Catalyst Capital Advisors LLC

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
1156349
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
SZILAGYI, JERRY, JOHN
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
U.S. SECURITIES & EXCHANGE COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE& DESIST; CENSURE; DISGORGEMENT; UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
01/27/2020
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ADMINISTRATIVE PROCEEDING 3-19674
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
CATALYST CAPITAL ADVISORS LLC
6.
Principal Product Type:
Mutual Fund(s)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):

SEE RESPONSE TO QUESTION #13 BELOW.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision & Order of Offer of Settlement
11. Resolution Date (MM/DD/YYYY):
01/27/2020
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 10,508,481.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
DISGORGEMENT (CATALYST): $8,176,722 + PRE JUDGMENT INTEREST OF $731,759, TOTALING $8,908,481. CIVIL MONETARY PENALTY
(CATALYST): $1,300,000. CIVIL MONETARY PENALTY (SZILAGYI): $300,000. ALL PAID IN FULL ON DECEMBER 26, 2019. THE FULL AMOUNT IS
CREDITED AS AN OFFSET AGAINST CIVIL MONETARY PENALTIES AND DISGORGEMENT IN THE SAME AMOUNT ORDERED IN THE RELATED CFTC
ORDER (DOCKET NO. 20-13, JANUARY 27, 2020).
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE SEC ORDER (THE "SETTLED ORDER") PERTAINS TO THE PERIOD DECEMBER 2016 TO FEBRUARY 2017. THE SETTLED ORDER STATES THAT (I)
CERTAIN WRITTEN MATERIALS AND STATEMENTS BY THE PORTFOLIO MANAGER OF THE CATALYST HEDGED FUTURES STRATEGY FUND ("FUND") WERE
MISLEADING AND DID NOT REFLECT THE RISK MANAGEMENT PROCESS USED; AND (II) THERE WAS A FAILURE TO SUPERVISE. THE SETTLED ORDER
STATES THAT THE FOREGOING CONSTITUTED VIOLATIONS OF THE INVESTMENT ADVISERS ACT AND A RELATED RULE. THE SETTLED ORDER FOLLOWED
THE DISMISSAL WITH PREJUDICE IN JUNE 2019 OF A CIVIL CLASS ACTION (DOCKET #2:17-CV-02565; U.S. E.D.N.Y.) REGARDING THE CATALYST
HEDGED FUTURES STRATEGY FUND WHICH STATED, AMONG OTHER THINGS, THERE WERE NO ACTIONABLE MISSTATEMENTS OR OMISSIONS. FOR MORE
INFORMATION, PLEASE SEE SEC ADMIN. PROC. 3-19674, DATED JANUARY 27, 2020. ALL ASSOCIATED MONETARY SANCTIONS HAVE BEEN PAID IN FULL
(SEE QUESTION 12 ABOVE FOR MORE DETAILS).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I

A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
1156349
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
SZILAGYI, JERRY, JOHN
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
COMMODITY FUTURES TRADING COMMISSION (CFTC)
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE & DESIST; CENSURE; DISGORGEMENT; UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
01/27/2020
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
20-13
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
CATALYST CAPITAL ADVISORS LLC
6.
Principal Product Type:
Mutual Fund(s)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
SEE RESPONSE TO QUESTION #13 BELOW.
8.
Current Status?      
 Pending
 On Appeal
 Final

9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision & Order of Offer of Settlement
11. Resolution Date (MM/DD/YYYY):
01/27/2020
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 10,508,481.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
DISGORGEMENT (CATALYST): $8,176,722 + PRE JUDGMENT INTEREST OF $731,759, TOTALING $8,908,481. CIVIL MONETARY PENALTY
(CATALYST): $1,300,000. CIVIL MONETARY PENALTY (SZILAGYI): $300,000. ALL PAID IN FULL ON DECEMBER 26, 2019. THE FULL AMOUNT IS
CREDITED AS AN OFFSET AGAINST CIVIL MONETARY PENALTIES AND DISGORGEMENT IN THE SAME AMOUNT ORDERED IN THE RELATED SEC
ORDER (ADMINISTRATIVE PROCEEDING 3-19674, JANUARY 27, 2020).
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE CFTC ORDER (THE "SETTLED ORDER") PERTAINS TO THE PERIOD NOVEMBER 2014 TO FEBRUARY 2017. THE SETTLED ORDER STATES THAT (I)
CERTAIN MARKETING MATERIALS AND STATEMENTS BY THE PORTFOLIO MANAGER OF THE CATALYST HEDGED FUTURES STRATEGY FUND ("FUND") WERE
MISLEADING AND DID NOT REFLECT THE RISK MANAGEMENT PROCESS USED; AND (II) THERE WAS A FAILURE TO SUPERVISE. THE SETTLED ORDER
STATES THAT THE FOREGOING CONSTITUTED VIOLATIONS OF THE COMMODITY EXCHANGE ACT AND A RELATED REGULATION. THE SETTLED ORDER
FOLLOWED THE DISMISSAL WITH PREJUDICE IN JUNE 2019 OF A CIVIL CLASS ACTION (DOCKET #2:17-CV-02565; U.S. E.D.N.Y.) REGARDING THE
CATALYST HEDGED FUTURES STRATEGY FUND WHICH STATED, AMONG OTHER THINGS, THERE WERE NO ACTIONABLE MISREPRESENTATIONS OR
OMISSIONS. FOR MORE INFORMATION, PLEASE SEE CFTC DOCKET NO. 20-13, DATED JANUARY 27, 2020. ALL ASSOCIATED MONETARY SANCTIONS HAVE
BEEN PAID IN FULL (SEE QUESTION 12 ABOVE FOR MORE DETAILS).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates

One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
170679
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
ALPHACENTRIC ADVISORS LLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
2.
Principal Sanction:
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
11. Resolution Date (MM/DD/YYYY):

 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 

B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
U.S. SECURITIES & EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
DISGORGEMENT / CIVIL MONETARY PENALTY
3.
Date Initiated (MM/DD/YYYY): 
04/29/2024
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ADMINISTRATIVE PROCEEDING 3-21923
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Mutual Fund(s)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
SEE ANSWER TO #13
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
N/A
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
04/29/2024
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 510,983.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
DISGORGEMENT OF $280,902, OF WHICH $183,757 IS OFFSET BY CATALYST'S VOLUNTARY DECEMBER 2023 PAYMENT TO MUTUAL FUND SERIES
TRUST; REMAINING AMOUNT OF DISGORGEMENT IS $97,145, REPRESENTING A "TIME VALUE OF MONEY" CALCULATION. ADDITIONALLY, $30,081
OF PREJUDGMENT INTEREST AND A CIVIL MONETARY PENALTY OF $200,000 WERE ORDERED. ALL REMAINING AMOUNTS WERE PAID IN FULL ON

MAY 7, 2024.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WITHOUT ADMITTING OR DENYING ANY LIABILITY, CATALYST AGREED TO THE SETTLED ORDER, WHICH ASSERTS THAT THE ALLOCATION OF CERTAIN
LEGAL FEES BETWEEN CATALYST AND THE MUTUAL FUND SERIES TRUST CONSTITUTED A JOINT ARRANGEMENT THAT REQUIRED PRIOR APPROVAL FROM
THE SEC, AND ABSENT THAT APPROVAL VIOLATED SECTION 17(D) AND RULE 17D-1 OF THE INVESTMENT COMPANY ACT AND SECTION 206(2) OF THE
ADVISERS ACT. THE LEGAL FEES WERE INCURRED IN CONNECTION WITH REGULATORY INQUIRIES AND PRIVATE CIVIL LITIGATION REGARDING LOSSES
SUFFERED BY THE CATALYST HEDGED FUTURES STRATEGY FUND ("FUND") BETWEEN DECEMBER 2016 AND FEBRUARY 2017, ALL OF WHICH WERE
RESOLVED FOLLOWING A FEDERAL COURT'S DISMISSAL OF ONE OF THE PRIVATE LITIGATIONS IN JUNE 2019 (DOCKET #2:17-CV-02565; U.S. E.D.N.Y.)
ON THE GROUNDS THAT THERE WERE NO ACTIONABLE MISREPRESENTATION OR OMISSIONS. THE REGULATORY INQUIRIES AND PRIVATE LITIGATIONS
INVOLVED OVERLAPPING FACTS AND LEGAL ISSUES AFFECTING BOTH CATALYST AND THE TRUST; AS A RESULT, THE TRUST'S INSURANCE POLICY
INITIALLY COVERED MUCH OF THE LEGAL COSTS INCURRED BY THE TRUST AND CATALYST, WHICH COSTS CATALYST BOOKED AS A LIABILITY AND
INTENDED TO PAY BACK FOLLOWING A FINAL ALLOCATION OF COSTS BY THE INSURANCE COMPANY, WHICH ULTIMATELY TOOK MORE THAN FOUR
YEARS TO COMPLETE. OVER TIME, CATALYST REPAID SUBSTANTIALLY ALL OF THE LEGAL FEES ALLOCATED TO IT BY THE INSURANCE CARRIER, EXCEPT
FOR $183,757, WHICH REPRESENTED THE DIFFERENCE BETWEEN THE INSURER'S FINAL ALLOCATION AND THE TRUST'S EARLIER ALLOCATION; THIS
AMOUNT HAS NOW BEEN PAID. FOR MORE INFORMATION, SEE SEC. ADMIN. PROC. 3-21923.