Catalyst/Millburn Dynamic Commodity Strategy Fund

DCXAX | DCXCX | DCXIX

Why Invest in DCX?

The Fund seeks to invest systematically in a portfolio of primarily commodity, commodity-related and resource-related instruments, combining an active futures strategy with a more passive strategy in equity securities.

Fund Details

I Share

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Distribution Frequency	Annually

A Share

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C Share

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Distribution Frequency	Annually

Fund Documents

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\| Summary Prospectus
\| Prospectus
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\| Annual Report
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Financial Professional Documents

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Fund Objective

The Fund’s investment objective is long-term capital appreciation.

Investment Strategy

The Catalyst/Millburn Dynamic Commodity Strategy Fund seeks to provide long-term strategic exposure to global commodity markets and U.S. and international equity securities in sectors related to commodities, making use of a tactical element to assume a more opportunistic or defensive posture depending on market conditions. The Fund seeks to achieve its investment objective by investing in a portfolio comprising commodity futures and options on futures (the “Futures Component”) and common stocks relating primarily to commodities and natural resources (the “Equity Component”).

Futures Component

The Fund invests approximately 50% of assets in the futures component. Holdings may include futures, long and/or short positions in options on futures contracts and cash and cash equivalents for margin collateral.

Equity Component

The Fund invests approximately 50% of assets in the Equity Component, which is intended to provide long-term, strategic exposure to a number of U.S. and international equity securities in sectors related to: commodities, commodities brokerage, agriculture, farmland, timber, utilities, infrastructure, natural resources and renewable resources.

Fund Management

Investment Advisor:
Catalyst Capital Advisors LLC

Sub-Advisor:
Millburn Ridgefield Corporation

Portfolio Managers:
Barry Goodman | Co-Portfolio Manager
Grant Smith | Co-Portfolio Manager
Harvey Beker | Co-Portfolio Manager

Fund Overview

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Share Class	Class I	Class A	Class C	Class A w/ Sales Load
CUSIP	[table “51” does not have that cell /]	[table “52” does not have that cell /]	[table “53” does not have that cell /]	[table “52” does not have that cell /]
Inception Date	[table “51” does not have that cell /]	[table “52” does not have that cell /]	[table “53” does not have that cell /]	[table “52” does not have that cell /]
As of Date	[table “51” does not have that cell /]	[table “52” does not have that cell /]	[table “53” does not have that cell /]	[table “52” does not have that cell /]
Daily NAV	[table “51” does not have that cell /]	[table “52” does not have that cell /]	[table “53” does not have that cell /]	[table “52” does not have that cell /]
NAV Change	[table “51” does not have that cell /]	[table “52” does not have that cell /]	[table “53” does not have that cell /]	[table “52” does not have that cell /]
% NAV Change	[table “51” does not have that cell /]	[table “52” does not have that cell /]	[table “53” does not have that cell /]	[table “52” does not have that cell /]

Current Fund Performance

As of: [table “51” does not have that cell /]

Annualized if greater than a year

Share Class	1 Month	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Class I	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]
Class A	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]
Class C	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]
Class A w/ Sales Charge	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]

Quarterly Fund Performance

Data as of quarter end: [table “51” does not have that cell /]

Annualized if greater than a year

Share Class	1 Month	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Class I	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]	[table “51” does not have that cell /]
Class A	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]
Class C	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]	[table “53” does not have that cell /]
Class A w/ Sales Charge	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]	[table “52” does not have that cell /]

The Fund’s maximum sales charge for Class “A” shares is 5.75%. Total Fund Operating expenses are 2.53%, 3.28%, and 2.28% for the A, C and I shares, respectively. 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 Charge
Prospectus Gross Expense Ratio (11/1/2020)	2.28%	2.53%	3.28%	2.53%
Prospectus Net Expense Ratio (11/1/2020)	2.08%	2.33%	3.08%	2.33%
Annual Report Net Expense Ratio (6/30/2020)*	2.02%	2.27%	3.02%	2.27%

* 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 fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund operating expenses (excluding brokerage costs; underlying fund expenses; borrowing costs, such as (a), interest and (b) dividends on securities sold short; taxes; and, extraordinary expenses, such as regulatory inquiry and litigation expenses) at 2.27%, 3.02% and 2.02% for Class A shares, Class C shares and Class I shares, respectively, through October 31, 2021.

Disclosures

There is no assurance that the Fund will achieve its investment objective.

Investing in the Fund carries certain risks. The Fund will invest a percentage of its assets in derivatives, such as futures and options contracts. The use of such derivatives and the resulting high portfolio turnover may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities and commodities underlying those derivatives. The Fund may experience losses that exceed those experienced by funds that do not use futures contracts, options and hedging strategies. Investing in commodities markets may subject the Fund to greater volatility than investments in traditional securities. Changes in interest rates and the liquidity of certain investments could affect the Fund’s overall performance. The Fund is non-diversified and as a result, changes in the value of a single security may have significant effect on the Fund’s value. Other risks include U.S. Government securities risks and investments in fixed income securities. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. Furthermore, the use of leveraging can magnify the potential for gain or loss and amplify the effects of market volatility on the Fund’s share price. The Fund is subject to regulatory change and tax risks; changes to current rules could increase costs associated with an investment in the Fund. These factors may affect the value of your investment.

4881-NLD-6/1/2021

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Disclosure

An investor should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the Catalyst Funds can be found in the Fund’s prospectus, which can be obtained by calling 1-866-447-4228. Please read the prospectus carefully before investing. The open-end fund products for Catalyst Funds are distributed by Northern Lights Distributors, LLC., Member FINRA/SIPC. Foreside Fund services and Catalyst Capital Advisors are not affiliated with Northern Lights Distributors, LLC. The Catalyst Strategic Income Opportunities Fund is distributed by Foreside Fund Services, LLC, which is not affiliated with Catalyst Capital Advisors LLC, or any of its affiliates.