Catalyst/SMH High Income Fund
Tickers: HIIFX | HIICX | HIIIX
HIIIX is the United States 2026 Lipper Award winner for Best Fund in the High Yield Funds Category, Over 3 Years and Over 10 Years, out of 360 share classes (as of 11/30/2025).
LSEG Lipper Fund Award rankings are based on the Lipper Leader for Consistent Return Rating, which is an objective, risk adjusted performance measure calculated over 36, 60, and 120 months as of 11/30/2025.
Fund Objective
The Fund’s investment objective is income with capital appreciation as a secondary objective.
Reasons to Invest
The Catalyst/SMH High Income Fund is an investment option for those seeking high current income driven by a disciplined, bottom-up approach.
Current Income
With investment options in non-investment grade corporate bonds, convertible securities and asset-backed securities, the portfolio is developed with the objective to provide current income.
Focused Portfolio
The Fund uses a strict value-type discipline with a primary focus on the balance sheet of the business. The goal is to purchase securities that are the best relative value while avoiding overpriced securities and markets.
Risk Management
The investment process focuses on reducing credit and market risk while ensuring adequate return given the level of risk. Securities will not be added unless there are tangible assets to cover our cost in the bonds.
Portfolio Manager Insights
Fund Management
Investment Advisor:
Catalyst Capital Advisors LLC
Investment Sub-Advisor:
SMH Capital Advisors, LLC
Portfolio Managers:
Dwayne Moyers | President and CIO
Fund Overview
| Ticker | HIIIX | HIIFX | HIICX | HIIFX |
| Share Class | Class I | Class A | Class C | Class A w/ Sales Load |
| CUSIP | 62827M847 | 62827L609 | 62827L708 | 62827L609 |
| Inception Date | 2013-07-01T00:00:00 | 2008-05-21T00:00:00 | 2008-05-21T00:00:00 | 2008-05-21T00:00:00 |
| As of Date | 2026-03-27T00:00:00 | 2026-03-27T00:00:00 | 2026-03-27T00:00:00 | 2026-03-27T00:00:00 |
| Daily NAV | 3.92 | 3.91 | 3.92 | 3.91 |
| NAV Change | -0.02 | -0.03 | -0.03 | -0.03 |
| % NAV Change | -0.51% | -0.76% | -0.76% | -0.76% |
Current Fund Performance
Data as of: 2026-03-27T00:00:00
| Share Class | 1 Month | 3 Months | 6 Months | YTD | 1 Year | 3 Years Annualized | 5 Years Annualized | 10 Years Annualized | Since Inception Annualized |
| Class I | -1.75% | -2.60% | -1.39% | -2.56% | 13.98% | 12.55% | 5.44% | 8.64% | 3.28% |
| Class A | -2.00% | -2.67% | -1.75% | -2.85% | 13.43% | 12.18% | 5.13% | 8.38% | 4.01% |
| Class C | -2.00% | -2.83% | -2.07% | -2.94% | 12.61% | 11.43% | 4.38% | 7.59% | 3.25% |
| Class A w/Sales Load | -6.66% | -7.30% | -6.41% | -7.46% | 8.05% | 10.38% | 4.11% | 7.85% | 3.73% |
Quarterly Fund Performance
Data as of quarter end: 2025-12-31T00:00:00
| Share Class | 1 Month | 3 Months | 6 Months | YTD | 1 Year | 3 Years Annualized | 5 Years Annualized | 10 Years Annualized | Since Inception Annualized |
| Class I | 0.45% | 1.17% | 11.80% | 15.98% | 15.98% | 13.95% | 6.75% | 9.63% | 3.55% |
| Class A | 0.67% | 1.11% | 11.68% | 15.72% | 15.72% | 13.67% | 6.54% | 9.40% | 4.24% |
| Class C | 0.60% | 0.92% | 11.26% | 14.85% | 14.85% | 12.79% | 5.73% | 8.56% | 3.47% |
| Class A w/Sales Load | -4.11% | -3.69% | 6.38% | 10.22% | 10.22% | 11.84% | 5.51% | 8.87% | 3.95% |
The Fund’s maximum sales charge for Class “A” shares is 4.75%. 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.
Fund Expenses
| Share Class | Class I | Class A | Class C | Class A w/ Sales Load |
| Prospectus Gross Expense Ratio (11/1/2025) | 2.12% | 2.37% | 3.12% | 2.37% |
| Prospectus Net Expense Ratio (11/1/2025) | 1.24% | 1.49% | 2.24% | 1.49% |
| Annual Report Net Expense Ratio (6/30/2025)* | 1.23% | 1.48% | 2.23% | 1.48% |
* The annual report presents the audited actual expenses of the fund for the fiscal year. It excludes the impact of certain items that are listed as prospectus expenses, such as acquired fund fees and expenses.
The advisor has contractually agreed to waive management fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund operating expenses (excluding brokerage costs; borrowing costs such as (a) interest and (b) dividends on securities sold short; taxes; underlying fund expenses; and extraordinary expenses, such as regulatory inquiry and litigation expenses) at 1.48%, 2.23% and 1.23% for Class A shares, Class C shares and Class I shares, respectively, through October 31, 2026.
Monthly Distributions
| Ticker | Record Date | Payable Date | Monthly Distribution Amount | Reinvest Price | SEC Yield | Unsubsidized SEC Yield |
|---|---|---|---|---|---|---|
| HIIIX | 2/25/2026 | 2/26/2026 | 0.0194 | 4.03 | 8.19% | 8.19% |
| HIIIX | 1/28/2026 | 1/29/2026 | 0.0178 | 4.1 | 7.39% | 7.39% |
| HIIIX | 12/29/2025 | 12/30/2025 | 0.0284 | 4.06 | 7.81% | 7.79% |
| HIIIX | 11/25/2025 | 11/26/2025 | 0.0138 | 4.05 | 7.60% | 7.52% |
| HIIIX | 10/29/2025 | 10/30/2025 | 0.0151 | 4.09 | 6.26% | 6.04% |
| HIIIX | 9/26/2025 | 9/29/2025 | 0.0116 | 4.09 | 5.45% | 4.92% |
| HIIIX | 8/27/2025 | 8/28/2025 | 0.0171 | 3.9 | 5.65% | 4.92% |
| HIIIX | 7/29/2025 | 7/30/2025 | 0.0211 | 3.81 | 6.05% | 5.26% |
| HIIIX | 6/26/2025 | 6/27/2025 | 0.0174 | 3.7 | 6.06% | 5.22% |
| HIIIX | 5/28/2025 | 5/29/2025 | 0.0197 | 3.56 | 6.23% | 5.17% |
| HIIIX | 4/28/2025 | 4/29/2025 | 0.0184 | 3.52 | 6.79% | 5.73% |
| HIIIX | 3/27/2025 | 3/28/2025 | 0.0195 | 3.6 | 6.08% | 5.17% |
| Ticker | Record Date | Payable Date | Monthly Distribution Amount | Reinvest Price | SEC Yield | Unsubsidized SEC Yield |
|---|---|---|---|---|---|---|
| HIIFX | 2/25/2026 | 2/26/2026 | 0.0186 | 4.03 | 7.56% | 7.56% |
| HIIFX | 1/28/2026 | 1/29/2026 | 0.017 | 4.09 | 6.84% | 6.84% |
| HIIFX | 12/29/2025 | 12/30/2025 | 0.0274 | 4.06 | 7.18% | 7.16% |
| HIIFX | 11/25/2025 | 11/26/2025 | 0.0131 | 4.05 | 7.00% | 6.92% |
| HIIFX | 10/29/2025 | 10/30/2025 | 0.0146 | 4.08 | 5.18% | 4.98% |
| HIIFX | 9/26/2025 | 9/29/2025 | 0.0109 | 4.09 | 5.01% | 4.48% |
| HIIFX | 8/27/2025 | 8/28/2025 | 0.0163 | 3.9 | 5.15% | 4.45% |
| HIIFX | 7/29/2025 | 7/30/2025 | 0.0204 | 3.81 | 5.51% | 4.75% |
| HIIFX | 6/26/2025 | 6/27/2025 | 0.0167 | 3.7 | 5.50% | 4.70% |
| HIIFX | 5/28/2025 | 5/29/2025 | 0.0189 | 3.56 | 5.65% | 4.65% |
| HIIFX | 4/28/2025 | 4/29/2025 | 0.0177 | 3.51 | 6.20% | 5.19% |
| HIIFX | 3/27/2025 | 3/28/2025 | 0.0188 | 3.59 | 5.51% | 4.64% |
| Ticker | Record Date | Payable Date | Monthly Distribution Amount | Reinvest Price | SEC Yield | Unsubsidized SEC Yield |
|---|---|---|---|---|---|---|
| HIICX | 2/25/2026 | 2/26/2026 | 0.0163 | 4.04 | 7.17% | 7.17% |
| HIICX | 1/28/2026 | 1/29/2026 | 0.0151 | 4.11 | 6.39% | 6.39% |
| HIICX | 12/29/2025 | 12/30/2025 | 0.0246 | 4.07 | 6.77% | 6.75% |
| HIICX | 11/25/2025 | 11/26/2025 | 0.011 | 4.06 | 6.59% | 6.50% |
| HIICX | 10/29/2025 | 10/30/2025 | 0.012 | 4.1 | 5.43% | 5.22% |
| HIICX | 9/26/2025 | 9/29/2025 | 0.0089 | 4.1 | 4.50% | 3.97% |
| HIICX | 8/27/2025 | 8/28/2025 | 0.0141 | 3.91 | 4.66% | 3.93% |
| HIICX | 7/29/2025 | 7/30/2025 | 0.0182 | 3.82 | 5.04% | 4.25% |
| HIICX | 6/26/2025 | 6/27/2025 | 0.0145 | 3.71 | 5.07% | 4.22% |
| HIICX | 5/28/2025 | 5/29/2025 | 0.0165 | 3.57 | 5.21% | 4.17% |
| HIICX | 4/28/2025 | 4/29/2025 | 0.0155 | 3.52 | 5.77% | 4.72% |
| HIICX | 3/27/2025 | 3/28/2025 | 0.0166 | 3.6 | 5.05% | 4.13% |
Distribution Policy Risk: Distributions are primarily sourced from net investment income but may constitute net realized gains or a return of capital. For the year ended June 30, 2025, return of capital distributions constituted approximately 0.0%, 0.0%, and 0.0% of the total distributions for the class A, C, and I shares, respectively. Distributions are not guaranteed. The Fund may, at the discretion of management, target a specific level of monthly distributions (including any return of capital) from time to time.
LSEG Lipper Fund Awards, ©2026. All rights reserved. Used under license. The Catalyst/SMH High Income Fund, Institutional Share Class (HIIIX), received an LSEG Lipper Fund Award for the best fund among 94 funds in the High Yield Funds Category based on a risk adjusted performance for the three year period ending November 30, 2025. HIIIX also received an LSEG Lipper Fund Award for the best fund among 84 funds in the High Yield Funds Category based on risk-adjusted performance for the 10-year period ending November 30, 2025. The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60, and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award.
SEC Yield: A standardized yield calculation created by the SEC that reflects the net income earned during a 30-day period.
Record Date: The date established for the purpose of determining the holders who are entitled to receive a distribution.
Payable Date: The date the distribution is scheduled to be paid.
Relative Value: assesses an investment’s value by considering how it compares to valuations in other, similar investments.
Convertible Securities: an investment that can be changed from its initial form into another form.
Important Risks:
Investing in the Fund carries certain risks. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. The Fund is non-diversified and may invest a greater percentage of its assets in a particluar issue and may own fewer securities than other mutual funds. The Fund may be subject to substantial short-term changes. These factors may affect the value of your investment. The Fund invests in lower-quality, non-investment grade bonds, asset backed securities and convertible securities. Non-investment grade corporate bonds are those rated Baa or lower by Moody’s or BBB or lower by S&P (also known as “junk” bonds). Asset-backed securities are securities issued by trusts and special purpose entities that are backed by pools of assets, such as automobile and credit-card receivables and home equity loans, which pass through the payments on the underlying obligations to the security holders. Convertible securities are bonds or preferred stocks which are convertible into, or exchangeable for, common stocks. Lower-quality debt securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. Asset Backed securities are subject to the risk that, if the issuer fails to pay interest or repay principal, the assets backing these securities may not be sufficient to support payments on the securities.
Glossary:
Unsubsidized Yield: An unsubsidized yield shows what an investment’s yield would be without any fee waivers or expense reimbursements applied
Copyright All Rights Reserved © 2020 | Catalyst Funds | 36 N New York Avenue Floor 3, Huntington, NY 11743 | Phone: