Catalyst Systematic High Income Fund
Tickers: CWXAX | CWXCX | CWXIX
Fund Objective
The Fund’s objective is income and long-term capital appreciation.
Reasons to Invest
The Catalyst Systematic High Income Fund seeks to generate a compelling return and yield through various options strategies with excess collateral being invested into income-producing securities.
Diverse Exposure to Options Strategies
The Fund provides exposure to a basket of options strategies. Many strategies are designed to take advantage of certain inefficiencies in the market and typically have a positive carry expectation (i.e., a positive net income expectation from putting on the positions).
Emphasis on Risk Mitigation
The Fund has been designed to mitigate downside risks through the use of techniques such as intraday delta hedging, which is a risk management strategy intended to reduce market exposure from written options by establishing offsetting positions. The Fund also may implement strategies designed to profit during equity market shocks and bear markets. The Fund’s returns will vary and there is no guarantee that such risk mitigation techniques and/or strategies will accomplish their intended results.
An Uncorrelated Yield Opportunity
The Fund’s options strategies are designed to generate yield from positive carry as well as from covered calls. This complements the income producing securities, which are typically investment grade, short duration bonds with limited interest rate sensitivity and credit risk.
Fund Management
Investment Advisor:
Catalyst Capital Advisors LLC
- Senior Portfolio Manager: David Miller
- Co-Founder and CIO of Catalyst Capital Advisors LLC.
- BS in Economics, University of Pennsylvania, Wharton School.
- MBA in Finance, University of Michigan, Ross School of Business.
- Portfolio Manager: Charles Ashley
- BA from Michigan State University, Eli Broad College of Business.
- MBA from the University of Michigan, Ross School of Business.
Fund Overview
| Ticker | CWXIX | CWXAX | CWXCX | CWXAX |
| Share Class | Class I | Class A | Class C | Class A w/ Sales Load |
| CUSIP | 62827P246 | 62827P220 | 62827P238 | 62827P220 |
| Inception Date | 2013-08-30T00:00:00 | 2005-12-15T00:00:00 | 2013-08-30T00:00:00 | 2005-12-15T00:00:00 |
| As of Date | 2025-11-19T00:00:00 | 2025-11-19T00:00:00 | 2025-11-19T00:00:00 | 2025-11-19T00:00:00 |
| Daily NAV | 9.3 | 9.06 | 8.44 | 9.06 |
| NAV Change | 0.03 | 0.02 | 0.02 | 0.02 |
| % NAV Change | 0.32% | 0.22% | 0.24% | 0.22% |
Quarterly Fund Performance
Data as of quarter end: 2025-09-30T00:00:00
| 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 | -0.11% | -0.11% | 1.39% | 2.27% | 2.73% | 3.47% | 5.04% | 0.05% | 0.98% |
| Class A | -0.11% | -0.11% | 1.21% | 2.10% | 2.52% | 3.17% | 4.77% | -0.20% | 7.71% |
| Class C | -0.12% | -0.35% | 0.82% | 1.54% | 1.71% | 2.42% | 3.98% | -0.94% | -0.02% |
| Class A w/Sales Load | -5.82% | -5.82% | -4.65% | -3.76% | -3.33% | 1.14% | 3.52% | -0.79% | 7.39% |
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.
Current Fund Performance
Data as of: 2025-11-19T00:00:00
| 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 | -1.59% | -1.69% | -1.80% | 0.65% | 1.10% | 2.96% | 4.68% | -0.06% | 0.84% |
| Class A | -1.74% | -1.84% | -1.95% | 0.33% | 0.74% | 2.65% | 4.40% | -0.32% | 7.56% |
| Class C | -1.75% | -1.97% | -2.31% | -0.24% | 0.05% | 1.90% | 3.65% | -1.06% | -0.16% |
| Class A w/Sales Load | -7.36% | -7.46% | -7.55% | -5.43% | -5.01% | 0.66% | 3.16% | -0.91% | 7.25% |
Does not include pre-converted performance.
Fund Expenses
| Share Class | Class I | Class A | Class C | Class A w/ Sales Load | |
| Prospectus Gross Expense Ratio (11/1/2025) | 2.18% | 2.43% | 3.18% | 2.43% | |
|
2.06% | 2.31% | 3.06% | 2.31% | |
| Annual Report Net Expense Ratio (11/1/2025)* | 1.99% | 2.24% | 2.99% | 2.24% |
* 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 advisory 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 2.24%, 2.99% and 1.99% for Class A shares, Class C shares and Class I shares, respectively, through October 31, 2026.
Glossary:
Option Spread: A type of option that derives its value from the difference between the prices of two or more assets.
S&P 500 Total Return Index: is considered to be generally representative of the U.S. large capitalization stock market as a whole. You cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.
Cumulative Return: The aggregate amount an investment has gained or lost over time, independent of the period of time involved.
Annualized Total Return: The geometric average amount of money earned by an investment each year over a given time period.
Long Put: Refers to buying a put option, typically in anticipation of a decline in the underlying asset. Near-The-Money: Refers to an options contract whose strike price is close to the current market price of the corresponding underlying security.
Deep-Out-of-The-Money: Refers to an option contract whose strike price is significantly above (for a call) or significantly below (for a put) the current price of the underlying asset.
Futures: contracts to buy or sell a specific underlying asset at a future date.
Past performance is not a guarantee of future results.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Catalyst Funds. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 866-447-4228 or at www.CatalystMF.com. The prospectus should be read carefully before investing. The Catalyst Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Catalyst Capital Advisors, LLC is not affiliated with Northern Lights Distributors, LLC.
Important Risks
Mutual Funds involve risk including possible loss of principal. 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 turn-over 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. Changes in interest rates and the liquidity of certain investments could affect the Fund’s overall performance. 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.
The Fund acquired all of the assets and liabilities of Harbor Assets, LLC (the “Predecessor Fund”) in a tax-free reorganization on August 30, 2013 (the “Reorganization”). In connection with the Reorganization, shares of the Predecessor Fund were exchanged for Class A shares of the Fund. At the time of the Reorganization, the Fund’s investment objectives, policies and guidelines were, in all material respects, equivalent to the Predecessor Fund’s investment objectives, policies and guidelines. The Fund’s current objectives, policies and guidelines are no longer equivalent to those of the Predecessor Fund and consequently the performance record may be less pertinent for investors considering whether to purchase shares of the Fund. Prior to January 28, 2020, the Fund was not managed by the Fund’s Sub-Advisor and prior to April 5, 2020, the Fund had different investment strategies and policies. The Fund’s performance may have been different if the Fund’s portfolio was managed by the current Sub-Advisor and managed under the current investment objective, strategies and policies.
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