CATALYST FUNDS

CATALYST SMALL-CAP INSIDER BUYING FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		COMMON STOCK - 100.1%
		ADVERTISING - 16.2%
	268,000	Fluent, Inc. *	$	1,506,160
	3,100	Trade Desk, Inc. *		613,645
				2,119,805
		BANKS - 12.5%
	8,800	Carolina Financial Corp.		304,392
	3,700	Horizon Bancorp, Inc.		59,533
	13,600	National Commerce Corp. *		533,256
	11,500	Nicolet Bankshares, Inc. *		685,400
	2,000	Old Line Bancshares, Inc.		49,860
	125	Walker & Dunlop, Inc.		6,364
				1,638,805
		BUILDING MATERIALS - 3.0%
	5,100	Patrick Industries, Inc. *		231,132
	76,000	Research Frontiers, Inc. *		164,160
				395,292
		COMMERCIAL SERVICES - 3.9%
	500	HealthEquity, Inc. *		36,990
	5,300	Paylocity Holding Corp. *		472,707
				509,697
		COMPUTERS - 10.1%
	5,550	CyberArk Software Ltd. *		660,727
	10,300	Mercury Systems, Inc. *		660,024
				1,320,751
		DIVERSIFIED FINANCIAL SERVICES - 0.0%
	420	Mr. Cooper Group, Inc. *		4,028
		ENERGY-ALTERNATE SOURCES - 3.8%
	13,300	SolarEdge Technologies, Inc. *		501,144
		FOOD - 4.3%
	26,300	Sprouts Farmers Market, Inc. *		566,502
		HEALTHCARE PRODUCTS - 9.5%
	9,700	BioTelemetry, Inc. *		607,414
	10,700	Repligen Corp. *		632,156
				1,239,570
		HEALTHCARE SERVICES - 5.1%
	13,100	Ensign Group, Inc.		670,589
		HOME FURNISHINGS - 7.6%
	8,500	iRobot Corp. *		1,000,365
		INSURANCE - 0.0%
	150	Trupanion, Inc. *		4,911
		INTERNET - 5.0%
	13,700	Mimecast Ltd. *		648,695
		LEISURE PRODUCTS - 2.1%
	7,000	Malibu Boats, Inc. *		277,060

CATALYST FUNDS

CATALYST SMALL-CAP INSIDER BUYING FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Shares			Value
		COMMON STOCK - 100.1% (Continued)
		PHARMACEUTICALS - 4.3%
	15,700	Corcept Therapeutics, Inc. *	$	184,318
	40,800	CorMedix, Inc. *		385,560
				569,878
		REAL ESTATE INVESTMENT TRUSTS - 0.3%
	900	PennyMac Mortgage Investment Trust		18,639
	1,300	Two Harbors Investment Corp.		17,589
				36,228
		RETAIL - 3.3%
	2,500	Carvana Co. *		145,150
	3,300	Ollie’s Bargain Outlet Holdings, Inc. *		281,589
				426,739
		SAVINGS & LOANS - 4.7%
	18,900	BSB Bancorp, Inc. *		620,676
		SOFTWARE - 1.7%
	4,700	Blackline, Inc. *		217,704
		WATER - 2.7%
	6,500	California Water Service Group		352,820
		TOTAL COMMON STOCK (Cost - $13,026,855)		13,121,259
		TOTAL INVESTMENTS - 100.1% (Cost - $13,026,855)	$	13,121,259
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		(12,942	)
		NET ASSETS - 100.0%	$	13,108,317

* Non-income producing security.

CATALYST FUNDS

CATALYST INSIDER BUYING FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		COMMON STOCK - 99.1%
		AEROSPACE/DEFENSE - 4.8%
	100	HEICO Corp.	$	9,487
	5,600	TransDigm Group, Inc. *		2,542,344
				2,551,831
		BEVERAGES - 4.2%
	40,500	Monster Beverage Corp. *		2,210,490
		BIOTECHNOLOGY - 9.7%
	245,000	Amarin Corp. PLC - ADR *		5,086,200
	100	Regeneron Pharmaceuticals, Inc. *		41,062
				5,127,262
		BUILDING MATERIALS - 0.2%
	300	Lennox International, Inc.		79,320
		COMMERCIAL SERVICES - 5.8%
	50	Global Payments, Inc.		6,826
	33,000	IHS Markit Ltd. *		1,794,540
	4,200	PayPal Holdings, Inc. *		436,128
	2,900	S&P Global, Inc.		610,595
	1,700	Total System Services, Inc.		161,517
	1,350	TransUnion		90,234
				3,099,840
		COMPUTERS - 4.5%
	33,300	Cognizant Technology Solutions Corp.		2,412,585
		DIVERSIFIED FINANCIAL SERVICES - 9.7%
	54,000	Charles Schwab Corp.		2,309,040
	1,200	Mastercard, Inc.		282,540
	16,300	Visa, Inc.		2,545,897
				5,137,477
		ELECTRIC - 7.3%
	600	Consolidated Edison, Inc.		50,886
	19,700	NextEra Energy, Inc.		3,808,404
				3,859,290
		HEALTHCARE PRODUCTS - 0.2%
	650	Stryker Corp.		128,388
		HEALTHCARE SERVICES - 4.3%
	42,500	Centene Corp. *		2,256,750
		INTERNET - 0.0%
	100	GoDaddy, Inc. *		7,519
		MACHINERY-DIVERSIFIED - 4.8%
	7,500	Roper Technologies, Inc.		2,564,775
		REAL ESTATE INVESTMENT TRUST - 0.7%
	3,500	Annaly Capital Management, Inc.		349,650

CATALYST FUNDS

CATALYST INSIDER BUYING FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Shares			Value
		COMMON STOCK - 99.1% (Continued)
		RETAIL - 26.3%
	2,500	AutoZone, Inc. *	$	2,560,300
	44,000	Carvana Co. *		2,554,640
	24,400	Dollar Tree, Inc. *		2,562,976
	200	Five Below, Inc. *		24,850
	1,000	Home Depot, Inc.		191,890
	6,400	O’Reilly Automotive, Inc. *		2,485,120
	10,500	Tractor Supply Co.		1,026,480
	7,300	Ulta Beauty, Inc. *		2,545,729
				13,951,985
		SEMICONDUCTORS - 4.8%
	8,500	Broadcom, Inc.		2,556,035
		SOFTWARE - 11.7%
	200	Adobe, Inc. *		53,298
	500	Fair Isaac Corp. *		135,815
	15,900	Fiserv, Inc. *		1,403,652
	21,800	Microsoft Corp.		2,571,092
	2,200	Paycom Software, Inc. *		416,086
	6,700	ServiceNow, Inc. *		1,651,483
				6,231,426
		WATER - 0.1%
	1,500	Aqua America, Inc.		54,660
		TOTAL COMMON STOCK (Cost - $47,531,867)		52,579,283
		TOTAL INVESTMENTS - 99.1% (Cost - $47,531,867)	$	52,579,283
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%		451,274
		NET ASSETS - 100.0%	$	53,030,557

* Non-income producing security.

ADR - American Depositary Receipt

PLC - Public Limited Company

CATALYST FUNDS

CATALYST HEDGED COMMODITY STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Contracts (a)			Counterparty	Notional Value		Expiration Date	Exercise Price		Value
		OPTIONS PURCHASED - 33.6% *
		CALL OPTIONS PURCHASED - 18.1%
	500	Corn Future, Maturing May 2019 +	Wedbush	$	9,375,000	4/29/2019	$	375.00	$	21,875
	100	Corn Future, Maturing May 2019 +	Wedbush		2,000,000	4/29/2019		400.00		625
	200	Corn Future, Maturing May 2019 +	Wedbush		4,050,000	4/29/2019		405.00		1,250
	2	Corn Future, Maturing May 2019 +	Wedbush		42,000	4/29/2019		420.00		13
	300	Corn Future, Maturing June 2019 +	Wedbush		6,225,000	5/28/2019		415.00		7,500
	300	Corn Future, Maturing June 2019 +	Wedbush		6,900,000	5/28/2019		460.00		1,875
	200	Corn Future, Maturing July 2019 +	Wedbush		4,000,000	6/24/2019		400.00		33,750
	200	Corn Future, Maturing July 2019 +	Wedbush		4,100,000	6/24/2019		410.00		22,500
	100	Corn Future, Maturing July 2019 +	Wedbush		2,100,000	6/24/2019		420.00		8,750
	302	Corn Future, Maturing July 2019 +	Wedbush		6,795,000	6/24/2019		450.00		11,325
	300	Corn Future, Maturing July 2019 +	Wedbush		6,900,000	6/24/2019		460.00		7,500
	50	Crude Oil Future, Maturing May 2019 +	Wedbush		2,575,000	4/17/2019		51.50		434,500
	50	Crude Oil Future, Maturing May 2019 +	Wedbush		2,625,000	4/17/2019		52.50		385,500
	100	Crude Oil Future, Maturing May 2019 +	Wedbush		5,500,000	4/17/2019		55.00		531,000
	50	Crude Oil Future, Maturing May 2019 +	Wedbush		3,050,000	4/17/2019		61.00		42,000
	150	Crude Oil Future, Maturing May 2019 +	Wedbush		9,225,000	4/17/2019		61.50		97,500
	50	Crude Oil Future, Maturing May 2019 +	Wedbush		3,150,000	4/17/2019		63.00		14,000
	200	Crude Oil Future, Maturing May 2019 +	Wedbush		12,700,000	4/17/2019		63.50		40,000
	125	Crude Oil Future, Maturing May 2019 +	Wedbush		8,125,000	4/17/2019		65.00		10,000
	100	Crude Oil Future, Maturing June 2019 +	Wedbush		5,100,000	5/17/2019		51.00		952,000
	100	Crude Oil Future, Maturing June 2019 +	Wedbush		5,700,000	5/17/2019		57.00		433,000
	100	Crude Oil Future, Maturing June 2019 +	Wedbush		5,750,000	5/17/2019		57.50		396,000
	100	Crude Oil Future, Maturing June 2019 +	Wedbush		7,000,000	6/18/2019		70.00		27,000
	40	Crude Oil Future, Maturing September 2019 +	Wedbush		2,520,000	8/16/2019		63.00		111,200
	50	Crude Oil Future, Maturing October 2019 +	Wedbush		2,700,000	9/18/2019		54.00		426,000
	10	Crude Oil Future, Maturing October 2019 +	Wedbush		605,000	9/18/2019		60.50		43,800
	100	Crude Oil Future, Maturing October 2019 +	Wedbush		6,200,000	9/18/2019		62.00		363,000
	50	Crude Oil Future, Maturing Novemeber 2019 +	Wedbush		2,200,000	10/18/2019		44.00		842,000
	125	Crude Oil Future, Maturing Novemeber 2019 +	Wedbush		7,687,500	10/18/2019		61.50		520,000
	100	Crude Oil Future, Maturing Novemeber 2019 +	Wedbush		6,800,000	10/18/2019		68.00		172,000
	50	Crude Oil Future, Maturing Decemeber 2019 +	Wedbush		2,050,000	11/18/2019		41.00		975,500
	100	Crude Oil Future, Maturing Decemeber 2019 +	Wedbush		5,650,000	11/18/2019		56.50		722,000
	75	Crude Oil Future, Maturing Decemeber 2019 +	Wedbush		4,387,500	11/18/2019		58.50		450,000
	50	Crude Oil Future, Maturing Decemeber 2019 +	Wedbush		2,975,000	11/18/2019		59.50		271,500
	150	Crude Oil Future, Maturing Decemeber 2019 +	Wedbush		9,150,000	11/18/2019		61.00		696,000
	100	Crude Oil Future, Maturing Decemeber 2019 +	Wedbush		6,350,000	11/18/2019		63.50		349,000
	25	Gold Future, Maturing May 2019 +	Wedbush		3,350,000	4/26/2019		1,340.00		5,500
	60	Gold Future, Maturing June 2019 +	Wedbush		8,070,000	5/29/2019		1,345.00		33,600
	75	Gold Future, Maturing June 2019 +	Wedbush		10,312,500	5/29/2019		1,375.00		20,250
	75	Gold Future, Maturing June 2019 +	Wedbush		10,537,500	5/29/2019		1,405.00		9,750
	70	Gold Future, Maturing June 2019 +	Wedbush		10,045,000	5/29/2019		1,435.00		4,200
	25	Gold Future, Maturing June 2019 +	Wedbush		3,687,500	5/29/2019		1,475.00		750
	100	Gold Future, Maturing July 2019 +	Wedbush		13,500,000	6/26/2019		1,350.00		95,000
	25	Gold Future, Maturing July 2019 +	Wedbush		3,475,000	6/26/2019		1,390.00		11,250
	100	Gold Future, Maturing July 2019 +	Wedbush		14,100,000	6/26/2019		1,410.00		32,000
	400	Gold Future, Maturing July 2019 +	Wedbush		60,600,000	6/26/2019		1,515.00		20,000
	150	Gold Future, Maturing September 2019 +	Wedbush		20,400,000	8/28/2019		1,360.00		243,000
	150	Gold Future, Maturing September 2019 +	Wedbush		20,850,000	8/28/2019		1,390.00		168,000
		TOTAL CALL OPTIONS PURCHASED (Cost - $10,815,255)								10,064,763
		PUT OPTIONS PURCHASED - 15.5%
	700	Corn Future, Maturing May 2019 +	Wedbush		12,425,000	4/29/2019		355.00		183,750
	325	Corn Future, Maturing May 2019 +	Wedbush		5,850,000	4/29/2019		360.00		125,937
	200	Corn Future, Maturing May 2019 +	Wedbush		3,650,000	4/29/2019		365.00		110,000
	150	Corn Future, Maturing May 2019 +	Wedbush		2,775,000	4/29/2019		370.00		111,562
	250	Corn Future, Maturing May 2019 +	Wedbush		5,250,000	4/29/2019		420.00		795,313
	250	Corn Future, Maturing May 2019 +	Wedbush		5,375,000	4/29/2019		430.00		918,750
	600	Corn Future, Maturing June 2019 +	Wedbush		11,100,000	5/28/2019		370.00		300,000
	300	Corn Future, Maturing June 2019 +	Wedbush		5,925,000	5/28/2019		395.00		450,000
	100	Corn Future, Maturing July 2019 +	Wedbush		1,900,000	6/24/2019		380.00		103,750
	100	Corn Future, Maturing July 2019 +	Wedbush		1,950,000	6/24/2019		390.00		142,500
	200	Corn Future, Maturing July 2019 +	Wedbush		4,300,000	6/24/2019		430.00		647,500
	400	Corn Future, Maturing September 2019 +	Wedbush		6,600,000	8/26/2019		330.00		40,000
	200	Corn Future, Maturing September 2019 +	Wedbush		3,600,000	8/26/2019		360.00		106,250
	100	Corn Future, Maturing September 2019 +	Wedbush		2,150,000	8/26/2019		430.00		303,125
	100	Crude Oil Future, Maturing June 2019 +	Wedbush		3,600,000	5/17/2019		36.00		1,000
	200	Crude Oil Future, Maturing July 2019 +	Wedbush		7,900,000	6/18/2019		39.50		10,000
	200	Crude Oil Future, Maturing August 2019 +	Wedbush		8,900,000	7/18/2019		44.50		52,000
	100	Crude Oil Future, Maturing August 2019 +	Wedbush		5,150,000	7/18/2019		51.50		93,000
	100	Crude Oil Future, Maturing September 2019 +	Wedbush		4,250,000	8/16/2019		42.50		25,000
	50	Crude Oil Future, Maturing October 2019 +	Wedbush		2,400,000	9/18/2019		48.00		45,000
	50	Crude Oil Future, Maturing October 2019 +	Wedbush		2,425,000	9/18/2019		48.50		49,000

CATALYST FUNDS

CATALYST HEDGED COMMODITY STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

March 31, 2019

Contracts (a)			Counterparty	Notional Value				Expiration Date	Exercise Price		Value
		OPTIONS PURCHASED (Continued) - 33.6% *
		PUT OPTIONS PURCHASED (Continued) - 15.5%
	100	Crude Oil Future, Maturing October 2019 +	Wedbush	$	5,700,000			9/18/2019	$	57.00	$	302,000
	100	Crude Oil Future, Maturing December 2019 +	Wedbush		2,800,000			11/18/2019		28.00		4,000
	100	Crude Oil Future, Maturing December 2019 +	Wedbush		3,500,000			11/18/2019		35.00		16,000
	75	Gold Future, Maturing June 2019 +	Wedbush		9,487,500			5/29/2019		1,265.00		41,250
	200	Gold Future, Maturing August 2019 +	Wedbush		25,200,000			7/26/2019		1,260.00		186,000
	100	Gold Future, Maturing August 2019 +	Wedbush		12,800,000			7/26/2019		1,280.00		156,000
	250	Gold Future, Maturing August 2019 +	Wedbush		32,625,000			7/26/2019		1,305.00		682,500
	150	Gold Future, Maturing August 2019 +	Wedbush		5,775,000			7/26/2019		385.00		1,318,500
	75	Gold Future, Maturing September 2019 +	Wedbush		9,900,000			8/28/2019		1,320.00		279,000
	75	Gold Future, Maturing September 2019 +	Wedbush		9,937,500			8/28/2019		1,325.00		302,250
	75	Gold Future, Maturing September 2019 +	Wedbush		10,500,000			8/28/2019		1,400.00		741,000
		TOTAL PUT OPTIONS PURCHASED (Cost - $7,667,924)										8,641,937
		TOTAL OPTIONS PURCHASED (Cost - $18,483,179)										18,706,700
Principal				Coupon Rate (%)				Maturity
		UNITED STATES GOVERNMENT SECURITIES - 82.2%
$	2,000,000	United States Treasury Note			1.625	%		4/30/2019				1,998,686
	3,000,000	United States Treasury Note			1.250	%		4/30/2019				2,998,350
	3,000,000	United States Treasury Note			3.125	%		5/15/2019				3,002,386
	3,000,000	United States Treasury Note			1.250	%		5/31/2019				2,994,039
	3,000,000	United States Treasury Note +			1.000	%		6/30/2019				2,988,867
	2,000,000	United States Treasury Note			0.750	%		7/15/2019				1,990,000
	4,000,000	United States Treasury Note			1.625	%		8/31/2019				3,985,000
	5,000,000	United States Treasury Note			1.000	%		8/31/2019				4,969,531
	10,000,000	United States Treasury Note			0.875	%		9/15/2019				9,930,083
	2,000,000	United States Treasury Note			1.000	%		9/30/2019				1,985,469
	5,000,000	United States Treasury Note			1.500	%		10/31/2019				4,972,656
	4,000,000	United States Treasury Strips Principal			0.000	%		12/15/2019				3,932,339
		TOTAL UNITED STATES GOVERNMENT SECURITIES (Cost - $45,770,193)										45,747,406
Shares
		SHORT-TERM INVESTMENTS - 4.7%
	2,631,604	Goldman Sachs Financial Square Funds, Government Institutional Class, 2.32% + **										2,631,604
		TOTAL SHORT-TERM INVESTMENTS (Cost - $2,631,604)										2,631,604
		TOTAL INVESTMENTS - 120.5% (Cost - $66,884,976)									$	67,085,710
		LIABILITIES IN EXCESS OF OTHER ASSETS - (20.5)% ^										(11,417,917	)
		NET ASSETS - 100.0%									$	55,667,793
Contracts (a)			Counterparty	Notional Value			Expiration Date		Exercise Price		Value
		OPTIONS WRITTEN - (34.7)% *
		CALL OPTIONS WRITTEN - (17.6)%
	600	Corn Future, Maturing May 2019 +	Wedbush	$	11,700,000			4/29/2019	$	390.00	$	7,500
	200	Corn Future, Maturing June 2019 +	Wedbush		3,950,000			5/28/2019		395.00		13,750
	200	Corn Future, Maturing June 2019 +	Wedbush		4,050,000			5/28/2019		405.00		7,500
	600	Corn Future, Maturing June 2019 +	Wedbush		13,050,000			5/28/2019		435.00		3,750
	300	Corn Future, Maturing June 2019 +	Wedbush		6,750,000			5/28/2019		450.00		1,875
	200	Crude Oil Future, Maturing May 2019 +	Wedbush		11,400,000			4/17/2019		57.00		700,000
	150	Crude Oil Future, Maturing May 2019 +	Wedbush		8,700,000			4/17/2019		58.00		402,000
	300	Crude Oil Future, Maturing May 2019 +	Wedbush		18,000,000			4/17/2019		60.00		396,000
	300	Crude Oil Future, Maturing June 2019 +	Wedbush		16,500,000			5/17/2019		55.00		1,782,000
	300	Crude Oil Future, Maturing July 2019 +	Wedbush		21,900,000			6/18/2019		73.00		36,000
	300	Crude Oil Future, Maturing September 2019 +	Wedbush		20,250,000			8/16/2019		67.50		387,000
	150	Crude Oil Future, Maturing October 2019 +	Wedbush		8,850,000			9/18/2019		59.00		783,000
	100	Crude Oil Future, Maturing November 2019 +	Wedbush		5,150,000			10/18/2019		51.50		1,057,000
	100	Crude Oil Future, Maturing November 2019 +	Wedbush		5,600,000			10/18/2019		56.00		736,000
	100	Crude Oil Future, Maturing November 2019 +	Wedbush		5,900,000			10/18/2019		59.00		550,000
	150	Crude Oil Future, Maturing November 2019 +	Wedbush		9,075,000			10/18/2019		60.50		700,500
	200	Crude Oil Future, Maturing November 2019 +	Wedbush		13,100,000			10/18/2019		65.50		496,000
	100	Crude Oil Future, Maturing December 2019 +	Wedbush		4,900,000			11/18/2019		49.00		1,261,000
	9	Gold Future, Maturing May 2019 +	Wedbush		1,224,000			4/26/2019		1,360.00		900
	50	Gold Future, Maturing May 2019 +	Wedbush		6,975,000			4/26/2019		1,395.00		1,500
	100	Gold Future, Maturing June 2019 +	Wedbush		14,100,000			5/29/2019		1,410.00		12,000
	100	Gold Future, Maturing July 2019 +	Wedbush		13,750,000			6/26/2019		1,375.00		59,000
	100	Gold Future, Maturing July 2019 +	Wedbush		13,800,000			6/26/2019		1,380.00		54,000
	100	Gold Future, Maturing July 2019 +	Wedbush		14,300,000			6/26/2019		1,430.00		22,000
	600	Gold Future, Maturing July 2019 +	Wedbush		89,100,000			6/26/2019		1,485.00		48,000
	150	Gold Future, Maturing August 2019 +	Wedbush		20,175,000			7/26/2019		1,345.00		210,000
	75	Gold Future, Maturing August 2019 +	Wedbush		10,237,500			7/26/2019		1,365.00		78,000
		TOTAL CALL OPTIONS WRITTEN (Premiums Received - $10,162,124)										9,806,275

CATALYST FUNDS

CATALYST HEDGED COMMODITY STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

March 31, 2019

Contracts (a)			Counterparty	Notional Value		Expiration Date	Exercise Price		Value
		OPTIONS WRITTEN (Continued) - (34.7)% *
		PUT OPTIONS WRITTEN - (17.1)%
	600	Corn Future, Maturing May 2019 +	Wedbush	$	11,250,000	4/29/2019	$	375.00	$	581,250
	600	Corn Future, Maturing May 2019 +	Wedbush		11,550,000	4/29/2019		385.00		862,500
	175	Corn Future, Maturing May 2019 +	Wedbush		3,500,000	4/29/2019		400.00		381,719
	500	Corn Future, Maturing May 2019 +	Wedbush		10,250,000	4/29/2019		410.00		1,340,625
	900	Corn Future, Maturing June 2019 +	Wedbush		17,100,000	5/28/2019		380.00		765,000
	400	Corn Future, Maturing July 2019 +	Wedbush		8,200,000	6/24/2019		410.00		917,500
	400	Corn Future, Maturing September 2019 +	Wedbush		7,000,000	8/26/2019		350.00		132,500
	300	Corn Future, Maturing September 2019 +	Wedbush		5,850,000	8/26/2019		390.00		429,375
	200	Crude Oil Future, Maturing June 2019 +	Wedbush		7,500,000	5/17/2019		37.50		2,000
	100	Crude Oil Future, Maturing June 2019 +	Wedbush		4,000,000	5/17/2019		40.00		2,000
	100	Crude Oil Future, Maturing August 2019 +	Wedbush		4,200,000	7/18/2019		42.00		16,000
	300	Crude Oil Future, Maturing August 2019 +	Wedbush		14,100,000	7/18/2019		47.00		123,000
	100	Crude Oil Future, Maturing October 2019 +	Wedbush		2,750,000	9/18/2019		27.50		2,000
	100	Crude Oil Future, Maturing October 2019 +	Wedbush		5,150,000	9/18/2019		51.50		152,000
	100	Crude Oil Future, Maturing October 2019 +	Wedbush		5,450,000	9/18/2019		54.50		224,000
	100	Crude Oil Future, Maturing Novemeber 2019 +	Wedbush		3,550,000	10/18/2019		35.50		13,000
	25	Gold Future, Maturing June 2019 +	Wedbush		3,025,000	5/29/2019		1,210.00		1,500
	25	Gold Future, Maturing June 2019 +	Wedbush		3,100,000	5/29/2019		1,240.00		5,000
	25	Gold Future, Maturing June 2019 +	Wedbush		3,125,000	5/29/2019		1,250.00		7,500
	200	Gold Future, Maturing August 2019 +	Wedbush		25,500,000	7/26/2019		1,275.00		274,000
	150	Gold Future, Maturing August 2019 +	Wedbush		19,500,000	7/26/2019		1,300.00		369,000
	350	Gold Future, Maturing August 2019 +	Wedbush		46,725,000	7/26/2019		1,335.00		1,638,000
	225	Gold Future, Maturing September 2019 +	Wedbush		30,375,000	8/28/2019		1,350.00		1,298,250
		TOTAL PUT OPTIONS WRITTEN (Premiums Received - $7,993,362)								9,537,719
		TOTAL OPTIONS WRITTEN (Premiums Received - $18,155,486)							$	19,343,994

* Non-income producing security.

^ All collateral for open options and futures contracts consists of cash included on the Consolidated Statement of Assets and Liabilities.

+ All or a portion of this investment is a holding of the CHCSF Fund Limited.

** Rate shown represents the rate at March 31, 2019, is subject to change and resets daily.

(a) Each contract is equivalent to one underlying futures contract.

FUTURE CONTRACTS
		Number of		Expiration	Notional Amount/		Unrealized
Description	Counterparty	Contracts		Date	Value		Depreciation
Long
Corn Future May 2019 +	Wedbush		300	5/14/2019	$	5,347,500		(318,750	)

CATALYST FUNDS

CATALYST HEDGED FUTURES STRATEGY FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

						Options
Contracts (a)			Counterparty	Notional		Expiration Date - Exercise Price	Value
		PURCHASED OPTIONS - 4.1%
		CALL OPTIONS PURCHASED - 3.7% *
	1,000	S&P 500 Index Future, Maturing June 2019	RBC	$	712,500,000	4/18/2019 - $2,850	$	5,900,000
	1,000	S&P 500 Index Future, Maturing June 2019	HSBC		725,000,000	4/30/2019 - $2,900		2,725,000
	1,000	S&P 500 Index Future, Maturing June 2019	HSBC		725,000,000	5/17/2019 - $2,900		5,100,000
	1,000	S&P 500 Index Future, Maturing June 2019	RBC		750,000,000	5/31/2019 - $3,000		1,050,000
	2,000	S&P 500 Index Future, Maturing June 2019	RBC		1,500,000,000	6/21/2019 - $3,000		4,150,000
		TOTAL CALL OPTIONS PURCHASED (Cost - $10,400,000)						18,925,000
		PUT OPTIONS PURCHASED - 0.4% *
	5,000	S&P 500 Index Future, Maturing March 2019	HSBC, RBC, Wedbush		2,750,000,000	5/31/2019 - $2,200		2,250,000
		TOTAL PUT OPTIONS PURCHASED (Cost - $4,217,813)						2,250,000
		TOTAL PURCHASED OPTIONS (Cost - $14,617,813)						21,175,000
		PRIVATE INVESTMENT FUND - 10.4%
		Prime Meridian Income QP Fund, LP # +						53,732,944
		TOTAL PRIVATE INVESTMENT FUND (Cost - $51,038,880)						53,732,944
Principal
		UNITED STATES GOVERNMENT SECURITY - 19.2%
$	100,000,000	United States Treasury Notes, 1.000%, 8/31/2019 ^						99,390,625
		TOTAL UNITED STATES GOVERNMENT SECURITY (Cost - $99,383,120)						99,390,625
		SHORT-TERM INVESTMENTS - 32.8%
		MONEY MARKET FUNDS - 32.8%
	169,602,613	Goldman Sachs Financial Square Funds Government Portfolio - Institutional Class, 2.32% **						169,602,613
		TOTAL SHORT-TERM INVESTMENTS (Cost - $169,602,613)						169,602,613
		TOTAL INVESTMENTS - 66.5% (Cost - $334,642,426)					$	343,901,182
		OTHER ASSETS LESS LIABILITIES - 33.5%						173,119,963
		NET ASSETS - 100.0%					$	517,021,145
						Options
Contracts (a)			Counterparty	Notional		Expiration Date - Exercise Price	Value
		WRITTEN OPTIONS - (4.7)% *
		CALL OPTIONS WRITTEN - (4.6)%
	3,000	S&P 500 Index Future, Maturing June 2019	HSBC, RBC, Wedbush	$	2,175,000,000	4/18/2019 - $2,900		4,200,000
	4,000	S&P 500 Index Future, Maturing June 2019	HSBC		2,950,000,000	5/17/2019 - $2,950		7,100,000
	1,000	S&P 500 Index Future, Maturing June 2019	HSBC		740,000,000	5/31/2019 - $2,960		2,325,000
	2,000	S&P 500 Index Future, Maturing June 2019	HSBC		1,487,500,000	6/21/2019 - $2,975		6,200,000
	4,000	S&P 500 Index Future, Maturing June 2019	RBC		3,050,000,000	6/21/2019 - $3,050		3,950,000
		TOTAL CALL OPTIONS WRITTEN (Premiums Received - $23,472,500)					$	23,775,000
		PUT OPTIONS WRITTEN - (0.1)%
	1,000	S&P 500 Index Future, Maturing June 2019	RBC, Wedbush		612,500,000	4/18/2019 - $2,450		137,500
	750	S&P 500 Index Future, Maturing June 2019	RBC		455,625,000	4/30/2019 - $2,430		225,000
	750	S&P 500 Index Future, Maturing June 2019	RBC		459,375,000	4/30/2019 - $2,450		253,125
		TOTAL PUT OPTIONS WRITTEN (Premiums Received - $2,337,500)					$	615,625
		TOTAL OPTIONS WRITTEN (Premiums Received - $25,810,000)					$	24,390,625

LP - Limited Partnership

HSBC - Hong Kong and Shanghai Banking Corporation

RBC - Royal Bank of Canada

* Non-income producing security.

** Rate shown represents the rate at March 31, 2019, is subject to change and resets daily.

+ Affiliated issuer.

# The security is illiquid; total illiquid securities represent 10.4% of net assets.

^ All or a portion of security held as collateral for open options contracts.

(a) Each contract is equivalent to one of the underlying futures contract.

CATALYST FUNDS

CATALYST INSIDER INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Principal			Coupon Rate (%)	Maturity	Value
		CONVERTIBLE BONDS - 18.4%
		CHEMICALS - 1.1%
$	200,000	Amyris, Inc.	9.500	4/15/2019	$	200,051
		INTERNET - 4.7%
	722,000	Twitter, Inc.	0.250	9/15/2019		711,822
	160,000	Twitter, Inc.	1.000	9/15/2021		150,954
						862,776
		REAL ESTATE - 2.7%
	501,000	Forestar Group, Inc.	3.750	3/1/2020		500,502
		REAL ESTATE INVESTMENT TRUSTS - 5.0%
	714,000	Spirit Realty Capital, Inc.	2.875	5/15/2019		713,659
	200,000	Spirit Realty Capital, Inc.	3.750	5/15/2021		200,131
						913,790
		RETAIL- 4.9%
	897,000	EZCORP, Inc.	2.125	6/15/2019		898,793
		TOTAL CONVERTIBLE BONDS (Cost - $3,360,312)				3,375,912
		CORPORATE BONDS - 77.6%
		AEROSPACE/DEFENSE - 8.2%
	566,000	Arconic, Inc.	6.150	8/15/2020		585,247
	904,000	TransDigm, Inc.	6.000	7/15/2022		920,950
						1,506,197
		AUTO MANUFACTURERS - 1.5%
	300,000	Ford Motor Credit Co. LLC	3.664	9/8/2024		276,643
		CHEMICALS - 0.9%
	17,000	RPM International, Inc.	3.450	11/15/2022		17,018
	150,000	Sherwin-Williams Co.	7.250	6/15/2029		151,309
						168,327
		COMMERCIAL SERVICES - 0.8%
	153,000	Total System Services, Inc.	3.750	6/1/2023		155,402
		COMPUTERS - 4.1%
	445,000	NCR Corp.	4.625	2/15/2021		445,334
	300,000	NCR Corp.	5.000	7/15/2022		300,750
						746,084
		DIVERSIFIED FINANCIAL SERVICES - 1.1%
	195,000	Western Union Co.	3.350	5/22/2019		195,108
		ELECTRIC - 3.4%
	109,000	DPL, Inc.	6.750	10/1/2019		109,681
	480,000	DPL, Inc.	7.250	10/15/2021		517,704
						627,385
		ELECTRICAL COMPONENTS & EQUIPMENT - 3.3%
	600,000	WESCO Distribution, Inc.	5.375	12/15/2021		608,250
		ELECTRONICS - 0.3%
	5,000	Avnet, Inc.	4.875	12/1/2022		5,229
	50,000	Keysight Technologies, Inc.	3.300	10/30/2019		50,119
						55,348
		FOOD - 0.3%
	50,000	Kellogg Co.	4.150	11/15/2019		50,390
		FOOD SERVICE - 0.1%
	23,000	Aramark Services, Inc.	5.125	1/15/2024		23,661

CATALYST FUNDS

CATALYST INSIDER INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

March 31, 2019

Principal			Coupon Rate (%)	Maturity	Value
		CORPORATE BONDS - 77.6% (Continued)
		HEALTHCARE-SERVICES - 8.5%
$	111,000	HCA, Inc.	4.250	10/15/2019	$	111,584
	190,000	HCA, Inc.	6.500	2/15/2020		195,564
	168,000	HCA, Inc.	6.250	2/15/2021		176,963
	400,000	HCA, Inc.	7.500	2/15/2022		442,120
	296,000	HCA, Inc.	5.875	3/15/2022		317,762
	300,000	Molina Healthcare, Inc.	5.375	11/15/2022		312,558
						1,556,551
		INTERNET - 4.7%
	82,000	Netflix, Inc.	5.375	2/1/2021		85,357
	732,000	Netflix, Inc.	5.500	2/15/2022		770,430
						855,787
		MEDIA - 0.1%
	25,000	Discovery Communications LLC	2.200	9/20/2019		24,902
		PACKAGING & CONTAINERS - 0.6%
	106,000	Silgan Holdings, Inc.	5.500	2/1/2022		107,060
		PHARMACEUTICALS - 4.4%
	205,000	Mylan NV	2.500	6/7/2019		204,855
	600,000	Mylan NV	3.150	6/15/2021		598,478
						803,333
		PRIVATE EQUITY - 6.9%
	1,243,000	Icahn Enterprises LP	6.000	8/1/2020		1,256,362
		REAL ESTATE INVESTMENT TRUSTS - 7.9%
	1,173,000	Sabra Health Care LP	5.500	2/1/2021		1,186,929
	250,000	SITE Centers Corp.	4.625	7/15/2022		257,841
						1,444,770
		RETAIL - 2.7%
	145,000	Family Dollar Stores, Inc.	5.000	2/1/2021		149,821
	48,000	Yum! Brands, Inc.	5.300	9/15/2019		48,480
	300,000	Yum! Brands, Inc.	3.750	11/1/2021		301,875
						500,176
		SEMICONDUCTORS - 8.4%
	275,000	Broadcom Corp.	2.375	1/15/2020		273,582
	65,000	Broadcom Corp.	2.500	8/15/2022		62,588
	499,000	Broadcom Corp.	2.650	1/15/2023		486,062
	700,000	Marvell Technology Group	4.200	6/22/2023		714,124
						1,536,356
		SOFTWARE - 9.4%
	585,000	CA, Inc.	3.600	8/15/2022		589,466
	636,000	CA, Inc.	4.500	8/15/2023		642,688
	505,000	VMware, Inc.	2.950	8/21/2022		499,939
						1,732,093
		TOTAL CORPORATE BONDS (Cost - $14,079,651)				14,230,185
		TOTAL INVESTMENTS - 96.0% (Cost - $17,439,963)			$	17,606,097
		OTHER ASSETS LESS LIABILITIES - 4.0%				728,396
		NET ASSETS - 100.0%			$	18,334,493

LLC - Limited Liability Company

LP - Limited Partnership

CATALYST FUNDS

CATALYST SYSTEMATIC ALPHA FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		OPEN ENDED FUNDS - 83.1%
	97,245	Catalyst Enhanced Income Strategy Fund +	$	1,077,484
	80,776	Rational Income Opportunities Fund +		819,875
		TOTAL OPEN ENDED FUNDS (Cost - $1,903,247)		1,897,359
		SHORT-TERM INVESTMENTS - 2.1%
	46,876	Goldman Sachs Financial Square Funds Government Portfolio- Institutional Class 2.32% *++		46,876
		TOTAL SHORT-TERM INVESTMENTS (Cost - $46,876)		46,876
		TOTAL INVESTMENTS - 85.2% (Cost - $1,950,123)	$	1,944,235
		OTHER ASSETS LESS LIABILITIES - 14.8%		338,213
		NET ASSETS - 100.0%	$	2,282,448

* Rate shown represents the rate at March 31, 2019, is subject to change and resets daily.

+ Affiliated issuer.

++ All or a portion of this investment is a holding of the CSACS Fund Limited.

TOTAL RETURN SWAPS - 2.8%

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

Shares		Reference Entity	Notional Amount		Counterparty	Expiration Date	Pay/Receive Fixed Rate	Upfront Payments	Unrealized Appreciation/ Depreciation
	537	BNP Paribas Catalyst Systematic Index		900,000	BNP Paribas	2/13/2020	0.5000%	—		30,070
	769	BNP Paribas Catalyst Systematic Index		1,300,000	BNP Paribas	3/2/2020	0.5000%	—		32,725
									$	62,795

CATALYST FUNDS

CATALYST SYSTEMATIC ALPHA FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

BNP Paribas Catalyst Systematic Index Swap Holdings Top 50 Holdings ^

											Unrealized
											Appreciation/
Long Contracts				Counterparty	Notional Amount			Maturity			(Depreciation)			Weighted %
			OPEN LONG FUTURES CONTRACTS
	1041		CMX Copper Future	BNP Paribas	$	767,154		September-19			$	1,304		3.09%
	5		CMX Gold Future	BNP Paribas		634,797		June-19				(3,549	)	2.56%
	2		CMX Silver Future	BNP Paribas		143,789		September-19				(1,387	)	0.58%
	11		E10 Future	BNP Paribas		2,019,957		June-19				45,445		8.14%
	16		Eurostoxx 50 Future	BNP Paribas		607,555		June-19				8,282		2.45%
	4		HSCEI Future	BNP Paribas		295,376		April-19				(3,363	)	1.19%
	1		ICE Brent Future	BNP Paribas		59,842		November-19				1,432		0.24%
	2		ICE Brent Future	BNP Paribas		116,898		December-20				1,913		0.47%
	12		LME Aluminium HG Future	BNP Paribas		574,917		September-19				(3,393	)	2.32%
	1		LME Aluminium HG Future	BNP Paribas		60,855		December-20				(319	)	0.25%
	1		LME Copper Future	BNP Paribas		111,948		May-19				78		0.45%
	10		LME Nickel Future	BNP Paribas		790,941		July-19				(13,566	)	3.19%
	1		LME Zinc Future	BNP Paribas		52,435		June-19				2,899		0.21%
	9		LME Zinc Future	BNP Paribas		620,949		July-19				33,786		2.50%
	548		NYMEX Gasoline RBOB Future	BNP Paribas		416,778		September-19				23,198		1.68%
	26		NYMEX Natural Gas Future	BNP Paribas		728,188		September-19				(36,645	)	2.93%
	4		NYMEX Natural Gas Future	BNP Paribas		110,937		April-20				(548	)	0.45%
	7		NYMEX WTI Future	BNP Paribas		419,432		September-19				20,191		1.69%
	2		NYMEX WTI Future	BNP Paribas		124,831		September-20				3,216		0.50%
	8		S&P 500 Future	BNP Paribas		1,196,587		June-19				11,709		4.82%
			NET UNREALIZED GAIN FROM OPEN LONG FUTURE CONTRACTS									90,683
Short Contracts
			OPEN SHORT FUTURES CONTRACTS
	(8	)	CBOE VIX Future	BNP Paribas		(124,317	)	April-19				3,183		0.50%
	(225	)	CMX Copper Future	BNP Paribas		(165,339	)	May-19				(226	)	0.67%
	(1044	)	CMX Copper Future	BNP Paribas		(767,686	)	July-19				(1,045	)	3.09%
	(2	)	CMX Silver Future	BNP Paribas		(143,787	)	July-19				1,368		0.58%
	(2	)	Emerging Future	BNP Paribas		(94,044	)	June-19				(880	)	0.38%
	(2	)	ICE Brent Crude Future	BNP Paribas		(167,305	)	July-19				(5,609	)	0.67%
	(1	)	ICE Brent Crude Future	BNP Paribas		(59,921	)	September-19				(1,642	)	0.24%
	(1	)	ICE Gas Oil Future	BNP Paribas		(59,152	)	May-19				49		0.24%
	(1	)	JGB Future	BNP Paribas		(727,842	)	June-19				(3,339	)	2.93%
	(2	)	LME Aluminium HG Future	BNP Paribas		(89,890	)	May-19				657		0.36%
	(12	)	LME Aluminium HG Future	BNP Paribas		(575,023	)	July-19				3,499		2.32%
	(10	)	LME Nickel Future	BNP Paribas		(811,258	)	May-19				7,663		3.27%
	(9	)	LME Zinc Future	BNP Paribas		(698,784	)	May-19				(39,029	)	2.82%
	(4	)	Nikkei Future	BNP Paribas		(359,535	)	June-19				3,857		1.45%
	(78	)	NYMEX Gasoline RBOB Future	BNP Paribas		(61,514	)	May-19				(4,893	)	0.25%
	(535	)	NYMEX Gasoline RBOB Future	BNP Paribas		(416,336	)	July-19				(25,757	)	1.68%
	(6	)	NYMEX Natural Gas Future	BNP Paribas		(157,135	)	May-19				11,032		0.63%
	(26	)	NYMEX Natural Gas Future	BNP Paribas		(726,878	)	July-19				42,235		2.93%
	(3	)	NYMEX WTI Crude Future	BNP Paribas		(181,832	)	May-19				(12,782	)	0.73%
	(7	)	NYMEX WTI Crude Future	BNP Paribas		(420,338	)	July-19				(24,215	)	1.69%
			NET UNREALIZED LOSS FROM OPEN SHORT FUTURE CONTRACTS									(45,874	)
Contracts									Exercise Price		Value
			OPTIONS WRITTEN
			CALL OPTIONS WRITTEN
	(18	)	S&P 500 Index	BNP Paribas		(51,362	)	4/12/2019	$	2,931.10	$	(50,435	)	0.21%
	(18	)	S&P 500 Index	BNP Paribas		(53,719	)	4/12/2019		2,948.90		(52,431	)	0.22%
	(17	)	S&P 500 Index	BNP Paribas		(51,848	)	4/12/2019		2,951.47		(50,561	)	0.21%
	(18	)	S&P 500 Index	BNP Paribas		(52,609	)	4/18/2019		2,965.44		(51,062	)	0.21%
	(18	)	S&P 500 Index	BNP Paribas		(52,231	)	4/18/2019		2,974.20		(50,545	)	0.21%
	(17	)	S&P 500 Index	BNP Paribas		(51,427	)	4/18/2019		2,974.59		(49,761	)	0.21%
	(18	)	S&P 500 Index	BNP Paribas		(53,161	)	4/18/2019		2,997.62		(51,043	)	0.21%
	(17	)	S&P 500 Index	BNP Paribas		(51,937	)	5/3/2019		3,010.60		(49,653	)	0.21%
	(18	)	S&P 500 Index	BNP Paribas		(53,164	)	5/3/2019		3,023.36		(50,611	)	0.21%
	(17	)	S&P 500 Index	BNP Paribas		(51,538	)	5/10/2019		3,040.56		(48,786	)	0.21%
			TOTAL CALL OPTIONS WRITTEN									(504,888	)

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

CATALYST FUNDS

CATALYST IPOx ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		COMMON STOCK - 87.2%
		ADVERTISING - 0.5%
	65	Trade Desk, Inc. *	$	12,867
		APPAREL - 0.3%
	300	Levi Strauss & Co. *		7,065
		AUTO MANUFACTURERS - 1.5%
	2,318	Fiat Chrysler Automobiles NV *		34,422
	1,000	NIO, Inc. - ADR *		5,100
				39,522
		BANKS - 0.6%
	304	Bank7 Corp. *		5,280
	352	Coastal Financial Corp. *		5,980
	460	Mercantil Bank Holding Corp. *		6,408
				17,668
		BEVERAGES - 1.1%
	1,019	Keurig Dr. Pepper, Inc.		28,501
		BIOTECHNOLOGY - 4.3%
	179	Allogene Therapeutics, Inc. *		5,175
	84	Argenx SE - ADR *		10,487
	850	Gamida Cell Ltd. *		9,732
	272	GENFIT - ADR *		6,528
	350	Gossamer Bio, Inc. *		7,585
	91	Guardant Health, Inc. *		6,980
	493	Kaleido BioSciences, Inc. *		7,149
	395	MeiraGTx Holdings PLC *		6,806
	360	Precision BioSciences, Inc. *		6,462
	55	REGENXBIO, Inc. *		3,152
	568	Stealth Biotherapeutics Corp. - ADR *		7,282
	465	Synthorx, Inc. *		9,472
	459	TCR2 Therapeutics, Inc. *		8,000
	400	Twist Bioscience Corp. *		9,272
	400	Y-mAbs Therapeutics, Inc. *		10,484
				114,566
		CHEMICALS - 0.6%
	68	Ingevity Corp. *		7,181
	156	Versum Materials, Inc.		7,848
				15,029
		COMMERCIAL SERVICES - 13.2%
	100	Avalara, Inc. *		5,579
	124	Evo Payments, Inc. *		3,602
	83	HealthEquity, Inc. *		6,140
	585	IHS Markit Ltd. *		31,812
	1,665	PayPal Holdings, Inc. *		172,894
	475	Square, Inc. *		35,587
	250	StoneCo, Ltd. *		10,278
	272	TransUnion		18,180
	120	United Rentals, Inc. *		13,710
	501	Worldpay, Inc. *		56,864
				354,646

CATALYST FUNDS

CATALYST IPOx ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Shares			Value
		COMMON STOCK - 87.2% (Continued)
		COMPUTERS - 2.5%
	245	Dell Technologies, Inc. *	$	14,379
	100	Elastic NV *		7,987
	238	Endava PLC - ADR *		6,545
	1,926	Hewlett Packard Enterprise Co.		29,718
	241	Perspecta, Inc.		4,873
	140	Tenable Holdings, Inc. *		4,432
				67,934
		DIVERSIFIED FINANCIAL SERVICES - 0.7%
	506	Santander Consumer USA Holdings, Inc.		10,692
	550	UP Fintech Holding Ltd. - ADR *		7,117
	419	X Financial - ADR *		2,346
				20,155
		ELECTRIC - 0.8%
	370	Energy, Inc.		21,478
		ELECTRONICS - 3.2%
	742	ADT, Inc.		4,741
	66	Alarm.com Holdings, Inc. *		4,283
	491	Fortive Corp.		41,190
	327	Keysight Technologies, Inc. *		28,514
	340	Resideo Technologies, Inc. *		6,559
				85,287
		ENERGY-ALTERNATE SOURCES- 0.1%
	162	Sunrun, Inc. *		2,278
		ENGINEERING & CONSTRUCTION - 0.1%
	80	Arcosa, Inc. *		2,444
		ENTERTAINMENT - 0.6%
	36	Madison Square Garden Co. *		10,553
	622	Super League Gaming, Inc. *		5,007
				15,560
		FOOD - 6.3%
	870	General Mills, Inc.		45,022
	383	Hershey Co.		43,980
	219	Lamb Weston Holdings, Inc.		16,412
	157	Performance Food Group Co. *		6,223
	653	Tyson Foods, Inc.		45,338
	319	US Foods Holding Corp. *		11,136
				168,111
		HEALTHCARE PRODUCTS - 7.0%
	2,500	Avedro, Inc. *		30,675
	52	Glaukos Corp. *		4,075
	224	Inspire Medical Systems, Inc. *		12,719
	280	Shockwave Medical, Inc. *		9,372
	323	Stryker Corp.		63,799
	243	Thermo Fisher Scientific, Inc.		66,514
				187,154
		HEALTHCARE SERVICES - 2.0%
	286	IQVIA Holdings, Inc. *		41,141
	91	Teladoc Health, Inc. *		5,060
	450	Vapotherm, Inc. *		8,843
				55,044

CATALYST FUNDS

CATALYST IPOx ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Shares			Value
		COMMON STOCK - 87.2% (Continued)
		INSURANCE - 0.5%
	740	AXA Equitable Holdings, Inc.	$	14,904
		INTERNET - 10.4%
	180	Anaplan, Inc. *		7,085
	164	Cargurus, Inc. *		6,570
	212	CDW Corp.		20,430
	171	Etsy, Inc. *		11,495
	253	GoDaddy, Inc. *		19,023
	159	Lyft, Inc. *		12,443
	406	Match Group, Inc.		22,984
	315	MOGU, Inc. - ADR *		4,224
	144	Okta, Inc. *		11,913
	325	Pinduoduo, Inc. - ADR *		8,060
	500	Pintech Tehcnology Holdings Ltd. *		6,440
	180	Roku, Inc. *		11,612
	1,719	Snap, Inc. *		18,943
	269	Spotify Technology SA *		37,337
	193	Stitch Fix, Inc. *		5,448
	828	Twitter, Inc. *		27,225
	165	Upwork, Inc. *		3,158
	137	Wayfair, Inc. *		20,338
	154	Zendesk, Inc. *		13,090
	167	Zscaler, Inc. *		11,845
				279,663
		LEISURE PRODUCTS - 0.8%
	795	NIU Technologies - ADR *		6,447
	167	Planet Fitness, Inc. *		11,476
	105	YETI Holdings, Inc. *		3,176
				21,099
		MEDIA - 2.2%
	1,241	Altice USA, Inc.		26,657
	10	Cable One, Inc.		9,814
	265	Liberty Latin America Ltd. *		5,154
	473	Liberty Media Corp.-Liberty SiriusXM *		18,088
				59,713
		OIL & GAS SERVICES - 0.2%
	110	Apergy Corp. *		4,517
		PHARMACEUTICALS - 7.5%
	135	Akcea Therapeutics, Inc. *		3,825
	350	Alector, Inc. *		6,552
	500	Anchiano Therapeutics Ltd. - ADR *		3,350
	330	Arvinas, Inc. *		4,871
	566	Elanco Animal Health, Inc. *		18,152
	379	Eli Lilly & Co.		49,179
	466	Harpoon Therapeutics, Inc. *		4,413
	310	Moderna, Inc. *		6,309
	210	Principia Biopharma, Inc. *		7,140
	500	Sutro Biopharma, Inc. *		5,695
	4,522	Takeda Pharmaceutical Co. Ltd. - ADR *		92,113
				201,599

CATALYST FUNDS

CATALYST IPOx ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Shares			Value
		COMMON STOCK - 87.2% (Continued)
		PIPELINES - 1.2%
	385	Cheniere Energy, Inc. *	$	26,319
	500	New Fortress Energy LLC *		5,840
				32,159
		REAL ESTATE - 0.2%
	300	Cushman & Wakefield PLC *		5,340
		REAL ESTATE INVESTMENT TRUSTS - 1.9%
	217	Americold Realty Trust		6,621
	500	Essential Properties Realty Trust, Inc.		9,760
	179	JBG Smith Properties		7,402
	416	MGM Growth Properties LLC		13,416
	331	Store Capital Corp.		11,089
	167	VICI Properties, Inc.		3,654
				51,942
		RETAIL - 2.5%
	205	BJ’s Wholesale Club Holdings, Inc. *		5,617
	83	Burlington Stores, Inc. *		13,004
	202	Carvana Co. *		11,728
	200	Farfetch Ltd. *		5,382
	92	Ollie’s Bargain Outlet Holdings, Inc. *		7,850
	540	Yum China Holdings, Inc.		24,251
				67,832
		SOFTWARE - 11.1%
	102	Altair Engineering, Inc. *		3,755
	97	Alteryx, Inc. *		8,135
	100	Appian Corp. *		3,443
	250	Arco Platform Ltd. *		8,073
	147	Bandwidth, Inc. *		9,843
	221	Black Knight, Inc. *		12,044
	81	Blackline, Inc. *		3,752
	200	Ceridian HCM Holding, Inc. *		10,260
	609	CooTek Cayman, Inc. - ADR *		6,669
	82	Coupa Software, Inc. *		7,460
	400	Domo, Inc. *		16,132
	502	Dropbox, Inc. *		10,944
	1,368	First Data Corp. *		35,937
	560	Futu Holdings Ltd. - ADR *		10,371
	270	GreenSky, Inc. *		3,494
	59	HubSpot, Inc. *		9,806
	441	LAIX, Inc. - ADR *		4,163
	75	MongoDB, Inc. *		11,027
	87	Paycom Software, Inc. *		16,454
	180	Pluralsight, Inc. *		5,713
	130	SailPoint Technologies Holding, Inc. *		3,734
	280	salesforce.com, Inc. *		44,344
	131	Smartsheet, Inc. *		5,343
	425	Solarwinds Corp. *		8,296
	348	SVMK, Inc. *		6,337
	540	Tencent Music Entertainment Group - ADR *		9,774
	176	Twilio, Inc. *		22,736
				298,039

CATALYST FUNDS

CATALYST IPOx ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Shares			Value
		COMMON STOCK - 87.2% (Continued)
		TELECOMMUNICATIONS - 3.3%
	1,503	Verizon Communications, Inc.	$	88,872
		TOTAL COMMON STOCK (Cost - $2,119,894)		2,340,988
		TOTAL INVESTMENTS - 87.2% (Cost - $2,119,894)	$	2,340,988
		OTHER ASSETS IN EXCESS OF LIABILITIES - 12.8%		342,152
		NET ASSETS - 100.0%	$	2,683,140

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

* Non-income producing security.

CATALYST FUNDS

CATALYST MULTI STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		SHORT-TERM INVESTMENTS - 77.1%
	3,713,155	Goldman Sachs Financial Square Funds Government Portfolio- Institutional Class 2.32% *	$	3,713,155
		TOTAL SHORT-TERM INVESTMENTS (Cost - $3,713,155)
		TOTAL INVESTMENTS - 77.1% (Cost - $3,713,155)	$	3,713,155
		OTHER ASSETS LESS LIABILITIES - 22.9%		1,100,826
		NET ASSETS - 100.0%	$	4,813,981

* Rate shown represents the rate at March 31, 2019, is subject to change and resets daily.

								Unrealized
								Appreciation/
Long Contracts				Notional Amount			Maturity	(Depreciation)
			OPEN LONG FUTURES CONTRACTS - 0.2%
	22		3 Month Euro Euribor	$	6,183,401		June-21	$	7,726
	17		90 Day Euro$ Future		4,159,688		June-21		14,875
	3		E-Mini Russell 2000		231,570		June-19		2,250
	2		Gasoline RBOB Future +		156,912		June-19		42
	2		Hang Seng Index Future		370,410		April-19		(2,513	)
	3		Japanese Yen Currency Future		340,444		June-19		(3,394	)
			NET UNREALIZED APPRECIATION FROM OPEN LONG FUTURE CONTRACTS						18,986
Short Contracts
			OPEN SHORT FUTURES CONTRACTS - 0.2%
	(3	)	Coffee “C” Future +		(106,313	)	May-19		6,075
			NET UNREALIZED APPRECIATION FROM OPEN SHORT FUTURE CONTRACTS						6,075
			TOTAL UNREALIZED GAIN FROM OPEN FUTURES CONTRACTS					$	25,061

+ All of this investment is a holding of the CAMFMSF Fund Limited.

CATALYST FUNDS

CATALYST DYNAMIC ALPHA FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		COMMON STOCK - 99.4%
		AEROSPACE/DEFENSE - 2.4%
	99,000	Spirit AeroSystems Holdings, Inc.	$	9,061,470
		BIOTECHNOLOGY - 4.4%
	53,000	Illumina, Inc. *		16,466,570
		CHEMICALS - 4.7%
	100,000	Linde PLC		17,593,000
		COMPUTERS - 4.8%
	210,000	Fortinet, Inc. *		17,633,700
		COSMETICS/PERSONAL CARE - 2.1%
	75,000	Procter & Gamble Co.		7,803,750
		DISTRIBUTION/WHOLESALE - 4.5%
	56,000	WW Grainger, Inc.		16,852,080
		ELECTRIC - 4.4%
	322,000	Exelon Corp.		16,141,860
		ELECTRONICS - 3.9%
	180,000	Agilent Technologies, Inc.		14,468,400
		HEALTHCARE PRODUCTS - 5.1%
	239,000	Abbott Laboratories		19,105,660
		HOUSEHOLD PRODUCTS - 4.1%
	94,000	Clorox Co.		15,083,240
		INSURANCE - 9.8%
	360,000	Aflac, Inc.		18,000,000
	108,300	Aon PLC		18,486,810
				36,486,810
		MACHINERY-DIVERSIFIED - 1.9%
	45,000	Deere & Co.		7,192,800
		OIL & GAS - 4.2%
	233,000	ConocoPhillips		15,550,420
		PHARMACEUTICALS - 4.6%
	400,000	Pfitzer, Inc.		16,988,000
		REAL ESTATE INVESTMENT TRUSTS - 5.3%
	100,000	American Tower Corp.		19,706,000
		RETAIL - 9.8%
	150,000	Darden Restaurants, Inc.		18,220,500
	52,000	Ulta Beauty, Inc. *		18,133,960
				36,354,460

CATALYST FUNDS

CATALYST DYNAMIC ALPHA FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Shares			Value
		COMMON STOCK - 99.4% (Continued)
		SEMICONDUCTORS - 3.3%
	216,000	Cree, Inc. *	$	12,359,520
		SOFTWARE - 10.4%
	113,500	salesforce.com, Inc. *		17,974,995
	114,000	VMware, Inc.		20,578,140
				38,553,135
		TELECOMMUNICATIONS - 4.1%
	405,000	Ciena Corp. *		15,122,700
		TRANSPORTATION - 5.6%
	124,500	Union Pacific Corp.		20,816,400
		TOTAL COMMON STOCK (Cost - $329,008,108)		369,339,975
		TOTAL INVESTMENTS - 99.4% (Cost - $329,008,108)	$	369,339,975
		OTHER ASSETS IN EXCESS OF LIABILITES - 0.6%		2,259,148
		NET ASSETS - 100.0%	$	371,599,123

PLC - Public Limited Company

* Non-income producing security.

CATALYST FUNDS

CATALYST BUYBACK STRATEGY FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		COMMON STOCK - 97.5%
		AEROSPACE/DEFENSE - 3.5%
	45,500	Arconic, Inc.	$	869,505
		AIRLINES - 3.2%
	14,900	SkyWest, Inc.		808,921
		APPAREL - 3.2%
	6,600	PVH Corp.		804,870
		BEVERAGES - 3.4%
	18,000	Coca-Cola Co.		843,480
		BIOTECHNOLOGY - 3.5%
	3,750	Biogen, Inc. *		886,425
		DISTRIBUTION/WHOLESALE - 6.5%
	6,200	Ameriprise Financial, Inc.		794,220
	45,800	Western Union Co.		845,926
				1,640,146
		ELECTRIC - 3.3%
	19,800	NRG Energy, Inc.		841,104
		ELECTRONICS - 6.6%
	38,500	Gentex Corp.		796,180
	10,800	Watts Water Technologies, Inc.		872,856
				1,669,036
		HEALTHCARE PRODUCTS - 3.1%
	8,650	Medtronic PLC		787,842
		INSURANCE - 2.5%
	23,100	Health Insurance Innovations, Inc. *		619,542
		INTERNET - 13.0%
	9,150	CDW Corp.		881,786
	22,000	eBay, Inc.		817,080
	3,150	Palo Alto Networks, Inc. *		765,072
	4,500	VeriSign, Inc. *		817,020
				3,280,958
		LODGING - 3.2%
	9,700	Hilton Worldwide Holdings, Inc.		806,167
		MISCELLANEOUS MANUFACTURERS - 3.0%
	35,000	Trinity Industries, Inc.		760,550
		OIL & GAS - 9.5%
	6,600	Chevron Corp.		812,988
	26,500	Devon Energy Corp.		836,340
	25,500	Murphy Oil Corp.		747,150
				2,396,478
		OIL & GAS SERVICES - 3.4%
	18,500	Dril-Quip, Inc. *		848,225

CATALYST FUNDS

CATALYST BUYBACK STRATEGY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Shares			Value
		COMMON STOCK - 97.5% (Continued)
		RETAIL - 13.0%
	800	AutoZone, Inc. *	$	819,296
	11,600	Best Buy Co., Inc.		824,296
	2,450	Ulta Beauty, Inc. *		854,389
	13,750	Williams-Sonoma, Inc.		773,712
				3,271,693
		SOFTWARE - 3.4%
	15,800	Oracle Corp.		848,618
		TELECOMMUNICATIONS - 3.5%
	16,250	Cisco Systems, Inc.		877,337
		TRANSPORTATION - 6.7%
	13,300	Forward Air Corp.		860,909
	4,850	Union Pacific Corp.		810,920
				1,671,829
		TOTAL COMMON STOCK (Cost - $24,213,253)		24,532,726
		TOTAL INVESTMENTS - 97.5% (Cost - $24,213,253)	$	24,532,726
		OTHER ASSETS IN EXCESS OF LIABILITIES - 2.5%		616,820
		NET ASSETS - 100.0%	$	25,149,546

PLC - Public Limited Company

* Non-income producing security.

CATALYST FUNDS

CATALYST GROWTH OF INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		COMMON STOCK - 95.7%
		REAL ESTATE INVESTMENT TRUSTS - 95.7%
		DIVERSIFIED - 7.5%
	10,100	New Residential Investment Corp.	$	170,791
		MORTGAGE - 87.8%
	1,800	AG Mortgage Investment Trust, Inc.		30,312
	13,600	AGNC Investment Corp.		244,800
	33,800	Annaly Capital Management, Inc.		337,662
	5,900	Anworth Mortgage Asset Corp.		23,836
	5,100	Apollo Commercial Real Estate Finance, Inc.		92,820
	3,000	Arbor Realty Trust, Inc.		38,910
	2,400	Ares Commercial Real Estate Corp.		36,456
	2,500	Armour Residential REIT, Inc.		48,825
	3,800	Blackstone Mortgage Trust, Inc.		131,328
	2,400	Capstead Mortgage Corp.		20,616
	1,400	Cherry Hill Mortgage Investment Corp.		24,108
	5,400	Chimera Investment Corp.		101,196
	5,400	Dynex Capital, Inc.		32,886
	1,400	Exantas Capital Corp.		14,882
	2,600	Granite Point Mortgage Trust, Inc.		48,282
	4,100	Invesco Mortgage Capital, Inc.		64,780
	2,200	KKR Real Estate Finance Trust, Inc.		44,044
	3,600	Ladder Capital Corp.		61,272
	13,300	MFA Financial, Inc.		96,691
	7,400	New York Mortgage Trust, Inc.		45,066
	1,100	Orchid Island Capital, Inc.		7,238
	2,100	PennyMac Mortgage Investment Trust		43,491
	3,400	Redwood Trust, Inc.		54,910
	8,000	Starwood Property Trust, Inc.		178,800
	3,000	TPG RE Finance Trust, Inc.		58,800
	7,300	Two Harbors Investment Corp.		98,769
	2,500	Western Asset Mortgage Capital Corp.		25,575
				2,006,355
		STORAGE - 0.4%
	500	Jernigan Capital, Inc.		10,520
		TOTAL COMMON STOCK (Cost - $2,216,271)		2,187,666
		SHORT-TERM INVESTMENTS - 2.5%
	55,862	Goldman Sachs Government Fund - Institutional Class, 1.00% *		55,862
		TOTAL SHORT-TERM INVESTMENTS (Cost - $55,862)
		TOTAL INVESTMENTS - 98.2% (Cost - $2,272,133)	$	2,243,528
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%		42,197
		NET ASSETS - 100.0%	$	2,285,725

REIT - Real Estate Investment Trust

* Rate shown represents the rate at March 31, 2019, is subject to change and resets daily.

CATALYST FUNDS

CATALYST EXCEED DEFINED RISK FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares					Value
		EXCHANGE TRADED FUNDS - 12.8%
	19,398	iShares Short-Term Corporate Bond ETF			$	1,024,602
	17,618	SPDR Portfolio Short Term Corporate Bond ETF				538,230
	7,248	Vanguard Short-Term Corporate Bond ETF				578,101
		TOTAL EXCHANGE TRADED FUNDS (Cost - $2,140,611)				2,140,933
Principal			Coupon Rate	Maturity
		CORPORATE BONDS - 62.0%
		AEROSPACE/DEFENSE - 2.4%
$	250,000	Boeing Co.	4.875%	2/15/2020		254,606
	10,000	Lockheed Martin Corp.	4.250%	11/15/2019		10,095
	134,000	Rockwell Collins, Inc.	5.250%	7/15/2019		134,882
						399,583
		AUTO MANUFACTURERS - 4.8%
	250,000	Ford Motor Credit Co. LLC	2.597%	11/4/2019		249,312
	150,000	Ford Motor Credit Co. LLC	2.681%	1/9/2020		149,388
	250,000	General Motors Financial Co., Inc.	2.400%	5/9/2019		249,899
	150,000	General Motors Financial Co., Inc.	2.350%	10/4/2019		149,646
						798,245
		BANKS - 12.3%
	250,000	Citigroup, Inc.	2.050%	6/7/2019		249,716
	75,000	Citigroup, Inc.	2.500%	7/29/2019		74,968
	100,000	Citigroup, Inc.	5.375%	8/9/2020		103,499
	200,000	Goldman Sachs Group, Inc.	2.550%	10/23/2019		199,730
	100,000	Goldman Sachs Group, Inc.	6.000%	6/15/2020		103,731
	250,000	HSBC USA, Inc.	2.350%	3/5/2020		249,341
	250,000	JPMorgan Chase & Co.	2.200%	10/22/2019		249,313
	250,000	JPMorgan Chase & Co.	4.400%	7/22/2020		255,659
	100,000	KeyBank NA	2.250%	3/16/2020		99,579
	262,000	Morgan Stanley	2.375%	7/23/2019		261,685
	100,000	Morgan Stanley	5.625%	9/23/2019		101,314
	105,000	PNC Financial Services Group, Inc.	5.125%	2/8/2020		107,097
						2,055,632
		BIOTECHNOLOGY - 1.5%
	250,000	Amgen, Inc.	4.500%	3/15/2020		254,304
		CHEMICALS - 0.8%
	75,000	E.I. DuPont de Nemours & Co.	2.200%	5/1/2020		74,746
	50,000	Sherwin - Williams Co.	2.250%	5/15/2020		49,713
						124,459
		COMPUTERS - 0.6%
	100,000	International Business Machines Corp.	1.625%	5/15/2020		98,911
		COSMETICS/PERSONAL CARE - 2.1%
	350,000	Unilever Capital Corp.	2.100%	7/30/2020		347,931
		DIVERSIFIED FINANCIAL SERVICES - 6.0%
	200,000	American Express Credit Corp.	2.250%	8/15/2019		199,695
	40,000	Ameriprise Financial, Inc.	7.300%	6/28/2019		40,402
	250,000	Ameriprise Financial, Inc.	5.300%	3/15/2020		255,948
	300,000	Charles Schwab Corp.	4.450%	7/22/2020		306,949
	200,000	Western Union Co.	3.350%	5/22/2019		200,110
						1,003,104
		ELECTRIC - 5.1%
	50,000	Consolidated Edison, Inc.	2.000%	3/15/2020		49,586
	250,000	Dominion Energy, Inc.	2.579%	7/1/2020		248,667
	250,000	Duke Energy Florida LLC	1.850%	1/15/2020		248,225
	79,000	NextEra Energy Capital Holdings, Inc.	2.300%	4/1/2019		79,000
	225,000	Public Service Enterprise Group, Inc.	1.600%	11/15/2019		223,414
						848,892
		ELECTRONICS - 0.9%
	150,000	Amphenol Corp.	2.200%	4/1/2020		149,074
		FOOD - 4.4%
	250,000	JM Smucker Co.	2.500%	3/15/2020		249,378
	230,000	Kraft Heinz Foods Co.	5.375%	2/10/2020		234,741
	144,000	Kroger Co.	1.500%	9/30/2019		142,993
	100,000	Sysco Corp.	1.900%	4/1/2019		100,000
						727,112

CATALYST FUNDS

CATALYST EXCEED DEFINED RISK FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

March 31, 2019

Principal			Coupon Rate	Maturity	Value
		CORPORATE BONDS (Continued) - 62.0%
		HEALTHCARE - PRODUCTS - 2.7%
$	100,000	Becton Dickinson & Co.	2.133%	6/6/2019	$	99,866
	150,000	Becton Dickinson & Co.	2.675%	12/15/2019		149,542
	200,000	Life Technologies Corp.	6.000%	3/1/2020		205,464
						454,872
		HEALTHCARE - SERVICES - 3.7%
	200,000	Anthem, Inc.	2.250%	8/15/2019		199,645
	254,000	Anthem, Inc.	4.350%	8/15/2020		259,193
	50,000	Cigna Holding Co.	5.125%	6/15/2020		51,306
	100,000	Humana, Inc.	2.625%	10/1/2019		99,882
						610,026
		INSURANCE - 3.1%
	300,000	Lincoln National Corp.	6.250%	2/15/2020		308,587
	200,000	Prudential Financial, Inc.	5.375%	6/21/2020		206,489
						515,076
		MEDIA - 1.8%
	200,000	NBCUniversal Media LLC	5.150%	4/30/2020		205,035
	50,000	TWDC Enterprises 18 Corp.	1.950%	3/4/2020		49,678
	50,000	TWDC Enterprises 18 Corp.	1.800%	6/5/2020		49,543
						304,256
		MISCELLANEOUS MANUFACTURING - 1.2%
	200,000	General Electric Co.	5.550%	5/4/2020		205,275
		PHARMACEUTICALS - 2.5%
	200,000	Cardinal Health, Inc.	2.400%	11/15/2019		199,445
	225,000	Express Scripts Holding Co.	2.250%	6/15/2019		224,666
						424,111
		RETAIL - 0.6%
	100,000	McDonalds Corp.	1.875%	5/29/2019		99,783
		SOFTWARE- 1.5%
	238,000	CA, Inc.	5.375%	12/1/2019		241,292
		TRANSPORTATION - 2.8%
	200,000	Burlington Northern Santa Fe LLC	4.700%	10/1/2019		202,144
	250,000	Norfolk Southern Railway Co.	9.750%	6/15/2020		270,944
						473,088
		TRUCKING & LEASING - 1.2%
	200,000	GATX Corp.	2.500%	7/30/2019		199,515
		TOTAL CORPORATE BONDS (Cost - $10,341,503)				10,334,541
		UNITED STATES GOVERNMENT SECURITIES - 16.1%
	500,000	United States Treasury Note +	1.000%	9/30/2019		496,367
	1,300,000	United States Treasury Note +	1.500%	11/30/2019		1,291,951
	500,000	United States Treasury Note +	1.375%	3/31/2020		494,951
	400,000	United States Treasury Note +	1.375%	5/31/2020		395,344
		TOTAL UNITED STATES GOVERNMENT SECURITIES (Cost - $2,674,762)				2,678,613

Contracts (a)			Counterparty	Notional Value		Expiration Date - Exercise Price	Value
		TOTAL OPTIONS PURCHASED - 7.9% *
		CALL OPTIONS PURCHASED - 7.9%
	82	SPDR S&P 500 ETF Trust	Pershing	$	2,156,600	4/18/2019 - $263.00		160,966
	28	SPDR S&P 500 ETF Trust	Pershing		739,200	4/18/2019 - $264.00		52,668
	150	SPDR S&P 500 ETF Trust	Pershing		4,065,000	7/19/2019 - $271.00		256,350
	57	SPDR S&P 500 ETF Trust	Pershing		1,550,400	7/19/2019 - $272.00		92,853
	2	SPDR S&P 500 ETF Trust	Pershing		58,200	9/30/2019 - $291.00		1,492
	203	SPDR S&P 500 ETF Trust	Pershing		5,927,600	9/30/2019 - $292.00		134,792
	125	SPDR S&P 500 ETF Trust	Pershing		3,325,000	1/17/2020 - $266.00		343,563
	104	SPDR S&P 500 ETF Trust	Pershing		2,776,800	1/17/2020 - $267.00		277,888
		TOTAL CALL OPTIONS PURCHASED (Cost - $1,013,481)						1,320,572
		PUT OPTIONS PURCHASED - 0.0%
	100	SPDR S&P 500 ETF Trust	Pershing		2,700,000	4/18/2019 - $270.00		5,500
		TOTAL PUT OPTIONS PURCHASED (Cost - $14,523)
		TOTAL OPTIONS PURCHASED (Cost - $1,028,004)						1,326,072
		TOTAL INVESTMENTS - 98.8% (Cost - $16,184,880)					$	16,480,159
		OTHER ASSETS LESS LIABILITIES - 1.2%						200,846
		NET ASSETS - 100.0%					$	16,681,005

CATALYST FUNDS

CATALYST EXCEED DEFINED RISK FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

March 31, 2019

Contracts (a)			Counterparty	Notional Value		Expiration Date - Exercise Price	Value
		OPTIONS WRITTEN - (3.4)% *
		CALL OPTIONS WRITTEN - (2.1)%
	89	SPDR S&P 500 ETF Trust	Pershing	$	2,554,300	4/18/2019 - $287.00	$	10,947
	21	SPDR S&P 500 ETF Trust	Pershing		604,800	4/18/2019 - $288.00		1,953
	115	SPDR S&P 500 ETF Trust	Pershing		3,369,500	7/19/2019 - $293.00		39,445
	92	SPDR S&P 500 ETF Trust	Pershing		2,704,800	7/19/2019 - $294.00		29,072
	86	SPDR S&P 500 ETF Trust	Pershing		2,666,000	9/30/2019 - $310.00		9,718
	119	SPDR S&P 500 ETF Trust	Pershing		3,748,500	9/30/2019 - $315.00		8,568
	215	SPDR S&P 500 ETF Trust	Pershing		6,235,000	1/17/2020 - $290.00		233,705
	14	SPDR S&P 500 ETF Trust	Pershing		413,000	1/17/2020 - $295.00		11,690
		TOTAL CALL OPTIONS WRITTEN (Premiums Received - $272,771)						345,098
		PUT OPTIONS WRITTEN - (1.3)%
	81	SPDR S&P 500 ETF Trust	Pershing		1,911,600	4/18/2019 - $236.00		324
	55	SPDR S&P 500 ETF Trust	Pershing		1,303,500	4/18/2019 - $237.00		220
	100	SPDR S&P 500 ETF Trust	Pershing		2,860,000	4/18/2019 - $286.00		46,100
	1	SPDR S&P 500 ETF Trust	Pershing		24,000	7/19/2019 - $240.00		129
	137	SPDR S&P 500 ETF Trust	Pershing		3,356,500	7/19/2019 - $245.00		21,235
	28	SPDR S&P 500 ETF Trust	Pershing		733,600	9/30/2019 - $262.00		16,128
	108	SPDR S&P 500 ETF Trust	Pershing		2,840,400	9/30/2019 - $263.00		61,722
	28	SPDR S&P 500 ETF Trust	Pershing		669,200	1/17/2020 - $239.00		12,880
	125	SPDR S&P 500 ETF Trust	Pershing		3,000,000	1/17/2020 - $240.00		57,000
		TOTAL PUT OPTIONS WRITTEN (Premiums Received - $427,643)						215,738
		TOTAL OPTIONS WRITTEN (Premiums Received - $700,414)					$	560,836

ETF - Exchange Traded Fund

LLC - Limited Liability Company

SPDR - Standard & Poor’s Depositary Receipts

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

* Non income producing security.

(a) Each contract is equivalent to 100 shares of the underlying common stock.

CATALYST FUNDS

CATALYST/LYONS TACTICAL ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Principal			Interest Rate	Expiration Date	Value
		U.S. GOVERNMENT SECURITIES - 91.3%
		U.S. TREASURY NOTES - 91.3%
$	4,300,000	United States Treasury Note	1.88%	12/15/2020	$	4,267,918
	4,457,000	United States Treasury Note	2.25%	2/15/2021		4,452,735
	4,457,000	United States Treasury Note	2.88%	11/15/2021		4,527,163
	4,300,000	United States Treasury Note	2.38%	3/15/2022		4,319,148
	4,457,000	United States Treasury Note	1.63%	8/31/2022		4,368,295
	4,300,000	United States Treasury Note	2.00%	10/31/2022		4,266,322
	4,457,000	United States Treasury Note	2.88%	9/30/2023		4,577,478
	4,000,000	United States Treasury Note	2.88%	11/30/2023		4,113,437
	4,457,000	United States Treasury Note	2.63%	12/31/2023		4,533,431
	4,457,000	United States Treasury Note	2.00%	4/30/2024		4,403,116
	4,300,000	United States Treasury Note	2.13%	7/31/2024		4,269,850
	5,000,000	United States Treasury Note	2.00%	2/15/2025		4,919,336
	4,457,000	United States Treasury Note	2.88%	4/30/2025		4,603,332
	4,300,000	United States Treasury Note	2.00%	8/15/2025		4,220,971
	4,000,000	United States Treasury Note	3.00%	9/30/2025		4,165,703
	4,300,000	United States Treasury Note	1.63%	5/15/2026		4,102,385
						70,110,620
		TOTAL U.S. GOVERNMENT SECURITIES (Cost - $69,803,915)				70,110,620
		SHORT-TERM INVESTMENTS - 5.5%
		U.S. TREASURY BILLS - 5.5%
	4,300,000	United States Treasury Bill	2.35% *	2/27/2020		4,207,999
		TOTAL SHORT-TERM INVESTMENTS (Cost - $4,208,792)
		TOTAL INVESTMENTS - 96.8% (Cost - $74,012,707)			$	74,318,619
		OTHER ASSETS IN EXCESS OF LIABILITIES - 3.2%				2,445,208
		NET ASSETS - 100.0%			$	76,763,827

* Rate shown represents the discount rate at date of purchase.

CATALYST FUNDS

CATALYST/MAP GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		COMMON STOCK - 89.5%
		AEROSPACE/DEFENSE - 2.9%
	102,500	Kratos Defense & Security Solutions, Inc. *	$	1,602,075
		AGRICULTURE - 6.9%
	40,700	Bunge Ltd.		2,159,949
	46,500	Imperial Brands PLC - ADR		1,607,505
				3,767,454
		BEVERAGES - 6.2%
	102,500	Distell Group Holdings Ltd.		915,668
	1,015,000	Marston’s PLC		1,358,306
	1,800,000	Thai Beverage PCL		1,122,924
				3,396,898
		CHEMICALS - 2.7%
	53,500	Mosaic Co. +		1,461,085
		ENTERTAINMENT- 2.8%
	78,000	Parques Reunidos Servicios Centrales SAU - 144A *		949,393
	23,500	SeaWorld Entertainment, Inc. *		605,360
				1,554,753
		ENVIRONMENTAL CONTROL - 3.6%
	32,954	Tetra Tech, Inc.		1,963,729
		FOOD - 13.3%
	54,950	Campbell Soup Co.		2,095,243
	250,492	Cloetta AB *		648,152
	4,399,000	First Pacific Co. Ltd.		1,602,703
	138,000	GrainCorp. Ltd.		899,900
	208,000	Grupo Herdez S.A.B. DE C.V		463,557
	16,550	Nestle SA - ADR		1,577,546
				7,287,101
		HEALTHCARE-PRODUCTS - 1.8%
	1,541,589	Asaleo Care Ltd. *		980,086
		HOUSEHOLD PRODUCTS/WARES - 2.0%
	65,000	Reckitt Benckiser Group PLC - ADR		1,100,450
		INTERNET - 3.1%
	46,500	eBay, Inc.		1,727,010
		INVESTMENT COMPANIES - 5.1%
	35,500	Pargesa Holding SA		2,780,400
		OIL & GAS - 3.0%
	20,100	Exxon Mobil Corp.		1,624,080
		PHARMACEUTICALS - 9.5%
	9,800	Johnson & Johnson		1,369,942
	18,550	Novartis AG - ADR		1,783,397
	46,900	Sanofi - ADR		2,076,732
				5,230,071
		RETAIL - 3.1%
	95,500	Wendy’s Co.		1,708,495
		SEMICONDUCTORS - 7.5%
	32,500	Micron Technology, Inc. * +		1,343,225
	50,000	Synaptics, Inc. *		1,987,500
	20,000	Teradyne, Inc. +		796,800
				4,127,525

CATALYST FUNDS

CATALYST/MAP GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

March 31, 2019

Shares			Value
		COMMON STOCK - 89.5% (Continued)
		SOFTWARE - 3.7%
	17,300	Microsoft Corp.	$	2,040,362
		TELECOMMUNICATIONS - 12.3%
	37,500	Cisco Systems, Inc.		2,024,625
	250,500	Nokia OYJ - ADR +		1,432,860
	96,500	Orange SA - ADR		1,572,950
	96,000	Vodafone Group PLC - ADR		1,745,280
				6,775,715
		TOTAL COMMON STOCK (Cost - $43,701,074)		49,127,289
		MUTUAL FUND - 2.7%
		CLOSED-END FUND - 2.7%
	119,000	Sprott Physical Gold and Silver Trust		1,475,600
		TOTAL MUTUAL FUND (Cost - $1,577,470)
		TOTAL INVESTMENTS - 92.2% (Cost - $45,278,544)	$	50,602,889
		OTHER ASSETS LESS LIABILITIES - 7.8%		4,276,123
		NET ASSETS - 100.0%	$	54,879,012

Contracts (a)			Counterparty	Notional Value		Expiration Date - Exercise Price	Value
		CALL OPTIONS WRITTEN - (0.3)% *
	210	Micron Technology, Inc.	Pershing	$	945,000	10/18/2019 - $45.00	$	81,900
	120	Mosaic Co.	Pershing		444,000	9/20/2019 - $37.00		3,000
	75	Mosaic Co.	Pershing		240,000	1/17/2020 - $32.00		10,275
	600	Nokia OYJ	Pershing		420,000	1/17/2020 - $7.00		15,600
	200	Teradyne, Inc.	Pershing		840,000	1/17/2020 - $42.00		79,000
		TOTAL CALL OPTIONS WRITTEN (Premiums Received - $177,149)					$	189,775

ADR - American Depositary Receipt.

PCL - Public Company Limited

PLC - Public Limited Company

* Non-income producing security.

+ All or a portion of this security is segregated as collateral for and is subject to call options written.

144A - Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2019 the total market value of 144A securities is $949,393 or 1.73% of net assets.

(a) One contract is equivalent to 100 shares of the underlying common stock.

CATALYST FUNDS

CATALYST/MAP GLOBAL BALANCED FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		COMMON STOCK - 50.2%
		AGRICULTURE - 4.3%
	9,600	Bunge Ltd.	$	509,472
	13,600	Imperial Brands PLC - ADR		470,152
				979,624
		BEVERAGES - 1.7%
	280,649	Marston’s PLC		375,574
		ENVIRONMENTAL CONTROL - 3.2%
	12,271	Tetra Tech, Inc.		731,229
		FOOD - 6.7%
	15,450	Campbell Soup Co.		589,109
	25,000	GrainCorp Ltd.		163,025
	8,050	Nestle SA - ADR		767,326
				1,519,460
		HEALTHCARE - PRODUCTS - 1.5%
	548,000	Asaleo Care Ltd. *		348,398
		HOUSEHOLD PRODUCT/WARES - 1.3%
	17,000	Reckitt Benckiser Group PLC - ADR		287,810
		INVESTMENT COMPANIES - 2.6%
	7,357	Pargesa Holding SA		576,208
		OIL & GAS - 1.6%
	4,500	Exxon Mobil Corp.		363,600
		PHARMACEUTICALS - 9.6%
	5,400	Johnson & Johnson		754,866
	8,525	Novartis AG - ADR		819,594
	13,500	Sanofi - ADR		597,780
				2,172,240
		RETAIL - 4.3%
	54,400	Wendy’s Co.		973,216
		SEMICONDUCTORS - 1.6%
	9,000	Micron Technology, Inc. * +		371,970
		SOFTWARE - 1.3%
	2,400	Microsoft Corp.		283,056
		TELECOMMUNICATIONS - 10.5%
	20,400	Cisco Systems, Inc.		1,101,396
	40,000	Nokia OYJ - ADR +		228,800
	37,500	Orange SA - ADR		611,250
	23,290	Vodafone Group PLC - ADR		423,412
				2,364,858
		TOTAL COMMON STOCK (Cost - $9,943,049)		11,347,243

Principal			Coupon Rate (%)	Maturity
		CONVERTIBLE BONDS - 2.0%
		INTERNET- 2.0%
$	460,000	Twitter, Inc.	0.250	9/15/2019	453,516
		TOTAL CONVERTIBLE BONDS (Cost - $454,362)

CATALYST FUNDS

CATALYST/MAP GLOBAL BALANCED FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

March 31, 2019

Principal			Coupon Rate (%)	Maturity	Value
		CORPORATE BONDS - 44.9%
		AEROSPACE/DEFENSE - 1.1%
$	250,000	Embraer Overseas Ltd.	6.375	1/15/2020	$	256,637
		AIRLINES - 0.9%
	200,000	United Continental Holdings	6.000	12/1/2020		207,750
		AUTO MANUFACTURERS - 2.2%
	250,000	Fiat Chrysler Automobiles NV	4.500	4/15/2020		253,125
	250,000	Ford Motor Credit Co. LLC	2.340	11/2/2020		244,539
						497,664
		AUTO PARTS & EQUIPMENT - 3.3%
	28,000	American Axle & Manufacturing, Inc.	7.750	11/15/2019		28,682
	387,000	Cooper Tire & Rubber Co.	8.000	12/15/2019		399,577
	295,000	Goodyear Tire & Rubber Co.	8.750	8/15/2020		316,019
						744,278
		CHEMICALS - 4.4%
	717,000	CF Industries, Inc.	7.125	5/1/2020		750,161
	250,000	Methanex Corp.	3.250	12/15/2019		249,888
						1,000,049
		COMPUTERS - 1.7%
	375,000	Dell, Inc.	5.875	6/15/2019		377,250
		DIVERSIFIED FINANCAL SERVICES - 0.5%
	99,000	Aircastle Ltd.	7.625	4/15/2020		103,428
		FOREST PRODUCTS & PAPER- 1.9%
	432,000	Celulosa Arauco y Constitucion SA	7.250	7/29/2019		438,614
		HEALTHCARE SERVICES - 0.2%
	45,000	HCA, Inc.	4.250	10/15/2019		45,237
		HOME BUILDERS - 1.9%
	165,000	Lennar Corp.	4.500	11/15/2019		165,619
	254,000	Tri Pointe Group, Inc.	4.375	6/15/2019		254,952
						420,571
		LODGING - 2.3%
	497,000	MGM Resorts International	5.250	3/31/2020		507,561
		MACHINERY-DIVERSIFIED - 0.2%
	55,000	CNH Industrial Capital LLC	3.375	7/15/2019		55,077
		MEDIA - 2.7%
	150,000	Cablevision Systems Corp.	8.000	4/15/2020		157,125
	200,000	DISH DBS Corp.	7.875	9/1/2019		203,000
	250,000	Virgin Media Secured Finance PLC	5.250	1/15/2021		257,813
						617,938
		MINING - 1.8%
	400,000	AngloGold Ashanti Holdings PLC	5.375	4/15/2020		406,802
		OIL & GAS - 2.9%
	300,000	Encana Corp.	6.500	5/15/2019		300,742
	250,000	Petroleos Mexicanos	6.000	3/5/2020		256,050
	100,000	Rowan Companies, Inc.	7.875	8/1/2019		100,500
						657,292
		PHARMACEUTICALS - 2.3%
	515,000	Teva Pharmaceutical Finance Netherlands III BV	1.700	7/19/2019		513,908

CATALYST FUNDS

CATALYST/MAP GLOBAL BALANCED FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

March 31, 2019

Principal			Coupon Rate (%)	Maturity	Value
		CORPORATE BONDS (Continued) - 44.9%
		PIPELINES - 2.9%
$	100,000	Andeavor Logistics LP	5.500	10/15/2019	$	101,012
	550,000	DCP Midstream Operating LP	2.700	4/1/2019		550,000
						651,012
		REAL ESTATE INVESTMENT TRUST - 1.1%
	250,000	CoreCivic, Inc.	4.125	4/1/2020		250,000
		RETAIL - 2.2%
	263,000	L Brands, Inc.	7.000	5/1/2020		272,863
	225,000	Yum! Brands, Inc.	3.875	11/1/2020		226,125
						498,988
		SOFTWARE - 0.8%
	177,000	CDK Global, Inc.	3.800	10/15/2019		177,443
		TELECOMMUNICATIONS - 7.6%
	50,000	Centel Capital Corp.	9.000	10/15/2019		51,490
	73,000	CenturyLink, Inc.	6.150	9/15/2019		73,821
	275,000	Hughes Satellite Systems Corp.	6.500	6/15/2019		276,918
	365,000	Nokia OYJ	5.375	5/15/2019		367,099
	189,000	Sprint Capital Corp.	6.900	5/1/2019		189,945
	200,000	Sprint Communications, Inc.	7.000	8/15/2020		207,000
	540,000	Telecom Italia Capital SA	7.175	6/18/2019		544,909
						1,711,182
		TOTAL CORPORATE BONDS (Cost - $10,121,423)				10,138,681

Shares
		MUTUAL FUND - 1.3%
	23,500	Sprott Physical Gold and Silver Trust		291,400
		TOTAL MUTUAL-FUND (Cost - $336,373)
		TOTAL INVESTMENTS - 98.4% (Cost - $20,855,207)	$	22,230,840
		OTHER ASSETS LESS LIABILITIES - 1.6%		359,302
		NET ASSETS - 100.0%	$	22,590,142

Contracts (a)			Counterparty	Notional Value		Expiration Date - Exercise Price	Value
		CALL OPTIONS WRITTEN - (0.2)% *
	90	Micron Technology, Inc.	Pershing	$	405,000	10/18/2019 - $45.00	$	35,100
	400	Nokia OYJ	Pershing		280,000	1/17/2020 - $7.00		10,400
		TOTAL OPTIONS (Premium - $43,291)						45,500

ADR - American Depositary Receipt

PLC - Public Limited Company

LLC - Limited Liability Company

LP - Limited Partnership

* Non-income producing security.

+ All or a portion of this security is segregated as collateral for and is subject to call options written.

(a) One contract is equivalent to 100 shares of the underlying common stock.

CATALYST FUNDS

CATALYST/MILLBURN HEDGE STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		EXCHANGE TRADED FUNDS - 46.9%
		EQUITY FUNDS - 46.9%
	296,990	iShares China Large-Cap ETF	$	13,147,747
	1,922,160	iShares Core S&P Mid-Cap ETF		364,057,104
	621,477	iShares MSCI Australia ETF		13,374,185
	65,973	iShares MSCI Austria ETF		1,312,203
	52,091	iShares MSCI Belgium ETF		958,485
	322,720	iShares MSCI Brazil ETF		13,228,293
	481,436	iShares MSCI Canada ETF		13,306,891
	176,787	iShares MSCI Chile ETF		7,633,663
	291,643	iShares MSCI France ETF		8,594,719
	348,521	iShares MSCI Germany ETF		9,382,185
	498,149	iShares MSCI Hong Kong ETF		13,056,485
	26,790	iShares MSCI Israel ETF		1,448,267
	148,697	iShares MSCI Italy ETF		4,132,290
	245,425	iShares MSCI Japan ETF		13,429,656
	228,637	iShares MSCI Malaysia ETF		6,845,392
	300,913	iShares MSCI Mexico ETF		13,116,798
	98,077	iShares MSCI Netherlands ETF		2,931,522
	51,876	iShares MSCI Peru ETF		2,038,208
	468,275	iShares MSCI Singapore ETF		11,112,166
	131,780	iShares MSCI South Africa ETF		6,896,047
	197,975	iShares MSCI South Korea ETF		12,066,576
	325,220	iShares MSCI Spain ETF		9,304,544
	146,878	iShares MSCI Sweden ETF		4,438,653
	282,951	iShares MSCI Switzerland ETF		10,007,977
	375,934	iShares MSCI Taiwan ETF		12,999,798
	75,269	iShares MSCI Thailand ETF		6,648,511
	252,644	iShares MSCI Turkey ETF		6,131,670
	284,345	iShares MSCI United Kingdom ETF		9,386,228
	2,064,775	iShares Russell 1000 ETF		324,809,755
	2,469,946	iShares Russell 2000 ETF		378,124,033
	1,686,527	iShares Russell Mid-Cap ETF		90,988,132
	440,058	Schwab U.S. REIT ETF		19,551,777
	617,860	VanEck Vectors Russia ETF		12,727,916
	1,535,689	Vanguard FTSE Emerging Markets ETF		65,266,783
	480,075	Vanguard FTSE Europe ETF		25,736,821
	609,476	Vanguard Large-Cap ETF		79,109,985
	827,146	Vanguard Mid-Cap ETF		132,963,719
	1,547,280	Vanguard Real Estate ETF		134,474,105
	199,073	Vanguard S&P 500 ETF		51,667,406
	1,438,469	Vanguard Small-Cap ETF		219,798,063
	493,370	WisdomTree India Earnings Fund		12,990,432
		TOTAL EXCHANGE TRADED FUNDS (Cost - $1,947,926,848)		2,139,195,190
Principal
		UNITED STATES GOVERNMENT SECURITIES - 32.5%
$	372,720,000	United States Treasury Note, 0.875%, 05/15/2019 + ^		372,009,454
	374,810,000	United States Treasury Note, 0.750%, 08/15/2019 + ^		372,379,589
	372,020,000	United States Treasury Note, 1.000%, 11/15/2019 + ^		368,684,897
	371,660,000	United States Treasury Note, 1.375%, 02/15/2020 + ^		368,306,348
		TOTAL UNITED STATES GOVERNMENT SECURITIES (Cost - $1,480,566,087)		1,481,380,288
		TOTAL INVESTMENTS - 79.4% (Cost - $3,428,492,935)	$	3,620,575,478
		OTHER ASSETS LESS LIABILITIES - 20.6%		938,803,115
		NET ASSETS - 100.0%	$	4,559,378,593

ETF - Exchange Traded Fund

+ All or a portion of this investment is a holding of the CMHSF Fund Limited CFC.

^ All or a portion of this security is segregated as collateral for futures contracts.

CATALYST FUNDS

CATALYST/MILLBURN HEDGE STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

						Unrealized
						Appreciation
Long Contracts			Notional		Maturity	(Depreciation)
		OPEN LONG FUTURES CONTRACTS - 0.7%
	1,013	90-Day Euro$ Future		247,096,025	December-19	$	(16,475	)
	175	90-Day Euro$ Future		42,737,188	March-20		(2,188	)
	1,846	90-Day Euro$ Future		451,531,600	September-20		213,413
	1,294	90-Day Euro$ Future		316,560,925	December-20		(232,538	)
	2,541	90-Day Euro$ Future		621,782,700	March-21		(266,400	)
	2,845	90-Day Euro$ Future		696,135,938	June-21		(187,750	)
	217	Amsterdam Index Future		26,702,069	April-19		561,378
	448	Australian 3 Year Bond Future		36,165,108	June-19		52,581
	2,584	Brent Crude Future +		174,626,720	June-19		784,310
	788	Brent Crude Future +		52,961,480	July-19		106,260
	241	Brent Crude Future +		16,132,540	August-19		64,020
	120	Brent Crude Future +		8,006,400	September-19		27,790
	67	Brent Crude Future +		4,456,170	October-19		50
	42	Brent Crude Future +		2,785,860	November-19		(15,540	)
	1,966	CAC 40 10 Euro Future		117,948,079	April-19		395,215
	52	Cocoa Future +		1,185,600	May-19		33,330
	46	Copper Future +		3,376,400	May-19		2,713
	65	Cotton No. 2 Future +		2,522,325	May-19		1,845
	36	DAX Index Future		11,656,374	June-19		229,972
	398	Dija Mini E-CBOT Future		51,606,670	June-19		859,180
	1,088	E-mini Russell 2000 Future		83,982,720	June-19		1,838,540
	6,653	Euro BOBL Future		994,599,558	June-19		7,263,090
	2,910	Euro-BTP Future		423,042,814	June-19		7,285,430
	36	Euro-Oat Future		6,575,551	June-19		(966	)
	3,424	Euro-Schatz Future		430,503,823	June-19		431,647
	1,067	FTSE China A50		14,004,375	April-19		379,830
	728	Gasoline RBOB Future +		57,559,320	May-19		258,397
	18	Gasoline RBOB Future +		1,400,112	July-19		3,587
	25	Gasoline RBOB Future +		1,924,650	August-19		3,037
	1,720	Hang Seng Index Future		318,552,602	April-19		4,200,564
	2,961	HSCEI Future		214,513,557	April-19		1,302,328
	9	KC HRW Wheat Future +		193,500	May-19		(2,725	)
	132	Lean Hogs Future +		4,675,440	June-19		(259,080	)
	250	Live Cattle Future +		11,900,000	June-19		(109,610	)
	47	LME Nickel Future +		3,661,770	June-19		(11,608	)
	1,229	Long Gilt Future		207,179,456	June-19		793,259
	2,172	MSCI Emerging Market Future		114,833,640	June-19		601,810
	434	MSCI Taiwan Index Future		16,956,380	April-19		183,110
	1,083	Nasdaq 100 E-Mini Future		160,294,830	June-19		1,844,360
	143	Natural Gas Future +		3,999,710	August-19		(144,610	)
	1,810	OMXS30 Index Future		30,173,822	April-19		203,501
	147	S&P Mid 400 E-Mini Future		27,944,700	June-19		690,740
	520	S&P/TSX 60 IX Future		74,507,579	June-19		95,191
	1,722	S&P 500 E-Mini Future		244,334,580	June-19		3,275,930
	1,812	SET50 Future		12,371,960	June-19		48,822
	120	SGX Nifty Future		2,802,120	April-19		58,114
	589	Soybean Future +		26,041,163	May-19		(563,963	)
	862	Soybean Meal Future +		26,420,300	May-19		(346,040	)
	567	SPI 200 Future		62,137,113	June-19		252,148
	401	TAIEX Future		27,577,736	April-19		400,091
	131	US Long Bond Future		19,604,969	June-19		6,719
	15	WTI Crude Future +		904,200	June-19		17,260
	11	WTI Crude Future +		664,400	July-19		12,410
	20	WTI Crude Future +		1,209,800	August-19		9,820
	23	WTI Crude Future +		1,392,190	September-19		10,890
	40	WTI Crude Future +		2,418,800	October-19		17,670
	15	WTI Crude Future +		905,550	November-19		3,970
		Net Unrealized Gain From Open Long Futures Contracts				$	32,664,829

CATALYST FUNDS

CATALYST/MILLBURN HEDGE STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

								Unrealized
								Appreciation
Short Contracts				Notional			Maturity	(Depreciation)
			OPEN SHORT FUTURES CONTRACTS - 0.1%
	(945	)	90-Day Euro$ Future		(230,993,438	)	June-20	$	(657,725	)
	(1,924	)	Australian 10 Year Bond Future		(189,367,112	)	June-19		(20,549	)
	(1,695	)	Canadian 10 Year Bond Future		(176,408,398	)	June-19		(370,993	)
	(1,408	)	CBOE VIX Future		(21,436,800	)	April-19		1,230,810
	(886	)	CBOE VIX Future		(14,463,950	)	May-19		(5,090	)
	(200	)	CBOE VIX Future		(3,335,000	)	June-19		17,840
	(111	)	CBOE VIX Future		(1,878,675	)	July-19		1,575
	(340	)	Coffee ‘C’ Future +		(12,048,750	)	May-19		198,431
	(1,604	)	Corn Future +		(28,591,300	)	May-19		1,231,400
	(23	)	Euro-Bund Future		(4,295,826	)	June-19		8,010
	(129	)	Euro BUXL Future		(27,761,529	)	June-19		218,991
	(214	)	Euro Stoxx 50 Future		(7,862,294	)	June-19		(14,417	)
	(1,380	)	FTSE 100 Index Future		(129,677,886	)	June-19		(805,104	)
	(48	)	FTSE/JSE Top 40 Future		(1,690,272	)	June-19		(339	)
	(475	)	FTSE/MIB Index Future		(55,311,507	)	June-19		(336,153	)
	(54	)	Gasoline RBOB Future +		(4,236,624	)	June-19		3,242
	(722	)	Gold 100 oz. Future +		(93,751,700	)	June-19		(56,540	)
	(28	)	IBEX 35 Future		(2,888,817	)	April-19		2,502
	(231	)	Japan 10 Year Bond Future		(319,895,921	)	June-19		(972,706	)
	(496	)	KO SPI 2 Future		(30,281,737	)	June-19		(31,308	)
	(63	)	LME Copper Future +		(10,216,238	)	June-19		(199,375	)
	(20	)	LME Lead Future +		(1,008,500	)	June-19		(11,420	)
	(156	)	LME PRI Aluminum Future +		(7,452,900	)	June-19		(91,645	)
	(33	)	LME Zinc Future +		(2,421,169	)	June-19		(27,767	)
	(560	)	Low Sulphur Gasoil G Future +		(34,006,000	)	May-19		48,100
	(805	)	Low Sulphur Gasoil G Future +		(49,064,750	)	June-19		30,675
	(208	)	Low Sulphur Gasoil G Future +		(12,719,200	)	July-19		5,850
	(517	)	MSCI EAFE Future		(48,246,440	)	June-19		(102,670	)
	(215	)	Natural Gas Future +		(5,723,300	)	May-19		77,510
	(93	)	Natural Gas Future +		(2,523,090	)	June-19		57,950
	(55	)	Natural Gas Future +		(1,524,600	)	July-19		5,630
	(106	)	Natural Gas Future +		(2,960,580	)	September-19		102,480
	(362	)	Nikkei 225 (OSE) Future		(69,368,207	)	June-19		(445,572	)
	(396	)	Nikkei 225 (SGX) Future		(37,941,727	)	June-19		(149,919	)
	(113	)	NY Harbor ULSD Future +		(9,356,264	)	May-19		11,861
	(253	)	NY Harbor ULSD Future +		(20,984,225	)	June-19		58,061
	(81	)	NY Harbor ULSD Future +		(6,735,620	)	July-19		5,107
	(49	)	NY Harbor ULSD Future +		(4,090,687	)	August-19		6,128
	(37	)	Platinum Future +		(1,580,085	)	July-19		(13,655	)
	(512	)	Silver Future +		(38,681,600	)	May-19		314,275
	(474	)	Soybean Oil Future +		(8,065,584	)	May-19		221,748
	(1,793	)	TOPIX Index Future		(257,890,048	)	June-19		(1,438,225	)
	(5,183	)	US 2 Year Note (CBT)		(1,104,464,906	)	June-19		(1,698,485	)
	(269	)	US 5 Year Note (CBT)		(31,157,766	)	June-19		127,055
	(3,014	)	US 10 Year Note (CBT)		(374,395,313	)	June-19		(622,469	)
	(136	)	US Ultra Bond Future		(22,848,000	)	June-19		4,938
	(145	)	Wheat Future +		(3,318,688	)	May-19		9,113
	(273	)	World Sugar #11 Future +		(3,831,173	)	May-19		26,634
			Net Unrealized Loss From Open Short Futures Contracts					$	(4,046,210	)
			Total Unrealized Gain From Open Futures Contracts					$	28,618,619

+ All of this investment is a holding of the CMHSF Fund Limited.

CATALYST FUNDS

CATALYST/MILLBURN HEDGE STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

FORWARD FOREIGN CURRENCY CONTRACTS

									Unrealized
	Settlement		Currency Amount		Cost of				Appreciation
Foreign Currency	Date	Counterparty	Purchased		USD Sold		Fair Value		(Depreciation)
To Buy:
Australian Dollar	4/1/2019	BAML		238,210,000	$	168,526,375	$	169,212,502	$	686,127
Australian Dollar	4/1/2019	MSSB		860,000		608,304		610,901		2,597
British Pound	4/1/2019	BAML		110,270,000		144,170,306		143,687,372		(482,934	)
British Pound	4/1/2019	MSSB		3,450,000		4,503,561		4,495,524		(8,037	)
Canadian Dollar	4/1/2019	BAML		18,140,000		13,563,980		13,578,353		14,373
Canadian Dollar	4/1/2019	MSSB		16,470,000		12,317,684		12,328,306		10,622
Euro	4/1/2019	BAML		318,660,000		358,005,128		357,807,745		(197,383	)
Euro	4/1/2019	MSSB		2,280,000		2,560,734		2,560,101		(633	)
Israeli Shekel	4/1/2019	BAML		6,930,000		1,911,022		1,909,433		(1,589	)
Israeli Shekel	4/1/2019	MSSB		10,820,000		2,983,857		2,981,250		(2,607	)
Japanese Yen	4/1/2019	BAML		11,743,000,000		106,553,890		106,093,870		(460,020	)
Japanese Yen	4/1/2019	MSSB		6,380,000,000		57,892,561		57,641,053		(251,508	)
Mexican Peso	4/1/2019	BAML		122,930,000		6,351,055		6,337,415		(13,640	)
Mexican Peso	4/1/2019	MSSB		27,940,000		1,443,193		1,440,392		(2,801	)
New Zealand Dollar	4/1/2019	BAML		225,440,000		153,115,447		153,750,149		634,702
New Zealand Dollar	4/1/2019	MSSB		3,940,000		2,676,629		2,687,081		10,452
Norwegian Krone	4/1/2019	BAML		133,350,000		15,426,992		15,484,927		57,935
Polish Zloty	4/1/2019	BAML		107,040,000		27,956,540		27,919,715		(36,825	)
Singapore Dollar	4/1/2019	BAML		8,690,000		6,407,124		6,415,652		8,528
Singapore Dollar	4/1/2019	MSSB		1,370,000		1,011,227		1,011,443		216
South African Rand	4/1/2019	BAML		556,150,000		37,968,936		38,564,618		595,682
Swedish Krona	4/1/2019	BAML		93,320,000		10,033,598		10,061,130		27,532
Swedish Krona	4/1/2019	MSSB		11,880,000		1,278,669		1,280,821		2,152
Swiss Franc	4/1/2019	BAML		37,890,000		38,045,222		38,045,989		767
Swiss Franc	4/1/2019	MSSB		50,260,000		50,465,375		50,466,914		1,539
Turkish Lira New	4/1/2019	MSSB		62,220,000		11,023,258		11,013,169		(10,089	)
Australian Dollar	4/2/2019	BAML		40,840,000		28,950,087		29,010,699		60,612
Australian Dollar	4/2/2019	MSSB		98,720,000		69,999,127		70,125,764		126,637
British Pound	4/2/2019	BAML		25,630,000		33,500,975		33,397,183		(103,792	)
British Pound	4/2/2019	MSSB		38,110,000		49,750,943		49,659,252		(91,691	)
Euro	4/2/2019	BAML		100,920,000		113,243,148		113,318,137		74,989
Euro	4/2/2019	MSSB		28,830,000		32,370,208		32,371,798		1,590
Israeli Shekel	4/2/2019	BAML		37,730,000		10,390,505		10,395,801		5,296
Japanese Yen	4/2/2019	BAML		8,542,000,000		77,075,556		77,173,962		98,406
Japanese Yen	4/2/2019	MSSB		785,000,000		7,082,026		7,092,199		10,173
Mexican Peso	4/2/2019	BAML		403,130,000		20,829,379		20,782,575		(46,804	)
Mexican Peso	4/2/2019	MSSB		212,740,000		10,992,742		10,967,393		(25,349	)
New Zealand Dollar	4/2/2019	BAML		32,140,000		21,820,064		21,919,490		99,426
New Zealand Dollar	4/2/2019	MSSB		110,110,000		74,792,594		75,095,054		302,460
Norwegian Krone	4/2/2019	BAML		120,340,000		13,956,461		13,974,174		17,713
Norwegian Krone	4/2/2019	MSSB		87,450,000		10,141,536		10,154,907		13,371
Polish Zloty	4/2/2019	BAML		100,750,000		26,261,265		26,279,067		17,802
Polish Zloty	4/2/2019	MSSB		7,620,000		1,989,824		1,987,558		(2,266	)
Singapore Dollar	4/2/2019	BAML		30,260,000		22,339,641		22,340,347		706
South African Rand	4/2/2019	BAML		460,760,000		31,956,423		31,950,074		(6,349	)
Swedish Krona	4/2/2019	BAML		179,420,000		19,350,323		19,343,849		(6,474	)
Swedish Krona	4/2/2019	MSSB		75,360,000		8,135,524		8,124,805		(10,719	)
Swiss Franc	4/2/2019	BAML		23,720,000		23,811,269		23,817,652		6,383
Swiss Franc	4/2/2019	MSSB		15,030,000		15,096,713		15,091,877		(4,836	)

CATALYST FUNDS

CATALYST/MILLBURN HEDGE STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

FORWARD FOREIGN CURRENCY CONTRACTS

												Unrealized
	Settlement		Currency Amount			Cost of						Appreciation
Foreign Currency	Date	Counterparty	Purchased			USD Sold			Fair Value			(Depreciation)
To Buy (Continued):
Australian Dollar	4/17/2019	BAML		793,020,000		$	562,224,379		$	563,489,318		$	1,264,939
Brazilian Real	4/17/2019	BAML		26,830,000			7,068,417			6,888,147			(180,270	)
Brazilian Real	4/17/2019	MSSB		747,870,000			196,206,351			192,002,919			(4,203,432	)
British Pound	4/17/2019	BAML		560,140,000			737,833,598			730,445,523			(7,388,075	)
British Pound	4/17/2019	MSSB		8,850,000			11,526,267			11,540,763			14,496
Canadian Dollar	4/17/2019	BAML		473,820,000			354,093,832			354,803,131			709,299
Canadian Dollar	4/17/2019	MSSB		7,890,000			5,887,823			5,908,144			20,321
Chilean Peso	4/17/2019	BAML		10,375,000,000			15,699,801			15,247,152			(452,649	)
Chilean Peso	4/17/2019	MSSB		1,762,000,000			2,599,747			2,589,444			(10,303	)
Colombian Peso	4/17/2019	BAML		20,027,000,000			6,395,006			6,281,148			(113,858	)
Colombian Peso	4/17/2019	MSSB		77,000,000			24,166			24,150			(16	)
Euro	4/17/2019	BAML		854,550,000			969,109,947			960,747,605			(8,362,342	)
Euro	4/17/2019	MSSB		2,270,000			2,587,959			2,552,100			(35,859	)
Israeli Shekel	4/17/2019	BAML		184,420,000			51,063,845			50,863,728			(200,117	)
Japanese Yen	4/17/2019	BAML		152,851,000,000			1,377,951,285			1,382,833,062			4,881,777
Mexican Peso	4/17/2019	BAML		4,106,810,000			212,030,874			211,212,056			(818,818	)
Mexican Peso	4/17/2019	BAML		588,540,000			402,116,640			401,500,185			(616,455	)
New Zealand Dollar	4/17/2019	MSSB		6,210,000			4,260,017			4,236,443			(23,574	)
New Zealand Dollar	4/17/2019	BAML		1,457,040,000			169,309,111			169,294,720			(14,391	)
Norwegian Krone	4/17/2019	MSSB		123,000,000			14,217,995			14,291,475			73,480
Norwegian Krone	4/17/2019	BAML		286,180,000			75,391,091			74,680,768			(710,323	)
Polish Zloty	4/17/2019	MSSB		4,130,000			1,093,136			1,077,754			(15,382	)
Polish Zloty	4/17/2019	BAML		9,569,630,000			144,481,703			145,299,262			817,559
Russian Ruble	4/17/2019	MSSB		6,487,440,000			98,676,790			98,501,221			(175,569	)
Russian Ruble	4/17/2019	BAML		107,180,000			79,146,559			79,150,457			3,898
Singapore Dollar	4/17/2019	MSSB		17,480,000			12,906,208			12,908,658			2,450
Singapore Dollar	4/17/2019	BAML		2,386,690,000			166,069,982			165,201,004			(868,978	)
South African Rand	4/17/2019	MSSB		11,430,000			789,977			791,157			1,180
South African Rand	4/17/2019	BAML		6,048,000,000			5,356,435			5,330,514			(25,921	)
South Korean Won	4/17/2019	MSSB		83,252,000,000			73,758,228			73,375,649			(382,579	)
South Korean Won	4/17/2019	BAML		2,351,830,000			253,830,299			253,843,045			12,746
Swedish Krona	4/17/2019	BAML		573,670,000			574,986,810			576,849,594			1,862,784
Swiss Franc	4/17/2019	BAML		980,880,000			177,982,877			170,702,229			(7,280,648	)
Turkish Lira New	4/17/2019	MSSB		11,490,000			2,064,886			1,999,601			(65,285	)
Indian Rupee	4/18/2019	BAML		2,117,930,000			30,055,899.72			30,496,068			440,168
Indian Rupee	4/18/2019	MSSB		2,187,530,000			31,388,957.88			31,498,238			109,280
Turkish Lira New	6/19/2019	MSSB		520,860,000			88,363,577.15			86,010,931			(2,352,646	)
						$	8,879,187,474		$	8,856,226,803		$	(22,960,671	)
	Settlement		Currency Amount			Cost of						Appreciation
Foreign Currency	Date	Counterparty	Purchased			USD Purchased			Fair Value			(Depreciation)
To Sell:
Australian Dollar	4/1/2019	BAML		(127,600,000	)	$	(90,434,391	)	$	(90,640,675	)	$	(206,284	)
Australian Dollar	4/1/2019	MSSB		(111,470,000	)		(79,018,181	)		(79,182,728	)		(164,547	)
British Pound	4/1/2019	BAML		(60,460,000	)		(79,392,037	)		(78,782,430	)		609,607
British Pound	4/1/2019	MSSB		(53,260,000	)		(69,846,542	)		(69,400,466	)		446,076
Canadian Dollar	4/1/2019	BAML		(34,610,000	)		(25,903,725	)		(25,906,658	)		(2,933	)
Euro	4/1/2019	BAML		(167,090,000	)		(187,813,571	)		(187,617,198	)		196,373
Euro	4/1/2019	MSSB		(153,850,000	)		(172,957,071	)		(172,750,649	)		206,422

CATALYST FUNDS

CATALYST/MILLBURN HEDGE STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

FORWARD FOREIGN CURRENCY CONTRACTS

												Unrealized
	Settlement		Currency Amount			Cost of						Appreciation
Foreign Currency	Date	Counterparty	Purchased			USD Purchased			Fair Value			(Depreciation)
To Sell (Continued):
Israeli Shekel	4/1/2019	BAML		(12,100,000	)	$	(3,330,462	)	$	(3,333,930	)	$	(3,468	)
Israeli Shekel	4/1/2019	MSSB		(5,650,000	)		(1,554,589	)		(1,556,753	)		(2,164	)
Japanese Yen	4/1/2019	BAML		(16,588,000,000	)		(149,999,999	)		(149,866,739	)		133,260
Japanese Yen	4/1/2019	MSSB		(1,535,000,000	)		(13,881,193	)		(13,868,184	)		13,009
Mexican Peso	4/1/2019	BAML		(70,770,000	)		(3,650,158	)		(3,648,408	)		1,750
Mexican Peso	4/1/2019	MSSB		(80,100,000	)		(4,133,759	)		(4,129,398	)		4,361
New Zealand Dollar	4/1/2019	BAML		(122,320,000	)		(83,191,845	)		(83,422,278	)		(230,433	)
New Zealand Dollar	4/1/2019	MSSB		(107,060,000	)		(72,854,450	)		(73,014,953	)		(160,503	)
Norwegian Krone	4/1/2019	BAML		(108,610,000	)		(12,557,146	)		(12,612,058	)		(54,912	)
Norwegian Krone	4/1/2019	MSSB		(24,740,000	)		(2,854,279	)		(2,872,869	)		(18,590	)
Polish Zloty	4/1/2019	BAML		(86,430,000	)		(22,591,231	)		(22,543,918	)		47,313
Polish Zloty	4/1/2019	MSSB		(20,610,000	)		(5,389,929	)		(5,375,797	)		14,132
Singapore Dollar	4/1/2019	BAML		(6,410,000	)		(4,726,069	)		(4,732,374	)		(6,305	)
Singapore Dollar	4/1/2019	MSSB		(3,650,000	)		(2,690,611	)		(2,694,721	)		(4,110	)
South African Rand	4/1/2019	BAML		(265,560,000	)		(18,107,307	)		(18,414,492	)		(307,185	)
South African Rand	4/1/2019	MSSB		(290,590,000	)		(19,822,673	)		(20,150,126	)		(327,453	)
Swedish Krona	4/1/2019	BAML		(64,850,000	)		(6,963,257	)		(6,991,688	)		(28,431	)
Swedish Krona	4/1/2019	MSSB		(40,350,000	)		(4,332,161	)		(4,350,264	)		(18,103	)
Swiss Franc	4/1/2019	BAML		(81,020,000	)		(81,393,694	)		(81,353,550	)		40,144
Swiss Franc	4/1/2019	MSSB		(7,130,000	)		(7,164,605	)		(7,159,353	)		5,252
Turkish Lira New	4/1/2019	MSSB		(62,220,000	)		(11,022,143	)		(11,013,169	)		8,974
Australian Dollar	4/2/2019	BAML		(121,730,000	)		(86,370,677	)		(86,470,920	)		(100,243	)
Australian Dollar	4/2/2019	MSSB		(17,830,000	)		(12,630,790	)		(12,665,543	)		(34,753	)
British Pound	4/2/2019	BAML		(63,740,000	)		(82,877,579	)		(83,056,435	)		(178,856	)
Euro	4/2/2019	BAML		(92,770,000	)		(104,167,457	)		(104,166,901	)		556
Euro	4/2/2019	MSSB		(36,980,000	)		(41,511,513	)		(41,523,035	)		(11,522	)
Israeli Shekel	4/2/2019	BAML		(28,880,000	)		(7,952,684	)		(7,957,348	)		(4,664	)
Israeli Shekel	4/2/2019	MSSB		(8,850,000	)		(2,437,508	)		(2,438,453	)		(945	)
Japanese Yen	4/2/2019	BAML		(3,630,000,000	)		(32,771,137	)		(32,795,772	)		(24,635	)
Japanese Yen	4/2/2019	MSSB		(5,697,000,000	)		(51,446,676	)		(51,470,389	)		(23,713	)
Mexican Peso	4/2/2019	BAML		(615,870,000	)		(31,694,414	)		(31,749,968	)		(55,554	)
New Zealand Dollar	4/2/2019	BAML		(137,850,000	)		(93,867,579	)		(94,013,742	)		(146,163	)
New Zealand Dollar	4/2/2019	MSSB		(4,400,000	)		(2,986,500	)		(3,000,801	)		(14,301	)
Norwegian Krone	4/2/2019	BAML		(207,790,000	)		(24,126,056	)		(24,129,082	)		(3,026	)
Polish Zloty	4/2/2019	BAML		(103,120,000	)		(26,908,174	)		(26,897,244	)		10,930
Polish Zloty	4/2/2019	MSSB		(5,250,000	)		(1,370,114	)		(1,369,381	)		733
Singapore Dollar	4/2/2019	BAML		(25,880,000	)		(19,092,794	)		(19,106,682	)		(13,888	)
Singapore Dollar	4/2/2019	MSSB		(4,380,000	)		(3,232,092	)		(3,233,666	)		(1,574	)
South African Rand	4/2/2019	BAML		(306,180,000	)		(21,046,489	)		(21,231,169	)		(184,680	)
South African Rand	4/2/2019	MSSB		(154,580,000	)		(10,602,020	)		(10,718,904	)		(116,884	)
Swedish Krona	4/2/2019	BAML		(254,780,000	)		(27,467,557	)		(27,468,653	)		(1,096	)
Swiss Franc	4/2/2019	BAML		(7,000,000	)		(7,030,023	)		(7,028,818	)		1,205
Swiss Franc	4/2/2019	MSSB		(31,750,000	)		(31,883,757	)		(31,880,711	)		3,046
Australian Dollar	4/17/2019	BAML		(937,300,000	)		(663,973,413	)		(666,009,102	)		(2,035,689	)
Brazilian Real	4/17/2019	BAML		(25,450,000	)		(6,553,656	)		(6,533,855	)		19,801
Brazilian Real	4/17/2019	MSSB		(1,080,130,000	)		(277,715,343	)		(277,305,030	)		410,313
British Pound	4/17/2019	BAML		(643,620,000	)		(850,150,339	)		(839,306,865	)		10,843,474
Canadian Dollar	4/17/2019	BAML		(615,520,000	)		(461,657,654	)		(460,910,100	)		747,554

CATALYST FUNDS

CATALYST/MILLBURN HEDGE STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

FORWARD FOREIGN CURRENCY CONTRACTS

												Unrealized
	Settlement		Currency Amount			Cost of						Appreciation
Foreign Currency	Date	Counterparty	Purchased			USD Purchased			Fair Value			(Depreciation)
To Sell (Continued):
Chilean Peso	4/17/2019	BAML		(11,187,000,000	)	$	(16,610,315	)	$	(16,440,471	)	$	169,844
Colombian Peso	4/17/2019	BAML		(9,617,000,000	)		(3,034,131	)		(3,016,218	)		17,913
Colombian Peso	4/17/2019	MSSB		(4,986,000,000	)		(1,559,465	)		(1,563,779	)		(4,314	)
Euro	4/17/2019	BAML		(1,609,820,000	)		(1,814,912,426	)		(1,809,877,373	)		5,035,053
Israeli Shekel	4/17/2019	BAML		(237,940,000	)		(65,823,678	)		(65,624,745	)		198,933
Japanese Yen	4/17/2019	BAML		(157,272,000,000	)		(1,416,250,461	)		(1,422,829,561	)		(6,579,100	)
Mexican Peso	4/17/2019	BAML		(1,056,140,000	)		(54,783,066	)		(54,316,976	)		466,090
New Zealand Dollar	4/17/2019	BAML		(688,430,000	)		(469,780,018	)		(469,644,837	)		135,181
Norwegian Krone	4/17/2019	BAML		(1,950,430,000	)		(226,275,677	)		(226,622,125	)		(346,448	)
Polish Zloty	4/17/2019	BAML		(621,580,000	)		(162,935,040	)		(162,205,856	)		729,184
Russian Ruble	4/17/2019	MSSB		(3,754,250,000	)		(57,364,281	)		(57,002,178	)		362,103
Singapore Dollar	4/17/2019	BAML		(129,900,000	)		(95,964,708	)		(95,928,759	)		35,949
South African Rand	4/17/2019	BAML		(2,070,780,000	)		(142,501,919	)		(143,334,465	)		(832,546	)
South Korean Won	4/17/2019	BAML		(4,873,000,000	)		(4,312,989	)		(4,294,906	)		18,083
South Korean Won	4/17/2019	MSSB		(83,561,000,000	)		(73,735,515	)		(73,647,991	)		87,524
Swedish Krona	4/17/2019	BAML		(3,089,120,000	)		(331,992,049	)		(333,421,900	)		(1,429,851	)
Swiss Franc	4/17/2019	BAML		(699,290,000	)		(699,065,862	)		(703,165,849	)		(4,099,987	)
Turkish Lira New	4/17/2019	BAML		(484,440,000	)		(85,759,793	)		(84,306,936	)		1,452,857
Turkish Lira New	4/17/2019	MSSB		(507,930,000	)		(90,154,419	)		(88,394,893	)		1,759,526
Indian Rupee	4/18/2019	MSSB		(1,079,370,000	)		(15,607,850	)		(15,541,845	)		66,005
						$	(10,049,524,737	)	$	(10,043,006,060	)	$	6,518,677

CATALYST FUNDS

CATALYST/MILLBURN HEDGE STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

FORWARD FOREIGN CURRENCY CONTRACTS

									U.S. Dollar		U.S. Dollar			Unrealized
		Settlement		Currency Amount		Currency Amount			Market Value		Market Value			Appreciation
Foreign Currency		Date	Counterparty	Purchased Buy		Purchased Sell			Buy		Sell			(Depreciation)
To Buy:	To Sell:
Euro	Norwegian Krone	4/17/2019	BAML		33,470,000		(325,157,227	)		37,629,422		(37,780,296	)	$	(150,873	)
Euro	Norwegian Krone	4/17/2019	MSSB		201,930,000		(1,961,704,079	)		227,024,473		(227,932,070	)		(907,595	)
Euro	Polish Zloty	4/17/2019	BAML		80,580,000		(346,823,896	)		90,593,929		(90,506,237	)		87,690
Euro	Polish Zloty	4/17/2019	MSSB		9,730,000		(41,887,706	)		10,939,178		(10,930,904	)		8,274
Euro	Swedish Krona	4/17/2019	BAML		31,190,000		(326,948,764	)		35,066,079		(35,288,975	)		(222,896	)
Euro	Swedish Krona	4/17/2019	MSSB		121,490,000		(1,270,038,151	)		136,587,942		(137,080,636	)		(492,701	)
Norwegian Krone	Euro	4/17/2019	BAML		1,386,127,461		(142,030,000	)		161,055,332		(159,680,512	)		1,374,816
Norwegian Krone	Euro	4/17/2019	MSSB		1,182,842,424		(121,110,000	)		137,435,470		(136,160,718	)		1,274,753
Polish Zloty	Euro	4/17/2019	BAML		413,530,369		(96,000,000	)		107,913,780		(107,930,220	)		(16,436	)
Polish Zloty	Euro	4/17/2019	MSSB		8,310,484		(1,930,000	)		2,168,682		(2,169,847	)		(1,165	)
Swedish Krona	Euro	4/17/2019	BAML		768,402,089		(73,230,000	)		82,936,915		(82,330,521	)		606,397
Swedish Krona	Euro	4/17/2019	MSSB		763,258,060		(72,600,000	)		82,381,698		(81,622,229	)		759,470
									$	1,111,732,900	$	(1,109,413,166	)	$	2,319,734
Total Unrealized Depreciation														$	(14,122,260	)

BAML - Bank of America Merrill Lynch

MSSB - Morgan Stanley Smith Barney

CATALYST FUNDS

CATALYST MLP & INFRASTRUCTURE FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		COMMON STOCK - 100.0%
		GAS - 2.1%
	136,630	Western Midstream Partners LP	$	4,284,717
		OIL & GAS - 2.2%
	389,461	Tellurian, Inc. *		4,361,963
		OIL & GAS SERVICES - 1.2%
	244,446	Archrock, Inc.		2,390,682
		PIPELINES - 94.5%
	684,164	Antero Midstream GP LP		9,427,780
	1,399	Buckeye Partners LP		47,594
	228,247	Cheniere Energy, Inc. *		15,602,965
	231,855	Crestwood Equity Partners LP		8,158,977
	241,245	Enbridge, Inc.		8,747,544
	1,020,925	Energy Transfer Equity LP		15,691,617
	756,952	EnLink Midstream LLC		9,673,847
	293,120	Enterprise Products Partners LP		8,529,792
	222,632	Equitrans Midstream Corp.		4,848,925
	451,030	Kinder Morgan, Inc.		9,025,110
	43,420	Magellan Midstream Corp.		2,632,555
	167,942	NuStar Energy LP		4,515,960
	174,588	ONEOK, Inc.		12,193,226
	240,925	Pembina Pipeline Corp.		8,856,403
	604,026	Plains GP Holdings LP		15,052,328
	620,363	SemGroup Corp.		9,144,151
	365,786	Tallgrass Energy LP		9,195,860
	377,599	Targa Resources Corp.		15,689,238
	199,453	TransCanada Corp.		8,963,418
	545,996	Williams Companies, Inc.		15,681,005
				191,678,295
		TOTAL COMMON STOCK (Cost - $204,960,284)		202,715,657
		TOTAL INVESTMENTS - 100.0% (Cost - $204,960,284)	$	202,715,657
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%		84,905
		NET ASSETS - 100.0%	$	202,800,562

LLC - Limited Liability Company

LP - Limited Partnership

* Non-income producing security.

CATALYST FUNDS

CATALYST/CIFC FLOATING RATE INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares			Value
		COMMON STOCK - 0.2%
		SOFTWARE - 0.2%
	7,817	Avaya Holdings Corp.	$	131,560
		TOTAL COMMON STOCK (Cost - $198,736)
		EXCHANGE TRADED FUND - 2.7%
	75,000	Invesco Senior Loan ETF		1,698,000
		TOTAL EXCHANGE TRADED FUND (Cost - $1,737,051)

Principal				Coupon Rate (%)			Maturity
		CORPORATE BONDS - 6.7%
		COMMERCIAL SERVICES - 1.1%
$	509,000	Prime Security Services Borrower LLC #			5.250		4/15/2024	510,272
	172,000	Prime Security Services Borrower LLC #			5.750		4/15/2026	172,466
								682,738
		DIVERSIFIED FINANCIAL SERVICES - 0.6%
	375,000	Travelport Corporate Finance PLC #			6.000		3/15/2026	405,938
		ENTERTAINMENT - 1.4%
	343,000	Churchill Downs, Inc. #			5.500		4/1/2027	348,660
	500,000	Scientific Games International, Inc.			10.000		12/1/2022	527,300
								875,960
		ENVIRONMENTAL CONTROL - 2.3%
	500,000	GFL Environmental, Inc. #			5.375		3/1/2023	475,000
	1,000,000	Hulk Finance Corp. #			7.000		6/1/2026	950,000
								1,425,000
		INTERNET - 0.5%
	300,000	Uber Technologies, Inc. #			8.000		11/1/2026	319,875
		PHARMACEUTICALS - 0.8%
	500,000	Bausch Health Cos, Inc. #			6.125		4/15/2025	496,250
		TOTAL CORPORATE BONDS (Cost - $4,130,562)						4,205,761
			Variable Rate
		COLLATERALIZED LOAN OBLIGATIONS - 3.1%
	500,000	Carlyle US CLO 2017-1 Ltd. #	3 Month LIBOR + 6.000%		8.761	*	4/20/2031	486,047
	1,000,000	Carlyle US CLO 2017-2 Ltd. #	3 Month LIBOR + 6.150%		8.911	*	7/20/2031	974,878
	500,000	Octagon Investment Partners 37 2018-2A Ltd. #	3 Month LIBOR + 5.400%		8.171	*	7/25/2030	470,180
		TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost - $1,950,036)						1,931,105
		BANK LOANS - 85.0%
		AEROSPACE & DEFENSE - 3.1%
	997,423	StandardAero Aviation Holdings, Inc.	1 Month LIBOR + 3.750%		6.250	*	7/7/2022	999,921
	495,000	Transdigm, Inc.	1 Month LIBOR + 2.500%		4.999	*	8/22/2024	483,368
	496,250	Transdigm, Inc.	1 Month LIBOR + 2.500%		4.999	*	5/14/2025	484,181
								1,967,470
		AIR TRANSPORT - 0.8%
	497,494	Lineage Logistics, LLC	1 Month LIBOR + 3.000%		5.499	*	2/27/2025	484,437
		AUTOMOTIVE - 1.2%
	750,000	POWER SOLUTIONS	1 Month LIBOR + 3.500%		6.060	*	3/18/2026	742,493
		BUILDING & DEVELOPMENT - 3.8%
	450,000	Capital Automotive L.P.	1 Month LIBOR + 2.500%		5.000	*	3/21/2024	446,132
	478,053	Capital Automotive L.P.	1 Month LIBOR + 2.500%		5.000	*	3/24/2024	473,944
	997,500	DTZ U.S. Borrower, LLC	1 Month LIBOR + 3.250%		5.749	*	8/16/2025	991,266
	498,747	Hillman Group, Inc.	1 Month LIBOR + 4.000%		6.499	*	5/21/2025	476,927
								2,388,269
		BUSINESS EQUIPMENT & SERVICES - 10.0%
	996,543	Allied Universal Holdco LLC	1 Month LIBOR + 3.750%		6.249	*	7/28/2022	966,148
	222,000	Allied Universal Holdco LLC	1 Month LIBOR + 4.250%		6.749	*	7/28/2022	217,283
	497,500	Blackhawk Network Holdings, Inc.	1 Month LIBOR + 3.000%		5.499	*	5/22/2025	489,789
	750,000	DigiCert Holdings, Inc.	1 Month LIBOR + 4.000%		6.499	*	9/20/2024	738,439
	476,175	EIG Investors Corp.	3 Month LIBOR + 3.750%		6.389	*	2/9/2023	474,686
	232,013	IG Investments Holdings, LLC	3 Month LIBOR + 3.500%		6.101	*	5/21/2025	230,998
	498,737	Internet Brands	1 Month LIBOR + 3.750%		6.236	*	9/15/2024	492,780
	830,636	Pike Corporation	1 Month LIBOR + 3.500%		6.000	*	3/23/2025	831,155
	1,000,000	Staples, Inc.	1 Month LIBOR + 4.000%		6.502	*	8/15/2024	993,745
	497,442	Stiphout Finance LLC	1 Month LIBOR + 3.000%		5.499	*	10/26/2022	489,981
	318,037	Web.Com Group, Inc.	1 Month LIBOR + 3.750%		6.243	*	9/17/2025	314,261
								6,239,265
		CABLE & SATELLITE & SERVICES - 0.8%
	497,481	Numericable U.S. LLC	1 Month LIBOR + 3.688%		6.171	*	1/9/2026	473,105

CATALYST FUNDS

CATALYST/CIFC FLOATING RATE INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Principal			Variable Rate	Coupon Rate (%)			Maturity	Value
		BANK LOANS - 85.0% (Continued)
		CHEMICALS & PLASTICS - 0.4%
$	250,000	Starfruit US Holdco LLC	1 Month LIBOR + 3.250%		5.740	*	9/20/2025	$	247,033
		CLOTHING/TEXTILES - 0.5%
	327,329	Hercules Achievement, Inc.	1 Month LIBOR + 3.500%		5.999	*	12/15/2024		323,565
		CONGLOMERATES - 0.8%
	497,617	St. George’s University Scholastic Services LLC	1 Month LIBOR + 3.500%		6.000	*	6/22/2025		497,617
		CONTAINERS & GLASS PRODUCTS - 1.2%
	507,982	Proampac PG Borrower LLC	1 Month LIBOR + 3.500%		6.060	*	11/18/2023		491,630
	273,372	Prometric Holdings, Inc.	1 Month LIBOR + 3.000%		5.500	*	1/19/2025		269,954
									761,584
		DIVERSIFIED INSURANCE - 1.3%
	846,597	U.S.I., Inc.	3 Month LIBOR + 3.000%		5.601	*	5/16/2024		823,316
		DRUGS - 3.5%
	245,828	Alvogen Group, Inc. U.S.A.	1 Month LIBOR + 4.750%		7.250	*	4/2/2022		239,886
	1,000,000	Amneal Pharmaceuticals LLC	1 Month LIBOR + 3.500%		6.000	*	3/23/2025		999,165
	481,013	Bausch Health Cos., Inc.	1 Month LIBOR + 2.750%		5.231	*	6/1/2025		476,092
	498,708	Jaguar Holding Company II, LLC	1 Month LIBOR + 2.500%		4.999	*	8/18/2022		494,489
									2,209,632
		ECOLOGICAL SERVICES & EQUIPMENT - 1.4%
	121,694	GFL Environmental, Inc.	1 Month LIBOR + 3.000%		5.499	*	5/31/2025		117,929
	750,000	Restaurant Technologies, Inc.	1 Month LIBOR + 3.250%		5.749	*	10/1/2025		748,598
									866,527
		ELECTRONICS/ELECTRICAL - 11.1%
	1,000,000	Boxer Parent Company, Inc.	3 Month LIBOR + 4.250%		6.851	*	6/28/2025		981,295
	125,000	Hyland Software, Inc.	1 Month LIBOR + 7.000%		9.499	*	5/23/2025		125,078
	399,041	Ivanti Software, Inc.	1 Month LIBOR + 4.250%		6.750	*	1/20/2024		396,798
	746,231	MA FinanceCo., LLC	1 Month LIBOR + 2.250%		4.749	*	11/20/2021		730,609
	863,518	McAfee, LLC	1 Month LIBOR + 3.750%		6.249	*	9/29/2024		864,062
	349,121	Mitchell International, Inc.	1 Month LIBOR + 3.250%		5.749	*	11/30/2024		336,521
	497,472	Project Alpha Intermediate Holding, Inc.	6 Month LIBOR + 3.500%		6.370	*	4/26/2024		486,278
	498,750	Quest Software US Holdings, Inc.	3 Month LIBOR + 4.250%		6.994	*	5/17/2025		493,296
	250,000	Quest Software US Holdings, Inc.	3 Month LIBOR + 8.250%		10.994	*	5/18/2026		247,188
	551,739	SolarWinds Holdings, Inc.	1 Month LIBOR + 2.750%		5.249	*	2/5/2024		546,911
	138,482	SS&C European Holdings	1 Month LIBOR + 2.250%		4.810	*	2/28/2025		137,548
	361,518	SS&C Technologies, Inc.	1 Month LIBOR + 2.250%		4.810	*	2/28/2025		359,082
	498,747	Uber Technologies, Inc.	1 Month LIBOR + 4.000%		6.493	*	4/4/2025		499,744
	748,125	VeriFone Systems, Inc.	3 Month LIBOR + 4.000%		6.683	*	8/20/2025		738,306
									6,942,716
		EQUIPMENT LEASING - 1.2%
	800,000	Coinmach Services	3 Month LIBOR + 3.250%		6.029	*	11/14/2022		780,400
		FINANCIAL INTERMEDIARIES - 5.7%
	410,188	Ascensus	3 Month LIBOR + 3.500%		6.101	*	12/3/2022		409,675
	50,000	Ascensus	3 Month LIBOR + 4.000%		6.560	*	12/3/2022		49,938
	1,500,000	Financial & Risk US Holdings, Inc.	1 Month LIBOR + 3.750%		6.249	*	10/1/2025		1,459,020
	698,210	Russell Investments US Institutional Holdco, Inc.	3 Month LIBOR + 3.250%		5.851	*	6/1/2023		689,775
	1,000,000	The Dun & Bradstreet Corporation	1 Month LIBOR + 5.000%		7.490	*	2/1/2026		990,625
									3,599,033
		FOOD PRODUCTS - 1.0%
	298,500	H-Food Holdings, LLC	1 Month LIBOR + 3.688%		6.186	*	5/17/2025		291,187
	372,206	Sigma Holdco BV	3 Month LIBOR + 3.000%		5.603	*	3/7/2025		361,970
									653,157
		FOOD SERVICE - 2.9%
	500,000	1011778 B.C. Unlimited Liability Company	3 Month LIBOR + 2.250%		4.810	*	2/17/2024		492,915
	378,751	Del Frisco’s Restaurant Group, Inc.	1 Month LIBOR + 6.000%		8.500	*	6/27/2025		367,388
	997,487	IRB Holding Corp.	1 Month LIBOR + 3.250%		5.739	*	1/19/2025		974,511
									1,834,814
		FOOD/DRUG RETAILERS - 1.6%
	369,000	Albertson’s LLC	3 Month LIBOR + 3.000%		5.609	*	12/21/2022		366,696
	631,000	Albertson’s LLC	1 Month LIBOR + 3.000%		5.499	*	10/29/2025		623,964
	2,500	BJ’s Wholesale Club, Inc.	1 Month LIBOR + 3.000%		5.560	*	1/27/2024		2,497
									993,157
		HEALTH CARE - 7.9%
	1,000,000	Athenahealth, Inc.	3 Month LIBOR + 4.500%		7.197	*	2/7/2026		988,750
	485,395	Concentra, Inc.	1 Month LIBOR + 2.750%		5.240	*	6/1/2022		483,172
	500,000	Examworks Group, Inc.	1 Month LIBOR + 3.250%		5.749	*	7/27/2023		498,750
	400,000	NAVIHEALTH	3 Month LIBOR + 5.000%		7.560	*	8/3/2025		389,500
	747,164	Parexel International Corporation	1 Month LIBOR + 2.750%		5.249	*	8/11/2024		721,682
	500,000	RegionalCare Hospital Partners Holdings, Inc.	1 Month LIBOR + 4.500%		6.982	*	11/16/2025		495,548
	497,475	U.S. Anesthesia Partners, Inc.	1 Month LIBOR + 3.000%		5.499	*	6/23/2024		493,308
	873,750	Verscend Holding Corp.	1 Month LIBOR + 4.500%		6.999	*	8/10/2025		869,381
									4,940,091

CATALYST FUNDS

CATALYST/CIFC FLOATING RATE INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Principal			Variable Rate	Coupon Rate (%)			Maturity	Value
		BANK LOANS - 85.0% (Continued)
		INDUSTRIAL EQUIPMENT - 3.4%
$	348,223	AI Aqua Merger Sub, Inc.	1 Month LIBOR + 3.250%		5.749	*	12/13/2023	$	333,859
	1,151,313	Brookfield WEC Holdings Inc.	1 Month LIBOR + 3.750%		6.249	*	7/26/2025		1,150,754
	675,000	Mirion Technologies, Inc.	3 Month LIBOR + 4.000%		6.595	*	3/4/2026		677,005
									2,161,618
		LEISURE GOODS - 4.4%
	373,116	Alterra Mountain Company	1 Month LIBOR + 3.000%		5.499	*	7/31/2024		371,776
	365,387	ClubCorp Holdings, Inc.	3 Month LIBOR + 2.750%		5.351	*	9/18/2024		346,752
	750,000	Delta 2 (Lux) SARL	1 Month LIBOR + 2.500%		4.999	*	2/1/2024		724,500
	597,599	Hoya Midco, LLC	1 Month LIBOR + 3.500%		5.999	*	6/30/2024		579,674
	750,000	William Morris Endeavor Entertainment, LLC	3 Month LIBOR + 2.750%		5.360	*	5/29/2025		713,749
									2,736,451
		OIL & GAS - 2.2%
	248,348	Crestwood Holdings LLC	1 Month LIBOR + 7.500%		10.000	*	3/5/2023		244,623
	729,883	GIP III STETSON I, L.P.	1 Month LIBOR + 4.250%		6.732	*	7/18/2025		724,865
	395,745	Oryx Southern Delaware Holdings LLC	1 Month LIBOR + 3.250%		5.749	*	2/28/2025		383,709
	56,906	Pardus Oil & Gas, LLC	3 Month LIBOR + 0.00%		2.560	*	5/13/2022		284
									1,353,481
		PROPERTY & CASUALTY INSURANCE - 0.8%
	497,412	Asurion, LLC	1 Month LIBOR + 3.000%		5.499	*	11/3/2023		495,912
		PUBLISHING - 2.6%
	584,538	Harland Clarke Holdings Corp.	3 Month LIBOR + 4.750%		7.351	*	10/31/2023		534,852
	462,513	Houghton Mifflin Harcourt Publishers, Inc.	1 Month LIBOR + 3.000%		5.499	*	5/29/2021		438,712
	401,482	McGraw-Hill Global Education Holdings, LLC	1 Month LIBOR + 4.000%		6.499	*	5/2/2022		370,509
	316,272	Springer Science & Business Media S.A.	1 Month LIBOR + 3.500%		5.999	*	8/24/2022		315,351
									1,659,424
		RADIO & TELEVISION - 1.5%
	964,663	Univision Communications, Inc.	1 Month LIBOR + 2.750%		5.249	*	3/15/2024		911,201
		RETAILERS - 2.6%
	1,173,000	Bass Pro Group, LLC	1 Month LIBOR + 5.000%		7.499	*	11/16/2023		1,148,954
	500,000	Harbor Freight Tools USA, Inc.	1 Month LIBOR + 2.500%		4.999	*	8/16/2023		489,582
									1,638,536
		SURFACE TRANSPORT - 1.2%
	724,438	Savage Enterprises, LLC	1 Month LIBOR + 4.500%		6.990	*	8/1/2025		727,155
		TELECOMMUNICATIONS - 4.1%
	187,000	ALTICE USA	3 Month LIBOR +2.250%		4.810	*	1/11/2026		181,998
	550,000	Global Tel*Link Corporation	1 Month LIBOR + 4.250%		6.749	*	11/20/2025		547,525
	87,982	Global Tel*Link Corporation	1 Month LIBOR + 8.250%		10.749	*	11/9/2026		86,332
	400,000	Securus Technologies Holdings, Inc.	3 Month LIBOR + 4.500%		7.060	*	11/1/2024		394,250
	497,487	West Corporation	3 Month LIBOR + 4.000%		6.629	*	10/3/2024		468,439
	497,500	West Corporation	3 Month LIBOR + 3.500%		6.129	*	10/10/2024		463,091
	399,000	Windstream Holdings, Inc.	3 Month LIBOR + 2.500%		5.060	*	3/8/2021		399,249
									2,540,884
		UTILITIES - 2.0%
	323,375	Frontera Generation Holdings LLC	1 Month LIBOR + 4.250%		6.731	*	5/2/2025		320,815
	445,364	Lightstone Holdco LLC	1 Month LIBOR + 3.750%		6.249	*	1/30/2024		431,818
	24,553	Lightstone Holdco LLC	3 Month LIBOR + 3.750%		6.310	*	1/30/2024		23,806
	497,468	Talen Energy Supply, LLC	1 Month LIBOR + 4.000%		6.500	*	7/6/2023		493,894
									1,270,333
		TOTAL BANK LOANS (Cost - $53,869,849)							53,262,676
		TOTAL INVESTMENTS - 97.7% (Cost - $61,886,234)						$	61,229,102
		OTHER ASSETS LESS LIABILITIES - 2.3%							1,453,183
		NET ASSETS - 100.0%						$	62,682,285

* Floating Rate, rate shown represents the rate at March 31, 2019.

^ Represents issuer in default on interest payments; non-income producing security

# Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2019, these securities amounted to $5,609,566 or 8.95% of net assets.

+ The value of these securities have been determined in good faith under policies of The Board of Trustees. The total of these securities is $0 or 0.0% of net assets.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

CATALYST FUNDS

CATALYST/SMH HIGH INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares					Value
		COMMON STOCK - 0.0%
		DIVERSIFIED FINANCIAL SERVICES - 0.0%
	3,588	Community Choice Financial, Inc. ^+#			$	—
		TOTAL COMMON STOCK (Cost - $0)
		EXCHANGE TRADED FUNDS - 2.3%
	6,452	iShares iBoxx High Yield Corporate Bond ETF				557,904
		TOTAL EXCHANGE TRADED FUNDS (Cost - $551,775)				557,904
Principal			Coupon Rate (%)	Maturity
		CONVERTIBLE BONDS - 11.4%
		BIOTECHNOLOGY - 3.0%
$	649,000	PDL BioPharma, Inc.	2.750	12/1/2021		743,916
		INVESTMENT COMPANIES - 4.3%
	1,055,000	Prospect Capital Corp.	4.950	7/15/2022		1,043,498
		REAL ESTATE INVESTMENT TRUSTS - 4.1%
	1,069,000	Colony Capital, Inc.	5.000	4/15/2023		1,010,744
		TOTAL CONVERTIBLE BONDS - (Cost - $2,696,920)				2,798,158
		CORPORATE BONDS - 81.8%
		AIRLINES - 4.4%
	1,128,000	Southwest Airlines Co.	3.000	11/15/2026		1,090,306
		APPAREL - 3.0%
	797,000	Under Armour, Inc.	3.250	6/15/2026		728,012
		AUTO PARTS & EQUIPMENT - 9.3%
	787,000	American Axle & Manufacturing, Inc.	6.250	4/1/2025		769,293
	791,000	Dana, Inc.	5.500	12/15/2024		791,000
	789,000	Titan International, Inc.	6.500	11/30/2023		730,811
						2,291,104
		BUILDING MATERIALS - 3.1%
	756,000	US Concrete, Inc.	6.375	6/1/2024		769,230
		DIVERSIFIED FINANCIAL SERVICES - 4.5%
	786,000	Enova International, Inc. (a)	8.500	9/15/2025		735,892
	1,169,310	Community Choice Financial, Inc. ^	10.750	5/1/2019		368,333
						1,104,225
		HOME BUILDERS - 6.9%
	78,000	Beazer Homes USA, Inc.	7.250	2/1/2023		75,075
	844,000	Beazer Homes USA, Inc.	5.875	10/15/2027		740,610
	865,000	TRI Pointe Group, Inc.	5.875	6/15/2024		872,569
						1,688,254
		MINING - 4.6%
	1,129,000	Hecla Mining Co.	6.875	5/1/2021		1,131,117
	3,289,547	MolyCorp., Inc. ^+	10.000	6/1/2020		33
						1,131,150
		OFFICE/BUSINESS EQUIPMENT - 4.9%
	1,281,000	Pitney Bowes, Inc.	4.625	3/15/2024		1,194,532
		OIL & GAS - 7.0%
	934,000	Calumet Specialty Products Partners LP	6.500	4/15/2021		917,655
	1,017,000	Transocean, Inc.	6.800	3/15/2038		793,260
						1,710,915
		OIL & GAS SERVICES - 6.3%
	713,000	Era Group, Inc.	7.750	12/15/2022		707,653
	1,298,000	PHI, Inc.	5.250	3/15/2020		837,210
						1,544,863

CATALYST FUNDS

CATALYST/SMH HIGH INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Principal			Coupon Rate (%)	Maturity	Value
		CORPORATE BONDS - 81.8% (Continued)
		PRIVATE EQUITY - 4.5%
$	1,086,000	Icahn Enterprises Finance Corp.	5.875	2/1/2022	$	1,103,648
		REAL ESTATE INVESTMENT TRUSTS - 7.5%
	1,048,000	The GEO Group, Inc.	5.875	1/15/2022		1,016,560
	832,000	SITE Centers Corp.	4.250	2/1/2026		837,278
						1,853,838
		RETAIL - 8.2%
	940,000	Kohl’s Corp.	3.250	2/1/2023		935,011
	1,270,000	L Brands, Inc.	6.750	7/1/2036		1,073,150
						2,008,161
		SEMICONDUCTORS - 7.6%
	838,000	Advanced Micro Devices, Inc.	7.500	8/15/2022		937,513
	916,000	Amkor Technology, Inc.	6.375	10/1/2022		933,770
	8,669,000	Energy Conversion Devices, Inc. ^+#				—
						1,871,283
		TOTAL CORPORATE BONDS (Cost - $27,021,468)				20,089,521
		TOTAL INVESTMENTS - 95.5% (Cost - $30,270,163)			$	23,445,583
		OTHER ASSETS LESS LIABILITIES - 4.5%				1,106,334
		NET ASSETS - 100.0%			$	24,551,917

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

+ Represents issuer in default on interest payments; non-income producing security.

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

(a) Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2019, these securities amounted to $735,892 or 3.0% of net assets.

CATALYST FUNDS

CATALYST/SMH TOTAL RETURN INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares					Value
		COMMON STOCK - 42.1%
		COMPUTERS - 4.0%
	869	Apple, Inc.			$	165,067
	4,041	International Business Machines Corp.				570,185
						735,252
		DIVERSIFIED FINANCIAL SERVICES - 3.2%
	4,515	Community Choice Financial, Inc. ^+#				—
	34,803	Och-Ziff Capital Management Group LLC				571,116
	505	PJT Partners, Inc.				21,109
						592,225
		INVESTMENT COMPANIES - 26.7%
	38,487	Apollo Investment Corp.				582,693
	10,326	Ares Capital Corp.				176,988
	19,263	Compass Diversified Holdings				302,236
	19,956	Oaktree Capital Group LLC				990,815
	201,359	Oaktree Specialty Lending Corp.				1,043,040
	116,675	PennantPark Investment Corp.				806,224
	126,900	Prospect Capital Corp.				827,388
	8,470	Solar Capital Ltd.				176,515
						4,905,899
		OFFICE / BUSINESS EQUIPMENT - 0.8%
	22,307	Pitney Bowes, Inc.				153,249
		OIL & GAS - 1.9%
	1,491	Chevron Corp.				183,661
	2,177	Exxon Mobile Corp.				175,902
						359,563
		PRIVATE EQUITY - 4.8%
	5,878	Apollo Global Management LLC				166,054
	5,251	Blackstone Group LP				183,627
	22,801	KKR & Co., Inc.				535,595
						885,276
		TELECOMMUNICATIONS - 0.7%
	2,050	Verizon Communications, Inc.				121,217
		TOTAL COMMON STOCK (Cost - $10,313,966)				7,752,681
		EXCHANGE TRADED FUNDS - 4.0%
		EQUITY FUNDS - 4.0%
	16,895	iShares Mortgage Real Estate ETF				732,229
		TOTAL EXCHANGE TRADED FUNDS (Cost - $857,029)
Principal			Coupon Rate (%)	Maturity
		CONVERTIBLE BONDS - 3.0%
		BIOTECHNOLOGY - 3.0%
$	486,000	PDL BioPharma, Inc.	2.750	12/1/2021		557,077
		TOTAL CONVERTIBLE BONDS (Cost - $468,937)				557,077
		CORPORATE BONDS - 39.8%
		AIRLINES - 2.4%
	461,000	Southwest Airlines Co.	3.000	11/15/2026		445,595
		APPAREL - 2.0%
	397,000	Under Armour, Inc.	3.250	6/15/2026		362,636
		AUTO PARTS & EQUIPMENT - 5.0%
	554,000	American Axle & Manufacturing, Inc.	6.250	4/1/2025		541,535
	400,000	Titan International, Inc.	6.500	11/30/2023		370,500
						912,035

CATALYST FUNDS

CATALYST/SMH TOTAL RETURN INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Principal			Coupon Rate (%)	Maturity	Value
		BUILDING MATERIALS - 3.0%
	540,000	US Concrete, Inc.	6.375	6/1/2024	$	549,450
		DIVERSIFIED FINANCIAL SERVICES - 5.4%
	1,471,239	Community Choice Financial, Inc. ^	10.750	5/1/2019		463,440
	566,000	Enova International, Inc. (a)	8.500	9/15/2025		529,918
						993,358
		HOME BUILDERS - 3.2%
	35,000	Beazer Homes USA, Inc.	7.250	2/1/2023		33,687
	635,000	Beazer Homes USA, Inc.	5.875	10/15/2027		557,213
						590,900
		MINING - 0.0%
	2,333,668	Molycorp, Inc. ^+	10.000	6/1/2020		23
		OIL & GAS - 4.0%
	953,000	Transocean, Inc.	6.800	3/15/2038		743,340
		REAL ESTATE INVESTEMENT TRUST - 3.1%
	563,000	SITE Centers Corp.	4.250	2/1/2026		566,572
		RETAIL - 3.6%
	789,000	L Brands, Inc.	6.750	7/1/2036		666,705
		SEMICONDUCTORS - 4.5%
	731,000	Advanced Micro Devices, Inc.	7.500	8/15/2022		817,806
	5,543,000	Energy Conversion Devices, Inc. ^+#				—
						817,806
		TELECOMMUNICATIONS - 3.6%
	633,000	Sprint Capital Corp.	8.750	3/15/2032		669,461
		TOTAL CORPORATE BONDS (Cost - $12,030,916)				7,317,881
		TOTAL INVESTMENTS - 88.9% (Cost - $23,670,848)			$	16,359,868
		OTHER ASSETS LESS LIABILITIES - 11.1%				2,048,889
		NET ASSETS - 100.0%			$	18,408,757

ETF - Exchange Traded Fund

LLC - Limited Liability Company

LP - Limited Partnership

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

+ Represents issuer in default on interest payments; non-income producing security.

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

(a) Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2019, these securities amounted to $529,918 or 2.9% of net assets.

CATALYST FUNDS

CATALYST/STONE BEACH INCOME OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares							Value
		COMMON STOCK - 4.5%
		REAL ESTATE INVESTMENT TRUSTS - 4.5%
	26,400	Annaly Capital Management, Inc.					$	263,736
	7,700	Blackstone Mortgage Trust, Inc.						266,112
		TOTAL COMMON STOCK (Cost - $539,860)						529,848
Principal			Variable Rate	Coupon Rate (%)		Maturity
		U.S. GOVERNMENT AGENCY OBLIGATIONS - 61.7%
		FEDERAL HOME LOAN MORTGAGE ASSOCIATION (a) - 8.2%
$	62,156	Freddie Mac REMICS	(-2.4xlibor01m)+1440bps	8.439	*	12/15/2032		74,130
	904,900	Freddie Mac REMICS (b)	(-1xlibor01m)+665bps	4.166	*	4/15/2036		147,510
	879,016	Freddie Mac REMICS (b)	(-1xlibor01m)+658bps	4.096	*	9/15/2036		157,900
	303,844	Freddie Mac REMICS (b)		6.500		12/15/2037		71,824
	2,241,341	Freddie Mac REMICS (b)	(-1xlibor01m)+660bps	4.116	*	12/15/2039		210,084
	377,345	Freddie Mac REMICS (b)		4.500		5/15/2040		35,323
	499,760	Freddie Mac REMICS (b)		4.000		8/15/2040		57,475
	1,592,328	Freddie Mac REMICS (b)		3.500		11/15/2042		181,323
	146,750	Freddie Mac Strips (b)		7.000		4/1/2027		31,334
								966,903
		FEDERAL NATIONAL MORTGAGE ASSOCIATION (a) - 52.5%
	3,000,000	Fannie Mae		3.000		10/25/2046		2,987,323
	43,607	Fannie Mae Interest Strip (b)		7.500		7/25/2022		3,914
	93,101	Fannie Mae Interest Strip (b)		8.000		7/25/2024		14,286
	116,247	Fannie Mae Interest Strip (b)		8.500		10/25/2025		20,378
	757,154	Fannie Mae Interest Strip (b)		6.000		7/25/2035		166,935
	2,383,704	Fannie Mae Interest Strip (b)		5.000	**	8/25/2035		446,194
	16,792	Fannie Mae Interest Strip (b)		7.500	**	9/25/2037		4,123
	382,157	Fannie Mae Interest Strip (b)		5.000		1/25/2038		70,370
	757,756	Fannie Mae Interest Strip (b)		4.500		11/25/2039		148,638
	1,163,006	Fannie Mae Interest Strip (b)		4.500		11/25/2039		235,906
	1,124,181	Fannie Mae Interest Strip (b)		5.000		11/25/2040		248,702
	393,037	Fannie Mae Interest Strip (b)		5.000		3/25/2041		79,689
	150,046	Fannie Mae REMIC Trust 2005-W2		—		5/25/2035		139,460
	178,568	Fannie Mae REMICS (b)	(-1xlibor01m)+800bps	5.515	*	9/25/2023		17,081
	4,883,193	Fannie Mae REMICS (b)		3.000		2/25/2033		648,533
	164,476	Fannie Mae REMICS (b)		6.500		5/25/2033		36,291
	1,617,197	Fannie Mae REMICS (b)	(-1xlibor01m)+825bps	5.765	*	6/25/2033		384,276
	279,672	Fannie Mae REMICS (b)	(-1xlibor01m)+760bps	5.115	*	4/25/2034		60,144
	21,603	Fannie Mae REMICS	(-2xlibor01m)+1424bps	9.269	*	7/25/2034		25,410
	476,454	Fannie Mae REMICS (b)	(-1xlibor01m)+715bps	4.665	*	7/25/2037		95,698
	261,750	Fannie Mae REMICS (b)	(-1xlibor01m)+587bps	3.385	*	8/25/2037		38,973
	400,700	Fannie Mae REMICS (b)	(-90xlibor01m)+5355bps	4.500	*	12/25/2041		81,120
	38,256	Fannie Mae REMICS (b)	(-1xlibor01m)+655bps	4.065	*	9/25/2042		6,294
	107,286	Fannie Mae REMICS (b)	(-1xlibor01m)+616bps	3.675	*	10/25/2042		17,759
	178,227	Fannie Mae Trust 2005-W3	(1xlibor01m)+22bps	2.706	*	3/25/2045		177,563
								6,155,060
		GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.0%
	6,887	Government National Mortgage Association	(-3.25xlibor01m)+2633bps	18.259	*	11/16/2024		7,986
	35,010	Government National Mortgage Association	(-1xlibor01m)+898bps	6.502	*	4/20/2034		35,323
	73,703	Government National Mortgage Association	(-1xlibor01m)+410bps	1.612	*	2/20/2042		67,271
								110,580
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost - $7,178,641)						7,232,543
		PRIVATE COLLATERALIZED MORTGAGE OBLIGATIONS - 47.8%
	450,000	FREMF 2010-K9 Mortgage Trust #		5.208	**	8/25/2020		461,729
	2,655,000	FREMF 2012-K710 Mortgage Trust #		3.933	**	6/25/2047		2,650,398
	645,000	FREMF 2012-K711 Mortgage Trust #		3.519	**	8/25/2045		644,549
	1,085,000	FREMF 2013-K712 Mortgage Trust #		3.359	**	5/25/2045		1,084,483
	383,000	FREMF 2015-K50 Mortgage Trust #		3.779	**	10/25/2048		387,000
	1,238	ML Trust XLIV		9.000	**	8/20/2020		1,261
	3,362,675	Reperforming Loan REMIC Trust 2006-R1 (b) #		3.348	**	1/25/2036		375,214
		TOTAL PRIVATE COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $5,603,423)						5,604,634

CATALYST FUNDS

CATALYST/STONE BEACH INCOME OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Principal				Coupon %	Maturity Date	Value
			MORTGAGE NOTES - 3.7%
$	84,500		ADL1084-17 +^	8.000	9/1/2019	$	84,500
	97,500		LAN0136-17 +^	8.000	5/1/2019		97,500
	105,000		ORL1111-17 +^	8.000	10/1/2019		105,000
	150,000		SPD0400-16 +^	8.000	6/1/2019		150,000
			TOTAL MORTGAGE NOTES (Cost - $437,000)				437,000
			TOTAL INVESTMENTS - 117.7% (Cost - $13,758,924)			$	13,804,025
			LIABILITIES LESS OTHER ASSETS - (17.7)%				(2,072,166	)
			NET ASSETS - 100.0%			$	11,731,859
Long				Notional		Unrealized
Contracts				Value ($)	Maturity Date	Appreciation
			LONG FUTURES CONTRACTS - 0.2%
	2		90 Day Euro$ Future	489,000	June-2022	$	(75	)
	2		90 Day Euro$ Future	488,875	September-2022		(75	)
	2		90 Day Euro$ Future	488,725	December-2022		(25	)
	2		90 Day Euro$ Future	488,600	March-2023		—
	16		US 10 Year Note Future	1,987,500	June-2019		28,242
			Net Unrealized Appreciation from Open Long Futures Contracts			$	28,067
Short				Notional		Unrealized
Contracts				Value ($)	Maturity Date	Depreciation
			SHORT FUTURES CONTRACTS - (0.2)%
	(4	)	90 Day Euro$ Future	(974,550)	June-2019	$	(550	)
	(4	)	90 Day Euro$ Future	(975,400)	September-2019		(1,300	)
	(4	)	90 Day Euro$ Future	(975,700)	December-2019		(1,700	)
	(4	)	90 Day Euro$ Future	(976,850)	March-2020		(2,000	)
	(10	)	90 Day Euro$ Future	(2,444,375)	June-2020		125
	(10	)	90 Day Euro$ Future	(2,446,000)	September-2020		—
	(10	)	90 Day Euro$ Future	(2,446,375)	December-2020		(375	)
	(10	)	90 Day Euro$ Future	(2,447,000)	March-2021		(500	)
	(8	)	90 Day Euro$ Future	(1,957,500)	June-2021		100
	(8	)	90 Day Euro$ Future	(1,957,400)	September-2021		—
	(8	)	90 Day Euro$ Future	(1,956,900)	December-2021		(100	)
	(8	)	90 Day Euro$ Future	(1,956,500)	March-2022		(200	)
	(20	)	US 2 Year Note Future	(4,261,875)	June-2019		(17,969	)
			Net Unrealized Depreciation from Open Short Futures Contracts			$	(24,469	)

REMICS - Real Estate Mortgage Investment Conduit.

* Floating or variable rate security; rate shown represents the rate at March 31, 2019.

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

+ The value of these securities have been determined in good faith under policies of The Board of Trustees. The total of these securities is $437,000 or 3.7% of net assets.

# Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2019, these securities amounted to $5,603,373 or 47.8% of net assets.

^ The security is illiquid; total illiquid securities represent 3.7% of net assets.

(a) Issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. government. The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation currently operate under a federal conservatorship.

(b) IO- Interest Only.

CATALYST EXCEED DEFINED SHIELD FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Shares					Value
		EXCHANGE TRADED FUNDS - 5.2%
	14,338	iShares Short-Term Corporate Bond ETF +			$	757,333
	9,890	Vanguard Short-Term Corporate Bond ETF +				788,827
		TOTAL EXCHANGE TRADED FUNDS (Cost - $1,546,152)				1,546,160
Principal			Coupon Rate	Maturity
		CORPORATE BONDS - 78.9%
		AEROSPACE/DEFENSE - 4.2%
$	350,000	Raytheon Co.	4.400%	2/15/2020		355,492
	352,000	Rockwell Collins, Inc.	1.950%	7/15/2019		351,136
	100,000	United Technologies Corp.	4.500%	4/15/2020		101,885
	450,000	United Technologies Corp.	1.900%	5/4/2020		446,542
						1,255,055
		AUTO MANUFACTURERS - 4.9%
	250,000	American Honda Finance Corp.	2.000%	2/14/2020		248,678
	75,000	Ford Motor Credit Co. LLC	1.897%	8/12/2019		74,692
	550,000	Ford Motor Credit Co. LLC	2.681%	1/9/2020		547,757
	321,000	General Motors Financial Co., Inc.	3.500%	7/10/2019		321,615
	250,000	General Motors Financial Co., Inc.	2.350%	10/4/2019		249,411
						1,442,153
		BANKS - 14.7%
	200,000	Bank of America Corp.	7.625%	6/1/2019		201,557
	250,000	Citigroup, Inc.	2.050%	6/7/2019		249,716
	153,000	Citigroup, Inc.	2.500%	7/29/2019		152,935
	150,000	Citigroup, Inc.	2.400%	2/18/2020		149,450
	200,000	Goldman Sachs Group, Inc.	2.550%	10/23/2019		199,730
	250,000	Goldman Sachs Group, Inc.	6.000%	6/15/2020		259,328
	325,000	HSBC USA, Inc.	2.350%	3/5/2020		324,143
	150,000	HSBC USA, Inc.	2.750%	8/7/2020		150,173
	400,000	JPMorgan Chase & Co.	2.200%	10/22/2019		398,901
	500,000	KeyBank NA	2.250%	3/16/2020		497,896
	400,000	Morgan Stanley	7.300%	5/13/2019		402,072
	100,000	Morgan Stanley	5.625%	9/23/2019		101,314
	500,000	PNC Financial Services Group, Inc.	5.125%	2/8/2020		509,985
	400,000	State Street Corp.	2.550%	8/18/2020		399,853
	375,000	Wells Fargo & Co.	2.600%	7/22/2020		374,502
						4,371,555
		BEVERAGES - 2.4%
	458,000	Constellation Brands, Inc.	3.875%	11/15/2019		460,479
	260,000	Molson Coors Brewing Co.	1.450%	7/15/2019		258,966
						719,445
		BIOTECHNOLOGY - 2.2%
	243,000	Amgen, Inc.	2.200%	5/11/2020		241,968
	400,000	Celgene Corp.	2.875%	8/15/2020		400,350
						642,318
		CHEMICALS - 2.9%
	375,000	E.I. DuPont de Nemours & Co.	2.200%	5/1/2020		373,728
	500,000	Sherwin - Williams Co.	2.250%	5/15/2020		497,125
						870,853
		COMPUTERS - 2.0%
	250,000	International Business Machines Corp.	1.900%	1/27/2020		248,458
	350,000	International Business Machines Corp.	1.625%	5/15/2020		346,189
						594,647
		COSMETICS/PERSONAL CARE - 1.6%
	330,000	Estee Lauder Cos., Inc.	1.800%	2/7/2020		327,897
	150,000	Unilever Capital Corp.	2.100%	7/30/2020		149,113
						477,010
		DIVERSIFIED FINANCIAL SERVICES - 4.1%
	400,000	Charles Schwab Corp.	4.450%	7/22/2020		409,265
	500,000	International Lease Finance Corp.	5.875%	4/1/2019		500,000
	300,000	Western Union Co.	3.350%	5/22/2019		300,166
						1,209,431

CATALYST EXCEED DEFINED SHIELD FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

March 31, 2019

Principal			Coupon Rate	Maturity	Value
		CORPORATE BONDS (Continued) - 78.9%
		ELECTRIC - 9.2%
$	600,000	Consolidated Edison, Inc.	2.000%	3/15/2020	$	595,027
	400,000	Dominion Energy, Inc. ^	2.962%	7/1/2019		400,087
	182,000	Dominion Energy, Inc.	1.600%	8/15/2019		181,156
	250,000	Duke Energy Carolinas LLC	4.300%	6/15/2020		254,977
	250,000	Edison International	2.125%	4/15/2020		248,146
	250,000	Georgia Power Co.	2.000%	3/30/2020		248,132
	150,000	NextEra Energy Capital Holdings, Inc.	2.300%	4/1/2019		150,000
	200,000	Public Service Co. of Oklahoma	5.150%	12/1/2019		203,326
	450,000	Public Service Enterprise Group, Inc.	1.600%	11/15/2019		446,827
						2,727,678
		ELECTRONICS - 1.5%
	450,000	Amphenol Corp.	2.200%	4/1/2020		447,221
		FOOD - 0.9%
	100,000	Kroger Co.	1.500%	9/30/2019		99,300
	160,000	Sysco Corp.	1.900%	4/1/2019		160,000
						259,300
		HEALTHCARE - PRODUCTS - 2.1%
	425,000	Becton Dickinson and Co.	2.675%	12/15/2019		423,701
	200,000	Life Technologies Corp.	6.000%	3/1/2020		205,463
						629,164
		HEALTHCARE - SERVICES - 8.3%
	749,000	Anthem, Inc.	2.250%	8/15/2019		747,672
	475,000	Anthem, Inc.	4.350%	8/15/2020		484,712
	400,000	Cigna Holding Co.	5.125%	6/15/2020		410,449
	325,000	Humana, Inc.	2.625%	10/1/2019		324,615
	500,000	UnitedHealth Group, Inc.	2.700%	7/15/2020		501,131
						2,468,579
		INSURANCE - 2.3%
	400,000	Protective Life Corp.	7.375%	10/15/2019		409,390
	250,000	Prudential Financial, Inc.	5.375%	6/21/2020		258,111
						667,501
		MACHINERY - CONSTRUCTION & MINING - 0.8%
	250,000	Caterpillar Financial Services Corp.	2.000%	3/5/2020		248,573
		MACHINERY - DIVERSIFIED - 1.7%
	500,000	John Deere Capital Corp.	2.300%	9/16/2019		499,196
		MEDIA - 4.0%
	300,000	Comcast Corp.	5.700%	7/1/2019		301,934
	500,000	NBCUniversal Media LLC	5.150%	4/30/2020		512,587
	175,000	TWDC Enterprises 18 Corp.	1.950%	3/4/2020		173,874
	200,000	TWDC Enterprises 18 Corp.	1.800%	6/5/2020		198,171
						1,186,566
		MINING - 0.7%
	220,000	Newmont Mining Corp.	5.125%	10/1/2019		222,467
		MISCELLANEOUS MANUFACTURING - 1.9%
	200,000	General Electric Co.	6.000%	8/7/2019		201,922
	350,000	General Electric Co.	5.550%	5/4/2020		359,230
						561,152
		PHARMACEUTICALS - 3.0%
	260,000	Cardinal Health, Inc.	1.948%	6/14/2019		259,547
	225,000	Cardinal Health, Inc.	2.400%	11/15/2019		224,376
	400,000	Express Scripts Holding Co.	2.250%	6/15/2019		399,406
						883,329
		RETAIL - 2.0%
	200,000	McDonald’s Corp.	1.875%	5/29/2019		199,567
	400,000	Target Corp.	3.875%	7/15/2020		407,147
						606,714
		TRANSPORTATION - 1.5%
	200,000	Burlington Northern Santa Fe LLC	4.700%	10/1/2019		202,144
	250,000	Norfolk Southern Corp.	5.900%	6/15/2019		251,551
						453,695
		TOTAL CORPORATE BONDS (Cost - $23,432,976)				23,443,602

CATALYST EXCEED DEFINED SHIELD FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

March 31, 2019

Contracts (a)			Counterparty	Notional Value		Expiration Date - Exercise Price	Value
		OPTIONS PURCHASED - 6.6% *
		CALL OPTIONS PURCHASED - 5.6% *
	118	SPDR S&P 500 ETF Trust	Interactive Brokers	$	3,103,400	4/18/2019 - $263.00	$	231,634
	34	SPDR S&P 500 ETF Trust	Interactive Brokers		897,600	4/18/2019 - $264.00		63,954
	195	SPDR S&P 500 ETF Trust	Interactive Brokers		5,284,500	7/19/2019 - $271.00		333,255
	72	SPDR S&P 500 ETF Trust	Interactive Brokers		1,958,400	7/19/2019 - $272.00		117,288
	1	SPDR S&P 500 ETF Trust	Interactive Brokers		29,100	9/30/2019 - $291.00		746
	265	SPDR S&P 500 ETF Trust	Interactive Brokers		7,738,000	9/30/2019 - $292.00		175,960
	228	SPDR S&P 500 ETF Trust	Interactive Brokers		6,064,800	1/17/2020 - $266.00		626,658
	43	SPDR S&P 500 ETF Trust	Interactive Brokers		1,148,100	1/17/2020 - $267.00		114,896
		TOTAL CALL OPTIONS PURCHASED (Cost - $1,299,114)						1,664,391
		PUT OPTIONS PURCHASED - 1.0% *
	252	SPDR S&P 500 ETF Trust	Interactive Brokers		6,325,200	4/18/2019 - $251.00		2,016
	100	SPDR S&P 500 ETF Trust	Interactive Brokers		2,700,000	4/18/2019 - $270.00		5,500
	186	SPDR S&P 500 ETF Trust	Interactive Brokers		4,464,000	7/19/2019 - $240.00		23,994
	81	SPDR S&P 500 ETF Trust	Interactive Brokers		1,984,500	7/19/2019 - $245.00		12,555
	175	SPDR S&P 500 ETF Trust	Interactive Brokers		4,515,000	9/30/2019 - $258.00		84,525
	90	SPDR S&P 500 ETF Trust	Interactive Brokers		2,331,000	9/30/2019 - $259.00		45,000
	215	SPDR S&P 500 ETF Trust	Interactive Brokers		5,203,000	1/17/2020 - $242.00		107,500
	56	SPDR S&P 500 ETF Trust	Interactive Brokers		1,360,800	1/17/2020 - $243.00		28,784
		TOTAL PUT OPTIONS PURCHASED (Cost - $625,453)						309,874
		TOTAL OPTIONS PURCHASED (Cost - $1,924,567)						1,974,265

Principal			Coupon Rate	Maturity
		UNITED STATES GOVERNMENT SECURITIES - 6.5%
$	250,000	United States Treasury Note +	0.750%	7/15/2019		248,750
	500,000	United States Treasury Note +	1.000%	11/30/2019		494,762
	300,000	United States Treasury Note +	1.375%	3/31/2020		296,971
	400,000	United States Treasury Note +	1.500%	4/15/2020		396,351
	500,000	United States Treasury Note +	1.500%	5/31/2020		494,863
		TOTAL UNITED STATES GOVERNMENT SECURITIES (Cost - $1,927,969)				1,931,697
		TOTAL INVESTMENTS - 97.2% (Cost - $28,831,664)			$	28,895,724
		OTHER ASSETS IN EXCESS OF LIABILITIES - 2.8%				817,096
		NET ASSETS - 100.0%			$	29,712,820

Contracts (a)			Counterparty	Notional Value		Expiration Date - Exercise Price	Value
		OPTIONS WRITTEN - (3.3)% *
		CALL OPTIONS WRITTEN - (0.4)% *
	157	SPDR S&P 500 ETF Trust	Interactive Brokers	$	4,568,700	4/18/2019 - $291.00	$	5,024
	162	SPDR S&P 500 ETF Trust	Interactive Brokers		5,022,000	7/19/2019 - $310.00		5,994
	105	SPDR S&P 500 ETF Trust	Interactive Brokers		3,307,500	7/19/2019 - $315.00		2,100
	223	SPDR S&P 500 ETF Trust	Interactive Brokers		7,470,500	9/30/2019 - $335.00		3,345
	43	SPDR S&P 500 ETF Trust	Interactive Brokers		1,462,000	9/30/2019 - $340.00		452
	210	SPDR S&P 500 ETF Trust	Interactive Brokers		6,405,000	1/17/2020 - $305.00		93,660
	61	SPDR S&P 500 ETF Trust	Interactive Brokers		1,891,000	1/17/2020 - $310.00		18,544
		TOTAL CALL OPTIONS WRITTEN (Premiums Received - $112,538)						129,119
		PUT OPTIONS WRITTEN - (2.9)% *
	213	SPDR S&P 500 ETF Trust	Interactive Brokers		5,601,900	4/18/2019 - $263.00		4,899
	38	SPDR S&P 500 ETF Trust	Interactive Brokers		1,003,200	4/18/2019 - $264.00		988
	100	SPDR S&P 500 ETF Trust	Interactive Brokers		2,900,000	4/18/2019 - $290.00		74,100
	195	SPDR S&P 500 ETF Trust	Interactive Brokers		5,284,500	7/19/2019 - $271.00		94,770
	72	SPDR S&P 500 ETF Trust	Interactive Brokers		1,958,400	7/19/2019 - $272.00		36,432
	1	SPDR S&P 500 ETF Trust	Interactive Brokers		29,100	9/30/2019 - $291.00		1,442
	264	SPDR S&P 500 ETF Trust	Interactive Brokers		7,708,800	9/30/2019 - $292.00		394,548
	228	SPDR S&P 500 ETF Trust	Interactive Brokers		6,064,800	1/17/2020 - $266.00		215,916
	43	SPDR S&P 500 ETF Trust	Interactive Brokers		1,148,100	1/17/2020 - $267.00		40,936
		TOTAL PUT OPTIONS WRITTEN (Premiums Received - $1,600,168)						864,031
		TOTAL OPTIONS WRITTEN (Premiums Received - $1,712,706)					$	993,150

ETF - Exchange Traded Fund

LLC - Limited Liability Company

SPDR - Standard & Poor’s Depositary Receipts

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

^ Step coupon.

* Non income producing security.

(a) Each contract is equivalent to 100 shares of the underlying common stock.

CATALYST FUNDS

CATALYST ENHANCED INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2019

Principal			Variable Rate	Coupon Rate (%)		Maturity	Value
		COLLATERALIZED LOAN OBLIGATIONS - 78.3%
$	68,120	ABFC 2003-AHL1 Trust	1 Month LIBOR + 1.275%	3.760	*	3/25/2033	$	68,064
	199,752	Accredited Mortgage Loan Trust 2003-2	1 Month LIBOR + 0.740%	3.225	*	10/25/2033		192,213
	123,513	Accredited Mortgage Loan Trust 2003-3	1 Month LIBOR + 0.760%	3.246	*	1/25/2034		121,372
	792,485	Amresco Residential Securities Corp. Mort Loan Trust 1999-1	1 Month LIBOR + 1.250%	3.736	*	11/25/2029		790,550
	86,885	Argent Securities, Inc. Asset Back Pass Thr Certs Ser 2004-W6	1 Month LIBOR + 0.900%	3.386	*	5/25/2034		86,796
	72,663	Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-W7	1 Month LIBOR + 2.700%	4.737	*	9/25/2033		72,697
	14,898	Banc of America Funding 2004-C Trust		4.479	#	12/20/2034		14,437
	1,145,697	Banc of America Funding 2005-G Trust		4.444	#	10/20/2035		1,158,502
	5,067	Banc of America Mortgage Trust 2004-9		6.500		9/25/2032		5,275
	90,305	Bear Stearns ARM Trust 2006-2		4.195	#	7/25/2036		84,227
	46,207	CDC Mortgage Capital Trust 2002-HE1	1 Month LIBOR + 0.620%	3.106	*	1/25/2033		45,875
	22,411	CDC Mortgage Capital Trust 2003-HE4	1 Month LIBOR + 0.620%	3.106	*	3/25/2034		21,515
	35,978	Chase Funding Trust Series 2002-3		5.907	+	6/25/2032		35,353
	157,794	Chase Funding Trust Series 2003-6	1 Month LIBOR + 0.750%	3.236	*	11/25/2034		156,882
	13,700	Chase Mortgage Finance Trust Series 2007-A1		4.621	#	2/25/2037		13,878
	193,388	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-1 - 144A	1 Month LIBOR + 0.330%	2.815	*	1/25/2035		192,459
	907,146	CHL Mortgage Pass-Through Trust 2004-HYB6		4.267	#	11/20/2034		919,087
	463,570	Citigroup Mortgage Loan Trust 2006-AR5		4.615	#	7/25/2036		425,874
	120,112	Citigroup Mortgage Loan Trust 2006-WF1		4.924	+	3/25/2036		80,604
	24,513	Citigroup Mortgage Loan Trust 2006-WF1		4.924	+	3/25/2036		16,447
	22,183	Citigroup Mortgage Loan Trust 2007-AR5		4.758	#	4/25/2037		21,114
	193,575	Citigroup Mortgage Loan Trust 2007-FS1 - 144A		5.750	+	10/25/2037		195,687
	776,660	Citigroup Mortgage Loan Trust, Inc. - 144A	1 Month LIBOR + 0.350%	2.836	*	2/25/2031		742,416
	77,189	Citigroup Mortgage Loan Trust, Inc.		5.000		7/25/2034		77,143
	266,992	Citigroup Mortgage Loan Trust, Inc.	1 Month LIBOR + 0.630%	3.116	*	2/25/2035		264,172
	500,000	Consumer Loan Underlying Bond Credit Trust 2017-P1 -144A		5.020		9/15/2023		505,428
	102,363	Countrywide Asset-Backed Certificates	1 Month LIBOR + 1.650%	3.890	*	2/25/2033		98,526
	86,616	Countrywide Asset-Backed Certificates	1 Month LIBOR + 1.500%	3.985	*	3/25/2033		86,482
	480,452	Countrywide Alternative Loan Trust		5.500		2/25/2020		477,167
	244,975	Delta Funding Home Equity Loan Trust 1999-3	1 Month LIBOR + 0.820%	3.304	*	9/15/2029		242,110
	207,331	EMC Mortgage Loan Trust 2001-A - 144A	1 Month LIBOR + 0.740%	3.225	**	5/25/2040		205,033
	156,106	Equity One Mortgage Pass-Through Trust 2004-2		6.060	+	7/25/2034		149,800
	250,541	First Franklin Mortgage Loan Trust 2005-FF1	1 Month LIBOR + 1.125%	3.611	*	12/25/2034		251,304
	25,106	First Horizon Alternative Mortgage Securities Trust 2005-AA6		4.280	#	8/25/2035		24,143
	417,681	First Horizon Mortgage Pass-Through Trust 2004-AR7		4.764	#	2/25/2035		419,974
	125,134	Fremont Home Loan Trust 2006-2	1 Month LIBOR + 0.170%	2.656	*	2/25/2036		118,869
	246,522	GMACM Home Equity Loan Trust 2004-HE2		4.700	+	10/25/2033		248,504
	389,663	GSAMP Trust 2007-FM2	1 Month LIBOR + 0.060%	2.545	*	1/25/2037		256,428
	71,517	GSR Mortgage Loan Trust 2005-AR6		4.413	#	9/25/2035		72,500
	40,379	Home Equity Asset Trust	1 Month LIBOR + 1.900%	4.385	*	11/25/2032		39,696
	15,905	Home Equity Asset Trust 2004-4	1 Month LIBOR + 1.550%	4.035	*	10/25/2034		15,939
	155,858	Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2003-A	1 Month LIBOR + 0.860%	3.346	*	10/25/2033		155,008
	387,061	Home Equity Mortgage Trust	1 Month LIBOR + 1.600%	4.085	*	2/25/2035		385,649
	211,715	HomeBanc Mortgage Trust 2005-5	1 Month LIBOR + 0.340%	2.825	*	1/25/2036		211,714
	264,103	Impac CMB Trust Series 2004-10	1 Month LIBOR + 0.740%	3.225	*	3/25/2035		256,439
	211,740	Impac CMB Trust Series 2005-4	1 Month LIBOR + 0.750%	3.236	*	5/25/2035		196,753
	476,676	IXIS Real Estate Capital Trust 2006-HE2	1 Month LIBOR + 0.160%	2.645	*	8/25/2036		188,606
	70,204	JP Morgan Mortgage Trust 2004-A3		4.451	#	7/25/2034		71,729
	88,013	JP Morgan Mortgage Trust 2004-A5		4.488	#	12/25/2034		90,092
	7,637	JP Morgan Mortgage Trust 2005-A1		4.778	#	2/25/2035		7,783
	135,770	JP Morgan Mortgage Trust 2005-A6		4.446	#	9/25/2035		137,970
	87,114	JP Morgan Mortgage Trust 2006-A2		4.246	#	4/25/2036		87,008
	254,043	Lehman Mortgage Trust 2007-8		6.000		9/25/2037		255,962
	54,300	MASTR Adjustable Rate Mortgages Trust 2004-4		4.191	#	5/25/2034		54,074
	47,125	MASTR Asset Securitization Trust 2005-1		5.000		5/25/2020		47,233
	6,281	Merrill Lynch Mortgage Investors Trust Series MLCC 2004-E	6 Month LIBOR + 0.720%	3.397	*	11/25/2029		6,296
	26,123	Merrill Lynch Mortgage Investors Trust Series MLCC 2004-HB1		4.160	#	4/25/2029		25,904
	127,172	Morgan Stanley ABS Capital I, Inc. Trust 2006-HE7	1 Month LIBOR + 0.160%	2.645	*	9/25/2036		72,775
	165,854	Morgan Stanley ABS Capital I, Inc. Trust 2006-NC5	1 Month LIBOR + 0.070%	2.555	*	10/25/2036		103,254
	1,119,564	Morgan Stanley ABS Capital I, Inc. Trust 2007-NC2	1 Month LIBOR + 0.260%	2.746	*	2/25/2037		687,724
	41,789	MortgageIT Trust 2005-1	1 Month LIBOR + 1.250%	3.739	*	2/25/2035		41,905
	45,266	MRFC Mortgage Pass-Through Trust Series 1999-TBC2	1 Month LIBOR + 0.480%	2.964	*	6/15/2030		44,907
	305,017	New York Mortgage Trust 2006-1		4.637	#	5/25/2036		297,416
	150,000	Popular ABS Mortgage Pass-Through Trust 2005-B	1 Month LIBOR + 1.250%	3.736	*	8/25/2035		153,476
	40,860	Prime Mortgage Trust 2006-CL1	1 Month LIBOR + 0.500%	2.986	*	2/25/2035		39,363

CATALYST FUNDS

CATALYST ENHANCED INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

March 31, 2019

Principal			Variable Rate	Coupon Rate (%)		Maturity	Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued) - 78.3%
$	262,291	RAMP Series 2003-RS10 Trust	1 Month LIBOR + 2.550%	5.036	*	11/25/2033	$	260,213
	24,747	RASC Series 2001-KS3 Trust	1 Month LIBOR + 0.460%	2.945	*	9/25/2031		24,478
	1,234,721	RASC Series 2003-KS4 Trust	1 Month LIBOR + 0.580%	3.066	*	6/25/2033		1,203,709
	47,884	RASC Series 2003-KS4 Trust		5.110	+	6/25/2033		47,491
	325,695	RASC Series 2004-KS1 Trust		5.070	#	2/25/2034		319,512
	67,687	Renaissance Home Equity Loan Trust 2004-2		6.011	+	7/25/2034		65,551
	244,848	Renaissance Home Equity Loan Trust 2006-1		5.608	+	5/25/2036		162,122
	154,747	Renaissance Home Equity Loan Trust 2006-4		5.545	+	1/25/2037		86,229
	330,202	Renaissance Home Equity Loan Trust 2007-2		5.675	+	6/25/2037		143,522
	107,290	Residential Asset Securitization Trust 2004-A1		5.250		4/25/2034		107,858
	774,031	Saxon Asset Securities Trust 2004-2		4.342	+	8/25/2035		743,413
	8,309	Sequoia Mortgage Trust 2013-1		1.855	#	2/25/2043		7,705
	231,127	Structured Adjustable Rate Mortgage Loan Trust		4.512	#	4/25/2035		229,253
	6,881	Structured Adjustable Rate Mortgage Loan Trust Series 2004-18		4.424	#	12/25/2034		6,813
	45,631	Structured Asset Mortgage Investments II Trust 2005-AR5	1 Month LIBOR + 0.250%	2.732	*	7/19/2035		45,344
	23,202	Structured Asset Securities Corp. Mor Cer Ser 2003-31A		4.474	#	10/25/2033		23,595
	18,155	Structured Asset Securities Corp. Mortgage Pass-Through Ctfs Ser 2003-34A		4.769	#	11/25/2033		18,215
	35,289	Thornburg Mortgage Securities Trust 2006-4		4.721	#	7/25/2036		34,203
	426,220	UCFC Home Equity Loan Trust 1998-D		7.750	#	4/15/2030		403,469
	400,000	Upstart Securitization Trust 2019-1 - 144A		4.190		4/20/2026		402,086
	562,393	WaMu Mortgage Pass-Through Certificates Series 2003-AR4 Trust		4.083	#	5/25/2033		556,157
	380,613	WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust		4.377	#	9/25/2033		376,762
	9,977	Wells Fargo Mortgage Backed Securities 2004-EE Trust		4.558	#	12/25/2034		10,246
	277,467	Wells Fargo Mortgage Backed Securities 2005-AR4 Trust		5.086	#	4/25/2035		280,930
	27,321	Wells Fargo Mortgage Backed Securities 2005-AR8 Trust		4.903	#	6/25/2035		28,351
	68,962	Wells Fargo Mortgage Backed Securities 2006-AR12 Trust		4.712	#	9/25/2036		—
		TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost - $18,046,176)						18,220,809
		MORTGAGE BACKED SECURITIES - 15.3%
	2,908,041	Fannie Mae REMICS		4.000		5/25/2038		115,487
	556,100	Fannie Mae REMICS	1 Month LIBOR + 5.000%	2.511	*	11/25/2040		67,833
	850,808	Fannie Mae REMICS	1 Month LIBOR + 4.750%	2.265	*	12/25/2040		77,801
	2,830,336	Fannie Mae REMICS	1 Month LIBOR + 5.950%	3.464	*	12/25/2040		397,438
	646,973	Fannie Mae REMICS		4.500		11/25/2041		89,290
	2,250,096	Fannie Mae REMICS		4.000		3/25/2042		313,017
	238,843	Fannie Mae REMICS		4.500		5/25/2042		43,742
	267,783	Fannie Mae REMICS		1.250		5/25/2043		242,235
	193,359	Fannie Mae REMICS		4.000		8/25/2044		26,720
	886,622	Freddie Mac REMICS	1 Month LIBOR + 6.000%	3.516	*	7/15/2037		117,323
	922,522	Freddie Mac REMICS		3.500		10/15/2038		65,787
	1,959,619	Freddie Mac REMICS		4.000		7/15/2042		170,375
	5,227,999	Freddie Mac REMICS	1 Month LIBOR + 6.000%	3.516	*	8/15/2042		854,457
	1,690,840	Freddie Mac REMICS	1 Month LIBOR + 10.667%	1.200	*	12/15/2043		138,740
	1,891,684	Freddie Mac REMICS		4.000		1/15/2044		236,674
	792,446	Freddie Mac REMICS		4.000		5/15/2046		97,198
	1,114,297	Government National Mortgage Association		4.500		1/20/2035		68,666
	5,833,990	Government National Mortgage Association		4.000		1/20/2046		443,037
		TOTAL MORTGAGE BACKED SECURITIES (Cost - $3,523,062)						3,565,820
Shares
		SHORT-TERM INVESTMENT - 8.3%
		MONEY MARKET FUND - 8.3%
	1,930,415	Goldman Sachs Financial Square Funds Government Portfolio- Institutional Class 2.32% **						1,930,415
		TOTAL SHORT-TERM INVESTMENT (Cost - $1,930,415)
		TOTAL INVESTMENTS - 101.9% (Cost - $23,499,653)					$	23,717,044
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.9)%						(441,312	)
		NET ASSETS - 100.0%					$	23,275,732

* Floating Rate, rate shown represents the rate at March 31, 2019.

# Variable or Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

+ Step Rate, rate shown represents the rate at March 31, 2019.

** Rate shown represents the rate at March 31, 2019, is subject to change and resets daily.

144A- Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2019 the total market value of 144A securities is $2,243,109 or 9.64% of net assets.

CATALYST FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS (Unaudited)

March 31, 2019

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the year. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”

Securities Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. Debt securities including Bank Loans (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The Funds may invest in portfolios of open-end or closed-end investment companies (the “underlying funds”). Open-end funds are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the Boards of Directors of the open-end funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, provided each such valuations represent fair value. Options are valued at their closing price on the exchange they are traded on. When no closing price is available, options are valued at their mean price. Futures, which are traded on an exchange, are valued at the settlement price determined by the exchange. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. Foreign currency and forward currency exchange contracts are valued daily at the London Stock Exchange close each day.

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

Valuation of Prime Meridian Income QP Fund (“Prime Meridian Fund”) – The Hedged Futures Fund (the “Fund”) invests a portion of its assets in the Prime Meridian Fund. The Prime Meridian Fund measures their investment assets at fair value, and report a net asset value (“NAV”) or pro rata interest in the members’ capital as a practical expedient on a monthly basis. In accordance with Accounting Standards Codification (‘ASC”) 820, the Funds have elected to apply the practical expedient to value its investment in the Prime Meridian Fund at the respective NAV each month. For non-month ends, the Valuation Committee estimates the fair value of Prime Meridian based on valuation estimates provided by a third party valuation service that has transparency to all the holdings of the Prime Meridian Fund. As of March 31, 2019, the Funds’ investments in the Prime Meridian Fund were valued at the NAV of the Prime Meridian Fund. The Prime Meridian Fund invests in Loans issued by LendingClub Corporation and values its underlying investments in accordance with policies established by the General Partner, which ordinarily values holdings using an income approach. The General Partner estimates fair value of holding is determined after analysis of various inputs including quantitative information about current discount rates and expected cash flows, adjusted for anticipated credit losses and expected prepayments based on published information for similar underlying notes as published by trading platforms. These estimated fair values may differ significantly from the values that would have been used had a market for loans existed. The Funds have no unfunded commitments to purchase Prime Meridian.

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used as of March 31, 2019, for each Funds’ assets and liabilities measured at fair value:

Small-Cap Insider Buying Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	13,121,259	$	—	$	—	$	13,121,259
Total Assets	$	13,121,259	$	—	$	—	$	13,121,259

Insider Buying Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	52,579,283	$	—	$	—	$	52,579,283
Total Assets	$	52,579,283	$	—	$	—	$	52,579,283

CATALYST FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Hedged Commodity Strategy Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Call Options Purchased	$	10,064,763	$	—	$	—	$	10,064,763
Put Options Purchased		8,641,937		—		—		8,641,937
United States Government Securities		—		45,747,406		—		45,747,406
Short-Term Investments		2,631,604		—		—		2,631,604
Total Assets	$	21,338,304	$	45,747,406	$	—	$	67,085,710
Liabilities(a)
Call Options Written	$	9,806,275	$	—	$	—	$	9,806,275
Put Options Written		9,537,719		—		—		9,537,719
Futures Contracts		318,750		—		—		318,750
Total Liabilities	$	19,662,744	$	—	$	—	$	19,662,744

Hedged Futures Strategy Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Call Options Purchased	$	18,925,000	$	—	$	—	$	18,925,000
Put Options Purchased		2,250,000		—		—		2,250,000
Prime Meridian Income QP Fund (1)		53,732,944		—		—		53,732,944
U.S. Government Securities		—		99,390,625		—		99,390,625
Short-Term Investments		169,602,613		—		—		169,602,613
Total Assets	$	244,510,557	$	99,390,625	$	—	$	343,901,182
Liabilities(a)
Call Options Written	$	23,775,000	$	—	$	—	$	23,775,000
Put Options Written		615,625		—		—		615,625
Total Liabilities	$	24,390,625	$	—	$	—	$	24,390,625

Insider Income Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Convertible Bonds	$	—	$	3,375,912	$	—	$	3,375,912
Corporate Bonds		—		14,230,185		—		14,230,185
Total Assets	$	—	$	17,606,097	$	—	$	17,606,097

Systematic Alpha Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Open Ended Fund	$	1,897,359		—		—	$	1,897,359
Short-Term Investments		46,876		—		—		46,876
Total Assets	$	1,944,235	$	—	$	—	$	1,944,235
Derivatives(a)
Liabilities
Total Return Swaps	$	—	$	62,795	$	—	$	62,795
Total Derivatives	$	—	$	62,795	$	—	$	62,795

IPOx Allocation Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	2,340,988	$	—	$	—	$	2,340,988
Total Assets	$	2,340,988	$	—	$	—	$	2,340,988

CATALYST FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Multi Strategy Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Short-Term Investments		3,713,155		—	$	—		3,713,155
Total Assets	$	3,713,155	$	—	$	—	$	3,713,155
Derivatives(a)
Assets
Futures Contracts	$	30,968	$	—	$	—	$	30,968
Liabilities
Futures Contracts		5,907		—		—		5,907
Total Derivatives	$	25,061	$	—	$	—	$	25,061

Dynamic Alpha Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	369,339,975	$	—	$	—	$	369,339,975
Total Assets	$	369,339,975	$	—	$	—	$	369,339,975

Buyback Strategy Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	24,532,726	$	—	$	—	$	24,532,726
Total Assets	$	24,532,726	$	—	$	—	$	24,532,726

Growth of Income Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	2,243,528	$	—	$	—	$	2,243,528
Total Assets	$	2,243,528	$	—	$	—	$	2,243,528

Exceed Defined Risk Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	2,140,933	$	—	$	—	$	2,140,933
Corporate Bonds		—		10,334,541		—		10,334,541
United States Government Securities		—		2,678,613		—		2,678,613
Call Options Purchased		697,629		622,943		—		1,320,572
Put Options Purchased		5,500		—		—		5,500
Total Assets	$	2,844,062	$	13,636,097	$	—	$	16,480,159
Liabilities(a)
Call Options Written	$	345,098	$	—	$	—	$	345,098
Put Options Written		154,016		61,722		—		215,738
Total Liabilities	$	499,114	$	61,722	$	—	$	560,836

Lyons Tactical Allocation Fund

Assets(a)	Level 1		Level 2		Level 3		Total
United States Government Securities	$	—	$	70,110,620	$	—	$	70,110,620
Short-Term Investments		—		4,207,999		—		4,207,999
Total Assets	$	—	$	74,318,619	$	—	$	74,318,619

CATALYST FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

MAP Global Equity Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	49,127,289	$	—	$	—	$	49,127,289
Mutual Fund		—		1,475,600		—		1,475,600
Total Assets	$	49,127,289	$	1,475,600	$	—	$	50,602,889
Liabilities(a)
Call Options Written	$	176,500	$	13,275	$	—	$	189,775
Total Liabilities	$	176,500	$	13,275	$	—	$	189,775

MAP Global Balanced Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	11,347,243	$	—	$	—	$	11,347,243
Convertible Bonds		—		453,516		—		453,516
Corporate Bonds		—		10,138,681		—		10,138,681
Mutual Fund		291,400		—		—		291,400
Total Assets	$	11,638,643	$	10,592,197	$	—	$	22,230,840
Liabilities(a)
Call Options Written	$	45,500	$	—	$	—	$	45,500
Total Liabilities	$	45,500	$	—	$	—	$	45,500

Millburn Hedge Strategy Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	2,139,195,190	$	—	$	—	$	2,139,195,190
United States Government Securities		—		1,481,380,288		—		1,481,380,288
Total Assets	$	2,139,195,190	$	1,481,380,288	$	—	$	3,620,575,478
Derivatives(a)
Assets
Futures Contracts	$	38,850,238	$	—	$	—	$	38,850,238
Forward Contracts		—		41,513,095		—		41,513,095
Total	$	38,850,238	$	41,513,095	$	—	$	80,363,333
Liabilities
Futures Contracts	$	10,231,619	$	—	$	—	$	10,231,619
Forward Contracts		—		55,635,355		—		55,635,355
Total	$	10,231,619	$	55,635,355	$	—	$	65,866,974

MLP & Infrastructure Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	202,715,657	$	—	$	—	$	202,715,657
Total Assets	$	202,715,657	$	—	$	—	$	202,715,657

Floating Rate Income Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	131,560	$	—	$	—	$	131,560
Exchange Traded Fund		1,698,000		—		—		1,698,000
Corporate Bonds		—		4,205,761		—		4,205,761
Collateralized Loan Obligations		—		1,931,105		—		1,931,105
Bank Loans		—		53,262,676		—		53,262,676
Total Assets	$	1,829,560	$	59,399,542	$	—	$	61,229,102

High Income Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Exchanged Traded Funds	$	557,904	$	—	$	—	$	557,904
Convertible Bonds		—		2,798,158		—		2,798,158
Corporate Bonds		—		20,089,521		—		20,089,521
Total Assets	$	557,904	$	22,887,679	$	—	$	23,445,583

Total Return Income Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	7,752,681	$	—	$	—	$	7,752,681
Exchanged Traded Funds		732,229		—		—		732,229
Convertible Bonds		—		557,077		—		557,077
Corporate Bonds		—		7,317,881		—		7,317,881
Total Assets	$	8,484,910	$	7,874,958	$	—	$	16,359,868

CATALYST FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Stone Beach Income Opportunity Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Common Stock	$	529,848	$	—	$	—	$	529,848
U.S. Government Agencies		—		7,232,543		—		7,232,543
Private Collateralized Mortgage Obligations		—		5,604,634		—		5,604,634
Mortgage Notes		—		—		437,000		437,000
Total Assets	$	529,848	$	12,837,177	$	437,000	$	13,804,025

Derivatives^(a)

Assets
Futures Contracts	$	28,467	$	—	$	—	$	28,467
Liabilities
Futures Contracts	$	24,869	$	—	$	—	$	24,869

Exceed Defined Shield Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	1,546,160	$	—	$	—	$	1,546,160
Corporate Bonds		—		23,443,602		—		23,443,602
Call Options Purchased		922,091		742,300		—		1,664,391
Put Options Purchased		180,349		129,525		—		309,874
United States Government Securities		—		1,931,697		—		1,931,697
Total Assets	$	2,648,600	$	26,247,124	$	—	$	28,895,724
Liabilities(a)
Call Options Written	$	125,322	$	3,797	$	—	$	129,119
Put Options Written		468,041		395,990		—		864,031
Total Liabilities	$	593,363	$	399,787	$	—	$	993,150

Enhanced Income Fund

Assets(a)	Level 1		Level 2		Level 3		Total
Collateralized Loan Obligations	$	—	$	18,220,809	$	—	$	18,220,809
Mortgage Backed Securities		—		3,565,820		—		3,565,820
Short-Term Investment		1,930,415		—		—		1,930,415
Total Assets	$	1,930,415	$	21,786,629	$	—	$	23,717,044

* Please refer to the Portfolio of Investments for industry classifications.

^(a) Refer to the Portfolio of Investments for security classifications.

1) Management has elected to adopt ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) — a consensus of the Emerging Issues Task Force issued, on May 1, 2015. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amount presented in this table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of assets and liabilities.

The High Income Fund, Total Return Income Fund and Income Opportunity Fund were the only Funds to hold Level 3 securities during the period. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is shown for these Funds.

The following is a reconciliation of Energy Conversion Devices, Inc., (High Income Fund and Total Return Income Fund), for which Level 3 inputs were used in determining value:

	High Income		Total Return
	Fund		Income Fund
	Energy Conversion Devices, Inc.		Energy Conversion Devices, Inc.
Beginning balance June 30, 2018	$	—	$	—
Total realized gain/(loss)		—		—
Change in unrealized appreciation		—		—
Capital distribution		—		—
Tax basis adjustment		—		—
Net transfers in/(out) of Level 3		—		—
Ending balance March 31, 2019	$	—	$	—

The following is a reconciliation of Mortgage Notes (Income Opportunity Fund), for which Level 3 inputs were used in determining value:

	Stone Beach Income
	Opportunity
	Fund
	Mortgage Notes
Beginning balance June 30, 2018	$	767,000
Cost of purchases		—
Total realized gain (loss)		—
Change in unrealized appreciation		—
Reinvestment of dividends		—
Proceeds from sales/maturities/calls		(330,000	)
Net transfer in/out of level 3		—
Ending balance March 31, 2019	$	437,000

CATALYST FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Quantitative disclosures of unobservable inputs and assumptions used by High Income Fund and Total Return Income Fund.
Investments in Securities:
High Income Fund
Convertible Bonds
Energy Conversion Devices, Inc.		—	Bankruptcy	Expected future cash payments
Total Fair Value Securities	$	—
Total Return Income Fund
Convertible Bonds
Energy Conversion Devices, Inc.		—	Bankruptcy	Expected future cash payments
Total Fair Value Securities	$	—
Income Opportunity
Mortgage Notes	$	437,000	Cost Approach	No Impairments
Total Fair Value Securities	$	437,000

Fair value securities as a percent of Net Assets 0.00%, 0.00% and 3.9% for High Income Fund, Total Return Income Fund and Income Opportunity respectively.

Certain Funds invest in affiliated underlying funds (the “Catalyst Advised Funds”), unaffiliated underlying funds, or a combination of both. The Advisor, therefore, is subject to conflicts of interest in allocating the Fund’s assets among the underlying funds. The Advisor will receive more revenue to the extent it selects a Catalyst Advised Fund rather than an unaffiliated fund for inclusion in the Fund’s portfolio. In addition, the Advisor may have an incentive to allocate the Fund’s assets to those Catalyst Advised Funds for which the net advisory fees payable to the Advisor are higher than the fees payable by other Catalyst Advised Funds

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

The Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Funds’ portfolio. If such a decline occurs, the put options will permit the Funds to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Funds upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Funds. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Funds, the benefits realized by the Funds as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. At March 31, 2018, the Hedged Insider Fund, Insider Buying Fund, Insider Long/Short Fund, Hedged Futures Strategy Fund, Intelligent Alternative Fund, Macro Strategy Fund, Hedged Premium Return Fund, Global Capital Appreciation Fund, Global Total Return Income Fund, Total Return Income Fund and Time Value Trading Fund, were permitted to invest in options.

Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss.

The Funds may sell securities short or purchase ETFs that sell securities short. A short sale is a transaction in which the Fund sells securities it does not own in anticipation of a decline in the market price of the securities. To deliver the securities to the buyer, the Fund must arrange through a broker to borrow the securities and, in so doing, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be. The Fund will make a profit or incur a loss as a result of a short sale depending on whether the price of the securities decreases or increases between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed securities that have been sold. The amount of any loss would be increased (and any gain decreased) by any premium or interest the Fund is required to pay in connection with a short sale.

Each Fund may invest in a range of exchange-traded funds (“ETFs”). An ETF is an investment company that offers investors a proportionate share in a portfolio of stocks, bonds, commodities, currencies or other securities. Like individual equity securities, ETFs are traded on a stock exchange and can be bought and sold throughout the day. Traditional ETFs attempt to achieve the same investment return as that of a particular market index, such as the Standard & Poor’s 500 Index. To mirror the performance of a market index, an ETF invests either in all of the securities in the index or a representative sample of securities in the index. Some ETFs also invest in futures contracts or other derivative instruments to track their benchmark index. Unlike traditional indexes, which generally weight their holdings based on relative size (market capitalization), enhanced or fundamentally weighted indexes use weighting structures that include other criteria such as earnings, sales, growth, liquidity, book value or dividends. Some ETFs also use active investment strategies instead of tracking broad market indexes. Investments in ETFs are considered to be investment companies. When a Fund invests in ETFs, it is subject to the specific risks of the underlying investment of the ETF.

CATALYST FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

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

Swap Agreements – The Systematic Alpha Fund and Macro Strategy Fund has entered into various swap transactions for investment purposes. These are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

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

The following is a summary of unrealized appreciation/depreciation on the derivative instruments utilized by the Funds as of March 31, 2019, categorized by risk exposure:

Fund	Derivative	Risk type	Unrealized
Hedged Commodity Strategy Fund	Purchased Options	Commodity		223,521
	Written Options	Commodity		(1,188,508	)
Hedged Futures Strategy Fund	Purchased Options	Equity		6,557,188
	Written Options	Equity		1,419,375
Systematic Alpha Fund	Swap	Total Return Swap		62,795
Multi Strategy Fund	Futures	Commodity		6,117
		Equity		2,250
		Foreign Exchange		(3,394	)
		Interest Rate		20,088
Exceed Defined Risk Fund	Purchased Options	Equity		298,068
	Written Options	Equity		139,578
MAP Global Equity Fund	Written Options	Equity		(12,626	)
MAP Global Balanced Fund	Written Options	Equity		(2,209	)
Millburn Hedge Strategy Fund	Futures	Commodity		1,917,976
		Equity		14,886,549
		Interest Rate		11,814,094
	Forward Contracts	Foreign Exchange		(14,122,260	)
Stone Beach Income Opportunity Fund	Futures	Interest Rate		3,598
Exceed Defined Shield Fund	Purchased Options	Equity		49,698
	Written Options	Equity		719,556

The amounts of derivative instruments disclosed on the Portfolio of Investments at March 31, 2019, is a reflection of the volume of derivative activity for the Funds.

Consolidation of Subsidiaries – CHCSF Fund Limited (Hedged Commodity-CFC), CAMFMSF Fund Limited (Multi Strategy-CFC), CMHSF Fund Limited (Millburn-CFC) and CSACS Fund Limited (Systematic – CFC) the (“CFCs”) The Consolidated Portfolios of Investments include the accounts of Hedged Commodity, Multi Strategy and Millburn Hedge Strategy, which include the accounts of Hedged Commodity-CFC, Multi Strategy-CFC Millburn-CFC and Systematic-CFC, respectively which all are wholly-owned and controlled foreign subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

The Funds may invest up to 25% of their total assets in a controlled foreign corporation (“CFC”), which acts as an investment vehicle in order to affect certain investments consistent with the Funds’ investment objectives and policies.

A summary of the each Funds’ investment in their respective CFC is as follows:

	Inception Date of CFC	CFC Net Assets as of March 31, 2019	% of Net Assets as of March 31, 2019
Hedged Commodity – CFC	6/25/2015	$8,235,146	14.79%
Multi Strategy – CFC	6/25/2015	869,033	18.05%
Systematic – CFC	12/19/2017	361,771	15.85%
Millburn – CFC	11/2/2015	220,298,485	4.83%

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

CATALYST FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS (Unaudited) (Continued)

March 31, 2019

Agreggate Unrealized Appreciation and Depreciation - Tax Basis

			Gross		Gross			Net Unrealized
			Unrealized		Unrealized			Appreciation
Fund	Tax Cost		Appreciation		Depreciation			(Depreciation)
Small-Cap Insider Buying Fund		13,054,226		667,265		(600,232	)		67,033
Insider Buying Fund		47,518,949		5,379,805		(319,471	)		5,060,334
Hedged Commodity Strategy Fund		49,369,617		4,534,153		(6,480,804	)		(1,946,651	)
Hedged Futures Strategy Fund		308,832,426		16,798,444		(6,120,313	)		10,678,131
Insider Income Fund		17,440,211		169,693		(3,807	)		165,886
Systematic Alpha Fund		1,956,002		62,795		(11,767	)		51,028
IPOx Allocation Fund		2,112,661		291,903		(63,576	)		228,327
Multi Strategy Fund		3,713,155		30,968		(5,907	)		25,061
Dynamic Alpha Fund		329,008,108		44,063,819		(3,731,952	)		40,331,867
Buyback Strategy Fund		24,208,138		706,565		(381,977	)		324,588
Growth of Income Fund		2,282,676		4,945		(44,093	)		(39,148	)
Exceed Defined Risk Fund		15,484,466		678,929		(244,072	)		434,857
Lyons Tactical Allocation Fund		74,032,188		376,773		(90,342	)		286,431
MAP Global Equity Fund		45,240,281		8,374,620		(3,201,787	)		5,172,833
MAP Global Balanced Fund		20,931,960		2,457,663		(1,204,283	)		1,253,380
Millburn Hedge Strategy Fund		3,429,450,553		292,617,178		(86,995,894	)		205,621,284
MLP & Infrastructure Fund		204,275,152		12,101,074		(13,660,569	)		(1,559,495	)
Floating Rate Income Fund		61,886,244		205,125		(862,267	)		(657,142	)
High Income Fund		30,270,163		470,670		(7,295,250	)		(6,824,580	)
Total Return Income Fund		23,670,848		590,144		(7,901,124	)		(7,310,980	)
Stone Beach Income Opportunity Fund		13,760,252		255,622		(208,251	)		47,371
Exceed Defined Shield Fund		27,118,958		1,321,155		(537,539	)		783,616
Enhanced Income Fund		23,499,653		401,711		(184,320	)		217,391