45.8%
Energy	4.5%
Technology	4.5%
Communications	8.9%
Financials	13.3%
Consumer Discretionary	23.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Mattel, Inc., 5.875%, 12/15/27	4.8%
Best Buy Company, Inc., 1.950%, 10/01/30	4.7%
Lowe's Companies, Inc., 1.700%, 10/15/30	4.6%
Ares Capital Corporation, 2.150%, 07/15/26	4.6%
Dick's Sporting Goods, Inc., 4.000%, 10/01/29	4.6%
Uber Technologies, Inc., 4.500%, 08/15/29	4.5%
Main Street Capital Corporation, 6.500%, 06/04/27	4.5%
Energy Transfer, L.P. Midstream Finance Corporation, 6.000%, 02/01/29	4.5%
Gartner, Inc., 4.500%, 07/01/28	4.5%
VeriSign, Inc., 4.750%, 07/15/27	4.5%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Swap	254.6%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, please review the Fund's prospectus, dated November 1, 2025, at www.CatalystMF.com or call us at 1-866-447-4228. Effective November 1, 2025, the sub-advisory agreement between Catalyst Capital Advisors LLC (“Catalyst”), the Fund’s investment adviser, and Warrington Asset Management LLC, the Fund’s prior investment sub-adviser, terminated and Catalyst assumed the day-to-day management of the Fund’s portfolio. Also, effective November 1, 2025, the Fund’s name, investment objective, and principal investment strategies and risks materially changed.

Catalyst Systematic High Income Fund - Class A (CWXAX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CWXAX

Catalyst Systematic High Income Fund

Class C (CWXCX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$309	2.99%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst Systematic High Income Fund	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$8,298	$11,790
Jun-2018	$7,712	$13,484
Jun-2019	$7,453	$14,889
Jun-2020	$7,175	$16,006
Jun-2021	$7,463	$22,536
Jun-2022	$8,089	$20,144
Jun-2023	$8,268	$24,091
Jun-2024	$8,487	$30,006
Jun-2025	$8,753	$34,556
Jun-2026	$9,332	$42,271

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst Systematic High Income Fund	6.61%	4.57%	-0.69%
S&P 500^® Index	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$31,452,092
Number of Portfolio Holdings14
Advisory Fee (net of waivers)$790,140
Portfolio Turnover207%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	100.0%
Money Market Funds	0.0%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	45.8%
Energy	4.5%
Technology	4.5%
Communications	8.9%
Financials	13.3%
Consumer Discretionary	23.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Mattel, Inc., 5.875%, 12/15/27	4.8%
Best Buy Company, Inc., 1.950%, 10/01/30	4.7%
Lowe's Companies, Inc., 1.700%, 10/15/30	4.6%
Ares Capital Corporation, 2.150%, 07/15/26	4.6%
Dick's Sporting Goods, Inc., 4.000%, 10/01/29	4.6%
Uber Technologies, Inc., 4.500%, 08/15/29	4.5%
Main Street Capital Corporation, 6.500%, 06/04/27	4.5%
Energy Transfer, L.P. Midstream Finance Corporation, 6.000%, 02/01/29	4.5%
Gartner, Inc., 4.500%, 07/01/28	4.5%
VeriSign, Inc., 4.750%, 07/15/27	4.5%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Swap	254.6%

Material Fund Changes

Catalyst Systematic High Income Fund - Class C (CWXCX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CWXCX

Catalyst Systematic High Income Fund

Class I (CWXIX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$207	1.99%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst Systematic High Income Fund	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$8,383	$11,790
Jun-2018	$7,873	$13,484
Jun-2019	$7,690	$14,889
Jun-2020	$7,468	$16,006
Jun-2021	$7,844	$22,536
Jun-2022	$8,595	$20,144
Jun-2023	$8,872	$24,091
Jun-2024	$9,202	$30,006
Jun-2025	$9,585	$34,556
Jun-2026	$10,317	$42,271

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Catalyst Systematic High Income Fund	7.64%	5.63%	0.31%
S&P 500^® Index	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$31,452,092
Number of Portfolio Holdings14
Advisory Fee (net of waivers)$790,140
Portfolio Turnover207%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Bonds	100.0%
Money Market Funds	0.0%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	45.8%
Energy	4.5%
Technology	4.5%
Communications	8.9%
Financials	13.3%
Consumer Discretionary	23.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Mattel, Inc., 5.875%, 12/15/27	4.8%
Best Buy Company, Inc., 1.950%, 10/01/30	4.7%
Lowe's Companies, Inc., 1.700%, 10/15/30	4.6%
Ares Capital Corporation, 2.150%, 07/15/26	4.6%
Dick's Sporting Goods, Inc., 4.000%, 10/01/29	4.6%
Uber Technologies, Inc., 4.500%, 08/15/29	4.5%
Main Street Capital Corporation, 6.500%, 06/04/27	4.5%
Energy Transfer, L.P. Midstream Finance Corporation, 6.000%, 02/01/29	4.5%
Gartner, Inc., 4.500%, 07/01/28	4.5%
VeriSign, Inc., 4.750%, 07/15/27	4.5%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Swap	254.6%

Material Fund Changes

Catalyst Systematic High Income Fund - Class I (CWXIX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CWXIX

Catalyst/Welton Advantage Multi-Strategy Fund

Class A (CWEAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about Catalyst/Welton Advantage Multi-Strategy Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://catalystmf.com/literature-and-forms/. You can also request this information by contacting us at 1-866-447-4228.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$221	2.24%

How did the Fund perform during the reporting period?

For the fiscal year ended June 30, 2026, the Fund's overall returns were constrained, as its systematic strategies experienced stark divergence: US equities captured strong momentum, while abrupt macroeconomic shifts weighed on macro derivative models.

Key Performance Drivers

• Equities (Positive): Resilient US growth and tech-led market concentration drove a robust rally amid sustained upward momentum.

• Fixed Income (Detractor): Sticky US inflation, shifting rate expectations, and fiscal deficit fears caused severe sovereign debt turbulence and erratic yield movements.

• Commodities (Detractor): Geopolitical noise overpowered sustained economic trends. Sudden price spikes from Middle East tensions were quickly reversed by diplomatic shifts, resulting in abrupt trend reversals.

• Foreign Exchange (Detractor): Divergent global central bank policies and US tariff uncertainties prevented sustained directional momentum, generating consecutive false breakouts across major currency pairs.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst/Welton Advantage Multi-Strategy Fund	Catalyst/Welton Advantage Multi-Strategy Fund - with load	S&P 500^® Index
Aug-2020	$10,000	$9,425	$10,000
Jun-2021	$13,978	$13,174	$12,434
Jun-2022	$16,097	$15,172	$11,114
Jun-2023	$16,280	$15,344	$13,292
Jun-2024	$18,165	$17,121	$16,556
Jun-2025	$16,657	$15,699	$19,066
Jun-2026	$16,181	$15,251	$23,323

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (August 31, 2020)
Catalyst/Welton Advantage Multi-Strategy Fund
Without Load	-2.86%	2.97%	8.61%
With Load	-8.44%	1.76%	7.51%
S&P 500^® Index	22.32%	13.41%	15.63%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund has adopted the performance of the Welton ESG Advantage Fund LLC, which had an inception date of August 31, 2020, which reorganized into Welton.

Fund Statistics

Net Assets$46,054,289
Number of Portfolio Holdings153
Advisory Fee (net of waivers)$765,616
Portfolio Turnover1,173%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	18.2%
Money Market Funds	36.8%
Short-Term Investments	45.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	18.2%
Health Care	0.1%
Materials	0.2%
Communications	0.5%
Real Estate	0.7%
Consumer Staples	0.7%
Utilities	1.4%
Consumer Discretionary	1.9%
Industrials	2.1%
Energy	2.1%
Financials	2.3%
Technology	2.9%
Money Market Funds	30.1%
U.S. Treasury Obligations	36.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, 3.500%, 07/23/26	36.8%
Mastercard, Inc., Class A	0.5%
Tesla, Inc.	0.4%
NVIDIA Corporation	0.4%
Broadcom, Inc.	0.4%
General Electric Company	0.4%
Alphabet, Inc., Class A	0.4%
NextEra Energy, Inc.	0.4%
Visa, Inc., Class A	0.3%
Bank of America Corporation	0.3%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Currency	-13.0%
Commodity	-18.4%
Equity Index	52.9%
Interest Rate	86.4%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst/Welton Advantage Multi-Strategy Fund - Class A (CWEAX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CWEAX

Catalyst/Welton Advantage Multi-Strategy Fund

Class C (CWECX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$294	2.99%

How did the Fund perform during the reporting period?

Key Performance Drivers

• Equities (Positive): Resilient US growth and tech-led market concentration drove a robust rally amid sustained upward momentum.

• Fixed Income (Detractor): Sticky US inflation, shifting rate expectations, and fiscal deficit fears caused severe sovereign debt turbulence and erratic yield movements.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst/Welton Advantage Multi-Strategy Fund	S&P 500^® Index
Aug-2020	$10,000	$10,000
Jun-2021	$13,894	$12,434
Jun-2022	$15,882	$11,114
Jun-2023	$15,942	$13,292
Jun-2024	$17,670	$16,556
Jun-2025	$16,197	$19,066
Jun-2026	$15,620	$23,323

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (August 31, 2020)
Catalyst/Welton Advantage Multi-Strategy Fund	-3.56%	2.37%	7.95%
S&P 500^® Index	22.32%	13.41%	15.63%

Fund Statistics

Net Assets$46,054,289
Number of Portfolio Holdings153
Advisory Fee (net of waivers)$765,616
Portfolio Turnover1,173%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	18.2%
Money Market Funds	36.8%
Short-Term Investments	45.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	18.2%
Health Care	0.1%
Materials	0.2%
Communications	0.5%
Real Estate	0.7%
Consumer Staples	0.7%
Utilities	1.4%
Consumer Discretionary	1.9%
Industrials	2.1%
Energy	2.1%
Financials	2.3%
Technology	2.9%
Money Market Funds	30.1%
U.S. Treasury Obligations	36.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, 3.500%, 07/23/26	36.8%
Mastercard, Inc., Class A	0.5%
Tesla, Inc.	0.4%
NVIDIA Corporation	0.4%
Broadcom, Inc.	0.4%
General Electric Company	0.4%
Alphabet, Inc., Class A	0.4%
NextEra Energy, Inc.	0.4%
Visa, Inc., Class A	0.3%
Bank of America Corporation	0.3%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Currency	-13.0%
Commodity	-18.4%
Equity Index	52.9%
Interest Rate	86.4%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst/Welton Advantage Multi-Strategy Fund - Class C (CWECX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CWECX

Catalyst/Welton Advantage Multi-Strategy Fund

Class I (CWEIX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$196	1.99%

How did the Fund perform during the reporting period?

Key Performance Drivers

• Equities (Positive): Resilient US growth and tech-led market concentration drove a robust rally amid sustained upward momentum.

• Fixed Income (Detractor): Sticky US inflation, shifting rate expectations, and fiscal deficit fears caused severe sovereign debt turbulence and erratic yield movements.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Catalyst/Welton Advantage Multi-Strategy Fund	S&P 500^® Index
Aug-2020	$10,000	$10,000
Jun-2021	$14,006	$12,434
Jun-2022	$16,170	$11,114
Jun-2023	$16,394	$13,292
Jun-2024	$18,338	$16,556
Jun-2025	$16,857	$19,066
Jun-2026	$16,412	$23,323

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (August 31, 2020)
Catalyst/Welton Advantage Multi-Strategy Fund	-2.64%	3.22%	8.87%
S&P 500^® Index	22.32%	13.41%	15.63%

Fund Statistics

Net Assets$46,054,289
Number of Portfolio Holdings153
Advisory Fee (net of waivers)$765,616
Portfolio Turnover1,173%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	18.2%
Money Market Funds	36.8%
Short-Term Investments	45.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	18.2%
Health Care	0.1%
Materials	0.2%
Communications	0.5%
Real Estate	0.7%
Consumer Staples	0.7%
Utilities	1.4%
Consumer Discretionary	1.9%
Industrials	2.1%
Energy	2.1%
Financials	2.3%
Technology	2.9%
Money Market Funds	30.1%
U.S. Treasury Obligations	36.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, 3.500%, 07/23/26	36.8%
Mastercard, Inc., Class A	0.5%
Tesla, Inc.	0.4%
NVIDIA Corporation	0.4%
Broadcom, Inc.	0.4%
General Electric Company	0.4%
Alphabet, Inc., Class A	0.4%
NextEra Energy, Inc.	0.4%
Visa, Inc., Class A	0.3%
Bank of America Corporation	0.3%

Derivative Exposure by Notional Value

Table Summary
Value	Value
Currency	-13.0%
Commodity	-18.4%
Equity Index	52.9%
Interest Rate	86.4%

Material Fund Changes

No material changes occurred during the year ended June 30, 2026.

Catalyst/Welton Advantage Multi-Strategy Fund - Class I (CWEIX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://catalystmf.com/literature-and-forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-CWEIX

(a)(1) The Registrant’s Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the Registrant believes that the experience provided by each member of the audit committee together offer the Registrant adequate oversight for the Registrant’s level of financial complexity.

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

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

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

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

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.

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

The following table represents the individual positions and related values of underlying securities of the Bespoke Basket Series 1 Excess Return Strategy Total Return Swap.

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

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

The BNP Paribas Catalyst Systematic Alpha Commodities Index (the “BNP Paribas CASA Index III” and the “BNP Paribas CASA Index IV”) is a rules based index designed to capitalize on structural inefficiencies and behavioral biases present within the commodity markets. The BNP Paribas CASA Index III and the BNP Paribas CASA Index IV Index is comprised of two rules-based Index components created by BNP Paribas. ^(a),(b)

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. ^(c)

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 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. ^(d)

The J.P. Morgan AIJPLT3A Index is a cross-asset trend following index with an adaptive trend signal, adaptive volatility target and additional diversifying assets. The index is a rules-based index created by JPMorgan.

The J.P. Morgan AIJPXSK1 Index is a cross-asset skewness reversion index that uses skewness as a signal to exploit investors’ overweighing of tail-events. Skewness measures the asymmetry of an asset’s return distribution. Instead of relying solely on averages, skewness highlights tail risk by showing whether an investment is more likely to produce extreme, unexpected returns. The index is a rules-based index created by JPMorgan. ^(f)

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. ^(g)

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

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 Y1 Excess Return Strategy Total Return Swap.

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

Custom Asset Series Y2 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 Y2 Excess Return Strategy Total Return Swap.

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

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

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

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

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

Welton Advantage and Aspect Enhanced are non-diversified series of the Trust. All other Funds are diversified series of the Trust. Aspect Enhanced, Hedged Equity, Millburn Hedge, and Buffered Shield are “fund of funds”, in that they generally invest in other investment companies.

Currently, each Fund offers Class A, Class C and Class I shares and Millburn Hedge also offers Class C-1 shares. Each class represents an interest in the same assets of the applicable Fund, and the classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans.

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

a) Operating Segments – An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund’s CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operate as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

b) Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. Debt securities including Bank Loans (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) pursuant to Rule 2a-5 under the 1940 Act using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The Funds may invest in portfolios of open-end (the “open-end funds”) or closed-end (the “closed-end funds”) investment companies. Open-end funds are valued at their respective net asset values as reported by such investment

companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of directors of the open-end funds. The shares of many closed-end funds, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end funds purchased by the Funds will not change. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, provided each such valuation represents fair value. Options are valued at their closing price on the exchange they are traded on. When no closing price is available, options are valued at their mean price. Futures, which are traded on an exchange, are valued at the settlement price determined by the exchange. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. Foreign currency and forward currency exchange contracts are valued daily at the London Stock Exchange close each day.

In some circumstances, instead of valuing securities in the usual manner, the Funds may value securities at “fair value” as determined in good faith by the Advisor as valuation designee, pursuant to the Rule 2a-5 procedures (the “Procedures”) approved by the Board. The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the NYSE close.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2026, for each Fund’s assets and liabilities measured at fair value.

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

Certain Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in a Fund’s portfolio. If such a decline occurs, the put options will permit a Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to a Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by a Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. Initial margin deposits required upon entering into options contracts are satisfied by the deposits of cash as collateral for the account of the broker (the Funds’ agent in acquiring the options). For the year ended June 30, 2026, Systematic High Income, Hedged Equity and Buffered Shield invested in options.

Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates, commodities or foreign currencies. Upon entering into a contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by a Fund as unrealized gains and losses. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, a Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. For the year ended June 30, 2026, Welton Advantage, Aspect Enhanced, Hedged Equity and Millburn Hedge invested in futures.

Swap Agreements – Systematic Alpha and Systematic High income have entered into swap transactions for investment purposes. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

The gross returns to be exchanged or “swapped” between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Funds amortize upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The Funds segregate liquid securities having a value at least equal to the amount of their current obligation under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. The Funds’ maximum risk of loss from counterparty credit risk is the unrealized appreciation to be received from the counterparty over the contract’s remaining life, to the extent that that amount is positive.

Forward Currency Contracts – A Fund may enter into forward foreign currency exchange contracts as an investment strategy consistent with that Fund’s investment objective. As foreign securities are purchased, a Fund generally enters into forward foreign currency exchange contracts in order to hedge against foreign currency exchange rate risks. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains (losses) from foreign currency transactions in the Statements of Operations.

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

Consolidation of Subsidiaries – CSACS Fund Limited (Systematic – CFC) , CWAMSF Fund Limited (Welton Advantage-CFC), CAEMAF Fund Limited (Aspect Enhanced – CFC), CMHSF Fund Limited (Millburn-CFC) (the “CFCs”, and each a “CFC” or a “Subsidiary”). The Consolidated Schedules of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and the Consolidated Financial Highlights of the Funds include the accounts of Systematic Alpha, Welton Advantage, Aspect Enhanced, and Millburn Hedge which include the accounts of Systematic-CFC, Welton Advantage-CFC, Aspect Enhanced-CFC, and Millburn-CFC respectively, which all are wholly-owned and controlled foreign subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Each of Systematic Alpha, Welton Advantage, Aspect Enhanced and Millburn Hedge may invest up to 25% of its total assets in its respective CFC, which acts as an investment vehicle in order to effect certain investments consistent with the Funds’ investment objectives and policies.

For tax purposes, the CFCs are exempted Cayman investment companies. The CFCs have received an undertaking from the Government of the Cayman Islands exempting them from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the CFCs are controlled foreign corporations which generate and are allocated no income which is considered effectively connected with U.S. trade of business and as such is not subject to U.S. income tax. However, as a wholly-owned controlled foreign corporation, the CFCs’ net income and capital gain, to the extent of its earnings and profits, will be included each year in the respective Fund’s investment company taxable income.

In accordance with its investment objectives and through their exposure to the aforementioned managed futures programs, each Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

Market Risk – Overall market risks may also affect the value of the Funds. The market values of securities or other investments owned by the Funds will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; tariffs and trade wars; climate change and climate-related events; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Funds and their investments and could result in increased premiums or discounts to a Fund’s net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions you could lose your entire investment.

Derivatives Risk – The use of derivative instruments, such as forwards, futures, options and swaps, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that

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

Commodity Risk – Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Counterparty Risk – Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.

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

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

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

Swaps Risk – Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify a Fund’s losses. The costs of investing in swaps will be indirectly paid by a Fund.

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

Wholly-Owned Subsidiary Risk – By investing in the Subsidiary, a Fund is indirectly exposed to the commodities risks associated with the Subsidiary’s investments in commodity-related instruments. Shareholders of a Fund are indirectly subject to the principal risks of the Subsidiary by virtue of a Fund’s investment in the Subsidiary. There can be no assurance that the Subsidiary’s investments will contribute to a Fund’s returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or the Subsidiary to operate as described in this Prospectus and could adversely affect a Fund, such as by reducing the Fund’s investment returns. The Fund and the Subsidiary are “commodity pools” under the U.S. Commodity Exchange Act, and the Advisor is a “commodity pool operator” registered with and regulated by the Commodity Futures Trading Commission (“CFTC”). As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to a Fund and the Subsidiary and subject each to CFTC penalties if reporting was found to be deficient.

Derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Assets and Liabilities at June 30, 2026, were as follows:

The effect of derivative instruments on the Statements of Operations for the year ended June 30, 2026, were as follows:

The notional value of derivative instruments outstanding as of June 30, 2026, as disclosed in the Schedules of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

The following table presents the Funds’ assets and liabilities available for offset under a master netting arrangement net of collateral pledged as of June 30, 2026:

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

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

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

As of and during the year ended June 30, 2026, the Funds did not have a liability for any unrecognized tax expense. The Funds recognize interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statements of Operations. As of June 30, 2026, the Funds did not incur any interest or penalties. As required, the Trust officers have analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (tax years or periods ended 2023-2025 for the Funds) or expected to be taken in 2026 and has concluded that no provision for income tax is required in these financial statements. The tax filings are open for examination by applicable taxing authorities, including the Internal Revenue Service. No examinations of the Funds’ filings are presently in progress.

f) Security Transactions and Investment Income – Investment and shareholder transactions are recorded on the trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the

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

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

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

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

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

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

l) Redemption Fees and Sales Charges (loads) – A wire transfer fee of $15 may be charged to defray custodial charges for redemptions paid by wire transfer. A maximum sales charge of 5.75% is imposed on Class A shares of the Funds. Investments in Class A shares made at or above the $1 million breakpoint (where you do not pay an initial sales charge) may be subject to a 1% contingent deferred sales charge (“CDSC”) on shares redeemed within two years of purchase (excluding shares purchased with reinvested dividends and/or distributions). A CDSC of 1.00% is imposed on Class C-1 shares for certain redemption transactions within one year following such investments. The respective shareholders pay such CDSC charges, which are not an expense of the Funds. For the year ended June 30, 2026, there were no CDSC fees paid by the shareholders of the Funds.

m) Forward Exchange Contracts – Millburn Hedge and Aspect Enhanced have entered into a foreign exchange contract agreement with Bank of America Merrill Lynch and Deutsche Bank as a part of their investment strategy. When executing forward contracts, each Fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forwards contracts, each Fund would incur a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. Each Fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, each Fund would incur a loss if the value of the contract decreases between the date the forward

contract is opened and the date the forward contract is closed. Each Fund realizes a gain if the value of the contract increases between those dates. Each Fund is exposed to foreign currency risk as a result of changes in value of the underlying financial instruments. Each Fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from the changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, forward exchange contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the company’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

For the year ended June 30, 2026, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

The Advisor acts as investment advisor for the Funds pursuant to the terms of an investment advisory agreement with the Trust, on behalf of the Funds (the “Investment Advisory Agreement”). Under the terms of the Investment Advisory Agreement, the Advisor directs the investment operations of the Funds in accordance with each Fund’s respective investment policies and restrictions. Except for Systematic Alpha, each Fund’s investment sub-advisor is responsible for the day-to-day operations of its portfolios. The Advisor provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. For its investment advisory services, the Funds pay to the Advisor, as of the last day of each month, an annualized fee as shown in the below table, such fees to be computed daily based upon daily average net assets of the Funds. The sub-advisors are paid by the Advisor, except in the case of Millburn Hedge, whose sub-advisor is paid by the Fund on behalf of the Advisor.

The Advisor and the Trust, with respect to the Funds have entered into Expense Limitation Agreements (the “Expense Limitation”) under which the Advisor has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to maintain total annual operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes;

underlying fund expenses; and extraordinary expenses such as regulatory and litigation expenses) do not exceed the limitation shown in the table below, and is based on the Funds’ average daily net assets.

For the year ended June 30, 2026, the Advisor waived advisory fees. The Advisor may recapture a portion of the waived amounts. The Advisor may seek reimbursement only for fees waived or expenses reimbursed by a Fund within the three years following the date the waiver and/or reimbursement was incurred, if the Fund is able to make the repayment without exceeding the limitation in effect at that time of the waiver or at the time of the reimbursement, no later than the dates as stated below:

A Trustee is also the controlling member of MFund Services, LLC (“MFund”) and the Advisor, and is not paid any fees directly by the Trust for serving in such capacities.

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

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

For the year ended June 30, 2026, the 12b-1 expenses incurred by the Funds were as follows:

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

Pursuant to the Compliance Services Agreement between the Trust and MFund the “Compliance Services Agreement”), MFund provides chief compliance officer services to the Funds. For these services, the funds pay MFund $1,200 per month for the first fund in the fund family and $400 each additional fund; $400 for each advisor and sub-advisor; and .0025% of the assets of each fund. In addition, the Funds reimburse MFund for any reasonable out-of-pocket expenses incurred in the performance of its duties under the Compliance Services Agreement. The amounts due to MFund for chief compliance officer services are listed in the Statements of Assets and Liabilities under “Compliance officer fees payable” and the amounts accrued for the period are shown in the Statements of Operations under “Compliance officer fees.”

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

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

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes (including derivatives), and its respective gross unrealized appreciation and depreciation at June 30, 2026, were as follows:

The tax character of distributions paid for the years ended June 30, 2026 and June 30, 2025 was as follows:

As of June 30, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on swaps, non-equity options, future contracts and forward foreign currency contracts, tax adjustments for C-Corporations, partnerships, foreign tax pass-through basis adjustments, and straddles. The unrealized appreciation (depreciation) in the table above may include unrealized foreign currency gains (losses).

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

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

At June 30, 2026, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains as well as capital loss carryforwards utilized as follows:

During the fiscal period ended June 30, 2026, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses, the use of tax equalization credits and accumulated losses from the Funds’ wholly owned subsidiaries, resulted in reclassifications for the Funds for the fiscal year ended June 30, 2026 as follows:

The Funds have a $200,000,000 uncommitted line of credit provided by U.S. Bank National Association (the “Bank”) under an agreement (the “Uncommitted Line”). Any advance under the Uncommitted Line is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable on an annualized basis. The Uncommitted Line has an interest rate of the Prime Rate with a maturity of January 20, 2027. The Uncommitted Line is not a “committed” line of credit, which is to say that the Bank is not obligated to lend money to the Funds. Accordingly, it is possible that the Funds may wish to borrow money for a temporary or emergency purpose but may not be able to do so. During the year ended June 30, 2026, Welton Advantage, Aspect Enhanced, and Millburn Hedge did not access the line of credit. The Funds accessed the line of credit, based only on the days borrowed, as follows:

Each underlying fund, including each ETF, is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk, as well as risks associated with real estate investments and commodities. Investors in the Funds will indirectly bear fees and expenses charged by the underlying investment companies in which the Funds invest in addition to the Funds’ direct fees and expenses.

The performance of Welton Advantage will be directly affected by the performance of the First American Treasury Obligations Fund, Class X. The performance of Aspect Enhanced will be directly affected by the performance of iShares Core U.S. Aggregate Bond ETF and the First American Treasury Obligations Fund, Class X. The performance of Hedged Equity will be directly affected by the performance of the Invesco QQQ Trust Series 1. The performance of Buffered Shield will be directly affected by the performance of the PGIM Ultra Short Bond ETF and Vanguard Short-Term Corporate Bond ETF. The financial statements of the First American Treasury Obligations Fund, Class X, iShares Core U.S. Aggregate Bond ETF, Invesco QQQ Trust Series1, PGIM Ultra Short Bond ETF and Vanguard Short-Term Corporate Bond ETF, including the Schedule of Investments, can be found at the SEC’s website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of June 30, 2026, the percentage of Welton Advantage’s net assets invested in the First American Treasury Obligations Fund, Class X was 30.1%. The percentage of Aspect Enhanced net assets invested in iShares Core U.S. Aggregate Bond ETF and the First American Treasury Obligations Fund, Class X were 41.5% and 32.3%, respectively. The percentage of Hedged Equity’s net assets invested in Invesco QQQ Trust Series 1 was 31.5%. The percentage of Buffered Shield’s net assets invested in PGIM Ultra Short Bond ETF and Vanguard Short-Term Corporate Bond ETF were 31.3% and 34.0%, respectively.

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

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

The below table shows the collateral held by each Fund at the year ended June 30, 2026.

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2026:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2026, the companies that held more than 25% of the voting securities of the Funds, and may be deemed to control each respective Fund, are as follows:

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. The Trust Officers have determined no events or transactions occurred requiring adjustment or disclosure in the financial statements other than the below:

The Board determined to close Welton Advantage and all outstanding shares as of August 27, 2026 were redeemed.

To the Shareholders of Catalyst Systematic High Income Fund, Catalyst Systematic Alpha Fund, Catalyst/Welton Advantage Multi-Strategy Fund, Catalyst/Aspect Enhanced Multi-Asset Fund, Catalyst Nasdaq-100 Hedged Equity Fund, Catalyst/Millburn Hedge Strategy Fund, and Catalyst Buffered Shield Fund and
Board of Trustees of Mutual Fund Series Trust

We have audited the accompanying consolidated (where noted) statements of assets and liabilities, including the consolidated (where noted) schedules of investments, of the Catalyst Funds listed below (the “Funds”), each a series of Mutual Fund Series Trust, as of June 30, 2026, the related consolidated (where noted) statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

The Funds’ financial highlights for the year ended June 30, 2022 were audited by other auditors whose report dated August 29, 2022, expressed an unqualified opinion on those financial highlights.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Consideration and Renewal of the Advisory Agreement between Catalyst Capital Advisors, LLC and Mutual Fund Series Trust with respect to Catalyst Systematic Alpha Fund, Catalyst Systematic High Income Fund, Catalyst Buffered Shield Fund, Catalyst/Millburn Hedge Strategy Fund, Catalyst Nasdaq-100 Hedged Equity Fund, Catalyst Insider Buying Fund, Catalyst Energy Infrastructure Fund, Catalyst/MAP Global Equity Fund, Catalyst/MAP Global Balanced Fund, Catalyst Tactical Allocation Fund, Catalyst Dynamic Alpha Fund, Catalyst Insider Income Fund, Catalyst/SMH High Income Fund, Catalyst/SMH Total Return Income Fund, Catalyst/CIFC Senior Secured Income Fund, Catalyst Enhanced Income Strategy Fund, Catalyst/Aspect Enhanced Multi-Asset Fund, and Catalyst Welton Advantage Multi Strategy Fund.

In connection with a meeting held on May 13, 14, and 27, 2026, the Board of Trustees (the “Board”) of Mutual Fund Series Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the advisory agreement (the “Catalyst Agreement”) between the Trust and Catalyst Capital Advisors, LLC (“Catalyst”) with respect to Catalyst Systematic Alpha Fund (“Catalyst SA”), Catalyst Systematic High Income Fund (“Catalyst SHI”) , Catalyst Buffered Shield Fund (“Catalyst Shield”), Catalyst/Millburn Hedge Strategy Fund (“Millburn HS”), Catalyst Nasdaq-100 Hedged Equity Fund (“Catalyst HE”), Catalyst Insider Buying Fund (“Catalyst IB”), Catalyst Energy Infrastructure Fund (“Catalyst Energy”), Catalyst/MAP Global Equity Fund (“MAP Global Equity”), Catalyst/MAP Global Balanced Fund (“MAP Global Balanced”), Catalyst Tactical Allocation Fund (“Catalyst TA”), Catalyst Dynamic Alpha Fund, (“Catalyst DA”), Catalyst Insider Income Fund (“Catalyst Insider”), Catalyst/SMH High Income Fund (“SMH High Income”), Catalyst/SMH Total Return Income Fund (“SMH Total Return”), Catalyst/CIFC Senior Secured Income Fund (“CIFC SSI”) Catalyst Enhanced Income Strategy Fund (“Catalyst EIS”), Catalyst/Aspect Enhanced Multi-Asset Fund (“Aspect EMA”), and Catalyst/Welton Advantage Multi-Strategy Fund (“Welton AMS”) (collectively, the “Catalyst Funds”).

The Board examined Catalyst’s responses to a series of questions regarding, among other things, its advisory services provided to the Catalyst Funds, comparative fee and expense information, and profitability from advising the Catalyst Funds. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Catalyst Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Catalyst Agreement.

Nature, Extent and Quality of Services. The Board reviewed Catalyst’s officers, compliance record, and reviewed the key personnel servicing the Catalyst Funds, noting their expertise and years of experience. The Board considered that Catalyst provided oversight of the sub-advisors for many of the Catalyst Funds while also providing portfolio management services for some Catalyst Funds, oversaw each sub-advisor’s compliance and risk management programs, and analyzed and reviewed portfolio risks. The Board acknowledged that Catalyst served as the Rule 2a-5 valuation designee for the Catalyst Funds and continuously monitored liquidity requirements to ensure compliance with Rule 22e-4. The Board discussed Catalyst’s compliance program, and the observations of the Trust’s chief compliance officer related to the program. The Board noted that Catalyst coordinated with third-party service providers

on matters related to fund management, administration, and accounting. The Board recognized that Catalyst also provided valuation support, management of the derivatives risk management program, proxy voting and reporting, and other critical operational and regulatory functions. The Board agreed that the advisor was appropriately focused on risk management which was beneficial to the Catalyst Funds and their respective shareholders. The Board concluded that Catalyst’s services to the Funds were comprehensive, and the quality of service met the Board’s expectations.

Performance. The Board reviewed the performance for each Catalyst Fund in relation to its peer group, Morningstar category and benchmark index.

Catalyst SA: The Board discussed that Catalyst SA outperformed the supplemental index for the 1-year period but underperformed all other benchmarks during the 1-year period and all benchmarks for the 3-year period. The Board noted that Catalyst SA outperformed the Morningstar category for the 5-year period and outperformed the peer group and Morningstar category for the 10-year periods. The Board noted that the advisor attributed Catalyst SA’s recent underperformance to dramatic price swings across equities, interest rates, and commodities. The Board recognized that the 10-year performance numbers contained the performance data from the prior strategy, which was significantly different than the current strategy.

Catalyst SHI: The Board reviewed that Catalyst SHI underperformed all benchmarks for all time periods. The Board recognized that Catalyst SHI changed portfolio managers and investment strategy in late 2025. The Board noted that Catalyst SHI’s new investment strategy differed from the predecessor investment strategy.

Catalyst Shield: The Board observed that Catalyst Shield outperformed the peer group average for 1-year period but underperformed the Morningstar category. The Board noted that Catalyst Shield outperformed the Morningstar Category and peer group for the 3- and 10-year periods but underperformed both for the 5-year period. The Board noted Catalyst Shield underperformed the S&P 500 benchmark index for all time periods. The Board discussed that the advisor attributed the 1-year underperformance to the long equity bias of the equity hedge which lagged in the recent market conditions.

Millburn HS: The Board reviewed that Millburn HS trailed all benchmarks for the 1- and 3-year periods but outperformed the peer group average for the 5- and 10-year periods. The Board observed that Millburn HS’ Morningstar category, the Multi-Asset Leveraged category, was introduced in October of 2025 and did not yet provide return information. The Board noted that the Adviser explained that the Fund had performed as expected with strong positive returns during prolonged bear market environments such as 2022. The Board recognized that Millburn HS underperformed the S&P 500 for all periods, but that Millburn HS was not designed to track the S&P 500, because it was not fully allocated to equity securities.

Catalyst HE: The Board observed that Catalyst HE outperformed the peer group but trailed the Morningstar category for the 1-year period. The Board noted that the Fund significantly outperformed the peer group and Morningstar category for the 3-year period but trailed the peer group for the 5- and 10-year periods and the Morningstar category for the 5-year period. The Board recognized Catalyst HE trailed the S&P 500 and NASDAQ-100 indices for all time periods. The Board recognized that Catalyst HE changed its sub-advisor and investment strategy in October 2020 and thus the 1-, 3-, and 5-year performance numbers were the most relevant. The Board observed that Catalyst explained that Catalyst HE’s hedging strategy detracted from performance.

Catalyst IB: The Board discussed that Catalyst IB outperformed the Morningstar category for the 3-year period but trailed all other benchmarks for all other time periods. The Board noted that Catalyst explained that the recent underperformance in comparison to the S&P 500 was because, in general, executives had not purchased company stock in the top performing equity securities combined with the negative performance from the macro hedge overlay, and that the long term underperformance was still materially impacted as a result of Catalyst IB’s defensive positioning in March and April 2020 where the Fund missed a significant portion of the post Covid-19 recovery in the U.S. equity market.

Catalyst Energy: The Board discussed that Catalyst Energy trailed all benchmarks for the 1-year period and the peer group average and Morningstar category for the 3- and 5-year periods but outperformed the Solactive MLP Infrastructure Index for both periods. The Board recognized the Fund had strong returns on an absolute basis for the 3-, 5-, and 10-year periods and outperformed all benchmarks except the S&P 500 for the 10-year period. The Board noted that Catalyst attributed 1-year performance lag to poor performance of liquid natural gas companies in the Fund’s portfolio due to market concerns about an oversupply of liquid natural gas.

MAP Global Equity: The Board observed that MAP Global Equity outperformed all benchmarks for the 1-year period but trailed despite strong absolute performance all benchmarks for the 3-, 5-, and 10-year periods. The Board observed that Catalyst explained the 3-year underperformance was due to MAP Global Equity’s security selection in the Utilities, Financials, and Energy sectors while the 5-year and 10-year underperformance was due to security selection in the Energy sector.

MAP Global Balanced: The Board reviewed that MAP Global Balanced outperformed the Morningstar category for the 1-year period but underperformed all other benchmarks for all time periods. The Board discussed that the advisor attributed the underperformance to security selection and to being underweight in the Information Technology and Financial sectors.

Catalyst TA: The Board discussed that Catalyst TA outperformed all benchmarks for the 1-year period but underperformed all benchmarks for the 3- and 5-year periods. The Board noted that Catalyst TA outperformed the peer group average and Morningstar category but lagged the S&P 500 for the 10-year period. The Board acknowledged that Catalyst TA changed portfolio managers in January 2026, but that the investment strategy remained consistent. The Board observed that Catalyst explained that the Fund’s long term underperformance was due to a shift to defensive positioning in mid-2022 and 2019 in which the Fund participated in most of the drawdowns and then was defensively positioned during the equity market rebound. The Board acknowledged that both defensive shifts under the previous manager.

Catalyst DA: The Board reviewed that Catalyst DA outperformed all benchmarks for the 1-year period but trailed all benchmarks for the 3-, 5-, and 10-year periods. The Board noted that the advisor explained the strong 1-year performance was due to a risk-on rally related to AI infrastructure and data center buildout stocks. The Board discussed that the advisor attributed Catalyst DA’s underperformance to the Fund’s all capitalization investment strategy, noting that in the past several years, large cap stocks had greatly outperformed all other capitalization classes..

Catalyst Insider: The Board observed that Catalyst Insider underperformed all benchmarks for the 1-year period but outperformed the Morningstar category for all other time periods. The Board discussed that Catalyst Insider outperformed the Bloomberg US Government/Credit 1-3 Year TR Index and Bloomberg U.S. Aggregate Bond Index for the 3- and 10-year periods, but underperformed both for the 5-year period, and underperformed the peer group average for all time periods. The Board recognized that Catalyst noted that Catalyst Insider underperformed during the 1-year period because of more conservative positioning and often underperformed the peer group because it was not fully invested in high yield bonds whereas several funds in the peer group include funds fully invested in high yield bonds.

SMH High Income: The Board noted that SMH High Income outperformed all benchmarks for all time periods. The Board noted that the Fund’s concentrated portfolio allowed the Fund to act quickly and focus on unique credit investment opportunities. .

SMH Total Return: The Board discussed that SMH Total Return underperformed all benchmarks for the 1-, 3- and 5-year periods except the Morningstar category for 5-year period. The Board noted SMH Total Return outperformed the peer group and Morningstar category for the 10-year period but underperformed the S&P 500 Index. The Board

reviewed that the advisor explained that the 1-, 3-, and 5-year underperformance was due to the Fund’s exposure to Business Development Companies, Real Estate Investment Trusts, and private equity-oriented companies.

CIFC SSI: The Board observed that CIFC SSI outperformed the Morningstar category for the 1-year period but trailed the peer group, Bloomberg U.S. Aggregate Bond Index, S&P LSTA US Leveraged Loan Index. The Board discussed that CIFC SSI outperformed the peer group, Morningstar category, Bloomberg U.S. Aggregate Bond Index for the 3-, 5- and 10-year periods and equaled the S&P LSTA US Leveraged Loan Index for the 3-year period and underperformed the 5- and 10-year periods. The Board noted that Catalyst primarily attributed the underperformance relative to the S&P LSTA Leveraged Loan Index to structural decisions, including diversification, cash allocation for liquidity purposes, and security selection in the Healthcare, Chemicals, and business service industries. .

Catalyst EIS: The Board reviewed that Catalyst EIS underperformed all benchmarks for all time periods. The Board recognized that Catalyst explained that Catalyst EIS has continued to have significant outflows since 2022 which has forced the Fund to miss promising investment opportunities and sell portfolio positions at inopportune times in order to meet redemptions.

Aspect EMA: The Board observed that Aspect EMA outperformed the peer group and the 60% S&P 500 Index/40% Bloomberg US Aggregate Bond Index for the 1-year period but trailed the S&P 500 Index. The Board further noted that Aspect EMA outperformed the peer group but underperformed the 60% S&P 500 Index/40% Bloomberg US Aggregate Bond Index and S&P 500 Index for the since inception period. The Board recognized that the Fund’s Morningstar category, the Multi-Asset Leveraged category, was introduced in October of 2025 and did not yet provide return information. The Board acknowledged that Aspect EMA was not designed to match performance of the S&P 500 because the Fund was not fully invested in equities..

Welton-AMS: The Board discussed that Welton AMS underperformed all benchmarks for the 1- and 3-year periods but outperformed the peer group and Morningstar category for the 5-year and since inception periods. The Board recognized that the advisor attributed the underperformance to Fund’s futures sub-portfolio, and the negative effects of sudden macro geopolitical events on the Fund’s fixed income and foreign currency positions.

After further discussion, the Board concluded that the performance of each Catalyst Fund was acceptable.

Fees and Expenses. The Board discussed the advisory fee paid by each of the Catalyst Funds and compared it to the fees charged to the peer group funds, and the funds in each of the applicable Morningstar categories. The Board reviewed the expense limitation agreements in place with respect to the Catalyst Funds and discussed that Catalyst intended to renew each of those agreements with the exception of Millburn HS, which did not have an expense limitation agreement in place. The Board discussed the allocation of fees between Catalyst and the various sub-advisors, based on the sub-advisory fees paid to the sub-advisors for the applicable Catalyst Funds by Catalyst, in comparison to the level and types of services provided by Catalyst and each sub-advisor. The Board noted that the agreement between Catalyst and each sub-advisor was the product of an arm’s length negotiation..

Catalyst SA: The Board reviewed that the advisory fee was above the median and average for the peer group and Morningstar category but below the high for each. The Board added that the net expense ratio was above the median for the Morningstar category and peer group but below the average for both and was well below the highs for each.

Catalyst SHI: The Board discussed that the advisory fee of 1.75% was above the median and average fee for both the peer group and Morningstar category and equaled the highest fee for the peer group while being with the range of the Morningstar category. The Board added that the net expense ratio was also above the median and average for the peer group and Morningstar category but was below the respective high for each. The Board acknowledged

that Catalyst explained that Catalyst SHI’s investment strategy was unique and more complex than those of the peer group funds.

Catalyst Shield: The Board observed that the advisory fee of 1.25% was above the median and average for both the peer group and Morningstar category, but below the high for each. The Board commented that the net expense ratio of 1.35% was above the median for the peer group but below the average but was above the median and average for the Morningstar category but significantly lower than the high.

Millburn HS: The Board observed the advisory fee was above the peer group median and average and Morningstar category average but equaled for the Morningstar category median and was significantly lower than the high for the peer group. The Board noted that net expense ratio was above the median for the peer group but was below the average and was below the median and average for the Morningstar category.

Catalyst HE: The Board recognized the advisory fee was above the median and average for the peer group and Morningstar category but was within the range for each. The Board noted that the net expense ratio was also above the median and average for the peer group and Morningstar category but well below the highs for each..

Catalyst IB: The Board discussed that the advisory fee for Catalyst IB was above the median and average for the Morningstar category and peer group but below the highs for each. The Board added that the net expense ratio was above the median and average for the peer group and Morningstar category but with the range for each.

Catalyst Energy: The Board noted that the advisory fee equaled the high for both the peer group and Morningstar category. The Board discussed that the net expense ratio was higher than the median for the peer group and Morningstar but below the average for both. The Board recognized that the Fund’s investment strategy was complex and highly specialized compared to funds in the peer group and Morningstar category..

MAP Global Equity: The Board reviewed that the advisory fee equaled the high for both the peer group and Morningstar category. The Board noted that the net expense ratio was slightly above the median and average for the peer group and Morningstar category but within the range for both.

MAP Global Balanced: The Board discussed that the advisory fee was in line with the high for the peer group but was within the range for the Morningstar category. The Board noted that the Fund’s expense ratio was slightly above the median for the peer group but below the average, and above the median and averages for the Morningstar category but was significantly below the highs of each.

Catalyst TA: The Board observed that the advisory fee was above the peer group and Morningstar median and average and equaled the high for the peer group but was within the range for the Morningstar category. The Board noted that the net expense ratio was below the median and average for both peer group and Morningstar category.

Catalyst DA: The Board discussed that the advisory fee and net expense ratio was above median and average for both the peer group and Morningstar category, but also within the range of each.

Catalyst Insider: The Board observed that the advisory fee was slightly above the peer group median and average but was higher than the median and average fees for the Morningstar category. The Board recognized that the advisory fee was well within the range for the peer group and Morningstar category. The Board noted that the net expense ratio was above the median and average for the Morningstar category within the range and was below the median and average for the peer group.

SMH High Income: The Board discussed that the advisory fee was above the median and average for the peer group and Morningstar category but was well below the highs for each. The Board discussed that the net expense ratio was above the median and average but within the range for both the peer group and Morningstar category.

SMH Total Return: The Board reviewed that the advisory fee was above the peer group and Morningstar category median and average but below the highs of each. The Board discussed that the net expense ratio was above the median and average for the peer group and Morningstar category but was well below the highs for each.

CIFC SSI: The Board observed that the advisory fee of 1.00% was greater than the high for the peer group and Morningstar category. The Board noted that the net expense ratio of 0.94% was very close to the peer group average of 0.93%, above the Morningstar category median and average, but significantly less than the highs for each. The Board recognized that CIFC SSI had an expense limitation agreement in place at 0.90% and that net advisory fees received for the prior year was 0.68% which was in line with the peer group and Morningstar category. The Board further noted that CIFC SSI was actively managed, and that Catalyst explained CIFC SSI invested in bank loans as well as other areas of the fixed income market including, asset-backed securities which required additional research and expertise..

Catalyst EIS: The Board discussed that the advisory fee of 1.50% was below the high for the Non-Traditional Bond Morningstar category of 1.60% but was above the high for the peer group of 1.25%. The Board recognized the net expense ratio of 1.51% was below the median for the peer group but above the average and above the median and average for both Morningstar categories but well below the highs for each of 1.91% and 3.18%, respectively. The Board acknowledged that Catalyst explained that with the expense limitation in place, the net earned advisory fee was 1.18% which was within the range of the peer group and both Morningstar categories. The Board agreed that it would continue to monitor the fees for Catalyst EIS..

Aspect EMA: The Board reviewed that the advisory fee was above the median and average for the peer group but well below the high and above the average but in line with the median for the Morningstar category. The Board noted that the net expense ratio was in line with the Morningstar category median and well below the average and above the median but below the average for the peer group.

Welton AMS: The Board noted that the advisory fee was above the median and average for both the peer group and Morningstar category but with the range for each. The Board discussed that the net expense ratio was above the median for the peer group and Morningstar category but below the average for each.

The Board concluded that based on the complexity of some of the Catalyst Funds and the services provided to each of the Funds by Catalyst, the advisory fee paid by each of the Catalyst Funds to Catalyst was not unreasonable.

Profitability. The Board reviewed the financial information provided by Catalyst and included in the Meeting Materials and discussed Catalyst’s profitability from its services to each of the Catalyst Funds. The Board recognized that Catalyst also benefited from the soft dollar arrangements with the Catalyst Funds’ brokers. The Board noted that Catalyst operated Catalyst IB and MAP Global Balanced at a loss, thus excessive profitability was not an issue. The Board discussed that the other Catalyst Funds all earned a profit for Catalyst and discussed the level of profit of each Fund in actual dollars and as a percent of revenue. The Board further discussed the profit percentages for Catalyst SA, Millburn HS, and Catalyst Energy noting that the expenses were calculated as a percentage of assets under management for each Catalyst Fund when direct expense allocation was not reasonably possible and that the profit analysis did not include compensation for certain employees who were owners of the advisor. The Board agreed that if these figures were included the net profit would be lower. After further discussion, the Board determined profits were not excessive.

Economies of Scale. The Board recognized that the advisory agreement with Catalyst did not include breakpoints reducing the fee rate on assets based on certain specified levels. The Board noted that the shareholders of most of the Catalyst Funds received a benefit from the expense limitation agreements in place. The Board discussed the additional benefits that could be provided to shareholders if the Catalyst Funds reached asset levels that provide material economies of scale and determined it would review break points again as the Catalyst Funds increased

AUM. The Board agreed that it was unlikely any Catalyst Fund had reached such levels and to revisit the issue of breakpoints at the Catalyst Agreement’s next renewal.

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

Consideration and Renewal of the Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Welton Investment Partners LLC with respect to Catalyst/Welton Advantage Multi-Strategy Fund

In connection with a meeting held on May 13, 14 and May 27, 2026, the Board of Trustees (the “Board”) of Mutual Fund Series Trust, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of a sub-advisory agreement (the “Welton Agreement”) between Catalyst Capital Advisors, LLC (“Catalyst”) and Welton Investment Partners LLC (“Welton”) with respect to Catalyst/Welton Advantage Multi-Strategy Fund (“Welton AMS”).

The Board examined Welton’s responses to a series of questions regarding, among other things, the sub-advisory services provided to Welton AMS, comparative fee and expense information, and profitability from sub-advising Welton AMS. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Welton Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to approval of the Welton Agreement.

Nature, Extent and Quality of Services: The Board reviewed the experience and credentials of Welton’s key personnel involved in servicing Welton AMS, noting that Welton’s CCO had changed since the initial approval, but the prior CCO remained at the firm to assist with the transition. The Board discussed that Welton provided in-depth analysis along with a systematic and quantitative investment approach. The Board noted that Welton provided detailed assessment of its investment approach and strategy in managing Welton AMS’ portfolio. The Board noted that Welton had robust cyber security procedures in place and a strong compliance program. The Board reviewed that Welton utilized several automated procedures to ensure compliance with trading policies and Fund investment restrictions. The Board observed that Welton reported no material compliance issues or litigation since the initial approval of the Welton Agreement. The Board concluded that the services provided by Welton to Welton AMS were satisfactory.

Performance: The Board discussed that Welton AMS underperformed all benchmarks for the 1- and 3-year periods but outperformed the peer group and Morningstar category for the 5-year and since inception periods. The Board recognized that Welton attributed the underperformance to the Fund’s investment in futures, and the negative effects of sudden macro geopolitical events on the Fund’s fixed income and foreign currency positions. The Board agreed that the Fund’s performance was acceptable based on the Fund’s mandate.

Fees and Expenses: The Board observed that Welton received 50% of the net advisory fee of 1.75% and 100% of the net advisory fee earned on assets Welton initially brought into the Fund. The Board noted that the sub-advisory fees charged to Welton were lower than the fees Welton charged to other similar accounts. The Board discussed the allocation of fees between the advisor and Welton relative to their respective duties and other factors and agreed the allocation was appropriate. The Board concluded that the sub-advisory fee charged with respect to Welton was not unreasonable.

Profitability: The Board recognized that Welton earned a modest profit from providing services to the Fund. The Board noted that Welton allocated its expenses based on its estimated use of resources dedicated to Welton AMS. After further discussion, the Board concluded that excess profitability was not a concern.

Economies of Scale: The Board considered whether Welton AMS had reached the size that Welton benefited from economies of scale. The Board acknowledged economies of scale were an issue primarily considered by the Board when evaluating the advisory agreement. The Board agreed it was unlikely that Welton benefited from any meaningful economies of scale at current asset levels.

Conclusion. Having requested and received such information from Welton as the Board believed to be reasonably necessary to evaluate the terms of the sub-advisory agreement, and as assisted by the advice of counsel, the Board concluded that approval of the Welton Agreement was in the best interests of Welton AMS and its future shareholders.

Consideration and Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Aspect Capital Limited with respect to Catalyst/Aspect Enhanced Multi-Asset Fund.

The Board examined Aspect’s responses to a series of questions regarding, among other things, its sub-advisory services to be provided to Aspect EMA, comparative fee and expense information, and profitability from managing Aspect EMA. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Aspect Agreement, and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to approval of the renewal of the Aspect Agreement.

Nature, Extent and Quality of Services. The Board reviewed the key personnel involved in servicing Aspect EMA, noting that Aspect had promoted a new Chief Investment Officer since the last renewal of the Aspect Agreement. The Board discussed that Aspect utilized a systematic and quantitative approach which included extensive research and analysis of potential portfolio companies and consistently reviewing and updating Aspect’s investment modeling programs. The Board noted that Aspect continuously monitored portfolio risk through VaR calculations and a systematic method of portfolio construction. The Board observed that Aspect’s compliance program monitored transactions and conducted various tests on the portfolio to ensure compliance with Trust and Fund limitations. The Board acknowledged that there were no material compliance issues or litigation since the last renewal of the Aspect Agreement. The Board concluded that the services provided by Aspect to Aspect EMA were satisfactory.

Performance. The Board observed that Aspect EMA outperformed the peer group and the 60% S&P 500 Index/40% Bloomberg US Aggregate Bond Index for the 1-year period but trailed the S&P 500 Index. The Board further noted that Aspect EMA outperformed the peer group but underperformed the 60% S&P 500 Index/40% Bloomberg US Aggregate Bond Index and S&P 500 Index. The Board recognized that the Fund’s Morningstar category, the Multi-Asset Leveraged category, was introduced in October of 2025 and did not yet provide return information. The Board acknowledged that Aspect EMA was not designed to match performance of the S&P 500 because the Fund was not fully invested in equities.

Fees and Expenses. The Board reviewed that the advisory fee for Aspect EMA was 1.75% and that Aspect received 50% of the net advisory fee, except for investments made in Aspect EMA by Aspect or its employees or affiliates, in which case 100% of the net advisory fee was paid to Aspect. After further discussion, the Board concluded that the sub-advisory fee charged with respect to Aspect EMA was not unreasonable.

Profitability. The Board discussed the financial information provided by Aspect. The Board noted that Aspect earned a reasonable profit from sub-advising Aspect EMA and that Aspect allocated expenses based upon estimated time spent servicing the Fund. After further discussion, the Board determined that Aspect’s profit in connection with Aspect EMA was not excessive.

Economies of Scale. The Board discussed whether Aspect EMA had reached the size that Aspect benefited from economies of scale. The Board recognized economies of scale was an issue primarily considered by the Board when evaluating the advisory agreement. The Board agreed it was unlikely that Aspect benefitted from any meaningful economies of scale at current asset levels.

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

Consideration and Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Equity Armor Investments, LLC with respect to Catalyst Nasdaq-100 Hedged Equity Fund

In connection with a meeting held on May 13, 14, and 27, 2026, the Board of Trustees (the “Board”) of Mutual Fund Series Trust, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a sub-advisory agreement (the “EA Agreement”) between Catalyst Capital Advisors, LLC (“Catalyst”) and Equity Armor Investments, LLC (“Equity Armor”) with respect to Catalyst Nasdaq-100 Hedged Equity Fund (“Catalyst HE”).

The Board examined Equity Armor’s responses to a series of questions regarding, among other things, its sub-advisory services provided to Catalyst HE, comparative fee and expense information, and profitability from sub-advising Catalyst HE. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Equity Armor Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Equity Armor.

Nature, Extent and Quality of Services. The Board observed that there had been no changes to the key personnel at Equity Armor who serviced Catalyst HE. The Board noted that Equity Armor conducted analysis of potential securities, operated investment models to review the investment strategy on a continual basis and used live screening to track changes in Catalyst HE’s holdings. The Board discussed that Equity Armor utilized its EAVOL and Hedged NASDAQ-100 Index Strategy to implement Catalyst HE’s investment strategy. The Board reviewed that Equity Armor employed continuous monitoring to ensure compliance with sector weightings and other Fund and Trust investment restrictions. The Board determined that the nature, extent and quality of services provided by Equity Armor was adequate.

Performance. The Board observed that Catalyst HE outperformed the peer group but trailed the Morningstar category for the 1-year period. The Board noted that the Fund significantly outperformed the peer group and Morningstar category for the 3-year period but trailed the peer group and the Morningstar category for the 5-year period. The Board discussed Catalyst HE trailed the S&P 500 and NASDAQ-100 indices for all time periods and considered the relevance of those benchmarks in light of the Fund’s strategy. The Board recognized that Catalyst HE changed its sub-advisor and investment strategy in October 2020 and thus the 1-, 3-, and 5-year performance numbers were the most relevant. The Board observed that Equity Armor explained that Catalyst HE’s hedging strategy detracted from performance in recent years. It was the consensus to the Board that the Fund’s performance was acceptable.

Fees and Expenses. The Board noted that Equity Armor received 50% of the net advisory fee of 1.25%. The Board reviewed the allocation of fees between the advisor and Equity Armor relative to their respective duties and other factors and agreed the allocation for Catalyst HE was appropriate. The Board concluded that the sub-advisory fee charged with respect to Catalyst HE was not unreasonable.

Profitability. The Board observed that Equity Armor earned a small profit from sub-advising Catalyst HE. The Board concluded that excessive profitability was not an issue for this time.

Economies of Scale. The Board discussed whether Catalyst HE had reached the size where Equity Armor benefited from economies of scale. The Board acknowledged economies of scale was an issue primarily considered by the Board when evaluating the advisory agreement. The Board agreed that, based on the current size of Catalyst HE, it was unlikely that Equity Armor currently benefitted from any meaningful economies of scale.

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

Consideration and Renewal of the Sub-Advisory Agreements between Catalyst Capital Advisors, LLC, and Millburn Ridgefield Corporation with respect to the Catalyst/Millburn Hedge Strategy Fund

In connection with a meeting held on May 13, 14, and 27, 2026, the Board of Trustees (the “Board” ) of Mutual Fund Series Trust, (the “Trust”) including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the sub-advisory agreement (the “Millburn Agreement”) between Catalyst Capital Advisors, LLC (“Catalyst”) and Millburn Ridgefield Corporation (“Millburn”) with respect to Catalyst/Millburn Hedge Strategy Fund (“Millburn HS”).

The Board examined Millburn’s responses to a series of questions regarding, among other things, its sub-advisory services provided to Millburn HS, comparative fee and expense information, and profitability from sub-advising Millburn HS. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Millburn Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Millburn Agreement.

Nature, Extent and Quality of Services. The Board reviewed the personnel involved in servicing Millburn HS, noting there were no changes to the portfolio management team. The Board discussed that Millburn conducted extensive research and analysis to determine investments for Millburn HS. The Board noted that Millburn used an array of technology and provided trade order entry services for Millburn HS. The Board noted that Millburn conducted cybersecurity training and had improved its cybersecurity protections over the prior year. The Board acknowledged that Millburn reported no material compliance issues or material litigation. The Board concluded that Millburn could be expected to continue providing quality services to the Millburn Funds.

Performance. The Board reviewed that Millburn HS trailed all benchmarks for the 1- and 3-year periods but outperformed the peer group average for the 5- and 10-year periods. The Board observed that Millburn HS’ Morningstar category, the Multi-Asset Leveraged category, was introduced in October of 2025 and did not yet provide return information. The Board recognized that Millburn explained that the Fund had performed as expected with strong positive returns during prolonged bear market environments such as 2022. The Board observed that Millburn HS underperformed the S&P 500 for all periods, but that Millburn HS was not designed to track the S&P 500, because it was not fully allocated to equity securities.

Fees and Expenses. The Board reviewed that the advisory fee for Millburn HS was 1.75% and that Millburn received 50% of the net advisory fee, except for any investments made in Millburn HS by Millburn or its employees or affiliates, in which case 100% of the net advisory fee was paid to Millburn. After further discussion, the Board determined that the sub-advisory fee charged with respect to Millburn HS was not unreasonable.

Profitability. The Board noted that Millburn earned a reasonable profit from sub-advising Millburn HS. The Board discussed that Millburn allocated its expenses based on average risk adjusted assets managed by Millburn along with certain direct costs on sub-advising Millburn HS, calculated by Millburn. After further discussion, the Board concluded that excess profitability was not a concern.

Economies of Scale. The Board discussed whether Millburn HS had reached the size that Millburn benefited from economies of scale. The Board acknowledged economies of scale was an issue primarily considered by the Board when evaluating the advisory agreement. The Board concluded it was unlikely that Millburn benefitted from any meaningful economies of scale at current asset levels.

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

Consideration and Renewal of Sub-Advisory Agreement between Catalyst Capital Advisors, LLC and Exceed Advisory, LLC with respect to Catalyst Buffered Shield Fund

In connection with a meeting held on May 13, 14, and 27, 2026, the Board of Trustees (the “Board”) of Mutual Fund Series Trust, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a sub-advisory agreement (the “Exceed Agreement”) between Catalyst Capital Advisors, LLC (“Catalyst”) and Exceed Advisory LLC (“Exceed”) with respect to Catalyst Buffered Shield Fund (“Catalyst Shield”).

The Board examined Exceed’s responses to a series of questions regarding, among other things, its sub-advisory services provided to Catalyst Shield, comparative fee and expense information, and profitability from sub-advising Catalyst Shield. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Exceed Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Exceed Agreement.

Nature, Extent and Quality of Services. The Board observed that Exceed utilized internal software and controls to monitor compliance related matters for Catalyst Shield, including sector exposure and to ensure it met diversification and concentration requirements. The Board discussed that Exceed provided the research and analysis for investment decisions and executed trades on behalf of Catalyst Shield. The Board noted that Exceed used a proprietary investment methodology to make investment decisions and manage Catalyst Shield’s risk. The Board concluded that the nature, extent and quality of services provided by Exceed to Catalyst Shield was satisfactory.

Performance. The Board reviewed that Catalyst Shield outperformed the peer group average for 1-year period but underperformed the Morningstar category. The Board noted that Catalyst Shield outperformed the Morningstar Category and peer group for the 3- and 10-year periods but underperformed both for the 5-year period. The Board noted Catalyst Shield underperformed the S&P 500 benchmark index for all time periods but recognized that Exceed attributed the 1-year underperformance to the long equity bias of the equity hedge which lagged in the current market.

Fees and Expenses. The Board observed that Exceed received a maximum sub-advisory fee of 0.675%, or 50% of the net advisory fee paid to Catalyst. The Board discussed the fee split between Catalyst and Exceed in relation to the responsibilities of each party and concluded that the sub-advisory fee received by Exceed for Catalyst Shield was not unreasonable.

Profitability. The Board observed that Exceed sub-advised Catalyst Shield at a loss and therefore excessive profitability was not a concern.

Economies of Scale. The Board considered whether Catalyst Shield had reached the size where Exceed benefited from economies of scale. The Board acknowledged economies of scale was an issue primarily considered by the Board when evaluating the advisory agreement. The Board agreed that, based on the current level of assets for Catalyst Shield, it was unlikely that Exceed was benefitting from any meaningful economies of scale.

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

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

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

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

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

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

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

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

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

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

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

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

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

225 Pictoria Drive, Suite 450, Cincinnati, OH	45246
(Address of principal executive offices)	(Zip code)

Date of fiscal year end:	6/30

Date of reporting period:	6/30/2026

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

(b)	N/A

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

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

(e)	N/A

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

Schedules of Investments	Page 1
Statements of Assets and Liabilities	Page 40
Statements of Operations	Page 42
Statements of Changes in Net Assets	Page 44
Financial Highlights	Page 48
Notes to Financial Statements	Page 62
Report of Independent Registered Public Accounting Firm	Page 84
Additional Information	Page 86

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 54.2%
		ASSET MANAGEMENT — 13.3%
	1,450,000	Ares Capital Corporation	2.1500	07/15/26	$	1,448,540
	1,400,000	Blue Owl Capital Corporation	2.8750	06/11/28		1,326,196
	1,400,000	Main Street Capital Corporation	6.5000	06/04/27		1,414,865
						4,189,601
		AUTOMOTIVE — 4.3%
	1,200,000	Ford Motor Company	9.6250	04/22/30		1,361,470

		INTERNET MEDIA & SERVICES — 9.0%
	1,425,000	Uber Technologies, Inc.^(a)	4.5000	08/15/29		1,415,422
	1,400,000	VeriSign, Inc.	4.7500	07/15/27		1,400,211
						2,815,633
		LEISURE PRODUCTS — 4.8%
	1,500,000	Mattel, Inc.^(a)	5.8750	12/15/27		1,500,604

		OIL & GAS PRODUCERS — 4.5%
	1,400,000	Energy Transfer, L.P. Midstream Finance Corporation^(a)	6.0000	02/01/29		1,411,364

		RETAIL - DISCRETIONARY — 13.8%
	1,650,000	Best Buy Company, Inc.	1.9500	10/01/30		1,471,163
	1,480,000	Dick’s Sporting Goods, Inc.^(a)	4.0000	10/01/29		1,444,009
	1,650,000	Lowe’s Companies, Inc.	1.7000	10/15/30		1,461,093
						4,376,265
		TECHNOLOGY SERVICES — 4.5%
	1,425,000	Gartner, Inc.^(a)	4.5000	07/01/28		1,400,299

		TOTAL CORPORATE BONDS (Cost $17,140,801)				17,055,236

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 0.0%^(b)
		MONEY MARKET FUNDS - 0.0% ^(b)
	41	First American Treasury Obligations Fund, Class X, 3.57% (Cost $41)^(c)	$	41

		TOTAL INVESTMENTS - 54.2% (Cost $17,140,842)	$	17,055,277
		OTHER ASSETS IN EXCESS OF LIABILITIES - 45.8%		14,396,815
		NET ASSETS - 100.0%	$	31,452,092

Contracts			Name	Counterparty	Expiration Date	Notional Amount			Value and Unrealized Appreciation/ Depreciation
	(2,730	)	S&P 500 Index	Goldman Sachs	7/2/2026		(20,311,012	)		(155,718	)
	(2,100	)	S&P 500 Index	Goldman Sachs	7/17/2026		(15,620,856	)		(153,237	)
	(1,473	)	S&P 500 Index	Goldman Sachs	7/17/2026		(10,956,179	)		(142,660	)
	1,201		S&P 500 Index	Goldman Sachs	8/21/2026		9,007,193			17,706
	(791	)	S&P 500 Index	Goldman Sachs	8/21/2026		(5,883,416	)		(90,459	)
	397		S&P 500 Index	Goldman Sachs	9/18/2026		2,977,392			15,526

Options Purchased
Contracts			Name	Counterparty	Call/Put	Expiration Date	Exercise Price	Notional Value			Fair Value
	683		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Call	7/2/2026	7410		5,063,323			65,334
	508		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Call	7/2/2026	7425		3,775,122			41,996
	362		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/2/2026	7375		2,672,091			1,976
	341		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/2/2026	7360		2,513,281			1,534
	349		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/10/2026	6450		2,250,834			271
	325		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/10/2026	6350		2,065,637			211
	354		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	6400		2,263,471			678
	331		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	6350		2,099,982			585
	329		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	6200		2,037,906			479
	649		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	4100		2,661,930			82
	414		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	4525		1,872,311			75
	336		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	3900		1,311,416			42
	735		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	3400		2,497,459			38
	688		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	3300		2,269,740			36
	349		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	4050		1,413,695			28
	325		S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	3750		1,220,228			26
	786		S&P 500 Futures, Maturing August 2026	Goldman Sachs	Put	8/21/2026	6350		4,993,354			9,966
	575		S&P 500 Futures, Maturing August 2026	Goldman Sachs	Put	8/21/2026	6550		3,769,116			9,927
	654		S&P 500 Futures, Maturing August 2026	Goldman Sachs	Put	8/21/2026	6400		4,188,756			8,937
	730		S&P 500 Futures, Maturing August 2026	Goldman Sachs	Put	8/21/2026	6300		4,596,800			8,612
	485		S&P 500 Futures, Maturing August 2026	Goldman Sachs	Put	8/21/2026	6450		3,131,280			7,154
	669		S&P 500 Futures, Maturing August 2026	Goldman Sachs	Put	8/21/2026	5125		3,426,228			2,099
	402		S&P 500 Futures, Maturing September 2026	Goldman Sachs	Put	9/18/2026	6300		2,531,120			10,151

Options Written
Contracts			Name	Counterparty		Expiration Date	Exercise Price	Notional Value			Fair Value
	(578	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Call	7/1/2026	7540		(4,358,307	)		(1,657	)
	(579	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Call	7/2/2026	7510		(4,346,023	)		(13,021	)
	(579	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Call	7/6/2026	7515		(4,350,417	)		(16,630	)
	(579	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Call	7/7/2026	7540		(4,368,298	)		(13,210	)
	(572	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Call	7/8/2026	7590		(4,343,629	)		(6,381	)
	(332	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/10/2026	6750		(2,242,292	)		(439	)
	(325	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	6080		(1,978,397	)		(407	)
	(336	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	6185		(2,079,771	)		(484	)
	(349	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	6275		(2,190,355	)		(560	)
	(364	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	6330		(2,302,499	)		(628	)
	(335	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	6470		(2,164,762	)		(711	)
	(338	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	7020		(2,372,433	)		(2,530	)
	(431	)	S&P 500 Futures, Maturing July 2026	Goldman Sachs	Put	7/17/2026	7150		(3,082,141	)		(5,483	)
	(425	)	S&P 500 Futures, Maturing August 2026	Goldman Sachs	Put	8/21/2026	6700		(2,849,237	)		(9,398	)
	(532	)	S&P 500 Futures, Maturing August 2026	Goldman Sachs	Put	8/21/2026	6650		(3,536,610	)		(10,902	)
	(322	)	S&P 500 Futures, Maturing August 2026	Goldman Sachs	Put	8/21/2026	6955		(2,239,230	)		(12,031	)
	(617	)	S&P 500 Futures, Maturing August 2026	Goldman Sachs	Put	8/21/2026	6750		(4,163,085	)		(15,159	)
	(461	)	S&P 500 Futures, Maturing August 2026	Goldman Sachs	Put	8/21/2026	6950		(3,206,960	)		(17,041	)
	(338	)	S&P 500 Futures, Maturing September 2026	Goldman Sachs	Put	9/18/2026	6650		(2,247,156	)		(13,804	)
	(377	)	S&P 500 Futures, Maturing September 2026	Goldman Sachs	Put	9/18/2026	6800		(2,563,765	)		(19,292	)

Shares			Fair Value
		OPEN END FUNDS — 24.2%
		FIXED INCOME - 24.2%
	223,542	Catalyst International Income Opportunities Fund^(a)	$	28,613,324

		TOTAL OPEN END FUNDS (Cost $25,302,226)		28,613,324

Principal			Discount Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 41.9%
		U.S. TREASURY BILLS — 41.9%
	9,383,000	United States Treasury Bill^(b),(c),(d)	3.2700	07/09/26	$	9,375,452
	5,300,000	United States Treasury Bill^(b),(c),(d)	3.5700	08/06/26		5,280,867
	3,000,000	United States Treasury Bill^(b),(c),(d)	3.6600	09/03/26		2,980,560
	9,600,000	United States Treasury Bill^(b),(c),(d)	3.7800	10/01/26		9,508,475
	1,000,000	United States Treasury Bill^(b),(c),(d)	3.8200	10/29/26		987,483
	732,000	United States Treasury Bill^(b),(c),(d)	3.7800	01/21/27		716,790
	13,500,000	United States Treasury Bill^(b),(d)	3.8600	02/18/27		13,175,095
	6,000,000	United States Treasury Bill^(b),(c),(d)	3.8900	03/18/27		5,837,721
	1,500,000	United States Treasury Bill^(b),(c),(d)	3.9300	05/13/27		1,450,552
						49,312,995
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $49,360,819)				49,312,995

Shares
		SHORT-TERM INVESTMENTS — 7.8%
		MONEY MARKET FUNDS - 7.8%
	9,246,408	First American Treasury Obligations Fund, Class X, 3.57%^(c),(e)				9,246,408
		TOTAL SHORT-TERM INVESTMENTS (Cost $9,246,408)				9,246,408

		TOTAL INVESTMENTS - 91.3% (Cost $104,476,434)			$	107,727,795
		OTHER ASSETS IN EXCESS OF LIABILITIES - 8.7%				10,284,226
		NET ASSETS - 100.0%			$	118,012,021

Shares		Reference Entity	Payment Frequency	Notional Amount	Counterparty	Maturity	Pay Fixed Rate	Upfront Payments	Unrealized Appreciation/ (Depreciation)
	6,100	BNP Paribas CAS3 Ex-Commodity Sub-Basket ^(a)	Maturity	(28,029,958)	BNP Paribas	2/10/2027	0.0000%	—	$	2,473,201
	6,100	BNP Paribas CAS3 Commodity Sub-Basket ^(a)+	Maturity	(22,335,295)	BNP Paribas	2/10/2027	0.0000%	—		316,220
	37,800	BNP Paribas CAS4 Ex-Commodity Sub-Basket ^(b)	Monthly	(45,578,613)	BNP Paribas	7/27/2027	0.1260%	—		698,863
	37,800	BNP Paribas CAS4 Commodity Sub-Basket ^(b)+	Monthly	(13,646,167)	BNP Paribas	7/27/2027	0.1260%	—		289,796
	375	CIBC Multi Asset Systematic Alpha Index ^(c)+	Monthly	(1,010,631)	CIBC	5/30/2027	0.1000%	—		(9,206	)
	124,794	Custom Asset Series Y1 Excess Return Strategy	Monthly	(14,639,584)	Goldman Sachs	2/12/2027	0.0000%	—		449,258
	20,419	Custom Asset Series Y2 Excess Return Strategy ⁺	Monthly	(3,122,678)	Goldman Sachs	2/12/2027	0.0000%	—		(162,943	)
	8,197	J.P. Morgan XRJPCT12 Index ^(d)+	Quarterly	(21,813,386)	JP Morgan	12/3/2026	0.2800%	—		(137,636	)
	29,565	J.P. Morgan AIJPLT3A INDEX ^(e)+	Quarterly	(28,500,000)	JP Morgan	4/16/2027	0.2000%	—		428,939
	38,982	J.P. Morgan AIJPXSK1 INDEX ^(f)+	Quarterly	(28,500,000)	JP Morgan	4/16/2027	0.2000%	—		99,904
	26,294	HSBC Systematic Alpha 1 Index ^(g)	Monthly	(18,418,684)	HSBC	11/13/2026	0.0000%	—		371,008
									$	4,817,404

Equity Forwards
Contracts			Name	Counterparty	Notional	Value and Unrealized Appreciation (Depreciation)
	449		S&P 500 Index	Goldman Sachs	3,367,002		—
	447		S&P 500 Index	Goldman Sachs	3,354,521		—
	(323	)	S&P 500 Index	Goldman Sachs	(2,422,870)		—
	(341	)	S&P 500 Index	Goldman Sachs	(2,553,975)		—
	(569	)	S&P 500 Index	Goldman Sachs	(4,265,682)		—

Interest Rate Swaps
Contracts			Name	Counterparty	Pay/Receive	Interest Rate	Maturity Date	Notional	Fair Value
	(2,816,687	)	10yr Point On US Dollar	Goldman Sachs	Pay	0.0400	8/4/2036	(2,816,687)		(3,779	)
	(2,816,603	)	10yr Point On US Dollar	Goldman Sachs	Pay	0.0400	8/4/2036	(2,816,603)		(3,779	)


Open Long Futures
Contracts		Name	Expiration Date	Notional	Value and Unrealized Appreciation (Depreciation)
	47,323	Euro OATs	9/8/2026	6,490,910		—
	31,916	Euro BTPs	9/8/2026	4,355,089		—
	9,580,832	JGB	9/10/2026	7,532,029		—
	67,729	US 10-year Treasury Note	9/21/2026	7,442,821		—

Options Purchased
Contracts			Currency Purchased	Counterparty	Call/Put	Expiration Date	Exercise Price	Notional	Fair Value
	309		S&P 500 Index	Goldman Sachs	Put	8/21/2026	6,350	2,313,623		3,910

Options Written
Contracts			Name	Counterparty	Call/Put	Expiration Date	Exercise Price	Notional	Fair Value
	(4,908,793	)	CDX.NA.IG.46-V1.5Y	Goldman Sachs		7/15/2026	52.50	(4,908,793)		(2,195	)
	(6,356,655	)	CDX.NA.IG.46-V1.5Y	Goldman Sachs		7/15/2026	57.50	(6,356,655)		(785	)
	(6,493,695	)	CDX.NA.IG.46-V1.5Y	Goldman Sachs		7/15/2026	55.00	(6,493,695)		(1,426	)
	(6,513,697	)	CDX.NA.IG.46-V1.5Y	Goldman Sachs		7/15/2026	50.00	(6,513,697)		(1,984	)
	(2,461,857	)	CDX.NA.IG.46-V1.5Y	Goldman Sachs		8/19/2026	60.00	(2,461,857)		(1,372	)
	(3,519,712	)	CDX.NA.IG.46-V1.5Y	Goldman Sachs		8/19/2026	52.50	(3,519,712)		(4,520	)
	(4,264,727	)	CDX.NA.IG.46-V1.5Y	Goldman Sachs		8/19/2026	47.50	(4,264,727)		(1,169	)
	(4,264,727	)	CDX.NA.IG.46-V1.5Y	Goldman Sachs		8/19/2026	50.00	(4,264,727)		(2,738	)
	(4,264,727	)	CDX.NA.IG.46-V1.5Y	Goldman Sachs		8/19/2026	55.00	(4,264,727)		(3,991	)
	(4,508,850	)	iTraxx Europe.45-V1.5Y	Goldman Sachs		7/15/2026	52.50	(5,154,968)		(3,854	)
	(4,508,850	)	iTraxx Europe.45-V1.5Y	Goldman Sachs		7/15/2026	60.00	(5,154,968)		(615	)
	(4,643,264	)	iTraxx Europe.45-V1.5Y	Goldman Sachs		7/15/2026	55.00	(5,308,644)		(1,618	)
	(4,676,758	)	iTraxx Europe.45-V1.5Y	Goldman Sachs		7/15/2026	50.00	(5,346,937)		(970	)
	(5,319,194	)	iTraxx Europe.45-V1.5Y	Goldman Sachs		7/15/2026	57.50	(6,081,435)		(1,107	)
	(2,767,822	)	iTraxx Europe.45-V1.5Y	Goldman Sachs		8/19/2026	55.00	(3,164,451)		(3,315	)
	(2,927,989	)	iTraxx Europe.45-V1.5Y	Goldman Sachs		8/19/2026	60.00	(3,347,570)		(2,107	)
	(3,141,879	)	iTraxx Europe.45-V1.5Y	Goldman Sachs		8/19/2026	50.00	(3,592,110)		(1,764	)
	(3,141,879	)	iTraxx Europe.45-V1.5Y	Goldman Sachs		8/19/2026	52.50	(3,592,110)		(3,863	)
	(3,141,879	)	iTraxx Europe.45-V1.5Y	Goldman Sachs		8/19/2026	57.50	(3,592,110)		(2,872	)
	(313	)	S&P 500 Index	Goldman Sachs	Call	7/2/2026	7,875	(2,349,339)		(16	)
	(387	)	S&P 500 Index	Goldman Sachs	Call	7/2/2026	7,800	(2,902,009)		(29	)
	(446	)	S&P 500 Index	Goldman Sachs	Call	7/2/2026	7,760	(3,345,636)		(33	)
	(500	)	S&P 500 Index	Goldman Sachs	Call	7/2/2026	7,730	(3,752,372)		(40	)
	(504	)	S&P 500 Index	Goldman Sachs	Call	7/2/2026	7,810	(3,778,321)		(25	)
	(570	)	S&P 500 Index	Goldman Sachs	Call	7/2/2026	7,710	(4,276,415)		(56	)
	(588	)	S&P 500 Index	Goldman Sachs	Call	7/2/2026	7,575	(4,411,287)		(1,716	)
	(702	)	S&P 500 Index	Goldman Sachs	Call	7/2/2026	7,635	(5,263,311)		(198	)
	(827	)	S&P 500 Index	Goldman Sachs	Call	7/2/2026	7,610	(6,198,831)		(585	)
	(892	)	S&P 500 Index	Goldman Sachs	Call	7/2/2026	7,540	(6,689,131)		(8,994	)
	(1,189	)	S&P 500 Index	Goldman Sachs	Call	7/2/2026	7,580	(8,913,531)		(2,839	)
	(413	)	S&P 500 Index	Goldman Sachs	Call	7/10/2026	7,670	(3,094,976)		(1,691	)
	(495	)	S&P 500 Index	Goldman Sachs	Call	7/10/2026	7,875	(3,714,624)		(88	)
	(607	)	S&P 500 Index	Goldman Sachs	Call	7/10/2026	7,630	(4,552,325)		(5,822	)
	(792	)	S&P 500 Index	Goldman Sachs	Call	7/10/2026	7,675	(5,942,984)		(2,929	)
	(490	)	S&P 500 Index	Goldman Sachs	Call	7/17/2026	7,755	(3,676,744)		(2,326	)

Shares			Fair Value
		COMMON STOCKS — 14.9%
		AEROSPACE & DEFENSE - 0.8%
	468	General Electric Company	$	174,905
	234	Honeywell Aerospace Inc.^(a)		51,733
	468	RTX Corporation		88,794
				315,432
		ASSET MANAGEMENT - 0.2%
	935	Charles Schwab Corporation (The)		86,272

		AUTOMOTIVE - 0.6%
	2,806	Ford Motor Company		39,003
	468	General Motors Company		36,073
	468	Tesla, Inc.^(a)		196,842
				271,918
		BANKING - 1.0%
	2,806	Bank of America Corporation		159,887
	468	Citigroup, Inc.		65,501
	468	JPMorgan Chase & Company		153,190
	468	Truist Financial Corporation		23,316
	468	US Bancorp		28,267
				430,161
		BEVERAGES - 0.4%
	1,403	Coca-Cola Company (The)		114,023
	1,403	Keurig Dr Pepper, Inc.		45,920
				159,943
		COMMERCIAL SUPPORT SERVICES - 0.4%
	468	Republic Services, Inc.		99,721
	468	Waste Management, Inc.		104,308
				204,029
		DATA CENTER REIT - 0.2%
	468	Digital Realty Trust, Inc.		84,043

		DIVERSIFIED INDUSTRIALS - 0.6%
	468	3M Company		75,774
	468	Emerson Electric Company		66,994

Shares			Fair Value
		COMMON STOCKS — 14.9% (Continued)
		DIVERSIFIED INDUSTRIALS - 0.6% (Continued)
	468	Illinois Tool Works, Inc.	$	126,580
				269,348
		ELECTRIC UTILITIES - 1.4%
	468	American Electric Power Company, Inc.		64,027
	468	Consolidated Edison, Inc.		51,775
	468	Duke Energy Corporation		59,239
	935	Exelon Corporation		43,590
	1,870	NextEra Energy, Inc.		164,130
	935	Public Service Enterprise Group, Inc.		75,885
	935	Sempra		86,684
	468	Vistra Corporation		74,239
	468	Xcel Energy, Inc.		37,580
				657,149
		HEALTH CARE REIT - 0.3%
	468	Welltower, Inc.		106,222

		HOME CONSTRUCTION - 0.2%
	468	DR Horton, Inc.		76,228

		HOUSEHOLD PRODUCTS - 0.1%
	468	Colgate-Palmolive Company		42,906

		INDUSTRIAL REIT - 0.1%
	468	Prologis, Inc.		63,400

		INDUSTRIAL SUPPORT SERVICES - 0.1%
	1,403	Fastenal Company		67,386

		INSURANCE - 0.6%
	468	Aflac, Inc.		54,873
	935	MetLife, Inc.		79,110
	468	Progressive Corporation (The)		102,235
	468	Prudential Financial, Inc.		50,511
				286,729

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(d)		Value and Unrealized Appreciation (Depreciation)
	4	3 Month Euro Euribor Future	06/15/2027	$	1,112,139	$	(171	)
	6	3 Month Euro Euribor Future	06/20/2028		1,669,579		(85	)
	19	3 Month Euro Euribor Future	06/19/2029		5,283,473		(271	)
	2	Carbon Emissions Future^(e)	12/15/2026		183,076		352
	71	CBOT 10 Year US Treasury Note Future	09/22/2026		7,802,234		(14,471	)
	8	CBOT 2 Year US Treasury Note Future	10/01/2026		1,649,063		(1,187	)
	51	CBOT 5 Year US Treasury Note Future	10/01/2026		5,459,391		(8,617	)
	7	CBOT Soybean Oil Future^(e)	12/15/2026		274,470		(1,944	)
	35	CBOT US Treasury Bond Futures	09/22/2026		3,972,500		(19,939	)

OPEN FUTURES CONTRACTS (Continued)
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(d)			Value and Unrealized Appreciation (Depreciation)
	38	CME Australian Dollar Currency Future	09/15/2026		$	2,626,180	$	(34,015	)
	5	CME British Pound Currency Future	09/15/2026			414,219		394
	90	CME E-Mini Standard & Poor’s 500 Index Future	09/21/2026			33,967,124		(290,448	)
	27	CME Euro FX/Japanese Yen Cross Rate Currency Future	09/15/2026			3,843,851		23,966
	19	CME Live Cattle Future^(e)	11/02/2026			1,798,540		(34,190	)
	66	CME Mexican Peso Currency Future	09/15/2026			1,875,060		(13,700	)
	1	CME Yen Denominated Nikkei 225 Index Future	09/11/2026			219,118		(1,348	)
	5	Eurex 10 Year Euro BUND Future	09/09/2026			727,075		(457	)
	11	Eurex 2 Year Euro SCHATZ Future	09/09/2026			1,331,004		(131	)
	4	Eurex 30 Year Euro BUXL Future	09/09/2026			508,028		(1,485	)
	8	Eurex 5 Year Euro BOBL Future	09/09/2026			1,054,060		(194	)
	15	Euro-BTP Italian Bond Futures	09/09/2026			2,044,365		2,321
	14	French Government Bond Futures	09/09/2026			1,918,145		(2,810	)
	1	ICE Gas Oil Future^(e)	08/13/2026			91,100		5,000
	2	LME Copper Future^(e)	09/15/2026			669,023		(19,402	)
	10	LME Zinc Future^(e)	09/15/2026			892,105		23,560
	4	Long Gilt Future	09/29/2026			473,319		(1,367	)
	47	Montreal Exchange 10 Year Canadian Bond Future	09/21/2026			4,013,375		17,784
	1	NYBOT CSC Cocoa Future^(e)	09/16/2026			50,780		(1,350	)
	8	NYBOT CTN Number 2 Cotton Future^(e)	12/09/2026			307,200		(1,295	)
	1	NYMEX NY Harbor ULSD Futures^(e)	09/01/2026			132,724		4,540
	2	NYMEX Reformulated Gasoline Blendstock for Oxygen Future^(e)	09/01/2026			229,413		143
	18	SFE 10 Year Australian Bond Future	09/16/2026			1,367,874		2,540
	36	SFE 3 Year Australian Bond Future	09/16/2026			2,605,622		381
	35	SFE 90 Day Australian Bank Accepted Bills Future	03/12/2027			23,953,986		(582	)
	11	Three Month SONIA Index Futures	06/16/2027			3,499,920		(1	)
	6	Three Month SONIA Index Futures	06/21/2028			1,910,938		(381	)
	9	Three Month SONIA Index Futures	06/20/2029			2,864,914		(150	)
	7	Three-Month SOFR Futures	06/19/2029			1,684,113		(787	)
	1	TSE Japanese 10 Year Bond Futures	09/15/2026			785,871		(1,230	)
		TOTAL LONG FUTURES CONTRACTS					$	(371,027	)

Number of Contracts		Open Short Futures Contracts	Expiration		Notional Amount^(d)		Value and Unrealized Appreciation (Depreciation)
	129	CBOT Corn Future^(e)	12/15/2026		$	2,812,200	$	60,938
	31	CBOT Soybean Future^(e)	11/16/2026			1,772,813		(18,050	)
	38	CBOT Wheat Future^(e)	12/15/2026			1,148,550		42,900
	82	CME Canadian Dollar Currency Future	09/16/2026			5,792,480		53,564
	6	CME E-mini Russell 2000 Index Futures	09/21/2026			913,680		(12,105	)
	76	CME Euro Foreign Exchange Currency Future	09/15/2026			10,883,675		25,387
	60	CME Japanese Yen Currency Future	09/15/2026			4,640,250		53,613
	46	CME Lean Hogs Future^(e)	08/17/2026			1,806,880		(42,570	)
	27	CME New Zealand Dollar Currency Future	09/15/2026			1,537,380		18,550
	2	COMEX Gold 100 Troy Ounces Future^(e)	08/28/2026			807,700		98,650
	2	COMEX Silver Future^(e)	09/29/2026			599,220		(14,545	)

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 41.5%
		FIXED INCOME - 41.5%
	142,032	iShares Core U.S. Aggregate Bond ETF	$	14,058,327

		TOTAL EXCHANGE-TRADED FUNDS (Cost $13,986,709)		14,058,327

		SHORT-TERM INVESTMENTS — 32.3%
		MONEY MARKET FUNDS - 32.3%
	10,919,740	First American Treasury Obligations Fund, Class X, 3.57%^(a),(b)		10,919,740
		TOTAL SHORT-TERM INVESTMENTS (Cost $10,919,740)		10,919,740

		TOTAL INVESTMENTS - 73.8% (Cost $24,906,449)	$	24,978,067
		OTHER ASSETS IN EXCESS OF LIABILITIES - 26.2%		8,868,532
		NET ASSETS - 100.0%	$	33,846,599

OPEN FORWARD FOREIGN CURRENCY CONTRACTS (Continued)
Foreign Currency	Settlement Date	Counterparty	Local Currency	U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Buy: (continued)
Brazilian Real	07/02/2026	Deutsche Bank	11,972,171	$	2,315,882	$	(46,720	)
Australian Dollar	07/15/2026	Deutsche Bank	3,200,000		2,213,742		(43,076	)
British Pound	07/15/2026	Deutsche Bank	250,000		331,600		(3,914	)
Canadian Dollar	07/15/2026	Deutsche Bank	69,914		49,329		(671	)
Euro	07/15/2026	Deutsche Bank	200,000		228,536		(3,687	)
Israeli Shekel	07/15/2026	Deutsche Bank	3,482,700		1,170,482		(29,517	)
Japanese Yen	07/15/2026	Deutsche Bank	8,121,525		50,016		16
Mexican Peso	07/15/2026	Deutsche Bank	35,724,192		2,039,942		(10,057	)
New Zealand Dollar	07/15/2026	Deutsche Bank	200,000		113,604		(3,124	)
Singapore Dollar	07/15/2026	Deutsche Bank	256,026		198,130		(1,870	)
South African Rand	07/15/2026	Deutsche Bank	15,717,172		958,245		8,245
Swiss Franc	07/15/2026	Deutsche Bank	237,731		294,749		(5,251	)
Chinese Yuan Offshore	07/15/2026	Deutsche Bank	24,023,441		3,541,268		(8,731	)
Brazilian Real	08/04/2026	Deutsche Bank	8,147,234		1,562,295		12,288
Chilean Peso	09/16/2026	Deutsche Bank	407,757,718		442,545		(7,457	)
Colombian Peso	09/16/2026	Deutsche Bank	2,387,956,999		686,208		36,205
Peruvian Sole	09/16/2026	Deutsche Bank	1,396,413		408,441		8,441
South Korean Won	09/16/2026	Deutsche Bank	454,037,516		293,820		(6,180	)
				$	16,898,834	$	(105,060	)
To Sell:
Brazilian Real	07/02/2026	Deutsche Bank	11,972,168	$	2,315,878	$	(15,885	)
Australian Dollar	07/15/2026	Deutsche Bank	1,950,000		1,349,010		5,778
British Pound	07/15/2026	Deutsche Bank	1,550,000		2,055,922		340
Canadian Dollar	07/15/2026	Deutsche Bank	9,021,323		6,365,189		84,812
Chinese Yuan Offshore	07/15/2026	Deutsche Bank	10,174,733		1,499,849		151
Euro	07/15/2026	Deutsche Bank	3,500,000		3,999,384		19,926
Israeli Shekel	07/15/2026	Deutsche Bank	2,069,565		695,548		4,452
Japanese Yen	07/15/2026	Deutsche Bank	1,277,587,215		7,867,926		132,077
Mexican Peso	07/15/2026	Deutsche Bank	7,029,354		401,393		(1,393	)
New Zealand Dollar	07/15/2026	Deutsche Bank	3,750,000		2,130,127		20,447
Singapore Dollar	07/15/2026	Deutsche Bank	2,642,287		2,044,776		5,224
South African Rand	07/15/2026	Deutsche Bank	7,435,090		453,305		(3,305	)
Swiss Franc	07/15/2026	Deutsche Bank	3,781,490		4,688,414		61,586
Brazilian Real	08/04/2026	Deutsche Bank	1,046,692		200,713		(713	)
Chilean Peso	09/16/2026	Deutsche Bank	366,514,413		397,784		2,216
Indian Rupee	09/16/2026	Deutsche Bank	110,547,774		1,161,157		(11,156	)
Indonesia Rupiah	09/16/2026	Deutsche Bank	10,901,999,999		605,214		(5,214	)
Peruvian Sole	09/16/2026	Deutsche Bank	509,614		149,060		940
Philippine Peso	09/16/2026	Deutsche Bank	21,658,242		351,520		(1,520	)
South Korean Won	09/16/2026	Deutsche Bank	2,997,036,194		1,939,469		10,524
Taiwanese Dollar	09/16/2026	Deutsche Bank	18,984,200		594,705		5,295
Thailand Baht	09/16/2026	Deutsche Bank	17,917,857		540,950		9,050
				$	41,807,293	$	323,632

Total						$	218,572

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	7/15/2026	Deutsche Bank	4,929,493	5,700,000	6,538,508		(6,513,286	)	$	25,222
Czech Koruna	Euro	7/15/2026	Deutsche Bank	13,304,305	550,000	626,372		(628,476	)		(2,104	)
Euro	British Pound	7/15/2026	Deutsche Bank	900,000	780,162	1,028,412		(1,034,808	)		(6,396	)
Euro	Japanese Yen	7/15/2026	Deutsche Bank	5,900,000	1,087,234,263	6,741,831		(6,695,652	)		46,179
Euro	Norwegian Krone	7/15/2026	Deutsche Bank	2,500,000	27,799,335	2,856,700		(2,808,027	)		48,673
Euro	Polish Zloty	7/15/2026	Deutsche Bank	800,000	3,428,545	914,144		(911,384	)		2,760
Euro	Swedish Krona	7/15/2026	Deutsche Bank	1,100,000	12,113,745	1,256,948		(1,250,484	)		6,464
Euro	Swiss Franc	7/15/2026	Deutsche Bank	3,250,000	2,991,760	3,713,710		(3,709,282	)		4,428
Hungarian Forints	Euro	7/15/2026	Deutsche Bank	283,938,855	800,000	911,391		(914,146	)		(2,755	)
Japanese Yen	Euro	7/15/2026	Deutsche Bank	184,302,089	1,000,000	1,135,011		(1,142,680	)		(7,669	)
Norwegian Krone	Euro	7/15/2026	Deutsche Bank	59,616,249	5,450,000	6,021,879		(6,227,623	)		(205,744	)
Polish Zloty	Euro	7/15/2026	Deutsche Bank	5,953,745	1,400,000	1,582,644		(1,599,756	)		(17,112	)
Swedish Krona	Euro	7/15/2026	Deutsche Bank	10,884,270	1,000,000	1,123,564		(1,142,682	)		(19,118	)
Swiss Franc	Euro	7/15/2026	Deutsche Bank	1,283,369	1,400,000	1,591,165		(1,599,756	)		(8,591	)
				578,662,375	1,151,647,810	$36,042,279	$	36,178,042		$	(135,763	)

Total										$	82,809

Shares			Fair Value
		COMMON STOCKS — 49.4%
		ADVERTISING & MARKETING - 0.3%
	84	AppLovin Corporation, Class A^(a)	$	43,279

		AEROSPACE & DEFENSE - 0.5%
	30	Axon Enterprise, Inc.^(a)		16,819
	124	Honeywell Aerospace Inc.^(a)		27,415
	133	Rocket Lab Corporation^(a)		13,519
				57,753
		AUTOMOTIVE - 1.6%
	510	Tesla, Inc.^(a)		214,506

		BEVERAGES - 0.8%
	142	Coca-Cola Europacific Partners PLC		14,210
	410	Keurig Dr Pepper, Inc.		13,419
	283	Monster Beverage Corporation^(a)		27,202
	389	PepsiCo, Inc.		52,671
				107,502
		BIOTECH & PHARMA - 1.2%
	50	Alnylam Pharmaceuticals, Inc.^(a)		15,052
	149	Amgen, Inc.		53,956
	320	Gilead Sciences, Inc.		40,429
	23	Regeneron Pharmaceuticals, Inc.		14,341
	82	Vertex Pharmaceuticals, Inc.^(a)		40,732
				164,510
		CABLE & SATELLITE - 0.2%
	1,107	Comcast Corporation, Class A		27,177

		CHEMICALS - 0.5%
	135	Linde PLC		70,057

		COMMERCIAL SUPPORT SERVICES - 0.1%
	80	Cintas Corporation		13,606

		E-COMMERCE DISCRETIONARY - 2.4%
	1,188	Amazon.com, Inc.^(a)		283,149

Shares			Fair Value
		COMMON STOCKS — 49.4% (Continued)
		E-COMMERCE DISCRETIONARY - 2.4% (Continued)
	19	MercadoLibre, Inc.^(a)	$	32,250
	173	PDD Holdings, Inc. - ADR^(a)		13,196
				328,595
		ELECTRIC UTILITIES - 0.6%
	196	American Electric Power Company, Inc.		26,815
	101	Constellation Energy Corporation		25,085
	288	Exelon Corporation		13,427
	167	Xcel Energy, Inc.		13,410
				78,737
		ELECTRICAL EQUIPMENT - 0.2%
	149	Honeywell International, Inc.		33,361

		ENGINEERING & CONSTRUCTION - 0.1%
	194	Ferrovial S.E.		13,300

		ENTERTAINMENT CONTENT - 0.3%
	60	Electronic Arts, Inc.		12,302
	58	Take-Two Interactive Software, Inc.^(a)		14,499
	507	Warner Bros Discovery, Inc.^(a)		13,517
				40,318
		FOOD - 0.3%
	460	Mondelez International, Inc., Class A		26,607
	568	The Kraft Heinz Company		13,416
				40,023
		INDUSTRIAL SUPPORT SERVICES - 0.1%
	280	Fastenal Company		13,448

		INTERNET MEDIA & SERVICES - 5.6%
	95	Airbnb, Inc., Class A^(a)		13,595
	604	Alphabet, Inc., Class A		215,852
	571	Alphabet, Inc., Class C		201,751
	228	Booking Holdings, Inc.		40,639
	151	DoorDash, Inc., Class A^(a)		27,864
	312	Meta Platforms, Inc., Class A		175,746

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 31.5%
		EQUITY - 31.5%
	5,853	Invesco QQQ Trust Series 1 ETF	$	4,310,149

		TOTAL EXCHANGE-TRADED FUNDS (Cost $3,455,362)		4,310,149

		SHORT-TERM INVESTMENTS — 10.9%
		COLLATERAL FOR SECURITIES LOANED - 0.0% ^(c)
	3,140	Mount Vernon Liquid Assets Portfolio, LLC, 3.71% (Cost $3,140)^(d),(g)		3,140

		MONEY MARKET FUNDS - 10.9%
	1,485,465	First American Treasury Obligations Fund, Class X, 3.57% (Cost $1,485,465)^(d)		1,485,465

		TOTAL SHORT-TERM INVESTMENTS (Cost $1,488,605)		1,488,605

Contracts^(e)			Broker/ Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FUTURE OPTIONS PURCHASED - 0.3%
		CALL OPTIONS PURCHASED - 0.3%
	35	S&P Emini Future, Maturing July 2026	WED	07/17/2026	$	7,700	$	13,475,000	$	35,438
		TOTAL CALL OPTIONS PURCHASED (Cost - $82,173)

		TOTAL FUTURE OPTIONS PURCHASED (Cost - $82,173)								35,438

		TOTAL INVESTMENTS - 92.1% (Cost $9,830,889)							$	12,591,639
		TOTAL FUTURE OPTIONS WRITTEN - (0.1)% (Premiums received - $45,025)								(14,250	)
		OTHER ASSETS IN EXCESS OF LIABILITIES - 8.0%								1,088,636
		NET ASSETS - 100.0%							$	13,666,025

Contracts^(e)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FUTURE OPTIONS WRITTEN - (0.1)%
		PUT OPTIONS WRITTEN - (0.1)%
	19	S&P Emini Future, Maturing July 2026	WED	07/17/2026	$	7,200	$	6,840,000	$	14,250
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $45,025)

		TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $45,025)							$	14,250

ADR	- American Depositary Receipt

ETF	- Exchange-Traded Fund

LLC	- Limited Liability Company

NV	- Naamloze Vennootschap

PLC	- Public Limited Company

WED	- Wedbush Securities

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 49.7%
		EQUITY - 49.7%
	1,568,138	Dimensional Emerging Core Equity Market ETF	$	63,054,829
	1,627,486	Dimensional International Core Equity 2 ETF		60,640,128
	3,297,718	Dimensional US Core Equity 2 ETF		146,286,770
	1,172,200	Dimensional US High Profitability ETF		48,915,906
	8,745,534	iShares Core S&P Mid-Cap ETF		674,368,128
	2,433,988	iShares Core S&P Small-Cap ETF		360,984,760
	911,559	iShares MSCI Australia ETF		25,669,501
	735,538	iShares MSCI Brazil ETF		25,376,061
	432,256	iShares MSCI Canada ETF		24,915,236
	171,530	iShares MSCI France ETF		7,792,608
	883,137	iShares MSCI Hong Kong ETF		18,475,226
	2,792,452	iShares MSCI India ETF^(a)		137,919,204
	1,650,206	iShares MSCI Intl Quality Factor ETF		81,767,707
	844,573	iShares MSCI Japan ETF		78,773,324
	239,381	iShares MSCI Malaysia ETF		6,451,318
	339,912	iShares MSCI Mexico ETF		25,585,176
	554,242	iShares MSCI Singapore ETF		16,411,106
	139,182	iShares MSCI South Africa ETF		8,794,911
	222,098	iShares MSCI Spain ETF		13,190,400
	575,549	iShares MSCI Switzerland ETF		36,173,255
	739,817	iShares MSCI Taiwan ETF		80,351,524
	83,104	iShares MSCI Thailand ETF		6,009,250
	90,741	iShares MSCI Turkey ETF		3,528,010
	1,513,034	iShares MSCI United Kingdom ETF		69,811,389
	4,455,291	iShares MSCI USA Min Vol Factor ETF		429,757,370
	248,182	iShares MSCI USA Quality Factor ETF		54,458,576
	1,637,759	iShares Russell 1000 ETF		670,662,312
	1,491,304	iShares Russell 2000 ETF		448,062,287
	768,475	iShares Russell Mid-Cap ETF		84,778,162
	535,263	State Street SPDR S&P 500 ETF Trust		399,718,351
	7,055,219	Vanguard FTSE Emerging Markets ETF		421,126,022
	110,502	Vanguard FTSE Europe ETF		9,783,847
	456,076	Vanguard Large-Cap ETF		156,849,097
	1,677,870	Vanguard Mid-Cap ETF		135,185,986

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 49.7% (Continued)
		EQUITY - 49.7% (Continued)
	1,378,575	Vanguard Real Estate ETF	$	132,935,987
	261,443	Vanguard S&P 500 ETF		179,561,667
	354,954	Vanguard Small-Cap ETF		107,593,656
	617,149	WisdomTree India Earnings Fund^(a)		26,401,634
				5,278,120,681

		TOTAL EXCHANGE-TRADED FUNDS (Cost $3,283,715,196)		5,278,120,681

Shares
		SHORT-TERM INVESTMENTS — 8.3%
		MONEY MARKET FUNDS - 8.3%
	878,579,084	First American Treasury Obligations Fund, Class X, 3.57%^(b),(c)		878,579,084
		TOTAL SHORT-TERM INVESTMENTS (Cost $878,579,084)		878,579,084

		TOTAL INVESTMENTS - 97.2% (Cost $8,323,937,832)	$	10,314,630,705
		OTHER ASSETS IN EXCESS OF LIABILITIES - 2.8%		293,063,173
		NET ASSETS - 100.0%	$	10,607,693,878

OPEN FORWARD FOREIGN CURRENCY CONTRACTS
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Unrealized Appreciation/ (Depreciation)
To Buy:
Australian Dollar	07/01/2026	Bank Of America Merrill Lynch		27,480,000	$	19,015,986	$	80,495
British Pound	07/01/2026	Deutsche Bank		369,370,000		489,939,116		1,319,799
Euro	07/01/2026	Deutsche Bank		346,150,000		395,283,770		295,873
Israeli Shekel	07/01/2026	Bank Of America Merrill Lynch		1,630,000		547,604		3,517
Japanese Yen	07/01/2026	Deutsche Bank		63,413,000,000		390,032,222		(1,773,844	)
Mexican Peso	07/01/2026	Deutsche Bank		388,480,000		22,212,308		3,538
New Zealand Dollar	07/01/2026	Bank Of America Merrill Lynch		465,130,000		264,068,354		1,408,229
Norwegian Krone	07/01/2026	Bank Of America Merrill Lynch		1,145,140,000		115,696,067		352,051
Polish Zloty	07/01/2026	Bank Of America Merrill Lynch		329,290,000		87,535,222		(39,007	)
Singapore Dollar	07/01/2026	Bank Of America Merrill Lynch		102,250,000		79,041,143		23,554
South African Rand	07/01/2026	Bank Of America Merrill Lynch		390,550,000		23,842,662		79,129
Swedish Krona	07/01/2026	Bank Of America Merrill Lynch		1,044,490,000		107,727,579		299,325
Swiss Franc	07/01/2026	Bank Of America Merrill Lynch		344,060,000		425,832,642		335,545
Australian Dollar	07/02/2026	Bank Of America Merrill Lynch		110,310,000		76,333,818		166,525
British Pound	07/02/2026	Deutsche Bank		519,520,000		689,100,820		837,308
Canadian Dollar	07/02/2026	Deutsche Bank		380,280,000		268,123,809		573,792
Euro	07/02/2026	Deutsche Bank		441,300,000		503,939,706		615,075
Israeli Shekel	07/02/2026	Bank Of America Merrill Lynch		880,000		295,640		(267	)
Japanese Yen	07/02/2026	Deutsche Bank		52,342,000,000		321,938,193		(680,144	)
Mexican Peso	07/02/2026	Deutsche Bank		1,652,520,000		94,486,949		(137,916	)
New Zealand Dollar	07/02/2026	Bank Of America Merrill Lynch		428,690,000		243,380,265		891,219
Norwegian Krone	07/02/2026	Bank Of America Merrill Lynch		1,829,599,999		184,848,598		212,099
Polish Zloty	07/02/2026	Bank Of America Merrill Lynch		131,320,000		34,908,817		58,913
Singapore Dollar	07/02/2026	Bank Of America Merrill Lynch		36,760,000		28,416,164		12,555
South African Rand	07/02/2026	Bank Of America Merrill Lynch		469,150,000		28,641,118		24,899
Swedish Krona	07/02/2026	Bank Of America Merrill Lynch		241,090,000		24,865,764		4,050
Swiss Franc	07/02/2026	Bank Of America Merrill Lynch		113,740,000		140,772,549		188,330
Chinese Yuan Offshore	07/02/2026	Bank Of America Merrill Lynch		284,720,000		41,927,315		64,953
Chinese Yuan Offshore	07/03/2026	Bank Of America Merrill Lynch		152,580,000		22,468,635		9,376
Australian Dollar	07/15/2026	Bank Of America Merrill Lynch		2,409,120,000		1,666,676,528		(27,087,195	)
Brazilian Real	07/15/2026	Bank Of America Merrill Lynch		7,835,009,999		1,510,684,919		(11,440,945	)
British Pound	07/15/2026	Deutsche Bank		1,917,710,000		2,543,660,728		(6,536,339	)
Canadian Dollar	07/15/2026	Deutsche Bank		2,222,840,000		1,568,225,700		(6,839,510	)
Chilean Peso	07/15/2026	Bank Of America Merrill Lynch		106,328,999,999		115,327,222		(4,037,035	)
Euro	07/15/2026	Deutsche Bank		2,591,850,000		2,961,408,036		(18,601,445	)
Israeli Shekel	07/15/2026	Bank Of America Merrill Lynch		256,830,000		86,312,222		40,056
Japanese Yen	07/15/2026	Deutsche Bank		225,791,999,992		1,390,290,079		(9,501,296	)
Mexican Peso	07/15/2026	Deutsche Bank		14,337,999,996		818,879,555		1,168,536

ETF	- Exchange-Traded Fund

MSCI	- Morgan Stanley Capital International

SPDR	- Standard & Poor’s Depositary Receipt