July31, 2014

Catalyst Small-Cap Insider Buying Fund

Dear Fellow Shareholders,

We are pleased to report a very strong year for the Catalyst Small-Cap Insider Buying Fund (CTVAX, CTVCX & CTVIX). The Fund’s 38.94% trailing year return has outperformed the S&P 500 Total Return Index by +14.33% and the Russell 2000 Total Return Index by +15.30%. We believe the significant outperformance reflects the strength of the insider buying information signal that we use to make our investment decisions.

Investment Strategy

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

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

Changes since Last Annual Report

Since our last annual report, we’ve made a number of changes:

·

We increased our maximum market capitalization to $4 billion from $2 billion. While we intend to still emphasize small/micro-cap companies rather than larger small-cap companies, we believe this change allows us to avoid the type of situation we witnessed in 2011 when the fear of a double-dip recession led to a massive selloff of the smallest companies. During this time, there was a significant disconnect between the performance of small-cap stocks and micro-cap stocks.

·

We removed the “value” requirement from the Fund’s investment strategy. Some of the best insider buying signals may come from non-“value” companies, such as biotechnology companies. Through our research, we found that significant insider buying in certain growth stocks has the potential to generate significant alpha.

·

We renamed the Fund the Catalyst Small-Cap Insider Buying Fund. The name change was implemented to better reflect the Fund’s investment strategy.

Fiscal Year 2014 Performance

The Catalyst Small-Cap Insider Buying Fund outperformed both the S&P 500 Total Return Index and the Russell 2000 Total Return Index for the trailing year, up 38.94% compared to 24.61% for the S&P 500 Total Return Index and 23.64% for the Russell 2000 Total Return Index. Furthermore, the Fund is outperforming both benchmarks

 2014 year-to-date (YTD) with a return of 9.05% versus 7.14% for the S&P 500 Total Return Index and 3.19% for the Russell 2000 Total Return Index.We are pleased with this significant outperformance and believe that it aligns with our research and analysis of the insider buying investment strategy.

The Fund’s total returns for 2014 YTD through 06/30/14, the fiscal year ended 06/30/14 and for the period since inception through 06/30/14 as compared to the S&P 500 Total Return Index ⁽¹⁾and Russell 2000 Total Return Index ⁽²⁾ were as follows:

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

Portfolio Holdings

We hold companies with market capitalizations of less than $4 billion and emphasize small/micro-cap companies. From our historical research, we found that there are generally about 50 to 75 stocks that meet our requirements. As of June 30, 2014, we held 64 names with significant insider buying.

As of June 30, 2014, the Fund’s top five holdings were as follows (unaudited):

Percentages in the above table are based on market value (excluding collateral)of the Fund’s portfolio as of June 30, 2014 and are subject to change and should not be considered investment advice.

As of June 30, 2014, the Fund’s equity holdings were divided among economic industries as follows (unaudited):

Percentages in the above table are based on market value (excluding collateral) of the Fund’s portfolio as of June 30, 2014 and are subject to change.

Summary

We hold what we believe to be a very attractive portfolio of stocks where the corporate insiders are buying in a significant way. These situations involve the top executives and directors, who likely know more about the company than any outsider, taking their own money and putting it back into the company through open market purchases. By reviewing numerous academic studies and performing our own historical research, we’ve found that this strategy has the potential to significantly outperforms both the S&P 500 Total Return Index and Russell 2000 Total Return Index over the long run. We are pleased with the outperformance for fiscal year 2014, and we believe this performance aligns with how we’d expect the strategy to perform. Successful investing requires a long-term outlook focused on objective criteria that create value. We have adopted this outlook for the Catalyst Small-Cap Insider Buying Fund, and we are glad that you have decided to share in our vision.

Sincerely,

David Miller

Senior Portfolio Manager

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

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

⁽²⁾The Russell 2000 Total Return Index is generally representative of the U.S. small-capitalization stock market. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track; and individuals cannot invest directly in any index; although individuals may invest in exchange traded funds or other investment vehicles that attempt to track the performance of an index. The Catalyst Small-

Cap Insider Buying Fund may or may not purchase the types of securities represented by the Russell 2000 Total Return Index.

⁽³⁾Since inception returns assume inception date of 07/31/2006. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than eighteen months after the date of purchase (excluding shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

⁽⁴⁾ Breakout by GICS Industry.

4264-NLD-8/4/2014

July31, 2014

Catalyst Hedged Insider Buying Fund

Dear Fellow Shareholders,

We are pleased to report that the Catalyst Hedged Insider Buying Fund, formerly the Catalyst Strategic Insider Fund (STVAX, STVCX & STVIX) continues to perform to our expectations. The Fund seeks to provide investors upside with reduced volatility while also attempting to protect during market downturns. Since inception in 2010, the Fund has generated an annualized return of 14.04% with volatility of only 9.73%. The Fund was up 24.07% for the trailing year, outperforming the Morningstar Long/Short Equity Category return of 11.54% by a wide margin. The Fund has generated these returns with impressive statistics.

Statistics since inception versus the Morningstar Long/Short Equity Category

We also measure the Fund’s performance by calculating the upside versus downside capture ratios ⁽⁵⁾relative to the S&P 500 Total Return Index and compare that to the Morningstar Long/Short Equity Category’s upside versus downside capture ratios. The Fund continues to offer significantly better upside and downside capture ratios than the Morningstar Category for the past year and three years.

Upside versus downside capture ratios relative to the S&P 500 Total Return Index for STVAX and the Morningstar Long/Short Equity Category

Investment Strategy

The Catalyst Hedged Insider Buying Fund seeks to offer investors an opportunity to invest in U.S. companies that are experiencing significant insider buying while using put options and covered call options on equity indexes in an attempt to reduce volatility and hedge against market downturns. The Fund uses a quantitative methodology that ranks insider activity based on the strength of the signals that insiders are generating relative to how many executives are buying and how many shares they are purchasing. We believe that corporate insiders understand their own firm better than any outside investor possibly could.

The Fund uses public information that is filed with the Securities and Exchange Commission (“SEC”) on corporate insider and large shareholder buying and selling activity for its investment decisions. Numerous academic studies

and our own research of insider trading data over long periods of time has resulted in the development of a proprietary method of analyzing activity that we believe can provide long-term capital appreciation. When looking at SEC filings, we focus on the insider identity (position in the company), potential motivations for buying, insider trading trends, trading volumes, firm size and other factors to select stocks for the portfolio. We sell stocks when the relevant insider trading trends reverse or when portfolio positions achieve or no longer provide targeted risk-adjusted return.

Changes since Last Annual Report

Since our last annual report, we’ve made two changes:

·

We’ve changed the investment strategy regarding our hedging to specify put options and covered call options on equity indexes. With volatility at low levels, we believe the premium that we receive from writing covered call options on equity indexes is not sufficient. In an attempt to take advantage of this situation, we provided the Fund the option to purchase put options on equity indexes for hedging purposes.

·

We renamed the Fund the Catalyst Hedged Insider Buying Fund effective July 7, 2014. The name change was implemented to better reflect the Fund’s investment strategy.

Fiscal Year 2014 Performance

The Catalyst Hedged Insider Buying Fund has performed to our expectations for fiscal year ended 2014. The Fund has generated +20% returns with reduced risk and downside protection. When compared to other long/short funds in the Morningstar Long/Short Equity Category, the Fund has outperformed the category average by +12.74%. Although the Fund seeks to be fully hedged, we believe the significant upside is the result of the alpha from our corporate insider buying investment strategy. Similarly, we believe the insider strategy in combination with put options and covered call options has allowed us to provide the downside protection and reduced volatility.

The Fund’s total returns forthe fiscal year ended 06/30/14, the 3 years ended 06/30/14 and for the period since inception through 06/30/14 as compared to the S&P Mid-Cap400 Total Return Index⁽⁶⁾ and Morningstar Long/Short Equity Category were as follows:

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

Portfolio Holdings

We emphasize holding approximately 30 to 40 mid-capitalization companies with significant insider buying. Through our historical research, we found that there are generally at least 30 stocks that meet our requirements. As of June 30, 2014, we held 32 names with significant insider buying.

As of June 30, 2014, the Fund’s top five holdings were as follows (unaudited):

Percentages in the above table are based on market value (excluding collateral)of the Fund’s portfolio as of June 30, 2014 and are subject to change and should not be considered investment advice.

As of June 30, 2014, the Fund’s equity holdings were divided among economic sectors as follows (unaudited):

Percentages in the above table are based on market value (excluding collateral) of the Fund’s portfolio as of June 30, 2014 and are subject to change.

Summary

We hold a portfolio of U.S. companies experiencing significant insider buying – situations where those that know the most about the company are taking their own money and putting it back in the company through open market purchases. By reviewing numerous academic studies and performing our own historical research, we’ve found that this strategy has the potential to significantly outperform the market over the long run. We are pleased with the performance relative to the more relevant Morningstar Long/Short Equity Category as well as the S&P Mid-Cap 400 Total Return Index, considering that the Fund has captured significant upside while substantially reducing the downside. Successful investing requires a long-term outlook focused on objective criteria that create value. We

have adopted an outlook for the Catalyst Hedged Insider Buying Fund, and we are glad that you have decided to share in our vision.

Sincerely,

David Miller

Senior Portfolio Manager

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

⁽¹⁾ Alpha is a measure of the difference between a fund’s actual returns and its expected performance given its level of risk as measured by beta.

⁽²⁾ Beta is a measure of a fund’s sensitivity to market movements.

⁽³⁾ R-Squared is a measure of the relationship between a portfolio and its benchmark.

⁽⁴⁾ Sharpe Ratio is a risk-adjusted measure of a fund’s performance that indicates a fund’s return per unit of risk, defining risk as volatility (standard deviation).

⁽⁵⁾ Capture Ratio is a measure of a fund’s performance during up and down markets. An Up Market ratio greater than 100% indicates that the fund outperformed the index. A Down Market ratio less than 100% indicates that the fund outperformed by losing less than the index.

⁽⁶⁾The S&P Mid-Cap 400 Total Return Index by Standard & Poor’s Corp. is a capitalization-weighted index comprising 400 issues listed on various exchanges, representing the performance of the mid-capitalization stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index, although individuals may invest in exchange traded funds or other investment vehicles that attempt to track the performance of an index. The Catalyst Hedged InsiderBuying Fund may or may not purchase the types of securities represented by the S&P Mid-Cap400 Total Return Index.

⁽⁷⁾Since inception returns assume inception date of 10/28/2010. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than eighteen months after the date of purchase (excluding shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

⁽⁸⁾ Breakout by GICS Industry.

4270-NLD-8/5/2014

July 31, 2014

Catalyst Insider Buying Fund

Dear Fellow Shareholders,

We are pleased to report another very strong year for the Catalyst Insider Buying Fund (INSAX, INSCX & INSIX). The Fund invests in large capitalization U.S. companies that are experiencing significant corporate insider buying. The Catalyst Insider Buying Fund outpaced the S&P 500 Total Return Index by 229 bps for the trailing year and has outperformed the S&P 500 Total Return Index each year since inception.When considering that the Fund is long-only and invested in 43 stocks with a median market-cap of $16 billion, we believe the Fund’s significant outperformance reflects the potential strength of the insider buying information signal that we use to make investment decisions.

Annual Performance Chart: The Fund has outperformed the S&P 500 Total ReturnIndex each year since inception.

Investment Strategy

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

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

Fiscal Year 2014 Performance

The Catalyst Insider Buying Fund outperformed the S&P 500 Total Return Index for the trailing year, up 26.90% compared to 24.61% for the S&P 500 Total Return Index. Furthermore, the Fund is outperforming by 308 bps year-to-date (YTD) and has outperformed every year since inception.We are pleased with this significant outperformance and believe that it aligns with our research and analysis of the insider buying investment strategy.

The Fund’s total returns for 2014YTD through 06/30/14, the fiscal year ended 06/30/14 and for the period since inception through 06/30/14 as compared to the S&P 500 Total Return Index ⁽¹⁾were as follows:

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

Portfolio Holdings

We emphasize holding companies with market capitalizations of at least $10 billion. From our historical research, we found that there are generally about 30 stocks that meet our requirements. As of June 30, 2014, we held 43 names with significant insider buying.

As of June 30, 2014, the Fund’s top five holdings were as follows (unaudited):

Percentages in the above table are based on market valueof the Fund’s portfolio as of June 30, 2014 and are subject to change and should not be considered investment advice.

As of June 30, 2014, the Fund’s equity holdings were divided among economic industries as follows (unaudited):

Percentages in the above table are based on market value (excluding collateral) of the Fund’s portfolio as of June 30, 2014 and are subject to change.

Summary

We hold a relatively concentrated portfolio of large-capitalization U.S. companies experiencing significant insider buying – situations where those that know the most about the company are taking their own money and putting it back in the company through open market purchases. By reviewing numerous academic studies and performing our own historical research, we’ve found that this strategy has the potential to significantly outperforms the S&P 500 Total Return Index over the long run. We are pleased with the outperformance for fiscal year 2014, and we believe this performance aligns with how we’d expect the strategy to perform.Successful investing requires a long-term outlook focused on objective criteria that create value. We have adopted this outlook for the CatalystInsider Buying Fund, and we are glad that you have decided to share in our vision.

Sincerely,

David Miller

Senior Portfolio Manager

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

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

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

⁽³⁾ Breakout by GICS Industry.

4265-NLD-8/4/2014

July31, 2014

Catalyst Insider Long/Short Fund

Dear Fellow Shareholders,

The Catalyst Insider Long/Short Fund is a market neutral long/short equity fund that buys stock in companies experiencing insider cluster buying (situations where multiple insiders are all purchasing shares at the same time) and sells short stock in companies where several insiders are selling. The Fund’s strategy is based on numerous academic studies and our own research that suggests that, over the long term, stocks with insider buying potentially outperform stocks with insider selling. The portfolio is positioned to capture this spread and hedge against market exposure. The Fund has generated a 16.99% trailing year return, outperforming the Morningstar Market Neutral Category by 1399 bps and the Morningstar Long/Short Equity Category by 545 bps.

Investment Strategy

The Catalyst Insider Long/Short Fund offers a dynamic market neutral alternative to traditional equity investing. The Fund’s strategy focuses on tracking insider activity when corporate insiders buy and sell stock in their own companies according to the Securities and Exchange Commission (“SEC”) regulations. All insiders at firms that are regulated by the SEC are legally required to file a Form 4 listing their insider purchases and sales.

The Fund monitors these filings to find unusual clusters of insider buying or selling (multiple insiders buying or selling 1,000 shares or more in a quarter). Insider activity is ranked based on the position of the executive, the transaction size, the number of executives trading and the track record of those executives in their previous insider trades. The Fund goes long stock with the most significant insider buying and sells short stock with the most significant insider selling.

Fiscal Year 2014 Performance

For fiscal year ended 06/30/14, the Fund generated a 16.99% return, which is higher than the long-term average that we expect from the strategy. This return ismore than five-fold higher than the Morningstar Market Neutral Category average. One reason for the variation from the long-term strategy average is due to the significant underperformance of companies with insider selling for2014 year-to-date (YTD); these same companies outperformed the market at the end of 2013 but suffered during 2014 as investors began to shun “high flying” momentum stocks where the insiders are selling their stock in a big way.

The Fund’s total returns for2014 YTD, the fiscal year ended 06/30/14 and for the period since inception through 06/30/14 as compared to the Morningstar Market Neutral Category and the Morningstar Long/Short Equity Category were as follows:

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

Portfolio Holdings

We emphasize holding approximately 30 companies with the most significant insider buying and selling short approximately 80 companies with the most significant insider selling. As percent ofnet assets, the Fund is 96.2% long equity, 95.7% short equity and 3.8% cash.

As of June 30, 2014, the Fund’s top five long and short holdings were as follows (unaudited)

Percentages in the above table are based on market value (excluding collateral)of the Fund’s portfolio as of June 30, 2014 and are subject to change and should not be considered investment advice.

Summary

The Catalyst Insider Long/Short Fund offers an alternative for those seeking long-term capital appreciation through market neutral equity exposure driven by corporate insider trading activity information signals. We believe corporate insiders understand their own firm better than any outsider possibly could. By reviewing numerous academic studies and performing our own historical research, we’ve found that companies with insider buying have have the potential to outperformcompanies with insider selling over the long-term. We have constructed a market neutral portfolio that seeks to capture this spread. For the trailing year, the strategy has outperformed the long-term strategy average. The Fund has also significantly outpaced the average market neutral fund, as represented by the Morningstar Market Neutral Category. Successful investing requires a long-term outlook focused on objective criteria that create value. We have adopted an outlook for the Catalyst Insider Long/Short Fund, and we are glad that you have decided to share in our vision.

Sincerely,

David Miller

Senior Portfolio Manager

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

⁽¹⁾Since inception returns assume inception date of 04/30/2012. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than eighteen months after the date of purchase (excluding shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

4260-NLD-8/1/2014

July 25, 2014

Catalyst Event Arbitrage Fund

Dear Fellow Shareholders,

We are pleased to provide you with our annual report for the Catalyst Event Arbitrage Fund (the “Fund”).    

For over 17 years, the Fund has offered an uncorrelated fixed income alternative with little to no duration risk that seeks to reduce volatility, correlation and duration risk.  We have helped financial advisors meet their clients’ needs with an average annualized return of +5.7%, corresponding to an alpha of 4.73.  By design, the Fund seeks to generate this outperformance in an uncorrelated manner – whether there’s a correction in equities or interest rates double.  The Fund has helped advisors meet their diversification requirements with a beta of 0.14 and an R-squared of 0.17.  In this annual shareholder letter, we will provide an overview of the investment strategy, a performance update, investment examples, and our outlook for the coming year.

Investment Strategy

The Catalyst Event Arbitrage Fund pursues an alternative investment strategy which focuses on companies that are experiencing significant corporate events that include spin-offs, re-organizations, cash and stock mergers and friendly and hostile takeovers.  Our portfolio is positioned to the extent where approximately half of our assets are dedicated to event-driven investments with the remainder focused on more traditional merger arbitrage transactions where a formal merger agreement exists and an estimated annualized rate of return can be calculated.  We believe these two strategies generally contain substantially less volatility and correlation than a conventional equity portfolio with risk attributes particularly on the merger arbitrage side more similar to fixed income instruments, although with the benefit of little interest rate risk.

Performance Update

Over the past year we have witnessed a seemingly marked improvement in the tone of corporate America as business conditions solidified and confidence improved amongst C-Level decision makers.  Perennially low interest rates have allowed corporations to plan for the future by locking in long-term low cost funding thus creating a low hurdle to meet in order to earn attractive IRR’s on projects such as a corporate acquisition or merger. This directly benefits our strategy as the universe of potential investments expands which provides for a wider opportunity set from which to choose investments.  

The Fund’s total returns year-to-date and fiscal year total returns through fiscal year ended 06/30/14 as well as the average annualized return from inception through fiscal year ended 06/30/14 were as follows:

Data source: 2014 Q2 Fact Sheet

The Fund’s maximum sales charge for Class “A” shares is 5.75%. Investments in mutual funds involve risks. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate

with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance information or the Fund’s prospectus please call the Fund, toll free at 1-866-447-4228. You can also obtain a prospectus at www.CatalystMF.com.

Portfolio Overview

Investments in Mergers and Acquisitions – Focus on Maximizing Upside and Minimizing Downside

A careful review of the existing merger universe will unveil a bifurcated market, one in which certain transactions offer attractive rates of return while others that we have avoided exhibiting poor risk vs. return characteristics.  As we strive to differentiate our portfolio through its construction and composition, the goal of our research is to build a portfolio that seeks to maximize upside potential while minimizing downside risk.  To this end, we have weighted our merger book, taking both long and short positions on investments we believe have optionality as it relates to the potential for either a topping bid or an upward or downward adjustment to the initial terms of an offer.  It is not our intention or strategy to own the entire universe of mergers but rather focus solely on those situations that in our opinion offer an asymmetric upside vs. downside risk.  The table below highlights certain previous and current investments we have placed capital in.  Going forward we anticipate the percentage of our capital to this asset class to increase as prevailing market conditions warrant.

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

Investments in Event-Driven Securities - Focusing on Similar Assets with Dissimilar Valuations

Our philosophy behind selecting event-driven investments is simple and revolves around our firm belief that we operate in efficient markets and that similar assets should trade at similar valuations of earnings and cash flow.  When obvious and glaring differences or “gaps” in valuation exist at substantially comparable companies, management teams often have to turn to a financially engineered solution that is self-induced in order to create additional value for shareholders.  These solutions corporations embark on naturally provide us with some attractive investment opportunities.

We seek transformational types of events to define our event-driven universe.  Specifically, the types of value driven catalysts we target include spin-offs, asset divestitures, buy-backs through self-tender offers, distressed equity and other types of corporate reorganizations.  In addition, we are presently witnessing a significant increase in the level of shareholder activism levied against all types of corporations.  As this activity has become more prevalent and commonplace we have proportionally increased our capital allocation to this subset of the event-driven universe.

As in mergers, our approach to event driven investing entails measuring upside vs. downside and the resultant risk vs. reward.  We source new trades and ideas by first identifying a pending value catalyst and then assessing its merits and potential for shareholder value creation.  Once we decide on the companies to own as components of our event-driven portfolio we use both fundamental and statistical analysis to determine the most appropriate comparable company or ETF to short against each corresponding long position.  These hedges have always been an integral component of our strategy as we seek to lock-in relative valuations and position ourselves for an expected convergence of trading multiples amongst peer companies.  Hedging also seeks to reduce portfolio beta and correlation to the market.   

The following securities are representative of some of our previous and current portfolio holdings that qualify as spin-off transactions within the event-driven portion of our portfolio.  

Looking Forward

As we enter the second half of 2014, global M&A is at a 7 year high with deal values for the first six months of 2014 over $1.75 trillion, up 44% as compared to the comparable period in 2013.  As we look ahead, we have observed a significant change in tone amongst corporate decision makers from one that was doubtful to one that is questioning the status quo.  Strategic rather than financial orientated mergers are dominant with cheap sources of capital allowing for many accretive acquisitions to be performed.   Stock is often used as a complement to cash to complete transactions.  The recent trend involving tax inversions we would expect to continue as the political environment does not presently lend itself to putting up hurdles that prevent these types of transactions.  

In our final analysis, we are bullish on the M&A environment and continue to hold a constructive outlook on the market, sensing that the economic recovery and generally better tone on the job and earnings front will persevere even if the Fed were to adjust its accommodative monetary stance.

Lastly, thank you for placing your trust in our investment management and please feel free to contact me at 212-244-3457 with any questions or comments.

Cordially,

Paul B. Rosenberg

Catalyst Event Arbitrage Fund

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

⁽¹⁾Since inception returns assume inception date of 07/01/1997. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past

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

Alpha: A measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta.

Beta: A measure of a fund's sensitivity to market movements.

R²: A statistical measure of how two securities move in relation to each other.

Long: The purchase of a security, making money if the security increases in value.

BofAML 3 Month Treasury-Bill Index is used to represent the short-term U.S. Government bond market.

Short: The selling of a security that is not owned, making money if the security decreases in value.

4273-NLD-8/6/2014

July 30, 2014

Catalyst Hedged Futures Strategy Fund

Dear Fellow Shareholders,

Since joining the Catalyst family of Funds on August, 30 2013, I am pleased to report the following positive Fund returns to Shareholders;

Performance shown before September 2013 is for the Fund's predecessor limited liability company (Harbor Assets, LLC). The prior performance is net of management fees and other expenses including the effect of the performance fee (see full disclosure on page 2). The Fund’s maximum sales charge for Class “A” shares is 5.75%. Investments in mutual funds involve risks. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance information or the Fund’s prospectus please call the Fund, toll free at 1-866-447-4228. You can also obtain a prospectus at www.CatalystMF.com.

The Catalyst Hedged Futures Strategy Fund invests in options on the S&P 500 Futures Contracts.  The Fund seeks to earn a return by taking advantage of options’ defined risk characteristics to construct favorable risk/return profiles along both price and volatility dimensions.  Investment decisions are driven by well-established options pricing models and historically reliable volatility behavior.  The Fund is operated without a bias toward equity market direction.   Because options pricing is highly dependent on volatility and because the Fund’s decisions are driven by volatility behavior, Fund performance is sensitive to the prevailing level of volatility in the S&P 500 index.  During periods of sustained high volatility the Fund sees greater opportunity for return than during periods of low volatility.

The Fund typically enters positions that will profit from a controlled market advance or from the volatility expansion that typically accompanies a market decline.  While not predictive of price direction, models employed by the Fund will drive positioning in options structures that can profit from a continuation of an established price trend.  During the most recent 12 month perioda low volatility upward price trend has been the dominant market theme.  Accordingly, the Fund has been almost exclusively positioned in call option spreads that provide upside price exposure with limited downside risk.  Consistent with the Fund’s strategy, we maintained little or no volatility exposure in this flat to declining volatility environment. While the prevailing low volatility conditions have not been ideal, our focus on maintaining upside price exposure enabled us to generate positive returns to Shareholders during this time.

The absolute level of volatility in equities is the most important factor for Fund returns.  But the relationship between the level of volatility priced into S&P options relative to the level of volatility actually exhibited in index price movement is also critical.   In the last half of calendar 2013 options were priced for annual price movements of less than 15% while actual price movement was at or above 30% annualized.  This means that options were grossly undervalued for most or all of this timeframe. In general, an environment in which options are

 undervalued relative to actual price movement negatively impacts Fund returns.  This held true for the first half of last fiscal year.

In calendar 2014, the last half of our fiscal year, the actual/implied relationship normalized, creating a more favorable environment for the Fund’s strategy and enabling the Fund’s to deliver strong outperformance during this timeframe.  While options implied volatility has remained low, actual price movement in the index has declined to more closely match the level of volatility, both at roughly 14% annualized. It is our view that policy intervention, predominantly monetary, has acted for several years to volatility out of equity markets by creating a sense of reduced uncertainty. Recent normalization of volatility relationships is likely due to progress by monetary authorities toward a normalization of policy.  On this basis I remain constructive toward volatility conditions and general levels of options pricing going forward.  Currently, Fund models continue to drive call option positioning above the market.  Should a generally higher volatility environment materialize, the Fund would seek to take advantage by rapidly expanding its volatility exposure, which at fiscal year end remains only a small part of our portfolio.  In any market environment, we remain committed to delivering alpha to our shareholders via consistent application of our price neutral, volatility driven options strategy.

I would like to thank the large numbers of shareholders who have joined the Fund in the past year.  I truly appreciate your confidence and trust.

Edward S. Walczak

Senior Portfolio Manager

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

⁽²⁾ Since inception returns assume inception date of 12/15/2005 for Class A and the Index and 8/30/13 for Class C and Class I. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than eighteen months after the date of purchase (excluding shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

4271-NLD-8/5/2014

July 31, 2014

Catalyst Dynamic Alpha Fund

Dear Fellow Shareholders,

CooksonPeirce is pleased to provide you with our annual report for the Catalyst Dynamic Alpha Fund (formerly known as the Catalyst/CP Core Equity Fund).  Since partnering with Catalyst Funds in late 2011 to offer our flagship equity investment strategy as a mutual fund, we have produced several noteworthy accomplishments.  We have leveraged the distribution advantages afforded through our partnership, enhanced our marketing collateral and refined our brand management, all while maintaining our focus on providing disciplined, tactical portfolio management for our investors.  We continue to build upon our prior successes and are confident in our future.

The Fund’s total returns through 06/30/14 as compared to the S&P 500 Total Return Index are as follows:

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

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

As outlined in last year’s letter, the portfolio has targeted investment in smaller capitalization equities with growth attributes over the course of the past year.  This focus has served the portfolio well as small capitalization stocks outpaced large caps during the period with the differential being particularly robust in the first half of the measurement period.  The portfolio was bereft of holdings in the value oriented sectors of Energy, Telecom and Utilities for the entirety of the year which proved additive despite a sharp rally by Energy stocks in the second quarter of 2014.We feel that cyclical equities are likely to maintain leadership in the second half of the year, but have slotted a preliminary allocation to income and defensive oriented stocks which may add stability to returns in an environment that is likely to remain choppy through the summer months.

The Fund produced robust absolute and relative results over the course of the past year, buoyed by significant gains in stock selections from the Health Care and Industrial sectors.Illumina, Inc.(5.6%) and Southwest Airlines Co. (6.8%) each advanced more than any other holding during the trailing twelve months adding significantly to the return profile of the Fund.  Illumina is a biotechnology firm focused on the development and manufacturing of tools for the analysis of the human genome.  Illumina benefitted from investor enthusiasm for biotechnology stocks and from significant price reductions for their tools which have greatly expanded their applicability.  Southwest Airlines, the largest domestic air carrier, gained as increasing prices and expanding consumer demand have resulted in record profitability.  Sector allocation effects were broadly positive, driven by an over allocation to Industrials and a lack of holdings in the Utility and Telecom sectors.An underweight allocation to the Information Technology sector and a selloff in Strum Ruger& Co. (not in portfolio as of 6/30/14) produced the most significant detractions from portfolio results.

 As of June 30, 2014 the portfolio was allocated in the following fashion:

As of June 30, 2014 the top five holdings in the Fund as a percentage of market value were:

Percentages in the above tables are based on market value (excluding collateral)of the Fund’s portfolio as of June 30, 2014 and are subject to change and should not be considered investment advice.

After stalling out in the opening weeks of the 2^ndquarter, domestic equities resumed their upward trajectory and rallied to a series of all-time highs over the residual of the period.  Large capitalization, domestic stocks gained in each month of the quarter and have now risen five consecutive months and nine of the last ten.  Interestingly, the complexion of the advance shifted across the course of the three months as evidence continued to mount that the US economy is gathering momentum after a weather induced first quarter slump.  Defensive, income oriented stocks provided leadership in April while cyclical equities and international markets resumed their leadership position and paced the latter months advance.  These fluid shifts in market leadership have translated into uneven market action thus far in 2014, but remarkably low measures of volatility.  

Equities hastened their advance as evidence of increasingly robust economic activity dominated the calendar.  Influential data points included a monumental jump in pending home sales, the ISM Non-Manufacturing report advancing to its best level since October, 2013 and the Employment Situation report indicating monthly job creation above 200,000 in each month of the quarter.  Corporate earnings are at all-time highs and, in a show of increasing confidence, merger and acquisition activity is strong.  The propagation of the economic recovery has

compelled the Federal Reserve to continue to moderate the scale of its quantitative easing program which appears poised to wrap up by the end of October.  The focus of investors has quickly shifted from economic expansion to potential inflation concerns.  In fact, Fed Chair Janet Yellen caused a minor stir in the equity markets when she dismissed a rise in inflationary pressures as “noise”.  However, this viewpoint has not manifested in the fixed income markets as, presently, rates remain contained and subdued.   

With just six months completed, domestic stocks have many year-end price objectives in sight or, in some cases, surpassed.  While valuations are not significantly extended, there appears to be less likelihood of an extension of the current rally due to multiple expansion than earnings growth.  Numerous signs point to a second half reacceleration in the domestic economy which could translate in further upside surprises in the equity markets.  Monetary policy looks to remain accommodative into the later stages of 2015 which should afford equities a tailwind over the remaining two quarters of the current calendar year.  A rise in inflation expectations and a commiserate uptick in interest rates could produce a significant stumbling block for risk assets, but these pressures are not currently overt.  Geopolitical concerns and a graceful exit from unconventional monetary policy remain long-term risks, but it appears that an acutely slowing domestic economy is unlikely to derail the current equity market advance in the months ahead.

Sincerely,

Cory Krebs

Executive Vice President

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

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

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

4257-NLD-8/1/2014

July 31, 2014

Catalyst/EquityCompass Buyback Strategy Fund

Dear Shareholders,

The Catalyst/EquityCompass Buyback Strategy Fund seeks to offer investors a compelling opportunity to exploit the potential excess returns from share buyback announcements. Research findings indicate that share buyback announcements potentially lead to short-term post-announcement excess returns. The potential of the buyback strategy has been demonstrated through significant long-term outperformance versus the S&P 500 Total Return Index ⁽¹⁾ (see Exhibit 1). However, as with almost any strategy, there are periods of time when the strategy underperforms; 2014 year-to-date (YTD) has been one of those periods (see Exhibit 2). Fortunately, in the past, these periods of underperformance have been short-lived. Despite the underperformance of the Fund and strategy 2014 YTD, we are confident in the long-term prospects and believe the Fund has exposure to the best buyback announcement signals.

Exhibit 1: During the past 10 years, companies buying back their own shares have significantly outperformed.

Chart demonstrates performance of S&P 500 Total Return Index (SPXT) versus the NASDAQ Buyback Achievers Index (DRBX).⁽²⁾The referenced indices are shown for general market comparisons and are not meant to represent the Fund. Investors cannot directly invest in an index; unmanaged index returns do not reflect any fees, expenses or sales charges.

Exhibit 2: While buyback strategies have outperformed over the long-run, they have underperformed 2014 YTD.

Chart demonstrates performance of S&P 500 TR Index (SPXT) versus the NASDAQ Buyback Achievers Index (DRBX). The referenced indices are not meant to represent the Fund.

Investment Strategy

The Fund invests primarily in the common stocks of companies in the Russell 3000 Index ⁽³⁾ that have announced their intention to repurchase a portion of the company’s outstanding shares. The Fund may invest in companies of any market capitalization.

Our quantitative models identify the companies in the Russell 3000 with the most favorable share buyback announcements by focusing on factors like the size of the buyback, the length of time since announcement, post-announcement price reaction, volatility, liquidity and trading patterns. We construct a portfolio by imposing size, liquidity and position weight constraints. We sell when more favorable investment opportunities arise.

Fiscal Year 2014 Performance

Similar to other buyback strategies, the Catalyst/EquityCompass Buyback Strategy Fund has underperformed the S&P 500 Total ReturnIndex 2014 YTD (which is also the since inception period for this Fund). We found that allocation effect (from both market capitalization allocation and sector allocation), and not selection effect, accounted for the underperformance.

Sector Allocation Effect

Market Capitalization Allocation Effect

The Fund has invested in the companies with the buyback signals that have historically been the most significant drivers of outperformance. These companies have been in the worst performing sectors and of the worst performing market capitalizations 2014 YTD. While we have witnessed similar situations in the past for the strategy, those periods were short-lived.

The Fund’s total returns for 2014YTD through 06/30/14 and for the period since inception through 06/30/14 as compared to the S&P 500 Total Return Indexwere as follows:

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

Summary

We believe that the Fund is currently positioned in the best buyback signals with the most potential, the types of signals that have historically contributed to the long-term outperformance of the strategy. While the strategy and Fund have underperformed this year as a result of allocation effect, we are confident in the long-term prospects of the strategy.

Successful investing requires a long-term outlook focused on objective criteria that create value. We have adopted this outlook for the Fund, and we are glad that you have decided to share in our vision.

Sincerely,

Michael Schoonover

Portfolio Manager

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

⁽¹⁾The S&P 500 Total Return Index by Standard & Poor’s Corp. is a capitalization-weighted index comprising500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index, although individuals may invest in exchange traded funds or other investment vehicles that attempt to track the performance of an index. The Fund may or may not purchase the types of securities represented by the S&P 500 Total Return Index.

⁽²⁾ The NASDAQ BuyBack Achievers Index is a modified market capitalization weighted index designed to capture the performance of U.S. listed companies which have repurchased at least 5% of their outstanding shares for the trailing 12 months. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index, although individuals may invest in exchange traded funds or other investment vehicles that attempt to track the performance of an index. The Fund may or may not purchase the types of securities represented by the Index.

⁽³⁾ The Russell 3000 Index is composed of 3000 large U.S. companies, as defined by market capitalization. The portfolio of securities represents approximately 98% of the investable U.S. equity market. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index, although individuals may invest in exchange traded funds or other investment vehicles that attempt to track the performance of an index.

 ⁽⁴⁾Since inception returns assume inception date of 12/31/2013. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most

 recent month-end can be obtained by calling the Fund at 1-866-447-4228. There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions. A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than eighteen months after the date of purchase(excluding shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

4258-NLD-8/1/2014

August 8, 2014

Catalyst/Groesbeck Growth of Income Fund

Dear Fellow Shareholders,

We are pleased to bring you the Catalyst/Groesbeck Growth of Income Fund (the “Fund”) annual report for the fiscal year ended June 30, 2014.

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

The stock market has continued to ride on the coattails of a slowly recovering U.S. economy and rising corporate earnings over the past 12 months, producing strong performance across all equity groups. The past twelve months marked the third consecutive year of double-digit returns for our portfolio. With the stock market hitting new highs, we were happy to be able to return about 80% of the S&P 500’s (3-year total return of 16.6%) performance in such a powerful market environment. Our long-term historical “upside capture” of returns to the market has been ~ 75%. We do this while seeking to take less risk than the overall market – historically around 15% less. Our investment strategy is to own high-quality companies with growing dividends and profits, which generally have lower earnings volatility than the average public company.

We believe during the next twelve months, the stock market will revert back to its tried and true basis of trading on companies’ earnings as the Federal Reserve continues its planned reduction and eventual end to quantitative easing - bond purchases that the Fed has used for years to support the economy and markets. We feel the eventual end of this fiscal stimulus is a good thing. It means that the economy is strengthening, and that confidence in the sustainability of the economic recovery is improving. This will be a positive for corporations and potentially for the companies we own in our portfolio. While it may be a bumpy ride at times, we see the stock market changing over from a largely liquidity-led bull market to a fundamentally driven one. With 2014 now more than half over, it’s time to look at next year. We expect the overall market to perform near its long-term historical average for P/E, which suggests to us neither unusual opportunity nor large risk.

Our performance for the fiscal year ended June 30, 2014 benefitted from positive contributions from our stocks in the healthcare and materials sectors. Some of our best performing holdings were: Questcor Pharmaceuticals, Inc. (QCOR) (4.4%), Apple, Inc. (AAPL) (3.9%), Dover Corp. (DOV) (2.8%), AbbVie, Inc. (ABBV)(2.4%) and Time Warner, Inc. (TWX) (3.2%). All had good earnings results throughout the year, and a couple which are more economically sensitive benefitted from the slowly but consistently improving, economy. Questcor Pharmaceuticals is being acquired. Apple is producing an earnings turnaround and expects to launch new products later in 2014. The consumer staples, energy, financial, and technology sectors were the main detractors from relative performance

for the year. Also, our lack of exposure in the telecommunications and utilities groups hurt results somewhat. The present earnings and dividend growth prospects of these two sectors do not meet our requirements, and we believe they are overvalued.

During the past twelve months, new purchases for the Fund were: Baxter International, Inc. (BAX) (2.6%), Deere & Co. (DE) (3.0%), FactSet Research Systems, Inc. (FDS) (3.3%), GNC Holdings, Inc. (GNC) (1.6%), Las Vegas Sands Corp. (LVS) (2.6%), Prosperity Bancshares, Inc. (PB) (3.0%), Questcor Pharmaceuticals, Inc. (QCOR) (4.4%) , Visa, Inc. (V) (2.8%), and Williams Cos., Inc. (WMB) (3.0%).  

Baxter International is a diversified healthcare company. Through its subsidiaries, it develops, manufactures and markets products that save and sustain the lives of people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions. Fundamentals have been strong due to new products lifting revenues, and the company has been returning capital to shareholders through stock buybacks and dividend increases. The average dividend boost over the past five years was 15.5%.

Deere & Co. is the world’s largest manufacturer of farm equipment. It also makes industrial equipment for the construction and forestry industries, and consumer lawn and garden products. We purchased the stock during the last three months, and although earnings growth has recently softened, we expect that to reverse over the coming 12 to 18 months. We’re attracted to DE’s strong earnings history and excellent dividend increase record. The current valuation is very compelling and the company just had an 18% dividend rise.

FactSet Research Systems provides integrated financial information and analytical applications to the investment community in the United States, Europe, and Asia. Good revenue and earnings growth has resulted in a long track record of double-digit dividend increases.

GNC Holdings, Inc. is a specialty retailer of health and wellness products operating through three segments: Retail, Franchise, and Manufacturing/Wholesale. Products include vitamins, minerals, and herbal supplement products, as well as sports nutrition products, diet products, and other wellness products.   We like GNC because we believe it will continue to benefit from the company’s dominant position in the growing wellness industry in the US and abroad. Management is also focused on international expansion, recently acquiring the leading multi-brand sports nutrition online retailer in the UK.

Las Vegas Sands develops, owns, and operates integrated resorts in Asia and the United States. The company owns five resorts in Macau, three in Singapore, luxury resorts in Las Vegas, and a casino in Bethlehem, Pennsylvania. The company’s integrated resorts include accommodations, gaming, entertainment and retail facilities, convention and exhibition facilities, celebrity chef restaurants, and other amenities. LVS’s strong growth has been led by their Asian properties, resulting in excellent earnings and dividend growth.

Prosperity Bancshares (PB) is a bank that provides a range of financial products and services for small – to - medium-sized businesses and consumers, mostly in Texas and parts of Oklahoma. We are attracted to PB as Texas is one of the fastest growing states, with strong job growth. The company has done well making acquisitions and has one of the highest net profit margins in the banking industry. Its earnings and dividend growth records are superb.

Questcor Pharmaceuticals, Inc., a biopharmaceutical company, provides drugs for the treatment of a few rare diseases with its drug Acthar. Acthar is the company’s primary product and is FDA approved for 19 different indications. Continued growth should come from late stage trials for Lupus and other diseases, as well as earlier stage trials for ALS. It was recently announced that QCOR would be acquired at a nice premium to its stock price.

Visa Inc. is a payments technology company engaged in the operation of a retail electronic payments network worldwide. As the leader in the payment processing business, the trend toward electronic payments and away from cash and checks should benefit them. Additionally, the burgeoning mobile payments market should provide

growth opportunities for years to come. Further, international growth is strong with overseas markets achieving double digit volume growth. Impressive earnings growth, a debt free balance sheet and a 17% payout ratio should translate into double-digit dividend growth, in our view.

Williams Companies is one of the leading energy infrastructure companies in North America. It owns interests in or operates 15,000 miles of interstate gas pipelines, 1,000 miles of NGL transportation pipelines, and more than 10,000 miles of oil and gas gathering pipelines. Williams owns approximately 66 percent of Williams Partners L.P. (NYSE: WPZ), one of the largest diversified energy master limited partnerships. We expect very strong dividend growth of greater than 15% over the next few years due to several new projects and its leading position in the industry.

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

Over the past year we sold The Buckle, Inc. (BKE), Coach (COH), Colgate-Palmolive (CL), Ecolab Inc. (ECL), Illinois Tool Works (ITW), Intel (INTC), Knowles Corp. (KN), L-3 Communications (LLL), McDonalds (MCD), and Wal-Mart (WMT).

The Buckle was sold due to deteriorating growth prospects. The company also lowered the amount of its annual special dividend - which had previously represented the bulk of the overall payout. Our concerns surrounding consumer demand, as well as the company’s ability to stay ahead of the latest fashion trend, drove our sell decision. Coach was sold due to its weak fundamentals. Intense competition has eaten into its sales and lowered profit margins. Colgate-Palmolive was sold for valuation reasons. Although the company’s fundamentals are good, we believe its P/E had gotten ahead of itself given the growth rates we expect. We sold Ecolab as it exceeded our price objective. It was a strong contributor to performance over our holding period. L-3 Communications was sold due to poor earnings and dividend prospects. The stock had performed well despite cutbacks in U.S. military spending due to international sales, a healthy balance sheet, and share repurchases. Illinois Tool Works experienced slowing sales growth as some of its key geographical markets had sluggish economic growth. As a result, earnings and dividend growth are declining. Intel was sold because of weak fundamentals. Declining sales of personal computers is making it tough for Intel to keep margins up and revenues growing. The company also skipped a regularly scheduled dividend increase. We received Knowles Corp. as a spinoff from Dover Corporation; however the company does not expect to pay a dividend in the near future. McDonalds is having a rough time increasing same-store growth. We expect this will continue to hurt earnings and dividend growth going forward. Wal-Mart is also having a tough time with same-store sales increases. In addition, we were disappointed in the company’s last dividend increase of only 2%.

The portfolio’s sector breakdown at June 30, 2014 compared to the S&P 500 was as follows.  

As has been the case over the past few years, dividend growth has been very strong. The average growth for our year-end holdings that raised their payouts for the calendar years 2010, 2011, 2012, and 2013 were 10.5%, 15.8%, 13.3%, and 19.1% respectively. Through the first seven months of 2014, 24 companies have increased their dividend by an average of 15.7% (see table below). These figures are a testament to both the strong earnings growth of our companies and, more importantly, the confidence that company managements have regarding their future growth prospects.

 2014 Dividend Increases

Although over the past few years it seemed that a new dividend stock fund was being launched every couple of months, we believe our fund is fairly unique. As a dividend-growth fund, we differ from many other dividend managers is that our investment strategy requires that our holdings increase their dividend on a consistent and frequent basis (almost always once every 12 months). We constantly monitor the dividend increases of our portfolio holdings for consistency and rate of increase. We do not purchase stocks just for a high dividend yield. The most important characteristics we want from a dividend–paying stock are strong growth in its long-term earnings and consistently fast dividend growth. Many dividend managers own stocks that haven’t raised their payout on a consistent basis, and/or have weak growth in their fundamentals, i.e. - many stocks are owned for their high dividend yield only. We believe having growth in the portfolio’s income stream is very important. It’s interesting to point out the power of fast dividend growth on a stock. If a company is yielding 3% and increases its dividend 10% annually, the yield on a cost basis will climb to 6% in seven years.  And if that happens, we believe the stock price will rise. Historical studies have shown that dividend growers have outperformed other dividend-paying stocks over the long term.

The characteristics of our portfolio compare positively relative to the S&P 500 at 6/30/14. The 1-year average dividend and earnings growth of our holdings have been 17.3%, and 12.3%. Our portfolio’s 5-year numbers are 19.4% and 16.1%, for dividend and earnings growth, respectively. The S&P 500’s 1-year and 5-year dividend growth are 12.9 and 12.1%, respectively, and its 1-year and 5-year earnings growth are 10.7% and 12.9%, respectively. The trailing 12-month P/E for the portfolio is 16.4X, compared to 18.0X for the S&P 500.  We constantly work to improve the fundamentals of our portfolio, and one very important measure of that is to compare the earnings growth statistics to a year ago. The 1-year and 5-year EPS growth of our holdings at 6/30/13 was 7.2% and 11.7%, compared to our current figures of 12.3% and 16.1%, respectively. We love it when we see that trend, especially given that the portfolio’s valuation has not increased much (P/E was 15.8x at 6/30/13). Our current expectation for the portfolio is to see continued EPS growth for this year. Thus, we believe the portfolio is very well positioned to provide competitive future returns, while as our historical numbers show, taking on less risk than the S&P 500.

In conclusion, we expect stock selection will be at a premium as the market seeks companies with solid fundamentals and earnings that are rising faster than overall corporate profits, and the Federal Reserve ends its fiscal stimulus. We believe our portfolio is well positioned with consistent and comparatively strong dividend and earnings growth. We remain committed to a strategy of investing in companies with strong business franchises, attractive long-term growth prospects, healthy balance sheets, and growing dividends.

Sincerely,

      Robert Groesbeck

       Robert Dianesi

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

⁽¹⁾ The S&P 500 Total Return Index by Standard & Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally.  Please note that

indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index, although individuals may invest in exchange traded funds or other investment vehicles that attempt to track the performance of an index.  The Catalyst/Groesbeck Growth of Income Fund may or may not purchase the types of securities represented by the S&P 500 Total Return Index.

⁽²⁾  Since inception returns assume inception date of 12/30/2009. The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results.  An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228.  There is a maximum sales load of 5.75% (“sales load”) on certain Class A subscriptions.  A 1% Contingent Deferred Sales Charge (“CDSC fee”) is imposed on certain redemptions of Class A shares held less than eighteen months after the date of purchase and Class C shares held less than one year after the date of purchase (excluding in each case, shares purchased with reinvested dividends and/or distributions).  The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.  

4269-NLD-8/5/2014

July 31, 2014

Catalyst/Lyons Hedged Premium Return Fund

Dear Fellow Shareholders,

Catalyst/Lyons Hedged Premium Return Fund (the “Fund”) has completed approximately six months of operations on June 30, 2014. During this time, the Fund followed its securities selection and hedging models, and we are aware of no significant deviations from the employed investment models during the reporting period. The Fund’s goal is to achieve long-term capital appreciation and income with low volatility and low correlation to the equity market.

The Fund’s total returns for the fiscal year ended 06/30/14 and for the period since inception through 06/30/14 as compared to the S&P 500 Total Return Index¹ were as follows:

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

The Fund seeks to achieve its investment objectives by investing in common stocks of U.S. companies and using options to generate premium income, and seeks to hedge against a portion of the downside risk. The stock selection model is employed that ranks stocks according to fundamental criteria that we believe are indicative of both company strength and relative value. Factors include, but are not limited to, market capitalization, sector, earnings, cash flow and return on capital. The Fund invests quarterly in the top 30 stocks from the model, which are equally-weighted.

When appropriate, a given stock balance may be used as collateral against the sale of short-dated put options to generate premium. As these puts expire, new short-dated put options will be sold (written) to general additional premium. However, since inception, stocks options have exhibited abnormally low implied volatility, which is a key determinant of option prices. With option prices depressed, the fund has engaged in little or no sales of put options during the fiscal year ending 6/30/2014. When allocated to long stocks without sold put options, current income is derived from dividend yield on stock holdings.

As a hedge against downside price risk, the Fund may purchase protective put options on portfolio stocks. During the fiscal year ending June 30, 2014, the Fund has determined that index put options have been more efficient than baskets of put options on individual stocks, and has been purchasing short-term put options with expiration dates that are typically 1-2 months from purchase. The managers have allocated 4% of AUM toward hedging expenses in the fiscal year ending June 30, 2014.

Cash is typically allocated at 0.5%-1.5% in addition to funds reserved for hedging expense. This number can rise at the end of each quarter in anticipation of rebalancing equities and purchasing protective puts. Additionally, the full exercise price of any sold puts will be held in reserve in cash.

The Fund employs no specific policies or practices with respect to the distribution of short-term and long-term capital gains to investors. We follow our model, and because we have no specific profit target criteria in our models, we are not adverse to holding securities over long periods. We believe this approach will maximize long-term capital gains over time.

We believe only six months of operating data is too little time to make broad generalizations about the Fund’s performance. The stock selection model is being followed, and stock purchases are being hedged against a portion of downside price risk through the use of protective puts. In spite of the lack of option premium income, and in spite of the expense of hedging, Fund performance is well correlated with benchmark performance. Going forward, an increase in implied volatility levels is likely. This should result in more opportunities to generate premium income, but it should be mentioned that such gains could be offset by both declines in stock prices and an increase in hedging costs. Our goal will be to select the balance of securities that optimizes income and capital gains with downside price protection.

Sector selection does not play a significant role in the Fund’s investment strategy.  Because regulations limit sector concentration, we do include sector data in our equity selection model, as described above, but we never seek out attractive sectors on a fundamental or top-down basis. Instead, we tend to accumulate sector concentration because our selection process yields strong companies selling at depressed prices, and often the reason behind these low prices are because they are in an otherwise maligned sector.  

As of June 30, 2014, the Fund’s holdings in equities, listed equity put options and cash was divided among economic sectors as follows (unaudited):

Percentages in the above table are based on market value of the Fund’s portfolio as of June 30, 2014 and are subject to change.

Because we are equally weighted among our stocks, we tend not to have huge impacts on outperformance or underperformance from any one stock. An Example of our realized gains and losses over the past year would include the following:

·

First Solar, Inc. (NASDAQ: FSLR): This designer and manufacturer of photovoltaic (PV) solar modules and PV solar power systems is typical of our successful investments. While some might be surprised that a high technology company can be considered a value investment, our view is that any group of assets can be a value investment at the right price. In the case of FSLR, overcapacity and predatory pricing had resulted in several quarters of significant decreases in the stock price. In fact, our model selected the stock when prices fell below what we would judge to be supported by the assets and balance. We judged that the company was earning a return on invested capital that was not adequately reflected in the stock price. Our gain on this stock was the largest realized gain on a percentage basis for the period ending June 30, 2014.  This stock was not held by the portfolio as of June 30, 2014.

As of June 30, 2014, the Fund’s top five holdings were as follows (unaudited):

Percentages in the above table are based on net assets of the Fund’s portfolio as of June 30, 2014 and are subject to change and should not be considered investment advice.

Sincerely,

Louis Alan Stevens

Portfolio Manager

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

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

⁽²⁾Since inception returns assume inception date of 12/31/2013. The performance information quoted in this Annual Report  assumes  the  reinvestment  of  all  dividend  and  capital  gain  distributions,  if  any,  and  represents  past performance, which is not a guarantee of future results. An investor’s return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Updated performance data to the most recent month-end can be obtained by calling the Fund at 1-866-447-4228. There  is  a  maximum  sales  load  of 5.75%  (“sales  load”)  on certain  Class  A  subscriptions.  A  1%  Contingent  Deferred  Sales  Charge  (“CDSC  fee”)  is  imposed  on  certain redemptions of Class A shares held less than eighteen months after the date of purchase (excluding in each case, shares purchased with reinvested dividends and/or distributions). The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

4247-NLD-7/29/2014