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Name

As of 06/02/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Catalyst/SMH High Income Fund

HIICX | Fund

$4.10

$133 M

6.00%

$0.25

3.12%

Vitals

YTD Return

3.1%

1 yr return

19.3%

3 Yr Avg Return

12.7%

5 Yr Avg Return

5.1%

Net Assets

$133 M

Holdings in Top 10

44.8%

52 WEEK LOW AND HIGH

$4.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 3.12%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 51.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,500

IRA

$2,500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 06/02/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Catalyst/SMH High Income Fund

HIICX | Fund

$4.10

$133 M

6.00%

$0.25

3.12%

HIICX - Profile

Distributions

  • YTD Total Return 3.1%
  • 3 Yr Annualized Total Return 12.7%
  • 5 Yr Annualized Total Return 5.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.53%
DIVIDENDS
  • Dividend Yield 6.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Catalyst/SMH High Income Fund
  • Fund Family Name
    Mutual Fund Series Trust
  • Inception Date
    May 22, 2008
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Dwayne Moyers

Fund Description

The Fund invests in a non-diversified group of low-quality, high yield corporate bonds and convertible securities. The Fund may invest, without limitation, in non-investment grade corporate bonds rated Baa or lower by Moody’s or BBB or lower by S&P (also known as “junk” bonds). The Fund may also invest in corporate issues that have defaulted. Because of their low credit quality, these securities typically pay higher interest rates to compensate investors for the substantial credit risk they assume. While there are no restrictions on maturity, the bonds in the Fund’s portfolio generally have an average maturity of less than ten years. The Fund seeks capital appreciation from selling securities above the purchase price. Bonds may appreciate in value through an improvement in credit quality, among other reasons.

To select the securities in which to invest, SMH Capital Advisors, LLC, the Fund’s sub-advisor (“Sub-Advisor”), conducts fundamental credit research on each issuer. Securities may be sold when the Sub-Advisor believes that they no longer represent relatively attractive investment opportunities.

The Fund invests primarily in, and chooses its investments from, the following types of securities:

● Corporate debt. Debt obligations (usually called bonds) are loans by an investor to a corporation. They usually have a set interest rate and term.
● Preferred stocks. Preferred stock is corporate stock that pays set dividends to its holders. Preferred stock has a superior claim on the issuer’s income and assets relative to common stock, but a lower claim on assets than corporate bondholders.
● Convertible securities. Bonds or preferred stocks which are convertible into, or exchangeable for, common stocks.

In addition, the Fund may also invest in other investment companies to the extent permitted by federal law and any exemptions granted to the Fund by the SEC.

The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it is not limited by the 1940 Act with regard to the portion of its assets that may be invested in the securities of a single issuer.

Read More

HIICX - Performance

Return Ranking - Trailing

Period HIICX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -5.0% 8.8% 3.38%
1 Yr 19.3% -1.4% 24.8% 0.68%
3 Yr 12.7%* -0.8% 19.7% 1.19%
5 Yr 5.1%* -3.9% 14.4% 6.11%
10 Yr 7.1%* 1.0% 20.8% 3.79%

* Annualized

Return Ranking - Calendar

Period HIICX Return Category Return Low Category Return High Rank in Category (%)
2025 9.7% -9.4% 9.7% 0.51%
2024 1.9% -25.4% 11.8% 17.77%
2023 8.7% -4.7% 12.2% 1.69%
2022 -18.7% -33.4% 3.6% 86.62%
2021 3.8% -8.4% 9.8% 4.75%

Total Return Ranking - Trailing

Period HIICX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -5.0% 8.8% 3.38%
1 Yr 19.3% -1.4% 24.8% 0.68%
3 Yr 12.7%* -0.8% 19.7% 1.19%
5 Yr 5.1%* -3.9% 14.4% 6.11%
10 Yr 7.1%* 1.0% 20.8% 3.79%

* Annualized

Total Return Ranking - Calendar

Period HIICX Return Category Return Low Category Return High Rank in Category (%)
2025 14.8% -2.1% 18.7% 0.68%
2024 8.2% -12.7% 18.9% 47.72%
2023 15.5% 3.5% 23.2% 5.42%
2022 -14.1% -29.1% 47.8% 91.77%
2021 7.1% -2.8% 16.2% 16.70%

NAV & Total Return History

HIICX - Holdings

Concentration Analysis

HIICX Category Low Category High HIICX % Rank
Net Assets 133 M 3.13 M 31.3 B 85.45%
Number of Holdings 48 2 7288 97.78%
Net Assets in Top 10 52.8 M -492 M 6.47 B 67.52%
Weighting of Top 10 44.80% 4.3% 144.4% 6.50%

Top 10 Holdings

  1. FIRST AM-TR OB-X 5.55%
  2. AMCX 10 1/2 07/15/32 5.14%
  3. IEP 10 11/15/29 5.02%
  4. CRWV 9 02/01/31 4.97%
  5. BHCCN 10 04/15/32 4.78%
  6. NICAU 9 09/30/30 4.04%
  7. LVLT 8 1/2 01/15/36 3.99%
  8. HTZ 12 5/8 07/15/29 3.89%
  9. ABEGET 10 1/2 11/15/30 3.81%
  10. ATLC 9 3/4 09/01/30 3.62%

Asset Allocation

Weighting Return Low Return High HIICX % Rank
Bonds 		88.50% 0.00% 145.36% 88.49%
Convertible Bonds 		17.89% 0.00% 17.89% 0.51%
Cash 		7.36% -52.00% 48.62% 21.03%
Preferred Stocks 		4.15% 0.00% 4.59% 2.22%
Stocks 		0.00% 0.00% 99.76% 86.13%
Other 		0.00% -39.08% 96.21% 56.92%

Bond Sector Breakdown

Weighting Return Low Return High HIICX % Rank
Corporate 		98.08% 0.00% 100.00% 13.70%
Cash & Equivalents 		5.55% 0.00% 48.62% 32.31%
Derivative 		0.00% -20.24% 42.26% 46.67%
Securitized 		0.00% 0.00% 97.24% 58.39%
Municipal 		0.00% 0.00% 1.17% 28.94%
Government 		0.00% 0.00% 99.07% 52.40%

Bond Geographic Breakdown

Weighting Return Low Return High HIICX % Rank
US 		88.50% 0.00% 126.57% 76.24%
Non US 		0.00% 0.00% 60.71% 62.05%

HIICX - Expenses

Operational Fees

HIICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.12% 0.04% 25.46% 1.69%
Management Fee 1.00% 0.00% 1.75% 96.44%
12b-1 Fee 1.00% 0.00% 1.00% 82.62%
Administrative Fee N/A 0.00% 0.50% 63.79%

Sales Fees

HIICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 4.00% 20.00%

Trading Fees

HIICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

HIICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 51.00% 1.00% 255.00% 30.25%

HIICX - Distributions

Dividend Yield Analysis

HIICX Category Low Category High HIICX % Rank
Dividend Yield 6.00% 0.00% 11.76% 36.99%

Dividend Distribution Analysis

HIICX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

HIICX Category Low Category High HIICX % Rank
Net Income Ratio 3.53% -2.39% 9.30% 85.89%

Capital Gain Distribution Analysis

HIICX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

HIICX - Fund Manager Analysis

Managers

Dwayne Moyers

Start Date

Tenure

Tenure Rank

May 21, 2008

14.04

14.0%

Dwayne Moyers has been with the firm since the founding of SMHCA in 1996 and has been in the industry since 1991. Mr. Moyers is a member of the SMHCA Investment Committee and is responsible for portfolio design, allocation management and overseeing the day-to-day portfolio management of the firm’s strategies. As Chief Investment Officer, Mr. Moyers oversees the Portfolio Management Team as they continually monitor the quantitative, qualitative, and risk control disciplines that are used to manage the investment strategies. Prior to joining the firm, Mr. Moyers was a credit analyst with Tandy Corporation. Mr. Moyers holds a bachelor degree in business administration from the University of Texas at Arlington.

Daniel Rudnitsky

Start Date

Tenure

Tenure Rank

Oct 31, 2012

9.59

9.6%

Daniel Rudnitsky joined SMH Capital Advisors in 2012 and serves as Senior Portfolio Manager and Vice President. As Portfolio Manager and member of the Investment Committee, Mr. Rudnitsky’s responsibilities include research and credit analysis, day-to-day portfolio management and investment origination. Mr. Rudnitsky plays a role in financial analysis and modeling processes by building financial models and researching market trends. He also works on the development of new products and facilitates expansion into new markets. Prior to joining the SMHCA team, Mr. Rudnitsky served as Investment Product/Platform Manager of New York Life Insurance Company (November 2010 to July 2012); Vice President, Municipal Bond Sales of Rockfleet Financial Services, Inc. (January 2010 to September 2010); Fixed Income Client Portfolio Manager for Institutional and Fixed Income Portfolios of Bear Stearns Asset Management (January 2007 to November 2008); Global Fixed Income Product Manager for AllianceBernstein (2004 to 2006); and various position with The Dreyfus Corporation (2004-2006). Mr. Rudnitsky holds a bachelor degree in Business Administration with a concentration in Finance from Ramapo College of New Jersey.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.49 4.25

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