N-CSR 1 catalystequity_ncsr.htm N-CSR

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-21872

 

Mutual Fund Series Trust

(Exact name of Registrant as specified in charter)

 

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

(Address of principal executive offices) (Zip code)

 

Ultimus Fund Solutions

80 Arkay Drive, Suite 100, Hauppauge, NY 1788

(Name and address of agent for service)

 

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

 

Date of fiscal year end: 6/30

 

Date of reporting period: 6/30/22

 

ITEM 1. REPORTS TO SHAREHOLDERS.

 

 
ANNUAL REPORT
 
 
 
Catalyst Insider Buying Fund
(INSAX, INSCX, INSIX)
Catalyst Energy Infrastructure Fund
(MLXAX, MLXCX, MLXIX)
Catalyst Pivotal Growth Fund
(BUYAX, BUYCX, BUYIX)
Catalyst/MAP Global Equity Fund
(CAXAX, CAXCX, CAXIX)
Catalyst/Lyons Tactical Allocation Fund
(CLTAX, CLTCX, CLTIX)
Catalyst Dynamic Alpha Fund
(CPEAX, CPECX, CPEIX)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2022
 
 
(CATALYST FUNDS LOGO)
 
 
Mutual Fund Series Trust
 

 

 

CATALYST FUNDS
ANNUAL REPORT

 

TABLE OF CONTENTS

 

Portfolio Review Page 1
   
Schedules of Investments Page 26
   
Statements of Assets and Liabilities Page 41
   
Statements of Operations Page 43
   
Statements of Changes in Net Assets Page 45
   
Financial Highlights Page 47
   
Notes to Financial Statements Page 59
   
Supplemental Information Page 73
   
Expense Example Page 89
   
Privacy Notice Page 90

 

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

June 30, 2022

 

Catalyst Insider Buying Fund (INSAX, INSCX, INSIX) (Unadited)

 

Dear Shareholders,

 

The Catalyst Insider Buying Fund (the “Fund”) invests in large-capitalization U.S. companies that are experiencing corporate insider buying. Over the past year, we have witnessed diverse insider buying across sectors. With a wide range of insider buying opportunities to choose from, we focused on the insider buying at companies that have the highest quality earnings growth potential and revenue growth potential. During FY 2022, the Fund underperformed the S&P500 Total Return Index1 benchmark. The underperformance relative to the benchmark was driven by weak performance from secular, high growth companies during a rising interest rate environment.

 

Investment Strategy

 

The Fund’s strategy uses a quantitative methodology that ranks insider activity based on the strength of the signals that insiders are generating relative to how many executives are buying and how many shares they are purchasing. We believe that corporate insiders understand their own firm better than any outside investor possibly could.

 

The advisor uses public information that is filed with the Securities and Exchange Commission (SEC) on corporate insider and large shareholder buying and selling activity for its investment decisions. Numerous academic studies and our own research of insider trading data over long periods of time have resulted in the development of a proprietary method of analyzing activity that we believe can provide long-term capital appreciation. When looking at SEC filings, we focus on the insider identity (position in the company), potential motivations for buying, insider trading trends, trading volumes, firm size, and other factors to select stocks for the portfolio. We sell stocks when the relevant insider trading trends reverse or when portfolio positions achieve or no longer provide the targeted risk-adjusted return.

 

Fund Performance

 

The Catalyst Insider Buying Fund underperformed its S&P500 Total Return Index benchmark during FY 2022. The Fund’s performance includes relative outperformance from holdings in the industrials sector and relative underperformance in the information technology and consumer discretionary sectors.

 

In the first half of 2022, equity markets were adversely impacted by a variety of different factors. Russia invading Ukraine, the Fed raising interest rates numerous times to combat 40-year high inflation, and continued supply chain constraints resulted in the stock market’s worst first half of a year since 1970. Additionally, as interest rates rose rapidly, there was a disproportionately negative effect on assets with longer duration cash flows, impacting growth stocks in particular. The runway for companies to become sustainably profitable shortens in an uncertain, rising interest rate environment, which has resulted in a broad-based selloff across long duration equities.

 

We are optimistic heading into the second half of 2022 and believe that the Fund holds a number of companies that are undervalued by the market. The largest holdings of the Fund are tilted heavily towards companies that we believe are intrinsically underpriced relative to their fundamentals and growth prospects. During times of uncertainty, we think it is even more important to look at the insider buying actions of corporate executives as they are the people who are the most well-informed about their company’s prospects for the future. We follow a long-term strategy that invests in companies whose insiders believe their own shares are undervalued.

 

(IMAGE)

1

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

The Fund’s total returns for the fiscal year ended 06/30/22 and for the period since inception through 06/30/22 as compared to the S&P500 Total Return Index were as follows:

 

  Fiscal Year 5 Years Since Inception2
Class A -52.95% -6.03% 2.54%
Class C -53.27% -6.72%

2.00%

Class I (Inception Date – 6/6/14) -52.82% -5.78% -3.00%
S&P 500 Total Return Index -10.62% 11.31% 10.67%*
Class A with Sales Charge -55.65% -7.13% 1.99%

 

Inception Date: 6/6/14

 

Investments in mutual funds involve risks. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance information or the Fund’s prospectus please call the Fund, toll free at 1-866-447-4228. You can also obtain a prospectus at www.CatalystMF.com.

 

Summary

 

The Fund holds a relatively concentrated portfolio of large-capitalization U.S. companies experiencing significant insider buying–situations where those who know the most about the company are taking their own money and putting it back in the company through open market purchases. By reviewing numerous academic studies and performing our own historical research, we’ve found that this strategy can outperform the S&P 500 Total Return Index over the long run. Successful investing requires a long-term outlook focused on objective criteria that create value. We have adopted this outlook for the Catalyst Insider Buying Fund, and we are pleased that you have decided to share in our vision.

 

Sincerely,

 

David Miller

Senior Portfolio Manager

 

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current Fund prospectus. To obtain a prospectus or other information about the Fund, please visit www.CatalystMF.com or call 1-866-447-4228. Please read the prospectus carefully before investing.

 

1The S&P500 Total Return Index by Standard & Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index, although individuals may invest in exchange traded funds or other investment vehicles that attempt to track the performance of an index. The Catalyst Insider Buying Fund may or may not purchase the types of securities represented by the S&P500 Total Return Index.

 

2Since inception returns assume inception date of 07/29/2011. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than two years after the date of purchase (excluding shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. 6852-NLD-08222022

 

(IMAGE)

2

 

Catalyst Insider Buying Fund
PORTFOLIO REVIEW (Unaudited)
June 30, 2022

 

The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmark:

 

    Annualized Annualized Annualized Annualized
  1 Year Return 5 Year Return Ten Year Return Since Inception** Since Inception***
Class A (52.95)% (6.03)% 2.30% 2.54% N/A
Class A with load (55.65)% (7.13)% 1.69% 1.99% N/A
Class C (53.27)% (6.72)% 1.54% 2.00% N/A
Class I (52.82)% (5.78)% N/A N/A (3.30)%
S&P 500 Total Return Index(a) (10.62)% 11.31% 12.96% 12.56% 10.67%

 

*The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. As disclosed in the Fund’s prospectus dated November 1, 2021, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 1.70% for Class A, 2.45% for Class C and 1.45% for Class I shares. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

 

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

 

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

 

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

 

Comparison of the Change in Value of a $10,000 Investment

 

(LINE GRAPH)

 

Top Ten Holdings by Industry or Asset Type  % of Net Assets 
Software   38.3%
Renewable Energy   10.1%
Metals & Mining   9.1%
Medical Equipment & Devices   8.1%
Internet Media & Services   7.4%
Insurance   7.2%
Apparel & Textile Products   4.9%
Automotive   4.8%
E-Commerce Discretionary   4.6%
Specialty Finance   4.4%
Other/Cash & Equivalents   1.1%
    100.0%

 

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

3

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

June 30, 2022

 

Catalyst Energy Infrastructure Fund (MLXAX, MLXCX, MLXIX) (Unaudited)

 

Dear Fellow Shareholders,

 

The Catalyst Energy Infrastructure Fund (the “Fund”) (MLXAX, MLXCX & MLXIX) returned +11.37% for the fiscal year ended June 30, 2022 for the Class I share. This performance (for Class I) was 7.04% ahead of our benchmark, the Alerian Total Return Index. Since inception, the Fund has returned -2.79% and its benchmark has returned - 3.36%. The Fund invests in the securities of corporations and master limited partnerships (MLPs) that derive a majority of their revenue from energy infrastructure activities. The manager believes that valuations are compelling, and the Fund has attractive upside.

 

Investment Strategy

 

The Fund seeks to achieve its investment objective by primarily investing in the publicly listed equity securities of U.S. and Canadian companies that generate a majority of their cash flow from midstream energy infrastructure activities. The Fund’s strategy aims to achieve current income and capital appreciation over the long-term. The Fund may also invest in the equity securities of MLPs (publicly traded partnerships) engaged in energy-related businesses. Most of the entities in which the Fund will invest derive a majority of their revenue from “midstream” energy infrastructure-related activities, including the treatment, gathering, compression, processing, transportation, transmission, fractionation, storage, and terminaling of natural gas, natural gas liquids, crude oil, and refined products. Under normal conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in companies that derive a majority of their revenue from energy infrastructure activities. The Fund may invest in U.S. and foreign issuers of any market capitalization. The Fund intends to be taxed as a regulated investment company (“RIC”) and comply with all RIC-related restrictions, including limiting its investment in entities taxed as limited partnerships, including MLPs, to 25%.

 

The Fund seeks to pay a monthly distribution of no less than $0.10 per share. To the extent that this exceeds the distribution yield on the underlying portfolio, a portion of the Fund’s distribution may be classified as a return of capital for tax purposes.

 

Fiscal Year 2022 Performance

 

The fiscal year 2022 performance was a continuation of the sector’s recovery following the Covid low of March 2020. Global demand for hydrocarbons continued to grow and energy companies generally maintained fiscal discipline regarding growth investments. We believe the Fund is well positioned to achieve long term outperformance and believe that midstream energy infrastructure will generate attractive returns for investors.

 

The Fund’s total returns for the period since inception1 and YTD through 06/30/22 as compared to the Alerian MLP Total Return Index2 were as follows (unaudited):

 

  YTD 2022
(06/30/22)
1 Year
(06/30/22)
Since Inception
(12/22/14)1
Class A 13.55% 11.07% -3.04%
Class C 13.15% 10.26% -3.73%
Class l 13.70% 11.37% -2.79%
Alerian MLP Total Return Index2 10.04% 4.33% -3.36%
Class A with Sales Charge 7.03% 4.66% -3.80%

 

The Fund’s maximum sales charge for Class A shares is 5.75%. Investments in mutual funds involve risks. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance information or the Fund’s prospectus please call the Fund, toll free at 1-866-447-4228. You can also obtain a prospectus at www.CatalystMF.com.

 

(IMAGE)

4

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

Portfolio Holdings

 

We emphasize securities with exposure to midstream infrastructure, predominantly fee-based cash flows, better than average visibility around future earnings, and attractive growth prospects. As of June 30, 2022, we held 24 names.

 

As of June 30, 2022, the Fund’s top five holdings were as follows (unaudited):

 

Fund’s Top 5 Holdings % of Total Investments
Cheniere Energy, Inc 10.4%
Energy Transfer 9.4%
Williams Companies 8.8%
Oneok, Inc 8.0%
Next Decade Corp 4.7%

 

Percentages in the above table are based on market value of the Fund’s portfolio as of June 30, 2022. Holdings are subject to change and should not be considered investment advice.

 

As of June 30, 2022, the Fund’s equity holdings were divided among economic industries as follows (unaudited):

 

Industry Common Stock  
LNG Transportation & Storage 15.0%
Gathering & Processing 13.2%
Canadian Energy Infrastructure 13.2%
Natural Gas Transportation & Storage 13.1%
NGL Energy Infrastructure 12.2%
Mixed Energy Infrastructure MLP 9.4%
NGL Energy Infrastructure MLP 4.6%
Crude Transportation & Storage 4.5%
Refined Products Transportation & Storage MLP 4.3%
Canadian Natural Gas Transportation & Storage 3.1%
Canadian Crude Transportation & Storage 2.4%
Gathering & Processing MLP 1.8%
Liquids Transportation & Storage MLP 1.6%
Refining 1.4%
Cash 0.1%

 

Percentages in the above table are based on market value (excluding collateral) of the Fund’s portfolio as of June 30, 2022.

 

Summary

 

We believe that investing in U.S. midstream energy infrastructure represents a way to seek to benefit from the development of shale oil and gas resources in the U.S. Moreover, the Fund is structured as a pass-through vehicle and as such incurs no tax liability of its own. Consequently, the tax characteristics of the cash flows received from its holdings are passed through to investors in the Fund, unlike many other RICs that invest in MLPs.

 

The continued strength in global energy demand and Europe’s pivot away from Russian natural gas supplies represent a very positive environment for midstream energy infrastructure companies. We believe the sector

 

(IMAGE)

5

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

continues to offer attractive upside. We are glad you share in this vision, and we value your investment with us. Your portfolio management team is currently invested in the strategy alongside you.

 

Sincerely,

 

Simon Lack

Portfolio Manager

 

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current Fund prospectus. To obtain a prospectus or other information about the Fund, please visit www.CatalystMF.com or call 1-866-447-4228. Please read the prospectus carefully before investing.

 

1Since inception returns assume inception date of 12/22/2014. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than two years after the date of purchase (excluding shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

2The Alerian MLP Total Return Index is the leading gauge of large- and mid-cap energy MLPs. The float-adjusted, capitalization-weighted index includes 50 prominent companies and captures approximately 75% of available market capitalization. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index, although individuals may invest in exchange traded funds or other investment vehicles that attempt to track the performance of an index. The Catalyst MLP & Infrastructure Fund may or may not purchase the types of securities represented by the Alerian MLP Total Return Index.

 

6861-NLD-08232022

 

(IMAGE)

6

 

Catalyst Energy Infrastructure Fund
PORTFOLIO REVIEW (Unaudited)
June 30, 2022

 

The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmark:

 

   
Annualized
Annualized
  1 Year Return 5 Year Return Since Inception**
Class A 11.07% 0.11% (3.04)%
Class A with load 4.66% (1.06)% (3.80)%
Class C 10.26% (0.64)% (3.73)%
Class I 11.37% 0.37% (2.79)%
Alerian MLP Total Return Index(a) 4.33% (0.29)% (3.36)%

 

*The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods less than 1 year are not annualized. As disclosed in the Fund’s prospectus dated November 1, 2021, the Fund’s total gross annual operating expenses are 1.81% for Class A, 2.56% for Class C, and 1.56% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

 

(a)The Alerian MLP Total Return Index is the leading gauge of large-cap and mid-cap energy Master Limited Partnerships. Investors cannot invest directly in an index.

 

**Inception date is December 22, 2014.

 

Comparison of the Change in Value of a $10,000 Investment

 

(LINE GRAPH)

 

Top Holdings by Industry  % of Net Assets 
Oil & Gas Producers   99.8%
Other/Cash & Equivalents   0.2%
    100.0%

 

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

7

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

June 30, 2022

 

Catalyst Pivotal Growth Fund (BUYAX, BUYCX, BUYIX) (Unaudited)

 

Dear Shareholders,

 

The Catalyst Pivotal Growth Fund invests in securities of companies that are experiencing or are expected to experience growth opportunities. Investing in growth opportunities often involves investing in companies that provide technological innovation to replace legacy technology. Some examples of these will include companies in the areas of data storage, e-commerce, communications, and digital payments.

 

Since our report last year, the U.S. economy has posed a number of challenges to the investing environment – including an inflationary environment, hawkish Federal Reserve Bank policy in response to inflation, and fears of economic slowdown resulting from the implementation of a more hawkish Fed policy. All these concerns are currently unresolved and have led to volatility during the first half of 2022. How these concerns settle out–whether benignly or with more disruption–will affect the performance of equities for the remainder of the year.

 

These are near-term concerns. Then there are the underlying businesses we own, whose growth we expect to continue over the long-term. While growth has moderated in some instances from the hypergrowth experienced in 2020, many of our investments continue to grow upon the base created in 2020 and 2021. In our investing approach, value is created when growth compounds for many years, not just one. Some examples of this include positions that are still in the process of compounding even after many years of growth, such as Alphabet and Adobe.1 Other positions are just in the beginning of their growth phase, driven by continuing customer adoption of their products and services.

 

Selecting companies for investment in the Fund has not come without some development in our thinking. We believe growth investing has changed somewhat over the last twenty years, in ways that are not always fully appreciated by investors. These have to do with the way products and services are distributed. Generally, a business involves (1) a product or products and (2) its ability to distribute these products. A business may have a great product but without distribution it is not likely to grow more valuable. Investing in growth opportunities twenty to fifty years ago would have required an analysis of the growth of a business’s distribution. To use an example from those days, a business with growing distribution was Wal-Mart, which started from small beginnings in northwestern Arkansas, then established new stores in other parts of the state, then in neighboring states, and finally in different regions of the country. They grew their distribution based on the assumption that their store model could be duplicated and that Americans in one part of the country enjoyed the same products as Americans in another part of the country.

 

Growing one’s distribution through physical locations applies not only to retail through store locations, but also to fast food chains and restaurants, or airlines and routes, and so on. By counting the number of distributive locations, you could measure the growth of a business. When I was starting out in investing, I engaged in this kind of counting exercise frequently. It was fairly straightforward in those days to judge the possible growth of a business, especially if the business provided investors with a roadmap of their future capital spending on new locations. If this was the case, and if you had reasonable faith in the management to execute on their spending plan, you could come up with a rough idea of how valuable the business could become.

 

Recognizing growth is different these days because growing the distribution of a business by physical location has become more rare. While it certainly still exists, distribution of products and services has increasingly become more digital. Either the goods are more often digital and are transported digitally, or they are purchased digitally so that a digital interaction is required. Of course, people still go to physical stores, but these days many more businesses grow now using a different kind of distribution.

 

So how are growth opportunities to be identified if not by observing the growth of physical locations? The answer, at least when analyzing technology firms, is by looking at the growth in the number of their users. In an increasingly

 

(IMAGE)

8

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

digital world, users themselves have become the most important points of distribution for the sale of products and services. These days, it is where the sale is often made.

 

If we see users as distribution points, this partially explains how a stable but staid business such as Microsoft Windows was able to find a second leg of growth after the business had fairly peaked in 2010. One of the hardest things to do in business is getting users onto your platform. But once they are on there, they are less likely to migrate to competing platforms. And their capture as a point of distribution, means they will be present when additional products and services emerge. Because Microsoft Windows users often found it difficult to leave the platform, they were still present when additional services such as messaging and video conferencing were introduced. When these new services were then bundled with existing services, higher subscription prices could then be justified.

 

In the Fund we invest in a number of businesses that were able to either grow users or are able to retain large user bases as points of distribution for potential new products and services. This is part of the business strategy that is being used most often by software-platform firms today. It’s not simply that sales and earnings continue to grow, but that these are driven primarily by user retention, user growth, and product growth.

 

We wanted to point out these dynamics for many of the companies we own. Because while this is obvious to analysts in the field and portfolio managers investing in these companies, it is often not explicitly communicated to their investors. It is partly because we recognize these dynamics that we continue to remain invested in many of these companies. Despite a disappointing year so far in the pricing of equities, our reasons for making the investments in these businesses when we started managing the Fund last year have not changed.

 

Strategy

 

Last year we wrote that one way of seeking value for investors is focusing on business performance, rather than seeking value through changes in capital structure (which occurs under share repurchases). Under our portfolio management strategy for the Catalyst Pivotal Growth Fund, the Fund selects and manages a portfolio of stocks focused on sales and earnings growth so that the increase in value comes not from increased ownership of existing holdings but from the value of the businesses underlying those holdings. Our strategy focuses on companies that are in the earlier part of their lifecycle (or are providing a new product or service) and which are expected to continue to grow for multiple years.

 

We believe we are providing investors with an opportunity to participate in increasingly adopted technologies. This occurs due to the increased digitization occurring in our society, not only in commerce and communication, but also in our social practices. These are powerful trends that have continued during the past decade and which we expect to provide value to investors in the years to come.

 

Our process for selecting the stocks of these companies utilizes both valuation criteria and technical analysis. When both technical analysis and valuation criteria have been satisfied, the stock of the company under consideration will be included in the Fund on a long-term basis. It is not expected that growth will be even and consistent. There may be some years in which the rate of growth will be different from preceding years.

 

A key feature of the Fund involves a recognition of the economic cycle as a factor in performance. The U.S. economy will experience periods of both expansion and contraction. During periods of contraction or slowing growth, growth stocks have a greater chance of underperforming other asset classes. Where we can anticipate the economic cycle negatively affecting performance (beyond the case of normal volatility), we would aim either to move a portion of the Fund to cash or be prepared to do so.

 

Fund Performance

 

For the trailing fiscal year, the Fund underperformed its benchmark, the S&P 500 TR Index, returning -45.18% compared to -10.62%. The overall market has generally done poorly since the start of 2022. The lag in performance relative to the benchmark can be attributed to heavier weighting in growth stocks which, as

 

(IMAGE)

9

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

higher beta equity securities, are more negatively affected by downward moves in the market. Should the market perform positively in the future, they would be expected to be more positively affected by the market.

 

Committed to its strategy of selecting only growth companies, the Fund did not make any significant allocation to the energy, industrial, or consumer staples sectors which would have lessened the magnitude of the drawdown in the Fund. With the inflationary environment that evolved last year, these sectors were among the better performing market sectors. But these sectors are cyclical in nature and its constituents only grow within the economic cycle; they typically do not grow beyond the cycle or only do so slowly.

 

The Fund’s total returns for the fiscal year ended 6/30/22 and the period since inception through 6/30/22 as compared to the S&P 500 TR Index were as follows:

 

  1 Year 3 Years 5 Years Since Inception3
Class I -45.07% -12.54% -5.14% -0.44%
Class A -45.18% -12.74% -5.36% -0.69%
Class C -45.63% -13.41% -6.08% -1.44%
S&P 500 Total Return Index2 -10.62% 10.60% 11.31% 10.91%
Class A with Sales Charge -48.32% -14.46% -6.47% -1.38%

 

The Fund’s maximum sales charge for Class “A” shares is 5.75%. lnvestments in mutual funds involve risks. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance information or the Fund’s prospectus please call the Fund, toll free at 1-866-447-4228. You can also obtain a prospectus at www.CatalystMF.com.

 

Outlook

 

While the current economic cycle just began in the summer of 2020, we view this economic cycle as developing faster and being shorter overall than investors have been accustomed to over the past decade. This will likely result in a shorter investment runway for growth stocks to continue to gain value before this economic cycle comes to an end.

 

Specifically, the current economic cycle has been spurred on by an excess of both monetary and fiscal stimulus which has led in part to the current inflationary environment. This has also led to an accelerated hawkish policy stance from the Federal Reserve, consistent with its stated desire to bring demand in balance with the economy’s current reduced supply capacity. While inflation should moderate as the Fed raises rates, it is not abundantly clear how much economic demand will be affected by increased hawkish policy. If demand is insensitive to rising rates and the Fed is unable to reduce demand easily, then the Fed will be induced to take further action. If further action is required by the Fed, then economic growth will likely be disrupted in the process of tamping inflation. This will have a very negative effect on equities and will shorten the current economic cycle.

 

While there are signs inflation may have peaked with recent Fed policy moves, over the next few years we expect investment conditions to improve, with the volatility in interest rates stabilizing at some lower level and economic growth projected to continue after the end of this economic cycle. These macro conditions are tailwinds to the current secular trends in growth investing that revolve around the adoption of internet technologies for existing commercial and social practices.

 

As we participate in these trends, we will continue to monitor possible candidates for inclusion in the Fund’s portfolio as well as respond to financial and economic conditions should they change. We believe this strategy has much promise in future years and want to thank you for the assets and trust you have placed with us.

 

(IMAGE)

10

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

Sincerely,

 

Christopher Chiu, CFA, George Tkaczuk, MD, and Timothy Webb

Portfolio Managers

 

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current Fund prospectus. To obtain a prospectus or other information about the Fund, please visit www.CatalystMF.com or call 1-866-447-4228. Please read the prospectus carefully before investing.

 

1Adobe Inc. and Alphabet Inc. constitute a 5.38% and a 4.80% allocation weighting of the Fund respectively.

 

2The S&P 500 Total Return Index by Standard & Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index, although individuals may invest in exchange traded funds or other investment vehicles that attempt to track the performance of an index. The Fund may or may not purchase the types of securities represented by the S&P 500 Total Return Index.

 

3Since inception returns assume inception date of 12/31/2013. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than eighteen months after the date of purchase (excluding shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

 

6828-NLD-08112022

(IMAGE)

11

 

Catalyst Pivotal Growth Fund
PORTFOLIO REVIEW (Unaudited)
June 30, 2022

 

The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmarks:

 

    Annualized Annualized
  1 Year Return 5 Year Return Since Inception**
Class A (45.18)% (5.36)% (0.69)%
Class A with load (48.32)% (6.47)% (1.38)%
Class C (45.63)% (6.08)% (1.44)%
Class I (45.07)% (5.14)% (0.44)%
S&P 500 Total Return Index(a) (10.62)% 11.31% 10.91%
Russell 3000 Total Return Index(b) (13.87)% 10.60% 10.29%

 

*The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance for periods greater than 1 years are annualized. As disclosed in the Fund’s prospectus dated November 1, 2021, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 2.57% for Class A, 3.31% for Class C and 2.29% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

 

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

 

(b)The Russell 3000 Total Return Index, is a market capitalization-weighted index of the 3,000 largest U.S. traded stocks. Investors cannot invest directly in an index.

 

**Inception date is December 31, 2013.

 

Comparison of the Change in Value of a $10,000 Investment

 

(LINE GRAPH)

 

Top Ten Holdings by Industry or Asset Type  % of Net Assets 
Software   19.5%
Internet Media & Services   11.0%
E-Commerce Discretionary   10.2%
Technology Services   9.0%
Semiconductors   8.7%
Health Care Facilities & Services   6.5%
Technology Hardware   5.5%
Biotech & Pharma   4.8%
Banking   4.4%
Transportation & Logistics   4.1%
Other/Cash & Equivalents   16.3%
    100.0%

 

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

12

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

June 30, 2022

 

Catalyst/MAP Global Equity Fund (CAXAX, CAXCX, CAXIX) (Unaudited)

 

Dear Fellow Shareholders:

 

The Catalyst/MAP Global Equity Fund’s (the “Fund”) total returns for the fiscal year, five-year and since inception periods through 06/30/22 as compared to the MSCI All Country World Stock Index1 and the MSCI All Country World Stock Value Index2 were as follows (unaudited):

 

Fund vs. Index Performance Calendar YTD 1 Year 5 Years Since Inception3
Class A without sales charge -11.50% -7.41% 5.28% 7.29%
Class A with sales charge -16.59% -12.73% 4.04% 6.71%
Class C -11.76% -8.07% 4.51% 6.48%
MSCI All Country World Stock Index1 -19.97% -15.37% 7.54% 8.05%
MSCI All Country World Stock Value Index2 -12.00% -7.47% 5.03% 6.56%
Class I (Inception Date – 6/6/14) -11.39% -7.15% 5.57% 5.50%
MSCI All Country World Stock Index1 -19.97% -15.37% 7.54% 6.76%*
MSCI All Country World Stock Value Index2 -12.00% -7.47% 5.03% 4.63%*

 

*Inception date: 6/6/14

 

The Fund’s maximum sales charge for Class A shares is 5.75%. lnvestments in mutual funds involve risks. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance information or the Fund’s prospectus, please call the Fund, toll-free at 1-866-447-4228. You can also obtain a prospectus at www.CatalystMutualFunds.com.

 

These last twelve months have been a tale of two cities when it comes to the broader markets. Stocks finished 2021 on a strong note, climbing to new all-time highs despite a choppy September, inflationary pressures, and the return of COVID-19 infections and the shutdowns that followed. However, in 2022, new challenges arose in the form of the Russian invasion of Ukraine, 40-year high inflation levels, and an aggressive Federal Reserve Bank trying to stop inflation in its tracks by beginning to take back years of excessive stimulus, causing markets to enter bear market territory. All three major U.S. indexes posted their second straight quarter of declines. U.S. stocks posted their worst first half in over 52 years as valuation levels contracted from near-record high levels. The S&P 500 printed its worst half-year since 1970. The Dow had its most significant first half drop since 1962, and the NASDAQ saw its largest percentage drop ever. Not surprisingly, stocks with the loftiest valuations generally performed the worst, while those with more modest valuations lost ground but were generally spared from the worst of the declines. Globally, the picture was not much different, as most countries face similar inflationary pressures.

 

As it pertains to the Fund, performance exceeded that of our primary benchmark for the year, while including sales charges, it trailed the secondary benchmark. Relative to the primary benchmark, the Fund experienced better performance in every sector with the exception of energy. While we have positioned the portfolio to weather the inflation storm, we chose to do so via the agricultural and materials spaces rather than in energy, as we believe they are not subject to as many governmental headwinds such as energy and with less economic cyclicality than traditional base metals. And while we do not have direct exposure to the energy sector, we do have holdings in several utilities with energy exposure, namely National Fuel Gas and UGI, Inc.

 

With that said, the top five contributors to performance for the year were Mosaic (MOS), +49.38%; GrainCorp LTD- A (GNC AX), +74.09%; Bunge (BG), +18.64%; National Fuel Gas (NFG), +30.17%; and Tetra Tech (TTEK), +12.54%. Not surprisingly, the vast majority of our top performers were inflation plays. Inversely, the top five detractors to performance for the year were Kratos Defense & Security (KTOS), -51.3%; eBay (EBAY), -39.83%; Micron Technology (MU), -34.7%, Groupe Bruxelles Lambert (GBLB BB), -23.15%; and Sprott Physical Gold & Silver (CEF), -17.5%).

 

(IMAGE)

13

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

While we believe that inflation is likely nearing its peak for this cycle, it will likely remain well above the Fed’s stated targets for an extended period. As such, we remain comfortable with the inflation names we own for reasons mentioned above. Additionally, we have confidence in the materials names in the Fund, such as Freeport – McMoRan (FCX), as we believe the movement toward less fossil fuel consumption will create a favorable backdrop for copper over the long term. As a reminder, as value investors, we not only require a stock to have an attractive valuation to be included in our portfolios but are also insistent on having a catalyst to unlock the value that we believe the stock possesses.

 

Looking at the portfolio activity during the year, turnover remains low. During the period, we exited shares of beverage company Distell Group Holdings LTD (DGH SJ) as the company was acquired. With the proceeds, we purchased shares of media company MultiChoice Group Ltd. (MCG SJ), as we believe Vivendi’s (VIV FP) more than 18% stake in the company could ultimately lead to consolidation. We also exited the shares of Thungela Resources Limited (TGA LN) we received when parent company Anglo American PLC (AAL LN) spun off the division. Thungela is a coal miner in South Africa and given the long-term shift away from fossil fuels we felt it was prudent to dispose of the shares. Our final disposition was Verizon Communications (VZ). We sold the shares in favor of adding shares of AT&T (T) as we felt the company was better positioned to gain subscribers. Additionally, we believed the company’s spin off of Warner Media and ultimate merger with Discovery (now WBD) would ultimately unlock long-term value given media mogul John Malone’s interest in the name. Shares of AT&T have gone on to outperform shares of Verizon since the shift. Lastly, we added two new health care names, Koninklijke Philips NV (PHG) and Medtronic PLC (MDT). Both purchases were made on the impetus that they would benefit from a return to normalized rates of hospital procedures following the COVID-19 pandemic shutdowns, as well as benefit from the long-term opportunity stemming from the lingering effects of long COVID (those who experience post-COVID symptoms for long periods of time).

 

Going forward, although only history will tell, if/when we enter a recession, we suspect that we are currently in a mild one, although a fair amount of Wall Street economists still believe one can be avoided. While the job market remains strong, with the jobless rate remaining a historically low 3.6% in June, coupled with better-than-expected hiring, there are signs – particularly from big technology companies – that the rate of hiring is due to slow down. The employment situation is an essential barometer in that the unemployment rate has increased every time there was a U.S. recession. This increase was as little as 1.9 percentage points in 1960 and 1961 and as much as 11.2 percentage points in 2020. The median increase in the jobless rate among all twelve post-World War II recessions was 3.5 percentage points. In fact, the U.S. did not escape any of those recessions with a jobless rate below 6.1%. However, the unusually high number of unfilled jobs in the U.S. makes this barometer challenging to predict. The U.S. has recorded more than eleven million unfilled job openings in six of the past seven months, four million more monthly openings than was typical before COVID-19 hit the economy in early 2020. At the same time, labor is scarce, making firms reluctant to fire their workers. The Bureau of Labor Statistics June nonfarm payroll data is evidence that this trend is continuing. Should this persist, we believe the Fed will find it much more difficult to fight inflation and deliver on their dual mandate.

 

Assuming we are presently in a recession (or soon to enter one), we suspect it will last longer than average in terms of duration. Our belief that the current economic downturn may last longer is due to the excessive government tools used to stimulate the economy, negating their recent efforts to quash it. In short, the Fed does not have the tools it needs to lift the economy out of a recession. With the Fed’s balance sheet near all-time high levels and the Fed Funds rate below 2%, there are no meaningful levers for the Fed to pull. Recall that it was the combination of perpetual Quantitative Easing (QE) that took the Fed’s balance sheet to over $9 trillion and three aggressive fiscal stimulus programs that created the inflation firestorm the Fed is trying to extinguish. An about-face on either front to help an ailing economy will stir inflation fears that much more.

 

Given current economic uncertainties coupled with policy missteps, we believe this year’s midterms may carry more investment sway than most other elections. Going through bear markets and recessions are never enjoyable experiences but, regrettably, are a natural part of investing. The best advice to adhere to is never to act emotionally

 

(IMAGE)

14

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

but rather to stay the course. We take comfort in owning quality companies with attractive valuations that generate solid dividend income. While no one can predict near-term market directions with absolute certainty, over the long- haul, equities have historically proven themselves to be long-term builders of wealth and, as value investors, value stocks have a demonstrated history of performing well during periods of inflation.

 

Kindest Regards,

 

Michael S. Dzialo, Peter J. Swan and Karen M. Culver

Portfolio Managers

 

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current Fund prospectus. To obtain a prospectus or other information about the Fund, please visit www.CatalystMF.com or call 1-866-447-4228. Please read the prospectus carefully before investing.

 

1The MSCI All Country World Stock Index is a market capitalization-weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International and is comprised of stocks from both developed and emerging markets. The Catalyst/MAP Global Equity Fund may or may not purchase the types of securities represented by the MSCI All Country World Stock Index.

 

2The MSCI All Country World Stock Value Index captures large- and mid-cap securities exhibiting overall value style characteristics across 23 developed markets (DM) countries. The MSCI ACWI Value is maintained by Morgan Stanley Capital International. The Catalyst/MAP Global Equity Fund may or may not purchase the types of securities represented by the MSCI All Country World Stock Value Index.

 

3Since inception returns assume inception date of 7/29/11. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than two years after the date of purchase and Class C shares held less than one year after the date of purchase (excluding in each case, shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

6825-NLD-08112022

 

(IMAGE)

15

 

Catalyst/MAP Global Equity Fund
PORTFOLIO REVIEW (Unaudited)
June 30, 2022

 


The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmarks:

 

    Annualized Annualized Annualized Annualized
  1 Year Return 5 Year Return Ten Year Return Since Inception** Since Inception***
Class A (7.41)% 5.28% 7.96% 7.29% N/A
Class A with load (12.73)% 4.04% 7.32% 6.71% N/A
Class C (8.07)% 4.51% 7.15% 6.48% N/A
Class I (7.15)% 5.57% N/A N/A 5.50%
MSCI All Country World Stock Index(a) (15.37)% 7.54% 9.32% 8.05% 6.76%
MSCI All Country World Stock Value Index(b) (7.47)% 5.03% 7.69% 6.56% 4.63%

 

*The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. As disclosed in the Fund’s prospectus dated November 1, 2021, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 1.65% for Class A, 2.40% for Class C, and 1.39% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

 

(a)The MSCI All Country World Stock Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance consisting of 24 developed market country indices. Investors cannot invest directly in an index.

 

(b)The MSCI All Country World Stock Value Index captures large and mid cap securities exhibiting overall value style characteristics across 23 Developed Markets countries and 27 Emerging Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

 

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

 

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

 

Comparison of the Change in Value of a $10,000 Investment

 

(LINE GRAPH)

 

Top Ten Holdings by Industry or Asset Type  % of Net Assets 
Biotech & Pharma   14.5%
Food   8.5%
Telecommunications   7.0%
Technology Hardware   7.0%
Gas & Water Utilities   5.9%
Semiconductors   5.1%
Wholesale - Consumer Staples   4.4%
Engineering & Construction   4.2%
Chemicals   3.8%
Commodity   3.4%
Other/Cash & Equivalents   36.2%
    100.0%

 

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

16

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

June 30, 2022

 

Catalyst/Lyons Tactical Allocation Fund (CLTAX, CLTCX, CLTIX) (Unaudited)

 

Dear Fellow Shareholders,

 

We are pleased to provide our annual report for the Catalyst/Lyons Tactical Allocation Fund (the “Fund”), with a discussion of highlights and performance for the fiscal year ended June 30, 2022 (“FY2022”).

 

Performance Discussion

 

The Fund returned -19.33% (class A shares) for the fiscal year ended 6/30/2022, compared with -13.55% for the benchmark (Lipper Flexible Portfolio Funds Index) and -11.75% for the Morningstar Tactical Allocation category. Since inception, CLTAX has returned +131.93% compounded (+8.78% annually), compared with +91.20% for the benchmark (+6.70% annually) and +46.22% for the peer group (+3.87% annually).

 

Class I Shares 1 Year 5 Years Since Inception1
Inception: 6/6/2014 As of 06/30/22 As of 06/30/22 (6/6/2014 – 6/30/2022)
Class I -19.15% 5.05% 5.51%
Lipper Flexible Portfolio Funds Index2 -13.55% 5.54% 4.85%
       
Class A & C Shares 1 Year 5 Years Since Inception1
Inception: 7/2/2012 As of 06/30/22 As of 06/30/22 (07/02/12 - 06/30/22)
Class A -19.33% 4.79% 8.78%
Class C -19.94% 4.00% 7.98%
Lipper Flexible Portfolio Funds Index2 -13.55% 5.54% 6.70%
Class A with Sales Charge -23.97% 3.55% 8.14%

 

The Fund’s maximum sales charge for Class “A” shares is 5.75%. lnvestments in mutual funds involve risks. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance maybe lower or higher than the performance data quoted. To obtain the most recent month-end performance information or the Fund’s prospectus please call the Fund, toll free at 1-866-447-4228. You can also obtain a prospectus at www.CatalystMF.com.

 

The Fund remained long equities throughout FY2022. Headline risks and technical weakness in September triggered implementation of a risk hedge. Conditions remained in place to maintain our risk hedge for the remainder of FY2022.

 

Fiscal year 2022 was truly a tale of two halves for U.S. equity markets. Growing inflation and Federal Reserve interest rate policy dominated headlines and financial markets. Inflation was believed to be transitory early on, with the highest price increases concentrated in consumer sectors booming with pent-up demand exiting the coronavirus crisis. Cracks in the economic recovery first emerged from the delta variant’s lagged effect on consumer activity in late Summer 2021. Concerns abruptly shifted toward a rapidly escalating supply crunch that triggered reversals in business outlooks, followed by downward earnings estimates. Multiples had already been compressing in 2021 as earnings estimates spent most of the year rallying faster than stock prices. Approaching 3rd quarter earnings season, earnings were still projected to grow at a record pace, but critically, that was due in large part to the suppressed base effects of the 2020 lockdowns. The rate at which Q3 earnings were projected to grow had, in fact, begun declining. When earnings multiples and growth projections gang up for a coordinated retreat, market risk grows.

 

(IMAGE)

17

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

November brought the omicron variant, and the Fed canceled the use of “transitory” to describe inflation, triggering an ugly but brief market selloff. Such was the headline volatility for much of FY2022, with push and pull among seemingly equal bullish and bearish dynamics. It took geopolitical tensions between Russia and Ukraine (pre-invasion) to turn markets away from all-time highs at the beginning of 2022. High inflation proved to not be transitory, in fact worsening due to unrelenting supply chain bottlenecks. A top tail risk fear among market participants had been an overshoot in the Federal Reserve’s loose money policy and willingness to let inflation run hot. Such fears were not without merit, as the Fed made an abrupt pivot to begin tightening sooner and in larger increments than expected. Market speculation and uncertainty about what policy reversion looks like changed by the day, leading to wild rotations within equity market sectors, as well as an interest rate backup and bearish curve flattening.

 

Markets crossed into bear territory in February, only to rally sharply on Russia’s actual invasion of Ukraine. The invasion and ping pong match of expectations for the Fed’s tightening path remained key drivers of volatility and declining sentiment. Energy supply disruptions exacerbated heavy inflation. Daily return volatility of the S&P 500 nearly quadrupled levels posted in all of 2017, a quiet year by comparison. Consumer sentiment posted record lows due to the inflationary impact on personal finances.

 

The Federal Reserve raised rates in March for the first time in four years. While expected, the market’s pricing of the pace and size of additional rate increases remained a roller coaster. The yield curve inverted multiple times across the middle. Bond indexes saw record declines and bond funds suffered their highest outflows in over a decade. Commodity indexes saw record gains in March, with the highest gas prices since 2013. Yet, the TINA dynamic (there is no alternative) and dip buying continued to provide green shoots of support for equities, followed by a series of reversals that would lead to a 20% YTD decline in the S&P as of June 30.

 

The roller coaster year for markets made for an equally eventful ride for the Fund. The headline events and market weakness that developed in early September met our risk hedging requirements. We implemented an options hedge on the S&P 500 intended to buffer near-term market risk and provide growing levels of protection in the event of a deeper selloff, should the intensifying headwinds from supply chain issues prompt a reset in market levels to reflect lower earnings growth. The hedge contributed positively to Fund return in September but detracted from return in October as markets recovered. With headline risk evolving from one coronavirus variant to another and inflationary pressures growing, we rolled the hedge in November ahead of expiration and later rolled to Nasdaq index options as tech/growth/momentum stocks led an early 2022 market correction. We continued actively managing our risk hedge throughout large rotations among sectors, style, and other factors that fueled high market volatility. The constant push and pull of speculation around Fed rate policy prompted offsetting contribution and detraction to/from Fund performance from our risk hedge during short time spans.

 

Market dynamics during FY2022 had a similar impact on our equity portfolio. Historically, the portfolio has a neutral style composition with more than half of our holdings in core stocks. The remaining positions generally are split with a slight tilt toward growth or value. In the first half of FY2022 we had a slight growth tilt. This growth tilt benefitted the Fund in early FY2022 with growth resurging as the reflation trade faltered. Selection effects weighed on Fund performance to close the year and start 2022. As a concentrated portfolio of 25 or fewer stocks, outsize returns by one stock can have a large impact on Fund return. The Fund’s position in Moderna, Inc. (NASDAQ: MRNA, 0% of assets as of 6/30/2022) declined approximately 52% in the December 2021 – January 2022 period, resulting in underperformance relative to the benchmark, and to a greater degree, broad equity markets during this time. With inflationary pressures growing, we began gradually shifting our growth tilt toward companies expected to thrive in inflationary regimes and potentially weak equity market cycles. This benefitted the Fund in the final quarter of FY2022 relative to broad equity markets but remaining fully allocated to equities during this time resulted in underperformance relative to the more balanced benchmark.

 

Closing

 

Rapidly deteriorating market conditions in the first half of 2022 resulted in a defensive signal from our Quantitative Risk Indicator on June 30 to close out the Fund’s fiscal year. With the potential defensive shift approaching, we

 

(IMAGE)

18

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

allowed the Fund’s risk hedge to expire in June in anticipation of implementing a whipsaw hedge in conjunction with a tactical asset allocation shift to U.S. Treasuries in July. Accordingly, the Fund begins the new fiscal year with a defensive allocation to Treasuries and a whipsaw hedge constructed of long equity index exposure. This allocation offers reduced volatility and improved risk/reward balance regardless of market direction in the near term. Treasuries are anticipated to offer downside protection in a severe market decline, while our whipsaw hedge will allow the Fund to participate in market upside should market headwinds subside and renewed strength take hold.

 

We thank you for your continued support.

 

Sincerely,

 

Matthew N. Ferratusco, CIPM

Portfolio Manager

Lyons Wealth Management, LLC, Fund Sub-Adviser

 

Alexander Read

CEO

Lyons Wealth Management, LLC, Fund Sub-Adviser

 

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current Fund prospectus. To obtain a prospectus or other information about the Fund, please visit www.CatalystMF.com or call 1-866-447-4228. Please read the prospectus carefully before investing.

 

1Since inception returns assume inception date of 07/02/2012 The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than two years after the date of purchase (excluding shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

2Lipper Flexible Portfolio Funds Index measures the unweighted average total return performance of the thirty largest share classes (as available) of funds in the Flexible Portfolio Funds classification. The full list of Lipper Index components is available directly from Lipper. Lipper Indices are unmanaged. The Thomson Reuters Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. For more information, see www.lipperfundawards.com. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. There is no assurance that the Fund will achieve its investment objective.

 

©2021 Morningstar. CLTIX rated 4-stars for the period ending 6/30/2021, based on 3-year risk adjusted returns out of 237 funds in the Tactical Allocation category. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

 

(IMAGE)

19

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life sub-accounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

 

6865-NLD-08252022

 

(IMAGE)

20

 

Catalyst/Lyons Tactical Allocation Fund
PORTFOLIO REVIEW (Unaudited)
June 30, 2022

 

The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmarks:

 

    Annualized Annualized Annualized
  1 Year Return 5 Year Return Since Inception** Since Inception***
Class A (19.33)% 4.79% 8.78% N/A
Class A with load (23.97)% 3.55% 8.14% N/A
Class C (19.94)% 4.00% 7.98% N/A
Class I (19.15)% 5.05% N/A 5.51%
Lipper Flexible Portfolio Funds Index(a) (13.55)% 5.54% 6.70% 4.85%
S&P 500 Total Return Index(b) (10.62)% 11.31% 12.94% 10.67%

 

*The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. As disclosed in the Fund’s prospectus dated November 1, 2021, the Fund’s total gross annual operating expenses, including the cost of underlying funds, are 1.94% for Class A, 2.69% for Class C, and 1.69% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

 

(a)The Lipper Flexible Portfolio Funds Index, is an index that, by portfolio practice, allocates its investments across various asset classes, including both domestic and foreign stocks, bonds, and money market instruments, with a focus on total return. At least 25% of its portfolio is invested in securities traded outside of the United States. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

Comparison of the Change in Value of a $10,000 Investment

 

(LINE GRAPH)

 

Top Ten Holdings by Industry or Asset Type  % of Net Assets 
Health Care Facilities & Services   16.0%
Retail - Consumer Staples   12.7%
Technology Services   11.1%
Retail - Discretionary   8.9%
Commercial Support Services   5.6%
Semiconductors   5.2%
Technology Hardware   5.0%
Software   4.9%
Diversified Industrials   4.1%
Biotech & Pharma   3.7%
Other/Cash & Equivalents   22.8%
    100.0%

 

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

21

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

June 30, 2022

 

Catalyst Dynamic Alpha Fund (CPEAX, CPECX, CPEIX) (Unaudited)

 

Dear Fellow Shareholders,

 

We are pleased to provide you with the annual report for the Catalyst Dynamic Alpha Fund (the “Fund”). Since collaborating with Catalyst Funds more than a decade ago to offer our flagship equity investment strategy as a mutual fund, we have made numerous significant accomplishments. We have leveraged the distribution advantages afforded through our partnership; vastly expanded the accessibility of the strategy; and produced noteworthy investment results for our investors. We continue to build upon our prior successes and are confident in our future.

 

The Fund’s total returns through 06/30/22 as compared to the S&P 500 Total Return Index are as follows:

 

Fund vs Index Performance Fiscal Year
(06/30/21-06/30/22)
Since Inception
(12/22/11-06/30/22)2
Class A without sales charge -6.77% 12.39%
Class A with sales charge -12.13% 11.76%
Class C -7.45% 11.55% 
Class l (Inception Date - 6/6/14) -6.54% 9.55%
S&P 500 Total ReturnIindex1 -10.62%  10.67% *

 

*Inception Date: 6/6/14

 

The Fund’s maximum sales charge for Class A shares is 5.75%. lnvestments in mutual funds involve risks. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance information or the Fund’s prospectus please call the Fund, toll free at 1-866-447-4228. You can also obtain a prospectus at www.CatalystMF.com.

 

The Catalyst Dynamic Alpha Fund seeks to achieve long-term capital appreciation by investing in what we believe to be outperforming securities from industries that are displaying emerging strength. Our security selection methodology is built upon proprietary quantitative algorithms, which are applied to both individual securities and custom industry groupings. This highly replicable selection approach is paired with an open architecture portfolio construction mandate that affords the portfolio management team the freedom to create and tactically shift portfolio exposures as market dynamics dictate. This style-agnostic approach, we believe, results in a nimble portfolio, which has produced a performance history, that often displays a lower correlation to the broad equity market than more traditional institutional strategies.

 

The Catalyst Dynamic Alpha Fund was well positioned to buffer the elevated market volatility experienced over the preceding 12 months. For the first half of the period, equities continued to rise against the backdrop of loose monetary policy. However, as the tenor of the Federal Reserve shifted to a more restrictive approach, equities slumped to their worst start to a calendar year since the 1970s. The Fund’s orientation towards defensive aspects of the stock market in tandem with its procyclical posture was well rewarded during the year. Furthermore, the portfolio’s underweight allocation to secular growth trends was advantageous as this facet of the investment spectrum suffered most acutely during the past six months. While Information Technology remains the largest sector allocation within the Fund, the weighting of the sector now stands about one third lower than a year ago. The proceeds from this reduction have been redirected to more defensive sectors such as Health Care, Utilities and Consumer Staples.

 

(IMAGE)

22

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

As of June 30, 2022, the portfolio was allocated in the following fashion.

 

Sector Allocation % Assets
Information Technology 18.1%
Health Care 17.4%
Industrials 13.5%
Financials 11.8%
Consumer Staples 11.4%
Materials 7.7%
Energy 7.5%
Real Estate 7.3%
Utilities 2.8%
Communication Services 1.8%
Consumer Discretionary 0.0%

 

Percentages in the above table are based on market value of the Fund’s portfolio as of June 30, 2022 and are subject to change.

 

For the year, the Fund produced positive allocation and selection effects to deliver relative outperformance of the benchmark. This fortuitus confluence was driven by a significantly underweight allocation to the poorest performing sector, Communications Services, and robust selection effects from the Industrial sector. Quanta Services (PWR) and Builders FirstSource (BLDR) gained 37% and 25%, respectively, over the holding period; far outpacing both the benchmark index and their sector peers. Quanta Services, a provider of engineering consulting services to utility providers and government entities, has consistently exceeded earnings expectations over the period and has grown revenues from about $11B to $14B over the past year. Builders FirstSource, a small capitalization firm based in Texas which manufactures and distributes building products to professional homebuilders, benefitted from several accretive acquisitions. Despite significant price gains, the stock continues to sell for a price to earnings multiple in the mid-single digits. Selections from the Information Technology and Consumer Discretionary sectors were the largest detractors from portfolio performance. Pure Storage (PSTG) and Aptiv PLC (APTV) fell to double digit losses before being sold from the portfolio.

 

As of June 30, 2022, the top five holdings in the Fund as a percentage of net assets were:

 

Company Weight
UnitedHealth Group 6.4%
Quanta Services, Inc. 5.1%
ON Semiconductor Corp. 4.0%
Hershey Co. 4.0%
AstraZeneca PLC 4.0%

 

Holdings are subject to change and should not be considered investment advice.

 

The ramifications of the Federal Reserve’s battle against inflation continue to trouble investors. A wide spectrum of possible economic outcomes has a reasonable possibility of occurring. This, in turn, has had the effect of muddling consensus and elevating volatility in assets. While current readings of price pressures continue to climb on a year-over-year basis, there have been noteworthy signs that future expectations of inflation have become far more sanguine. Breakeven inflation expectations in the bond market are falling toward their lowest levels of the past year, commodity prices (including oil) are dropping quickly, and home and rent costs are moderating in the face of higher interest rates. However, the cost of diffusing inflation pressures is borne by moderating economic growth, which has elevated recessionary alarms among some. With monthly employment growth running at more than 300,000 jobs and the unemployment rate at the lowest level of the past 50 years, an imminent recession is either unlikely or incredibly unusual. Though a persistent economic contraction seems improbable, economic

 

(IMAGE)

23

 

(CATALYST FUNDS LOGO) Catalyst Capital Advisors LLC | 646-827-2761

 

growth is set to moderate at the micro and macroeconomic levels. Rate sensitive spending on residences, durable and business equipment is likely to slip as borrowing costs rise by the largest figure since the mid 90’s. However, these expenditures are not currently overextended and personal consumption, which accounts for the preponderance of GDP, continues to hold up well despite the rise in prices.

 

Moderating growth seems the most probable economic path, which may prove fruitful to patient investors. Current equity valuations are notably more palatable than in the recent past. Large cap stocks trade at multiples which are in line with long term averages while equities further down the capitalization spectrum are discounted even more. The S&P 400 index of mid capitalization stocks trades at a current price to earnings multiple equivalent to the lows achieved in 2008 and 2001. Even more enticing, the S&P 600 index of small cap equities trades at the lowest multiple since the dataset began in the early 1990’s. Discounted valuation doesn’t necessarily portend imminent gains, but there is a strong correlation with advantageous long-term advances.

 

Valuations metrics for equities have moderated thus far in 2022, but as noted above, that normalization has not been uniform. Notably, one broad class of equities continues to trade at a valuation premium to its long-term average. The price-to-earnings multiple of large capitalization growth stocks is still about 15% above the average level of the past 20 years. This despite the fact that both growth and large cap stocks more generally have been among the poorer performers in the recent market correction. While the investment merits of the entire cohort cannot be dismissed outright, it is worth noting historically analogous market circumstances. At the turn of the century, stocks hit an all-time high driven by exponential advances by “dot-com” stocks and subsequently suffered an acute selloff. Prior to the Great Financial Crisis, equities hit a record high driven by advances in energy stocks before stumbling sharply as subprime mortgages crippled the banking system. Unsurprisingly, in each instance those stocks which catapulted the overall market higher were also significant underperformers during the downturn. However, despite the pronounced poor performance by these groups during the market selloff, they didn’t resume a market leadership position as equities moved higher. In fact, they persistently lagged the overall market rally in the early years of recovery. In short, what leads the market into a correction is not often what leads it out. While the full story of this investment cycle is yet to be written, the presumption that large cap growth stocks will simply reassume the mantle of performance leadership may be premature.

 

Sincerely,

 

Cory Krebs

President, Cookson, Peirce & Co., Sub-Advisor to the Fund

Portfolio Manager

 

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current Fund prospectus. To obtain a prospectus or other information about the Fund, please visit www.CatalystMF.com or call 1-866-447-4228. Please read the prospectus carefully before investing.

 

(1)The S&P 500 Total Return Index by Standard & Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index, although individuals may invest in exchange traded funds or other investment vehicles that attempt to track the performance of an index. The Catalyst Dynamic Alpha Fund may or may not purchase the types of securities represented by the S&P 500 Total Return Index.

 

(2)Since inception returns assume an inception date of 12/22/2011. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month- end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than two years after the date of purchase and Class C shares held less than one year after the date of purchase (excluding in each case, shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

 

6855-NLD-08222022

(IMAGE)

24

 

Catalyst Dynamic Alpha Fund
PORTFOLIO REVIEW (Unaudited)
June 30, 2022

 

The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmark:

 

    Annualized Annualized Annualized Annualized
  1 Year Return 5 Year Return Ten Year Return Since Inception** Since Inception***
Class A (6.77)% 7.39% 12.33% 12.39% N/A
Class A with load (12.13)% 6.13% 11.67% 11.76% N/A
Class C (7.45)% 6.59% 11.49% 11.55% N/A
Class I (6.54)% 7.66% N/A N/A 9.55%
S&P 500 Total Return Index(a) (10.62)% 11.31% 12.96% 13.28% 10.67%

 

*The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A shares may be subject to a 1.00% maximum deferred sales charge. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. As disclosed in the Fund’s prospectus dated November 1, 2021, the Fund’s total gross annual operating expenses are 1.48% for Class A, 2.23% for Class C and 1.23% for Class I shares. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For performance information current to the most recent month-end, please call toll-free 1-866-447-4228.

 

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

 

**Inception date is December 22, 2011, for Class A, Class C and the benchmark.

 

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

 

Comparison of the Change in Value of a $10,000 Investment

 

(LINE GRAPH)

 

Top Ten Holdings by Industry or Asset Type  % of Net Assets 
Health Care Facilities & Services   9.6%
Biotech & Pharma   7.8%
Food   7.6%
Oil & Gas Producers   7.5%
Semiconductors   6.8%
Insurance   6.2%
Engineering & Construction   5.1%
Technology Hardware   5.1%
Chemicals   4.3%
Software   3.9%
Other/Cash & Equivalents   36.1%
    100.0%

 

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

25

 

CATALYST INSIDER BUYING FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 98.9%     
     APPAREL & TEXTILE PRODUCTS - 4.9%     
 15,220   Crocs, Inc.(a)  $740,757 
           
     AUTOMOTIVE - 4.8%     
 1,080   Tesla, Inc.(a),(b)   727,294 
           
     E-COMMERCE DISCRETIONARY - 4.6%     
 1,095   MercadoLibre, Inc.(a)   697,373 
           
     INSURANCE - 7.2%     
 97,190   Ambac Financial Group, Inc.(a),(b)   1,103,106 
           
     INTERNET MEDIA & SERVICES - 7.4%     
 205   Alphabet, Inc., Class C(a)   448,427 
 4,120   Meta Platforms, Inc., Class A(a)   664,350 
         1,112,777 
     MEDICAL EQUIPMENT & DEVICES - 8.1%     
 4,510   Repligen Corporation(a),(b)   732,424 
 900   Thermo Fisher Scientific, Inc.   488,952 
         1,221,376 
     METALS & MINING - 9.1%     
 5,050   Alpha Metallurgical Resources, Inc.(a)   652,107 
 5,040   Arch Resources, Inc.   721,173 
         1,373,280 
     RENEWABLE ENERGY - 10.1%     
 3,925   Enphase Energy, Inc.(a)   766,317 
 2,770   SolarEdge Technologies, Inc.(a)   758,094 
         1,524,411 
     SOFTWARE - 38.3%     
 4,380   Crowdstrike Holdings, Inc., Class A(a)   738,293 
 620   Digital Turbine, Inc.(a)   10,831 
 3,645   DocuSign, Inc.(a)   209,150 
 450,920   Hims & Hers Health, Inc.(a),(b)   2,042,668 
 70   Microsoft Corporation   17,978 
 8,065   Okta, Inc.(a)   729,076 
           

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

26

 

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

 

Shares      Fair Value 
     COMMON STOCKS — 98.9% (Continued)     
     SOFTWARE - 38.3% (Continued)     
 12,400   RingCentral, Inc., Class A(a)  $648,024 
 1,580   ServiceNow, Inc.(a)   751,322 
 7,940   Twilio, Inc., Class A(a)   665,451 
         5,812,793 
     SPECIALTY FINANCE - 4.4%     
 124,980   SoFi Technologies, Inc.(a),(b)   658,645 
           
     TOTAL COMMON STOCKS (Cost $21,395,740)   14,971,812 
           
           
     COLLATERAL FOR SECURITIES LOANED - 19.0%     
 2,869,650   Mount Vernon Liquid Assets Portfolio, 1.61% (Cost $2,869,650)(c),(d)   2,869,650 
           
     TOTAL INVESTMENTS - 117.9% (Cost $24,265,390)  $17,841,462 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (17.9)%   (2,714,435)
     NET ASSETS - 100.0%  $15,127,027 
           
(a)Non-income producing security.

 

(b)All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2022 was $2,727,932, which included loaned securities with a value of $8,754 that have been sold and are pending settlement as of June 30, 2022. The total fair value of loaned securities, excluding these pending sales is $2,719,178.

 

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

 

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

 

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

27

 

CATALYST ENERGY INFRASTRUCTURE
SCHEDULE OF INVESTMENTS
June 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 99.8%     
     OIL & GAS PRODUCERS - 99.8%     
 158,938   Cheniere Energy, Inc.  $21,143,521 
 140,552   Crestwood Equity Partners, L.P.   3,384,492 
 103,397   DT Midstream, Inc.   5,068,521 
 209,634   Enbridge, Inc.   8,859,133 
 1,931,402   Energy Transfer, L.P.   19,275,392 
 1,035,563   EnLink Midstream, LLC   8,802,286 
 385,161   Enterprise Products Partners, L.P.   9,386,374 
 979,203   Equitrans Midstream Corporation   6,227,731 
 259,726   Gibson Energy, Inc.   4,810,040 
 126,607   Hess Midstream, L.P., A   3,544,996 
 275,107   Keyera Corporation   6,283,129 
 526,732   Kinder Morgan, Inc.   8,828,028 
 104,363   Magellan Midstream Partners, L.P.   4,984,377 
 34,010   Marathon Petroleum Corporation   2,795,962 
 110,486   MPLX, L.P.   3,220,667 
 2,145,083   NextDecade Corporation(a)   9,524,169 
 274,801   NuStar Energy, L.P.   3,847,214 
 293,278   ONEOK, Inc.   16,276,929 
 255,710   Pembina Pipeline Corporation   9,039,349 
 899,735   Plains GP Holdings, L.P.   9,285,265 
 145,648   Targa Resources Corporation   8,690,816 
 174,829   TC Energy Corporation   9,057,890 
 149,878   Western Midstream Partners, L.P.   3,643,534 
 576,131   Williams Companies, Inc. (The)   17,981,048 
           
     TOTAL COMMON STOCKS (Cost $181,381,765)   203,960,863 
           
     TOTAL INVESTMENTS - 99.8% (Cost $181,381,765)  $203,960,863 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%   313,820 
     NET ASSETS - 100.0%  $204,274,683 

 

LLC - Limited Liability Company
   
LP - Limited Partnership
   
(a)Non-income producing security.

 

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

28

 

CATALYST PIVOTAL GROWTH FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 96.8%     
     APPAREL & TEXTILE PRODUCTS - 3.9%     
 1,555   NIKE, Inc., Class B  $158,921 
           
     BANKING - 4.4%     
 4,615   Wells Fargo & Company   180,770 
           
     BIOTECH & PHARMA - 4.8%     
 1,290   AbbVie, Inc.(a)   197,576 
           
     E-COMMERCE DISCRETIONARY - 10.2%     
 2,160   Amazon.com, Inc.(b)   229,413 
 460   Etsy, Inc.(b)   33,677 
 245   MercadoLibre, Inc.(b)   156,033 
         419,123 
     ENTERTAINMENT CONTENT - 1.9%     
 1,145   Sea Ltd. - ADR(b)   76,555 
           
     HEALTH CARE FACILITIES & SERVICES - 6.5%     
 510   UnitedHealth Group, Inc.   261,952 
           
     INTERNET MEDIA & SERVICES - 11.0%     
 90   Alphabet, Inc., Class A(b)   196,133 
 670   Meta Platforms, Inc., Class A(b)   108,038 
 315   Netflix, Inc.(b)   55,084 
 1,150   Roku, Inc.(a),(b)   94,461 
         453,716 
     LEISURE FACILITIES & SERVICES - 3.5%     
 1,865   Starbucks Corporation   142,467 
           
     LEISURE PRODUCTS - 0.8%     
 3,400   Peloton Interactive, Inc., Class A(a),(b)   31,212 
           
     SEMICONDUCTORS - 8.7%     
 2,300   Advanced Micro Devices, Inc.(b)   175,881 
           

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

29

 

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

 

Shares      Fair Value 
     COMMON STOCKS — 96.8% (Continued)     
     SEMICONDUCTORS - 8.7% (Continued)     
 1,195   NVIDIA Corporation(a)  $181,150 
         357,031 
     SOFTWARE - 19.5%     
 600   Adobe, Inc.(b)   219,636 
 700   Bill.com Holdings, Inc.(b)   76,958 
 1,310   Crowdstrike Holdings, Inc., Class A(b)   220,813 
 3,700   Shopify, Inc., Class A(a),(b)   115,588 
 1,270   SS&C Technologies Holdings, Inc.   73,749 
 797   Zoom Video Communications, Inc., Class A(b)   86,052 
         792,796 
     TECHNOLOGY HARDWARE - 5.5%     
 1,655   Apple, Inc.   226,272 
           
     TECHNOLOGY SERVICES - 9.0%     
 2,000   Block, Inc., Class A(a),(b)   122,920 
 1,240   Visa, Inc., Class A(a)   244,143 
         367,063 
     TELECOMMUNICATIONS - 3.0%     
 2,395   Verizon Communications, Inc.   121,546 
           
     TRANSPORTATION & LOGISTICS - 4.1%     
 790   Union Pacific Corporation   168,491 
           
     TOTAL COMMON STOCKS (Cost $6,828,887)   3,955,491 
           
     COLLATERAL FOR SECURITIES LOANED - 20.0%     
 818,905   Mount Vernon Liquid Assets Portfolio, 1.61% (Cost $818,905)(c),(d)   818,905 
           
     SHORT-TERM INVESTMENTS — 0.1%     
     MONEY MARKET FUNDS - 0.1%     
 2,064   Federated Hermes Government Obligations Fund, Institutional Class, 1.36% (Cost $2,064)(c)   2,064 
           

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

30

 

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

 

       Fair Value 
     TOTAL INVESTMENTS - 116.9% (Cost $7,649,856)  $4,776,460 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (16.9)%   (692,134)
     NET ASSETS - 100.0%  $4,084,326 

 

ADR - American Depositary Receipt
   
LTD - Limited Company
   
(a)All or a portion of these securities are on loan. Total loaned securities had a value of $663,043 at June 30, 2022.

 

(b)Non-income producing security.

 

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

 

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

 

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

31

 

CATALYST/MAP GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

 

Shares      Fair Value 
     CLOSED END FUNDS — 3.4%     
     COMMODITY - 3.4%     
 144,000   Sprott Physical Gold and Silver Trust(a)  $2,422,080 
           
     TOTAL CLOSED END FUNDS (Cost $1,917,569)   2,422,080 
           
     COMMON STOCKS — 92.9%     
     AEROSPACE & DEFENSE - 2.8%     
 143,840   Kratos Defense & Security Solutions, Inc.(a)   1,996,499 
           
     ASSET MANAGEMENT - 2.5%     
 21,800   Groupe Bruxelles Lambert S.A.   1,819,826 
           
     BEVERAGES - 1.4%     
 2,200,000   Thai Beverage PCL   1,021,297 
           
     BIOTECH & PHARMA - 14.5%     
 13,900   Johnson & Johnson   2,467,389 
 35,680   Novartis A.G. - ADR   3,016,029 
 59,750   Sanofi - ADR   2,989,293 
 138,000   Takeda Pharmaceutical Company Ltd. - ADR   1,937,520 
         10,410,231 
     CABLE & SATELLITE - 1.0%     
 102,000   MultiChoice Group   726,064 
           
     CHEMICALS - 3.8%     
 59,465   Mosaic Company (The)   2,808,532 
           
     CONSTRUCTION MATERIALS - 3.0%     
 25,180   Holcim Ltd.   1,077,500 
 38,945   MDU Resources Group, Inc.   1,051,126 
         2,128,626 
     E-COMMERCE DISCRETIONARY - 3.0%     
 50,500   eBay, Inc.   2,104,335 
           

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

32

 

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

 

Shares      Fair Value 
     COMMON STOCKS — 92.9% (Continued)     
     ENGINEERING & CONSTRUCTION - 4.2%     
 22,305   Tetra Tech, Inc.  $3,045,748 
           
     ENTERTAINMENT CONTENT - 2.9%     
 5,359   Electronic Arts, Inc.   651,922 
 112,100   Vivendi S.A.   1,138,734 
 23,563   Warner Bros Discovery, Inc.(a)   316,215 
         2,106,871 
     FOOD - 8.5%     
 39,050   Campbell Soup Company   1,876,353 
 169,700   GrainCorp Ltd.   1,114,227 
 515,200   Grupo Herdez S.A.B. de C.V.   662,083 
 16,550   Nestle S.A. - ADR   1,926,255 
 259,170   United Malt Grp Ltd.   585,119 
         6,164,037 
     GAS & WATER UTILITIES - 5.9%     
 39,270   National Fuel Gas Company   2,593,784 
 43,000   UGI Corporation   1,660,230 
         4,254,014 
     HOUSEHOLD PRODUCTS - 1.4%     
 66,000   Reckitt Benckiser Group plc - ADR   1,005,180 
           
     INSTITUTIONAL FINANCIAL SERVICES - 0.7%     
 79,500   JSE Ltd.   491,237 
           
     INTERNET MEDIA & SERVICES - 0.4%     
 1,743   Meta Platforms, Inc., Class A(a)   281,059 
           
     MEDICAL EQUIPMENT & DEVICES - 1.3%     
 15,150   Koninklijke Philips N.V. - ADR   326,179 
 6,028   Medtronic plc   541,013 
         867,192 
     METALS & MINING - 2.7%     
 42,000   Anglo American plc - ADR   755,580 
 13,000   Anglo American plc   464,766 
           

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

33

 

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

 

Shares      Fair Value 
         
     COMMON STOCKS — 92.9% (Continued)     
     METALS & MINING - 2.7% (Continued)     
 25,755   Freeport-McMoRan, Inc.  $753,591 
         1,973,937 
     REAL ESTATE OWNERS & DEVELOPERS - 0.8%     
 275,000   Swire Pacific Ltd.   274,407 
 51,000   Swire Pacific Ltd., Class A   303,846 
         578,253 
     RETAIL - CONSUMER STAPLES - 1.2%     
 7,062   Walmart, Inc.   858,598 
           
     RETAIL - DISCRETIONARY - 1.2%     
 3,281   Home Depot, Inc. (The)   899,880 
           
     SEMICONDUCTORS - 5.1%     
 6,500   Applied Materials, Inc.   591,370 
 29,505   Intel Corporation   1,103,782 
 35,000   Micron Technology, Inc.   1,934,800 
         3,629,952 
     SOFTWARE - 3.0%     
 8,500   Microsoft Corporation   2,183,055 
           
     TECHNOLOGY HARDWARE - 7.0%     
 10,300   Apple, Inc.   1,408,216 
 46,500   Cisco Systems, Inc.   1,982,760 
 365,550   Nokia OYJ - ADR   1,685,186 
         5,076,162 
     TELECOMMUNICATIONS - 7.0%     
 59,000   AT&T, Inc.   1,236,640 
 204,606   Orange S.A. - ADR   2,408,213 
 92,930   Vodafone Group plc - ADR   1,447,849 
         5,092,702 
     TOBACCO & CANNABIS - 3.2%     
 10,800,000   Hanjaya Mandala Sampoerna Tbk P.T.   705,197 
 71,000   Imperial Brands plc - ADR   1,594,660 
         2,299,857 
           

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

34

 

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

 

Shares      Fair Value 
     COMMON STOCKS — 92.9% (Continued)     
     WHOLESALE - CONSUMER STAPLES - 4.4%     
 35,060   Bunge Ltd.  $3,179,591 
           
     TOTAL COMMON STOCKS (Cost $57,106,118)   67,002,735 
           
     TOTAL INVESTMENTS - 96.3% (Cost $59,023,687)  $69,424,815 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 3.7%   2,693,620 
     NET ASSETS - 100.0%  $72,118,435 

 

ADR - American Depositary Receipt
   
LTD - Limited Company
   
OYJ - Julkinen osakeyhtiö
   
PCL - Public Company Limited
   
PLC - Public Limited Company
   
SA - Société Anonyme
   
(a)Non-income producing security.

 

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

35

 

CATALYST/LYONS TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS
June 30, 2022
 

 

Shares      Fair Value 
     COMMON STOCKS — 99.7%     
     BIOTECH & PHARMA - 3.7%     
 10,362   Moderna, Inc.(a)  $1,480,212 
           
     CHEMICALS - 3.6%     
 28,067   Dow, Inc.   1,448,538 
           
     COMMERCIAL SUPPORT SERVICES - 5.6%     
 14,503   Waste Management, Inc.   2,218,669 
           
     CONSUMER SERVICES - 3.4%     
 19,502   Service Corporation International   1,347,978 
           
     DIVERSIFIED INDUSTRIALS - 4.1%     
 9,485   Honeywell International, Inc.   1,648,588 
           
     ELECTRICAL EQUIPMENT - 2.6%     
 4,971   Lennox International, Inc.   1,026,959 
           
     FORESTRY, PAPER & WOOD PRODUCTS - 3.2%     
 24,323   Louisiana-Pacific Corporation   1,274,768 
           
     HEALTH CARE FACILITIES & SERVICES - 16.0%     
 4,402   Chemed Corporation   2,066,255 
 9,706   HCA Healthcare, Inc.   1,631,190 
 5,206   UnitedHealth Group, Inc.   2,673,958 
         6,371,403 
     HOUSEHOLD PRODUCTS - 3.0%     
 12,949   Church & Dwight Company, Inc.   1,199,854 
           
     INTERNET MEDIA & SERVICES - 3.1%     
 12,853   Expedia Group, Inc.(a)   1,218,850 
           
     LEISURE FACILITIES & SERVICES - 3.6%     
 1,101   Chipotle Mexican Grill, Inc.(a)   1,439,293 
           

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

36

 

CATALYST/LYONS TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 99.7% (Continued)     
     RETAIL - CONSUMER STAPLES - 12.7%     
 3,252   Costco Wholesale Corporation  $1,558,619 
 9,473   Dollar General Corporation   2,325,053 
 8,371   Target Corporation   1,182,236 
         5,065,908 
     RETAIL - DISCRETIONARY - 8.9%     
 10,128   Advance Auto Parts, Inc.   1,753,056 
 6,541   Home Depot, Inc. (The)   1,794,000 
         3,547,056 
     SEMICONDUCTORS - 5.2%     
 6,426   KLA Corporation   2,050,408 
           
     SOFTWARE - 4.9%     
 7,656   Microsoft Corporation   1,966,290 
           
     TECHNOLOGY HARDWARE - 5.0%     
 14,651   Apple, Inc.   2,003,085 
           
     TECHNOLOGY SERVICES - 11.1%     
 12,331   Broadridge Financial Solutions, Inc.   1,757,785 
 15,099   Leidos Holdings, Inc.   1,520,620 
 3,319   S&P Global, Inc.   1,118,702 
         4,397,107 
           
     TOTAL COMMON STOCKS (Cost $36,306,208)   39,704,966 
           
     TOTAL INVESTMENTS - 99.7% (Cost $36,306,208)  $39,704,966 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%   136,525 
     NET ASSETS - 100.0%  $39,841,491 
           
(a)Non-income producing security.

 

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

37

 

CATALYST DYNAMIC ALPHA FUND
SCHEDULE OF INVESTMENTS
June 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 99.3%     
     AEROSPACE & DEFENSE - 3.3%     
 42,950   Raytheon Technologies Corporation  $4,127,925 
           
     ASSET MANAGEMENT - 3.4%     
 23,550   LPL Financial Holdings, Inc.(a)   4,344,504 
           
     BIOTECH & PHARMA - 7.8%     
 75,700   AstraZeneca plc - ADR(a)   5,001,499 
 92,700   Pfizer, Inc.   4,860,261 
         9,861,760 
     CHEMICALS - 4.3%     
 61,650   Corteva, Inc.   3,337,731 
 21,000   Westlake Corporation   2,058,420 
         5,396,151 
     ENGINEERING & CONSTRUCTION - 5.1%     
 51,950   Quanta Services, Inc.(a)   6,511,413 
           
     FOOD - 7.6%     
 23,250   Hershey Company (The)(a)   5,002,470 
 54,400   Tyson Foods, Inc., Class A   4,681,664 
         9,684,134 
     GAS & WATER UTILITIES - 2.8%     
 120,400   NiSource, Inc.(a)   3,550,596 
           
     HEALTH CARE FACILITIES & SERVICES - 9.6%     
 28,900   AmerisourceBergen Corporation   4,088,772 
 15,675   UnitedHealth Group, Inc.   8,051,150 
         12,139,922 
     INSURANCE - 6.2%     
 50,650   MetLife, Inc.   3,180,314 
 27,500   Travelers Companies, Inc. (The)   4,651,075 
         7,831,389 
     METALS & MINING - 3.4%     
 147,900   Freeport-McMoRan, Inc.   4,327,554 
           

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

38

 

CATALYST DYNAMIC ALPHA FUND
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 99.3% (Continued)     
     OIL & GAS PRODUCERS - 7.5%     
 88,700   Devon Energy Corporation  $4,888,257 
 147,800   Williams Companies, Inc. (The)   4,612,838 
         9,501,095 
     RENEWABLE ENERGY - 2.4%     
 15,500   Enphase Energy, Inc.(b)   3,026,220 
           
     RESIDENTIAL REIT - 2.1%     
 19,550   Camden Property Trust   2,629,084 
           
     RETAIL - DISCRETIONARY - 2.7%     
 63,700   Builders FirstSource, Inc.(b)   3,420,690 
           
     RETAIL REIT - 2.8%     
 177,000   Kimco Realty Corporation   3,499,290 
           
     SEMICONDUCTORS - 6.8%     
 10,600   KLA Corporation   3,382,248 
 101,500   ON Semiconductor Corporation(a),(b)   5,106,464 
         8,488,712 
     SOFTWARE - 3.9%     
 16,400   Synopsys, Inc.(b)   4,980,680 
           
     SPECIALTY REITS - 2.4%     
 63,350   Iron Mountain, Inc.(a)   3,084,512 
           
     TECHNOLOGY HARDWARE - 5.1%     
 104,500   Juniper Networks, Inc.(a)   2,978,250 
 16,250   Motorola Solutions, Inc.   3,406,000 
         6,384,250 
     TECHNOLOGY SERVICES - 2.2%     
 7,325   FactSet Research Systems, Inc.   2,816,975 
           

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

39

 

CATALYST DYNAMIC ALPHA FUND
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2022

 

Shares      Fair Value 
     COMMON STOCKS — 99.3% (Continued)     
     TELECOMMUNICATIONS - 1.8%     
 17,000   T-Mobile US, Inc.(a),(b)  $2,287,180 
           
     TRANSPORTATION & LOGISTICS - 2.3%     
 13,900   Union Pacific Corporation   2,964,592 
           
     WHOLESALE - CONSUMER STAPLES - 3.8%     
 56,300   Sysco Corporation(a)   4,769,173 
           
     TOTAL COMMON STOCKS (Cost $118,093,316)   125,627,801 
           
     COLLATERAL FOR SECURITIES LOANED - 24.1%     
 30,513,562   Mount Vernon Liquid Assets Portfolio, 1.61% (Cost $30,513,562)(c),(d)   30,513,562 
           
     TOTAL INVESTMENTS - 123.4% (Cost $148,606,878)  $156,141,363 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (23.4)%   (29,590,068)
     NET ASSETS - 100.0%  $126,551,295 

 

ADR - American Depositary Receipt
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
   
(a)All or a portion of these securities are on loan. Total loaned securities had a value of $29,674,076 at June 30, 2022.

 

(b)Non-income producing security.

 

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

 

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

 

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

40

 

CATALYST FUNDS
Statements of Assets and Liabilities
June 30, 2022

 

   Catalyst Insider   Catalyst Energy   Catalyst Pivotal 
   Buying Fund   Infrastructure Fund   Growth Fund 
ASSETS:               
Investment in Securities, at Cost  $24,265,390   $181,381,765   $7,649,856 
Investment in Securities, at Value  $17,841,462   $203,960,863   $4,776,460 
Cash   96,153    112,157    127,360 
Receivable for securities sold   119,498         
Receivable for Fund shares sold   306    213,599     
Dividends and interest receivable   5,443    309,347    616 
Due from Manager           6,243 
Prepaid expenses and other assets   23,024    32,692    19,359 
Total Assets   18,085,886    204,628,658    4,930,038 
                
LIABILITIES:               
Payable upon return of securities loaned (Market value of securities on loan $2,727,932, $0, and $663,043, respectively)   2,869,650        818,905 
Payable for Fund shares redeemed   33,037    31,256     
Management fees payable   8,169    210,028     
Trustee fee payable   3,293    3,318    3,274 
Payable to related parties   3,752    10,391    1,981 
Compliance Officer fees payable       9     
Accrued 12b-1 fees   16,899    59,208    1,433 
Accrued expenses and other liabilities   24,059    39,765    20,119 
Total Liabilities   2,958,859    353,975    845,712 
                
Net Assets  $15,127,027   $204,274,683   $4,084,326 
                
NET ASSETS CONSIST OF:               
Paid in capital  $70,684,648   $232,379,206   $7,593,219 
Accumulated deficit   (55,557,621)   (28,104,523)   (3,508,893)
Net Assets  $15,127,027   $204,274,683   $4,084,326 
                
Class A               
Net Assets  $7,959,410   $26,527,297   $2,074,182 
Shares of beneficial interest outstanding (a)   702,289    1,472,360    296,891 
Net asset value per share (Net assets/shares outstanding)  $11.33   $18.02   $6.99 
Maximum offering price per share (b)  $12.02   $19.12   $7.42 
Minimum redemption price per share (c)  $11.22   $17.84   $6.92 
                
Class C               
Net Assets  $2,485,155   $22,816,688   $920,871 
Shares of beneficial interest outstanding (a)   229,066    1,267,832    139,516 
Net asset value, offering price and               
redemption price per share (Net assets/shares outstanding)  $10.85   $18.00   $6.60 
                
Class I               
Net Assets  $4,682,462   $154,930,698   $1,089,273 
Shares of beneficial interest outstanding (a)   405,023    8,565,673    154,070 
Net asset value, offering price and redemption price per share (Net assets/shares outstanding)  $11.56   $18.09   $7.07 
                
(a)Unlimited number of shares of no par value beneficial interest authorized.

 

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

 

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

 

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

41

 

CATALYST FUNDS
Statements of Assets and Liabilities (Continued)
June 30, 2022

 

       Catalyst/Lyons   Catalyst 
   Catalyst/MAP   Tactical   Dynamic Alpha 
   Global Equity Fund   Allocation Fund   Fund 
ASSETS:               
Investment in Securities, at Cost  $59,023,687   $36,306,208   $148,606,878 
Investment in Securities, at Value  $69,424,815   $39,704,966   $156,141,363 
Cash   2,848,625    177,119    895,762 
Receivable for securities sold           163,421 
Receivable for Fund shares sold   6,126    14,556    320 
Dividends and interest receivable   416,813    28,718    127,420 
Prepaid expenses and other assets   22,446    20,904    31,973 
Total Assets   72,718,825    39,946,263    157,360,259 
                
LIABILITIES:               
Payable upon return of securities loaned (Market value of securities on loan $0, $0, and $29,674,076, respectively)           30,513,562 
Payable for Fund shares redeemed   514,482    25,564    16,047 
Management fees payable   34,723    28,834    96,900 
Trustee fee payable   3,361    3,311    3,398 
Payable to related parties   4,947    4,548    9,193 
Compliance Officer fees payable   110    238    353 
Accrued 12b-1 fees   13,730    17,534    127,745 
Accrued expenses and other liabilities   29,037    24,743    41,766 
Total Liabilities   600,390    104,772    30,808,964 
                
Net Assets  $72,118,435   $39,841,491   $126,551,295 
                
NET ASSETS CONSIST OF:               
Paid in capital  $63,179,965   $36,752,576   $117,554,127 
Accumulated earnings   8,938,470    3,088,915    8,997,168 
Net Assets  $72,118,435   $39,841,491   $126,551,295 
                
Class A               
Net Assets  $8,845,132   $6,317,489   $65,336,793 
Shares of beneficial interest outstanding (a)   568,683    414,313    3,750,642 
Net asset value per share (Net assets/shares outstanding)  $15.55   $15.25   $17.42 
Maximum offering price per share (b)  $16.50   $16.18   $18.48 
Minimum redemption price per share (c)  $15.39   $15.10   $17.25 
                
Class C               
Net Assets  $8,279,308   $16,480,444   $26,315,203 
Shares of beneficial interest outstanding (a)   546,209    1,120,428    1,701,224 
Net asset value, offering price and redemption price per share (Net assets/shares outstanding)  $15.16   $14.71   $15.47 
                
Class I               
Net Assets  $54,993,995   $17,043,558   $34,899,299 
Shares of beneficial interest outstanding (a)   3,533,410    1,117,094    1,965,016 
Net asset value, offering price and redemption price per share (Net assets/shares outstanding)  $15.56   $15.26   $17.76 
                
(a)Unlimited number of shares of no par value beneficial interest authorized.

 

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

 

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

 

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

42

 

CATALYST FUNDS
Statements of Operations
For the Year Ended June 30, 2022

 

   Catalyst Insider   Catalyst Energy   Catalyst Pivotal 
   Buying Fund   Infrastructure Fund   Growth Fund 
Investment Income:               
Dividend income  $14,616   $9,599,260   $51,506 
Interest income   335    1,030    59 
Securities lending - net   78,933        1,031 
Foreign tax withheld       (337,151)   (18)
Total Investment Income   93,884    9,263,139    52,578 
                
Operating Expenses:               
Investment management fees   382,286    2,247,559    83,070 
12b-1 fees:               
Class A   40,082    71,803    11,288 
Class C   52,360    218,777    19,625 
Registration fees   55,243    60,800    45,846 
Networking fees   44,946    139,275    9,782 
Administration fees   26,720    69,132    19,515 
Audit fees   15,302    13,757    13,686 
Trustees’ fees   13,495    13,763    13,842 
Management services fees   13,049    46,994    5,805 
Printing expense   12,211    11,732    7,098 
Legal fees   11,013    11,933    21,856 
Compliance officer fees   6,585    13,889    10,517 
Transfer agent fees   6,493    11,250    677 
Custody fees   3,042    16,038    3,803 
Insurance expense   1,310    3,394    281 
Interest expense   1,056    5,569    898 
Miscellaneous expense   2,828    2,815    3,079 
Total Operating Expenses   688,021    2,958,480    270,668 
Less: Fees waived and/or reimbursed by Manager   (106,821)   (88,950)   (132,834)
Net Operating Expenses   581,200    2,869,530    137,834 
                
Net Investment Income (Loss)   (487,316)   6,393,609    (85,256)
                
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, and Foreign Currency Translations:               
Net realized gain (loss) from:               
Investments   (3,196,705)   800,860    (606,965)
Foreign currency transactions   (1)   (4,596)    
Net realized gain (loss)   (3,196,706)   796,264    (606,965)
                
Net change in unrealized appreciation (depreciation) on:               
Investments   (22,181,292)   9,292,829    (3,567,940)
Foreign currency translations   (41)   429     
Net change in unrealized appreciation (depreciation)   (22,181,333)   9,293,258    (3,567,940)
                
Net Realized and Unrealized Gain (Loss) on Investments   (25,378,039)   10,089,522    (4,174,905)
                
Net Increase (Decrease) in Net Assets Resulting From Operations  $(25,865,355)  $16,483,131   $(4,260,161)
                

 

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

43

 

CATALYST FUNDS
Statements of Operations (Continued)
For the Year Ended June 30, 2022

 

       Catalyst/Lyons   Catalyst 
   Catalyst/MAP   Tactical   Dynamic Alpha 
   Global Equity Fund   Allocation Fund   Fund 
Investment Income:               
Dividend Income  $2,012,085   $632,884   $2,320,305 
Interest Income   3,147    768    815 
Securities lending - net           13,733 
Foreign tax withheld   (160,916)       (7,265)
Total Investment Income   1,854,316    633,652    2,327,588 
                
Operating Expenses:               
Investment management fees   762,920    655,078    1,622,681 
12b-1 fees:               
Class A   24,848    21,461    202,739 
Class C   96,570    204,192    344,316 
Networking fees   60,417    41,309    138,095 
Registration fees   43,911    52,791    53,125 
Administration fees   38,706    31,465    58,611 
Management services fees   22,430    16,651    42,935 
Audit fees   15,449    13,794    13,770 
Trustees’ fees   13,659    13,571    13,684 
Custody fees   13,048    3,158    10,556 
Legal fees   12,444    12,316    14,201 
Compliance officer fees   9,455    11,656    14,513 
Transfer agent fees   6,569    4,511    11,491 
Printing expense   6,211    6,006    8,228 
Insurance expense   1,879    1,345    4,931 
Interest expense   227    462    1,110 
Miscellaneous expense   3,079    2,623    3,153 
Total Operating Expenses   1,131,822    1,092,389    2,558,139 
Less: Fees waived and/or reimbursed by Manager   (277,805)   (196,082)   (177,953)
Net Operating Expenses   854,017    896,307    2,380,186 
                
Net Investment Income (Loss)   1,000,299    (262,655)   (52,598)
                
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Purchased Options, Written Options, and Foreign Currency Translations:               
Net realized gain (loss) from:               
Investments   2,354,690    1,036,702    5,475,629 
Purchased Options       (1,129,338)    
Written Options   13,587         
Foreign currency transactions   (15,973)        
Net realized gain (loss)   2,352,304    (92,636)   5,475,629 
                
Net change in unrealized appreciation (depreciation) on:               
Investments   (9,126,547)   (10,085,474)   (12,908,628)
Written Options   13         
Foreign currency translations   (8,284)        
Net change in unrealized appreciation (depreciation)   (9,134,818)   (10,085,474)   (12,908,628)
                
Net Realized and Unrealized Loss on Investments   (6,782,514)   (10,178,110)   (7,432,999)
                
Net Decrease in Net Assets Resulting From Operations  $(5,782,215)  $(10,440,765)  $(7,485,597)
                

 

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

44

 

CATALYST FUNDS
Statements of Changes in Net Assets

 

   Catalyst Insider Buying Fund   Catalyst Energy Infrastructure Fund   Catalyst Pivotal Growth Fund 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2022   June 30, 2021   June 30, 2022   June 30, 2021   June 30, 2022   June 30, 2021 
Operations:                              
Net investment income (loss)  $(487,316)  $(604,802)  $6,393,609   $4,623,759   $(85,256)  $(84,283)
Net realized gain (loss) on investments   (3,196,706)   4,248,346    796,264    (10,414,615)   (606,965)   4,326,873 
Net change in unrealized appreciation (depreciation) on investments   (22,181,333)   8,142,147    9,293,258    58,092,171    (3,567,940)   (554,952)
Net increase (decrease) in net assets resulting from operations   (25,865,355)   11,785,691    16,483,131    52,301,315    (4,260,161)   3,687,638 
                               
Distributions to Shareholders from:                              
Return of Capital                              
Class A           (1,376,812)   (2,080,231)        
Class C           (999,754)   (1,334,231)        
Class I           (7,153,659)   (5,581,993)        
Distributions paid                              
Class A           (730,042)   (313,306)   (153,715)    
Class C           (448,443)   (204,894)   (71,564)    
Class I           (2,697,632)   (772,651)   (62,002)    
                               
Total distributions to shareholders           (13,406,342)   (10,287,306)   (287,281)    
                               
Share Transactions of Beneficial Interest:                              
Net proceeds from shares sold                              
Class A   2,119,328    864,976    5,041,825    4,046,509    394,251    1,360,706 
Class C   35,851    162,319    4,696,736    2,303,332    87,719    21,607 
Class I   1,670,896    2,491,725    92,897,377    44,715,776    678,938    476,893 
Paid in capital from merger (see Note 1)                              
Class A       4,485,740                 
Class C       1,020,318                 
Class I       2,281,871                 
Reinvestment of distributions                              
Class A           1,536,394    1,802,250    150,239     
Class C           1,251,436    1,047,100    67,689     
Class I           8,180,489    5,548,236    51,738     
Cost of shares redeemed                              
Class A   (4,634,769)   (3,221,421)   (11,496,202)   (8,384,196)   (1,955,580)   (1,987,700)
Class C   (3,099,476)   (2,278,322)   (5,111,503)   (5,599,677)   (836,170)   (2,652,952)
Class I   (9,186,085)   (3,613,788)   (51,274,406)   (31,752,313)   (820,063)   (4,328,114)
Net increase (decrease) in net assets from share transactions of beneficial interest   (13,094,255)   2,193,418    45,722,146    13,727,017    (2,181,239)   (7,109,560)
                               
Total Increase (Decrease) in Net Assets   (38,959,610)   13,979,109    48,798,935    55,741,026    (6,728,681)   (3,421,922)
                               
Net Assets:                              
Beginning of year   54,086,637    40,107,528    155,475,748    99,734,722    10,813,007    14,234,929 
End of year  $15,127,027   $54,086,637   $204,274,683   $155,475,748   $4,084,326   $10,813,007 
                               
Share Activity:                              
Class A                              
Shares Sold   97,561    38,204    283,723    293,041    39,381    113,281 
Share received from merger (see note 1)       197,598                 
Shares Reinvested           85,832    135,204    13,319     
Shares Redeemed   (279,913)   (146,184)   (654,096)   (610,835)   (208,700)   (183,894)
Net increase (decrease) in shares of Beneficial interest   (182,352)   89,618    (284,541)   (182,590)   (156,000)   (70,613)
                               
Class C                              
Shares Sold   1,964    7,670    257,042    160,244    11,047    2,133 
Share received from merger (see note 1)       46,543                 
Shares Reinvested           69,531    78,108    6,326     
Shares Redeemed   (161,141)   (107,031)   (290,398)   (414,117)   (90,815)   (245,775)
Net increase (decrease) in shares of Beneficial interest   (159,177)   (52,818)   36,175    (175,765)   (73,442)   (243,642)
                               
Class I                              
Shares Sold   93,442    106,909    4,997,996    3,038,122    60,941    37,673 
Share received from merger (see note 1)       98,824                 
Shares Reinvested           448,349    408,134    4,538     
Shares Redeemed   (658,775)   (166,458)   (2,773,173)   (2,380,036)   (74,799)   (427,481)
Net increase (decrease) in shares of Beneficial interest   (565,333)   39,275    2,673,172    1,066,220    (9,320)   (389,808)
                               

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

45

 

CATALYST FUNDS
Statements of Changes in Net Assets (Continued)

 

   Catalyst/MAP Global Equity Fund   Catalyst/Lyons Tactical Allocation Fund   Catalyst Dynamic Alpha Fund 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2022   June 30, 2021   June 30, 2022   June 30, 2021   June 30, 2022   June 30, 2021 
Operations:                              
Net investment income (loss)  $1,000,299   $685,565   $(262,655)  $(187,208)  $(52,598)  $(1,181,539)
Net realized gain (loss) on investments   2,352,304    663,464    (92,636)   534,973    5,475,629    51,780,877 
Net change in unrealized appreciation (depreciation) on investments   (9,134,818)   14,475,828    (10,085,474)   14,391,376    (12,908,628)   (16,750,562)
Net increase (decrease) in net assets resulting from operations   (5,782,215)   15,824,857    (10,440,765)   14,739,141    (7,485,597)   33,848,776 
                               
Distributions to Shareholders from:                              
Distributions paid                              
Class A   (176,950)   (184,950)   (51,044)   (245,756)   (21,254,845)    
Class C   (104,120)   (104,642)   (126,964)   (652,365)   (9,902,033)    
Class I   (1,176,800)   (758,070)   (149,253)   (548,055)   (12,443,436)    
Total distributions to shareholders   (1,457,870)   (1,047,662)   (327,261)   (1,446,176)   (43,600,314)    
                               
Share Transactions of Beneficial Interest:                              
Net proceeds from shares sold                              
Class A   1,233,569    1,323,603    1,737,274    2,072,578    5,712,846    7,817,389 
Class C   303,589    977,728    2,461,069    2,156,462    1,333,846    5,048,861 
Class I   16,339,473    17,220,846    6,645,576    7,394,318    4,332,865    8,018,083 
Reinvestment of distributions                              
Class A   127,800    136,861    48,257    230,960    20,598,490     
Class C   84,475    81,398    124,323    633,121    9,541,554     
Class I   1,006,888    678,248    137,176    503,125    10,984,410     
Cost of shares redeemed                              
Class A   (1,804,824)   (4,597,753)   (2,656,778)   (1,495,357)   (19,598,175)   (24,555,539)
Class C   (1,619,080)   (2,071,116)   (3,241,990)   (2,504,373)   (9,013,761)   (11,073,257)
Class I   (8,185,612)   (8,386,360)   (7,663,518)   (3,598,605)   (17,616,059)   (27,816,074)
Net increase (decrease) in net assets from share transactions of beneficial interest   7,486,278    5,363,455    (2,408,611)   5,392,229    6,276,016    (42,560,537)
                               
Total Increase (Decrease) in Net Assets   246,193    20,140,650    (13,176,637)   18,685,194    (44,809,895)   (8,711,761)
                               
Net Assets:                              
Beginning of year   71,872,242    51,731,592    53,018,128    34,332,934    171,361,190    180,072,951 
End of year  $72,118,435   $71,872,242   $39,841,491   $53,018,128   $126,551,295   $171,361,190 
                               
Share Activity:                              
Class A                              
Shares Sold   71,890    87,085    90,536    123,179    261,234    340,569 
Shares Reinvested   7,585    9,064    2,479    13,822    993,177     
Shares Redeemed   (105,703)   (304,583)   (145,423)   (88,562)   (906,745)   (1,069,458)
Net increase (decrease) in shares of Beneficial interest   (26,228)   (208,434)   (52,408)   48,439    347,666    (728,889)
                               
Class C                              
Shares Sold   18,270    62,622    134,690    128,634    61,218    242,384 
Shares Reinvested   5,123    5,507    6,592    38,818    516,039     
Shares Redeemed   (96,407)   (140,758)   (183,736)   (153,065)   (466,897)   (524,383)
Net increase (decrease) in shares of Beneficial interest   (73,014)   (72,629)   (42,454)   14,387    110,360    (281,999)
                               
Class I                              
Shares Sold   950,085    1,097,601    346,867    434,843    189,026    343,316 
Shares Reinvested   59,791    44,947    7,053    30,200    520,095     
Shares Redeemed   (479,058)   (555,851)   (430,267)   (218,452)   (790,708)   (1,196,391)
Net increase (decrease) in shares of Beneficial interest   530,818    586,697    (76,347)   246,591    (81,587)   (853,075)
                               

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

46

 

CATALYST FUNDS
Catalyst Insider Buying Fund
Financial Highlights
 

For a Share Outstanding Throughout Each Year

 

   Class A 
   For the   For the   For the   For the   For the 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2022   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018 
Net asset value, beginning of year  $24.08   $18.49   $19.28   $18.53   $15.46 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment loss (A)   (0.24)   (0.28)   (0.04)   (0.17)   (0.08)
Net realized and unrealized gain (loss) on investments   (12.51)   5.87    (0.75)   0.92    3.15 
Total from investment operations   (12.75)   5.59    (0.79)   0.75    3.07 
                          
Net asset value, end of year  $11.33   $24.08   $18.49   $19.28   $18.53 
                          
Total return (B)   (52.95)%   30.23%   (4.10)%   4.05%   19.86%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000’s)  $7,959   $21,299   $14,703   $20,850   $29,682 
Ratios to average net assets (including interest expense)(E)                         
Expenses, before waiver and reimbursement (C)   1.81%   1.70%   1.69%   1.63%   1.58%
Expenses, net waiver and reimbursement (C)   1.53%   1.53%   1.54%   1.52%   1.50%
Net investment loss, before waiver and reimbursement (C,D)   (1.57)%   (1.47)%   (0.34)%   (1.01)%   (0.57)%
Net investment loss, net waiver and reimbursement (C,D)   (1.29)%   (1.30)%   (0.20)%   (0.90)%   (0.49)%
Portfolio turnover rate   66%   77%   249%   220%   153%
                          
                          
   Class C 
   For the   For the   For the   For the   For the 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2022   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018 
Net asset value, beginning of year  $23.22   $17.97   $18.87   $18.28   $15.36 
                          
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                         
Net investment loss (A)   (0.37)   (0.43)   (0.17)   (0.30)   (0.21)
Net realized and unrealized gain (loss) on investments   (12.00)   5.68    (0.73)   0.89    3.13 
Total from investment operations   (12.37)   5.25    (0.90)   0.59    2.92 
                          
Net asset value, end of year  $10.85   $23.22   $17.97   $18.87   $18.28 
                          
Total return (B)   (53.27)%   29.22%   (4.77)%   3.23%   19.01%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000’s)  $2,485   $9,015   $7,926   $